The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
past few
the
THE record of events duringtothediscreditnonedays,
while not altogether conclusive, has
reports
less tended rather definitely
whole. But bankers do not feeljatvall certain that
any such restrictions as these will be placed upon
the operations in question.
Excessive Purchases Possible
in circulation earlier in the week of prospective subIf the Government were really to carry out the
stantial modifications in New Deal programs and
policies to make them more acceptable to the business policy embodied in recent legislation, of steadily and
community. It is true that on Tuesday Mr.• Roper, vigorously adding to the silver stocks of the Treasury
and on Wednesday Mr. Richberg, reiterated what with the purpose of reaching:a position where the
an official of the Department of Commerce said some metallic reserves of the country consist of 25% silver,
days earlier, that the Administration had no inten- and if, in order to accomplish its purpose, it is pretion of doing anything to eliminate the "profit pared to pay much higher prices than obtain in the
motive" from our economic system. It is likewise a markets of the world to-day, the situation would take
fact that the Secretary of the Treasury on Thursday on a vastly different aspect. No one, of course,
assured members of the press that no further devalua- knows how much silver could be bought in foreign
countries if the buyer were
tion of the dollar was now in
willing to pay, let us say, 75
contemplation, and also
A Worthy Cause
cents or more an ounce for
that further shipments of
The group of patriotic citizens who have
it, but the amount would be
gold abroad were licensed
now formed a politically non-partisan
large and the sums of money
to defend cherished American
organization
during the week.
ideas and ideals of liberty effectively deinvolved would assume corThe time has passed, howserves the gratitude and, what is of more
responding proportions. In
support of every
practical importance, the
ever, when vague assurstraight-thinking man and woman in the
such a case we should be
ances about the preservation
land.
obliged,in all probability,to
The American Liberty League, as the
of the "profit motive" can
new organization calls itself, already reexport considerable amounts
eliminate doubts in the mind
ports a great many telegraphic offers of
of gold or the value of the
support, and announces its intention of
of the business man who reperfecting a nation-wide organization to
dollar in terms of foreign
calls many utterances of
combat radicalism, preserve property rights
currencies would materially
other Administration offiand uphold the Constitution.
decline.
Thoughtful men have long regretted the
cials squinting in the opponatural tendency of responsible business
Whether the Government
site direction, and who must
leaders to endure what is imposed upon
is prepared to embark upon
them by the Government rather than to
from day to day cope with
take steps that could easily lead to reprisals
a program of exchanging
various situations created by
by public officials and legislators.
gold for silver on an extenThey have also felt the need of an organacts of the Administration
ization through which the rank and file
sive scale remains to be
tending to destroy profit
of the intelligent business men of the
seen. Certain public officountry can give effect to their resentment
opportunities, of which the
toward much that is being done at Washcials in Washington have reaction of the President on
ington.
cently undertaken to defend
While both the major political parties
Wednesday in raising wages
have their conservative elements, the situaforeign purchases of silver on
and shortening hours of
tion has been such that neither party
the ground that they offered
work in the cotton garment
seemed to offer an effective instrument
a convenient way of "redisthrough which to combat many of the perindustry is an excellent exnicious influences and dangerous tendentributing" our excessive supample.
cies of many parts of the New Deal.
plies of monetary gold. The
The needed organization seems now to
be at hand. With such redoubtable figDollar Devaluation and
theory of effecting such a reures as Messrs. Irenee du Pont, Nathan L.
Silver Purchases
distribution through the purMiller, John W. Davis, Alfred E. Smith and
James W. Wadsworth comprising the execuchase of an article for which
HE possibility of furtive committee of the newly formed Leaguc ,
we have no earthly use is of
ther devaluation of the
its potentialities for good are palpably
very great.
course preposterous. Its abdollar in terms of gold in the
What is now requisite is discrimination
surdity is, however, unforearly future has not been a
on the part of the organization in the
tunately no assurance that
choice of its policies, and support from
major cause of uneasiness of
the public.
late,although there has been
it is not in good standing in
Washington. On the other
a revival of rumors that
something of the sort was in contemplation.
hand, there are indubitable political hazards in the
A much more disturbing factor, as far as the for- export of large quantities of gold. There is plainly
eign exchanges are concerned, is the uncertainty little danger here of our losing a sufficiently large
surrounding the policies likely to be pursued by the part of the $8,000,000,000 stock of monetary,gold to
Government in the purchase of silver abroad. On endanger our currency or banking situation, except
this score no information has been vouchsafed by possibly in a psychological sense. But the uncerthe authorities in Washington at all. It is conceded, tainty surrounding the whole situation is naturally
of course, that if the Government will limit these proving an annoyance to bankers and others conpurchases to say 150,000,000 ounces, or substantially cerned, and the imprudence of buying silver at prices
more than was imported altogether during 1933 and far above any reasonable estimate of its worth, and
more than three times the amount imported in any paying for it with gold, or anything else, for that
recent year prior to 1933, and will refuse to pay matter, is too evident to require comment.
more than 50 cents an ounce, the price at which
Other Indications
domestic stocks were confiscated, the whole matter
would assume no great importance as a foreign exUT the fact that the President, whatever may
change factor, however pointless such action might
be true of some of his advisers, apparently feels
be from the standpoint of national welfare as a no need of modifying the New Deal in its essentials,
T
B
1126
Aug. 25 1934
Financial Chronicle
has been revealed not only by the continuance of this
silver madness, but by the Executive order concerning wages and hours in the cotton garment trade,
which seems to be a definite rejection of the demands
of the business community that the NRA be permitted to die a, natural death, or else be so altered
in its essentials as to be beyond recognition. The
announcement of the offer of loans on this year's
cotton crop by the Commodity Credit Corporation
in the amount of 12 cents a pound, as compared with
the old rate of 10 cents, perpetuates a policy borrowed from the agricultural marketing system of the
previous Administration which has on numerous
occasions been roundly condemned by President
Roosevelt and his aides.
The Agricultural Adjustment Administration has
let it be known that it will not take advantage of the
opportunity offered by the drought to discontinue its
control over agriculture, but intends, on the contrary, to permit only a 5% increase in the acreage
planted in wheat during the coming season. Plans,
said by some to be elaborate and far-reaching, apparently proceed for a rearrangement of the machinery
and a change in the personnel through which New
Deal programs will henceforth be administered, but
actual steps taken during the past week certainly
do not suggest any basic alterations in policy. The
voice may be that of Esau, but the hands are those of
Jacob, which- in this instance have not been effectively disguised.
tion in speculative circles as a prophet probably
would not have sufficed to create the stir noticeable
in the stock market for a day or two toward the
middle of the past week, had the community not already been scanning bank figures and other indications with a good many questions in its own mind.
A Cause for Concern
How anyone can, as a few seem to do, view the
possibility of any such developments as those described by Major Angas without the deepest concern
is beyond us. We do not in the least share, and we
do not believe that responsible business men in this
country share, the Major's faith in the ability of
the Government or of anyone else to manipulate
credit and currency both to produce and control any
such turmoil as is here predicted. Inflation, as the
word is ordinarily used in financial circles, that is
to say, a major upsurge of prices caused by monetary
or credit factors, may come when a mistaken general impression prevails that all is well. It was such
an inflation that ended so disastrously in this country in 1929. Another type of inflation occurs when
people have lost all faith in their medium of exchange, when as a consequence there is a panicky
effort on the part of large numbers to avoid holding
funds in any form. It was this type of inflation that
extinguished the old German mark during the first
post-war decade.
It is of the essence of both types that they end in
almost complete collapse of the economic system.
Where the results historically do not appear to have
Abortive Talk of a Boom
been of this order, the situation has not been acLL this, it must be admitted, leaves the outlook curately described or else counteracting factors befor the winter none too promising, and it is yond the control of the currency managers have
so regarded by perspicacious leaders generally. intervened to modify the final outcome. Unless we
Despite all the uncertainties and perplexities of are greatly in error, the state of mind of the Amerithe situation, or possibly because of them, there can people to-day is not such as to foster the belief
developed during the week a substantial revival of that all is well, and that business men and others
discussion of the possibility of the early arrival of may proceed safely to borrow money or spend what
a boom in American industry, trade and finance, money they have in preparations for an assured gain
in which a rather dramatic prediction to some such in the future. The real danger in the situation, and
effect by a well-known British forecaster figured there is real peril in it, is that fright will presently
prominently. However, neither the spurt in the cause developments in this country much more
stock market nor the somewhat more optimistic closely akin to the German inflation than to that
trend of opinion to be observed in other quarters through which we passed during the "New Era."
was able to survive the developments of the latter
An Undesirable Influence
days of the week.
No sensible man, we are convinced, could view
The reason for the interest shown in the appearance of an American edition of the booklet by Major the prospect of a period of that sort with equanimity.
Angas, entitled "The Coming Boom in America," As was to be expected and certainly as was to be
previously published in London, is doubtless to be hoped, the flurry caused by inflation talk and by
found in the belief widely held in this country that the auguries of Major Angas died down noticeably
sooner or later the credit inflation that is now as- before the end of the week. As Mr. James P. Warsuming such stupendous proportions will reflect it- burg well said in commenting upon Major Angas's
self in a wildly rising and chaotic price situation. forecast, it is just this type of utterance that is best
Certainly there seems to be nothing new either in suited to the instigation of a reckless inflation and
the reasoning or the conclusions of Major Angas. to placing such a movement utterly beyond control
He merely expounds credit and price theories that of any sort.
have repeatedly been expressed by such advocates
The Outlook for Governments
of "managed currency" as Professor Keynes. If this
of hesitancy and distrust in the
reasoning is sound, a major upward price movement
Government bond market is obviously placing
in both stocks and commodities is past due in this
country, as perhaps is also a "boom" in business the Treasury in a quandary as to its September and
activity. The Major, a believer in these doctrines, October plans. It has large refunding operations
reaches the conclusion that various factors that he to carry through during these months, unless indeed
believes heretofore have had the effect of retarding it is prepared to use its cash balances for the purthe natural results of credit management have now pose of taking up its maturing or called obligations,
largely been overcome in this country, and that there- or unless the President is willing to make use of
fore we are now on the verge of a remarkable boom. so-far unused powers granted to him in the soEven his positiveness of expression and his reputa- called Thomas Amendment. The market, particu-
rONTINUANCE
•
Volume 139
Financial Chronicle
larly for longer term Government obligations, is
obviously not in a mood to respond to the usual
"rigging" tactics of the Government. It would, in
our opinion, be a most excellent thing in the long
run if conditions in the bond market were to remain
so unfavorable to the customary operations of the
Treasury as to force a change not only in procedure
but in the spending policies of the Administration.
Such a change is, however, probably too much to hope
for at this time. Meanwhile the financial community must await the passage of time to learn just
what will be done in the existing situation. Possibly
the difficulties obviously faced at present by the
Treasury were in some measure responsible for reports during the weeks of further inflationary plans
by the Government, and in some measure, perhaps,
the result of these reports.
1127
statement is interesting, as it fails to reflect the
emission of silver certificates in amounts that might
be anticipated under the silver nationalization scheme.
Under present conditions it is quite obvious that circulation of large amounts of new silver certificates
merely will force the retirement of comparable
amounts of ordinary Federal Reserve notes. This is
especially true since it is the policy of Reserve officials
to pay out other forms of currency in preference to
their own notes, unless the forms are specified.
From the current statement, however, it appears
that the actual circulation of Federal Reserve notes
increased $2,655,000 in the week to Aug. 22. Unless
hoarding of currency again is on the increase, it is
evident that new silver certificates are not yet going
into actual circulation in amounts sufficient to affect
the monetary structure. This condition, unfortunately, is not likely to last, as truly enormous
amounts of silver imports are currently reported.
The industrial advances which the Reserve banks
recently inaugurated are slowly creeping upward,
the actual advances amounting to $298,000 on
Aug. 22 against $214,000 on Aug. 15. This increase
isindeed modest, but it appears that commitments to
make such advances are increasing more rapidly.
The current condition statement carries for the first
time an item showing such commitments, which
aggregated $345,000 for the system. Thus the actual
advances and the commitments together total
$643,000, which also is an unimpressive figure.
In other respects the condition statement is mainly
of a routine nature. Gold certificates holdings of the
system increased $1,987,000 to $4,963,361,000 on
Aug. 22, from $4,961,374,000 on Aug. 15. But the
increase in the monetary gold stocks during the same
,000,000, which indicates that the
period was
Treasury has discontinued, for the time being, the
cashing of some of the "profits" resulting from devaluation of the dollar in terms of gold. Total reserves of the system advanced to $5,216,055,000 from
$5,210,143,000. Discounts were virtually unchanged
at $19,816,000. Bankers' bill holdings showed a
small decrease at $5,114,000, while United States
Government security holdings also were about the
same at $2,431,524,000. The increase in Federal
Reserve note circulation brought the total up to
$3,105,028,000. Federal Reserve bank notes, on the
other hand, declined slightly to $32,303,000. Member bank deposits on reserve account were up to
$4,072,321,000 on Aug. 22, from $4,064,270,000 on
Aug. 15, the gain resulting in a further record for
excess reserves over requirements, the total of such
excess reserves being approximately $1,950,000,000.
Deposits of the United States Treasury on general
account were down, and the total deposits with the
system decreased modestly to $4,327,382,000 on
Aug. 22 from $4,333,572,000 on Aug. 15. The ratio
of total reserves to deposit and Federal Reserve note
liabilities combined increased to 70.2% from 70.1%.
A Serious Problem
Q OME of the facts cited by the Mayor of New York
City in his radio address Wednesday evening
concerning the relief problems of his administration
are worthy of nation-wide study. They certainly. do
not afford pleasant reading, but they ought not to be
avoided for that reason. The Mayor said in part:
An idea may be gleaned of the extent of the city's
relief work by taking the month of August as an
illustration:
One hundred and ninety thousand families on
home relief, a total of 750,000 persons, averaging
$38.80 a month.
In addition 125,000 persons, most of them heads
of families, on work relief. Compensation averages
$60 a month. There are 350 relief work projects.
Twenty-three thousand five hundred dependent
children were cared for in boarding homes and institutions. Cost, $760,000 a month.
18,800 Children Cared For.
Eighteen thousand eight hundred other dependent
children were cared for in their own homes through
the Board of Child Welfare. Cost, $815,000.
Eleven thousand seven hundred homeless men and
women were given food and lodging during August
at a cost of $50,000.
Twenty-two thousand five hundred aged persons
received $540,000 through old-age pensions.
Two thousand nine hundred families of veterans
were assisted in normal relief activities, costing
$130,000. This is in addition to the 10,000 veterans'
families included among those receiving home relief.
Four hundred and thirteen thousand dollars
worth of food provided by the Federal Government
was distributed.
Eight hundred thousand free lunches, costing
$40,000, were proNided for children at the public
schools, and
Seven thousand five hundred families received
free medical and nursing service from doctors and
nurses paid by the city, costing $65,000.
The total cost this month is $17,750,000.
As long as the National Government continues its
restrictive policies, and fails to dO what it ought to
give industry and trade an opportunity to function
normally, so long of couse shall we continue to have
Corporate Dividend Declarations
these problems on our hands. The time is, moreover,
IVIDEND actions the current week were largely
not far distant, as we are now going, when adequate
favorable. A noteworthy instance is the acprovision for such situations will become almost impossible. It will prove difficult enough this coming tion of E. I. du Pont de Nemours & Co. which declared an extra dividend of 50c. in addition to the
winter.
regular quarterly of 65c., both payable Sept. 15; this
The Federal Reserve Bank Statement
declaration represents the passing on to the stockHERE are few changes of importance in the cur- holders of the extra dividend paid by General
rent condition statement of the 12 Federal Motors Co. a short time ago on its common stock, a
Reserve banks, combined. In a negative sense the large block of which is held by the du Pont Company.
D
T
1128
Financial Chronicle
Beech-Nut Packing Co. declared an extra dividend
of 25c. as well as the regular quarterly payment of•
75c., both payable Oct. 1. Brooklyn Manhattan Transit Corp. declared a dividend of 75c. a share on its
common stock which is the first distribution to be
made since April 15, 1932 when a quarterly dividend
of $1 was paid.
The New York Stock Market
LUCTUATIONS on the New York stock market
this week were due very largely to the day
to day impressions of inflationary tendencies on the
part of the Administration in Washington, and the
occasional efforts to offset such impressions by reassuring actions and statements. Following a very
dull session last Saturday, dealings were started last
Monday in a most desultory atmosphere. The trading was the slowest in twelve years, with only 274,550
shares turned over on the New York Stock Exchange.
A trend was almost lacking, but there were more
small losses than small gains. Improvement was
the rule on Tuesday, both in the volume of trading
and the trend. In a turnover of 579,030 shares small
advances were scored by a majority of issues. Rumors
of early steps by the United States Government for
further devaluation of the dollar were current to a
small degree and doubtless, aided the market for
equities. Stocks were in still better demand on
Wednesday, when inflation rumors were very common. A general and broad advance took place, with
turnover amounting to 1,295,680 shares. Stocks of
companies with an interest in gold or silver were
marked upward more rapidly than others, but all
groups shared in the gains. Secretary of the Treasury
Henry Morgenthau, Jr., scoffed at the inflation
rumors, Thursday, and his statement caused hesitation in the share market. A definite trend was lacking, and turnover fell to 747,580 shares. The upward
trend was resumed yesterday, however, and gains
again were general, with the turnover equal to the
previous session.
Surpassing the share market in general interest
were some rather sharp fluctuations in United States
Government securities. These issues were dull and
slightly lower in the early sessions of the week, but
a distinct wave of liquidation developed on Wednesday, owing to the increasing apprehensions of inflationary expedients, and extensive market support
of its own issues was found advisable by the Treasury. The support kept the decline within bounds
and brought quotations back close to previous
figures. Treasury support of its bonds again was
in evidence on Thursday, until Secretary Morgenthau's statement relieved the pressure of liquidation.
The tone improved yesterday, and small advances
occurred without official intervention. Other sections of the listed bond market were dull, high grade
issues tending to follow the trend of Treasury obligations, while bonds with a speculative interest followed the stock market trend. The foreign exchange
market naturally was an accurate mirror of the
inflation rumors, and in turn it influenced the stock
and bond markets. The dollar was persistently weak,
and some sizable gold shipments to France were
arranged, with smaller shipments of the metal taken
for Belgium. Commodity markets were quiet, but
the tone was good in most sessions. Business indices
were scanned with keen interest in the hope that
they might provide some index to the business trend,
but the evidence on that score remained inconclusive.
F
Aug. 25 1934
Steel-making operations for the week beginning
August 20 were estimated at 21.3% of capacity by
the American Iron & Steel Institute, against 22.3%
last week. Electric power production for the week
ended August 18 was 1,674,345,000 kilowatt hours,
against 1,659,043,000 kilowatt hours in the preceding
week, according to the Edison Electric Institute.
Carloadings of revenue freight for the week to
August 18 were 600,564 cars, or 0.3% less than in the
previous week, the American Railway Association
reports.
As indicating the course of the commodity markets, the September option for wheat in Chicago
2
1
/
/
closed yesterday at 10378c. as against 101 c. the
of last week. September corn at
close on Friday
Chicago closed yesterday at 77%c. as against 73%c.
the close on Friday of last week. September oats
1c.
/
at Chicago closed yesterday at 502 as against
8c.
49y the close on Friday of last week The spot
price for cotton here in New York closed yesterday
at 13.50c. as against 13.30c. the close on Friday of
last week. The spot price for rubber yesterday was
15.75c. as against 15.55c. the close on Friday of
last week. Domestic copper closed yesterday at
9c., the same as on Friday of previous weeks.
In London the price of bar silver yesterday was
21 9/16 pence per ounce as was the case on Friday
a week ago. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
4
3
/
/
$5.071 against $5 10 the close on Friday of last
week, while cable transfers on Paris closed yester/
day at 6.6912c. as against 6.68%c. on Friday of
last week.
On the New York Stock Exchange 29 stocks
reached new high levels for the year, while 12
stocks touched new low levels. On the New York
Curb Exchange 21 stocks touched new high levels
for the year, while 28 stocks touched new low
levels. Call loans on the New York Stock Exchange
remained unchanged at 1%.
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 164,000
shares; on Monday they were 274,550 shares; on
Tuesday 579,030 shares; on Wednesday 1,295,680
shares; on Thursday 747,580 shares, and on Friday
746,700 shares. On the New York Curb Exchange
the sales last Saturday were 37,590 shares; on Monday 82,290 shares; on Tuesday 116,635 shares; on
Wednesday 180,665 shares; on Thursday 171,780
shares, and on Friday 168,430 shares.
The stock market on Tuesday of this week shook
off its lethargic state and reacted favorably until
Thursday, when dulness once again overtook the
list, but in the closing hour on Friday, however, the
market rallied somewhat and many stocks recorded
modest gains for the day.
General Electric closed yesterday at 1978 against
/
/
1858 on Friday of last week; Consolidated Gas of
N. Y. at 29 against 27%; Columbia Gas & Electric
4
1
/
/
at 1014 against 878; Public Service of N. J. at 34%
/
against 33; J. I. Case Threshing Machine at 43%
against 3912; International Harvester at 2858
/
/
against 26%; Sears, Roebuck & Co. at 38% against
/
8;
34/ Montgomery Ward & Co. at 2514 against 22%;
Woolworth at 50% against 50; American Tel. & Tel.
/
at 113% against 110%, and American Can at 10078
against 96.
Allied Chemical & Dye closed yesterday at 133%
against 126 on Friday of last week; E. I. du Pont de
Nemours at 93% against 88%; National Cash Regis-
Volume 139
Financial Chronicle
ter A at 15% against 1414; International Nickel at
/
26 against 253 National Dairy Products at 17%
4;
/
against 17; Texas Gulf Sulphur at 351 8 against 3258;
/
3
National Biscuit at 33% against 324; Continental
Can at 82 against 8078; Eastman Kodak at 10034
/
/
/
/
against 98; Standard Brands at 205s against 1978;
Westinghouse Elec. & Mfg. at 3478 against 3114;
/
/
Columbian Carbon at 70 against 6612; Lorillard at
/
181 2 against 17%; United States Industrial Alcohol
/
/
at 41% against 37½; Canada Dry at 1714 against
12
1578; Schenley Distillers at 22/ against 2018 and
/
/,
National Distillers at 201 2 against 18%.
/
The steel stocks show favorable gains for the week.
United States Steel closed yesterday at 361 8 against
/
333 on Friday of last week; Bethlehem Steel at 31
4
against 271 8; Republic Steel at 151 2 against 133
/
/
4,
and Youngstown Sheet & Tube at 18 against 16.
/
1
4
In the motor group, Auburn Auto closed yesterday
at 243 against 20 on Friday of last week; General
4
Motors at 31% against 29%; Chrysler at 35%
against 3278 and Hupp Motors at 2% against 21 2
/,
/
.
In the rubber group, Goodyear Tire & Rubber closed
yesterday at 24 against 22% on Friday of last
/
1
2
week; B. F. Goodrich at 1178 against 10 , and
/
1
4
/
United States Rubber at 18 against 16 .
/
1
4
The railroad stocks continued their advance of
the previous week. Pennsylvania R. R. closed yesterday at 25 against 227/ on Friday of last week;
/
1
4
.8
Atchison Topeka & Santa Fe at 533 against 47%;
4
New York Central at 24 against 2078; Union Pacific
/
at 103% against 961 8; Southern Pacific at
/
1978 against 16%; Southern Railway at 181 2
/
/
against 142 and Northern Pacific at 20%
/
1
,
against 161 2 Among the oil stocks, Standard Oil
/
.
of N. J. closed yesterday at 451 8 against 44% on
/
Friday of last week; .Shell Union Oil at 7%
against 718 and Atlantic Refining at 253
/,
4
against 251
4.
In the copper group, Anaconda Copper closed
yesterday at 131 against 121 on Friday of last
4
4
week; Kennecott Copper at 20 against 19; Ameri/
1
4
can Smelting & Refining at 3878 against 37, and
/
Phelps Dodge at 17 against 16.
European Stock Markets
RICE tendencies were irregular in the quiet
sessions that characterized all the leading
European stock exchanges this week. The markets
at London, Paris and Berlin were preoccupied with
the international currency problem, and investors
showed little desire to increase their commitments.
The holiday season, which is in full swing, also
tended to diminish the activity. Definite indications of the business trend were lacking, save for
the current seasonal downward movement of most
important indices. It remains to be determined
whether the autumn will bring its normal upswing,
and in the meantime it can only be noted that
opinion is anything but unanimous on this point in
the several markets. Foreign exchange developments
were such as to give increasing emphasis to the
American silver nationalization program and its
inflationary implications, and in all markets much
apprehension again was occasioned regarding a possible currency depreciation race. Huge shipments
of silver from Europe to the United States were reported, and these, coupled with a capital flight of
modest proportions from the United States, caused
sufficient pressure on the dollar to occasion large
gold shipments to France and Belgium. The British
P
1129
Exchange Equalization Fund lowered its peg on
francs, Wednesday, and thus added to the general
uncertainty on currencies. Secretary Morgenthau's
statement on Thursday that no further dollar devaluation is contemplated was reassuring, but it
proved only a partial offset to the blunt fact that
silver is flowing to the United States in amazing
quantities. Financial correspondents in the European markets admitted frankly that observers were
in a haze regarding the significance and possible
effects of the monetary developments. All securities
markets reflected such uncertainty.
On' the London Stock Exchange the volume of
business was very small in the initial session of the
week, but the tone was fairly firm. British funds
were in good demand and a general improvement in
quotations resulted. Most industrial stocks improved, but there were some losses. The tendency
in the international section was toward lower levels,
particularly in the Anglo-American trading favorites. Prices again were well maintained on Tuesday,
although transactions remained on a small scale.
British funds lost small fractions, while the industrial section marked time. International securities
opened weak, but recovered parts of their losses in
later dealings. The tone was cheerful, Wednesday,
with home railway shares in better demand than
most others. British funds moved irregularly within narrow limits. Industrial issues advanced until
profit-taking set in, and closings were at slightly
improved figures. International securities also
tended to improve, but South African gold mining
issues dropped. In another quiet session on Thursday, price deviations again were modest. British
funds were firm and most industrial securities also
advanced. The international group made progress
owing to favorable overnight reports from New
York. The tone was again firm yesterday, with British funds and industrial issues in demand.
The Paris Bourse reported transactions on an
exceptionally small scale, Monday. The dullness
was so pronounced that difficulty was encountered
in fixing the opening quotations for some issues.
Rentes were irregular, with changes unimportnt, but
in most other groups downward tendencies were in
evidence. In Tuesday's session, rentes dropped
rather sharply, although turnover again was diminutive. Foreign exchange variations proved disturbing
and Prench equities also had a heavy tone. In continued light trading, Wednesday, rentes recovered
a part of their previous losses, but the trend otherwise was adverse. French industrial and bank stocks
and international issues all tended to recede, but
the losses were small owing to the paucity of transactions. Sentiment improved Thursday, on the
Bourse, as reports of gold shipments from New York
increased confidence regarding the dollar. Rentes
were better, and almost all French bank and industrial securities likewise showed gains. Small gains
were recorded in rentes yesterday, but other sections
were dull and colorless.
The Berlin Boerse was favorably affected, Monday, by the results of the German plebiscite, and
most securities tended to move upward. The gains
were diminished by selling toward the end of the
session. Transactions were traceable largely to professional traders, reports said, and evidence of public
participation was lacking. There was little business
on Tuesday, and the trend was downward. Announcement by the Hamburg Celluloid Company
1130
Financial Chronicle
that it considered the market price of its stock excessive caused a recession of points in that issue,
which unsettled the rest of the market. Bonds were
quiet and relatively steady. A better tone developed
Wednesday, and some issues closed with gains of
3 to 4 points, while others reflected more modest
improvement. Fixed-interest securities remained
quiet and not much changed. Turnover increased
on Thursday, with public interest greater than in
some time. Attention was centered on stocks of
corporations that might produce raw materials for
German industry and the related issues advanced
sharply. Gains in the speculative favorites ranged
from 2 to 7 points, while other issues were fractionally higher. The upward movement was continued
in a fairly active session yesterday.
International Labor Organization
DARTICIPATION
by the United States in the
International Labor Organization was effected
last Monday, when a note accepting the unanimous
invitation of the Geneva group was delivered by
Prentiss B. Gilbert, American Consul at Geneva.
The I. L.0. is a child of the League of Nations, since
it was formed under a section of the Versailles treaty
at the request of organized labor, which insisted that
labor conditions contributed to the causes of the
World War. The labor office, however, functions
as a completely autonomous body, and this fact had
much to do with the authority granted President
Roosevelt in a joint resolution of Congress on June
19 to accept the invitation for American participation. It was made clear at the time that the rights
and obligations provided for in the Constitution of
the organization are not to involve any obligations
under the Covenant of the League of Nations. In
the letter accepting the invitation this point was
again emphasized. American entry into the I. L. 0.
increases to 61 the roster of States that participate
in the international deliberations on world-wide
labor conditions and co-operative efforts to improve
them. All important countries, with the exception
of Germany and Soviet Russia, now are members.
In Washington and Geneva dispatches of Monday
it was indicated that the United States probably will
play an important part in the future proceedings of
the I. L. 0.
German Plebiscite
ADOLF HITLER'S appeal for
the support of the German people in his program for uniting in his own person the authority
of the President and the Chancellor of the Reich
was answered last Sunday by an affirmative vote
that accorded fully with expectations. Nearly 90%
of the German voters favored the plea of the German
Nazi dictator. Barring the unforeseen, there is now
no doubt that Herr Hitler will continue to rule Germany indefinitely. His power within Germany is
immense and• indisputable, while in international
affairs his prestige also will be enhanced. The results of the balloting were somewhat less favorable
than on the last occasion, in November, 1933, when
the German people approved overwhelmingly the
proposal for withdrawal from the League of Nations and the General Disarmament Conference. The
greater opposition shown last Sunday is important
as indicating a trend, but it has no practical significance. In democratic countries it was considered
rHANCELLOR
Aug. 25 1934
gratifying that a rather sizable minority within the
Reich preferred to do its own thinking and registered opposition to Hitler's aggrandizement, despite
the pervasive and compelling propaganda employed
to insure an almost completely favorable vote.
In the balloting last Sunday the German voters
were called upon merely to approve or disapprove
the proposal for consolidating the power of the offices of President and Chancellor and placing this
power in the hands of the Leader-Chancellor, Adolf
Hitler. Foreign press'correspondents in Berlin made
it clear that the appeal was bolstered by every device
known to skillful politicians, while all opposition
was rigidly suppressed. But it is clear also that
Herr Hitler's popularity within Germany is immense and had much to do with the results. Official
figures, made available on Monday, disclose that
43,438,378 ballots were cast by a voting population
estimated at slightly more than 45,000,000. There
were 38,279,514 affirmative votes, and 4,287,808 opposing ballots, while 871,056 ballots were rejected as
invalid because of mutilations and for other like
causes. Last November an almost exactly equal
number of votes were registered. In that plebiscite
40,600,243 affirmative votes were cast and the negative ballots numbered 2,101,004, while 750,282 were
rejected. That Herr Hitler's influence within Germany is waning is shown by the fact that the nonconformist minority has more than doubled in recent
months. The returns from the agricultural areas
of Germany showed a very small percentage of opposing ballots, but it was noted in Berlin reports
that the Leader-Chancellor lost a good deal of favor
in such population centers as Berlin, Westphalia
and Cologne. It is somewhat discouraging to note
that the regions where the anti-Semitic campaign
was pushed with greatest vigor gave the Chancellor
almost 100% support.
In view of the power now possessed by Herr
Hitler, it is especially interesting to note the program which he announced for his regime in his final
election speech late last week. In an address at
Hamburg, he promised an authoritarian regime
based upon the confidence of the entire German
people, which is to be free from the influence of
private interests and the hampering effects of uncertain parliamentary majorities. His Government,
Herr Hitler declared, will be capable of making longrange decisions. It will rest equally, he added, upon
the pillars of the National-Socialist movement and
the Reichswehr (regular army), the former providing political support and the latter military support.
The foreign policy of his regime was announced in
the usual general terms which Government heads
always find highly serviceable and peculiarly effective. The German Reich never will abandon its
honor or its claim to complete international equality,
but on the other hand will be inspired always by
"the wish to contribute to the best of its ability to
the preservation of the peace of the world." Confidence was expressed by Der Fuehrer that solutions
will be found for the economic difficulties confronting the nation, and in this connection he promised
the full support of the dictatorial regime for the
development of German inventions, the enterprise
of German economic leaders and the industry of
German workers. Herr Hitler declared that the
plebiscite was not called to bolster his own authority,
since he already possessed plenary powers. He ap-
Volume 139
Financial Chronicle
1131
lines, their offer no doubt seemed quite fair and
possibly above the real value they attach to the property, since their chief interest is in getting the Russian rail officials out of Manchukuo. It was reported a month ago that the negotiations in Tokio
had reached an impasse on the question of price, and
developments since then provide ample confirmation
Italy and Austria
of the reports. Japan and Russia have embarked on
ROTRACTED conversations at Florence, Tues- programs of accusation and recrimination, with ocday, between Premier Benito Mussolini and casional arrests of Russian officials thrown in, and
Chancellor Kurt Schuschnigg resulted in a reaffir- even some intimations that the railway might be
mation of the spirit of collaboration between Italy seized. Those familiar with the East will recognize
and Austria which was the chief feature of the Aus- these activities as incidents in the bargaining for
trian foreign policy followed by the late Dr. Engel- sale and purchase of the railway, but it remains true
bert Dollfuss. An official statement issued after that in the present state of Far Eastern tension they
the meeting between the two Premiers indicated that are fraught with some danger to peace.
The Japanese Foreign Minister, Boki Hirota, was
the Italian and Austrian Governments will foster
greater economic and cultural exchanges. Agree- reported some weeks ago as "incensed" over Russia's
ment was announced, as a matter of course, on the rejection of the "final" Japanese-Manchukuoin offer,
need for the independence and integrity of the Aus- and it did not take long for a campaign of vilificatrian State, and such independence, moreover, must tion and denunciation, directed against Russia, to
include "complete internal autonomy." The an- develop in the Japanese press. Last Sunday it was
nouncement dispelled all thoughts that Chancellor announced rather pretentiously by the Manchukuoan
Schuschnigg might deviate in any important par- authorities that they would refuse to engage in any
ticular from the policies pursued by his assassinated further negotiations with the Russians until various
predecessor. It is now clear that the Austrian prob- frontier incidents were adjusted to their satisfaclem remains almost precisely where it was before the tion. Every effort was made to portray the declaraAustrian Nazis engaged in their putsch, the sole tion as equivalent to a suspension of diplomatic redifference consisting in a more moderate attitude by lations with Russia, but since Russia never has recogthe German Nazis toward "Anschluss," or consolida- nized Manchukuo the effort is a little ludicrous. But
tion of the two Germanic countries. The war scare it was intimated in Tokio at the same time that
caused by the putsch is over, but the tinder remains Japan is considering the dispatch of a "warning"
to Russia regarding frontier incidents, and the matfor passing sparks to set it aflame.
There were some additional indications that the ter thus assumes a graver aspect.
The Japanese Foreign Office issued a statement,
European political game is being played in the same
old way. Italian ambitions in the Danubian area Tuesday, indicating that the bid and offer had been
were again emphasized in a press conference held narrowed to a difference of only 40,000,000 yen, the
late Tuesday by Count Galleazo Ciano, son-in-law Japanese offering 120,000,000 yen plus 30,000,000
of Premier Mussolini and spokesman for the Italian yen retirement pay for the Russian employees, while
Foreign Office. It was remarked that Italy intends Russia demanded 160,000,000 yen plus 30,000,000
to foster "Danubian tranquillity" and intensification yen pension or discharge pay. The Soviet Governand enlargement of the economic agreements re- ment was accused in the statement of disseminating
cently concluded at Rome by Italy, Austria propaganda to the effect that there is a connection
and Hungary. Premier Mussolini and Chancellor between the negotiations and Manchukuo's arrest of
Schuschnigg were in agreement as to the desirability a number of Russian railway officials who were inof this aim, the official statement said. Recent ru- volved in "train incidents." The Manchukuoan
mors that Monarchist aims in Austria will receive authorities proceeded on Wednesday to arrest 17
international support were not credited, as Count more Russians, bringing to 77 the number charged
Ciano declared that no mention was made of the with subversive activities in connection with the
question of Hapsburg restoration. Chancellor operation of the Chinese Eastern. The official RusSchuschnigg journeyed to Nice, Wednesday, for a sian press on Wednesday charged the Japanese with
brief vacation and he declared again that Anschluss adopting a provocative attitude and with risking a
with Germany will be prevented by his Government conflagration for the sake of the small difference
at all costs. He refused, however, to make a reply involved in the railway sale negotiations. Apparto a question as to whether the Hapsburgs ever will ently the Russian press was quite neglectful of the
occupy the Austrian throne again.
fact that the same charge can be laid against Russian
authorities. The matter was rendered still more
Chinese Eastern Railway
acute on Thursday, when the Russian Government
EGOTIATIONS between Japan and Russia for sent a protest to Tokio against the arrests of Soviet
sale to Manchukuo of the Russian interest in citizens on the Chinese Eastern Railway, and against
the Chinese Eastern Railway have again reached a statements that the Russian Far Eastern army is
stage that holds an apparent threat to peace in the fomenting attacks on the railway property. A note
Far East. The discussions have been going on for was sent to Manchukuo at the same time demanding
several years in desultory fashion, despite the the immediate release of the Russian citizens held
anxiety of all parties to consummate the transac- and explanations of their arrests.
tion. Japanese officials, acting ostensibly in behalf
Argentine Loans
of the puppet-State of Manchukuo, formerly offered
the Soviet Russian authorities only a fraction of
ITH a large part of the world in default on
what the latter think the Manchurian railway line
foreign obligations of one kind or another, it
is worth. To the Japanese, who are building parallel is especially satisfactory to note the steady payment
pealed for votes in order to demonstrate before the
eyes of the entire world that his Government has
the full confidence of the people. The address was
received with frantic enthusiasm, and the voting on
Sunday left no doubt of the power of the LeaderChancellor's appeal.
P
N
W
1132
Financial Chronicle
by Argentina of her foreign debt service and the reduction of outstanding short-term loans. Announcement was made Wednesday in Buenos Aires by
Federico Pinedo, the Argentine Finance Minister,
that a remittance of £855,000 had been made to Baring Brothers, in London, to pay the balance of a
£5,000,000 short-term loan obtained in December,
1929. The payment was anticipated, as the sum was
due Oct. 1. In a Buenos Aires dispatch to the New
York "Times" it is noted that the payment reduced
to $24,000,000 the aggregate foreign short-term indebtedness of the Argentine Government and its
subsidiary Governments. This is a reduction of
75% since 1930, when such debt owed in the British
and American markets was about $102,000,000. The
Federal Government had £5,000,000 sterling loans
and $50,000,000 dollar loans outstanding toward
the end of 1930, but the sterling obligations of a
short-term nature now have been repaid completely,
while only $16,000,000 remains to be paid on the
dollar obligations. The Province of Cordoba has
reduced its foreign short-term debt to $3,000,000,
it is noted, while the Province of Santa Fe has
$5,000,000 in such obligations now outstanding.
International Wheat Conference
ELEGATES from 21 nations gathered in London this week to discuss again the thorny
question of international control of wheat movements and regulation of wheat acreage in the larger
producing countries. Reports submitted to the
World Wheat Advisory Committee, which is a
creature of the International Wheat Conference, indicated plainly last week that the agreements made
a year ago at London carried little actual weight
with the signatory Governments. It was revealed
that Australia was the only country that effected
the full 15% acreage reduction agreed upon, with
the United States second with a 12% reduction.
Canada reduced her acreage 10% and Argentina
5%. England made the worst showing, as the acreage in that country actually increased 6%. The
world's wheat acreage in 1934 was 13,000,000 less
than in the previous year. This was praised as a
"solid achievement," although it is, of course, impossible to tell how much the reduction might have
been without the interference of the various Governments. The praise, moreover, rings a little hollow in
view of the widespread drought conditions in America and Europe, which have cut the actual yield dangerously. On wheat exports there was a bland disregard by Argentina of her agreement to limit the
figures to the established quota, that country exporting 34,000,000 bushels over and above the quota
set.
In these circumstances there was no prospect of
a further agreement of any value whatever, but the
delegates nevertheless started on Monday to consider
a draft plan for control of production and exports
during the year which began Aug. 1. Argentina
demanded a huge increase in her export quota, but
other nations refused to agree, and by Wednesday
it was apparent that the conference would fail.
Taking advantage of the changed conditions occasioned by droughts, it was decided to establish an
"open season" in wheat shipping for the time being,
with another meeting of the conference to be held in
November for further consideration of the problem.
A series of general proposals will be placed before
the 21 countries with the admitted aim of keeping
D
Aug. 25 1934
the conference intact, so that control can be attempted again if conditions seem to require it. In
the meantime it may be pointed out again, as we
have pointed out on a number of occasions in the
past, that Governmental control of agricultural
production always has ended in failure. No suitable
method appears to be available for regimenting the
millions of agricultural producers.
Discount Rates of Foreign Central Banks
HERE have been no changes the present week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effect
Date
dug 24 Established.
Austria____ 414
Belgium— 3
Bulgaria- -- 7
Chile
434
Colombia-- 4
OseehosioTakla-- 314
Danzig_ _ ... 4
Denmark
. .
234
England_ _ _ 2
Estonia__ 534
Finland.... 414
France_ --- 234
Germany. 4
-Greece
7
Holland _ _ _ 214
Predolts
Rate.
Jane 27 1934
Apr. 25 1934
Jan. 8 1934
Aug. 23 1932
July 18 1933
5
334
8
534
5
Jan. 25 1933
July 12 1932
Nov.29 1933
June 801932
Jan. 29 1932
Dec. 201988
May 31 1934
Sept.30 1932
Oct. 181933
Sent.18 1933
434
5
3
234
634
5
3
5
734
3
Country.
Rate in
Effect
Date
Aug 24 Established.
Hungary_
India
Ireland__ _ _
Italy
Japan
Java
Jugoslavia.
Lithuania
Norway _ _.
Poland_ _ _ _
Portugal...
Rumania _.
South Africa
Spain
Sweden....
Switzerland
434
334
3
3
3.65
434
634
6
334
5
534
6
4
6
234
2
Prestout
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
July 16 1934 7
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
14
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were Yi%, as against 4% on Friday
3
of last week, and 13-16% for three months' bills as
against 13-16% on Friday of last week. Money on
call in London yesterday was 4%. At Paris the
3
open market rate was reduced on Friday from 23.1 %
.
to 23/8%; at Switzerland the rate remains at 13/2%.
Bank of England Statement
HE statement of the Bank of England for the
week ended Aug. 22 shows a gain of £26,934 in
bullion and as this was attended by a contraction of
£4,738,000 in circulation, reserves rose £4,765,000.
Gold holdings now aggregate £192,216,927, a new
high record. A year ago the figure was £191,497,920.
Public deposits increased £13,898,000 and other deposits fell off £8,382,009. Of the latter amount
£7,359,398 was from bankers'accounts and £1,022,611
from other accounts. The reserve ratio is at 46.93%
from 45.48% a week ago; last year the ratio was
46.57%. Loans on Government securities increased
£366,000 and those on other securities £408,068. Of
this amount,£263,737 was to discounts and advances
and £144,331 to securities. The rate of discount remains at 2%. Below are the figures with comparisons
for several years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Aug. 22
1934.
Aug. 23
1933.
Aug. 24
1932.
Aug.20
1931.
Aug. 27
1930.
L
£
£
£
£
Circulation
379,371,000 374,555,938 363,881,576 350,310,627 360,868,176
Public deposits
37,394,000 32.242,854 22,203.001 26,323,468 18,172,678
Other deposits
117,801,210 132,944,551 114,375,557 102,301,162 96,398,647
Bankers'accounts_ 82,099,642 90,543,220 79,946,387 53.593,207 62,599,815
Other account
35,701.668 42.401,331 34,429,170 48,707,955 33,798,732
Covemm't securities 84,505,781 84,905,963 71,278.993 50,175,906 49,141,247
Other securities
16.054,392 21,540,809 32,775,748 37,348,475 28,646,876
Meet.& advances... 5,770,657 10,059,544 13,265,850 9,298,455 6,459.675
Securities
10,283,835 11.481,265 19,509,898 28,052,020 22,187,201
Reserve notes & coin 72,847,000 76,941,982 50,714,286 59,334,180 55,019,526
Coin and bullion.... 192,216,927 191,497,920 139,595,682 134,644,807 155,887,696
Proportion of reserve
to liabilities
48.02%
46.93%
46.57%
46.12%
37.13%
Bank rate
3%
2%
2%
2%
434%
Bank of France Statement
HE Bank of France statement for the week ended
Aug. 17 reveals another gain in gold holdings,
the increase this time being 504,099,070 francs. Gold
holdings now total 81,317,828,261 francs, in comparison with 82,092,549,468 francs a year ago and
T
Financial Chronicle
Volume 139
82,201,919,327 francs two years ago. A decrease appears in credit balances abroad of 1,000,000 francs,
in French commercial bills discounted of 67,000,000
francs,in bills bought abroad of 1,000,000 francs and
in advances against securities of 14,000,000 francs.
The proportion of gold on hand to sight liabilities
stands now at 80.23%, compared with 79.62% a year
ago and 76.82% the year before. Notes in circulation
show a contraction of 529,000,000 francs, bringing
the total of notes outstanding down to 80,470,825,030
francs. Circulation last year stood at 81,530,317,765
francs and the year before at 80,120,713,185 francs.
Creditor current accounts show a gain of 863,000,000
francs. Below we furnish a comparison of the different items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bale. abroad_
a French commercial
bills discounted—
b Bills bought abr 'd
Adv. against secure_
Note circulation_ _
Credit current accts.
Propor'n of gold on
hand to sight Bab_
Aug. 17 1934. Aug. 18 1933. Aug. 19 1932.
Francs.
Francs.
Francs.
Francs.
+504,099,070 81,317,828,261 82,092,549,468 82,201,919,327
13,756,163 1,293,903,798 3,315,248,905
—1,000,000
—67,000,000 3,462,827,553 2,803,562,042 3,010,589,067
—1,000,000 1,124,236,782 1,374,401,638 2,081,698,131
—14,000,000 3.108,426,195 2,722,538,814 2,775,927,598
—529,000.000 80,470,825,030 81,530,317,765 80,126,713,185
+863,000.000 20,884,635,538 21,575,590,460 26,877,857,914
025c.
RA 9R.21
70 R907_
7ft In Of
a Includes bills purchased in France. b Includes bills discounted abroad.
New York Money Market
were unchanged in the New York
money market, this week, with the official easy
money policy exercising its influence in all departments. A number of the large commercial banks
found it advisable to reduce slightly the interest they
pay on thrift accounts, this action obviously being
due to the difficulty of earning even the small return
now made on the deposits. The Treasury sold on
Monday a further issue of $75,000,000 discount bills
due in 182 days, and the average award was 0.23%,
whereas a week earlier a similar issue was awarded at
an average of 0.25%. Call loans on the New York
Stock Exchange were 1% for all transactions, whether
renewals or new loans. In the unofficial street market
such loans again were reported done every day at
%%. Time money remained at 34®1%. Brokers'
loans against stock and bond collateral declined
$11,000,000 in the week to Wednesday night, to an
aggregate of $810,000,000, the Federal Reserve Bank
of New York reported.
riONDITIONS
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
is unchanged. There have been no sales reported
during the week. Rates are nominal at 34@1% for
two to five months, and 1@134% for six months.
The demand for prime commercial paper has been
fairly brisk this week, but there has been less paper
available than during the preceding week. Rates
3
are 4% for extra choice names running from four
to six months and 1% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
been dull all week, and while the demand for
high class paper has been fairly good, there have been
very few bills offered. Rates are unchanged. Quotations of the American Acceptance Council for bills
up to and including 90 days are %% bid and 3-16%
I%
asked; for four months, %% bid and V asked;
and six months, %% bid and %% asked.
for five
T
1133
The bill buying rate of the New York Reserve Bank
is M% for bills running from 1 to 90 days and proportionately higher for longer maturities. The
Federal Reserve Banks' holdings of acceptances decreased from $5,198,000 to $5,114,000. Their holdings of acceptances for foreign correspondents also
decreased from $642,000 to $528,000. Open market
rates for acceptances are nominal in so far as the
dealers are concerned, as they continue to fix their
own rates. The nominal rates for open market acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked.
Asked. Bid.
Bid.
Bid.
Asked.
34
IS
51
.
%
Si
Prime eligible bills
31
—90 Days— —60 Days— —30 Dogs
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
'III
M
'IS
'II
M
44
FOR DELIVERY WITHIN THIRTY DAYS.
34% bid
Eligible member banks
Eligible non-member banks
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louie
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Aug. 24.
2
131
234
2
a
234
244
3
a
3
2
Date
Established.
Previous
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
2%
3%
344
3
3
3%
3%
344
,
234
Course of Sterling Exchange
TERLING exchange continues relatively firm
in terms of the dollar, but fluctuations have been
more erratic than at any time in the past three weeks.
The pound is also behaving erratically as in terms of
French francs or gold. The London rate on Paris
dropped successively during the week to new record
lows. The speculative pressure against the dollar
which had been aroused a few weeks ago by fears on
the part of European bankers of further dollar devaluation or inflation here seems largely to have ceased.
The range this week has been between $5.063/2 and
$5.093 for bankers' sight bills, compared with a
%
range of between $5.07% and $5.113 last week.
A
The range for cable transfers has been between
$5.06% and $5.09 8 compared with a range of between $5.0734 and $5.115 a week ago.
4
Throughout the week ended August 18 it was evident that the British Equalization Fund was holding
sterling exchange pegged in terms of francs around
76.312 francs to the pound. Early this week London was reported to have ceased operations for the
purpose of pegging the sterling-franc rate and as a
result the rate dropped as low as 76.24 in London
on Tuesday and again to 76 francs on Wednesday,
while on Thursday it closed in London at 75.97.
On Friday it again went off sharply, to 75.75 francs
to the pound.
Late London cables stated that the foreign exchange
market there was quiet and that the British Control
banks had determined to hold the sterling-franc rate
at 76 francs to the pound, a new low pegging rate.
On Thursday Secretary of the Treasury •Morgenthau made an announcement which tended to drive
off the bear interests against the dollar, when he
stated that he was not disturbed about the monetary
S
1134
Financial Chronicle
Aug. 25 1934
situation and that there would be no change in the that the SS. President Harding took aboard at
Administration's gold policy. Mr. Morgenthau said Southampton silver valued at £1,500,000 and that
that financiers seem to take too seriously rumors on an equally valuable cargo had steamed into New
monetary policy coming from South Africa and other York on the SS. Washington. It is believed that the
parts of the world.
dollar value of the silver which has been purchased
The following table gives the mean London check in London in the past few weeks amounts to approxirate on Paris from day to day, the London open mar- mately $20,000,000. The silver must be paid for in
ket gold price and the price paid for gold by the sterling. in London. In effect the United States is
United States:
exchanging gold for silver.
MEAN LONDON CHECK RATE ON PARIS.
The market hears less and less of the possibility of
Saturday, Aug. 18
76.312 I Wednesday, Aug. 22
76.093
currency stabilization. The London authorities will
Monday, Aug. 20
76.34
76.016
Thursday, Aug. 23
Tuesday, Aug. 21
76.28
Friday,
75.745 assuredly take no steps in this direction until such
Aug. 24
LONDON OPEN MARKET GOLD PRICE
time as they see that conservative influences are again
Saturday, Aug. 18
Wednesday, Aug. 22___138s. 7d.
138s. 4d.
Monday, Aug. 20
138s. 3d.
Thursday, Aug. 23_ _ _138s. 730. in control of fiscal affairs on this side. The London
Tuesday, Aug. 21
1385. 230. Friday,
Aug. 24___139s. 3d.
market continues to be highly distrustful of the
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
dollar and consequently looks askance at the United
RESERVE BANK)
States monetary policies. In London it is believed
Saturday, Aug. 18
35.00 I Wednesday, Aug. 22
35.00
Monday, Aug. 20
35.00 Thursday, Aug. 23______ _ _35.00 that the policies being followed here are framed to
Tuesday, Aug. 21
Aug. 24
35.00 Friday,
35.00
create conditions favorable to the large Treasury
It would seem that one reason for the pressure on debt funding operations to come later in the year.
sterling in terms of French francs which has been
Despite the erratic conduct of the exchanges and
manifest for fully three months but with accelerated the ease of sterling in terms of francs, there is no
speed in the last few weeks, is the widespread con- movement of money away from London, but the
viction that London was deliberately allowing the trend is rather toward that center as is shown by the
rate to decline. Hence European speculative traders glut of funds in the London open market. Money
have swung more and more to the bear side as to rates continue practically unchanged from day to
sterling and marked up francs, guilders and other day, as they have been for the past two years or
European currencies despite the fact that they un- more because of the great quantities of refugee funds
doubtedly expect serious political difficulties in many on deposit. Call money against bills is in supply
European capitals before winter. Speculative inter- at 4%, two-months bills at 25-32%, three-months
3
ests also take into account the fact that seasonal bills at 13-16%, four-months bills at 13-16 to 7 %,
A
influences adverse to sterling should begin to assert and six-months bills at 15-16% to 1 1-16%.
themselves early in September. Meanwhile the
Owing to the ease of the dollar in terms of sterling
continued firmness of French francs has greatly American interests are no longer able to compete for
stimulated confidence in the minds of many Euro- any of the gold available in the London open market.
peans so that the release of gold from hoarding, es- The day-to-day offerings are therefore taken for unpecially in France, has. been accelerated and this, known destinations, being chiefly for foreign gold
together with other influences, tends to enhance the hoarders the majority of whom leave their gold purfranc in terms of other units. The commercial chases in the safe deposit vaults of the London banks.
demand for sterling as for other currencies at this Doubtless some of these open market purchases for
season is perhaps lighter than at any time in years. "unknown destination" are shipped to Paris and are
Certainly the market in New York is extremely thin. finding their way into the vaults of the Bank of
Another factor in the firmness of the franc is that France. The British Exchange Control has also been
the drop in sterling in terms of francs points to a selling gold in Paris. On Saturday last £450,000, on
continued high price for gold in the London open Monday, £246,000, on Tuesday £405,000, on Wedmarket. It was recently reported on several occa- nesday £290,000, on Thursday £250,000, and on
sions that South Africa and India were holding back Friday £360,000 of gold available in the open market
gold shipments to London in the expectation of higher was taken for unknown destination. The Bank of
prices. From the standpoint of London it is desir- England statement for the week ended Aug. 22 shows
able that these shipments should continue without an increase in gold holdings of £26,934, the total
interruption. Hence they view with equanimity standing at £192,216,927, which compares with
any drop in sterling in terms of gold currencies if the £191,497,920 a year ago, and with the minimum of
London market would be helped by higher open £150,000,000 recommended by the Cunliffe Commarket gold prices.
mittee. At the Port of New York the gold movement
There can be no doubt that sterling and all the for the week ended Aug. 22, as reported by the Fedforeign exchanges are behaving in a most erratic eral Reserve Bank of New York, consisted of imports
manner, never more so. The most outstanding fea- of $86,000, of which $54,000 came from Egypt, and
ture of foreign exchange at present with respect to $32,000 from Jamaica. There were no gold exports.
sterling and the dollar is the heavy purchase of silver The Reserve Bank reported a decrease of $525,000
in London for United States Treasury account. These in gold earmarked for foreign account. In tabular
purchases are the chief factor at present in making form the gold movement at the Port of New York
the quotations for sterling so firm in dollars while the for the week ended Aug. 22 as reported by the
pound weakens in terms of francs, which are no more Federal Reserve Bank of New York, was as follows:
a gold currency than the dollar. The silver purGOLD MOVEMENT AT NEW YORK,AUG.16—AUG.22,INCLUSIVE.
chases have been on an exceptionally heavy scale and
Imports.
Exports.
$54,000 from Egypt
threaten to continue so. For as long as they last
32,000 from Jamaica
None
sterling *should be firm in terms of dollars despite
$86,000 total
factors which under normal circumseasonal or other
stances would work in favor of the dollar and adNet Change in Gold Earmarked for Foreign Account.
versely to the pound. On Thursday it was announced
Decrease: $525,000
Volume in
Financial Chronicle
The above figura are for the week ended Wednesday evening. On Thursday $1,679,800 of gold was
received from Canada; there were no exports of gold,
or change in gold held earmarked for foreign account.
On Thursday $160,000 of gold was received at San
Francisco from China. On Friday there were no
imports of gold. $907,600 of gold was exported to
Belgium. There was no change in gold held earmarked for foreign account..
Canadian exchange continues at a premium in
terms of the dollar. On Saturday last Montreal
funds were at a premium of 28i to 2%%, on Mon/
day at 2 7-16 to 2 9-16%, on Tuesday at 2 17-32 to
23 %,on Wednesday at 2 13-16 to 338%, on Thurs4
day at 334.%, and on Friday at 2% to 331%.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull with an easy undertone.
Bankers'sight was $5.08 11-16@$5.093/2; cable transfers $5.08/@$5.0958 On Monday sterling was
.
/
steady with undertone soft. The range was $5.08%
@$5.09 for bankers' sight and $5.08%@$5.093 for
cable transfers. On Tuesday the pound was firm in
terms of dollars but off sharply in terms of francs.
Bankers' sight was $5.08%@$5.0934 cable transfers,
.;
$5.083/2@$5.093/. On Wednesday the pound was
2
firmer. The range was $5.08%@$5.093 for bank4
ers' sight and $5.09@$5.09/s for cable transfers.
7
On Thursday exchange was steady. Bankers' sight
was $5.0838@$5.09%; cable transfers, $5.083/2@
/
$5.093/ On Friday sterling was lower, the range
2
.
was $5.06M©$5.073j for bankers' sight and $5.06/g
5
@$5.07% for cable transfers. Closing quotations on
Friday were $5.07 for demand and $5.07% for cable
transfers. Commercial sight bills finished at $5.06s;
60-day bills at $5.063/; 90-day bills at $5.05%; docu8
ments for payment (60 days) at $5.063/, and seven8
day grain bills at $5.063 . Cotton and grain for
%
payment closed at $5.06/.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries in all
important phases presents no new aspects from
the past few weeks. French francs are exceptionally
firm in terms of both dollars and sterling, as has
been shown above in the resume of sterling exchange.
On several occasions during the week francs were
quoted around 6.695 8 At this level it becomes
.
/
profitable for banks operating in the foreign exchange market to buy gold in New York for sale
abroad in the gold countries. Despite the firmness
of the Continental exchanges it is unlikely that any
important outward movement of gold will take place
on an exchange basis, as the United States Treasury
authorities have been precise in their statements that
gold shipments will be readily permitted whenever
the gold export points are touched. The current
Federal Reserve Bank statement shows no gold
exports to European countries.
Exchange authorities were much impressed by
the continued firmness in French francs despite the
readiness of the authorities here to permit the gold
shipments. One of the steps involved in a gold
shipment from New York to Paris is the sale of
francs. The New York market is thin and quiet, and
it is believed that most of the francs were sold abroad.
Firmness results from arbitraging in sterling and
francs. On the other side sterling is very weak in
terms of the French franc, reaching a new low on
Friday of 75.72 francs to the pound. In New York
sterling is in good demand in order to make payment
E
1135
for silver purchased in London. Consequently arbitrageurs are selling sterling and buying francs in New
York, while abroad the operation is reversed to take
advantage of the spread in quotations. Thus, while
silver must be paid for in sterling in London,the purchases are resulting in a good arbitrage demand for
francs in New York, which keeps the rate so firm
that gold exports become feasible.
The Bank of France continues to increase its gold
holdings substantially. The current statement as of
Aug. 17 shows an increase in gold holdings of 504,099,077 francs. This makes the twenty-fourth successive weekly increase in the bank's gold, bringing
the total for the period to 7,389,628,815 francs. The
bank's gold now stands at 81,317,828,261 francs,
which compares with 82,092,549,468 francs a year
ago, and with 28,935,000,000 francs when the unit
was stabilized in June 1928. The bank's ratio is at
the record high figure of 80.23%, which compares
with 80.00% on Aug. 10 with 79.62% a year ago,
and with legal requirement of 35%.
There is nothing essentially new in the German
mark situation nor in that of the other Continental
exchanges. The quotations for all the Continentals
reflect the firmness of francs in terms of both dollars
and sterling.
The following table shows the relation of the leading
European currencies still on gold to the United States
dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
3.92
6.63
13.90
23.54
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week
6.66M to 6.69(
23.76 to 23.87
8.68 to 8.72
39.62 to 40.26
33.00 to 33.14
68.51 to 68.82
The London check rate on Paris closed on Friday
at 75.72 against 76.31 on Friday of last week. In
New York, sight bills on the French center finished
on Friday at 6.693/s against 6.683" on Friday of
last week; cable transfers at 6.693, against 6.68%,
and commercial sight bills at 6.67% against 6.66.
Antwerp belgas finished at 23.83 for bankers' sight
bills and at 23.84 for cable transfers, against 23.82
and 23.83. Final quotations for Berlin marks were
39.77 for bankers' sight bills and 39.78 for cable
transfers, in comparison with 39.75 and 39.76.
Italian lire closed at 8.70 for bankers' sight bills
and at 8.71 for cable transfers, against 8.69 and 8.70.
Austrian schillings closed at 19.25 against 19.25;
exchange on Czechoslovakia at 4.22 against 4.213;
on Bucharest at 1.023' against 1.03%; on Poland at
19.21 against 19.163', and on Finland at 2.253
4
against 2.27. Greek exchange closed at 0.953 for
4
bankers' sight bills and at 0.963 for cable transfers,
against 0.953 and 0.964.
Exchange on the countries neutral during the war
shows no important developments. The market is
virtually restricted to commercial requirements,
which are at a minimum in New York. The firmer
quotations in the neutral units merely serve to reflect
the relative firmness of sterling and French francs in
terms of the dollar. This is especially the case with
the Scandinavian currencies, which move in strict
harmony with sterling, to which they are allied.
The Holland guilder and the Swiss franc are exceptionally firm in terms of the dollar, because as members of the gold bloc they move in sympathy with
the upswing of the French franc both in terms of the
dollar and of sterling.
Bankers' sight on Amsterdam finished on Friday
at 68.79 against 68.68 on Friday of last week; cable
1136
Financial Chronicle
transfers at 68.80 against 68.69, and commercial
sight bills at 68.77 against 68.66. Swiss francs
closed at 33.13 for checks and at 33.14 for cable
transfers, against 33.07 and 33.08. Copenhagen
checks finished at 22.65 and cable transfers at 22.66,
against 22.79 and 22.80. Checks on Sweden closed
at 26.14 and cable transfers at 26.15, against 26.30
and 26.31; while checks on Norway finished at
25.47 and cable transfers at 25.48, against 25.64 and
25.65. Spanish pesetas closed at 13.87 for bankers'
sight bills and at 13.88 for cable transfers, against
13.85 and 13.86.
Exchange on the South American countries continues to display a steadily improved tone. These
currencies move in harmony with sterling rather
than with the dollar, as in monetary and commercial
affairs the South American centers are more closely
allied to the London market. At present, however,
the better tone of the South American currencies
results from the rapidly improving economic position
of these countries. The free market, as distinguished
from the official'market, is more active than at any
time in many months, and the tone of this market
is much improved. Recent dispatches from Santiago,
Chile, state that the Government intends gradually
to abolish the Exchange Control Commission. It is
believed the Government will gradually permit exchange to find a natural level and thus abolish the
distinction between the "official" and the "free"
market.
Argentine paper pesos closed on Friday, official
quotations, at 33% for bankers' sight bills, against
33% on Friday of last week; cable transfers at 34,
against 34. The unofficial or free market close was
27.50@27.60, against 27.30 and 27.50. Brazilian
milreis are nominally quoted 8.45 for bankers' sight
bills and 83/ for cable transfers, against 83.1 and
The unofficial or free market close was 6.90, against
7.00. Chilean exchange is nominally quoted 103.1,
against 103.1. Peru is nominal at 23.10, against
22.95.
Exchange on the Far Eastern countries,is of course,
greatly influenced by the movements of sterling and
the dollar, although in all fundamental respects
these units show no new features from those of the
past few weeks. The Indian rupee moves strictly
in accordance with sterling, to which it is legally
affixed at the rate of is 6d per rupee. The Japanese
exchange control manages at all times to keep the
fluctuations within a narrow range and in close
relationship to the movements of sterling. The
Chinese units are firm because of the increase in
silver prices, as purchasing exchange on China is
equivalent to a transaction in silver. The Chinese
currencies are prominent at present owing to the
extensive silver operations of the United States
Treasury. Shanghai has been selling silver in large
quantities in London and this movement is expected
to continue for some time. Silver experts report
that the silver stocks at Shanghai are at a relatively
low level, amounting on August 20 to approximately
418,738,000 fine ounces, compared with the record
high of 484,960,000 ounces on May 5. These Chinese
silver offers, it is understood, are being absorbed by
steady American buying, practically all for account
of the United States Government. Meanwhile
India has been selling silver to China, so that at
present demand and supply are well balanced. As
a result the price remains steady and gives no indication of the degree of market activity, except for the
Aug. 25 1934
fact that the forward price remains at a discount
under the spot price in London, reflecting the pressure from China in forward silver. The market
entertains some fears that the Chinese Government
may place an embargo on silver in the near future,
In order to protect the Chinese monetary reserves in
face of the nationalization of silver by the United
States. Should such an embargo be imposed, it is
possible that Hong Kong may take the place of
Shanghai as the principal silver market.
Closing quotations for yen checks yesterday were
30.14, against 30.25 on Friday of last week. Hong
Kong closed at 39%@39 9-16, against 39 5-16@
39 7-16. Shanghai at 3532, against 35%@35.60;
Manila at 49.85, against 49.90; Singapore at 59.70,
g;
against 603/ Bombay at 38.25, against 38.50 and
Calcutta at 38.25, against 38.50.
Foreign Exchange Rates
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:
URSUANT to
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 18 TO AUG. 24 1934. INCLUSIVE.
Country and Monetary
UnU.
Noon Buying Rale for Cabte Transfers in New Perk.
Value 01 United &Wes Money.
Aug. is. Aug. 20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
EUROPE
.190125* .190058* .190175 .190458• .190650* .190575*
Austria,schilling
.237873 .237550 .237573 .238100 .238292 .238283
Belgium, belga
013000* .012966. .012800* .012875 .013200* .012875*
Bulgaria. ley
Czechoslovakia. krone .042075 .042010 .042006 .042121 .042153 .042167
227458 .227116 .227175 .227383 .227300 .226391
Denmark. krone
England, pound
5.092916 .086166 5.085333 5.090750 5.087458 5.070083
sterling
.022500 .022466 .022475 .022487 .022491 .022475
Finland. markka
.066760 .066660 .066697 .066910 .066915 .066925
France,franc
Germany, reichsmark .397546 .398627 .401523 .399192 .396200 .396846
.009585 .009570 .009585 .009615 .009625 .009612
Greece. drachma
.685957 .685084 .685264 .687342 .687600 .687635
Holland, guilder
.298750* .299500. .299250* .300125* .300375* .299525.
Hungary, pengo
.086851 .086760 .086775 .087088 .087060 .087044
Italy, llra
255958 .255516 .255541 .255733 .255686 .254704
Norway, krone
Poland, zloty
.191240 .191100 .191225 .191533 .191850 .191550
048429 .046246 .048475 .046430 .046525 .046450
Portugal. escudo
.010125 .010112 .010135 .010165 .010210 .010150
Rumania,leu
.138332 .138160 .138232 .138642 .138653 .138689
Spain, peseta
.262618 .262330 .262266 .262466 .262391 .261425
Sweden,krona
Switzerland. tram:I.-- .330335 .329885 .330092 .330985 .331128 .331150
.023137 .023066 .023150 .023150 .023262 .023225
Yugoslavia. dinar
ASIAChinaChefoo (yuan) dorr .345833 .349166 .351666 .352500 .354583 .351666
Hankow(yuan) doll) .345833 .349166 .351666 .352500 .354583 .351666
Shanghla(yuan)dorr .345781 .348437 .350937 .351562 .353750 .350937
Tientein(yuan)der .345833 .349166 .351666 .352500 .354683 .351666
Hongkong, dollar_ .385937 .388125 .389687 .390625 .392187 .389687
India. rupee
.382550 .382075 .381875 .382100 .382325 .380935
.301125 .300800 .301000 .301275 .301550 .300575
Japan. yen
Singapore (8. S.) dor .596875 .596000 .596250 .596000 .596875 .593750
AUSTRALASIA
Australia, pound
4.051875• 4.050625* .051875* 4.0565620 .056562*4.039062*
New Zealand. pound_ 4.076250* 4.064375*4.064531* 4.068125* .068125•4.050937*
AFRICA
South Africa, pound__ 5.039000* .030416.5.033125*5.036250*5.034687*5.016250*
NORTH AMER.
Canada, dollar
1.023932 .024192 1.025260 1.027812 1.030729 1.029583
Cuba, peso
.999150 .999150 .999150 .999150 .999150 .999150
Mexico. peso (silver). .277433 .277016 .277016 .277016 .277016 .277016
Newfoundland, dollar 1.021125 .021750 1.022750 1.025312 1.028375 1.027250
SOUTH AMER.Argentina, peso
.339500. .339033* .339000* .339325* .339250* .338368*
Brazil, milreJa
.084675• .085000* .084800. .085118. .085408* .084633*
Chile. paw
.103750* .103850* .103850* .103800* .104000* .103000*
Uruguay. peso
811750* .808750• .809900* .820300* .8126500 .815000*
Colombia, peso
541300* .542000* .544900• .555600* .558700* .563400•
•Nominal rates: firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
Aug. 23 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1934.
1933.
1932.
1931.
1930.
£
£
191,497,920 139,595,862
056,740,396 657,615,354
12.666.200
35,587,800
90.390,000
90,249,000
74,215,000
61,540,000
69,953.000
85,306,000
76,836,000
75,097.000
61,461,000
89,164,000
13,908,000
11,443,000
7,397.000
7,400,000
6,569,000
9,911,000
£
134,644,807
468,490,592
53,315,400
91,023,000
58,022,000
53,390,000
45,187,000
32,274.000
13,206,000
9,544,000
8,129,000
£
155.887.696
377,556,869
123,460,550
98,935.000
53,645,000
32,553.000
34,522,000
25,149,000
13.475,000
9,567,000
8,142,000
Total week_ 1,245,055,353 1.258,633,516 1,260,909,016
Prey. week_ 1.239.681.626 1.255.417.671 1.260.125.779
977,296.799
977.445.039
932,893,115
930.334.458
£
England_ _ _ 192,216,927
France a _ __ 650,542,626
2,905,800
Germany b.
90,569.000
Spain
69,657,000
Italy
Netherlands
71,950,000
Nat. Belg'm
75.304,000
62,543,000
Switzerland
Sweden....
15,393,000
7.397,000
Denmark _.
6.577,000
Norway _ _.
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £22,400.
Volume 139
Financial Chronicle
Coping with Drought and Rising
Food Prices
It will probably be a long time before the full
extent of the loss and injury caused by the drought
in this country will be accurately known. Figures
showing the estimated reduction in grain and forage
crops, cotton, cattle and hogs, or in the number of
acres on which agricultural operations of one or another kind can profitably be carried on, tell only a
part of the story. The losses which American agriculture has sustained will be shown in many ways
besides those of the amount and prices of the products which the farmer or stock raiser will have to
sell. They will appear in the prices of many forms
of food, in the prices of many manufactured articles,
such as leather goods, into which farm products
enter or of which such products are the principal
raw materials, in the spending power of the farm
population, and in the demand for farm labor, the
yield of taxes on farm properties, and the ability of
farmers to carry or reduce mortgage, chattel or crop
loans. The railroads will feel the loss in reduced
freight tonnage and revenue, and merchants and
manufacturers in reduced demand for goods. A
heavy burden of relief expenditures has been laid
upon both the Federal and the State governments,
to be reflected before long in increased taxes and a
rise in Federal and State debts. The whole social
life of the States to which the drought has brought
calamity will be affected by the shrinkage of personal incomes, for only through extraordinary effort and sacrifice can schools, churches, public institutions, libraries and social organizations be kept
going at even a moderate level of efficiency when the
normal income of the community has been suddenly
and drastically curtailed.
It is unfortunate that the Federal Government,
upon which the larger share of the burden of dealing
with the extraordinary situation must apparently
fall, should be hampered by demands for the maintenance, with as few changes as possible, of an
elaborate and paternalistic scheme of agricultural
reorganization and control primarily designed to
cope with conditions of superabundant agricultural
production. Not many people, surely, will feel that
Secretary Wallace was making a very intelligent
approach to the subject when he declared, at the
beginning of a long article in last Sunday's New
York "Times," that "because we have had in the
United States this season the worst weather for
crops in forty years, advocates of the old order
whisper it around the country that the drought is
a judgment from heaven upon us," or will agree
with him that the whisperers who "say that the entire program of the Agricultural Adjustment Administration should be abandoned immediately" are
"advocates of chaos." The American people are
neither superstitious nor vindictive, and they already
know enough of economic chaos not to desire more.
For political reasons, if for no other, it cannot be
expected that the Administration will drop its agricultural program and put the AAA in a historical
museum, however great a relief such action would
bring. The problem is whether the Administration,
faced with a calamity for which nature alone is re-
1137
sponsible, will go as far as it can in discarding
fantastic theories and removing obstacles to the
reasonable operation of economic laws, or whether
it will content itself with adjustments and mitigations here and there while firmly retaining, if it does
not in fact increase, direct Government control.
What has been done thus far is, on the whole, in
line with what was to be expected. Great numbers
of starving cattle have been purchased by the Government, some to be shipped to States where feed
and pasturage are available, but most of them to be
slaughtered and the food products held for later
distribution as relief supplies. Shipments to other
States are expected to result in a better distribution
of livestock and, in consequence, some desired variation in agricultural production, at the same time
that the preference given in buying to animals in
the poorest condition will improve the average quality of stock. Heavy purchases of cattle, naturally,
glutted the hide market, and on Aug. 13 it was announced that all hides resulting from emergency
purchases would be taken over, after Sept. 5, by the
Federal Surplus Relief Corporation and used for
relief purposes in such a way, the nature of which
was not explained, as to prevent competition with
normal manufacturers' supplies.
The problem of providing feed for animals on the
farms was met in part on Monday by the issuance
of a Presidential proclamation authorizing the
Secretary of the Treasury to permit, until June 30,
1935 (or an earlier date if the President so orders),
the free importation of feed for livestock when such
importation is "made by or directly for the account
of any owner of livestock in any drought-affected
area, or by or for the account of any relief organization, not operated for profit, for distribution among
distressed owners of livestock." The authority for
the action is found in the Tariff Act of 1930, which
empowers the President to authorize such suspension of duties upon food, clothing, and medical supplies in an emergency which he is to declare. Plans
are also being made by the Department of Agriculture to salvage such scanty forage as remains in
drought-affected fields, and elsewhere to collect the
small quantities of forage that ordinarily would go
to waste. Prospective feed supplies, it was stated
on Aug. 18, were sufficient for only about one-half
of the country's livestock.
The treatment of the wheat and corn situation,
on the other hand, is complicated by the determination of the AAA to hold on to the essentials of the
agricultural program. The greatly reduced carryover of wheat makes it improbable that there will
be any wheat export this year, and wheat imports,
both for food and for seed, are a possibility. The
Washington correspondent of the New York "Times"
reported on Aug. 16 the preparation by the AAA of
a plan for "controlled expansion in the production
of principal food and feed grains" to be submitted
to the next Congress. The plan, it was said, contemplates the storage of grain on the farm, under
seal, as security for Government advances conditioned upon acceptance of acreage and production
restrictions and requirements. Apparently the conditions are already being imposed upon the hundreds
of thousands of farmers who have lost their crops
and are dependent upon Federal relief grants to
keep them alive. The well known Washington journalist, David Lawrence, writing in the New York
"Sun" on Tuesday, quotes from the contract which
1138
Financial Chronicle
Aug. 25 1934
is being offered to farmers some provisions which change and the grain futures administration are co:
require the farmers to "agree in advance to submit operating constructively to prevent any improper
to any control program the Department of Agricul- practices or violations of the Grain Futures Act,"
ture may put before them," with starvation as the while the chairman of the National Food and Grol
inevitable alternative. "Hoard's Dairyman" is eery Distributors Code, in a letter to President
quoted as saying editorially: "Until we saw the con- Roosevelt on Monday, gave assurance of "materiai
tract itself, we refused to believe any American aid and support" in any movement to keep pride%
Government would or could exact such a deplorable from rising unnecessarily. The great danger fit that
and inexcusable requirement in return for aid ex- the Administration,in its anxiety to keep food prices
tended to those in dire distress. It is as though a at a reasonable level, may undertake arbitrarily to
man saw another drowning, and demanded that, to fix prices. The action of the President in issuing,
be saved, the drowning man must first agree to turn on Wednesday, an Executive order arbitrarily reover to him full control of all his property and fu- ducing the working hours in the cotton garment industry by 10%, and increasing wages by from 10%
ture acts."
differently dealt to 11%, is not encouraging to those who had hoped
The cotton situation has been
with, but in no respect more intelligently. The tax- that the end of Government price fixing was at
free limit for cotton production under the Bankhead hand. It will be an ill omen indeed if, in the effort
Act is 10,160,251 bales. Thanks to the drought, which to cope with drought and food prices, the vicious
in some parts of the cotton area, particularly in practice of price fixing by Executive fiat is fastened
Texas, has done heavy damage,the estimated produc- still more firmly upon the country as a step toward
tion on Aug. 1 was only 9,195,000 bales. Secretary "recovery."
Wallace, however, is reported as firm for continuing
the processing tax on cotton as well as on other
The Tennessee Valley Authority and
"basic commodities," notwithstanding that the tax
Government in Business
of 4.2 cents, taken in connection with the high price
Reports of the negotiations which have been carfor cotton and additional labor and other costs due
to the codes, has forced the mills to curtail pur- ried on for some time for the purchase by the Tenchases. President Roosevelt's method of treating nessee Valley Authority of the electric properties or
the situation, put forward as a means of enabling the Tennessee Public Service Company at Knoxville,
the cotton planters "to market their cotton more Tenn., have called attention, more particularly in
nearly as it is required for consumption, rather than investment circles, to a phase of the activities of the
necessarily at picking time," has been to request the Tennessee Valley Authority which thus far has been.
Reconstruction Finance Corporation, on Tuesday, most in the public eye. The crowding out of prito advance enough funds to the Commodity Credit vately-owned electric light and power companies in:
Corporation to enable it to lend 12 cents instead of the region,comprising parts of six States, over which
10 cents a pound on cotton in the possession of the the Tennessee Valley Authority operates is only s
producer. The RFC promptly responded by setting part of the scheme of Government enterprise which
aside $250,000,000 for the purpose. The threat of that organization represents. It is a safe guess that
a cotton textile strike which might close mills for the great majority of the American public, when they
an indefinite period is believed to have been one of read of the Tennessee Valley Authority, with its
the determining factors in the President's decision, familiar designation by the initials TVA, think of
but the essential similarity in principle to the policy it as a Government enterprise engaged in developing.
which brought into existence the Federal Farm power resources and the manufacture of low-cost
Board, and which was widely condemned as un- fertilizers at Muscle Shoals, Ala. With that work,.
sound during the Hoover Administration, has not however, go other powers and activities, some colescaped notice. One may prefer milder language lateral and others independent, which together make.
than that of a writer in the "Annalist," who pro- the TVA one of the most important and fateful
flounces the AAA scheme of farm control as "damn- agencies of social revolution which the New Deal
able, silly, idiotic, impossible to thinking men," but program has launched.
The declared purpose of the Act of May 18 1933,.
it is not yet clear that, even in the face of a national
the essentials of the scheme are being creating the Tennessee Valley Authority, was to.
calamity,
improve navigation and provide for flood control
abandoned.
A good deal of popular apprehension has been on the Tennessee River, and further to provide for
aroused, naturally, by the possibility of a sharp rise "reforestation and the proper use of marginal lands.
in food prices as a result of the drought, with serious in the Tennessee Valley," "the agricultural and inconsequences for the millions of people whose in- dustrial development of said valley," and the fur.
comes have been greatly reduced during the long therance of national defense through the operation
years of depression. It is to be expected that some of the Government properties at and near Musclefood prices will rise where scarcity obtains, but there Shoals. The directors of the corporation, three in
seems no reason to expect any serious food shortage number, were to be appointed by the President with
except in milk and milk products, where the supply the consent of the Senate, one for three years, onewill undoubtedly be considerably reduced. The high for six years, and one for nine years. The directors
cost of living, as Mark Sullivan has pointed out, will were forbidden to have any financial interest in any
be attributable quite as much to the AAA as to public utility corporation engaged in distributing
the drought- President Roosevelt's warning against and selling power to the public or in the manufacfood profiteering, with the legal and administrative ture or sale of fixed nitrogen or fertilizer, or in "any
resources which he has to back it up, will have some business that may be adversely affected by the suceffect upon speculators; the executive chairman of cess of the corporation" as a producer of fertilizers
the Chicago Grain Exchange declared on Aug. 17 or electric power. A unique stipulation further rethat "the business conduct committee of the ex- quired that "all members of the board shall be per--
Volume 139
Financial Chronicle
sons who profess a belief in the feasibility and wisdom" of the Act.
In addition to manufacturing fertilizers and producing and distributing electric power, the corporation was authorized to contract with commercial
producers for such fertilizers as might be needed "in
the Government's program of development and introduction" in excess of what it itself produced,"to
arrange with farmers and farm organizations for
large-scale practical use of the new forms of fertilizers under conditions permitting • an accurate
measure of the economic return they produce," to
co-operate with National, State or local agricultural
experiment stations or demonstration farms in the
experimental use of fertilizers, and itself to conduct
experimental laboratories and plants. None of its
products, including explosives for use "in the event
of war or a national emergency," were to be sold
for use outside the United States or its possessions
except through the Army or Navy or allied governments in case of war.
Such surplus power as was not required for its
own operations the TVA was authorized to sell to
State or municipal governments, corporations or individuals. "In order to promote and encourage the
fullest possible use of electric light and power on
farms within reasonable distance of any of its transmission lines," it was given discretion to construct
transmission lines to farms and small villages that
were not otherwise supplied with electricity at reasonable rates. The sale and use of electricity for
industry, it was specifically declared, was to be
held secondary to sale and use for domestic and
rural consumers. Certain percentages of the gross
proceeds from the sale of power from specified dams
were to go to the States of Tennessee and Alabama,
but subject to change at any time by the directors
with the President's approval; a $50,000,000 bond
issue was made available on the credit of the United
States for the construction of future facilities, and
the corporation, which was declared to be "an instrumentality and agency of the Government of the
United States for the purpose of executing its constitutional powers," was given free use of registered
patents upon payment of suitable compensation.
To this imposing grant of authority in pursuit
of objects which Congress, without waiting for the
Federal courts, itself declared to be within the constiutional competence of the Government, was then
added a still more remarkable provision. "To aid
further the proper use, conservation and development of the natural resources of the Tennessee River
drainage basin and of such adjoining territory as
may be related to or materially affected by the development consequent to" the Act, the President
was authorized to make such surveys and plans for
the region indicated "as may be useful to the Congress and to the several States in guiding and controlling the extent, sequence and nature of development that may be equitably and economically advanced through the expenditure of public funds, or
through the guidance or control of public authority,
all for the general purpose of fostering an orderly
and proper physical, economic and social development of said areas." He was further to recommend
to Congress such legislation as he deemed proper
regarding not only power development, navigation
and flood control, but also "the proper use of marginal lands," "the proper method of reforestation
of.all lands" in the area suitable for reforestation,
1139
and "the economic and social well-being of the people
living in said river basin."
Of all the paternalistic legislation which the NewDeal has produced, there is none to compare with
this in scope or assumption of authority. To the
provision of power on a huge scale was added the.
purpose to reconstruct, in the discretion of the President, the economic and social life of a region embracing parts of six States. The interpretation and
administration of the Act have further enlarged its.
declared purposes. Two months after the Act went
into effect the "director of land planning and housing" of the TVA was telling a New York City audience how houses with modern improvements were
to be "built in a simple way" by "supervised local
labor" and sold to individuals or municipalities, and
how local manufactures more comparable to crafts
than to industries were to be encouraged and competition set up with "large plant products which
have to be shipped in." David E. Lilienthal, one
of the directors of the TVA, in a statement issued
on Aug. 24 1933,laid down the proposition that "the
business of generating and distributing electric
power is a public business," and declared that while
the fact that action by the TVA "might have an
adverse economic effect upon a privately-owned
utility" should receive "serious consideration" from
the directors, "it is not the determining factor."
Early in December the Chairman of the Board, Dr.
Arthur E. Morgan, gave out an interview in New
York in which he said that while the "many investors
who hold the securities of companies now operating
in the Tennessee Valley" must be protected, "we
cannot protect the 'water' in those securities. We
are willing to purchase exesting facilities,. but only
after our engineers have determined what such
properties are actually worth to us. Our question
to utility companies that refuse to co-operate shall
be: Shall we buy or build?"
Thanks, probably, to the wider activities of the
National Industrial Recovery and Agricultural Adjustment Administrations, the country has heard
only by bits of the progress of the Tennessee Valley
enterprise. In spite of assurances that private investments in utility companies were not threatened
and that it was only unreasonable rates and insufficient service that were to be attacked, the TVA has
been busy making contracts with municipalities for
power service, and on Aug. 14 it was reported that
all its existing electrical capacity had been sold and
that two new dams were being pushed to completion.
Not much of this service thus far represents new
facilities, but the rates for power are lower than
those on which any privately-operated power company could long hope to survive, as may well be the
case when the rates are made by a Government-endowed plant which pays no taxes and presumably
is not intended to produce a profit; while in the case
of Knoxville the situation is met by an offer to buy
the electric properties of the Tennessee Public Service Co., at a price fixed after protracted bargaining,
failing which Knoxville will build a competing distribution system with funds derived from a bond
issue and a large grant from the Public Works Administration, and buy its current from the TVA.
The holders of utility bonds or shares of every utility
company operating in the area of the TVA may well
look with apprehension upon the actual and destructive competition set up by this giant Federal agency.
The competition, moreover, is not limited to the
Financial Chronicle
1140
production and distribution of power at low rates.
A subsidiary of the TVA, the Federal Electric Home
and Farm Authority, is producing and marketing
electric equipment and appliances at low prices, the
list including electric refrigerators, water heaters
and a combined stove and refrigerator. The early
use of these appliances, it was reported in July, is
being offered to municipalities which own their
power systems if their rates are low, while municipalities with higher rates must wait until their rates
are reduced to a figure satisfactory to the TVA.
On June 26 the Washington correspondent of the
New York "Herald Tribune" reported that plans
were being worked out for Federal expenditures on
the TVA project aggregating about $310,000,000, or
more than six times the amount originally authorized by Congress. •
Great interest, accordingly, attaches to the suit
which was filed in June, in the Federal District
Court at Birmingham, by coal and ice interests in
Alabama, to enjoin the alleged unconstitutional and
improper activities of the TVA. The National Coal
Association, in a statement issued on Aug. 8 attacking the corporation, pointed out that the prospective
hydro-electric power output, if produced by coal
plants, would use more than 6,000,000 tons of coal
per annum, and that every million tons displaced
eliminates 20,000 carloads of coal and the employees
needed to operate them, and entails the loss of over
$2,000,000 in railroad freight revenue and of
$1,000,000 annually in miners' wages. It is obvious
that whatever temporary advantage a city like
Knoxville may obtain in power rates (it has been
charged that the rates for resale fixed by the TVA
cannot be maintained without a loss), the Tennessee
Public Service Co. had no option save to sell or
face ruinous competition from the TVA, backed by
the Public Works Administration, that holders of
the securities of that and similar companies must
almost certainly take a loss, and that private property will thus have been taken without just corn-
Aug. 25 1934
pensation unless Congress comes to the rescue by
the familiar device of taxing the whole people to
reimburse the losers. Yet the TVA is only one of
four huge projects through which the Federal Government is apparently seeking to monopolize the
hydro-electric power business, the others being the
Grand Coulee Reservoir on the Columbia River, the
Fort Peck reservoir on the upper Missouri, and the
St. Lawrence waterway. Directly or indirectly,
these four projects threaten the existence of a very
large part of the public utility industry of the country wherever power is involved.
An Answer!
Editor, the "Commercial & Financial Chronicle":
Dear Sir—Answering your question appearing in the
Aug.. 18 "Commercial & Financial Chronicle," page 991,
I must say first that I am neither a hog raiser nor do I
have a neighbor who received money for not raising hogs.
I am, however, a citizen of the United States, and that is
where I come in on this not raising business.
It strikes me that paying anybody for not raising hogs is
not carrying the matter to its logical conclusion. It strikes
me that we should pay automobile companies for not making
automobiles. This would solve two problems. It would
make it possible for the automobile people to pay for labor
consumed in not making automobiles, thereby increasing
employment, but in addition to this, it would have a humanitarian aspect in reducing the number of automobiles on the
roads and thereby decreasing the accidents from automobile
smashups. As a logical corollary, we should pay doctors
for not treating patients that have not been injured by the
automobiles that have not been made. All this would
circulate money.
I notice in the papers recently that the railroads are in
trouble financially, and it strikes me that the way to help
them and their dependent stockholders would be to pay them
for not carrying passengers, thereby increasing their income
and making it possible for them to compete with the buses.
Why would it not be a good thing to pay everybody for
not doing something, until finally, everybody doing nothing,
we would have no means wherewith to pay them for anything and then the experiment would have been completed
and we would find out finally whether it would work.
I would thank you for any advice or suggestion that you
may have to make in this connection.
Gross and Net Earnings of United States Railroads for the
Six Months Ended June 30
Although the immediate outlook for the railroads jected to court tests as to constitutionality, and it
of the United States is somewhat uncertain, opera- is too early to say what the final outcome may be.
tions for the first six months of 1934 reflect a very
For the six months of 1934, as a whole, our tabulamarked improvement over the same period of last tions show that gross revenues from operations inyear, the change being quite in keeping with the creased in the very large sum of $214,374,745, or
great general advance in business from the paralysis 15.17%, as compared with the low total for the
that afflicted it early in 1933. Gross and net earn- first half of 1933. The improvement now recorded
ings of the carriers were indeed at deplorably low is, of course, only a start on the road to the degree
levels in the months that led up to the banking of recovery necessary to restore earnings to levels
crisis of March last year, but rapid improvement set approximating earlier years. It is necessary to
in immediately thereafter, and comparison of the note, in this connection, that the first half of 1933
six months' period with the like period of 1932 was witnessed a reduction of $168,965,008 as compared
not unfavorable. The recovery in traffic and rev- with the first half of 1932, and this followed $584,enues was sustained and the returns for the last half. 780,093 decrease in 1932 as compared with 1931;
year provide a basis for much optimism regarding $503,786,279 decrease in 1931 compared with 1930,
the railroads. Notwithstanding the increasing com- and $324,823,450 decrease in 1930 as against 1929.
petition of other modes of transportation, it appears The total of gross earnings for the period of the
that the railroads are sharing to a due degree in current year is $1,627,736,490, whereas in the first
the general business upturn that characterized the six months of 1929 the aggregate was no less than
period, and that only lately has shown definite signs $3,057,560,980. The efforts of the managers to keep
of wavering. So far as the railroads are concerned, expenses down to a minimum are reflected in a
any further business improvement may, it is true, somewhat more favorable showing of net earnings
be offset in part by enlarged costs under the Rail- than might otherwise be anticipated. Operating
road Pension Law, but that measure is being sub- expenses increased in the period this year only by
Volume 139
Financial Chronicle
1141
$143,021,719 over the figures for the first half of that time. We find, accordingly, that gross revenues
1933, and net earnings thus advanced $71,353,026, in March of this year were $75,002,520, or 34.44%,
or 20.58%. This increase adds materially to the higher than in March 1933, while net earnings were
$30,679,039 gain registered in 1933 over the first $41,492,272, or 97.75% higher. Some uncertainty
half of 1932, but it must not be overlooked that regarding the business trend already was evident
heavy reductions were the rule in earlier years of the in April, but the railroad traffic kept to levels that
depression, with the result that the net for the first were comparable with the immediately preceding
half of 1934 at $417,993,205 compares with $817,- months. Movements of grain tended to recede, but
in most other directions the traffic volume was
500,221 in the first six months of 1929.
maintained. Gross earnings in April were $40,Jan. 1 to June 30.
1934.
1933.
Inc.(+)or Dec.(—)•
456,313, or 18.02% higher than in the same month
—1.913
Miles of road
241,189
0.79%
239,276
of 1933, while net earnings showed an increase of
5
$
$
%
Gross earnings
1,627.736,490 1,413,361.745 +214,374,745 +15.17
$13,612,958, or 26.36%,in the same comparison.
Operating expenses_
1,209,743,285 1,066,721,566 +143,021,719 +13.41
Ratio of earns, to exps_
75.47%
—1.15%
74.32%
Unfavorable weather conditions in the West
IN Net earnings
346,640.179
+71,353.026 +20.58
417.993.205
began to affect the carriers to a material extent
Month by month comparisons of the earnings show in May, as drought conditions were already developthat improvement took place throughout the United ing on a very serious scale in a large area. Grain
States until the mid-year period arrived. The gains shipments showed a large drop, but traffic otherin business during the early months of 1934 occa- wise was kept up at good levels. Gross earnings of
sioned a general expansion in railroad gross and net the railroads in May were $26,769,505, or 10.50%
earnings, and the comparison with the same months higher than in May 1933. But in that month the
of last year was rendered even more favorable by expenses of the carriers increased to a greater degree
the serious plight of the country in the opening than gross earnings, and there was a small decrease
months of 1933. Gross earnings increased sharply of $1,618,619, or 2.20%, from the net earnings reand they were higher in every month than in the ported for May of last year. In June, this feature
similar months of 1933. During most of the semi- of the returns were even more in evidence, as operatannual period this year, the managers kept expenses ing expenses climbed much faster than gross revat low levels. But necessary repairs began to be enues. It is satisfactory to note that the gross
made on a larger scale as the summer approached, revenues did increase further, by $4,482,585, or
and such expenditures cut into the earnings to such 1.61%, over the same period of last year. But the
a degree that in June the increase in expenses far increased expenses occasioned a reduction of $18,more than offset a small gain in gross earnings, 438,598, or 19.83%, from the net reported in June
with the result that net earnings for that month 1933. In the following table we furnish the comwere much under the total for the same month parisons of the totals for each of the different
months of the half-year:
of 1933.
Na Earnings.
Gross Earnings.
In January 1934 the improvement that was in eviMonth.
Inc. or Dec.
1934.
Inc. or Dec.
1934.
1933.
1933.
dence throughout the latter part of the previous year
$
continued, and the enlarged traffic resulted in a Jan _ _ _ 257.719,855 226,276,523 431,443,332 62.262,469 44,978.266 +17,284,203
+36,221.471 59,923,775
+19,009,701
gain in gross and net revenues of the carriers that Feb - - 248,104,297 211,882.826 +75,002,520 83.939.285 40,914,074 +41.492,272
March__ 292,775,785 217,773.265
42,447,013
265,022,239 224,565,926
affected every section of the country. The trend April_ __ 281,627,332 254,857,827 +40.456,313 65,253,473 51,640,515 +13,612.958
May _
+26,769,505 72,084,732 73.703,351 —1,618,619
of earnings toward lower levels that had been evi- June _ 282,406.507 277.923,922 +4,482.585 74.529.256 92,967.854 —18.438,598
Note.—Pereentage of increase
decrease in net for above mouths has
dent in that month for every year back to 1930 Jan., 38.43% Inc.; Feb.. 46.46%orinc.; March. 97.75% Inc.; April, 26.36% been:
inc.;
May, 2.20% dec.; June, 19.83%, dec. Percentage of increase or decrease in gross
finally was reversed, and gross earnings showed an for above mouths has been Jan., 13.90% inc.; Feb., 17.10% Inc.; March, 34.44%
inc.; April, 18.02% inc.; May, 10.50% Inc.; June, 1.61% Inc. In January the
increase of $31,443,332, or 13.90%, while net earn- length of road covered was 239,444 miles in 1934, against 241,337 miles in 1933;
239,389 miles in 1934, against 241,263 miles in 1933; in
ings increased by $17,284,203, or 38.43%. A modest In Feb.,1934, against 241,194 miles in 1933; in April, 239,109 miles March, 239,228
miles in
in 1934, against
241,113 miles in 1933; in May. 238,983 miles in 1934, against 240,906 in 1933;
revival of passenger traffic, as well as larger freight n June, 239,107 miles In 1934. against 240,932 in 1933.
shipments, contributed to the enlarged revenues
The various trade statistics reveal the favorable
thus recorded. The upward tendency was continued features which have developed as the year proin February, although actual figures were not quite gressed. Taking first the automobile industry, it
so large as in the preceding month, since February is found that in the six months of 1934 the number
has fewer days. Gross earnings in February in- of motor vehicles turned out was 1,714,325, as
creased by $36,221,471, or 17.10%, over the same against only 990,114 in the first six months of 1933;
month of 1933, while net earnings were $19,009,701, 871,448 in 1932, and 1,572,935 in the first half of
or 46.46% higher. Distribution of the earnings was 1931, but comparing with 2,198,589 in the first six
less even during February than in the preceding months of 1930 and 3,225,443 in the corresponding
month, owing to severe wintry conditions encoun- period of 1929. And with the exception of January
tered in the Northeastern section of the country. 1934, when the output of automobiles was to no
Extreme cold and large snowfalls put the New Eng- very great extent larger than in the month the previland roads to heavy expense for maintenance of ous year-156,907 cars against 128,825—compariway, and in that area a small reduction in net earn- sons for all the months of the current year showed
ings is to be noted, in comparison with the same marked increases as contrasted with the figures of
month of 1933.
1933; for February the number of cars turned out
In March of the current year the trend was un- in 1934 was 231,707 as against 105,447 in 1933; for
usually satisfactory, as the upward tendency of March,331,263 as against 115,272; for April, 354,745
preceding months received new stimulus. There as against 176,432; for May, 331,652 as against
was a general expansion of the volume of traffic 214,411, and for June, 308,051 against 249,727.
moving over the steel highways of the country, and
The production of iron, too, showed a large inthe comparison with the same month of 1933 was crease, the output having been almost double
especially satisfactory, since the banking holiday that of the previous year, which, however, it is
caused an almost complete suspension of business at proper to state, was on a greatly reduced scale as
1142
Financial Chronicle
Aug. 25 1934
compared with that of 1932. The "Iron Age" makes and will, therefore, only say here that for the 26
the production of pig iron in the first half of the weeks ending with June 30 1934 the receipts at the
current year 9,798,313 gross tons as against only Western primary markets of the five staples, wheat,
4,441,003 tons in the first six months of 1933 and corn, oats, barley and rye, combined, reached only
5,168,814 tons in the first half of 1932, but compar- 197,921,000 bushels as compared with 297,450,000
ing with 11,105,373 tons in the same period of 1931 bushels in the corresponding weeks of 1933; 205,and with no less than 18,261,312 and 21,640,960 tons, 354,000 bushels in 1932; 329,847,000 bushels in 1931;
respectively, in the first half of 1930 and 1929. For 328,514,000 bushels in 1930, and no less than 361,the first six months of the current year, also, the 385,000 bushels in the same 26 weeks of 1929.
tabulations of the American Iron and Steel Institute
It is, however, in the statistics showing the loadshow that steel production was on a greatly in- ings of railroad revenue freight measured by the
creased scale, the make of steel ingots in the United number of cars moved that a composite picture, as
States having been 16,180,889 tons as against only it were, of the railroad traffic movement as a whole.
8,874,388 tons in the corresponding half-year of is found. The figures in this case relate to the rail1933; 7,697,210 tons in 1932 and 15,559,860 tons in roads of the entire country and include all the difthe corresponding period of 1931, but comparing ferent items of freight. For the first six months.
with 23,578,619 tons in the first six months of 1930 of 1934 the aggregate number of cars loaded was
and 29,036,274 tons ih 1929.
15,400,331 cars as against only 13,344,300 cars in
It happens, too, that market improvement is also 1933 and 14,107,820 cars in 1932. Carrying the comshown in the coal mining industry, the quantity of parisons further back, however, we find the number
bituminous coal mined in the United States in the of cars loaded in the first half of 1931 totaling
first six months of the present year having reached 19,020,485 cars; in 1930, 23,216,874 cars, and in
182,669,000 tons as against 145,210,000 tons in the 1929, no less than 25,516,953 cars.
same period of 1933 and 144,588,000 tons in the first
As far as weather is an influence on the traffic
six months of 1932. However, in the corresponding and earnings of the railroads, the winter of 1934
period of 1931 the output of soft coal was 189,797,000 was a very severe one in many parts of the United
tons; in 1930, 230,634,000 tons, and in the same States, it having been in marked contrast to the
period of 1929 no less than 257,847,000 tons. The mild winters experienced in recent years. At the
production of Pennsylvania anthracite aggregated very beginning of January, Southern California was.
32,766,000 tons in the first half of 1934 against only visited by a most disastrous cloudburst, nearly 12'
22,387,000 tons in the first half of 1933; 24,162,000 inches of rain having fallen in 24 hours, which paratons in 1932, and 31,542,000 tons in the same period lyzed traffic of all descriptions and washed out
of 1931, but comparing with 33,193,000 tons in the many railroad structures. Heavy snowfalls (often
first six months of 1930 and 35,517,000 tons in the accompanied by zero temperatures) were in order
half-year of 1929.
in the North, Northeastern and Middle Western secIn the building industries, too, evidence of reviv- tions of the country during a good part of the
ing activity was decidedly pronounced. The F. W. months of January, February and March. In theDodge Corp. reports that the construction contracts latter part of February all Northeastern roads, and
awarded in the 37 States east of the Rocky Moun- especially New England roads and those in New
tains involved an outlay in the first six months of York State, had to contend with a snowstorm which
the current year of $854,320,200, which is almost attained blizzard proportions. Railroad transportatwice the total for the same period of last year of tion, as a consequence, was greatly embarrassed and
$432,113,400 and 28% greater than the 1932 total of the expenses of the roads heavily augmented.
$667,079,700. Further back, however, comparison
As we have already indicated, the grain movement
is with $1,792,494,700 in the first half of 1931; over Western roads (taking them collectively)
in
$2,638,013,300 in the first half of 1930, and no less the first six months of 1934 was not only on a greatly
than $3,667,983,000 in the first six months of 1929. diminished scale as compared with the correspondIn June 1934, by itself, the construction contracts ing period last year, but fell far below the very
awarded had a value of $127,131,200, which is a gain small movement of 1932—in fact, was the smallest
of 24% over the June 1933 total of $102,341,900. for the half-year period in many years. While the•
Turning to the output of lumber, here, in the 26 largest part of the shrinkage occurred in the corn
weeks of 1934, an increase is shown of 29% over and the wheat receipts, all the different cereals in
the same period of 1933, the cut of lumber for an greater or less degree contributed to the falling off.
average of 637 identical mills, as recorded by the The receipts of wheat at the Western primary marNational Lumber Manufacturers Association, hav- kets for the 26 weeks ended June 30 1934 were only
ing aggregated 4,106,391,000 feet as against 3,174,- 77,878,000 bushels, as compared with 104,449,000.
487,000 feet in the same period of 1933 and 2,806,- bushels in the same 26 weeks of 1933; the receipts
164,000 feet in 1932. But in the same 26 weeks of of corn were only 67,677,000 bushels as compared
1931 the cut of lumber stood at 5,218,633,000 feet.
with 112,875,000 bushels; of oats, but 23,231,000
In marked contradistinction, however, to the in- bushels as against 43,796,000 bushels, and of barley
creases indicated above in the trade statistics, is the and rye, 23,647,000 and 5,488,000 bushels, respechuge falling off in the Western grain traffic. Obvi- tively, against 25,320,000 and 11,010,000 bushels.
ously, the shrinkage was due to the fact that the Altogether, the receipts at the Western primary
production of grains, especially of corn and wheat, markets of the five items, wheat, corn, oats, barley
were cut to very low levels, chiefly because of the and rye, aggregated only 197,921,000 bushels in the
unfavorable weather conditions which have pre- first six months of 1934 as compared with 297,vailed during the latter months of the half-year, and 450,000 bushels in the corresponding period of 1933;
also in part to the curtailment of acreage under the 205,354,000 bushels in the same six months of 1932;
crop control plan. We analyze the grain movement 329,847,000 bushels in 1931; 328,514,000 bushels in
in a separate paragraph further along in this article, 1930, and 361,385,000 bushels in the same period or
Financial Chronicle
Volume 139
1929. In the following table we give the details of
the Western grain movement in our usual form:
Corn.
Wheat.
6 Mos. Ended Flour.
(Bush.)
s.)
(Bb,
(Bush.)
June 30-Chicago
4,216,000 4,704,000 19,572.000
1934
4,532,000 4,716,000 37,532,000
1933
Minneapolis
17.509.000 4.898,000
1934
32,324,000 8,341,000
1933
Duluth
1934------9.530,000 2,407,000
17,296,000 5,470,000
1933
Milwaukee
356,000 1,241,000 3,643,000
1934
324,000
806,000 5,831,000
1933
'Toledo
789,000
2,344,000
1934
20,000 3.376,000 1,072,000
1933
Detroit
301,000
468,000
1934
189,000
427,000
1933
Indianapolis db Omaha
1934
7,119,000 12,031,000
11,000 6,612,000 20,716,000
1933
.St. Louts
1934
3,200,000 6,294,000 6,909,000
3.402,000 7,000,000 11,570,000
1933
;Peoria
1,113,000
1934
319,000 7,181,000
1.305,000
1933
772,000 8.726.000
Xansas City
294,000 17.840,000 6,384,000
1934
334,000 22,393,000 8,237,000
1933
.St. Jogeph1934
1,182,000 2,380.000
1933
1.533,000 4,036,000
'Wichita
1934
871,000
8,805,000
127,000
1933
6.808,000
'Sioux City
1934
312,000
524,000
1933
386,000 1,028,000
'Total all
1934
1933
Oats.
(Bush.)
Barley.
(Bush.)
Rye.
(Bush.)
7.047,000 4,949,000 2,572,000
8,781,000 4,774,000 1,666,000
2,125,000 9.499.000 1,350.000
8,105,000 10,528,000 3,185,000
252,000
966,000
532.000
4,040,000 2,348,000 3,552.000
614,000 6,179,000
1,707.000 5,582,000
151,000
364.000
2.648.000
2,208.000
30.000
19,000
127,000
12.000
337.000
343,000
422.000
418,000
149.000
157,000
3,873,000
9,430,000
23.000
4,000
296.000
2,000
2.992,000
4,417,000
286,000
476,000
115,000
99,000
1,476,000
1.750,000
472.000
1,220,000
1,042,000 1.783.000
734,000
1,278,000
869,000
1,254.000
49,000
12,000
3,000
2,000
1,000
35,000
471,000
70.000
127,000
4,000
189,000
9.179,000 77.878,000 67,677,000 23,231,000 23,647,000 5,488,000
9.928.000 104449.000 112875.000 43,796,000 25,320,000 11,010,000
The Western livestock movement also appears to
lave been considerably smaller than last year-in
fact, was the smallest in all recent years. For the
first six months of the present year the livestock
receipts at Chicago comprised only 67,049 carloads
against 69,101 carloads in 1933; 76,467 cars in 1932;
06,298 cars in 1931, and 99,502 carloads in 1930; at
Omaha they were only 17,407 carloads against 18,492
cars in 1933; 25,17p cars in 1932; 36,446 cars in
1931, and 42,743 cars in 1930, while at Kansas City
they were 40,909 carloads in 1934 against 39,052 cars
in 1933, but comparing with 41,640 cars in 1932 and
45,054 and 50,206 cars, respectively,in 1931 and 1930.
Coming now to the cotton movement in the South,
this, though very much larger than last year so far
:as shipments of the staple overland are concerned,
fell far below even the small movement of 1933 in
the case of the receipts of cotton at the Southern
outports. Gross shipments overland in the six
months of the current year aggregated 316,248
bales as compared with only 200,751 bales in the
corresponding period of 1933 and 218,967 bales in
the same period of 1932, but comparing with 428,553
bales in 1931; 314,365 bales in 1930, and 475,570
bales in 1929. Receipts of cotton at the Southern
outports comprised only 1,806,866 bales in the first
six months of 1934 as against 2,667,753 bales in the
same six months of 1933, and no less than 3,394,799
bales in the corresponding period of 1932, but comparing with only 1,613,175 bales in 1931; 1,485,129
bales in 1930, and 1,929,832 bales in 1929. Full details of the port movement of the staple are set out
in the table we now introduce:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY I 'TO
JUNE 30 1934, 1933, 1932, 1931. 1930 AND 1929.
IIPAUMOIlt
New Orleans
Mobile-.
Pensacola
Savannah
Brunswick__
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
'rntal
1933.
563,066
936,245
32,640
3,314
764,079
138,668
21,757
50,915
8.010
76,385
38,274
15.222
16/i94
2,384
1932.
OON00.—.C.N.WOOMI
,
M00..N4=1 00M.—.00NNW:
.
W..C.ICI CCOVOK,C4.M
.
0
1
CO.C.N0307:0;40:4
Ca.+N.0.50,0.VN..
,,00
1
*IN
.7
1934.
608,060
396,864
15,300
679
556,416
66,707
40.247
38,701
14.483
32,811
12,954
6,842
14.287
2,515
Galveston
Houston, Are
Corpus Christi
1931.
1930.
1929.
259,439
379,048
16,275
4,813
461,272
204,350
18,554
156,721
278,799
371,991
13,696
789
458,453
95.859
4,717
116,435
574.222
551,019
46,720
14,616
18,352
32.947
68
78.608
4,969
15,195
45.618
33.275
1.806.866 2.667.753 3.394.799 1.613.175
531,687
90,404
1,048
76.818
22,391
44.968
1.485.129 1 020 529
1143
It is almost needless to say that with the railroads as a whole recording very substantial improvement in both gross earnings and net earnings, the
results are found to be much the same when we
come to the separate roads and systems. The great
majority of the roads and systems are able to report
increases in both gross and net, and many of these
increases are for large amounts. It is interesting
to observe that there are no roads reporting a decrease in the gross of $500,000 or more, and but
four roads recording a decrease of that amount in
the net. Of these latter, three show increases in
the gross earnings. They are the Chicago Rock
Island & Pacific (two roads), which with an increase of $1,765,018 in gross, records a decrease of
$1,381,682 in net, and the Chicago Milwaukee St.
Paul & Pacific, which with an increase in gross of
$1,461,025, shows a decrease of $927,159 in net earnings. In the cases of the increases, the Pennsylvania
and New York Central head the list of increases in
the gross, but the Southern Pacific System tops the
list of increases in the net, reporting an increase
in gross earnings of $11,800,070 and an increase in
net earnings of $6,496,120. The Pennsylvania RR.,
with an increase of $28,106,231 in its gross earnings,
shows an increase of $6,422,260 in its net, and the
New York Central, with a gain of $20,648,981 in
gross earnings, records an increase of $5,591,163 in
its net. This is for the New York Central and its
various leased lines. Including the Pittsburgh &
Lake Erie, the result is an increase in gross earnings
of $22,574,119 and an increase in net of $6,345,218.
Among other roads which show important gains in
both gross and net may be named the Baltimore &
Ohio, which has a gain in gross of $13,050,672, accompanied with an increase in the net of $603,590; the
Chesapeake & Ohio, with $7,393,167 increase in gross
and $4,449,000 gain in riet, and the Norfolk & Western, with $6,857,973 gain in gross and an increase in
net of $3,076,136. In the following table we bring together without further comment all changes for the
separate roads and systems for amounts in excess
of $500,000, whether increases or decreases, and in
both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE SIX
MONTHS ENDED JUNE 30 1934.
Increase.
Increase.
$28,106,231 Bessemer & Lake Erie_ -- $1,742,074
Pennsylvania
a20,648,981 Pa stead Seashore Lines- 1,696,489
New York Central
13,050,672 Detroit Toeclo o srouton 1,000,817
Baltimore & Ohio
1.004,331
Southern Pacific(2roads) 11,800,070 Western Maryland
7.393,167 Wheeling & Lake a.rie - 1,574,703
Chesapeake & Ohio
6,857,973 Elgin Joliet & Eastern-- 1,574,304
Norfolk & Western
Union Pacific (4 roads)- _ 5.646,576 Duluth Asissahe & N or__ 1,668,796
Atch Top & S Fe(3 roads) 5,598,921 Los Angeles & Salt Lake- 1,539,270
,'mi,025
5,593,552 Chic Milw St P & raw-Reading Co
Louisville & Nashville__ _ 5.411,960 St Louis-San Fran (3 rds) 1,366,860
1,103,572
5,316.908 Atlantic coast Line
Erie (2 roads)
5,069,813 Denver & It U Vestern__ i,uu/,668
Great Northern
4.721,727 St Louis Southwestern__ 1,047,527
Missouri Pacific
990.598
4,027,100 Texas & Pacific
NYNH& Hartford
915.965
Chicago & North Western 3,620,676 Minn St P02 S S Marie
858,h90
3,445,715 Cin N U & Texas Pacific_
Lehigh Valley
887,907
3,277,586 N 0 Tex & Mei(3 roads)
Illinois Central
665.616
Burl & Quincy-- 3,121,165 Central of Georgia
Chicago
789,455
NY Chicago & St Louis- 3.043,742 IN astern Pacific
701,763
2,910,206 Virginian
Southern
093,477
Spokane Portl & Seattle_
2,847,130
Pere Marquette
679,480
2,788,673 chicago & East IllinoisDel Lack &Western_
593,791
Delaware & Hudson_ _ _ 2,633,452 Clinchfield
590,274
2,396,147 Mobile & Ohio
Wabash
574.195
2,362,023 Colo & Southern (2 rds)Northern Pacific
565,921
Florida East Coast
2.060,399
Grand Trunk Western
549,080
1,958,402 Maine Central
Boston & Maine
540,833
1,951,567 Chicago tireat Western_
Central RR of N J
520,490
1.925.138 Nash Chatt & St Louis-Pittsburgh & Lake Erie
1,898,900
Seaboard Air Line
$214,325.099
Total (74 roads)
Missouri-Kansas-Texas_ - 1,785.198
Chic RI & Pac(2roads)- 1,765.018
a These figures cover the operations of the New York Central and leased
lines
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $22,574,119.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
ENDED JUNE 30 1934.
....,
Increase.
Increase.
roads) $6,496,120 Erie (2 roads)
$2,599,102
Southern Pacific(2
2,399,562
6,422,260 Reading Co
Pennsylvania
2,348.735
a5,591,163 Northern Pacific
New York Central
2,250,532
4,449,000 Lehigh Valley
Chesapeake & Ohio
3.076,136 Delaware & Hudson_ ___ 1,946,681
Norfolk & Western
1,873,733
Atch Top & S Fe(3 roads) 2.898,998 Wabash
1.754.229
2,616,189 Pere Marquette
Louisville & Nashville_
1144
Financial Chronicle
Increases.
InCreases.
Missouri Pacific
$1,724.368 Seaboard Air Line
$579,600
Del Lack & Western_ - 1,686,693 St Louis Southwestern_ _
561,849
N Y Chic & St Louis...-. 1,466,880 Elgin Joliet & Eastern...
560,620
Great Northern
1,383,454 Spokane Portl & Seattle556.811
Grand Trynk Western
1,245,752 Virginian
554,853
Detroit Toledo & Ironton 1,156,648 Minn St P & S S Marie.. _
547.900
NYNH& Hartford--- 1,133,871 Duluth Missabe & Nor
526,909
Central RR of N J
1,062,928
Los Angeles & Salt Lake- 1,028,242
(Total (45 roads)
$68,189,650
Missouri-Kansas
-Texas
870,591
Chicago & North Western
857,905
Pittsburgh & Lake Erie.754,055
Decrease.
Texas & Pacific
707,242 Chic R I & Pac(2 roads). $1,381,682
Union Pacific (4 roads).669,820 Chic Milw St P & Pac__927,159
Western Pacific
641,151 Long Island
702,564
Baltimore & Ohio
603,590
Southern
585,480
Total (4 roads)
$3,011,405
Bins cover the operationsoithaNew Y k 213ntral andj rll
i
f 3 ehi an
n .a
e
lines
-Cleveland
Cincinnati
Evansville IndianapolisIndianapoliu
.
Terre Haute. Ins
cluding the Pittsburgh & Lake Erie the result is an increase of $6,345,218.
When the roads are arranged in groups or geographical divisions according to their location, it
will be no surprise to hear that improvement is
shown in gross and net alike in the Eastern district,
the Southern district and the Western district, and
also in each of the separate regions in these three
different districts. Our summary by groups and
geographical divisions 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
Gross Earnings
8 Months Ended June 30
1934.
1933.
Inc.(-Hot Dee.(-)
Eastern District
$
$
$
%
New England region (10 roads)._
74.559.009
67,231.007
+7,328,002 10.90
Great Lakes region (24 roads)... 333,481,817 283,573,814 +49,908.003 17.60
Central Eastern region (18 roads)_ 345,773,080 285,382,406 +60,390,674 21.18
Total (52 roads)
Southern District
Southern region (28 roads)
Pocahontas region (4 roads)
Total (32 roads)
Western District
Northwestern region (16 roads)._
Central Western region (21 roads)
Southwestern region (25 roads)..
Total (62 roads)
753,813,906
636,187,227 +117.626,679 18.49
211.498,887
102,437.204
190,417,178 +21.081,509 11.07
87.376,596 +15,060.608 17.24
313,935,891
277,793,774
173.723,792
255.030.134
131,232,767
155,238,184 +18,485.608 11.91
225,987,930 +29,062,204 12.86
118,174,630 +13,058,137 11.05
559,986.693
499,380,744
+38,142.117 13.01
+60,605.949 12.14
Total all districts (146 roads)--1,627,736,490 1,413.361,745 +214,374,745 15.17
District and Region.
Net Earnings
6 Mos.to June 30. -Mileage-1934.
1933.
Inc.(+)or Dec.(-)
Eastern District- 1934.
1933.
New England region_ 7,150 7,264 18,301,948 17.636,110
+665,838 3.78
Great Lakes region__ 28,990 27,121 87,708,642 65,281,715 +22,426.927 34.35
Central Eastern regin 25,047 25,203 94,583,549 81.388,897 +13,194,652 16.21
Total
59,187 59.588 200,594.139 164,306,722 +36.287,417 22.09
Southern District
Southern region
39,401 39,722 53.776,080 48,097,229 +5.678,851 11.81
Pocahontas region
8,049 ,8,102 43,529,579 35,523,859 +8,005,720 22.54
Total
45.450 45.824 97,305,659 83,621,088 +13,884,571 16.37
Western District
Northwestern region_ 48,539 49,794 31,447,115 25,069,747 +6,377,368 25.44
Central West'n reg'n_ 53,337 53,917 59,118,451 49,058,020 +10,058.431 20.50
Southwestern region_ 32,763 33,066 29,529,841 24,684,802 +4.945.239 20.12
Total
134,639 135,777 120.093,407 98.712.369 +21,381,038 21.66
Total all districts...239,278 241,189 417,993,205 346,640.179 +71.353,026 20.58
NOTE.
-We have arranged our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates
the
confines of the different groups and miaow%
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.-Thls region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-Thls 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.
SOUTHERN DISTRICT.
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.
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.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada 'ying
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.
Central Western Region.-Thls region comprises the section south of the Northwestern 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 boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
We now add our detailed statement for the halfyear. It shows the results for each road separately,
classified in districts and regions the same as in the
foregoing summary:
Aug. 25 1934
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO JUNE 30.
Eastern District.
Gross
-Net
New England
1934.
1933.
1934.
1933.
Inc. or Dec.
Region$
Bangor & Aroostook 3,663,559 3,512,061
1,559,233
1,886.851 --107,418
Boston dr Maine_ ... 21,713,924 19,755,522 4,990,526 5,210,439 --219,913
Can Nat System
C N Lines in N E.
513,326
474,350 -117,550 -116,929
-621
Central Vermont_ 2,528,448 2,313,195
120,233
+12,623
107,610
Dul Winn & Pao-See Northwestern region.
Grand Trunk Western-See Great Lakes region.
Can Pais System
CP Lines in Me__ 1,236,844
932,067
253,624
191,888
+61,736
C P Lines in Vt...
492,216
415,285
-94,708
-96,746
+2,038
Dul So Sh dr Atl-See Northwestern region.
Minn St P & S S M-See Northwestern region.
Spokane Internat-See Northwestern region.
Maine Central
5,560,878 5,011,796
1,233,252
1,384,318 -151,066
New Haven SystemNYNH& Hartf. 35,791,554 31,784,384 9,121,492 7,987,621 +1,133,871
N Y Ont & West
-See Great Lakes region.
N Y Connecting__ _ 1,422,459
1,443,206
1,140.474
1,173,924
-33,450
Rutland
1,635,803
1,609,161
95,372
-31,962
127,334
Total (10 roads).- 74,559,009 67.231,007 18,301,948 17,836,110 +865.838
Gross__
Net
Great Lakes
1934.
1933.
1934.
Inc. or Dec.
1933.
$
Region$
$
$
$
Cambria & Indiana_
598.018
518,938
127,652
188,207
-60,555
Can Nat System
C N Lines in N E
-See New England region.
Central Vermont
-See New England region.
Dul Winn & pan-See Northwestern region.
Gr Trunk West
9,445,823 7,385,424
1.868,702
622,950 +1,245,752
Delaware & Hudson 12,381,060 9,747,598
1,701,383 -245.318 +1.946.681
Del Lack & Western 23,291,371 20,502,698
5,223,469 3,536.776 +1.686,693
Detroit & Mackinac
268,215
277,463
24,693
+15,108
9,587
Del & Tol Sh Line- 1,689,983
1,235,723
951,445
812,127 +339.318
Erie System
Erie
38,557,115 33,194,786 11,376,318 8,711,177 +2,685,141
New Jersey & N Y
441,145
488,586
-83,279
-17,240
-86,039
N Y Sum & West_ 1,949,387
1,631,214
567,542
374,899 +192,643
Lehigh & Hurl River
881,741
758,667
226,719
+17,212
209,507
Lehigh & New Engl. 1,821,523
1,401,235
501,246
278,578 +222,689
Lehigh Valley
21,078,521 17,632,806
5,413,728
3,163,196 +2,250,532
Monongahela
1,575,426
2,035.287
1,224,786
962,360 +262,406
Montour
765,642
888,855
281,563
303,671
-22,108
New Haven System
N It N H & Hartford-See New England region.
NY Ont & West_ 4,840,577 4,595,212
1,228,388
1,262,796
-34.428
N Y Central Lines
NY Central
151.520,643 130,871,662 39,942,790 34.351,627 +5,591,163
6,097,911
Pittsb & Lake Erie 8,023,049
1,813.995
859,940 +754,055
NY Chic dr St Louts 17,231,793 14,188,051
5,944,665 4,477,785 +1,466,880
Pere Marquette..
13,255,686 10,408,556 3,373,518
1,619.289 +1,754,229
Pittsb & Shawmut
283,017
355,822
50,644
18,157
+34,487
PiHsb Shawm &No_
418,839
522,848
56,676
43,333
+13,343
Pittsb & W Va
1,165,640
1,458,633
453,463
359,331
+94,132
Wabash System
1,643,969 1,342,122
Ann Arbor
388,370
204,487 +183,883
Wabash
19,493,859 17,097,712 5,250,226 3,376,493 +1,873,733
Total (24 roads)-333.481,817 283,573,814 87,708,842
Gross
Central Eastern
1933.
1934.
1934.
Region-Akron Canton & V.
725,705
923,734
363,608
Balt & Ohio System
Alton-See Central Western region.
Baltimore & Ohio. 69,704,759 56,654.087 17,730,371
833,317
Staten 181 Rap Tr..
152.119
888,899
Bessemer & L Erie
536.836
3,834,856 2,092,582
5,521,991
1.211,508
Chic & East Illinois_ 6,201,471
1,383,791
353,979
Chic & Ill Midland_ 1,383,990
3.373,114
568,419
Chic Ind & Loulsv_. 3,622,411
Det Tol & Ironton
1,795,111
1,820,954
3,401,928
Elgin Joliet & East_ 5.767,293 4.192,989
1,443,670
Illinois Terminal..... 2,434.912 2,171,519
742,393
Missouri Pacific System-See southwestern region.
Missouri Illinois
373,971
118.738
466,619
Pennsylvania System
Long Island
11,773,831 11,380,325 2,883,612
Pennsylvania__ 176.377,459 148,271,228 48,983,219
Reading System
Central of N J.._ 14,881,867 12,930,100 4,453,085
738,027 -204,560
Penn Read SS L
2,434,518
Reading Co
28,606,338 23,012,786 9,443,920
5,442,147 2,334.776
Western Maryland_ 7,046,478
Wheeling & L Erie
6,064,319 4,489,616
1,646.906
65,281,715+22,426,927
Net
1933.
Inc. or Dec.
244.065
+119,541
17,126,781
+803,590
188,287
-36,188
181.490 +355.346
861.522 +349,986
452,730
-98,751
551.445
+18.974
664,306 +1,156.648
883,050 +560.620
833.333 +109,080
49,298
+69,438
3,586,178 -702,564
42,580.959 +6,422.280
3,390,159 +1,062,926
-169,928
-34,632
7,044,358 +2,399,562
1,974,409 +360.367
1,166,457 +480,449
Total (18 roads)-345,773,080 285,382,406 94,583,549 81,388,897 +13194,652
Total Eastern District(52 roads)-753.813.906 636.187.227 200,594,139 184,308,722 +38287,417
Southern District.
--Gros
----Net
Pocahontas
1933.
1934.
1934.
1933.
Inc. or Dec.
Region-.
$
$
$
$
$
Chesapeake & Ohio_ 55.094,786 47,701,619 24,279,209 19,830,209 +4,449,000
Norfolk & Western. 36,897,117 30,039.144 14,799,808 11.723.472 +3,076,136
Richmond Fred & Po 3.425,044 3,317,339
820,048
894,317
-74,269
Virginian
7,020,257 6,318,494 3,830,714 3,075,861 +554,853
Total (4 roads)._ _102,437.204 87,376,596 43,529,579 35,523,859
Gross
Net
Southern
1933.
1934,
1934.
1933.
Region$
$
$
$
Atl Coast Line SystemAtl & West Point_
601,072
702,857
38,808
-14.558
AU Birm & Coast 1,425,359
1,257,152
-5,728
-14,352
Atl Coast Line... 23,012,271 21.908,699 8,842,168
7,092,793
Charles dr W Caro 1.060,701
980,785
376,990
341,403
Clinchfleld
2,838,968 2,245,175 1,302,785
1,003,843
Georgia
1,491,112
1,585,461
212,162
223,079
Loulsv & Nashv
35,645,775 30,233,815 9,018,529 6,402,340
Nash Chatt & St L 6,598,410 6,077,920
1,100,321
948,295
West Ry of Ala....851,383
821,103
-18,303
-3.192
Columbus & Greenv
327,361
403,789
3,451
11,816
Florida East Coast_ 5,020,387 4,464,486
1,783,044
1,595,229
Georgia & Florida.553.104
28,834
421.315
-28.400
Gulf Mobile & Nor. 2,686,509 2,422,379
805,945
724,121
Illinois Central System
Central of Georgia 8,890,202 5,834,586
980.454
782,000
Gulf & Ship Island
613,105
549,698
111,062
105,857
Illinois Central..... 38,619,906 35,342,320 9,940,611
9,808,574
Yazoo & Miss Vail 5.561.692 5,384,834
1,450.938
1,718.803
Mississippi Central..
321,203
279,384
35,988
8,802
Norfolk Southern.... 2,481,805 2,191,940
701,534
308,579
Seaboard Air Line
18,715,128 18.818,228 4,021,067 3,441,487
Southern Ry System
Ala Great South.- 2,448,175 2,083,057
524.019
389,838
CM N0& Tex Pac 6,343,486
5,454,796 2,501.501
2,013,935
Ga South & Fla973,981
836,345
145.092
116,757
Mobile & Ohio... 4,395,744 3,805,470
683,082
860,113
NO & Northeast_ 1,105,865
857,070
261,772
48,828
North Alabama....
275,835
252.803
94,478
93,180
Southern Ry
39,742,393 38,823.187 10,883,010 10.097,530
Tennessee Central
1.045,597
903,348
200,838
283,205
+8,005,720
Inc. or Dec.
$
+51,166
+8,628
-250,627
+35.587
+298,942
-10,917
+2,618,189
+152.026
-15,111
-8,365
. 187,815
.
1
+57.034
+81,824
+98.454
+5,405
+134,037
-285,887
+29.188
+394,955
+579,800
+134,183
+487.588
-28,335
+22,989
+212,948
+1,318
+585,480
+82,567
Total (28 roads)._211,498,687 190,417,1418 53,778,080 48,097,229 +5.678,851
Total Southern District(32 roads).-.313,935,891 277.793,774 97,305,659 83,621,088 +13684,571
Financial Chronicle
Volume 139
Northwestern
Region-
Western District.
-Gros
1934.
1933.
1934.
$
a
$
Can Nat System
-See New England region.
C N Lines in N E
-See New England region.
Central Vermont
-24,591
340,425
430,725
Dill Winn & Pac_
Grand Trunk Western-See Great Lakes region.
Can Pac System
-See New England region.
C P Lines in Me
-See New England region.
C P Lines in Vermont
182,029
804,279
Dui So Sh & AU-- 1,064,452
1,538,986
9,770,116
M St P & S8 M.- 10,686,101
3,358
240,197
Spokane Internat.
196,564
Chic & N W System
Chic & North W. 36,271,016 32,650,340 5,336,977
1,084,959
Chic St PM & 0_ 6.916,249 6,514,304
1,691,014
Chic Great Western 7,133,001 6,592,168
Chic Milw St P & P_ 40,952,214 39,491,189 8,535,940
147
1.757.301
Dill Missabe & Nor_ 3,326,097
Great Northern_..._ 29,801,671 24,731,858 7,138.616
21,477
513,110
529.743
Green Bay & West117,475
310,834
543,510
Lake Sup & Ishpem_
128,034
Minneapolis & St L_ 3,374,224 3,502,809
Northern Pacific__ 22,735,256 20.373,233 3,247.275
1,208,795
1,999,409
Spokane Portl & S._ 2.692,886
Union Pacific System
Los Ang & Salt Lake-See Central Western region.
Short Line-See Central Western region.
Oregon
1.236,624
Ore Wash RR & N 7,026.450 5,690,245
-See Central Western region.
St Joseph & Or 151
Union Pacific-See Central Western region.
Net
1933.
Inc. or Dec.
s.
s
-117,994
+93,403
3,144
991,086
-47,298
+178,885
+547.900
+50,656
4,479,072 +857,905
-24,940
1,109.899
1,484,035 +206,979
9,463,099 -927.159
-526,762 +526,909
5,755,162 +1,383,454
-34,459
55,936
639 +116,836
255.293 -127,259
898,540 +2,348,735
651,984 +556.811
613,912
+622,712
Total (16 roads)--173,723,792 155.238,184 31,447,115 25,089,747 +6,377,368
Gross
1934.
Central Western
1934.
1933.
RegionAtchison SystemAtch Top & S Fe_ 50,380,962 44,890,605 9.850,089
Gulf Colo & S Fe-See Southwestern region.
1,156,438
Panhandle & S Fe 4,132,736 3,752,488
Baltimore & Ohio System
Alton
6,126.038 6,191,660 1,244,096
Bait & Ohio-See Central Eastern region.
Staten Isl Rap Tr-See central Eastern region.
Burlington Route
Ch Burl & Quincy 37,276,148 34,154,983 9,153,720
246,223
Colo & Southern. 2,458,662 2,206,809
975,244
Ft Worth & D C_ 2,699,272 2.376,830
Den & Rio Or West_ 8,071,097 7,003,209 1,737,820
171,891
Denver & Salt Lake_
641,669
564,557
27,480
Nevada Northern_ _
121.268
158,571
Rock Island System
364,105
Chic R. I & Gulf
1,637,549
1,705,908
4,644,238
Chic R I & Pac
30,914,480 29,217,821
7,149
San Diego & Arts E.
249,608
250,721
Southern Pacific System
75,819
Northwestern Pao 1,460,193
1,181,453
St L Southwestern-See Southwestern region.
Southern Pacific_ 53,480,610 43,459,529 14,229,610
Texas & New On -See Southwestern region.
138,694
Toledo Peoria & W.
746,651
805,277
Union Pacific System
Los Ang & Salt L. 7,944,364 6,405,094 2,816,218
Oregon Short Line 9,364,492 8,682,020 2,637,857
Ore-Wash RR & N-See Northwestern region.
570,190
St Joseph & Gr Isl 1,365,950
1,129.722
Union Pacific_ .._ _ 30,359,314 26,967,643 8,111,010
25,052
Utah
507,972
278,080
933,508
Western Pacific_ __
5,232,702 4,443,247
Net
1933.
3
Inc. or Dec.
6,850.867 +2,999.222
782,506
+373,932
1,680,652
-436,556
9,001,143
177,315
763,854
1,401,818
212,085
-20,995
+152.577
+68,908
+211,390
+336,002
-40,194
+48,475
-90,140
454,245
5,935,780 -1,291.542
+10.754
-3,605
-133,483
+209,302
8,267,983 +5,961,627
-24,708
163,402
1,787.976 +1,028.242
+74.279
2,563,578
386.145
8,322,226
172.171
292,357
+184.045
-211,216
-147,119
+641,151
Total (21 roads)-255,030,134 225,967,930 59.116.451 49.058,020 +10058,431
-Gros
1933.
1934.
Net
1933.
Inc. or Dec.
$
s
s
RegionAtchison SystemAtch Top & S Fe-See Central Western region.
377,695 -474,156
-96.461
5.830,602
Gulf Colo & S Fe_ 5,558.918
Panhandle & Santa Fe-See Central Western region.
-60.322
13.982
-46.340
403.945
378.037
Burl & Rock Island_
+185
11,874
12,059
305.328
314.678
Ft Smith & Western
-Frisco Lines
+42,155
-96.112 -138,267
203,355
208,000
Ft W & Rio Or
St Louis-San Fran 19,936.805 18,559,259 3,684.620 3,353.627 +330,993
-26.583
-36,186
--62,769
St L-S F of Texas.
477.929
462,598
+55,526
1,250.510
1,306.036
Kansas City Sou... 4,830,060 4,577,747
+87,277
385,127
472,404
Kansas Okla & Gulf.
834,504
944,765
-5,481
715,272
709,791
1,983,772
Louisiana & Arkan. 2,106,757
+69,348
45.602
114.950
La Ark & Texas.....
377,188
479,477
209,326
-59.039
268.365
584.898
Midland Valley....
639,369
+80,985
11,938
92,923
494,201
Mo & North Ark.._
379,090
2,970,781
2,100,190 +870,591
Mo-Kansas-Texas... 13,089,570 11,31)4,372
Mo Pacific System+65.693
247,392
181,699
Beaum S L & W_ _
693,185
921,795
2,015,861 -236,214
Internat Gr Nor
6,304,868 6,571,015 1,779,647
Missouri Illinois-See Central Eastern region.
Missouri Pacific- 36,066.484 31,344,757 8,343,029 6,818,661 +1,724,368
309,231
99.610 +209,621
N 0 Tex & Mex
948,723
674,253
750,956 +185,025
935,981
St L Browny & M 2,621,131
2,234,304
54,358 +141,853
196,211
360,608
588,522
S A Uvalde & Gulf
2,808,056 +707,242
Texas ds Pacific._ 10,717,797 9,727,199 3,515,298
+1.491
63,868
62,377
174,885
Okla City Ada Atoka
166,422
Southern Pacific System
Northwestern Pac-See Central Western region.
+561,849
1,779,291
St L Southwestern 7.243,747 6.196,220 2,341,140
Southern Pacific-See Central Western region.
1,809,910 +534,493
Texas & New On, 15.529,622 13,750,633 2,344,403
-18,699 +128,165
450,357
Texas Mexican
321,037
.
109 466
+10,174
62,793
72,967
278,072
Wichita Falls & Sou
258,537
Southwestern
1934.
$
Total (25 roads)_ .131,232,767 118.174,630 29,529,841
24,584,602 +4,945,239
Total Western District (62 roads)._ .559,986.693 499,380,744 120,093,407 98,712.369 +21381,038
Total all districts
146 roads).--1.627.738.490 1413361.745 417.993.205 346.640,179 +71353.026
RESULTS FOR EARLIER YEARS.
In dealing with the results for earlier years it has already
been noted that the 1934 increase of $214,374,745 in gross
and $71,353,026 increase in net follows a decrease of $168,965,008 in gross with $30,679,039 increase in net in the first
six months of 1933, which came after a decrease of $584,780,093 in gross and of $149,889,660 in net in the first
half of 1932; also a decrease of $503,786,279 in gross and
of $147,407,933 in net in the first half of 1931, and a
decrease of $324,823,450 in gross and of $199,587,164 in
net in the first half of 1930. On the other hand, our
tabulations for the first half of 1929 recorded $151,648,890
1145
gain in gross and $114,947,201 gain in net, which in turn
came after $116,628,506 loss in gross and $13,059,449 loss
in net in the first half of 1928. In 1927, also, conditions were
not altogether favorable, so that our tables then likewise
showed some shrinkage in both gross and net earnings. The
Mississippi River floods, the coal miners' strike, the slump in
the automobile trade, the depression in the South, the impaired status of the agricultural classes, especially in the
Northwest, by reason of successive poor crops of spring
wrheat, all imposed a state of quietude on general trade in
that year and left their mark on railroad revenues. However, the decrease was very slight-only $9,132,430 in the
gross, or less than one-third of 1%, and $16,035,003 in the
net or 2.20%. In the two years preceding, on the other
-the situation was different. Then
hand-1926 and 1925
the returns were distinguished for quite considerable improvement. • Especially was this the case in 1926, when our
compilations recorded $131,448,135 increase in gross and
$71,056,875 increase in net. There were increases also in
1925 over 1924, but they were much more moderate, at least
in the gross, having been only $23,096,456 in that item, but
$58,807,728 in the net. However, these increases came
after a big falling off in both gross and net in 1924. This
latter year was the year of a Presidential election, when,
pending the outcome, a tremendous slump in business occurred, which involved a corresponding contraction in the
traffic and the revenues of the railroads. The falling off in
the gross in 1924 amounted to no less than $225,987,341; in
the net it was $54,000,364.
But in noting the 1924 shrinkage in gross and net it is
important not to overlook the fact that this followed prodigious gains in gross and net alike in the year preceding,
that is, 1923, the addition to the gross that year having been
$480,926,565 and to the net $117,564,651. Moreover, this
improvement, at least in the net, came after large increases
in 1922 and the year before, too, the improvement, however,
in those two years following entirely as a result of savings in
expenses, gross earnings in both 1922 and 1921 having
recorded losses. In 1922, as against $63,299,701 decrease
in gross, the saving in expenses was $281,731,725, affording,
therefore, a gain in net earnings of $218,332,024. In 1921,
in like manner, though there was $67,476,090 loss in gross,
this was turned into a gain of $141,808,030 in net by a
reduction of $209,284,120 in expenses. The 1921 reduction
in expenses would have been very much greater than actually recorded except that the railroads were operating under
much higher wage scales, the United States Labor Board
having in July 1920 awarded an increase of 20%. On the
other hand, the decrease of 12% made by the Labor Board,
effective July 1 1921, was a factor in lowering expenses in
the first half of 1922.
It must be particularly remembered, though, that previously to 1921 expenses had been mounting up in a 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 and in the
Immediately succeeding years. As compared with 1920, the
roads in both 1921 and 1922 also had the advantage of much
more favorable weather conditions. In 1921 the winter was
exceptionally mild, and much the same was true of the
winter of 1922, though this last is declared to have been a
-in Wyoming and
hard one in certain special sections
Montana, for instance, and contiguous territory. In 1920,
on the other hand, not only was the winter unusually severe,
but many other adverse influences and conditions existed
at the time, all combining to cut down the net, and in our
review of the earnings for this half-year period we were
prompted to say that it was not likely that we would ever
be called upon to record a poorer statement of net earnings
of United States railroads for any period of six months than
that for the first half of 1920. Rising costs of operation
induced by wage increases, advancing prices for material,
fuel, supplies and everything else entering into the operating
accounts of the railroads, and by heavy extra expenses
arising out of special unfavorable circumstances of one kind
-had been a feature of railroad affairs for many
or another
years, we then pointed out, but in 1920 the movement,
unquestionably, might be said to have reached its climax
and its apex, many of the roads failing to earn bare operating expenses. Altogether, the result of this array of unfavorable influences on earnings in the first half of 1920
1146
Financial Chronicle
Aug. 25 1934
was that as against a gain in gross earnings of $358,015,357, extreme cold having
been entirely absent in all parts of
our compilations showed an addition to expenses of no less the country in that year.
In 1927, too, the winter was not
than $425,461,941, leaving the net diminished in amount of severe in any part
of the country, if we except a limited
$67,446,584.
area in the Rocky Mountain regions, where unusually heavy
It should be noted, furthermore, that the falling off in falls of snow were encountered
during January, February
net in 1920 was merely one of a long series of losses in net. and March. In fact,
it may be said that in some of the
In the first six months of 1919 the higher rates then in force Rocky Mountain
States, particularly Colorado and Wyoming,
(as compared with 1918) for the transportation of passen- repeated heavy snowstorms
occurred all through the winter
gers and freight barely sufficed to meet the great rise in ex- of 1927, making railroad
operations difficult; even towards
penses; our compilations then showed $265,635,870 addition the middle of April an unusually
severe spring blizzard was
to gross earnings with a coincident increase in expenses of reported, seriously interrupting
traffic, the latter extending
$265,952,855, leaving net slightly smaller, namely, by also into South Dakota. Barring
this, however, the winter
$316,985. In the preceding two years the results were of 1927 did not impose drawbacks
of any great consequence
equally bad, huge increases in expenses acting to cause heavy anywhere. In 1926, likewise, the winter
on the whole was
losses in the net. For instance, in 1918 the addition to not much of a disturbing influence.
The situation in that
expenses (over 1917) reached the prodigious.sum of $457,- respect was not so extremely good as it had
been in 1925,
054,265, or about 34%, with the result that a gain of $181,- and yet was, on the whole, quite
favorable. In January
848,682 in gross was turned into a loss of no less than
weather conditions in 1926 did not interfere with railroad
$275,205,583 in the net, or over 50%. Not only that, but operations to any great extent over any
large sections of
In 1917 a gain of $205,066,407 in gross was concurrent with the country. On the other hand, in February
the New Engan addition of $212,222,155 to expenses, leaving a loss of land roads suffered severely by reason of
heavy falls of
$7,155,748 in net. In the following we furnish the half- snow. The winter of 1926, taking the country
as a whole,
yearly comparisons back to 1906:
was, as stated, quite mild, but in February there were some
big snowstorms in the East, with, however, nothing apGROSS EARNINGS.
proaching a blizzard. In other words, there were no big
131
Year
Year
Increase (-I-) or
Per I
drifts to tie up traffic and interfere seriously with the runIP^- wITYear.
Given.
Preceding.
Decrease (-). Cent.
ning of trains. In this city there was, in 1926, no snowfall
Jan. 1 to June 301906
$923,554,268
$815,486,025 +8108,068,243 13.25
of any consequence during the winter until February, but
1907
999,082.691
884,426,163 +114,656,528 12.96
1908
in this last-mentioned month there were two very heavy
863,860,965 1,036,729,560 -172,868,595 16.67
1909
1,172,185,403 1,051,853,195 +120,332,208 11.44
snowstorms, namely, one on Feb. 3-4, when 10.3 inches of
1910
1,351,570,837 1,172,481,315 +179,089,522 15.27
1911
1,310,580,765 1,339,539,563
-28,958,798
2.16
snow fell, and another on Feb. 9-10, when the snowfall was
1912
1,365,355,859 1,309,006,353
+56,349,506
4.30
1913
1.502,472,942 1,366,304,199 +136,168,743
11.6 inches. For the whole month of February the snow9.97
1914
1,401,010.280 1,486,043,706
-85,033,426
5.72
1915
fall in this city in 1926 aggregated 25.7 inches, being the
1.407,465.982 1,447,464,542
-39.998,560
2.76
1916
1,731,460,912 1,403,448,334 +328,012,578 23.37
heaviest on record for any February since 1899, when the
1917
1,946,395,684 1,741,329.277 +205,066,407 11.78
1918
2,071.337,977 1,889,489,295 +181,848,682
fall was 27.5 inches, and comparing with only 0.8 inch in
9.62
1919
2,339,750,126 2,074,114,256 +265,05,870 12.81
1920
2,684,672,507 2,326,657,150 +358,015,357 15.39
February 1925 (when, however, the fall was extremely
1921
2,671,369,048 2,738,845,138
-67,476,090
2.46
heavy in January), and with 11.5 inches in February 1924
1922
2.602,347,511 2,665,747,212
-63,399,701
2.38
1923
3,086,129,793 2,605,203,228 +480,926,565 18.46
and 17.9 inches in February 1923. The February snow1924
2.865,947,474 3,091,934,815 -225,987,341
7.31
1925
2,887,608,623 2,864,512,167
+23,096.456
storms of 1926 seem to have extended all over New England
0.81
1926
3,022,413,801 2,890,965,666 +131,448,135
4.55
1927
and through New York State. New England roads virtually
3,011,796,048 3,020,928,478
-9,132,430
0.30
1928
2,901,379.728 3,018,008,234 -116,628,506
3.86
all reported for that month large losses in gross as well
1929
3,057,560,980 2,905,912,090 +151,648,890
5.22
1930
2,737,397,195 3,062,220.645 -324,823,450 10.61
as in net, and no doubt the circumstance mentioned was
1931
2,184,221,360 2,688,007,639 -503,786,279 18.74
1932
1,599,138.566 2,183,918,659 -584,780,093 26.78
in part responsible for this, in addition to which, however,
1933
1,430,226,871 1,599,191,879 -168,965.008 10.57
1934
these roads must have had their coal traffic reduced by the
1.627.736.490 1.413.361.745 +214 374 745 18 17
anthracite miners' strike.
NET EARNINGS.
In both 1925 and 1924 the railroads enjoyed quite remarkYear
Year
Increase(+)or
Per
able exemption from bad weather and from the often exYear.
Given.
Preceding.
Decrease (-). Cent
treme rigors of the winter. In January 1925 bad weather
Jan. 1 to June 301906
was somewhat of a drawback on certain lines here in the
8272,101,047
$226,345,855 +845,755,192 20.22
1907
280,697,496
261,423,946
+19,273,550
7.37
East, though not to any great extent for the country as a
1908
231,254,071
294.738,973
-63,484,902 21.54
1909
371,591,341
294,951,102
+76,640,239 25.98
whole. There were repeated snowstorms in these parts in
1910
408,380,483
371,562,668
+36,817,815
9.91
1911
378,852,053
the month in 1925, and in New York City the fall of snow
404,569,430
-25,717,377
6.36
1912
373,370,171
375,407,648
-2,037,477
0.54
was the heaviest of any January in the history of the local
1913
400,242.544
373,442,875
+26,788,669
7.18
1914
343,835,677
394,495,885
-50,660,208 12.84
weather bureau, reaching 26.2 inches. This compared with
1915
394,083,458
347,068,207
+47,615,343 13.55
1916
559,476,894
393,225,507 +166,151,381 42.28
only 2.6 inches in January 1924, but with 21.9 inches in
1917
555,683,025
562,838,773
-7,155,747
1.27
1918
January 1923, this latter having also been a month of very
265,705,922
540,911,505 -275,205,583 50.88
1919
265,007.159
265,325,144
-316,985
0.12
heavy snowfalls. A storm which came toward the end of
1920
195,582,649
263,029,233
-67,446,584 25.64
1921
310,890,365
169,082.335 +141,808,030 83.87
the month in 1925
-that is, Thursday, Jan. 29, and ex1922
530.420,651
312,088,627 +218,332,024 69.96
1923
649,131,565
531,566,924 +117,564,641 22.12
tended into Friday, Jan. 30
-proved particularly mischiev1924
597,828,199
651,828,563
-54.000,364
8.28
ous in New York State. The New York Central RR. re1925
656,663,561
597,855,833
+58,807,728
9.84
1926
727,905,072
656,848,197
+71,056,875 10.82
ported it as the worst in its history, especially between
1927
711,888,565
727,923,568
-16,035,003
2.20
1928
700,846,779
713,906,228
-13,059,449
1.83
Albany and Rochester, causing considerable delay in the
1929
817,500,221
702,553,020 +114,947,201 16.36
1930
running of trains. The area of disturbance, however, in
618.567,281
818,154,445 -199,587,164 24.39
1931
471,189,438
618,597,371 -147,407,933 23.83
this way was very much circumscribed, being confined
1932
321,450,701
471,340,361 -149,889,660 31£0
1933
352,131,926
321,452,887
+30,679,039
9.40
largely to New York and New England, while elsewhere in
1934
417 903.205
345 540 170
+71.353.025 20.58
the northern part of the country the winter was comparaAs far as the winter weather has played a part in affect- tively mild, and little complaint was heard
of obstruction
ing the traffic and earnings of the roads in the different because of snow and ice or because of
extreme cold.
years, it has already been indicated that in 1934 the winter
After this heavy snowstorm in New York State the latter
was quite severe, there having been frequent snowstorms part of
January (1925), from which, as noted, other parts
to contend with, while in 1933, as in 1932 and in 1931 and of the country
were exempt, mild weather developed in
in 1930 there were no unusual conditions, but that in 1929, February, and
this may be said to have been a condition
while in the northern part of the Eastern half of the coun- common to the
whole United States and even Canada, the
try weather conditions were not much of a drawback, on
winter nearly everywhere having been an open one and
the other hand in the Western half the winter was quite spring having
come unusually early virtually everywhere.
severe, extreme cold accompanied in many instances by re- Nor, as already stated,
was there much severe winter
peated heavy snowfalls having seriously interfered with
weather in 1924, but in 1923, on the other hand, the winter
railroad operations. Particularly does this remark apply to was of unusual
severity in many parts of the northern half
Wisconsin and Iowa, Colorado, Utah, Wyoming, Montana, of the United
States, especially in New England and in
Idaho, and, as a matter of fact, along much the same northern New
York, where the roads suffered from repeated
parallels of latitude all the way West to the State of Wash- snowstorms,
and from the depth of the accumulated snowington. In contradistinction to this, the winter of 1928 falls, with resulting
large increases in operating expenses.
ranked as one of the mildest on record, complaints of Weather conditions in prior
years have already been detailed
obstruction to railroad operations from snow or ice or above.
Financial Chronicle
The Course of the Bond Market
Volume 139
1147
Recovery in the bond market has been slower this week American Smelting and Refining 5s, 1947, sold at 105, the
than last, but nevertheless somewhat better prices were seen high for 1934, up % point since a week ago. Chile Copper
3
for the low-grade issues, with high-grades little changed. 5s, 1947, however, declined % point to 82. In the oil group
Railroad bonds made the best gains for the week, after hav- a one point advance brought Skelly 53/2s, 1939, to 953'.
ing been the greatest losers in the decline of previous weeks. Tire and rubber issues held well: Goodrich 6s, 1945, at 84
U. S. Government bonds declined fractionally but did not were up % point and U. S. Rubber 5s, 1947, at 85% were
reach the low point of two weeks ago. These and other up 13%. Speculative Motion picture bonds were strong,
2
4
high-grade issues displayed a lack of firmness in the face of Paramount Publix filed 53/s, 1950, gaining 73 points to
%
further declines in dollar quotations. The dollar at 58.55% close at 483 ,while Warner Bros. Pictures 6s, 1939, were up
of its former parity is approximately the lowest it has been 23%, closing at 563%. Pathe Exchange 7s, 1937, rallied to
since devaluation. Other small gold shipments were sent 98, up 1%.
Utility bonds made little progress in either direction this
abroad this week. Bank credit conditions remained unchanged with excess reserves at recent highs and money rates week, with, however, something of a tendency toward firmer
prices for the low-grade issues in evidence. The latter in
very low.
High-grade railroad bonds ended the week fractionally be- general have recovered only a moderate percentage of the
low last week's closing prices. Atchison gen. 4s, 1995, closed losses experienced in July. Typical net changes for the week
at 102, compared with 1023/ last Friday; Chesapeake & Ohio among medium-grade issues include a decline of % point to
gen. 43zs, 1992, at 110% were % point below last week's 91% for Texas Power & Light 5s, 1956, and 1 point to 79 for
closing of 111. Medium-grade issues, however, were some- Iowa Public Service 1st 5s, 1957. More speculative issues
what higher than a week ago. Northern Pacific ref. 6s, showed moderate gains. Utah Power & Light 5s, 1944, ad2047, advanced 15 points to 92; Illinois Central ref. 4s, vanced 13 points to 64%; Georgia Power & Light 5s, 1978,
%
4
1955, closed at 76, compared with 75 last week. Continued gained 33% points to close at 57; Puget Sound Power & Light
%
%
demand for second- and lower-grade rail issues was reflected 53/s, 1949, showed a gain of 13 points, closing at 483 ; •
2
4
in higher prices for these bonds. St. Paul mtge. 5s, 1975, Electric Power & Light 5s, 2030, advanced 43 points to 41.
closed at 333., compared with 293/ a week ago; Chicago &
The foreign list was relatively firm. Argentine and UruNorth Western cony. deb. 43 s, 1949, advanced 33j points guayan issues rose several points, while most South American
4
to 303/2; Denver & Rio Grande Western gen. 5s, 1955, at bonds were stronger. The Scandinavian group was up
17 were up % points over last Friday's close; Erie ref. 5s, slightly. On the other hand French and Australian issues
3
1975, closed at 693%, up 23 points.
were off fractionally and weakness in German government
%
Higher prices in light trading were seen by the industrial bonds was extended throughout the German corporate group:
division of the bond market. Interest in steels was light
Moody's computed bond prices and bond yield averages
with small changes evident. Mining issues were stronger as are given in the following tables:
MOODYS BOND YIELD AVERAGES.t
(Bated on Individual Closing Prices.)
MOODY'S BOND PRICES.
(Rased on Average Yields.)
U.S.
120
1934
Govt. DomesDaily
Bonds. tic.
Averagu.
**
Corp.*
120 Domestic Corporals*
by Ratings.
Aaa.
Aa.
A.
Baa.
120 Domestic
Corporate* by Groups.
RR.
P. U. Indus.
120 Domestic Corporate
AU
by Ratings.
1934
120
Daily
DomesBaa.
A.
Aaa.
Aa.
tic.
Averages.
120 Domestic
Corporate by Groups.
RR.
ft
30
Pot
,
P. U. Indus. elms.
4.48
7.34
4.34
5.12
6.44
5.03
5.38
Aug.24_ _ 104.90 96.70 114.43 106.96 94.29 77.44 95.63 90.55 104.51
3.94
Aug.24_ _ 4.96
5.38
4.48
7.29
4.34
5.11
6.45
5.03
23__ 4.96
3.94
23-- 104.83 96.70 114.43 106.96 94.43 77.33 95.63 90.55 104.51
7.31
5.39
4.47
5.11
6.47
5.03
3.93
4.34
94.43 77.11 95.63 90.41 104.68
22-- 4.96
22_ _ 104.83 96.70 114.63 106.96
4.47
7.31
5.12
6.47
5.05
5.38
4.34
21... 4.97
3.93
21-- 104.92 96.54 114.63 106.96 94.29 77.11 95.33 90.55 104.68
7.32
5.04
5.39
4.48
5.10
6.50
3.93
4.34
20-- 4.97
20_ 105.09 96.54 114.63 106.96 94.58 76.78 95.48 90.41 104.51
7.32
5.39
4.47
5.10
6.49
5.04
3.93
4.34
18-- 4.97
18__ 105.24 96.54 114.63 106.96 94.58 76.89 95.48 90.41 104.68
7.33
5.05
5.39
4.48
4.34
5.10
6.50
17-- 4.97
3.93
17_ 105.29 96.54 114.63 106.96 94.58 76.78 95.33 90.41 104.51
7.32
5.41
4.48
5.11
6.54
5.07
3.93
4.36
16_ 105.23 96.23 114.63 106.60 94.43 76.35 95.03 90.13 104.51
. 16-- 4.99
4.49
7.32
5.14
6.61
5.12
5.44
15__ 5.02
4.37
15_ 105.15 95.78 114.24 106.42 93.99 75.61 94.29 89.72 104.33
3.95
6.64
5.18
5.45
4.50
7.32
14__ 5.04
4.39
5.18
14_ 104.84 95.48 114.04 106.07 93.40 75.29 93.40 89.59 104.16
3.96
4.51
7.34
5.23
5.48
4.41
5.21
6.68
13__ 104.48 95.03 113.65 105.72 92.97 74.88 92.68 89.17 103.99
13._ 5.07
3.98
5.45
4.51
11_ 104.21 95.18 114.04 105.89 92.97 75.09 92.8. 89.59 103.99
4.40
5.21
6.66
5.22
7.30
11__ 5.06
3.96
10_ 105.24 96.23 114.43 106.96 94.43 76.03 94.14 90.41 104.85
6.57
5.13
5.39
4.46
7.30
3.94
4.34
5.11
10-- 4.99
9._ 105.60 96.70 114.82 107.31 95.03 76.46 95.03 90.83 105.03
5.07
5.36
4.45
7.30
3.92
4.32
5.07
6.53
9-- 4.96
5.35
4.45
7.30
8-- 105.50 97.00 115.02 107.49 95.48 76.67 95.33 90.97 105.03
4.31
5.04
6.51
5.05
8__ 4.94
3.91
5.34
4.45
7-- 105.73 97.16 115.02 107.49 95.78 76.89 95.78 91.11 105.03
5.49
5.02
7.30
3.91
4.31
5.02
7-- 4.93
7.35
6-- 105.84 97.47 115.21 107.85 96.08 77.44 96.54 91.39 105.37
6.44
4.97
5.32
4.43
3.90
4.29
5.00
6.._ 4.91
4_ 105.95 97.62 115.41 107.85 96.08 77.66 96.70 91.53 105.20
5.31
4.44
7.37
4__ 4.90
4.29
5.00
6.42
4.96
3.89
3- 105.97 97.62 115.41 107.85 96.08 77.77 96.70 91.67 105.20
5.30
4.44
6.41
4.96
7.37
3__ 4.90
3.89
4.29
5.00
2- 105.95 97.62 115.41 107.67 95.93 77.99 96.85 91.67 105.20
5.30
4.44
7.39
4.30
5.01
6.39
4.95
2._ 4.90
3.89
1_ 101%.75 97.47 115.02 107.67 95.78 77.77 96.70 91.39 105.03
5.32
4.45
6.41
4.96
7.40
1_ 4.91
4.30
5.02
3.91
WeeklyWeekly
5.33
4.46
July 27-- 106.06 97.62 115.02 107.31 96.08 78.21 97.47 91.25 104.85
4.32
4.91
7.47
3.91
5.00
6.37
July 27__ 4.90
4.37
20-- 106.79 99.68 116.01 108.39 97.94 81.54 99.68 93.55 106.42
4.77
5.17
7.30
6.08
20._ 4.77
3.86
4.26
4.88
13._ 106.74 100.00 115.81 108.39 97.94 82.50 100.49 93.40 106.60
5.18
4.36
4.72
7.37
13_ 4.75
4.88
6.00
3.87
4.26
7.45
6-- 106.31 99.36 115.21 107.85 97.00 82.02 99.52 92.82 106.07
5.22
4.39
6.04
4.78
3.90
4.29
4.94
6._ 4.79
4.77
5.22
4.39
6.04
7.40
June 29- 106 04 99.36 115.02 108.03 97.16 82.02 99.68 92.82 106.07
3.91
4.28
4.93
Jtme 29__ 4.79
22- 105.79 99.20 114.82 108.03 97.16 81.90 99.68 92 82 106.07
4.39
7.49
4.77
5.22
4.28
4.93
6.05
3.92
22._ 4.80
15_ 106.00 99.36 115.02 107.85 97.16 82.26 100.17 92.53 105.89
4.40
7.57
4.74
5.24
4.29
4.93
6.02
3.91
15__ 4.79
7.35
8_ 105.52 98.73 114.63 107.14 96.39 81.54 99.20 92.10 105.37
5.27
4.43
6.08
4.80
4.33
4.98
3.93
'
8-. 4.83
I__ 105.27 98.09 114.04 106.78 95.78 80.72 98.57 91.53 104.85
4.46
7.29
4.84
5.31
5.02
6.15
3.96
4.35
L._ 4.87
May 25-- 105.13 98.25 113.65 106.78 96.23 81.07 98.73 91.67 104.85
4.83
5.30
4.46
7.25
6.12
3.98
4.35
4.99
May 25- 4.88
18- 105.05 98.67 113.26 106.60 96.70 82.02 99.04 92.39 104.68
5.25
4.47
7.20
6.04
4.81
4.00
4.36
4.96
18._ 4.84
7.14
11_ 105.11 98.41 112.88 106.42 96.85 81.66 98.88 91.96 104.85
5.28
4.46
6.07
4.82
4.02
4.37
4.95
11_ 4.85
4._ 104.75 98.73 112.50 106.42 97.00 81.78 99.68 92.53 104.68
4.47
7.10
4.77
5.24
4.37
4.94
5.96
4.04
4-_ 4.83
Apr. 27-- 104.21 98.88 112.50 105.89 97.31 83.48 100.00 92.53 104.51
5.24
4.48
7.29
4.75
5.92
Apr. 27__ 4.82
4.40
4.92
4.04
20_ 103.65 98.88 112.31 105.89 97.31 83.60 100.33 92.39 104.33
5.25
4.49
7.21
4.73
5.91
20__ 4.82
4.05
4.40
4.92
13- 104.35 98.25 111.92 105.54 98.70 82.74 99.84 91.67 103.65
5.30
4.53
7.2(
4.96
5.98
4.76
13_ 4.86
4.07
4.42
6-- 104.03 97.16 111.16 104.68 95.78 81.18 99.04 90.27 102.81
4.81
5.40
4.58
7.21
4.47
5.02
6.11
6-_ 4.93
4.11
Mar.30- Stock E aching e Closed.
Mar.30__ Stock E xchang e Closed.
23._ 103.32 95.93 110.42 103.48 94.43 79.68 97.47 89.17 101.81
7.34
4.91
5.48
4.64
4.54
5.11
6.24
23-_ 5.01
4.15
16-- 103.52 98.70 111.16 104.16 95.18 80.60 98.41 89.86 102.47
4.60
7.25
5.06
6.16
4.85
5.43
4.11
4.50
16-- 4.96
9.- 103.06 95.63 110.79 103.15 94.14 78.88 97.47 88.50 101.47
7.21
4.91
5.53
4.66
4.56
5.13
6.31
9-- 5.03
4.13
2_ 101.88 94.88 110.23 101.81 93.11 78.68 96.54 87.96 100.49
5.57
4.72
7.35
4.64
5.20
6.33
4.97
2-- 5.08
4.16
Feb. 23-- 102.34 95.18 110.23 101.97 93.26 79.68 97.16 88.38 100.81
7.41
6.24
4.93
5.54
4.70
Feb. 23- 5.06
4.18
4.63
5.19
16.- 102.21 95.33 109.88 101.47 93.26 80.87 97.31 88.36 100.81
5.54
4.70
7.51
4.18
4.66
5.19
6.18
4.92
16-- 5.05
9-- 101.69 93.99 109.12 100.00 92.10 78.88 95.33 87.43 100.00
7.54
9- 5.14
4.22
4.75
5.27
6.31
5.05
5.61
4.75
2_ 101.77 93.85 108.75 99.68 91.81 78.99 95.33 87.04 99.68
7.51
4.77
5.29
6.30
5.05
5.64
4.77
2-- 5.15
4.24
Jan. 26-- 100.41 91.53 107.67 98.41 89.31 75.50 92.68 83.97 98.88
Jan. 26__ 5.31
4.82
7.9:
5.23
5.88
5.47
6.62
4.30
4.85
19- 100.36 90.55 107.67 97.16 87.96 74.36 91.39 82.88 98.73
19._ 5.38
4.30
5.32
6.01
4.83
8.01
4.93
5.57
6.73
12-- 99.71 87.69 106.25 95.48 84.85 70.52 88.38 78.44 98.00
12._ 5.59
5.54
8.35
4.33
5.04
5.81
7.12
4.87
8.39
5-- 100.42 84.85 105.37 93.26 82.02 68.55 85.74 74.25 97.00
7.56
5.74
6.74
4.94
8.51
5-- 5.81
4.43
5.19
6.04
Low 1934 4.75
7.11
High 1934 106.81 100.00 116.01 108.57 98.09 83.72 100.49 93.55 106.78
487
5.90
4.72
5.17
4.35
3.86
4.25
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 74.25 96.54
High 1934 5.81
4.43
5.20
6.06
7.58
5.75
6.74
4.97
8.61
Low 1933 4.96
High 1933 108.82 92.39 108.03 100.33 89.31 77.66 93.26 89.31 99.04
4.11
4.49
5.04
6.16
4.83
5.43
4.60
7.21
High 1933 6.75
5.96
6.98
9.44
7.22
6.35 11.11
Low 1933 98.20 74.15 97.47 82.99 71.87 53.16 69.59 70.05 78.44
4.91
7.17
Pr. AgoYr.Ago4.79
Aug.24'33 103.43 90.83 107.67 99.36 88.50 73.25 91.96 82.74 98.73
Aug.24'33 5.36
4.30
5.53
6.84
5.28
5.98
4.83
9.11
2 Yrs.Ago
2 Yrs.Ago
4.76
5.55
Aug.24'32 6.03
6.34
7.47
6.34
5.69
6.07 11.01
Aug.24'32 101.19 82.14 99.84 88.23 78.55 67.33 78.55 86.38 81.66
•These prices are computed from average yields on the basis of one "ideal- bond (45(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative leve s and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the issue of Feb.6 1932, page 907.
•• Actu il average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published In the issue of Feb. 10 1934,
page 920. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
1148
Financial Chronicle
Aug. 25 1934
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night Auguat 24, 1934.
Many branches of trade reported a better business this
week and although industrial activity continued to recede,
It was at a more gradual pace. Steel operations and carloadings fell off and the automotive industry was less active.
Bank clearings also declined, and the same was true of
bituminous coal output. Electric output however, showed an
increase for the week. Moreover, there was further expansion in retail and wholesale business. The continuance
of high temperatures in many parts of the country has delayed the Fall buying movement but all indications point
to a better business than last year. Retail business was
stimulated by slightly cooler temperatures and the proximity of the Fall school terms. Special promotional sales also
helped. Men's Summer-wear continued to sell in good volume and some interest was shown in fall merchandise. Sales
of furs in many instances have doubled those of last year.
The demand for silverware shows an increase owing to the
nationalization of silver. At wholesale most of the demand
was for electrical appliances, Christmas novelties, housewares, men's overcoats and Fall dresses. Larger orders were
reported for paints, wallpaper, hardware and plumbing supplies, reflecting the expansion of the Federal home repair
program. Steel and iron have not shown much activity.
Cotton was less active and prices recently have shown a
downward trend with the trade showing much disappointment over the failure of the Government to fix the loan to
farmers at 13c. as anticipated. Rains in Oklahoma and
parts of 'texas caused not a little selling. Yet the market
on the whole showed a steady tone during the week. Liquidation appeared to have run its course, indicating a stronger
technical position. Grain markets were less active, but prices
are higher than a week ago. Lard touched new highs owing
to buying stimulated by the strength of hogs. Sugar was
rather active and of late has advanced on buying in anticipation of the signing of the Cuban commercial treaty tonight. Coffee was quiet, but prices show a rise for the week.
Other commodity markets, however, were generally lower in
light trading. The weather here during the week has been
pleasant with the temperatures slightly lower and no rain
of consequence. The weather in the cotton belt was more
favorable with parts of Texas receiving good showers and
heavy rains fell in Oklahoma, Arkansas and Tennessee. The
southwestern grain belt of the country also received good
moisture.
A tornado from the west swept southward and did damage amounting to thousands of dollars in Weston and
Platte City, Mo. A heavy rain in Nova Scotia brought
hope that forest fires menacing many villages would soon
be under control. Rains in Virginia greatly benefited the
apple crop. A wind storm of near tornado proportions
In Minnesota did considerable property damage and resulted in the death of three persons and injury to several
others. A hail storm in Western Canada over the weekend did damage to crops estimated at $4,000,000.
To-day it was cloudy and warm here, with temperatures
ranging from 69 to 81 degrees. The forecast was for
mostly cloudy and cooler, probably showers to-night. Saturday fair, cooler. Overnight at Boston it was 62 to 76
degrees; Baltimore, 74 to 84; Pittsburgh, 66 to 78; Portland, Me., 56 to 76; Chicago, 56 to 78; Cincinnati, 70 to 74;
Detroit, 66 to 78; Charleston, 80 to 90; Milwaukee, 48 to
84; Dallas, 80 to 98; Savannah, 76 to 92; Kansas City,
52 to 94; Springfield, Mo.,64 to 82; St. Louis, 66 to 78; Oklahoma City, 68 to 90; Denver, 54 to 76; Salt Lake City, 58 to
86; Los Angeles, 62 to 78; San Francisco, 58 to 64; Seattle,
60 to 86; Montreal, 58 to 70, and Winnipeg, 34 to 56.
Revenue Freight Car Loadings Continue Decline.
Loadings of revenue freight for the week ended Aug. 18
1934 totaled 600,564 cars, a decrease of 1,966 cars or 0.3%
from the preceding week and a decrease of 42,842 cars or
6.7% from the total for the same period in 1933. The
comparison, however, with the corresponding week of 1932
is more favorable, the current week's loadings being 82,124
cars or 15.8% higher. For the week ended August 11 loadings
were 4.3% under the corresponding week in 1933, but 17.7%
above the 1932 week. Loadings for the week ended August 4
showed a loss of 1.5% when compared with 1933 but a gain
of 23.0% when the comparison is with the same week in 1932.
The first 16 major railroads to report for the week ended
Aug. 18 1934 loaded a total of 262,524 cars of revenue
freight on their own lines, compared with 265,374 cars in
the preceding week and 278,978 cars in the seven days
ended Aug. 19 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines. Rec'd from Connections
Aug. 18 Aug. 11 Aug. 19 Aug. 18 Aug. 11 Aug. 19
1934. 1934. 1933. 1934. 1934. 1933.
Ateh. Top. Jr Santa Fe Ry
Chesapeake dr Ohio Ry
Chicago Burl. dr Quincy RR
Chic. Milw. St. Paul dr Pac. Ry-Chicago dr North Western RY--Gulf Coast Lines
Internat. Great Northern RR_ _ _ Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N.Y. Chic. dr St. Louis Ry
Norfolk dr Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
22,027
19,106
16,199
20,435
17,002
2,010
2,640
4,325
14,302
38.261
4,433
15,843
50.794
4,441
25.464
5,242
21,762
19,369
16,585
20,577
17,043
2,193
3,036
4,711
14,971
37,875
4,643
15,665
51,379
4,673
25,434
5,458
18,298 4,916 4.784 4,046
23,882 8,862 8,688 8,517
14,736 6,455 6,530 5,897
17,558 6,100 6,305 6,244
14,347 8,887 8,743 8,064
1,827 1,191 1,291
969
2,559 1,728 1,792 1,419
4,534 2,357 2,495 2,167
13,880 7.345 7.884 6.562
45,781 49,496 48,444 59.922
4,591 6,931 6.556 8,361
20,991 3,502 3,671 3,964
63,392 30.759 30,419 37,018
4,428 3,627 3,608 4,272
23,035
5,139 6,327 6,600 6,610
Total
262,524 285,374 278,978 148,483 147,510 164,032
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended.
Aug. 18 1934. Aug. 11 1934. Aug. 19 1933.
Chicago Rock Island & Pacific Ry---Illinois Central System
St. Louis-San Francisco Ry
Total
21,769
26,493
13,094
22,373
26.788
14,152
19,301
25,237
12,340
61.356
63,313
56,884
The American Railway Association in reviewing the week
ended Aug. 11 reported as follows:
Loading of revenue freight for the week ended Aug. 11 totaled 602.530
cars, which was a decrease of 8,768 cars below the preceding week. 27,213
cars under the corresponding week in 1933, but an increase of 90,565 cars
above the corresponding week in 1932.
Miscellaneous freight loading for the week ended Aug. 11 totaled 223,612
cars, a decrease of 1,196 cars below the preceding week, but 5,050 cars
above the corresponding week in 1933, and 41.805 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 158,000 cars,
a decrease of 1,872 cars below the preceding week this year, 12,179 cars below the corresponding week in 1933, and 9.527 cars below the same week
in 1932.
Grain and grain products loading for the week totaled 41,159 cars, a
decrease of 1,661 cars below the preceding week, but 9,445 cars above the
corresponding week in 1933. and 336 cars above the same week in 1932.
In the Western Districts alone, grain and grain products loading for the
week ended Aug. 11 totaled 27,423 cars,an increase of 5,578 cars above
the same week in 1933.
Forest products loading totaled 23.242 ears, an increase of 1,194 cars
above the preceding week, but 4,978 cars below the same week in 1933.
It was, however, an increase of 7,805 cars above the same week in 1932.
Ore loading amounted to 29,256 cars, a decrease of 914 cars below the
Preceding week, and 5.671 cars below the corresponding week in 1933. but
21,205 cars above the corresponding week in 1932.
Coal loading amounted to 91,355 cars, a decrease of 7.744 cars below the
Preceding week, and 32,795 cars below the corresponding week in 1933.
but an increase of 11,591 cars above the same week in 1932.
Coke loading amounted to 3,809 cars, a decrease of 928 cars below the
Preceding week, and 2.781 oars below the same week in 1933, but an increase of 1,002 cars above the same week in 1932.
Live stock loading amounted to 32,097 cars, an increase of 4,351 cars
above the preceding week, 16,694 cars above the same week in 1933. and
16,348 cars above the same week in 1932. In the Western districts alone
loading of live stock for the week ended Aug. 11 totaled 28.111 cars, an
increase of 18.434 cars above the same week in 1933.
The Eastern. Allegheny, Pocahontas and Southern districts reported
reductions for the week ended Aug. 11, compared with the corresponding
week in 1933. but the Northwestern, Centralwestern and Southwestern
districts reported increases. All districts, however, reported increases
compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows:
1934.
Four weeks in January
Four weeks in February
Five weeks In March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Week ended Aug. 4
Week ended Aug. 11
Total
1933.
2,177,562
2,308,869
3.059,217
2,334.831
2,441,653
3.078,199
2,346,297
611,298
602,530
1,924.208
1.970,566
2,354,521
2,025,564
2,143,194
2,926,247
2.498,390
620,482
629,743
2.266.771
2,243,221
2,825,798
2.229,173
2,088,088
2,454,769
1,932,704
496.626
511,965
18.980.456
17 092 915
17.049.115
1932.
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Aug. 11 1934. During this period a total of 68 roads showed
Increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe Ry. System,
1149
Financial Chronicle
Volume 139
the Southern Pacific Co. (Pacific Lines), the Union Pacific
System, the Chicago Milwaukee St. Paul & Pacific By.,the
Illinois Central System, the Chicago & North Western RR.,
the Chicago Bulington & Quincy RR., the Chicago Rock
Island & Pacific Ry., the Missouri Pacific Ry., and the
Southern System.
-WEEK ENDED AUG. 11.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
1933.
1934.
Eastern District.
Group A
Bangor dr Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N. H. dz 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
Pittsburgh Shawmut & North
Total
Group C
Ann Arbor
Chicago Indianapolis & Loulsv.
C. C. C.& St. Louis
Central Indiana*
Detroit & Mackinac
Detroit dr Toledo Shore Line_ _
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago.4 St. Louis
Pere Marquette
Pittsburgh dc Lake Erie
Pittsburgh & West Virginia-.
Wabash
Wheeling & Lake Erie
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1934.
616
2.673
8,053
1,045
2,654
10,684
626
667
2,539
6,962
593
2,514
9,250
569
242
3,917
8,259
2,372
1,436
9,710
875
220
4,482
8,928
2,419
1,459
10,346
939
24,175
26,351
23,084
26,811
28,793
4,457
7,913
12,214
136
1,529
8,683
1,753
18,638
1,706
217
263
5,609
8,318
12,881
178
1,104
7,512
1,177
22,763
2,125
685
438
4,206
6,967
10,440
138
1,351
6,071
945
16,162
1,936
387
249
5,703
5,270
11,507
1,494
945
6,188
25
23,773
1,720
30
150
6,662
5.673
13,373
1,593
956
6,604
21
27,163
1,941
29
347
55,509
62,790
48,852
56,805
64.362
537
1,212
6.213
24
261
200
1,926
3,439
6,064
3,229
4,643
4,673
4,122
997
5,458
2.751
556
1,170
7,709
28
192
242
1,622
3,139
6.729
3,656
4,288
4,533
5,086
1,003
5,057
3,854
419
1,588
7,130
25
427
177
1,220
2,047
4,998
2,716
4,607
3,506
3,051
1.071
5,217
2,617
878
1,857
9,412
62
104
1,795
770
5,394
6.792
186
6,556
3,608
4,374
878
6,600
2,085
1,011
1,700
11,053
90
96
2,062
769
5,435
7,285
199
7,970
4,303
5.096
685
6,334
2,348
45,749
48,864
40,816
51,349
56,436
Grand total Eastern DLstrict . 125,433
138,005
112,752
134,965
149,591
492
30,769
3,541
318
5,250
2
361
108
1,110
1,269
62,741
12,025
9,938
77
3,390
a
23,219
1,454
94
4.855
1
158
51
1,041
1,112
47,566
10,365
3.812
63
2,254
525
13.364
1,468
8
8.923
86
29
22
1,792
837
30.419
12,647
3,112
829
15,201
1,480
6
9,479
32
13
32
1.664
1,363
37,346
14,603
4.965
Total
Allegheny District
Akron Canton di Youngstown_ Baltimore & Ohio
Demmer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey--Cornwall
Cumberland dr Pennsylvania_ - _
Ligonier Valley
Long Island
bPenn.-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
-Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Southern Air Line
Southern System
Winston-Salem Southbound_ _
373
24,172
3,413
230
5,187
66
238
61
859
1,048
51,379
11,435
5,473
33
2,993
106,960
131,391
96,045
4,631
3,832
77,863
90,845
19,369
15,665
750
3,489
23,771
21,297
609
3,642
17,526
13,401
567
3,054
8,688
3,671
981
693
8,486
3,790
1,224
449
39,253
49,319
34.548
14,033
13,949
6,592
1,037
312
134
6,527
1,141
333
137
30
1,256
439
429
6,077
17,675
147
5,454
606
333
137
44
1,709
397
295
5,636
16,395
191
4,415
1,230
609
372
73
1,032
740
2,734
3.421
10,718
603
3,801
1,371
725
314
63
1.061
761
2,235
2,744
10,679
676
40
1,259
384
346
6.453
18,028
125
1934.
1933.
1934.
1933.
1932.
189
840
654
3,256
205
381
712
507
1,233
18,502
14,807
165
111
1,649
2.428
303
232
721
561
3,239
182
251
621
536
1,223
17,358
18,966
156
152
1,787
2,609
319
211
683
590
3,028
142
297
698
240
1.101
15,949
14,557
132
123
1,545
2.266
245
145
459
897
1,233
194
341
1,267
317
617
8,853
3,928
302
263
1,285
2,200
563
45,942
48,913
41,807
22,864
21,041
Grand total Southern District- -
80,652
83,104
73,004
48,811
45,471
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Mllw. St. P. & Pacific_
Chicago St.P. Minn. de Omaha.
Duluth Missabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming--Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland dz Seattle....
788
19,071
2,793
20,577
3,581
8,676
831
3,634
400
13,977
514
1,840
2,513
5,305
9,830
163
1,660
751
18,462
2,214
17,586
3.751
10,569
944
5,152
327
15,428
467
2,144
1,753
5,333
9,102
287
1.003
1,178
14,262
2,238
15,190
3.401
2.391
288
2,370
304
9,391
482
a
2,101
4,350
7.738
a
1,161
2,315
8,743
2.441
6,305
3,961
216
358
3.113
102
2,640
358
85
1,326
1,845
2,495
211
1.156
1,830
8,065
2,377
6,186
2,941
67
374
4,615
150
2,106
331
92
1,334
1,879
2,266
181
962
96,153
95,273
66,845
37,670
35.756
21,762
2,956
180
16,585
1,559
12,480
2,280
937
2,524
300
980
1,860
896
136
19,667
205
425
13,674
197
1,642
17.270
2,640
179
14,252
1,504
10,699
2,542
770
1,843
195
900
2,381
713
218
16,371
244
358
10,636
270
1.227
20,981
3,160
208
13,464
a
11.376
2,337
648
1,695
226
954
a
666
292
16,189
182
386
10,732
213
1,446
4,784
2,030
25
6,530
458
6,211
1,837
954
2,242
20
948
878
297
44
3,271
334
894
7,164
3
2,416
4,140
1,692
34
5,886
630
5,261
1,858
788
2,044
14
673
1.008
465
20
3,324
350
970
6.103
4
2,052
101,245
85,212
85,153
41,340
37.316
1933.
671
2,778
7.086
893
2,938
9,205
604
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
Group B
Alabama Tennessee & Northern
Atlanta Birmingham & Coast--W.RR.of Ala..
AU.& W.P.
Centralof Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah..
Mississippi Central*
Mobile a: Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total
Total
Central Western DistrictAtch. Top.& Banta Fe System.
Alton
Bingham dr Garfield
Chicago Burlington & Quincy- Chicago & Illinois Midland-Chicago Rock Island dr Pacific_
Chicago & Eastern Illinois
Colorado dc Southern
Denver & Rio Grande western_
Denver & Bait Lake
Ft. Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria dc Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria de Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Ft. Smith & Western
Gulf Coast Lines
International-Great Northern-.
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas-Litchfield & Madison
Midland Valley
Missouri & North Arkansas
-Texas Lines..
Missouri
-Kansas
Missouri Pacific
Natchez at Southern
Quanah Acme & Pacific
St. Louis
-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.of St. Louis
Weatherford M. W.& N. W...
142
142
181
2,193
3,036
108
1,568
1,499
85
323
576
55
4,711
14,971
37
206
8,392
2,096
5,767
4,554
2,168
24
200
160
130
1,884
2,517
133
1,689
1,108
71
288
564
174
4,203
13,829
36
79
7.515
1,746
5,651
3,230
2,209
23
88
132
146
1,701
1,839
136
1,262
1,111
a
104
628
58
4,423
12,393
31
71
7,618
1,804
5,084
3,376
1,597
16
3,469
286
142
1,231
1,792
996
1,517
731
287
649
230
185
2,495
7,584
23
108
4.027
1,257
2,065
3,440
14,881
36
129
389
906
1,940
200
206
1,036
381
582
7,814
3.235
253
258
1,327
1,786
599
3,590
263
119
960
1,311
653
1,247
554
261
603
120
292
2,132
6.104
13
84
2,918
1,248
1.836
2,965
13.860
28
41,161
47.431
43,818
47,439
52,834
Total
24.430
34,191
31.197
25.947
34.710
• Previous figures.
of Pennsylvania
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.,formerly part
RR., and Atlantic City RR.. formerly part of Reading Co.
Total
The movement of the Index number during the week, with
Moody's Daily Index of Staple Commodity Prices Again
comparisons, is as follows:
Exceeds Previous High Levels.
151.1
2 Weeks Ago, Aug. 10
Fri.,
152.1
Aug. 17
141.8
Month Ago, July 24
not compiled
Almost entirely as a result of sharply rising hog prices, top Sat.. Aug. 18
Aug. 24 1933- -130.2
Year Ago,
153.4
Mon., Aug. 20
148.9
July 18
1933 High,
153.9
prices for which advanced from $6.85 per hundred pounds Tues., Aug. 21
78.7
Feb. 4
Low,
Wed., Aug. 22
153.9
155.3
Aug. 24
1934 High,
a week ago to 87.50 yesterday, Moody's Daily Index of Thurs., Aug. 23
154.6
126.0
Low,
Jan. 2
Fri.,
Aug. 24
155.3
Staple Commodity Prices reached new high levels for the
recovery this week. From the low price for the year on "Annalist" Weekly Index of Wholesale Commodity
Jan. 2nd, at $3.50, hog quotations have now more than
Prices Increased During Week of Aug. 21 to New
doubled.
-Foreign and Domestic Indices
High Since 1930
for July.
There were five advances among the commodities comA new high since 1930 was reached Aug. 21 by The "Anposing the Daily Index. In addition to the spectacular
rise in hog prices, wheat, corn, cotton, and rubber also ad- nalist" Weekly Index of Wholesale Commodity Prices, when
- It rose to 118.5 from 116.0 (revised) Aug. 14. The week's
vanced. Four commodities-steel,copper,lead and coffee
remain unchanged. Other commodities composing the Index sharp advances in the livestock and meats groups, the "Andeclined, with hides, sugar and wool registering the greatest nalist" said, accounted for practically all the advance, the
recessions, while nominal/declines took place in cocoa and other individual gains and losses virtually offsetting each
other. Continuing, the "Annalist" stated:
silver.
1150
Financial Chronicle
Measured in terms of the old gold dollar, the index was the highest since
Oct. 31, 1933. Both the farm and food products groups made new highs
since Jan. 13, 1931.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
•
Aug. 21 1934. Aug. 14 1934. Aug. 22 1933.
Farm products
a103.9
108.6
88.9
Food products
118.9
115.9
104.7
Textile products
115.1
*114.9
126.6
Fuels
163.6
163.6
122.7
Metals
110.1
110.1
104.4
Building materials
113.1
113.2
107.7
Chemicals
98.7
a98.7
97.2
Miscellaneous
80.9
81.9
86.3
All commodities
118.5
*116.0
102.7
b All commodities on old dollar basis_
69.2
*67.7
75.2
•Preliminary. a Revised. b Based on exchange quotations for France. Switzerand, Holland and Belgium.
Foreign wholesale prices for July showed a mixed trend,
with the United States and Germany, out of the seven leading nations, higher than in June in terms of their own currencies, and Canada, the United Kingdom, France, Italy and
Japan somewhat lower, the "Annalist" reported, adding:
In terms of gold the trend was similar, except in Canada, which showed
a gain on a gold basis. The Annalist International Composite, at 72.1, showed
a gain of 0.3% from the month before, reflecting the rise in German prices
as a result of the increasingly stringent situation in that country. The worldwide advance in grains and other agricultural products as a result of drought
conditions also contributed to the rise.
It should be noted that the International Composite has been revised from
January to reflect the depreciation of the German mark since the beginning
of the year. The revision hardly does justice to the real depreciation, since
It is based on official exchange quotations, whereas in reality such marks as
are actually available to trade show a far greater drop than the 3.89% indicated by the average exchange rates for July. Under present conditions,
however, there is no way by which the full extent of depreciation can be
measured.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
(Measured in currency of country; index on gold basis shown for countries whose
currency has depreciated. 1913=100).
*July
1934.
slime
1934.
May
1934.
July
1933.
July
1932.
%
Change
from
June
1934.
U.S. ot America__ 114.4
114.3
110.8
103.4
92.1
+0.1
Gold
88.0
67.8
65.6
74.2
92.1
+0.3
Canada
112.5
112.6
111.1
110.1
101.0
-0.1
Gold
67.7
67.4
65.9
74.6
90.6
+0.4
United Kingdom
103.4
103.6
102.4
102.3
97.7
-0.2
Gold
63.6
63.8
63.8
70.2
71.3
-0.3
France
378
379
381
401
430
-0.8
Germany
98.8
97.2
96.2
93.9
95.9
+1.6
Gold
95.0
94.4
93.0
93.9
95.9
+2.2
Italy
272.9
274.5
274.3
283.3
299.9
-0.4
Gold
264.4
266.3
263.0
283.3
290.7
-0.7
Japan
131.5
131.9
133.1
137.6
111.6
-0.3
Gold
46.9
47.0
47.8
57.0
59.2
-0.2
Composite in gold b
72.1
71.9
a71.5
76.7
83.4
+0.3
* Preliminary. a Revised. b Includes also Belgium and Netherlands; Jan.
-Apr.
revised as follows: Jan., 74.3; Feb., 73.1; March, 72.2 and April 71.9.
Indices used U. S. A., Annalist: Canada, Dominion Bureau of Statistics; United
Kingdom, Board of Trade; France, Statistique Generale; Germany, Statiaticshe
Reichamt; Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
Show Seasonal Improvement.
The course of chain store trade in July followed pretty
much the pattern for June. Substantial extra-seasonal gains
were again reported by the grocery and five-and-ten store
groups. On the other hand,apparel and shoe chains sustained
further trade recession and in this were joined by the drug
group which in the previous month had enjoyed a favorable
business gain, reports the current review issued by "Chain
Store Age."
July Chain Store Sales
Notwithstanding the mixed nature of July sales results, that publication
points out, total volume for the 18 reporting chains dropped less than the
seasonal amount. The composite picture for the chain store field as reflected by the "Chain Store Age" index, advanced to 92.5 of the 1929-1931
average for the month as 100, from a level of 91.5 in June. In July of last
year, the index stood at 87.5.
Total average daily sales of the 18 chains comprising the index group
were $4,793,000 in July against $5,101,000 in June. This was a decline of
6%. A year ago, July sim an extraordinary boom in retail business generally
with the result that sales were only 1.3% short of the June volume. The
average decline during the base period 1929-1931 was about 6.8%.
For the second successive month the grocery group was the outstanding
performer with the greatest relative sales improvement. The index rose
to 85.3, the highest level since January, 1932, when it stood at 85.5. In
June this year the index was 84.2.
Five-and-ten-department store sales also bettered their sales showing. The
Index for six companies in July was 99.3 against 98.2 in June. In July, 1933,
the index stood at 92.3.
The index of July sales of two chains comprising the drug group dropped
to 100.0 from 102.0 in June. In July, 1933, the index stood at 94.8.
The index for three apparel chains was 88.2 in July against 91.3 in June,
and 79.4 in July, last year. For the shoe group, the sales index of two companies dropped to 82.0 in July from 101.0 in June. In July a year ago the
index stood at 78.6.
Value of Sales of Chain Stores in New York Federal
Reserve District Unchanged During July from
Year Ago.
Total sales of the reporting chain stores in the Second
(New York) District during July, reports the Federal
Reserve Bank of New York, were of the same dollar amount
as a year ago, following increases in other recent months.
The less favorable showing for July the Bank said, was
Aug. 25 1934
influenced by the fact that July of last year was the first
month in two years in which increased sales were reported.
Under date of Aug. 21 the Bank continued:
Small increases in July sales were reported by the 10
-cent, drug, variety,
and candy chain store systems, following substantial advances in most
of these lines in May and June. Sales of the grocery chains showed a small
decline, as in June, and in the case of the shoe chains a substantial reduction
occurred.
The number of stores operated by the grocery, 10
-cent, and variety
chain store systems was practically unchanged from July 1933. An increase
In the number of candy stores only partially offset reductions in the number
of drug and shoe units, so that total sales per store of all reporting chains
showed a slight increase over a year ago.
Percentage Change July 1934
Compared with July 1933.
No. of
Stores.
Total
Sales.
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
-1.3
-0.1
-6.0
-7.9
-0.5
+8.5
-3.0
+1.0
+0.6
-10.7
+1.9
+0.4
-1.8
+1.1
+7.0
-3.0
+2.4
-7.5
Total
-1.1
0.0
+1.1
Sales Per
Store.
Wholesale Commodity Prices Slightly Higher During
Week of Aug. 18 According to National Fertilizer
Association.
Wholesale commodity prices advanced slightly during the
week ended Aug. 18 according to the index of the National
Fertilizer Association. This index advanced two points
during the week, moving up from 74.0 to 74.2. During the
preceding week the index advanced nine points, and two
weeks ago it advanced eight points. A month ago it stood
at 72.4 and a year ago at 66.4. (The three-year average
1926-1928 equals 100.) In an announcement issued Aug. 20
the Association further said:
During the latest week 10 of the 14 groups in the index were affected by
price changes. Five groups advanced and five declined. Foods, grains.
feeds and livestock, fats and oils, fertilizer materials, and mixed fertilizer
were higher. The declining groups were fuel, textiles, metals, housefurnishing goods and miscellaneous commodities.
Prices for 35 individual commodities advanced while prices for 28 commodities declined during the latest week. A week ago there were 48
advances and only seven declines. Two weeks ago there were 37 advances
and 16 declines. Cotton declined about four-tenths of a cent a pound.
Corn advanced about one cent a bushel. Wheat at Kansas City declined
five cents a bushel. Cattle prices were slightly lower but there was a large
Increase in the price for hogs. Other important commodities that advanced
during the week were lard, butter, most vegetable oils, milk, cheese, pork
practically all feedstuffs, silk, silver, and coffee. The declining commodities included flour, heavy melting steel, gasoline, leather, hides and
rubber.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock-.
Textiles_
Miscellaneous commodities-.
Automobiles
Building materials
Metals
House-furnishing goods
Fats and olls
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements_ - _.
All strouna combined
Latest
Week
Aug.18
1934.
Preceding
Week.
Month
Ago.
Year
Ago.
72.4
69.9
72.0
72.3
68.1
88.7
81.5
82.0
85.8
58.3
93.2
66.7
76.3
99.8
71.9
70.2
69.7
73.0
69.4
88.7
81.5
82.1
86.2
57.1
93.2
66.6
76.1
98.8
71.0
69.8
62.3
71.9
69.3
88.7
80.7
82.2
86.2
51.6
93.2
66.9
76.1
98.8
68.9
58.0
52.9
64.8
68.7
84.4
74.7
78.5
78.7
45.0
87.0
65.7
66.7
90.1
74.2
74 n
724
RR 4
Wholesale Commodity Prices During Week of Aug. 11
at Highest Level Since March 1931 According
to United States Department of Labor.
The general average of wholesale commodity prices advanced during the week Aug. 11 to the highest level reached
since March 1931, according to an announcement made Aug.
16 by Commissioner Lubin of the Bureau of Labor Statistics
of the United States Department of Labor. In his announcement Mr. Lubin stated:
The index number of the Bureau of Labor Statistics increased by 0.4 of
1%. The current advance places it at 75.4% of the 1926 average.
The present index is 1.2% above the level of a month ago, when the
index registered 74.5. It is 83,i% higher than the corresponding week of a
year ago, when the index was 69.4, and 15% higher than two years ago.
when a level of 65.2 was reached. The increase since the first of the
year has been approximately 63i%.
The advance in prices was not widespread. It was mainly confined to
three commodity groups, farm products, foods and fuel and lighting materials with a minor advance in the miscellaneous group. Five of the 10
major groups covered by the Bureau showed a lower general average and
one, chemicals and drugs, remained at the level of the week before. The
index of the "All conunoditles other than farm products and foods" group
remained unchanged.
As compared with the low point reached in 1933 all individual commodity
groups haveshown material advances at wholesale. Farm products show a
rise of approximately 673i%;textile products an advance of 40%;and foods
a 35% increase. As compared with the 1934 low point, all groups with the
exception of hides and leather products and textile products have shown
advances ranging from 1.2% for building materials to more than 17% for
farm products.
The following table, contained in Mr. Lubin's announcement, shows the present level for each commodity group as
compared with the low point during 1934 and 1933 and with
the date and per cent of increase which has taken place for
the respective groups:
Aug. 11
1934.
Farm products
Foods
Hides & leather prod.
Textile products
Fuel & lighting mat'ls_
Metals dc metal prod_
Building materials_ - _
Chemicals & drugs_ _ _
Housefurnishing goods
Miscellaneous
All commodities other
than farm products
and foods
All commodities....
1151
Financial Chronicle
Volume 139
67.3
72.2
84.6
70.8
75.3
85.9
86.5
75.5
82.8
70.1
Date & Low
1934.
Jan. 6
Jan. 6
Aug. 11
Aug. 11
Mar. 31
Jan. 6
Jan. 6
Jan, 6
Jan. 27
Jan. 6
78.4 Jan. 6
Per Cent
of Inc.
Feb. 4
Mar. 4
Mar. 11
Mar. 4
June 10
Apr. 8
Feb. 18
Apr. 15
May 6
Apr. 8
40.2
53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
67.4
35.2
25.3
39.9
23.8
12.0
24.3
6.0
15.5
21.7
1.0 Apr. 22
65.5
19.7
17.2
15.2
0.0
0.0
4.0
3.1
1.2
3.0
1.3
6.4
57.4
62.7
84.6
70.8
72.4
83.3
85.5
73,3
81.7
65.9
77.6
75.4 Jan. 6
Date & Low
1933.
Per Cent
of Inc.
6.2 Mar. 4
71.0
total for this class of construction amounted to $339,191,700 as against
$224.376,800 for the corresponding seven months of 1933.
Public works contracts during July fell below the volume of June but were
more than twice as large as the volume reported in July of last year. For
the year to date contracts for public works amounted to $406,060.000 as
against only $121,094,300 for the corresponding seven months of 1933.
Public utilities awards in July were smaller than in June but were almost
twice as large as in July 1933. For the year to date contracts for this class
of construction amounting to $76,982,800, were more than twice as great
as in the like seven-month period of 1933.
Contemplated construction reported during July totaled $243,675,500 as
against $313,882,300 for June and $447,678,300 for July of last year. Losses
in proposed new construction from last year's totals were pronounced in
each of the four major classes of work but the reported decline in residential
planning was the most discouraging.
59.6
26.5
The following is also from the announcement issued by
Commissioner Lubin:
Farm products, with a general rise of 1.1% during the week, showed the
greatest increase. Fuel and lighting materials advanced by 0.8 of 1%.
Foods moved upward 0.6 of 1% and miscellaneous items 0.3 of 1%. The
hides and leather products group registered the fifth consecutive weekly
decline and decreased 0.8 of 1%.
Among the important commodities responsible for the rise in the index
were grains, hogs, poultry, cotton, hay, seeds, eggs, anthracite, bituminous
coal. Texas gasoline, butter, cheese,rye and wheat flour,corn meal,oranges,
fresh and cured beef, fresh and cured pork, lard, vegetable oils, cattle
feed, crude rubber, brick and tile, linseed oil, print cloth, sheeting, raw
silk, burlap, raw jute, antimony, bar silver, and tallow. Important items
showing decreases were beef cattle, fresh milk, onions, white potatoes, dried
fruits, fresh mutton, cocoa beans, cylinder oil, hides and skins, leather,
lumber, rosin, turpentine, plumbing and heating materials, knit goods,
steel scrap, pig tin, window shares, and ammonium sulphate.
The present index of the farm products group is 67.3% of the 1926
average, which is a new high for the year. The level for the past week is
15% above a year ago and 36% higher than two years ago, when the indexes were 58.5 and 49.4, respectively. The fuel and lighting group also
reached a new high level for the year. The present index of 75.3 compares
with 66.8 for a year ago and 72.9 for two years ago. Advancing prices
of meats, butter, cheese and cereal products forced the index of the food
group to the highest level for the year. The present index, 72.2, is 11%
above the corresponding week of last year and 15%% higher than two
years ago, when the indexes were 64.9 and 62.5, respectively. Due to
higher prices for cattle feed and crude rubber, the miscellaneous commodity
group rose by 0.3 of 1%.
The continued downward movement in average prices of hides, skins.
and leather was responsible for the 0.8% decline In the hides and leather
products group. The index for the group, 84.6. is the lowest that has
been reached during the current year, the highest (90.5) was reached the
week of Feb. 10. Declining prices of lumber and plumbing and heating
materials caused the building materials products group to decrease 0.7
of 1%. The textile products group, with an average decrease of 0.4 of 1%,
moved to a new low level for the year. The present index is 70.8 as compared with the high (76.7) reached the week of Feb. 24. The metals and
metal products group showed a decline of 0.3 of 1% with a minor decrease
recorded for the housefurnishing goods group. Fluctuating prices within
the chemicals and drugs group resulted in no change in the general average
from last week.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets and based on the average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
main groups of commodities for the past five weeks, and for the weeks
ending Aug. 12 1933, and Aug. 13 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 11,
AUG.4, JULY 28, JULY 21, AND JULY 14 1934, AND AUG. 12 1933. AND
AUG. 13 1932. (1926=100.0).
-37 STAT ES EAST OF THE
CONSTRUCTION CONTRACTS AWARDED
ROCKY MOUNTAINS.
New Floor
No. of
Projects. Space (Sq. Ft.).
Month of July
-Residential buileling
1934
Non-residential building
Public works and utilities
Valuation.
3,027
2,905
1,205
4,794,900
8,275,100
180,000
$19,879,100
60,753,400
39,066.300
7,182
$82,554,400
38,021,400
48,957,300
1,727,900
5151.627.000
' 339,163,200
483,042,800
88,706,600
$973,833,000
25,569
16,816
5,667
40,926,300
39,013,000
2,556,600
5136,788,600
224,376,800
153,502,400
48,052
Total construction
14,548,000
53,967
Total construction
23,630,400
39,983,200
18,940,800
21,208
20,942
11,817
1933
-Residential building
Non-residential building
Public works and utilities
$119,698,800
7,383.300
6,920,200
244,500
8,228
Total construction
First Seven Months
-Residential building
1934
Non-residential building
Public works and utilities
13,250,000
4,357
2,801
1,070
Total construction
-Residential building
1933
Non-residental building
Public works and utilities
82,495,900
$514,667,800
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1934.
No. of
Projects.
Month of July
Residential building
Non-residential building
Public works and utilltles
Valuation.
1933.
No. of
Projects.
Valuation.
3,596
3,475
1,464
$33,227,100
45,571,200
164,877,200
4,671
3,595
2,123
5204,377,000
101,462,100
241,839,200
8,535
$243,675,500
10,389
$447,678,300
First Seven Months
Residential building
25.652
Non-residential building
27,561
Public works and utilities.-- 13,736
$371,043,000
761,282,200
1.307.608,300
29,671
21,820
9.669
$308,358,800
497,843,700
873.566,800
$2,439,933,800
61,160
$1,679,769,300
Total construction
Total construction
66,949
Weekly Electric Production Continues Gain-Increase
of 1.5% Over Like Period of 1933 Also Shown.
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. 18 was 1,674,345,000
kwh., a gain of 1.5% over the corresponding week of 1933,
when output totaled 1,650,205,000 kwh. It was also an
increase when compared with the preceding week, the production for the week ended Aug. 11 .otaling 1,659,043,000
kwh. (which was likewise a gain-1.9%
-over the same
week of 1933). The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933).
Week Ended.
Aug. 11 Aug. 4 July 28 July 21 July 14 Aug. 12 Aug. 13
1934. 1934. 1934. 1934. 1934. 1933. 1932.
Farm products
Foods
Hides & leather products.
Textile products
Fuel & lighting materials
Metals & metal products
Building materials
Chemicals and drugs. _ _
Housefurnishing goods_ _
Miscellaneous
All commodities other
than farm products &
foods
All commodities
Major Geographic
Divisions.
66.1
71.2
87.0
71.6
74.7
86.4
87.4
75.6
83.0
70.0
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x7.0
3.8
1.1
1.9
5.4
12.3
x8.2
x5.9
1.7
x0.3
1.3
8.1
11.5
x3.7
x8.6
1.0
x2.6
1.7
8.2
9.7
x1.5
x7.1
1.7
0.2
4.0
4.6
8.7
x3.0
Total United States_
15
1.0
05
1 :1
67.3
72.2
84.6
70.8
75.3
85.9
86.5
75.5
82.8
70.1
66.6
71.8
85.1
71.1
74.7
86.2
87.1
75.5
83.0
69.9
64.5
70.8
86.1
71.4
74.7
86.3
86.7
75.6
83.0
70.1
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
58.5
64.9
91.4
72.9
66.8
80.8
80.7
73.1
76.0
65.2
49.4
62.5
70.2
52.1
72.9
79.4
69.4
73.4
74.9
64.7
Week Ended
Week Ended
Week Ended
Aug. 18 1934. Aug. 11 1934. Aug.4 1934.
Week Ended
July 28 1934.
x Decrease from 1933.
78.4
78.4
78.5
78.6
78.3
74.1
70.0
75.4
75.1
74.7
75.1
74.5
69.4
65.2
Valuation of Construction Contracts Awarded in July.
Construction awards through July continued above the
corresponding monthly totals of last year according to F. W.
Dodge Corp. The July volume of $119,698,800 for the 37
eastern States contrasts with $82,554,400 for July 1933 and
$127,116,200 for June of this year.
For the elapsed months of 1934 construction awards amounted to $973,861,500 for the 37 eastern States as against $514,667,800 for the corresponding seven months of 1933. The cumulative gain over 1933, amounting
to about 90%, was almost entirely due to the rise in publicly-financed construction projects growing out of the Public Work Administration program.
This class of work alone totaled $624,273,200 while for the corresponding
seven months of last year publicly-financed contracts amounted to only
$181,549,500.
Residential building contracts let during July fell below the respective
totals for either the preceding month or July 1933. For the year to date,
however, residential awards are still above the total for the corresponding
seven months of 1933: the gain amounts to about 11%.
Ron-residential building awards totaled $60,753,400 for July against
$43,141,900 for June and $39,983,200 for July of last year. The cumulative
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kilowatt-hours
-000 Omitted.)
1934.
1933.
1932.
1931.
%Inc.
1934
Over
1933.
Week ofWeek ofWeek ofWeek of
May 5 1,632,766 May 6 1,435,707 May 7 1,429,032 May 9 1,637.296 +13.7
May 12 1,643,433 May 13 1,468,035 May 14 1,436,928 May 16 1,654,303 +11.9
May 19 1,649,770 May 20 1,483,000 May 21 1,435,731 May 23 1,664,783 +11.2
May 26 1,654,903 May 27 1,493,923 May 28 1,425,151 May 30 1.601,833 +10.8
June 2 1,575,828 June 3 1,461,488 June 4 1,381,452 June 6 1,593,662 +7.8
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,451 +7.3
June 16 1,665,358 June 17 1,578,101 June 18 1,441,532 June 20 1.609.931 +5.5
June 23 1,674,566 June 24 1,598,136 June 25 1,440,541 June 27 1,634,935 +4.8
June 30 1,688,211 July 1 1,655,843 July 2 1,456,961 July 4 1,607,238 +2.0
July 7 1,555,844 July 8 1,538,500 July 9 1,341,730 July 11 1,603,713 +1.1
July 14 1,647,680 July 15 1,648.339 July 16 1,415,704 July 18 1,644,638 -0.0
July 21 1,663,771 July 22 1,654,424 July 23 1,433,993 July 25 1,650,545 +0.6
July 28 1,683,542 July 29 1,661,504 July 30 1,440,386 Aug. 1 1,644,089 +1.3
Aug. 4 1.647.638Aug. 5 1,650,013 Aug. 6 1,426,986 Aug. 8 1,642,858 +0.5
Aug. 11 1.659,043 Aug. 12 1,627,339 Aug. 13 1,415,122 Aug. 15 1,629,011 +1.9
Aug. 18 1,674,345 Aug. 19 1,650,205 Aug. 20 1,431,910 Aug. 22 1,643.229 +1.5
Aug. 25
Aug. 26 1,630.394 Aug. 27 1.436,440 Aug. 29 1,637,533
Sept. 1
Sept. 2 1,637,317 Sept. 3 1Sept.,644,700
5 1.635.623
Sept. 8
Sept. 9 1.582.742 Sept. 10 1.423.977 Sept. 12 1.582.267 ____
Financial Chronicle
1152
BATA rOft RECENT MONTHS.
1934
Over
1933.
Month of-
1934.
1933.
1932.
1931.
January _ _ _
February _ _
March
April
May
June
July
August
September _ _
October
November
December_
7,131,158,C00
6,608,3.58,000
7,198,232,000
6,978.410,000
7,249,732,000
7,046,116,000
6,480,897,000
5,835,263,000
8,182,281,000
6,024.855,000
6,532,686,000
6,809,440,000
7,058,600,000
7,218,678,000
6,931,652,000
7,094,412,000
6,831.573,000
7,009,164,000
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
6,633,765,000
6,507,804,000
6,638,424,000
7,435,782,000
8,678,915.000
7,370.687.000
7,184,514,000
7,180,210.000
7,070,729,000
7,286,576,000
7,186,086,000
7.099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
NUMBER AND ESTIMATED COST OF TOTAL BUILDING CONSTRUCTION IN 122 LEADING CITIES OF THE UNITED STATES FOR WHICH
PERMITS WERE ISSUED IN JULY 1934.
City and State.
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
____
_-
Total
80.009.501.000 77,442.112,000 86,063,969,000
Note-The monthly figures shown above are based on reports covering approxi
mately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Building Operations During July in United States,
According to United States Department of Labor
Estimated Expenditures of New Building Increased
Over June, Contrary to Seasonal Trend.
"The number of buildings for which permi's were issued
decreased 5.0%, but the value of building corstruction projects increased 14.5% comparing July with June, according
to reports received by the Bureau of Labor Statistics of the
United States Department of Labor, from 756 identical
cities having a population of 10,000 or over," Commissioner
Lubin announced Aug. 21. He said:
This increase in indicated expenditures for building operations is contrary
to the usual seasonal trend. In 1932 there was a decrease of 30.5% and
in 1933 a decrease of 11.3%. comparing building permit values in July
'with June.
These permits cover building construction only. The data do not include such other types of construction as road building, river, harbor,
flood control work, Stc. Included with the building permit figures are the
number and cost of public buildings for which contracts are awarded by
Federal and State governments in cities having a population of 10,000 or
over. In June the value of such public buildings was 51,694.894; in July,
52,991,048.
In an announcement issued by the Department of Labor,
the per cent of change in building construction, June to
July 1934, was shown as follows:
Number.
-4.1
-3.8
-5.3
Estimated Costs
+ 0.4
+32.9
+ 4.0
-5.0
Type of Building.
New residential
New non-residential
Additions, alterations, repairs
+14.5
Total
The dwellings for which permits were issued in July will
provide 2,557 family-dwelling units, the annourcement
said. A comparison of permit data for July 1934 with the
corresponding month of 1933 shows a decrease of 0.4 of 1%
in number but an increase of 25% in the estimated cost of
buildings for which permits were issued. The per cent of
change in building construction, July 1933 and July' 1934,
follows:
Number.
-37.9
-11.3
+7.8
Estimated Cost.
-30.7
+71.4
+36.0
-0.4
Type of Building.
New residential
New non-residential
Additions, alterations, repairs
+24.9
Total
The following is also from the announcement:
There was a decrease of 20.4% in the number of dwelling units provided,
comparing permits issued in 1934 with those issued during the corresponding month of 1933.
Permits were issued during July for the following important projects.
In New Haven. Conn.,for a college dormitory to cost $1.300.000; in Boston,
Mass.,for a hospital building to cost nearly $1.400,000;in Wellesley. Mass.,
for an educational building to cost $700,000; in Ithaca, N. Y.,for a hospital
building to cost nearly $400,000; in the Borough of the Bronx,for wholesale
markets to cost over $700.000 and for a school building to cost $450.000;
in Chicago. Ill., for a department store to cost $1,000,000; in Muncie,
Ind., for a school building to cost $450,000; and in Helena, Mont.. for a
school building to cost over $330,000.
ESTIMATED COST OF NEW BUILDINGS IN 756 IDENTICAL CITIES IN
SEVEN REGIONS OF THE UNITED STATES AS SHOWN BY PERMITS
ISSUED IN JUNE AND JULY 1934.
New Residential Buildings.
Geographic Division. Mies.
Estimated
Cost.
Families Provided for is
New Dwellings.
June.
June.
July.
New England
Middle Atlantic
East North Central_ _
West North Central_
South Atlantic
South Central
Mountain and Pacific
109
167
180
69
76
74
81
$1,285,878
3,190,706
1,098,062
545,520
968.230
548,927
1,006,371
51,353.976
3,396.163
924,044
482,715
979,323
539,683
1,023,789
278
813
241
192
267
215
346
277
1,031
214
182
272
266
335
Total
Per cent of change_ _
756
18,843,694
18,679,693
+0.4
2.352
2.557
+8.7
New Non-Residential
Buildings,
Estimated
Cost.
Geographic Division.
July.
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
June.
July.
June.
$4,938,992
6,485,344
3,708,155
1.118,242
1,106,613
1,030,416
2,536,335
15,439,353
13,428,782
5,538.729
2,187,705
5,090,407
2,940,830
5,246,098
18,119,301
15,656,718
6.897,034
2.436,039
3,791,799
2,854,742
5,952,637
756 515,738.947 $20,924,097 139,869,904
+32.9
545,708,270
+14.6
New England
Middle Atlantic
East North Central....
West North Central_
South Atlantic
South Central
Mountain and Pacific
109
167
180
69
76
74
81
Total
Per cent of change_ - -
No. of
Buildinn.
Akron, Ohio
112
Albany, N. V... - 168
Allentown, Pa ____
17
Atlanta, Ga
196
Baltimore, Md-_ 665
Bayonne, N..1-___
27
Berkeley. Calif__
45
Binghamton, N.Y. 209
Birmingham, Ala_ 287
Boston, Mass... __ 479
Bridgeport, Conn- _
43
Buffalo, N. Y
160
Cambridge, Mass
64
38
Camden, N. J
Canton. Ohio_ __
59
Charlotte, N. C._
21
Chattanooga,Tenn. 239
Chicago. Ill- - -_-_ 310
Cincinnati. Ohio__ 352
Cleveland, Ohio -- 251
Columbus, Ohio __
101
Dallas. Texas
200
Dayton, Ohio
57
Denver.Colo
234
Des Moines, Iowa75
Detroit, Mich
420
Duluth, Minn
116
East St. Louis,Ill_
23
Elizabeth, N.J____
24
El Paso, Texas.28
Erie, Pa
33
Evansville,Ind_
111
Fall River, Mass
35
Flint, Mich
170
Fort Wayne, Ind- _
48
Fort Worth, Texas
59
Gary, Ind
15
Glendale, Calif _ __ 50
Grand Rapids, Mich
74
Harrisburg, Pa 20
Hartford,Conn__
189
Houston, Texas- __ 192
Huntington, W. Va
14
Indianapolis, Ind__
165
Jacksonville,Fla __ 423
Jersey City, N. J_ 55
Kansas City. liana
3_5
Kansas City, MO-31
Knoxville, Tenn __
36
Lakewood, Ohio __
17
Lansing, Mich ____
46
Lawrence, Mass _
21
Lincoln, Neb
79
Little Rock, Ark_
. 58
Long Beach. Calif
. 185
.
Loa Angeles, Calif 1,162
Louisville, Ky ____
85
Lowell, Mass
37
Lynn, Mass__ __
44
‘ianchester, N. H.
75
demphis, Tenn _ _ _
131
Estimated
Cost.
City and Stale.
No. of
BuildOtos.
571,845 Miami, Fla._ _ 352
185,410 Milwaukee, Wis.__ 214
21,870 Minneapolis, Minn
224
102,743 Nashville, Tenn _
75
569.372 Newark, N..1._ _
90
28,687 New Bedford, Mass
45
64,771 New Haven, Conn.
59
533,231 New Orleans, La__
100
92,523 NewYorkCity,N.Y 3,454
2,168,998 Niagara Falls, N.Y.
76
40,205 Norfolk, Va.__ _
51
710,127 Oakland, Calif_ __ 231
205,388 OklahomaCity.Okla
61
95,260 Omaha, bleb
87
51,810 Pasadena,Calif
193
85,538 Paterson, N.J
104
41,879 Pawtucket, R. I _
31
1,780,655 Peoria, Ill
36
242.810 Philadelphia, Pa___ 327
307,100 Pittsburgh. Pa__
177
74,400 Portland, Ore
251
143,156 Providence, R. I. 326
48,917 Quincy, mass
56
200,802 Reading Pa.__ ......
60
106,130 Richmond,Va._ _
101
829,086 Rochester, N. Y ._
173
87,490 Rockford,111
34
45,665 Sacramento, Calif..
53
11,000 Saginaw, Mich _
59
12,110 St. Joseph, Mo.....
8
10,800 St. Louis, Mo ___ 301
53,043 St. Paul, Minn. _ _
. 273
6,054 SaltLakeCity,Utah
69
50,047 San Antonio, Texas 110
37,904 San Diego, Calif _
149
54,608 San Francisco, Calif 157
13,995 Schenectady, N.Y
112
37,535 Scranton, Pa__ 70
33,465 Seattle, Wash
293
48,850 Shreveport, La
161
102,668 Sioux City, Iowa_
25
262,896 Somerville, Maas__
17
6,780 South Bend, Ind _
67
302,213 Spokane, Wash. _
92
128,229 Springfield, Mass__
49
87,422 Syracuse, N. Y____
57
63,625 Tacoma, Wash .._
. . 64
258,800 Tampa,Fla__ __
189
55,456 Toledo, Ohio
94
20,185 Trenton, N. J __
46
30,881 Tulsa. Okla
55
13,615 Utica, N. Y
18
123,347 Washington, D. C. 429
21,728 Waterbury,Conn_
39
184,423 Wichita, Kane_ _
55
1,310,398 Wilkes-Barre, Pa_
51
246,378 Wilmington, Del_
52
29,650 Winston-Salem,N.0
54
24,733 Worcester. Mass _
124
27,183 Yonkers, N. Y_ .__
44
65.520 Youngstown, Ohio_
69
Estimated
Coal.
$196,839
496,112
138,920
199,788
826,535
37,650
1,424,638
239,707
7,793,238
121,048
61,954
200,978
224,901
65,674
173,550
70,751
10,395
26,880
649,373
283,035
144.860
200,950
31,632
29,020
140,185
116,356
16,575
92,450.
11,095.
5,980.
288,534
211,809
47,841
142,913
409,154
271,242
102,674
85,406
113.850
134,307
143,314
5,925
22.165.
25,795.
89,726
252,795.
35,955
48.166
275,232'
39,999
45,81T
21,150.
1,199,148
139,159
77,165
40,452'
107,180.
24,315.
122,826
71,360
46,811
Business Well Sustained in Dallas Federal Reserve
District Despite Drought.
The Federal Reserve Bank of Dallas, in its "Monthly Business Review" of Aug. 1 (compiled July 15), states that "a
sharp deterioration in the condition of principal crops and
of livestock and their ranges, due to the prolonged and widespread drought, was a development of major importance in
the Eleventh (Dallas) Federal Reserve District during the
past month. Despite the drought," the Bank said, "business
has been well sustained. Sales of department stores in principal cities, while reflecting a seasonal decline of 16% as
compared with May, were 24% larger than in June 1933.
Distribution in some lines of wholesale trade declined more
than seasonally," according to the bank, which said that
"this was not surprising because of the heavy volume of May
business. Sales in most lines continue to show large increases over the corresponding month last year." The bank
said that "commercial failures in June were few in number
and the liabilities of defaulting firms were small."
As to the drought and crop conditions in the Dallas district0
the bank reported:
The drought which had been prevailing for several months in the western
part of the district became more general in June and July, and is now
affecting to some extent practically the whole of the district. The situation
has been aggravated by the abnormally high temperatures, which have caused
rapid evaporation of moisture and which have partially nullified the effect
of rainfall in some sections. According to the July 1 report of the Depart.
ment of Agriculture, prospective yields of principal crops are considerably
below the average. Feed crops are spotty, being fairly good in some sections
to near failure in others. There will be a shortage in many areas unless
weather conditions are favorable to the production of fall crops. The cotton
crop has withstood the drought remarkably well, but recent reports indicate
that deterioration has set in. Nevertheless, the crop could show rapid
recuperation should heavy rains occur in the near future. The condition
of livestock and their ranges has declined sharply in nearly all sections, and
In many areas the situation is very critical. Particularly in the western
part of the district, feed and stock water are scarce. Livestock in substantial
numbers are being moved to more favorable areas or sold to the Government.
Recent reports indicate considerable losses in borne areas.
July.
52.210,963
5,022,224
2.252,222
669.640
1,962,108
1,246,987
2,374,803
Aug. 25 1934
Business Conditions in Richmond Federal Reserve
District-Seasonal Decline Noted in Retail Trade
During June-Construction Lagging.
"The June record in the Fifth (Richmond) District was
better than the national record in both number of insolvencies and in liabilities involved," states the Federal Reserve
1153
Financial Chronicle
Bank of Richmond,in its "Monthly Review" of July 31. "Employment conditions," the bank said, "showed little net
change during June and early July, but there was a considerable amount of unrest and dissatisfaction in labor circles.
which was indicated by a number of strikes, especially in the
textile field." The bank said that "construction work continues to lag far behind other business in the Fifth District."
Continuing, the bank stated:
Retail trade in June Showed a seasonal decline in comparison with May
trade, but averaged 20% above the volume of trade done in June last year,
and wholesale trade was about at seasonal levels in comparison with business
done in recent months. Agricultural prospects are quite varied in the district, some crops having excellent prospects while others appear to be backward, but it is too early in the season to estimate accurately probable production this year for most crops. Generally speaking, acreage planted in
money crops has been reduced, while acreage in food and feed crops has been
materially increased.
July Employment and Payrolls in Manufacturing
Industries Below June According to United States
Department of Labor-10 of 18 Non-Manufacturing
Industries Show Increased Employment While
Eight Show Higher Wages.
Factory ernployment in the manufacturing industries of
the United States, according to the Bureau of Labor Statistics
of the United States Department of Labor, declined by
3% and factory payrolls fell by 6.8% betweer, June and
July. These declines were due to inventory-taking, repairs,
vacations, and the closing-down of plants over an extended
July 4 holiday period, the Bureau said. The decreases this
year were further augmented by strikes in various localities
and, in a number of instances, plants reported operations
affected by the drought and extreme heat. During the
preceding 15-year period, 1919-1933, inclusive, for which
data are available in the Bureau of Labor Statistics, employment has declined in July in 12 instances and payrolls
have decreased in 13. The only years in which increases in
employment in July were shown were 1919, 1929, and 1933.
The Bureau further reported:
The Bureau of Labor Statistics' general index of factory employment for
July 1934 is 78.6 (preliminary) and the July 1934 payroll index is 60.4
(preliminary). The July 1934 index of factory employment is 9.9% higher
than the July 1933 index (71.5), and the payroll index is 18.9% above the
level of the payroll index of July of last year (50.8). The base used in
computing these indexes is the average for the 3
-year period, 1923-1925.
taken as 100. (Prior to March 1934, the indexes of factory employment and
payrolls, published by the Bureau, were not adjusted to conform with the
trends shown by biennial census reports and were based on the 12
-month
average of 1926 taken as 100. Computed on the old basis, the July employment index stands at 73.7 and the payroll index at 54.9.)
The indexes of factory employment and payrolls are computed from
reports made by representative establishments in 90 important manufacturing industries of the country. In July, reports were received from
23,257 establishments employing 3,604,143 wage earners, whose weekly
earnings during the pay period ending nearest July 15 totaled $67,099,752.
More than 50% of the wage earners in all manufacturing industries of the
country are covered in these monthly employment surveys.
Gains in employment from June to July were shown in 20 of the 90 manufacturing industries surveyed and increased payrolls were reported in 21
industries. The most pronounced gain in employment over the month
interval (33%) was a seasonal increase in the canning and preserving
industry. The employment increases of 21.1% in the typewriter industry,
14.6% in rubber boots and shoes, and 10.7% in the cash register, adding
and calculating machine industry were due largely to resumption of plant
operations in July following the settlement of labor difficulties in certain
establishments. The beet sugar industry reported a seasonal increase of
14.5%. Employment in the locomotive industry continued to expand, the
increase of 9.5% in July reflecting orders placed by railroads for equipment.
Rayon establishments showed a gain bf 8.4% in employment and the
increase of 8.1% in the cottonseed oil, cake, and meal industry marks
preliminary activity in preparation for later pronounced seasonal expansion.
The beverage and ice cream industries reported seasonal gains in employment of 3.2 and 4.7%, respectively. A number of establishments in the
slaughtering and meat packing industry reported increased employment due
to large receipts of cattle purchased by the Government. The increase of
1.5% in employment in the baking industry was due primarily to the
adoption of the National Recovery Administration code by the industry
on July 9. Among the remaining eight industries reporting increased
employment, small seasonal gains were shown in the boot and shoe, woolen
and worsted goods, and tin can industries.
The most pronounced decline in employment from June to July
(29.1%)
was shown in the hardware industry; inventories, vacations, and drought
together with a falling-off in demand for automobile hardware accounting
to some extent for this sharp decline. The millinery and women's clothing
industries reported seasonal losses in employment of 22.5%, and
21.0%,
respectively. The silverware industry reported a decline of 11.5%, aircraft,
10.0%, and shirts and collars, 10.4%. Employment in shipbuilding declined
9.6% and the aluminum manufactures industry showed a falling-off of
9.3%. Employment in the blast furnace-steel works-rolling mills industry
decreased 8.4% over the month interval, and payrolls showed a decline of
30.5% due to reduced plant operations during the July 15 pay period.
Among the remaining 61 industries in which employment decreased in
July, declines in industries of major importance were automobiles, 7.8%;
foundry and machine-shop products, 5.0%; sawmills. 3.8%; machine
tools, 2.6%; cotton goods, 2.1%; and newspapers. 2.0%•
Comparing the level of employment and payrolls of July 1934 with
July 1933, 67 industries show gains in employment and 75 industries show
gains in payrolls.
In the following are presented the indexes of employment and payrolls
for July 1934, June 1934 and July 1933 for each of the manufacturing
industries covered by the Bureau of Labor Statistics. The indexes are not
adjusted for seasonal variations.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
-year average, 1923-192100.)
(3
Payroll Totals.
Employment.
Afanufadurfsg Irutustrtes.
July
1933.
General index
June
1934.
July
1934.
July
1933.
June
1934.
July
1934.
71.5
81.0
*78.6
50.8
x64.8
*60.4
70.3
41.4
62.6
47.6
72.4
79.8
51.9
41.4
49.3
22.1
68.9
64.5
28.9
47.9
55.4
27.4
75.4
51.5
51.8
64.0
44.4
26.6
42.4
39.0
56.5
42.9
52.5
38.3
53.4
34.3
34.8
36.4
48.3
86.6
30.2
46.8
31.8
66.2
31.2
58.5
59.0
99.6
24.0
77.6
42.7
94.1
40.6
94.5
59.3
123.6
38.4
89.4
52.7
119.3
49.0
96.0
78.6
69.3
39.1
33.0
61.6
76.1
58.1
70.2
104.6
57.9
75.6
86.3
65.1
35.8
51.8
49.8
71.4
69.5
69.1
205.0
71.3
78.1
87.8
372.5
98.4
51.3
35.5
69.2
58.3
66.3
57.7
73.2
68.9
75.0
25.6
35.3
26.3
63.5
55.3
35.9
43.5
279.4
48.8
18.1
5.3
36.2
40.0
52.9
39.1
43.1
53.1
48.8
49.6
55.5
57.0
117.4
59.5
53.4
x76.1
366.3
x85.8
53.1
14.6
60.2
53.8
59.6
53.5
57.9
59.1
58.4
45.6
51.1
51.5
114.4
56.1
68.9
65.4
324.9
70.7
46.3
16.4
55.6
51.1
68.2
61.8
61.7
61.3
33.1
34.5
39.0
28.8
52.9
48.3
49.8
49.8
45.2
49.2
43.6
68.6
90.3
48.8
62.0
37.0
33.8
97.3
54.2
31.7
684
89.1
30.1
54.0
27.6
36.0
22.7
17.0
34.2
27.9
15.5
27.8
53.8
43.5
80 1
33.9
41.2
24.1
23.2
51.0
38.8
19.3
39 9
73.4
43.2
72.9
31.8
39.5
23.1
20.9
50.3
36.1
17.0
39.1
69.5
Iron and steel and their products.
76.4
not Including machinery.... 61.8
Blast furnaces, steel works, and
79.1
62.1
rolling mills
84.8
Bolts, nuts, washers and rivets 78.2
53.6
43.2
Cast-Iron pipe
Cutlery (not incl. silver and
79.7
plated cutlery) and edge tools 61.4
59.0
41.3
Forgings. Iron and steel
73.0
58.8
Hardware
64.3
69.6
Plumbers' supplies
Steam and hot-water heating
49.2
apparatus and steam fittings 53.3
94.2
70.0
Stoves
Structural & ornamental metal
59.7
45.5
work
96.7
Tin cans and other tinware.- 81.8
(not including edge tools,
Tools
61.1
machine tools. files and saws) 49.4
109.4 131.4
Wirework
Machinery, not including trans80.8
58.1
portation equipment
73.3
40.1
Agricultural Implements
Cash registers, adding machines
94.5
80.0
and calculating machines
Electrical machinery,apparatus
66.2
51.4
and supplies
Engines, turbines, tractors and
72.6
43.7
water wheels
Foundry & machine-shop prod.. 52.9 73.1
70.9
37.5
Machine tools
138.0 206.0
Radios and phonographs
73.2
Textile machinery and parts._ 63.0
64.5
55.2
Typewriters and parts
58.3 x95.1
Transportation equipment
325.3 418.1
Aircraft
65.9 x106.8
Automobiles
53.9
24.7
Cars, electric & steam railroad
32.5
13.1
Locomotives
76.6
52.3
Shipbuilding
59.8
51.7
Railroad repair shops
66.7
65.2
Electric railroad
59.3
50.7
Steam railroad
75.9
81.7
Nonferrous metals & their prod
76.0
72.3
Aluminum manufactures
78.2
69.1
Braes, bronze & copper prod
Clocks and watches and time69.4
49.3
recording devices
64.6
49.9
Jewelry
61.9
50.2
Lighting equipment
69.3
Silverware and plated ware._ 44.3
Smelting and refining-copper.
67.4
47.3
lead and zinc
93.0
Stamped and enameled ware.-- 80.0
50.0
46.6
Lumber and allied products
62.4
62.4
Furniture
37.9
38.7
Lumber-Millwork
35.1
30.8
Sawmills
98.6
83.5
Turpentine and rosin
57.1
Stone, clay and glass products... 49.3
34.4
Brick, tile and terra cotta
33.3
59 1
50.2
Cement_
93.6
72.0
Glass
Marble, granite, slate and other
33.8
36.6
products
69.4
59.6
Pottery
95.4 x90.0
Textiles and then products
96.7 x89.9
Fabrics
68.5
67.1
Carpets and rugs
94.2
99.5
Cotton goods
80.5
87.1
Cotton small wares
Dyeing & finishing textiles.- 102.3 105.6
74.8
76.8
Hats, fur-felt
107.1 110.6
Knit goods
75.4
Silk and rayon goods
82.8
Woolen and worsted goods
96.0 x6 .
80
89.3
Wearing apparel
88.3
81.6
86.9
Clothing. men's
98.1 113.4
Clothing. women's
87.5
89.2
Corsets and allied garments
96.2
Men'* furnishings
108.4
64.6
65.3
Millinery
Shirts and collars
109.4 104.6
87.7
Leather and its manufactures- 89.5
86.8
Boots and shoes
90.3
91.5
Leather
86.3
Food and kindred products
94.5 105.1
Baking
99.5 114.6
166.6 183.0
Beverages
88.8
Butter
79.6
90.7
Canning and preserving
96.2
68.9
68.9
Confectionery
'14.8
Flour
68.3
86.7
lee cream
70.8
Slaughtering and meat packing 85.2 101.4
47.6
Sugar, beet
47.7
89.5
Sugar refining, cane
78.1
62.4
Tobacco manufactures
60.3
Chewing and smoking tobacco
73.2
and snuff
72.0
61.0
Cigars and cigarettes
58.8
94.7
Paper and printing
84.1
83.9
Boxes, paper
77.1
Paper and pulp
89.9 106.0
Printing and publishing:
84.8
Book and lob
75.5
98.8
Newspapers and periodicals_ 90.1
Chemicals and allied products,
and petroleum refining
92.3 104.5
Other than petroleum refining_ 91.1 102.9
Chemicals
87.9 111.7
Cottonseed-oil, cake & meal 87.3
50.7
96.9
Druggists' preparations
86.4
Explosives
95.7
72.8
Fertilizers
74.4
58.6
Paints and varnishes
92.0 106.1
Rayon and allied products._ 281.4 273.8
Soap
99.9
88.4
Petroleum refining
96.9 111.4
Rubber products
85.6
77.4
Rubber boots and shoes
46.6
45.5
Rubber goods,other than boots.
shoes, tires and Inner tubes.. 110.8 124.2
Rubber tires and Inner tubes._ 73.2
81.7
Preliminary a Revised.
33.1
64.1
*8b.9
*86.9
67.4
92.2
76.2
99.4
76.9
101.9
73.4
*69.5
79.8
81.4
89.8
86.8
89.5
50.1
93.7
89.4
89.0
91.5
110.1
116.3
188.9
86.9
120.6
66.4
77.5
90.8
103.5
54.5
82.3
61.1
68.8
50.6
54.1
50.4
54.4
ao.a
21.5
22.8
23.5
38.4
43.7
33.5
64.4 x66.4 *62.5
69.2 x66.9 *64.4
48.4
50.1
56.6
66.1
65.3
69.0
59.2
63.3
69.5
70.6
72.9
81.6
83.2
68.8
67.1
86.0
79.0 100.0
55.9
59.0
56.7
70.1 149.1 *49.9
55.3
61.7
50.9
54.5
54.6
51.3
60.9
72.6
51.9
69.4
76.4
68.6
56.7
66.7
61.8
37.7
51.5
45.1
82.2
94.1
72.1
77.2
72.9
72.4
76.2
70.5
71.4
79.2
79.8
74.8
95.6
91.9
76.8
98.2
96.5
81.8
160.9 182.5 193.5
66.6
68.0
61.1
84.2 103.6
70.2
55.4
58.0
47.6
65.0
62.7
56.2
72.6
68.9
54.7
91.4
87.2
66.5
40.7
38.9
37.7
65.9
77.3
73.4
47.3
47.5
43.6
72.9
59.6
93.4
83.1
104.8
61.0
41.4
67.9
65.3
68.3
66.6
45.1
78.9
73.8
78.5
67.0
44.8
77.3
71.6
77.1
83.7
96.8
59.5
75.5
71.0
87.5
70.3
84.8
.105.3
*103.7
112.3
54.8
93.8
92.0
*69.6
*101.1
296.8
97.7
111.7
83.9
53.4
74.1
71.9
74.4
61.2
75.4
52.1
42.4
71.2
177.3
74.3
81.4
60.4
42.1
88.1
86.6
96.1
48.0
90.3
73.5
57.5
86.3
200.0
86.0
93.1
66.5
41.1
*88.6
*86.4
96.6
53.7
86.1
71.0
*56.0
*78.0
208.6
84.3
95.7
61.9
49.4
122.1
77.4
85.6
55.9
99.4
61.1
87.5
55.9
As to employment conditions in non-manufacturing industries during July, the Bureau said:
Increased employment was shown in 10 of the 18 non-manufacturing
industries surveyed by the Bureau of Labor Statistics and gains in payrolls
were reported in eight industries. The crude petroleum producing industry
1154
Financial Chronicle
Aug. 25 1934
reported the largest percentage gains in both items from June to July,
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED IN
2.0% in employment and 5.4% in payrolls. Employment in the building
THE NINTH FEDERAL RESERVE DISTRICT.
construction industry increased 1.6% and payrolls increased 2.3%. These
gains are due to changes in private building construction and do not include
% July 1934
employees engaged on construction projects financed by Public Works
July 1934.
July 1933. of July 1933.
funds. The power and light and the telephone and telegraph industries
Bread wheat
$3,509,000
reported gains in employment of 1.2% and 0.8%, respectively. The in36,981,000
50
Durum wheat
597,000
1,090,000
55
crease in employment in the laundry industry was 0.7% and the gains in
Rye
90,000
880,000
10
the remaining five industries in which increases In employment were
Flax
354,000
431,000
82
Dairy products
reported (banks, bituminous coal mining, hotels, insurance, and real
13,469,000
14,148,000
95
Hogs
3,969,000
estate) were 0.4% or less. While employment showed a slight gain in
5,538,000
72
bituminous coal mining, payrolls in this industry decreased 9.8%,reflecting
Total of six items
$21,988,000 329,068,000
78
Butter production (pounds)
the sharply reduced production in the industry during the July 15
53,876,000
64.2594)00
84
Pay
period.
In the eight non-manufacturing industries in which decreased employFurther Seasonal Decline Noted in Factory Employment was reported from June to July. the largest percentage decline(6.8%)
ment in New York State from Mid-June to Midwas a seasonal decrease in anthracite mining. Payrolls in this industry
showed a drop of 20.6%, due to decreased production and the effects of the
July-Losses Also Reported by Factories in New
July 4 holiday period.
York City.
Employment in retail trade, based on reports received from 36,722
Employment and payrolls in New York State factories
establishments, showed a decrease of 5.6% from June to July. This decontinued to decline seasonally during the period from
crease, which is partially seasonal and reflects summer inactivity, was
accentuated by the effect of strikes and the drought in certain localities.
the middle of June to the middle of July, according to a
The general merchandise group (department stores, variety stores, general
statement issued Aug. 13 by Industrial Commissioner
merchandise stores, and mail order houses) showed a decrease of 8.4%.
The remaining retail groups showed a net decrease in employment of 3.2%
Elmer F. Andrews. The number of persons employed
from June to July. The dyeing and cleaning industry also reported a seasonal
decreased 1.4% over the monthly period, the statement
decline of 5.1% in employment over the month interval. Brokerage firms
said, while wage payments dropped 2.2%. These losses
continued to show recessions in employment due to small stock turnover.
the July tabulation showing a further decline of 4.2%. Employment in the
lowered the State Labor Department's index numbers,
metalliferous mining industry decreased 2.8% from June to July and the
which are computed with the averages for the three years
quarrying and non-metallic mining industry reported a decrease of 1.9%
1925-27 taken as 100.0, to 70.0 for employment and 55.8
in employment. The decreases (0.1%) in employment in the remaining
two industries, electric-railroad and motor-bus operation and maintenance,
for payrolls. The statement continued:
and wholesale trade, were practically negligible.
Compared with the corresponding period a year ago, employment and
The 18 non-manufacturing industries surveyed, with indexes of employpayrolls this July were 12.7% and 16.4%, respectively, above
the levels
ment and payrolls for July 1934, where available, and percentages of
prevailing at that time.
change from June 1934 and July 1933 are presented in the table below. The
This analysis is based on returns from 1,747 representative
factories
12
-month average for the year 1929 is used as the index base, or 100, in
located in various parts of the State, employing during the middle
week
computing the index numbers of the non-manufacturing industries, as
of July approximately 348,000 persons and paying out more than
$8,007,000
information for earlier years is not available from the Bureau's records.
in wages. These factories report each month to the State Labor
Department's Division of Statistics and Information, of which Dr. E.
B. Patton
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUis the Director.
FACTURING INDUSTRIES IN JULY 1934 AND CO MPARISON WITH
The decline in employment this July was a little higher than the average
JUNE 1934 AND JULY 1933.
decrease for the 20 years 1915-33. The percentage change in employment
(Average 192100.)
from June to July in the last 21 years is shown in the following
table:
Employment.
Payroll.
Increases June to July.
Index P. C. Change From Index P. C. Change From
July
July
1934.
June
July
1934.
June
July
1934.
1933.
1934.
1933.
Anthracite mining
Bituminous coal mining
Metalliferous mining
Quarrying and non-metallic
mining
Crude petroleum producing_
Telephone and telegraph _ _
Electric light and power and
manufactured gas
Electric railroad & motor-bus
operation and maintenance
Wholesale trade
Retail trade
Hotels (cash payments only)•
Laundries
Dyeing and cleaning
Banks
Brokerage
Insurance
Real estate z
Building construction z
53.6
77.0
39.9
+0.3
55.6
81.6
71.0
85.0
73.1
84.0
83.3
86.3
84.6
80.5
+22.4
+21.8
+20.9
42.3
49.7
25.1
1.9
+2.0
+0.8
+12.3
+37.1
+3.6
+1.2
-0.1
+0.1
+0.7
+0.4
-20.6
-5.8
+10.7
+47.9
+32.1
35.0
60.0
72.3
+5.4
+1.4
+23.2
+42.2
+8.4
+9.7
81.1
+4.2
+15.9
+5.3
+9.2
+11.7
+14.2
+6.4
+5.1
+4.4
-20.2
+1.6
+6.4
+0.2
63.8
67.8
69.5
65.6
68.2
58.9
+0.9
+1.7
-2.9
+11.1
+14.4
+19.6
+23.1
+16.2
+17.8
+4.4
-18.1
+3.8
+9.3
+7.1
-0.1
-8.1
+0.3
-6.0
+0.5
+1.6
+2.4
The additional value of board, room, and tips cannot be computed. a Not
available. c Less than 0.1 of 1%. z Preliminary.
Decrease Noted in Volume of Business in Minneapolis
Federal Reserve District During July as Compared
with June.
"The volume of business in the Ninth (Minneapolis)
Federal Reserve District declined in July from the level of
June," it is stated in a preliminary summary of conditions
in that district by the Federal Reserve Bank of Minneapolis.
issued Aug. 16. "The sharpest decrease occurred in the
seasonally adjusted index of sales of city department stores,"
the Bank said, stating that the index "decreased from 71
in June to 61 in July." The truck drivers' strike in Minneapolis was cited by the Bank as doubtless a factor in the
decrease. The Bank stated:
Business records for July did not make as favorable a comparison with
the figures for the corresponding month last year as had been made by the
records of earlier months. However, it must be recalled that July last
year was the peak of the sharp business recovery of that summer.
The following, in part, is also from the Bank's summary:
Retail trade was somewhat larger in July than in the same month last
year, both in the cities and in the rural sections of the district. City department store sales were less than 1% higher than a year ago. Two
hundred and ninety-nine country stores reported an increase of 6% in
their volume of sales over the volume in July last year. . . .
Farm income in the district from marketings of six important products
during July was 24% smaller than in July last year. A large part of the
decrease was due to the lower level of grain marketing, which made an 114
favorable comparison with the abnormally large receipts in July last year.
The reduced volume of dairy output and the smaller receipts of hogs at
markets were also important factors in the shrinkage of farm income.
Prices of the majority of Northwestern farm products were higher in July
than a year ago. From June to July there was a sharp rise in grain prices,
which brought the price of bread wheat to the highest level since the spring
of 1930, and the price of durum wheat to the highest level since 1929. The
price of lambs dropped sharply.
1918
1919
1933
1922 No change
1 6%
2.6%
4.5%
Decreases June to July.
1914
1915
1916
1917
1920
1921
1923
1924
1925
3.5%
1.0%
1 0%
0.5%
0.6%
1.8%
0.8%
3 9%
11%
1926
1927
1928
1929
1930
1931
1932
1934
2.4%
1.7%
0.9%
0 3%
3 8%
2.1%
5.7%
1 4%
Employment Lower in Metals.
Most of the industries comprising the meta s and machinery group
continued to repot decreases in working forces, with the group as a whole
showing a net decline of 2.6% from June to July. Manufacturers of iron
and steel were operating in July with only two-thirds of the workers they
had in June. Further large reductions occurred in automotive and ship
building and repairing plants. Employment was also reduced in silverware
and jewelry, brass, copper and aluminum, sheet metal and hardware.
firearms, tools and cutlery, and railroad equipment and repair shops.
Strikes were reported by some of the plants in the braes, copper and
aluminum division. These decreases were offset in part by a large gain
in the business machines and other instruments and appliances division,
which was due to the ending of a strike which had caused heavy losses
In May and June, and small increases in structural and architectural
iron,
heating apparatus, and machinery and electrical apparatus concerns.
Seasonal Dulness in Clothing Factories.
July is usually the slowest period of the year for most of the clothing
and millinery industries, and the reports this month reflect this dulness.
Employment in this group had been decreased in April, May and June,
and in July a further drop of 2.6% was recorded. Decreases were reported
by manufacturers of women's clothing, women's undergarments, millinery,
and men's furnishings, and by miscellaneous sewing concerns. These
losses were counteracted in part by large gains in men's clothing shops,
where manufacturing for the fall trade nearly always starts ahead of the
other clothing industries. Laundries and dry cleaning plants reported
a slight rise in employment.
Textile Employment Seasonally Lower.
Seasonal reductions in the number of operatives employed continued
to be reported by textile mills, with employment in the textile group as a
whole falling off an additional 4.6% from June to July. Makers of knit
goods again showed the most pronounced decrease. Further cuts in
working forces were also reported by cotton goods and miscellaneous
textile mills. The silk nad silk goods and woolens, carpets and felts
divisions, which had shown gains in June, reported decreases in July.
Mixed Trends in Other Industries.
The food and tobacco group reported a net gain of 5.3% in numbers
employed, due mostly to seasonal activity in canning and preserving and
beverage plants. Most of the industries comprising the furs, leather and
rubber goods group were employing fewer persons than in June, but increased employment in the furs and fur goods and shoe divisions were
sufficient to cause the group to show a slight net gain. Water. light
and power plants had about the same number of workers in July as in
June. Net decreases were noted in the stone, clay and glass, wood manufactures, chemicals, oils and paints, pulp and paper, and printing and paper
goods groups.
New York City Employment Lower.
Employment and payrolls in New York City factories registered decreases
in July of 3.2% and 1.6%, respectively, as compared with Juno. The
major part of the decline was due to continued seasonal recessions in the
clothing group, and to a large decrease in operations in the metals and
machinery group. Reductions in working forces occurred also in the
stone, clay and glass, chemicals, oils and paints, pulp and paper, printing
and paper goods, and textile industries.
In the furs, leather and rubber goods group increased employment was
noted in fur and shoe factories. Slight net increases in working forces
occurred in food and tobacco and water, light and power plants.
Financial Chronicle
Volume 139
Employment Gains in Four Up-State Centers.
Reports from up-State industrial centers show that increases in employment occurred during July in four of the districts. In Utica and
Syracuse, the gains in both employment and payrolls were due mainly
to the cessation of strike conditions in the business machines and other
instruments and appliances industry. The Albany-Schenectady-Troy
area reported a slight net increase in the number of persons employed, but
total wage payments were lower than in June. Seasonal activity in the
men's clothing and shoe industries accounted for most of the rise in employment and payrolls which occurred in Rochester. Buffalo reported
large decreases in numbers employed and in wage payments. The major
part of this loss occurred in the metal industries, particularly in pig iron
and steel plants, where the number of persons working in July was approximately one-half of the June total. Binghamton showed a slight net drop
in employment accompanied by a small net increase in payrolls.
The percentage changes from June to July in employment and payrolls
in each of the industrial centers are given below.
1155
Prepared by the Department of Research and Statics of the Federal Reserve Bank
of Philadelphia.
1923-25 Averaff100.
Payrolls.
Men Employed.
1931. 1932. 1933. 1934. 1931. 1932. 1933, 1934.
January
February
March
April
May
June..
July
August
September
October
November
December
Yearly average
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
78.4
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
60.8
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55.3
69.4
53.0
50.4
62.3
61.4
65.7
56.6
62.0
56.0
52.2
75.0
85.5
59.6
63.1
63.9
55.9
45.0
47.2
54.4
76.3
86.6
65.6
63.2
51.5
48.0
51.3
80.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
45.0
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
38.4
59.4
55.2
69.2
43.3
53.7
44.7
35.4
June to July.
City.
Employment.
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
+0.2
-0.1
-11.1
+1.1
+5.7
+7.9
--3.2
Payrolls.
+0.3
-12.3
+2.9
+0.6
+8.2
-1.6
FACTORY EMPLOYMENT IN NEW YORE STATE.
(Preliminary)
Percentage Change
June to July 1934.
Industry.
Total State.
Stone, clay and glass products
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and Machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural Iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating appliances
Machinery and electrical apparatus
Automobiles, airplanes, ace
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, ace
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta pereha
Pearl, horn, bone, drcl
Chemicals. oils, paints, ,tc
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper good
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water. light and power
Total
N. Y. City.
-3.6
-4.3
-9.0
-4.8
+0.4
-2.6
-5.6
-3.1
-33.7
+4.4
-0.4
-4.0
+0.9
+0.2
-10.4
-1.0
-36.6
+22.5
--2.3
-F 3.6
--1.7
-8.2
-7.6
-33.2
-3.7
-18.6
+2.6
-5.7
-6.6
+4.6
+2.5
+3.1
Monthly statistics on automobile financing, based on data reported to
the Bureau of the Census by 456 identical organizations, are presented in
the table below for January, February, March, April. May and June 1934,
and for July to December 1933; and for 282 identical organizations for
January, February, March, April, May and June 1934 and 1933. The
increase in the number of reporting organizations from July 1933 to June
1934 resulted from the inclusion of additional organizations. The changes
In the number of organizations included have not greatly affected the
totals, as is indicated by comparisons for the same months appearing in
the two summaries.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.
.=6.5
-1.7
-3.8
-36.7
-4.7
+1.5
+4.1
+6.7
+2.6
-1.1
+2.2
+0.1
-0.5
+12.6
+ 1.4
---5.0
--3.8
-8.4
-0.7
-1.1
-3.8
+1.8
-1.4
-1.4
-1.1
-0.4
-1.2
-1.1
-4.6
-2.9
-0.8
-3.8
-10.3
-4.0
-2.6
+8.6
-3.3
-9.4
-13.1
-16.1
-5.9
+0.2
+5.3
-1.1
+78.4
+1.2
-5.9
+0.4
-4.9
+7.9
4 1.0
+0.1
-11.1
-6.3
+3.0
-3.4
-8.3
-14.4
-16.1 •
-8.7
+0.1
+0.1
No change
-0.4
+3.4
-6.0
+0.4
-5.4
+7.9
-0.9
+0.2
-1.4
-3.2
+7.2
-5.0
-4.9
-5.1
-11.4
-4.2
+0.7
-21.8
-4.9
-1.7
-4.8
-0.4
-1.6
-3.4
+3.4
Decreases from June to July in Employment and Payrolls Noted in Pennsylvania Anthracite Collieries.
The number of workers on the rolls of the Pennsylvania
anthracite companies in July declined almost 7% and the
amount of wage payments decreased nearly 21% as compared with June, according to figures compiled by the Federal Reserve Bank of Philadelphia from reports to the Anthracite Institute by 34 companies employing approximately
74,500 workers Whose average weekly earnings amounted to
$1,711,300. In reporting the foregoing, the Philadelphia
Reserve Bank said:
This reduction reflects, in part, the usual seasonal let-down in colliery
operation during midsummer, as is further indicated by a drop of 18% in
working time.
It is estimated that the entire anthracite industry in Pennsylvania employed about 106,200 workers as compared with over 113,900 in June and
86,900 in July 1933. The index number of employment in July this year
was 52, relative to the 19234925 average taken as 100, or 22% higher than
a year ago. The payroll index number was over 35, showing a gain of 11%
over July last year. The trend of employment and earnings in recent years
is shown by the figures below:
Automobile Financing During June 1934.
A total of 269,657 automobiles were financed in June,
on which $103,453,799 was advanced, compared with 273,320
on which $103,794,935 was advanced, in May, the Department of Commerce reported on Aug. 13.
Volume of wholesale financing in June was $104,422,741,
as compared with $125,529,739 in May.
Wholesale
Financing
Volume
in Dollars.
Total.
Number
of Cars.
Summary for 456 Identical Orga nfralions.
1934
January
$36,577,358 109,997
February
62,551.490 132,485
March
104,597,190 195,196
April
122,967,488 244.537
May
125,529.739 273,320
June
104.422,741 b289,857
New Cars Financed.
Volume
in Dollars.
Number
of Cars.
Volume
In Dollars.
a
136,533,359
47,623,890
72,520,725
91,849,963
103,794,935
103,453,799
35.691
54.455
86,880
110,988
125,354
129.246
$19,841,711
30.223.621
47.838.975
61,458,602
69,801,775
70,794,988
Total(6 months)_ $556,646,006 1.225,192 $455,776,671
1933 c
July
58,793,704 194.552
68,522,872
August
70,705,795 211,708
74.813,725
September
52.276,214 184,993
65.665.515
October
39,776,604 172.432
60,316.106
November
18,364.889 135.584
46,063,578
December
17,060,916 108.606
35,217.934
Summary for 282 Identical Orga nIzallons.
1934
January
$35,879,064 101,700 234,437,380
February
61,513,896 124,349
45,377,552
March
102,775.967 183,724
69,202.632
April
121,060,526 231,735
87,998,227
May
123,691.003 259,120
99,591,058
June
102,706.220 e255,450
99,117.286
542,614 8299,959.672
Total(6 months)_ $547,626,676 1.156,078 $435,724,135
1933
January
30,133,915
92,083
31,280,101
February
27,514,654
87,512
29,188,663
March
27,706,336 101,456
33,546,689
April
40,840,508 132,088
45,337,026
May
55.005,590 168,328
58,192.788
June
56.937.616 185,286
65.514,154
527,103 $291,407,501
Total(6 months). $238,138,619
Year
and
Month.
766.753 $263,059,421
44,696.167
48,860,024
42,166,003
37,940,369
27.077,214
18,486.989
34,426
52,772
84.300
107,925
122,155
125,525
819.189.736
29,290,038
46,427.926
59,772,079
67,991,000
68,736,722
35.546
32,609
38,329
55,571
75,025
34.358
18,327,630
16,842,415
19,463,540
28,225,885
37,475,257
43,004.313
321,438 $163,339,040
Retail Financing.
Used Cars Financed.
Number
of Cars.
Summary for 456 Identic al
January
February
March
April
May
June
86.926
94,613
80,928
73,002
51,356
33,729
Volume
in Dollars.
OrganIzal tons.a
$15,864,436
71,607
75,283
16,510,453
104,369
23,274,757
129,281
28,859,676
32,156,212
143,073
135,435
30,786,208
Unclassified.
Number
of Cars.
Volume
in Dollars.
2,699
2,747
3,947
4.268
4,893
4,976
$827,212
889,816
1,406,993
1,531.685
1,836,948
31,872.603
Total (6 months)
$147,451,742
659,048
1933 c
July
103,554
22,538,097
August
112,917
24,580,709
September
100.265
22,231,578
October
95,947
21,323.104
November
81,550
18,116,265
December
72,279
15,933,279
Summary for 282 Identic al Organteat tons.d
1934
January
64,575
814,420,432
February
• 68,830
15,197,698
March
95.477
21,367,713
April
119,542
26,694,463
May
132,072
29,763,110
June
124,949
28.607.061
23,530
$8,365,257
4,072
4,178
3,805
3,483
2,678
2,598
1.288,608
1,372.992
1.267,934
1,0524333
870,099
797,666
2,699
2,747
3,947
4,268
4.893
4,976
$827,212
889,816
1,406,993
1,531,685
1.836,948
1,872.603
Total (6 months)
1933
January
February
March
April
May
June
605,445
2135.951,377
23.530
28,365,257
54,234
52,796
60,625
73,267
89,260
96,741
12,173,577
11,725,419
13,335,403
16,106,512
19,428,060
21,181,515
2.303
2,107
2,502
3,250
4,043
4.187
778,894
620,829
747.746
1,004,629
1,289,471
1.328.326
Total 6 months)
426,923
293,950.486
18,392
25.769.895
a Of these organizations three discontinued automobile financing in March two
In April, one In May, and three in June 1934. b Of this number. 47.9% were new
ears, 50.2% used cars, and 1.9% unclassified. c Data prior
d of these organizations, eight discontinued automobile to July not available.
financing in January,
two in February, two in March, and five in June 1934. e Of this number. 49.1%
were news cars, 48.9% used cars, and 2.0% unclassified.
Financial Chronicle
1156
Automobile Factory Sales in July.
July factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based oi data reported to the Bureau of the
Census, consisted of 266,575 vehicles, of which 223,868
were passenger cars, 42,707 trucks, as compared with
308,065 vehicles in June 1934, 229,357 vehicles in July
1933, and 109,143 vehicles in July 1932.
The table below is based on data received from 115 manufacturers in the United States, 30 making passenger cars and
85 making trucks (10 of the 30 passenger car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, four have gone out of business. Figures
for taxicabs include only those built specifically for that
purpose; figures for trucks include ambulances, funeral
cars, fire apparatus, street sweepers, and buses. Canadian
figures are supplied by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES.
Canada.
Untied States
Year and
Month.
Total.
1934
January
February
March
April
May
June
July
Passenger
Trucks.
Cars.
Taxicabs.a
PassenTotal. ger Cars. Trucks.
113,331 43,255
187,639 44,041
274,722 56,525
289,030 65,714
273,765 57,887
261,852 *46,213
223,868 42,707
321
27
16
1
6,904
8,571
14,180
18,363
20,161
13,905
11,114
4,946
7,101
12,272
15,451
16.504
10,810
8,407
Total(7 mos.) 1,980,914 1,624,207 356,342
365
93,198
75,491 17,707
18,992
15,319
17,803
26,677
33,760
42,130
38,092
152
660
411
54
35
4
3,358
3,298
6.632
8,255
9,396
7,323
6,540
2,921
3,025
5,927
6,957
8,024
6,005
5,322
437
273
705
1,298
1,372
1,318
1,218
Total(7 mos.) 1,219,471 1,025,377 192,773
1933
January
February
March
April
May
June
July
August
September
October
November
December
156,907
231,707
331,263
354,745
331,652
*308,065
266,575
128,825
105,447
115,272
176,432
214,411
249,727
229,357
232,855
191.800
134,683'
60,683
80,565
109,828
89.976
96,809
149,344
180,597
207,562
191,261
191,346
157,367
104,807
40.754
49,490
1,321
44,802
38,181
6,621
41,441.
es
34,424'
63
29,813
18,318 1.611
29,776 1,299
6.079
5,808
3,682
2,291
3,262
4,919
4,358
2,723
1,503
2,171
1,160
1,450
959
788
1,091
4,371
65,924
Total (year). 1,920,057 1,569,141 348,545
1932
January
February
March
April
May
June
July
Total(7 mos.)
August
September
October
November
December
53,855 12,069
971
25
74.
31
73
235,
271
3.731
5,477
8,318
6,810
8,221
7,112
7,472
3,112
4,494
6,604
5,660
7.269
6,308
6,773
619
983
1,714
1,150
952
804
699
825,486 154,543
582
47,141
40,220
6,921
14,418
19,402
13,595
12,025
21,204
9
13
4,067
2,342
2,923
2,204
2,139
3,166
1,741
2,361
1,669
1.561
901
601
562
535
578
119,344
117,418
118,959
148,326
184,295
183,106
109,143
98,706
94,085
99,325
120,906
157,683
160.103
94,678
980,591
90,325
84,150
48,702
59,557
107,353
1,958
1,470
1,908
2,912
3,657
3.095
2,707
75,898
64,735
35,102
47,293
85,858
20,5411
23,308
19,560
27,389
26.539
22,768
14.438
5
239
291
Total (year)_ 1,370,678 1,134,372 235,187 1,119 60,816 50,718 10.098
a Includes on y factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. * Revised.
Lumber Shipments Continue Heavy-Orders Drop
Slightly.
Continued heavy lumber shipments from the mills during
the week ended Aug. 18 mark further release of the water
shipments on the West Coast which had been tied up by the
long dock strike, total shipments except for the previous week
and one March week being heaviest since July, 1933; lumber
orders were somewhat lower than during the preceding three
weeks; producting though slightly less than during the preceding week was otherwise heaviest since May, according to
telegraphic reports to the National Lumber Manufacturers'
Association from regional associations covering the operations of leading hardwood and softwood mills. Reports for
the week ended Aug. 18 were from 1,393 mills whose production was 204,703,000 feet; shipments, 209,157,000 feet; orders,
384,465,000 feet. Revised figures for the previous week were
mills 1,415; production, 211,487,000 feet; shipments 225,267,000 feet; orders, 194,242,060 feet. The association further
reported, in part, as follows:
Southern Pine, Southern Cypress, Northern Hardwoods and Northeastern
Hardwoods and Softwoods reported orders above production during the week
ended Aug. 18. Total softwood orders were 9% below production; hardwood
orders, 14% below hardwood output. Shipments were 2% above production.
Total orders as reported by identical mills were 5% above those booked
during similar week of last year, softwoods showing gain of 10%, hardwoods,
loss of 38%. Production was 11% below that of last year; shipments were
5% below the 1933 week.
Unfilled orders on Aug. 18, as reported by 600 identical mills were the
equivalent of 25 days' average production compared with 23 days' on similar
date of 1933. Gross stocks at 1,701 mills on Aug. 18 totalled 5,698,791,000
feet.
Forest products carloadings during the week ended Aug. 11 were 23,242
cars, an increase of 1,194 cars above the preceding week, 4,976 cars below
the same week in 1933 and 7,805 cars above similar week of 1932.
Lumber orders reported for the week ended Aug. 18 1934, by 983 softwood
mills totaled 166,714,000 feet; or 9% below the production of the same
Aug. 25 1934
mills. Shipments as reported for the same week were 191,574,000 feet, or
4% above production. Production was 183,985,000 feet.
Reports from 475 hardwood mills give new business as 17,751,000 feet,
or 14% below production. Shipments as reported for the same week were
17,583,000 feet, or 15% below production. Production was 20,718,000 feet.
Unfilled Orders and Stocks.
Reports from 1,701 mills on Aug. 18 1934 give unfilled orders of 848,648,000 feet and gross stocks of 5,698,791,000 feet. The 600 identical mills
report unfilled orders as 600,307,000 feet on Aug. 18 1934 or the equivalent
of 25 days' average production, as compared with 559,711,000 feet, or the
equivalent of 23 days' average production on similar date a year ago.
Identical Mill Reports.
Last week's production of 443 identical softwood mills was 166,168,000
feet, and a year ago it was 180,193,000 feet; shipments were respectively
170,415,000 feet and 170,189,000; and orders received 150,941,000 feet and
137,159,000 feet. In the case of hardwoods, 217 identical mills reported
production last week and a year ago 13,602,000 feet and 21,842,000;
shipments 11,267,000 feet and 20,749,000 and orders 10,842,000 feet and
17,515,000 feet.
Weekly Crop Report of Bank of Montreal
-Heavy
Hail Reported Damaging to Crops.
Heavy hail damage in Canada has occurred in areas of
southern Alberta and over a considerable territory in central
Saskatchewan, according to the weekly crop report of the
Bank of Montreal, issued Aug. 24. The coarse grain crop
is practically a total failure in extensive areas of central and
southwestern Saskatchewan and in south central and south
west Manitoba, the bank said, adding:
Feed for live stock presents an acute problem in these areas. Harvesting
is now general over the prairie provinces and threshing has commenced in
the southern and central areas as well as in some northern districts.
In Quebec Province average yields of barley and oats are in prospect
and roots are progressing satisfactorily except in some parts of the eastern
townships. In Ontario harvesting of spring grains is nearing completion
with oats and barley giving better than average yields. In the Maritine
Provinces, potatoes and apples show satisfactory progress and good grain
yields seem assured except in Nova Scotia where they will likely be below
average. In British Columbia, most crops are in good condition and satisfactory.
30,517,000 Bags of Coffee Destroyed in Brazilian
Program-682,000 Bags Eliminated During First
Half of August.
Coffee destruction in Brazil has crossed the 30,000,000-bag
mark-approximately the equivalent of 15 months' supply
for the entire world, according to advices to the New York
Coffee and Sugar Exchange. During the first half of August
582,000 bags were burned, which compared with 489,000 bags
during the last of July and 305,000 bags during the first
part of that month, the Exchange announced, Aug. 17. Since
June 1931, when the present program was started, 30,517,000
bags have been eliminated from the market. The Exchange
continued:
According to previous announcements from the National Coffee Depart.
ment of Brazil, the Federal body in complete charge of coffee in that coml.
try, about 3,000,000 bags remain to be destroyed, after which the entire
Brazilian surplus will have been wiped out with the exception of the
amount necessary to meet the estimated world demands for the current year
and the 11,614,000 bags pledged against the 1930-1940 coffee loan, which
coffee can only be made available for destruction or export as equivalent
payments on the loan are made. If the announced plans are carried out the
next two months should bring at least a temporary halt to this program
that for three years has occasioned the attention of the entire business world
by its immensity and uniqueness in the economic history of commodities.
Fewer Sheep and Smaller Wool Clip in 1935 Foreseen by
Bureau of Agricultural Economics.
Marketings of sheep and lambs during the remainder of
this year are expected to be considerably larger than last
year as a result of the present severe drought over the important sheep producing area, according to a sheep and
wool outlook report issued Aug. 13 by the Bureau of Agricultural Economics, United States Department of Agriculture. The report says:
In view of a smaller lamb crop in 1935 and a decrease in market supplies
of hogs and cattle, prices of all meat animals next year are expected to be
materially above present levels. The wool clip of 1935 probably will be
the smallest for several years if the expected reduction in numbers of stock
sheep occurs.
Wool production in the United States, this year, is estimated at about
3% smaller than in 1933; world wool production will be about the same
this year as last. Curtailment of mill activity in the United States and
foreign countries has tended to weaken wool prices in recent months.
Domestic wool production this year will be fairly adequate for probable
domestic mill consumption requirements, and imports will be small.
Decreased wool production in this country next year is
expected to tend to strengthen the domestic wool price situation, but the Bureau points out that the most important
factors affecting domestic prices will be world production
and prices and consumer demand for wool textiles in this
country.
Revenues from Manufactured and Natural Gas Show
-Gas
Gain of 3.1% for First Six Months of 1934
Companies Gain 360,000 Customers.
On June 30 the number of domestic customers served by
manufactured and natural gas companies totaled 14,751,600,
Volume 139
Financial Chronicle
the American Gas Association announced. This was an increase of 360,000 domestic customers during the six-month
interval. The Association further reported as follows:
This gain in customers is reflected in the fact that a total of 425,000 gas
ranges were sold in the country during the first half of 1934. This was an
Increase of 42% in range sales over the first six months of 1933. Approximately 70% of such sales consisted of relatively high-priced ranges incorporating modern automatic features, such as oven-heat control, 5:c.
Revenues of manufactured and natural gas utilities aggregated $378,697,300 for the first six months of 1934. This was an increase of 3.1%
over the corresponding period of 1933. Revenues from industrial and commercial users increased more than 15%. Revenues from domestic customers,
however, was practically unchanged.
Manufactured gas industry revenues totaled $199,782,400 for the first
six months, a gain of 1.7%. Revenues from industrial and commercial uses
of manufactured gas gained 6.5%. Revenues from domestic uses, such as
cooking, water-heating, refrigeration, &c., were 1.4% less than for the
corresponding period of 1933.
A somewhat similar situation was reflected in the reports of the natural
gas companies. Total revenues for the six months amounted to $178,914,900,
a gain of 4.6% over a year ago. Revenues from industrial uses aggregated
$45,086,400, representing an increase of 28.7%. Revenues from domestic
users of natural gas, however, registered a loss of 2.3%.
Petroleum and Its Products—Court Defers Action on
Drilling Suit—Administrator Ickes Reduces September Oil Output 107,600 Barrels—Petroleum
Stocks Decline—E. B. Reeser Suggests "Unified
Control"—Oil Production Up in Week.
Oklahoma City, where the Petroleum Administrative
Board is prosecuting a test case against the Eason Oil Co.
of Enid, Okla., charging violations of Administrator Ickes'
rulings on development of new oil fields, continued to hold
the center of attraction in the oil industry this week,following
the temporary postponement of a decision by Judge Edgar S.
Vaught of the Federal District Court.
In announcing the temporary delay, Judge Vaught said
late last Friday that he considered the principles involved
"of such great importance" that he wanted time to give the
matter thorough study. The PAB has asked for an injunction restraining Eason officials from drilling three wells
not located in the center of 40-acre tracts in the Crescent
Pool in Logan County, Okla.
In asking this injunction, Federal attorneys in charge of
the case declared that the entire Oil Administration plan
to stabilize the industry is at stake. The most important
part of the plan is that dealing with measures designed to
prevent more flush production fields as in East Texas, such
as the one which ordered companies operating in the Crescent
pool to drill wells located in the center of 40-acre tracts.
The Eason company has violated this ruling, it was charged.
P. C.Simonds,attorney for the Eason company,in answering this argument, stated that the company does not disagree with the plan of drilling, but one well in a 40-acre tract,
but believes that it has the right to determine where on
the tract they have the best chance of finding oil. Mr.
Simonds also attacked the constitutionality of the National
Recovery Act and especially that section creating the petroleum code.
Following oral arguments concerning the right of the
Federal Government to control intra-State activities as directly affecting inter-State commerce, Judge Vaught said
that he believed the question of what affects inter-State
commerce "has been strained a great deal." He added that
the Constitution is the basis of government and that without
it there would be "revolution and chaos."
Continuing, Judge Vaught said that he did not intend to
see the Constitution eliminated piecemeal; that if the NRA
law and oil code is valid, it should be enforced, but that if
it is not, there should be relief provided for defendants in
cases such as the one under consideration.
Charles Fahy, Vice-chairman of the PAB, suggested that
the Eason company move location and permit other operators to pay the costs of an edge test, or drill where the test
is and turn 20% of the oil over to the Amerada Corp. and the
Texas Corp. to recompense these offsetting leases for drainage,
Mr. Simonds charged. Later Mr. Fahy suggested that 14%
of the oil be turned over to the two companies, but still Eason
oil officials refused to consider the proposition, he continued. Following this, Secretary Ickes refused to grant the
company a permit for exception to the pool development plan.
Should edge leases be prevented, Mr. Simonds continued,
the Carter Oil Co., Texas Corp. and others with extensive
holdings high on the structure stand to gain all of the oil in
the pool. If Eason has to drill in the center of the 40-acre
tract, where geologists believe the Wilcox sand dips deeply,
it might just as well give its leases to the other companies,
he continued.
John F. Davis and Douglas Grant, attorneys for the
Petroleum Administrative Board assisting the local Federal
1157
authorities, were granted 10 days to file briefs, with Mr.
Simonds being granted 15 days to file an answer. Drilling
of the three Eason wells involved in the case will continue
during this period.
The September National crude oil production was reduced
107,600 barrels by Administrator Ickes, Thursday, to
2,341,000 barrels, against 2,449,300 barrels in August.
The cut was distributed among all producing States with
the exception of Colorado, Louisiana and Montana, whose
allowables were unchanged.
In announcing the allowable Mr. Ickes said that it was
necessary in view of the usual seasonal decline in gasoline
consumption, which this year is expected to be sharply
accentuated by the drop in demand resulting from the
drought. The move was also aimed at further reduction
of gasoline inventories, which are at levels considerably
above those justified by conditions in the industry.
Texas," California and Oklahoma, the three leading oilproducing States, were cut 32,900 barrels, 32,200 barrels
and 19,100 barrels, to respective daily average of 968,400
barrels, 457,000 barrels and 461,000 barrels. Current
allowables of the three States are 1,001,300 barrels, 490,200
and 480,100 barrels, respectively.
Stocks of domestic and foreign crude oil held as of Aug. 18
dipped 1,625,000 barrels from the previous week to 338,762,000 barrels.
In the previous week stocks dipped
1,228,000 barrels.
The main difficulty confronting the oil industry to-day
is that there is no co-ordination of the various Federal and
State groups working toward curtailment of illegal oil
production, E. B. Reeser, President of the Barnsdall Corp.
and member of the Planning and Co-ordination Committee,
declared in a statement made public in mid-week.
"Four agencies are working for oil enforcement in East
Texas—The Texas Railroad Commission, the Department
of the Interior, the Department of Justice and the Treasury
Department," he continued. "Unfortunately they are
all working at cross purposes and until their efforts are
co-ordinated, at least those of the three Federal agencies,
we cannot expect to have any relief from conditions as
they exist to-day.
"The oil industry has confidence in the Administrator
and his intentions, but he cannot expect to correct the evils
that exist to-day any more than the executive of a company could expect to operate his company successfully if
his several departments were operating separately on their
own ideas as to how the business should be conducted.
"The Federal Government should appoint one man to
represent all its departments, with authority to enforce the
provisions of the oil code and the new taxes on petroleum
and its products."
In an interview issued followed his luncheon with President
Roosevelt at the White House Wednesday, at which he
discussed the Administration's silver program with the
President, Sir Henri Deterding, Managing Director of the
Royal Dutch-Shell group, denounced the uncontrolled
production of "hot oil" in the East Texas field. Sir Henri,
who was accompanied by James A. Moffett, Housing
Administrator, who formerly was connected with the
Standard Oil Co. of New Jersey and later Standard Oil of
California, did not discuss whether or not he and the President talked about the United States oil industry.
It is a waste of time to hold or think of holding any world
conference on oil while such a condition as prevails in the
East Texas field to-day continued unchecked, Sir Henri said
in answering queries as to the possibility of a world oil
meeting.
Conditions in the East Texas field are interfering with
world oil prices, Sir Henri said, stating that "the East
Texas situation is bound to affect the world market. When
you have such a situation, you cannot control prices. It
is a waste of time.
"If you said to somebody that you ought to regulate
production and you allow your neighbors to take oil from
right under you, it is foolish to talk about it," he continued.
"I have never found that any good comes out of anything
artificial. Don't try to keep things up or down artificially.
It all comes home to roost."
When asked to state his opinion of the solution of this
problem, Sir Henri said that it is a question of two methods.
Either the industry must have properly regulated supply
with discipline or everything must be let free and the market
left to seek its own level. However, both these methods
cannot be used.
1158
Sir Henri repeated the statement made when he landed in
New York last week when queried concerning an international
oil restriction agreement, declaring that there is no use
discussing such an agreement "unless your own house is n
order," referring to the chaotic condition prevailing in
East Texas.
He had discussed such an agreement with Walter C.Teagle,
President of the Standard Oil Co. of New Jersey, Sir Henri
disclosed, and both he and Mr. Teagle had agreed that any
step of this nature would be impossible while the hot oil
situation continues to exist unchecked in East Texas.
The State-wide proration hearing held in Austin Wednesday to consider September production was recessed until
Sept. 17 because the petroleum engineering force cf the
Texas Railroad Commissior had not finished its investigation of production conditions in the East Texas field with
the current State allowable of 995,000 barrels ordered to
remain in effect until that date. Under the new production
schedules for September promulgated by Mr. Ickes, Texas
output is cut to 968,400 barrels daily.
A temporary injunction restraining the Railroad Commission from enforcing its recent order requiring reports on crude
oil and its products transported to and from the East Texas
field was issued to a group of 11 refining companies operating
in that area by District Court Judge Harry Dolan in Austin
Tuesday. The Court issued a temporary restraining order
and set the case to be tried on its merits next Tuesday.
The plaintiffs' attack upon the Commission's rulings is
based mainly upon the asserted impossibility of refiners to
show the source of crude oil taken into their plants.
A suit filed in the Federal District Court at Sherman by
the Superior Petroleum Co. and others against the Railroad
Commission challenging the constitutionality of the Commission's order regarding tenders has been postponed to an
indefinite date by agreement, Judge Randolph Bryant disclosed over the week-end.
National crude oil output continued to hold above the
current Federal allowable of 2,449,300 barrels, rising 12,850
barrels last week to 2,518,700 barrels, reports to the American Petroleum Institute disclosed. This compared with
2,766,500 barrels produced in the like 1933 week. The
A. P. I. report does not include "hot oil" production.
Output in all three major oil producing States was above
the August allowable, production in Texas rising 26,350
barrels to 1,003,200, 1,900 barrels above the Federal level.
Oklahoma output dipped 17,750 barrels but at 517,250 barrels
was far in excess of the 480,100-barrel allowable. California
showed a decline of 4,600 barrels to 507,600 barrels, against
the Federal allocation of 490,200 barrels.
The move toward curtailing production of oil in the Pennsylvania grade crude oil, gained strength during the past
week and a definite plan for the curtailment of production in
order to avoid price weakness in refined products with a
consequent lowering of crude oil prices, is being considered.
The proposition is before Administrator Ickes for his approval and some action is expected in the near future. Any
reduction made will be mainly in the Bradford and Allegany
fields, the leading producing area for Pennsylvania grade
crude.
Charges made by the Petroleum Labor Board that the Gulf
Refining Co. had violated labor provisions of the oil code
were formally denied by H. M. Rogers, assistant district
sales manager, in a statement issued in Philadelphia early
in the week.
"Regarding newspaper dispatches in effect charging the
Gulf Refining Co. with violation of the oil code labor provisions in connection with the strike that began June 27 last,
at its Girard Point refinery," Mr. Rogers, said, "the company does not desire to engage in a newspaper controversy
nor to try its case in the press, but it does wish to make public
denial that it has violated the law and to state that it expects
to refute those charges at the proper time and place if called
upon to do so."
Dispatches from Oklahoma City disclosed that local employees of the Indian Territory Illuminating Co. will have
an early opportunity to pass upon a proposed wages and
working hours agreement, signed by union and company
representatives in Chicago early this week.
Practically all of the 7,000 employees of oil companies
in the Oklahoma City field have filed claims for a total of
nearly $600,000 in retroactive pay, it was reported. Oil
.companies ordered to make such payments in a ruling issued
by Secretary Ickes in May, had until Aug. 19 to pay retro.active wages from Sept. 2'1933. Only a few small firms
Aug. 25 1934
Financial Chronicle
have done so as yet, despite the expiration of the deadline.
A bitter legal fight against the ruling is believed in view.
•
There were no price changes posted this week.
Prices of Typical Crudes per Barrel at Wells,
(All gravities where A. P. L degrees are not shown.)
$1.00
$2.55 Eldorado, Ark., 40
Bradford, Pa
1.08
1.32 Rusk, ex., 40 and over
Corning, Pa
.87
Darst Creek
1.13
Illinois
.90
!lo
t. i n
n
icrnd D trir, Mich
1.13
i
Ntl
I'ttgnl
o Kentucky
ent
,
1.35
—_
Okia., and above_
1.03 Santa Fe Springs, Calif., 40 and over 1.30
Hutchinson. Tex., 40 and over
1.04
1.03 Huntington, Calif., 213
Tex.,40 and over
2.10
Petrol's'.
.75 Petrol'. Canada
Winkler, Tex
.70
Smackover, Ark., 24 and over
At
REFINED PRODUCTS—WEST COAST DISTRIBUTORS BUY
MORE TEXAS GASOLINE—MAJOR COMPANIES SPONSOR
NEW STABILIZATION PLAN—OHIO GAS PRICES DIP—
BOSTON PRICES ADVANCED—MOTOR FUEL STOCKS OFF.
West Coast distributors have re-entered the East Texas
gasoline markets, it was disclosed in mid-week when trade
• reports of the sale of the third cargo of gasoline this month
to California distributors was confirmed in Texas. Early
this month two cargoes were purchased by independent
Pacific Coast marketers who are reported hampered in
obtaining supplies by the unwillingness of the California
major companies to deal with them because of their alleged
price cutting in the past when gallonage sank below the
profit level.
While purchases of East Texas gasoline for distribution
in California have not been unknown in the past, it has been
quite some time since shipments have been ordered from the
West Coast, it was pointed out. Some factors believe that
the current movement, should it continue at its current rate
or expand, might go far toward solving the solution of
surplus gasoline stocks now held by East Texas and Gulf
Coast refiners, which have exerted a depressing influence on
bulk and retail gasoline prices in the marketing area east of
the Rocky Mountains.
Details of the contemplated revised stabilization program
agreed upon by major oil units in conferences in New York
and Washington during the past weeks have been made public
by unofficial sources. Under the new plan, major companies
would purchase surplus stocks on the basis of findings of
a general committee which would be working in close cooperation with the Federal oil authorities. The plan is
now under consideration by Mr. Ickes, it is reported.
Reported to apply to all marketing areas east of the Rocky
Mountains, the plan basically is the same as that now
operative in the East Texas field. In return for purchases
of their surplus holdings, independent refiners would agree
to abide by all provisions of the oil code.
One major change in the method which is contemplated
by the interested groups, however, is that the committee
would consider the rate of crude production and gasoline
output in making its buying recommendations. In other
words, it would recommend the purchase of surplus gasoline
only when it was convinced that neither crude or gasoline
output was excessive. Any increase in the rate of either
to the point which the committee believed excessive would
be followed by automatic suspension of gasoline buying until
the offending rate was reduced to the desired total.
This change is believed by many in the trade to immeasurably strengthen the effectiveness of the plan. Little
difficulty in obtaining the co-operation of the State and
Federal oil authorities in working out this plan is believed
likely in view of the current unsteady position of the crude
oil price structure and the marked weakness in bulk and
retail gasoline prices.
Also,it was pointed out, the automatic stopping of gasoline
buying when crude output moved above a level commensurate with market demand would force State authorities to
keep production on a level with the current market demand
in order to protect the price structure for refined products
and indirectly for crude oil.
Past instances where major companies have made heavy
purchases of surplus gasoline stocks in fruitless efforts to
stabilize markets were mainly due to the fact that the companies paid little attention to excessive crude output and
gasoline manufacture, proponents of the new plan hold,
with the result that such attempts brought about only
temporary improvement.
The Chicago spot gasoline market firmed somewhat in
Mid-week on reports of the contemplated revised stabilization program and also on reports that railroads were refusing
gasoline shipments from East Texas unless accompanied by
certificates signed by the Railroad Commission testifying
that they were legal. The ruling market on low octane
material was 3% to 4 cents a gallon, against 3 to 4 cents
Volume 139
1159
Financial Chronicle
the seven days
early in the week. Upward revisions in Missouri markets weeks to Aug. 18 was 2,505,800 barrels; for
ended Aug. 19 it was 2,766,500 barrels.
aided sentiment in the trade.
Further details as reported by the American Petroleum
Standard Oil of Ohio Tuesday reduced service station
prices of third grade gasoline M cent, and regular and pre- Institute follow:
Imports of crude and refined oil at principal United States ports totaled
mium grades 2 cents a gallon in Hamilton County (Cin- 436,000 barrels in the week ended Aug. 18, a daily average of 62,286 barrels,
conditions. The new against a daily average of 122,000 barrels in the preceding week and a
cinnati) to meet local competitive
schedule lists third and regular grade at 16 cents and pre- daily average of 113,000 over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 579,000
mium at 18 cents a gallon, taxes included.
barrels for the week ended Aug. 18, a daily average of 32.714 barrels,
Marked improvement in the Boston market this week against a daily average of 94,143 barrels in the prerscling week and 59,750
-cent a gallon cut in barrels over the last four weeks.
was responsible for restoration of a 2
Reports received for the week ended Aug. 18 from refining companies
retail prices posted recently by the Standard Oil Co. of owning 89.7% of the 3,760.000 barrel estimated daily potential refining
New York and other major factors. The price schedule capacity of the United States, indicate that 2.422,000 barrels of crude oil
that they had in
by
was advanced to a standard level of 12 cents a gallon, daily were run to the stills operatedthethose companies and
week, 28.857,000 barrels of finished
storage at refineries at the end of
service station, excluding 4 cents in taxes, Wednesday. gasoline; 5,921,000 barrels of unfinished gasoline and 113,091,000 barrels
This involved advances of from 1 to 2 cents a gallon at of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
various marketing sections in the Boston area. The whole- amounted to 17,697,000 barrels. companies owning 95.6% of the potential
Cracked gasoline production by
sale price to dealers handling Socony products exclusively charging capacity of all cracking units, averaged 492,000 barrels daily
during the week.
cents a gallon.
was advanced by similar amounts to 8
DAILY AVERAGE CRUDE OIL PRODUCTION.
Unsettled marketing conditions continued to prevail in
(Figures in Barrels)
up-State New York, however, with tank wagon and service
Average
2
Actual Production.
Federal
station prices of gasoline in Utica being reduced 3/-cent a
Week
4 Weeks
Agency
Ended
gallon Wednesday. Intensive competition has brought
Week End. Ended
Allowable Week End.
Aug. 19
Aug. 18
Aug. 11
Aug. 18
Effective
gasoline prices in this up-State area down quite sharply
1933.
1934.
1934.
1934.
Aug. 1.
during the past two or three weeks.
620,600
489,800
535,000
517,250
480,100
128,900
133,200
129,350
There were no price changes in the local refined products Oklahoma
134,550
131,200
Kansas
market. Tank car gasoline prices were slightly steadier. Panhandle Texas
49,300
60,500
56,300
61,600
52,400
59,050
58,900
59.800
following fairly heavy consuming demand over last week North Texas
21,800
27,250
27,450
27,100
West Central Texas
161,450
151,100
153,800
153.200
which forced many buyers whose stocks were low back into West Texas
59,200
51,900
52,000
53,550
East Central Texas
601,400
437,500
the market for supplies. However, the price structure is East Texas
399,550
411,300
82,550
47,450
47,300
47,350
Conroe
gasoline prices Southwest Texas
none too steady and reductions in retail
50,800
56,750
53,600
59,850
are indicated by current conditions, some trade factors Coastal Texas (not Includ127,8.50
125,550
127,950
129,450
ing Conroe)
feel.
976,850 1,017,050 1,206,750
1,001,300 1,003,200
Total Texas
The new stabilization program reported under considera26,200
24.500
24,350
24,650
North Louisiana
tion has led some of the more optimistic trade figures to Coastal Louisiana
46,600
71,400
69,750
70,500
believe underlying conditions will be affected before the
72,800
95,900
94,100
95,150
87,200
Total 14:61181aDa
seasonal decline in gallonage brings reductions in retail
31,450
31,600
31,350
31,400
30,400
Arkansas
gasoline products, but the outlook is admittedly unsettled. Eastern (not incl.
94,350
101,800
100,600
102,850
102,200
25,900
29,100
28,500
27,950
33,200
Other refined products showed little change here, with Michigan
29,800
37,550
37,900
38,900
35,000
fuel oil prices continuing easy under the pressure of a spotty Wyoming
9,250
6,700
9,400
9,350
8,800
Montana
2,300
market. Kerosene held unchanged as to prices with de- Colorado
3,550
3,550
3,400
3,000
mand showing a slight gain. Lubricating oils continued
38,800
50,350
50,800
51,700
46,800
Total Rocky Mtn.Sta
the same with the underlying price tone soft.
41,750
47,250
47,100
47,050
46,700
New Mexico
505,200
509,750
512,200
507,600
490,200
Gasoline stocks dipped 979,000 barrels during the week California
ended Aug. 18 to 46,554,000 barrels, reports to the American
Total United States.-- 2.449.300 2.518.700 2.505,850 2.505,800 2.766,500
Petroleum Institute indicated. In the previous week
Note.
-The figures indicated above do not include any estimate of any oil which
stocks were off 777,000 barrels. A slight gain in refinery might have been surreptitiously produced.
CRUDE RUNS TO STILLS:FINISHED AND UNFINISHED GASOLINE AND
activity was shown with activity rising 1.2% to 71.8%.
GAS AND FUEL OIL STOCKS, WEEK ENDED AUG. 18 1934.
(Figures in thousands of barrels of 42 gallons each.)
Price changes follow:
Aug. 21.
-Standard 011 of Ohio reduced retail gasoline prices in Hamilton
County (Cincinnati)
cent on third-grade and 2 cents a gallon regular
and premium grades to 16 cents for the first two, and 18 cents for the
latter, taxes included.
Aug. 22.
-Standard Oil of New York advanced retail gasoline prices
1H to 2 cents a gallon in the Boston area, while regular held at 18 cents,
taxes included.
Aug. 22.
-All major distributors reduced retail gasoline prices )-cent
a gallon in Utica, N. Y.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline, Service Station, Tax Included.
3.19
New Orleans
$.175
$ 19
Detroit
.22
.18
Philadelphia
145
Houston
14
22
San Francisco:
Jacksonville
185
Third grade_ __ .18
Los Angeles:
.
173
Above 65 octane. .20
Third grade.... .155
18
.17Si
Premium
.22
Standard
18
19% St. Louis
Premium
.145
17
174
Minneapolis
Kerosene, 41-43 Water White, Tank Car, F. 0. II. Refinery.
New York:
I North Texas
3.033 New Orleans.
%- _8.05%
(Bayonne) -$.05-.05Si I Los Ang. ex_ _ .0434-.05
.
Tulsa
,
ex..03-.0314
Fuel OIL F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
Gulf Coast C
California 27 plus D
Bunker C
$1.30
51.00-1.10 Phila, bunker C
Diesel 28-30 D....... 1.95 I New Orleans C
1.15
Gas 011, F. 0. B. Refinery or Terminal.
N.Y.(Bayonne):
1Tulsa
1Chicago:
28 plus GO 8.0434-0414' 32-36 GO _.3.0234-.0214 I
$1.15
1.30
$.0214-.0214
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery
Standard Oil N.J.:
N. Y. (Bayonne):
Sinclair Refining_ .0614
Motor, U. S___ .0614
Shell Eastern Pet-5.0634 Chicago
$.0314-.04
62-63 octane-- .0614 New York:
New Orleans
0414
zStand. Oil N.Y. .0634
Colonla-Beacon- .0614 Los Angeles, ex-.05-.06
*Tide Water 011 Co .0634
.06% Gulf ports
Texas
.0434
:Richfield Oil (Cal.) .07
Gulf
.0614 Tulsa
.04%
Warner-Quin. CO. .07
0614
Republic 011
x Richfield "Golden." z "Fire Chief." $0.07. * Tydol,$0.07. y "Good Gulf."
80.0714. z "Mobilgas."
Crude Oil Output Up 12,850 Barrels in Week Ended
Aug.18 1934-69,400 Barrels Above Federal Quota
Inventories of Gas and Fuel Oil Continue Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 18 1934 was 2,518,700 barrels, an increase of 12,850
barrels over the output for the previous week and 69,400
barrels over the Federal allowable figure which became
effective Aug. 1. The daily average production for the four
Daily Refining
Capacity of Plants.
District.
East Coast__
Appalachian,
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf ____
No, La.
-Ark,
Rocky Mtn_
California...
Totals week:
Aug. 18 1934
An2. 11 11454
Potential
Rate.
Repor tog
Total. P. C
Stocks a Stocks
of
of
FintinDaily P. C. toted finished
Aver- Oper- Gate- Catoline.
age. Wed. line.
Crude Runs
to Stills,
b Stocks
of
Other
Motor
Fuel.
Stocks
of
Gas
and
Fuel
Oil.
.582
150
446
582 100.0
140 93.3
422 94.6
461 79.2 14,544
100 71.4 1,521
354 83.9 7,007
830
292
1,122
192 12,165
158 1,264
54 4,400
461
351
566
168
92
96
848
386
167
552
162
77
64
822
239
99
528
112
53
50
426
61.9 4,555
59.3 1,225
95.7 3,298
69.1 1,272
331
68.8
745
78.1
51.8 12,056
564
286
1,438
228
99
120
942
621 3,695
585 1,603
157 9,649
19 2,389
24
607
40
623
2,300 76,696
83.7
47.6
97.5
96.4
83.7
66.7
96.9 ,
2,4.22 71.8 d46 554 5,921 4,150 113,091
2.582 70.6 c47.533 6.122 4.100 112.718
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at ref nerIes and plants also blended motor
fuel at plants. c Includes 29,994,000 barrels at refineries and 17.539.000 barrels
at bulk terminals in transit and pipe lines. d Includes 28,857.000 barrels at refineries and 17.697,000 barrels at bulk terminals. In transit and Pipe lines.
3,760
5 700
3,374 89.7
5574 511.7
Secretary Ickes Asks Department of Justice to Prosecute Gulf Refining Co.
-Charges Violation of
Labor Provisions of Oil Code-Company Official
Issues Denial.
Secretary of the Interior Harold L. Ickes on Aug. 17 requestedtheDepartment of Justice to prosecute the Gulf
Refining Co. on chlrges of7rolaing the labor provisions of
the oil code. Mr. Ickeshis action- on recomr=lairnTs of the Petroleum Labor Policy Board, which contended
that the company had ended a strike at its Girard Point,
a1r.771131-by discharging a number of employees and requiring others to work hours "far in excess of the code maximum." H. M. Rogers, Assistant District Manager of the
Gulf Refining Co. at Philadelphia, issued a statement in
which he denied the charges made by the Petroleum Labor
Policy Board. The statement read as follows:
Regarding newspaper dispatches in effect charging the Gulf Refining Co.
with violation of the oil code labor provisions in connection with the strike
that began June 27 last at its Girard Point refinery, the company does not.
desire to engage in a newspaper controversy nor to try its case in the press;
Financial Chronicle
1160
RATIO OF PRODUCTION TO CAPACITY.
but it does wish to make public denial that it has violated the law and
to state that it expects to refute those charges at the proper time and Place
if called upon to do so.
Associated Press Washington advices of Aug. 17 described
the Board's findings as follows:
The Petroleum Labor Board said the Gulf's pay rolls indicated that after
operations started again on July 17. 20 days after the strike went into
effect,"the company worked a substantial number of its employees through
the period to July 31 hours far in excess of the maximum established in the
code."
All employees who failed to accept the company's request to resume their
jobs were discharged and replaced with new employees. Secretary Ickes
was advised.
The report said the position of the company appeared to be that refusal
of striking workers to go back on the job on the company's terms created
an emergency which warranted working employees beyond the maximum
code hours.
*The Board said the refining company chose to "resort to a continuation of
industrial warfare, even at the expense of a violation of the law, in preference to a strike settlement in a law-abiding and peaceful manner.
"The issue in this case is simple and clear," the Board said. "Is an employer-in this case a powerful oil company
-to be permitted to resort to
a violation of the law in endeavoring to break a strike occasioned by the
failure of the company to enter into negotiations with its employees in the
exercise of their right to collective bargaining, as guaranteed under the
National Industrial Recovery Act?"
Aug. 25 1934
July 1933. July 1934. June 1934. May 1934. April 1934.
The month
The 12 months ended
39.8%
27.1%
35.7%
26.9%
37.6%
26.3%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS, IN JULY 1933 AND 1934,(IN THOUSANDS
OF BARRELS).
Production.
District.
1933.
metal
1933.
1934. 1933.
1,674
784
1,063
490
1,147
718
964
618
274
116
643
118
1,610
722
996
558
930
529
787
640
321
217
759
65
1,656
744
946
614
1,632
555
968
532
237
134
593
86
1,673
640
813
515
1,043
598
847
492
288
195
653
136
5 600
Eastern Pa., N.J.& Md
New York & Maine
Ohio, Western Pa. dr W. Va
Michigan
Wis., Ill., Ind. & Ky
Va., Tenn., Ala., Ga.. Fla. & La_
East. Mo.,Iowa, Minn.& S.flak.
W.Mo., Neb., ICans., Okla. &Ark
Texas
Colo., Mont., Utah, Wyo.&Idaho
California
Oregon and Washington
1934.
1933.
The Judge said that the principles involved in the case are
January
February
March
April
May
June
July
August
September
October
November
December
so important that he wishes to give the matter a thorough
Pntal
Federal Judge Edgar S. Vaught of Oklahoma City on Aug.
Petroleum Board for an injunction to restrain the Eason
Oil Co. from drilling three wells not located in the center of
40
-acre tracts in the Cresent pool of Logan County, Okla.
study.
Government attorneys stated in their plea for the
injunction that the entire Federal plan to stabilize the petroleum industry is at stake.
Company attorneys replied
that they do not oppose the plan of one well in the center of
40 acres, but that they do consider they have the right to
determine where on the tract there is the best chance of
finding oil. They also attacked the constitutionality of the
National Recovery Administration code for the petroleum
industry.
A dispatch from Oklahoma City to the New York "Herald
Tribune" on Aug. 18 summarized the arguments in the
case as follows:
Attorneys for the Eason Company charged that Charles Fahy, Vice.
President of the petroleum board, had suggested the company move its
location and permit other operators to pay the cost of an edge test or else
drill where the test was made and turn 20% of the oil over to the Amerada
Corporation and the Texas Corporation to recompense those companies
for drainage. Later this was reduced to 14%, but Eason refused, and
Secretary Ickes, Oil Administrator,denied the company a permit for an exception to the pool development plan of the Government.
P. C. Simonds. Eason attorney, said that Carter Oil Company (Standard Oil of New Jersey), Texas Corporation and others with extensive
holdings high on the structure stand to gain all of the oil in the pool if edge
leases are prevented. If Eason has to drill in the center of the forty-acre
tract, where geologists consider the Wilcox sands dips deeply, it might as
well give its leases to the other companies, he contended.
Upholds Constitution.
Oral arguments centered on the right to control intrastate activities as
directly affecting interstate commerce. At the close of these arguments
Judge Vaught said he believed the question of what affects interstate
commerce "has been strained a great deal." He declared that the Constitution is the basis of government and that without it there would be
revolution and chaos. He said he did not intend to see the Constitution
eliminated piecemeal; that if the NRA law and oil code is valid it should
be enforced, but if it is not there would be relief provided for defendants
in cases shuch as the one under consideration.
While attorneys for the Federal Petroleum Board, John F. Davis and
Douglas Grant, were granted ten days to file briefs, and Mr. Shnonds was
granted fifteen days to file an answer, the drilling of the three Eason wells
involved will continue. One is near the pay sand below 6,200 feet.
8.134
5 097
7501 10 545 21.842
The monthly report issued by the United States Bureau
of Mines, Department of the
Interior, states that the
Portland cement industry in July 1934, produced 8,134,000
barrels, shipped 7,893,000 barrels from the mills, and had
in stock at the end of the-month 21,842,000 barrels.
Pro-
duction of Portland cement in July 1934, showed a decrease
of 5.5% and shipments a decrease of 9.2%, as compared
with July 1933.
4,274
1,679
3,128
1,674
2,511
1,426
2,851
1,554
628
426
1,283
408
Stocks at End of
Month.
Shipments.
2,958
2,777
3,684
4,183
6,262
7,804
8,609
8,223
5,638
5,037
4,672
3,526
1934.
3,779
4,168
5,257
6,544
8,554
8,786
8,134
RA 172
1933.
1934.
2,502
2,278
3,510
4,949
6,709
7,979
8,697
5,994
6,517
6,750
4,463
3,738
3,778
2,952
4,818
6,492
8,784
8,539
7,893
1933.
1934.
20,624
21,125
21,298
20,542
20,117
19,936
19,848
22,078
21,216
19,502
19,709
19,541
19,547
20,762
21,422
21,557
21,301
a21,600
21,842
64.086
a Revised.
Note.
-The statistics given above are compiled rom reports for July, received
by the Bureau of Mines, from all manufacturing plants except two, for which estimates have been included in lieu of actual returns.
Portland Cement Shipped During First Six Months
of 1934 Totaled 35,163,000 Barrels.
According to figures released by the United States Bureau
of Mines, Department of the Interior, shipments of Portland
cement during the first six months of 1934 totaled 35,163,000
barrels, the mill value of which was estimated at $53,602,000.
The Bureau reported as follows:
PORTLAND CEMENT SHIPPED FROM MILLS IN THE UNITED STATES
IN FIRST SIX MONTHS OF 1934, WITH ESTIMATED MILL VALUE,
BY STATES AND DISTRICTS.
First Six Months.
State.
Alabama
California
Illinois
Iowa
Kansas
Michigan
Missouri
New York
Ohio
Pennsylvania
Tennessee
Texas
Other States b
Total
District.
East. Penna, New Jersey and Maryland
New York and Maine
Ohio, West. Penns, and West Virginia
Michigan
Wisconsin, Illinois, Indiana and Kentucky
Va., Tenn., Ala., Ga., Fla.& La
Eastern Missouri, Iowa, Minn. & S. flak.West. Mo., Neb., Kans., Okla. and Ark
Texas
Colo., Mont., Utah; Wyoming & Idaho
California
Oregon and Washington
Tn.1
Production of Portland Cement During July 5.5%
Under Same Month of 1933
-Shipments Off 9.2%.
1934.
3,877
1,334
2,757
1,443
1,974
1,612
2,661
1,379
765
477
1,132
437
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1933 AND 1934 (IN THOUS. OF BARRELS.)
Production.
18 postponed a decision on the application of the Federal
Stocks at End
of Month.
Shipments.
Month.
Federal Court Postpones Decision on Plea of Federal
Petroleum Board for Injunctiion to Prevent Oklahoma Company from Drilling Wells.
29.6%
25.9%
37.5%
26.7%
Estimated
Mill
Value.
No. of
Shipping
Plants.
QuantUy.a
Barrels.
6
10
4
5
6
10
5
10
10
25
6
9
44
1,133,000
4,554,000
1,540,000
1,424,000
1,355,000
1,797,000
1,677,000
1,883,000
1,688,000
6,359,000
1,062,000
1,894,000
8,797,000
$1,577,000
6,508,000
2,188,000
2,185,000
2,080,000
2,526,000
2,403,000
2,926,000
2,484,000
9,304,000
1,706,000
3,336,000
14,379.000
150
35,163,000
$53,602,000
22
11
19
10
11
18
11
12
9
8
10
9
6,289,000
1,991,000
3,000.000
1,797,000
3,790,000
3,682,000
3,318,000
3,018,000
1,804,000
1,023,000
4,554,000
807,000
$9,231,000
3,118,000
4,423,000
2,526,000
5,541,000
5,702,000
4,921,000
4,753,000
3,336,000
1,824,000
6,508,000
1,719,000
non
se's aro ma
150
-
25 IA's
a Summarized from monthly reports of the producers. b Includes Arkansas,
Colorado, Florida. Georgia, Idaho, Indiana. Kentucky, Louisiana, Maine, Maryland, Minnesota, Montana, Nebraska, New Jersey, Oklahoma, Oregon, South
Dakota, Utah, Virginia. Washington, West Virginia, Wisconsin and Wyoming.
-The above table shows shipments of Portland cement from domestic
Note.
mills in the first six months of 1934 arranged by States, so far as permissible, and by
districts. The Quantities are summarized from monthly reports of the producers
received by the Bureau of Mines from all but one plant in May; three in February;
and two in the other months of the period; estimates have been included for these
plants. The values (f.o.b. at the Mills) are based on estimates of the producers
supplemented by estimates by the Bureau of Mines for two plants for the first
quarter of the year; for six plants for the second Quarter. They do not Include
the price of containers nor do they include cash discounts where allowed. The
values may be higher for certain States where some special cements have been
reported by the producers In addition to the ordinary structural cement.
Portland cement stocks at mills were
10.0% higher than a year ago. The mill value of the ship-in the first
ments 35,163,000 barrels
-
half of 1934, is
estimated as $53,602,000.
Tin Consumption by World's Tin-Plate Industry at
Record Level During Year Ended May.
capacity the total output of finished cement is compared
Consumption of tin by the tin-plate industry throughout
the world amounted to 55,000 tons in the year ended last
May, the highest total recorded for a similar period, accord-
with the estimated capacity of 163 plants at the close of
July, and of 164 plants at the close of July 1933.
ing to advices received in the United States Commerce Department. This, it is pointed out, is 5,000 tons more that' in
In the following statement of relation of production to
1929 and 2,800 tons in excess of the peak year 1933. In
noting that the figures are from the July bulletin of the
Hague office of the International Tin Research & Development Council, the Commerce Department on Aug. 16 said:
World consumption of tin during the 1933-34 period amounted to 129,600
tons against 101.765 tons in the corresponding period bnmediately preceding. The United States increased its consumption of tin from 38,470
tons In the 12 months ended May 1934. to 58,117 tons in the 1933-34 period.
while British consumption advanced from 17.879 tons to 20,112 tons.
Consumption of tin by the world's motor-car industry during the first
five months of the current year reached a total of 5,700 tons compared
with 3,590 tons in the corresponding period of 1933.
Major Non-Ferrous Metals Show Improvement
Foreign Copper Lower.
"Metals and Mineral Markets" in its issue of August 23
stated that the total volume of business booked during the
last week in the three major non-ferrous metals-copper,
lead, and zinc-was about equal to that placed in the
preceding seven-day period, indicating that the modest
improvement in demand has been sustained. Most of the
activity, however, was transferred to zinc. Foreign copper
attracted interest, largely because of the steady downward
trend of prices in that division of the market. The weakness
in foreign copper is having some influence on sentiment
in the domestic trade. The spread between foreign and
domestic copper has increased to 2c. Some zinc producers
who have not been sharing in recent buying offered the
metal at slight concessions from the 4.30c. St. Louis basis.
"Metal and Mineral Markets" further stated in part:
Copper Buying Lags.
Domestic business in copper was net up to the mark set in the previous
week, the sales total for the last seven days falling to less than 1.000 tons.
Demand for copper appears to be lagging because of the mixed character
of the news on general industrial activity: the code entanglements, and
the continued unsettlement of the foreign market. Interest in domestic
copper, it was pointed out in some quarters, might expand on indications
that the better feeling in the security markets proves to be more than
trsnsitory. The price of Blue Eagle copper was maintained at 9c., Valley.
Competition for business abroad was keen throughout the week, and
metal sold in the foreign market at new lows for the movement. Actual
business was closed abroad late in the week as low as 7.025c., c.i.f. basis.
The sales tonnage for the week was fair. The July statistics revealed
that production abroad is in excess of requirements.
Deliveries of refined copper in the United States during July were considerably smaller than in the preceding month, according to statistics
compiled by the Copper Institute. In view of the higher rate of shipments
to consumers in the four preceding months, producers showed no great
concern over this development. In fact, it was regarded as an indication
that shipments may be coming down to a point more in line with actual
consumption, one of the objectives aimed at under code control of the
Industry. Stocks of refined copper In the United States declined about
16,000 tons during July, against an increase in the surplus abroad of 10,500
tons,leaving a net reduction for the month of only 5,500 tons. United States
stocks of refined copper in the hands of producers are estimated at 397,000
tons.
The copper statistics for June and July are summarized as follows, in
short tons:
Production:
July.
June.
United States mine
15,500
18,500
United States scrap
17,000
11.800
Foreign mine
: 0
71 00
4 50
7 .0
45 0
2.00
Foreign scrap
Totals
108.000
106.800
Production, refined
93,500
101,500
Deliveries, refined:
United States
46,500
30.000
Foreign
83.000
77,000
Total stocks. refined
502,000
496.500
Stocks of copper in British official warehouses on August 4 totaled
36,572 tons, of which 29,430 tons consisted of refined metal and 7,142
tons "rough."
Stocks of standard copper in Commodity Exchange official warehouses
August 20, located in various centers in the United States, amounted to
19,242 tons.
During the first half of 1934 Germany imported 125,279 tons of copper,
against 66,777 tons in the same period last year.
Lead Holds Steady.
Demand for lead was about equal to the tonnage reported in the preceding
week-3,200 tons-and the situation underwent little change. The tone
of the market was described as steady. Quotations were repeated at 3.75c..
New York, the contract settling basis of the American Smelting ez Refining
Co., and 3.60c., St. Louis.
•
The sales for the week were larger than most producers realized, but this
was explained by the fact that much of the business booked was "noncompetitive." Several good orders for September shipment lead were placed.
Statistics circulated in the industry show that consumers have yet to Purchase about 50% of their September requirements. Battery makers were
the principal buyers last week. The sustained demand for automobiles
over the summer period has resulted in a little extra demand for lead for
battery purposes.
Zinc Unsettled.
Though close to 4,000 tons of zinc was sold in the calendar week ended
August 18, the market developed an easier tone in some directions. The
business was placed very unevenly, which seemed to displease producers
who have not been encountering any inquiry for the metal. The result
was increased competition and slightly lower prices. Yesterday there were
sellers at 4.25c. per pound for Prime Western, St. Louis basis, against
4.30c. a week ago. The expansion in zinc concentrate output in the TriState district was a disturbing factor in the zinc market. Production of
concentrate jumped to 7,950 tons.
Tin Lower Abroad.
The unsettlement in other metals and continued slow buying by United
States consumers brought out an easier market for tin in London. This,
1161
Financial Chronicle
Volume 139
in turn, lowered quotations here, final prices for the week showing a net
reduction of about 30 points. United States deliveries for the current month.
according to preliminary estimates, may not exceed 3.400 long tons, against
actual deliveries of 3,575 tons in the month previous. Tin-plate operations.
as expected, were reduced to 50% of capacity. Quotations for tin plate
for the last quarter of the year are to hold at the present level.
Chinese 99% tin was quoted nominally as follows. August 16, 51.45c.;
August 17, 51.65c.: August 18, 51.55c.; August 20, 51.50c.: August 21,
51.325c.: August 22, 51.35c.
21% of Capacity-Scrap Market
Weak.
With the last month of the third quarter approaching, the
"Iron Age" of Aug. 23 said, no signs of an upturn in iron
and steel business have appeared. Widespread concern over
Federal policies, particularly as they relate to money and
labor, undoubtedly has played a large part in holding back
industrial enterprise, with the result that consumer stocks
of material accumulated in June are lasting longer than had
been expected. Nevertheless it is difficult to believe that
consumption of iron and steel has fallen as sharply as production, and it is therefore believed that September, which
will mark the end of the vacation season, will usher in some
measure of improvement in buying. The "Age" added:
Steel Output
props to
Automotive releases of sheets and strips have increased moderately at
Cleveland and Chicago, where ingot production has risen three Points to
13% and one point to 30% respectively. But buying by the motor car
Industry is developing much more slowly than had originally been expected.
It is becoming increasingly clear that automobile makers are in no hurry
to bring out new models. The January exhibition in New 'York is no
longer a national affair sponsored by the automobile chamber of commerce
and hence has lost its significance as a final date for getting new lines into
production. Nervousness over the future course of the national Administration and uncertainty as to what the impending renewal of automobile
code will mean in terms of costs are also factors conducive to caution.
Aside from the slight upturn in automobile takings of steel, the trend of
bookings has been toward lower levels. Ingot production has declined
three points to 11% at Pittsburgh, four points to 18% in the Valleys and
three points to 24% in the Wheeling district, remaining unchanged at other
producing centers. The national average has dropped from 22 to 21% of
capacity, the lowest rate of the year, reached only once before, in the first
week of July.
No marked rebound is in Immediate prospect. Heavy tonnage business
from the railroads is being completed and new public works projects are
likely to be slow in reaching the contracting stage. The principal dependence of the mills for some time to come, it is believed, will be business in
the lighter-rolled products.
Sufficient volume to compensate for late reductions in prices has not been
forthcoming and the market situation is not such as to permit fresh advances. Prices thus far filed for fourth quarter on both finished steel and
pig iron indicate that present quotations will be reaffirmed. At those
levels, however, a continued dearth of tonnage is likely to draw attention
to the industry's cost burden, which has been materially increased by wage
advances under the code.
Seasonal influences have become apparent among snow fence manufacturers, who are now getting into production for next winter's requirements.
In general, however, wire products are quiet, reflecting the effects of the
drought on agricultural buying.
Structural steel awards total 11.400 tons against 15,600 tons a week
ago. New projects of 13,900 tons compare with 13.200 tons in the previous
week and 7,600 tons two weeks ago. Sheet steel piling awards of 4,375
tens include 4,000 tons for the spillway of the Bonneville dam. Prospective
plate work totals 12,300 tons. The Standard Oil Co. of California will
place storage tanks requiring about 5,000 tons of plates and has purchased
2,500 tens of 12-in, steel pipe for a new pipe line, The city of New York
has bought 5,100 tons of contact rails and will take bids Sept. 5 on a Hudson River pier shed requiring 4,500 tons of structural steel.
The scrap market still has a weak undertone but has suffered no further
major declines, the "Iron Age" composite for heavy melting steel remaining unchanged at $10.17 a gross ton, the low to date for the year. In
both the scrap trade and the pig iron market there are accumulating
evidences that there has been some buying of material, as yet by no means
general, as a hedge against possible inflation. Export demand for scrap
Is active at seaboard points. An eastern dealer with a large foreign trade
has purchased 70,000 tons of old material from a southeastern reailread.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.90 a gross ton and 2.124c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Aug. 21 1934, 2.124e., alb.
Based on steel bars, beams, tank plates,
One week ago
2.124e, wire, rails, black pipe, sheets and hotOne month ago
2.124e. rolled strips. These products make 85%
One year ago
1 959c. of the United States output.
1934
1933
1932
1931
1930
1929
1928
1927
High.
2 199c. Apr. 24
2.015e. Oct. 3
1 977e. Oct. 4
2 037e. Jan. 13
2 273e. Jan. 7
2.317e. Apr. 2
2.286e. Dec. 11
2 402c. Jan. 4
Low.
2.008e. Jan. 3
1.867e. Apr. 18
1.926e. Feb. 2
1.9450. Dec. 29
2.018c. Dec. 9
2.273c. Oct. 29
2.217e. July 17
2.212c. Nov. 1
Pig Iron.
Aug. 21 1934, $17.90 a Gross Ton. Based on average of basic Iron at Valley
One year ago
$17.90 furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and SirOne year ago
15.94 mingham.
1934
1933
1932
1931
1930
1929
1928
1927
High
$17.90 May 1
16.90 Dec. 5
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.
316.90 Jan. 27
13.56 Jan. 3
13.56 Dec. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap.
Aug. 21 1934, $10.17 a Gross Ton. Based on Nov. 1 heavy melting steel
One week ago
$10.17 quotations at Pittsburgh, Philadelphia
One month ago
10.42 and Chicago.
12.00
One year ago
1162
1934
1933
1932
1931
1930
1929
1928
1927
Financial Chronicle
High.
$13.00 Mar. 13
12.25 Aug. 8
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan, 29
16.50 Dec. 31
15.25 Jan. 11
Low.
$10.17 Aug. 14
6.76 Jan. 3
6.42 July 5
8.50 Dec. 29
11,25 Dec. 9
14.08 Dec. 3
13.08 Ju y 2
13.08 Nov.22
The American Iron and Steel Institute on Aug. 20 announced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry would be 21.3%
of the capacity for the current week, compared with 22.3%
last week and 27.7% one month ago. This represents a
decrease of 1.0 points, or 4.4%, from the estimate for the
week of Aug. 13. Weekly indicated rates of steel operations
since Oct. 23 1933 follows:
193319341934Oct 23
31.6% Jan. 15
34.2% Apr. 16
Oct. 30
28.1% Jan. 22
32.5% Apr. 23
Nov. 6
25.2% Jan. 29
34.4% Apr. 30
Nov. 13
27.1% Feb. 5
37.5% May 7
Nov. 20... _ _26.9% Feb. 12
39.9% May 14
Nov.
27May 21
Feb. 19
43.6%
Dec. 4
28.34 Feb. 26
45.7% May 28
Dec. 11
31.5% Mar. 5
47.7% June 4
Dec. 18
34.2% Mar. 12
46.2% June 11
Dec. 25
31.6% Mar. 19
46.8% June 18
1934Mar. 26
45.7% June 25
Jan. 1
29.3% Apr. 2
43.3% July 2
Jan 8
30.7% Apr. 9
47.4% July 9
50.3%
54.0%
55.7%
56.9%
56.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
1934
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
"Steel," of Cleveland, in its summary of the iron and steel
markets, oil Aug. 20, stated:
Seven weeks have elapsed since consumers stocked up with steel, and the
failure of new demands to appear long after the time anticipated, with
widespread labor difficulties and increasing uncertainties regarding Government policies, is exerting a pronounced depressing influence in the markets.
Scanning the immediate horizon, steelmakers can see only prospects for
additional Government work and some revival in automobile requirements.
To find a counterpart of the doubt that prevails among steel sellers it is
necessary to go back to the beginning of the administration's recovery
program. A year of the steel code
-the anniversary of which fell on
Sunday (Aug. 19)
-finds steel wages, prices and employment enhanced
8 to 10%,and iron and steel production down 55 to 57%.
Automobile output, continuing to decline, last week was slightly under
54,000 cars, though the recession is meeting with unusual resistance, the
reduction in output from the week of July 14 being only 20%.
Some prolonged shutdowns in the automobile industry will be made over
the Labor day period and the month is expected to be the slowest in motorcar productivity since January. Though the first steel tonnage releases for
1935 models appear to be scheduled for that month, it is generally believed
that it will be late in September or October before actual rolling of the steel
commences.
While many of the lighter finished steel rolling mills are idle, awaiting
accumulations of miscellaneous orders, structural shape mills are operating
at a relatively high rate, mainly on Government awards. Architects and
engineers have few new projects before them; a survey of 40 in one of the
leading industrial districts last week revealed prospective steel tonnage from
the total number is less than 2,000 tons.
A local political dispute in Allegheny County (Pittsburgh) threatens to
cause the Government to withdraw a loan for bridges requiring 50,000 tons
of steel. Including 5,000 tons for a viaduct at Baltimore, structural steel
awards for the week amounted to 13,000 tons, compared with 23,882 tons
in the preceding week.
Rail mills this month are completing the last of the rail orders placed
earlier in the year under Government sponsorship. Railroad equipment
repair this year generally has not measured up to expectations, due to
-estimates in some instances exceeding Federal loans. The
mounting costs
Baltimore & Ohio has opened several car and locomotive repair departments
to complete its Public Works Administration repair program. Illinois
Central is to award 11 Diesel locomotives this month.
Steelmakers look for a fairly good seasonal recovery in agricultural requirements this fall, basing hopes on the increase in farm product prices and
Government subsidies, to offset some of the loss caused by the drought.
Though actual steel bookings so far this month are larger than for the
comparable period in July, orders chiefly are for rounding out inventories.
In some districts the volume is 50% larger, though tonnage is far below
anticipated quotas. Current shipments are one-fifth to one-fourth those of
June.
Notable among specific orders is an award of 2,000 tons of steel pipe for
Standard Oil of California, with prospects for early placing of 14,000 addi-mile line. The department of agriculture has purtional tons for a 108
chased 749 tons of telephone wire.
Within two weeks steelmakers will begin to formulate prices for fourth
quarter, to open books Sept. I. Reduced demand has precluded any
broad test of the increases named for third quarter. Last week bids on the
12 naval ships to be built by private yards were opened and apparently full
code prices were quoted. The real test, however, is expected shortly when
the Government
-offering to let steelmakers cut code prices 15%-receives
bids for 12 ships for construction in the navy's yards. These 24 vessels
require approximately 40,000 tons of steel.
Steelworks operations last week dropped 6 points to 21%. Pittsburgh
was down 4 points to 15%; Chicago 4 to 28; Wheeling 4 to 26; Cleveland,
19 to 13; Buffalo, 9; to 23M; eastern Pennsylvania, 2M to 203; New
,
i
England, 9 to 29; and Youngstown, 16 to 22. Birmingham advanced
5 points to 25%. while Detroit held at 77%.
"Steel's" price composites are unchanged, the iron and steel index holding
at $32.23; finished steel. $54; and steelworks scrap, $9.96.
Steel ingot production for the week ended Aug. 20 is
placed at 223/% of capacity, according to the "Wall Street
Journal" of Aug. 22. This compares with about 26% in
the previous week and a little under 26% two weeks ago,
The "Journal" added:
U. S. Steel is estimated at 22%. against 25% in the week before and 24%
two weeks ago. Leading independents are credited with a fraction over
,
223%. compared with 2635% in the two preceding weeks.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate
change from the week immediately preceding
Aug. 25 1934
Industry.
1933
1932
1931
1930
1929
1928
1027
Independents.
U. S. Steel.
52 -3
1334-1
33 +1
5434-134
90 -3
73
RR
53 -5
1434- 35
31 +1
49 -2
8634-335
73 +1
aR
49 -2
1234-1
35 +1
62 - 34
95 -2
78 -2
RR 44- V
Steel Mills at Warren, Ohio-Reopened by Republic
Steel Corp. as Strike Ends.
The sheet mills of Republic Steel Corp. at Warren, 0.,
reopened on July 31 and 500 striking employees returned to
work, according to United Press advices from that place.
The advices said:
The strike was ended following tentative agreement between the corn
pany and the Amalgamated Association of Iron, Steel & Tin Workers.
While the agreement also affects the plants at Niles, 0.,four miles away,
they will not be reopened immediately, the company announced, due to
lack of orders.
Production of Bituminous Coal for Week Ended Aug.11
Slightly Lower-Anthracite Shows Decrease of
21.5%.
The report of the United States Bureau of Mines, Department of the Interior, for the week ended Aug. 11, disclosed
that the production of bituminous coal showed little change.
The total output was estimated at 5,780,000 net tons as
against 5,815,000 tons in the preceding week. Production
of soft coal during the corresponding week of 1933 amounted
to 7,375,000 tons. Anthracite production in Penrsylvania
during the week under review was estimated at 693,000 net
tons. This is a decrease of 190,000 tons or 21.5% from the
output for the week ended Aug. 4 1934 and compares with
889,000 tons produced during the week ended Aug. 12 1933.
During the calendar 343ar to Aug. 11 1934 bituminous
coal production was placed at 217,191,000 net tons as
against 187,467,000 net tons during the calendar year to
Aug. 12 1933. Anthracite output for the same periods was
37,449,000 tons and 27,643,000 tons respectively. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Aug. 11
1934.c
Aug. 4
1934.d
Calendar Year to Date.
Aug. 12
1933.
1934.
1933.
1929.
/Mum. coal a
Weekly total 5,780,000 5,815,000 7,375,000 217,191.000 187,467,000 314,893,000
990,000 1,663,000
Daily avge__ 963,000 969,000 1,229,000 1,151,000
Pa. anthra b
Weekly total 693,000 883,000 889,000 37,449.000 27,643.000 42,107,000
199,700
147,400
224,600
Daily avec_ _ 115,500 147,200 148,200
Beehive coke
495,000 4,227,200
13,200
585,400
9,000
Weekly total
8,200
2,592
22,132
2,200
3,065
Daily avge__
1,500
1,367
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 EndedState-
Aug. 4
1934.
July 28
1934.
Aug. 5
1933.
Aug. 8
1932.
August
1923
Averages
172,000
Alabama
175,000
397,000
219,000
122,000
40,000
33,000
Arkansas and Oklahoma
81,000
49,000
11,000
Colorado
55,000
173,000
58,000
69,000
55,000
622,000
573,000
Illinois
600,000
229,000 1,363,000
Indiana
201,000
202,000
440,000
155,000
218,000
Iowa
40,000
100,000
39,000
38.000
44,000
Kansas and Missouri
67,000
145,000
84,000
62,000
84,000
Kentucky-Eastern
520,000
765,000
530,000
436,000
664,000
217,000
Western
102,000
97,000
137,000
211,000
44,000
Maryland
22,000
24,000
16,000
37,000
21,000
Michigan
1,000
2,000
4.000
3,000
Montana
50,000
27,000
24,000
17,000
33,000
New Mexico
16,000
49,000
17,000
20,000
21,000
North Dakota
20,000
18,000
24,000
13,000
9,000
Ohio
334,000
341.000 496,000
871,000
188,000
Pennsylvania (bituminous) 1,555,000 1,685,000 d1,311,000 d1,185,000 3,734,000
Tennessee
60,000
118,000
57,000
98,000
48,000
Texas
13.000
24,000
12,000
10,000
11,000
Utah
83,000
31,000
27,000
27,000
34,000
Virginia
146,000
150.000
248,000
117,000
220,000
Washington
25,000
47,000
19,000
20,000
22,000
Wes* Virginia-Southern b 1,302,000 1,425,000 1,784,000 1,124,000 1,515,000
Northern c
371,000
398,000 d621,000 d336,000
875,000
Wyoming
154.000
56,000
56.000
64,000
60,000
Other States
3,000
4,000
3,000
2,000
1,000
Total bituminous coal
Pennsylvania anthracite
5,815,000 6,020,000 e8,770,000 4,524,000 11,538,000
883,000
828,000
767,060 1,928,000
884,000
Total coal
6.698.000 6.848.000 755404)0 a 201004) 13.464.000
a Average weekly rate for entire month. b Includes operations on the N. & W.,
C.&0., Virginian, K.gt M.,and B. C.& G.railroads. c Rest of State,including the
Panhandle, Grant, Mineral, and Tucker counties. (d) Revised figures. (e) Original
estimate. No revision in the national total will be made until receipt of final
operators' reports from all districts.
4
4
MONTHLY PRODUCTION OF BITUMINOUS...COAL ANDTANTHRACITE
.
IN JULY (NET TONS).
Bituminous.
Month.
Total
Plod nation
June 1934---- 26,424,000
July a
25,280,000
July 1933_ - - 29,482,000
.
a Revised.
'Anthracite.
No. of
Working
Days.
Awe. per
Working
Total
Day.
Produdion
No. of
Working
Days.
26
25
25
1,016,000 4,184,000
1,011,000 3,443,000
1,179.000 3,677,000
26
25
25
Adm.p r
Working
Day.
180,900
137,700
147,100
1163
Financial Chronicle
Volume 139
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. 22, as reported by
the Federal Reserve banks, was $2,464,000,000, a decrease
of $2,000,000 compared with the preceding week and an
increase of $221,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 22 total Reserve bank credit amounted to $2,457,000,000, a
decrease of $11,000,000 for the week. This decrease corresponds with a
decrease of $4,000,000 in Treasury cash and deposits with Federal Reserve
banks and increases of $15,000.000 in Treasury and National bank currency and $4,000,000 in monetary gold stock, offset in part by increases
of $8,000,000 in member bank reserve balances and $4,000,000 in money
In circulation.
There were practically no changes in the System's holdings of bills discounted, bills bought in open market, or United States Government securities.
The statement in full for the week ended Aug. 22 in comparison with the preceding week and with the corresponding
date last year will be found on pages 1199 and 1200.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Aug. 22 1934, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
pm .1
Increase (+) or Decrease (—)
Since
Aug.221934. Aug. 15 1934. Aug. 23 1933.
$
8
$
—130,000,000
20,000,000
—2,000,000
5,000,000
+1,000,000 +338,000,000
2,432,000,000
—7,000,000
•
—11,000,000
TOTAL RES'VE BANK CREDIT 2,457,000,000 —11,000,000 +199.000,000
Monetary gold stock
+4,000,000 +3,942,000,000
7,983,000,000
Treasury and National Bank currency2,390,000,000 +15,000,000 +110,000,000
Money in circulation
5,347,000,000
Member bank reserve balances
4,072,000,000
Treasury cash and deposits with Federal Reserve banks
2,972,000,000
Non-member deposits and other Federal Reserve accounts
439,000,000
* Less than $500,000.
+42,000.000
+4,000,000
+8,000,000 +1,640,000,000
—4,000,000 +2,653,000,000
—84,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $11,000,000, the total of these loans on Aug. 22 1934
standing at
10,000,000 as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $668,000,000 to $657,000,000, while loans "for account
of out-of-town banks" remained even at $152,000,000, and
loans "for account of others" at $1,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and Investments—total
Loans—total
New York.
Aug. 22 1934. Aug. 15 1934. Aug. 23 1933.
$
7,105,000,000 7,132,000,000 6,685,000,000
3,019,000,000 3.034,000,000 3,346,000.000
On securities
All other
Investments—total
U. S. Government securities
Other securities
1,503,000,000 1,520,000,000 1.757,000,000
1 518,000,000 1,514,000,000 1,589,000,000
4,086,000,000 4,098,000,000 3,339,000,000
2 883,000,000 2,886,000,000 2.287,000,000
1,203,000,000 1,212,000,000 1,052,000.000
Reserve with Federal Reserve Bank__ _ _1,451,000,000 1,419,000,000
Cash in vault
37,000,000
40,000,000
862,000,000
36,000,000
Net demand deposits
Time deposits
Government deposits
6 217,000,000 6,205,000,000 5,199,000,000
664,000,000 669,000,000 755,000.000
675,000,000 684,000,000 393,000,000
Due from banks
Due to banks
64,000,000
65,000.000
64.000,000
1,554,000,000 1,601,000,000 1,091,000,000
Borrowings from Federal Reserve Bank_
Loans on seeur. to brokers & dealers;
657,000,000
For own account
For account of out-of•town banks_ _ _ 152,000,000
1,000,000
For account of others
Total
On demand
On time
Mans and investments—total
Loans—total
On securities
Allother
Investments—total
U. B. Government securities
Other securities
810,000,000
668,000,000
152,000,000
1,000.000
726,000,000
119,000,000
8.000,000
821.000,000
853,000.000
498,000,000 504,000,000 580,000.000
314,000,000 317,000,000 273,000,000
Chicago.
1,470,000,000 1,468,000,000 1,252,000,000
581,000,000 ' 583,000,000
700,000,000
263,000,000
318,000,000
270,000,000
313,000,000
351 000,000
349.000.000
889,000,000
885,000,000
552,000,000
587,000,000
302,000,000
584.000,000
301.000,000
328,000,000
224,000,000
Aug. 22 1934, Aug. 15 1934. Aug.23 1933.
$
$
511,000,000 289,000,000
26,000,000
35,000.000
Reserve with Federal Reserve Bank___ 507,000,000
35,000,000
Casa in vault
1,414,000,000 1,425,000,000
370,000,000 359,000.000
42,000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
976,000,000
352,000.000
62,000,000
169,000,000
426,000,000
222,000,000
25.5,00,0000
162,000,000
420,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 91 cities
cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 15:
The Federal Reserve Board's condition statement of weekly reporting
1
member banks in 91 leading cities on Aug. * 5 shows increases for the week
of $106,000,000 in net demand deposits. $14,000,000 in time deposits and
$57.000,000 in investments, and a decrease of $41,000,000 in Government
deposits.
Loans on securities declined $10.000,000 at all reporting member banks.
"All other" loans declined $6,000,000 at reporting member banks in the
New York district, and increased $6,000,000 in the San Francisco district
and $8,000,000 at all reporting banks.
Holdings of United States Government securities increased $13,000,000
In the San Francisco district, $11,000,000 in the New York district. $8,000,000 in the Boston district, 86,000,000 in the Cleveland district and
$24,000.000 at all reporting member banks, and declined $9,000,000 In the
St. Louis district. Holdings of other securities increased $23,000,000 in
the New York district and $33,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,179,000,000 and net
demand, time and Government deposits of 81,273,000,000 on Aug. 15.
compared with $1,173,000,000 and $1,264,000,000, respectively, on Aug. 8.
A summary of the principal assets and liabilities of the reporting member
banks,in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Aug. 15 134, follows.
Increase (+) or Decrease (—)
Since
Aug. 15 1934. Aug. 8 1934, Aug. 16 1933.
$
+55,000,000 +1,024,000,000
Loans and investments—total___17,732,000,000
7,825,000.000
—2,000,000
—758.000,000
3,294,000,000
4,531,000,000
--10,000,000
+8,000,000
---5010:00,000
—257,000,000
9,907,000,000
+57.000,000 +1,782,000,000
U. S. Government securities__ 6,660,000,000
3,247,000,000
Other securities
+24,000,000 +1,474,000,000
+33,000,000 +308,000,000
Loans—total
On securities
All other
Investments—total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
3,046,000,000
00
231,000,0
.
—2,000,000 +1,336,000,000
+48,000,000
—5,000,000
12,827,000,000
4.505,000,000
1,255,000,000
+106,000,000 +2,464,000,000
—29,000,000
+14,000.000
—41,000,000 +358,000,000
1,583,000,000
3,821,000,000
+45,000,000 +455,000,000
+55,000,000 +1,341,000,000
5,000,000
—33,000,000
United States Accepts Invitation to Join International
Labor Organization of League of Nations—President Roosevelt to Appoint Representative to Sit
at Geneva.
Prentiss B. Gilbert, American Consul at Geneva, on
Aug. 20 officially notified the Acting Director of the International Labor Organization of the League of Nations that
the United States Government had accepted an invitation
to become a member of that body, which was created to
further an international understanding of labor problems
and to exchange labor information and statistics. The letter
of acceptance was in reply to an invitation unanimously
adopted by the International Labor Organization at a
meeting June 22. Congress had previously authorized President Roosevelt to appoint an official representative of this
country. The United States has hitherto been represented
at meetings only by unofficial observers.
The letter of acceptance, as made public at the State
Department, follows:
Geneva, Switzerland, Aug. 20 1934.
Harold Butler, Esquire.
Director of the International Labor Office, Geneva, Switzerland.
Sir: In your letter to me of June 22 1934, you advised that the International Labor Conference had unanimously adopted a resolution inviting
the Government of the United States of America to accept membership in
the International Labor Organization and there was transmitted with your
letter a copy of the resolution, which in extending the invitation states
1164
Financial Chronicle
A Berlin dispatch of Aug. 20 to the New York "Herald
Tribune" noted the results of the election, in part, as follows:
that "such acceptance involves only those rights and obligations provided
for in the constitution of the organization and shall not involve any obligations under the Covenant of the League of Nations."
I am writing now to say that, exercising the authority conferred on him
by a joint resolution of the Congress of the United States approved June 19
1934, the President of the United States accepts the invitation heretofore
indicated, such acceptance to be effective on Aug. 20 1934. and, of course,
subject to the understandings expressed in the conference resolution, and
has directed me to inform you accordingly.
Yours respectfully.
PRENTISS B. GILBERT.
Official final results, as announced provisionally at 2:30 a. no. here (9:30
p. m. Sunday, New York Daylight Time), showed that the total of votes
cast was 43,267,821, or 95.7% of the registered electorate. Of this number,
38,124,030 men and women voted "Aye" and 4,276,248 voted "Nay," while
868,543 of the ballots cast were invalid.
Wheat Conference Fails to Achieve Agreement on
Quotas or Acreage Reduction--Report to Be
Submitted to 21 Governments Unlikely to Be Published.
No international limitation on wheat exports during the
next two or three months appeared likely as delegates to
the international wheat conference, meeting in London,
completed their plans to adjourn late yesterday (Aug. 24).
One delegate stated that no decision had been reached by
the conference regarding quotas or acreage reduction. It
was also believed unlikely that the 1,500
-word document
dealing with the world wheat problem, which will be submitted to the 21 interested Governments, will be published.
In this connection we quote from Associated Press London
.
advices of Aug. 22:
Argentine and Russian representatives strongly favor revealing the
contents of the closely-guarded document, but American. Canadian and
Australian delegations are opposed, and most of the Europeans present
favor the latter group.
•
In this connection it was recalled that Sir Herbert Robson, head of
the London Grain Exchange—the largest in the world—has protested
strongly against continuation of the quotas.
Itiwas learned authoritatively that some delegates to the conference,
including Rudolf() Garcia Arias, of Argentina. will decline to give full
approval to the document when it comes up to-morrow for final action.
but will append certain reservations.
Attempts to reach an agreement on quota allotments failed at the conference, but it appears now that the next meeting—in November—will
give Argentina the 150,000,000-bushel quota she is asking.
Reports from London Aug. 23 said that the conference
will formally reconvene in November.
Herr Hitler Endorsed by 89.9% of all German Voters—
Given Powers Formerly Exercised by President—
Now Has Greater Authority Than Any Other
Modern Ruler—Opposition Adds Strenth in Voting.
By the affirmative vote of 89.9% of all German voters,
Chancellor Adolf Hitler on Aug. 19 was granted all the powers that had been possessed by the late President von Hindenburg, and thus was given greater authority than that held
by the ruler of any other nation to-day. The voters were
asked to signify whether they approved the consolidation of
the offices of President and Chancellor under Herr Hitler.
Official final results showed that 43,267,821 votes were cast,
and of this number 38,124,030 voted "Yes" and 4,275,248 voted
"No," while 868,543 of the ballots were invalid. Despite the
overwhelming indorsement given Herr Hitler, the number of
persons voting "No" was more than twice as great as the
2,101,004 who voted against the Chancellor at the election
last November.
In a pre-election speech at Hamburg,on Aug. 17, Herr Hitler appealed to the German people to indorse him and his
policies at the polls. United Press advices from Hamburg,
Aug. 17, described this address, in part, as follows:
In an address appealing to the German people for approval of his seizure
of all-high power over their destinies as unchallenged head of the Third
Reich, Herr Hitler shouted the nation is ready "to defend our security and
Independence against anybody." He offered his "head and life" for the
welfare of the Germanic race. The vote on his appeal will take place Sunday.
Despite this belligerent warning to the world to keep "hands off," Herr
Hitler added the Government desired by every means to help preserve world
peace.
"The German army need not rehabilitate the military glory and the German Government does not need foreign political success through war to
cement our regime at home," Herr Hitler declared to a wildly enthusiastic
throng gathered to hear him at this port city. The nation listened in on a
nation-wide hook-up, climaxing a week's drive for the Sunday plebiscite.
A national holiday was declared to commemorate to-night's celebration.
Turning to foreign affairs, he continued:
"We have malicious enemies in the world. We can do whatever we want,
but certain international plotters are misconstruing our intentions."
He said these mysterious plotters hope to drive a wedge among the German
people, splitting them apart and weakening them. He declared the Germans, however, ought to perceive the danger of disunity, and appealed for a
united front behind his leadership.
Herr Hitler, appealing for approval of his seizure of Presidential as well
as other powers, admitted that "our Field Marshal-President (von Hindenburg) cannot be replaced."
"Nobody shall bear the title of President after him," he said. "Logical
as is the merging of the offices of President and the Chancellorship, I decline
to derive from the earlier enabling act the right to adopt this greatest constitutional reform measure."
Herr Hitler denounced a parliamentary democracy, asking: "Could the
smallest business thrive if the management were torn between 20 and 30
opinions?"
The Fuehrer declared the political divisions of the German Republic after
the overthrow of the monarchy at the end of the World War had led to collapse of authority and open civil strife.
Aug. 25 1934
Herr Hitler Loses Strength.
But the Nazi chieftain, though he thus obtained 89.9% of the votes, failed
appreciably to equal the poll for him in the similar balloting last Nov. 12,
when 93.4% of the electorate, or 40,588,804 men and women, expressed
approval of his action in causing Germany to withdraw from the League of
Nations and from the World Disarmament Conference. Nine months ago
the total poll was 43,439,046, or 171,255 more than it was yesterday.
Last November the percentage of the electorate which expressed opposition
to Hitler was 4.9. Yesterday it was 9.9, or more than double the previous
percentage. Nine months ago the number of invalid ballots was 750,061,
and yesterday it was 868,543, in each instance representing largely, it is to
be presumed, the suffrages of persons who sought to remain non-committal on
the issue presented.
A wireless dispatch of Aug. 19 to the New York "Times"
from Berlin said that Chancellor Hitler now has greater
power than those held by any ruler in the modern world. It
added:
As Reich leader and Reich Chancellor he holds the powers that belonged
to the late President von Hindenburg, and he has, in addition, the enormous
authority conferred on him as Chancellor by an Act adopted when the Nazis
obtained full power in the Reich. Under that Act he had virtually supreme
legislative authority. He now inherits any and all executive authority that
he has not enjoyed previously. In short, Herr Hitler alone has the powers
formerly exercised by the Kaiser, the President and Parliament. It must be
realized that the Reichstag has become a mere rubber stamp for his decrees.
Herr Hitler has the power to declare war and to make peace. He inherits
from the late President the exclusive right to make binding agreements with
other nations. Hence he alone may sign treaties and make alliances. His
consent is required to all diplomatic appointments, and all German diplomatic representatives must report to him at his request.
Moreover, Herr Hitler may annul existing legislation or call for new
legislation. He employs and discharges all State employees unprotected by
the complex civil service law. He has the power to pardon any person sentenced by a Reich court, thus holding the power of setting aside a court
decision.
Further, Herr Hitler is commander-in-chief of the army, the navy and the
air force. Under Article /CUM of the Weimar Constitution—which is now
moribund but which can be invoked at Herr Hitler's will—he may employ
force against any German Province that in his opinion fails in its duty
toward the Reich.
Under the same article he has the widest dictatorial powers in times of
national emergency, and under precedents set by the Bruening Government
he may make virtually any internal difficulty the excuse for declaring a state
of national emergency.
Dr. Max Winkler Assails Cuban Payment of Interest
to Maritime Pension Fund Without Similar Treatment of American Bondholders—Terms Action
Discriminatory.
The Republic of Cuba was criticized, on Aug. 6, by Dr.
Max Winkler, President of the American Council of Foreign
Bondholders, Inc., for its announcement that it had authorized payment of interest on the Cuban Public Works 5%%
bonds of 1945 held by the Maritime Pension Fund of Cuba,
without at the same time assuring similar treatment to
American holders of the issue. Dr. Winkler characterized
the action as discriminatory, and said that the committee
will take steps "to stop such arbitrary and utterly unwarranted action on the part of the Island Republic."
In a statement issued Aug. 6 by the American Council of
Foreign Bondholders it was said, in part:
The Council has had an opportunity again to assist in the formation of a
committee to protect American holders of the Cuban Public Works 51 i%
,
bonds of 1945.
It will be recalled that these bonds defaulted Dec. 31 1933, and that as a
result of an investigation ordered by the new Cuban Government these bonds
have been invalidated. The houses of issue have so far taken no concrete
steps to protect the interests of those to whom bonds were sold as fundamentally secure investments only four years ago.
The committee organized to protect the bondholders is headed by the
Honorable Bronson Cutting, United States Senator from New Mexico, and
includes, in addition to the writer, Dr. Thomas H. Healy, Assistant Dean of
the Georgetown University School of Foreign Service, who is a member of
the Advisory Board of the American Council of Foreign Bondholders. J. Fred
Rippy, Professor of History at Duke University and outstanding authority
on Latin American affairs, is also a member of the committee. The Honor.
able Burton K. Wheeler, United States Senator from Montana, has agreed to
act as counsel.
Holders of the above Cuban bonds might to advantage communicate either
with the Council or with the Secretary of the committee, Albert F. Coyle,
at 120 Broadway, New York City, for information relative to the status of
their bonds.
Soviet-American Debt and Claims Negotiations Appear
Near Collapse—State Department Announces "It
Is Not Possibile to Be Optimistic."
The probable collapse of negotiations being conducted for a
-American debts and claims was indicated
settlement of Soviet
yesterday (Aug. 24) when the State Department issued an
announcement that "it is not possible to be optimistic that
any agreement will be reached." Alexander Troyanovsky,
Soviet Ambassador to Washington, had previously conferred
with Secretary of State Hull, and had presented a proposal
•
1165
Financial Chronicle
Volume 139
on behalf of his Government which apparently was not satisfactory to the State Department. Associated Press Washington advices of Aug. 24 added the following regarding the
conferences:
Immediately after the conference adjourned a State Department spokesman said that some time ago the United States had made a written proposal
to the Soviet Government for a settlement of the question.
At to-day's conference. it was said,Mr.Troyanovsky presented a counter
proposal, in view of which the State Department announced it was not
possible to be optimistic that an agreement would be reached.
Mr. Troyanovsky, upon leaving the conference, told newspaper men he
had presented a proposal which, in his opinion, contained very important
concessions, but it had not been immediately accepted.
He added that further conferences very probably would be held, and he
was optimistic of ultimate success.
State Department officials declined to say definitely that a breakdown in
the negotiations had occurred. They said further discussions might be held.
but no date had been set.
The negotiations for a debt and claims settlement estimated to total
$500,000,000 began in Moscow seven months ago,and later were transferred
to Washington.
New Bank Organized in Mexico City Specializing in
Loans to Small Mining Operators-Will Also
Engage in General Banking.
In advices from Mexico City appearing in the "Wall
Street Journal" of Aug. 20 it was stated:
The first specialized mining bank to be established in Mexico for many
years has been inaugurated officially with leading financial and industrial
figures attending the opening. The new institution is known as "Credit°
Minero y Mercantil" and is capitalized at 1,250.000 Pesos.
The bank will specialize in loans to small mining operators in accordance
with the government's plan to stimulate cooperative mining. Paul Bailitres
is President of the new bank, and directors include representatives of the
various large mining and banking interests.
Among subscribers to stock of the new institution are Banco de Mexico,
Banco Nacional de Mexico, Banco de Commercio, Bank Mexican°, "La
Nacional" Insurance Co., Wells Fargo Express Co.. Real del Monte Co..
Penoles Mining Co., American Smelting & Refining Co., Alfredo Main,
Salvador Ugarte who has just received concession for formation of a new
banking institution "Financiadora del Comercio" in Chihuahua, Liberto
Senderos, Francisco Suinaga y Torne11, and Paul BatIleres.
The bank also win make loans on mining property, both movable and
Immovable,and will engage in financing and refinancing of mining operations
on a much larger scale than ordinary banks are permitted by law. The bank
also will engage in general banking.
Payment of 20% June 1 1934 Coupon on Consolidated
Municipal Loan 40-Year 7% Sinking Fund Gold
Bonds Due 1967 Being Paid by Rio Grande do Sul
(Brazil).
Announcement has been made by the Chase National
Bank of the City of New York, as special agent, that it is
notifying holders of State of Rio Grande do Sul (Brazil)
Consolidated Municipal Loan 40-Year 7% Sinking Fund
Gold Bonds, due June 1 1967, that pursuant to decree made
by the Federal Government of Brazil Feb. 5 1934, funds
have been received with which to pay 20% of the face value
of the coupons due June 1 1934, amounting to $7.00 for
each $35.00 coupon and $3.50 for each $17.50 coupon.
The announcement states:
The decree provides in effect that payment of such 20% of the face
value, if accepted, shall be in full payment and satisfaction of such coupons
and of the claim for interest thereby represented. Bondholders desiring
to obtain such payments are requested to surrender their June 1 1934 coupons to the COrporate Agency Division of the Bank, 11 Broad Street,
New York.
Rio Grande do Sul (Brazil) Pays 20% of June 1 1934
Coupon on 6% External Sinking Fund Gold
Bonds Due 1968-Rulings on Bonds by New
York Stock Exchange.
White, Weld & Co., special agents for State of Rio Grande
do Sul (United States of Brazil) 6% external sinking fund
gold bonds due June 1 1968, is notifying holders of these
bonds that they have received funds for the payment of the
June 1 1934 coupons appertaining to the outstanding bonds
of the loan at the rate of 20% of the dollar face amount of
the coupons. An announcement in the matter said:
The coupons will be paid on and after Aug. 23 1934, at the rate of $6 Per
$30 coupon,at the offices of the special agents, 40 Wall St., New York City.
The following rulings on the above bonds by the New
York Stock Exchange were issued on Aug. 23 by Ashbel
Green, Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Aug. 23 1934.
Notice having been received that payment of $6 per $1,000 bond is now
being made on State of Rio Grande do Sul 6% external sinking fund gold
bonds of 1928, due 1968. on surrender of the June 1 1934 coupon.
The Committee on Securities rules that beginning Friday, Aug. 24 1934
the said bonds may be dealt in as follows.
(a) "with Dec. 1 1931 and subsequent coupons attached:"
(b)"with Dec. 1 1931 to Dec. 1 1933 inslusive and Dec. 1 1934 and subsequent coupons attached";
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specnied at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
$85,768 of Bonds of 4% Loan of 1930 of Copenhagen
(Denmark) Purchased for Retirement Dec. 1 1934.
The City of Copenhagen announces that 54 bonds of
Ltr. A and 50 bonds of Ltr. B of the foreign 43/2% loan of
1930, in the total amount of 306,000 kronor ($85,768.52)
have been purchased for retirement on Dec. 1 1934.
Total Value of Exports and Imports of Merchandise
by Grand Divisions and Principal Countries in
June.
The Department of Commerce on Aug. 6 1934 issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
June and the six months ending with June for the years 1933
and 1934. The following are the tables complete:
TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of June.
1934.
1933.
Exports toEurope
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
British South Africa
Canada
Central America
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Greece
Hong Kong
Irish Free State
Italy
Japan
Mexico
Netherland East Indies
Netherlands
New Zealand
Norway
Peru
Philippine Islands
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Uruguay
Venezuela
$
58,809,882
18,420,763
10,632,953
8,575,528
17,802,394
2,822,018
2.726,691
6 Mos. End, June
1933.
$
$
67,618,356 331,498,531
28,515,433 87,297,750
15,064,303 59,331,860
13,919,271 47,359,940
33,767.072 111.813,981
4,626,271 15,384,278
7,063,736 16,642,991
1934.
$
479,168,450
152,402,070
85,514,707
74,039,103
186,309,059
24,886,069
33,942,853
119,790,229 170,574.442 669,329,331 1,036,262,311
19,894,499
2,755,526 3,503,554 15,007,500
19,298,322
2,359,654 3,670,753 11,630,265
27,141,337
2,949,475 4,215,056 18,048,692
18,677.826
1,646,789 3,343,494 12,979,835
12,988,759
1,060,038 2,256,843 7,808,367
1,633,038
926.933
292,187
192,432
20,206,830
1,260,421 4,360,069 7,841,913
18,068,161 27,987,284 85,596,155 150,056,232
17,897,037
2,796,150 3,2421.160 15,644,416
4,743,009
517,115 1.047,585 2,145.162
37,890,557
3,912,175 9,582,950 19,598,151
9,935,739
1,406,089 2,168,249 6.549,715
21,399,832
2,551,071 3,762,506 12,940,432
1,238,291
661,247
175,246
167,328
7,602.802
633,542 1.014,057 4,539,434
3,104.038
527,352 2,569,522
469,144
1,111,345
636,569
202,391
129,398
3,129,406
480,018 1,464,765
274,019
2,447,124
369,013 1,265,593
341,704
63,120,091
8,178,435 8.139.627 49.015,913
70,841.13C
10,177,888 8,229,706 57,892,650
2,321.278
355,150 1,048,166
235,567
3,545,511
437,830 4,236.420
548,162
3,128,012
378,992 1,300,440
159,716
31,096,425
4,321,784 4,275,667 24,467,211
90,623,711
16,310,106 50,492,547
7,719,857
26,367,52C
2,820,812 4,660,696 16,716,332
4,185,171
693,303 2,770,864
462,786
28,505.20(
3,239.369 4,168,537 18,614,968
5,350,314
946,916 3,549,540
423,120
5,195,152
793,073 3,013,015
555,649
3,995,641
764.100 1,631,574
397,029
24,235,154
3,062,581 2,850,383 20,784.861
7,612,19(
242,144 1,765,051 2,486,714
19,438,201
1,652,575 2,472,577 12,397,840
15,074,171
2,920,700 6,179,430
1,202,410
4,420,95(
876,695 3,186,890
540,430
22,229,892 24,861,632 116,891,793 172,058,361
2,576,704
307,625 1,234,219
231,813
9,192,911
1,006,435 1.880,233 5,654,147
-Exports include re-exports.
Note.
Month of June.
1933.
Imports fromEutope
Northern North America
Southern North America
South America
Asia
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
British South Africa
Canada
Central America
Chile
1934.
6 mos. Ended June
1933.
1934.
$
$
35,823,435 179,531,706
18,468,397 72,343.062
13,039,238 64,087,051
16,799.868 88,473,742
48,157,004 173,791,224
988,809 2,953,043
2,805,617 10.911,648
$
251,945,596
4
109.009.9 5
74,051,321
120,409,588
280,405,360
7,227,624
20,279,691
122,196,602 136,082,368 592,091,476
863,329,125
$
41,173,644
15,715,015
10,876,797
18,276,723
33,224,177
687,560
2,242,686
1,760,347
295,917
1,857,287
5,160,849
2,480,577
3,233,799
302,224
15,262,062
2,162,426
3,787,774
2,769,349
5,441,718
4,933,687
956,036
147,928
449,982
141,331
384,281
557,576
3,111,422
6,801,860
. 335,921
196.202
29,731
3,719,648
11,466,606
2,450,389
1,674,064
4,034,111
342,203
1,462,668
559,937
10,081,964
936,139
1,140,418
2,299,471
1,456,175
11.169,322
292,979
962,430
16,365,939
1,683,293 7,358,534
4,176,407
552,833 1,543,688
12,856,596
2,046,754 8,945.398
44,906,958
5,634,760 38,339,803
29,777,862
4,853,980 14,835,605
53,544,277
11,615,225 15,861,293
1,763.000
353,542 1,232,731
17,855,972 70,441,626 105,724,112
13,802,368
2,182,781 13,498,273
12,752.481
1,324,579 5,328,969
24,727,747
3,206,771 14,749,119
27,583,797
4,029,206 26,049,336
29,484,727
5,223,521 25,816,492
8,168,184
1,314,142 5,758,661
1,070,473
743,408
172,956
2.709,092
661,262 1,925,367
723,411
1,530,131
300.609
5,724,851
511,057 2,072,630
4,016,651
626,971 3.096,034
33,776,984
4,189,497 17,165,564
36,501,634
5,167,508 32,344.408
4,698,054
449,124 3,516,900
2,771,621
353,285 1,417,083
112,698
443,571
23,957
18,151,111
2,473,757 18,537,831
59,685,602
9,278,702 49,147,943
20,137,991
3,466,256 16,486,709
21,114,311
3,947,191 11,466,408
13,580,68:
1,763,256 13,969,134
2,860,251
407,109 1,085,686
9,333,52;
1,215,308 5,265.503
3,161,40
710,953 1,732,136
,
12,105,766 55,123,383
,
73,295,84
944,401 4,884,121
5,558,971
11,081,49.
1,602,554 4.669,131
2,888,483 9,950,414
14,572,34
1,248,482 6,540,128
8,105,52
7,880,996 39,711,264
61,588,77
576,836
878,132
2,754,87
2,392,902 7.337,519
10,421,37
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Greece
Hong Kong
Irish Free State
Italy
Japan
Mexico
n
Netherland East Indies
Netherlands
New Zealand
Norway
Peru
Philippine Islands
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Uruguay
Venezuela
Note.
-Imports for all periods are "General Imports."
1166
Financial Chronicle
Exports United States
Merchandise.
A June
1934.
Europe
Northern North America.._ _ Southern North America
South America
Asia
Oceania
Africa
Total
Argentina
Australia
Belgium
Brazil
British India
British Malaya
British South Africa
Canada
Central America
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Greece
Hong Kong
Irish Free State
Italy
Japan
Mexico
Netherland East Indies
Netherlands
New Zealand
Norway
Peru
Philippine Islands
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Uruguay
Venezuela
$
66,575,569
27,318,850
14,844,072
13,849,576
33,708,036
4,611,502
7,049,278
Six Months
Ending June
1934.
$
472,256,273
143,846,425
84,273,257
73,582,554
185,741,885
24,817,869
33,855,173
Imports for
Consumption.
June
1934.
Six Months
Ending June
1934.
$
5
35,942,847 240,403,137
19,172,053 104,672,737
11,234,064
60,418,654
16,483,808 118,267,050
48,215,274 280,369,010
989,524
6,326,831
19,423,579
3,010,377
167,956,883 1,018,373,436 135,047,947
829,880,998
3,500,754
19,856,271 1,573,607
3,664.516
19,249,439
575,292
4,167,665
26,931,169 1,990,909
3,318,720
18,588,672 5,612,479
2,254,315
12,965,195 4,891,595
273,525
1,604,395 11,568,800
4,359,622
334,519
20,197,464
26,793,767 141,541,403 18,532,974
3,188,742
17,693,880 2,170,178
1,044,076
4,721,562 1,774,809
9,575,498
37,806,086 3,008,754
2,150,883
9,795,110 4,025,887
3,718,986
21,174,784 3,364,141
173,256
1,207,393 1,263,300
1,010,178
161,501
7,552,478
525,312
597,015
3,068,087
200,278
285,457
1,103,467
479,578
3,074,235
662,496
618,801
368,599
2,444,781
7,913,644
61,606,748 3,865,002
8,094,858
69,801,091 5,031,768
354,011
815,041
2,301,950
437,562
3,510,378
341,760
378,992
3,121,155
34,300
4,248,724
30,770,494 2,645,417
16,295,542
90,405.405 9,184,305
4,562,889
25,688,368 3,350,597
691,628
4,180,972 3,769,074
4,069,959
28,166.056 1,775,627
938,384
5,332,121
384,615
790,743
5,172,124 1,608,359
757,824
3,907,083
386,929
2,845,023
24,122,275 12,239,074
1,756,283
7,567,188
865,225
2,465,965
19,392,337 1,478,026
2,903,112
14,955,434 2,893,269
874,239
4,343,677 1,106,067
24,400,451 169,027,543 7,490,951
303,721
2,570,644
467,330
1.871.715
9,134.112 2,210,300
16,101,021
3,568,786
12,838,121
44,058,650
29,551,169
53,490,332
1,690,994
102,073,418
13,653,641
12,612,082
24,176,343
27,611,488
17,824,773
8,195,063
1,054,682
2,762,721
1,591,287
4,560,584
4,014,290
29,352,718
36.276,528
4,117,165
2,643,300
310,413
17,839,559
59,587,834
19,064,705
20,832,034
13,624,489
2,566,775
8,205,349
2,900,365
73,392,346
5,692,752
10,166,578
14,578,898
7,563,177
57,171,117
2,263,470
10,234,320
Aug. 25 1934
Announcement was also made on Aug.20 by the Exchange
that it will issue shortly a separate ticker abbreviation book
for bonds, incorporating the new bond abbreviations and
symbols adopted during the last several months.
Violators of Securities Exchange Act of 1934 to Be
Punished by New York Stock Exchange
-New York
Curb Exchange Also Takes Action.
An amendment to the constitution of the New York
Stock Exchange was adopted this week by the Governing
Committee of the Exchange placing violations of rules and
under the Securities Exchange Act of 1934 on the same basis
with violations of the Exchange's constitution. The amendment was announced on August 23 by the Exchange as
follows:
In order to comply with Sec. 6-B of the Securities Exchange Act of 1934,
Chapter XIV of the Rules adopted by the Governing Committee pursuant
to the Constitution was amended by the addition of the following section.
"Sec. 16. Any member who wilfully violates any provision of the Securities Exchange Act of 1934 or any rule or regulation thereunder shall be
deemed to be guilty of conduct or proceeding inconsistent with just and
equitable principles of trade."
A similar ruling was also adopted by the New York Curb
Exchange. Sec. 6-B of the Securities Exchange Act of 1934
reads:
"(b) No registration shall be granted or remain in force unless the rules
of the Exchange include provision for the expulsion, suspension, or disciplining of a member for conduct or proceeding inconsistent with just and
equitable principles of trade, and declare that the wilful violation of any
provisions of this title or any rule or regulation thereunder shall be considered conduct or proceeding inconsistent with just and equitable principles of trade."
In its issue of August 23 the New York "Times" said:
Although the change in the constitutions of the Stock and Curb Exchanges placing the violation of rules and regulations under the Securities
Exchange Act on the same basis with violations of the Exchanges' constitutions and rules appeared at first to be a relatively minor action, brokers
began to realize that only by this action have they been brought directly
under Federal supervision. The law itself regulates corporations and
security exchanges, but regulates brokers only to the extent of their manipulative practices. By forcing all members, who are responsible for the
actions of their partners and their firms' employees, to subscribe to the law
to the extent that a violation shall be punishable, the Commission has
brought the members of all Exchanges under the wing of the law.
1714% of Aug. 1 Coupon on 25
-Year 8% External
Sinking Fund Gold Bonds, External Loan of 1922,
Being Paid by Santa Catharina (Brazil).
Halsey, Stuart & Co., Inc., as special agent, are notifying Corporations Must File Own Applications for Regisholders of State of Santa Catharina (United States of Brazil)
tration With SEC New York Stock Exchange
Rules.
25-year 8% external sinking fund gold bonds, external loan
That the New York Stock Exchange does not intend to
of 1922, that pursuant to a decree of the Chief of the Provisional Government of the United States of Brazil, funds request the Securities Exchange Commission to register
have been deposited with them on behalf of the State of Santa companies that do not file their own registration applications
Catharina sufficient to make a payment in lawful currency is indicated in the following announcement issued yesterday
of the United States of America of 17M% of the face amount (Aug. 24) by the Exchange:
The Committee on Stock
of the coupons due Aug. 1 on these bonds. This amounts received many inquiries fromList of the New York Stock Exchange has
corporations asking for its interpretation of
to $7 for each $40 coupon; $3.50 for each $20 coupon, and Rules JE-2 and JE-3, adopted by the Securities and Exchange Commission
in Washington, on Aug. 13 1934.
70 cents for each $4 coupon, said an announcement issued in
The question most frequently asked is whether the Stock Exchange
the matter Aug. 20. It continued:
intends to make application for registration, under Rule JE-2, for corporaPursuant to the decree,such payment,if accepted by holders of the bonds
and coupons, must be accepted in full payment of such coupons and of the
claims for interest represented thereby. Payment will be made upon
presentation and surrender of the coupons to Halsey, Stuart & Co., Inc.,
201 So, La Salle St., Chicago, and 35 Wall St., New York.
New York Stock Exchange Rearranges Bond Trading
Floor-Enlargens Space for Trading in United
States Government Bonds.
The New York Stock Exchange announced Aug. 20 that
general rearrangement of the bond trading floor was completed the previous week, enlarging the space available for
bond trading, and also increasing the telephone and other
facilities of members. In its announcement the Exchange
said:
Id order to make room for this expansion, Post 30, where "inactive"
stocks are traded, has been moved from the corner of the bond room to
the north-east wall of the 11 Wall St. building.
The space previously occupied by the "inactive," 10 share unit, post has
been given over to trading in United States Government bonds, approximately doubling the floor space available for trading in these issues. The
space devoted to "active" bonds and to "book" bonds has also been
Increased.
The bond market of the Exchange is housed in the 20 Broad St. building
of the Exchange, connecting directly with the main trading floor.
The relocation of the trading areas has taken four weeks
to complete, the Exchange said, the changes having been
make during week-ends in order to permit uninterrupted
facilities during market sessions. The Exchange further
announced:
In rearranging the facilities of the Government Bond Crowd, the Exchange took recognition of the unofficial nicknames by which the listed
United States Government issues have long been known to bond traders.
The nicknames of each issue are displayed above the official title of the bonds
on the indicators which register the current market price. The Treasury
4hs of 1947-52 are known as "Mellons," the 4s of 1944-54 as "Coolidges,"
the 3s of 1941 as "Woodins," the 3s of 1943-45 as "Converts." There
are also "Firsts," "Called," "Uncalled," "Junes," "Marches," "Old 3s,"
"New 38," and "Reefers." The Home Owners Loan Corporation bonds are
known as "Hokeys" and the Federal Farm Mortgage Corporation bonds as
"Feds."
tions that are in a position to make application on their own behalf under
Rule JE-1.
To avoid any possible continuing misunderstanding, the Committee on
Stock List states that it would regard such application by it as being contrary to the spirit of the Rules of the Commission, and it does not intend
to make application for corporations in a position to make such application
in their own behalf.
....
-
The rules and regulations of the SEC adopted Aug. 13
were given in our issue of Aug. 18, page 1016. A recent
amendment to rule JE4 is given elsewhere in our issue to-day.
New York Curb Exchange Eases Ruling for Listing
Companies Applying for Formal Listing Permitted
to Retain Registration and Transfer Facilities
Outside New York-President Grubb Says Exchange to Continue in Business.
Companies applying for formal listing on the New York
Curb Exchange may now retain registration and transfer
facilities anywhere throughout the United States, following
change in the rules of the Exchange by the Governing Committee. Previously fully listed companies were required to
maintain registration and transfer offices in New York,
while unlisted companies dealt on the Exchange had been
permitted to maintain transfer offices elsewhere. In announcing the relaxation in the rules, E. Burd Grubb, President, took occasion to state that there was no likelihood of
the Exchange going out of business in the event that the Securities Exchange Commission issues 'uniform listing regulations for all exchanges. He stated:
I have received several telephone calls from newspapers asking me
whether the Curb Exchange is going out of business. I emphatically
answer no. We are definitely not going out of business. Nothing is
further from our thought or anticipation.
If any one sought to sell a Curb Exchange seat to-day, he would receive
a price somewhat above the last sale.
In noting that "there never has been any criticism of the
transfer facilities for Curb securities, whether transferred
here or in other cities," Mr Grubb stated:
Financial Chtoiuicle
Volume 139
Securities have been handled as well by transfer offices in other cities
as by those in New York. With the adoption of the second-day delivery
plan and the widespread use of air-mail facilities, it has become less impo
tant than ever to insist upon the maintenance of transfer facilities in
York by fully listed companies. However, if fully listed stocks are v
active, permission may be denied to them to move their transfer office
from New York City.
As to the change in the rules with regard to transfer facilities a statement issued by Mr. Grubb said:
A considerable number of the unlisted companies on this Exchange have
always maintained registration and transfer facilities elsewhere in the
United States, which have proven to be entirely adequate.
In response to a number of inquiries from unlisted companies and others
regarding formal listing, the Board of Governors has given consideration
to its requirement that fully listed companies maintain registrar and transfer
offices here, and has decided that in appropriate circumstances where
facilities elsewhere in the United States are adequate, companies having
such facilities, applying for formal listing, may retain them.
Mr. Grubb made known that the Exchange is applying fox
registration as a National securities exchange under terms
of the Securities Exchange Act of 1934.
Treasury to Seek Wider Public Distribution of Government Bonds—Secretary Morgenthau Indicates
Extension in Connection With September Financing—HOLC Reports Sharp Drop in Demands for
Loans.
The Treasury is considering plans for a broad popular
drive for wider distribution of Government bond offerings
in connection with its $1,700,000,000 September financing
operations,according to advicesfrom Washington on Aug.20,
which said that Secretary of the Treasury Morgenthau at a
press conference declared that the Treasury had made a full
point profit on bonds of the Home Owners Loan Corporation
which it purchased because of the absence of bids. Mr.
Morgenthau also said that there was a sharp drop in the
Federal Government's purchases of its own bonds last week.
The weekly report of the HOLC,issued on Aug. 17,showed
that demands for relief from home owners have declined
sharply within recent weeks. The HOLC described this as
a sign that the peak of necessity for such assistance had
passed. A dispatch from Washington, Aug. 17, to the New
York "Herald Tribune" noted the contents of this report in
part, as follows:
The report showed that up to Aug. 10, 447,848 loans, totaling $1,346,382,489, had been made to home owners.
After the home owners'loan Act was passed. June 13 1933, there was a
rush of distressed mortgagors for loans. Applications reached a high point
of 146,989 in the four-weeks' period from Feb.9 to March 9 1934. This
rate has dropped to 60,477 applicationsfiled in the latest four-weeks'period,
with a weekly rate of only 14,091 for the week ended Aug. 10, the lowest
since the HOLO began operations.
1,153,160 Applications Filed.
The total of applications filed to date, exclusive of those on which loans
have been concluded, is 1,153.160, a substantial number of which have
already been withdrawn or found ineligible. Based on previous experience,
it is expected that many others will not qualify for approval under the law.
The HOLC says that confusion still exists as to the separate functions of
the HOLC and the Federal Housing Administration, as indicated by the
large number of inquiries and applications made at the HOLC offices by
home owners eager to borrow for modernization purposes. It is emphasized
that only such property owners as are in actual financial distress are eligible
for assistance from the HOLC,whereas those of established earning capacity
and credit standing should apply to their own local banks or other private
financing institutions for modernization loans as provided in the National
housing Act.
We also quote from a Washington dispatch of Aug. 20 to
the New York "Herald Tribune" regarding Mr. Morgenthau's statements at the press conference on that date:
The Treasury purchased $22,000,000 of the HOLC bonds at 99 when
this portion of the $150,000,000 issue failed to bring bids at par. The
Government's purchases of its own securities for investment purposes
amounted to only $1,250.000 during the past week compared with purchases
amounting to $45,098,100 in the preceding week to support governments.
Gratification over the response to bond offerings was also expressed at
the Reconstruction Finance Corporation upon receipt of substantial pram(tuns in bids opened for $6,000.000 in county, municipal, State and railroad
bonds being sold for the Public Works Adminsitration.
Jesse H. Jones, Chairman of the RFC, said the issues were offered as
"feelers" in the bond market for the program, which authorizes the RFC
to purchase up to $250,000,000 of bonds held by PWA as collateral for
loans. PWA proceeds from the bonds will be used to create a revolving
cash fund.
Eleven issues were offered to a specially selected list. More than 75
bidders made their offers. Nearly all offered substantial premiums except
In the case of $1,250,000 in Chesapeake & Ohio RR. general equipment
trust issues at 4%.
The First National Bank of New York, the only bidder for the C. & 0.
bonds, offered $997.50 Per $1,000 for the issue. These bonds h... a 4%
discount rate below par since they do not bear interest until 1935.
$254,800,000 in Bids.
Secretary Morgenthau said to-night that the offering of $75,000,000 In
-day Treasury bills dated Aug. 22, on which bids were opened Aug. 17,
182
showed an oversubscription of more than thr, to one. The t3tal amount
applied for was $254,800,000, of w 8.ch $75.090.000 was accepted.
Accepted bids ranged in price from 99.906. equivalent to a rate of about
.19% per annum, to 09.875, equivalent to a rate of about .25% per annum,
on a bank discount basis. Only part of the amount bid for at the latter
price was accepted. Average price of bills to be issued is 99.885 and the
average rate is about .23% Per annum on a bank discount basis.
1167
oom" in American Stocks Predicted by British
Broker—Major L. L. B. Angas Forecasts Sharp
Rise as Result of Government Spending and
Resultant Expansion in Bank Deposits—Theory
Criticized by James P. Warburg.
Steadily expanding demand bank deposits in the United
States since the first of the year are cited as evidence of
impending "reflation" that will ultimately cause a "boom"
in the American stock market, accompanied by a sharp
expansion in business activity, in a pamphlet entitled
"The Coming American Boom" by Major L. L. B. Angas,
which was published in New York this week. Major
Angas, a London stock broker who is an advocate of "controlled inflation" as a method of inducing industrial and
economic recovery, analyzes President Roosevelt's recovery
program, chiefly from its monetary aspects, and declares
that if pursued to its logical conclusion it cannot fail to
attain the desired aims. For this reason he envisions a
sharp rise in American equities and says that the beginning
of this rise might occur before the end of the present summer.
Although he does not definitely predict that the stock market
will reach the levels of 1929, he does declare that it is not
impossible that the peaks of that year will ultimately be
pierced.
A searching analysis and criticism of Major Angas'
pamphlet by James P. Warburg appeared in the New York
"Times" on Aug. 22. Mr. Warburg admits that Government spending and consequent expansion of deposits may
ultimately lead to inflation, but he doubts that such inflation can be controlled, and asserts that he agrees with
most economists in considering that a sound recovery' is
preferable to a "boom." We quote below in part from
Mr. Warburg's review:
The booklet abounds in extraordinary bits of dogmatism, such as,
for example, "Business confidence is largely engendered by causing lack
of confidence in money."
Or, speaking of tne reaction to the first monetary steps of the Roosevelt
Administration, "When prices were rising in advance of wages, all capitalists and speculators declared that his policy was sound."
In common with other monetary dogmatists, such as Professor Fisher,
Major Angas is not afraid to make statements such as the following: "As
regards the talk of another new slump now, following the recent minor
revival, this I think can be regarded as merely the talk of uninstructed
economic opinion."
Major Angas bitterly resents the criticism of the Roosevelt monetary
Policy, which claims that the President's inflationary efforts have not
worked, and says: "Soon, however, those who now prematurely scoff on
the failure of the monetary 'experiment' . . will have to change round
and occupy their minds in explaining how either, after the first rapid flareup, activity will die down, or alternatively how the inflationary boom
will eventually get out of control."
The book is a very convincing refutation of the belief held by some
that the Roosevelt monetary policies are not inflationary. It is a convincing proof that the foundation for very extensive inflation has been laid.
and that this inflation is not far off. But the book provides no solace
whatsoever to those who criticize the Roosevelt monetary policies, not
because they have failed to bring about inflation, but because they seem
likely to produce an inflationary orgy that will get out of control.
It all depends upon whether one desires a "boom" or recovery. Major
Angas predicts and welcomes the virtuous circle of inflation as opposed
to the vicious circle of deflation. In this he differs from most economists,
who would consider any circle vicious and whose hopes are centered on
recovery of a balanced economic structure rather than upon an inflationary
boom.
Second Export-Import Bank to Encourage Only
Long-Term Loans—Believes Loans for Less than
Six Months Should Be Handled by Commercial
Institutions.
The Second Export-Import Bank of Washington does
not intend to encourage loans for less than six months
except on "bulk transactions," Charles E. Stuart, Executive
Vice-President of the bank, said on Aug. 21 at a luncheon
meeting of the Export Managers Club of New York. He
added that officials of the bank believe that short-term
loans should be handled by commercial institutions. On
the previous day (Aug. 20) it was reported from Washington
that the first transaction participated in by the bank would
probably be the financing of the American seller of 14,000,000
pounds of fire-cured tobacco to the Spanish tobacco monopoly. Such a transaction would involve $900,000 of
credit, newspaper advices stated.
The New York "Times" of Aug. 22 added the following
dc.-...,fiption of Mr. Stuart's address on the preceding day:
The bank is requiring that adequate information be provided that
WI.. satisfy it on the following six points.
1. Extent of the proposed transaction in terms of quantities and values.
2. Terms of payment necessary to secure the business.
3. Amount of credit required to handle the transaction.
4. Security that may be hypothecated for the required credit.
4. Statements showing the present financial condition of the firm applying for credit, with comparative balance sheets and earnings statements covering the past three fiscal years.
6. Commercial bank references.
"The bank will grant credit on the merits of cases brought before it,
but it will not ignore the factor presented by the desirability of doing
business with those countries where definite assurance for the sound in-crease of American business exists," Mr. Stuart declared.
Financial Chronicle
1168
Volume of Bankers' Acceptances July 31 $18,588,534
Below Previous Month—July 31 Figure Reported
at $515,604,714.
The monthly survey of the acceptance business of the
American Acceptance Council as of July 31 shows a reduction in the volume of bankers' acceptances from the previous
month's volume of $18,588,534. In issuing the survey on
Aug. 22, Robert H. Bean, Executive Secretary of the Council, said that "the present total of acceptarces at $515,604,714 should represent the low total for the year, as indications
are now seen of a return to the acceptance market by cotton
and other seasonal crop producers. The present volume
is $222,654,249 below the total outstanding at the end of
July 1933." Mr. Bean continued:
The largest amount of the reduction from June to July of $81,588,534
was In the volume of acceptances created to finance exports, which class of
business has been steadily declining since the first of this year. Export
hills went off $9,722,946. The next largest reduction was in the volume
of bills used to finance goods stored in or shipped between foreign countries.
in which there was a reduction of 33,609,396, bringing this class of bills
down to $144,418,241. Acceptances created for the purpose of financing
imports went off $3,159,675. Acceptances for domestic shipment transactions, to finance goods stored in domestic warehouses and for the purpose
of creating dollar exchange were practically unchanged in volume during
the month of July.
Accepting banks reporting to the Council held of their own bills $222,
477.654 and of other banks bills which have been purchased in the open
market $249,767,401, a total of $472,245,055, or within $43,000,000 of
the total volume of bills reported.
The following detailed statistics were supplied by Mr.
Bean:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
• Federal Reserve District.
July 31 1934.
June 30 1934. July 31 1933.
$32,290,102
409,055,067
13,915,195
3,052,304
655,143
4,689,706
26,721.719
1,298,430
1,848,140
760,000
422,744
20,896,164
$34,378,319
424,341,904
14,469.181
1,542,176
415.091
4,730.757
27,756,897
1,565,533
1,678,279
650,000
349,583
22,315,528
$47,608,999
593,524,712
12,990,651
1,998,186
955,566
5,109,676
43,036,776
2,971,317
6,575,548
1,250,000
2,387,465
19,850,067
$515,604,714
318.588,534
$534,193,248
$738,258.963
1
2
3
4
5
6
7
s
9
10
11
12
Grand total
Decrease for month
Decrease for year
$222,654.249
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
July 31 1934.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored In or shipped
between foreign countries
June 30 1934. July 311933.
$93,824,573
135,409,261
8,237,090
130,141,053
3,574,496
$96,984,248
145,132,207
9,030,997
131,515,087
3.503,072
$86,367,901
168,120,662
15,579,073
239.513,981
9,671,714
144.418.241
148.027.637
219.005.632
CURRENT MAREETIQUOTATIONS ON PRIME BANKERS'ACCEPTANCES
AUG. 20 1934.
Days.
Buying Rate. Selling Rale,
30
so
90
4%
%
%
3-16%
3-16%
3-16%
Days.
120
150
180
Buying Rate. Selling Rale.
-
%
3e%
Condition of National Banks According to Comptroller
of Currency—Figures Based on June 30 1934 Call.
Total assets of the 5,422 licensed National banks operating
on an unrestricted basis in the continental United States,
Alaska and Hawaii, on June 30 1934, the date of the last call
for statements of condition, aggregated $23,901,592,000, J. F.
T. O'Connor, Comptroller of the Currency, announced
June 30. This is an increase of $960,419,000 in the amount
reported by 5,293 licensed banks as of March 5 1934, the date
of the previous call, the Comptroller said, and an increase of
$3,041,101,000 reported by 4,902 licensed banks as of June 30
1933, the date of the midsummer call last year. The Comptroller further announced:
Loans and discounts, including rediscounts, on June 30 1934 totaled
$7,694,749,000, in comparison with $7,899,279,000 on March 5 1934 and
$8,116,972,000 on June 30 1933.
Investments in United States Government securities on June 30, excluding
securities guaranteed by the United States Government as to interest and/or
principal, aggregated $5,645,741,000, which was an increase of $238,393,000
since March and an increase of $1,614,165,000 in the year.
Contingent liabilities of the United States Government in the form of
guaranties as to interest and principal on obligations of the Reconstruction
Finance Corporation, Federal Farm Mortgage Corporation and Home Owners'
Loan Corporation held by the reporting banks on the date of the current call
amounted to $357,911,000. In addition, investments reported held by banks
in other miscellaneous bonds, stocks and securities aggregated $3,344,901,000,
which is an increase of $58,037,000 since March 5 and an increase of
$4,846,000 since June 30 1933.
Balances due from correspondent banks and bankers, including reserve
with Federal Reserve banks of $2,497,400,000, were $5,295,641,000. The
balances on March 5 1934, and June 30 1933, were $4,528,681,000 and
$3,793,460,000, respectively. Cash in vaults totaling $352,402,000 showed
a decrease of $5,900,000 since March, but an increase of $63,924,000 in
the year.
The book value of capital stock of the licensed banks on June 30 1984
amounted to $1,737,827,000 and represented a par value of $1,738,792,000.
Aug. 25
1934
The latter figure was composed of class A preferred stock of $401,989,000;
class B preferred stock of $10,081,000, and common stock of $1,326,722,000.
The book value of capital stock showed increases in the four- and 12-month
periods of $83,897,000 and $222,180,000, respectively. The par value of
the stock showed increases in the four- and 12-month periods of $83,804,000
and $221,587,000, respectively. Surplus funds of $854,057,000 and net undivided profits of $257,295,000, or a total of $1,111,352,000, which is exclusive of reserves for contingencies, preferred stock retirement fund and
dividends payable in common stock of $151,854,000, showed a decrease of
$5,343,000 since March and a decrease of $64,846,000 in the year.
Circulating notes outstanding amounted to $698,293,000 in comparison
with $790,037,000 in March 1934, and $730,435,000 in June 1933.
The total deposits of licensed banks were $19,932,660,000 and showed an
increase of $1,142,173,000, or 6.08%, since March 5, and an increase of
$3,158,545,000, or 18.83%, since June 30 last year. The aggregate on
June 30 1934 included amounts due to banks subject to immediate withdrawal and certified and cashiers' checks outstanding of $2,870,925,000;
United States Government deposits of $889,678,000; other demand deposits
of $9,280,929,000, and time deposits of $6,891,128,000. In the total of
time deposits were included postal savings of $440,782,000 ; time certificates
of deposit of $678,498,000, and deposits evidenced by savings pass books
of $5,074,147,000, the latter figure representing 13,543,649 accounts. Postal
savings of National banks decreased $110,310,000 since March 5 1934.
Bills payable of $13,672,000 and rediscounts of $2,007,000, a total of
$15,679,000, showed decreases in the four- and 12-month periods of $37,040,000 and $102,176,000, respectively.
The percentage of loans and discounts to total deposits reported as of
June 30 1934 was 38.60, in comparison with 42.04 on March 5 1934 and
48.39 on June 30 1933.
Member Bank Reserves Reach Record Level Following
Increase During July According to Federal Reserve
Board—Deposits of Banks Increasing.
"Member bank reserves increased further during recent
months and amounted to about $4,000,000,000 during the
latter part of July, the largest figure recorded, and about
$1,900,000,000 in excess of legal requirements," reported the
Federal Reserve Board in its review for the month of July
contained in its August. "Bulletin" issued Aug. 20. "The
growth in member bank-reserves," the Board stated, "has
continued to reflect chiefly growth in the monetary gold stock
and the outlay by the Treasury of funds held in the form of
cash in its own vaults or on deposit with the Reserve banks."
The following is also from the review:
Changes in the volume of money in circulation during June and July have
reflected the usual seasonal influences. Demand for currency was about the
same in June as in May but during the week ending July 4 circulation increased by $100,000,000 in response to the holiday demands. During the
subsequent 3 weeks the usual seasonal return of currency to the Reserve
banks again reduced the volume of money in circulation to about $5,300,000,000, the level reported in the latter part of June.
Member Rank Credit.
There has been a further growth in deposits of member banks during recent
months, bringing the total increase since the banking holiday in March 1933
to more than $7,500,000,000. From March to June 1933, the growth in
deposits reflected chiefly the licensing of banks, admission of new banks
to membership, the return of currency from hoards, and a growth in bankers'
balances. From June 1933 to June 1934 the increase in deposits reflected
chiefly accessions to active membership, the purchase of United States Government securities by the banks, a further growth of bankers' balances,
and, since January 1934, imports of gold into the country and expenditure
by the Treasury from its cash balances. The growth in bankers' balances
has accompanied ease in the money markets and accumulation of large supplies of bank funds which have not yet found active use in commerce and
industry. For the year ending June 30, 1934, according to figures for all
member banks that have recently become available, the increase in total
deposits exceeded $4,400,000,000, of which about $650,000,000 represented
United States Government deposits, $750,000,000 interbank deposits, and
$3,000,000,000 other deposits payable on demand or on time.
Figures subsequent to June 30 for all member banks are not available, but
data for weekly reporting member banks in leading cities indicate that there
has been a further growth in deposits during July.
Total loans and investments of all member banks increased by $2,300,000,000 during the year ending June 30, 1934, reflecting chiefly a growth
of $2,200.000,000 in holdings of United States Government securities, and
an increase of $450,000,000 in holdings of other securities, offset in part
by a reduction of $375,000,000 in loans. The decline in loans was in direct
loans to customers, while loans to brokers and dealers in securities increased.
Federal Reserve Board Issues Opinion on Section of
Banking Act of 1933 Relating to Examinations and
Reports.
The August "Bulletin" of the Federal Reserve Board, issued Aug. 20, contains an opinion of the Board made as a
result of questions arising under Section 21 of the Banking
Act of 1933, which, effective June 16, 1934, made it unlawful
for any person, firm, corporation, association, business trust,
or other similar organization, other than a financial institution or private banker, to engage in the business of receiving
deposits unless it submitted to periodic examinations by the
Comptroller of the Currency or the Federal Reserve Board.
The Board's views are as follows:
In any case in which a person, firm, corporation, association, business
trust, or other similar organization shall submit or offer to submit to
examination in accordance with the provisions of the statute, such submission or offer should be in writing and signed by such person or by
a duly authorized representative of such firm, corporation, association,
business trust, or other similar organization and his authority to execute
such writing Amid be properly evidenced. The costa of such examinations
should be paid by the respective persons or organizations examined. In
view of the provisions of the section, examinations of such persons or
Volume 139
Financial Chronicle
organizations should be made at least twice in each calendar year and
oftener if considered necessary.
It is the view of the Board that, in a ease in which a person, firm, corporation, association business trust, or other similar organization of the
kind described in the statute submits or offers to submit to periodic examination by the Federal Reserve bank of the district and does not submit or offer to submit to such examination by the Comptroller of the
Currency, the Federal Reserve bank should make the examinations prescribed by the statute.
On the other hand, if any such person or organization submits or offers
to submit to examination by the Comptroller of the Currency and does not
submit or offer to submit to examination by the Federal Reserve bank of
the district, the Federal Reserve bank is under no responsibility to make
examinations of such person or organization.
It will be observed that, under the terms of the section, reports of condition of persona and organizations to which the statute is applicable are
to be made and published at the same times and in the same manner and
with like effect and penalties as are now provided by law in respect of
national banking associations transacting business in the same locality;
and, accordingly, such reports of condition, in all cases and without regard
to the authority which may make the examinations referred to in section 21,
should be made to the Comptroller of the Currency and published in the
same manner as reports of condition of national banks.
With regard to questions which may arise as to whether persons or organizations or stated transactions fall within the scope of section 21 or are
affected by its provisions, attention is invited to the fact that the section
does not give to the Federal Reserve Board any jurisdiction or discretion
regarding the matters with which it deals, and the board does not feel that
It would be appropriate for it to undertake to express opinions upon questions
of this kind. The section provides a penalty of fine or imprisonment for
any violation of its provisions and the determination of the question whether
a person or organization should be prosecuted for such violation is a matter
entirely within the jurisdiction of the Department of Justice. The section
does not give to the Comptroller of the Currency, the Federal Reserve Bank,
or the Federal Reserve Board any discretion or power to require a person
or organization to submit to examination or to determine what persons or
organizations should submit to examination. In the circumstances an expression of opinion by the Federal Reserve Board on the question whether the
section is violated would not afford protection from prosecution if the Department of Justice upon consideration of the matter should take the position
that a person or organization had violated the statute and should feel it
necessary to prosecute for such violation.
The text of the Banking Act of 1933 was given in our issue
of June 24, 1933, page 4335.
Senator Lewis Says Effort Will Be Made at Next Session
of Congress to Abolish Federal Reserve System
and Establish Central Banking Authority.
Senator J. Hamilton Lewis, of Illinois, after conferring
with President Roosevelt at the White House, on Aug. 16,
predicted that at the next session of Congress efforts will
be made to pass legislation abolishing the Federal Reserve
System and substituting therefor a central banking authority. Senator Lewis said that he was personally opposed to
the proposal. A Washington dispatch of Aug. 16 to the New
York "Journal of Commerce" added the following comment
regarding this suggestion:
At the time the central bank legislation came up in the last session Administration leaders refused to let the measure come to a vote. The proposal, advanced by the Committee for the Nation, was favorably reported by
the House Banking and Currency Committee.
The President silenced reports at that time to the effect he was contemplating the creation of a central bank, but he has not made known his attitude toward the proposal since approval of the Gold Reserve Act.
Secretary of the Treasury Morgenthau disclosed to-day that the central
bank question is being considered by Professor Jacob Vines of the University
of Chicago, who heads the group of economists recently set up to study
monetary problems. Professor Vines is expected to report on the study
about Oct. 1.
Connecticut Stockholders of Defunct Bank of United
States Held Liable to Assessments—High Court
Upholds Contention of Joseph A. Broderick, New
York Superintendent of Banking.
Almost 1,000 Connecticut stockholders in the defunct Bank
of United States will be required to pay the $25 a share
assessment levied by the New York State Superintendent of
Banks, according to a decision handed down on Aug. 15 by
the Supreme Court of Errors of the State of Connecticut.
The ruling was made in the appealed test case of Superintendent Joseph A. Broderick of New York against Mary
McGuire and other stockholders of New Haven, Conn. All
five Justices of the court agreed that the Banking Superintendent has a right, after proper pleading and proof, to enforce in Connecticut courts payment of the assessment made
by him against stockholders in a banking corporation of
which he has taken possession under New York laws. A dispatch of Aug. 15 from Hartford to the New York "Times"
quoted from the court's opinion, in part, as follows:
"One ground of demurrer is that the complaint does not allege that there
as an insufficiency of assets, but only that the plaintiff had determined
that there was."
Discussing this point, Judge Maltbie concluded:
"The provision of the New York statute making the certificate of the
Superiatendent of Banks presumptive evidence of the facts therein stated
has no application to an action brought by him to enforce the liability of
stockholders in this State.
"Our conclusion is that the certificate of the Superintendent of Banks is
made by the statute at most evidence of the necessity of the assessment and
of its amount, and that, in an action to enforce an assessment made by him,
these questions present issues for the determination of the court.
1169.
"The ground of demurrer that the complaint failed to allege that there
was, in fact, such an insufficiency of assets as made an assessment against
the stockholders necessary was properly sustained by the trial court."
On the other hand, the opinion says:
"The statutes of New York vested in the plaintiff the right to recover
the assessment; having in himself that right, no specific authority to assert
it in a foreign jurisdiction was necessary.
"The plaintiff had the right, upon proper pleading and proof, to enforce
the liability of the defendants to pay the assessment in our courts and the
trial court erred in ruling to the contrary."
Rules on Out-of-State Holders.
Another important point was discussed by Judge Maltbie as follows:
"It is provided in the statute that no person who has in good faith, and
without any intent to evade his liability as stockholder, caused his stock to
be transferred onto the books of the bank, when such bank is solvent, to
any resident of New York of full age, previous to any default in the payment of any debt or liability of the bank, shall be subject to any personal
liability for the debts of the bank.
"The defendants contend that this provision indicates an intent to make
the law applicable only to residents of New York. We do not so construe it.
"Very likely the Legislature intended by this provision to make the
liability established by the statute easier to enforce by not releasing the
liability of a stockholder resident in New York who transferred his stock
to a resident of another State. But in these days of the broad dissemination
of corporate stock the terms of this provision are too weak a basis for
the conclusion which the defendants seek to draw from them."
Chain Banking to Be Introduced in New Hampshire
—Organization Papers Soon to Be Recorded.
In advices from Manchester, N. H., to the "Wall Street
Journal" of Aug. 18 it is stated that organization papers will
shortly be recorded with the New Hampshire Secretary of
State for incorporation of New Hampshire Bankshares, Inc.,
and with this act New Hampshire will have its first experience
•
with chain banking. The advices said:
Four institutions in the southern part of the State—First National Bank
of Derry, Wilton National Bank of Wilton, Indian Head National Bank
of Nashua and Rockingham National Bank of Exeter. will join in establishment of a holding company. The corporation will have 50.000 shares
of capital stock with par value of $10 each. Harry A. Gregg of Nashua
is to be President.
$254,800,000 in Tenders Received to Offering of
-day Treasury
$75,000,000 or Thereabouts of 182
Bills Dated Aug. 22—$75,090,000 Accepted—Average Rate 0.23%.
Of tenders totaling $254,800,000 received to the offering of
$75,000,000, or thereabouts, of 182-day Treasury bills, dated
Aug. 22 1934, Henry Morgenthau Jr., Secretary of the Treasury, announced on Aug. 20 that $75,090,000 were accepted.
The tenders to the bills, which were invited on Aug. 16 by
Secretary Morgenthau, were received at the Federal Reserve
banks and the branches thereof up to 2 p. m., Eastern Standard Time, Aug. 20. Reference to the offering was made in
our issue of Aug. 18, page 1018.
Secretary Morgenthau said on Aug. 20 that the bills, maturing Feb. 20 1935, were sold at an average price of 99.885
and an average rate of about 0.23% per annum on a bank discount basis. The rate of 0.23% compares with rates at which
recent issues sold of 0.25% (bills dated Aug. 15); 0.12%
(bills dated,Aug. 8); 0.09% (bills dated Aug. 1), and 0.07%
(bills dated July 25). In his announcement of Aug. 20 Secretary Morgenthau further said:
The accepted bids ranged in price from 99.906, equivalent to a rate of
about 0.19% per annum, to 99.875, equivalent to a rate of about 0.25% per
annum, on a bank discount basis. Only part of the amount bid for at the
latter price was accepted.
New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated Aug.
29 1934.
Announcement of a new offering of $75,000,000 or thereabouts of 182
-day Treasury bills was made on Aug. 23 by
Henry Morgenthau Jr., Secretary of the Treasury. The
bills will be dated Aug. 29 1934 and will mature on Feb. 27
1935, and on the maturity date the face amount will be
payable without interest. Tenders to the bills, which will
be sold on a discount basis to the highest bidders, will be
received at the Federal Reserve banks or the branches
thereof up to 2 p. m. Eastern Standard Time Monday,
Aug. 27. Tenders will not be received at the Treasury
Department, Washington. The new bills will be used to
retire an issue of similar securities in amount of $75,088,000,
maturing Aug. 29. In his announcement of Aug. 23 Secretary Morgenthau also said:
They [the billed 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).
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
Financial Chronicle
1170
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. 27 1934,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices 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. 29 1934.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt.
from all taxation, except estate and inheritance taxes. No loss from the
sale or other disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Aug. 25 1934
week of Aug. 15, it is shown in figures issued by the Treasury
Department on Aug. 20. Total receipts since Dec. 28 1933,
the date of the issuance of order requiring all gold to be
returned to the Treasury, and up to Aug. 15, amount to
$97,195,105.49. Of the amount received during the week of
Aug. 15, the figures show, $50,733.74 was gold coin and
$698,340 gold certificates. The total receipts are shown as
follows:
Gold Coin.
Received by Federal Reserve banks
Week ended Aug. 15
Received previously
Total to Aug. 15
Received by Treasurer's Office
Week ended Aug. 15
Received previously
Gold Certificates.
550,733.74
28,789,447.75
$681,340.00
65,734,590.00
$28,840,181.49
$66,415,930.00
250,994.00
$17,000.00
1,671,000.00
Total to Aug. 15
$250,994.00
51,688,000.00
Note.
-Gold bars deposited with the New York Assay Office to the amount of
Silver Purchased by Treasury in Amount of 649,757.05 $200,572.69 previously reported.
Fine Ounces During Week of Aug. 17-33,465,091
Fine Ounces Received Under Nationalization Filing of Registration Statements, with Federal Trade
Order.
Commission Under Securities Act.
During the week of Aug. 17, it is indicated in a statement
On Aug. 17 the Federal Trade Commission made public a
issued by the Treasury Department on Aug. 20, silver list of 11 security issues filed for registration under the
amounting to 649,757.05 fine ounces was received by the Securities Act. The issues filed total more than $5,000,000.
various United States mints from purchases made by the More than $2,000,000 relates to industrial and commercial
Treasury Department in accordance with the President's issues, while there are two investment trusts proposing investproclamation of Dec.21 1933. The Proclamation, which was ment certificate plans calling for approximately $1,000,000
referred to in our issue of Dec. 23, page 4440, authorized the each. The remainder of the issues cover certificates of
Department to buy at least 24,000,000 ounces of silver deposit in refinancing matters and a voting trust certificate
annually. During the week of Aug. 10 the purchased issue for common stock in an Atlantic City real estate
amounted to 254,457.94 fine ounces. Of the amount pur- company.
chased during the latest week, 154,249.79 fine ounces were
Largest in the industrial-commercial group is a New York
received at the Philadelphia mint, 490,276.26 fine ounces at City organization proposing to offer a special credit service
the San Francisco mint, and 5,231 fine ounces at the mint at for physicians and dentists, the securities to be offered totalDenver. The total weekly receipts since the issuance of the ing $1,250,000. Other industrial-commercial issues include a
proclamation are as follows (we omit the fractional part of New York City manufacturer of devices for aiding the deaf, a
the ounce):
Newark manufacturer of permanent hair-waving apparatus,
Week EndedOunces.
Week EndedOunces.
a towel, soap and toilet service for public buildings in Alden,
1,157 May 4
Jan. 5
647,224
547 May 11
Jan. 12
600.631
N. Y., and a local food distributing chain in Ann Arbor,
477 May 18
Jan. 19
503,309
94,921 May 25
Jan. 26
Michigan.
885.056
Feb. 2
117,554 June 1
295,511
The registration statements (1049-1059) are listed as
375.995 June 8
Feb. 9
200,897
Feb. 16
232.830 June 15
206,790
follows:
Feb. 23
322,627 June 22
380,532
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
• Corrected figure.
271,800
128,604
832,808
369,844
354,711
569,274
10,032
753.938
436,043
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
64,047
*1,218,247
230,491
115,217
292,719
118,307
254,458
649,757
Secretary of the Treasury Morgenthau announced Aug. 20
that 33,465,091 fine ounces of silver were turned into the
Treasury during the week of Aug. 17 under the Executive
Order of Aug. 9 nationalizing silver. The order of Aug. 9
was given in our issue of Aug. 11, page 858.
Government Securities Purchased by Treasury During
Week of Aug. 20 Totaled $1,250,000.
In the weekly statement issued Aug. 20 by the Treasury
Department it is reported that $1,250,000 of Government
securities were purchased in the open market by the Treasury
during the week, for the investment accounts of various
Government agencies. The Treasury, during the previous
week ended Aug. 13, purchased $45,098,100 of Government
securities in addition to $22,000,000 of securities of Home
• Owners' Loan Corporation. Since the inception of the
Treasury's support to the Government bond market last
November, reference to which was made in our issue of
Nov. 25, page 3769, the weekly purchases have been as
follows:
Nov. 25 1933
$8,748,000 Apr. 14 1934
20,580.000
2,545,000Apr. 21 1934
30,500.000
Dec. 2 1933
Dec. 9 1933
7,079,000 Apr. 28 1934
4,885,000
16,600,000 May 5 1934
Dec. 16 1933
5.001,500
Dec. 23 1933
16.510,000 May 12 1934
500,000
Dec. 30 1933
11,950,000 May 19 1934
4,000,000
Jan. 6 1934
44,713.000 May 26 1934
5,000,000
Jan. 13 1934
33,868.000 June 2 1934
Jan. 20 1934
17,032,000 June 9 1934
2,800,000 June 16 1934
Jan. 27 1934
Feb. 5 1934
7,900.000 June 23 1934
Feb. 13 1934
*22,528,000 June 30 1934
500,000
Feb. 17 1934
7,089.000 July 7 1934
1,861,000 July 14 1934
3,828,000
Feb. 24 1934
10,208,100 July 23 1934
Mar. 3 1934
400,000
Mar. 10 1934
6.900,000 July 30 1934
Mar. 17 1934
7,909.000 Aug. 6 1934
Mar 241934
37.744.000 **Aug. 13 1934
45.098,100
23,600,000 Aug. 20 1934
Mar. 31 1934
1,250,000
$42,369,400
Apr. 7 1934
•In addition to this amount. $638.400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
• 1n addition 522.000,000 of securities of HOLC purchased direct.
5
$749,074 of Hoarded Gold Received During Week of
Aug. 15-$50,734 Coin and $698,340 Certificates.
The Federal Reserve banks and the Treasurer's office
received $749,073.74 of gold coin and certificates during the
Bondholders' Protective Committee of the Capitol Properties, 6 % First
Mortgage Gold Bonds (2-1049, Form D-1), 1110 Crocker Building. San
Francisco, calling for deposit of the above bonds in the amount of $254,500
out of an original $325,000 of Berry Hotels System, San Francisco. The
committee announces it will request the trustee to sell the property at
foreclosure sale, the committee endeavoring to make the necessary financial
arrangements for bidding on behalf of the depositing bondholders. Should
the committee acquire title to the property, a new corporation will be
formed with capital stock of 25,450 shares of $3.50 par value each. Members
of the committee are: T. C. Tilden and William H. McCarthy, both of
San Francisco.
Walter H. Lippincott, and Others (2-1050, Form F-1), 110 South Pennsylvania Ave., Atlantic City, N. J., voting trustees under a voting trust
agreement, proposing to issue voting trust certificates to represent 6,375
shares of common stock of 110 So. Pennsylvania Ave. Corp., Atlantic City.
Stated value of the stock is listed at $13,196.25. The voting trustees are
serving as a protective committee for holders of the old first mortgage 6%
bonds of Colton Manor Company. Holders of deposited bonds participating in the reorganization will receive bonds of the new company and voting
trust certificates for common capital stock. Voting trustees are: Walter H.
Lippincott, Philadelphia; Joseph R. Grundy, Bristol, Pa., and Samuel
Wagner Jr., Philadelphia. The voting trust agreement is to be in effect
until Aug. 1 1944.
W. W. Turner. Manager (2-1051, Form D-1), Room 1220, 120 South
La Salle St., Chicago, calling for deposit of first lien 6;4% sinking fund gold
bonds, Series A, dated Sept. 1 1927, of Oklahoma Gas Utilities Co.,
Chickasha. Okla.. in the outstanding amount of $243,000 out of an original
issue of $800,000. The manager reports that he understands there is no
prospect that the bonds will be paid at maturity, Sept. 1 1934, and believes
unified action and co-operation on the part of the bondholders is advisable
to protect their investments. An extension of the maturity of the bonds
for a reasonable period is proposed. W. W. Turner, the manager, is a
former employee of R. E. Wilsey & Co.. Inc., principal underwriter of the
securities of Oklahoma Gas Utilities Co. The bonds are secured by first
mortgage on all fixed physical property of the utilities company and by
pledge of oil and gas leases and interests in oil and gas leases, all covering
lands located in Grady County. Oklahoma. The bonds are further secured
by pledge of 69,294 shares of capital stock of Little Nick Oil Co., an
Oklahoma corporation. Officers of the utility company are: John B.
Nichlos, President; Reford Bond, Vice-President, and Charles E. Brace.
Secretary-Treasurer, all of Chickasha, Okla.
Share and Unit Corp. (2-1052, Form C-1), 61 Broadway, New York City.
proposing to issue Tobacco Trust Shares, Series "A" and Series "AB."
created by trust indenture dated as of Aug. 1 1934, between Share and
Units Corporation, sponsor, and Empire Trust Co., trustee. The corporawill issue 200,000 certificates at an aggregate offering price of $1,025,000.
Against each unit will be issued certificates for 1,000 Tobacco Trust Shares.
Among officers are: Jules Espitallier, President and Treasurer; and Claude
S. Bierce. Vice-President and Secretary, both of New York City.
Michigan Food Purveying Corp. (2-1053, Form A-1), 123 East Washington
St., Ann Arbor. Mich., a Delaware corporation organized Nov. 20 1933, to
engage in the food products distributing business, namely, wholesaling,
retailing, packing, baking and other allied lines. The company expects
to issue $125,000 Class A common stock; estimated net proceeds of $100,000
to be used for working capital, delivery equipment, and office equipment
and fixtures. The stock will be offered to the public at $5 a share. The
underwriter, D. B. Howe & Co., 32 Broadway, New York City, will
receive a commission of $1 a share or a total of $25,000 for the entire issue.
Among officers are: James B. Thompson, President; Eugene H. Towner,
Vice-President, and Mrs. Ruth Bond. Secretary-Treasurer, all of Ann
Arbor, Mich.
Volume 139
Financial Chronicle
Bondholders Protective Committee Walthall Hotel Co. (2-1054, Form D-1),
Jackson, Miss., calling for deposit of first mortgage 6% gold bonds of the
above hotel company in the amount of $480,000 with a view to refunding
the issue at a lower rate of interest and extending the maturities. The hotel
company, a Mississippi corporation organized in 1928. operates its hotel
property in Jackson, Miss. Members of the committee are: H. M. Alexander, Natchez, Miss.; J. T. Brown, Jackson, Miss.: and E. W. Freeman,
Jackson, Miss.
Kirch-Trumbull Corp. (2-1055, Form A-1), Alden, N. Y., a New York
corporation organized Sept. 19 1932 to carry on a towel and soap service
for homes, public buildings and factories, proposing to issue 11,000 shares
of common stock at an aggregate price of $144,200. Estimated net proceeds
of $100,500 will be used for operating expenses and expansion purposes.
Ten thousand shares will be sold the underwriter as follows. 4,000 shares at
$7.50 each; 2,000 shares at $9 each; 2,000 shares at $11.25 each. and
2,000 shares at $15 each, totaling $100,500. These will be offered the public
at prices not exceeding, respectively. $10. $12, $15. and $20 for each block.
In addition, 1,000 shares are to be offered the underwriter for selling
expenses, such shares to be offered to the public at a total of $10,200. The
underwriters are Miller-Murray & Co., Inc., 444 Madison Ave., New York
City. Among officers are: Charles E. Kirch, Buffalo. N. Y., President;
Albert L.Simme, Alden, N.Y., Treasurer, and Joseph T. Wilson, Williamsville, N. Y., Secretary.
Public Health Pan, Inc. (2-1056. Form A-1), 24 West 40th St., New York
City,a New York corporation organized July 20 1934 to furnish "a specialized
credit investigation and financial service to be available exclusively to
physicians, surgeons, dentists and hospitals." The organization proposes
issuing 100,000 shares of participating preferred stock at $12.50 each or
an aggregate of $1,250,000; estimated net proceeds of $1,101,500 to be
used for operating the business. A sum not exceeding $1.50 a shar... is to
be used for commissions, sales prizes, bonuses and other sales expenses.
Among officers are J. Gay Seabourne, New York City. President; Peter
Caruso, Woodside. Long Island, N. Y., Vico-President, and M.E. O'KellY.
Brooklyn, N. Y., Secretary and Treasurer.
Hamilton Depositors Corp. (2-1057, Form C-1), 824-27 University Building, Denver, Colo., proposing to issue 833 1-3 certificates of $1,200 each, or
a total of $999.996, in an installment investment trust known as "Hamilton Trust Share Certificates and (or) Hamilton Trust Share Beneficial
Interest." One thousand Hamilton Trust Share Beneficial Interests are
issued against each unit. The securities in the trust fund on July 25 1934
consisted of 157 units against which threre had been issued 157.000 beneficial interests. On July 15 1934. there were 1.473 certificates outstanding
with an aggregate face value of $1,476,600. Among officers are: E. A.
Jones, President; Arthur W. Hiner Jr., Treasurer, and Gail L. Ireland,
Secretary, all of Denver, Colo. (See File No. 2 6, effective July 27 1933.)
Sonotone Corporation (2-1058, Form A-1), 19 West 44th .St., New York
City, a New York corporation organized Dec. 14 1929, to manufacture and
sell devices to aid in hearing. It is expected 100.000 shares ofcommon stock
will be sold at market prices from day to day, but no stock will be sold
below prices which will net the corporation $2.55 a share. However, it is
contemplated that the market price will be $3 a share, or an aggregate of
$300,000. Estimated net proceeds will be used for financing consignment
Inventories, to stock various district dealerships; for financing deferred
payment paper on installment accounts and to reduce current liabilities.
Stock is expected to be sold at $2.55 a share to Van ALstyne. Noel & Co.,
Inc., 52 Broadway, New York City, and Great Northern Investing Co..
Inc., 80 Broad St., New York City. Among officers are: Hugo Lieber.
New York City, President; Frank J. Roemer, Milwaukee, Wis., VicePresident; Charles P. Franchot, New York City, Secretary; Dean Babbitt,
New York City, Vice-President; Charles A. Lemkuhl, New York City,
Vice-President and Assistant Treasurer; William F. Varin, New York City,
Comptroller and Assistant Treasurer; Irving Fisher, New Haven. Corn.,
director, and Daniel H. Reese, New York City, director.
Beauty Utilities, Inc. (2-1059, Form A-1), 48 Spring St., Newark. N. J.,
a Delaware corporation organized Sept. 24 1932, to manufacture and sell
Permanent waving apparatus and supplies. The corporation expects to
issue 16,000 shares of no par common stock at $12.50 a share, or an aggregate of $200,000. Estimated net proceeds of $182,535 will be used for
retirement of notes and interest thereon; for plant equipment, for paid in
surplus and advertising. Employees, officers and directors may purchase
stock at 90% of the public offering price. There are no underwriters, but
the company expects to pay 7%% commission on sales. According to
estimates, the commissions are expected to aggregate $15,000. Among
officers are: John Darby, Summit, N. J., President: George B. Finnegan
Jr., Mountain Lakes, N. J., Secretary, and John D. Morgan. Summit.
N. J., Treasurer.
Ten additional security issues totaling approximately
$5,000,000, filed with the Federal Trade Commission for
registration under the Securities Act of 1933, were announced by the Commission on Aug. 21. Industrial and
commercial issues amount to more than $2,000,000, of
which more than one-half million dollars is for oil and gas
enterprises and investments in the Oklahoma field. In
announcing the statements, the Commission said:
A Shreveport, La., automobile financing company plans to offer $1,000.000 in collateral trust notes. Other industrial-commercial projects include a
$200,000 issue for a winery in the Finger Lakes District of New York State,
a $312,500 Canadian coal company issue and a $150,000 beer and ale
company enterprise in Scranton, Pa.
A protective committee for bondholders of a San Francisco hotel property
announces the filing of $1,550,000 certificates of deposit in a refinancing
matter, while a Joplin, Mo., investment house seeks to offer more than
$1,300,000 of investment trust certificates.
The announcement listed the registration statements
(1060-1069) as follows:
Gikrease Oil Co. (2-1060. Form A-1), 720 Kennedy Building, Tulsa. Okla.,
an Oklahoma corporation organized Jan. 7 1922. The company expects
to own, hold, operate and collect income from oil and gas leases and interest
therein, covering property described as the South 37 acres of the Free
Lease, Ferguson Survey, Upshur County, Texas. and proposes to issue
securities for sale only in France, covering an undivided one-half working
Interest in this lease. Total amount of the offer is $118,800. Each purchaser
of an undivided interest for $500 will receive an assignment of an undivided
1/237.6 interest in the lease. Among officers are. Thomas Gilcrease.
President, and G. B. Bancroft, Secretary, both of Tulsa. Okla,
William Taylor Hotel (San Francisco, Calif.) First Mortgage Bondholders
Committee (2-1061, Form D-1). calling for deposit of $1.550,000 (of which
$1.168,100 was on deposit with the cortunittee, July 30 1934) 6% first
mortgage gold bonds of Leavenworth-McAllister Realty Corp., Ltd.,
formerly known as Leavenworth-McAllister Realty Corp., owning and
operating the William Taylor Hotel property, which is the security for the
1171
6% first mortgage gold bonds. Deposit of securities is desired to consum.•
mate a plan of reorganization which calls for formation of a new company
with 15,550 shares capital stock to be issued on the basis of one share for
each deposited bond of the principal amount of $100, five shares for each
$500 bond and 10 shares for each $1,000 bond. The committee will request
the trustee to sell the property and in the event the committee shall acquire
title thereto, such title will be conveyed to the new company. Members
of the committee are. T. C. Tilden, William H. McCarthy and Charles
W. Brock, all of San Francisco.
North American Bond de. Share Corp. (2-1062, Form C-1), Joplin, Mo.,
proposing to issue 1,406 "North American Bond & Share Certificates"
representing a monthly instalment investment trust in an aggregate of
$1,349,760. Funds will be invested in Massachusetts Investors' Trust
Shares. Among officers are. John B. Smoot, President; Ward A. Levi,
accounting officer, and G. Elam, Secretary, all of Joplin, Mo.
Lackawanna Beer & Ale Corp. (2-1063, Form A-1), Scranton, Pa., a
Pennsylvania corporation organized Sept. 13 1933. to engage in the brewing
and sale of lawful malt and cereal beverages; proposing to issue 100,000
shares of common stock at $1.50 a share, or an aggregate of $150.000.
Commissions or discounts are expected to amount to 20% or $30,000.
leaving net proceeds of $120,000 for the issuer. This will be used for rolling
stock, materials, taxes, labor, and working capital. Among officers are.
Fred J. Huester, President; John A. Little, Secretary, and David James.
Treasurer, all of Scranton, Pa.
Certified Oil Properties Co.(2-1064, Form A-1), 301-304 Kennedy Building,
Tulsa, Okla., an express trust organized Nov. 27 1933 under the laws of
Oklahoma to own properties in the name of "Certified Oil Properties
company" and to collect income therefrom. The present issue relates to
undivided interests in oil and gas mining leases situated in the Oklahoma
City field and the distribution of the income therefrom to unit holders.
The company expects to issue 3,500 units of beneficial interests in these
properties to be known as certificates of interest in "Cimarron Trust" and
to apply proceeds in payment for the properties. Units will be sold the
public at $115 each, or an aggregate of $402,500. Underwriters, not yet
appointed. may purchase units at $85 each, selling them at $115, thereby
obtaining a commission of $30 each or a total of $105,000,leaving aggregate
net proceeds to the issuer of $297,500. Among officers are: Walter P.
ber,
okia
ger,.President, and Julius A. Ruffer, Secretary-Treasurer, both of
Tulsa,
Certified Royalties, Inc. (2-1065. Form G-1). 303 Kennedy Building.
Tulsa, Okla., seeking to register 7-18 of an oil or gas royalty in the amount
of $52,500. The tract to which the interests apply is situated in Lots 1 to
18, inclusive, Block 24, Phillips Meade East Side Addition to Oklahoma
City. The smallest fractional interest which the issuer proposes to create
in the aggregate interest filed for registration is 1-288 of ji royalty. Fractional interests are expected to be offered at $468.75 each. Total production of oil or gas on the tract is given as 590,594 barrels to June 1 1934.
The operator of the tract is Grison Oil Co., Oklahoma City, while Magnolia
Petroleum Corp. is the party obligated to pay for the product under the
contracts of sale, division or transfer orders, under which royalty owners
are to receive payments. W. P. Spielberger, Tulsa, Okla., is President
of the company, and C. E. Wheeler, Secretary. .
Chester Imes (2-1066, Form G-1, 2612 First National Building, Oklahoma
City, Okla., seeking to register oil royalties in an aggregate amount of
$6,000 on fractional interests in a tract located in the southwest quarter
of the C. T. Sigmon farm in the Oklahoma City field. The operator of the
tract is Sinclair Prairie 011 Marketing Co., Tulsa.Total production of
oil and (or) gas on the tract up to July 1 1934 is reported at 832,282 barrels.
Anton Busch Co., Inc., (2-1067, Form A-1), 11 West 42nd Street, New
York City, a Delaware corporation incorporated April 17 1934, its predecessor having been organized in 1888. The company expects to produce
wines, having negotiated for a site for a winery near Pen Yan in the Finger
Lakes district of New York State. Seven per cent cumulative preferred
stock will be issued-40.000 shares at $5 each, or a total of $200.000 less
sales commission of 12% for Henry W.Benson Associates, Inc., 136 Liberty
Street, New York City, and an additional 3% when sales have reached a
total of $50,000, leaving estimated net proceeds of $170,000 for the issuer.
This will be used to purchase a site for the winery and for working expenses
and working capital in reserve. Among officers are. George W. Steiger,
New York City, President; Russel H. Pearsall. Jackson Heights
' rAsig
Island. N. Y., Secretary, and Leslie R. Shope, New York City, Treasurer.
Alberta Carbon Coal Co., Ltd.) 2-1068, Form A-1). 702 McLeod Building.
Edmonton, Alberta, Canada, a Canadian corporation organized Aug. 17
1923 to operate a coal mine and sell products therefrom. The current issue
is for 25,000 shares common stock at $12.50 a share or a total of $312.500.
Dealers will receive $1.50 a share commission. Estimated net proceeds of
$250,000 will be used for machinery, equipment and working capital.
S. J. Bartlett, 1500 Walnut Street, Philadelphia, is United States agent.
Among officers are. W.P. Hinton,Toronto, Canada,President,and Herbert
Cameron, Edmonton, Canada, Secretary-Treasurer.
Motors Securities Co., Inc. (2-1069, Form A-1). 1114 Slattery Building,
Shreveport, La.,a Louisiana corporation organized Jan. 14 1922 and engaged
in financing automobile time sales paper; now proposing to issue 750 units of
collateral trust notes amounting to $1,000,000. as follows. 70 units at
$3,000—$210,000: 230 units at $2,000—$460.000; 210 units at $1.000—
$210,000; and 240 units at $500—$120,000. Proceeds will be used in financing "the seasonal upward trend in purchasing automobile paper from
dealers." The collateral trust notes are secured by notes of automobile
purchasers at retail, which are secured by chattel mortgages on the automobile and the indorsement of the automobile dealer. The notes will be
offered to the public at par less the current money market rate. Among
officers are: George D. Wray, President. and Lynn Jennings, SecretaryTreasurer, both of Shreveport, La.
In making public the above the Commission says:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the mecits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of Aug. 11, page 857.
Registrations Under Federal Securities Act During
July
and
First
n
Statements
Amounting to $113,081,101 Filed During Month.
Forty-two registration statements filed with the Federal
Trade Commission under the Securities Act of 1933 became
effective during the month of July 1934, the Commission
announced Aug. 22. Securities proposed to be issued by the
registrants of these 42 statements totaled $113,081,101.38.
The figures cover all registration statements becoming
Financial Chronicle
1172
Aug. 25 1934
effective during July, including certificates of deposit and
reorganization securities. The Commission said:
Federal Trade Commission Issues Stop Order Suspending Effectiveness of Registration Statement of
The amount of fees paid into the Federal Treasury by registrants of
statements becoming effective during July was $11,478.43.
July effectivee included 16 industrial or commercial issues with securities
offered in the amount of $43,925,662.50.
There were nine financial statements becoming effective during the
month, involving offerings totaling $59.195,100.
Reorganization statements becoming effective during July numbered 17
with offerings amountiag to $9.960,338.88.
These figures bring the total of all registration statements becoming
effective from the time the Securities Act of 1933 went into effect through
July 31 1934. up to 750, with securities offered amounting to $1,070.237,539.63.
Of this grand total, 322 are industrial or commercial issues amounting in
value to 8263.511,254.92.
Financial statements numbered 195 with total offerings valued at S668.223.7613.07.
Reorganization statements numbered 233 with a total volume of $138.502,518.64.
The total amount of fees paid into the Treasury by registrants up to and
including July 31 was $111.401.72.
Seneca Plumas Gold Mining Co.
Announcement was made on Aug. 22 by the Federal
Trade Commission that it has issued a stop order suspending
the effectiveness of a registration statement filed by the
Seneca Plumas Gold Mining Company, a Nevada corpora,
tion proposing to issue two hundred thousand shares of
common stock to be sold at a price of $1 per share. The
announcement continued:
In a release issued Aug. 20 the Federal Trade Commission
said that exclusive of certificates of deposit, reorganization
securities and stop orders and withdrawals, 22 registration
statements filed with the Commission under the Securities
Act of 1933 became effective during July. These 22 companies registered securities with a total value of $101,536,827.
This compares with 27 exclusive statements becoming
effective during June 1934, involving securities in the
amount of $54,982,793. The COMMi£Si011'S announcement
of Aug. 20 continued:
Certificates of participation, beneficial interest and warrants, representing 34.0% of the total show an increase in July over June of 327.420.811.
while preferred stocks dropped to 33,051,525. or 3.0% of the total effectives.
from $20,716.465(37.7%) in June. Common stocks remained substantially
the same in amount in July as in June. For the second time in the monthly
tabulations beginning in October 1933, short-term notes (three years or
less) appear among the effective securities. They account for 835,000.000
of the July 1934, effectivee. or 34.5% of the total for the month.
DISTRIBUTION BY TYPE OF SECURITY OF TOTAL GROSS PROCEEDS
OF THE 22 SECURITY REGISTRATIONS EFFECTIVE IN JULY,
EXCLUDING REORGANIZATION SECURITIES.
Amount.
Per Cent
of Total.
•
3,065,444
Common stock
285,737
Preferred stock
Certificates of participation, beneficial
5,848,104
I. interest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
520.304.472
3,051,525
20.0
3.0
34,530,830
150.000
8,500.000
35,000,000
34.0
0.1
8.4
34.5
8.997,285
5101,536,827
100.0
Type of Seeurtta.
No. of
Units.
.
Total
The 22 exclusive statements becoming effective during
July, the Commission said, brought the total for the first
seven months of 1934, inPluding July, of effective registrations exclusive of certificates of deposit and reorganizations, to 227. These involved securities proposed to be
issued with a total value of $451,348,675. 'I he Commission
presented the following table:
DISTRIBUTION BY TYPE OF SECURITY OF THE TOTAL GROSS PROCEEDS OF THE 227 SECURITY REGISTRATIONS EFFECTIVE. FROM
JANUARY TO JULY 1934, EXCLUDING REORGANIZATION SECURITIES.:
No. of
Units.
Amount.
Per Cent
of Total.
120,544,914
Common stock
16.025,272
Preferred stock
Certificates of participation, beneficial
12.411,458
interest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
5266,719,896
46,572,091
59.1
10.3
64,423,949
2,932,739
35,000/00
35,700.000
14.3
.8
7.8
7.9
ISA 021 Ad!
SAM 2.117 575
111n A
Type of Security.
x Stop orders and withdrawals deducted.
'I he figures of registratiors in June were given in our
issue of July 28, page 530.
Dates for Filing Temporary Registrations of Special
Classes of Securities Extended by SEC.
The Securities and Exchange Commission announced on
Aug. 22 an amendment to its rules regarding temporary
registration of special classes of securities, as to which application is made by the exchange instead of the company. The
rules were given in our issue of Aug. 18, page 1016. In
accordance with the amendment applications by the exchanges for registration of these securities will not be accepted until after Sept. 15, the closing date for applications
by the companies. The exchange's application must be
received between Sept. 15 and Sept. 22. The amendment
affected Paragraph B of Rule JE4 which now reads as follows:
(b) Registration of a security on an exchange, for which application has
been made pursuant to Rule JE2. shall become effective at the time the
registration of the exchange as a National securities exchange becomes
effective or on Oct. 1 1934, whichever date is later, if (1) pursuant to
Rule JE2, the application for registration is received by the Commission
after Sept. 15 1934, and on or before Sept. 22 1934 and (2) the Commission
does not by order deny the application. If such application is not received
by the Commission on or before Sept. 22 1934, registration shall become
effective upon such date as the Commission shall by order determine.
The Commission held that the registration statement failed to state
material facts required by law to be stated, and ordered the statement to
be suspended until the necessary amendments have been made and the
Commission shall have so declared.
The Seneca company was organized under a Nevada charter to engage
in placer gold mining. Charles S. Haley of Quincy, Calif., is President
of the company.
SEC Discusses Plans for Regulating Over-the-Counter
Market—Confers with New York Dealers Regarding Regulations—Will Report to Congress.
The Securities and Exchange Commission on Aug. 16 discussed regulations covering over-the-counter trading in securities with a group of New York dealers, a committee representing the New York Dealers Association, and Frank Altschul, Chairman of the Committee on Stock Listing of the
New York Stock Exchange. It was explained in Washington
that the SEC seeks to regulate the over-the-counter market
in a manner that will prevent the same abuses in this market
as those it intends to abolish in the dealings on exchanges.
The SEC will report on the problem to Congress. A Washington dispatch of Aug. 16 to the New York "Times" described the plans of the Commission in this connection as
follows:
Following the conference one of the officials stated that over-the-counter
regulations would be issued as quickly as they could be prepared and would
not await the report to Congress. Meanwhile, the Commission also will
prepare and put into effect regulations aimed at manipulative activities on
the registered exchanges.
It was explained that the meetings to-day were arranged so that the Corn.
mission might obtain the viewpoint of the dealers and also seek their cooperation in effecting a successful solution of the problem. In this respect
it is believed that the New York Security Dealers Association may be helpful
In helping to enforce edicts among its members.
The Association was represented by Meyer Willett, of Bristol de Willett;
William Currie, of J. R. Rice Jr. de Co., and Howard S. Holt, of Holt, Rose &
Troster, all of New York.
Others at the consultations were James A. X. Marshall, of Wood, Struthers
& Co.; Henry J. Rosenfeld Jr., of Salomon Brothers & Hutzler; A. V. Stout,
-M.-P. Murphy & Co.
of Dominick & Dominick, and Erskine Wood, or O.
Task Called Difficult.
From the first, it has been felt that one of the troublesome problems
would be that of effectively policing and regulating over-the-counter market
transactions which are not subject to regulation by stock exchanges' officials.
It was made plain, however, that the Commission had every intention of
tackling the problem in a thorough manner, and was at present seeking all
available information on which to frame regulations which would be effective
without damaging legitimate transactions.
Treasury Issues Regulations on Nationalized Silver—
Detailed Reports from All Holders of Bullion Required by Sept. 15—Periodical Statements Ordered
in Connection with All Silver Transactions in
United States.
The Treasury Department on Aug.17 issued regulations in
connection with the nationalization of silver, as provided by
the Executive Order of Aug. 9. Previous regulations issued
by the Treasury under the terms of this proclamation were
noted in our issue of Aug. 18, page 1020. The new regulations
of Aug. 17 provided that on or before Sept. 15 all persons
holding silver bullion in the United States must file detailed
reports with the Treasury. It was announced that similar
reports will be required periodically of all persons acquiring or disposing of silver in the United States, but that persons delivering "nationalized" silver to a mint on or before
Sept. 1 would not be required to file reports. The Treasury
summarized the regulations as follows:
Reports to the Secretary of the Treasury.
I. Persons delivering silver to a United States mint or assay office on or
before Sept. 1 1934 are not required to file reports relative to such silver.
2. As to other silver situated in the continental United States on or after
Aug. 9 and not falling within the expected categories (coins, fabricated
articles and a limited amount of scrap, sweepings, &c.), the person owning,
possessing or controlling it on or after Aug. 9 1934 is required to file by
Sept. 15 with the Secretary of the Treasury a report containing true and
complete information relative thereto. Similar reports are required respecting the acquisition or disposition after Aug. 9 of such silver, and most be
filed within 45 days after the acquisition or disposition.
Receipt of Silver by Mints.
3. The mints and assay offices will receive all silver situated in the
continental United States on Aug. 9 1934, wfiether or not required to be
delivered; except that:
(A) Silver required to be delivered must be in lots of not less than 24,500
troy ounces, or the total amount which the depositor is under obligation to
deliver if that is less than 24,500 troy ounces.
Volume
13S
Financial Chronicle
(B) Silver which may be—but is not required to be—delivered will be
received only if of a fineness greater than .8 and in loth of not less than 50
troy ounces.
4. Payment for the silver delivered will be at the rate of 50.010505 cents
a fine ounce, in standard silver dollars, silver certificates, other coin or
currency (or may be by United States check if the depositor does not
request coin or currency).
Silver Required to Be Delivered.
5. All silver situated in the continental United States on Aug. 9 1934
must be delivered, unless falling within an exempted class.
6. Exemptions include coin, fabricated silver, and a limited amount of
scrap silver. (See Sections 41 through 48 for complete list of exemptions.)
7. Silver "newly mined" after Aug. 9 1934, from natural deposits in the
United States or any place subject to its jurisdiction, is not required to be
delivered under the Executive Order or the regulations.
Silver "newly mined" after Dec. 21 1933, from natural deposits in the
continental United States may be deposited with a coinage mint under the
proclamation of that date; but if mined between Dec. 21 1933 and Aug. 9
1984, and not deposited under the Dec. 21 proclamation within 15 days
after refining or Nov. 7 1934, whichever is later, such silver must be delivered under the Executive Order of Aug. 9 and regulations.
Time and Place of Delivery.
8. Delivery should be made to the United States mint or assay office to
which the silver can be shipped most economically—i.e., Philadelphia, New
York, Denver or San Francisco, whichever is nearest.
9. Silver must be delivered to the proper mint on or before Nov. 7 1934,
or if temporarily exempt, within 15 days after it ceases to be exempt.
Duty to See That Delivery Is Made to Mint.
10. Transfer or delivery of ownership, possession or control to another
(except in fulfilment on or before Nov. 7, of an obligation incurred or
assumed on or before Aug. 9 1934, or to a person licensed to acquire and
withhold silver), will not relieve any person of the duty of seeing that silver
is delivered in compliance with the provisions of the Executive Order or
of the regulations.
Reimbursements for Costs.
11. The Treasury will pay necessary costs actually incurred in delivering
silver to the proper mint or assay office after receipts of expense accounts
on Treasury voucher form. Forms may be obtained at the mints and assay
offices.
Licenses to Withhold Silver.
12. The Secretary of the Treasury may issue licenses authorizing the
acquisition or withholding of "nationalized" silver for industrial use, for
re-export or to fulfil pre-existing contracts, and, with the approval of the
President, for purposes deemed to be in the public interest and not inconsistent with the purposes of the Silver Purchase Act of 1934 and of the
Executive Order; but, as licenses are not necessary to acquire or withhold
silver which is not "nationalized," licenses will not be issued where such
silver can be substituted. Applications for such licenses are to be made
not later than Sept. 15 1934.
Exportation of Silver.
The regulations of July 5 relating to licenses to export silver are revoked
(Section 3), but appear in modified form in Article IX.
$11,476,508 of Silver Certificates Issued by Treasury
During First Week of Operation of New Silver
Policy.
At a rate of a few millions a day the Treasury's silver
policy is steadily putting into circulation new currency
backed by that metal, said Associated Press advices from
Washington, Aug. 17. Its first full week of operation, the
advices said, the results of which were disclosed by figures
issued to-day [Aug. 17],saw $11,476,508 in silver certificates
leave the Treasury. The total outstanding, meanwhile, rose
to $505,044,711. The advices continued:
In the same period the Treasury's stock of silver bullion was multiplied
by 10 as steady accumulation of the metal began. Stocks rose from
$2,484,700 to $24,915,518.
During the week, too, the Government's "profit," or "seigniorage," which
is added into the Treasury's general receipts, rose from $6,136,421 to $18,325,740, an increase of $12,189,319.
The seigniorage figure represents the difference between what the silver
cost the Treasury and its statutory, or mint, value of $1.29 an ounce. The
profit is "taken" as the silver is made the backing for new currency.
Thus far, it has been realized almost exclusively on a portion of the
62,000,000 ounces held by the Treasury on June 19, when the Silver Purchase
bill was signed. These stocks are a result of decades of slow accumulation.
Some of the silver involved was bought at a rate as high as a dollar an
ounce, so the seigniorage is correspondingly small and the "profit" has
been growing slowly by comparison with what officials expect later.
Continued Rise in Silver Price Doubted in London—
Heavy Supplies There and Elsewhere Cited.
In a wireless account from London, Aug. 18, to the New
York "Times" of Aug. 20, it was stated:
Since the United States silver nationalization was announced the London
price of the metal has risen from 21d. an ounce to 213
4d., and at the
moment stands at 21 9 6d., the current price being the highest since
/1
January 1930.
The turnover has been the heaviest in several years. Large quantities of
the metal have been bought for the United States and a spectacular rise certainly would have occurred if supplies had remained on anything like their
normal scale.
China has taken advantage of the rise in prices, however, to sell freely.
The stocks of silver in China and London are large and there is an abundance
of silver elsewhere, which makes a further material advance unlikely. If
United States buying should cease there probably would be a sharp decline.
That the United States will proceed immediately to buy all the silver
required to establish a 25% proportion of silver backing for the currency
is regarded here as highly improbable, while the issue of currency against
silver, being limited to the actual cost of the metal, cannot at present
be
extensive.
As a step toward inflation, therefore, the present United States program
appears in London to be of minor importance.
1173
Seen by United
States Silver Policy.
The United States Government's silver policy has not induced much worry in Paris, because it is estimated that at
the current rate of world production it would take several
years for the United States Treasury to build up the 25%
silver reserves fixed in the new laws. A wireless account
from Paris, Aug. 18, to the New York "Times," in noting the
foregoing, Said:
Little Influence on Prices in Paris
The consensus in financial circles is that the monetary inflation to which
these silver purchases might lead will be slow, and will not influence prices
much. Such purchases will be chiefly profitable to silver producers in the
United States in contributing to an advance in price.
It is also felt here that the United States Government will not fully carry
out the provision of the Silver Purchase Act because it might jeopardize the
prospects of an international agreement on silver remonetization. Such an
agreement already seems difficult of accomplishment.
The re-establishment of bimetallism would be strongly opposed in Europe,
and especially in England and France, where its serious defects have not
been forgotten.
President Roosevelt Orders 10% Pay Rise and Corresponding Cut in Hours in Cotton Garment Industry—Action Hailed by Union Leaders—May
Avert Threatened General Textile Walkout.
Hopes of averting a threatened general strike of several
hundred thousand textile workers throughout the country
were reported to be brighter late this week, following the
approval on Aug. 21 of an Executive Order by President
Roosevelt, reducing the weekly hours of 200,000 workers in
the cotton garment textile industry by 10% and increasing
wages by 10 to 11%. The action of the President in imposing reduced hours in the cotton garment industry, from 4() to
36 weekly, and in increasing wages, marked the first occasion
that such a step had been taken in the case of a major code.
Union leaders who had been advocating shorter hours and
higher wages said that the order showed that the codes "are
not rigid instruments which freeze conditions at a certain
point, but are instead active, adjustable laws for industry,
which can be readily revised when it is found that they do
not serve the end to which they are directed."
The Executive Order was made public on Aug. 22. On
the same day William Green, President of the American
Federation of Labor, announced that the Federation would
extend all its influence and resources to the United Textile
Workers of America unless substantial concessions are made
to the union demands. Meanwhile, Federal officials continued their efforts to avert the strike, which has been
threatened for early September.
George A. Sloan, President of the Cotton Textile Institute,
in a statement issued Aug.22, said that the impending strike
"is not justified by facts which have been established by
impartial Government economists." His statement read in
part as follows:
As a result of three basic wage provisions in the code, the hourly wages
paid in March 1934,show an increase of 70% as compared with March 1933,
when there was no code.
All of this has meant a substantial increase in manufacturing costs, and
the Research and Planning Division of the NRA Wund, after a comprehensive investigation last June, that "under existing conditions there is no
factual or statistical basis for any general increase in cotton textile code
wage rates."
We also quote in part from a Washington dispatch of
Aug.22 to the New York "Herald Tribune" regarding efforts
to settle the disputes in the textile industry:
As tart of an effort to avert the strike, which its leaders threaten will
involve 800,000 workers in the cotton textile and allied industries. the
Cotton Textile Industrial Relations bard met at noon and discussed plans
for listening to grievances of the workers and starting negotiations between
them and employers.
There is a 40
-hour week now in the cotton textile industry, but employers have declared that it cannot be cut further if higher wages with
increased costs are to accompany the change. The workers have demanded
shorter hours, more pay, an end of the stretch-out system and adjustment
of labor grievances, including alleged non-recognition of the union and
failure of the industrialists to permit collective bargaining.
Will Give Jobs to 10,000.
The President's action amending the cotton garment code will effect not
only an increase of about 11% in hourly pay rates and a rise of about 10%
above May 1 levels in piece rates for cotton garment employees but will
also permit the re-employment of more than 10,000 workers. The direct
cost to the consumer of the shorter hours, increased wage rates and reemployment of many thousands of workers, it is estimated, will be less
than 2%.
At the same time the President's action provides for a better inter-code
competitive condition in the apparel and needlework industries, since the
cotton garment code with its 14 subdivisional industries is now brought into
line with the other codes. With few exceptions needlework and apparel
industries are now on a 35 or 38
-hour week.
Action by the President culminates efforts by the NRA not only to raise
wages but to overcome serious conflicts between the cotton garment code
and dress manufacturing, men's clothing undergarment, coat and suit and
blouse and skirt codes. The latter codes all had more stringent hour and
wage provisions.
A previous reference to the threatened textile strike was
contained in our issue of Aug. 18, page 1033.
1174
Financial Chronicle
President Roosevelt Issues Proclamation Removing
Tariff Duties on Livestock Feeds Imported for
Drought Relief Purposes—Treasury and Department of Agriculture Take Steps to Purchase Forage.
President Roosevelt on Aug. 20 issued a proclamation
authorizing Secretary of the Treasury Morgenthau to admit
to the United States free of duty imports of "such feed and
grain for livestock as he may designate and uLder such regulations as he may impose" when imported for the account
of "any owner of livestock in any drought afflicted area, or by
or for the account of any relief organization, not operated for
profit, for distribution among distressed owners of livestock."
The Department of Agriculture and the Treasury imnaediately began formulating regulations under which the Government will purchase in this country and abroad supplies to
supplement the Nation's depleted stocks of livestock feed.
It was expected that such imports would come principally
from Canada, and that hay would constitute the chief forage
import.
This expectation seemed destined to be unfulfilled, however, when the Canadian Government announced on Aug.23
that fodder could not be exported, except under licenses
provided by the new marketing law. This order was
issued after surveys indicated that there would be a shortage
of all fodder crops in all parts of Canada.
The text of President Roosevelt's proclamation on livestock
feed duties read as follows:
Emergency Due to Drought—Free Importation of Feed for Livestock.
By the President of the United States of America.
A proclamation.
Whereas an unusual lack of rain in the States of North Dakota, South
Dakota, Nebraska, Texas, Missouri, Utah and Nevada, and to a lesser
extent in other States, has caused an acute shortage of feed for livestock,
particularly in the affected area and elsewhere in the United States; and
Whereas Section 318 of the Tariff Act of 1930 (Chap. 497, 46 Stat. 590.
696) provides in part as follows:
"Whenever the President shall by proclamation declare an emergency
to exist by reason of a state of war, or otherwise, he may authorize the
Secretary of the Treasury to extend during the continuance of such emergency the time herein prescribed for the performance of any act, and may
authorize the Secretary of the Treasury to permit, under such regulations
as the Secretary of the Treasury may prescribe, the importation tree of
duty of food, clothing and medical, surgical and other supplies for use in
emergency relief work. . . ."
Now,therefore, I, Franklin D. Roosevelt, President of the United States
of America, by virtue of the authority vested in ale by the said section
of the Tariff Act of 1930, and by virtue of all other authority vested in me,
do hereby proclaim an emergency to exist and do hereby authorize the
Secretary of the Treasury to permit, until June 30 1935 (unless before
that date it has been determined by the President and declared by his
proclamation that the emergency has terminated), within such limits and
subject to such conditions as he may deem necessary to meet the emergency,
the importation of such feed for livestock as the Secretary of the Treasury
may designate and under such regulations as he may impose, free of duty
when imported by or directly for the account of any owner of livestock in
any drought-affected area, or by or for the account of any relief organization, not operated for profit, for distribution among distressed owners of
livestock.
In witness whereof, I have hereunto set my hand and caused the Seal
of the United States to be affixed. Done at the City of Washington
on this 10th day of August in the year of Our Lord nineteen hundred and
thirty-four, and of the independence of the United States of America the
one hundred and fifty-ninth.
(Signed) FRANKLIN D. ROOSEVELT.
By the President.
CORDELL HULL, Secretary of State.
President Roosevelt Considers Plans for Co-ordinating
All Branches of Recovery Activity—Will Seek to
Harmonize Work of AAA and NRA—General
Johnson to Remain at Post While NRA Is Reorganized.
President Roosevelt and his advisers, at a series of White
House conferences this week, considered a tentative program
designed to co-ordinate all phases of the Administration's
recovery program with a view to stimulating a fall business
upturn. Donald R. Richberg, director of the &resident's
Emergency Industrial Committee, furnished the President,
on Aug. 21, with various information on which it was proposed to develop a policy with the following objectives: Coordination of the activities of the Agricultural Adjustment
Administration and the National Recovery Administration
to maintain balanced control over industry and agriculture;
co-ordination of other emergency activities, including housing, relief and public works; the elimination of conflicts
between the NRA, the Federal Trade Commission and the
Department of Justice.
General Hugh S. Johnson, Recovery Administrator, announced on Aug. 18 that at the request of President Roosevelt he would remain in the Federal service to reorganize the
NRA. This reorganization will seek to place the NRA in
approximately the form which the next Congress will be
asked to approve on a permanent basis.
A Washington dispatch of Aug. 21 to the New York
"Times" outlined some of the proposals for co-ordination of
Government activities as follows:
Aug. 25 1934
Heretofore, each governinental agency, in particular those set up to
meet the emergency and now being expanded into permanent organizations
for carrying out a planned economy, has functioned with considerable independence so far as the others are concerned.
The Administration has intended for some time to establish a means by
which agricultural and industrial developments may be balanced and subsidiary programs harmonized with them.
"We will take up the material I presented and make a series of reports
on it to the President," said Mr. Richberg after the meeting. "It was a
purely factual report. Obviously, it was the basis for a continuing comprehensive view of the activities of the Administration for the President."
One of the chief dangers feared by the Administration has been that the
agricultural program would get out of step with the industrial program,
and that unbalanced prices would upset recovery. Against this prospect the
co-ordination policy is designed.
Creation of a "super-machine" of "State control" is not contemplated
by the Administration, it is argued, however. In official circles it was said
to-night that the plan is merely intended to bind together the functions of
existing governmental agencies and to permit private initiative, under Government supervision, to effect a comeback and maintain recovery.
Seek to Avoid Bureaucracy.
As Mr. Richberg indicated, the details will be worked out in future conferences of the EIC and the Executive Council with the President, but it
is not expected that bureaucratic machinery will be set up to carry co-ordination into effect.
It is rather the plan to appoint individuals to carry out the work—men
already associated with the various departments and emergency agencies—
and afterward, perhaps, in some cases to establish boards to handle details.
Reorganization of the NRA, which President Roosevelt will discuss with
General Johnson when he returns to Washington, fits in with the general
plan of co-ordination. One of the difficulties holding up reorganization of
the NRA has been the task of working out the relationship between it and
the administration of the anti-trust laws.
In the actual administration of NRA detail work, General Johnson is
contemplating a platoon system on the military style. He has under consideration a re-grouping of some 700 codes to simplify their administration.
The reports which were handed the President to-day will be checked. They
are divided into sections, and when this work is completed, Mr. Richberg
said, on leaving the White House, will be released for publication.
"I expressed the opinion to the President," Mr. Richberg said, "that
the report was an enheartening view of the whole Government's program
and the achievements under it."
President Roosevelt Orders Commodity Credit Corporation to Guarantee Farmers Minimum of 12 Cents
a Pound for Cotton—Previous Loan Authorization
Was 10 Cents—Action Will Protect Farmers from
Price Declines During Marketing Season.
President Roosevelt announced on Aug. 21 that he had instructed the Commodity Credit Corporation to increase its
loans on cotton to 12c. a pound from the previous authorized
10c. minimum,and that the Reconstruction Finance Corporation had been requested to advance sufficient funds to enable
the necessary loans to be made. The practical effect of this
decision was to assure 2,000,000 farmers of a minimum price
of 12c. a pound for their cotton, and to enable them to withhold the staple from the market at the present time unless
they cared to take advantage of current quotations. The
purpose of the order was to protect farmers from price declines which are generally anticipated during the market
season as a result of the heavy movement of cotton to market
during a relatively short period.
President Roosevelt's statement of Aug. 21 read as
follows:
To enable the cotton farmers to market their cotton more nearly as it is
required for consumption, rather than necessarily at picking time, I have
requested the RFC to make funds available to the Commodity Credit Corporation that will enable it to increase its lending from 10c. to 12c. a pound
on cotton classing low middling or better, which is and has been continuously
in the possession of the producer.
While the CCC is still carrying for the producers about 1,000,000 bales
of last year's crop and the Cotton Producers Pool approximately 2,000,000
bales additional, it is worth noting that the still large surplus of cotton will,
in all probability, show this year a reduction of about 4,500,000 bales from
last year.
A Washington dispatch of Aug. 21 to the New York "Herald Tribune" discussed the new Government policy with
regard to cotton loans as follows:
Regulations of the Agricultural Adjustment Administration regarding loans
will be issued soon. A year ago, under the 10c. loan plan, they were contingent upon reductions in acreage plantings for the next season. Since
that time the Bankhead Compulsory Cotton Control Act has been placed
on the statute book giving the Government more effective means of regulation. Also the drought of this summer has altered the situation although
restrictions will remain in force for the next season.
The 12e. guarantee plan is held by agriculture officials to assure the economic welfare of the South, but the scarcity of the present crop and the
diminution of the carryover had indicated a good and probably higher price
In any event. Now the cotton quotations are more than a cent above the
guarantee loan figure. Last year the market price was a few points short of
10c. when that loan figure was established. It immediately brought wholehearted approval from the South. This year the President has been urged
by some Southerners, including Senator John Bankhead, of Alabama, to set
the figure at 13c., but Mr. Roosevelt declined to go quite so far.
The AAA had previously extended the 10c. loans on cotton so as to function until Feb. 15 1935. Producers who have cotton pledged with the Government are awaiting even higher prices than the present before disposing of it.
The RFC announced on Aug. 23 that in accordance with
President Roosevelt's policy it had alloted $250,000,000 for
the use of the Commodity Credit Corporation in increasing
loans on cotton from 10 cents to 12 cents a pound. Jesse
Volume 139
Financial Chronicle
Jones, Chairman of the RFC, said that this amount would
take care of 4,000,000 bales of cotton, and added that he
was confident that the entire sum would not be needed.
He estImated that $150,000,0001 would be sufficient to
cover new loans.
Post Office Department to Begin Hearings on Ocean
and Foreign Air-Mail Rates Oct. 1-32 Shipping
Lines and Four Aviation Companies Notified to
Appear to Defend Existing Contracts—PostmasterGeneral Farley Defends Cancellation of Air Mail
Contracts.
Acting Postmaster General Howes on July 25 notified
32 steamship companies holding ocean mail contracts, and
four foreign air-mail contractors, that they must appear
at the Post Office Department on Oct. 1 to "show
cause why the contract covering their respective foreign mail
routes should not be modified or canceled." This action was
taken in accordance with President Roosevelt's Executive
Order of July 11, which provided that after a hearing and
-day notice the'President "may modify or cancel
after a 60
any such contracts." The text of that Executive Order was
given in our issue of July 21, page 371. Scheduling of the
hearing was interpreted as a step by the Government to
bring about drastic reductions in ocean and foreign air-mail
contracts. Mr. Howes stated that the hearings will be continued from Oct. 1 "until they are concluded." It was
stated in Washington that 44 ocean mail routes and nine
foreign air-mail routes are involved.
A Washington dispatch of July 25 to the New York
"Times" discussed the proposed reductions as follows:
According to postal officials, the amounts now paid can be reduced
greatly without loss of efficiency in the mails.
There are 44 ocean mail routes held by the 32 contractors, and nine
foreign air mail routes held by the four contractors.
Last year the ocean mail service cost 826,054,680. Had it been carried
on a weight or poundage basis postal officials estimate the cost would have
been about $3,000,000. The difference, they say, represents a virtual subsidy to the steamship companies.
According to figures prepared by the Post Office Department, one steamship company received $363,295 for carrying mail that would have cost
only $25.52 on a weight basis. Another ocean mail contract for $347.942,
under the weight system would have cost $24.
A $30,000,000 Contract.
One of the largest ocean mail contracts is held by the United States
Lines, operated by the International Mercantile Marine, of which Colonel
Kermit Roosevelt is the Vice-President and Vincent Astor a director.
Their contracts for the Hamburg and London mail,route amount to
more than $27,000,000. The largest contract is held by the Ripley Steamship Co., more than $30,000.000.
Last year the Postoffice Department expended $6,948,188 on foreign
air-mail contracts, nearly all of which are held by the Pan-American Airways, serving South America.
Postmaster-General Farley announced on Aug. 7 that the
32 ocean and four foreign air mail contractors had agreed
to appear before the Post Office Department on Oct. 1 to
show cause why their contracts should not be modified or
canceled. Associated Press advices from Washington
Aug. 7 quoted Mr. Farley as follows:
I have formed no judgment as to any of the ocean mail and foreign air
mail contracts which, under an executive order of the President, will be
inquired into at public hearings beginning on Oct. 1.
In accordance with the President's order I will, after the conclusion of the
public hearings, report to the President our findings and conclusions as to
whether any of the contracts should be modified or canceled and if so, in
what respect.
There are 44 foreign ocean mail routes, held by 32 contractors and there
are nine foreign air mail routes, held by four contractors. All the contractors have been notified to be ready for hearings on Oct. 1.
1175
Postal Service Considering Plans for Air Mail to Alaska,
Europe and Hawaii—Surveys Will Test Advisability
of Establishing Alaska Route Within Year.
Federal postal officials are seriously considering plans for
encouraging a trans-oceanic airplane service from the United
States to Europe, Hawaii and Alaska, according to newspaper reports from Washington, which added that it is
hoped to have the Alaska service established within one year
and the other services in operation within three years.
Harlee Branch, Second Assistant Postmaster-General, plans
to visit Alaska in September to study the project. Upon
this and similar studies the Post Office Department will decide whether to recommend to Congress authorizations for
air-mail contracts designed to make establishment of these
services commercially feasible. A Washington dispatch
of Aug. 11 to the New York "Herald Tribune" added the
following regarding the proposals:
"We are making a comprehensive study of routes and conditions looking forward to transportation of air mail to Europe, to Hawaii and to
Alaska," Mr. Branch said.
"Aircraft companies and engineering experts are working on the problem and we believe that within the next three years we will be in a position
to ask Congress for an appropriation to establish this trans-oceanic service."
Mr. Branch plans to leave for Alaska about Sept. 1 and to spend four or
five days there studying conditions and inspecting possible routes. Airmail service already is provided under contracts on two routes in Alaska
out of Fairbanks, one running westward to Nome and the other southwestward to Bethel. The plan under consideration is to foster a route
from the mainland at Seattle or Tacoma to Fairbanks.
Such an air line, Mr. Branch pointed out, would cut the time of mail.
Passenger and express transportation from the mainland to Alaska from
eight days to a day and a half. The provision of swifter communication
than is now available, involving establishment of a properly equipped
air route, it is believed, would aid greatly in the development of the territory and would be an important contribution to the national defense.
American aviation interests, it was recalled, long have advocated Government assistance in the development of regularly scheduled trans-oceanic
airplane services. It has been argued that the national prestige would be
enhanced by enabling American lines to get into this field before foreign
companies are able to initiate such services.
All Existing Air-Mail Contracts to Be Renewed by Post
Office Department for Nine Months—Action Taken
Under Authorization of Air-Mail Act,
The Post Office Department announced on Aug. 17 that
present air-mail contracts, which were originally let for a
period of three months, would be extended for an additional
nine months under authority of the air-mail Act, which
was approved on June 12 1934. The extension affects 19
contracts involving 31 routes. The original three-month
period specified in the contract of United Air Lines expired
on Aug. 7 and the nine-month extension was immediately
granted that company. Officials said that other contracts
will be extended as rapidly as they expire. A Washington
dispatch to the "Wall Street Journal" of Aug. 20 added the
following information:
Under the terms of the new air-mail contract measure, maximum compensation per airplane mile is limited to a base rate of 33 1-3 cents. Compensation of contracts granted under the temporary plan and which run
in excess of the maximum are being scaled down to conform. Contracts
calling for compensation within the limitations are extended without any
change.
Rates for Money Orders Payable in Several Foreign
Countries Increased by United States.
By order of Postmaster General Farley, the rate for money
orders issued in the United States for payment in several
other countries increased on Aug. 17. In indicating this,
Associated Press advices from Washington, Aug. 17, said:
C. V. Ellenberger, Third Assistant Postmaster-General, said the sudden
rise in market quotations for certain currremcies made it necessary to raise
Cancellation of all commercial air mail contracts last the money order conversion rates again.
February and subsequent reallotment on the basis of comThe new rate for money orders for payment in New Zealand is $4.20 to
Ireland, the Irish Free
petitive bids saved the Gobernment $10,000,000 annually, the pound; the rate for Great Britain, Northernthe pound; for Belgium
$5.20 to
State and the
Farley said on July 2 in a speech at Herkimer, N. Y. it is 24 cents toUnion of South Africa is
Mr.
the belga; Norway. 26 cents to the krone, and Switzerland.
Mr. Farley stated that the Administration had studied the 34 cents to the franc.
situation for months before the contracts were canceled, and
added that in 1930 conferences were held at which "the air Treasury Seeks to Collect Income Taxes From Foreigners Who Have Made Profits in United States—
mail business of the country was divided up among the conSends Communications to All Parts of World,
tractors with the participation and approval of former PostAsking if Returns Were Filed in 1929-33.
master-General Walter F. Brown." Mr. Farley declared
The Treasury Department has recently been sending comone of the principal purposes of these conferences was
that
to all parts of the world, warning all foreigners
to avoid competitive bidding, in violation of the law. United munications
profits in the United States and who have
Press advices from Herkimer quoted from his address as who have made
failed to file income tax returns that their property in this
follows:
country is liable to seizure, according to reports from WashThe Postmaster-General reviewed "railroad frauds of the seventies, the
ington Aug. 23. Advices from London stated that members
star route mail scandals of the eighties, the Department scandals of 19008
and the oil scandals of the twenties." Then he gave the assurance that so
of the stock exchange in that city, as well as British bankers,
far as it lay within his power there would be no scandals in the thirties.
II& The post office establishment, with its expenditures of over half a billion were considering what action they should take in connection
with this latest drive, which had been unexpected abroad.
a year, its numerous mail contracts and its largo number of employees, has
long been a hunting ground for selfish and unpatriotic men who desire to
United Press Washington advices of Aug. 23 described the
enrich themselves at the expense of the people.
new tax-collection policy as follows:
He reviewed the testimony at the Senate investigating committee's hearings on air mail and pointed out this revealed 'astounding profits" were
made on stock promotions of aviation companies based on mail contracts.
The Treasury sent letters to various persons in all sections of the world
"Information returns disclose," the letter said, "that you have stock.
1176
Financial Chronicle
bond or commodity transactions through brokers or other agents located
within the United States.
"In order to verify the information received concerning your income it is
requested that you advise the location of the collector's office where your
income tax returns were filed for the years 1929-33, inclusive.
"The income tax law requires that every non-resident alien in receipt of
taxable income from sources within the United States shall file an income
tax return unless the tax on such income has been fully paid at the source.
"Every foreign corporation not expressly exempt from such tax," the
letter said, "must make a return of income from sources within the United
States regardless of the amount of its net income.
"Failure to file a return will necessitate assessment of tax computed upon
the basis of the information available without the benefit of the deductions
and credits which may be allowed upon the filing of a return."
The Federal Government,the letters indicated, apparently was anxious to
collect taxes on speculative profits made in Wall Street by British nationals
and other foreigners,in order that they be given no advantage over American
citizens who must pay taxes on speculative profits.
Treasury officials warned to-day that property of foreign speculators in
the United States could be attached if they refused to pay their income tax.
In the case of foreign banks which refuse to disclose to the United States
Government profits and records of their clients, it was believed that the
United States Government might assess the entire deficiency in taxes on
the bank refusing to reveal the information.
Silas H. Strewn Terms Congressional Delegation of
Powers to President Roosevelt a "Dangerous
Experiment"—Says Planned Economy Is Inconsistent with American Ideals.
Congressional delegation of legislative powers to President
Roosevelt was described as "a dangerous experiment" which
the American people will not countenance, in a radio broadcast on Aug. 14 by Silas H. Strawn, former President of the
American Bar Association and of the Chamber of Commerce
of the United States. Mr. Strawn said that some academic
theorists attribute the present economic troubles to eapitilism and assert that the cure is an arbitrarily enforced,
planned economy. Associated Press Chicago advices of
Aug. 14 gave the following additional extracts from his
speech:
"Obviously," he asserted, "a planned economy cannot be effective unless
the Executive is vested with power to enforce it. Be cannot tolerate individual freedom of action. That, I submit, is wholly inconsistent with American ideals and American instincts. The American people will not stand
for it."
Mr. Strawn said he believed President Roosevelt "in the highest sense of
patriotism, with the idea of being able more promptly to meet the emergency
which he believed to exist," asked Congress to surrender "many of its
constitutional powers" to the President, and this was granted.
"Those who believe in the soundness of the Constitution," Mr. Strewn
added, "regard the placing of such vast powers in the hands of one person,
however wise and patriotic he may be, as a dangerous expedient."
Shipping Interests Assail Secretary of Agriculture Wallace for His Expressed Opposition to Subsidized
Merchant Marine—He Had Proposed Abandonment
of Government Aid As Means of Increasing Farm
Exports.
A suggestion by Secretary of Agriculture Wallace that it
might be inadvisable to extend further Government protection to the American merchant marine was severely criticized
this week by representatives of steamship owners and others
who advocate an extension of Federal aid for shipping. The
Secretary's suggestion was contained in a letter from Mr.
Wallace to Representative Bland of Virginia, Chairman of
the House Merchant Marine Committee, who made the
letter public on Aug. 17. Mr. Wallace said that if the Government withdrew its help from shipping interests it might
be possible to sell more of this country's surplus agricultural
products abroad. He pointed out that foreign countries
can pay for American products only in goods and services,
and that the shipping services rendered by Great Britain and
other nations formed an important item of foreign purchases
in this country.
Senator Fletcher, who was formerly Chairman of the Senate Commerce Committee, on Aug. 18 said Mr. Wallace's
suggestion was "absurd." R. J. Baker, President of the
American Steamship Owners' Association, in a statement
issued on Aug. 19, denounced Mr. Wallace's proposal and
declared that there is no reason to subsidize agriculture and
not to subsidize the merchant marine, which he termed a
vital adjunct of our national defense. Mr. Baker said in
part:
It is strange trading indeed which Secretary Wallace suggests in his communication to Representative Bland. It would be an absurb economy
to swap our facilities for delivery in return for the other fellow's markets.
It might work out for a time, but there would always be the day of reckoning when the other fellow took away his ships.
Surely the Secretary of Agriculture is not ignorant of what happened to
our farmers during the World War, when foreign carriers were suddenly
withdrawn from our shores. The products of our factories and fields piled
up for miles behind our piers. They were dumped along the tracks, there
to rust and to rot, while we attempted to build a merchant marine almost
over night. It cost us $3,000,000,000 to get the ships and other billions in
lost business. To-day, after 15 years, we are still paying nearly 6100,000,000 a year in interest alone on the cost of that war-necessitated fleet.
H. G. Smith, President of the National Council of American Shipbuilders, said on Aug. 20 that Mr. Wallace's pro-
Aug. 25 1934
posal was in direct conflict with the expressed policy of the
Government and the attitude of the American people. He
added that the Secretary's suggestion "has only the saving
grace of being his own personal opinion, but it involves a
danger to American shipping because of his official position,"
and might be construed as an expression of the Government.
In his letter to Mr. Bland Mr. Wallace said in part:
Any further governmental encouragement of the shipping industry by
subsidy or similar measures would tend to divert the energies of our people
in some degree into shipping as compared with other industries.
It is not possible that it may be done to our economical advantage
as a nation to concentrate on the exploitation of our rich internal resources.
leaving partly to foreigners the carrying trade, in which our natural advantages over whom are not as great as in other forms of production.
In a sense, too, allowing foreigners to carry a large percentage of our
trade promotes our commodity exports, for it means that foreigners have
more purchasing power with which to buy them.
We cannot hope to profit from exports unless we are willing to take imports in payments.
This applies to single "invisible" imports in the form of shipping services
rendered by foreigners as well as to commodity imports.
You state that shipping is as much entitled to protection as industry
and agriculture. But it should not be overlooked that a substantial part
of our agriculture cannot be effectively protected, because we normally
have export surpluses of cotton,lard and other farm products.
If we further protect shipping, we shall export less of our farm commodities.
George S. Van Schaick Asks Laws to Aid Holders of
Guaranteed Mortgage Certificates—New York Superintendent of Insurance Advocates Legislation
to Assist Those with Claims Against Companies.
Declaring that the New York State Insurance Department
has the guaranteed mortgage situation "well in hand,"
George S. Van Schaick, State Superintendent of Insurance,
in a radio broadcast on Aug.9, advocated the passage of laws
to meet the immediate phases of the guaranteed martgage
problem. Bills dealing with this subject that had been endorsed by Mr. Van Schaick and by Governor Lehman failed
of passage, however, by the special session of the Legislature which adjourned on Aug. 18.
Mr. Van Schaick asserted that the Legislature should pass
laws to facilitate the obtaining of Reconstruction Finance
Corporation aid for certificate holders who wish to borrow
against their certificates. He also endorsed laws to supplement the Schackno Act by creating a State agency to act as
trustee where certificate holders wish to use its services.
In this connection Mr. Van Schaick said, in part:
There are some certificate holders who require more than the interest that
is being paid on their certificates. They are unable to await the time when
the collateral behind their investments may be turned into cash without
financial sacrifice. I have sought unceasingly to work out means by which
moneys promised by the RF() could be made available for loaning purposes.
I personally went to President Roosevelt and officials of the RFC in December and found them wholeheartedly in favor of co-operation by the Federal
Government. The President made one absolute and imperative condition.
That was that interest charged to borrowers should not exceed 5%, mil that
the holders of certificates in the various companies should be given equal
treatment.
The aid offered by the RFC is substantial. This money bee not beef.
available because the facilities for administering the loans could not be
set up. Additional laws are necessary to hasten the creation of these Meinties with the aid of the financial institutions which are already interested
in the matter. It would be a reflection on our State government if it should
fail to take every action which will accelerate the obtaining of this Federal aid.
$5,659.205,737 Advanced by RFC from Feb. 2 1932 to
July 31 1934—Advances Other Than to Government
Agencies and for Relief Total 4,185,660,808 of
Which $1,770,162,969 Has Been Repaid.
Authorizations and commitments of the Reconstruction
Finance Corporation in the Recovery program to July 31,
including disbursements of $673,969,239.73 to other Governmental agencies and $799,575,689 to the States for relief,
have been $7,195,297,908.23, according to a report issued
Aug. 13 by Jesse H. Jones, Chairman of the RFC. Of this
sum, $5,659,205,736.81 has been disbursed (including the
$1,473,544,928.73 advanced to other Governmental agencies
and to States for relief.) $505,977,610.55 has been canceled,
and $1,030,114,560.87 remains available to the borrowers
and to banks in the purchase of preferred stock and capital
notes. The relief disbursements, the report said, include
$299,984,999 advanced directly to States by the RFC and
$499,590,690 to the States upon certification of the Federal
Emergency Relief Administrator. Of the total disbursements of $5,659.205,736 81, $4,185,660,808.08 was expended
for activities of the RFC other than advances to Governmental agencies and for relief, and of this sum, $1,770,162,968.68, or approximately 42%,has been repaid. The report
continued:
Leans authorized to 7,253 banks and trust companies aggregate $2.101.195.849.31. Of this amount. $266,654,101.82 was withdrawn or canceled,
$208.116,561.86 remains available to the borrowers and $1,626,425,185.63
was disbursed. Of this latter amount,$1,044,225,236.31, or 64%,has been
repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6.335 banks and trust companies aggregating
Financial Chronicle
Volume 139
$1,117,198,557, and 985 loans were authorized in the amount of $37,289,024 to be secured by preferred stock. A total authorization for preferred
stock, capital notes and debentures in 6,549 banks and trust companies
of $1,154,487,581. $57,405,110.58 of this was canceled or withdrawn,
$838,737,249.42 disbursed and $258,345,221 remains available to the banks
when conditions of authorizations have been met.
Loans have been authorized for distribution to depositors of 2,347 closed
banks aggregating $863,452,894.72. $84,262,915.53 of this amount was
withdrawn or canceled and $568,373,417.30 was disbursed, and $210,816,561.89 remains available to the borrowers. $205,033,351.26 has been
repaid.
Loans have been authorized to refinance 286 drainage, levee and irrigation districts aggregating $63,644,623.77, of which $749,315.31 was withdrawn or canceled and $8,172,890.68 disbursed.
190 loans aggregating $19,608,575 have been authorized through mortgage
loan companies to assist business and industry in co-operation with the
National Recovery Administration program. 83,605,175 of this was withdrawn or canceled and $3,613,953.94 disbursed.
Under the provisions of Section 5-D, which was added to the RFC Act
June 19 1934, the RFC has authorized 70 loans to industry aggregating
$5,809,700.
In addition to the foregoing and to assist the Farm Credit Administration
in refinancing outstanding bonds of the Federal Land banks at lower interest
rates, the RFC made new loans to the 12 Federal Land banks in July
aggregating $193,618,000 and recived repayments of the same gross amount,
but these transactions involved a change of collateral in every instance and
a reduction of the indebtedness of some of the banks and an increase by
others. Some of the banks paid their entire indebtedness to the RFC
including advances made for the refunding operation. The reductions of all
Federal Land bank indebtedness to the RFC during July aggregate $68,667.296.21.
During July the RFC retired $165,000,000 of its notes to the Secretary
of the Treasury; and $5,100,000 to banks sold to them in connection with
purchases of preferred stock, capital notes and debentures. During the
same period the RFC sold $30,000,000 of its notes to the Secretary of the
Treasury to provide funds for allocation to other Governmental agencies
and $300,000 to banks in connection with purchases of preferred stock.
a net decrease of $139,800.000.
Disbursements to July 31 for all purposes, according to
the report, were as follows:
To Governmental agencies under provisions of existing statutes
Secretary of the Treasury to purchase
Capital stock of Home Owners' Loan Corp._ __$174,000,000.00
Capital stock of Federal Home Loan banks_ _
81,445,700.00
Farm Loan Commissioner to make loans
,To farmers
145,000,000.00
Joint Stock Land banks
2,600,000.00
Federal Farm Mortgage Corporation
For loans to farmers
55,000,000.00
Federal Housing Administrator
To create Mutual Mortgage Insurance Fund
10,000,000.00
Secretary of Agriculture
For crop loans to farmers (net)
115,000,000.00
Governor of the Farm Credit Administration
For revolving fund to provide capital for production Credit corporations
40,500,000.00
Regional Agricultural Credit corporations
For purchase of capital stook
44,500,000.00
For expenses (since May 27 1933)
5.923,539.73
For relief
To States directly by RFC
299,984,999.00
To States on certification of Federal Relief Ad499,590,690.00
ministrator
$673,969.239.73
799,575,689.00
$260,148,764.35
8,553,233.28
$268,701,997.63
The report showed repayments to July 31 1934, as follows:
81,044,225,236.31
165,199,023.39
85,786,551.35
Building and loan associations
Federal Land banks
Railroads
Insurance companies
Livestock Credit corporations
Federal Intermediate Credit banks
Agricultural Credit corporations
Joint Stock Land banks
State funds for insurance of public moneys_ _
Credit unions
Processors or distributors for payment of processing tax
68,667,296.21
58,320,925.67
56,713,196.44
11,094,091.63
9,250,000.00
4,460,898.53
6,598,740.14
5,682,624.12
190,637.77
5,428.00
$1,594,222,094.72
$3,300,000.00
By the Secretary of Agriculture
1,442,543.00
From advances for relief under 1932 Relief Act
By borrowers on self-liquidating projects (including $145,395.90
from advances for repair and rconstruction of buildings damaged
5,184,541.78
by earthquake, fire, tornado, kc.)
By borrowers on loans to finance the sale of agricultural surpluses
In foreign markets (including $2,774,149.17 on the loans on
3,627,504.10
cotton to Russia)
By borrowers on loan to finance the carrying and orderly marketing of agricultural commodities in the United States
$102,481,533.27
By Commodity Credit Corporation
4,045,808.85
By other Institutions
$106,527,342.1
1,190,685.96
792,300.00
55,318,500.00
Semi-annual Survey of Real Estate Market by National
Association of Real Estate Boards—Rapid Absorption of Residential Space Reported Reflected in
Rising Rents.
A more active market for real estate in 70% of the cities
of the United States, with a recent rapid absorption of space,
particularly in single-family residences, is shown in the
twenty-third semi-annual survey of the real estate market,
covering 268 cities, completed recently by the National Association of Real Estate Boards, and made public Aug. 12.
This increasing absorption of space, it is stated, is already
reflected in rising residential rents, shown for single-family
dwellings by 49% of the cities reporting. Comparisons are
with conditions of one year ago, the Association said, which
added:
Shortage of single-family residences is shown by 49% of the cities reporting. (Exactly the same percentage as show the up-trend in rents.) Normal
balance between supply and demand for this type of structure is shown by
47% of the cities, oversupply by only 4% of the cities. No city of over
200,000 population reports a present oversupply of single family dwellings.
The like survey of one year ago showed shortage of such dwellings in only
12% of the cities (less than V, of the present percentage), and oversupply
in 16% (four times the present percentage).
The Association's surveys indicate that the peak condition
of oversupply for single family dwellings for the country as
a whole occurred a year and a half ago. The latest survey,
the Association said, compiled from confidential reports
from the Association's member boards, shows not only favorable trends but also foundation conditions definitely favorable for general and rapid advance. Principal such factors:
1. Space absorption, reaching in some sections even to business structures.
The Association further reported:
Loans under Section 5
$1,626,425,185.63
Banks and trust companies
412,768.344.04
Railroads
270,576,361.14
Mortgage loan companies
193,618,000.00
Federal Land banks
171,745,160.42
.
Regional Agricultural Credit corporations_ _ _
114,920,823.65
Building and loan associations
89,332,463.45
Insurance companies
15,196,548.06
Joint Stock Land banks
12,737,173.66
Livestock Credit corporations
9,250,000.00
Federal Intermediate Credit banks
State funds for insurance of public moneys_ _ _
8,387,715.88
Agricultural Credit corporations
5,261,130.27
Credit unions
580,854.21
Processors or distributors for payment of processing tax
14,718.06
$2,930,814,478.47
Disbursed for purchaxe of preferred stock, capital notes and debentures of banks and trust companies (including $23,112,605 loans
secured by preferred stock)
838,737,249.42
Loans secured by preferred stock of insurance companies
15,875.000.00
To the Secretary of Agriculture to purchase cotton
3,300,000.00
For refinancing drainage, levees and Irrigation districts
8,172,890.68
To aid In financing self-liquidating construction projects (including
$8,359,001.56 for repair and reconstruction of buildings damaged
by earthquake,fire and tornado)
101,246.559.63
To aid in financing the sale of agricultural surpluses in foreign
markets
18,812,632.25
To finance the carrying and orderly marketing of agricultural
commodities and livestock
To the Commodity Credit Corporation for
Loans on cotton
$139,623,929.23
Loans on corn
120,524,835.12
By banks and trust companies
Regional Agricultural Credit corporations
companies
1177
2. Increased return for real estate investment, promised by sharpening
rent conditions.
3. An already measurable re-entrance of capital seeking investment.
4. Predominately steady or falling interest rates.
$1,473,544,928.73
To others
By borrowers on loans secured by preferred stock of banks and
trust companies
By retirement of preferred stock of banks and trust companies
By payment of capital notes and debentures of banks and trust
Sections Vary in Regard to Price Advance.
Prices have not advanced as generally as has turn-over, but selling prices
are already higher in 33% of the 268 surveyed cities. They are unchanged
in 52% of the cities, lower than a year ago in 15% of the cities.
Enormous variations are shown geographically in respect to price advance.
The East South Central section shows prices up in 78% of its cities; the
West South Central section, in 61% of its cities; the South Atlantic section,
in 59% of its cities.
Larger Cities Lead Return to Activity.
Cities of over 500,000 population show most general gain in market
interest, 80% of them reporting a more active condition than prevailed a
year ago, 20,„ an unchanged condition, but no city reporting a weaker
market. However, these largest cities lag behind the country as a whole as
to price rise.
Geographically, the South Atlantic States lead the return to a snore active
market, with 94% of its cities of all sizes showing increased activity.
First Pick-up in Years in Business and Office Space.
As to growing absorption of the nation's residential space, the survey
notably supports and supplements the findings of the Federal Real Estate
Inventory, covering more than 60 cities, returns as to which are now being
released. It goes further, and shows also not only a definite national advance
in demand for apartment space but also the first slight turn in the supplydemand condition for business and office space.
For the first time since June 1930, cities (only 5% as yet) begin to
report actual shortage of business and 'office space. The largest proportion
is shown in the South Atlantic States.
Under-supply of apartment space began to be shown a year ago in 6%
of the cities reporting. It was shown six months ago in 11% of the cities
reporting, and is now hown in 20% of the surveyed cities. Over-building
in apartments, reported in 59% of the cities a year ago, is now cut down
to 14% of the reporting communities, while 66% show a normal supply.
demand situation.
Rentals an Index of Space Absorption.
Rentals, most convincing index of space absorption, are reported up for
single family residences in 49% of the cities, stationary in 42%, and down
in 9%. Apartments show rents up in 35% of the cities, on a level with
last year in 61% of the cities, down in 4%. Two-family dwellings lag
behind apartments, and far behind single family dwellings in regard to rent
ircrea ses.
Business space shows more gain than office space as measured by rent
appreciation. Central business districts, for both types of structure, lead
outlying sections in this change. Higher rents are reported in central business property in 20% of cities, stable rents in 64%, lower rents in 16%.
For office buildings only 9% of the cities report higher rents, but, on the
other hand, only 13% report lower rents, 78% reporting a stabilized rent
level.
Subdivision Market.
Some reflection of the bettered financing outlook for the home builder
may be seen in the fart that 14% of the cities report a more active subdivision market. However, 21% report a less active market, 65% show
about last year's condition.
First Signs Appear of Capital Seeking Investment.
For the first time since June 1929 there is an increase observable in the
percentage of cities showing capital seeking investment, with 19% of the
surveyed cities now so reporting. As yet, however, 70% of the reporting
cities show a dominance of loans seeking capital.
Interest Rates.
Interest rates are steady in 72% of the cities, rising in 10%,falling in 18%
Among cities of over 500,000 population, 30% show
of the cities reporting.
Financial Chronicle
1178
falling rates. Of these major cities, 22% show capital seeking loans, but
78% show loans seeking capital.
Net Earnings Shown in Corporation Reports for
First Half of 1934 Materially Larger than in Same
Period Last Year, According to National City
Bank of New York-Net Profits of $441,000,000
in 1933 in Case of 810 Companies as Compared
with Deficit of $46,000,000 in 1932.
Corporate reports issued during the past month covering
the first half-year show that net earnings of industrial
companies were materially larger than in the corresponding
period of 1933 but that the rate of return on invested capital
is still relatively low, says the National City Bank of New
York in its Aug. 1 "Bulletin." The bank states that a
tabulation of the reports published thus far by 250 companies having an aggregate net worth of approximately
$9,724,000,000 shows combined net profits, less deficits,
of $276,563,000 for the first half of this year, as compared
with a profit of $86,362,000 in the first half of 1933. These
profits, says the bank, represented an anrmal rate of return
upon net worth of 5.7% this year and 1.7% last year.
In presenting a summary of the reports the bank states:
Deficits were reported by about 23% of the companies this year and by
44% last year, and have been deducted in arriving at the totals. A marked
improvement was shown in such industries as chemicals, auto accessories,
electrical equipment, household supplies, petroleum and non-ferrous metal
mining, including gold mining. Profits of the baking and miscellaneous
food products companies were approximately the same for the half
-year,
although for the second quarter they were lower than a year ago. The
steel industry practically broke even for the half
-year as a result of the high
rate of operations during the second quarter.
It should be emphasized that as this limited group of companies includes
many of the strongest business organizations in the country, whose stocks
and bonds are widely held by investors and which are under obligation to
issue interim reports promptly, their showing is much more favorable than
were the results for all corporations. No reports are published by several
hundred thousand companies whose stock is closely held, or by many larger
companies which are in receivership or are being reorganized. The figures
given for various major industries indicate the trend of earnings but obviously are considerably better than an "average rate of earnings" for the
respective industries or for business as a whole. Even an "average"
computed by consolidating the returns of the companies operating at a loss
with those operating at a profit is a purely theoretical figure that would be
misleading if it were not kept in mind that no actual pooling of earnings
by all corporations really takes place. The companies operating In the red
have no claim on their more fortunate competitors, but they are an important factor in employment and general prosperity.
Profit by Quarters.
Separate reports by quarters are available for 201 of the companies in
this tabulation and show combined net profits of $97,930,000 in the first
quarter of this year and $144,388,000 in the second quarter. Last year
the same companies had a net deficit of $19,038,000 in the first quarter
and a net profit of $84,688,000 in the second. At that time the recovery
In earnings and in business activity was stimulated by rapidly rising commodity prices and the desire of manufacturers, merchants and the public
to build up stocks before the increases in labor and material prices should
become fully effective.
Aug. 25 1934
In the months of April, May and June of this year the average level of
business activity, as measured by the "Annalist" Index, was nearly 8%
higher than the average of the same months of last year, yet the net profits
for the period increased only moderately, reflecting the increase in costs of
doing business. While the principal factors restricting profits have been
the sharp increases in direct costs for labor and materials, other important
influences havo been the continued growth of the total tax burden, the
delay, confusion and expense arising from efforts to establish fixed prices,
to standardize terms, to regulate output. &c.,and in some cases a diminution
In physical volume has resulted from the inability or unwillingness of consumers to buy goods at the higher retail prices asked. Real progress in
business recovery of course depends upon an expansion in the physical
volume of production, distribution and consumption of goods; and not on
a mere increase in their dollar value. Finally, the large number of actual
and threatened strikes added to the difficulties already existing have made
it almost impossible for the representative concern to earn a fair return on
its invested capital.
So long as these difficulties and risks prevail, it is naturally out of the
question to induce the manufacturing industries to raise and invest much
new capital in the expansion or modernization of plant and equipment.
Consequently, there is small likelihood of a revival of activity in the capital
goods industries, whose expenditures for wages and materials normally
support an important share of all gainfully employed workers. . . .
Railroad Earnings Unsatisfactory.
Reports compiled by the Inter-State Commerce Commission giving the
combined results of all Class I steam railroads show that the group had
deficits after fixed charges in each of the first four months of 1934, the sum
total of which was $27,000,000. In the full year 1933 there was a deficit
of $14,000,000 and in 1932 a deficit of $151,000.000, the year 1931 being
the last in which a profit was shown.
Preliminary figures for May and June show that, although operating
revenues were equal to or larger than in the same months of last year, operating expenses increased by such an extent that net operating income was
smaller than a year ago, and that in both months there were deficits after
the payment of fixed charges. Outstanding debt and interest charges
are now slightly higher than a year ago. In the first half-year many railroads failed to cover even their operating expenses and taxes.
Outlook for earnings during the remaining months of this year is not particularly favorable, unless there should be a marked expansion in traffic.
because of the heavy increase in operating costs that has occurred recently.
During the past year there have been substantial increases in the prices of
coal, fuel oil, materials and supplies which the railroads purchase from
other industries. An increase in wages and salaries was agreed to last April,
providing for the elimination of the 10% wage reduction that had been in
effect since Feb. 1 1932 by gradual steps, beginning July 1 1934, so that by
April 1 1935 wage rates would be restored to the 1929 level. Then in the
closing sessions of Congress a railroad labor pension bill was passed, creating a nation-wide pension sysixm to be administered by the Federal Government, which is to supplant the pension systems now in effect on most of
the Individual railroads and to add an amount estimated to begain at
$60,000,000 and increase fo 3300.000,000 annually to expenditures for pensions. The new system will permit or force the retirement of large numbers
of employees, estimated at 100.000 this year alone.
As there is no existing margin of excess earnings in which to absorb these
increased costs and the companies have little remaining control over expenditures, the logical necessity might seem to be an increase in charges,
and the railroad executives have been holding conferences on the subject.
The emergency increase in freight rates on selected commodities, which
had been in effect since the beginning of 1932. expired on Sept. 30 1933.
A uniform increase of freight rates is scarcely practicable in the absence of
any control over truck competition, hence any effort along this line seems
likely to be by an intensive study of classes to discover what lines of traffic
are able to make some further contribution to railroad necessities.
The table of the half-year's profits as cor_tained in the
bank's "Bulletin" follows:
INDUSTRIAL CORPORATION PROFITS FOR FIRST HALF
-YEAR.
Net profits are shown after depreciation, interest, taxes and other charges and reserves, but before dividends. Networth include tbook value o outstanding Preferred
and common stock and surplus account at beginning of each year.
No.
Net Profits-Ilan
-Year.
Industry.
1933.
1
10
15
5
7
14
6
7
20
10
18
9
11
10
6
16
9
7
46
23
Autos-General Motors
Autos
-Other
Auto accessories
Baking
Building materials
Chemicals
Coal mining
Electrical equipment
Food products
-miscellaneous
Household supplies
Iron and steel
Machinery
Merchandising
Mining, non-ferrous
Paper products
Petroleum
Textile products
Tobacco (a)
Miscellaneous manufacturing
Miscellaneous services
.
1934.
$48,068,000
-5,342,000
-485,000
9,139.000
-2,973.000
27,000,000
-711,000
-3,017,000
40,165,000
6,910,000
-44,636,000
-2,397,000
2,571,000
*6,434,000
847,000
-12,011,000
435,000
1.391,000
17,664,000
-2,710,000
$69,587,000
-6,187,000
8,416,000
8,314,000
-524.000
48,511.000
1,884,000
9,908,000
41,431,000
10,758,000
6,129,000
2,430,000
4,390,000
*9,684,000
2,690,000
16,122,000
2,047,000
2,242,000
38,508,000
2,223,000
50
Total
$86,362,000
$276563000
-Deficit. •Before certain charges. a Principally cigar companies.
A comparison of corporation profits for the years 1933
and 1932 was given in one of the earlier numbers this year
of the bank's "Bulletin:" this comprised a tabulation of
some 810 statements of companies engaged in various
lines of industry and trade and having an aggregate net
worth of $14,003,000,000, showing combined net profits,
less deficits, of approximately $441,000,000 in 1933 as
contrasted with a net deficit of $46,000,000 in 1932 for the
same companies. A summary of the reports for the two
years, classified according to major industries, was given
by the bank, which in part said:
Of the 37 different industrial groups given, 11 that had profits in 1932
showed increases in 1933, most of these being engaged in the production or
distribution of goods for immediate consumption, including confectionery,
Per
Cent
Change.
Net Worth Jan. 1.
1933.
1934.
+70.8
+50.5
+217.6
+ - -+370.6
+61.2
+118.0
+ ---
$860,869,000
187,471,000
119,446,000
242,305,000
138,543,000
915,095.000
80,618,000
627,160,000
708,746,000
213,500,000
3,118,172,000
84,086,000
203,413,000
222,898,000
70.808,000
848,317,000
88,272,000
63,109,000
770,695,000
420,396,000
$871,498,000
172,791,000
110,568,000
234.605,000
124,792,000
927,806,000
79,807,000
596.603,000
691,367,000
213,474,000
3,037,181,000
79,889.000
210,256,000
222,321,000
71,356,000
851.564,000
70,041,000
82,330,000
734,753,000
361,240,000
-4-22112
$0.061710000
$9,724,242,000
+44.8
+--9:6
+72.3
+ --++3:i
+55.7
+ ---
Per
Cent
Change.
Annual Rate of
Return Per OW.
1933.
1934.
16.0
+1.2
11.2
--7.8
-7.4
.
.2
15
7.1
-3.2
Ye
-8.6
10.0
+1.4
.115i.il_
-1.0
-4.9
3.3
--12.0
11.3
-2.5
6.5
10.1
-0.1
0.4
-2.6
---5.08.1
4.2
Ye
+3.4
8.7
-0.2
5.8
7.5
2.4
+0.8
3.8
+0.4
-- _
5.8
+2.6
1.3
7.2
-1.2
4.4
10.5
-4.7
4.6
1.2
-14.1
---2.4
1.7
5.7
beverages and miscellaneous food products, shoes, chain stores, paints and
petroleum products. The chemical group which has had a good record
throughout the depression, also increased its earnings last year. Changes
from deficits to profits were shown by 12 groups, most of which likewise
were in the consumption goods Industries, including cotton, silk, wool and
miscellaneous textile products, meat packing, department stores, whole.
sale trade, automobiles and rubber tires. Decreased deficits were shown
by 8 groups, including iron and steel, machinery, agricultural implements,
electrical equipment, railway equipment, auto accessories, building materials and amusements.
While the favorable changes by groups numbered 31, the unfavorable
numbered only 6. Decreased profits were reported by 5 groups, most
of which suffered either from reduced volume or lower selling prices, including baking, drugs, tobacco, and printing and publishing. The proportion of companies operating at a profit rose from 40% of the total in
1932 to 62% in 1933.
Thus while the showing last year indicated an encouraging turn from
the very unfavorable results in 1982, it does not mean that all companies
Volume 139
1179
Financial Chronicle
made money or that earnings were high as measured against normal
standards. Combined net profits of the group represented an average annual rate of return upon net worth of only 3.1%, which is less than the
usual savings bank interest rate and is much less than is normally required
to attract the new capital that must be risked for financing the continued
improvement and growth of the various manufacturing and merchandising
industries.
The following table of corporation profits for the two years
was presented by the bank:
INDUSTRIAL CORPORATION PROFITS FOR THE YEARS 1932 AND 1933.
Net profits are shown after depreciation, interest, taxes, and other charges and reserves,but before dividends. Net worth Includes book value of outstanding preferred
and common stock and surplus account at beginning of each year.
Industry1932.
Agricultural implements
Amusements
Apparel
Automobiles
Auto accessories
Bakery
Building materials
Chemicals
Coal mining
Confectionery and beverages
Cotton mills
Drugs and sundries
Electrical equipment
Food products-Miscellaneous
Household supplies
Iron and steel
Machinery and tools
Meat packing
Merchandise-Chain stores
Merchandise-Department stores
Merchandise-Wholesale, Sze
Mining, non-ferrous
Paint and varnish
Paper and products
Petroleum
Printing and publishing
Railway equipment
Real estate
Rubber tires,.kc
_
Shoes_
Silk andhosiery
Sugar
Textile products-Miscellaneous
Tobacco
Wool
Miscellaneous-Manufacturing
Miscellaneous-Services
Total
1932.
1933.
-$15,375,000
-2,686,000
-7,648,000
-13,905,000
-10,959,000
27,008,000
-12,920,000
34,798,000
304,000
2,996,000
-8,478,000
13,044,000
-8,847,000
44,025,000
8,950,000
-138,920,000
-20,341,000
-2,059,000
41,683,000
-8,964.000
-4,868,000
2,091,000
1,008,000
-319,000
10,531,000
6,520,000
-16,349,000
-379,0
-3,052,000
3,206,000
-2,145,000
1,573,000
-12,187,000
71,029,000
-9,795,000
-17,520,000
3,148,000
$188,351,000
----$8,645,000
217,057,000
-1,252,000
---123,724,000
+-1.790,000
1,129,458,000
+---90,127,000
-829,000145,230,000
343,978,000
-12:8
23,620,000
-6,192,000387,494,000
692,316,000
+53:8
-53,511,000
283,208,000
+788.8
2,702,000
89,588,000
+252.3
10,556,000
244,228,000
7,813,000
147,532,000
+2.§
12,680,000
-3,196,000190,985,000
675,093,000
+19:i
r
52,711,000
218,811,000
+61.4
14,441,000
3,592,906,000
____
-64,226,000
287,844,000
____
-10,195,000
642,445,000
22,347,000
+- -453,479,000
58,769,000
+41.0
132,002,000
98,000
+---168,034,000
7,482,000
+-- 360,278,000
11,051,000
+428:5
95,347,000
5,928.000
+488.1
200,790,000
3,637,000
+-- 523,166,000
16,852,000
+541:0
115,938,000
1,550,000
-76.2
434,678,000
____
-11,314,000
133,622,000
-__.
-642,000
355,113,000
10,722,000
+__
190,185,000
+281:8
12,240.000
80,326,000
2,687,000
+--__
112,683,000
3,140,000
+99.6
221,309,000
11,193,000
+---539,678,000
-271
51,779,000
93,331,000
8,473,000
+---1,035,714,000
+_
46,201,000
267,173,000
3:a
3.034,000
$167,655,000
200,154,000
100,779,000
1,020,729,000
122.691,000
321,836,000
351,206,000
661.490,000
272,586,000
83,728,000
231.263,000
131,439,000
180,990,000
599,882,000
188,606,000
3,401,635,000
253,805,000
-845,802.000
$440,643,000
515,113,094,000
514,002,987,000
+____
1
1 I II 1
477- ' " 4 Iric(
T7TTT' 1717l;:1111:' '( T771.:4 6 II1T1
3
1 I:
.1`1 11.4'
7
10
9
9
29
17
35
13
11
16
36
10
23
37
19
35
50
18
17
12
25
18
7
20
25
12
15
10
14
11
16
12
21
18
7
02
54
810
1933.
Per Cent Return
Per
Cent
Change. 1932. 1933.
Net Worth Jan. 1.
Per
Cent
Change.
Net Profits-Years
No.
---------
----1.8
8.8
Ye
1:6
7
7:5
0.1
3.3
8:8
1.0
12.6
3.4
9.6
6:
4.1
-
8:8
7.7
---
8.1
6
13.4
9:i
619,857,000438,609,000
0.1
119,492,000
--5.2
144,955,000
3.4
b:Zi
328,651,000
1.1
7.0
84,336,000
2.0
186,447,000
3.4
16
499,949.000
1.4
5.6
110,199,000
372,424,000
----103,994,000
337,022,000.2
7.2
1:i
171,181,000
4.1
2.8
65,074,000-1..:1
111,412,000
5.4
206,181,000
9.7
13:i
532,930,000
9.7
87,483,000
--4.9
949,399,000
--1.2
1.2
242,918,000
-7.3
-__
3.1
Minus sign (-) indicates deficit.
First Half-Year's Earnings 85% Above 1933 for 158
Companies, According to Moody's Investors Service.
A preliminary statement, covering the first 158 industrial
corporations to report first half-year's earnings, indicated
a gain of 85% over the same period of last year, according
to a compilation prepared by Moody's Investors Service
made public July 26. A total of 111 companies reporting
for the second quarter, according to Moody's, showed
gains of 26% over the first quarter and 24% over the second
quarter of 1933, and were 2.8% over the third quarter of
1933, the peak period of that year. Second quarter earnings
of $107,185,000 for these companies compared with $85,301,000 in the first quarter and 6,791,000 in the second
quarter of 1933, whereas earnings in the third quarter of
1933 for the same companies amounted to $104,216,000.
"The most significant fact," says Moody's, "is that second
quarter earnings, which presumably represent the peak
level for 1934, failed to register more than a negligible gain
over the third quarter peak in 1933."
Earnings of 224 Corporations During Second Quarter
of Year Reported 37% Higher Than First Quarter
Compilation of Eastman, Dillon & Co.
An increase of 37% in the earnings of 224 corporations
during the second quarter as compared with the corresponding period of 1933 is revealed by a compilation prepared by
the Investment Research Department of Eastman, Dillon
& Co. Aggregate net income of these companies for the three
months ended June 30 was $214,676,096, said an announcement issued in the matter, contrasted with $156,678,811
for the second quarter last year, when recovery was just
getting under way. In its analysis of the earnings reports
the firm stated:
There is sufficient evidence to indicate with considerable authority that
the improvement has been primarily in the heavier industries supplying
capital goods in contrast to the poorer showing made by the industries
more closely related to the consumer.
Groups which showed substantial improvement in earning
power included the chemical and oil industries, automobile
accessories, electrical equipment, railroad equipment and
machinery manufactures, railroads, mining and metal producers and steel companies, said the announcement issued
in the matter. It continued:
Electrical equipment companies recorded the largest percentage gain for
the period-1,200%-with aggregate net earnings of $6,892,670 against
$529,794 in the second quarter last year.
The firm points out that the chemical and oil groups continued the outstanding improvement shown in the first quarter. This was regarded as
Particularly interesting because the increase in earnings was maintained
at a rate comparable to that in the first three months of the year, reflecting
considerable stability.
In contrast with the favorable showing of certain groups, poorer comparisons were reported by automobile, finance, food and drugs, household
products, office, equipment, retail trade, textile and utility companies.
The earnings of the 224 companies for the second quarter, as compared
with the corresponding period last year, grouped as to industries, follow.
No. of
Companies.
Automobiles
Auto accessories
Building
Chemicals
Containers
Coal
Electrical equipment
Finance
Foods and drugs
Household
Machinery
Miscellaneous
Mines and metals
Office equipment
Oils
Paper and publishing
Railroads
Railroad equipment
Retail
Steel
Textiles
Theatres
Tobaccos
Utilities
8
17
6
11
2
3
4
2
25
7
8
15
8
3
15
6
18
3
7
19
6
1
4
26
224
Earnings 2nd Quarter.
1934.
$38,005,349
6,401,541
x98.245
22,938,396
940,608
220.484
6,892.670
2,194,322
26.426,567
1,601,360
1,427,556
2,294,141
3,313,362
3,096,789
7,493,474
2,952,693
10,519.530
515,54,
x337,864
16,715,70
219.17
320,78
1.135,040
59,487,11
1933.
$39,733,789
4,813,696
x1,341,918
16.067,601
529,475
x308,500
529.794
2,135,421
27.306,672
2,893,088
x1,381.780
1,428,125
2,486,167
3,234,289
x5,539,348
1,092,871
7,748.769
x242,194
264.519
x14,125,324
812,498
197,177
521,543
67,822,381
$214,676,096 5156.678.811
x Deficit.
Cash Position of 321 Industrial Corporations Show
-Cash Now 35% of CurImprovement Since 1929
rent Assets Against 30% in 1929.
An analysis of the financial positions of 321 large industrial corporations in the United States, prepared for the
1934 edition of "Moody's Industrial Manual," reveals that
throughout the depression these corporations have consistently improved their cash positions in relation to total
current assets. The number of corporations involved in the
study includes every industrial corporation for which comparable data are available back to 1926, the first year of the
study, said an announcement issued by Moody's Investors'
Service. The announcement, dated June 21, continued:
From 1929 through 1933. cash and marketable securities of the 321
corporations (exclusive of cash in closed banks, which was eliminated from
the study) decreased from $3,026 million to $2,644 million, or 12.6%. At
the same time notes and accounts receivable fell from $2,256 million to
$1,417 million. or 37.2%, while inventories declined from $4,784 million
to $3,388 million, or 29.2%. The net result was that, in relation to total
current assets, cash rose from 29.73% to 35.36% and receivables fell from
22.16% to 18.95%. The percentage of inventories to total current assets,
however, exhibited only a mild decline, falling from 47.00% to 45.31%.
Total current liabilities declined from $2,088 million in 1929 to $1,301 million
last year,a drop of37.7%. The"current ratio", that is, the ratio of current
assets to current liabilities, rose from 4.87 in 1929 to 5.75 in 1933.
Moody's stated:
The total bonded debt of the corporations involved in the study reached
a peak in 1928 at $2,774 millon. From then it has declined consistently
1180
Financial Chronicle
to $2,156 million in 1933, a drop of 22.3%. The decline since 1929 has
been 14.9%.
In 1933 a reversal of trends in effect since 1929 was evident in most
items, in reflection of the increase in business activity, which occurred last
year. Thus, as compared with 1932, inventories of the 321 companies rose
from $3,091 million to $3,388 million, or 9.6%. and receivables from $1,332
million to $1,417 million. or 6.4%. Cash declined slightly from $2,731
million to $2,644 million, or 3.2%, reflecting largely accumulation of inventories, and the current ratio dropped from 6 41 to 5.75.
The exceptionally strong cash position which our large corporations have
been able to maintain in spite of the depression and in spite of the numerous
bank closings last year, reveals the extent to which industry has become
Independent of the banking system.
The announcement by Moody's further said:
This trend has been in evidence for some years past. It furnishes a
partial explanation of why bank loans have failed to increase in the past
year despite tne sharp rise in industrial activity. It also indicates that the
Act providing for direct loans to industry, recently signed by the President,
will affect primarily the smaller companies, as the large corporations are
apparently quite adequately provided with working capital.
Business and Labor Leaders Look for Improved Conditions in Fall—President Harriman of United States
Chamber of Commerce Forecasts Moderate Upturn
"That Could Be Accentuated by President."
Business and labor leaders and Government officials having to do with trade made a mid-August appraisal on Aug.
14 of prospects for a fall pickup in business and reported
that they found reason for optimism. Advices on that date
from Washington to the New York "Times" indicated that a
moderate fall pick-up "that could be very much accentuated
if President Roosevelt could give business more assurances,"
was predicted by Henry I. Harriman, President of the Chamber of Commerce of the United States. He declared, however, that business leaders were worried about many factors
in the situation. In the same advices it was stated that
William Green, President of the American Federation of
Labor, predicted a "very substantial increase in business,'
supported by "the tonic of the continuing NRA." In
part the account also said:
Mr. Harriman remarked that "business is really better than we had
reason to expect," and added that there had not been "a full seasonal
slump" this cummer.
Labor unrest and continuance of "terrific expenditures," which, he
said, lead to a belief that the budget cannot be balanced and to "consequent fear of inflation." were mentioned by Mr. Harriman as the most
disturbing factors in the situation, but he saw hopeful signs.
Few business men, he said, want to see the NRA disappear, most accepting "the basic idea of self
-regulation of industry with Government
supervision," which, he declared, Is "sound"
He was pleased by reports of the form of reorganization contemplated
for the National Recovery Administration. This indicated, he asserted,
that the NRA would remain "within its proper sphere of regulating large
manufacturers and ease up on regulation of service and distribution industries."
The housing program he saw as "a constructive measure," while the
Stock Exchange regulations just published were "as fair initial rules as
could be hoped for and indicate a desire to permit legitimate business to
Operate"
"The drought," he went on, "is a major disaster, but on the other hand,
the farm income will probably be slightly greater than the year before the
drought and surpluses will be used up so that if we have a good crop next
year farmers can make a comeback.
"There is no basis for the twaddle that the Middle West is being turned
into a desert. Conditions in that territory are decidedly spotty, with
farmers in lucky areas getting high prices for their crops."
Death of Speaker Henry T. Rainey—President Roosevelt and Other Government Officials Attend
Funeral Services at Carrollton, Ill.
Speaker Henry T. Rainey of the House of Representatives
died suddently in De Paul Hospital in St. Louis on Aug.19.
Mr. Rainey, who would have been 74 years old on Aug. 20,
died from angina pectoris after a brief illness of bronchial
pneumonia. He entered the hospital on Aug. 10 and at
that time it was not thought that his illness was serious.
Funeral services at his home in Carrollton, Ill., on Aug. 22
were attended by President Roosevelt, members of • the
Cabinet, and many Congressmen and Senators. The
President left Washington on a special train Aug. 21, and
departed from Carrollton immediately after the services
on the following day, arriving in the capital on Aug. 23.
He planned to remain in Washington until to-day or tomorrow (Aug. 25 or 26) and then to go to his summer home
in Hyde Park, N. Y., for an indefinite stay.
Speaker Rainey abandoned the practice of law to run for
Congress in 1902. From 1903, when he first took his seat
in the House of Representatives, he had been a member of
every Congress except that elected in 1920. He succeeded
Vice-President Garner as Speaker of the House in 1933.
President Roosevelt issued the following statement on
Aug. 20:
It must always be an occasion of national regret when a public servant
who has given the greater part of his life to unselfish service passes awry.
This is especially true in the loss of Speaker Rainey at a time when the
experience of many years has culminated in his unselfish leadership of the
Nation's House of Representatives.
I had the privilege of knowing him first more than a score of years ago.
I shall always think of him as a humanitarian whose fine patriotism thought
Aug. 25 1934
first of all of what he conceived to be the wellbeing and the interests of
the common man.
Through all the years he kept the spirit of youth and he will be missed
profoundly by old and young alike.
Another tribute to Mr. Rainey was the following statement, also issued on Aug. 20, by Secretary of State Hull:
I am greatly grieved to learn of the unexpected death of Speaker Rainey.
He and I served together on the Ways and Means Committee from 1911
to 1931 omitting two years following the Harding landslide when we both
went out. During this long and often trying period of service I never knew
a finer patriot, a more sincere statesman or a truer personal friend. Henry
Rainey loved humanity and freely dedicated his life to the service of his
fellow man. His record of accomplishments is notable and outstanding.
The American people will deeply deplore his passing.
The New York "Times" of Aug.20 commented on Speaker
Rainey's career in part as follows:
Elected Sepeaker of the House of Representatives on March 9 1933.
after having been the leader of his party in the lower Chamber during
the Seventy-second Congress, Henry Thomas Rainey became the legislative
marshal of the New Deal.
His task it was to push through the unprecedented enabling Acts by
which the economic crisis, which had become acute with the change from
a Republican to a Democratic National Administration, was halted.
The Speaker was then 72 years old. He was ruddy-cheeked and smoothskinned, square and sturdy in figure, but his heavy shock of usually disordered hair was white.
He was a farmer, had done the chores about the farm on which he was
born ar Carrollton, Ill., and after his entrance into politics had considered
farming his only occupation. The farm was the one his grandfather
homesteaded after emigrating to the Illinois Valley from Kentucky in 1814.
Since 1903 he had represented the 20th Illinois district, except for the
brief interval when he was buried by the Republican landslide in 1920.
His district was a farming area, a rural section not much changed since
Abraham Lincoln and Stephen A. Douglas staged a political contest there.
Mr. Rainey, who had smoked many a handful of his favoraite tobacco,
the strongest he could get, in one of his many and ever-present, large
dropped-bowl pipes, over the economic condition of the country, was not
dismayed by the prospects of his new post.
He had convictions about the depression. He believed that technological advance had far outgrown the ability of the economic structure
to maintain a market for the country's products. In the tariff, the problems
of foreign trade, he was at home as he was in the problems and conditions
of agriculture.
J. J. Thomas Appointed Vice-Governor of Federal Reserve Board—Adolph C. Miller Reappointed Member Transferred from San Francisco to Richmond
District.
President Roosevelt on Aug. 21 appointed J. J. Thomas
of Nebraska to be Vice-Governor of the Federal Reserve
Board and reappointed Adolph C. Miller a member of the
Board for a 12-year term. Mr. Miller's term expired a few
weeks ago. He was a member of the Board since its creation in 1914 representing the Twelfth (San Francisco) District. President Roosevelt reappointed Mr. Miller from the
Fifth (Richmond) District. The latter District includes
Washington, D. C., Mr. Thomas formerly a member of the
Board, will serve in the capacity of Governor incident to
the appointment of a successor to Eugene R. Black, former
Governor who resigned recently; reference to his resignation
was made in our issue of Aug. 18, page 1016. As to the appointment of Mr. Miller from the Fifth District in place of
the San Francisco District, Washington advices, Aug. 21,
to the New York "Herald Tribune," said:
The shift was seen as confirmatory of indications that Marriner S. Eccles
of Utah, special assistant to the Secretary of the Treasury, is to be appointed Governor of the Board to succeed Eugene R. Black. J. F. T.
O'Connor, Comptroller of the Currency, whose friends have proposed him
as Mr. Black's successor, is also made eligible as a result of the shift of
Mr, Miller.
Under the law not more than one member of the Board may come from
one Federal Reserve district. Mr. O'Connor, who comes from California,
and Mr. Eccles, who comes from Utah, are both in the Twelfth, or San
Francisco, District.
The new appointee to the Board need not be designated as Governor
of the Board. One of the present members might be elevated to the
Governorship.
In the announcement of the appointments of Mr. Miller
and Mr. Thomas, it was said that "no consideration as yet
has been given by the President to the appointment of a successor to Governor Eugene Black of the Federal Reserve
Board, resigned."
Federal Court Denies Plea of Samuel Instill Sr. for
Separate Trial—Charges of Using Mails to Defraud
Will Be Heard Sept.17—Former Associate Acquitted
of Charges of Embezzling Stock.
Federal Judge James H. Wilkerson, of Chicago, on Aug. 20
handed down a ruling denying the plea of Samuel Insull Sr.
that he be granted a separate trial on charges arising out
of the collapse of his utilities organizations. The Court held
that Mr. Insull must be tried with 16 co-defendants who are
accused of using the mails to defraud. The judge stated that
the indictment failed to support the contention that Mr.
Insull's rights would be jeopardized unless a separate trial
were granted. Trial has been set for Sept. 17.
A jury in Chicago, on Aug. 14, returned a verdict of not
guilty in the case of Marshall E. Sampsell, former President
Volume 139
Financial Chronicle
1181
of the Central Illinois Public Service Co., an Insull subsidiary, who was charged with embezzling 4,000 shares of the
company's stock from its treasury. Mr. Sampsell had admitted that he had taken the stock without authorization,
but explained that the securities had been posted as collateral for loans to keep the Insull organization from collapsing.
The filing of the petition by Mr. Insull for a separate
trial was referred to in our issue of Aug. 4, page 694.
"The headquarters of the League will be in Washington, with offices
in New York and other cities. State divisions will be established, and
all citizens who believe in the principles for which it has been created as
set out in its charter will be invited to join.
"The League will become a real factor in assisting toward recovery
and the restoration of prosperous conditions for all our people. It will
take an active interest in and definite position on questions of legislation
affecting economic and social problems.
"It will report to its members and the public generally the conclusions
reached as a result of its research and studies. It will co-operate with
the President and the Congress in securing such legislation as will accomplish constructive results.
W. A. Ayres Takes Oath as Member of Federal Trade
Commission—Resigns as Member of House of Representatives.
William A. Ayres, member of Congress from Kansas for
nearly 20 years, took the oath of office as a member of the
Federal Trade Commission on Aug. 23. Mr. Ayres was
appointed to the Commission a few weeks ago by President
Roosevelt and resigned as a member of the House of Representatives on Aug. 22. Commissioner Ayres succeeds to
the vacancy created by the resignation of Commissioner
James. M. Landis, who is DOW a member of the Securities
and Exchange Commission. The term for which he is appointed will expire in September 1940.
Two Membership Classes.
"There will be two classes of membership: one a regular membership
embracing all those who subscribe to the principles enunciated but cannot
afford to contribute, the other a contributing membership embracing
those who in addition render monetary help toward the League's support.
"Our aim is to secure hundreds of thousands of contributing members so that the activities of the League will be sustained through numerous
contributions of comparatively small amount.
"As prescribed by its charter. the League is to be absolutely non-partisan
In character. The question of party affiliation will not enter into consideration in the matter of membership. All who believe in its aims
will be invited to join. It has no covert purposes. There is no object
sought to be attained beyond the simple statement contained in its charter
and quoted above.
"It will unite several millions of people from all walks of life who are
now without organized influence in legislative matters, and thus enable
these people to have a consequential voice in securing constructive legislation and in preventing any measures designed to destroy the principles
upon which our Government was formulated and under which we have
prospered as has no other nation in the history of the world."
American Liberty League Is Incorporated as NonPartisan, Anti-Radical Organization—Will Scrutinize Policies of Administration — Founders Senator Robinson Attacks New Deal as Destroying
Basic American Rights—Declares "Blundering
Include Jouett Shouse, Alfred E. Smith, John W.
Bureaucracy" Is Leading Nation to Ruin.
Davis, Irenee du Pont, Nathan L. Miller and
James W. Wadsworth.
Officeholders are "swarming over the national capital like
The American Liberty League, designed to combat a plague of locusts," while "blundering, bureaucratic busyradicalism, preserve property rights and uphold and pre- bodies of the New Deal" are destroying the basic rights of
serve the Constitution, was incorporated in the District the American people, Senator Robinson of Indiana declared
of Columbia on Aug. 22. Jouett Shouse, former Chairman on Aug. 18, in a speech at Lake Wawasee, Ind., in which he
of the Democratic Executive Committee, was elected appealed for a return to the principles of the Constitution
Chairman, while the Executive Committee of the new and demanded that the Administration end its "mad schemes
organization includes John W. Davis, Democratic candidate of collectivism and regimentation." He assailed the recovery
for President in 1924, Irenee du Pont, Nathan L. Miller, program and declared that Congress had been cowardly in
former Republican Governor of New York; Alfred E. Smith, surrendering legislative powers to President Roosevelt. In
Democratic candidate for President in 1928, and Repre- his address he said, in part:
sentative James W. Wadsworth of New York. It was
These are times which try men's souls.
reported from Washington that some observers regard the
New perils follow new dangers as we see our sacred rights vanishing to
formation of the League as the crystallization of non-partisan the point of extinction. The priceless heritage of representative government—the reward of sacrifice and struggle—withers under the blight of
sentiment against some of the current tendencies in Gov- bureaucracy, arrogant dictatorship and ruthless destruction of our constituernment under the present Administration, although Mr. tional rights.
We have seen hordes of officeholders swarm over the national capital like
Shouse declared that the League "is definitely not antia plague of locusts, and countless agents, emissaries and political hangers-on
Roosevelt."
invade every State and sector of the United States.
We quote from a Washington dispatch of Aug. 22 to the
We have seen established by the executive department a blundering bureauNew York "Times" regarding the formation and purposes cracy of countless irresponsible agencies totally unresponsive to the electorate. These bureaucratic busybodies influence directly or indirectly almost
of the new organization:
every act of our daily life—the price of breakfast food we eat in the mornThe purposes of the League are "to defend and uphold the Constitution,
disseminate information that will teach the necessity of respect for rights
of persons and property, to teach the duty of government to encourage
and protect individual and group initiative, and to foster the right to
work, earn, save and acquire property and to preserve the ownership
and lawful use of property when acquired."
The Executive Committee will direct the educational campaign. Supporting this committee will be a board of directors in each State, composed
of outstanding men and women.
The League will be divided into several parts, headed by expert investigators, who will analyze the value and accomplishments of New
Deal projects. These divisions will include home owners, farmers, labor
experts, savings depositors, life insurance policy holders, bondholders
and stockholders.
The Shouse Statement.
A statement by Mr. Shouse read as follows:
"The American Liberty League has been incorporated under the laws
of the District of Columbia.
"It is a non-partisan organization formed, as stated in its charter, 'to
defend and uphold the Constitution of the United States, and to gather
and disseminate information that (1) will teach the necessity of respect
for the rights of persons and property as fundamental to every successful
form of government, and (2) will teach the duty of government to encourage and protect individual and group initiative and enterprise, to
foster the right to work, earn, save and acquire property, and to preserve
the ownership and lawful use of property when acquired.'
"Its organization will consist of a board of National directors composed of outstanding men and women from every State of the Union,
from whom will be selected an Executive Committee of about 18 members.
"This committee will assume all responsibility for the conduct of the
League's affairs between meetings of the directors.
"The League is divided into the following divisions: Home owners'
division, farmers' division, labor division, savings depositors' division.
life insurance policy holders' division, bondholders' division, stockholders'
Other Divisions Are Planned.
"Other divisions will be created from time to time as may be found
necessary.
"Careful consideration is being given the matter of selecting chairmen
for these various divisions.
"Each division chairman will be a member of the Executive Committee, and in addition thereto the following gentlemen initially have been
elected and have agreed to serve:
"John W. Davis, home du Pont, Nathan L. Miller. Alfred E. Smith
and James W. Wadsworth.
"I have been asked to become President of the League. The other
officers, directors and members of the Executive Committee will be announced from time to time as they are chosen.
ing, the price of clothing we wear, the cost of operating our business, the
amusements we see in the evening, the publications we read and the fuel
we burn to keep us warm. Yet none of these bureaucrats is elected by the
people—they owe no allegiance to the electorate.
We have seen free speech assailed, endangered and saved only by the
undivided resistance of an aroused press and public opinion.
Secretary of Commerce Roper Asserts Administration
Favors "Profit Motive" in Business—Seeks to
Reassure Nation, in Radio Address, Regarding
Effect of New Deal Policies.
Daniel C.Roper,Secretary of Commerce,in a radio address
on Aug.22 declared that the present Administration"believes
in just profits for management and capital ard an equitable
return to labor for its rightful rewards in the economic
processes." He added that"the Government and the masses
of the people themselves resent unthinking statements or
subtle suggestions that the profit motive in American life
has been or is to be abolished." This declaration was
widely interpreted as an effort to reassure business men
regarding the policies of the Roosevelt Administration as
they would affect business and industry. A Washington
dispatch of Aug. 22 to the New York "Herald Tribune"
quoted from his speech as follows:
According to the Secretary, there are many evidences that business is
getting back on its feet.
"I have found that people divide the Roosevelt program into three divisions, namely, relief, recovery and reform," Mr. Roper said. "No one
disputes the necessity for relief expenditures, though some may debate
methods of administering.
"The President with perfect frankness has repeatedly admitted the
possibility of mistakes in the new adventures and has asked assistance in
correcting them. Mistakes, however, have been mistakes in administration rather than errors in the underlying principles. The cataclysmic
destruction of the serious depression from which we have been suffering
has convinced all thinking people that certain fundamental reforms are
necessary if the American system of business, society and government is to
be maintained. We think readily of the elimination of child labor, the
spreading of the oportunities of gaining a living, the enactment and administration of legislation that will stabilize our financial structure and prevent
the exorbitant pyramiding of false values and the consequent loss of savings
and livelihood to millions of our people.
Financial Chronicle
1182
Aug. 25 1934
"To the business men let me say that your Government and the masses
of the people themselves resent unthinking statements or subtle suggestions
that the profit motive in American life has been or is to be abolished.
When you come to analyze economic conditions, wages represent the profit
of the worker, salaries represent the profit of executives and a return on
actual capital invested or money borrowed in order to create goods or services
represent profit on capital.
"The Government and the people have, however, asked that certain
profit abuses shall be discontinued. There has been legitimate objection
to such things as unfair profits as, for example, profits on watered stock
or salaries which are out of proportion to services rendered. The best
answer to those who raise false bogies is to refer to the comparison of corporate earnings of to-day with those of a year ago, to the enormous decline
in business failures, and to the current solvency of banks, as compared with
the bank failures record of the years even before 1929.
"Private enterprise Is getting back on its own feet. and more and more
is exerting its initiative and is able to relieve the Federal Government of
responsibilities which, under normal conditions, belong to business."
CCC a prescribed form of extension agreement by not later
than Oct. 1, was announced Aug. 21 by officials of the
Agricultural Adjustment Administration and CCC. The
loans were originally scheduled to mature on Aug. 1, but the
date was extended to Sept. 1 on July 16; reference to the same
was made in our issue of July 28, page 539. In the announcement of Aug. 21 it was stated that to obtain the latest
extension borrowers will be required to provide satisfactory
storage for the corn until March 1 1935 free of cost to the
Government, and in the event they desire to sell their corn
subsequent to Sept. 15 to first offer it for sale at the local
elevator market price to such agency of the United States
Government as CCC may designate by public announcement.
The Aug. 21 announcement continued:
Federal Court in Boston Upholds Right of AAA to Fix
Milk Prices—Issues Temporary Injunction Restraining Dealer from Inter-State Business.
The right of the Agricultural Adjustment Administration
to fix milk prices was sustained on Aug. 20, when Federal
Judge Hugh D. McClellan of Boston issued a temporary
injunction restraining Edward M. Dwyer of South Weymouth, Mass., from engaging in inter-State milk business.
Counsel for the AAA said that this was the first case of its
kind to be decided in a Federal Court, and added that it
was of particular importance because it definitely established
the right of the AAA to fix the price of milk. Associated
Press advices from Boston Aug. 20 outlined the history of
the case as follows:
If CCC designates no agency of the Federal Government to which the
corn is to be offered, or if the agency designated does not accept the borrower's offer immediately, the borrower will be free to dispose of the corn
In commercial channels, except that all sales of pledged corn other than to
a Government agency require the consent of CCC and must be made in
accordance with the procedure heretofore approved, it was stated.
Dwyer. an independent milk distributor, was charged by AAA officials
with refusing to conform to the regulations of the Greater Boston Milk
Sales Area, and on June 26, after a hearing by Administration officials,
his license as a milk dealer was revoked.
Disregarding the AAA's action, Dwyer continued to do business as a
distributor, and a petition for a restraining order was filed in Federal
Court by United States Attorney Francis J. W. Ford in behalf of Henry A.
Wallace. Secretary of Agriculture. The order sought to have Dwyer prohibited from doing any kind of milk business, but Judge McLellan limited
his injunction to milk that was obtained from or shipped to points outside
of Massachusetts.
Assistant United States Attorney Asbill told the Court that if Dwyer
were allowed to continue to violate the regulation of the AAA,"a chaotic
situation" would result throughout the country.
Charles S. Walkup Jr., appearing for Dwyer, attacked the AAA and said
that the "confiscation" of his license was done by "an improper tribunal
which served as judge, jury and prosecutor."
Judge McLellan named Sept. 11 as the date on which he would sit as
presiding justice to decide the merits of the case.
Farmers Repaying Corn Loans at Rate Exceeding
$1,000,000 Daily According to AAA—Repayments
of $26,369,465 Received Up to Aug. 13.
Corn loans, which were made last winter and spring to
mid-western farmers to the total of $120,647,500, are being
repaid to the Government at the rate of more than $1,000,000
a day although the maturity date for the loans some weeks
ago was extended from Aug. 1 to Sept. 1. This announcement was made Aug. 13 by officials of the Agricultural
Adjustment Administration with the statement that $26,369,464.69 already had been received and the loans were
being repaid at an increasing rate. The extension of the
maturity date of the corn loans was announced by the
Administration on July 16; reference to the same was made
in our issue of July 28, page 539. The announcement of
Aug. 13 continued:
The loans were made starting last November at the rate of 45 cents a
bushel for corn which was put under seal on the farm or in authorized
public warehouses. Borrowers were authorized to sell the corn at any
time before or after the loan maturity date in accordance with regulations
of the Commodity Credit Corporation, announced May 31, and to receive
for themselves any balance remaining after the loan principal with interest,
insurance charges, and other incidental expenses had been met. .
In many communities, corn was below 20 cents a bushel when the loans
were started, and in others as high as 35 cents, but all of the 142,368 borrowers have had the direct financial advantage of the price rise the last few
months. A total of 256,532,000 bushels of corn was under seal when
making of loans ceased May 1. The corn loan plan was inaugurated to
provide an immediate stimulus to farm purchasing power and to supplement the corn-hog production adjustment program.
The number of borrowers, amounts borrowed and repayments of loans
by States, exclusive of the partial repayment follow:
State.
Colorado
Illinois
Indiana
Iowa
Kansas
Minnesota
Missouri
Nebraska
Ohio
South Dakota
Amount
Borrowed.
Number of
Borrowers.
$67,500
31,000,000
1,200,000
59,000,000
1.000,000
5,500,000
1,000,000
22,000,000
280,000
1,700,000
64
36,606
1,144
74,807
996
9,369
998
15,056
477
2,271
Repayments.
88,172.42
7,493,156.89
48,840.81
5,649,964.17
26,165.15
1,566,454.42
139,637.86
2,001,949.16
59,392.36
235,436.40
Loan Maturity Date Extended from Sept. 1 1934
to Jan. 1 1935—Date Originally Set at Aug. 1 1934.
A further extension of the Government corn loans functioned by Commodity Credit Corporation, from Sept. 1 to
Jan. 1 1935, provided borrowers execute and return to the
Corn
Chester C. Davis, Administrator of the AAA,and a member of the Board of Directors of CCC, in announcing the
further extension said:
Farmers who took the 45
-cent loans on sealed corn in many instances
require the corn for their own feeding purposes, and have the opportunity,
under the partial release plan heretofore approved, to obtain such corn
as they need for this purpose by paying to CCC 47 cents per bushel for the
amount sought to be released.
The plan announced to-day makes possible the orderly liquidation of the
stocks now held under the Government loans and, as the needs become
manifest provides that the Government retain such corn as the borrower
does not need for his own use and make it available where the need for it
is the greatest.
It is not the desire of CCC, because of the short crop, to continue indefinitely the holding of this corn nor freeze the stocks accumulated under the
loan. The plan announced to-day will make the corn available and at the
same time give every consideration to the needs and desires of the individuals
who pledged it.
At present there are approximately 186,000,000 bushels
of corn sealed on the farm and held under the Government
loans. The largest amount held since the loans were made
available was approximately 270,000,000 bushels.
Extension of Corn Loans to Sept. 1 1935 Urged by
Chairman Randall of Nebraska Railway Commission—Criticizes Secretary Wallace in Describing
Drought a Blessing in Disguise.
Chairman Charles A. Randall of the Nebraska State
Railway Commission appealed to William S. Bradley in
the Corn Loan Office at Washington to extend for one year
the due date on corn loans. This, we learn from Associated
Press advices July 28, from Lincoln to the Omaha "Bee,"
from which the following is also taken:
The date is now Sept. 1, following a one-month extension.
"Owing to the total failure of the corn crop in at least 90% of the counties
of Nebraska," Randall wrote, "and since a large amount of corn is in
storage on the farms under seal and will be needed by the farmers, we are
asking you to extend these loans one year for all farmers whose cribs are in
condition to keep the corn safely."
Mr. Randall also wrote to Secretary of Agriculture Henry A. Wallace,
denying a statement attributed to the Secretary that the drought is a
"blessing in disguise."
First Corn-Hog Adjustment Payments to Farmers Total
Approximately $24,232,300.
Approximately $24,232,300, or about one-fifth of the total
of first corn-hog adjustment payments due contract signers
now has been paid out, the Agricultural Adjustment Administration announced Aug. 8. The daily rate of disbursements
henceforth, the Administration said, is expected to average
more than $1,000,000 dollars per day. A total of 27,065
checks amounting to $2,275,928.05 were written Aug. 7.
The corn-hog payments by States through Aug. 6, according
to the Administration are.
Stale
Alabama
Arizona
Arkansas
California
Colorado
IllinoIs
Indiana
Iowa
Kansas
Maryland
Michigan
Minnesota
Missouri
Montana
Nebraska
Amount State
8128,340.80 Nevada
17,168.00 New Hampshire
77,036.30 New Mexico
184,426.95 North Dakota
31,650,00 Ohio
78,957.37 South Carolina
1,675,629.90 South Dakota
6,345,139.03 Tennessee
717,316.15 Texas
19,174.00 Utah
680.00 Virginia
2,452,538.80 Washington
3,495,166.20 West Virginia
6,788.30 Wisconsin
2,104,844.80
Amount
522,313.05
1,468.00
2,583.75
75.00
2,842,544.40
152.50
508,033.40
13,761.00
6,565.55
23,991.15
208,024.15
145,727.05
31,560.45
674,709.20
"The disbursement of payments now is proceeding at a
much more rapid rate because the contracts are beginning
to come in from the States in much larger volume," Dr. A. G.
Black,chief of the corn-hog section pointed out. He added:
Nearly 30% of all the corn-hog contracts now have been mailed to
Washington. A large part of this number have arrived within the past
two weeks and now are about ready to be paid off. Out in the country,
approximately three-fourths of all counties participating in the program
have been authorised by their State corn-hog boards of review to go ahead
preparing contracts for final signature.
Volume 139
Financial Chronicle
According to reports from the rental benefit audit-section,
the States of Florida, Washington, Virginia, Ohio and Alabama already have submitted between one-half and all of
their contracts for payment, it was said. The States of
Arizona, Arkansas, Iowa, Missouri, South Dakota and West
Virginia have submitted approximately 40% of their contracts to the Washington office. Kansas, Nebraska, Wisconsin, California, Indiana, Minnesota have sent approximately 30% of all their contracts. Mr. Black continues:
Every effort is being made to hurry along the distribution of corn Payments. At the present rate of progress, it seems reasonable to expect
that the bulk of the first installment amounting to $130,000,000 will have
been paid out by the final week in August.
Corn-Hog Adjustment Program Payments Resumed by
AAA on Iowa Early Payment Contracts.
Distribution of corn-hog checks on early payment contracts
from all Iowa counties was resumed Aug. 10 after a temporary
suspension, pending a recheck on the work of local committeemen in adjusting hog production data, Dr. A. G. Black,
Chief of the corn-hog section of the Agricultural Adjustment
Administration announced that day. He said:
Rechecking has not yet been completed in all counties. but in view of
,
the fact that all early paymeats forms are subject to ad) adjustment found
necessary without the approving second signature of the producer, the
temporary suspension order could be lifted on these early payment forms.
regardless of county of origin.
The temporary suspension of payments in Iowa was referred to in our issue of Aug. 4, page 700.
Drought Relief Seed Purchases by AAA Total 2,000,000
Bushels.
More than 2,000,000 bushels of seed had been purchased
by the Agricultural Adjustment Administration to the close
of business Aug. 21, in its effort to insure sufficient quantities
of properly adapted varieties of seed for planting 1935 crops,
said an announcement issued by the Administration on
Aug. 22. Co-operating with the Administration in its seed
program are the Bureau of Agricultural Economics, the
Bureau of Plant Industry, and the Extension Service. The
following is also from the announcement:
Seed purchased to date includes both spring and winter wheat, oats.
barley and flax.
Spring wheat purchases top the list, with 1.068,500 bushels acquired.
Durum wheat seed purchases amount to 37,300 bushels.
The Government has bought 781,000 bushels of oats and 324,500 bushels
of barley. Flax purchases to date total 1,500 bushels of seed.
AAA Expects 5% Increase in Wheat Acreage Next
Year—Plans for Rise as Result of Drought Damage
—Visualizes 1935 Crop of 760,000,000 or 800,000,000
Bushels.
. The Agricultural Adjustment Administration is considering plans for a 5% increase in wheat acreage to be planted
this fall, as compared with a year ago, according to reports
from Washington on Aug. 22, which said that this program
would mean a reduction of 10% in the average acreage for
1929 to 1932, the base period, against a 15% decrease which
was effective this year. It was added that AAA officials,
in planning for 1935, took into consideration the unusually
short present crop, as a result of the drought, and the
necessity for replenishing the surplus which has been virtually wiped out. It was said that the crop goal for 1935 will
be 750,000,000 to 800,000,000 bushels of wheat.
A Washington dispatch of Aug. 22 to the New York
"Times" added the following information:
It is planned to plant about 62.000,000 acres to wheat, against 59,000,000
acres last fall and spring. Estimates of prospective production are based
on average yields and not more than normal winter killing.
Drought Upset Calculations.
Had not the drought intervened to reduce this year's crop beyond anything expected under the adjustment program, the 59,000,000 acres were
expected to produce about 750,000,000 bushels. Actually, a combined
winter and spring crop of 491,000,000 bushels was officially predicted on
the basis of Aug. 1 conditions.
Processing taxes on the milling of wheat to provide benefit payments to
co-operating producers will be continued. Producer benefits will be paid
at the rate of 29 cents a bushel on 54% of the amount of wheat they harvested during the base period, or that part of their total output which
went into domestic consumption.
Indications are that the present processing tax of 30 cents a bushel will
remain unchanged, and that the difference of one cent between the amount
of the tax and the benefit payment again will be placed into a fund for
subsidizing any possible wheat exports.
A total of 66,000,000 acres was planted to wheat throughout the United
States during the 1929-1932 base period, and of this amount about 52,000,000 acres were under cultivation by farmers now under contract with the
AAA to control production. The remaining 14,000,000 acres were planted
by those who remained outside the acreage control program.
"Granary Plan" Held in Reserve.
Farmers already under contract to abide by adjustment programs are
expected to plant about 46,000,000 of next year's 62.000,000 acres. The
other 16,000,000 acres would be planted by nonce-operating producers,
who are not entitled to benefit payments.
While counting on average yields and no more than normal abandonments,
officials are fully cognizant that the resulting harvest might go substantially
1183
above or below the mean of 775,000,000 bushels estimated, and have made
provision for either contingency.
The AAA announced yesterday )Aut. 24) that it would
seek a 1935 wheat crop of about 775,000,000 bushels.
A. F. of L. Considers Government Housing Program
Best Means of Restoring Employment—William
Green Promises Federation's Co-operation—Forecasts 1,000,000 New Jlobs for Building Mechanics.
The American Federation of Labor will support the Federal program of home renovation and modernization as "the
greatest single means of restoring employment," William
Green, President of the Federation, said in a statement on
Aug. 12. Mr. Green, who had previously conferred with
General Hugh S. Johnson, Recovery Administrator, and
James A. Moffett, Housing Administrator, said that the Federation had asked its building trades organizations in every
community to organize committees for co-operating with the
Government. He added that the program might provide jobs
for at least 1,000,000 building mechanics and indirectly for
1,000,000 other workers "behind the lines." Mr. Green also
said that another plan, calling for direct governmental
financing and management of a long-time housing construction project, will probably be presented to the A. F. of L.
convention which opens Oct. 1 in San Francisco.
A dispatch, Aug. 12, to the New York "Herald Tribune,"
from Atlantic City, N. J., added, in part:
The latter program is being developed by labor housing committees. Instead of the United States guaranteeing private loans by banks and building
and loan organizations, it provides for direct appropriations through the
Public Works Administration. Setting up a permanent administrative
machinery and source of funds is included. Instead of repairing existing
houses, this project contemplates erecting entirely new ones, on a large
scale and at low enough cost to make them available to salaried white-collar
workers and wage earners.
Spokesmen for this latter program have asked a hearing to-morrow before
the Federation Executive Council, in session here at the Hotel Ambassador.
Mr. Green, however, will refer them to the building trades department of the
A. F. of L. in Washington. Under normal procedure, Mr. Green said, this
division will take up the low•cost long-time housing scheme at its own convention in San Francisco, then introduce it to the main Federation gathering
a day or two later.
"Building Trades Idle Five Years."
"There would be no reason," Mr. Green asserted to-night, "why the two
programs could not both be carried on.
"The building industry has stood still for five years. It will be the last
to recover, it is the most important one now to revive."
Mr. Green said that the A. F. of L. will fight the proposal recently made
to Mr. Hoffett that the Government insist on reduction of wages and building material prices.
"We have conferred with Mr. Moffett on that matter several times," he
said. "He indicated a disposition to try to secure the work at the lowest
possible price, but not to go so far as to let his administration be used for
depressing wages.
"He felt that pay scales are a local matter, to be worked out in each community. That attitude is satisfactory to the Federation, because conditions
and costs of living vary."
FHA Issues Booklet Describing Home Renovation
Campaign—New York Bankers Plan to Co-operate
in Drive—Commerce Department Survey Finds
Shortage of 5,900,000 Homes in United States.
The Federal Housing Administration on Aug.15 made public a booklet which it is distributing to banks throughout the
country, describing the Government's home renovation and
modernization campaign and listing the benefits to property
owners who wish to avail themselves of loans from banks
under the plan. At the same time, Julian M. Gerard, New
York State Director of the FHA, announced that the large
banking institutions in New York City were as anxious to
co-operate with the FHA as the smaller ones in other sections of the State. William L. Gillespie, President of the
New York State Bankers Association, also Issued a statement on Aug. 15 in which he said that the members of his
organization would co-operate in the home modernization
plan.
Inauguration of the housing drive by the FHA recalled an
announcement on Aug. 8 by Secretary of Commerce Roper,
who said that a survey of 64 major cities had revealed an
apparent shortage of 5,000,000 habitable dwellings in the
United States. He added that 4,500,000 men would be employed in carrying out the_building program necessary to construct adequate and suitable living quarters, and the resultant annual payroll of $6,000,000,000 would directly and
indirectly affect a total of 12,000,000 persons.
Representatives of about 30 savings and loan associations,
meeting in New York City, Aug. 16, made plans to co-operate
with the FHA in advancing funds for home repairs in the
metropolitan area. The New York "Times" of Aug. 17 described this meeting, in part, as follows:
Reports made by the associations showed that they have advanced during
the past 30 days about $675,000 to more than 700 persons for new construction and home renovation in this territory. It was estimated that the loans
had provided work for 1,500 building mechanics.
1184
Financial Chronicle
Officials of the associations pointed out that the amounts had been increasing steadily, particularly within the past week with the opening of
State offices of the FHA. It was predicted that there would be a further rise.
Associations Plan to Aid.
The associations generally pledged their aid in the modernization campaign, and it was announced that the league was prepared to furnish prospects with the names of member organizations convenient to their homes.
Some of the associations have set up special bureaus to handle such loans
and give advice on proper repairs.
Methods of helping home owners during their period of reduced income,
by the savings-loan plan of extending mortgages over a period of as much
as 111 years, were discussed. In some cases it was pointed out that short/
2
term loans might be taken over, added to the modernization loan and redrafted into one long-term mortgage on which the monthly payments would
be comparatively small.
Banks Throughout Nation to Co-operate in Government Home Renovation Program—R. V. Fleming
Announces Appointment of Contact Officers in
Every State—Statement Describes Federal Plans
as "Most Constructive."
The home renovation program of the Federal Housing Administration is workable and fair both to the banks and the
public, Robert V. Fleming, Second Vice-President of the
American Bankers Association, said in a statement made
public on Aug. 17, in which he described steps taken by the
Association to co-operate in the housing campaign. He said
that bankers have been appointed in every State to serve as
liaison officers between banking institutions and the FHA.
Asserting that the Government's modernization plan will
allow private lending organizations to function normally in
extending credit, Mr. Fleming added that it also provides a
safeguard through the creation of an insurance corporation
which will insure losses up to 20% of the aggregate volume
of modernizing receivables taken by each lending agency.
Mr. Fleming declared that it is "highly desirable, in so
far as it is consistent with sound banking," that the banks
co-operate in making housing loans which qualify. He said
that to aid in insuring "full co-operation by the banks
throughout the country in this most constructive program"
the State banking associations had been asked to appoint the
contact officers.
PWA Projects Furnished Direct Employment to 675,000
on Aug. 1—Program, Now Near Peak, Involves
Weekly Expenditures of $39,000,000—Industrial
Areas Seen Benefiting as Result of Purchase of
Building Materials.
The Public Works Administration, now engaged in projects directly employing 675,000 persons and spending approximately $39,000,000 weekly, is near the peak of its activities,
Public Works Administrator Ickes said, on Aug. 12, in making public a summary of PWA activities, showing distribution of $3,700,000,000 Federal funds. In another statement,
made public on Aug. 13, Mr. Ickes said that industrial areas
producing and fabricating materials used in PWA construction are "big winners in the PWA program, no matter where
the geographical location of the public works provided for
by PWA allotments may be."
•
Mr. Ickes, in his statement of Aug. 12, said that the employment estimate of 675,000 fails to take into account a
greater number of persons Who are receiving employment in
the manufacture and processing of materials, transportation and other work stimulated by PWA allotments. He
added that the figure likewise does not include Civilian Conservation Corps workers and administrative employees of
various recovery and emergency agencies which are financed
by PWA allotments. The announcement continued, in part:
Latest reports showed that contracts awarded and force account work
established (day labor) covered PWA allotments amounting to $1,613,239,647, as of July 28. At the same time, work estimated to cost $149,557,862 was being advertised for bids.
New non-Federal construction jobs were being begun at the rate of 50 a
week.
Bond purchase contracts and grant agreements covering 2,220 non-Federal
projects had been executed by the Administrator at the close of July. More
than 2,900 contracts had been sent to recipients of allotments for their
signature, and the Legal Division of PWA was sending out contracts, covering recent allotments, at from 25 to 40 a day.
Virtually all of the $3,700,000,000 fund has been depleted by allocation
and PWA now is looking to the Reconstruction Finance Corporation for additional funds for loans on non-Federal projects.
Under the late Deficiency Act the RFC is authorized to purchase securities now held by PWA up to $250,000,000 worth at one time. Funds thus
• derived will be allotted as loans to finance non-Federal projects still pending before PWA. No grants may be made from funds received by the sale
of bonds to the RFC. No new applications are being received by PWA.
The complete summary of allotments made public to-day by Administrator
Ickes were divided as follows:
Federal, $1,527,030,517; statutory, executive and special, $1,167,725,666.
and non-Federal, $975,616,021.
Every allotment that has been approved is included in the summary in
line with FWA's policy of keeping the public informed as to its activities.
Allotments have been made for 1,170 street and highway projects amounting to 8539,722,154, including 510 non-Federal projects and 660 Federal
projects.
Aug. 25
1934
For utilities, including sewer and water system projects, 2,018 allotments,
amounting to $301,624,570, have been made. This category included 1,639
non-Federal projects and 374 Federal projects.
Allotments for buildings of all characters, including educational buildings, hospitals, municipal and Federal buildings, numbered 3,580, the total
allotment for this purpose being $362,208,108. Of this amount, $201,584,277 was for non-Federal projects and $160,623,831 for Federal projects.
The summary 'deludes 200 projects for reclamation and flood control, 51
non-Federal and 149 Federal, the total of allocations being $254,454,819.
Three hundred and seventy-six Federal and 11 non-Federal allotments have
been made as water navigation aids, including navigation dams and canals,
dredging and filling, sea walls, lighthouses, &c. These allotments total
$169,579,560.
One hundred and forty-one allotments were made for the construction of
vessels, amounting to $261,924,467. This classification includes the $238,000,000 naval construction program and the money allotted the Treasury
Department for Coast Guard vessels.
For structures, including bridges and viaducts, drydocka, wharves, piers
and docks, tunnels and subways, 142 non-Federal and 95 Federal projects
have been approved, the total allotment being $172,562,962. Of this amount,
$152,517,301 was for non-Federal projects and $20,045,661 for non-Federal
projects.
Railroads have received 43 allotments totaling $199,607,800.
Allotments amounting to $27,963,698 have been made for aircraft, physical improvements to landing fields and other air navigation aids.
The allotments for recreational facilities amounted to $3,579,053, and
included loans and grants for swimming pools and park developments.
Allotments for projects not readily classified amounted to $104,091,216,
and included plant pest and disease control, surveying and mapping, ordinance, machine tools for navy yards and game and fish protection.
Low-cost housing loans to limited dividend corporations are included in
the buildings classification.
Under funds made available for low-cost housing development, loans
listed
to limited dividend housing corporations are for 10 low-cost housing
projects
in eight different cities. They are divided into those loans on which
contracts have been signed, and those where no agreement has been reached.
In addition to thee loans, the Housing Division of PWA has
available
$127,564,000 for slum clearance and low-cost housing operations,
most of
which has been budgeted to a large number of projects in many
cities.
Housing projects in a large number of cities are in the process of development. The PWA housing program will mark the first introduction
of lowcost housing into the United States on a large scale.
The statistical study announced by Mr. Ickes on Aug. 13
showed that the Pennsylvania area led the list of States
benefiting on the score of resources, mills or factories within
its boundaries where PWA building materials, such as steel,
cement, lumber, machinery and tile are found or fabricated.
Next in sequence were Ohio, New York and Illinois. At
the
bottom of the list of States were Nevada and North Dakota,
which import most PWA building materials used within their
boundaries and have few such materials to export to other
areas.
CCC to Build 350 Winter Camps Costing $6,500,000—
Corps Reaches Peak Enrollment of 359,870.
The Civilian Conservation Corps will undertake a winter
camp construction program costing between $6,500,000 and
$7,000,000, it was announced on Aug. 19 by J. J. McEntee,
Acting Director of the CCC, who also stated that the corps
had reached a peak enrollment of 359,870 persons, including
12,500 Indians and 2,370 young men in Puerto Rico, Hawaii
and Alaska. The camp program provides for the construction of 350 winter camps of from 10 to 15 wooden
buildings each, as well as the reconditioning for winter use
of more than 300 additional camps. Further details of the
announcement were contained in the following dispatch of
Aug. 19 to the New York "Herald Tribune":
The War Department, which has constructed all camps used by the
CCC since the forest camp Program was initiated in April 1933, is to
carry on the new work. Estimates made by the War Department indicate the construction program will provide a market for 75.000,000 board
feet of lumber as well as substantial quantities of other building materials
including roofing, hardware, plumbing and electrical equipment, fire extinguishers and doors and frames.
It is estimated that the construction of each camp will give 600 mandays of labor to skilled mechanics and laborers living in the vicinity of
the new camp sites. All construction work at the camps is done by contract
labor. The material cost at each camp is estimated at 812,000 and the
labor costs at $6.000.
The camps to be built from the ground up or reconditioned for winter
use include 172 approved in July for the 22 States of the drought area, and
163 new camps which have been approved for fourth-period occupation. A
large number of the drought camps have been completed for summer use
and are now occupied.
To Provide Jobs for 7,000.
Since April 1 1934, the War Department has constructed 328 CCC camps
for year-round use.
"The new camp construction will furnish a market for the sale of a
large quantity of lumber and give employment for several weeks to from
7,000 to 12,000 men," said Mr. McEntee.
Tents are used for shelter for CCO men in sections of the country where
climatic conditions do not necessitate wooden buildings. When all new
camp construction is completed the CCC men will be housed in 1.640 camPs•
FERA Employees Warned to Avoid Political Activity
Acting Administrator Also Declares Religious Beliefs Must Not Enter into Relief Work.
Employees and officials of the Federal Emergency Relief
Administration were warned on Aug. 19 that they must
avoid any semblance of political activity. In a statement
issued by Aubrey Williams, Acting Administrator to the
staffs of the FERA and those of State Relief administrations,
Volume 139
Financial Chronicle
it was asserted that political and religious beliefs are of no
concern to relief agencies, and that any employee of a relief
administration who accepts a nomination for any political
office, whether Federal, State or local, must resign. He
added that any employee found to be engaging in political
activities contrary to the terms of the order will be dismissed.
The text of the order, sent to all State Emergency Relief
administrations,is given below:
The President has repeatedly stated that partisan politics shall have
no place in Federal emergency relief activities. Notwithstanding the
publicity given this policy, there arises from time to time cases where
there is every indication that partisan politics do enter into the administration of relief in the States.
Continued employment of personnel must be on the basis of qualification, and in the case of relief recipients actual need is the only factor to be
considered.
Political and religious beliefs are of no concern to relief agencies and
must not enter into relief activities.
Employees of relief administrations shall in no way use their official
positions in attempts to control political movements and shall not engage
In political activities that in any way interfere with the effectiveness and
Integrity of relief operations.
Any relief employee who may run for political office, whether National,
State or local, must resign, and any employee found to be engaging in
activities in conflict with the clear intent of this order will be summarily dismissed.
The contents of this order shall be brought to the attention of every
employee of the relief administration, both in State and local offices.
FERA to Employ 60,000 Women in Making Cotton
Mattresses and Comfortables—Articles Will Be
Distributed to Needy—Activity Expected to Cut
Cotton Surplus by 250,000 Bales.
The Federal Emergency Relief Administration announced
on Aug. 17 that 60,000 women who are now on direct relief
rolls will be put to work on the production of mattresses in
643 manufacturing units. Each of these mattresses will require 50 pounds of cotton, and the comfortables, which will
also be made by the women, will require another five pounds.
This activity is expected to reduce the cotton surplus by at
least 250,000 bales, the FERA said. Other cotton articles to
be manufactured include sheets, pillow cases and towels.
These products will not go into commercial channels, but will
be distributed to the needy through State relief organizations. A Washington dispatch of Aug. 17 to the New York
"Herald Tribune" added the following regarding the announcement:
The announcement that 60,000 women were to receive relief work on mattress making was made to-day by Aubrey Williams, Acting Administrator
of the FERA. It is estimated, he reported, that each manufacturing unit
will provide employment for 26 persons an create 16,718 full-time jobs.
When these jobs are converted into actual work opportunities on a budgetary.
basis, the opportunity to earn relief, it was explained, will be afforded to a
minimum of 60,000 persona.
Workers in the mattress shops are to be paid the prevailing rate of wages
for similar work in the locality where the project is located, but in no
instance can the wage be less than 30c. an hour, it was stated.
These shops are expected to be located in nearly every State. While no
figures were available to-day as to the number planned for New York, New
Jersey or Pennsylvania, it was learned that Connecticut will have two,
Illinois 67, of which seven will be in Chicago; Oregon 52, Ohio 39, California 13, Kentucky 23, North Carolina 26, Massachusetts 16, South- Caroline 46, Florida 18 and Indiana 15.
The mattresses, it was explained by Mrs. Ellen S. Woodward, director of
the women's work division of the FERA, are made of low-grade cotton,
which was purchased by the FERA. The ticking with which the mattresses
are covered has been purchased from textile mills which have been required
to replace the cotton used in manufacture from surplus stocks.
State relief agencies, it was announced, have put in requisitions for 60,040
bales of cotton and for 4,983,100 yards of ticking. Fourteen of the States
have already started mattress makinz.
National Labor Relations Board Orders Reinstatement
of Discharged NRA Employee—Holds Provisions
of Section 7 (A) of NIRA Must Apply.
The National Labor Relations Board, in a ruling handed
down Aug. 21, ordered the immediate reinstatement by the
National Recovery Administration of John L. Donovan,
an NRA clerk, who is President of the NRA unior affiliated
with the American Federation of Government Employees.
Mr. Donovan had been discharged by General Hugh S.
Johnson, Recovery Administrator, on June 30, after it had
been charged that he was inefficient. Mr. Donovan himself alleged that his discharge was due to his organizing work
among NRA employees, and claimed that General Johnson
had violated Section 7(a)of the National Industrial Recovery
Act, which provides for collective bargaining. The Board,
in reviewing its findings, admitted that Mr. Donovan had
been impolite in disputes which followed his discharge, but
also said that it must consider the case in the light of Section
7 (a) and therefore would order Mr. Donovan's reinstatement.
The NRA stated on Aug. 21 that General Johnson would
issue no comment on the findings. Dr. Gustav Peck, Executive Director of the Labor Advisory Board, issued a statement on Aug. 21 in which he said that Mr. Donovan's former
1185
position was waiting for him but that he would be required
to demonstrate his good faith and efficiency. The decision
of the National Labor Relations Board was signed by Chairman Lloyd K. Garrison, Edwin S. Smith and H. A. Millis.
The Board's conclusions read in part:
"In deciding this case," the Board said,"we can adopt no other standard
than that of Section 7 (a) of the recovery Act, and must consider the case
as though we were dealing with an employer to whom Section 7 (a) applied.
It may be asserted that, in the public interest, the NRA should have a
wider discretion than ordinary employers in discharging employees. On
the other hand, it may also be asserted that when the NRA is engaged in
compelling employers to observe strictly the provisions of Section 7 (a).
it should, in dealing with its own employees, carry out the purposes of that
section with even more scrupulous care than might be expected of ordinary
employers. The Board is confident that in any event the NRA would not
wish to be guided by any standard less exacting than that which applies
to industry under the codes."
If this case had involved an employer subject to Section 7 (a), the Board
would have held, upon the facts submitted, that, whether intentionally
or not. he had violated the provisions of Section 7 (a), and that by way
of restitution the discharged employee should be reinstated, unless he had
committed acts subsequent to his discharge which entitled him to no further consideration.
NRA Revises Procedure for Adjusting Labor Disputes
and Complaints—Seeks to Co-ordinate Existing
Machinery with That of NLRB.
The National Recovery Administration on July 29 announced that it had modified existing procedure to harmonize code machinery for the adjustment of labor disputes and
complaints with the machinery established by the recently
created National Labor Relations Board. The NRA said
that the formation of the NLRB emphasizes the distinction
n treatment between labor complaints involving alleged
violation of the maximum hour and minimum wage provisions of codes and disputes which are based on alleged
violation of Section 7-A of the National Industrial Recovery
Act, and which involve actual or threatened strikes or lockouts. The NRA stated that cases which have already
been heard by established code agencies such as the Cotton
Textile Industrial Relations Board or the Bituminous Coal
Labor Board may be reviewed by the new Board. The
NRA announcement continued in part:
Industries which have not yet organized agencies to handle labor disPutes as described above are advised in the Order to study not only the
Act creating the National Labor Relations Board but also the Executive
Order issued in pursuance of it by the President on June 29 1934.
Under to-day's Administrative Order coded industries may continue to
adjust, through one of several suggested methods, labor complaints involving alleged violations of the hour and wage provisions of their codes.
Submission of plans based on one of three suggested forms are urged in the
Order, which emphasizes that pending the approval of a plan by the Ad
ministrator, a Code Authority is not authorized to handle labor complaints except those voluntarily registered with it.
Labor complaints, the Order points out, may be referred to a bi-partisan committee including representatives of both management and labor
or they may be handled by an impartial committee Wan industry elects.
In either case, of course, the plan of organization and the personnel of the
committees are subject to the Administrator's approval.
A third suggestion in the Order is that groups of related trades or industries may find it practical to organize a single committee to handle
complaint arising within their groups. This method,"in view of the potential resulting economy, efficiency, and elimination of overlapping," the
Order urges for serious consideration.
The Order also provides that "if an industry, due to small size or other
good cause, prefers that labor complaints should be handled by the Compliance Division, a request to that effect will be considered and a decision
reached in the light of the particular facts involved."
Senator Nye Charges NRA Tire Code Promotes Monopoly and "Gouging. of Consumer—Protests Alleged
'
Domination by Few Companies and Asks General
Johnson for Investigation.
The code of fair competition for the rubber tire industry
is "a device to gouge the consumer" and put the small companies out of business, Senator Nye of North Dakota declared
on Aug. 16, after he had called upon General Hugh S. Johnson, Recovery Administrator, to protest against "monopolistic abuses" which he charged are fostered by the NRA.
Senator Nye asked an immediate investigation of price increases which have been instituted under the tire code,
which he asserted have added millions of dollars to the Nation's tire bill for the benefit of a few companies. United
Press advices from Washington on Aug. 16 quoted the
Senator as follows:
"Strong evidence has been presented to me that the public is being gouged
under the so-called emergency price-fixing order in the rubber tire code."
he wired General Johnson. "I understand the price fixing agreement was
reached at the instance of the so-called big four on the excuse of preventing
a price war.
"The arrangement looks suspiciously like a plan to eliminate the lesser
manufacturer, who must sell at the same price as the big four, who have
the advantage of larger capital and national advertising.
"Your present proposal to increase the floor price would hasten destruction of competition and further subsidize the big four at the consumer's
expense. I hold no brief for the manufacturer and distributor who sell at
less than cost or who do not pay labor justly, and I suggest immediate investigation and action."
Last May Senator Nye said General Johnson established a mandatory
price for tires below which no member of the trade could sell. As a result, he charged, every automobile owner in the country had to pay more
1186
Financial Chronicle
for his tires, despite the fact that prices had already increased as much
as 30 to 40%.
Jonathan Eddy Appointed to Newspaper Industrial
Board to Represent Editorial Workers—NRA Approves New Procedure for Handling Complaints
Under Newspaper Code.
Jonathan Eddy, Secretary of the American Newspaper
Guild, has been appointed to the Newspaper Industrial
Board to succeed S. B. Marks, who represented the pressmen,it was announced on July 26 by the National Recovery
Administration. Mr. Eddy will represent newspaper editorial workers on the Board, which is charged with adjusting labor disputes under the newspaper code.
George Buckley, Acting Division NRA Administrator,
announced on July 30 that he had approved a plan of procedure for the handling of complaints other than labor
complaints. The plan, which was suggested by the Code
Authority for the daily newspaper publishing business, provides that complaints will be handled by a local board composed of two persons selected by the complainants, two
by the respondent, and a fifth chosen by these four. Persons directly affected by alleged violations are the only ones
with the right to complain. The board's decisions will be
final, being subject to review only by General Hugh S.
Johnson, Recovery Administrator.
Aug. 25 1934
under the code. Peter Van Horn, Chairman of the Code
Authority, signed the order, which represented the second
curtailment order this year, in an effort to balance output
with consumption. The original order, which affected 900
mills, provided for a shutdown during the week of May 14
to 21. The New York "Herald Tribune" of Aug. 19 added
the following regarding the latest order:
The new order, which goes into effect next Friday (Aug. 24), and which
limits operations to Mondays, Tuesdays, Wednesdays and Thursdays, applies
to 600 mills with 37,327 employees, exempting employers who operate machines producing woven labels, ribbons, tie fabrics, jacquard novelties, sewing thread, spun silk, and hat bands.
The order provides, too, that where "reasonable grounds" exist, an application for exemption may be made by the employer.
Mr. Van Horn, in a statement accompanying the order, explained that
the action was taken "to meet emergency conditions of under-consumption
now prevailing in the industry which produces silk, rayon and other synthetic textiles.
"As a result of the curtailment, there is no doubt," he said, "that the
ultimate benefit to labor will be far greater than if we undertook to continue without the protection of a more stable market. At present the Government fixes minimum wages and taxes. Prices of raw materials to mills
are not under the control of mill operators. The National Recovery Administration has not yet offered us a practical plan whereby we can prevent
selling below reasonable cost of production.
"This matter of proper protection against selling below a reasonable cost
and the cut-throat price competition which results, together with the underconsumption of textiles in the present market makes curtailment necessary,"
Mr. Van Horn explained. "It is the only protection to workers and employers in the industry that we have been able to find. Production must
be contro ed at least to a measure and supply regulated to meet the present
reduce demand."
National Steel Labor Relations Board Concludes Hearings on Charges that Wheeling Steel Corp. Locked S cretary Wallace Advocates Economic Council
Co-ordinate Activities of NRA and AAA—Declares
Union Workers Out of Ohio Plant—Some Members
Such a Body Would Enable Nation to Avoid Dicof Steel Industry Reputedly Considering Abandontator—Should Cover Both Foreign and Domestic
ment of Code.
Situation.
The National Steel Labor Relations Board on Aug. 21
A "National economic council" to co-ordinate activities
completed hearings on complaints of the Amalgamated Iron,
Steel and Tin Workers of America that union employees of the National Recovery Administration and the .Agriculwere locked out of the Portsmouth, Ohio plant of the Wheel- tural Adjustment Administration was advocated on Aug. 19
ing Steel Corporation. The members of the Board took by Secretary of Agriculture Wallace, speaking before several
the case under advisement, and said that their decision would thousand farmers at Rockford, Ill. Mr. Wallace suggested
be announced from Washington. Officials of the company the creation of a body which would have representatives of
denied at the hearings that workers had been locked out the farmer, laborer, banker and consumer, with the Federal
and that orders were being filled at other plants of the com- Government acting as impartial referee. He declared that
pany, and insisted that the plant was closed because con- 90% of the people in the United States wish to avert a comsumers had purchased surplus stocks of steel prior to June 30 munistic or Fascist dictatorship, and said that if this is to be
to escape an anticipated price increase. They also stated done some means must be found to make "our political
that the plant at the present time has in stock twenty times democracy" function more properly. Mr. Wallace said
that such a council could be formed within the limitations of
as much steel as needed to fill orders.
Meanwhile it was reported from Washington this week the Constitution, but he added that it must be able to cover
that some members of the steel industry were considering both the foreign and domestic situation and reach decisions
the possibility of revoking the steel code of fair competition promptly.
Associated Press advices from Rockford on Aug. 19 sumif the rulings of the National Steel Labor Relations Board
on Section 7 (a) of the National Industrial Recovery Act marized other portions of his address as follows:
said, "have made the NRA unpopu"Price increases,"
conflict with the industry's interpretation of the collective lar in some Middle Secretary Wallace He predicted
West sections."
code authorities and
bargaining provisions of the NIRA. One of the provisions the NRA would soon take steps to give labor and the consumer more voice
of the steel code, which was renewed last Fall for the dura- in code affairs. He emphasized, however, he was "an outsider" and not
NRA.
tion of the NIRA, states that it may be abandoned by a speaking for the miraculous way out of the present
"There is no
domestic and world
vote of three-quarters of those affected by it.
economic dilemma," the Secretary said. "Lack of a frontier to which the
At the hearing before the Board on Aug. 20, attorneys Nation's unemployed could be sent." he said, "forces America to choose
between
her tariffs
for the company charged that the NIRA and the Congres- goods orloweringagricultureto permit greater imports and exchange of world
upon a domestic basis."
placing
sional resolution of June 19 empowering the President to
"Both parties are high-tariff minded," he said, "the Democrats only a
appoint labor boards were both unconstitutional. The little less so than the Republicans," and he saw little likelihood of opening
up foreign markets through tariff reductions.
President's Executive Order appointing the members of the
Expressing a "genuine respect" for all political faiths, the Secretary called
National Steel Labor Relations Board was termed "a usur- upon his audience to tackle the agricultural problem from a National rather
standpoint.
pation of legislative power." Judge Walter P. Stacy, Chair- than a local cotton plowing under last year, he
Citing the
said it was of vital interest
man of the Board, in reply denied that his organization to the Mid-Western farmer because it removed potentially 4,000,000 pounds
of cottonseed oil that would have been in competition with lard from hogs
acked jurisdiction in the case.
General Johnson Approves Code of Fair Competition
for Corn Cob Pipe Industry.
General Hugh S. Johnson, Recovery Administrator, announced on Aug. 8 that he had approved and sent to the
White House for action by President Roosevelt a code of fair
competition for the corn cob pipe manufacturing industry.
The code provides for a minimum wage of 273 2c. an hour for
/
men and 22%c. for women, with a maximum work week of
40 hours. General Johnson said that the National Recovery
Administration will investigate to determine whether the
wage rates should be further increased. The former rates
were 19c. an hour for men and 13.8c. for women.
Silk Code Authority Limits Production to Four Days
Weekly at 80% of Maximum Rate from Aug. 24 to
Sept. 28—Represents Second Curtailment Order
This Year.
The Silk Textile Code Authority on Aug. 18 ordered all
silk mills in the country to shut down on Fridays from
Aug.24 to Sept. 28, and to limit production to four days each
week at 80% of the maximum weekly work hours allowed
raised in the farm belt.
The AAA is an adjustment and not necessarily a reduction program, he
asserted, and some parts of the program are intended as temporary, some
permanent. Regardless of the party In power, he continued, some control
program must be evolved.
He expressed alarm over the "real problem the corn belt faces unless
acreage is controlled next year." The Secretary said he believed lower
prices and a dangerous surplus would prevail in corn in 1935 should MidWestern farmers, lured by present higher prices, expand plantings. He
warned that the reduction of pigs would result in a corresponding reduction
in demand for corn.
New Jersey State Codes to Be Remodeled to Conform
with NRA Regulations—NRA Hopes Other States
Will Take Similar Action,
New Jersey's State codes of fair competition will be remodeled to conform with the regulation of the National
Recovery Admipistration, it was announced on Aug. 21,
following a series of conferences between General Hugh S.
Johnson, Recovery Administrator, and a New Jersey delegation headed by Governor Moore. The announcement
said that the NRA is hopeful that correlation of the New
Jersey codes with those of the NRA will lead other States
to take similar action with regard to codes which may have
been formulated under State laws. A Washington dispatch
Volume 139
Financial Chronicle
of Aug. 21 to the New York "Times" gave further details
of this agreement as follows:
"We are getting everything we contended we should have," said J. Raymond Tiffany, Deputy Attorney General of New Jersey, as the delegation
left one of the conferences. "It is a great victory for New Jersey."
The delegation conferred at length with Revert K. Straus, special assistant to General Johnson, to work out details of the plan by which the State
codes will be brought into line with NRA codes to avoid conflict.
Although no statement was made concerning which New Jersey codes
were discussed, it is believed the "harmony" agreement, when finally
adopted, will relate particularly to the retail Coal and Grocery codes.
It is over these that conflicts between the State and national Code Authorities have occurred, chiefly over the differences in the basis for fixing retail prices.
NRA Approves Code for Wine Industry—Establishes
40
-Hour Maximum Work Week.
The National Recovery Administration on Aug. 21 announced its approval of a code covering wages and hours
for the wine industry. A statement said that the code
covered 2,500 workers in 500 wineries, who would probably
produce 45,000,000 gallons of wine this year,compared with
52,000,000 gallons annually before prohibition and 700,000
subsequently. The code establishes a maximum work week
of 40 hours, with not more than nine hours in any one day.
Executive, supervisory and technical employees receiving
$35 or more weekly and junior technical men receiving $25
or more are exempt from the hours limitation. Other provisions were listed as follows in an Associated Press Washington dispatch of Aug. 21:
A minimum wage of $16, with a differential of $2 for office boys and
messengers, is established for office employees. Watchmen will receive
$16 a week.
Employees engaged in such work as labeling, wrapping and finishing
bottles will get not less than 35 cents an hour.
All other employees, except office boys, messengers and those doing
light work, will receive a minimum of 40 cents.
Federal Judge Refuses Government Injunction to
Prevent Alleged Selling of Bituminous Coal at
Prices Below Those in NRA Code—Rules Case Not
Subject to Federal Jurisdiction.
Federal Judge J. Foster Symes of Denver on Aug. 9
handed down a ruling in which he denied the Government's
plea for an injunction which would have forced Ballard
Gearheart,operator of a coal mine,to cease alleged violations
of the code for the bituminous coal industry. The Judge
stated that "the actions of the defendant in assertedly
underselling price provisions of the coal code do not restrain
or hinder inter-State commerce and are not subject to Federal regulation." The Government had charged that Mr.
Gearheart sold coal at prices below the minimum fixed in the
code and had sought an injunction to restrain him from this
practice. Judge Symes also dismissed the suit against Mr.
Gearheart,contending that the case was one for action by the
State, and not the Federal Government. The decision said
that the police power of the State is plenary and the Federal
Courts "interfere only when the State, in the exercise thereof,
violates some specific restraint found in the Federal Constitution."
Suit Seeks to Prevent Retail Coal Company from Selling
Below Minimum Prices Fixed by NRA Code—Dealer
Is Alleged to Undersell by 75 Cents a Ton.
The New York Code Authority for the retail solid fuel
industry and a group of coal companies filed a joint suit
Aug. 6 in the Supreme Cdurt in Brooklyn, seeking to restrain the Newtown Creek Coal & Coke Co. from violating
the provisions of the National Industrial Recovery Act by
allegedly underselling at an average of 75 cents a ton dealers
who have complied with the price schedule fixed by the code.
Other plaintiffs beside the Code Authority include the Stokes
Coal Co., Inc., Central Coal Co., Inc., Scranton Lehigh
Coal Co., Economy Hy-Heat Coal Co. and Frank R. Smith,
Inc. The New York "Times" of Aug. 7 summarized the
charges as follows:
It was charged by Nicholas L. Stokes, Chairman of the Code Authority,
that the defendant company had previously agreed to comply with the code
price schedule, but violated the agreement by advertising a lower price.
The prices were fixed after the Code Authority had determined that such
action was necessary to stop the price war that had developed in Manhattan
Brooklyn, Queens, Nassau and parts of Suffolk County, which are within
the Code Authority's jurisdiction.
The defendant company maintains yards in Manhattan. Brooklyn and
Queens. The papers in the suit were served upon Dominick Luzino,
President of the company, at the company's office. 38th Street and East
River.
According to Mr. Stokes, 8,000,000 tons of coal are consumed annually
in the area under the Code Authority's jurisdiction. He said companies
who had signed the code sell more than 6,000,000 tons of this output.
The Newtown Creek Coal & Coke Co. announced on
Aug. 4 that it intended to oppose the price-fixing provisions
of the NRA, contending that "its constitutional rights to
conduct business honestly and fairly" were seriously prejudiced. Attorneys for the company said that, if necessary,
1187
the case would be carried to the Supreme Court of the
United States.
Georgia Contractor, J. E. Whitley, to Be Tried in
November for Alleged Violation of NRA Construction Code.
John E. Whitley, President of the Whitley Construction
Co. of La Grange, Ga., will be tried in the United States
District Court at Macon, Ga., on Nov. 5 next on the charge
of violating the National Recovery Administration construction code. The complaint, filed by District Attorney
T. Hoyt Davis of the Middle District of Georgia, charges
that Mr. Whitley violated the code on 70 separate counts,
paying wages as low as ten cents an hour for working days of
as long as 17 hours. Mr. Whitley, who was released under
cash bond of $5,000 in Atlanta on July 28,issued a statement
on that date in which he said that the charges were "a persecution against me for political purposes." A possible fine
of $500 could be imposed for each of the code violations
alleged. The Atlanta "Constitution" of July 29 discussed
the case in part as follows:
Whitley appeared at the Federal Building in company with Samuel D.
Hewlett, of Atlanta, one of his attorneys. In his statement the contractor
said.
"Unscrupulous politicians have deliberately misstated facts about my
business. They have obtained a prosecution against me for political purposes. I am proud they have gone this far. I now have an opportunity to
prove to the Court and the people of Georgia exactly the facts.
"I expect to bid at the next letting of :oad contracts in Georgia. If
I am the lowest bidder I expect to get the contracts or know the reason
why. If I am not the lowest bidder I do not want the contracts."
The charges against Whitley are said to provide the biggest court case
the NRA has ever tackled.
The exact wording of the 70 counts was not revealed, but it is understood
that the charges all involve wage and hour violations, some accusing the
contractor of paying as low as 10 cents an hour and working his men as
many as 17 hours a day. The construction code fixes the wage minimum
at 40 cents an hour and the working hours at not more than eight hours a day.
Commenting on the case, Investigator Geiger said.
"Next to agriculture, construction is the greatest industry in this country. At the peak of the boom in 1929 one out of every ten persons gainfully employed worked in it. A violation of the construction code of
such major proportions and so persistently as the evidence in this case
Indicates makes it of major importance, in consideration of the size of the
industry and the number of people employed."
Mr. Hewlett also made a statement
"We all know what politics in Georgia is." he said. "Mr. Whitley
welcomes this prosecution. He will be acquitted at the hearing and the
public will learn the full facts."
Federal Trade Commission Denies It Has Issued Ruling
in Case of Three Rubber Companies Accused by
NRA of Code Violation—States Testimony Has
Merely Been Given Before Examiner.
The Federal Trade Commission in a statement issued on
Aug. 16 denied the truth of press reports to the effect that
the Commission, in the case of Phillips Baker Rubber Co.,
LaCrosse Rubber Co. and Goodyear Rubber Co., has ruled
upon certain questions in the case relative to the code of
fair competition for the rubber manufacturing industry.
The statement said that the ease had not yet come before
the Commission proper, but that testimony had merely
been given before an examiner. The case in question involved a complaint against the three companies by the National Recovery Administration, which charged them with
violations of the code for their industry. The companies
in their reply contended that the National Industrial Recovery Act was monopolistic and tended to foster unfair
trade practices. The statement issued by the Commission
said in part:
The Commission has not ruled upon any of the questions involved in this
The case is not yet before the Commission proper. In the regular
procedure of the FTC the case is referred to an examiner to take and report
the testimony. In the proceedings before the examiner it is proper for
counsel to object to any testimony offered in the record which objection,
under the procedure, can be submitted to the Commission at the time of
the final hearing for a ruling by the Commission. The FTC will not decide
any of the issues in this, or any other case, until after the testimony is
taken and reported to the Commission by an examiner and such testimony
is considered by the Commission after a full and complete hearing as provided by the rules.
case.
Baltimore Association of Commerce Protests Attempt
to Depr4ve Clothing Firm of Blue Eagle Insignia—
Reply of NRA Director for Maryland Says Organization Has Not Informed Itself of Facts.
Arthur E. Hungerford, Maryland Director of the National
Recovery Administration, on July 29 made public the text of
a letter he had written to the Baltimore Association of Commerce,replying to that organization's criticism of the action
of Gen. Hugh S. Johnson, Recovery Administrator, who
sought to withdraw the Blue Eagle insignia from the firm
of L. Greif & Brother, Inc., of Baltimore. General Johnson
had charged that the company violated the clothing manufacturing code. A Federal Court in Baltimore on July 23
upheld an order restraining the NRA from depriving the
company of its insignia, pending a hearing in September.
1188
Financial Chronicle
The case was previoudy referred to in our issues of July 21,
page 382 and July 28, page 541.
The Baltimore Association of Commerce on July 27 telegraphed General Johnson, stating that any attempt to
restrain the operations of the company in the face of the
existing injunction would be "manifestly unfair." The
Baltimore "Sun" of July 30 described Mr. Hungerford's
reply in part as follows:
Mr. Hungerford's letter, written to G. Harry Ponder, Executive VicePresident of the association, was made public yesterday. Mr. Pouder
later said he still thought the NRA was moving contrary to "the intent
of the Federal court order in ordering the Greif Company's Blue Eagle
taken away pending a court trial on the merits of the case."
Director's Letter.
Mr. Hungerford's letter follows.
"It is to be regretted that the Baltimore Association of Commerce accuses
the Government of unfairness in its proceedings against L. Greig & Brother,
Inc., on the mere basis of press reports and hearsay.
"Neither the Association of Commerce nor its representatives, as far
as can be learned, made any effort to secure the facts from any Government
official or agency concerned.
Reviews Court Moves.
"L. Greif & Brother, Inc., through its attorney, appealed to the courts.
Judge Chestnut, who was about to leave on his vacation, passed a restraining
order on a Wednesday, and referred the question for a hearing before
Judge Coleman on the following Tuesday.
"Judge Coleman, who was to leave on his vacation on Tuesday, set the
hearing for the Government's motions to dismiss for Monday. Mr. Simon
Sobeloff, former United States Attorney, representing Benjamin Lebow,
member of the Code Authority, at the hearing asked Judge Coleman because
of the absence of both Judges Coleman and Chestnut on vacation whether
Judge Coleman would have any objection if the Chief Judge of the Circuit
would assign another judge to hear the matter before September. Mr.
Bernard J. Flynn, United States Attorney, stated in open court that the
Government had not requested that the matter be continued until September when the judges returned.
"L. Greif & Brother, Inc., appealed to the court. Judge Coleman gave
them such relief as he thought proper. This relief consisted of restraining
the NRA Compliance Director for Maryland, the United States District
Attorney and Benjamin Lebow, a member of the Code Authority, who
resides in the State,from acting, none of whom had the power to withdraw
the Blue Eagle or to withhold the necessary garment labels.
Had Right to Appeal.
"If L. Greif & Brother, Inc., were not satisfied with this decision and any
action the Government might take under it, they had a perfect right to
appeal to other courts for relief. This they failed to do and have appealed
to the press.
"For this reason it is sad that an organization of the standing of the
Baltimore Association of Commerce should have acted hurriedly on a mere
press report without securing the facts.
"It must be remembered that in this case the Government is acting not
only for the benefit of the employees of L. Greif & Brother, Inc., but also
for the preservation of fair competition within the men's clothing industry
and to forward the entire recovery program of the people of the United
States."
Says Aim Was Friendly.
Informed of the contents of the letter, Mr. Ponder last night said, "Our
only purpose in wiring General Johnson was to point out. ins quite friendly
fashion, that the NRA's action in ordering the Eagle withdrawn from the
Greif company was one calculated to injure the NRA's relations with the
public."
Blue Eagle Returned to Milwaukee Electric Railway &
Light Co.—Strike Ended When Utility Agrees to
Recognize Union in Collective Bargaining.
The National Recovery Administration on July 5 returned
to the Milwaukee Electric Railway & Light Co., a subsidiary
of the North American Co., the Blue Eagle insignia which
had been withdrawn on June 8 after it had been alleged that
the company discharged employees because they belonged to
a union. G. W. Van Derzee, Vice-President and General
Manager, said on July 5 that the company would sign the
NRA transit code and would immediately restore discharged
union men to the payrolls with full back pay. This statement followed the settlement on June 29 of a four-day strike
which had been called to protest the alleged failure of the
company to observe the collective bargaining provisions of
the National Industrial Recovery Act. The strikers termed
the settlement of the strike a victory, inasmuch as their
principal demands were granted. These included the reinstatement of the discharged union employees, and the election of collective bargaining agents by groups.
S. B. Way, President of the company, in a statement
issued on June 9 regarding the withdrawal of the Blue Eagle
by the NRA,said:
We are complying fully with the provisions of codes applicable to our
business. We have been accused of violating Section 7-a of the Recovery
Act. We have repeatedly demanded that this charge be proven in court
and as yet co proper action has been started. Mr. Johnson's order was
telegraphed to the company on June 6, and on the same day the company
telegraphed a reply calling the order an arbitrary conviction before trial
and demanding due process of law. The company's reply to Mr. Johnson
speaks for itself.
Annual Meeting of Financial Advertisers Association
to Be Held in Buffalo, N. Y., Sept. 10-13.
What is probably the first open forum on bank's relations
with the public will be the feature of the 19th annual meeting
of the Financial Advertisers Association. Prominent speakers will present the financial requirements of business and the
general public, while eminent bankers will cover the banks'
Aug. 25 1934
attitude toward and facilities to meet these requirements.
The convention this year will be held at the Hotel Statler in
Buffalo, N. Y., on Sept. 10 to 13. The entire program of
the four-day convention is being designed around the theme,
"How to Meet the Public's Demand for Financial Information," which is approached from various angles. "The
Public Questions Its Banks," one of the angles, takes up
three points of view, that of the "average" man,the business
man, and the newspaper man. They will be presented by
representatives of the people who use banks. Three addresses will also be made in reply by bankers, namely:
James P. Warburg, Vice-Chairman of the Bank of Manhattan Co., New York, who will talk on "Public Spirited
Policies"; Roy L. Stone, Vice-President, First Wisconsin
National Bank, Milwaukee, who will speak on "Institutional Performances"; and Alex Osborn, director of the
Marine Trust Co., Buffalo and Vice-President Batten,
Barton, Durstine & Osborn, who will talk on "Effective
Methods."
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Aug. 18 (page 1033)
with regard to the banking situation in the various States,
the following further action is recorded:
COLORADO.
That the South Broadway National Bank of Denver, Col.,
had been reorganized and would open for business on Aug.20,
is learned from the Denver "Rocky Mountain News" of
August 19. Reorganization of the institution was made
possible through the Reconstruction Finance Corporation,
which purchased $50,000 of preferred stock. The institution
will be operated as a member of the Federal Deposit Insurance
Corporation, which guarantees each account up to $5,000.
The "News" furthermore said:
Deposit liabilities of the South Broadway Bank absorbed by the new
bank amount to $222,582.62, of which $207,002.73 is actual cash, and
$15,579.89 in assets approved by the National Bank Examiner.
W. L. Johnson, prominent contractor, is President of the reorganized
bank. Other officers are W. E. McGarry, finance corporation operator,
Vice-President; H. 0. Murray, Cashier, and W. C. McLaughlin, who
was connected with the old bank, Assistant Cashier.
Other directors of the bank are Harry W. Rabb, W. Henry Johnson
and J. F. Ramsey. Murray, in making the announcement of the opening,
said all the depositors of the old bank will receive 100 cents on the dollar
under the reorganization.
GEORGIA.
The new Citizens' National Bank of Quitman, Ga., suc-First National Bank of that place,
cessor to the Peoples'
has completed all requirements to operate and is daily awaiting its charter and official instructions from Washington,
it is learned from a dispatch on Aug. 11 from Quitman, appearing in the Atlanta "Constitution, "which added:
It will occupy the same building the other bank occupied and when it
opens a large sum of impounded money will be released, less 15% of the
original amount deposited in the old bank.
Dudley Cocke, of Dawson, will be the Cashier and is alerady here.
Other officers will be named when the charter is received.
MAINE.
John F. A. Merrill, receiver for the closed First National
Bank of Portland, Me., announced Aug. 20 that depositors
would receive a second dividend at the rate of 31% on their
impounded accounts on or about Sept. 10. Associated Press
advices from Portland, on Aug. 20, reporting this added:
The payment will mean a distribution of about $2,000,000. A first
dividend of 50% was paid in July 1933.
The bank failed to open after the banldng moratorium in March 1933.
MICHIGAN.
On Aug. 8 the Ecorse Savings Bank, Ecorse, Mich. (representing a reorganization of the People's Wayne County
Bank), opened on a 100% basis, it is learned from the
"Michigan Investor" of Aug. 11, which went on to say:
A 50% disbursement totaled $475,000. The officers are F. X. Lafferty, President; Elmer II. Labadle, Vice-President, and Guy E. Pooley,
Cashier.
T. B. Johnson, receiver for the State Savings Bank at
Bannister, Mich., stated on Aug. 8 that the bank is paying
its first dividend of 10% to depositors, according to the
"Michigan Investor" of Aug. 11. The following is also
from the paper quoted:
Mr. Johnson added that bills payable that amounted to more than $111000 when the bank was closed, all have been taken care of and enough
additional raised to provide for the dividend.
The Comptroller of the Currency on Aug. 18 approved a
plan for paying off 20% additional of the deposits in the
closed First National Bank Detroit, Mich., involving a loan
of $91,000,000 by the Reconstruction Finance Corporation,
according to Washington advices on Aug. 18 by the Associated Press, which continuing said:
The approval followed receipt of a letter from William J. McAneeny
Chairman of the bank depositors' committee, explaining that he had re,
Financial Chronicle
Volume 139
ceived enough encouragement from larger depositors to warrant going
ahead with efforts to obtain subordination of their claims.
Some time ago 50% of the deposits were paid off.
The $91,000,000 loan is adequate for a 22% additional payment, but
2% will be held in reserve pending the formation of a liquidating corporation to take over all the bank assets.
The receiver was instructed to co-operate with the depositors' committee.
Judge Kelly Sear! of St. Johns has signed an order in Circuit Court approving the reorganization of the Citizens'
Savings Bank of Owosso, Mich., under direction of the State
Banking Department, accordirig to the "Michigan Investor"
of Aug. 11, which added:
The next step will be to secure a loan from the RFC to enable the payment of 40% of the deposits.
It is learned from the "Michigan Investor" of Aug. 18
that in an effort to obtain larger loans, R. H. Rossman,
receiver of the closed Union & Peoples National Bank of
Jackson, Mich., has asked a reappraisal of the assets by
the RFC. We quote from the paper:
The receiver's report of June 30th showed that $52,261.50 had been paid
the RFC in interest on loans for the quarter. Cash on hand totaled
$244,199.38.
Uncollected assets of he bank totaled $8,246,557.46. The total of unsecured liabilities for which receiver's certificates have been issued was
reported as $6,093,077.30. Of the $700,000 stock assessment, $694,050
remained uncollected on June 30. Arrangements to collect $672,000 due
from stockholders in the Guardian Group have not been completed.
In its issue of Aug. 18 the "Michigan Investor" stated
that with the receipt of the report on the eximination made
of the former Bank of Saginaw, Saginaw, Mich., the committee in charge of organizing the new Saginaw National
Bank is making application for a loan with which to permit
a 40% pay-off in connection with the opening of the new
bank. The paper added:
The committee plans to pay off in full the 17,000 depositors who had
less than $15 on deposit, totaling $63,000.
MISSOURI.
In indicating that approximately 1,250 depositors of the
closed First National Bank of Webster Groves, Mo., would
receive an initial dividend of 73% of their claims on Aug. 20,
the St. Louis "Globe-Democrat" in its issue of the previous
day said in part:
Checks totaling approximately $100,000 covering the payment on the
first dividend to depositors of the First National Bank of Webster Groves
have been received from the Comptroller of Currency for distribution
to-morrow morning, it was announced yesterday by Herbert M. Johnson,
receiver for the bank.
The checks will go to depolitors whose claims were filed prior to July 25,
Johnson said. . . . Depositors who have not filed claims should do
so before Sept. 1, he added.
The bank was one of those failing to re-open after the Nation-wide bank
holiday in March 1933.
MONTANA.
The "Montana Record" in its issue of Aug. 17 reported
that depositors of the Conrad Banking Co. of Great Falls,
Mont., which is being liquidated by Frank F. Johnson, State
Superintendent of Banks for Montana, were to receive another dividend, amounting to 40% of their deposits and
calling for $365,000, bringing the total paid in dividends to
date by the State Banking Department to 91.39% of the
total deposits of the institution. Continuing the "Record"
said in part:
The bank was placed in charge of the Bank Department in March 1933.
A depositors'committee then was chosen and its efforts, coupled with those
of S. L. Kleve of the Department and others, resulted in the organization of
the Montana Bank & Trust Co. This, the statement added, permitted
the Department to pay a 50% dividend on Aug. 28 1933.
The release of the $365,000, the statement said, "is of substantial benefit
to not only the bank's creditors but the entire community, Including those
who make up the list of debtors and whose notes constitute the security in
large part for a loan obtained from the RFC."
The total amount of the two dividends was $685,000. The loan from the
RFC made the dividend possible. . . .
NEW JERSEY.
Concerning the affairs of the defunct First Natioanl Bank
of East Orange, N. J., the Newark "News" of Aug. 16
carried the following:
Depositors of the First National Bank of East Orange, now in liquidation,
who filed proofs of claim between May 31 and July 14 can have their checks
now, it was announced to-day by Joseph R. Wilson, Jr., receiver.
The amount paid up to May 31 was $435,637.51 and the total, including claims to July 14, will be $968,111.02.
NEW YORK.
Louis C. Gosdorfer, Chairman of the Board of the Forest
Hills National Bank, Forest Hills, L. I., has announced that
the United National Banks of Long Island in New York will
officially open in October. The United Banks is a new organization created with the Forest Hills Bank as the foundation
and the assets of the still unopened Richmond and Ozone
Park National Banks (both in the Borough of Queens). The
New York "Herald Tribune", authority for the foregoing,
went on to say:
The opening of the south side banks as branches of the new organization
is dependent upon renovation work in the physical aspect of the branches
and the organization of personal and other such details, Mr. Gosdorfer said.
1189
It is expected that by Oct. 1 the branches, which were Richmond Bank
offices at 118th Street and Jamaica Avenue and 115th Street and Liberty
Avenue, Richmond Hill, will be open and by or before Oct. 15 the Ozone
Park branch at 101st Avenue and Woodhaven Boulevard will open.
The executive offices of the new organization will be in the Forest Hills
Bank Building.
It is learned from the Syracuse "Post" of August 21
that between 400 and 500 depositors of the closed Salt
Springs National Bank of Syracuse, N. Y., who had proved
their claims, were paid an initial dividend of 37% on Aug.20.
Although no official tabulations were available, the paper
said, it was estimated that nearly $200,000 was given out.
NORTH CAROLINA.
That depositors in the closed Wilson, N. C., branch of
the North Carolina Industrial Bank of Greensboro, N. C.,
were being paid in full their deposits, tied up since last year's
bank holiday, is learned from Wilson advices on Aug. 16,
appearing in the Raleigh "News & Observer." The advices added:
City Manager W. M. Wiggins, who was Chairman of the branch's
Board of Directors, announced this fact Wednesday (Aug. 15) and said
that in addition to receiving their withheld balances the depositors are
getting 6% interest. Checks are already underway and the completed
payments will be made by Friday (Aug. 17). it is thought. Mr. Wiggins
said he could not tell what the deposits would total. There was a previous partial payment to the same depositors.
OHIO.
Permission to reopen on a semi-restricted basis so far as
existing deposits are concerned, was granted on Aug. 18 to
two Berea, Ohio, banks by Chief Justice Homer G. Powell
in the Court of Common Pleas. The institutions are the
Commercial & Savings Bank and the Bank of Berea. The
Cleveland "Plain Dealer" of Aug. 19 is authority for the
foregoing as also for the following:
The plan for the reopening of the Commercial Bank of Berea involves
100% release of deposits of $100 or less, and all outstanding cashier's
checks, drafts, certified checks, postal savings deposits, public funds,
deposits subject to preference, and segregated deposits. Withdrawals on all
other accounts will be restricted to 60%.
More than $660,000 of $1,100,000 In deposits, thus, will be released for
use, officials said.
The bank will operate on its regular capital of $100,000, of which $60,000
has been written off and resubscribed. The reopening plan was agreed
to by 93% of the 4,000 depositors. A number of depositors who objected
to the plan were not in court, and no action was taken on their objections
except to write their names into the journal entry as objecting.
The reopening plan of the Bank of Berea is similar to that of the Commercial Bank except that deposits of $50 and under are released from
restrictions and 50% of the other deposits is restricted. More than $750,000 of the $1,500,000 thus will be released for use.
The capital stock has been reduced to $75,000, of which $15,000 was resubscribed. The plan was agreed to by 88% of the 6,000 subscribers.
The Bank of Cleveland, Cleveland, Ohio, on Aug. 18
filed a petition in the Court of Common Pleas, asking permission to reopen on a partly restricted basis. In reporting
the matter the Cleveland "Plain Dealer" of Aug. 19 furthermore said:
The plan presented for the approval of the court by the Bank of Cleveland, a hearing on which was asked for Sept. 6, has been agreed to by 94%
of the depositors, according to the petition filed yesterday. It involves
releasing all deposits of $25 and under and 55% of larger deposits. This
would release about $825,000 in deposits. The capital stock will remain
at $100,000, of which 25% is being reassessed.
PENNSYLVANIA.
The Bank of Erie, Erie, Pa., a new institution representing a re-organization of the Bank of Erie Trust Co., opened
for regular, unrestricted business on Aug. 21. The new
organization is capitalized at $200,000 and has surplus and
undivided profits of $110,000. In the reorganization of the
old Bank of Erie Trust Co.50% of deposits were assumed by
the new bank, 15% of deposits were taken in stock of the
new bank, and 35% were waived into the hands of liquidating trustees. Officers of the new Bank of Erie are: W. J.
Flynn, President, Charles Haganlocher, Vice-President, and
E. M. Knoll, Cashier.
TEXAS.
According to advices from Blooming Grove, Tex., on
Aug. 14, printed in the Dallas "News", the First National
Bank of that place, through its receiver, J. L. Chapman,
paid to depositors 50% cash dividends, amounting to $27,000. This is the first divident paid since the bank closed
in March 1933, the dispatch stated.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Aug. 20 for the transfer of the
New York Stock Exchange membership of Daniel E. Wade
to Barney Peck at $95,000, unchanged from the previous
transaction on Aug. 13.
The extra membership of Howard C. Hirsch on the
New York Commodity Exchange, Inc., was sold to-day to
Jack R..Aron,for another, at $2,400, an increase of $200 over
the last previous sale.
1190
Financial Chronicle
The New York Cotton Exchange membership of J. Clark
Dean was sold Aug. 20 to W. Leslie Harriss for another for
$18,000, unchanged from the last previous transaction
of Aug. 17.
On Aug. 22 Joseph Blumenthal sold his second membership on the New York Cocoa Exchange to Richard T.
Harriss Jr. for $2,850, unchanged from the last previous
sale of Aug. 10.
A membership on the Chicago Board of Trade sold Aug.22
at $7,200 net to the buyer, a drop of $600 from the previous
sale.
W. R. Crawford, former Vice-President of the Standard
Oil Co. of New York, has been chosen President of the
Huguenot Trust Co. of New Rochelle, N. Y., to succeed
Raymond J. Walters, who resigned about a month ago,
according to advices from New Rochelle on Aug. 17 appearing
in the New York "Times.'
'
With reference to the affairs of the defunct Brockton Trust
Co. of Brockton, Mass. (which closed in December 1931,
when the Federal National Bank of Boston with which it was
affiliated failed), advices from Boston on Aug. 16 to the
"Wall Street Journal" contained the following:
David J. Cohen, as counsel for Bank Commissioner Arthur Guy, has
filed in the Supreme Court of Plymouth County, a bill in equity against
13 directors of the closed Brockton Trust Co.to hold them liable for $1,010,000 losses of the bank. Judge Charles H. Donahue, in the Supreme Court
at Boston, prior to the filing of the bill, granted temporary restraining orders
against the 13 directors and against 41 trustees and 22 corporations in
which the directors held stock and against several banks in which they have
deposits.
The State Supreme Court of Errors handed dowr a finding
on Aug. 21 to the effec that officers of the closed Commercial
Bank & Trust Co. of Bridgeport, Conn., acted within their
rights in pledging $1,226,382 of its assets to the RFC for
loans before the bank collapsed last August. A new York
"Times" dispatch from Bridgeport, in noting the matter
went on to say:
In an opinion written by Chief Justice William M. Maltbie the Court
also held that the RFC had a claim on the pledge assets of the bank coming
ahead of that of the depositors.
it A committee of depositors had contended that the officers of the bank
were trustees of the depositors' funds and had acted unlawfully in pledging
assets to the RFC.
laIt is said to be the first time that the rights of the RFC to assets pledged
by banks had been challenged at law.
The decision paves the way for early liquidation of affairs of the bank.
Henry Francis Bell, President of the Citizens' Trust Co.
of Paterson, N. J., died at his home in Montclair, N. J., on
Aug. 19, after a prolonged illness. Born in St. Andrews,
N. B., Canada, 73 years ago, Mr. Bell was graduated from
New York University in 1882 with a Bachelor of Arts degree,
and then studied law at the same institution. In addition
to his banking interests, Mr. Bell at the time of his death
was Chairman of the Executive Board of the National Silk
Dyeing Co. of Paterson; Chairman of the Board of the Paterson Mortgage & Title Guaranty Co., and President of the
James Bell Land Co.
Shareholders of the National State Bank of Elizabeth,
N. J., on Aug. 17 approved a proposal of the directors for
recapitalizing the institution, according to advices from that
city to the New York "Times," which went on to say:
The bank will be permitted to issue $800,000 class A preferred stock and
$160,000 class B preferred and reduce the common stock par from $50 to
$25, giving the institution $350,000 to apply against charging off or writing
down losses.
111 The capital structure will consist of $800.000 in class A preferred stock
at $20 par, $160,000 in class B preferred at $20 par and $350,000 in common
stock at $25 par. The preferred stock will be offered to present shareholders and any remaining to the Reconstruction Finance Corporation.
Advices by the Associated Press from Burlington, N. J.,
on Aug. 22 contained the following in regard to the affairs
of the closed Burlington City Loan & Trust Co.:
Harry Prosser, special deputy in charge of reorganizing the Burlington
City Loan & Trust Co., was elected its President to-day (Aug. 22). The
company closed on Dec. 28 1931, but is expected to reopen soon, Mr.
Prosser said.
Other officers are: Vice-President and Treasurer, Clyde E. Freehafer;
Secretary, Robert G. Dunn, Jr.; Trust Officer, Mr. Prosser; Solicitor,
Howard Eastward.
An assertion that the affairs of the closed Chelsea-Second
National Bank & Trust Co. of Atlantic City, N.J., had been
"mismanaged most horribly" was made on Aug. 17 by
Judge John Boyd Avis in the United States District Court
in Camden, N.J., in taking under advisement an application
by the bank's receiver to dismiss a "suit for discover"
Aug. 25 1934
blought by a group of depositors of the institution. Camden advices by the Associated Press on Aug. 17, in noting
the above, furthermore said:
Charles A. Faircloth, the receiver, asked that he be relieved of the necessity of answering 113 questions, many in the nature of accusations,
asked by the depositors' committee.
"Why have not the people a right to know what happened and what
happens to their money?" Judge Avis asked. "Why can a receiver say,
in effect,'This is your money, but we are going to handle it in private?"
"The receiver has some obligations to depositors and others. The more
I hear about these banks the sorrier I am for their depositors. If the
responsible persons are able to pay they should pay."
Mr. Faircloth's attorney, George A. Bourgis, replied that the depositors
were only on a "fishing expedition," that their accusations were not specific,
and that they had no right to information unless they would tell the sources
of information which prompt the accusations they made.
The stockholders and depositors assert that the bank's officers allowed
large withdrawals before it closed in January 1933, when it had 85,000,000
deposits, and that the receiver has refused to take proper legal action
against the officers.
Announcement was made on Aug. 17 by Dr. William D.
Gordon, State Secretary of Banking for Pennsylvania, that
depositors of the Mortgage Security Trust Co. of Philadelphia, who have received one dividend of 5% since the bank
closed June 6 1931, were to receive another payment on
Aug. 22, and that three other closed institutions, namely, the
Glenside Bank & Trust Co. and the Glenside Trust Co., both
of Glenside, and the Cornwells State Bank at Cornwells
Heights, would also pay additional dividends shortly: The
above information is obtained from the Philadelphia "Inquirer" of Aug. 18, which, continuing, said:
The payment to the 5,137 Mortgage Security depositors will total $23,221.34. The net deposit liability of this institution, after the payment,
will be $418,183.23, against which there are assets appraised for liquidation
at $232,476.08, with a book value of $466,285.48.
The Glenside Bank & Trust Co. will make a 5% payment on Aug. 27, and
the Glenside Trust Co. will pay 6% on Aug. 30. Both banks closed Oct. 8
1931. The Glenside Bank's payment will bring the total dividends to 35%,
and the Glenside Trust will have paid 51%.
Another payment, of 12%, will be made to the depositors of the Cornwells State Bank, Cornwells Heights, on Aug. 29, bringing the total payments of that institution to 52%.
Ralph W. Laros, Assistant Treasurer of the Lafayette
Trust Co.of Easton,Pa., was arrested on Aug. 13 for alleged
embezzlement and held in $25,000 bail, according to a dispatch from that city on the date named, printed in the
Philadelphia "Record," which further said in part:
Laros is said to have confessed to taking 415.000, in a series of small
Peculations extending over a year and a half. The losses were discovered
during an examination of Laros' books while he was on vacation.
He was arrested when he returned to work. Robert P. Ferguson, Chief
Examiner of the State Banking Department, Philadelphia district, swore
to information charging Laros with embezzling $15,000 and falsifying
bank records.
In a statement issued by the bank's officials it was said the entire amount
was covered by Laros' bond.
Laros was said to have told bank officials part of the money was used
in an Easton firm of which he is Secretary-Treasurer, and the remainder in
buying stocks and bonds.
Some of the shortages were covered by crediting savings accounts with
less than was deposited. In other cases, it was said money was taken from
the bank's general funds. . • •
Stockholders of the Bank of Gloucester, Gloucester, Va.,
at a special meeting held recently, approved a proposal to increase the capital stock of the institution from $50,000 to
$75,000, according to a dispatch from that place on Aug. 10,
appearing in the Richmond "Dispatch." The advices continned:
Application for an amendment to the bank charter permitting the proposed increase of capital stock has been made and is now pending. Since
the bank was organized many years ago, it was stated, its deposits and
business have grown to a point where it was considered that an increase of
the capitalization was in order. A large part of the increased capitalization,
if not all, will be taken by the present stockholders, it is understood.
Charles J. Ziegler, President of the Atlas National Bank
of Cincinnati, Ohio, and long prominent in financial circles
of that city, died of pneumonia on Aug. 12 after a brief illness. Mr. Ziegler, Who was born in Cincinnati, became associated with the Atlas National Bank 43 years ago as a bookkeeper, he previously having been with the old Citizens' National Bank. He became Cashier of the institution in 1911;
Vice-President in 1921, and in August 1932, President, the
office he held at his death. He was 68 years of age.
That a payment of 30% was being made last week to depositors of the First Englewood State Bank of Chicago, Ill.,
is indicated in the following taken from the Chicago "Journal
of Commerce" of Aug. 15:
A 30% dividend to depositors of the First Englewood State Bank has been
authorized by Edward J. Barrett, State Auditor, it was announced yesterday
(Aug. 14) by William L. O'Connell, bank reeiver. The dividend will amount
to $178,891, and will bring the total of payments to the depositors since the
bank closed up to 40%. The payment is being made from funds loaned by
the Reconstruction Finance Corporation.
Since the bank holiday in March 1933 the Liberty Bank has experienced
a rapid growth in deposits, showing an increase of approximately $3,400,000.
The management and financial structure of the bank remains as heretofore. The officers are: Walter M. Heymann,‘Chairman of the Board; L. S.
Burk, President; W. G. Dooley, Vice-President and Cashier; Maurice Cohn,
Vice-President and Trust Officer, and William Kabaker, E. N. Granquist
and L. W. Heinzen, Assistant Cashiers.
On Aug.15 a new banking institution was opened in Mount
Carroll, Ill., under the title of the Mount Carroll National
Bank. The new bank is capitalized at $50,000, of which
$25,000 is preferred stock held by the Reconstruction Finance
Corporation, and has a surplus (paid in) of $10,000. The
Chicago "Journal of Commerce," from which this is learnt,
went on to say:
The bank will occupy the quarters of the First Carroll County State Bank,
but is a new organization, with no old liabilities and no old obligations.
The officers are: Fred J. Rhodes, President; Gordon V. Weir, Executive
Vice-President, and Francis E. Weidman, Cashier. Mount Carroll has been
without a bank since the bank moratorium of March 1933.
A payment of 50% to depositors of the Citizens' State Bank
of Pulaski, Ill., was authorized on Aug. 13 by State Auditor
Edward J. Barrett, according to the Chicago "Tribune" of
Aug. 14. The paper quoted continued:
The checks amount to $9,428 and will be distributed this week. The payment is the first since the bank closed.
4—
On Aug. 13 the Northern Trust Co. of Chicago, Ill., celebrated the forty-fifth anniversary of its establishment.
Since its organization on Aug. 12 1889 the institution has
grown, it is said, to be the third largest bank in Chicago,
with deposits now totaling $228,500,000. In noting the matter, the Chicago "Journal of Commerce" of Aug. 13 said, in
part:
Growth of the bank has been exceptionally rapid in the past five years.
From an aggregate of $56,466,000 in 1929, deposits had reached $199,544,000
in 1933, and then established further gains this year.
The bank's original quarters in the Rookery Building were outgrown soon
after organization, and in 1890 larger quarters were taken in the Chamber
of Commerce Building, then at Washington asd La Salle Streets. In 1897
the institution returned to enlarged quarters in the Rookery, and in 1906
its present home was completed.
In 1930 two new floors were added to the building, and the entire structure air-conditioned. The recent growth in customers made necessary further
expansion with the building and alterations, in 1933, including the addition
of the bank mezzanine.
The President of the Northern Trust Co. is Solomon A. Smith, son of the
founder. He represents the third generation of his family to head a Chicago
financial institution. . . .
That the Sixty-Third & Halsted State Savings Bank of
Chicago, Ill., is paying its depositors in full and going out
of business, was reported in the following dispatch from that
city by the Associated Press on Aug. 20, which said:
P' The 7,000 depositors of the Sixty-Third & Halsted State Savings Bank
were requested to-day to "come and get it." The bank intends to close
and pay everybody.
"There are no profits in banking under present conditions," said C. H.
Dehning, President.
Closing of the bank, which has deposits of $700,000, will leave the Englewood district of Chicago with but two banks, and one of them announced
recently that small depositors would receive nice fountain pens if they
would take their money somewhere else.
Consolidation of two St. Paul, Minn., banks—the Midway
Mtional Bank and the Twin Cities National Bank (affiliated
organizations)—was announced on Aug. 18 by A. L. Ritt,
President of both institutions. The enlarged institution
bank will continue the title of the Midway National Bank.
The above information is obtained from the St. Paul
"Pioneer-Press" of Aug. 19, which quoted Mr. Ritt in his
announcement as saying in part:
Total deposits of the Midway National, after consolidation, now are in
excess of $3,000,000. The Midway National, a member of the St. Paul
Clearing House, is now the largest outlying bank in the city. Our new
capitalization is $300,000. We have enlarged our service facilities to keep
apace of the growing needs of the Midway district, and these facilities are
adequate to any possible need of the Midway district,for whatever purpose.
Industrially, the Midway district is enjoying a greater growth than
probably any other section of St. Paul. We have seen the need for more
complete banking facilities and have previously been available, and we
now have them. Naturally our staffs have been increased considerably
to give quick service to patrons.
The paper mentioned added in part:
Mr. Ritt, President of the Midway National, has been associated with
this group for the past seven years,first as Cashier of the Minnesota Transfer Bank, then as President of the Midway National.
Officials of the Midway National, after consolidation with the Twin
Cities National, will be: A. L. Ritt, President; M. F. Ernst, Vice-Freedent; R. P. Galloway, Vice-President; Herbert G. Hettwer, Cashier;
Thomas H. McGee, Assistant Cashier; Z. Franco Smith, Assistant Cashier.
1191
Financial Chronicle
Volume 139
From the Chicago "News" of Aug. 11 it is learned that the
Liberty Bank of Chicago has been granted a National charter
by the Comptroller of the Currency and, effective that date,
became the Liberty National Bank. The paper continued:
Approximately $138,000 will be distributed among 5,000
depositors of the Cumberland National Bank of Fayetteville, N. C., between to-day (Aug. 25) and Aug. 30, according to an announcement by Robert J. Powell, receiver of
the institution. This will be a second dividend, constituting
a payment of 25% of the sum on deposit when the bank closed
in January 1932. A dividend of 18% was paid previously.
Fayetteville advices appearing in the Raleigh "News and
Observer," from which this is learned, added:
In addition to the dividend, the receiver will discharge all preferred
claims against the bank and will repay the Federal Reserve Bank $34.000.
Payment of the Federal Reserve indebtedness will permit the offset of $50,000 deposit balances against notes which are due the receivership.
According to a dispatch from Fort Lauderdale, Fla., on
0
Aug. 22, a final dividend at the rate of 1%7 has been
mailed to depositors of the former City Bank of Fort Lauderdale. The bank closed on July 2 1926, with approximately
$250,000 on deposit. Two previous dividends of 10% earh,
and the final being mailed, conclude the liquidation, according to general liquidator C. A. Veach, the dispatch said.
Chancellor Finley signed a decree this week directing the
receiver of the Okolona, Banking Corp., Okolona, Miss., to
to depositors. A
distribute an additional dividend of 2
dispatch from Okolona, in noting this, also said:
This is the second dividend he has ordered paid since the bank was placed
in receivership May 1. Payment of this dividend began to-day and will
make a total of 35% paid to depositors.
FE E. 0. Jenkins, formerly
with the Midland National of
Billings, Mont., has been elected a Vice-President and
director of the First National a Great Falls, Mont., according to the "Commercial West" of Aug. 18.
We learn from the San Francisco "Chronicle" of Aug. 17
that the directors of the San Francisco Bank of San Francisco, Calif., announced recently the re-election of all its
old officers and the promotion of two employees to the
official staff, namely, George Meyer, who has been with the
bank since May 1914, advanced to Assistant Cashier, and
Jackson D. Baker, whose service extends from September
1926, promoted to Assistant Trust Officer,
COURSE OF BANK CLEARINGS.
Bank clearings this week show an increase as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day(Saturday, Aug. 25)
a=exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 0.5% above
those for the corresponding week last year. Our preliminary total stands at $4,064,549,468, against $4,045,075,579
for the same week in 1933. At this center there is a loss
for the five days ended Friday of 11.1%. Our comparative
summary for the week follows:
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$1,945,290,187
164,880,602
198,000,000
121,000.000
64,161,815
52,400,000
97,497,000
62,335,109
.42,000,000
46,338,096
33,419,353
22,472,000
$2,187,902,625
151,783,814
167,000,000
121.000,000
43,775.121
46,200,000
72,510.000
58,535,176
39,560,732
44,334,768
26,159,045
17.641,000
—11.1
+8.6
+18.6
0.0
+46.6
+13.4
+34.5
+6.5
+6.2
+4.5
+27.8
+27.4
Twelve cities, 5 days
Other cities, 5 days
,
- .4fiNg9alto,,retkalk.
Total all cities, 5 days
All cities, 1 day
$2,849,794,162
537,330.395
82,976,402,281
400.741,720
—4.3
+34.1
$3,387,124,557
677,424,911
$3,377,144,001
667,931,578
+0.3
+1.4
ea naa mso daft
Id AAA 075 570
+0 5
Clearings—Returns by Telegraph.
Week Ending Aug. 25.
• Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day,
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Aug. 18. For
that week there is a decrease of 3.6%, the aggregate of
clearings for the whole country being $4,778,003,576, against
$4,956,252,296 in the same week in 1933.
Outside of this city there is an increase of 13.4%, the bank
clearings at this center having recorded a loss of 12.3%. We
Financial Chronicle
1192
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the
totals are smaller by 12.0% and in the Boston Reserve District by 4.7%, but in the Philadelphia Reserve District the
totals are larger by 14.7%. The Cleveland Reserve District has to its credit a gain of 9.9%, the Richmond Reserve
District of 17.3% and the Atlanta Reserve District of 13.6%.
In the Chicago Reserve District there is an improvement of
20.8%,in the St. Louis Reserve District of 17.0% and in the
Minneapolis Reserve District of 1.7%. The Kansas City
Reserve District enjoys an increase of 37.5%, the Dallas
Reserve District of 29.9% and the San Francisco Reserve
District of 18.4%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 18.
Clearings at
1934.
1934.
1933.
Inc.07
Dec.
flanulA
4,778,003,576
1,898,584,453
4,956,252,296 -3.6
1,673,817,940 +13.4
809 514 458
716 114 nal -39
32 eine.
4,149,123,750 6,859,948,014
1,604,477,622 2,488,378,280
231.977.877
290_687.702
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Aug. 18.
Clearings at
1934.
1933.
Inc. or
Dec.
$
$
%
First Federa I Reserve Dist net
-BostonMe.
-Bangor.-- _
456,926
380.900 +20.0
'Portland
1,715,600 -8.0
_
1,579.031
Mass.
-Boston . 175,624,484 183,000,000 -4.0
Fall River_ _ _
532,659
509,172 +4.6
Lowell
308.776 -28.6
220,578
New Bedford_ _
603,423 +12.6
679,260
Springfield. _
2,445,759 -10.1
2,199,345
1,042,252 +6.1
1,105,452
Worcester_ _
C01111.-Hartfori
7,554,026
9,989,488 -24.4
2,649,583
New Haven.._
2,833,962 -6.5
R.I.-Providen
7,589,300
7,179,400 +5.7
386,367 -16.8
N.H.-Manches
321,318
Total(12 tit! .)
200,511,962
210,395,099
Second Fed r al Reserve D istrict-New
N. Y.
11,443,634
6,592,413
-Albany Binghamton_ _ _
801,408
737,080
24,377,463
26,112,858
Buffalo
481,886
Elmira
402,790
304,544
Jamestown_ _ _ _
484,390
New York_ _ _ _ 2,879,419,123 3,282,434,356
5.381,909
Rochester..__ _
4,896,833
3,277,282
2,983,283
Syracuse
2,402,284
2,550,015
Conn.-StamforI
N. J,-Montclajr
292.065
375,688
Newark
14,816.934
12,861,458
Northern N.J.._ _
24,669,762
23,462,969
-4.7
1932.
$
1931.
$
427,713
1,927,451
167,771,826
663,517
267,521
526,673
2,505,648
1,566,368
11.277,483
3,359,111
6,978,500
369,163
583,009
2,800,939
323,905,172
919,184
504,752
781,166
3,485,935
2,858,989
9,056,272
6,227,988
9,168,700
418,385
197,640,974
360,710,491
York-42.4
4,219,422
5,397,004
690,888
856,809
+8.7
22,120,475
+7.1
33,023,831
-16.4
514,429
844,634
+59.1
438,358
829,475
-12.3 2,544,646,128 4,371,569,734
5,117,196
+9.9
6,950,242
+9.9
3,133,279
3.917.108
-5.8
2,817,901
3,264,031
+28.6
358,767
462,221
16,272,205
+15.2
26,752,364
-4.9
25.298,195
28,808,299
)
Total(12 cities 2,963,530,040 3.368,032,379 -12.0 2,625,627,243 4,482.675,752
Third FederaI Reserve Dis trict-Phila delphi aPa.
-Altoona._ _.
331,857 -9.1
285,784
301.599
____
b
Bethlehem_ , a1,037,676
a1,617,417
271,007 -9.6
Chester
244,997
329,360
886,111
624,855 +40.1
Lancaster_ _
875,491
Philadelphia_ _. 271,000,000 239,000,000 +13.4 236,000,000
1,082,388 -11.7
2,336,739
Reading
955,362
,
1,861,703
1,868,832
2,010.671 -7.4
Scranton
1,532,316 -27.9
1,481.919
1.105,078
Wilkes-Barre .
1,055,272
York
1,063,557 +8.3
1,151,558
N.J,
2,329,000 +214.4
3,308,000
7,323,000
-Trenton_ .
Total(9 cities).
598,088
82,809,450
761,895
1,844,818
386,000,000
2,351,279
3,911,589
3,159,879
1,847,196
4,074,000
247,552,017
404,548,744
Reserve D strict-Clev eland-c
c
____
C
c
C
c
37,716,266
41,482,427
39.221,597 +5.8
59.800.000
63,380,049
60,333,010 +5.1
7,383,300 +51.4
6,524,000
11,178,000
923,066
1,001,286
1,056,528 -5.2
b
b
b
67,333,820
84,764,130
-75.589,771 +12:i
c
c
49.369,631
93,610,611
9,933,700
1,371,423
b
106,871,541
172.297,152
261,156,906
Fifth Federal Reserve Dist rict.-Rich mond.-333.062
154,151
107.891 +42.9
W.Va.-Hunt'to
1,960,600
Va.-Norfolk
2,779,000
2,083,000 +23.4
23,170,458
Richmond _
30,346,413
27,499,740 +10.4
607,749
585,125
494,757 +18.3
S.C.-Charleston
61.220,016
63,137,423
53,719,634 +17.5
Md.-Baltimore
13,550,098
15,336,149
10,327,298 +31.2
D.C.-Washing'
555,108
2,775,242
32,545,839
1,166,914
67,258,618
20,756,300
284,818,838
Fourth Fede. al
Ohio-Akron.
Canton
Cincinnati _ _ _
Cleveland
Columbus
Mansfield
Youngstown _
Pa.
-Pittsburgh
Total(Settles).
Total(6 cities)
201,805,892
110,552,210
248,245,651 +14.7
183.584.206
+9.9
102,628.034
125,058,021
Sixth Federal Reserve Dist rict.-Atlan ta2,103,030
2.763,218
Tenn.-Knoxvill
3,848,196 -28.2
8,342,887
11,535,128
Nashville
10,348,411 +11.5
Ga.-Atlanta
37,300,000
32,000.000 +16.6
25,400,000
_
807,203
Augusta
855,469
778,433
9.0
Macon
404,597
769,234
473.215 +62.6
6,967,926
*9.900,000
8.500,000 +16.5
Fla.-Jack'ville._
9,968.957 +9.0
7,589,364
Ala.-Birm'ham
12,544,729
786,901
Mobile
916,179 +24.1
1,136,826
bb
b
Miss.
-Jackson_ _
80.099
97.634 Vicksburg
84,425
.
Ili
22,991,653
22.336,997
La.
20.282,184 +10.1
-New Orleans
3,552,000
10,474,672
33,600,000
944,126
539,145
9,149,508
11,407,190
955,919
b
90,985
33,424,113
Total(10 cities)
99,148,990
94,232,320 +17.3
87,290.245 +13.6
75.473,660
1932.
1931.
3
$
74.030
679,452
59,217,674
2,871,467
1,367,500
897,022
9.474,000
875,938
2,457,307
12,024,912
569,510
4,332,769
1,817,934
b
867,369
189.240,180
438,563
1,723,327
414,462
1,152,590
157,875
711,753
112,497,973
3,958,458
2,519,510
1,401,153
13,795,000
6,846,874
3,702,962
19,729,403
2,294.225
5,574,014
3,939,839
b
1,328,655
306,463,265
855,674
2,478,101
1,244.053
1,895,731
290,119,013 +20.8
290,496,006
491,392,518
Eighth Federa Reserve Dia trict.-St. L ouls.bb
Ind.
b
-Evansville
71,600,000
63;000.000 +13 i
.
52,400,000
Mo.-St.Louis_ _
18,570.736 +24.4
16,022,008
23,108,095
Ky.-Louisville _
9,683,684 +24.7
12,074,719
8,911,235
Tens.- Memphis
bb
ill.- Jacksonvillt
b
275,000 +Y4.6
391,421
341,000
Quincy
b
88,500.000
19,656,929
9,313,843
b
680,910
350,381,469
1931.
1932.
$
Federal Reserve Dist'.
S
$
8
%
360,710,491
197,640,974
210,395,099 -4.7
200,511,962
1st Boston_ _ _ _12 citiek
2,963,530,048 3,368,032,379 -12.0 2,60,627,243 4,482,675,752
2nd ISewYork__12 "
404,548,744
2..47,552,017
248,245,651 +14.7
289,818,838
3rd Philadelpla 9 "
261,156,906
172,297,152
183,584,206 +9.9
201,805,892
ft& Cleveland__ 5 "
125,058,021
102,628,034
94,232,320 +17.3
110,552,210
5th Richmond _ 6 "
104,137,658
75,473,660
87,290,245 +13.6
99,148,990
8th Atianta____10 "
491,392,518
290,496,006
290,119,013 +20.8
350,381,469
7th Chicago - --19 "
118,151,682
77,724,664
91,529,420 +17.0
107,123,814
8th St.Louis_ _ _ 4 "
65,490,325
85,067,112
87,087,879 +1.7
88,550,293
9th Minneapolis 6 "
88,912,417
135,562,473
91,111,002 +37.5
125,275,108
10th Kansas City10 "
43,90,131
32,880,676
34,549,459 +29.9
44,878,120
5 "
11th Dallas
247,560,526
172,400,582
170,075,623 +18.4
231,426,832
12th San Fran_ _12 "
110 Cltlep
Total
Outside N. Y. City
Int. Or
Dec.
1933.
$
$
%
Seventh Feder al Reserve 13 istrict.-Chi cago19,040 +242.6
Mich.
65,236
-Adrian _
447,896 +5.9
Ann Arbor_ _ __
474,146
49,776,350 +42.5
70,911,274
Detroit
1,109,762 +48.4
1,646,750
Grand Rapids
581,024 +90.7
1,107,953
Lansing
645,414
429,636 +50.2
Ind.
-Ft. Wayne
8,901,000 +36.9
12,188,000
Indianapolis_ _
431,240 +61.7
697,522
South Bend...
2,870,968 +21.2
3,479,440
Terre Haute _
11,802,486 +25.0
Wis.-Milwaukee
14,748,146
186,978 +210.8
581,138
Ia.-Ced. Rapids
4,152,320 +42.3
5,909,842
Des Moines...
2.039,008 +36.7
2,788,298
Sioux City.-b
Waterloo
b
268,145 +117ti
--Ill -Bloomington
583.400
229,995,199 203,365,741 +13.1
Chicago
438.948 +26.4
554,886
Decatur
1,973,571 +26.1
2,489,618
Peoria
585,997 +8.2
Rockford
634,115
738,903 +19.2
881,092
Springfield_ __
Total(19 cities
Week Ended A ug.18 1934.
Aug. 25 1934
104.137,658
91,529,420 +17.0
77,724,664
118,151.682
Ninth Federa Reserve Dia trict-Minne spoils3.373,043 -14.8
2,872.853
Minn.
-Duluth_.
64,746.788 -6.9
60,254,950
Minneapolis...
16,312,413 +31.2
21,406.172
St. Paul
464,680 +9.2
S. D.-Aberdee
507.654
271,917 +47.4
Mont.
400,818
-Billings
1.919,038 +61.9
3,107,846
Helena
2,065,485
47.094,961
13,978,806
579,894
242,592
1,528,587
3,013,418
59,641,547
18,947,054
703,047
422,782
2,339,264
65,490,325
85,067.112
Tenth Federa I Reserve Dis trict-Kansa 5 City53,213 +51.6
109,819
80,663
Neb.-Fremont _
b106,426
Hastings
56,032
2,013,272 -L0.1
--1
1,518,634
2,004,589
Lincoln
20.943.116 +26.9
26,566,431
19.641,202
Omaha
1,221.388 +145.7
Kan.
1,541,347
3,001,083
-Topeka_ _
1,829,648 +86.4
3.595,336
3,409,615
Wichita
61,342,491 +40.1
85,948,947
58,836,311
Mo.-Kan, City.
2,712.000 +14.2
2,444,200
3,097,614
St. Joseph.- 599,233 +2.1
557,530
Colo.
611,914
-Col. Spgs
396,641 +25.6
561,612
Pueblo
498,196
240,073
295,520
2,700,788
38,814,559
2,048,723
4,703,434
80,549,328
3,989,201
1,089,982
1,130,865
Total(4 cities).
Total(6 cities)
107,123,814
88,550,293
87,087,879
+1.7
91,111,002 +37.5
88,912,417
135,562,473
-Da flasEleventh Fed ral Reserve District
615,386 +46.0
Tex.
898,686
-Austin_ _
26,101,895 +33.9
34.947,189
Dallas
3.974.689 +16.3
4,621,621
Fort Worth_ -2,147,000 +24.4
2,671,000
Galveston
1,710.489 +1.7
Ls.
1,739,624
-Shreveport.
584.139
23,623,025
4,725,857
1,935,000
2.012,655
1,235,241
31.090,881
6,294,248
2,217,000
3.088,761
34,549,459 +29.9
32,880,676
43,926,131
Twelfth Feder al Reserve D 'strict-San Franc'sco20,628,816
22,976,185 +11.4
Wash.-Seattle._
25,602,258
4,948,000
4,703,000 +80.2
8.473.000
Spokane
404,890
290,132 +155.5
Yakima
741,160
19,450,261 +26.4
15,768,148
Ore -Portland..
24,592,230
7,510,150
8.924,549 +28.5
Utah.
11,464.371
-S.L. City
2,672,720 +3.7
2,668,839
Calif.
-L.Beach_
2,771,240
2,154.620 +3.1
2,306,352
2.221,079
Pasadena
3,052,696 +92.0
7,256,047
5,862,247
Sacramento_
San Francisco_ 115.089,477 102,215.595 +12.6 107.387,000
1.576.496 +39.6
San Jose
1,485,054
2,200,771
877.233 +10.6
862,307
Santa Barbara
970.538
1,182,136 +21.7
1,174.979
1.438,461
Stockton
30,306.160
8,058,000
686,736
25,586,944
12,735,877
4,553,175
3,890,909
8,386,305
148,016,000
2,431,706
1,437,214
1,471,500
Total(10 cities
Total(5 cities).
Total(12 cities)
125,275,108
44,878.120
201,426,832
170,075,623 +18.4
Grand total (110
4,778.003,5764,950,252.296
cities)
172,400,582
247,560,526
-3.6 4,149,123,750 6,859,948.014
Outside New York L899.554.453 1.673.817,940 +13.4 1.604.477.622 2,488.378.280
Week Ended Aug. 16.
Clearings at
1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ ..
New Westminster
Medicine Hat _ _
.
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Bernie
BudburY
Total(32 cities)
$
75,391,084
95,346,113
77.713,166
14,669,056
3,942,237
3,458,682
1,992,948
3,117,779
4,984,413
1.683,536
1,250,748
2,108,567
3,189,993
2,825,630
267,455
360,147
1,117,275
400,130
727,355
716,364
496,836
194,828
540,372
491,108
1.035,195
1,941,666
256,417
574,868
532,638
419,286
356,382
817,334
302,919,608
1933.
Inc. Or
Dec.
1932.
$$
74,307,128 T1.5
'
71,743,546
87.396,811 +9.1
73,877,937
98,157.550 -20.8
35,743,362
13,387.412 +9.6
10.912,731
3,784,922 +4.2
3,578,917
3,572,510 -3.2
4,007,659
1,821,370 +9.4
2,907,768
3,285,522 -5.1
3,250,837
6,574,479 -24.2
4,664,289
1,833,059 -8.2
1,571,908
1,319.811 -5.2
1,274,143
2,209.913 -4.6
1,956,156
3,812,935 -16.3
3,240,285
3,121,959 -9.5
2,514,682
280,180 -4.5
322,055
339,037 +6.2
340,005
1,141,319 -2.1
1,275,596
436,529 -8.3
411,918
633,744 +14.8
648,572
533,557 +34.3
600,895
424,039 +17.2
429,719
188,461 +3.4
165,451
548,560 -1.5
486.401
555,292 -11.6
540,504
896.348 +15.5
723,589
2,061,412 -5.8
2,283,791
264,615 -3.1
241,260
571,479 +0.6
546,902
487,542 +9.2
526,229
463,416 -9.5
380,151
347,142 +2.7
347,163
558,040 +46.5
457,456
315.316,093
-3.9
231,977,877
1931.
$
101,486,239
87,943,289
35,756,012
13,698,180
6,272,589
5,215,433
2,534,494
4,191,405
5,472,487
2,101,261
1,751,537
2,814,425
5,065,731
3,092,030
394,888
388,714
1,506,256
574,223
821,709
678,594
751,536
219,279
795,709
759,974
811.147
2,381.405
337,691
696,391
097,224
351,431
425,077
701.342
290,587.702
a Not included in totals. b No clearings available. c Clearing House not functioning at present.
• Estimated.
Volume 139
Financial Chronicle
1193
list. Fractional gains were recorded by a few issues in the
utility group, but most of the trading favorites were unchanged. As compared with Friday of last week, many
prominent stocks were generally higher, Aluminum Co. of
America closing on Friday night at 60 against 57 on Friday
of last week, American Cyanamid "B" at 18% against 183%,
American Gas & Electric (4) at 243/2 against 213%, American
Light & Traction (1.60) at 12 against 11%, American Superpower at 23% against 2, Atlas Corp. at 9% against 9, Central
3
States Electric at 13-16 against %, Cities Service at 2
against 1%, Consolidated Gas of Baltimore (3.60) at 64
against 63, Creole Petroleum at 14 against 123/2, Electric
%
Bond & Share at 123 against 11, Glen Alden Coal Co. at
20% against 193/8, Greyhound Corp. at 183% against 18,
Gulf Oil of Pennsylvania at 58 against 57, Hudson Bay Mining and Smelting at 153% against 143/2, Humble Oil(New)at
432 against 433%,International Petroleum at 29% against
5
283 , National Bellas Hess at 2% against 2%,New Jersey
%
3
Zinc at 54 against 50, Niagara Hudson at 5 against 4%,Penn%
road Corp. at 23% against 2, Swift & Co.(%) at 203
against 183/s, Teck Hughes (.60) at 7 against 6%, United
Gas Corp. at 23/i against 23/s, United Light & Power A at
2 against 13/s, and Wright Hargreaves at 103% against 93/8.
A complete record of.Curb Exchange transactions for the
week will be found on page 1220.
THE CURB EXCHANGE.
Curb market securities were sluggish with few important
changes during the early part of the present week, but a
stronger tone gradually developed and some of the more
active of the market leaders firmed up as the specialties,
mining shares and utilities showed moderate gains. On
Wednesday the volume of sales was somewhat larger as a
brisk rally sent a number of the market favorites toward
higher levels. There were a few gains of a point or more,
but the bulk of the changes throughout the week were
fractional.
Following the execution of overnight orders, the curb
market turned dull and irregular on Saturday, most of the
trading favorites being confined to week-end adjustments.
Offerings among the industrials, metals and utilities were
comparatively light, a goodly part of the transactions being
concentrated in the specialties, though there were occasional
stocks in other groups that showed moderate activity. Some
of the popular trading shares fairly active on the up side
during previous sessions show a decided weakness. These
included among others Pepperell Manufacturing Co., Childs
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
pref., Commonwealth Edison and Lynch Corp. Declines
were also recorded by Aluminum Co. of America, American
Bonds (Par Value).
Stocks
Cyanamid B, American Gas, National Bellas Hess, Swift
(Number
Week Ended
Foreign
Foreign
of
Aug. 24 1934.
& Co., Standard Oil of Indiana and American Superpower.
Total.
Domestic. Government. Corporate.
Shares).
Among the few stocks closing at higher levels were Quaker
$11,000 81,087,000
$27,000
37,590 $1,049,000
Saturday
34,000 1,690.000
55,000
Oats, Electric Bond & Share, Wright Hargreaves and Inter- Monday
82,290 1,601,000
15,000 1.994,000
66,000
116,635 1,913,000
national Petroleum. The turnover for the short trading Tuesday
54,000 2,763.000
152,000
180,665 2,557,000
Wednesday
38,000 2,171,000
81,000
171,780 2,052,100
Thursday
period was 38,000 shares.
94,000 2,530,000
341,000
168,430 2,095.000
Friday
Curb stocks were sluggish on Monday, price changes being
$246,000 $12,235,000
$722,000
757,390 $11,267,000
Total
small and generally irregular with the trend downward.
Jan 1 to Aug. 24
Week Ended Aug. 24
Sales at
The public utility group made the best showing, though the
New York Curb
1933.
1934.
1933.
range was narrow and prices only fractionally changed from
1934.
Exchange.
the previous close. This was true also of the oil shares, Stocks-No. of shares
75,873.044
45,071,372
1,552,983
757,390
Bonds,
Standard Oil of Indiana moving within a narrow compass, Domestic
6623,027,000
8686,497,000
811,267,000 813,807,000
29,463,000
25,427,000
518,000
722,000
International Petroleum was steady and Humble Oil was Foreign government
27,947,000
19,758,000
599,000
246,000
Foreign corporate
inclined to be easier. Mining shares showed little movement
6731,682,000
,
8680.437.000
$12,235,000 514. 124,000
Total
from the previous close and the alcohol stocks were unchanged. Among the specialties, Pepperell Manufacturing
THE ENGLISH GOLD AND SILVER MARKETS.
Co. lost a part of its recent gains and Pittsburgh Plate Glass
made an advance of a small fraction.
We reprint the following from the weekly circular of
Trading picked up to some extent on Tuesday, though Samuel Montagu & Co. of London, written under date of
the day's turnover was small and devoid of any special Aug. 8 1934:
GOLD.
movements. Moderate gains were registered by some of
The Bank ofEngland gold reserve against notes amounted to £191,621,164
previous
the more active of the market leaders, particularly in the oil on the 1st inst. as compared with n91480,150 on theof £55,796Wednesday.
in bar gold.
During the week the Bank announced the purchase
and mining sections. Utilities were inactive and moved
The open market has been fairly active and about £2,200.000 of bar
gold was disposed of during the week. Quotations ruled at about dollar
within a narrow channel and specialties like Woolworth, parity until the 4th inst., when following weakness of the dollar in terms
the Continent, as a
of sterling, there was a good demand for
Ltd., Swift & Co., Pepperell Manufacturing Co. and Swift result of which prices have since been fixed gold from parity.
above the
International held fairly steady, but made little or no change
Quotations during the week:
Eluivalent Value
Per Ounce
from the previous close.
of E Sterling.
Fine.
12s. 3.57d.
138s. 2d.
after the opening on August 2
The rally that developed shortly
12s. 3.61d.
138s. 154d.
August 3
its. 3.70d.
138s. M .
Wednesday carried through most of the day and the entire August 4
1375. 10d.
August 7
its. 3.70d.
138s. Md.
list moved briskly forward on an increased turnover. In- August 8
its.
138s. id.
five
dustrial shares were in sharp demand and led the upswing, Average of above weredays United Kingdom imports and exports3.70d
of gold
the
The following
followed by the public utilities which also registered moderate registered from mid-day on the 30th ulto. to mid-day on the 4th inst.:
Exports.
Imports.
gains. In the latter group were such prominent stocks as Belgium
£6,200
£22,812 Poland
8,108
14,806 Switzerland
American Gas & Electric, Electric Bond & Share, United Prance
176,607
1,710,448 Prance
British South Africa
Light & Power A and Niagara Hudson. Mining and metal British India
2,433,998 United States of America.. 1,086,600
297.167
shares were strong and stocks like Aluminum Co. of America, Australia
20,264
New Zealand
9,436
Newmont and Lake Shore Mines were in demand but the Hong Kong
30,529
Venezuela
14.871
changes were small. Miscellaneous issues and specialties Other countries
showed a stronger tone, particularly Swift & Co. and Swift
£1,277,515
£4.554,331
International. Alcohol stocks were fractionally higher and
Gold shipments from Bombay last week amounted to about £729,000.
£529,000 is consigned to London
The EIS. Chitral
there was a good demand for A. 0. Smith, which forged and £193,000 to carries £722,000 of which has £7,000 destined for London.
New York. the SS. Elysta
ahead about 4 points.
Since 1931 the export of gold from Newfoundland had been prohibited
but act
The general upward movement was checked to some country was signed yesterday by which the free export of gold from that
is now permitted.
extent on Thursday due to irregularity that developed
SILVER.
around mid-session. There were a few isolated stocks that
The firmer tone apparent at the end of last week has been maintained and
China has sold and there
continued to move ahead, due to some special condition, prices have shown a steady advance. Although America and the Indian
has been some selling on Continental account,
but changes were largely fractional. Toward the end of bazaars gave good support so that offerings were readily absorbed. Specuthese
the session a few prominent issues again moved upward, lators have made re-sales butat the have been only moderate.
present level and the undertone good.
The market appears steady
the gains including such trading favorites as The Great
The following were the United Kingdom imports and exports of silver
Atlantic & Pacific Tea Co.(7%b),Long Island Light pref.(7), registered from mid-day on the 30th ulto. to mid-day on the 4th inst.:
Exports.
Imports.
United Gas pref., Cleveland Electric (2),Crane pref., Hiram
E2,050
£23,200 Sweden
Soviet Union (Russia)_
Walker and Pan-American Airways. A. 0. Smith reached Belgium
23.030
5,624 British India
2,150
28,329 Straits Settlements
at its top for the day, but slipped off before the end of Australia
25
185,530
10.000 United States of America_
New Zealand
the session. Swift & Co., was active and strong, and there Canada
4.141
15.715 Other countries
6.161
were some gains among the mining shares.
United States of America_
14,940
India
Limited trading and irregular price movements were the Britishcountries
2,210
outstanding characteristics of the curb market transactions Other
£216 901
£106,179
There were a few stocks for which there apon Friday.
Quotations during the week:
peared to be a special demand and a number of these showed
NEW YORK.
IN
IN LONDON.
modest gains, but the general list had a downward tendency.
(Per Ounce .999 Fine.)
-Bar Silver Per Os. Std.2 Mos.
One of the strong shares was Swift & Co. which broke through
Cash.
46 11-16c.
209-165. 20 11-16d. Aug. 1
2
its top to a new high for 1934, followed by the International Aug. 3
47)c.
20 9-165.
Aug. 2
2014d.
47 Mc.
Co. which also reached a new peak for the year. Most of Aug. 4
20 11-165. 20 13-165 Aug. 3
Aug.
47 Mc.
and unchanged, and the mining stocks Aug. 7
20 13-16d. 20 15-16d. Aug. 4
the oils were steady
473(c.
Aug. 6
irregular. Some of the specialties were Aug. 8 above20 15-16d. 215.
were generally
48c.
Aug. 7
Avge of
10.800d.
5 days__ _ _20.700-:.
moderately firm, but there was little change in the industrial
1194
Financial Chronicle
The highest rate of exchange on New York recorded during the period
from the 2d inst. to the 8th inst. was $5.0734 and the lowest $5.02%.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)July 15.
July 22.
July 31.
Notes in circulation
18,210
18.285
18.380
Silver coin and bullion In India
9,809
9,844
9,939
Gold coin and bulllon in India
4,155
4,155
4,155
Securities (Indian Government)
3,078.
3065
Securities (British Government)
1,208
1,208
1,221
The stocks in Shanghai on the 4th inst. consisted of about 108,300,000
ounces in sycee, 370,000,000 dollars and 30,300,000 ounces in bar silver as
compared with about 108,300,000 ounces in sycee, 369,000,000 dollars and
30.300.000 ounces in bar silver on the 28th ulto.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat..
Mon.,
Wed.,
Tues.,
Frt.,
Thurs.,
Aug. 18.
Silver, p. on..... 2131d.
Gold,p. fine oz.138s. 44.
Consols,231% Holiday
British 331%
W. L
Holiday
British 4%Holiday
1960-90
Aug. 20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
2131cl.
21 9-18d. 20 9-18d. 21 9-16d.
2131d.
1388.3d. 138.8.231d. 1388.7d. 1386.730. 13913.3d.
8011-10 8011-16 8011-16 8034
8031
10431
10434
10431
10434
10434
11534
11534
11531
11531
4931
50.01
4931
50.01
49. 1
3
/
50.01
4931
50.01
4931
50.01
6431
6431
8431
6431
6431
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Aug. 18 Aug.20
1934. 1934.
Francs. Francs.
Bank of Francs
10,700
Banque de Paris et Pays Bas1,375
Banque d'Union Parisienne_ _
153
Canadian Pacific
216
Canal de Suez
19,200
Cie Distr. d'Electrioitie
2,260
Cie Generale crElectricitie
1,590
Cie Generale Transatiantique..21
Citroen B
205
Comptoir Nationale d'Eacompte
999
Coty B A
120
Courrieres
242
Credit Commercial de France-668
Credit Lyonnais
1,980
taus Lyonnais
2,470
Energie Electrigue du Nord
563
Energie Electrique du Littoral
816
Kuhlmann
HOLI538
L'Air Liquide
DAY
700
Lyon (P L M)
909
Nord Ry
1,275
Orleans Ry
449
Pathe Capital
55
Pechiney
985
Renter. Perpetual 3%
71.10
Rentes 4%. 1917
80.80
Renter 4%. 1918
79.75
Rentes 444%. 1932 A
88.75
Rentes 431%, 1932 B
88.90
Rentes 5%, 1920
110.10
Royal Dutch
1,550
Saint Gotkain C & C
1,152
Schneider & Cie
1,592
Societe Francalse Ford
55
Societe Generale Fonder°
59
Societe Lyonnais°
2,470
Societe MarselUalae
519
Tubize Artificial Silk pref
114
Union d'Electricitie
688
Wagon-Lita
77
Aug.21 Aug.22 Aug.23
1934. 1934. 1934.
Francs. Francs. Francs.
10,700 10.700 10,700
1,370
152
152
230
230
280
19,300 19,100 19,100
2,250 2,230 2,230
1,580
1,530 1,540
24
22
23
204
204
198
994
997
992
110
110
110
240
238
237
680
655
653
1,970
1,960 1,990
2,460 2,450 2,740
564
564
567
815
814
803
525
530
523
890
690
690
905
900
905
1,273 1,270 1,285
440
441
440
54
54
54
980
976
986
70.30
70.50 70.70
80.40
80.50 80.70
79.45 79.50 79.75
85.85 85.85 86.15
86.50 88.70 88.80
109.60 109.80 110.10
1,540
1,540 1,550
1,150 1,150 1,158
1,599 1,609 1,602
54
55
55
58
59
58
2,460 2,450 2,440
518
515
519
118
117
116
684
679
687
77
77
77
Aug.24
1934.
Francs.
10,800
"230
19,100
1,540
23
110
1,970
2,440
690
440
71.00
80.90
79.95
86.25
87.00
110.20
1,560
55
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Aug. Aug. Aug. Aug. Aug. Aug.
18.
20.
21. 22. 23. 24.
--Per Cent of Par
Reichsbank (12%)
155 158 155 156 156
Berliner Handels-Gesellsehaft (6%)
91
91
91
91
91
Commerz-und Privet Bank A 0
57
57
57
56
57
Deutsche Bank und Disconto-Gesellschaft66
66
65
85
65
Dresdner Bank
68
88
68
138
68
Deutsche Reichsbahn (Ger Rye) pref(7%)._
112
112
112 112 112
Allgemeine Elektrizitaets-Gesell(A E(1)
28
26
26
26
26
Berliner Kraft u Licht (10%)
146 145 144
144 143
Dauer Gas (7%)
Roll- 126 120 125 125 125
Gesfuerel (5%)
day 110
110 109 109 109
Hamburg F.lektr-Werke (8%)
129 129 129
130 129
Siemens & Halske(7%)
144 144 144 146 146
I0 Farbenindustrie(7%)
147 147 147 147 147
Salzdetfurth (734%)
158
157 158 160
Rheinische Braunkohle (12%)
247 243 242 241 246
Deutsche Erdoel(4%)
115 114 115
115 115
Mannesmann Roehren
89
69
70
69
69
26
Hapag
25
26
26
26
Norddeutscher Lloyd
30
29
30
30
31
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Share.
9 Dardelet Threadlock Corp. (Del.)
$510 lot
25 111 John St. Corp.(N.Y.)
530 lot
75 III John St. Corp.(N. Y.)
$90 lot
15 Reserve Petroleum Co. (Del.), common, temporary certificate and 15-18
share common serif)
$4 lot
1 The Rookwood Pottery Co. (Ohio), preferred: 7 The Rookwood Pottery Co.
(Ohio), common
$16 lot
6 Lynn & Marblehead Real Estate Co.(Mass.)
$125 lot
15 New England Southern Corp. (Mass.), prior preferred
$3 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 The Como Mines
By R. L. Day & Co.. Boston:
Shares. Stocks.
S per Share.
25 National Shawmut Bank, Boston, par $25
1931
5 Stickney & Poore Spice Co., par $100
60
11 Columbian National Life Insurance Co.. Par $100
10034
BondsPer Cent.
$3,000 Leominster, Shirley Jr Ayer Street Rwy.Co., let 5s, Feb. 1921 extended
to Feb. 1931 at 4%
2% flat
By Crockett & Co., Boston:
Shares. Stocks.
$ per Share.
25 Croft Brewing Co., par $1
1.96
50 Old Colony Trust Associates
931
20 Boston Acceptance Corp.. preferred, par $10; 10 Boston Acceptance Corp,
common
$044 lot
2 Saco Lowell Shops, 2nd preferred, par $100
1131
3 Quincy Market Cold Storage & Warehouse, preferred, par $100
1131
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Share.
40 Central-Penn National Bank, par $10
2331
100 Pennsylvania Company for Insurances on Lives and Granting Annuities,
$10
I)
2931
15 Integrity Trust Co.. par $10
20 Real Estate-Land Title & Trust Co., par $10
5
5 Elmer Trust Co., Elmer, N. J
20
40 Mount Plymouth Corp., par $100
$1 lot
10 North Broad National
2
11531
The price of silver in New York on the same days has been:
Silver in N. Y.
(foreign) per on.
(cis.)
4931
U.S.Treasury 50.01
U.S.Treasury
(newly mined) 8431
Aug. 25 1934
$ per Share.
$1.65
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Abbott Laboratories (guar)
50c Oct. 1 Sept. 14
Extra
10c Oct. 1 Sept. 14
Adams Express Co.,5% cum. pref.(quar.)
$131 Sept.29 Sept. 14e
Albany & Susquehanna (s.
-a.)
$434 Jan. 2 Dec. 15
Amalgamated Leather Cos., Inc.. preferred
50c Oct. 1 Sept. 19
American Electric Securities Corp.
Participating preferred
71ea Sept. 1 Aug. 20
American Homo Products (monthly)
Oct. 1 Sept. 14e
American Investment Co. of Ill. H
734c Sept. 1 Aug. 20
American Power & Lt. Co., $6 cirm. prof
3734c Oct. 1 Sept. 6
$5 cum. preferred
31 c Oct. 1 Sept. 6
American Water Works & Elec. Co. pref. (qu.)_ $134 Oct. 1 Sept. 7
Babcock & Wilcox
1 c Oct. 1 Sept. 20
Baldwin Co. 6% cum. pref. (qua!'.)
$134 Oct. 15 Sept.29
6% preferred A (quar.)
$134 Sept. 15 Aug. 31
Bangor Hydro Elec., 7% pref. (quar.)
Oct. 1 Sept. 10
607 preferred (quar.)
Oct. 1 Sept. 10
Beech-Nut Packing Co., common (quar.)
7
Oct. 1 Sept. 12'
Extra
25c Oct. 1 Sept. 12
Bell Telephone Co. of Canada (quar.)
Oct. 22 Sept. 22
Beneficial Loan Society (quar.)
Sept. 1 Aug. 20
Binghamton Gas Works, 634% prof. (quar.)
5631c Sept. 1 Aug. 20
Black-Clawson Co.. pref. (quar.)
Sept. 1 Aug. 25
Boston Elevated Ry. corn. (guar.)
$1
Oct. 1 Sept. 10
Brooklyn-Manhattan Transit Corp.. pref. (qu.)_
$1
Oct. 15 Oct. 1
Preferred (quarterly
$1
Ja 15'35 Jan. 2
Preferred (quarterly
$1
Ap15'35 Apr. 1
Preferred (quarterly
$I
JIy15'35 July 1
Brooklyn Manhattan Transit, corn
7
Oct. 15 Oct. 1
Brooklyn & Queens Transit Corp.
$6 preferred A (quar.)
Oct. 1 Sept. 15.
25c Oct. 15 Sept. 15
Bruck Silk Mills, Ltd
Buffalo, Niagara & Eastern Power Corp.
$131 Nov. 1 Oct. 15
$5 1st preferred (quar.)
40c Oct. 1 Sept. 15
Preferred
7.41c Sept. 1
Business Recovery Trust Shares, Balt
Calamba Sugar Estates. extra
$1 Oct. 1 Sept. 15
75c Oct. 1 Sept. 15
Canadian General Electric (guar.)
8734c Oct. 1 Sept. 15
Preferred (quarterly)
Canadian Silk Products, A (quar.)
37Mc Aug. 31 Aug. 15
-Dividend action deferred.
Case (J. I.) Co.
Central Illinois Light Co., 6% pref. (quar.)_.._
Oct. 1 Sept. 15
7% preferred (quarterly)
Oct. 1 Sept. 15
Chesapeake & Ohio Ry. corn. (glue.)
11
0 Oct. 1 Sept. 7
Preferred (semi-annual)
1-1-35 Dec. 7
$3X
Chesapeake Corp.(quar.)
62c Oct. 1 Sept. 7
Chestnut Hill RR.(quar.)
75e Sept. 4 Aug. at
Chicago District Electric Generator Corp.
g6 preferred (quar.)
Sept. 1 Aug. 25
Chicago Flexible Shaft (quar.)
Sept.30 Sept. 20
Christiana Securities Co. 7% pref. (guar.).- $131 Oct. 1 Sept. 20
Clinton Trust Co.(N. Y.)(quar.)
'
50c Oct. 1 Sept. 10
Colonial Ice Co., $7 preferred
Sept. 1 Aug. 20
Preferred B
Sept. 1 Aug. 20
Columbus & Xenia RR
$1.1 Sept. 10 Aug. 25
Consolidated Gas of Balt. corn. (quer.)
90c Oct. 1 Sept. 15.
Preferred A (quar.)
$1
Oct. 1 Sept. 15
Preferred D (quar.)
Oct. 1 Sept. 15
Preferred E (guar.)
11
Oct. 1 Sept. 15
Davenport Hosiery Mills, Inc., common
50c Oct. 1 Sept. 15
De Long Hook & Eye Co. (quar.)
75c Oct. 1 Sept. 20
Dominion & Scottish Investors, pref
h25 Sept. 1 Aug. 29
Dominion Stores, common (quar.)
30c Oct. 1 Sept. 15
Durham Duplex Razor Co., pref
20c Sept. 1 Aug. 30
E. I. Du Pont de Nemours & Co., Inc.
Common (quarterly)
65c Sept. 15 Aug. 29
Extra
50c Sept. 15 Aug. 29
Depenture stock (quarterly)
Oct. 25 Oct. 10
Electric Auto-Lite Co., 7% pref. (quar.)
11
Oct. 1 Sept. 15
Electric Controller & Manufacturing Co.(quar.)
2c Oct. 1 Sept. 20
Empire Power Corp., $6 cum. preferred
$134 Oct. 1 Sept. 15
Erie & Pittsburgh RR. Co
8734c Sept. 10 Aug. 31
Falconbridge Nickel Mines, Ltd. (guar.)
10c Sept. 27 Sept. 12
Florence Stove Co., common
50c Sept. 1 Aug. 21
Preferred (quarterly)
$1 Sept. 1 Aug. 21
Gates Rubber. preferred (quar.)
sl
Sept. 1 Aug. 16
General Railway Signal (quar.)
2
Oct. 1 Sept. 10
Preferred (quarterlY)
$1
Oct. 1 Sept. 10
Georgia Power Co., $6 preferred (quar.)
$1
Oct. 1 Sept. 15
$5 preferred (quarterly)
1
Oct. 1 Sept. 15
Gillette Safety Razor, corn. (guar.)
25c Sept. 28 Sept. 4
$5 convertible preferred (quar.)
Nov. 1 Oct. 1
Globe Democrate Publishing Co. prof. (quar.)_
Sept. 1 Aug. 20
Godman (H. C.) Shoe Co.,6% Zild preferred
$1
Sept. 10 Aug. 26
Goldblatt Bros., Inc.. common (guar.)
n25c Oct. 1 Sept. 10
Grand Rapids & Indiana Ry. Co. (s.
-a.)
$2 Dec. 30 Dec. 10
Greenwich Water & Gas System. Prof. (quar.).. $134 Oct. 1 Sept. 20
Hackensack Water Co. class A Preferred (quer.). 4334c Sept. 30 Sept. 17
Hall (C. M.) Lamp Co., corn
10c Sept. 15 Sept. 1
Halold Co. (quarterly)
25c Oct. 1 Sept. 15
Extra
25c Oct. 1 Sept. 15
707 preferred (quarterly)
Oct. 1 Sept. 15
$1
Hamilton United Theaters, Ltd., 7% pref. (qu.) $1
Sept. 29 Aug. 31
Hannibal Bridge Co. (quar.)
Oct. 20 Oct. 10
Hathway Mfg Co. (quar.)
50c Sept. 1 Aug. 13
Hayden Chemical Corp. common (quar.)
25c Sept. 1 Aug. 27
Hollinger Consol. Gold Mines(monthly)
Sept. 10 Aug. 24
1
Extra
2
Sept. 10 Aug. 24
Humble Oil & Refining Co.(quar.)
Oct. 1 Sept. 1
2
Illinois Bell Telephone Co., quarterly dividend o mitted
1
1
hii
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Insuranshares Certificates, Inc. (semi-ann.)--Sc Sept. 20 Sept. 12
International Proprietaries, Ltd., A (quar.)-80c Sept. 15 Aug. 22
Extra
15c Sept. 15 Aug. 22
Ironwood & Bessemer Ry. & Light
707 preferred (quarterly)
$134 Sept. 1 Aug. 15
Jewel Tea Co., Inc., common (quar.)
75c Oct. 15 Oct. 1
Johns-Manville Corp. 7% preferred (quar.)
$134 Oct. 1 Sept. 17
Johnson Ranch Ray
4c Sept. 1 Aug. 25
Kings County Lighting Co. common (quar.)___
134 Oct. 1 Sept. 18
707 preferred quar.
134 Oct. I Sept. 18
607 preferred quar.
$145 Oct. 1 Sept. 18
5% preferred guar.
$134 Oct. 1 Sept. 18
Kresge (S. S.) Co. common (quar,)
20c Oct. 1 Sept. 11
Preferred (quar.)
$134 Oct. 1 Sept. 11
Lake Shore Mines, Ltd. (extra)
50c Sept. 15 Sept. 1
Lake Superior District Power Co.
7% cumulative preferred (quar.
5134 Sept. 1 Aug. 15
6% cumulative preferred (quar.)
3134 Sept. 1 Aug. 15
Liggett & Myers Tobacco Co. 1st pref. (qu.)
5134 Oct. 1 Sept. 10
Linde Air Products Co.6% pi (guar.)
$134 Oct. 1 Sept. 20
laf.
Loudon Packing (quar.)
3734c Oct. 1 Sept. 14
Extra
25c Oct. 1 Sept. 14
Long Island Lighting Co.7% cum. pref. A (qu.).
134 Oct. 1 Sept. 15
6% cumulative preferred B (quar.)
134 Oct. 1 Sept. 15
Lord & Taylor common (quar.)
234 Oct. 1 Sept. 17
Mahoning Investors
Si Sept. 1 Aug. 22
Mathieson Alkali Works, Inc. (quar.)
3734c Oct. 1 Sept. 10
Preferred (quarterly)
$134 Oct. 1 Sept. 10
Mayer (0.) eZ CO., 1st pref. (guar.)
$134 Sept. 1 Aug. 25
2nd preferred (quarterly)
$2 Sept. 1 Aug. 25
McCahan (Wm.J..) Sugar Refg. & Mol. Co.—
Cumulative preferred (quar.)
3134 Sept. 1 Aug. 22
Memphis Power & Light Co. $7 pref. (quar.).. $134 Oct. 1 Sept. 15
$6 preferred (quar.)
$134 Oct. 1 Sept. 15
Mesta Machine Co., common
50c Oct. 1 Sept. 17
Preferred (quarterly)
$1.34 Oct. 1 Sept. 17
Metal & Thermit Corp. preferred (quar.)
$134 Oct. 1 Sept. 20
Metropolitan Edison $7 preferred (quar.)
l X Oct. 1 Aug. 31
$6 preferred (quar.)
134 Oct. 1 Aug. 31
$5 preferred (quar.
134 Oct. 1 Aug. 31
Missouri Utilities, 7% preferred (quarterly)..
51
Sept. 1 Aug. 21
MorrisFinance Co., A (quar.)
Sept.29 Sept. 19
$1
Class 13 (quarterly)
30c Sept. 29 Sept. 19
Preferred (quarterly)
$134 Sept. 29 Sept. 19
Motor Finance (quar.)
20c Aug. 31 Aug. 24
Nassau & Suffolk Lighting Co.,7% pref.(guar) $134 Oct. 1
National Auto Fiber. preferred
1$134 Sept. 1 Aug. 15
National Breweries, Ltd. (quar.)
40c Oct. 1 Sept. 15
Preferred (quarterly)
41c Oct. 1 Sept. 15
National Dairy Products common (quar.)
30c Oct. 1 Sept. 4
Preferred A & B (quar.)
$134 Oct. 1 Sept. 4
Nelson (Herman) Corp
25c Sept. 1 Aug. 22
Newark Telephone Co.(Ohio) (quer.
$1 Sept. 10 Aug. 31
New England. Telep. & Teleg. (quar.
i134 Sept. 29 Sept. 7
New Jersey Power & Light, $6 pref. quar.)..
.134 Oct. 1 Aug. 31
$5 preferred (quarterly)
$134 Oct. 1 Aug. 31
New York Lackawanna & Western Ry.5% guaranteed (guar.)
$134 Oct. 1 Sept. 15
New York Steam 6% preferred (quar.)
$134 Oct. 1 Sept. 15
7% preferred (quar.)
$134 Oct. 1 Sept. 15
New York Telephone Co., 6 X% pref. (quar.)
$1
Oct. 15 Sept. 20
New York & Queens Elec. Lt. & Pow. Co.(qu.)..
Sept. 14 Aug. 31
$5 non-cumulative preferred (quar.)
$134 Sept. 1 Aug. 24
North American Co.common (quar.)
1234c Oct. 1 Sept. 5
Common (quar.)
11% Oct. 1 Sept. 5
Preferred (quar.)
75c Oct. 1 Sept. 5
North American Investors, 6% preferred
hil Oct. 20 Sept.29
h91 2-3 Oct. 20 Sept.29
53407 preferred
North Central Texas Oil Co. preferred (quar.)..
5134 Oct. 1 Sept. 10
Northwestern Public Service Co.—
7 cumulative preferred (quar.)
8754c Sept. 1 Aug. 20
607 cumulative preferred (quar.)
75c Sept. 1 Aug. 20
Oneida Community, Ltd., 7% preferred
h50c Sept. 15 Aug. 31
Peoples Drug Stores uarterly)
25c Oct. 1 Sept. 8
Preferred (quarterly)
194 Sept. 15 Sept. 1
Pennsylvania Gas & Electric,7% pref.(quar.)..
$134 Oct. 2 Sept.20
Pennsylvania Water & Power Co.(quar.)
75c Oct. 1 Sept. 15
Preferred (quar.)
$1 34 Oct. 1 Sept. 15
Perfection Stove Co.common (quar.)
30c Sept.29 Sept. 20
Pet Milk Co.,common (quarterly)
25c Oct. 1 Sept.10
Preferred (quarterly)
$134 Oct. 1 Sept.10
Pioneer Mill (monthly)
10c Sept. 1 Aug. 21
$3 Sept. 1
Pratt Food Co. (quarterly)
Premier Gold Mining Co.(quar.)
Sc Oct. 15 Sept. 14
Quaker Oats Co. common (quar.)
$134 Oct. 15 Oct. 1
Special
51 Oct. 15 Oct. 1
6% preferred (quar.)
$IX Nov.30 Nov. 1
Queens Borough Gas & Electric 0°6% preferred (quar.)
$134 Oct. 1 Sept. 15
Reeves,(Daniel), Inc.,corn.(quar.)
25c Sept. 16 Aug. 31
6 X% preferred (quarterly)
$134 Sept. 16 Aug. 31
Reliance Grain,6 X% pref
$134 Sept. 15 Aug. 31
Rochester & Pittsburgh Coal Co.,5% preferred..
5
Sept. 1 Aug. 15
Ruud Manufacturing Co.(quar.)
25c Sept. 15 Sept. 5
San Joaquin Light & Power Co
707 prior preferred (guar.) 194 Sept. 15 Aug. 31
707 series A preferred (quar.)
134 Sept. 15 Aug. 31
607 prior preferred series A (quar.)
134 Sept. 15 Aug. 31
60/ series"B preferred (quar,)
114 Sept. 15 Aug. 31
Schiff Co. (quarterly)
Sept. 15 Aug. 31
Preferred (quarterly)
$154 Sept. 15 Aug. 31
St. Joseph Lead Co
10c Sept. 20 Sept. 7
St. Louis National Stockyards (quar,)
Oct. 1 Sept. 15
Eliseo° Gold Mines, Ltd. (quar,)
Sept.30
Extra
2c Sept.30
South.Colorado Power Co.,7% cum.pref(quar.)
1% Sept.15 Aug. 31
Second International Securities, 6% preferred-. 158c Oct. 1 Sept. 25
Standard Brands, Inc., common (quar.)
25c Oct. 1 Sept. 4
$7 cum. preferred series A (quar.)
7$134 Oct. 1 Sept. 4
Superior Portland Cement Co., Inc.—
lia
Class A (monthly)
h55c Sept. I Aug. 23
Tacony Palmyra Bridge(quar.)
50c Sept. 30 Sept. 10
Class A (quar.)
50c Sept.30 Sept.10
Time, Inc. (quar.)
50c Oct. 1 Sept. 20
Extra
25c Oct. 1 Sept. 20
$ex preferred (guar.)
v$134 Oct. 1 Sept. 20
Title Insurance Corp.(St. Louis)(qu.)
1234c Sept. 10 Aug. 21
Traders Building A (quar.)
Wi Sept. 1 Aug. 23
e
Triplex Safety Glass Co., Ltd.—
Amer. dep. rec. for ord. reg. (final)
=25% Oct. 5 Sept. 4
Twentieth Century Fixed Trust Shares—
Original series bearer
4.678c Sept. 1
Union Carbide & Corbon Corp
35c Oct. 1 Sept. 4
Union Refrigerator Transit Co.,634% pf. (8.-a.)
34 Sept. 1
United-Carr Fastener Corp. common
5c Sept. 15 Sept. 5
United Gas & Electric Corp. preferred (quer.)....- IX% Oct. 1 Sept. 15
United States Banking Corp.(mo.)
4c Sept. 1 Aug. 17
Utica Chenango & Susq. Val. guar.(semi-ann.).
Nov. 1 Oct. 14
Viking Pump Co. preferred (quar.)
Sept. 15 Sept. 1
Wagner Electric Corp. pref. (quar.)
$134 Oct. 1 Sept. 20
Wailuku Sugar (monthly)
20c Aug. 20 Aug. 15
West Jersey & Seashore RR.6% spec. gtd.(s.-a.) $134 Dec. 1 Nov. 15
West Penn Electric, class A (quar,)
$154 Oct. 1 Sept. 17
West Penn Power
$1
67 preferred (quarterly)
Nov. 1 Oct 5
7)' preferred (quarterly)
$134 Nov. I Oct. 5
-a.)
White Villa Grocers. Inc. (s.
Sept. 1 Aug. 15
Whitman (Wm.)& Co.. Inc., prof
1415i Sept. 15 Sept. 1
Wisconsin Public Service Corp.
$1
Sept. 20 Aug. 31
7 cumulative preferred (quar,)
$1
6 % cumulative preferred (quar.)
Sept. 20 Aug. 31
$1
6 0 cumulative preferred (quar.)
Sept. 20 Aug. 31
1
1
i
I
9
6E
Name of Company.
Wilcox-Rich Corp., class B
Wisconsin Michigan Power.6% pref.(qu.)
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
Ziegler-Hutter Breweries. Inc. (quar.)
1195
When Holders
Per
Share. Payable. ofRecord
20c
8134
25c
25c
234c
Aug. 15 Aug. 1
Sept. 15 Aug. 31
Nov. 1 Oct. 20
Dec. 1 Nov. 20
Oct. 1 Sept. 15
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.
When Holders
Per
Share, Payable. ofRecord.
Abbott's Dairies(quarterly)
25c Sept. 1 Aug. 15
7% 1st & 2nd preferred (quar.)
5134 Sept. 1 Aug. 15
Affiliated Products (mo.)
Sc Sept. 1 Aug. 15
Agnew Surpass Shoe Stores
20c Sept. 1 Aug. 15
Preferred (quar.)
34 Oct. 1 Sept. 15
Alabama Power Co.,$7 pref.(quar.)
5134 Oct. 1 Sept. 15
$1
$6 preferred (quarterly)
Oct. 1 Sept. 15
$1 X Nov. 1 Oct. 15
$5 preferred (quarterly)
Allegheny Steel CO.,7% preferred (quarterly)..- $134 Sept. 1 Aug. 13
Allen Industries, Inc.,53 pref.(quar.)
75cSI:ept. 1 Aug. 20
$3 preferred
.h75c Sept. 1 Aug. 20
Allied Laboratories, Inc.(quar.)
10c Oct. 1 Sept. 26
8734c Oct. 1 Sept. 26
$334 convertible preferred (quar.)
Alpha Portland Cement. 7% pref. (quar.)
5134 Sept. 15 Sept. 1
Aluminum Mfg.(quar.)_ 50c Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quar.)
3134 Sept.30 Sept. 15
7% preferred (guar.)
$134 Dec. 31 Dec. 15
American Agricultural Chemical (Dela.)(quar.)
50c Sept.29 Sept.20
American Arch (quar.)
25c Sept. 1 Aug. 21
American Bank Note preferred (quar.)
75c Oct. 1 Sept. 11
American Business Shares. Inc
2c Sept. 1 Aug. 15
American Capital Corp., 5534 prior pref.(quar.) $134 Sept. 1 Aug. 22
American Chicle Co.(quar.)
75c Oct. I Sept. 12
American Cigar Co.common (quar.)
$2 Sept. 15 Sept. 1
Preferred (quarterly)
g 15
$122X Sept.Oct. 1 Aug.Sept 31
American Dock, preferred (quar.)
American Envelope,7% pref. (guar.)
$134 Sept. 1 Aug. 25
7% preferred (quar.)
$134 Dec. I Nov. 25
American Factors (monthly)
10c Sept. 10 Aug. 31
American & General Securities Corp.—
Class A common
Aug.A . 15
7ge2c Sept.Sept. Aug. 15
$3 cumulative preferred
American Hardware Corp.(auar.)
25c Oct. 1
Quarterly
Jan. 1
American Home Products (mo.)
20c Sept. 1 Aug. 14
American Hosiery Co.(quar.)
3754c Sept. 1 Aug. 28
American Laundry Machinery Co.(quar.)
10c Sept. 1 Aug. 22
American Paper Goods, 707 pref. (quar.)
5134 Sept. 15 Sept. 5
American Radiator & Standard Sanitary—
Preferred (quarterly)
$134 Sept. 1 Aug. 21
American Smelting & Refining preferred
h$4 X Sept. 1 Aug. 3
American Steel Foundries, 7% pref
50c Sept.29 Sept.IS
American Stores Co.(quarterly)
50c Oct. 1 Sept. 15
American Sugar Refining Co.common (quar.)
50c Oct. 2 Sept. 5
Preferred (quar.)
$134 Oct. 2 Sept. 5
American Sumatra Tobacco Co., (quar.)
25c Sept. 15 Sept. 1
Extra
25c Sept. 15 Sept. 1
American Telephone and Telegraph Co. (guar.) $234 Oct. 15 Sept. 15
American Thermos Bottle, 7% pref. (quar.)_ _ _ _ 8734c Oct. 1 Sept. 20
American Tobacco, corn. & corn. B (guar.)._
$134 Sept. 1 Aug. 10
Archer-Daniels
-Midland Co. (quar.)
25c Sept. 1 Aug. 21
Extra
25c Sept. 1 Aug. 21
Armour & Co. of Del., 7% pref. (quar.)
Oct. 1 Sept.10
$1
Armour (Illinois). $6 pref.,
(quar.)
$134 Oct. 1 Sept. 21
Armstrong Cork Co.. corn.(special
1234c Sept. 1 Aug. 15
Artloom Corp. cumulative preferr
$194 Sept. 1 Aug. 15
Associates Investment, corn. (quar.)
Si Sept. 29 Sept. 19
Atchison Topeka & Santa Fe Sty. Co.common__
$2 Sept. 1 July 31
Atlantic & Charlotte Air Lines (s.
-a.)
$434 Sept. 1 Aug. 20
Atlantic & Ohio Telegraph (quarterly)
5134 Oct. 1 Sept. 15
Atlantic Refining Co., corn. (quar.)
25c Sept. 15 Aug. 21
Atlas Corp..$3 pref. A (quar.)
75c Sept. 1 Aug. 20
$3 oi eferred (quar.)
75c Dec. 1 Nov 20
Atlas Powder (guar.)
50c Sept.10 Aug. 31
Automotive Gear Works preferred (quar.)
41 X,c Sept. 1 Aug. 20
Bamberger (L.) & Co.634% pref.(quar.)
$134 Sept. 1 Aug. 15
Bangor & Aroostook RR., com. (quar.)
63c Oct. 1 Aug. 31
Preferred (quar.)
6134 Oct. 1 Aug. 31
Bankers National Investing (quar.)
Sc Aug. 25 Aug. 14
Class B (quar.)
32c Aug. 25 Aug. 14
6% preferred (quar.)
15c Aug. 25 Aug. 14
Barber(W.H.)& Co.. pref.(guar.)
$1.34 Oct. 1 Sept.20
Preferred (quar.)
5134 Jan. 1 Dec. 20
Baton Rouge Electric $6 pref.(quar.)
$1
Sept. 1 Aug. 14
Bethlehem Steel Corp., 7% cum. pref
Sept.
5134
Bigelow-Sanford Carpet preferred (quar.)
Aug.. 1;
Se
$134 Oct.Sep
Bird Archer
$124 sept
S .
Preferred (s.
-a.)
Birmingham Water Works,6% pref. (quar.)_
5134 Sept.15 Sept. 1
Block Bros. Tobacco (quar.)
3734c Nov.15 Nov. 11
Preferred (quar.)
6134 Sept.30 Sept.25
Preferred (quar,/
$11
Dec. 31 Dec. 24
Blue Ridge, preferred (quarterly)
s75c Sept. 1 Aug. 6
Bon Ami Co., class A (quar.)
$1 Oct. 30 Oct. 15
Class B (quar.)
50c Oct. 1 Sept.24
Borden Co.common (guar.)
40c Sept. 1 Aug. 15
Borg-Warner Corp
25c Oct. 1 Sept. 14
Preferred (quar.)
$134 Oct. 1 Sept. 14
Boston & Albany RR
$2 Sept.29 Aug. 31
Boston Insurance(Mass.)(quarterly)
$4 Oct. 1 Sept. 20
Boston & Providence R.R. Co.(quar,)
i2.125 Oct. 1 Sept 1
Brach (E. J.) & Sons common (quar.)
10c Sept. 1 Aug. 11
Bridgeport Gas Light(quar.)
60c Sept.29 Sept. 15
Bridgeport Machine Co
/41 Aug. 30 Aug. 20
Bright (T. G.), 56 pref. (quar.)
$134 Sept. 15 Aug. 31
Quarterly
734c Sept. 15 Aug. 31
Bristol Myers Co.(quar.)
c Sept. 1 Aug. 10
Extra
10c Sept. 1 Aug. 10
Brooklyn Edison Co.(quar.)
$2 Aug. 31 Aug. 10
Brooklyn Union Gas Co (quar.)
$134 Oct. 1 Sept. 4
Brown Shoe Co .common (guar.)
75c Sept. 1 Aug. 20
Buckeye Pipe Line Co
75c Sept.15 Aug. 24
Burmah Corp., Ltd., ordinary reg.(final)
234 ann Oct. 10 Sept. 11
American deposit receipts (final)
234 ann Oct. 17 Sept. 11
Burroughs Adding Machine Co
10c Sept. 5 Aug. 3
Butler Water,7% pref. (quar.)
$194 Sept.15 Sept. 1
Calamba Sugar Estates (quar.)
40c Oct. 2 Sept. 15
7% p-. ferred (quar,)
35c Oct. 2 Sept. 15
California Packing Corp
3734c Sept. 15 Aug.31
Clamp:, Corp.,common
20c Sept. 1 Aug. 15
Canada Vinegars, Ltd. (guar.)
40c Sept. 1 Aug. 15
Canadian Cottons. Ltd. common (quar.)
r$1 Oct. 1 Sept. 15
Preferred (quarterly)
1 Sept.15
r5134 Oct
Canadian Hydro-Electric. pref. (quar.)
r$134 Sept. 1 Aug. 1
Canadian Western Natural Gas, Light, Heat &
Power Co., Ltd.,6% preferred (quarterly)
2 Mu Oct.S(rp . 2 sea.2
$1
1 Aug 15
0
CarnationCo..7% pref.(quar,)
Preferred (quar.)
SI
Jan. 1 Dec. 20
Preferred (quar.)
4-1-35 Mar.20
$1
Preferred (guar.)
7-1-35 June 20
81
Carolina Telephone & Telegraph (quar.)
$2 Oct. 1 Sept. 24
Casey Jones
c Aug. 25 Aug. 15
Caterpillar Tractor Co
Aug. 3lAug. 15
Central Brewing, A (quar.)
6)(c Sept.30 Sept. 15
Central Arkansas Public Service 7% pref.(qu.).
li Sept. 1 Aug. 15a
Central Mississippi Valley Electric6% pref.(qu.)
X Sept. 1 Aug. 15
E
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
10c
Centrifugal Pipe Corp. (guar.)
Century Ribbon Mills, Inc., preferred (guar.)._ $1%
S1
Champion Coated Paper. pref.(guar )
$1
Special preferred (guar.)
$1
Champion Fiber Co. 1st preferred (guar.)
$1
Chesebrough Mfg. Co. (guar.)
50c
Extra
h25c
Chicago Corp., pref. (guar.)
Chicago Junction Union Stockyards (quar.).... $2%
$1%
6% preferred (quarterly)
25c
Chicago Mail Order Co
25c
Chicago Yellow Cab Co. (quarterly)
25c
Chrysler Corp., common (guar.)
Cincinnati New Orleans & Texas Pacific Ry.$1%
5% preferred (quar.)
Cincinnati Union Terminal,4% pref.(guar.)... $1%
il%
4% preferred (guar.)
Citizens Gas of Indianapolis 5% pref.(guar.)._ _ $13
50c
City Ice & Fuel (quarterly)
$1%
Preferred (quarterly)
City of New Castle Water Co..6% pref.(guar.) $1%
20c
Clark Equipment Co., common
31%
Preferred (quarterly)
87%c
Cleveland & Pittsburgh,reg. gad.(guar.)
87%c
Registered guaranteed (guar.)
c
Special guaranteed (guar.)
50c
Special guaranteed (quar.)
Coast Counties Gas & Elec., 1st pref.(guar.)... 81%
$1%
Colgate-Palmolive-Peet Co., pref.(guar.)
9c
Collateral Trust Shares of New York
81%
Collins & Aikman Corp., preferred (guar.)
25c
Colt's Patent Fire Arms Mfg.(guar.)
85c
Columbian Carbon Co.(guar.)
75c
Columbia Pictures Coro.. pref. (guar.)
f25%
Commercial Investment Trust Corp., com
50c
Common (quarterly)
m
Convertible preference stock (guar.)
Commonwealth Loan Co.(Ind.), 7% pref. (qu.) 81%
Commonwealth Utilities, 7% pref. A (guar.)... 51%
$1%
6% preferred B (quarterly)
$1
-a.)
Compania Swift International (s.
Compo Shoe Machinery Corp.,common (quar.)_ 12%c
c
Compressed Industrial Gas (guar.)
1
Confederation Life Association (guar.)
1
Quarterly
40c
Congoleum-Nairn. Inc.. corn. (guar.)
75c
Connecticut Electric Service (guar.)
Connecticut Light & Power6%% pref.(guar.).- $1%
81%
% preferred (guar.)
62%c
Connecticut Power Co., corn. (guar.)
81%
Connecticut River Power.6% Preferred
$13(
Cigar Corp.. preferred (guar.) (quar.)Consl
h50c
Consolidated Film Industries. pref
50c
Consolidated Gas of N. Y., corn
17%c
Consolidated Paper 7% preferred (guar.)
15c
Quarterly
$1%
Consumers Power Co..S5 pref.(guar.)
51%
7% preferred (quarterly)
81%
6% preferred (quarterly)
$1.65
6.6% preferred (quarterly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
55c
6.6% preferred (monthly)
55c
6.6% preferred (monthly)
15c
Continental Casualty
h$1%
Continental Steel Corp., pref
25c
Corno Mills (guar.)
Creameries of Amer., Inc.. 83% pref. (quar.).. 87%c
67c
Crown Cork & Seal. pref. (guar.)
25c
Common (guar.)
Crown Willamette Paper Co.—
h$1
$7 cumulative 1st preferred
37%c
Crown Zellerbach, $6 cum. pref. A (quar.)
37%c
$6 cum. pref. B (guar.)
$2
Crum & Forster,8% pref.(guar.)
Crum & Forster Insurance Shares Corp.—
I5c
Series A and B (quar.)
10c
Series A and B (extra)
El%
7% preferred (guar.)
25c
Cushman's Sons, Inc., common (guar.)
$2
$8 cumulative preferred (guar.)
$1%
7% preferred (quarterly)
$1%
Daniels & Fisher Stores. 6%% prof. (quar.)-a.)
87%c
Dayton & Michigan RR.(s.
$1
8% preferred (guar.)
50c
Dayton Power & Light,6% pref. (mo.)
10c
Deere & Co..7% cumul. pref
52
Delaware & Bound Brook RR. Co.(guar.)
50c
Denver Union Stockyards (guar.)
50c
Quarterly
$1%
' 7% preferred (guar.)
El ii
7% preferred (quar.)
51%
Detroit City Gas Co.,6% prof. (guar.)
$2
Detroit Hillsdale & So. West. RR. Co
25c
Diamond Match Co.. corn. (guar.)
75c
-a.)
Participating preferred (s.
50c
Dictaphone Corp., corn. (guar.)
$2
Preferred (quarterly)
15c
Doctor Pepper Co.(quar.)
15c
Quarterly
15c
Dominguez 011 Fields, (mo.)
r50c
Dominion Bridge Co.common (guar.)
81
(guar.)
Dominion Textile Co., corn.
81
Preferred (guar.)
Duplan Silk Corp. preferred (guar.)
h50c
Durham Hosiery Mills 6% preferred
$3.60
Dwight Mfg. Co
15c
Eastern Gas & Fuel Assoc
$1.125
Prior preferred stock (ouar.)
SI
$6 preferred (quarterly)
Eastern Shore Public Service, $6 pref. (quar.).. 51%
81
$6% preferred (guar.)
36c
Eastern Township Telep. Co
$1
Eastman Kodak Co.common (guar.)
$1%
Preferred (guar.)
East St. Louis & Interurban Water
51%
7% preferred (quarterly)
51%
6% preferred (quarterly)
37%c
El Dorado 011 Works (guar.)
h5Oc
Electric Storage Battery Co.common (quar.)h50c
Preferred (quar.)
Elizabeth & Trenton (s-a)
-a)
5% preferred (s
$114
El Paso Electric (Texas) 6% pref. (guar.)
25c
Ely & Walker Dry Goods (guar.)
50c
Emerson's Bromo Seltzer, 8% pref
$1
Empire & Bay State Teleg.,4% guar.(quar.)__ _
$1
4% guaranteed (guar.)
10e
Empire Capital, A.{guar.)
Sc
A.extra
10c
B (initial)
SI
Empire Gas & Electric 7% pref.0(guar.)
$134
6% preferred (guar.)
$114
6% preferred E (guar.)
). $134
Escanawba Power & Traction.6% pref.(guar.
25c
Faber Coe & Gregg (quarterly)
25c
Quarterly
25c
Quarterly
$3%
-a.)
Fairbanks (E. T.), 7% pref. (s.
Farmers & Traders Life Insurance Co.(quar.)- - 52%
3114
Federal Light & Traction, $6 pref. (guar.)
$114
Firestone Tire & Rubber. pref. (guar.)
I
a
Nov. 15 Nov. 5
Sept. 1 Aug. 20
Oct. 1 Sept. 20
Oct. I Sept. 20
Oct. 1 Sept. 20
Sept.29 Sept. 4
Sept.29 Sept. 4
Sept. 1 Aug. 15
Oct. 1 Sept.15
1
Sept.t.1 Sept. 15
Aug. 10
Sept. 1 Aug. 20
Sept.29 Sept. 1
Sept. 1 Aug. 15
Oct. 1 Sept.20
Jan. 1 Dec. 20
Sept. 1 Aug. 20
Sept.30 Sept.15
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 1 Aug. 10
Dec. 1 Nov. 10
Sept. 1 Aug. 10
Dec. 1 Nov. 10
Sept.15 Aug. 25
Oct. 1 Sept.10
Aug. 31
Sept. 1 Aug. 24
Sept. 29 Sept. 8
Sept. 1 Aug 17
Sept. 1 Aug. 16a
Oct I Sept. 5
1 Sept. 5
Oct
Oct 1 Sept. 5
Sept. 1 Aug. 20
Oct. 7 Sept.15
Oct. 1 Sept.15
Sept. 1 Aug. 15
Sept. 1 Aug. 20
Sept. 15 Aug. 31
Sept.30 Sept.25
Dec. 31 Dec. 25
Sept.15 Sept. 1
1 Sept. 15
Oct
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 15a
Oct 1 Sept. 10
Sept.15 Aug. 10
Oct 1 Sept. 21
Sept. 1 Aug. 20
Oct. 1 Sept.15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept.15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Sept. 1 Aug. 21
Sept. 1 Aug. 10
Sept.15 Aug. 31a
Sept. 6 Aug. 22a
Oct 1 Sept. 13
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Sept.30 Sept.19
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Sept. 1 Aug. 24
Sept. 1 Aug. 24
Sept. 1 Aug. 24
Sept. 14 Aug. 21
Oct. 1 Sept. 15
Oct. 1 Sept.15
Sept. 1 Aug. 20
Sept. 1 Aug. 15
Aug. 29 Aug. 14
Oct. 1
Jan. 1
Sept. 1 Aug. 20
Dec. 1 Nov.20
Sept. 1 Aug. 25
Jan. 5 Dec. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1 Aug. 17
Sept. 1 Aug. 17
Sept. 1 Aug. 15
Dec. 1 Nov. 15
Sept. 1 Aug. 24
Nov. 15 Oct. 31
Oct. 1 Sept. 15
Oct. 15 Sept.29
Oct. 1 Sept. 18
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 10
Sept. 1 Aug. 10
Oct. 15 Sept. 15
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 25
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 15 Sept. 28
Sept. 1 Aug. 21
1 Sept. 15
Oct
Sept. 1 Aug. 22
Dec. 1 Nov. 21
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Sept. 1 July 31
S ,pt. 1 July 31
Sept. I July 31
Nov. 1 Oct. 26
Sept. 1 Aug. 15
Dec. 1 Nov. 15
3-1-35 2-15-35
Oct. 1 Sept. 29
Oct. 1 Sept. 10
Sept. 1 Aug. 16a
Sept. 1 Aug. 15
Name of Company.
Aug. 25 1934
When I Holders
Per
Share. Payable. ofRecord.
Fitz Simons & Connell Dredge & Dock Co.—
12%c Sept. 1 Aug. 21
Common (guar.)
51% Sept. 1 Aug. 15
Florida Pow Corp.. pref. A (guar.)
8714c Sept. 1 Aug. 15
7% preferred (guar.)
Sept.15 Sept.10
Poocf Machinery, 6)4% preferred (monthly)._ _
Fort Wayne & Jackson RR., 534% pref (0.-a.). $2% Sept. 1 Aug. 20
50c Sept. 1 Aug. 15
Freeport Texas (quarterly)
81% Nov. 1 Oct. 15
Preferred (guar.)
il% Sept. 15 Sept. 5
Gamewell Co., preferred (guar.)
$134 Sept. 1 Aug. 23
General Cigar Co. preferred (guar.)
$1% Dec 1 Nov.22
Preferred (guar.)
25c Sept.12 Aug. 16
General Motors Corp., com. (guar.)
50c Sept. 12 Aug. 16
Extra
5134 Nov. 1 Oct. 8
$5 preferred (guar.)
40c Oct. 1 Sept. 15
Glen Falls Insurance (quarterly)
25c Oct. 1 Sept.14
Glidden Co.,corn.(guar.)
15c Oct. 1 Sept.14
Extra
$131 Oct. 1 Sept.14
Preferred (guar.)
$134 Sept. 1 Aug. 16
Godman (H. C.), Shoe Co.,1st pref. (guar.)._ _
$134 Oct. 1 Sept.30
Gold and Stock Telegraph (quar.)
51% Sept.29 Sept.17
Gold Dust Corp- pref. (guar.)
40c Sept.10 Aug. 31
Golden Cycle (guar.)
$1 Oct. 1 Sept. 1
Goodyear Tire & Rubber Co., 1st preferred_ _ _ _
25c Sept. 15 Sept. 1
Gordon Oil (Ohio), B (guar.)
Gottfried Baking Co.. Inc.. preferred (quar.)_ 134% Oct. I Sept.20
134% Jan, 2 Dec. 20
Preferred (guar.)
szig Sept. 1 Aug. 20
-a.)
Grace National Bank of N.Y.(s.
Dec. 29 Dec. 27
Grace(N. R.)8% first pref. (semi-annual)
75c Sept. 1 Aug. 10
Grand Union Co.. °3 cony. pref.(guar.)
$1% Sept. 1 Aug. 7
Great Atlantic & Pacific Tea (quar.)
25e Sept. 1 Aug. 7
Extra
$1% Sept. 1 Aug. 7
Preferred (guar.)
30c Sept. 1 Aug. 21
Great Eastern Fire Ins.(W.P., N. Y.)(8.-a.).._
25c Sept. 1 Aug. 20
Great Northern Paper Co.(guar.)
$1 Sept. 1 Aug. 21
Great Western Electro-Chemical
8114 Oct. 1 Sept. 20
1st preferred (quarterly)
%al%
Great Western Ry. (initial)
• 60c Oct. 2 Sept. 15
Great Western Sugar, COM.(quar.)
$1% Oct. 2 Sept. 15
Preferred (guar.)
Green & Coats Street Phila. Passenger By.,pref. 81% Oct. 6 Sept.22
Greyhound Corp. 7% cum. pref. A (quar.)_ $1% Oct. 1 Sept.21
$1% Sept.15 Aug. 31
Gulf States Utilities, $534 pref.(guar.)
$1% Sept.15 Aug. 31
$6 preferred (guar.)
.
18e Sept. 1 Aug. 15
Hale Bros. Stores.Inc.(guar.)
15c Dec. 1 Nov. 15
Quarterly
10c Sept. 1 Aug. 15
Hancock Oil. A &B
rial0
Handley Page.10% partic. pref.reg
rw10
10% partic. pref.(Am.dep.rec.)
1234c Sept. 1 Aug. 20
Hanes(P. H.) Knitting Mills (guar.)
1234c Sept. 1 Aug. 20
Class B (quarterly)
Oct. 1 Sept.20
$1
7% preferred (quarterly)
Oct. 1 Sept.21
Harbauer Co.. 7% preferred (guar.)
Jan. 1 Dec. 21
7% preferred (guar.)
Sept. 1 Aug. 13
Harbison Walker Refractories Co. common
Oct. 20 Oct. 1
Preferred (quar.)
Sept. 1 Aug. 15
Hardesty (R.) Mfg.,7% pref.(guar.)
Dec. 1 Nov. 16
7% preferred (guar.)
Sept.
Harrods, Ltd., preferred (8.-a.)
Sept.
Ordinary registered
Hartford & Connecticut Western RR. Co.
$1 Aug. 31 Aug. 20
-a.)
2% preferred (s.
20c Aug. 31 Aug. 25
Hawaiian Agricultural (monthly)
25c Sept.15 Sept. 1
Hazeltine Corp
10c Sept. 15 Aug. 15
Hecla Mining Co. (guar.)
25c Sept. 1 Aug. 21
Helena Rubinstein, Inc., $3 pref. (guar.)
10c Aug. 31 Aug. 24
Hibbard. Spencer, Bartlett &03o.(mo.)
10c Sept.28 Sept.21
Monthly
50c Sept. 15 Sept. 8
(semi-annual)
Hickok 011 Co.
r25c Sept.15 Aug. 24
Hiram Walker, Gooderham & Worts, pf. (qr.).._
50c Sept. 1 Aug. 15
Hires (Chas. E.) Co.. com. class A
25c Sept. 1 Aug. 18
Hobart Mfg. Co..common (guar.)
$1.05 Oct. 1 Sept. 15
Holophane,Inc.. pref.(s a)
81 Aug. 25 Aug. 20
Mining Co.(monthly)
Homestake
$2 Aug. 25 Aug. 20
Extra
51% Sept. 1 Aug. 15
Hooven & Allison. preferred (quarterly)
Sept. 1 Aug. 11
'7% pref. (quar.)_ $1
Horn & Hardart Co.(N. Y.).
Sept. 1 Aug. 11
Huntington Water Corp., 7% pref. (guar.)..._ $1
Sept. 1 Aug. 11
6% preferred (quarterly)
Sept. 1 Aug. 20
Illinois Water Service Co.,6% pref. (quar.)_
Oct. 1
Imperial Life Assurance (guar.)
E4 Jan. 1
Quarterly
Sept. 1 Aug. 16
7
Imperial Tobacco of Gt. Britain & Ireland
Sept. 8 Aug. 16
7
Amer. dep. rec. for ord. reg
Indiana Hydro-Electric Power Co.7% pref.(qu) 8734c Sept.15 Aug. 31
Indianapolis Water Co., 5% cum pt. A (quar.). $1% Oct. 1 Sept. ha
15c Sept. 1 Aug. 15
Industrial& Power Securities, com.(qr.)
Sc Sept. 1 Aug. 15
Extra
50c Sept. 1 Aug. 6
Ingersoll-Rand Co.. common
25c Sept. 1 Aug. 15
Inland Steel Co
$1% Oct. 10 Sept. 224
International Business Mach. Corp.(quar.)
15c Oct. 15 Sept. 20
International Harvester, com.(guar.)
$1% Sept. 1 Aug. 4
Preferred (guar-)
International Milling,original ser., pref.(quar.) 51% Sept. 1
$1% Sept. 1
Series A. preferred (guar.)
International Nickel Co. of Canada, Ltd.—
r15c Sept.29 Aug. 30
Common (guar.)
International Ocean Telegraph Co. (quar.)_ _ $1% Oct. 1 Sept.30
60c Sept. I Aug. 21
International Safety Razor Co., Class A (qu.)37lIe Oct. 1 Sept. 15a
International Salt Co. (quarterly)
Nov. 15 Nov. 1
Interstate Hosiery Mills (guar.)
$2 Oct. 1 Sept.14
Intertype Corp.. 1st pref.(guar.)
50c Sept.15 Sept. 1
Investment Corp. of Phila. (guar.)
20c Sept. 1 Aug. 10
Iron Fireman Mfg. Co COM. (guar.)
20c Dec. 1 Nov. 10
Common (guar.)
$1% Sept. 1 Aug. 25
Jantzen Knitting Mills.7% pref
35c Sept. 10 Aug. 25
Jefferson & Lake 011 Co.. Inc. 7% pref. (s.-a.).._
$1% Oct. 1 Sept. 21
Jefferson Standard Life Ins.
15c Sept.30 Sept. 20
Kalamazoo Vegetable Parchment Co. (quar.).,
15c Dec. 31 Dec. 20
Quarterly
Kansas City Power & Light, 1st pref. B (guar.) $1% Oct. 1 Sept. 14
75c Sept.15 Aug. 31
Katz Drug Co.common(guar.)
$1% Oct. 1 Sept.15
Preferred (guar.)
25c Sept. 15 Aug. 31
Kayser (Julius) 8c Co., com
20c Sept. 1 Aug. 25
(monthly)
Rekoha Sugar
b234c Oct. 1 Sept. 5
KelvInator Corp
Kendall Co.cum.St partic. pref.,ser. A (guar.)_ $PA Sept. 1 Aug. ma
50c Aug. 25 Aug. 16
Keystone Steel & Wire Co.. corn
$1% Oct. 1 Sept. 12
Kimberly-Clark Corp., preferred (guar.)
25c Oct. 1 Sept. 20
Klein (Emil D.) Co.. common (guar.)
40c Sept. 1 Aug. 10
Kroger Grocery & Baking,corn.(guar.)
Oct. 1 Sept. 20
$1
6% 1st preferred (guar.)
El% Nov. 1 Oct. 19
7% 2d preferred (guar.)
r50c Sept. 15 Sept. 1
Lake Shore Mines, Ltd. (guar.)
3734c Sept.30
Landers. Frary & Clark.coin.(guar.)
3734c Dec. 31
Common (guar.)
Sept. 15 Sept. 5
Landis Machine. pref.(guar.)
Dec. 15 Dec. 5
Preferred (guar.)
$I Aug. 31 Aug. 21
Lanston Monotype Machine Co.(guar.)
75c Sept. 1 Aug. 15
Laura Secord Candy Shops. Ltd._(quar.)
Lehigh Portland Cement Co.. 7% prof. (guar.). 87lIe Oct. 1 Sept. 14
Sept. 1 Aug. 17
Lehigh Power Securities Corp.(guar.)
37%c Sept. 1 Aug. 15
Lehn & Fink Products,common
30c Sept. 15 Aug. 31
Libbey-Owens-Ford-Glass Co..corn.(quar.)_ _ _
40c Sept. 1 Aug. 1
Life Savers Corp.(quar.)
Sept. 1 Aug. 15
Liggett & Myers Tobacco Co., coin. (quar.).__
81 Sept. 1 Aug. 15
Class B (quarterly)
Sept. 15 Sept. 1
37
Lily-Tulin Cup (guar.)
30c Nov. 1 Oct. 26
Lincoln gat. Life Ins.(Ft. Wayne)(guar.)
25c Sept. 1 Aug. 24
Lincoln Stores,Inc.,com.(quar.)
8134 Sept. 1 Aug. 24
Preferred (guar.)
10c Sept. 1 Aug. 15
Link Belt Co..common (guar.)
$1 54 Oct. 1 Sept. 15
Preferred (quar.)
IIt
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
50c Sept.10 Aug. 25
Little Miami RR.special guaranteed (quar.)___..
50c Dec. 10 Nov. 24
Special guaranteed (quar.)
$1.10 Sept.10 Aug. 25
Original guaranteedtivari
$1.10 Dec. 10 Nov. 24
Original guaranteed (quay.
Loblaw Groceterias Co.,class A & B (quar.)---- r25c Sept. 1 Aug. 14
$2 Oct. 1 Sept. 20
Lock Joint Pipe,8% pref. (quar.)
Loose-Wiles Biscuit Co.. 1st preferred (quar.)- - $131 Oct. 1 Sept. 18
$134 Sept. 1 Aug. 17
Lord & Taylor, let pref. (quay.)
Louisville Gas & Electric Co. (Del.)
3734c Sept. 25 Aug. 31
Class A & B common (quar.)
$131 Aug. 25 July 31
Louisville & Nashville Bit. Co
$1$ Sept. 1 Aug. 4
Ludlow Mfg. Assoc.(quar.)
Oct. 1 Sept.21
$1
Lunkenheimer Co.635% Preferred (quer.)
Jan. 2 Dec. 22
$1
631% preferred (quar.)
50c Sept. 1 Aug. 10
Macy(R. H.)& Co.,common (quar.)
$131 Nov. 15 Nov. 5
Magnin (I.) & Co.. preferred (quar.)
15c Sept. 1 Aug. 8
Manhattan Shirt Co. (quar.)
40c Sept. 1 Aug. 15
May Department Stores (quar.)
50c Sept.15 Sept. 1
Mayflower Associates (quar.)
14.33( Sept. 1 Aug. 15
May Hosiery Mills $4 cum. pref
4334"c Aug. 31 Aug. 30
McClatchy Newspapers, 7% pref. (quar.)
1c
433
, Nov.30 Nov. 29
7% preferred (quarterly)
r20c Sept.15 Aug. 15
McColl-Frontenac Oil, corn. (quar.)
50c Sept. 1 Aug 1
McIntyre Porcupine Mines, Ltd. (quar.)
25c Sept. 1 Aug. 20
McWilliams Dredging Co.,corn.(quar.)
2X% Oct. 1 Sept.20
Medley Scovil (quar.)
UK Aug. 31 July 31
Mercantile Stores, 7% pref. (quarterly)
8131c Sept. 1 Aug. 20
Metal Textile Corp., partic. pref.(qu.)
Metro-Goldwyn Pictures47Yc Sept.15 Aug. 31
Pref.(quar.)
$1 X Sept. 1 Aug. 20
Meyer (El. H.) Packing, 631% pref. (quar.)
e5% Aug. 31 Aug. 15
Michigan Cooperage
75c Sept. 1 Aug. 24
Middlessex Water (quarterly)
25c Sept.15 Sept. 5
Midland Royalty Corp.,$2 cony. pref.(qu.)
Minneapolis Gas Light 7% pref. (qu.)
$131 Sept. 1 Aug. 20
Sept. 1 Aug. 20
$1
6% preferred (quarterly)
25c Sept. 10 Sept. 1
Mohawk Carpet Mills, Inc
$I Aug. 31 Aug. 11
Mohawk Mining Co.(liquidating)
$131 Sept. 1 Aug. 20
Monroe Loan Society,$7 pref. A (quar.)
25c Sept. 15 Aug. 25
Monsanto Chemical Co.(quar.)
3131 Sept. 15 Aug. 31
Montreal Cottons, Ltd., pref. (quay.)
6231c Sept.15 Aug. 31
Montreal Loan & Mortgage (quar.)
$IX Oct. 1 Oct. 1
Moore Dry Goods Co.(quar.)
Quarterly
*131 Jan. 1 Jan. 1
75c Sept. 15 Aug. 25
Morrell (John) & Co. (quarterly)
$131 Oct. 1 Sept.20
Morris 5 & 10c. Stores,7% Pf.(quar.)
$1 Sept. 1 Aug. 25
Morris Plan Ins.Soc.(quar.)
Quarterly
$1 Dec. 1 Nov. 26
Mt. Diablo Oil Mining & Development Co.
Xc Sept. 1 Aug. 24
Quarterly
Xc Sept. 1 Aug. 24
• Extra
$2 Sept.15 Sept. 1
Muncie Water Works Co.,8% pref. (quar.)
40c Sept. 1 Aug. 22
Murphy (G. C.) Co., common (quar.)
$131 Sept. 1 Aug. 13
Muskogee Co..6% prof. (quar.)
$131 Sept.28 Sept.20
Mutual Chem.of America. pref.(quar.)
134 Dec. 28 Dec. 20
Preferred (quar.)
Sc Sept.20 Sept.10
Mutual Telep.(Hawaii)(mo.)
50c Oct. 15 Sept. 14
National Biscuit Co., corn. (quar.)
$134 Aug. 31 Aug. 17a
Preferred (quar.)
25c Sept.15 Aug. 31
National Bond & Share Corp
50c Sept. 1 Aug. 15
National Container Corp..common
50c Sept. 1 Aug. 15
Preferred (quar.)
5500 Sept. 1 Aug. 15
Preferred
500 Dec. 1 Nov. 15
Preferred (guar.)
h5oc Dec. 1 Nov. 15
Preferred
51334 Sept. 1 Aug. 30
National Grocers Co., 7% preferred
Sc Sept.31 Aug. 15
National Industrial Loan Corp. (quar.)
$131 Sept. 29 Sept. 14
National Lead Co.,corn.(guar.)
Sept. 15 Aug. 31
$1
Preferred A (quarterly
$134 Nov. 1 Oct. 19
Preferred B quarterly)
30c Sept. 1 Aug. 20
National Life Accident (quar.)
$334 Sept. 1 Aug. 20
National Linen Service $7 pref.(s.
-a.)
300 Oct. 1 Sept. 20
National Oil Products
3131 Oct. 1 Sept. 20
$7 preferred (quar.)
20c Sept. 1 Aug. 6
National Power & Light (quar.)
50c Oct. 1 Sept. 4
National Sugar Refining Co.of N.J.(quar.)..
15c Sept. 1 Aug. 16
National Telep. & Teleg.. class A (quar.)
$13j Sept. 1 Aug. 14
Nebraska Power,7% prof.(guar)
$134 Sept. 1 Aug. 14
preferred (quarterly)
6%
$131 Sept. 1 Aug. 15
New Bedford Cordage Co.,7% pref.(quar.)
25c Oct. 1 Sept. 17
Newberry (J. J.) Co.. (quay.)
$151 Sept. 1 Aug. 16
7% preferred (quarterly)
10c Sept.15 Aug. 15
-a.)
New Bradford Oil Co. (s.
$134 Sept. 1 Aug. 20
New Rochelle Water 7% cum. pref. (quar.)
Aug. 15
7c
New York Bank Trust Shares
US( Oct. 1 Sept. 15
New York Power & Lt..7% pref.(qu.)
$134 Oct. 1 Sept. 15
$6 preferred (quarterly)
30c Sept. 1 Aug. 15
New York Steam,corn.(quar.)
Niagara Share Corp. of Md., cl. A pref.(qu.)--- $134 Oct. 1 Sept. 14
75c Oct. 2 Sept.15
Niagara Wire Weaving.$3 pref.(quar.)
50c Nov. 15 Nov. I
Nineteen Hundred Corp., class A (quar.)
$2 Sept.19 Aug. 31
Norfolk & Western By.common (quar.)
$134 Sept. 1 Aug. 15
North American Edison Co. preferred (quar.)
Northam Warren Corp., pref. (quar.)
75c Sept. 1 Aug. 15
$1 Sept. 1 Aug. 21
Northern RR. of N. Jr, 4% Std. (quar.)
$1 Dec 1 Nov.21
4% guaranteed (quar.)
Aug. 25 Aug. 20
$1
North Pennsylvania RR. Co.(quar.)
15c Sept.10 Aug. 31
North River insurance Co.(quar.)
Sc Sept.10 Aug. 31
Extra
Northwestern Utilities, Ltd.,6% pref.(qu.)-$134 Sept. 1 Aug. 28
Norwalk Tire & Rubber Co.(Conn.)
8734c Oct. 1 Sept.21
Preferred (quarterly)
1
Norwich Pharmacal Co. (quar.)
Oct. 1 Sept.20
Quarterly
154 Jan. 1 Dec. 20
$134 Sept. 1 Aug. 15
Nova Scotia Light & Power (quar.)
15c Sept.15 Sept.10
Oahu Ry.& Land (monthly)
10c Sept.15 Sept. 6
Oahu Sugar (monthly)
$131 Sept. 1 Aug. 22
Ogilvie Flour Mills, pref. (quar.)
15c Sept.15 Aug. 18
Ohio Oil Co.. common
$134 Sept.15 Sept. 4
Preferred (quarterly)
$114 Sept. 1 Aug. 7
Ohio Power Co., 6%_ prof.(quar.)
58 1-3c Sept. 1 Aug. 15
Ohio Public Service Co. 7% pref.(mo.)
6% preferred (monthly)
50c Sept. 1 Aug. 15
41 2-3c Sept. 1 Aug. 15
5% preferred (monthly)
Oklahoma Gas & Electric. 7% pref. (quar.)--- $131 Sept.15 Aug. 31
Sept.15 Aug. 31
$1
67a preferred (quar.)
Nov. 1 Oct. 20
Old Colony Insurance Co. (quarterly)
20c Sept.20 Sept.10
Onomea Sugar (monthly)
25c Oct. 1 Sept. 20
Ontario Mfg. Co. common (quar.)
$134 Oct. 1 Sept. 20
Preferred (quar.)
50c Sept. 1 Aug. 20
Oshkosh Overall $2 cony. pref.(quar.)
50c Sept. 1 Aug. 20
Pacific Mills
50c Sept. 27 Sept. 17
Paraffin° Co., Inc. (quar.)
Patterson Sargent (quar.)
25c Sept. 1 Aug. 17
Pender (David) Grocery Co., class A (quar.)_.. 87Sic Sept. 1 Aug. 20
50c Sept. 1 Sept. 1
Penick & Ford, Ltd., corn. (quarterly)
$131 Sept. 1 Aug. 20
Penn State Water $7 preferred (quar.)
Pennsylvania Gas & Electric Corp.
37X c Sept. 1 Aug. 20
Common class A (quar.)
Oct. 1Sept.20
7% preferred (quarterly)
$131 Oct. 1 Sept.20
$7 preferred (quarterly)
55c Sept. 1 Aug. 20
Pennsylvania Power Co..$6.60 pref.(mo.)
$131 Sept. 1 Aug. 20
$6 preferred (quarterly)
50c Sept.15 Aug. 1
Pennsylvania RR. Co
25c Oct. 1 Sept. 8
Peoples Drug Stores, corn. (quar.)
$131 Sept. 15 Sept. 1
Preferred (quar.)
Peoples Telep.(Butler, Pa.)7% pref.(quar.)--- $131 Sept. 1 Aug. 31
$1
Oct. 1 Sept. 25
Peterborough RR.(semi-ann.)
$131 Sept. 1 Aug. 20
Pfaudler, preferred (quar.)
$131 Oct. 1 Sept. 1
Philadelphia Co., $5 cum. pref. (quar.)
$134 Oct. 1 ept. 1
$6 cum. preferred (quar.)
*25e RAnt 1 Ana. In
-a.)
5% preferred (s.
1197
Financial Chronicle
Volume 139
t
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
50c Oct. 1 Sept. 5
Philadelphia Elec. Power Co.8% pref.(quar.)_ _
Philadelphia Germantown & Norristown RR.
$134 Sept. 4 Aug. 24
Quarterly
$134 Sept. 1 Aug. 11
Philadelphia Suburban Water.6% pf.(qu.)
25c Sept. 1 Aug. 6
Phillips Petroleum Co
50c Oct. 10 Oct. 1
Phoenix Finance, pref. (quar.)
35
500 Jan. 10 Jan.1•
Preferred (quar.)
8731c Sept. 1 Aug. 20
Phoenix Hosiery 7% first preferred
50c Sept. 1 Aug. 15
Photo Engravers & Electro, Ltd
40c Sept. 1 Aug. 15
Pillsbury Flour Mills (quar.)
r20c Oct. 1 Sept. 1
Pioneer Gold Mines of Brit. Columbia (quar.)
10c Sept. 1 Aug. 20
Pioneer Mill, monthly
75c Oct. 1 Sept.15
-a.)_ _
Pittsburgh Bessemer & Lake Erie R.R.(s.
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $131 Oct. 2 Sept.10
$131 Jan. 1 Dec. 10
Quarterly
$131 Oct. 2 Sept. 10
7% preferred (quar.
7% preferred (quar.
$131 Jan. 1 Dec. 10
Pittsburgh Youngstown & Ashtabula R.R.$131 Sept. 1 Aug. 20
7% preferred (quar.
$131 Dec. 1 Nov.20
7% prefeed (nuar.
15c Sept. 1 Aug. 15
Pleasant Valley Wine Co..corn.(quar.)
$131 Sept. 1 Aug. 24
Plimpton Mfg. Co. (quar.)
3c Sept. 1 Aug. 15
Plymouth Fund. A
$134 Sept.15
Pollock Paper & Box Co.. pref. (quar.)
$131 Dec. 15
Preferred (quarterly)
$131 Oct. 1 Sept. 14
Ponce Electric, 7% pref. (quar.)
50c Aug. 31 Aug. 20
Portland & Ogdensburg By.. gtd• (quar.)
$134 Sept. 1 Aug. 15
Potomac Electric Power. 6% pref. (quar.)
$131 Sept. 1 Aug. 15
534% preferred (quar.)
$131 Sept. 1
Powell River. 7% preferred
7% preferred
$134 Dec. 1
r3c Oct. 15 Sept. 14
Premier Gold Mining (quar.)
75c Sept. 1 Aug. 20
Prentice Hall, $3 cone. preferred (guar.)
35c Sept. 1 Aug. 20
Quarterly
$IM Sept. 15 Aug. 24
Procter & Gamble Co.. 5% pref. (quar.)
$131 Sept. 1 Aug. 24
Public Electric Light,6% pref.(quar.)
Public Service Co. of Colo.7% pref.(mthly.)... 581-3c Sept. 1 Aug. 15
50c Sept. 1 Aug. 15
6°? preferred (monthly)
412-3c Sept. 1 Aug. 15
5% preferred (monthly)
Public Service Co. of Oklahoma
$ly Oct. 1 Sept. 20
7% prior lien stock (quar.)
Oct. 1 Sept.20
$I.
6% prior lien stock
70c Sept.29 Sept. 1
Public Service Corp. of N. J. common (quar.)
$2 Sept.29 Sept. 1
8% preferred (quar.)
$134 Sept.29 Sept. 1
7% preferred (quar.)
$131 Sept.29 Sept. 1
$5 preferred Tar.)
50c Aug. 31 Aug. 1
(monthly)
preferredonthly)
50c Sept.29 Sept. I
6% preferred (monthly)
am Oct. 1
Texas, pre
Public Service Corp. of
Public Service Elec. & Gas Co.,$5 pref.(quar.)_ $131 Sept.29 Sept. 1
$131 Sept.29 Sept. 1
7% preferred (quarterly)
25c Sept. 1 Aug. 24
Purity Bakeries Corp. (quar.)
$131 Aug. 31 Aug. 1
Quaker Oats Co..6% preferred (quar.)
30c Sept.15 Sept. 1
Rapid Electrotype
25c Sept. 14 Aug. 31
Raybestos-Manhattan
50e Sept. 13 Aug. 23
Reading Co.. 1st preferred (quar.)
50c Oct. 11 Sept. 20
2d preferred (quar.)
h50c Sept. 1 Aug. 20
Reliance International$3 preferred
20c Nov. 10 Oct. 31
Republic Insurance. Texas(quar.)
25c Oct. 500t. 2
Republic Supply Co.(quar.)
Reynolds Metal Co., Inc.
25c Sept. 1 Aug. 15
Common (quar.)
$131 Sept.29 Sept. 15
Rich's Inc.. 631% Preferred (gear-)
$131 Sept. 1 July 27
Rochester Gas & Elec.,6% pref. C & D (quar.)
$131 Sept. 1 July 27
7% preferred B (quar.)
$131 Sept. 1 Aug. 15
Rolland Paper, Ltd.,6% prof.(quar.)
Sc Aug. 27 Aug. 10
Royalties Management Corp
75c Oct. 1 Sept. 19
Safeway Stores, Inc., common (quar.)
$131 Oct. 1 Sept. 19
7% preferred (quarterly)
$134 Oct. 1 Sept.19
6% preferred (quarterly)
20c Sept.15 Sept. 1
San Carlos Milling (monthly)
Savannah Electric & Power
$2 Oct. 1 Sept.10
8% preferred A (quarterly)
$131 Oct. 1 Sept. 10
734% preferred 13 (quarterly)
$ly, Oct. 1 Sept. 10
7% preferred C (quarterly)
$131 Oct. 1 Sept. 10
631% preferred 10 (quarterly)
h$3 Oct. 1 Sept. 10
6% preferred
4334c Sept. 1 Aug. 25
Savannah Gas, 7% preferred (quar.)
Scott Paper Co.,common (quar.)
42340 Sept.30 Sept.15
15c Sept. 15 Sept. 1
Seaboard Oil of Delaware (quarterly)
10c Sept.15 Sept. 1
Extra
75c Sept. 1 Aug. 15
Second Investors Corp.(R.I.) pref. (quar.)_
1 u5..
c S
ni sept.. 5 Aug
Second Twin Bell Syndicate(monthly)
36
21
$
Shenango Valley Water,6% pref. (quar.)
$134 Dec. 1 Nov.20
6% preferred (quar.)
$111 Sept. 1 Aug. 15
Sherwin-Williams, pref. (quar.)
50c Sept. 15 Aug. 31
Schiff Co., COM.(quar.)
Nov..
.
$1 3( Sepv.15 Aug
5 4 No t
Preferred (quar.)
3
14
1
Sioux City Stockyards Co.. pref. (guar.)
$1 Nov.1
Smith Hi Morgan) Co.(quar.)
15c Sept.15 Aug. 24a
Socony-Vacuum Oil
hlOc Sept.25 Sept.15
South American Gold & Platinum Co
$134 Oct. 1 Sept. 15
South Carolina Power Co.$6 pref.(quar.)
50c Sept.15 Sept.10
Southern Acid & Sulphur (quar.)
$131 Oct. 1 Sept.10
7% preferred (quar.)
6234c Oct. 1 Sept. 15
Southern & Atlantic Telegraph Co.(8.-a.)
Southern Calif. Edison Co.. Ltd.
4331c Sept.15 Aug. 20
7% series A preferred (quar.)
3714c Sept.15 Aug. 20
6% series B preferred (quar.)
50c Sept. 1 Aug. 15
Southern Fire Ins., N. Y
15c Sent. 1 Aug. 15a
Southern Pipe Line Co
40c Sept.29 Sept. 15
Spencer Kellogg & Sons, corn
h$134 Aug. 29 Aug. 15
Spiegel, May Stern Co., Inc., pref.(quar.)
1234c Oct. 1 Sept. 20
Standard Coosa Thatcher (quar.)
$py, Oct. 15 Oct. 15
7% preferred (quar.)
25e Sept.15 Aug. 15
Standard Oil Co. of Calif. (quar.)
25c Sept.15 Aug. 15
Standard Oil Co. of Indiana (quar.)
50c Oct. 31 Oct. 1
Standard Oil Co. of Kansas (Delaware) (quar.)_
25c Sept.15 Aug. 31
Standard Oil of Kentucky (quar.)
95c Sept. 1 Aug. 15a
Sterling Products,Inc.(guar.)
Strawbridge & Clothier.6% pref. A (quar.)
$114 Sept. I Aug. 16
25c Sept.15 Aug. 25
Sun Oil Co.common(quar.)
Preferred (quar.)
$131 Sept. 1 Aug. 10
gloc sSeepptt..
A
21
Susquehanna Utilities, 6% pref. (guar.)
Aug. 21
Sutherland Paper Co. common
1214c Oct. 1 Sept. 1
Swift & Co.(quar.)
Sylvania Industrial Corp. (quar.)
25c Sept.15 Sept. 5
u5c Sept. 30 Sept. 1
Sylvanite Gold Mines, corn. (quar.)
Telephone Investment Corp. (monthly)
20c Sept. 1 Aug. 20
Monthly
200 Oct. 1 Sept.20
Tennessee Elect. Pow.Co..5% prof.(quer.)-$131 Oct. 1 Sept.15
6% preferred (quar.)
S :
1 5ept
$134 Oct. 1pt 15
7% preferred (quar.)
$131 Oct.
7.2% preferred (quar.)
Sept. g
A ug
.
$1. 0 Sept.Oct.
5c
8
0
6% preferred (monthly)
6% preferred (monthly)
50c Oct. 1 Sept.15
7.2% preferred (monthly)
600 Sept. 1 Aug. 15
1 Sept.15
Rfir Oct
7.2% preferred (monthly)
Terre Haute Water Works.7% pref.(quar.)_ _ _ _ $134 Sept. 1 Aug. 20
Texas Corp. (quarterly)
25c Oct. 1 Sept. 7
Texas Gulf Products
, Sept.15 Aug. 17
Texas Gulf Sulphur (quar.)
Sept. 15 Sept. 1
Tex-O-Kan. Flour Mllls, 7% pref. (qu.)
$131 Sept. 1 Aug. 15
Thayers, Ltd
25c Sept. 1 Aug. 20
Third Twin Bell Syndicate (hi-mo.)
10c Aug. 30 Aug. 2
Thomson Electric Welding (quar.)
25c Sept. 1 Aug. 30
Tide Water Power,$6 preferred
7425-4 Sept. 1 Aug. 10
Tinken Detroit Axle,7% prof.(quar.)
$134 Sept. 1 Aug. 20
Timken Roller Bearing Co.(quar.)
25c Sept. 5 Aug. 17
Toledo Edison Co.7% preferred (monthly)
581-3c Sept. 1 Aug. 15
6% preferred (monthly)
50c Sept. 1 Aug. 15
41P-b' F4Pnt 1 Aim. 15
5% ureforrorl (monthly)
e2Yta
Financial Chronicle
1198
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Toronto Elevators
Si
Trans
-Lux Daylight Picture Screen Corp
100
'Fri-State Telep & Teleg.,6% pref.(quar.)
15c
Twin Bell Oil Syndicate (monthly)
52
Underwood-Elliott-Fisher, corn. (quar.)
50c
Preferred (quarterly)
Si
Union Pacific RR., corn
$1
Preferred (semi-annual)
Union Tank Car (quar.)
30c
United Biscuit Co of Amer..com.(quar.)
40c
Preferred (quarterly)
United Carbon Co., coin. (quar.)
60c
United Corp., $3 preference (quar.)
75c
United Dyewood, pref. (quar.)
$fli
United Elastic Corp. (quar.)
10c
United Gas Improvement(quar.)
30c
5% preferred quar.)
S134
nited Light & Rys.,7% prior prf. (monthly)_
58 1-3c
7% prior preferred (monthly)
58 1-3c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
United N. J. RR.& Canal (guar.)
Quarterly
121
2
United States Envelope, common
S2;5
Preferred (s.-a.)
5.3;4
United States Foil, A & B (quar.)
15c
Preferred (quarterly)
$141
United States Freight Co.common (quar.)
25c
United States Gypsum Co. common (guar.).
25c
7% preferred (quar.)
Si
U.S. Petroleum Co.(guar.)
lc
Quarterly
lc
U. S. Pipe & Foundry Co.,corn.(guar.)
1234c
Common par.)
12 c
Preferred quar.)
Preferred quar.)
30c
United States Playing Card (quar.)
25c
Extra
25c
United States Steel Corp. pref.(quar.)
c
United Stores Corp. preferred (guar.)
Upper Michigan Pow.& Lt.,6% pref. (quar.)_
$1
6% preferred (quar.)
$I
Upressit Metal. preferred (quar.)
Utica Clinton & Binghamton,debenture (s.
-a.).. S23
Utica Knitting 7% preferred
h$114
.
Van Raalte Co., Inc., let pref. (guar.)
$1
Vapor Car Heating Co., Inc.. 7% pref
h$3
Vick Chemical Co.(quar.)
50c
Extra
10c
Veeder Root, Inc
40c
Victor-Monaghan Co. (quar.)
S134
Virginia Coal & Iron (guar.)
25c
Sept. 1 Aug. 20
Aug. 31 Aug. 15
Sept. 1 Aug. 15
Sept. 5 Aug. 31
Sept.29 Sept. 12
Sept.29 Sept.12
Oct. 1 Sept. 1
Oct. 1 Sept. 1
Sept. 1 Aug. 17
Sept. 1 Aug. 9
Nov. 1 Oct. 16
Oct. 1 Sept. 15
Oct. 1 Sept. 4
Oct. 1 Sept. 14
Sept. 24 Sept. 6
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 July 18
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Oct. 10 Sept. 20
Jan. 1 Dec 20
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 21
Oct. 1 Sept. 14
Oct. 1 Sept.14
Sept. 10 Sept. 5
Dec. 10 Dec. 5
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 1 Sept.20
Oct. 1 Sept.20
Aug. 30 Aug. 2
Sept.15 Aug. 25
Nov. 15
Jan. 1
Oct. 1 Sept. 15
Dec. 26 Dec. 26
Sept. 1 Aug. 31
Sept. 1 Aug. 16
Sept.10
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept. 1 Aug. 15
Sept. 1 Aug. 18
Sept. 1 Aug. 15
Aug. 25 1934
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Virginia Elec. & Power Co. pref. (quar.)
$1;4
Virginia Fire .It Marine Insurance
75c
Vulcan Detinning Co., preferred (quar.)
111
Wagner Electric Corp. preferred (guar.)
Waialua Agricultural Co., Ltd. (quar.)
30c
Washington Ry. & Electric (guar.)
33
5% preferred (quar.)
$1
Welch Grape Juice Co.,7% pref.(quar.)
$1
Well & Co.,8% pref(s.-a.)
Wesson Oil & Snowdrift Co., Inc.
54 convertible preferred (quarterly)
Si
Western Auto Supply Co., Cl. A & B corn.(qu.)_
75c
Western Canadian Collieries
Westmoreland. Inc.(quar.)
300
Westvaco Chlorine Products Corp. corn. (quar.)
10c
Weyenberg Shoe Mfg., preferred (quar.)
$1
Preferred (quarterly)
31
Wheeling Electric 6% preferred (guar.)
$1
Wilcox Rich Co.class A (guar.)
6254c
Williamsport Water $6 pref.(quar.)
Si
Winstead Hosiery (quar.)
Woodley Petroleum Co
fu,
Woolworth (F. W.) Co.(quar.)
60c
Wrigley (Wm.) Jr. Co. (monthly)
250
Monthly
25c
Yale & Towne Mfg. Co.(guar.)
150
Zimmerknit. 7% pref. (s.
-a.)
3334
Sept.20 Aug. 31
Aug. 27 Aug. 20
Oct. 20 Oct. 10
Oct. 1 Sept. 20
Aug. 31 Aug. 21
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug. 31 Aug. 15
Sept. 1 Aug. 1
Sept. 1 Aug. 15
Sept. 1 Aug. 20
Oct. 15
Oct. 1 Sept.15
Sept. 1 Aug. 15
Sept.15 Sept. 5
Dec. 15 Dec. 5
Sept. 1 Aug. 7
Sept.30 Sept.20
Sept. 1 Aug. 20
Nov. 1 Oct. 15
Sept.30 Sept.15
Sept. 1 Aug. 10
Sept. 1 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept.21
Sept. 1 Aug. 15
I' The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
9 The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payaole in common stock. g Payable In scrip. h On account of accumulated dividends. j Payable in preferred stock.
m A quar. div. on the cony. pref. stock, opt. ser. of 1929, of Commercial
Investment Trust Corp., has been declared in corn, stock of the corp. at
the rate of 5-203 of 1 share of corn, stock per share of cony. pref. stock.
Opt. ser. of 1929. so held, or at the opt, of the holders in cash at the rate
of $1.50 for each share of cony. pref. stock, opt. ser. of 1929, so held.
n Goldblatt Bros., Inc., declared a reg. quar. div. of 25c. in cash or, a
opt. of holder, 0.025 of a share of corn, stock on each sh. of corn. stk. held.
r Payable in Canadian funds, and in the ease of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
$ Blue Ridge Corp. has declared the reg. quar. div, on its opt. $3 cony.
pref. stk., ser. of 1929, at the rate of 1-32d of one sh. of the COM. stk. of
the corp. for each sh. of such pref. stk., or, at the opt, of such holders •
(providing written notice thereof is received by the corp. on or before Aug.
15 1934) at the rate of 75 cents per sh. in cash.
u Payable in U. S. funds. o A unit w Leas depositary expenses.
Less tax y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House.
Condition of the Federal Reserve Bank of
New York.
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 22 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 18 1934.
Clearing House
Members.
• Surplus and
Undivided
Profits.
• Capital.
Net Demand
Deposits,
Average.
Aug. 22 1934. Aug. 16 1934. Aug.231933.
Time
Deposits.
Average.
Assets—
Bank of N Y & Trust Co
Bank of Manhattan CoNational City Bank
Chem Bank ,k Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co_
First National Bank
Irving Trust Co
Continental ilk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co__
Marine Midland Tr Co_
New York Trust Co____
Comml Nat Bk de Tr Co
Public Nat Bk & Tr Co_
Totals
$
6,000.000
20.000,000
127,500.000
20,000.000
90,000,000
32,935.000
21,000.000
15,000,000
10,000,000
50.000.000
4,000.000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7.000.000
8.250.000
614.955.000
$
$
$
97,657,000
9,928.100
11,321,000
31,931,700
285,608 000 .; 31.850.000
38,018,700 a926,911,000 1175,823,000
48,945.300
318,726,000
26,821,000
177,486,20051.000.346.000
55,180,000
245,167,000 101,316,000
10,297,500
61,312,500
575,457.000
86,461.000
16.170,30C
180.003,000
21,678,000
88.495,500
366 264.000
14,280.000
57,693,500
372,080,000
11,899,000
3,507.900
28.825,000
3,129,000
66,520,800 c1,279,497,000
74,731,090
3,251,600
41,973,000
602,000
60,009,000 d585,974,000
94,037,000
8.206,000
17.464,000
264,000
7,346,200
54,251,000
5,073,000
21,714,500
215,813,000
19.457.000
7,564,500
50,323,000
1.749,000
4,932,4
47.086,000
34.092,000
723,312.200 6.690,425,000
639.773.000
• As per official reports: National. June 30 1934; State, June 30 1934; trust companies, June 30 1934.
Includes deposits in foreign branches as follows a$207,055,000; S $59,245,000;
C 270,474,000; d $19,411,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Aug. 17:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 17 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Manhattan $
Grace National
22,871,200
Trade Bank of N. Y. 3,368,592 .
Brooklyn—
Pannla'a NintInnAl
4 573 15R
$
Res. Dep., Dep. Other
N. F, and Banks and
Elsewhere. Trust Cos.
5
92,500
93.345
1,969.300
691,721
84 025
21R 507
Gross
Deposits.
$
$
1,865,900 22,071,000
50,617 3,283,446
ARO flf1R
1
01g
0.2
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Res. Dep.,
N. Y. and
Elsewhere.
United States
$
$
s
53,050,7
3,157,100 11,521.500
6.520,427
75.167
493,732
8,607,972
•824,524
476,616
15,271,000 *3,236.300 1,280,500
30,358,100 y4,956,400
442,100
65,411.446 9.335,647 15,842,024
Brooklyn—
Brooklyn
Kings County
-
8,8,358.000
27.003,516
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
2,369.000 21,949.000
1.720.750 6.690.214
Dep. Other
Banks and
Trust Cos.
$
1,200,300
683,814
62,385
1,512,300
Gross
Deposits,
$
56,808,200
6,105,022
8,018,070
13,308,400
33,058,200
62,337,925
278.000 98.869,000
28 R42 124
Includes amount with Federal Reserve as follows: Empire, $2,121,600; Fiduciary, 5509,929; Fulton. 53.084.300: Lawyers County $4,334,600.
$
8
Gold certificates on hand and due fro ,
• 1,763,815,000 1,744,564,000
U. 8. Treasury.s
•
Gold.
Redemption fund—F. R. notes— -Other cash....
1,324,000
55,306,000
1,579,000
50,144,000
$
258,470,000
729,624,000
6,971,000
71,635,000
1,820,445,000 1,796,287,00 1,066,700,000
2,086,000
1,756,000
2,906,000
Tots, reserves
Redemption fund—F.R. bank notes
huediscounted:
Secured by U. S. Govt. obligations-. •
Other bills discounted
Industrial Advances
•
1,784,000
9,869,000
14,577,000
28,279,000
11,901,000
Total Mils discounted
Bills bought In open market._ _
1,583,000
10,318.000
11.653,004
42,856,000
1,846,000
40.000
1,929,000
20.000
2,477,000
165,750,000
401.060,000
210,945.000
165,751,000
401,059,000
210,945,000
177,081,000
307,239,000
279,033,000
777.755,000
777,755,000
763,353,000
35,000
35,000
1,252,000
791,577,000
791,392,000
809,938,000
1,208,000
3,284,000
101,612,000
11,455.000
39,008,000
1,193,000
4.146,000
115.291,000
11,455,000
35,922.000
1,183,000
6,258,000
87,855,000
12,818,000
26,813,000
U. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities.
Other securities
Tata Thins and securities
Gold held abroad
Due from foreign banks
P. R. note, ot other banks
Uncollected items
Bank premises
All other assets
Total assets
2,770.675,000 2
.757,442,000 2,014,471,000
F. R. notes in actual circulation
650.068,000 650,497,000 637,679,000
F. R. bank notes in actual circulation ne
31.355,000
52,299,000
31.725,000
Deposits—Member bank reserve met- 1,706,743,000 1,6S8,710,000 1,036,928,000
. S. Treasury—General account.
21,282,000
18,604,000
22,172,000
Foreignbank_
5,158,000
7,198,000
3,791,000
Other deposit,'
127,228,000 125,775,000
24,710,000
Total deposits
Deferred availability items
Capital paid in.
Surplus
Reserve for contingencies_
All other liabilities
1,860,411,000 1,840,448,000 1,087,440,000
99,050,000 107,761,000
83,222,000
59.509,000
59,475,000
58,534,00
0
45,217,000
85,058,000
45,217,000
4,737.000
1,667,000
4,737,000
20,328.000
17.582.000
8,572,000
Total liabilities
2.770.675,000 2,757,442,000 2,014,471,000
Ratio of total reserves to deposit an
—
F. R. note liabilities coniblned.
72.5%
61.8%
72.1%
Contingent liability on bills purchase
for foreign correspondents
13,060.000
103,000
217,000
"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve Sank notes.
a These are certificates even by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth leas to the extent of the difference, the difference iteelf having been appropriated as profit by the Treasury
under the provisions of tbe Gold Reserve Act of 1934.
1199
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.23,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
1934.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 22
Aug. 22 1934. Aug. 15 1934. Aug. 8 1934. Aug. 1 1934. July 25 1934. July 18 1934. July 11 1934. July 3 1934. Aug. 231933.
$
$
$
$
$
ASSETS.
$
951,607,000
Gold otfe. on hand & due from U. ELI_ 4,963,361,000 4,961,374,000 4,929,548,000 4,906,009,000 4,873,172.000 4,847,634,000 4,810,603.000 4,782,684,000 2,601.596,000
Gold
36,277,000
25.051.000
25,231.000
25,003,000
24,620,000
24,034,000
24,313,000
24,357.000
24,003.000
Redemption fund (F. R. notes)
228,660,000 224,456,000 219,961,000 225,891.000 235,327,000 228,824,000 231,324,000 211,608,000 243,577,000
Other cash •
5,216,055,000 5.210,143,000 5,173,866,000 5.155,903,000 5,133,119.000 5,101,461,000 5,066,978.000 5,019,523,000 3,833,057,000
Total reserves
2.336,000
2,105.000
2,304,000
2,996,000
3,504,000
4,187,000
8,451,000
3,628,000
16,922,000
4,130,000
17,240,000
4,346,000
16.952.000
5.536,000
17.716.000
4,140.000
18,544,000
4,571.000
24,417,000
36,026,000
114,119,000
20,207,000
20.550.000
21,370,000
21,298,000
23.252.000
22.684,000
28,988,000
150,145,000
5,114,000
298,000
5,198,000
214,000
5,200,000
28,000
5.206.000
5.000
5,271,000
5,259,000
5,259,000
5,317,000
7,350,000
467,565,000 467,499,000 467,799,000 467,809,000 468.094,000 467.805,000 467,820.000 467.807.000
1,271,709,000 1,271,707,000 1,257,759,000 1,252,320.000 1,252,308,000 1,252,331.000 1,227.107,000 1,221,884,000
692,250,000 692,251,000 706.202.000 711.651,000 711,650.000 711,651,000 736,852,000 742.099,000
U.S. Government securities
-Bonds
Treasury notes
Certificates and Ma
2,347,000
3,820,000
16,387,000
19,816,000
Total bills discounted
Bills bought In open market
Industrial Advances
2,006,000
3,437,000
16,379,000
Redemption fund-F.It. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
442,903,000
848,506,000
802,605,000
Total U. 8. Government securities. 2,431,524,000 2,431,457,0.0 2,431,760,000 2,431,780,000 2,432,052,000 2,431,787,000 2.431,779,000 2.431,790,000 2,094,014,000
1,854,000
512,000
483,000
483,000
471,000
Othersecurities
428,000
440,000
465,000
428,000
2,457,180,000 2,457.504.000 2,457.978.000 2,458,826,000 2,459,092.000 2,460,781,000 2,460,205,000 2,466,607.000 2,253,363,000
3,740,000
3,129,000
3,138,000
3.139,000
3,125,000
3,124,000
3,128.000
3,141,000
3,124,000
18,667,000
15,585,000
20.361,000
18,980,000
16,703,000
16,519,000
17,298,000 18,700,000
16,727,000
404,761,000 470.989.000 377,518,000 438,558,000 399,143,000 459,915.000 429,215,600 478,866,000 349,018,000
54,454,000
.52,682,000
52,717,000
52.719,000
52,774,000
52,753,000
52,775,000
52,727,000
52.728.000
51,206,000
48,353,000
47.277.000
50,339,000
51,917,000
49,674,000
52,754,000
50,878,000
54,759,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks.
UncollectedItems
Bank premises
All other resources
Total assets
8,207,734,000 8,265,161,000 8,134,983,000 8.178,215,0008,120,968,000 8,150,330,000 8,084.471,000 8.087,856.000 6,571,956,000
LIABILITIES.
F. It. notes In actual circulation
F. It. bank notes In actual circulation
3.105,028,000 3.102,373,000 3,095,333,000 3.078,823,000 3,060,241,000 3,084,823,000 3,098.273,000 3,121.703,000 2,984,978,000
44,852,000 129,296,000
41.045.000
38.560.000
32,651,000
33,184.000
33.864,000
33,743,000
32,303.000
Deposita-Member banks' reserve account 4,072,321,000 4,064,270.000 4,059,070,000 3.914,813,000 4,020,030.000 3,987,312,000 3,902,098,000 3,745,739.000 2,431,915,000
49,173,000
63.136,000 152,150,000
21,340,000
U. S. Treasurer
-General account_a
57,894.000
24,595,000 159.594,000
47,801,000
43,773,000
4,530,000
21.538.000
5.211,000
5,285,000
Foreign banks
8,147,000
6,978,000
6,864,000
9,513,000
7.885.000
Other deposits
201.775,000 203,261,000 202,280,000 211,978,000 211,851,000 216,693,000 217,700,000 227,241,000 153,712.000
Total deposits
Deferred availability Items
Capital paid In
Surplus
Reserve for contingenciesAll other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments po make industrial advances
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61 90 days bills discounted
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 bilk] bought in open market
61-90days bills bought in open market.._
Over90 days bills bought in open market
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-00 days industrial advances
Over 90 days industrial advances
Total industrial advances
1-15 days U. B. certificates and Mits.__
16-30 days U. S. certificates and bills.-31-60 days U. S. certificates and bills__._
61-90 days U. S. certificates and bills....
Over 90 days U. S. certificates and bills-fetal U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
4,327,382,000 4,333,572,000 4,292,923,000 4,293,249.000 4,287,567,000 4,230,630.000 4,188.145,000 4,129,660,000 2,656,338,000
408,230,000
146,514.000
138,383,000
22,545,000
27,349,000
461,045,000
146,423,000
138,383,000
22,544,000
25,170,000
381,093,000
146,612,000
138,383,000
22,541,000
24,914,000
437,474.000
146,552,000
138,383,000
22.540,000
27,330,000
405.799,000
147,285.000
138.383.000
22,540,000
25.410,000
463.920.000
147,306,000
138,383,000
22,541,000
24.167.000
424,880.000
147,246,000
138,383,000
22.540,000
23.959,000
460,997,000
147,121,000
138,383,000
22,140,000
22.600,000
348,045,000
146,187,000
278,599,000
12,105,000
16,498,000
8,207,734,000 8,265,161,000 8,134,983,000 8.178,215,000 8,120,968,000 8,150.330.000 8,084,471,000 8,087,856,000 6,571,956,000
70.2%
70.1%
70.0%
69.9%
528,000
345.000
642,000
80,000
895,000
1,085,000
$
$
$
3
69.9%
1,196,000
$
69.7%
69.5%
69.2%
67.9%
1,394,000
1.401.000
1,450,000
39,096,000
$
$
s
13,548,000
4,889,000
719,000
619.000
71,000
13,971,000
3,802,000
1,464,000
882,000
88,000
13,083,000
1,462,000
5,028,000
872,000
105.000
14,498,000
1,007,000
4.919,000
805,000
141,000
14,499,000
639.000
5,102,000
905.000
153,000
14,967,000
2,161,000
4,312,000
1,598.000
214,000
14.755.000
1,593,600
1,336,000
4,749.000
251,0e0
20.630,000
2,003,000
1,550,000
4,544,000
261,000
111,036,000
13,529,000
15,058,000
9,071,000
1,451,000
19.816,000
20,207,000
20,550,000
21,370,000
21,298,000
23.252,000
22,684,000
28,988,000
150,145,000
3,522,000
444.000
539,000
609,000
378,000
3.643.000
423,000
754,000
499.000
1,212,000
359,000
3,130,000
606,000
1,413,000
400,000
2.787,000
654,000
473,000
1.511,000
2,633,000
2,675,000
550,000
1,475,000
559,000
2,723.000
618,000
475,000
1,443.000
520,000
2.675.000
767,000
1,355.000
199,000
631,000
1,450,000
5,070,000
5,114,000
5,198.000
5,200,000
5,206,000
1,271,000
5,259,000
5,259,000
5,317,000
7,350.000
69,347,000
23,022.000
110,497,000
120,268,000
369,116,000
36,998,000
43,600,000
111,069,000
117,718,000
382,866.000
38.232.000
69,348,000
87,537,000
114,310,000
396,775,000
54,263.000
36,997,000
98,122,000
104,325,000
417,944,000
44,280,000
38.232,000
92,369.000
110,497,000
426,272,000
17,000,000
55.262,000
105,719,000
88,047,000
445,623,000
19,600,000
48,280.000
114,680,000
87,537,000
466,755,000
33,225.000
16,999,000
100,259,000
102.222,000
489,394,000
50,450,000
167,101,000
125,883,000
82,972,000.
376,199,000
692,250,000
692,251,000
706,202,000
711,651,000
711,650,000
711,651,000
736,852.000
742.099,000
802,605,000
428,000
393,000
35,000
405,000
35,000
430,000
436,000
448,000
448,000
477,000
1,739,000
35,000
35,000
35,000
35,000
35,000
3,000
3,000
9.000
283,000
298,000
23,000
92,000
428.000
428.000
440,000
465,000
471,000
483,000
483,000
512,000
1,854,000.
Feaeral Reserve Notes
Issued to V. R. Bank by F. It. Agent__. 3,393.650.000 3,389.813.000 3,388,544.000 3,367.162,000 3,376,082,000 3,387,639,000 3,392.326,000 3.376,193,000 3,256,549,000
288.622.000 287,449,000 293,211.000 288,339,00
Heldby Federal Reserve Bank
315,841.000 302,816,000 294.053,000 254,490,000 271,571,000
In actual circulation
3,105,028.000 3.102,373,000 3,095.333,000 3.078,823,000 3,060,241.000 3,084,823,000 3.098,273.000 3,121,703,000 2,984,978,000
Coltateral Held by Agent as Security for
Soles Issued to Bank
Gold ars on hand & due from U.S.Tress
3,131,656,000 3,125,656.000 3,134.156,000 3,098.156,000 3,118,656,000 3.113,656,000 3,115,156,000 3,093,656,000 {1523 749.000:
By gold and gold certificates
Gold fund-Federal Reserve Board
1256235,000
9.623,000
10.250.000
10,263.000
10.831,000
B eligible paper
11.026.000
12,457,000
11,626,000
18,071.000
95,004,000
289,500.000 294,500,000 281,500,000 297,400,000 293,000.000 309,000.000 302.000,000 305,000,000 433,700.000,
U. S. Government securities
3,430.779.000 3.430.406.000 3.425.919.000 3.406.387.000 3.422.682.000 3.435.113.000 3.428.782.000 3.416,727.000 3,308.688.000
Tots collateral
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
x These are certificates given by the U. S. Treasury for the geld taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of toe difference, the difference itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
S Treasurer-General account" and $1001
1000,000 Included in Government deposits on May 2 transferred to "Other
a CaDt1011 changed from "Government" to
deposits."
1200
Financial Chronicle
Aug. 25 1934
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT Os. RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 22 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank ofTotal.
Boston. New York. Plata. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. ICan.City. Dallas. San Fran.
RESOURCES.
owe certificates on hand and due
$
$
$
$
$
$
$
$
s
$
3
$
$
from U.S.Treasury
Redemption fund-F.R. notes
Other cash
4,963,361,0 369,350,0 1,763,815,0 260,340,0 379,402,0 162,807,0 103,305,0 1,068.843.0 171,355,0 122,702.0 167,214.0 91,370,0 302,858,0
24,034,0 1,856,0
1,324,0 2,680.0 3,050,0 2,069,0 4,011,0
820.0 1,091,0
1,592,0
887.0
471.0 4,183,0
228,660,0 19,550,0
55,306,0 36,674,0 12,706,0 8,089,0 13.108,0
31,832,0 11,053,0 13,408,0 9,792,0 5,100,0 12,042.0
Total reserves
5,216,055,0 390,756,0 1,820,445,0 299,694,0 395,158,0 172,965,0 120,424,0 1,102,267,0 183,228,0 137,201,0 177,893,0 96,941,0 319,083,0
Redem. fund-F. R. bank notes_
2,336,0
250,0
2,086,0
•
Bills discounted:
Elec. by. U.B. Govt.obligations
3,437,0
730,0
1.583,0
70,0
218,0
164,0
105,0
155,0
300,0
15,0
15,0
25,0
57,0
16,379,0
Other bills discounted
10,318,0 4,351,0
14,0
283,0
495,0
150,0
30,0
214,0
8,0
138,0
240,0
138,0
Total bills discounted
19,816,0
11,901.0 5,081,0
84,0
501,0
659,0
255,0
185,0
229,0
308,0
153,0
265,0
195,0
Bills bought In open market
5,114,0
1,846,0
371,0
536,0
488,0
193,0
122,0
178,0
650,0
85.0
142,0
142,0
361,0
Industrial advances
298,0
40.0
37,0
52,0
32,0
23,0
101,0
10,0
3,0
U. S. Government securities:
467,565,0 27,226,0 165,750,0 30,021,0 35,998,0 17,502,0 15.940,0
Bonds
76,079,0 16,165,0 17,418,0 16.972,0 20.389,0 28,105.0
Treasury notes
1,271,709,0 84,150,0 401,060,0 88,802,0 114,190,0 55,513,0 50,500,0 225,430,0 49,693,0 31.120,0 49,135,0 32,954,0 89,162,0
Certificates and bills
692,250,0 46,303.0 210,945,0 48.297,0 62,836.0 30,547.0 27,787,0 126,834.0 27,342,0 17,126,0 27,037,0 18.132,0 49,064,0
Total U. S. Govt. securities_ 2,431,524,0 157,679,0
Other securities
428,0
777,755.0 167,120,0 213,024,0 103,562,0 94,227,0
35,0
393,0
428,343,0 93,200,0 65,664,0 93,144,0 71,476,0 166,331,0
Total bills and securities
2,457,180,0 158.134,0
Due from foreign banks
3,141,0
237,0
Fed. Res. notes of other banks16,727,0
382,0
Uncollected Items
404,761,0 41,514,0
Bank premises
52,775,0 3,229,0
all other resources
54,759,0
692,0
791,577,0 173,167,0 214,013,0 104,414,0 94,712,0 429,402,0 93,539,0 66,001,0 93,449,0 71,885,0 166,887,0
1.208,0
341,0
300,0
119,0
10,0
109.0
414,0
7.0
87,0
222,0
87,0
3,284,0
750,0 1,015,0 1,896,0
1,006,0
3,065,0 1,670,0
506.0 1,147,0
342,0 1,664.0
101.612,0 31,708.0 39,996,0 35,729.0 12,123,0
54,762,0 17.206,0 12,430,0 24,071,0 15,235,0 18,375,0
11,455,0 4,300,0 6,788,0 3.128,0 2,372,0
7,387,0 3,126,0 1,664,0 3,485,0 1,757,0 4,089,0
39,008,0 4,956,0 1,438,0 1,718,0 2,240,0
242,0 1.110,0
1,250,0
470,0
996,0
639,0
8,207,734,0 595,189,0 2,770,675,0 514,916,0 658,708,0 319,969,0 232,986,0 1,598,547,0 299,021.0 218,919,0 300,602,0 187,243,0 510,959,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 3,105,028,0 244,483,0 650,068,0 246,121,0 314,602,0 144,746,0 131,460.0
F.R.bank notes In act'l eircurn
32,303,0
948,0
31,355,0
Deposits:
Member bank reserve account_ 4,072,321,0 279,803,0 1,706,743,0 197,284,0 263,560,0 124,650,0 71,675,0
U. S. Treasurer-Gen. acct.__
43,773,0 3,319,0
21,282,0 1,167,0 2,922,0 1,700,0 2,175.0
Foreign bank
9,513,0
480,0
5,158,0
693,0
639,0
253,0
233,0
201,775,0 2,189,0 127,228,0 7,732,0 7,657,0 1,436,0 3,489,0
Other deposits
Total depoelts
Deterred availability Items
Dapital paid in
lurplus
Reserve for contingencies
kll other liabilities
771,039,0 133,584,0 102,588,0 112,862,0 43,213,0 210,262,0
719,599,0 118,434,0 86,623,0 151,314,0 113,916,0 238,720,0
5,065,0 2,936,0
657,0
477,0 1,760,0
313,0
220.0
153,0
839,0
186,0
186,0
473,0
4,316,0 15,738.0 8,424,0 3,482.0 2,151,0 17,933,0
4,327,382,0 285,791,0 1,860,411,0 206,876.0 274,778,0 128,039,0 77,572,0 729,819,0 137,328,0 95,857,0 155,459,0 118,013,0 257,439,0
408,230,0 41,889,0
99,050,0 30,210,0 39,414,0 35.792,0 11,534,0
58,060.0 18,126,0 12,680,0 23,708,0 16,888,0 20.879,0
146,514,0 10,741,0
59,509,0 15,195,0 12,962,0 4,986,0
4,363,0
12,681,0 4,049.0 3,113,0 4,124,0 4,012,0 10,779,0
138,383,0 9,610,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
22,545,0 1,053,0
4,737,0 2,500,0 2,300,0 1,155,0 2,581,0
853,0 1,026,0
2,969,0
619,0 1,133,0 1,619,0
27,349,0
6744
20,328,0
662,0
562,0
325,0
235,0
80,0
331,0
3,298,0
217,0
301,0
336,0
8,207,734,0 595,189,0 2,770,675,0 514,916,0 658,708,0 319,969,0 232,986,0 1.598,547,0 299,021,0 218,919,0 300,602,0 187,243,0 510.959,0
Total liabilities
Memoranda.
latio of total res. to dep. & F. R.
note liabilities combined
ontingent liability on bills purbased for torn correspondents
:Iomtnitments to make industrial
advances
70.2
73.7
72.5
66.2
67.0
63.4
57.6
73.4
67.6
69.1
66.3
60.1
68.2
528,0
47,0
103.0
68,0
62,0
25,0
23,0
• 82,0
21,0
15,0
18,0
18,0
46,0
18,0
80,0
37,0
25,0
345,0
25,0
160,0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York. Phila.
Cleveland. Richmond Atlanta.
Chicago, St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
Federal Reserve notes:
$
Issued to F.R.Bk. by F.R.Agt. 3,393,650.0 272,196,0
Held by Fecrl Reserve Bank__ 288,622,0 27,713,0
3
3
$
$
$
752,378,0 264,272,0 329,229.0 154,043.0 152,308,0
102,310,0 18,151,0 14.627,0 9,297,0 20,848,0
$
3
$
$
$
$
802,8443,0 138,935,0 107,287,0 119,137,0 48,787,0 252,232,0
31,807,0 5,351.0 4,699,0 6,275,0 5.574,0 41.970,0
3,105,028,0 244,483,0
In actual circulation
Collateral held by Agent as security for notes issued to bite
Gold certificates on hand and
due from U. S. Treasury- 3,131,656,0 276,117,0
9,623,0
Eligible paper
84,0
U. S. Government securities_ 289,500,0
650,068,0 246,121,0 314,602,0 144,746,0 131,460,0
771,039.0 133,584,0 102,588,0 112,862,0 43,213.0 210,262.0
753,706,0 221,000,0 282,431,0 120,340,0 86,385,0
6,205,0 1,261,0
501,0
336,0
255.0
43,000.0 50,000,0 35,000,0 70,000,0
809,513,0 123,936,0 96,000,0 111,290,0 50,175,0 200,763,0
180,0
37,0
265,0
122.0
69,0
308,0
16,000,0 11,500,0 10,000,0
54,000,0
759,911,0 265,261.0 332.932.0 185.676.0 138.640.11
1109_82i_n 140.116.0 107.537.0 121.359.0 50.440.0 254.885.0
3.430,779.0 276,201.
Total collateral
FEDERAL RESERVE BAN K NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent al-
Total.
Boston. New York.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.).
Held by Fed'I Reserve Bank__
$
43,849,0
11,546,0
$
1,511,0
563,0
In actual circulation-net .Collat. pledged Mat. outst. notes:
Discounted & purchased bills_
U. S. Government securities_
32,303,0
948,0
Phila.
$
$
32,130,0 10,208,0
775,0 10,208,0
31,355,0
49.474,0
5,000,0
32,474,0 12,000,0
49,474,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Afinnsop. Kan.Oiry. Dallas. SonFros.
$
$
3
r•
$
3
$
$
$
5,000.0
32,474,0 12,000,0
• Does not Include $99,353,000 of Federal Reserve bank notes for the rettrementof which Federal Reserve banks have deposited lawful money with the Treasurer
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued .by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. 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.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 15 1934 t a Millions of Dollars).
Federal Reserve DistrictLoans and Investments-total
Loans--total
On securities
All other
-total
Investments
II. S. Government securities
Other securities
Reserve with F. It. Bank
Cash In vault
Net demand depositsTime deposits
Government delimits
Due from banks
banks
Due to.
_ .. - _
.
orrow nfts
Total.
Boston. New York
Phila. (Remand. Richmond Atlanta. Chicago. St. Louis. Minneap. Kani'lly. Dallas. San Fran.
--- --- ---- ---- -- -- -- -- --- ----8
$
$
3
$
$
$
3
$
1,062
1,196
346
510
332
1,849
362
1,874
561
413
$
17,732
3
1,185
7,825
672
3,535
494
409
161
166
736
209
164
216
183
880
3.294
4,531
256
422
1,736
1,799
224
270
195
214
57
104
55
111
322
414
76
133
39
125
59
157
58
125
223
657
$
3
8,042
9,907
513
4,507
568
787
185
166
1,113
301
198
345
230
994
6,680
3,247
343
170
3,069
1,438
293
275
584
203
129
56
110
58
768
345
194
107
138
60
230
115
175
55
627
367
3,046
231
12,827
4,505
1,255
1,583
3,821
'
235
49
873
344
105
115
196
1,485
50
6,616
1,102
720
134
1,665
121
12
667
318
69
127
222
154
17
654
467
49
96
183
51
10
222
134
8
77
89
26
6
172
130
30
89
89
552
43
1,660
487
63
237
521
77
8
341
165
33
99
151
48
4
238
124
8
76
113
92
10
441
165
23
214
271
75
283
124
65
142
124
130
14
660
945
82
177
197
8
ai to 0 gittanriat
re
4
United States Government Securities
Bankers Acceptances
(ghtantrie
uniorrt
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
6 Mos.
$6.00
6.75
7.75
12 Mos.
Including Postage$10.00
United States, U. S. Possessions and Territories
11.50
In Dominion of Canada
13.50
South and central America. Spain. Mexico and Cuba
Great Britain. Continental Europe (except Spain). Asia.
15.00
Australia and Africa
The following publications are also issued:
COMPENDIUMSPUBLIC UTILITY-(seml-annually)
RAILWAY & INDUSTRIAL-(fOUP a year)
STATE AND MUNICIPAL--(1101311-1101I1.)
8.50
MONTHLY PUBLICATIONS
BANK AND QUOTATION RECORD
MONTHLY EARNINGS RECORD
Terms of Advertising
45 cents
On request
Transient display matter per agate line
Contract and Card rates
licAtto Orrick-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edwards & Smith. 1 Drapers' Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
-For review of the
Railroad and Miscellaneous Stocks.
New York stock market see editorial pages.
The following are sales made at the Stock Exchange this
week (Aug. 18 to Aug.24,inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ended Aug. 24.
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Lowest.
Lowest. I Highest.
Highest.
RailroadsPa Shares. $ per share. $ per share. $ per share.$ Per share.
H Jan 154 Apr
M Aug 23
Duluth 58 & Atl_ --100
100
M Aug 23
Jan 844 Apr
Havana Else Ry pf _100
10 4 Aug 20 4 Aug 20 3
300 10M Aug 22 1044 Aug 22 634 May 10M Aug
fIRTotts of dep____•
Apr
Aug 7
30 264 Aug 24 214 Aug 24 2
TlntsRysofcentAm_'
Indus. & MIscell.Abrahm & Straus pf 100
Am Agri Chem(Conn)
Preferred
•
Amer Coal Co of N J
(Allegh County)_ _2
Am Mach & Mtls eta)
•
Amer Rad & Stand SanPreferred
100
Art Metal Construct_ 10
Austin Nichols prior A •
Bon Aml class A
*
Briggs & Stratton- _ _-*
Chicago Yellow Cab__
Collins de Alkm pref.100
I Col Fuel & Ir pref _100
Connect 114 & Light 100
Consol Cigar pret (7)100
Crown W'mette 1st Pf-•
Cushm Sons pf (7%)100
Preferred (8%) _ _ _*
Fairbanks Co pf etts 100
Florsheim Shoe A _ _ _ _*
Guantanamo Sug p1100
Harbison-WalkerRefrac
100
preferred
Kresge Dept St's pf 100
Mathieson Alkali Works
100
preferred
Norwalk T & R pref_50
Revere Cop & Br pt.. 100
Stand Brands pref _ _100
Underwood-Elliott100
Fisher pref
United Amer Bosch_ _.*
United Dyewood 9E100
Univ Pipe & Bad p1100
Aug 21 109
10109
200 3854 Aug 21 40
Jan 110
July
Aug 21 3841 Aug! 40
Aug
Aug 21 89
Apr 3544 Feb
10 25 Aug 22 25 Aug 22 22
May
100 8M Aug 23 834 Aug 23 414 Jan' 10
10 123 Aug 23 123 Aug 23 11144
20 6 Aug 23 6 Aug 23 4
20 55 Aug 21 55 Aug 21 3114
40 82 Aug 18 84 Aug 21 76
400 18 Aug 22 19 Aug 18 14
100 12 Aug 21 12 Aug 21 10
130 7834 Aug 22r79 Aug 23 7754
100 18 Aug 21 2464 Aug 24 10H
10 52 Aug 18 52 Aug 18 50
40 46 Aug 20 46 Aug 20 31
70 6054 Aug 23 6145 Aug 23 47
20 85 Aug 21 85 Aug 21 8054
10 78 Aug 24 78 Aug 24 6854
30 441 Aug 20 441 Aug 20 3
100 19 Aug 20 19 Aug 20 15
10 2744 Aug 24 2754 Aug 24 731
10 9454 Aug 2 9444 Aug 21 87
10 40 Aug 18 40 Aut 17 19
Aug
Apr
Apr
July
Apr
May
Apr
Feb
June
Apr
Apr
May
June
Apr
Apr
Feb
Jan 123
July 954
May, 64
Mayi 86
July 2454
Aug z16
June 94
Jan 32
Jan 61
Jan 59
Jan 69
Mar 91
Apr 90
Feb 914
Jan 25
Jan 31
Jan 100
Jan 55
Jan
Apr
June
July
June
July
11013031 Aug 2013031
60 33 Aug 24 3644
82
3082
70 125 Aug 2012541
Aug
Aug
Aug
Aug
Jan 135
21 110
24 30
Aug 40
Janl 90
20 46
20 12131 Jan 126K
Aug 24 125
Aug 22 1131
Aug 23 75
Aug 21 9
Aug
Aug
Aug
Aug
July
JanI125
24 02
Feb
Julyl 17
22 8
23 5954 Mar, 7544 May
Apr
21 411 Jan 24
50125
370 9
0075
20 9
• No par value. !Companies reported in receivership.
-For
The Week on the New York Stock Market.
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Knded
Aug. 24 1934.
Saturday
Monday
Tuesday
Wednesday _ _ _ _
Thursday
Friday
Total
1201
Financial Chronicle
Volume 139
State,
Stocks,
Railroad
Number of and Mtscell Municipal d1
Porn Bonds.
Shares.
Bonds.
164,000
274,550
579,030
1,295,680
747,680
746,700
$1,933,000
3,400.000
4,889,100
6,648,000
4,670,000
4,596,000
3,807,540 826,136,000
United
States
Bonds.
$628,000
1,053,000
1,753,000
1,982,000
2,010,000
1,635,000
Total
Bond
Sales.
$660,000
1,894,000
7,072,000
14,583,000
6,792,000
2,793,000
83,221.000
6,347,000
13,714,000
23,213,000
13,472,000
9,024,000
89.061,000 333,794,000 $68,991,000
Sales at
Week Ended Aug. 24
New York Stock
Exchange
1933
1934.
-- -3,807,540 11,164,894
Stocks-No, of shares.,
Bonds.
Government bonds__ 233,794,000 $3,467,200
9,061,000 13,018,500
State & foreign bonds_
Railroad at misc. bonds 26,136,000 31,999,000
Jan. 1 to Aug. 24.
1934.
1933.
247,947,050
495,034,835
8523,358,200
422,814,000
1,635,758,000
$294,545,100
514,107,500
1,466,278,900
868,991,000 248.484,700 82,581,930,200 22,274,931,500
Total
Quotations for United States Treasury Certificates of
-Friday, Aug.24.
Indebtedness, &c.
1st.
Ins,
maturity.
Rate.
Elept.16 1934...
Aug. 1 1935._
June 15 l939._
Dee. 15 1934.-Mar. 15 1935-Dec 15 1925...
Feb. 111138..
Dec 15 1936.....
14%
154%
244%
214%
214%
2.4 %
254%
254%
Bid.
100",
10110.1
10011n
10024,
101,4,2
102"..
10210.1
1044n
Asked.
Maturity
100..., Apr. 15 1936- - 10111,1 June 15 1938___
Mu., June 15 1035...
IOW% Feb. 16 1937_ _
101", Apr. 1511137...
1021.8, Mir. 15 1938...
1022, kilg• I 1930...
32
104 22 SeDt.111937___
,
Rate.
254%
254%
3%
3%
3%
3%
3 tf %
3K%
ow.
10322
.,
103"..
0n
102.
1041,2,
104",,
105",
10414n
My%
aged.
1032...
103",8
10211n
,0n
104
10410,,
inn.
104".2
law.
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, Aug. 24.
Rates quoted are for discount at purchase.
Bid.
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov.14 1934
Nov 91 MA
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0 20.2.
Bid.
Asked.
Dec. 19 1934
Dee. 26 1934
Jan. 2 1935
Jan 9 1933
Jan. 16 1933
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
dated.
0.20%
0.20%
0.23%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
____
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. And Prices. Aug. 18 Aug.20 Aug.21 Aug.22 Aug.23 Aug.24
,2
,
82
High 103.su 103942 1031, 103,142 103 82 1039
First Liberty Loan
,
,
n
344% bonds of 1932-47_ _{Low. 1031, 103,4n 103,082 103 82 103 81 103%2
,
,
2,
Close 1031, 1031.4, 103,082 103 82 103 82 1039n
(First 3448)
20
69
123
39
35
15
Total sales to $1,000 units._
Convei ted 4% bonds of.1 High
_
1932-47 (First 48
)--- 14w_
Close
Total sales in 31,000 units__
--11
- 11 ;
10310n
1014: 103 i12 103
444% bonds..1 High
Converted
,
,
103812 103 n 103 22 103 32 103',,
,
of 1932-47 (First 431s) Low_
,
103142 103 82 103 n 103 82
,
,
Close
3
56
34
3
13
Total sales in $1,000 unttr___
Second converted 454%1 High
bonds 01 1932-47 (First(Low_
Close
Second 44(s)
_
Total sales in $1,000 units-- -2
103211,2 113Isin 103 ,,
12
{High 1031, liors7j;,
Fourth Liberty Loan
8,
82
8,
434% bonds of 1933-38._ Low_ 1031, 103942 1031, 1032, 10399,2 103942
,,
,,
,58/ 103 n 1032.n 10322
n
Close 1032, 103942 103
(Fourth 4548)
27
77
87
42
11
4
Total sales in $1,000 units_ __
100..., 1002912
0 1011n
32 1019
1 High 101,
Fourth Liberty Loan
100,922
1009232
441% bonds (2d called). L "- 1012,2 101932 101
0
,,n 100.1n 1009912
101)
0 101
,
Close 101 ” 1019
31
50
15
11
34
15
Total sales in $1,000 units_
e,
1122o 111,, 111933, 112231 1119,
n
1 Higi
Treasury
,
,
22
,
.32 111",, 1112 t
Low- 11242 111 4 1111, 1119
4348 1947 52
111wo
111 Un 1112, 112
12
,
Close 112 32 112
25
126
89
42
540
58
Total sales in $1,000 units_
,
10722n 107,032 1071.8, 107 932
,
1 Hifi 108 22 103
10724,1 1072in 1071, 1072,
82
n
Low- 10842 103
45, 1944-54
107242 107242 107un 107,122
,
Close 108 32 108
38
59
74
217
25
18
units_
Total sales in $1,000
32
,
1 Mill 1022% 10224 1022022 102242 102 82 1029,
Low- 10214. 10224 102•,, 10242 101,122 102232
431a-354e, 1943-45
,
Close 10299, 10224 102.on 10242 102 82 1020o
618
458 1,398
3
998
4
Total sales in $1,000 units...
,
106 4 1061.2 10541 106 s2 106 22
,
,
[High
106 32
. 106.., 1052
10610
4 106
,
Low3318. 1946-56
,
106 12 106 32
1061% 106.., 106
,
Close
606
30
40
110
10
Total sales in $1,000 units_
1031., 1031,2, 10399n
I Met 103942 103n, 103942
Low_ 1032sss 1039932 1039932 103". 10311n 103"33
354s, 1943-47
. 10311n 1039932
Close 10324.2 1039,32 103"n 10310
296
39
92
93
92
19
Total sales in $1.000 units.,..
(High 1001,, 1002% 1002932 10024: 100,4=2 1009932
100'122 100un 1009
0 100 32 1009932
,
{Low.
38, 1951-55
(Close 100..n 1002:22 100,432 100942 10010,2 100942
282
810 1,609
494
136
199
Total sales in $1,000 Units_ .
{High 100N., 100,,n 100"., 10094, 1009922 1009932
9
Low_ 100 .2 100,1,2 1000.2 10042 100921 1001,22
3s, 1948-48
0
Close 100"o 100,1n WO". 1009n 1009,2 10099
456
128 17424 4,498 1,466
16
Total sales in $1,000 units_
103942 103"n
{Hifi 10412.2 10410,2 104..2
103942 103242
,
104 32 104 12
Low_
,
SMs, 1940-43
10394: 103242
,
Close 11:11.” 104 32 10442
30
50
28
28
2
Total sales in $1,000 units.,.,..
10329.2 1039932
1 Midi
(High 1049222 1041,s2 104222
Low. 1048,, 10442 104932 103,082 1031,8, 103942
1941-43
42 1031,12 10329n
Close 1019,32 104922 104932 103,1
.
55
17
7
10
100
93
Total sales in $1,000 units.,..,
n
1012,32 10124 1011, 101942 1011.32
(High
,
Low_ 1012.., 1019,32 101o, 101 32 101922 101 nn
1946-49
Close 101..., 10120, 101”s 101,0n 101942 101",,
800
125
77
320
201
5
Total sales in $1.000 units.,..
103,11
. 103nn
(High 1049932 101993 10442 104
,
,43 103142
,
Low_ 1049932 101 22 103203 103,,n 103
3318, 1941
,,
Close 104142 101932 1032% 103 s2 103... 1039922
394
8
348
191
179
1
Total sales in $1,000 units. 102 n 102
102932
,
{mill 10224: 10294 10219
,
, 101 9n
n
Low_ 102",, 10292, 10241 101,, 10122
3303, 1944-46
Close 1021,n 102993 102932 1012,32 10122, 102932
157 1,812 2,402 1,22
143
Total sales in $1,000 units.,.,
17
,
32
1 High 100,4n 100o. 100% 100 32 10042 1001,
Federal Farm Mtge
991012 9994 100932
,
34(8, 1944-64
,,n 100"3 100 m
Low. 100
98uss 100.., 100,,n
,
,,
Close 100 n 100993 100 n
62
48
94
Total sales in $1,000 units_ _
5
4
10
951,
98,7ss 0s23., 98
”
Federal Farm Mortgage
Mill 991032 99912
,
98 n
99
38, 1949
95uss 9Ssss
Low_
98
999,1
989,
982
99
32
,
'n 9511,, 98..,
(Clog" 99 32
354
204
263
68
Total sales in 81,000 units.,..,
306
43
Home Owners' Loan
981sss 91
,
3182: 989932
111Ih 991,/, 991,
” 99 32
989,
9S9,
Low_
4.s. 1951
991,s, 993.2
.2
32
32 Muss 956
989932 98Isss ()sun 989,22
Close 991,n 998,
336
91
Total sales in $1,000 units_ _
552
44
132
225
Home Owners' Loan
981% 95142
98932
(High 990032 9942
3s, series A, 1952
Low_
97993
98942 98..., 98Iss
9942
98
Close 99232
98942 98"., 98412
98922
98932
Total asks in $1,000 ,nits.,.
852
680
361
111
836
Note.
---The above table includes only sales of coupon
Immuls. Transactions in registered bonds were:
2 1st 454*
,
103 82 to 103 n 1 Treasury 354s. 4 Ms_ _ _101.... to 1011
,
,4
13 4th 454s (uncalled)-1031, to 103
,382 1 Treasury 35-4, 19411-49.1039 10 103',,
i2
0
1 Home Owners 48 1951_ 98,982 to 98..2
24 4th 454,(2d ealled)_100942 to 101
1
112
to 112
5 Treasury 454s
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.
1202
Aug. 25 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
121r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.
-Cash and deferred delivery sales are disregarded in the day's range, unle.ss they are the
only transactions of the day.
-Ales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Aug. 18.
Monday
Aug. 20.
Tuesday
Aug. 21.
Wednesday
Aug. 22.
Thursday
Aug. 23.
Friday
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
No account is taken of such
PER SHARE
Range Since Jan. 1.
On basis of 100-3/lore tots.
Lowest,
Highest.
$ per share 5 per share $ per share 3 per share $ per share $ per share Shares.
Railroads
$ per share
Par $ per share
4718 48
47
48
4812 503
8 50
53
512 53
8
5112 533 15.400 Atch Topeka & Santa Fe__100 4514 Aug 11 733 Feb 5
4
4
*7318 78
75
75
7512 7512 8012 8012 8034 803
4 803 8012
8
800
Preferred
100 7018 Jan 5 90 July 14
2714 2712 28
31
3112 32
28
323
4 5,500 Atlantic Coast Line RR
2912 2012 32
29
100 2412July 31 5414 Feb 15
6
153 153
8
8 15
153
4 15.4 163
8 1614 1712 1634 173
8 1634 1712 18,400 Baltimore & Ohio
20
26
14
10
00 116334 July 26 3 38
0
412
7
18
1714 1714 177 18
8
19
20
20
2012 1912 2114 3,100
July
Preferred
Feb 6
*395 4114 *40
8
413 *4018 413
4
4 4114 4114 *40
*4012 43
43
100 Bangor es Aroostook
3512Ju1y 27 4818 Feb 1
50
*100 109 *100 109 *100 1083 *102 1083 *10212 1083 *10212 1083
4
4
4
4
Preferred
100 9518 Jan 5 111 June 30
63
4
63
4
712
*612
712 712
818
8
9
9
*8
4
93
800 Boston & Maine
612Ju1y 27 1912 Feb 5
100
*41. 538 .41
512 *412 538 *412 512 *412 512
412 41z
100 Brooklyn dr Queens Tr_No par
312 Aug 6
83 Feb 7
8
*41
46
.41
4978 *44
47
•43
47
47
47
47
47
300
Preferred
No par 38 July 26 5814 Apr 26
413 4214 4218 4314 4234 4418
4
4418 443
8 433 4412 4318 44
4
15,000 Bklyn Mash Transit_ No par 2814 Mar 27 44% Aug 22
•9112 9212 *9112 9212 9212 9212 92% 923
8 9112 9112 09112 98
300
$8 preferred series A _No par 8218 Jan 4 97 July 21.
135 133
8
4 133 1418 1418 143
4
8 143 143
4 1412 143
8
4 1414 1412 13.500 Canadian Pacific
25 1178J1.11y 26 1814 Mar 12
.__ 95 ._ ___ 87 .____ 95 .8412 95
1
*8412 95
*8412 9
5
Caro Clinch & Ohio stpd__100 70 Jan 6 9212June 23
*52
56
56
*50
*53
56
56 .56
.56
*56
62
62
100 Central RR of New Jersey.100 53 July 27 92 Feb .
427 4278 42 8 423
8
,
4 43
433
4 433 4412 4334 441 1 44
4
453 11.800 Chesapeake dr Ohio
8
8June 16
25 3912 Jan 5 4133
*13
4 3
*134 33
23
4 .2
23
*13
4 *2
4 234 *2
23
4
:Chic & East III Ity Co____100
7 Feb 17
158 Aug 2
*214 3
*214 3
212 212 *212 - 3
4 3
27
8 27
*23
8
200
138July 23
8 Feb 16
6% preferred
100
*2
218
218 218 *2
218
218 218
214
214
212 212 1,400 Chicago Great Western__. 100
512 Feb 1
2 July 26
418 414
414 4,
4
414 414
8
412 47
5
514 514 2.700
5
4 July 23 11% Feb 19
Preferred
100
3
3
3
3 18
3
318
314 312
312 312
312 312 3.000 Chic Milw St P & Pac__No par
212July 26
812 Feb 5
412
412
512
514
8
45
518 53
8 47
4 5
8
43
51s 53 11,000
8
Preferred
3 8July 26 1314 Feb 5
5
100
6
6
57
8 6
6
614
6,
612 714 12,000 Chicago & North Western.100
4 63
4
612 63
4
412July 26 15 Feb 5
10% 103
4 *912 1114 *11
113
8 113 1212 1212 1314 1212 133
8
4 3,500
814Ju1y 26 28 Feb 16
Preferred
100
*218 212 .214 212 *214 212
212 23
3
3
4
3
3 18 1,100 :Chicago Rock Isl dr Pacitic100
614 Feb 7
2 July 24
*33
4 4
334 334 *358 4
4
4 18
414 412 *412 5
100
314 July 26
1,000
7% preferred
9 8 Feb 6
,
314 314
418 418
8 312
34 314 *33
33
8 4
418 418
1,700
8 Feb 6
2 July 23
8% preferred
100
.19
197 *19
8
8
197
8 197 22
1137 .19
8
*207 22
8
2214 2412
170 Colorado dr Southern
8
100 18 Aug 4 403 Feb 1
*16
18
18
*16
*17
18
18
18
1912 18
*16
21
90
4% 1st preferred
100 15 Aug 13 3314 Feb 9
-- 20 *____ 20
*814 20 *____ 20
*1212 1914 •
814 193
4
4% 2d preferred
100 20 Jan 12 30 Feb 3
3% *3
318 •3
•27
8 3% *3
318 .318 312
314 4
500 Consol RR of Cuba prof
04 Feb 5
218 Jan 5
100
*518 6
*518 8
*518 6
*518 6
6
*518 6
6 3
4
380 Cubit RR 6% • pre__ _100
314 Jan 15 1012 Jan 23
387 387
8 38
8
38 12 383 40
4
4012 4314 4214 4312 4212 443
4 4,800 Delaware & Hudson
100 35 Aug 6 7312 Feb 1
153 153
4
4 1533 16,
4 1614 17
163 1314 1712 18
4
1714 18 2 18,000 Delaware Lack & Western_50 14 July 26 333 Feb 5
,
4
*5
512 *5
534
51
638
4 57
6
8
614 7
533 533
1,900 Deny & Rio Or West pref..100
41sJuly 26 1314 Mar 28
.12
121 .1214 1234
4
123 1314
4
8 143 1518 5,500 Erie
145
13
8 1414 147
8
100 1018July 26 247 Feb 5
8
016
19
*1612 1812 1912 1912 1912 2012 2012 203
4 2012 2012
900
First preferred
100 1534Ju1y 26 2814 Apr 26
*912 1218 *10
1218
121s 1218 *13
1314 1212 1212 *1234 1314
200
Second prefetre I
100 II July 28 23 Apr 21
1412 143
4 1418 14% 1412 16
167
16
8 1618 163
4 16
1718 24,700 Great Northern peel
100 12'* July 26 3212 Feb 5
*512 614
*512 6,
4
6 14 6 2
,
633 7
712 71z
712 8
1,200 Gulf Mobile de Northern.,,.100
1614 Feb 20
5 July 25
*12
14
*1218 14
14
1412 16
16
8
1712 1712
187 17
900
Preferred
100 12 July 28 3534 Feb 21
Cl,
24
*12
*12
3
4
3
4
*12
*lz
3
4
34 *12 34
8July 2
Havana Electric Ry Co No par
1 12 Jan 23
0512 6
*5
s *53
8 8
*6
57
4 5%
57
6
712
6
300 Hudson & Manhattan
47 Aug 6 1218 Feb 7
8
100
*15 8 16
,
4
153 15,14 16
167
8 167 1814 17% 1814 173 1914 12,700 Illinois Central
8
4
8July 26 31 8 Feb 5
37
100 135
31
*20
*20
31
*2212 303
4 28
23 .28
31
*30
31
100
6% mei series A
100 28 Aug 22 50 Apr 26
5618 57 .5618 60
55618 60
*5612 60
60
*57
*57
60
40
Leased lines
100 483 Jan 5 66 May 2
4
*978 13
*93 13
4
*1014 13
4
*1014 13 )
*93 13
*93 13
4
RR See Ms series A__1001,
912 Aug 7 2414 Feb 8
1118 11,
4
8
4 113 11% 113 1212 11% 133
8 13
512July 26 133 Jan 2
4
1313 1212 1313 2
6.800 tInterboro RapidTran v t a 100
*812 812
8,
4 814
8 2 812
,
4
8% 83
9
9
*712 81
193 Apr 21
4
8Ju1y 26
700 Kansas City Southern
65
100
133
8 1338 1418 137 14
1212 1212 *12
*1112 143
8
1434 1434
900
Pre1erred
100 1114 Aug 7 2712 Apr 21
8
12
8
*11
1214 12% 1212 1314 2,200 Lehigh Valley
113
127
8 113 12
111 *11
012Ju1y 26 21 14 Feb 5
50
463
4 4612 4612 4614 4614 1,700 Louisville dr Nashville____100 41 Aug 9 6212 Apr 20
4412 4112 44'2 46
441 .43
.43
30
*29
3012 30
*29
29 14 2914 .2912 30
30
2914 2912
60 :Manhattan Ry 7% guar _ 100 20 Jan 3 321 2 Mar 29
8
223 23's 23
4
2012 2112 21 12 2218 223 23
23
223 2438 8,100
4
4Ju1y 28 243 Aug 24
8
Mod 5% guar
100 103
9
*5
9
*5
8
*5
9
*5
.5
9
*5
9
Market St Ry prior prat_ __100
478 Jan 16 1214 Apr 24
3
8
3
8
14
3
8
3
8
3
8
3
8
3
8
3
8
3
8
*3
13 Mar 28
8
8
12 2,000 :Minneapolis & St Louls__101
14 July 30
112
112
*114
112
*I.
1l2 *lls
1
118
*114
1 12
1'1
35* Feb 6
Minn St Paul & SS Marie.100
1 July 26
2
212 .1
*1
*1
2
*1
2
*118 212 *118 212
518 Apr 20
7% preferred
4
13 Jan 8
100
*23
4 31
•23
4 312 .23
,
4 312
*23
4 3,
4 3
2 *23
32 32
,
100
10
,
712 Mar 10
212JulY 26
4% leased line ctfs
6
6
63
8
6
6
6
63
8 63
4
612 63
8
6% 7
438Ju1y 27 147 Feb 5
5.200 Mo-Kan-Texas RR____No p.r,
2
*153 11312 15
1518 1512 1614 16
1714 17
8
173
4 163 1718 3,000
4
Preferred series A
100 1312July 26 3438 Feb 6
*233 3
3
*23
3
8 3
8
3
3
3
233 23
3
8 Feb 5
400 :Missouri Pacific
2 July 26
100
*312 37
312 312
37
8 37
8
4
418
418 414
413 414 1,800
Cony preferred
93 Feb 7
4
100
31 July 24
*2412 26
*2212 26
*23
*2212 26
*2212 26
26
26
26
20 Nashville Chatt & St Louis 100 21 Aug 13 46 Jan 24
*1
112
*1
.7
8
1 12
112
1 12
*1
*3
11
4
*3
4
1 1*
Nat Rys of Meg 1st 4% p1.100
214 Feb 23
1 Stay 18
41,
2
12
512
12
*12
5
5
8
8
*12
100
3
5
3
8
*12
100
24 preferred
38 Jan 5
1 Mar 7
2218 217 2314 2212 2318 2212 24
8
89,200 New York Central_-_No par 18% Aug 6 4514 Feb 5
2033 2113 2012 2114 21
_
1212 1358 1312 14
1214
12
*113 117
8 12
14
12
8
1412 2,700 NY Chic Alt LoulsCo
9 July 28 26% Apr 24
100
21
2314 23
23
•1912 21
1912 1912 .2018 21
23
233
8
700
Preferred series A
100 1712 Jan 3 4314 Apr 23
115 117 .116 118 .116 11912 *116 11912
•116 119
116 116
230 N Y dr Harlem
50 108 Jan 2 139 Feb i
103 113
4
91 10
8
4 llle 113
93 1018 1014 1031
4
4 1114 1218 18,500 N Y N II dr Hartford
9 July 26 2418 Feb 5
100
1834 18
17
163
4
183
153 16
8 18
4
1512 1512 16
193
4 4,800
Cony preferred
8
100 1412July 26 375 Feb 5
*512 6
63
.5i2 6
*6
8 .8
6
6
614
1318 812
500 NY Ontario dr Western
412J01y 27 115* Feb 5
100
l's
*7
8 1
8
*7
*7
l's
3 1%
*31
112
.3
4
•7
3 1 -_- NY Railways peel
%July 23
18 Jan 18
No par
*112 214 *13
*112 2
4 214
2
2
*112 2
*1"8 2
100
100 :Norfolk Southern
118 July 23
418 Apr 20
175 17518 *174 178 *174 178
.173 175 *172 17312 *172 174
200 Norfolk & Western
100 161 Jan 5 187 July 16
98
9712 95
•95
*90
95
98
96
*95
05
96
05
Adjust 4% prof
200
100 82 Jan 8 100 June 9
8
1818 1912 183 1912 1914 203 11,700 Northern Pacific
1612 163
4
4 173 18
4 1614 163
8
4
100 1412Juty 31 363 Apr 11
3i2
312 *1
312 *1
312 *1
312 *1
3,
Pacific Coast
2 *1
*I
63 Mar 1 1
8
2 Jan 4
10
*23
4 3
.23
*23
4 5
4 5
*214 5
*23
.23
4 5
4 5
1st preferred
No par
33 Jan 19 1114 Apr 20
4
4 3 2 *13
4 514 *13
*13
,
4 514
4 533 *13
*13
4 514 *13
4 312
211 preferred
612 liar 14
No par
2 Jan 3
8
2212 223
4 2212 223
4 221.1 2314 233 2438 2418 2412 24
2514 26,100 Pennsy:vanla
50 21 Aug 6 377 Feb 19
8
*233 4
*212 4
.211 4
*21 1 4
.212 4
*212 4
100
218.1uly 28
Peoria & Eastern
8 Feb 17
18
18
147 147
8 15
1514 18
10
15
8
*1412 167
8
19
1.100 Pere Marauette__
100 12 Aug 7 38 Apr 21
Si
.26
*26
31
*25
*28
34
*1514 31
28
31
.28
Prior preferred
100 18 Jan 13 5112 Apr 23
22
22
22
•18% 217
*187 20 .187 20
8 22
8
*22
8
'25
200
Preferred
100 1318 Aug 7 43 Apr 23
4 •214 314 *214 314 *212 314 *212 318 .212 3 3
23
4 23
30 Philadelphia Rap Tran Co__50
,
6 Apr 25
214 Aug 10
*11
814 *618
8
*618 8
50
412 Jan 12 16 Apr 24
Vs *6 18 814 *611; 814 *IP
7% preferred
.113 1418 .113 16
*13
4
16
4
*113 141 1 *113 16
16
4
*13
4
Pittsburgh & West Virginia 100 1114July 30 27 Feb 21
4812 *33
*33
4 02 *3912 4812 4312 4312 443 4434 .39
,
4
447
8
200 Reading
8
50 3518 Aug 11 563 Feb 5
*39
•3414 4118 *3312 42
41 18 *3814 42 .38
42
1st preferred
*3312 42
8
50 337 Feb 7 4112June 9
'37 40 .37
40
393 .37
40
*37
4
393 .37
*377 3933
4
2d preferred
3912June 19
50 2918 Jan II
*5% 9
*53
*55
*55
8 9
8 9
8 9
*53
•53
8 9
8 9
Rutland RR 7% prof
7 July 26 15 Feb 7
100
2
4
17
8
1 12 13
178
2
13
8 17
17
8 •I3
8
13
13
8
4
2,400 :St Louis-San Francisco 100
45 Feb 6
1 12 Aug 9
8
*23
238 23
8 23
*212 278
8 *23
8 .25
8 .212 3
8 23
8 314
100
1st preferred
618 Apr 4
2 July 23
100
*512 1412
St Louis Soutbwestern____100
*5'2 1412 *512 1412 *512 1412 .512 1412 *512 141
8 July 28 20 Mar 8
•7,
1
7
/4
1
*78
78
1
1
1
1
1
1
1,500 :Seaboard Air Lino____Vo par
73July 21
2 Feb 6
91 1 2
*114 2
*114
*112 13
4
13
4 *112
13
4 *112 13
Preferred
100
318 Feb 21
114July 25
6112 17
163 17
4
163 18
4
18
1812 197 38,000 Southern l'acifia Co
1914 183 191
8
8
100 147 Aug 6 335 Feb 5
8
1414 1112 143 147
8 17
8
8 1514 153
8
4 157 1718 1678 175
1833 25,700 Southern Railway
100 1112 Aug 6 3612 Feb 5
173 1712 173 177
8
8 1812 1918 1914 203
8
2012 22
4 2012 213
5,600
Preferred
100 14 July 26 41 14 Apr 26
*3(l12 40 .33
*34
40
40
*3012 3812 .3012 381 *3012 3812
Mobile & Ohlo elk tr etre 100 35 Aug 13 473 Apr 20
4
5137 20
*17
8
*1514 20
1712 20
20
22
*17
23
*18
200 Texas & Pacific Ity Co____100 1312July 27 4314 Feb I
57g
*5
8 .5
57
57
8 *5
*5
578
57
100 Third Avenue
5% *5
57
8
100
814 Jan 12
4 July 26
*412 5
*418 5
*418 5
.418 5
4% 418
*418 4%
100 Twin City Rapid Trans No par
138 Jan 10
812 Apr 24
25
.2012 23
•21
.2012 23
2312 243
*2012 24
4 24
24
80 Preferred
100
8 Jan 12 39 Apr 24
9518 9818 96
9618 96
987
8 9914 103
101 10212 102 1033
4 7,000 Union Pacific
100 00 Aug 8 1337 Apr 11
8
793
77
•78
077
8 77
78
7712 78 .7814 793 .79
7934
4
700 Preferred
100 713 Jan 18 89 July 13
4
*218 212 *218 212 *218 233
214 214
214 214 *214 234
200 :Wabash
178July 27
100
47 Jan 30
8
33
8 338
3
314 314
3
312 33
4
4
414 *33
4 414 1,200
Preferred A
23
100
8Ju1y 26
8% Apr 26
g
.812 87
4 914
8 .83
103
10
8 4,500 Western Maryland
914 914
938 97
912 10
718July 28 1714 Feb 20
100
•I1)14 15
*1014 1414 •1012 121 •1212 1312 *11
1312
1312 *II
938July 26 23 Feb 20
24 preferred
100
333 312 *33
4
412 2,700 Western Pacific
4 4
*31s 312 .3
% 333 *333 333
812 Mar 29
100
8July 27
25
*1i8
712
718
738
712 8
8 18 83
83 10
8
8,700
4
83
8 833
Preterred
8
48 Jan 5
100
1712 Mar 28
•Sid and asked prices, no sales on this day.
:Companies reported in recelvershl p. a Optional sale.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ per share
3438 Feb 8018 July
50 Apr 793 June
4
18642 Feb 3579%
Feb
July
912 Apr 3914 July
20
Jan 413 Dee
4
685 Jan 110 Aug
8
6
Apr 30 JillY
312 Mar
93 July
8
353 Apr 60's July
4
213 Feb 41 14 July
4
64 Mar 83,2 June
712 Apr 2018 July
5014 Apr 79,2 July
38
Apr 122 July
243 Feb 4914 Aug
8
12 Apr
8 July
12 Apr
812 July
12 Apr
8
72 July
8
212 Apr 147 July
8
I
Apr
118* July
112 Feb
181s July
114 Apr 16 July
2 Apr 243 July
4
2 Apr 1018 July
312 Apr
1912 July
27 Apr 15 July
8
1514 Feb 51 July
1212 Apr 4234 July
10 Mar 30 Jul
,
1 14 Feb
10 8 June
,
212 Jan
16 June
373 Feb 933 July
8
4
1714 Feb 48 July
2 Feb
1914 July
33 Apr 2533 July
4
412 Apr 2912 July
212 Apr 2314 July
4% Apr 3334 July
1t4 mar
Ills July
212 Mar 2312 July
234 June
33 Dec
612 July
19 June
812 Apr 5014 July
16 Mar 60'8 July
31 Mar 80 July
411 Apr
34 July
418 Feb
133 Dec
4
812 Feb 24's July
s12 Mar 34'4 July
858 Feb 275 July
2114 Jan db. July
12 Mar 28
Oct
6
Jan 20
Oct
17 Mar
8
8 June
18 Jan
214 July
12 Mar
5% July
3 Apr
4
811 J1119
212 Dec 1412 July
53 Jan
4
1718 July
1112 Jan 3714 July
hg Apr
1014 July
158 Apr
1533 July
13
Jan 57 July
18 Mar
313 June
18 Jan
13 June
8
14
Feb 5812 July
218 Jan 273 Aug
8
25 Apr 3414 July
8
100 Mar 1583 June
4
3478 July
1118 Feb
18
Apr 58 July
712 Dec
15 July
18 Mar
312 July
12 Apr
47 July
8
11112 Mar 177 July
74 May 3712 Sept
933 Apr 347 July
8
1
Jan
7 July
1 5 Feb
8
10 July
1
7 July
Feb
133 Jan 4214 July
4
9 July
7 Feb
8
378 Mar
37 July
6
Jan 4412 July
412 Pet) 3312 July
2 June
8
57 July
3 Dec
10 July
612 Apr 353 July
4
2312 Apr 8212 July
25
Apr 38 July
2312 Mar 37 July
6
Jan
1812 July
938 July
7 Jan
2
I
914 July
Apr
514 Mar 22 July
3 July
14 Jan
3 Mar
8
47 July
8
1118 Feb 383 July
4
418 Mar 36 July
57 Jan 49 July
8
Ole Jule
8
Jan
15 Apr 43 July
1218 June
418 Feb
484 June
3 Dec
4
15 June
412 Dee
8114 Apr 132 July
56
Apr 7512 July
712 July
1 12 .180
Ds Apr
97 July
8
16 July
4
Feb
1912 July
533 Jan
912 July
Apr
1
16 July
17 Mar
4
e Cash sale. a Sold 15 days. r Ex-d vIdend.
y Fa-rights.
tar FOR
New York Stock Record-Continued-Page 2
1203
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
PER SHARE
PER SHARE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
On bast, of 100-share lots.
Year 1933.
Monday
Saturday
Thursday
Tuesday I Wednesday
the
Friday
EXCHANGE.
Aug. 20.
Aug. 21.
Aug. 18.
Aug. 22.
Aug. 24.
Aug. 23.
Week.
Lowest.
Highest.
Lowest.
Illghtst
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
Industrial & Miscel. Par I Per share
$ per share $ per share $ per share
67
8 7
7
7
8
77
117 Feb 5
6 July 26
3 Feb
8
7
7 12
No par
2 814
1314 July
78
8 818 10,100 Adams Express
.80
85
81
*80
85
*80
85
*80
.80
*80
86
86
Preferred
39
100 7014 Jan 25 84 July 18
Apr
71 June
2614 .2512 26
.24
2714
274 2712 2712 27
8 Apr 213 July
8
.253* 2614 27
800 Adams Millis
No par 16 Jan 5 347 Apr 5
8
4
8
.77
73
8 8
8
73
8
8 14
8
618 Apr 1212 June
800 Address al WIWI' Corp
814 814
10
734 Jan 5 113 Feb 6
814 814
8
412 412 *4
*418
37
*334 43
8 43
s 37s *37
412
s
5
73 Feb 5
300 Advance Rumely
8
13 Feb
No par
4
9 8 July
318July 27
1
512 512
514
512 512
512
54 54
53
8 512
538 53
518 Aug 6
2,000 Affiliated Products Inc_No par
93* Feb 6
11114 May
55 July
8
9814 9812 9834 998 99
8 9714 98
983 983
8
4712 Feb 112 Sept
4June 2 10614 Jan 24
993
8 0914 10012 2,900 Air Reduction Ino
No par 913
.1h
17
2
8 .1.5
.18
8 2
17
8
17
8
33 Apr 26
•lh
300 Air Way Flee Appliance No par
8
2
lh
2
12 Feb
4 May
lh July 24
20
2014 2012 21
2018 20
2138 19/8 21
193 20
21
4
24,800 Alaska Juneau Gold Min_ _10 17 July 26 237 Jan 15
3
1118 Jan 33 Aug
77 Apr 24
•4
514 .4
54 *4
518 *4
5h *4
514 .4
518
1
4Ju1y 27
A P W Paper Co
No par
Jan
33
93* July
211
218
218
2
218
218
218 214
218 214 3.400 Allegheny Corp
h Apr
218 214
514 Feb 1
8July 26
814 July
13
No pa.
*7
812 *6
9
712 *718 84
8
8
9
8
8 18
Pref A with $30 wart.... 100
1
800
Apr 217 July
57 Jan 4 1618 Apr 10
8
8
7
714
7
712 *6
7
*6
*6
718
7
7
7
2,200
118 Apr 21 July
Prof A with $40 wart ___100
53 Jan 3 145 Apr 10
8
7
7
.
718 9
7
*63
4 712
7
7
634 7
7
Prof A without warr___100
1,700
114 Mar 20 July
514 Jan 6 1438 Apr 9
197 .18
197 .18
8
8
*18
1938 .18
197 *18
8
193 .18
8
5 Mar 26 July
Allegheny Steel Co
193
8
15 June 16 2318 Feb 23
No par
•125 127
1273 129
126 126
4
1283 13034 131 131341 1303 13312 4,900 Allied Chemical & Dye_No par 120 July 26 1603 Feb 17
4
4
70 4 Feb 152 Dec
4
3
.1253* 127 *12512 127 .126 127 .125 127
12512 12512k126 127
100 Preferred
Apr 125
100 12218 Jan 16 130 June 22 115
Oct
4
13
124 1234 1214 123
1314
1312 14
1318 133
8 133 14
6,100 Allis-Chalmers Mfg ___ _No par 103
4
6 Feb 263 July
8July 26 23s Feb 5
•1314 1412 *1314 143 *1312 143
14 11334 133
4
300 Alpha Portland Cement No par 1112July 28 2018 Feb 5
8
53 Jan 24 July
s 141.2 1412 14
4
324
*3
3
3 12
33* .
h Feb
73 alar 12
4
3
1
3
94 Jul
218July 27
314
,
313 353
358 334 1,500 Amalgam Leather Co
*2612 333 .2634 30
.2614 30
*263 30
*263 30 .263 30
8
8
4
7% preferred
5 Feb 40 Jul
,
50 25 Jan 6 45 Mar 13
.47
4712 4712 473
473 48
4
4 473 4812 4812 4812 4812 4812 1,700 Amerada Corp
1813 Mar 473 No;
8June 8
4
8
No par 4112 Jan 4 553
38
3814 388 383 4012 4014 4138 4012 405
38
8
4014 4014 5.600 Amer Agile Chem (Den No par 2514 Jan 4 413* Aug 22
714 Mar 35 July
•1312 1412 •1312 14
14
1412 1412 2,600 American Bank Note
8 Mar 2812 July
1412 15
14
1412 151
10 12h July 26 2514 Apr 27
543
*43
44
44
4314 44
4412 4312 4418
130
43
4314 •43
34
Apr
Preferred
497 Junt
8
50 40 Jan 4 5012 Apr 27
91 Mar 4212 July
*2212 2318 .223 2314 23
4
600 Am Brake Shoe & Fdy_No par 198 July 27 38 Feb 6
23
•237 2414
233 237
8
24
24
4
10312 10312 .1043 109 *104 109
110 110
110 110
110
109 109
60 Mar 106 Aul•
Preferred
100 96 Jan 10 11012 Apr 18
4 957 9612 963 988 98 100
953 953
8
4
99 1007 13,600 American Can
9812 99
4
8
4913 Feb 10012 Dec
4
25 9014May 14 1073 Feb 15
*140 148 .140 148 .143 148 .144 150 *145 1497 *146 150
8
Preferred
100 12612 Jan 6 14812July 24 112 Feb 134 July
•1514 1614 *1514 16
1612 17 ' 177 181 .
1,900 American Car & Fdy___No par 12 July 26 3378 Feb 5
1714 18
8
618 Jan 393 July
4
1712 18
36
37
.35
33
3614 361 1 38
38
38
300
Preferred
38 .3514 38
15 Feb 593 July
4
100 34 July 26 5612 Feb 5
*5
*5
6
6
.5
6
*5
*5
6
6
*518 6
15 Mar
8
American Chain
14 July
No par
412 Aug 7 1214 Feb 27
.16
30
30 .17
*16
*16
24
24
24
*16
.16
24
313 Max 3113 July
7% preferred
100 2012 Jan 10 40 Apr 24
. 8 5812 5812 5812 .5712 59
577
500 American Chicle
5814 5814 5818 58h
8June 18
58
59
34 Mar 5114 July
No par 4614 Jan 8 603
.238 3
.23* 3
• 8 3
23
Amer Colortype Co
2 Feb
*23
*212 3
8 3
618 Juni
.8 3
612 Feb 5
23
218 Aug 6
10
.26
2614 20
293
8 28
26
2918 6.700 Am Comml Alcohol Corp...20 20"4 July26 6212 Jan 31
13
2616 2718 2712 2812 28
Feb 897 July
8
93 10
*97 1012
1
104 1012 10
Jan
10h 3,300 8 American Crystal Sugar
10
4
10
103
163 July
8 10, 101
7 July 26 1312June 19
4
70 .57
.57
6912 .55
65
*617 671
8
.
7018 *617 681 .60
8June 18
7% preferred
28 Jan 84 SW
8
100 4612 Jan 4 727
2
2
2
2
218 218 .2
218 218
218 1,600 Amer Encaustic TIling_No par
218
.5 Feb 16
1
Jan
6 June
2's
118June 2
*412 64 .43
4 512 *47
Amer European Sec's_No par
8 512 *5
53
378 Apr 13 July
.51€ 6
*514 6
5 Aug 8 1012 Feb 3
37 Feb
612 67
8
67
s 67
8
74 734 10,200 Amer & For'n Power_ __No par
67
712
7h
7
714
71
Fell 193* June
4
412July 26 133 Feb 6
*1618 18
*1618 1712 *17
8
8
183 183
700
177 18
8
1712 1712 177
1324 July27 30 Feb 7
Preferred
74 Apr 447 June
No par
a 812 834
83
8 838
91
83
800
934 10
4 83
912 *914 10
4
2nd preferred
43 Apr
8
2714 June
No par
618July 26 1712 Feb 6
14h .1314 1514 143 143
014
.1512 1612
4
26 preferred
600
618 Apt
1514 1514 153 16
No pa, 1112July 30 25 Feb 6
35 3 July
3
1312 1312 *1214 133
400 Amer Hawaiian S S Co----10 1012July 27 223 Feb 16
1314 .1214 1312
8 1212 1212 *1314 133 13
418 Jan
8
2112 July
*53
4 84 *512 84 *5
Amer Hide & Leatber_No par
212 Mar
312July 26 1012 Feb 5
16 June
53
4 *512 Oh *53
4 614 *633 6
*2012 2218 21
2112 2134 2212 23
600
*2214 2312 *2212 2312
Preferred
23
1312 Feb 6712 June
100 17h Aug 1 4214 Mar 15
3112 3112 .3112 32
32
700 Amer Home Products
.3112 32
3214
4
32 .313 32
2434 Dec
8
31
4212 May
1 2618 Jan 5 363 Apr 2G
.414 412
418 412 *418 412 1.300 American Ice
44 438
8
43
418
8 43
414
33 Pet, 1712 June
4
No par
33* July26 10 Feb 5
.31
32
.29
317 .31
8
300
3112 3112 *3112 323
6% non-cum pre(
31
3114 31
25 Feb
100 29 July 26 4514 afar 26
577 June
614 612
67
878
678
738
43 July 20 11 Feb ti
718
2 5,300 Amer Internet Corp___No par
73
4
4
44 Feb
73* 73
73
8 73
1518 July
3
4
3
400 Am L France & Foamite No par
4
*3
8
4
3
112 Apr 4
4
3*July 27
3
5
8
14 Apr
3
4
*3
8
3*
34
h
312 June
"it
*418
51
513 .4h
Preferred
512 5418 612 *418 612 .
14 Jar
12 June
4 Jan 18 10 May 22
418 512 .418
100
.1712 193 .1714 193 .18
8
1938 1938 1978
8
.19
500 American Locomotive_No par iS's July26 383 Feb 6
4
19
193
8 19
57 JR0 3918 July
8
*42
443 .401s 4434 .4012 43
4
.4118 45
.4118 44
5011
Preferred
43
45
173 Jan
8
4
63 July
100 4212 Aug 17 743 Mar 13
*1312 13h *1312 14
1418 1418
800 Amer Mach & Fdry Co_No par 123* July27 1934 Feb 5
133 133
14
14
4
4
223 July
4 137 14
83 Fel
8
8
8
8
8
8
83
4 83
9
914 1,800 Amer Mach & Metals__No pa.
914
4
1
9
Jan
6 June
314 Jan 3 104May 11
83
4 9
1912 1913 193 1978
4
21
20
193 20
8 5,100 Amer Metal Co Ltd___Nty par
4 1914 197
275 Feb 15
8
193* 203
318 Fell
8July 3
233* July
167
.73
77
77
77
*7712 85 .75
200
8112 8112 .7712 84
85
6% cony preferred
757 No
1512 Jar
,
100 73 Jan 2 91 Feb 15
*25
2512 25
25
25
90 Amer News Co Itic____No pat 21 Jan 3 343 Mar 13
25
25
17
4
25
.25
Jan
25
2512 25
3012 July
43
43
4 478
43
4
434 47
43
4 54
518 512 7,900 Amer Power & Light_No par
518 54
197 Ju!y
4
8
Fel
4 July 26 1214 Feb 8
'1312 14
13
1312 .13
143 1512 15h 1614 3,100
$6 preferred
41 18 July
97 Apr
8
8
1313 1312 15
No pa, 13 July 27 297 Feb 6
12
12
1112 1112 1l4 113
137
1312 13
4,600
$5 preferred
134 13
9 ApI
35 July
11 July 26 2614 Feb 7
4 12
No par
137 143* 41,900 Am Had & Stand San'y No par
13
133
8 127 13h
143
8
13
14
137 1412 14
8
19 July
10 July 26 175 Feb 1
43* Feb
1614 163
8 16
1612 1618 1718
53 Star
4
4
317 July
8
1714 18
178 1812 173 1812 16,800 American Rolling Mill
8
25 1312July 26 2814 Feb 19
431
51
51
400 American Safety Razor No par 36 Jan 13 58 July 20! 2018 Apr 475 July
.5012 531 .50
4
523 53 .52
53
5312 .51
.318
31
.314
31
8
400 American Seating vi c.No par
338 33
34 33* .33
33
8 33
8 312
738 lob 191
h Mar
718 July
218July 27
1,000 Amer Ship & Comm_ _No Da.
•78
1
1
1
1
1
238 Jan 30
•7
8
1
412 June
34 July 21
18 APr
7
8
7
8
*11/
1
8 1912 20
195 21
19
*20
8
21
2014
207
I7s8 July 27 30 Jan 30
1,210 Amer ShinbillIding Co _No par
11h Mar 363 June
1978 20
4
20
3612 37
393
8 38
364 37
104 Feb 5312 Sept
387s 23,400 Amer Smelting & Retg_No par 3014July 26 51 14 Feb 15
3612 3814 3814 3914 38
.112 117 .11212 117 .112 117 .115 117 .11212 117 .11212 117
Preferred
Jan 9912 Dec
100 100 Jan 2 125 June 29, 31
961 .96
*9412 9714 *9412 974 *9412 9714 *9412 9714 .95
9612
2nd preferred 8% eum
2012 Jan 73 July
100 7114 Jan 2 97 Aug 14
64
64
.63
600 American Snuff
64
.60
613
4 61
62
64
62
61
64
3212 Jan 5114 Sept
4
25 483 Jan .5 64 Aug 22
Preferred
•119 12214 *11812 12214 .119 1221 .10012 1224 .110 12214 *110 12214
100 106 Feb 2 x125 June 13 10218 Jan 112 July
1512 1512 153 157
8
1312 1312 *13
8 3,200 Amer Steel Foundries__No par
15h
4 15
45 Feb 27 July
8
1312 1313 143
1018July 26 2812 Feb 5
.(512 79
6914 6914 *6914 78
10
*66
.6512 79
Preferred
79 .6914 78
375 Mar 85 July
8
100 5978June 2 81 Jan 30
.41
4218
4218 .41
423
800 American Stores
8 41
41 12 4112 4113 414 4218 *41
30
Feb 477 July
8
No par 37 Jan 3 444 Feb 7
.67
69
67
683
6814 693* 2,800 Amer Sugar Refining
4 67
6712 6813 683 8912 69
2118 Jan 74 July
8
100 46 Jan 3 72 July 14
4
4
.1203 122 *1203 122 .1203 122 .1203 121h 12Ih 12134 .1203 1233
4
100
Preferred
80
4
Jan 11214 July
4
100 10312 Jan 3 1213 Aug 23
4
.1914 193
193 203* 3,400 Any Sumatra Tobacco__No par 133
8 19
4
194
1912 1912 194 2038 193 20
Jan 26 July
6
4May 10 2114July 20
4
11018 11012 11018 110h Ill 11212 113 1137 1123 1133 11212 1133 15,700 Amer Telep & Teleg
8
4
8612 Apr 1343 July
4
100 105.
34July 30 12514 Feb 6
.7218 7312 .7314 74
7212 74
7412 733 74
1,600 American Tobacco
4
74
7414 74
49
8
Feb 907 July
25 6514 Jan 6 82321 Feb 6
7512 753
7412 753
4 75
8 6,300
7614 7612 7712 763 7712 763 773
Common class 13
4
50 4 Feb 9484 July
3
25 67 Jan 8 8412 Feb 5
124 124 •124 125 *124 125 .124 125
125 125 *124 130
Preferred
500
4
100 10714 Jan 3 125 Aug 23 1023 Mar 120 July
*412 51
.413 5
200 :Am Type Founders___No par
.4
6
218 I)ec 25 July
512 6
514 514
514 514 .
3 July 25 13 Feb 21
1212 1212
8
113 113 .101$ 1112 *10
8
73 Jan 6 2834 Feb 21
150
Preferred
11
117 •1212 15
8
11
7
8
Oct 377 July
100
16
16
6,000 Am Water Wks & Elec_No par 1412July 26 273 Feb 7
16
16
16
4 1718 18
1612 167 1712 171 1 173
107 Apr 4314 July
8
8
8
.65
70 .65
let preferred
70 .65
70 .66
70
70 .65
35 Slat 80 June
70 .66
No par .54 Jan 3 80 Feb 5
87
8 87
8
87
8 8'
9
93*
9
9
17 July
312 SOar
93* 93
8
93* 912 3.500 American Woolen____No par
7 July 31 1718 Feb 5
453 *4412 4512 4512 4612 4612 47
45
4512 48
4612 47
2,500
225 Feb 6712 Da
8
Preferred
4
100 3912 Aug 1 833 Feb 7
14 .
500 I Am Writing Paper
118
*Ds
114
114
114
418 June
14 *I's
114
3 Feb
8
lis
114
114
414 Mar 14
1
1 June 27
.33
8 37
4 4
*33
8 .33
200
37a
33
4 33
•
37
312 4
Preferred
8
37
4
8
4
54 Feb 143 July
No par
2's July27 1712 Apr 23
43
5
4 43
5
4
5
5
53* *5
24 Feb107 July
8
*518 512 *5
9 Feb 16
400 Amer Zinc Lead & Smelt„.1
53
s
4July 26
33
4413
4412 .40
•40
4412 .40
4412 •40
4412 •40
4412 .40
Preferred
20
Feb 66 July
25 3712 Jan 4 5018 Feb 16
11h 1214
1218 127
1218
12
8 123 133
4
8 12h 131s
125s 1214 33,600 Anaconda Copper MinIng_50 10 July 26 17h Apr 11
5 Feb 227 July
8
•11
1312 .
11
13,2 .11 12 1312 .11
Anaconda Wire & CableNo par
1312 •1112 1312 .1112 1312
418 Jan
1512 June
914 Jan 12 1318July 12
•uos 1678 *1618 167
8 1612 1612 167 17
17
17
*1612 171
700 Anchor Cap
$
.
8
4
Jan 394 Jul,
No par 1318July 24 243 Jan 31
"96 100
9713 9712 98
.91 100
9812 .98
98 .98
6212 Jan 90 June
60
981
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
333 34
4
3412, 347 •3312 34
34
3312 3312 1,700 Archer 1)aniel/1 MidI'd_No par 2614 Jan 9 3514 Aug 15
3412 3438 34
9h Mar 294 July
*115- .115
- *115
.•115
.•115
- - *115
_ ___
7% preferred
95 Feb 115 July
100 110 Jan 24 11512July 17
93
93
93 --- .92 - 9
i .92 - -- .92 - _092 - 93
9318 93h --400 Armour & Co (Del) pref_100 764 Jan 2 9314 Apr 26
Jan 90 July
9318
41
53
4
57
8
57
8 6
57
8 6h
6
64
6
61s
6
16-63* 48,900 Armour of Illinois new
638 Aug
5
312July 26
8014 8012 5912 6014 804 6112 604 6212 62
623
4 6212 033 17.300
4
16 cony prof
No par 4614July 26 634 Aug 24
7412 733 7618 8.900
71
7112 72
714 72
734 73
7412 74
4
Preferred
7 Feb 93 July
100 54 July 26 761s Aug 24
45
•37
412 *4
4
4
412 *37
43
8
8 43
412 412
8
500 Arnold Constable Corp
7 July
Ps Jan
83 leo 9
8
5
3 July 27
54
*5
.4
6
6
5
5
.4
6
6
.4
100 Artloom Corp
6
2 Mar
912 June
No par
414 Jan 5 1012 Apr 21
_
12,july 13
Associated Apparel Ind No pa
312 F b 15
514 June
14 Apr
4 10
4
93
63
4 93
8 93
104 103 -n4 1118 - -38
11
nis - - -14
4
1,900 Associated Dry Goods
11
312 Feb 20 July
1
714July 26 181 Feb 6
4
.4634 547 .50
8
•463 547 .483 .55
4
8
55 .50
55
55 .50
67 1s1 preferred
Feb 8112 July
18
100 46 July 26 7712 Apr 20
4212 .38
4012 4012 .38
4212 .38
4212
4212 .38
4212 •38
100
7% 2d preferred
*
Jan 61h July
15
8
100 36 July 26 647 Apr 20
3 497 .353 497 •353 497 .353 497
497 535
8
8
497 *35
8
•35
4
4
Associated 011
6h Mar 3512 July
25 2912 Jan 5 4012 Apr 25
.8
19
*8
19
.8
12
.8
12
12
.8
*8
12
At G & W I SS Lines_No par
5 Aug 1
412 Mar 26 July
16 Apr 12
244 2414 2512 253 263
x24
247 25
8
8
8 253 2618 253 2534 6.800 Atlantic Refining
8
123 Feb 3212 Nov
8
21 2112July 26 3514 Feb 5
497 50
5012 5212 5014 5114 5014 5014
.4814 4912 54812 50
1,200 Atlas Powder
9 Feb 3918 July
No par 3514 Jan 8 5512 Mar 13
10318 10318 .103 1033 103 103
.103 101
4
10312 10312 *103 1033
40
Preferred
4
60
Apr 8318 Sept
100 83 Jan 9 10312 Aug 23
•71
8
.712 73 .
7
7 14
.73,
.73
8 818
712 8
.8 8
200 Atlas Tack Corp
No par
1614 Mar 14
7 Aug 1
4
Ill Feb 343 Dec
20
2212 213 243
2318 237
2514 18,500 Auburn Automobile---No par
8 23
4
183 193 *1914 193
8
31
Oct 8414 July
8
1612July 30 673 Mar 13
.113 13
4
13
13 .1112 13
13
8 13
1312 1,600 Austin Nichols
i3'2 1312 137
No par
7 Jan 4 16h Mar 5
7 Feb 944 July
412 43
4321 4h
s 43
4
8
43
43
8 47
8 43
412 43*
43
8 6,300 Aviation Corp of Del (The)_.5
4July 26 103 Jan 31
16h July
512 Feb
4
33
822 83
8
s 83
77
8
8 8
8 14
8
8,
8
83
814 834 8,900 Baldwin Loco Worke No Pa
173 July
312 Apr
8
612July 26 16 Feb 5
.32
37 .31
38
37
.315 36
.333 35 .3312 36
8
.32
Preferred
100 27 July 27 644 Apr 21
912 Apr 60 July
100
100
100 100
.9838 102
8
.963 104
.963 104
.963 104
8
8
20 Bamberger (L) & Co pref 100 8612 Jan 9 100 Aug 20
6814 Feb 997 Aug
8
23
2
31
312 .27
312 . 4
100 Barker Brothers
23
4 23
8
.23 312 . 3
*212 312
No par
214July 24
714 June
613 Feb 5
h Jan
8
.2218 244 *22/8 2414 .2218 2414 .2214 241 •2214 237 *2214 2378
655% cony preferred____100 1618 Jan 9 3812 Apr 12
244 July
51 Apr
63
7
7
7
4
7
63
4
64 03
7
7
7 13 6.200 Barnsdall Corp
5
74
6 July 27 10 Jan 22
11 July
3 Mar
35
33
33
34
34
3412 •32
34 .32
33 .32
200 Bayuk Cigars Inc
•32
No par 23 Slay 8 39 Feb 5
34 Jan 5212 July
.9714 100
.9714 100
99 10012 10012 10012
110
•9711 100 .974 100
1st preferred
100 89 Jan 15 10012 Aug 23
27
Jan 100 July
1512 16
1614 1612 1612 174 3.200 Beatrice Creamery
1612 167
8 1514 154
154 153
25 1014July 27 183 Apr 21
7 Mar 27 June
858
4 85
8512 .83
85
85 .80
100
Preferred
.8212 87 .8212 87 .83
100 55 Jan 13 91 July 6
45
Feb 85 May
64
6814 *63
6712 *64
8
681 .84
Beech-Nut Packing Co
•6312 6514 .63, 6514 .
20 58 Mar 2 67 Apr 3
6814
Jan 7012 June
45
.1112 llh .1112 113
12
4 11h 12
1218 1218 1.500 Belding HernInway Co_No par
12
12
87 Jan 3 1514 Apr 24
8
12
1212 July
312 Feb
13
Belgian Nat Rys part pref___ 9512 Jan 9 12314 Aug 8
8
'1227 1247 •1224 124 *12314 124 *12314 124 .123h 124 .12334 124
6214 Apr 101 14 No.
8 1318 133* 13
13
133
133 10,700 Bench: Aviation
4
5
1214 1212 1218 1212 1212 13
93
4July 26 237 Feb 1
s
618 Feb 2114 July
157 16
8
2.200 Beneficial Indus Loan _No par
8 1512 154 154 16
16
16
1218 Jan 31 1918 Apr 26
1534 16
1314 Sept 15 Aug
153 153
8
•Bid and asked prices, no sales on this day. I Companies reported in receivership. 6 Name changed from Amer. Beet Sugar Co. x Ex-dividend.
New York Stock Record-Continued-Page 3
1204
rar
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE' PRICES
Saturday
Aug. 18.
Aug. 25 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
Monday
Aug. 20.
Tuesday
Aug. 21.
Wedhesday
Aug. 22.
Thursday
Aug. 23.
Pricey
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
$ per share $ per share $ per Share S Per share $ Per share $ Per share Shares. Indus.&Miscall.(Con.) Par Sp.? share
9 Mat 3318 Aug
No par 26 July 26 3414 Apr 10
900 Best dt Co
32% 33
33
33
34
33
4 33
33
4
4 323 323
*325 323
8
1018 Mar 4914 July
37,800 Bethlehem Steel Corp No par 2514July 26 4912 Feb 19
3018 2914 31
27
2712 2612 275
8 273 2814 277 2914 2812
8
4
25 4 Feb 82 July
,
100 55 July 26 82 Feb 19
7% preferred
3,600
67
6512 66
63 633
4 6312 65
65
.61
6212 6212 63
618 Apr 2912 June
2338 2418 1,640 Bigelow-Sant Carpet 1noNopar 1912 Aug 8 40 Feb 5
8 25
2658 2312 2512 2514 257
2312 24
25
24
1914 July
312 Feb
714 Aug 21 1614 Jan 30
No par
600 Blaw-Knox Co
83
8 813
814
8
8
8
714 714
712 74
*712 8
658 Feb 21 July
18 Jan 12 26 Feb 7
Bloomingdale Brothers_No par
*814 18
*814 18
*10
177
8 *814 18
*814 18
*814 18
4
912 Mar 5812 Dec
.5 48 July 26 681 Jan 24
3,400 Bohn Aluminum ds Br
5614 5614 553 553
5312 5414 5412 56
4
4
5212 5412 53 53
18 Feb 3712 July
25 19% Jan 6 2814July 14
9,000 Borden Co (The)
8
8 265 27
263
8
8
4 263 267
26
263
8 2514 2512 257 2614 26
2
54 Feb 2214 Dec
16'8 July 26 28. Feb 5
10
3,900 Borg-Warner Corp
23
2214 22
8
8
4 217 2214 22
8
203 203
4
4 207 2114 213 213
412 July
3 May
8
3 Feb 9
8July 25
7
100 /Botany Cons Mills class A_50
114
114 *1
*1
114
114 *1
*1
114 *1
1
1
145* July
8
2 8 Feb
5
12 Jan 6 193 Apr 26
8
8
8 173 175 15,900 Briggs Manufacturing_No pi
1712 177
8
17
175
8 175 18
163 17
4
17
17
25 Dec 3814 Sept
5 26 Jan 4 3712July 18
8 1,100 Bristol-Myers Co
3414 3414 3414 345
3314 3314 3312 3312 34
3312 3312 *33
60 Dec 8812 June
900 Brooklyn Union Gas---No par 5812 Aug 20 8012 Feb 6
6112
6114 614 61
61
8 60
5812 5812 *5812 597
*5812 60
8
2812 Mar 537 July
No par 50 Aug 8 61 Feb 16
100 Brown Shoe Co
52
52
54
*5112 5212 *51
*51
54
*51
54
*51
54
8
1812 June
13 Mar
4
4 July 23 107 Mar 17
400 Bruns-Balke-Collender_No par
6
512 534 *5
514
514
*5
514
514
*43
4 512 *5
93 Feb 5
127 June
8
2 Feb
8
312July 27
10
200 Bucyrus-Erie Co
8
*418 47
4 4% *418 5
418 418
*418 5
412 412 *43
8
195 June
23 Feb
4
6 July 26 1412 Apr 24
Preferred
5
300
4 812
83
8 83
8 *7% 83
8 818
8 *73
8 *73
7 8 75
5
*75
8 814
100 50 July 30 75 Jan 15
201% Mar 72 June
7% preferred
80
55
*51
*51
55
*51
55
5011 50% 5018 5018 *5018 55
97 July
73 Apr 25
4
3 July 26
3 Am
4
No par
438 412 2,100 Budd (E (1) Mfg
438 412
43
8 45
8
414 414
43
8 43
8
412 412
3 Mar 35 July
7% preferred
100 16 July 25 44 Apr 25
180
23
23
25
24
24
8 22
2252 225
*2258 25
*22
27
53 Jan 30
8
2 July 26
53 July
4
1
Feb
No par
900 Budd Wheel
4
23
4 23
4
2 4 23
3
23
4 23
4
8 24
3
258 25
8 *25
258 23
4
612 Apr 28
5 June
27 Jan 9
8
7 Mar
8
No par
100 Bulova Watch
43
8 43
8
8
4 43
8 *33
8 43
4 43
8 *37
4 43
8 *33
*33
4 44 *33
212 Feb 134 July
5* July 31 1512 Feb 16
No par
77
8 8
8
814 918 3,200 Bullard Co
8
74 712
77
8
*7
73
8 *7
6 Feb 21
5 June
4 Apr
15 Jan 26
8
Burns Bros class A__ No par
*2
3
*2
3
3
*2
*2
3
*2
3
*2
3
13 June
13 Jan
4
4 Jan 9 1512 Feb 20
100
7% preferred
30
*
*8
103
10
1012 10
101
8 *8
8
*85 1012 *85 1012 10
8
8
618 Feb 207 July
1012July 26 21938 Feb 1
1218 1218 1212 3,600 Burroughs Add Mach__No par
4
113 1214 12
4
8 1112 113
8
*113 1112 113 113
8
37s Feb 9
8 June
1
Apr
118July 27
No par
*114 2
100 /Bush Term
*114 2
*114 2
114
114 *114 2
*114
112
6 Mar 8
3 June 29
100
922 June
1
Apr
Debenture
*212 318 *212 318 *212 318 *212 51s *212 318 *212 318
4
8 Dec
418 Dee
518 Jan 3 153 Feb 23
10 Bush Term BI gu prof crts_100
8
812 812 *83 10
' 8 97
183
8
8
4 *83 10
*83 1012 *812 113
8
218 Feb 16
112 Jan 13
27 June
8
I
Feb
200 Butte & Superior Mining__10
112 112 *112 158
15
8
8 *112
8 *112 15
112 112 *112 15
314 Aug 8
8July 27
15
5
414 June
4 Mar
212 25
8 1,100 Butte Copper & Zino
212 212
4 27
8
23
4 23
24
3
23
4
8
234 23
4 *25
114 Apr
43 Feu 1
4
112July 27
713 June
Butterick Co
No par
*13
4 2
4 2
4 *13
4 23
4
2 4 *13
3
4 2 4 *13
3
4 *13
*13
4 23
4
4July 26 323 Feb 7
84 Feb 4314 July
133
No par
8
8 4,400 Byers Co (A 31)
187
8 185 185
8 18
1612 1612 1714 1714 1712 183
*1612 163
4
g
3018 Mar 80 July
Preferred
100 40 Aug 6 677 Apr 23
10
45
4212 4212 *42
*42
45
*42
45
*42
45
*42
45
4
73 Mar 343 July
4
183 Jan 4 4112 Aug 24
4
_ __No par
4
8
* 403 4114 403 4112 8,700 California
4012 4018 413
8
39
3912 385 3914 39
13 Jan 23
4
214 June
12July 27
14 Jan
10
Packing7
8 1,500 Callahan Zino-Lead
*3
4
4
7
8
3
3
4
3
4
8
34 78 *34 7
*3
4
7
8
658
5
2 Feb
23
93 June
s
Cons Cop_25
Ws 35* 312 334 312 312 33* 334 334 334 312 358 1,700 Calumet de Herta Fdy __No par 6 4July 26 1578 Feb 23
July 27
2 Feb
Feb
1614 July
400 Campbell W & C
,3
8 83
75
8 75
8 *75
712 712
758
7%
712
*7
712 *7
712 Feb 4112 July
1712 4,500 Canada Dry Ginger Ale____5 1212July 26 294 Apr 24
8
1614 173
4 17
153 153
4
4 1512 1512 153 1512 1578 1614
14 Feb 3512 July
2812 Jan 4 38 Apr 2
No par
8
800 Cannon Mills
33
3314 3312 3312 *3312 347
33
8
8 327 327 *32
8
327 327
8
53 Jan 2 10 Apr 13
8
I
44 Oct 1212 July
Capital Adminls Cl A
8 712
714 812 *714 812 *73* 814 *73
*714 912 *714 812 •
2518 Jan 3511 July
4
Preferred A
10 263 Jan 24 39 Apr 20
*2514 32
*2514 32
*2518 32
*25
32
*2612 32
*2518 32
July 26 8634 Fen 6
3012 Feb 10312 July
100 35
4312 12,300 Case (J I) Co
4338 42
8
4111 403 4318 42
3858 40
3814 3914 38
41 Feb 8614 July
8
Preferred certificates-100 567 Aug 15 8412 Feb 6
200
6213 6212 6212 6414 6614 67
5818 5912 60
57
*5818 60
8
4
54 Mar 293 July
28
2858 2814 2812 283 2812 46,000 Caterpillar Tractor___No par 2312 Jan 4 333 Apr 21
8
2712 28
27
27
2718 27
8
412 Feb 5878 July
17 July 26 447 Feb 5
2214 8,400 Celanese Corp of Ain__No par
4
8 21
21
2214 203 215
2012 207
8 2018 2018 1978 21
45 Apr 12
8
57 July
12 Mar
118July 27
No pa
300 ICelotexCorp8
214 214
2
2
23
4
2 4 *2
3
23
4 *2
*2
23
4 *2
43 July
4 Apr 12
1 July 27
% Feb
Certificates
No par
300
13
4
13
4
13
4
112 *112
13
8
8
112
8
112 *13
*114
112 *13
8
1234 July
14 Jan
612 Jan 18 223 Apr 13
Preferred
100
640
1114 115
8
12
4
1118 1114 103 1114 *1118 1138 1112 1212 11
14
Jan 41 July
2,400 Central Aguirre Asso....No par 24 Mar 22 3218 Feb 5
2712 287
28
28
28
8 28
2714 273
4
27
*263 2712 27
4
8
115 July
2 Apr
8
612July 27 123 Feb 19
700 Century Ribbon MIlla.No pa
*6
7
7
7
*612 758
3
8 7 8 *612 7 8
3
*614 73
8 *63
52 Feb 100 Dee
100 82 Mar 31 95 Jan 2
Preferred
95
*85
*85
95
95
*85
*85
95
95
*85
*85
95
4
558 Jan 443 Sept
3014MaY 16 4312JulY 5
Copper_No pa
8
8
4
405 415
8
8 393 4114 397 405 23,700 Cerro de Pasco
41
395
8 40
39
3912 39
7% Apr 5
73 July
8
1
Jan
314 Jan 2
614 614 4,000 Certaln-Teed Products.No par
6
6
6
63
8
53
4 6
4
53
4 53
8
*53
4 57
4 Mar 3014 July
100 1712 Jan 19 35 Apr 3
*23
32
7% preferred
*23
32
32
*23
*23
32
32
*23
•23
32
3
147 Jan 5212 July
8
No par 34 Jan 4 487 Apr 21
8 4012 4012 4014 4112 2,200 Chesapeake Corp
3914 403
8 3912 405
39
3914 391 1 39
8July 26
8
218 Mar 123 July
97 Feb 5
8
35
4.512 53
4 *512 534
57
8 6
4
400 Chicago Pneumat Tool_No pa
*53
6
6
*512 53
4 57
8
54 Feb 2514 June
4
par 1414July 26 283 Apr 24
Cony preferred
No
1,800
193 20
4
197 2014
8
8
8 193 20
4
4 1818 195
*183 197
4
8 183 183
5 Mar 34 July
4
10 1914 Jan 8 303 Feb 5
5,100 Chickasha Cotton 011
29
293
* 29
4 29
293
28
2818 28
*27
28
*27
28
8
4July 25 115 Feb 19
2 Feb 10, July
8
512
33
518
No par
5
600 Childs Co
5
458 47
8
5
5
•458 5
514 514
6
Apr 214 July
8
25 1014 Aug 9 175 Apr 9
12
12
12
1212 12
80 Chile CoDDer Co
*12
1212 *12
12
*12
1212 12
73 Mar 575 Deo
4
8
8
5 2924 Aug 7 603 Feb 23
8
8 343 3518 343 353 73,300 Chrysler Corp.
8
4
8
327
8 325 3414 3418 355
8 32
323 325
8
8
718 Mar 25 June
1714 Jan 5 243 Jan 30
No par
8
193 1938 1912 1912 1,600 City Ice & Fuel
8
193 193
4
4 1914 193
4
4
8 193 193
*193 197
4
45 Apr 72 July
100 67 Jan 3 86 Apr 23
Preferred
20
*797 80
8
8
8
8112 8112 *797 8112 *8012 8112 8058 805* *797 80
14 Feb
218 Feb 6
12July 27
3 8 July
5
No par
400 City Stores
7
8
*3
4
3*
7
8
*3
4
7
5
3
4
3
4
*3
4
7
8
4
4
218 July
114 Feb 6
18 Mar
8July 24
3
12
12
12
12
*3
2
12
Voting trust certifs No par
12
12
700
*3
8
12
12
12
55 Feb 6
8
812 July
112 Jan
214July 25
Class A
No par
*2
3
*2
3
*17
8 3
8 3
*17
*13
4 3
*13
4 3
514 July
3 Nov
4
518 Feb 21
2 July 20
No par
ClassA v tc
*112 3
*112 3
*112 3
*112 3
*112 3
511, 3
5 Mar 1414 June
4
4
83 Jan 5 213 Mar 5
No par
14
13
1312 14
*103 13
4
*1058 13
600 Clark Equipment
*103 13
8
*105 13
8
10
Jan 414 July
Cluett Peabody & Co__No par 28 Jan 3 45 Apr 7
*2514 33
*2514 33
*2511 33
*26
28
*25
33
33
*25
90
Jan 100 June
Preferred
100 95 Jan 17 115 Apr 23
*111 116 *111 116 *111 116 *111 116 *111 116 *111 116
7312 Jan 105 July
600 Coca-Cola Co (The)___No par 9514 Jan 2 136%July 12
13412 13412 134 134 *132 13312
,
133 133 *132 2 134
135 135
44
Apr 51 Dec
5018 Jan 11 5518July 10
Class A
No par
400
4
8
4 543 55
4
4
4
4 543 543 *545 543
4 543 543
8
4
*543 543 *545 543
8
8
7 Mar 223 July
93 Jan 3 1818 Mar 13
8
1518 6,700 Colgate-Palmolive-Peet No par
15
1531
8
1514 1514 15
8 145 1514
4 1412 145
•1412 143
49 Apr 88 Aug
100 6812 Jan 8 95 Aug 23
6% preferred
300
95
4
4 95
*95
96
943 943 *943 953
4
4
94
94
*933 94
4
3 Apr 26 Sept
10 July 26 284 Feb 19
4
No par
123 1314 4,400 Collins & Aikman
4
4
113 113
4
4 1214 1212 123 13,2 128 133
113 12
4
2 8 Dec 1752 July
7
83 Feb 6
4
3 8 Jan 2
5
51, 53
514 512
4
514 512
512 53
4 2,000 /Colorado Fuel & Iron_No par
438 45
8
•412 538
234 Feb 7112 July
683 693
4
8 69
6714 67 - 697
5,400 Columbian Carbon v t ill No par 58 Jan 8 7714 Apr 23
70
663
8 67
6618 6612 66
65 Mar 28 Nov
8
Columb Pict Corp v t o_No par 2112July 26 3434May 28
8
3012 303 3012 3014 303
4 2,500
30
30
29
283 29
4
2812 29
9 Mar 2818 July
7 4July 26 1914 Feb 6
3
912 97
93 1014 26,500 Columbia Gas & Elec No par
4
958
87
8 9
87
8 9
834 9
3
9
50 Dec 83 June
4June 21
100 52 Jan 5 783
Preferred series A
66
6612 66
66
800
6614
66
*63
66
66
*61
*64
68
40 May 7412 June
100 41 Jan 9 71 Apr 24
5% preferred
140
58
59
57
57
*56
60
56
56
56
*55
60
60
1914 Dec
4 Feb
8
185 Jan 4 3518 Apr 21
10
29114 30
5,500 Commercial Credit
2914 30
30
2812 2834 29
•277 2814 2818 29
8
1812 Mar 25 Wept
7% 1st preferred
25 2312 Jan 5 30 July 19
*273 29
8
*273 29
8
*273 29
8
8
293 *273 29
4
*2712 293 *2712
4
16
Feb 3912 Aug
Clams A
50 38 Jan 3 50 Mar 9
4918 *4813 4918 *4812 4912
493 *48
8
4912 .48
*48
495 *48
8
1818 Mar 254 Sept
Preferred B
25 24 Jan 3 30 Mar 3
150
29
29
29
29
*2812 29
29
29
*2812 29
*28
29
8
70 Mar 957 Sept
30
652% first preferred__ __100 9112 Jan 3 106 Apr 30
10518 10518 10512 10512 10512 10512 *10512 106
*105 106 5105 106
18 Mar 4312 July
4
8
4
4 9,100 Comm Invest Trust___No par 353 Jan 4 61 Aug 16
4 553 5712 5718 5814 577 5812 5712 583
5612 573
58
58
8
84
Jan 977 Jan
No par 91 Jan 3 11014 Aug 9
Cony preferred
*983 110
4
*983 110
4
*10212 110 *106 110 *10212 110 *100 110
4July 26 363 Jan 30
9 Feb 5714 July
4
153
2018 2138 2078 2178 21 18 22
42,100 Commercial Solventa No par
1918 1914 20
187 1918 19
8
618 June
114 Dec
33 Feb 6
4
14 July 28
15s
13 15,100 Commonwith & Sou_ No par
4
13
4
15
8
15
8 13
4
15
8
13
4
13
4
15
8
158
114
173 Dec 6012 June
8
4
$11 preferred Beiges...No par 2112 Jan 2 523 Apr 23
2,000
4
3612 363 38
4
4 36
3612 363 363
35
36
36
*35
36
8
73 Jan 275 July
8
295
8 2912 2912 29
2912 8,500 Congoleum-Natro Ino...No par 22 July 26 3114 Feb 16
4
8 29
4
281 1 2838 273 2818 273 287
18 June
612 Feb
9 July 26 1412 Mar 5
No par
11
200 Congress Cigar
1012 *10
8
8
103
8 103 103 *10
1014 *10
1018 1018 *10
4
8
312 Apr 193 June
514July 26 133 Mar 17
12 9
1,300 Consolidated Cigar ____No par
*814 9
8
7
4 914
3
7% 712 *714 7 4
*718
73*
31
Apr 65 June
100 4514 Jan 2 62 July 12
Prior preferred
*571 4 60
*5714 60
*5714 60
*5714 60
*57
60
•57
64
8Ju1y 27
83 May
4
53 Feb 15
4
13 Jan
4
15
I
3
27
8 27
8 1,000 Consol Film Indus
3
27
a 3
23
4 24
3
8
25
8 23
*212 27
8
4
57 Mar 143 May
8
10% Jan 2 174 Feb 15
No par
Preferred
900
1414 143
8 1418 1418
14
*1358 1414 1312 1312 1312 1312 14
2
8July 27 473 Fro 6
34 Dec 6418 June
2812 2818 2914 24,500 Consolidated Gas Co___No par 257
8 28
8 2712 283
4 2718 275
273
267 2714 27
8
Jan
814 Dec 99
Preferred
No par 82 Jan 4 95 July 23
400
89
8812 8812 89
89 89
8918 8918 *8812 90
*8918 90
512 Jan
43 Feb 7
8
112 Dee
2
17 Aug 7
200 Consol Laundries Corp.No par
2
2
212
218 218 *2
218
8
8 218 *17
•17
8 218 *17
153 July
4
5 Mar
714July 26 144 Feb 13
No par
9
9 12 16,400 Como] 011 Corp
9
9 12
8
918 93
83
4 9
8
812 87
8
85
8 87
Oct
100 108 Feb 9 112 July 24
9512 Mar 108
8% preferred
•111 11212 *111 112 *111 112 *111 112 *111 112 *111 112
314 July
24 Feb 7
34
12July 26
14 Mar
34
1
4
3
4 2,800 Consolidated Textile_ __No par
3
4
7
8
3
4
3
4
3
4
7
8
3
4
34
1014 July
618 Jan 5 1334 Apr 23
1 18 Jan
20
1,800 Container Corp class A
9
9
9
9
9
9 14
83
4 9
4
83
4 83
*83
4 9
412 June
23 Jan 2
8
53 Apr 18
8
14 Feb
.No par
Class B
8 1,500
35
8 35
3 2 33
,
4
3
312 3 4
34 33
8
33
8 33
8
*23
8 33
4
8
3 Mar 1814 July
1,100 Continental Bak class A No Par
*77
8 8
8
8
514July 26 145 Jan 24
74 8
3
712 712
73
3
*612 73
4 *7
312 July
4July 27
238 Feb 7
4 Jan
Class B
No par
118
118
1,700
118
1 18
118
118
1
1
118
1
118
*1
Jan 64 July
36
Preferred
100 4614 Jan 6 64 Feb 9
200
*51
5412
53
53
53
5518 53
5512 *53
553
5518 •53
8
3514 Feb 783 Dec
20 6912MaY 14 8314 Apr 21
8214 6,400 Continental Can Inc
4
8114 8114 8214 813 8214 81
80
4
797 8012 793 80
8
174 July
312 Feb
6 July 26 1134 Feb 6
5
4 1.000 Coral Diamond Fibre
612 612 *612 73
618 612
*618
7
7
•6
63
4 *6
3612 Jar)
1012 Mar
8
2812 2812 2,400 Continental Insurance.. _2.50 233 Jan 6 3512 Apr 20
2814 29
27
28
4
4 263 27
263 263
4
4 2612 263
4 June
1 Mar
23 Feb 21
8
4July 24
3
8 3,200 Continental Motors __No par
3
4
7
53
4
7
8
3
4
7
8
7
8
7
8
7
8
*3
4
%
*3
4
47 Mar 1952 Sept
2
4July 29 2234 Apr 21
5 153
8
1812 183
4 1814 185 24.400 Continental Oil of Del
18
1812 1812 19
8
18
1814 177 18
8
453 Feb 905 Aug
8
6214 11,000 Corn Products Refining_„25 5512 Aug 8 8412 Jan 26
60
6112 6014 0114 61
8
58
5814 575 5838 5818 60
4
100 135 Jan 4 14812July 24 11712 Mar 1453 Jan
Preferred
200
4
_
148 14812 *1433 _
*14812 _ _. *14812 *14812 _
*14812
74 June
238 Mar
8July 26 • 94 Feu 5
35
No par
612 7,900 CotY Inc
53
4 -53
4 53
4
512 - -53
4
47
8 5
4
3
;
43 /
47
8 - 8
47
23 Feb 3912 July
8
8 1,400 Cream of Wheat Mfg. No par 28 Jan 3 35 Jan 31
8 325 325
8 3214 325
8
8 3212 325
*3214 325 *3214 3258 325 325
8
143 June
4
214 Mar
8 Jan 2 1712June 16
100 Crosley Radio Corp_. _No par
4
145 145 *133 1412 *1312 1412
8
8
4
1414 *133 14
*1312 1414 *13
4July 26 3614 Feb I
1414 Feb 65 July
183
Ns par
300 Crown Cork & Seal
245
8
8
8
22412 2412 2412 2412 245 245 *23
24
*23
2414 *23
2412 Feb 3812 July
No par 3512 Jan 2 4114 Apr 20
82 70 preferred
4018 *3812 401,
100
*39
4118 *39
4018
8
8
*397 4118 397 397 *39
8
812 July
Apr
1
65 Apr 27
2
8July 27
35
1,500 Crown Zellerbaek v t O_No par
44 5
412 5
412
412
412
*418
438 *44 412 *418
3712 July
9 Mar
4 2178 2214 2,500 Crucible Steel of America_.100 17 July 27 38% Feb 19
207 213
8
1912 1914 1914 1914 1912 1912 21
*19
8
Feb 601 July
16
100 48 J‘n 12 71 Apr 19
Preferred_
6012 *5312 6012
*5312
*5312 61
*5312 61
*5312 6012 *5312 61
43 June
8
12 Feb
318 Feb 9
1 Jan 2
N. par
1,600 Cuba Co (The)
13
8 2
13
8
13
8
158
8
8 •13
8
15
8 *112 15
15
17
8
•15
8
1118 May
118 Jan
91* Feb 8
312 Jan 10
5
75
8 814 13,600 Cuban-A nierlean Sugar_ ___10
73
8
712
758 7
7
75
8
63
4 718
714 714
Jan 68 June
10
100 2018 Jan 9 64 July 9
Preferred
615
8 1,760
4 60
603 603
4
5912 61
61
57
6112 6112 5812 61
203 Feb 5912 June
4
3
50 37 Jan 2 50 4 Feb 16
4 1,500 Cudahy Packing
4912 4912 493
*48
4 4912 4934 4914 50
4 4912 493
*483 493
4
3214 June
8
658 Mar
1312 Jan 8 293 Apr 12
1914 1912 1,500 OUTtI8 Pub Co (Tbe)___No par
1912 1912
194
18% 184 19
1818 1818
*175 1858
8
Feb 66 June
30
4July 17
Preferred
No par 4312 Jan 3 853
3,300
4
4 8212 8234 8212 8212 *8012 82
823
4 823 823
8212 823
4 82
2
43 July
14 Feb
514 Jan 31
212 Jan 2
1
10,600 Curtiss-Wright
27
8 3
278
3
4 3
23
23
4 27
8
4 3
23
8
27
8 27
8 July
2 Mar
514 Jan 3 1214 Apr 2
1
Clam A
8,100
85
8 9
812 914
4
812
812 83
814 812
8
8
812 85
21 July
414 Jan
600 Cutler-Barnmer Inc ___No par 11 Jan 4 2112 Feb 21
s
8
15
15
15
15
153 153
14
1314 1314 14
14
*13
•Bid and asked prices, ,o sales on this day.
1 Companies reported In receivership.
11 Optional sale
e Cash sale. x Ex-dividend. is Ex-rights.
.
New York Stock Record-Continued-Page 4
1205
air' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
I
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 18.
Monday
Aug. 20.
Tuesday
Aug. 21.
Wednesday
Aug. 22.
hursday
Aug. 23.
Friday
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER ...WARE
Range "se Jan. 1.
On harts of w(1-sha7e lots
Lowest.
per share $ per share Shares. Indus.& MIaceU.(Con.) Par $ Per share
per Share
"per share 5 per share
per share
*6
*6
*6
7
7
7
*6
*6
6% *628 7
7
Davega Stores Corp
6 Jan 10
6
1512 16
1718 16% 17
1634 1714 8,200 Deere & Co
1414 1412 1412 14% 15
No par 1018July 26
1212 1212 1212 *111 13
*113 12 *11% 1238 *12
/
8
4
600
*111 12
Preferred
/
4
20 1014July 27
46712 6912 *6712 6912
,
68
*6712 70
68
*6712 69
100 Detroit Edison
*6812 70
100 6312 Jan 5
*4112 45
.44
4412 4314 4314 4312 4312 4412 4412 *4214 45
300 Devoe & Reynolds A.
-No Par 29 Jan 6
2234 23% 1,500 Diamond Match
2312 23
2312 •23
*23
2318 22% 23
2312 23
No Par 2134May 14
400
33
3412 .3214 34 *3214 3412 33
*3214 341 *324 3412 34
Participattng preferred___25 2814 Mar 27
4334 44
44
434 4418 9,200 Dome Mines Ltd
4478 4412 4514 4314 45
/
1
4334 44
No par 32 Jan 25
1918
*18
1812 1812 1812 19
181 *1718 18
18
800 Dominion Stores Ltd No Par 15 July 26
18
*17
17% 18
18
18% 1812 194 1828 19% 18% 19% 11,100 Douglas Aircraft Co Inc No par 144 Jan 2
17% 18
*878 10% *9
*7
11
113
100 Dresser(SR)Mfg cony A No par
8
812July 26
4 *87 1114
107
8 1034 103
4 *9
*614 7
8 7%
634 Aug 1
3 7% •63
Convertible class B No par
64 77
*614 77 •
8 *63
/ *614 77
1
4
*3% 41
4% 4%
412 41
412 4
412 41
,
*314 4
,
400 Dunhill International
318July 27
1
*10512 108 *10512 108 *1053 108
4
30 Duquesne Light 13t Prof-100 90 Jan 16
10534 1053 *1054 10714 •106 10714
4
*512 53
.53
2 *54 51
2 51
61 638
/
1
/
4
900 Eastern Rolling Mille__No par
418July 25
5 2 53
,
4
55
4 6
98 98
9814 981
*9718 981
9834 1007
4 5,300 Eastman Kodak (N J)_No par 79 Jan 4
8 9912 10014 100 1003
*135 140 *135 140 *135 140 *135 140 *135 140 *135 140
6% cum preferred
100 120 Jan 16
141
13% 142
/
4
1514 14% 1514 4,000 Eaton Mfg Co
•141 14% 14
8 143 1532 15
2
No par 1218July 2
8912 903
, 9114 9212 91% 9312 25,400 El du Pont de Nemours......20 80 May 16
88 8812 8812 90
9032 92
/
1
1,100
12414 1244 *12414 1241 1244 1241 12312 1231 12312 12412 124 124
6% non-voting deb
100 115 Jan 2
818 814 *8
812 8% *838 9
12
700 Eitingon &Mid
912 91
83
4 83
614July26
No par
4
/
4
18% 201
4
20
2112 203 2112 203 2238 33,000 Merl Auto-Llte (The)
1812 181 1812 183
5 15 July 26
94
94
*91
*92
94
94
*91
94
20
94
94
*91
Preferred
*91
100 80 Jan 5
414 4 4
412 412
4% 5
414 412
4 5 19,400 Electric Boat
,
412 5
43
a 3 July 26
67
8 6%
6% 67
63
4 6% *628 6%
8
700 Elm & Mus Ind Am shares
634 63
6% 6%
414 Jan 3
3% 3%
4
4
41 414
/
4
41 414
/
4
418 414
4% 51 6,800 Electric Power & Light No par
/
4
312July 26
1012 10% 10% 1112 3,000
9% 11
9% 9% *9% 10
Preferred
734Juiy26
*912 10
No Pa
9
9%
*738 83
$6 preferred
4 *778 8% *77
914 1012 3,000
8% 912
4
7 July 27
No pat
8 85
*36
38
36
38
600 Fate Storage Battery
3714 3714
38
*37
3778 37% 38
36
36 Aug 18
No pa
800 :Elk Horn Coal Corp__No par
118 118
114 1,
4
1% 1%
•114 112 *114 112
5*Mayll
114 1%
2
2
2
218 .
500
21711 218
218 *21 214
*178 2
2
6% part preferred
/
4
ao 1 July 26
*5112 54
800 Endicott-Johneon Corp..-60 4914 July10
*5112 54
*5112 54
*5112 52 2 5212 5212 5112 5112
,
*126 12712 *12514 12712 *12514 12714 *12514 12714 *125 4 12714 •12514 12714
,
Preferred
100 120 Jan 3
*278 33
*3
4 *3
4
200 Engineers Public Serv__No pa
312 3 2
,
314 3 4
,
212July 27
4
3,
2
200
1312 1312
•121 1312 •1218 1312 •121 1314 121 1218 *1218 14
/
4
/
4
/
4
$5 cony preferred_No pa
1018July 27
13
*1212 1312 *131 1318 1312 13% 1414 1414
600
13
*1212 13
/
4
No pa
11 Jan 8
$5>4 preferred
1312 *13
14
100
$6 preferred
/
4
*131 14 •131 1412 1412 1412
/
4
*13
14
*13
13 July 26
No pa
*512 57
*512
2
2 *512 5%
700 Equitable Office BldgNo pa
5% 5% *512 57
5
/ 57
1
4
8
5 July 24
4912 952
912 913
9
9
1,500 Eureka Vacuum Clean
9% 912
9 4 10
5
914 9'4
7 July 26
5
1814 1814 1812 1878 19
19
18
4 18% 18% 7.100 Evans Products Co
2018 1918 193
9 Jan 3
5
5
5%
90 Exchange Buffet Corp_No par
412 412
514
*314 54 *4
43
8 43
8
5 4 512
,
3 July 27
*12 212
•12
*12 2
*12 2
*12 2
Fairbanks Co
*12 2
25
11 Mar 9
/
4
*5
51
5
5
618 612
Preferred
618 63
4
61 614 1,020
/
4
4 July 26
514 618
100
*93 101 .10
8
978 10
600 Fairbanks Morse dr Co_No Par
11
113
4
101
1012 1012 *1012 12
7 Jan 6
*44
*45
56
56
56
*44
*45
56 .44
Preferred
56
56
*45
100 30 Jan 10
4
6
5
6
*5
5
514
400 Federal Light & Tract
*518 6
512 512 *512 53
4 July 27
15
*451 47 *451 47
/
4
*4518 47
45
45
4518 44
100
/
4
Preferred
*451 47
/
4
No par 341 Jan 12
/
4
*60 80
•60
80 *60 80 •60 80 *60
Federal Min & Smelt Co...100 71 Aug 9
80 *60 80
4
4
4
900 Federal Motor Truck No par
*312 3
*312 4
3
/ 3% *334 4
1
4
312 31
278July 25
*212
*24 278 *214 2%
100 Federal Screw Works...No par
•218 3
218 21
2 Jan 13
*214 2%
900 Federal Water Serv A...No par
112 11
*138 12
/
4
8 *13
8 11
*13
8 11
112 11
112 112
14July 27
/
1
2278
300 Federated Dept Storee_No par 1912July 20
20
•20
21
2114 214 *20
20 .20
21
21
241
2612 261
*263 27
8
4 2712 273
4 2,100 Fidel Phan Fire Ins N le..2.60 2334 Jan 5
26% 27
2678 2712 27% 273
*512 91
*812 91
Fifth Ave Bus Sec Corp.No par
813 9 4 *8'2 914
*812 91
,
*812 914
7 Feb 15
*23
34
34 •23
*23 34 *23
Filene's(Wm)Sons Co_No par 23 July 25
34 •23
34
34
*23
130
6).% preferred
105 105
•1043 105
4
105 105
4
105 1053 *105 1053 105 105
100 87 Jan 10
161
•1412 16
15% 15% 2,900 Firestone Tire & Rubber...10 1312July 2
•1412 16
1534 16
1614 16% 16
100
*793 82 *80
81
4
•7638 81
Preferred series A
*7712 81
*7712 81
80 80
100 71 Jan
6312 64
900 First National Stores__No par 544 Jan
634 63 2 6312 63 2 64
/
1
,
,
644 6412 64% 6312 631
4.314 gag
3% 3% 2,300 :Follansbee Bros
312 33
,
34 34
,
2 July 26
,
314 3%
,
34 3 2
No Par
400 Food Machinery Corp_No par 1012 Jan
/
4
*17
18
18
*17
•1718 17% 17% 1838 *1712 181 •171 1812
13% 13
13
1314 1,500 Foster- Wheeler
•1118 113 *1114 12
12
12
1214 13
4
812July 2
No Pa
10
9% 10
1018 5,400 Foundation Co
9
/ 98
1
4
3
9
9 18
928 10%
No pus
9
93
4
6'4 July2
•19
20 20
400 Fourth Nat Invest w w
2014
*19
20 •19
20
20
20
*1912 20
1 1712July 26
1238 3,000 Fox Film clans A
*10
8 12
1012 •1018 1012 1012 1012 10 4 1112 11% 123
No par
3
8 July26
/
1
4
23%
150 Fkln Simon & Co Inc 7% P1100 20 Aug 16
*2212 24
22
*21
21% 2218 2312 2312 •22
24
22
30% 3014 30 2 4,200 Freeport Texas Co
,
3012 30
30
2914 2914 29
30
2914 29
I
264July 26
/
1
1934
40 Fuller (0 A) prior pref_No pa
15 *163 1714 1712 1712 *17
*14% 17
4
1612 1612 15
14 July 26
ao $6 2d prof
812 812
812
814 8 2
,
812 *7
*7
812 *7
No pa
812 •7
5 July 26
*112 2
200 Gabriel Co (The) el A No pa
*112 2
•112 2
1% 128 *Ds 2
14 11
/
1
/
4
118July 25
12
10% 10%
*11
90 Gamewell Co (The) No pa
12
11
1028 103 *11
11
11
11
4
1012 Aug 7
8
7% 8
818 4,000 Gen Amer Inveators
738 8
7
7 14
7
71
No pa
/
4
74 712
538July 27
200
83
83 *71
Preferred
79 •65 80
83 *71
78
*79
*71
80
75 Aug 9
No pa
3412 3412 35
3512 3,600 Gen Amer Trans Corp
/
4
/
4
,
314 31% 311 311 3112 32 4 3214 34
/
1
30 Aug 9
8
4
17% *162 1712 1714 17% 3,000 General Asphalt
1614 164 •1528 1614 163 167
2 17
10 12 July 26
8% 812
•81 8%
83
/
4
8 8% 2,500 General Baking
812 812
81 84
/
4
814 812
a 8 July 26
105 105 *10412 105
$8 preferred
10
*104 105 *104 105 *104 105 .104 105
No par 100 May 8
7
7
7
7
7
7
672 718
714 714 1,800 General Bronze
*61 71
/
4
/
4
a 538 Aug 6
4 *33
200 General Cable
34 318 *3
/
1
14 33
*3
4
34
,
314
314 314 *312 33
No par
214July 26
812 *53
*5
414 July 27
Class A..No par
812 *54 8 3 .6
812 *5
714 *6
4 82
,
,
1978 •15
19% 19% 19%
100
*16
7% cum preferred
•15
19% .15
19 •15
/
1
4
19%
100 1412 Jan 9
*42
4212 42
42
800 General Cigar Inc
42
4112 4112 .4014 42
423
42
4
4?
No par 27 Jan 2
4
10
*114 115% *114 1153 11534 1153 *11214 1153 *11214 1147 *11214 114
7% preferred
/
1
4
4
4
100 97 Jan 8
1838 19
194 194 41,200 General Electric
1812 18% 1814 181
19
/
1
197
8 19% 20
No par 167
8July 28
/ 4,200
1
4
12% 121 *1238 121
1212 1212 1212 1212 1212 1212 1212 12
Special
10 1138 Jan 2
2912 29% 30
7,300 General Foods
2912 291
,
30
303
8 29% 30 4 2958 30
30
No par 28 July 26
12
1
3
4
'8
N1
'11
34 2,900 Gen'l Gas & Mee A
No par
ki
1/4
12 July 24
12% 12% *13
1212 121
14
8
400
*122 14
14
1312 13 2 14
Cony pref Beries A__No par
,
614 Jan 2
,
*12% 151 *1312 151
,
1312 131 *1334 1512 •1514 1512 15 2 15 2
30
$7 wet Maas A
No par 11 July 25
1434 143 *1434 19
8
4
19
19 •152 18
•1614 19
10
*14
$8 prof class A
*15
No par 13 Aug 6
5914 5914 *5878 601 .58% 6012 5932 5932
200 Gen Ital Edison Eleo Corp... 50 Jan 24
*5714 601 *5914 60
/
4
59 .56
59
600 General Mills
5814
58
5814 58t4 584 584 58
5812 58,
No par 53 Mar 20
/
1
4
114 114 *112 '114 *112 114 *112 114
200
114 114
*1137 115
8
Preferred
100 103 Feb 27
2834 2914 29
/
1
3012 3114 304 313 112,400 General Motors Corp
30% 304 311
28% 291
10 2438July 26
10118 1011 10138 1013
8
$5 preferred
*10118 1021 101% 1013 101% 101% 10012 101
s 1,600
No par 893 Jan 6
4
300 Gen Outdoor Ads A___No par
1112 1214 *1114 12% *1114 12
•1114 12 .1114 127 •1214 127
834 Jan 5
*34 32
2 *312 37
*312 4
312 31
100
Common
*31 41
/
4
•312 37
312 Aug 21
No Par
1714 171 •16
18
*18
18
187
70 General Printing Ink
18
*1614 18
•1714 18
No pa
, 1012 Jan 3
88
88
*84 88 *84 88 •84
*84
88
*8414 88 •84
$6 preferred
No pa
, 7312 Mar 10
*212 23
•212 3
100 Gen Public Service
•23
4 3
234 23
*212 2% .212 23
No Dar
218July 2
29
291
28
29
28
29 •26
2712 28
1,400 Gen Railway Signal
2878 29
*27
No par 23I2July 2
1% 138
1% 138 1,500 Gen Realty & Utilities
•1341
11
13
8 1%
138 11
112
*114
I
1 July 26
*914 14
*97 14
8
*9% 14
*978 14
.978 13
•978 133
$6 preferred
No pa, 11 Aug
/
4
14
15
400 General Retractorrea_No par
*14
157
14% •121 14% 1234 123 •1312 15
*12
1018 Jan
121
1214 121
1,600
,
Voting trust certifs._ No par 10 July 2
13
13% 1314 13$11 13 2 131
*1214 13 •1214
271 •271 •____ 271
271 *23
271 *25
/
4
*23
271
Gen Steel Castings prof No par 25 July 31
1118 11% 11
8
1112 121
11
117 121 13,800 Gillette Safety Razor-No pa,
11
112
8 11% 113
812 Jan
4
63 63
700
*6014 6212 6212 6212 *6112 62% 6134 613 623 627
Cony preferred
No par 47 Jan 11
31 31
/
4
33
4 33
2,100 Gimble Brothers
34 34
34 3
,
3
,
3
312 37
,
,
2%July 2
34 34
No Pa
,
*163 181 •17
*1734 19
4
1812 181
181
200
4
4
163 163
4
•163 19
Preferred
100 1614 Jan
25
2512 257
25 2 2532 8,100 Glidden Co (The)
,
251
2478 247
254 257
8 24% 25
No par 1528 Jan
4
103 10312 *103 10312
130
4
Prior preferred
*102 102% 10214 1023 102 1023 103 103
100 83 Jan 19
532 512
5% 6
538 512
5% 6
512 53
4
512 57 12.900 Gebel (Adolf).
2
6
3%July 26
/
1
4 1812 1812 7,200 Gold Duet Corp v t c.__No par 1634 Jan 11
1714 1714 1712 1714 1714 174 1734 18% 1812 183
*114 120
114 114
100
•I12 114 •11218 114 •112 114
$6 cony preferred. __No par 9612 Jan 6
1114 1132 1114 1178 10.400 Goodrich Co(B V)
12
10% 1014 10% 10% 1118 11
•10
8 July 26
No par
*3812 437 *40
44
8
47
44
43% 42% 42% *43
*37
42
200
Preferred
100 35'2 July 26
2472 237 2412 20,600 Goodyear Tire & Rubb-No par 1812 Aug 6
8
8
2334 25 8 24
217 2228 2138 22% 21% 24
,
,
71
72 •6812 7414 *6914 74 .6912 733
100
1st preferred
4 69 2 6912 •70
•68
No par 64 Aug 6
512
*5
52 52
,
518
,
5
5% 528
5,
4 54
Ms 53
4 5,100 Gotham Silk Hose
,
3%July 26
No Par
*46% 58
58
*46% 58
*50
58
*50 .58 .50
Preferred
*46% 88
100 4912 Jan 22
2
2
13
2
4 2
2
178 1%
2
2
2.800 Graham-Paige Motors
2
2
I
112July 26
8
8
74 712
/
1
*7
*8
7%
812
7% 818
900 Granby Gone M elm & Pr.
7
718
512July 27
-100
53
5% 5% *5 2 8 4
4 83
1,900 Grand Union Co tr effs
4
4
54 6
,
3
53
4 53
,
I
4 Jan 8
*514 55
8
35 *32
,
*32
*3214 35
35
*3312 35 .32 4 35
Cony prof series
35
•32
No Par 23 Jan 6
/
4
/
4
*2312 25
100 Granite City Steel
No par 23 Jan 15
*2118 2412 *2118 241 0211 2412 2412 2412 .2312 25
3414 3414 .34
3412
4 3212 3212 3234 35
900 Grant (W 11
3218 3218 .32 323
No Par 30 June 8
2
11
/
4
1112 11% 5,200 Gt Nor Iron Ore Prop No par
1114 111 113
8
4 117 12
812July 27
*103 10% 107 II
4
3334 33
3214 33% 3314 33% 33
33% 8,000 Great Western Sugar No Par 25 May 14
3212 3212 3212 33
11412 11412
114 114 *113 115
20
100 102 Jan 2
Preferred
*113 114 *113 114 •113 114
•128 2
•128 2
1% 2
13
4 13
1,000 Guantanamo Sugar____No Par
4
1% 1%
•128 2
3 Jan 2
4
*18
•20
24
24
,
*18
Gulf State. Steel
24
24 •19 4 24
24 •18
No Par 1514July 28
•17
*50
60
*50
*50
60
60
*45 60 *3514 60
Preferred
62
100 47 Jan 8
*45
.
Highest.
$ Per share $ per share $ per share
I1 Feb
/
4
814 Feb 6
83 July
4
3418 Feb 1
2438 July 49 July
1512 Jan 30
8
614 Feb 183 June
48 Apr 911 July
84 Feb 23
/
4
/
4
/
1
4
10 Mar 33 Aug
551 Apr 25
17 Feb 2912 July
28 Jan 10
/
1
4
/
1
4
3412 Aug 21
264 Feb 31 July
/
1
4614June 27
12 Feb 394 Sept
/
1
Zi Mar 10
1012 Feb 2638 July
2812 Jan 31
/
1
/
1
4
104 Feb 18 July
19 Feb 17
63 Feb 18 June
4
218 Mar 1034 June
1178Mar 28
1134 Mar 26
7 Apr 1434 July
3
1054 Aug 22 85 Nov 1024 June
123 Feb 19
11 Mar 10 July
/
4
10118July 18
48 Apr 89 4 July
1
147 June 27 110 May 130 Mar
3 Mar 16 July
/
1
4
2212 Apr 19
8
3214 Mar 963 Dec
103 Feb 16
/
1
4
9712 Apr 117 July
125 July 20
1914 mar 6
3138 Feb 21 Ili- -Air 271- July
2
101 Apr 6
75 Oct 8812 July
814 July
1
7 Jan 29
/
1
4
Jan
412 Dec
94May 8
/
1
1 Feb
318 Feb 1538 June
lik% Feb 7
718 Apr 3612 June
21 Apr 18
6 Apr 3234 June
/
1
4
19 4 Feb 7
3
21 Feb 54 July
52 Jan 24
4 June
11 Feb 21
/
4
la Jan
8,Apr
6 June
334 Feb 23
26 Feb 6278 July
63 Feb16
12712July 26 107 Feb 123 Oct
34 Dec 14 4 June
3
84 Feb 7
11 Dec 47 June
2311 Feb 6
11 Dec 497 June
2412 Feb 5
8
12 Dec 65 June
2512 Feb 5
612 Mar 1338 July
1038 Jan 22
14 Feb 19
/
1
4
3 Apr184 July
2714 Apr 27
/ Mar 10 Nov
1
4
312 Nov 111 July
1012 Apr 2
/
4
238 Arne
233 Apr 17
7 May
s
1 Feb
1212 Apr 14
814 June
2 Mar 1114 June
/
1
4
18 Feb 19
58 Apr 24
10 Feb 4212 Nov
1114 Apr 3
/
1
434 Apr 144 June
33 Dec 6912 July
62 Mar 13
16 Mar 103 Sept
107 Feb 14
8 Mar 111 July
4
/
4
834 Jan 30
34 Feb
474 JI113
5 Feb 23
/
1
,
4
1% Dec
814 JUDO
4 Feb 6
31 Mar 6
712 Feb 30 July
35 Apr 20
1014 Mar 36 July
95 Nov
5 Mar
11 Jan 3
9 Apr 30 July
30 June 21
81 Apr 95 Sept
108 Aug 9
94 Apr 3112 July
2514 Fee 19
/
1
42 Mar 76 June
86 Apr 21
3
43 Mar 70 4 July
694 July 16
212 Feb 19 June
17 8 Feb 21
3
814 Apr 16 July
21 May 4
412 Feb 23 July
22 Feb 16
/
1
4
2 Feb 23 July
1714 Jan 30
1352 Mar 264 June
2712 Feb 5
12 Oct 19 Sept
1712 Feb 26
12 Jan 50 Aug
63 Feb 7
4938 Nov
/
1
4
161 Fe
50 Feb 19
/
4
3312 Apr 26
9 Jan 81 Aura
4 Jan 23 June
193 Apr 26
8
54 Aug
I
438 Mar 12
Fe
20 Feb 19
6 Jan 2078 Aug
/
1
4
12 June
2 Fe
/
1
4
'
1112 Feb 6
85 July
42 Fe
87 Mar 13
434 July
43 Feb 19
/
1
4
133 Fe
4
438 Mar 27 July
2312 Apr 24
20 July
/
1
4
1012 De
1438 Feb 5
994 Ma 10814 Sept
10812 Feb 7
2 Fe
/
1
4
1012 July
1018 Mar 9
111 June
/
4
618 Feb 1
114 Ma
214 Fe
23 JIM
12 Feb 1
64 mar 46 June
33 Apr 20
2414 Dec 4838 June
43 June 26
116 July 24 90 July 112 Jan
1012 Feb 3014 July
2614 Feb 5
1078 Apr 124 July
1234 Feb 28
21 Feb 139% Sept
8
367 Jan 30
2 June
/
1
4
18 Dec
Is, Feb 6
/
4
3 Apr 161June
/
1
4
19 Mar t3
6 Dec 1812 June
21 Mar 13
/
1
4
5 Apr 20 June
22 Mar 12
/
1
4
244 Jan ez Nov
6114 Feb 16
6412 Jan 15
35 Mar 71 June
/
1
4
9212 Mar 1061 Seld
/
4
115 Aug 1
10 Feb 35 4 Sept
42 Feb 5
3
6512 Mar 95 July
10312July 11
21 Apr 14
5111 Jan 24 June
212 Mar 1018 June
6 Apr 20
/
1
4
2512 Apr 23
34 Jan 17 Jun.
81 Mar 82 Aug
88 Apr 24
2 Apr
5 8 Feb 7
3
814 June
/
1
1314 Jan 494 July
454 Mar 3
4% June
38 Feb
3 8 Jan 30
3
203 Jan 30
8
512 Jan 2234 June
212 Feb 19% July
23$8 Feb 23
19 Feb 21
/
1
4
18 June
,
7 4 Sep
9% Feb 3812 June
4812 Mar 15
7 Dec 2014 Jan
1314July 20
/
1
4
6512July 6
4512 Dec 75 Jan
34 Feb
6 Feb 5
/
1
4
738 Jun.
el, may 33 July
30 Feb 5
34 Mar 20 July
284 Apr 26
/
1
104 July 26
9118 Aug
48 AD
9 Feb 27
/
1
4
3 Fe
16 July
23 Apr 23
12 Fe
27 July
/
1
4
11412July 18
9612 Dec 105 July
18 Feb 19
3 Mar 2118 July
6234 Apr 21
9 Fe
63 July
411 Feb 19
/
4
4712 July
94 Fe
8614 Feb 19
27 4 Mar 804 July
3
/
1
113 Feb 5
4
/
1
61 Oct 174 June
/
4
7112 Apr 28
41
Apr 73 July
412 Feb I
July
1
Apr
13 Feb 16
/
1
4
3 8 Mar 153a June
7
3 Mar 10 8 June
/
1
4
8 4 Jan 31
8
3
40 Apr 24
20 Sept 363 July
8
3118 Apr 25
1118 Mar 303 July
8
40 8 Feb 19
3
15 4 Feb 3612 Dee
1
154 Feb 19
6 Feb 1634 July
/
1
4
354July 9
Vs Jan 411a Seri
1153
4June 23
724 Jan 110 Sept
/
1
44 May
11, Feb 8
4
14 Jan
42 Mar 13
6 4 Feb 88 J163
3
83 Apr 20
1614 Jan 64 June
•Bld and asked PrIeee. no Wen On this day. 3 Comnante. reported In reeelyershtp, a ethrtonol sale. e Cane sale. r Ex-dividend
PER SHARE
Range for"MIMI
Year 1933.
Highast.
Lowest.
v ntv-richte
New York Stock Record-Continued-Page 5
1206
Aug. 25 1934
..ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Monday
Aug. 18. JAug. 20.
Tuesday
Aug. 21.
Wednesday
Aug. 22.
Thursday
Aug. 23.
Friday
Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Slue Jan. 1.
On Saes of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowess.
Highest.
$ per share S per share $ per share $ per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Pat $ per share
5 Per share $ per share $ per shore
*2412 2578 *2414 257 *2414 257 52414 257 *2414 257 *2414 257
8
8
Hackensack Water
15 Mar 254 July
8
8
25 2012 Jan 9 2614 July 6
8
29
29
283 28
4
*283 31
*2938 31
4
.50
25
Apr 2878 Jan
*283 31
4
7% preferred class A____25 27 Jan 4 3012June 27
283 283
4
4
4, 4
4
4
414 43
8
43
8 43
4
434 47
8
43
8 43
4 6,100 Hahn Dept Storee____No par
312Ju1y 26
814 Feb 15
118 Feb
913 July
*324 36
*3218 354 *3313 3518 3518 36
4
9 Apr 3812 July
*3518 38
*33
3712
300
Preferred
100 2514 Jan 9 523 Apr 21
*43
4 53
4 *518 512
93 Feb 14
4
318 Feb 104 July
8
6
6
53
10
312 Jan 8
54 514
514 63
4 612 3,800 Hall Printing
*6
8
*612 8
3 Jan 26 117 Apr 20
/
1
4
*612 8
*612 8
8
212 Apr
*612 8
*612 8
Hamilton Watch Co___No par
9 July
8
*35
467 *35
8
467 *35
467 *35
8
467 *35
8
467 *35
8
467
8
Preferred
100 25 Jan 15 5312 Apr 25
15 Feb 35 July
4July 21
101 101 *100 10117 *100 10112 100 10112 *100 10112 *100 10112
20 Hanna(MA)Co $7 pt_No par 84 Jan 8 1013
4512 Jan 85 Aug
8
15
15
15
4
*1414 15
*143 15
153
4 153 153
4 1512 1512 1,100 Harblson-Walk Refrac_No par 13 July 26 243 Feb 21
4
618 Feb 254 July
/
1
*23
8 3
Hat Corp of America cl A__1
612 Apr 13
*23
4 33
4 *23
4 33
112July 26
713 June
4 *3
3
/ *3
1
4
33
4 63
33
4
7 Mar
8
*51
55
*51
55
*51
55
*51
55
*51
55
*51
55
6.53, preferred
7
4
100 193 Jan 4 6214June 27
54 Apr 30 June
*214 212
212 212 *23
2
114 Jan 2
61 Feb 15
4
8 23
8
212 233 *212 23
300 Hayes Body Corp.
34 July
4 *212 23
4
8 Feb
4
25 8112 Aug 8 967 Apr 23
84
84
84
8412 8412 8412 843 86
8
*8312 8417 *82
*83
4
1,000 Hazel-Atlas Claw Co
65 July 9712 Dec
,
*110 11312 *110 11312 *110 11317 *110 11312 *110 11312 *110 11312
Helme (0 W)
694 Jan 105 Dec
25 101 Jan 9 115 June 27
*7
10
*712 10
*712 10
*712 94 *712 9
*712 9
3 Mar 17 July
Hercules Motors
No par
514July 10 1218 Mar 15
8July 17
*763 79
8
*7612 79
79
79
793 80
793
8 784 7812 1,100 Hercules Powder
15 Feb 68 Dec
4
79
/
1
4
No par 59 Jan 4 813
*123 1247 *123 1247 *123 1247 *123 1247 *123 1247 *123 1247
8
8
8
8
8
8
17 cum preferred
100 Ill Jan 4 125 July 14
85 Apr 1104 Dee
8
677
8
*65
68
64
6414 *63
300 Hershey Ch000late____No par 4812 Jan 15 68 July 16
6512 6512 6512 *6418 667 *63
354 Mar 72 July
*993 101
4
101 101
101 101 *100 10112 100 100 *100 10012
400
Cony preferred
No par 83 Feb 16 101 July 17
644 Apr 90 July
/
1
434 Aug 8 104 Apr 23
614 614
614 614
612 65
8
65
8 7
67
8 7
67
2 7
2,900 Holland Furnace
312 Jan
No par
1012 June
834 87
53 Jan 2 13 June 21
4
214 Mar
8
800 Hollander dc Sons (A)
5
1012 June
9
94 94 *812 9
914
914 938 *914 912
41913 41913
200 Homestake Mining
*360 424 *385 424 *400 424 424 424 •401 423
100 310 Jan 4 x43018July 19 145
Jan 373
Oct
11 Jan 8 2314 Jan 30
1814 20
20
1912 1912 1912 193
4 20
20
•183 1914 18
8
800 Houdallie-Herahey CIA No par
418 Apr 15 June
8July 26
418
4
414
414
414 414 43
23
67 Jan 26
2
*4
8 2,400
37
8 4
Class B
No par
1 Mar
63 June
4
*37
8 4
*4614 49
*4512 49
*4512 49
100 Household Finance part pf_50 43 Feb 5 54 Mar 12
*4614 49
4614 4614 *4512 49
43 Nov 5114 Jan
*15
/ 164 *15 3 163 *1617 1714 1714 1812 18
1
4
/
1
3
8
18
18 14 1812 1,500 Houston 011 of Tex tem 308100 1212July 26 293 Feb 5
4
814 Mar 38 July
314 33
212July 27
314 314
314 33
8
314 314
8 1,700
5 8 Apr 6
3
3
3
3 18 318
Voting trust etre new____25
17 Feb
8
7 8 July
3
5314 5413 524 55
533 5412 14,100 Howe Sound v t o
4
513 523
4
4 5214 54
512 Jan 383 Dee
514 52
/
1
5 3.533 Jan 3 5714June 28
8
618 July 23
2414 Feb 5
7
/ 8
1
4
8
8 14
814 912
8
8 18
9
9/
1
4
84 914 12,300 Hudson Motor Car__ __No par
3 Feb 163 July
8
238 238
2
/ 212
1
4
212 238
212 25
11 July 23
/
4
714 Jan 30
238 217
23
8 212
8 5,100 Hupp Motor Car Corp
10
11 Mar
/
4
7 4 July
3
8July 26 263
8
4 24
2412 24
2414 4,700 Industrial Rayon
8Ju1se 14
2234 223 *225 2314 2314 2312 233 243
4
8
No par 193
5912 *5718 593,
8 5812 59
4
5412 5514 58
1,100 Ingersoll Rand
No par 50 May 14 733 Feb 3 1918 5414 55
Feb /8 July
*5414 57
4
4
37 37
37
37
*363 3814 3814 3814 3812 39
39
40
2,000 Inland Steel
No par 35 May 23 493 Feb 21
12 Feb 45 July
/
1
4
6 Feb 5
/
1
4
3 July 23
*33
8 4
*33
4 4
*314 4
*33
4 37
8
33
8 33
8 *312 4
100 Imitation Cons Copper---20
2 Feb
91 June
:
414 Apr 25
218 Jan 2
4
3
/ 33
1
4
4
3 1,700 Insuranshares Ctrs Inc
1
114 Mar
37 June
8
33
8 3
/ 53
1
4
/ 33
1
4
4
3
/ 33
1
4
8 *313 33
358 33
Jan 15
43
8 *4
417
214
57
4
4 18 *4
8May 4
300 Intercont'l Rubber____No par
3 Mar
8
412 July
*34 418 *34 44 *314 4
5i2
54 513
/
1
614
512 512 1,500 Interlake Iron
43
4 5
*43
4 5
414July 24 1114 Feb 19
5
5
No par
218 Mar 12 July
414 412
418 438 *418 414 8,000 Internal Agricul
33
8 412
2 Jan 8
613 Feb 5
4
No pat
53 July
8
312 33
4 Feb
33
4 4
2712
28
2712 29
*25
28
*24
100 15 Jan 8 3714 Feb 3
25
25
25
*2312 26
900
Prior preferred
5
Jan 274 July
138 139
135 135
135 135
13614 13712 •137 140
*134 135
1,200 Ins Business Machinee_No par 131 June 2 1494 Jan 30
753 Feb 15314 July
4
I
412July 26 1218 Feb 21
6
614
614 614
2 * Jan
7
5 8 57
7
8
614 612 1,400 Internat Carriers Ltd
5
/ 5
1
4
/ 653
1
4
4 6
107 July
2
4July 30 37 Feb 5
4
4 223 2312 2217 23
8
/
1
4
2117 22
*2112 2214 223 223
23
24
183
1,600 International Cement_No par
618 Mar 40 July
2314 July 26 464 Feb 5
/
1
2614 2714 2714 2812 27
/ 2841 28
1
4
/
1
2612 263
4 26
26
281 12,200 Internat Harvester-_No par
/
4
13 Feb 46 July
/
1
4
8May 11
80
*____ 116 *100 115 *101 11512 *102 11512 •105 11512 *10814 11512
Preferred
100 115 Aug 17 1253
Jan 1191s Aug
4July 26
33
94 Feb 7
*438 412
438 43
8
43
8 412
413 4
/
1
4
412 43
8
5
512 2,800 Int Hydro-El Sys CIA
25
212 Apr 13 July
/
1
4
*238 3
*23
4 3
212 3
3
214July 27
6 Jan 24
314
114 Jan
2
/ 23
1
4
8 *212 35
8
400 Int Mercantile Marine_No par
6 June
/
1
4
8
8
8 253 2534 253 2638 26
4 2538 255
2512 253
264 253 26
/
1
63 Feb 234 Nov
4
4
46,700 Int Nickel of Canada__No par 21 Jan 4 294 Apr 27
4
/
4
12512 126
72
300
Preferred
Jan 115 Dee
*124 126 *12512 126 *12512 126 *12512 126 *1251 126
100 1153 Jan 13 130 June 26
8
8 1112 117 *1218 1518 *113i 18
8
8 103 103
24 Jan 211 July
*1019 123 *1012 123
8
60 Internal Paper 7% pref_100 10 July 27 25 Apr 24
/
4
2 July 23
612 Apr 20
12 Apr 10 July
23
4 23
4
234 23
4
3
3
5
4
23
4 23
4
23
4 23
4
2 8 23
800 Inter Pap & Pow ol A__No par
118July 27
31 Apr 21
:
*112 2
*112 13
4 *112 2
*112 2
112 112 *112 2
20
Class B
No par
14 Apr
53 July
4
114
1 July 26
2 Apr 23
/
1
4
114
112 *114
112 1,200
1114
118
111
114
118
118
Class C
No par
4 Jan
4 July
118
1117 12
1238 13
/
1
4
1214 13
12
/ 123
1
4
2 Apr 2212 July
4 2,500
812July 26 24 Apr 23
.10 4 1112 .103 11
3
4
Preferred
100
91812 20
20
20
20
20
20
*1812 20
2014
9 Jan 13 25 Apr 21
312 Feb
*1812 20
400 tel Printing Ink Corp_No par
14
Oct
88
*86
88
100 66 Jan 2 90 July 13
*86
88
88
36 Apr 71 Aug
*86
88
*88
90
10
Preferred
*85
88
2912 3012 3012 3012 3012 3114 1,000 IntenaatIonal Salt
30
13 Mar 273 July
/
1
4
2212 *29
*29
2212 22
No par 21 Jan 3 32 June 19
4
/
4
/
1
4
/
4
24 8 Jan 563 July
3
/
4
400 International Shoe--No par 40 May 12 50 Jan 26
8
*41
411 *414 411 *4118 411 4112 4112 4112 4112 411 4134
/
4
/
1
4
27
27
*23
27
*23
27
*23
27
*227 27
8
93 Feb 691 July
4
' 8 27
3227
100 International Sllyef
100 19 July 27 45 Feb 15
:
244 Mar 714 July
66
*65
6512 6512 6512 *65
6612 66
40
7% preferred
*65
7312 *65
100 59 Jan 4 8412 Apr 9
6712
/
1
4
/
1
4 103 11
712July 26 17 Feb 6
103
8 1012 104 1014 103
8
54 Feb 213 July
9 4 1018 10
3
23,900 Inter Telep & Teleg___No par
4
93 1018
4
1012 10
34 Jan 4 1638 Apr 20
112 Mar
93 1014 *10
4
10
8 July
/
1
4
4 83
4
9
91
/
4
1,400 Interstate Dept Stores_No par
*712 9
*73
11 Jan
/
4
53 Jan 3 10 Feb 8
8
114 July
7 8 *6
3
73
8 *6
7
/
1
4
par
*6
717 *6
712 *6
712 *6
No
IlatertYDe Corp
30
8July 18
30
30
*2914 30
11
Feb 32 July
30
/
1
ns
30
30
30
30
30
600 Island Creek Coal
1 244 Jan 29 303
23 Feb 45 July
48
4812 4712 4712 48
4814 4814
4812 4812 48
*4513 46
600 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
1214 Mar 6313 Dee
8
8
4 433 4512 433 4814 4712 4814 473 493 19,300 Jabots-Manville
8
8
8
4318 4312 43 433
No par 39 Aug 6 663 Jan 30
42 Apr 1064 July
Preferred
100 101 Jan 4 11314July 17
•111 118 3111 118 *111 118 1,111 118 *115 118 *112 118
35 Feb 91 July
19
493
8 49
48
49
491 /
/ 1
4 4
49
/ 493 50
1
4
48
8
140 Jones & Laugh Steel pref_100 45 Aug 1 77 Jan 23
49
•48
8
2 8 Mar
3
633 June
63
4
7
7
*63
4 714
July 26 103 Apr 13
*612 718
63
4
200 Kaufmann Dept Stores 812.50
6
•612 714 *612 7
64 Feb 1912 July
8
300 Kayser (J) & Co
*1418 1412 *1418 1414 *1418 1412 *1418 1412 1412 1412
5 137 Jan 4 1813 Apr 20
*141,2 15
412 Mar 12
7 Mar
8
114 July 26
618 July
2
24
2
2
2 18 218 2,100 Kelly-Springfield Tire
2
5
2
11 2
/
4
2
2
6 Feb 3118 June
5 July 26 20 Jan 30
812 9
*814 83
4 1,600 1- 6% preferred
*74 73
8
7
7 18
712 712
74 8
3
/
1
4
No par
,
8 May
*434 5
*412 43
2 Feb
*414 5
4
43
4 43
3 July 28 10 Feb 16
4
*414 6
*438 6
100 Kelsey Hayes Wheel cony.c1A1
112 Dec
63 June
4
8
Class B
21 Jan 2 7 12 Feb 16
3
1
3
*212 3 3 *212 3 4 *Vs 314 *212 314 *213 34 *212 314
8July 26 2114 Mar 14
318 Feb 15 8 Sept
3
1312 1314 133
13
4 13
/ 144 16,700 Kelvinator Corp
1
4
113
4 123 13
4
8
No par
123 127
3
8 123 123
30
Jan 73 July
8912 *8612 91
*8612 91
8812 *8612 8912 *86
Kendall Co pt pf ser A.No par 6518 Jan 18 90 July 20
*8612 8912 *86
/
1
1978 20
194 1912 2038
/ 191 201 22,800 Kennecott Copper.-__No par 16 July 26 2318June 13
1
4
/
4
7 8 Feb 26 Sept
3
/
4
4 19
1812 183
184 19
/
1
12
*10
1212 *10
13
5 Apr 253 July
/
1
4
8
13
12
*10
13
12 Jan 2 1814 Apr 12
144 *12
/
1
200 Kimberly-Clark
No par
•12
714 Apr 13
1
Apr
614 June
/
1
3 Jan 16
4 418
*35
8 44 *34 418
Kinney Co
No par
*318 44 *312 44 *313 418 *33
24
*15
24
237 *15
8
*1514 24
4 Feb 30 July
/
1
4
237 *15
8
/
4
Preferred
No par 1312 Jan 6 41 Apr 26
*16
231 *16
8
8 183 183
/
1
4
4
8
4 1814 185
8
513 Mar 164 July
8 7,700 Kreege (5 5) Co
4
/ 173 1812 183 187
1
4
1712 1712 173 17
10 133 Jan 2 22 Feb 5
/
4
4
88
Apr 105 June
/
1
4
100 101 Jan 4 111 Mar 16
*105 110 *105 1094 *105 1091 *105 10912 *105 1093 *105 1093
7% preferred
60
60
5912 60
60
27
Jan 4414 July
59
6012
600 Kress (S H) dr Co
No par 36. Jan 3 61 Apr 27
*58
5912 *5718 5912 .57
4 2812 283
2812 2838 283
4 2814 283
28
1412 Feb 35 July
4 4,200 Kroger Groo & BaY
/
1
4
No par 2314 Jan 8 3358 Apr 23
28
2814 2738 28
25
*2112 28
2112 28
30 Nov 80 June
25
27
*21
10 Laclede Gas Lt Co St Louis 100 20 July 26 631: Feb 13
*25
27
/ *25
1
4
2
74
Jan
*26
32
*26
36
32
*26
32
3713 Apr 61
36
26
5% preferred
*25
•25
36
100 32 June 9 60 Feb 9
2514 244 2514 *2413 2512 1,600 Lambert Co (The)____No par 2214 Jan 4 311 Feb 5
/
4
8
/
4
8
193 Dee 4118 July
/
1
233 2358 2431 244 243 241 25
8
134
/
1
5 Jan 6 144 Apr 19
3 Feb 1012 JUDO
100 Lane Bryant
1018 *912 1018 *94 1018 1018 1018 *11
No par
1018 *10
•10
10
103 *10
8
/
1
4
1018 1014 11
11
3,500 Lee Rubber & Tire
7 July 26 144 Apr 26
3 Mar 12 July
/
1
4
4
2 10
6
*67 1014 10, 10,
8
1412 *13
/ 1412 *13
1
4
1412
100 Lehigh Portland Cement...50 11 May 14 20 Feb 23
5 8 Jan 27 June
7
*1212 1412 *1312 1412 *13
14
14
*7512 80
8June 22 81 Apr 26
*7512 80
*7512 80
34 Feb 78 Sept
*7519 80
7% proton ed
100 733
*7512 80
*7512 80
312 312 c3
5 Feb 21
8
3
1
Jan
6 July
8 33
4,600 Lehigh Valley Coal____No par
212 Jan 8
/
1
4
33
3
314 3 4
34 34
34 34
1314 1314 *1314 13
131 1 14
/ 3,800
1
4
213 Apr 12 June
5 Jan 3 1638July 19
Preferred
50
1211 1212 *117 1212 1212 14
8
69
6914 6812 6812 2,500 Lehman Corp (The)___No par 644 July 26 78 Feb 6
8
6714 6712 69
67
374 Feb 793 July
67
6612 0714 *66
*15
8 1434 15
1514
14 Feb 2314 June
500 Lehn dr Fink Prod Co
4
/
1
5 143 Aug 23 2312 Apr 19
1614 1614 *144 154 1511 1514 *1518 153
295
8 29
2912 7,700 Libby Owens Ford Glass No par 2514July 26 434 Jan 19
8
4 Mar 373 July
/
1
4
2814 2814 2914 29
/ 2818 28
1
4
284 283
/
1
8 27
/
4
/
4
/
4
/
4
153 Oct 2218 Sept
8
500 Life Savers Corp
8
8
5 1718 Jan 8 24 Apr 23
*2118 2138 213 213 *2118 2112 2112 2112 211 211 211 211
*96
9612 9612 *9614 97
97
49 Feb 98 Sept
97
200 Liggett & Myers Tobsoco__25 73 Jan 6 9712June 18
*95
95
95
•9412 96
8
8
9818 3,700
8 973 9712 9712 9814 98
Series B
4914 Feb 993 Sept
9612 973
96
25 7411 Jan 8 9814June 18
9612 9612 96
100
Preferred
100 129 Jan 13 150 Aug 16 121 Mar 14018 Sept
*149 151 *149 15012 149 149 *148 151 *148 151 *148 151
2411
2334 24
2,300 Ltly Tulip Cup Corp__No par 16 Jan 15 2612July 18
13 Apr 2112 May
24
24 12 2412 24
231 1 2312 24
*2317 24
4
/ 20 .20
1
4
2018
500 Lima Locomot Works__No par 1712July 30 3614 Feb 5
4
19
Jan 313 July
10
/
1
*17
197 *1818 184 1914 1914 *1914 193
8
/
1
4
1512 *13
1513
63 Apr 19 July
4
200 Link Belt Co
1214 Jan 3 1938 Feb 6
*13
1412 1412 1412 *13
No par
14
14
•13
14
, 2214 223
8 3,700 Liquid Carboni°
1014 Feb 50 July
2218 2214 227
1618July 26 35 Apr 23
/
1
4
No par
*20
2114 1912 2118 2012 2012 21
2812 2918 2812 29
22,900 Loew's Incorporated-No par 207
84 Mar 364 Sept
29
8July 26 3518 Apr 12
263 28
4
28
8
263 267
4
8 263 27
92
92
*91
92
35
Apr 784 July
90
300
Preferred
No par 72 Jan 2 974 Apr 24
9014 9014 90
*9014 92
*9014 92
44 JUDO
4 11
/
4
11 13
/
4
4
11
/
4
13
900 Loft Incorporated
3 Jan 31
112 Dee
13
4
Pro par
/
4
114 Aug 15
/
4
/
4
11
/ 11 *11 11
4
*11 17
/
4
8
112
112 112
512 June
112
112 112
2 4 Feb 20
3
12 Feb
1,
2
800 Long Bell Lumber A No par
1,
2
1 July 26
2
*132
1,
2 1,
133
/
1
1914 Feb 444 Dee
4 403 403
4
/
1
4
41
*40
411 40
/
4
/ 403
1
4
4
*40
700 Loose-Wiles Blsoult
41
25 3812 Feb 26 244 Jan 17
*40
/ 41
1
4
40
Jan
:
__ *12414
- *12414
_
•1241 1
_
-- _ - ___
.
7% 1st preferred
4
_ __ *123
100 1193 Jan 11 12812July 13 1131 M.4y 120
*123
.12214_
8 8 1818 -1812 6,000 Lorillard (P) Co
103 Feb 254 July
8
_- / 18 1-3
184
1
4
/ 18'* 18
1
4
10 153 Jan 8 191: Feb 5
8 8
17
/ 177
1 - _- 173 1738 17
4
8712 Feb 106 Nov
100 102 Jan 26 113 Apr 11
7% Preferred
'110 118 *110 118 *1124 118 *110 118 *110 118 *110 118
4 July
118 Jan
*112 2
3 Apr 4
/
1
4
*11,
7 2
*117 2
*119 2
1 14 Jan 10
Louisiana 011
No par
*119 2
*114 2
12
*10
312 Feb 29 July
10
1112 *10
12
Preferred
714 Jan 2 234 Apr 4
50
*912 12
100
*912 12
*92 12
4
137 Apr 253 June
8
1518 1518 1513 1512
800 LoulavIlle Gas & El A-No par 13 July 26 21 Feb 7
4 1414 1514
/
1
4
/
1
*144 1512 143 144 144 143
/
1
4 Feb 2013 July
814 July 26 1912 Feb 20
4 14
133
147
8 3,000 Ludlum Steel
13
8
8 1212 1314
1
8 1213 1212 123 123
123 123
8
143 Mar 9512 Dee
8
77
79
77
100
*65
Cony preferred
No par 77 Aug 24 97 Feb 20
80
*5212 80
80
*50
80
*50
*50
/
4
94 Feb 311 Dec
3
*341 35
/
4
300 MaoAndrewa & Forbes
10 30 Jan 5 34 4June 25
34
*34
3412 3412 3412 *3412 35
3412 3412 34
74 Apr 96 Nov
__ •10718
100 95 Jan 13 110 July 12
- -- --- --6% preferred
-- *10618 - - •10718
- *10618
11061
8
134 Feb 463 July
/
4
82614 *26
2612
254 2612 2612 *2512 -- - *1074800 Mack Trucks Inn____No par 22 July 26 411 Feb 6
2512 2512 517 *2312 -*2317 -2
24.14 Feb 653 July
4
4012 3938 4012 3913 40
40
4,800 Macy (H H) Co Ise___No par 36 July 26 6218 Jan 30
40
391 39
/
4
39
40
*39
11 Mar
/
4
7 June
7 Apr 27
44 5
300 Madison Sq Gard•t o_No par
23 Ian 2
8
*43
8 5
*43
4 5
/
1
*412 514 ' / 514 *44 5
34
1
4
538 Mar 194 July
/
1
4
Magma Copper
10 1512 Jan 17 z2314June 28
8
8
4
•193 2114 *197 2114 *1934 2114 *2018 2114 *193 2114 *2014 207
54 June
/ Feb
1
4
44 Apr 24
112July 26
4 218
200 Mallinson (H It) & Co_No par
14 •14 218 *13
14
24
2
617
s
*2
218
2
1
3 Feb 26 4 July
8
73 Jan 9 333 Apr 24
8
18
100
7% preferred
13
*1318 1312 1314 1312 *11
100
12
12
124 .11
*11
53 July
4
4 Jan
3 4 Jan 23
3
100
1 Jan 8
212
212
2i8
212
24 23
8 *2
400 Monett Sugar
/ *218 212 *214
1
4
214 2
Is Jan
94 July
914 Apr 26
13 Jan 3
4
7
7 14
390
7
Preferred
100
7
7
7 14
7
64 73
8
64 718 *6
8
97 June
812 Jan 26
112 Jan
3 July 26
4 438 *4
6
*4
6
6
*33
Mandel Bros
No par
*4
*33
4 6
6
*33
4
54 Apr 23 July
g
8
200 Manhattan Shirt
25 1012July 27 2038 Feb 1
12
*1112 1212 1212 1212 *1214 137 *1218 137
*113 1218 12
8
4 June
118July 25
3 Fab 17
/
1
4
4 Jan
*114 2
*11 2
/
4
100 Maracaibo 011 Explor_No par
*112 2
112 11 *114 2
/
4
*v. 2
8
47 Nov
8
53 Nov
53 Feb 5
3
8July 30
43
8
413 412
417 412 *413 47
8
300 Marancha Corp
5
8 .412 43
*412 43
*412 44
Dee 1112 Jan
9 Feb 6
6
512July 27
5
54 57
8 4,500 Marine Midland Corn
6
6
614
53
4 618
53
4 6
6
*53
4 6
6 Feb 234 Deo
No par 17 July 31 32 Jan 25
/ *19
1
4
20
/
1
4
19
19
20
•184 20
400 Marlin-Rockwell
19
203
4
204 •18
/
1
*187
8
4
/ Jan 184 June
1
4
/
1
3
1138 12
1114 12
83 Aug 9 19 8 April
8
6,400 Marshall Field & Co
No par
/ 1214
1
4
1018 1018 1018 104 1014 1012 10
II Jan
34 Dec
8
4 July 27 123 Mar 3
Martin-Parry Corp__ No par
*44 5
/
1
*414 6
*412 54
*43
8 6
*414 6
*414 6
,
Ex-dividend. v Ex-rlohta.
•Bid and asked prices. no sales on this day. t Companies reported In receivership. a Optional sale. r Cash sale • Sold 15 d va. :
1.
1
'
.
1
1
,
1
'
;
'
.
'
1
1
;
1
'
,
1
New York Stock Record-Continued-Page 6
1207
ggIrFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
Aug. 18.
Monday
Aug. 20.
Tuesday
Aug. 21.
'Wednesday
Aug. 22.
Thursday
Aug. 23.
Friday
Aug. 24.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Mote Jan. 1
On lasts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per sharp
g per share $ per share $ per share g per share $ per share 5 per share Shares. Indus. &Miscell.(con.) Par 3 per share
8 2714 2712 2712 2814 2814 294 2 4 2914 283 2914 5,000 Mathleson Alkali Wotk8No par 2434July 26 403 Jan 24
14
Feb 4638 Nov
4
2714 277
4
83
*3612 3812 38
93 Feb 33 Sept
4
400 May Department Stores...AO 30 Jan 2 4438 Apr 23
.3612 3712 *3612 38
3814
3712 38,
4 *38
38'2 .
418 July 26
14 Apr
*412 5
834 Feb 21
*412 5
5
*412 5
5
812 July
200 Maytag Co
.No par
*412 514
*45
8 514
2
8
8
318 Apr
2514 *2312 2514 *2312 251 4
1514 Aug
10 Jan 2 2812 Apr 26
*233 2514 233 2514 233 233 *24
8
100
Preferred
No par
8 7214 7214 *7214 727 0724 724 •
15
Apr 58
8
10
Oct
*7214 727
Prior preferred
7214 727 *7214 727
No par 49 Jan 3 9212 Apr 3
s
8
*253.1 2638 *253 263
4
13 Mar 304 Sent
8 263 263 *2612 27
300 McCall Corp
"2512 27
8
27
8
27
No par 24 Jan 11 32 Apr 13
*17
8 2
8 2
2
17
8 *17
2
2
2
2
17
8
2
412 Feb 6
47 June
1,000 :McCrory Stores claesANo par
118 Jan 8
8
3 Apr
8
013
8 2
"13
8 2
*138 2
*13
0112 2
118 Dec
8 2
414 Feb 6
0112 2
6
114July 24
Jan
Class B
No par
1612 10 2 *16, 18
*1612 17
*17
212 Mar 21
19
*165 19
4
8
*1614 18
Jan
,
100
54 Jan 2 253 Mar 17
100
Cony preferred
4
*612 7
*612 7
*612 7
818 June
4 Jan 4 1012 Apr 21
0612 7
*612 7
3
Apr
*612 7
McGraw-Hill Pub Co No par
473 4712 4714 473
18 Mar 483 Oct
8
8
8 48
4812 48
4812 4638 4714 10,200 McIntyre Porcupine S1ines_5 3812 Jan 25 5012June 19
4914 47
4 8812 8812 89
89
4 8714 874
4
.865 8812 873 873
444 Jan 953 Aug
8
4
500 McKeesport Tin Plate_ No par 60 Aug 3 9414 Feb 21
8712 8712
53
8
53
13 Mar 1312 July
8 53
4
53
94 Apr 10
8 53
8
4
414July 26
514
55
8 618
63
8 63
4 9,800 McKesson & Robbins__ _ _. _ _5
6
63
8
8
253 2534 2612 2712 2712 2712 2814 29
4
8
.253 267 *247 26
8
35 Mar 25 July
8
1,900
4
Cony met series A
50 117 Jan 2 3412 Apr 27
512 55
8
54 53
4
55
8 614
6
8
57
8 63
6
8
6 3 Aug 22
8
57
8 618
28,100 :McLellan Stores
33 July
1 Jan 6
No par
14 Feb
*5412 60
*5712 60
60
*54
400
218 Jan 224 July
*5612 61
912 Jan 2 6312June 8
60 60
*55
100
61
8% cony pref set A
253 353
4
4 353 353
36
4
36
3512 3512 355 36
26 Jan 2 39 June 28
4 3512 36
1,200 Melville Shoe
83 Feb 284 Oct
4
8
No par
*412 5
*412 5
2 Mar 20 July
0412 43
1
4
312July 26 11 Jan 22
700 Mengel Co (The)
8
45
8 43
47
8 5
4
44 47
*29
30
30
30
30
*29
*29
30
Jan 57 July
29
2912 *2514 324
22
100 29 Aug 23 52 Apr 19
7% Preferred
80
8 2112 2314 2418 243
2512 2512 2512 5,300 Mesta Machine Co
*2114 217
7 Feb 21 Sept
5 1612 Jan 4 30 Feb 19
4 245 2512 25
8
8
8
*255 2614 263 263 *25
8
26
400 Metro-Goldwyn Pict pref__27 21 Jan 5 263
26
4May 22
*25
1312 Mar 22 Sept
254 2512 2512 26
*4
414
4
4
4
4
*33
4 4
4
4
15 Mat
4
8
4
93 June
3 July 26
4
700 Miami Copper
812 Feb 16
5
4
4
1112 12
113 1218 113 12
1434 Feb 5
125
8 6,600 Mid-Continent Petrol
16 July
918July 26
34 Mar
12
123
4 1214 1234 12
10
814 814 *818 812 *818 812
8 2,900 Midland Steel Prod____No par
934 97
914 97
612July 26 217 Feb 19
8
812 918
3 Mar 174 July
8
*50
75
75
*50
*50
*55
70
70
*50
*55
26 Mar 72 Sept
70
70
8% cum 1st prof
100 59 Aug 7 8514 Apr 21
54
Apr 364 De:
54 .5312 544 5412 545
8 5412 56
13
57
564 564 57
1,100 Minn-Honeywell Regu_No par 36 Jan 4 59 July 10
*218 213 *218 212
214
25
214
8 27
14July 26
7 Feb
8
64 Jan 30
53 Julg
4
8
212 212
27
8 27
8 1,200 Minn Moline Pow Impl No par
*1614 173 *1612 205 .17
.1612 20
4
.17
30 July
1512July 26 354 Feb 1
8
1914 *17
6 Feb
19
3
Preferred
No par
19,
4
1712 173 173
*16
171 2 1714 1714 *15
.16
7
18
8
Jan 22 July
8
1714 *16
200 Mohawk Carpet Mille
20 1212 Jan 4 2238 Apr 21
8
5112 517 .504 52
514 52
5314 5312 543
52
25 Mar 83 Dec
8 5,100 Monsanto Chem Co
537 x53
8
10 39 May 14 5512 July 13
8 2218 223
2218 225
4 2212 2312
8
2312 2514 243 253
8 2412 253 65,100 Mont Ward & Co Ino__No par 20 Aug 6 355 Feb 15
85 Feb 287 July
8
8
8
8
8
*485 5014 *487 514 .494 52
8
Jan 66 July
50
250
1,000 Morrel (J) dr Co
5014 50
5014 52
25
No par 37 Jan 4 52 Aug 22
12 July 17
12
5
8
138 Feb 8
24 June
5
8
12
12
4
5
8 1,200 Mother Lode Coalition_No par
*12
1
12
012
4 Jan
4
.5
7 4 *6
3
73
4
*7
74 8
3
9
*5
200 Moto Meter Gauge &Eq____I
87
*8
0
84 Dec
6 July 27 12 Feb 21
14 Jan
1918 20
8
1814 19
20
8
174 175
8 175 175
201
1514July 27 443 Feb 15
4,500 Motor Products Corp_No par
2014 21
73 Mar 364 Sept
4
4
1914
84 818 *814 812
812 812
112 Mar 114 July
8 9
5
9
658July 26 1612 Feb 16
2,600 Motor Wheel
812 914
87
8
*8
*734 83
84
,
8
300 Mullins Mfg Co
112 Mar 103 July
*812 914 *814 9
514 Jan 12 1558 Apr 23
4
No par
*8 4 9
,
2414 2414 2414 24
4
234 233 .22
28
28
290
263 28
4
1218 Jan 12 46 Apr 21
5 Mar 26 June
Cony preferred
26
No par
*14
16
15
*14
*143 16
19
.16
18
4
.16
13 Aug 10 254 Apr 13
100 Munsingwear Inc
16
5 Mar 183 June
16
8
No par
24
512 52
4
10
512 .53
37
8.july 26
5 4 54
512 55
,
8 6,500 Murray Corp of Amer
54 5
15 Feb1112 July
8
115 Feb 16
8
53s
*1518 18
*1518 18
18
20
400 Myers F & E Bros
*19
20
*19
18
19
8
20
Jan 2012 July
14 July 26 213 Feb 21
4
No par
1414 1414 153
135 134 1334 133
4 14
8
1118 Apr 27 July
144 1513 6,500 Nash Motors Co
8 144 1514
125
8July 26 3214 Jan 30
No par
4
4
4 18 43
8
438 438
412
412
412 45
412
8 1,200 National Acme
87 Feb 23
8
73 July
318 July 23
4
414
118 Feb
1
*63
4 7
*612 7
*612 7
900 National Aviation Corp.No pa
93 Dec 1018 Dec
8
*658 7
4
67
8 718
83
4 63
5 4July 24 1314 Jan 31
3
5
5
*5
*518
6
512
54 512
512 512
512 512
700 :National Belles Hess pref_100
94 July
114 Jan
314 Jan 8 1234 Mar 19
3
323 33
4
*3212 33
33
3318 3314 334 3312 3334 33
3112 Feb 605 June
8
33 4 4,800 National Biscuit
10 31 July 26 4912 Jan 16
.139 145 *140 145 *140 14418 *140 1423 *140 14218 •140 142,
4
7% cum pret
100 131 Jan 3 14812July 23 118 Mar 145 Aug
8
01414 1412 1412 1422 14
8
144 1538 4,100 Nat Cash Register
1412 147
8
12 July 26 235 Feb 6
.518 Mar 2358 July
8
No par
4 1412 143 15
165 17
8
1612 163
4
163 17
4
4June 9
8
1712 1718 173 19.000 Nat Dairy Prod
1012 Feb 253 July
8 17
4
167 173
8
No par 13 Jan 4 183
.118
114 *118
13
8 *118
4 Mar
112
114
212 June
100 :Nat DepartmentStoresNo par
3 Mar 16
112 .118
1 Jan 9
114 "118
112
14
1418 *14
*1414 15
14
15
70
114 Feb
4 144 144 14
10 June
*1412 153
Preferred
5 Jan 17 2212 Apr 18
100
1814 1812 1814 1838
1812 194 19
4
204 Dec 3314 Nov
193 2012 49,100 Nati Distil Prod
4
4 1912 203
193
No par
16 July 26 3158 Feb 1
*24
*2412 26
2534 no], 27
600 Nat Enam & Stamping_No par 164 Jan 5 327 Apr 24
5
Feb
193 Dec
8
26
4
8
2614 2612 2612 *253 2612
•148 153 *149 157 .147 157
400 National Lead
4314 Feb 140 Nov
155 155 .14912 15512 15512 156
tOO 135 Feb 10 163 July 14
•14212 145 *142 145 *14212 145 *14212 145
144 144 *1433 14412
4
100
Preferred A
100 122 Jan 16 145 July 18 101 Mar 12814 Nov
•110 11612 *110 11612 *110 11612 .110 114 .110 114 *110 114
75
Feb 10918 July
Preferred 13
100 10012 Jan 9 116 Aug 7
3 8
74 8
712July 26 1512 Feb 6
77
77
8 8
8
84 812
67 Apr 2012 July
83
8 87 11,000 National Pow & Lt____No par
8
818 812
3812 3812 3812 383
8
8
4 39
Feb 5518 July
15
3914 39
394 397 4114 405 4234 5,700 National Steel Corn
25 3712July 26 5814 Feb 5
01212 1314 *12
143
4 14
13
Apr
14
285 June
8
400 National Supply of Del___ _25 10 July 26 215* Apr 24
4
1412 014
13
13
14
*43
45
*43
46
45
*4314 46
43
45
60
43
17
45
Feb 6014 June
45
Preferred
100 3312 Jan 4 60 Apr 23
1014 1012 1014 1014
8 1012 105
8 1012 103
8 3,000 National Tea Co
103 1012 104 103
8
4
612 Jan 27 July
9 July 26 183 Feb 1
No par
*1914 21
*1914 2012 2012 2112 211 4 2114 2112 2112 20
20
900 Neisner Broe
1218 June
112 Jan
3014 Apr 13
612 Jan 4
No par
*3412 36
357 357
8
8
.34
35
500 Newberry Co (J J)
36
35
36
0344 35
35
No par 31 July 26 494 Apr 10
*101 10614 *101 10614 10614 10614 .10314 10718 010314 10718 .10314 10718
100
7% preferred
100 100 Apr 3 10614 Aug 21
.63
4 7
712 7 8 2.700 Newport Industries
7
64 75
*63
4 7
8
18 Mar fix; illy
3
718
.63
4 7
7
1
5 Jan 10 13 Mar 6
151
. 154 163
*1338 143 *135 143
8
8
1112July 28 244 Feb 7
8
700 N Y Air Brake
8 1412 1412 *133 144 15
618 Apr 2312 July
4
No par
*3
*314 4
4
*3
100 New York Dock
4
3
814 Mar 19
.314 4
3
4
*3
2$4 Dec 117 June
4
100
238 July 31
*714 97
Oct 22 June
8
Preferred
8 *74 94 0714 97e
5. July 26 20 Mar 13
*74 94 0718 97
8 *718 97
100
Cl,
3 Dec
8
23 June
1,200 IN Y Investors Inc__ __No pa
4
12
114 Feb 7
5
8
12 Jan 2
55
'8
5
8
12
5
8
IP.
*12
I2
5
8
1334 144 1418 1518 14
1212 1212 125 125
8 125 13
14'8 9.300 NY Shiplaldg Corp part stk__ 1
8
912July 26 227 Feb 1
8
14 Jan 2212 Aug
3
8
.7314 81
*73
81
*7312 80
30
74
31
7% preferred
81
7312 7312 *74
74
Jan 90 June
4
100 72 July 26 893 Apr 13
096
98
.96
98
*96
*96
8
98
98
096
98
98 .96
N Y Steam 55 Pref
70 Nov 1017 Aug
No par 82 Jan 5 9912 Apr 10
08112 110
Jan
83 Nov 110
8May 26
.1064
*1067
-- *10712
37 let preferred
90 Jan 15 1097
- •10712 110 .10712 110
No pa
4212 4212 43
4314 4414 43
8423 424 42 -174 Jan 387 Sept
4 34 4314 44
8
No par 3314 Jan 4 454 Aug 9
4312 6.300 Noranda Nunes Ltd
8 1414 15
134 143
28,800 North American Co
133 133
8
8 134 1313 1314 135
1214 Dec 3612 July
12 July 26 2512 Feb 6
8 1312 1414
No par
*38
42
*40
*38
42
300
*39
8 394 40
404
414 .39
Jan
407
Dec 46
31
Preferred
50 34 Jan 9 454 Apr 20
312 31 2
5
8 5.000 North Amer Aviation
9 July
33
4 Feb
33
8 34
4 37
34 33
,
8 Feb 1
24July 26
3
4 34
4
4
1
35* 33
*6214 697 *59
8
6518 633 6412
675* •
300 No Amer Edison pre:__No par
8
60
6518 *6012 6518 .63
39 Nov
79 July
4712 Jan 4 7434 Apr 28
4112 .38
4112 .38
*38
39
*38
39
4012 *38
4112 •38
43 June
Northwestern Telegraph _ __50 34 Jan 9 43 Apr 26
263 Apr
4
•13
4 25
214
8 *14 25
24 218 *2
200 Norwalk Tire & Rubber No par
8 *13
218 218
1, Feb
8
4 23
54 July
8
158July 27
412 Feb 19
103 103
8
8 1014 1014 103 1012 1012 107
8
8 1012 103
8 104 107
43 Feb
4
4 5,600 Ohio 011 Co
175 July
812July 26 1578 Feb 5
8
No par
8
212 212
*212 25
318
3
3 14
3
3
23
3
4 3
83 July
1,100 011ver Farm Equip
4
7 Feb 5
2 July 25
1 18 Feb
No par
1218 *115 1218 1212 1212 *1212 133
011
1218 .11
8
8 1212 1318
400
9 July 27 273 Feb 5
314 Feb 3034 June
Preferred A
8
No par
*414 43
*418 43
8
4
43
8
8
414 414
43
8
43
8 43
44 43
4
900 Omnibus Corp(The)vto No Dar
84 July
134 Mar
4July 9
338Ju1y 27
63
*6
7
*6
7
*6
7
15 June
212 Feb
518July 27 145 Star 31
7
7
8
74 717 *7
2
00 OPpenhelm Coll & Co No par
812
*1412 15
•1412 15
144 143
4 145 15
144 1514
8
15
1518 4,400 Otis Elevator
101s Feb 2514 July
No par 1318July 26
193 Feb 16
8
*101 10112 .101 102
102 102
10212 10212 *10018 103 *10018 103
9312 Apr 106 July
30
Preferred
100 92 Jan 18 10212 Aug 22
24 .418 412
*41
4 43
4
414 4
1 14 Mar
914 June
414 43
5
5 18 4,300 002 Steel
358July 27
518
4
412
No par
8 Feb 19
1718 1718 *1512 19
•1718 20
2
*1513 1878 *1612 197 •17
195
8
213 June
4
100
214 Feb
Prior preferred
9 Jan 2 25 Feb 20
100
67 67
.67
69
68
68
71
*7112 7212 1,400 Owens-Illinols Glass Co..___25 6112July 26 94 Jan 30
70
69
70
3112 Mar 964 Jul)
4 154 1512 165 16
*1512 153
8
154 154
157 1612 5,100 Pacific Gas & Electric
8
153 1614
4
15 Dec 32 July
25 1518July 27 2312 Feb 7
2612 2612 52522 2812 2622 2612 2614 264 *2612 2718 27
2714
8
22 Dec 431 Jan
800 Pacific Ltg Corp
No par 334 Jan 2 37 Feb 7
.20
22
22
*1912 22
22
no
2212 2222 2212 *20
24
400 Pacific Mills
Feb 29 July
6
No par 20 July 27 34 Feb 5
5774 7912 *75
7912 •75
79
79
79
*7814 79
79
4
40 Pacific Telep & Teleg
85 Star 943 July
100 72 Jan 11 8512 Mar 13
795*
•110 115 •-___ 115 *111 115
112 112 *111 113
80
113 113
9914 Nov 11112 Sept
6% preferred
100 103 Jan 3 116 June 22
*54 64 *534 63
4 *53
4 63
4
53
4 54 *6
300 Pac Western Oil Corp_ _No par
53 Dec
4
87 Apr 25
8
53
912 Sept
4July 26
612
6
6
34 314
31, 314
34 34
314 314
34 314
34 314 13,900 Packard Motor Car___No Par
67 July
8
14 Mar
8
24 July 26
65 Feb 23
4
4
*103 1118 *103 1118 .103 1118 11
4
.103 1118 *103 1118
4
11
4
14 July
200 Pan-Amer Pert & Trans ____5 104 Jan 35
8 June
1112 Jan 30
205 .18
8
274 .18
.18
2112 •18
*1818 21
25
*1818 21
8
Jan 383 Oct
17 July 26 3512 Feb 6
Park-Ttlford Inc
6
1
"8
3
4
"8
34
558
3
4
"8
3
4
"8
3 July
Parmelee Transporten _Ns par
5
8July 30
3
4
"8
2 Feb 5
3
4
4 Mar
1
1
1
*4
1
1
*4 1
54 1
200 Panhandle Prod & Ref_No par
114
"4
212 Apr 6
44 June
5
8July 24
4 Apr
8
8
8
8
.8
10
9
9
.104 1114 10
10
110
8% cony preferred
20 June
534 Jan
100
8 Aug 20 2112 Apr 6
314
314
311
33
8
34 33
34 4
4
33
4 44
4
4
34,800 :Paramount Public ctts____10
Is Apr
212 June
57 Feb 16
8
13 Jan 2
4
35
8 33
4
33
8 33
4
33
4 4
378 418
4
418
34 4
7,700 Park Utah C M
64 Feb 15
212July 26
3 Jan
4
1
414 July
14
114
13
8
114
114
18
114
14
114
13
8
114
13 21,000 Pathe Exchange
8
24 July
No par
12July 27
14 Jan
414 Mar 2
.144 145
8 15
1512 1512 1614
1412 1412
165
8 1513 16
16
8,600
Preferred class A
1414 Dec
1012 Jan 4 243
No par
114 Jan
4June 12
4 15
154 153 1618 3,500 Patin() Mines & Enterpr No par
143
•14
4 144 1434 154 153
8
15
•14
25 Nov
125 July 26 2112 Jan 2
8
53 Jan
8
24 *218
2
218 218
212
218
214
23
8 212
238 23
8 1,300 Peerless Siotor Car
3 Feb918 July
4
47
3
8June 5
2 Jan 2
4
•4812 493 *484 4912 9812 50
50
5012 50
50
50
50
600 Penick & Ford
No par 4712July 26 84 Jan 30 x2512 Feb 604 Dec
557
4
573
4
4 574 573 *573 5812 583 59/2 .5812 5914 591, 594 2,200 Penney (I C)
4
5112 Jan 4 67 4 Mar 3
1914 Mar
No par
7
/xi Dec
--__ •106
•105 --_ .105 -_-_ 'IN
____ •106 ---- •106
Preferred
100 10512 Mar 8 10812May 16
90
Jan 108 A0r
5218 414
*24 414 .238 314
*218
414 *24 314
Penn Coal & Coke
*2
4 314
_ _10
14July 27
514 Apr 26
958 July
3 Feb
4
4
*418 47
4
8
4
4
418
41.
418
4
412
4
1,600 Penn-Dixie Cement_ __No far
Corp278July 26
74 Feb 5
91, JuLe
3 Jan
4
20
*17
20
20 .16
1912
191;. 016
*17
*16
20
.16
Preferred series A
100 1214July 26 32 Apr 24
418 Mar 32 July
52414 257
8 2414 2414 2414 253
.237 26
8
263
8 263 2814 5,100 People's 0 L & 0(Chic)_100 2214 July 27 4378 Feb 6
4
4 26
25 Dec 7/.
Jan
*1312 15 .1312 15
*1412 15
15
15
15
15
*15
1514
200 Pet Milk
No par
94 Jan 3 15 Feb 23
eoi Fel
1514 June
4
1014 1012 1014 1012 103 103
1018 10,
93 10
8
9
's 94
8
8 2,500 Petroleum Corp of Am
814July 27 1414 Feb 3
5
15 Jul)
45 Jan
8
16
1614
1618 16'2 1612 17
•153 1614
4
1612 17
1612 17
4,900 Phelps
1334 July 31
-Dodge Corp
25
187 Apr 26
8
187 Sept
4
412 Jar
*30
33 .30
33
*30
33
32
32
*32
33
323 323
4
4
200 Philadelphia CO 6% pref
50 2414 Jan 2 37 Feb 9
2112 Nov
36 July
55 .50
55
57
57
*45
57
57
.57
57
57
*50
300
$15 preferred
No Pew 49 Jan 12 644 Feb 17
3814 Dec 62 July
438 41,
44 414
412 412
•414 412
412 412
412 45
8 2,000 Phlla & Read C & I
par
314 Jan 4
No
64 Feb 21
212 Feb
912 July
30
297 3012 30
8
*29
30
*29
314 31
314 31
3314 5,800 Phillip Morris dr Co Ltd...AO
Ill, 715n 3 3512July 19
8 Feb
147 June
8
1134 10
•712 93
4 0714
10
.10
12
*9
12
•9
12
100 Plallllpe Jones Corp._ Ne par
7 July 27 21 Apr 2
3 Fe
' 163 Jul,
,
4
59
*48
59 .48
59
.48
*48
59
*48
59
.48
59
7% preferred
100 48 Aug 14 744 Apr 7
35 June 35 June
161
1614 163
1638 1612 16
4
165 1718 1612 17
8
163 164 11.900 Philip, Petroleum
8
1412July 26 x203 April
No par
44 Jan
4
183 Sept
4
•5
57
8 •5
6
*5
6
*5
6
*5
6
.5
6
Phoenix Hoelery
5
412July 26 1312 Feb 3
14 Mar
173 Dec
4
1 12 14
1,
2 l4
112 13
8
14
14 2
14
22,300 Pierce-Arrow Mot Car Co
14 14
112July 27
612 Feb 19
5
74 Nov
3 Dee
e,„
5,
12
5,
5,
.12
5
8
*12
58
59
58
58
25
1,500 Pierce on Corp
4July 24
II, Jan 30
17 June
8
14 Jan
*5
7
7
*5
7
*512 7
7
.5
*5
5
*5
100
Preferred
/OU
5 Aug 24 1034 Feb 14
1374 June
34 Feb
•1
118
1,
118
118
•118
118
114
118
118 3.000 Pierce Petroleum
14
1,
4
1 July 26
No par
2 Feb 8
4
4 Jan
23 June
8
2834 29
2812 2812 284 284 287 29
2878 287
8 29
29
1,300 Pillsbury Flour 1 .1111a
No par
1812 Jan 8 2914 Aug 7
/
1
4
938 Feb
2874 June
1845
*8618 90 " ,3 90
•841g 90
90
.84
"8414 88
Pirelli Oo of Italy Anne shares 704 Jan 22 8412M EU 24
.855* 88
333 Apr
8
75 Nov
9
87
8
81e
912
912
94 •8
•8
•818
We
.814 912
700 Pittsburgh Coal of Pa
100
712J111Y 26 1812 Feb 9
4 Feb 23 July
56
.30
36
080
.32
36
36
.30
36
*30
*30
36
Preferred
100 30 Jan 8 4212 Feb 1
17
Jan 48 July
agkeo prow, no sales on this day. I Companies reported In receivership. a Optional sale. e Cash sale. s Sold 15 days. z Ex-dividend. it Ex-rights.
• Bid am
i
1,
New York Stock Record-Continued-Page 7
1208
Aug. 25 1934
Mr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 18.
Monday
Aug. 20.
Tuesday
Aug. 21.
Wednesday
Aug. 22."
Thursday 1
Friday
Aug. 23. ' Aug. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-Mare lots.
Os basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& MaceII.(Con.) Par 8 Per Mare
$ per share $ per share $ per Mare
.618 612 .612 612
614 612
612 714
63
4 714 3,300 Pittaburgh Screw & Bolt No par
614 612
412July 26 113 Apr 4
8
17 Feb 113 July
8
4
*2112 2412 *2113 2412 *2118 2412 *2118 2412 *2118 2412 *2118 2412
Pitts Steel 7% cum pref....100 1514Ju1y 28 43 Feb 21
1014 Jan 383 May
4
*2
314 *2
3
*214 3
*2321
23
4 *2
23
41 •2
Pitts Term Coal Corp
N2July 26
312 Feb 21
23
4
100
13 Feb
67 July
8
17
17
*15
17
17
17
1712 1814 *1612 173
4 18
18
510
8% preferred
818 Jan 4 1814 Aug 22
100
4
Jan 2313 July
*15
8 218 *I% 24 *15, 21,s
2
218 218
2
2141
214
500 Pittsburgh United
112July 27
5 Feb 19
25
3 Feb
4
612 July
'28
38
28
28
*28
38
*30
38
30
30
*26
38
20
Preferred
8
100 28 Aug 13 597 Feb 19
153 Feb 64 July
4
*14 27
8 *112 2 8 *13
7
4 2 8 *212 278 *2
7
278 *2
278
Pittston Co (The)
13 Jan 4
4
5 Feb 21
No par
3 Apr
2
7 June
93
97
9 8 958
5
94
/
1
928 9
/
1
4
9
/ 10
1
4
9 8 10
7
94
3
4,400 Plymouth 011 Co
/
1
4
8 July 26 16 Jan 30
5
63 Feb 175 July
4
8
*712 814
/ 83
1
4
8
8
8
812 812 1,100 Poor & Co class B
7
712 712 *734 77
/
1
4
No par
6 June 2 14 Feb 5
18 Apr
4
1324 July
*278 312
3
3
*27
8 312 *27
8 312 *3
100 Porto Ric
312 *3
8July 27
-Am Tob el A_No par
25
3 12
614 Jan 30
15 Mar
8
8 June
*114 2
114 114
114
114 *114 2
600
*114
Clasa B
13
4 *114 13
4
1 July 27
3 Jan 30
14
No par
4 Feb
4 May
145 145
8
8 1412 1412 15
16
157 1612 153 1612 1614 1612 5,600 Postal Tel & Cable 7% pre 100 1012July 27 29 Feb 6
3
4
/
1
4
4 Feb 40 4 June
3
•13
4 214
2
2
14 14 '2
/
1
/
1
218
2
2
*2
218
300 :Pressed Steel Car
513 Feb 16
114 July 26
No par
512 June
% Jan
"8
83
4
8
8
*73
4 814
100
814 9
4
'814 9
500
558Ju1y 26 22 Feb 17
*812 103
Preferred
3
Jan
18 June
3714 3783 3714 373
4 374 377
3 373 381 3812 3912 3918 3912 7,700 Procter & Gamble
4
/
4
19% Feb 4712 July
No par 334June 2 4114 Jan 23
*11214 114 *112 114 *112 114
112 112 x11313 11312'1103 11312
4
30
5% pref (ser of Feb 1'29)100 10212 Jan 22 114 June 20
4
97 Apr 1103 Nov
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------ :Producers & Reftners Corp _50
114 Mar 15
14 Jan 2
14 Jan
2 3 June
7
_ ____
__ ____
__ ____
_ - ___
Preferred
6% Feb 19
60
113May 2
2 Nov
13 June
*3212 13
33 31 *3212 31
33 14
334 15
33 14
/
1
4
2:800 Pub Ser Corp of N J___No par 31 May 27 45 Feb 6
32 8 Nov 574 June
3
*73
78
*753 78
4
*721 78
/
4
*74
78 '74
77
"7514 78
No par 67 Jan 2 84 Feb 6
$5 preferred
59 Nov 8812 Jan
/
1
4
*85
91
*8614 91
"87 8 91
7
"88
*877 91
8
91
*87
/ 91
1
4
6% preferred
8 973
4July 11
100 79 Jan
8
75 Dec 1013 Jan
*10014 1033 '10014 1033 *10014 1033
4'101 103 '101 1033 "1013 1033
4
4
4
4
7% preferred
4
100 90 Jan 8 106 Feb 21
84 Dec 11213 Jan
*115 11812 "115 11812 *117 11812 11812 11812 *115 11912 *115 119
100 8% preferred
Jan
100 105 Jan 12 11912 Feb 17
99 Nov 126
10418 *10012 10418 *10012 10418 *1004 10418 *10012 10418 .10012 10418
*10012
/
1
Pub Ser El ds Gasp!$5_No par 90 Jan 10 10412 Aug 9
837e Dec 10312 Jan
41
4114 393 4018 3912 407
413 413
8
4
11,900 Pullman Inc
4 4114 42
40 4 4
3
2
No par 38% Aug 8 5924 Feb 5
18 Feb 5818 July
8
8
8
8
8
818 85
8
83
8 812
714July 26 147 Feb 16
814 812 5,400 Pure 011 (The)
8
1538 Sept
No par
2 Mar
/
1
4
607 607, *6012 6212 "61
e
6212 *6114 6212 6212 6212 *62
6612
60 8% cony preferred
100 6814 Jan 9 80 Feb 6
30 Mar 69 Sept
/
1
4
*1018 1014 *1018 1012 1014 16112 1014 103 x105 1028 1018 103
4 2,500 Purity Bakeries
4
8
918July 26 1924 Feb 5
No par
5 Feb 253 July
/
1
4
8
61
63
e
53
8 534
55
8 57
618
6
8
578 618 48.600 Radio Corp of Amer....No par
53
4 618
412July 26
918 Feb 6
3 Feb 1214 July
*4014 41
41
41
41 14 42
4134 4212 413 413
4
4 4212 43
1.400
Preferred
50 2314 Jan 4 43 Aug 24
1314 Feb 40 May
4 27
2653 263
2814 28
4 265, 263
2912 2814 29
28
2912 15,100
Preferred B
3
No par 15 Jan 4 35 8May 11
612 Feb 27 July
2
24
2
218 218
2
2
214
2
/ 25
1
4
8 6,000 :Radio-Keith-Orph__ No par
213 25
8
4 Feb 17
/
1
4
113July 23
A June
1 Mar
1814 1814 *183 19
8
1814 183
8 1812 1812 185 1852 *1812 19
8
1412July 26 23 Feb 5
500 Raybestos Manhattan_No par
8
5 Feb 205 Sept
•65
8 74 *65
8 7
'65
8 718
7
7
*65
8 712 *65, 8
100 Real Silk Hosiery
5 July 27 14 Feb 6
10
8
5 Feb 207 June
/
1
4
*37
45
*37
45
*37
45 '37
45
*37
45
*37
45
Preferred
100 45 JIM 23 6014 Apr 26
26
Jan 60 May
"2
214 "2
214 .2
214 "2
212 .2
1s8July 27
2l3 "
2
214
6 Apr 2
Reis (Robt) & Co____No par
412 July
14 Jan
• *10
11
11
1012 1012 1012 1012 •1012 12
10% 1014 .10
300
Ist preferred
8July 26 382 Apr 2
53
Da Jan
1812 June
100
858 9
9
812 83
*812 8%
918
4
9
812 83
4
918 5,600 Remington-Rand
1
6 July 26 133, Feb 23
24 Feb 1114 July
45
45
*433 53
*433 52
4
*50
60
50
50
*4312 53
200
let preferred
/
1
4
100 32 Jan 6 6913 Mar 14
712 Feb 3712 July
*4312 467 *44
8
47
*4412 47
47 47
*46
488 484 487
20
2d preferred
8
100 30 Jan 8 67 Mar 14
8 Feb 35 4 Dec
3
25, 212
212 2 8
5
28 24
5
3
2 8 34
7
3
3
3
3
5,800 Reo Motor Car
512 Feb 23
5
2 July 26
14 Feb
/
1
63 June
3
4 1413 1518 1434 1512 30,600 Republic Steel Corp....No pat 1012July 26 25% Feb 23
1312 135, 1314 138 133 144 1414 143
4
4 Feb 23 July
41
41
41
414 423
/
1
46
4 42% 4512 44
4
014 4012 41
4,000
6% eons preferred
,
100 37 Aug 6 6712 Feb 23
9 Feb 541k July
114 Jan
8 912
8 912 *75
712 912 "712 912 *75
*712 912 *75, 91
/
4'
Revere Copper & Bram
5 Jan 8 14% Apr 11
5
12 June
2112 '15
2112 *15
•15
2112 "15
20 '15
2111
2112 *15
Clam A
214 Mar 25 June
10 1114 Jan 29 2812 April
8
'20
2018 "195 2018 2018 2078 21
214 21
21
2,300 Reynolds Metal Co __No par 1512 Jan 2 27 Apr 26
2114 21
3
6 Feb 2113 June
818 84 *712 84 *73
'8
814 '8
814
813 818
4 812
200 Reynolds Spring
6% Jan 9 1312 Feb 25
No par
1l2 Feb 15 4 July
3
4 455, 46
5
457 4618 4618 463
453, 4512 4514 4512 4514 453
8 7,500 Reynolds(R J) Tob class B_10 39 Mar 21 464June 14
2612 Jan z544 Sept
*593 61
*593 61
4
4
593 593 *593 61
*593 61
4
4
4
4
• 59 4 61
3
30
Class A
60
10 67 Jan 5 6012July 6
Jan 62 4 Jan
3
*5
7
612 612
7
512July 25 1312 Feb 8
300 Ritter Dental Mfg
512 512
55, 65, *6
612 Feb 163 June
No par
4
235, 2412 *2312 2412 2418 2418
.2314 2412 *2318 237 *2314 24 •
8
100 Roan Antelope Copper Mines_
21 Aug 1 3318 Apr 26
233 Nov 2612 Nov
8
"6
614 614
63
65,
67
8 7
74 718
7
/
1
4
63,
7
1,000 Amelia Insurance Co
6
4 Jan 3 10 Feb 6
2 Apr 107 June
8
4
4
333 333 *3334 3414 337 337
8
*3413 35
8 3413 3418 3412 3412
/
4
800 Royal Dutch Co (N Y shares) 3214July 28 391 Feb 19
17% Mar 3924 Nov
1814 1812 185
8 1812 193
17
/ 17
1
4
/ 18
1
4
4 185 1938 19
8
19
2,200 St Joseph Lead
/
1
4
3
IN Feb 31/ Sent
10 15 8Ju1y 31 27 Feb 5
4
8 48
46
46
48
46
46
47
46
475
8 47
4814 48% 1,500 Safeway Stores
28 Mar 62 8 July
No par 44 Jan 5 57 Apr 23
8
1035 1035, *1033 104
8
4
1033 104 •103 104 •103 104
4
'100 104
30
6% preferred
3
72 Apr 9413 July
100 84 4 Jan 3 108 July 5
109 109 *10812 110
109 109 *10812 109
*10812 109
109 8 110
7
50
7% preferred
100 9812 Jan 15 113 June 16
8014 Feb 105 Sept
714
63
/ 713
1
4
'6
612 '6
6%
7
65
512July 30 1214 Feb 15
2
734 78
2,000 Savage Arms Corp....No par
214 Apr 12 July
8
4 2134 2212 17,800 Schenley Distillers Corp
2014 2078 2114 20% 2214 213 223
20
20 20
2
24 Nov 4514 Aug
5 1718July 26 387 Apr 11
45,
412 *4
*4
412 *4
414 45,
412 4
I
/
1
4
388 Jan 4
43
4 43
4 1,200 Schulte Retail Stores
8 Feb 6
5 Mar 1014 July
8
20
20 '19
"194 20
*19
20
21
21
22
1918 1918
630
4
100 15 Jan 2 303 Apr 16
Preferred
34 Apr 35 4 July
3
5012 5012 *50
50
5012 50% 5012 51
50
50
50
01
150 Scott Paper Co
28
Jan 447 July
No par 41 Jan 10 61 Aug 24
28
2814 2712 2814 2.100 Seaboard Oil Cool Del_No par 23 4 Aug 6 383, Apr 11
263 264 2612 2612 2612 2612 274 28
4
15 Feb 433 Sept
3
47 Feb 7
*258 3
*25
*25
8 3
8 3
*25
"25
8 3
8 3
*25
8 3
118 Feb
Seagrave Corp
2% Jan 18
43 July
4
No par
3612 3612 3812 373 3814 375 3812 20.800 Sears. Roebuck & Co No par 31 Aug 6 5114 Feb 5
333 345, 35
4
343, 343
124 Feb 47 July
218 214 *13
4 214 *13
21*
•17
1
8 212 '17
4 214 *13
4 214
414 Jan 26
114 Feb
500 Second Nat Investors
5 June
1$i July 25
8
8
8
8
'3212 497 *3212 497 *3212 497 *3212 497 *3212 4978 *3212 497
24 Feb 48 July
Preferred
8
1 32 Jan 8 4518 Feb 2
2
8
2
3
*t
e
1
/ 1
1
4
*78
1
*7
8
1
3 July 16
4
2 Jan 22
18 Mar
4
/
1
4
3 June
/
1
4
500 :Seneca Copper
No par
61 63,
/
4
6
63,
Apr 24
54 6
3
1
438July 26 9
112 Feb
64 614 10,500 Serval Deo
558 53
712 July
534 57
tvy
ye •73
4
vg
74 8
8
818
818 814
84 814 1,700 Shattuck (P0)
/
1
4
Mt Apr 1314 July
6 4 Jan 2 13 Mar 9
8
No par
77
8
8
8 8
*63
8 712 '65
*65
8 9
11 Feb 12 July
/
4
7
/
1
4
78 "7
300 Sharon Steel Hoop
518 Jan 11 134 Feb 23
No pat
514 53
8 1.400 Sharpe & Dahme
7 Feb 6
/
1
4
5
2 Feb
/
1
4
512 512 *Ws 5 8
8 8 June
5
8 *518 512
*Ws 512
4 July 26
5
4 55
No par
4814 *47
4814 *47
4814 '47
•463 4814 *4612 4814 .47
4;
2114 Mar 41% July
Cony preferred aer A_No par 384 Jan 8 49 May 3
4814
714
3
7
7
7 12
7
714 712
7
115, July
783 7 8
612Ju1y 26 1113 Jan 27
714 75, 3,200 Shell Union 011
312 Feb
No par
63
6412 *63
*6114 63
64
•6212 6212
*6114 63
*6114 63
600
100 57 July 31 89 Jan 28
2812 Mar 61 July
Cony preferred
11
48 Feb 31 July
113 117
8
8 1112 117
8 1138 111 2,600 Simmons Co
/
4
1012 10% "1012 10% 11
NO par
818Ju1y 26 2418 Feb 5
93, "9
9
914 *9
83
4 9
714July 26 1112 Feb 5
s 914
914 914 "87
47 Feb 1224 June
8
914 1,400 Simms Petroleum
10
97 June
8
8
4July 25 1118 Apr 25
74 713 *712 8
/
1
500 Skelly 011 Co
73
4 74
713 9
3
712 74
/
1
63
3 Feb
26
'52
59
5412 5412 55 55
61
'52
100 64 July 26 6818 Apr 26
61 '52
*53
60
200
Preferred
22 Feb 6712 July
*712 25
*712 25
*1018 25
'7
/ 25
1
4
*712 25
*97 25
s
Sims-Shoff Steel & Iron__100 15 Jan 9 2713 Feb 17
7
Jan 36 July
28
*2212 28
*23
•22
28
*2312 28
*22
28
*23
28
100 20 July 26 42 Apr 23
7% preferred
814 Feb 42 July
14
153
8 1412 1514 12,600 Snider Packing Corp__No par
148 153
•1312 14
13
1313 1313 14
6 4 Jan 3 17 May 5
3
11 July
e
'''S Mar
1514 23,200 Socony Vacuum Oil Co Inc__15 1212July 26 197 Feb 6
147 154 143 15'8 144 15 8 1514 1514 1518 1512 15
3
3
6 Mar 17 Nov
10112 10112 102 102 '102 104 •102 104 '102 104
'101 105
200 Solvay Am Invt Tr pref 100 86 Jan 6 10414June 28
68 Feb 92 July
3 348
35
36
3612 3618 363
8 35
8 36
36
34
3412 345
1,600 So Porto Rico Sugar___No par 2918May 14 331 Feb 5
/
1
157 Jan 484 July
8
"132 135 *132 135 •132 135 '132 135 *132 135 '132 135
Preferred
100 115 Jan 16 137 July 23 112
Jan 132 July
7
8
4 1328 13 8 135 13% 1334 1378 133 1414 5,000 Southern Calif Edison
13% 135
8 13 8 133
5
Jan
144 Nov 28
25 13 July 28 2218 Feb 7
'7
8
'8
*7
8
8
*7
*7
8
8
'7
8
Spalding (AG)& Bros_No par
583 Jan 10 13 Apr 21
4
Jan 11% July
55 '51
55
55
*51
"50
5812 "51
55
"50
5812
'51
ist preferred
2518 Mar 61 June
100 3014 Jan 11 74 Apr 21
_ ______ Spang Chalfant & Co In° No par
6 July 19 15 Apr 23
3
,
413 Feb
1512 July
5
.
.io Wci *86 16 *- 45 V '5016 *50 60 ;La iki
Preferred
1712 Feb 50 June
100 30 Jan 23 62 Apr 24
4 18 414
*312 33
318July 26
4
414 414 2,400 Sparks Withington____No par
37
8 4
34 34
3
3
8 Feb 21
3 4 37
3
8
8 June
3 Feb
4
*35, 4
73 Apr 18
*312 4
*313 4
*312 4
Spear & Co
2 Jan 3
*313 4
512 June
No par
'312 4
13 Jan
26
2614 2614 2,600 Spencer Kellogg & Sons No par 15 4 Jan 5 2614 Aug 22
2412 2413 2412 2413 2514 2514 2513 2614 26
3
712 Apr 22 July
818 812
814 83
4
8
812 83 25,900 Sperry Corp (The) v to
818 83
8% 814
7 3 814
7
4
1
6 8 Jan 5 113 Apr 2
5
8
7 July
/
1
4
2 18 May
77
7
'6
'6
7
7
6
'6
•6
6
200 Spicer Mfg Co
6 July 19 13 Feb 7
'614 612
No par
18 JUDO
Jan
6
28
*25
"25
30
28 .25
25
"24
271 25
*25
/
4
30
/
1
40
Cony preferred A _ _No par 213, Jan 2 31 12 Feb 20
.
II% Mar 324 Jury
46
50
49
4412 46
5012 5014 53
43
'44
46
43
3.900 Spiegel-May-Stern Co_Ne par
19 Jan 4 6712 Apr 25
Feb 2112 Dec
1
8 204 2053 27,100 Standard Brands
8 197 204 2014 207
8
193 19% 19 8 193
1714July 26 26% Feb 1
8
3
4 1913 197
4
8
No par
13,Mar 375 July
412 43
4
45
8
5
5
/
1
4
1,400 Stand Comm Tobacco_No par
4% .5
413 43
*4
4
45
8 4
314July 27
8 Mar 13
1
Jan
935 Aug
73
83
8 812
85
8 9
8
85
3
87
74
914 8,900 Standard Gas & El Co_No par
74 8
3
518 Mar 2212 June
135, July 26 17 Feb 6
9
9 14
94 10
85
8 9
814 812
*8
8% '8
85,
4.100
Preferred
8July 26 17 Feb 6
63
No par
63 Dee 257 June
4
8
8 1883 19
8
400
8
20
8
20
8
*163 187 *163 187 '163 18% •185 187
$6 cum prior pref._ __No par
8
15 July 27 33 Feb 6
15 Dec 61 June
*2114 22
22
23
22
'20
2214 2014 2014 *2012 2212 22
700
$7 cum prior pref._ __No par
1712 J611 4 3812 Apr 24
16 Dec 66 June
4 *112 13
2
Ps 15
8
400 Stand Investing Corp__No par
112 112 *113 13
*13
8
13
4 '15, 112
7 Jan 13
8
27 June
15 Jan 5
8
8
12 Mar
8
4110938 111 *1093 111 *10938 111
1093 1093 *10918 111
8
11
200 Standard 011 Export pref__100 964 Jan 2 11014May 26
10918 10918
9212 Mar 1023 Sept
/
1
4
383
4 3514 3534 3458 3512 7,500 Standard 011 of Calif _ No par x305
3458 3514 35
8May 14 4258 Jan 30
343 34
4
/ 3414 35
1
4
1912 Mar 45 Nov
8
3118 *29
3118 *29
32 '29
'29
3118 *29
3012 .29
Standard 011 of Kansa/3_10 30 July 31 41 Apr 21
31,
123 Apr 397 Dec
4
443, 443
454 45
454 17,800 Standard 011 of New Jersey _25 4058July 27 5018 Feb 17
4458 447
4483 4518 45
444 443
2234 Mar 474 Nov
1112
1112 12
1114 1114 11518 11
3
1012 1012 10% 10 4 11
3,100 Starrett Co (The) I. S._No par
6 Jan 15 1414 Apr 19
4
Feb 1112 June
8
5918 60
59
6014 5918 59
59
/
1
6,000 Sterling Products Inc
58% 5914 584 594 .59
4
453 Dec 603 Sept
8
10 474 Jan 4 6810441y 30
2
2
600 Sterling Securities el A.No par
17
8 2
*15
8 17
13 Jan 2
8 •
4
17
2
3 Feb 6
8 *13
7
4 17
11 •13
3 8 Jtme
15, 17
5 Jan
8
7
4
600
3 8 37g *312 4
Preferred
3 Jan 3
4
7 Feb 6
4
No par
112 Feb
314 314 '314 4
73 June
*314 41
3418 •30
341s *30
3418 *30
3418 *30
3418 .30
*30
Convertible preferred____60 30 Jan 12 363 Feb 1
4
344
20 Mar 3614 July
61
612 65
63
3 63
8
8
63
8 63
63
8 612
61
4 3,800 Stewart-Warner
618 618
,
412July 26 105 Feb 21
212 Feb 1113 July
5
614 612
6
618 612
6
63
8 7
5 8 618
7
8,400 Stone & Webster
5
/ 6
1
4
47
8July 26 134 Feb 6
No par
612 Dec 194 July
7
27
28 3
7
3
3
23 3
7
2
3
3
6,200 :Studebaker Corp(The)Aro par
28 3
214JUIY 24
ill Mat
8 8 June
914 Feb 21
8
*14
*1318 18
1412 1418 1418 *1418 1612
*1312 17
•1318 18
100
Preferred
100 1112July 24 47 Feb ID
9
Apr 3818 June
6412 65
64 4 63
3
x643 6514 65
4
63
644 *63
6538 2,000 Sun 011
'64
No par 5lis Jan 2 6558 Aug 24
36
Feb 59 Nov
116 11612
117 117
11612 11612 11612 117
510
Preferred
11612 11612 117 117
100 100 IAD 17 117 Aug 20
89 Mar 103 July
'1278 14l
14
14
1312 1312 *13% 15
1412 *127 14
8
200 Superheater Co (The)__No par 1112July 27 2514 Feb 5
•I3
712 Feb 27 July
158
15
8
1%
112 112
13
4 13
4 2,100 Superior Oil
13
4
412 July
112 112
1
114 JUlY 28
3 Feb 1
15, 134
3 Jan
4
73
4 8
1,800 Superior Steel.
5
712 814
7
7
712 7 8
6% 6 8
5
8
7
458July 26 16 4 Feb 19
7
3
100
2 Feb 223 July
5
34July 27
10 July
Sweets Co of Amer (The)_ _ _50
3
*3
414 *33
414 *3 4 4% "3 4 44 "33
4 414
4 414 "33
3
5 4 Jan 26
3
1 Mar
3 June
300 Symington Co
3
8July 24
213 Feb 19
No par
4
*5
2
3
4
3
1
*5
8
*5
8
3
4
3
4
18 Apr
3
*12
3
4
3
4
3
4
58 Feb 23
24 *2
4 2% *2
214
212 '13
100
4 214 *13
2
Class A
2
'15
514 July
No par
112July 27
14 Apr
97
1014 '10
6
1014 10
9 Aug 23 1514 Feb 1
/
1
4
163 July
8
400 Telautegraph Corp
10% •10
94
10
91/4 97
'10
84 Feb
68 Feb 19
5
5
5
514 1,400 Tennessee Corp
514
43
4 43
*458 518 *414 5
4 •5
/
4
74 Aug
318July 26
11 Feb
5
2438 2418 243
8 2418 2412 11,100 Texas Corp (The)
8 24
8
7
8
7
233 23 8 235 23 8 233 237
4
26 20 July 26 2935 Feb 6
10 4 Feb 3018 Sept
5
3313 3312 348
33
5
343 353 14,800 Texas Gulf Sulphur. ___No par 30 July 28 431 1 Feb 6
4
8
3412 348
32 8 325 33
7
32
1514 Feb 4514 Nov
612 ‘13y
318 34
3
3
*3
31s 318
34
3
612 Apr 4
700 Texas Pacific Coal & 011_10
212July 27
13 Mar
8
3
*3
34
944
914
1118 June
918
87
8 9
9
63 Jan A 12 Apr 2
312 Mar
4
91s 93
94 2,700 Texas Pedlar Land Trust_. 1
8
918 914
9
11
11
400 Thatcher Mfg
10 4 103 *1012 11
3
10
4
*1012 11
8 July 26 1512 Jan 30
No par
5 Feb 224 July
1014 1014 10
lot,
100
t9 All 00nv nrot
97% P.S. 4A
V0 00. 50 len 1 A 41
1,..9n
431. 4312 4312 *43
.
431 .43
44
4312 '43
4312 *43
*43
v En-rights
•Bid and asked prices, no sale* on this day. t Comnanies renarted c reeelvPrqh11). a Optional sale. e Cash sale r For-dividend
tar FOR
New York Stock Record-Concluded-Page 8
1209
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT. I Sales
111011 AND LOW SALE PRICES
for
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
Aug. 22.
Aug. 21.
Aug. 23.
Aug. 24.
Week.
Aug. 20.
Aug. 18.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rano Since Jan. 1.
On bans of 100-share lots.
Highest.
Lowest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
$ Per share 5 Per ewe $ Per Mare
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscall.(Cond.) Par $ per share
232 Mar 1212 may
*818 812
514 512 *514 512
4 Aug 7 124 Feb 16
No par
200 The Fair
*5
6
*5
6
*5
6
*35
1 Feb 1012 July
918 Feb 19
312July 23
1
2,100 Thermoid Co
4
4
35
8 4
35
8 334
3513 33
4
33
4
3 4 "35
3
10 Mar 2114 July
1 134 Jan 2 1932 Feb 6
1534
1534 *15
100 Third Nat Investors
1534 *15
8
•1514 1578 157 1578 *15
8
*1514 157
6 Dec 11511 June
8 53
Thompson (J R)
25
*478 6
48 Aug 15 11 Feb 5
*43
4 6
*478 6
4 *514 6
*478 53
4 *47
5% Jan 2014 Sept
2 1312 14
1314 1314 13'
1358 1378 *1314 133
13
4 3,500 Thompson Products Inc No par 10 July 26 2014 Feb 16
4
*123 13
912 June
13 Mar
512 Jan 29
134July 26
3,800 Thompson-Starrett Oo_No par
27
8 27
3
3 18
8
27
8 27
278 3
2 8, 314
7
2 8 318
7
12 Jan 30 June
19
*1814 2212
19
19
*1814 19
*1814 19
300
19
$3.50 cum met__ _No par 1812 Aug 6 2412 Jan 30
*1814 19
313 Jan 104 Sept
1078 11
8
1012 1034 6,500 Tidewater Ammo Oil---No par
1014 103 11
812 Jan 4 143g Apr 23
9 4 1038 10
3
1014 1014
2312 Apr 6514 Nov
100 6411 Jan 4 8518 Apr 30
8212 824
8278 83
4
Preferred
800
83 83
823 8234 *82 83
*82 83
94 Apr 26 Dec
*22
38
*2218 36
Tide Water Oil
No par 31 Mar 26 40 Apr 27
*26
36
*26
36
36
*2512 36
*25
100 80 Jan 11 9612 Apr 27
45 Feb 80 Dec
400
9412 9412 *9312 9412
*93
9412 9312 9312 94
9412
Preferred
*9112 9412
812 Apr 24
814 June
112 Mar
3 2 Jan 4
7
10
813 814 3,200 Timken Detroit Axle
618 614
534 57
53
4 534
6
64
8
3
53
4 54
13 4 Feb 351: July
3
4 29
4 3,900 Timken Roller Bearing_No par 24 July 26 41 Feb 5
4 2912 2912 2912 303
*2818 2812 28
293
2812 28
288
57
933 July
253 Mar
84 Feb 5
57
518July 26
57
3 618 15,200 Transamerica Corp____No par
6
4 6
53
57
8 6
4 53
4
53
57
8
27 Mar 174 July
3
412July 28 131: Feb 17
612 612 1,200 Transue & Williams St'l No par
638 64
614
6
4 6
4 *33
53
4 53
57
8 57
2
83 July
4
234 Feb
63 Feb 3
4
412 438 2,900 Tri-Continental Corp__No par
Cy 412
318July 27
43
8 438 *418 438
414 Cy
*4
43
8
41 Apr z75 May
No par 6014 Jan 9 78 Apr 20
7118 88
100
*6738 70
88
7118 *58
8% preferred
*67 6934 *6738 70
*68
201e Feb 3878 July
200 Trico Products Corp_ No pm 33 Jan 6 40 Feb 3
*35
37
37
*347 36
8
3612 *36
*35
36
*3478 36
36
54 July
44 July 12
4 Apr
15 Jan 3
3
200 Truax Traer Coal
No par
4 3
234 23
4 *23
*234 3
4 3
2 4 2 4 *23
3
*212 2 4
3
3
2 Mar 1234 June
958 Feb 19
58, 53
3 8July 23
3
418 438
44 414
10
478 58
414 414
53
4 57
8 5,600 Truscon Steel
4
4 21
64 June
4 Jan 15
5 Jan
4
1 July 23
*2
Ulen & Co
No par
214 *218 212 *214 212 *214 212
4 218 *18
914 Feb 3912 July
47
49
4414 45
1,500 Under Elliott Fisher Co No par 36 Jan 5 514 Jan 20
45
4
45
*4414 45
46
473 *4612 47
54 Jan 60 July
5058 517
*4612 48
3
1,600 Union Bag dr Pap Corp_No pa
48
50
47 49
48
*4612 4778 *47
3914July 26 607 Feb 23
1914 Feb 5173 July
8 4214 44
43
s
4314 44
433
4114 4078 4184 4114 423
15,700 Union Carbide dr Carb_No par 3578May 14 507 Jan 19
41
3
84 Mar 23 8 July
4July 27 204 Feb 5
1578 16's 2,000 Union 011 California
153 1584 1578 16
4
25 133
18
*1558 16
1S'e 1558 18
1012 Feb 2234 June
5
700 Union Tank Car
1858 1858 1834 1884
1834 1884 19
4
19
8
No par 15 3 Jan 9 2114June 18
187 187 *183 19
8
3
1612 Mar 4C7 July
8
1434 1538 147 1558 32,600 United Aircraft & Tran-No par 1358July 26 3733 Feb 1
8 1438 1514 1412 15s 1458 158
1412 147
s
1312 Feb 2743 July
2412 2434 24
2318 23
/ 1,900 United Biscuit
1
4
2338 24
*2412 25
No par 23 Jan 8 2514 Apr 26
2412 233 24
4
92 May 111 Dec
80 Preferred
113 113 *115 120 *115 120 *115 120 *115 120
100 107 Jan 9 120 June 30
*11112 113
104 Feb 38 Dec
4212 413 42
8
4 42
4312 427 4314 434 4314 5,200 United Carbon
4
414 413
No par 35 Jan 4 4812June 18
42
4 Dec 1412 June
878 Feb 7
4
4
312July 26
438 20,200 United Corp
4
418
378 418
378 4
37
8 4
No pa
2218 Nov 4078 June
8
4
4
8 283 2914 3,200
2778 278 2712 2778 2778 277.8 28
Preferred
No par 24 Jan 3 3772 Feb 7
2812 283 287
818 Dec 12 Sept
914 Jan 8 1814 Apr 28
1212 1212 123
5
1312 1314 1358 4,200 United Drug Inc
1214 1212 *12
4
4 123 1312 13
38 Jan 2 107 Apr 26
67 June
8
3 Feb
4
8
*412 5
*4
478 *4
United Dyewood Corp
5
514 *4
512 *4
10
*412 5
872 July
1 Mar
6 Apr 25
Jan 10
*414 5
300 United Electric Coal_ __No par
458 458
*412 47
8
34
*43
5
5
4 5
*43
4 5
234 Jan 68 Aug
7.300 United Fruit
75
7312 73
714 7112 7114 7212 725 7312 73
72
72
No par 59 Jan 5 77 Apr 21
8
137 Dec 25 July
8
4
1478 1514 1518 1534 14,600 United Gas Improve_ No par 14l July 27 2018 Feb 6
143 15
4
143 143
4
8 1434 15
4 148 147
8212 Dec 100 Jan
100
4
*98
98 *953 98
*953 9712 *96
Preferred
No par 88 Jan 8 9938July 18
4
9712 *964 974 97
97
54 July
13 Jan
3 8 Feb 19
5
*218 212 *218 212 *218 212 *218 212 *24 212 *243 912
13 Feb 13
4
/United Paperboard
100
2
312 Mar 217 July
4 515 *434 5
434 43
4 •43
4 July 26 1334 Feb 20
514 514 1,000 Melted Piece Dye Wles_No par
47
8 514
54 512
100
35 Dec 85 July
6ti% preferred
45 a36
*36
38 *38
*35
38
38
100 37 Aug 13 68 Feb 21
38 *35
36 *35
*34 34
318 34
6 Apr 20
2'4July26
3 Feb714 July
4
314 314
318 314 1,200 United Stores class A__No par
8
314 33
314 33
8
45 Mar 66 July
5818
5818 *50
*50
62
*50
*50 61
Preferred class A____No par 54 Aug 15 66 Apr 16
5813 *50
584 *50
214 Apr 5113 July
500 Universal Leaf Tobacco No par 4014 Feb 28 5012July 13
4638 4614 4614 *46
4514 4514 *46
4818 4712 4712 *4512 48
10 Apr 85 June
*26
42
42
*26
42
*28
*28
*26
42
3
Universal Pictures let pfd_100 167 Jan 8 4612 Apr 11
42
42
*26
332 July
4 Apr
3 Feb 18
800 Universal Pipe & Bad
114 114
133 13
3
1
13
8 13
8
114 114
114 114
7 July 27
8
138 13
3
613 Mar 2218 July
4
19
19'4 1812 1884 1914 20
20 1512July 26 33 Feb 7
8
197 21'1 203 2138 2058 2138 11,800 US Pipe dr Foundry
1259 Apr 19 May
1st preferred
*1814 183 *1812 183 *1812 18i 1812 18% *1812 1878 *1818 18a
No par 1612 Jan 11 1953 Feb 23
8 June
1
Oct
4 Jan 31
U S Dletrib Coro
113 Jan 5
21
214 *1
*1
21
*1
21
No par
*1
*1
*1
21
214
53
7 Feb 29 July
1,100 U S Freight
16
*12
14
*1214 14
No par 11 July 26 2713 Feb 5
*1314 14
1378 15'8 1514 15'2 16
4
31e Feb 173 July
618 Aug 7 1514 Feb 5
400 US dr Foreign Secur
718 71
*7
8
*734 8
No par
8
*84 9
*7 2 9
5
83
361: Mar 84 July
7212
721 *68
7212 *68
7212 *68
*65
Preferred
721 *68
No par 6314 Jan 6 78 Feb 26
7212 *68
18 Feb 5313 July
404 4078 4012 42
4014 41
41
41
5,600 1:113 Gypsum
41
20 3414June 1 504 Jan 24
40
40
40
50
134 134 *134 138
*134 138
7% preferred
100 115 Jan 10 14078July 27 10114 Jan 121 Sept
134 13414 *134 138 *134 138
48 Jan 9 1018 Apr 24
Pe Apr llre June
300 US Hoff Mach Corn
733 738
712
*614 7
*818 7
*7
712 *7
7
7
5
4138 5,200 U S Industrial Aloohol_No par 3412July 28 8434 Feb 9
40
4114 40
1313 Feb 94 July
37
3612 3718 37
3712 394 3912 4012
238 Mar 1714 Jule
,
8
100 U 8 Leather v t o
51 July 26 117 Jan 24
4 7323
*63
4 714 *63
*614 7
63
No par
4 63
4
4 714 *678 718 *63
414 Feb 2759 July
1033
71:July 26 1959 Feb 1
300
4
Class A v t se
1014 1014 *959 1012 *93 104 107 10% 104 103 *10
No par
8
30 Feb 784 Sept
*41
50
*41
50
*40
4934 *41
Prior preferred v t e
50
50
100 55'8JulY2l 80 Jan 30
*41
*41
50
57
812 812
212 Feb 144 July
5,200 U S Realty & Impt___No par
578 57
512 533
6
1 July 26 1234 Feb 2
512 57
53
4 6
27g Feb 25 JulY
29,200 U 8 Rubber
16
157 16
8
163
8 16
No par 11 July 26 24 Apr 21
1714 1718 1814 1712 1859 1714 18
7
54 Feb43 July
4112 3934 4112 23,900
1st preferred
4 40
3618 384 364 3712 384 3878 383 413
100 2413 Jan 8 614 Apr 20
4
5
134 Jan 105 8 SePt
13158 1334 133 13612 135 13712 135 13838 13514 13614 22,200 U S Smelting Ref & Min-50 Ma Jan 13 141 July 19
13112 132
Jan 58 Sept
391:
6318 64
631
500
*6238 63
*6134 63
Preferred
6318 6318 *62
63 63
50 541: Jan 13 65 June 18
2359 Mar 6712 July
8 3412 3618 51,300 U 8 Steel Corp
7
3314 3312 3234 333
100 3178 Aug 6 59 2 Feb 19
3359 3412 3414 3559 345 355
55 Mar 10512 July
80
8012 80
3,300
Preferred
100 77 Aug 11 994 Jan 5
7712 7912 7912 8014 80
78
7914 7914 77
59 Jan 10912 Dec
U S Tobacco
No par 99 Jan 5 120 July 10
*10712 1198 *10814 1197 *10712 119% *109 119% *109 119% *109 119s
58 Feb 6
8 3 June
7
1% Apr
214 259 1,900 Utilities Pow & Lt A
214 24
2 July 23
218 24 *218 214 *218 214
1
218 24
313 July
7
11
118 *1
1
7
8
7
7
8
3 Jan
3
17 Jan 25
34July 21
2,200 Vadsco Sales
1
118
No par
*74{ 1
71 Mar 3614 July
8 1812 1959 5,400 Vanadium Corp of Am_No par 14 July 26 313 Feb 19
1684 1714 1714 17% 1859 1814 187
4
17
17
16
158 May 10 July
814 814 *8
914
200 Van Raalte Co Inc
812 8'z
44 Jan 2 1159 Apr 18
*8
81
5
81
*7
*7 4 81
3
2012 May 65 Sept
73
75
90
*70
76
7% let Prof
73
72
*70
72
7134 72
100 x5414 Mar 1 98 Feb 5
71
71
234 Dec 31 Sept
100 Vick Chemical Inc
*3312 347 *33 341 *3233 3418 *3212 344
34
5 2459 Jan 4 3684 July 20
34
*323 34
4
75 July
% Feb
414 43
412
312 312
538 Jan 23
8July 23
4
3
3111 378
314 312
17
418 414 11,300 Virginia-Carolina Chem No par
338 Mar 261: July
0% preferred
1614 1712 174 197
1912 2078 1938 2054 1934 1934 9,900
17
100 10 July 26 26 Feb 5
17
84
3538 Mar 6312 July
*80 84
84 *79
100
82 82 *78
84
7% preferred
*76
100 591 Jan 8 84 Aug 17
*77 83
60 Dec 85 2 Jan
7914 *78
5
70 Virginia El & Pow 86 pf No par 65 Jan 2 80 July 31
7914
*7812 7912 7812 7812 7812 7812 7814 7812 *78
218 Feb 15 May
9 Feb 23
Virginia Iron Coal & Coke 100
4 712 *35
*4
712 *33
3%July 31
8 Vs *358 712 *358 712
7s *33
June
66
*64
6578
6478 65
64
1259 Feb
90 Vulcan Detinning
63
6312 64
*6112 6412 *61
100 52 Jan 4 79 Mar 9
459 5
*43
4 478
*434 47
*41: 5
54 Deo 12 July
300 Waldorf System
•434 47
*434 47
8% Feb 20
458 Aug 10
No par
--- --25
25
4
2412 *244 25
--- _ 1,100 Walgreen Co
2518 243 25
*2412 2514 25
*24
No par 2214 Feb 26 2914June 18
904 Sept
10814 10814 *108 10912 *10712 109 *10712 109
10712 10712
75 -Air 60
*108 109
6.54% preferred
100 8412 Jan 4 109 Aug 13 37
63 Feb 1
4
8% June
4
4
4
4
1,700 Walworth Co
35
8 358
is Apt
4
214 July 27
3 4 33
3
*33
4 4
No par
8
Vs Mar 20 July
200 Ward Baking class A No par
*6
8
638 63 *8
*54 712 *512 759
5 Aug 6 12 Feb 5
54 514
2
2
5 8 July
5
38 Apr
4 2
24 24
2
2
800
4 218 *13
4 *13
114 July27
13
4 13
Class B
359 Feb 5
No par
1112 Apr 447 July
2412 243 *2412 33
8
*25
33
27
4
400
*2414 27
25
*243 28
4
Preferred
100 2412 Aug 20 36 Jan 24
433 43
459
412 433 17,500 Warner Bros Pictures'
4
4
4
412 '43
4
418 438
418
1 Feb912 Sept
814 Feb 5
July26
234
5
20
20
44 Feb241: Oct
*1212 18
20 •16
*11
20 *11
1511
20
•11
$3.85 cony prof
No par 1812 Jan 19 31% Apr 24
47 June
37 Feb 16
38 Mar
13
4 18
8 *112 14 *14 134 *158 178
*153 17
200 Warner Quinlan
133 15
138July 261
No pa
*659 63
3
24 Feb 223 June
878 73
812 65a
4
712 84 5,400 Warren Bros
714 759
4
659 659
512July 261 1359 Jan 24
No pa
53
4
74 Feb 35 June
*1233 1514 *1212 1458 •1212 15'8
14
*1012 143 *1012 1314 11
10 July 30 2878 Apr 23
Convertible pref
No par
*17
1818 *1714 19
5 Feb 30 Dec
*1714 1812
4
•1712 1934 1712 173 *1812 19
200 Warren Fdy & Plpe
No par 1312July 27 31 Jan 20
*38
414
4112 37
37
37
8 *334 37
37
8 Ju y
Jan
378
*334 37
1
300 Webster Eisenlohr
7 Jan 25
3 July 27
No par
18 Apr
312 June
114
*34 1
114
114
114 1.400 Wells Fargo & Co
1
114
*3
4 1
214 Jan 23
4July 27
3
2812 2938 2812 29
7 Mar 3712 July
18,200 Wesson Oil& Snowdrift No Par 153 Jan 4 2912 Aug 22
2858 291
273: 2759 273 284 28
8
29
4
65
85
40 Mar 63 July
1,300
*83 64
Cony preferred
6
4 64
64 8412 65 65's 65 65
No par 5212 Jan 5 6512 Aug 22
3714 3614 3838 14,800 Western Union Telegraph_100 307 July 27 68% Feb 8
36
1714 Feb 7714 July
333 333
4
4 3312 34
344 3512 3512 387
1812 187
18
19
19
*1712 18
1914 1834 187
18
53
113 Jan 35 July
4
8 2,400 Weeting/Cee Air Brake_No par 1578July 26 36 Feb 6
18
3218 3112 334 33
3358 347 28,900 Westinghouse El & Mfg...50 2778July 28 4714 Feb 5
3314 341
3118 31% 31
19 8 Feb 5859 July
3
343
*85
84
85
85 •83 85 *83
604 Feb 96 July
90
85
8412 *83
20
*83
lut preferred.
50 82 Aug 8 95 July 11
9
9
*814 94
812 812
*8
812
81
*8
34 Feb 1314 July
500 Weston Eleo 1 nstrunft_No par
*8
9
6 July 30 14 Feb 5
*2214 32
*2214 32
*2214 32
*2214 32
*2214 32
10 Mar 224 July
*2214 32
Class A
3
No par 163 Jan 5 2512June 29
.8618 0812 *57
581 *58
5812 5812 60 *59
110 West Penn Eleo clam A_No par 4412 Jan 8 70 June 13
59
5912
60
80 Apr 73 June
70
70
72
693 693 *6914 70
4
4
*6914 70
70
37 Apr 7759 June
*6914 70
*70
Preferred
100 5134 Jan 8 80 July 13
5512
574 58't 5712 5712 5434 5434 *5414 5512 55
3313 Apr 6912 July
100 48 yap 3 y6812July 19
280
581 59
6% preferred
106 10814 *10614 107
101314 10614 *10614 107
50 West Penn Power pref
*10614 107 .10814 107
8812 Dec 51032 Jan
100 894 Jan 2 11058June 12
Jan
40
8
80 Dec 101
6% preferred
*102 1044 *102 10414 1037 1037 104 104 *100 104 *100 104
100 7859 Jan 10 105 June 29
*2
2
2
212 Apr 114 June
300 West Dairy Prod ol A__No par
4
214 *218 214
2
2
24 214 *259 23
614 Jan 30
178 Aug 1
414 June
74 Mar
7
8
3
*3
4
3
4
3
4
3
4
Class 13 v t 0
800
3
4
*3
4
7
8
7
8
3
4
3
4
24 Jan 30
12July 27
No par
2112 2112 2112 213 2212 22 22
22
22
2114 21
5 Mar 204 July
1.300 Westvaco Chlorine Prod No par 147 Jan 12 2714 Feb 8
4
*21
2
*15
15
1534 1518 153
15
*1412 15
200 Wheeling Steel Corp
4
*1412 15 *1412 15
71s Jan 35 July
No par 13 July 26 29 Feb 21
41
4158 *40
4158 *40
*4012 414
4158 41
*40
4158 *40
100
15 Feb87 July
57 Feb 26
Preferred
100 38 Jan
*154 18
*1514 18
18
*13
*1214 18
*15
18
Jan 2612 July
14
White Motor.
60 15 July 2
•1214 18
2812 Feb 19
261
*26
2612 26
28
26
300 White Rk Min Prir ott __No par 2114 July2
*2514 28
23 Oct29 Oct
*254 26
*2532 26
314 Apr 19
*15, 2
45 July
37 Feb 6
*158 2
*15
8 2
*158 2
*158 1% *15, 2
WhIte Sewing Machine.No par
14 Jan
4 Jan
4 *514 63
118 Jan 104 July
1114 Apr 20
4 *514 84 *54 83
4 *514 63
5 July 2
Cony preferred
No par
4 *514 63
*514 63
37
4
418 *312 359
4
*312 378
1,300 Wilcox 011 & Gas
*334 4
512 June
2 Mar
534 Apr 5
212July 2
5
*33
4 4
73, 73
*714 73
74 73
8
73
4 8
2,900 Wilson & Co Inc
712 7'l
712 7 4
3
9 Apr 11
434 Jan
No par
7 Jan 11 June
2
22
2212 23
2334 2312 2438 2378 2438 2378 2534 21.000
4 Jan 22 June
2659 Apr 12
Class A__
224 23
No par 1214 Jan
4 1,900
8112 828
81
8118 8118 81
8178 8178 *80
82
19 Mar 7212 July
*8018 p2
844 Apr 11
Preferred.
100 53 Jan
8
5078 503 5078 5059 5038 11,400 Woolworth (F W)Co
4978 50
497 498 4914 4938 49
254 Apr 5078 July
5472 Apr 21
10 414 Jan
19
1814 l97e 19
*1612 17
17
18
2.600 Worthington P & W
17 *1512 17
8
8 Mar 397 July
317 Feb 5
100 1312July 2
*18
4,3112 351 *3112 351 *3112 3559 3512 35's 35
890
38'8 37
14 Mar 51 June
53 Jan 24
100 34 Jan 1
378
Preferred A
3114
*2312 28
*28
32
*24
*2312 29
100
27's 32
14 Feb 47 June
42 Jan 24
*2312 29
Preferred B
100 2359 Aug
433
4 44
4612 4959 4812 5034
48
481
590 Wright Aeronautical_ _No par 167 Jan
472
8 Apr 24 May
.75 Jan 27
4214 4214 4334
'
*823 644 64 64
4
500 Wrigley (Wm) Jr (Del)14. par 544 Jan 1
6418 6418 *6415 647 *8418 647
84 64
8412 Feb 5714 Dee
6618July 11
70
*1518 20
15
15
18
171 *15
*15
20
*15
100 Yale & TOWDO Mfg Co.. __25 14 Jan
7 Jan 23 June
22 Apr 24
19
•15
33
4
2,000 Yellow Truck & Coach el759 July
2% Mar
21s July 2
B_10
*312 35
7 Feb 19
14
312 33
3
% 359
338 33
*34 312
*30
35
*36
37
36
38
36
35 *29
*29
20
18 Mar 42 July
474 Apr 26
100 28 Jan
35
Preferred
*29
*1559 1659 1614 16'4 18
157
900 Young Spring & Wire No par 13 July 2
183
* 1638 1858
34 Mar 194 July
22 4 Feb 19
3
157 *15
8
*15
1812 1738 1714 1814 1712 1838 9,700 Youngstown Sheet & T_No par 1253July 2
335 Feb 19
2
1514 154 1814 181
712 Feb 875 July
15% 16
214
214
214 214
218 218
218 21
2
5 Dec
300 Zenith Radio Corp.__No par
12 Feb
July 2
459 Feb 5
*215 214 *2
414
414 438
4
418 44 2,200 Zonite Products Corp
414 438
4
812 July
4
33y Feb
1
855 July 2
734 Feb 19
418 418
ars
•Bid and asked prices, no sales on this day. 2 Companies reported in receivership. a Optional sale. c Cash sale. a Sold 7 days. z Ez-dividend.
y Ex-rlot tli
1210
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly ,
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and Interest"—except
for income and defatsaed nmis.
NOTICE.—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only
transactions of the week, and wnen selling outside of tlae
regular weekly range are shown In a footnote in the week in which they occur. No account is taken of each sales
In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 21.
.i .
t
,3
uh
.r.. a.
Price
Friday
Aug. 24.
Week's
Range or
Last Sale.
;•I
g3
z1,
1
U. S. Government.
810
Ask Low
Htga Yo
First Liberty Loan-334 of '32-471 D 10342 Sale 103332 103,323 315
Cony 4% of 1932-17
1 D ---- _-- - 102,,
42Mav31 _--Cony 4%% of 1932-17
J D 103.32 Sale 103.33 1031332 101
2d cone 434 % of 1932-47
J D ____ ---- 102.42Jan'3 I ____
Fourth Lib Loan 434% of '33-38 A 0 103. 8 Sale 103..32103,332 216
3
434% (2d called)
_ 1003.3, Sale 10034,101 432 151
Treasury 43411
,112.32 936
_—
1917-1952 A0 11134, sale 111122
Treasury 4 sis to Oct 15 1934.
thereafter 34%
1943-45 A 0 1021132 Sale 101 3'44102"n 3104
Treasury 4/3
1944-19542 0 107133, Sale 1071332103.32 435
Treasury 33Xs
1946-1956 M 8 1054, Sale 10534,1031132 865
Creamy) 3534
1943-1947 J D 1031733 Sale 103032103.132 633
Treasury 33___Sept 15 1951-1955 M 8 100'332 Sale 10043 103 32 3516
,
Treasury 33_ _ _Dee 15 1916-1913 J 0 100"12 Sale 100332 100'42 870
Treasury 3344 June 15 1940-1943.5 D 103.33, Sale 103..32101142 133
Treasury 334s Mar 15 1941-1943 M 9 103. Sale 10313321011.32 231
333
Treasury 3334 June 15 1946-19492 D 101..44 sale 101.31 1013332 2176
Aug 1 1941 F A 103..22 Sale 103.33210111,2 1273
Treasury 334,
Treasury 3344_ _ _ ____1944-1946_. ,„ 10242 Sale 101"32102.42 5733
,
Fed Fm Mtge Corp 3341— 1964 M- 100142 Sale 99.
Farm
333100.43 320
8
1914-1919 NI 5 93133, Sale 93
33
991.32 1133
Home Owners :Mtge Coro 4s_ 1951 J 2 931.32 Sale 93'33 99",, 136-1
3s series A
1052 M N 93.33 Sale 97.42 991323 2376
Range
Since
Jan. 1.
Low
High
100.83101143
IOW, 1034,
.
10143104133,
1021.2,19214,
101...101142
100"u 10210u
101.132114133
BONDS
N. Y. STOCK EXCFIANGE
Week Ended Aug. 24.
..2 •
z3
h
..., a,
Price
Friday
Aug. 24.
Week's.4
Ranle or
4,-:
Last Sale.
31
Range
Slnce
Jan. 1.
Foreign Govt. & Munk.(Con)
Bid
Ask Low
Mph 'Jo Low
High
.1ubs (Republic) Scot 1901_1014 M 8 93 ____ a9112 a95
3
747 9912
8
External 5s of 1914 eter A...1919 F A 9112
__ 96
96
5
93
96
External loan 4 14s.
g5 28013
1049 F A 80 8018
8
627 8018
8
Sinking fund 5 to Jan 15 1953 1 J
7913 7914 79
r7912 59
614 844
Public wki 514o June 39 1915 / 13 2714 9313 2714
2712 12
2'23 411
8
Cundinamarca 8 3 _-1959 M N
134 S a, 13
.41
1314 51
1018 l03
4
Czechoslovakia (Rep of) 84-1951 A 0 93 5d3 9212
9312 211 88 101
Sinking fund 81 oar B
1952 A 0 9118 9) 29312
9313
5
90 101
978,12.11142433 Denmark 20-year exti 64
1942 J 2 96 S d3 95
9312 53
8613 9812
101.4210933n
External gold 5%8
1955 F A 91 £3312 90
9118 27i 833 9512
4
100.32 10341
External g 430_4pr 15 1992 A 0 8014 Sal3 7812
81
941
71
87
93.14105132 Deutsche Bk Am part ctf 8,.1932
,
93"321021.43
Stamped extd to Sent. 1 1935 _ ,.,-, 52
58
533
4
534
3
507 7714
8
99,113102142 Dominican Rep Oust Ad 5344 '42 14 8 6813 73 3631
I
70
10
433 70
4
9823
,21051323
bit oar 54i of 1926
1940 A 0 65
67
6312
6612
5
33
67
98.400524,
2d series sink fund 5343_1940 A 0 65
6312 6312
6312
1
374 67
1351, 31031 32 Dresden (city) external 72..194s M N ---- 4512 43 Au;',31 ____
4
.
4114 .08 18
9714,1051332 Dutch East Indies exti 68_1952 M 3 110 123 r125 ri2112
3 125 16512
100,42210410.3
30
-year fool 543._Noq 1951 M N 156 --_- 159 Aug'31 ____
151 16412
99143102343
30-year ext. 534s __Mar 1953 M S -------- 159 Aug'31 --__ 125 165
98 10178 El Salvador (Republic) 88 A.1944 2 53
1 51 -- - 5512
7
4813 60
98.8 10134,
Certificates of depostoo
J 1 --„ 501 43
454
7
38
55
973322 1017,, Estonia (Republic of) 78._._1967 . J
734 75
737
8
1
731
4
574 76
Finland (Republic) ext 68_1945 SI 5„ _ 9 843 ,,,,.,
9714
10
79 100
9 , ,..
,
State & City—See note below.
External einixing tuna 7,
3_1950 M 8 Ivo , m u 3 WU
4
101
18
8613 I '1 18
External sink fund 6 44_1956 SI S 99 2 S Os 9312
,
9314
1:3
734 100
Foreign Govt. & Municipals.
External sink fund 530_1953 F A
931,91.13S, 9318
91
11
76
a512
Finnish Mon Loan 634s A__1951 A 0 967 974 954
8
93
1:3
77
98
Agric Mtge Bank St 64
1947 F A
264 31
26 May'31 ____
183 274
4
External 64s serial B___19.51 4 0 97 8113 97
97
4
7.512 981,
Aug 1 1934 subseq
- 26 Sale 2414
2612 14
20
2612 Frankfort (City of) g t 6%4_1953 M N 237 9 lo 2312
8 o3 2618 48
234 2
couPocoupon__—
Sinking tund 6s A _ _Apr 15 1948 A0 27
32
23 Aug'34 — -,
151 293 French Republic exti 7%8_1941 2 11 1813 9113 18514
4
187
12 151 4 18812
With Oct US 1934 coupon_ __
, 3613 Sale 25
28'2
7
16
267
8
External 7, of 1924
1949 J 0 188 18812 18314
183
38 160 189
Akersbus (Dept) ext 55.
N 78
1963 -,M
793 27814
8
784
3
6612 81 8 German Government Interns,
Antloquia (Dept) coll 74 A 1945 I J
113 Sale 1018
4
12
12
84 173
4
mon& 35-yr 5 %a of 1930_1965 J 0 31 9de 30
34
151
30
634
External, f 74 ser B
19452 J
103 1212 11
4
12
3
9
17
German Republic ext1 74_ 1949 A 0 413 Sob 413
4
4
46
78
__
413 8712
4
External a 1 74 ser ,..;
1945 J J
1034 1212 12
12
1
938 17
German Prov dr Communal Blo
External, 1 loser D
1945 2 J
1034 1212 11
117
8 12
84 1714
(Cons Agrio Loan)6)4, 4_1953 1 0 36 2 8113 3512
,
3312 33
314 7112
External 4 f 74 lot ser
4
1034
1957 A 0 103 1114 10
2
77 1134 Graz (Municipality)
8
87
3
84_- — .1951 SI N 87 8,1, 87
5738 881,
External aec a f 74 2d ser_1957 A 0 1014 1113 812 Aug'34 ---8
Only unrnatured coupons on__ . ,_ , 62
14 8
,
63
63
1
63 8
,
1
62
65,2
External sec 4 f 74 34 ser_ _1957 A 0 1012 Sale
918
1034
88
2,2 941 GC Brit & Ire(U K of) 5 sig. 1937 F—A 117 4 S1.13 117
,
1 12
,
11813 35 Ill', 12413
Antwerp (City) external 56 1958 J D a89 Sale
23
10
14% fund loan E opt 1980 1990 Al N 11614 Solo a11614 at 17
150 109 11712
Argentine Govt Pub Wks 62_1960 A 0 8418 Sole 8134
8414 20
534 843 Greek Government, t ser 74.1934 SI N
4
23
33 a30 July'31 _ _ _
22
3312
Argentine 68 of June I925 1959 1 D 837 9112 82
8
.
841 101
4
534 85
S toe,65 Aug '33 coupon_19133 F A
2312 241 23
211
2
184 31
Extls f 6/3 of Oct. 1925
1959 A 0 833 silo 824
4
85
117
53
8112 Haiti (Republic) Of 68 ser A _1952 A 0 671 794 80
81
23
74,3 82
Externals f asseries A_
8
8
1957 MS 833 Sole 813
8112 171
53
8412 Hamburg (State) as
External 68 eerie 13_ _oj 1958 J D 8312 Salo 8113
27
23
194/1 A 0 27 Solo 2613
261 53
.
ee
8114 129
5332 843 Heidelberg(German)ext17 42'50 J J
4
16, 20
1.818 Aug'34 ___
2
1818 41
Ext! 4 f 64 of May 1926-1960 IN N 83 8 Sale 813
,
4
843
4 76
5358 843 Flelaingtors (City) eat 6344_1960 A 0 924 934 93
4
5
72, 95
4
93
External et 84 (State Ety)_1960 M S 834 9alo 813
843
4 91
4
534 843 Hungarian Munk, Loan 7344 1945 2 J
4
3712 Sal, 3512
3712 11
231 444
Etc! 64 Sanitary Works_ _1961. F A 8318 Sale 82
8412 80
523 8412
2
Only unmet coup attached . J J
27
28
30
27
I
25
2714
Extl 64 pub Wks May 1927 1961 M N 837 Sale 813
8
4
8112 37
5238 8112
External a f 74 (coup). _194; J J 3618 3712 3818 Aug'31 __
391 45
Public Works 001 6%4_1962 F A
77 Sale 7513
7914 84
4718 7914
Only unmat'd coups attached J J
-- 31
30 Jolue'34 _-__
30
30
Argentine Treasury 54
9318
_1945 M S 9314 95
9318
1
4718
803 99
4
Hungarian Land M [not 7342 .61 MN
_ 47 Aug'31 ____
3312 50,
8
Australia 30-yr 54_ - -Jul713 1935 J 1 94 Sole 9312
L.95
22
8812 973
48
2
Sinking fund 734s ser B._ _1961 M N 474 --. 473 Aug'31 ____
8
31
501
External Soot 1927.-SeDt 1957 M S 911 Sale 931
95
39
89
971 Hungary (King of) 6 f 7344_1944 F A
37
384 3
373
6
8
4
3113 42.8
External g 4%a of 1928_ 1956 M N 90 Sole 8913
904 43
83
95
Austrian (Goat) It 713
1943 J P 98
983 98
4
98 14 18
9118 10012 Irish Free State exti 4 f 3/8._1960 M N 110 12() 1l212 11214
2 110 116
Internal sinking hind 75_ _1957 3 J 611 Sale 6118
623
4 21
50
77
Italy (Kingdom of) exti 7s 1951 J 0 92 9313 92
92 14 127
9014 102
Italian Cred Consortium 74 A '37 PA 8 6513 99
93 Aug'31 ____
934 100
Bavaria (Free State) 6344_1945 F A 33
34
33
3418 51
31
5913
,
External sees? 74 ser 13_1247 M 9 84 8 94
92 Aug'34 _ __
8914 100
Belgium 25-yr ext16348
1949 M S 100 Sale 993
4
100
38
95 105
Italian Public Utility exti 74_1952 1 J 8312 35
834
93/8
3
8312
76
External, f 613
1953 1 J
9912 Sale 9912 10014 20
94 1114
Japanese Govt 30-yr a f 6 44e1954 F A
90 BO 90
9214 61
86
9612
External 30
-year,f 76
1955 1 D 107 Sale 1051
107
25
99 109
Extl sinking fund 534s_ _ 1965 MN 76
77
37
7313 86
Stabilization loan 78
1956 M N 10218 Sale 102
Sala 76
10212 12
954 1063 Jugoelavia (State Mtge Bank)—
4
Bergen (Norway)54_ _Oct 16 1949 A 0 7919
_
791 Aug'31 ____
68
8212
314
195 A 0 314 41
7
3118
Secured 4 f g 74
1
2318 4213
External ifinking fund 58_ -1960 M S 75 - - 8 7812 Aug'34 ___
7
87664 8212
_ 201
74 with all unmet coup _1957 ---- 204
20 18
2
15 3 27
Berlin (Germany) 4 t 63441950 A 0 31 Sale 3018
_
3212 26
301 52
15 2 __, 20
With Oct I '35 k sub coups on
16 Aug'31 ____
1312 17,
2
External. f 64. __June 15 1958 1 D 3012 32
31
32,4 15
3012 4912 Leipzig (Germany)6 t 76
443
4
.., --_- 41
4514
7
374 6514
1947 1Bogota (City) eat]a t 88
8
1945 A 0 183 2012 13 Aug'31 ___1718 24
Lower Austria (Prov) 744_1950 .1 D 8518 86
85
8314
9
60
8012
Bolivia (Republic of)(320 84.1947 M N
71,
74 812
73
4 27
612 1134
Only unmatured coups attach'd ---------50
,
..
External secured 74 We:1_1958 J J
618 Sale
512
5°
612 16
63
713 Feb'31 ---; 149 1713
8
54 1012 Lyons (City of) 15
171.3
4
a
-year 64 _1934 MN i i 11 ifs
4
External, f 78 (flat)
612 512
1969 M 9
6
64 18
54 10 2 Marseilles (city of) 15-yr 84.1934 NI N 1711 ____ 17113 17112
2 149 1714
Bordeaux (City of) 15-yr 64_1934 MN 1713 ____ 017112 017112
8
1 149 1703 Medellin (Colombia) 6124_1954 2 0 1019 9113
4
91
1014 10
84 16 I
.
Brazil(U Sot)external 84_ _1941 1 13 337 Sale 3014
8
34
56
223 36,2 Mexican Bldg Asatng 4144_1943 M PI --:4
6
419
73
8
51
- - 5
External to t 63-34 of 1926_1957 A 0 2814 Salo 2614
2913 132
2014 32
Mexico (US) ext1 Soot 1899 g '45 Q J
4
-6
4 Sopt'33 ____' --External 4 t 634s of 1927 1957 A 0 28 Sale 261
2912 80
204 32
Assenting 5s of 1899
10
3
814
61,2 -814 84
6
1945 ---78 (Central Ry)
19522 I) 281 Silo 251
3813 48
2013 32
Assenting 54 large
1114
---. ---- ---- 74
712
7
5'
Bremen (State of) exti 74—.1935 M S 363 Salo 36
4
37
16
3512 6318
Assenting 5s small
8
____ -- .
___ 8, July'31 _-__
618 8
Brisbane (City),f 54
1957 M 9 8312 847 8113
8
854
5
7314 88
Assenting 44 of 1904
112
- 54 Aug'31 ____
48
1951 ---714
Sinking fund gold 15s
1958 F A 833 Sale 835
4
8
8514 25
73
____
877
8
512 --Aeaenting 44 of 1910
612 414 M.or'33 --- ---- 20-year a f 64
9478 9412 Aug'34 --1950 J D 93
83
9713
Assenting 4s of 1910 large
6
52
5
,
---512
1
5
-31
4
Budapest (City) exti a f 64_1962 J 13 391 4112 393
8
40
3
3118 46:
Assenting 431 of 1910 small
-_--3 Sale
1
1
5'
43
8
21
83
8
Um
—__ _natured _ _ ___ 2618 Aug'34 --coupons on
24
264
. Trees 64 of'13 assent(larger33 . J --------1014
.
1
1014
3
81$ 11
6
Buenos Aires(City)6 WI 2 B 1955 J J 7a
7912 7712
781
4 15
4o 1s 791
713 9113
s'Srnall
4
J J
713
71 11
514 1112
External 8155 ser O-2____1960 A 0 761s ---- 7712
7712
1
47
7712 Milan (City. Italy) ext16544 1952 A 0 8214 S113 82
11
82
21,
8413 61
External 81 64 Der C-3____1960 A 0
_ a77
a77
1
4514 75
Minas Geraes (State) Brazil—
Buenos Aires (Prov) esti 613_1961 M 9 594 62
764--- 59
59
10
3014 59
1954 144 : 194 Sib 19
External 4 f 6344
24
17
4
8
191
Stpd (Sep I '33 coup on)1961 M 9 523 Sale 473
8
8
537 207
8
21314 534
Eat sec 6)44 serlea A
1959 Si 5 1914 9313 19
1914
17
8
234
External. f 646
1961 F A 60 ,- - - 55 Aug'34 ---311 55
Montevideo (City of) 74
35
23
2714 3614
1952 J 13 3318 Sol, 3313
Stpd (Aug I '33 coup on)1961 F A 52 Sale 47
534 65
27
534
External 4 1 (14 series A..1959 MN
3114 Fhb 31
5
3114
204 3278
Bulgaria (Kingdom) a 178_ _ .1967 1 J 20
22
2214 July'31 ---187 24
8
EltahlTo a 1 7 346—Nov 16 1968 MN
2112 25
2314 July'34 ___
2113 2615 New So Wales (State) Intl 5211957 F A 9012 Solo 9013
911 36
96
86
Slay coupon on
____
__ ____ 173
8
174
4
1618 2012
External a f 55
91 12 41
8
8514 953
Apr 1953 A 0 9012 9 313 9012
Caldas Dept of(Colombla)7344'43 .1 J
1314 Sale 13
1334 16
1048 1/43
4 Norway 20
-year ext 64
4
1002
9112 10112
1943 F A 1011 10214 101 14
Canada (Dom'n of) 30-yr 413_1960 A 0 10414 Sala 1O2e
1014 115
92 10414
20
-year external 64
,
8
1017 122
8
1944 F A 101 4 Sol, 101
9014 1017
56
1952 MN 111 12 Sale 110l2 11112 33 1034 11112
30-year external 64
1952 A 0 904 Solo 991 100
8911 100
112
43.4g
1936 F A 10112 S113 10138
1081
4 57 1003 105
4
4
0
-year,f 5%o
941239
834 9512
1965 1 0 9/4 8113 931
Carlsbad (City),f 84
1954 J J 63 Sale 63
6512
6
63
8012
External a t 54_Mar 15 1963 M 9 9013 Salo 831
91
804 92,
22
8
Cauca Val (Dept) Colom 7344'46 A 0 13 Sole 13
13
3
11114 19
Municipal Bank act! a f 54.1967 J D 9014 . _ 907 Aug'31 ____
8
83,2 91
Cent Agile Bank (Ger) 7..195() M S 4518 Sole 4518
471
4 23
4518 73
Municipal Pank extls f 54_1970 1 0 9014 -91 9018 • 9018
91
81
1
Farm Loan a f 6. .,July 15 1960 .1 1 r37 Sale 3512
3713 32
3512 69
Nuremburg (City) exti 64_1952 F A
2314 9113 2814
.
23
264 5512
6
Farm Loan 4 t 64Oct 15 1960 A 0 __-. 3634 3512
36 8 31
,
3514 69
Oriental Deed l guar 64
4
1953 11 3 7413 Sib 7412
7712
744
17
05
Farm Loan 8s aer A Apr 15 1938 A 0 3612 Sale 3612
3318
1
3574 70
Exti deb 5%
,
1953 MN 7018 SOD 7018
4
70 14 20
623 74
Chile (Rep)—Exti I f 7o
1112 14
113
8
1942 MN
137
8 55
812 16
Oslo (City) 30
-year 6 t 68_1955 M N 9012 Sala 831
4
9012 17
764 93
External sinking fund 6/3_1960 A 0 1212 Sala 1113
74 16
1312 161
Ext sinking fund 64__5
1212 Sob 111
7e1, 1961_ F A
131 65
7
1.534 Panama (Rep) extl
. _1953 1 D 10313 10334 034
10313 12
98 103,
2
Ry ref eat of 64
1218 501, 1111
Jan 1961 1 J
1314 77
7
153
4
Exti a f 34 ser A___May15 196:3 M N 36 8113 3514
534s-294 44
10
30
Ext sinking fund 621 Sept 1961 M S 1218 Sole 12
31
13
'73 ,MI
Stamped_
• -4 a ... -4
35
3512 35
s
3512
293 44
3
External sinking fund 138__19(33 M S 1218 Sale 1112
1312 20
714 154 Pernambuco (State of) extl 73 '47 10 9 1314 Sol, 121
.
104 1818
137
8
13
External sinking fund 64_1963 M N
1218 Solo 117
8
1312 88
718 16
Peru (Rep of) external 74._1959 M 5 1313 Sob 113
4
131 20
812 17
Chile Mtge Bk 6344 June 30 1957 J D 127 Sale 1212
8
1312 12
912 1512
Nat Loan exti 0160 1st ser 1960 2 D
918 Sole
818
1012 232
54 1118
S f 6344 of 1926_ _June 30 1961 1 13 1418 Silo 13
1118
3
10
1814
Nat loan exti a f 55 24 ser.1961 A 0
918 Sole
818
614 1418
1012 103
Guar 4 f 64
Apr 30 1961 A 0 127 1313 1212
8
137
8 31
818 1512 Poland (Rep of) gold 62...„1940 A 0 704 Sole 677
79
3
71
59
21
Guar 4 1 64
1962 M N
127 Sale 121
8
1414 60
8
1518
Stabilization loan s 1 74_1947 A 0 11912 9313 171s
88 119,2
11913 137
Chilean Cons Munk 78
1969 M 5
818 93
4 83
10
4
41
7
13
External sink fund g 88_1950 J J 83 9113 8218
83
6914 90
35
Chinese (lIukuang Ry)5s._1951 .1 D --------38 Aug'34 _ -_ 273 424 Porto Alegre (City of) 88
8
1961 J D 214 2312 3118 Aug'31 ____
17,3 244
Ctuistlanla (Oslo) 20-yr 6 64 '54 M 9 901 Silo 833
.1
903
8
5
811 93
Exti guar tank fund 7348_1966 J J 213 2313 211
4
2214
163 2112
8
15
Cologne (City)Germany 6%31950 M 9 2918 Sale 394
30
13
27
50
Prague (Greater City) 7342_1952 M N 85
9718 9312 Aug'34 __
83 100
Colombia (Rep)64 of'28_ _Oct'61
Prussia (Free State) ex11 6344 '51 M S 3412 Sol, 337
8
31 14 584
3412 24
Oct 1 1934 and sub coupons on. A 0 3012 sale 2814
3214 153
2113 355
8
External 6 f 68
1952 A 0 3314 Solo 3313
341 52
31 18 5712
Exter 88 (July 1 '34 coup on)431 1 1 3012 Sale 2713
3214 192
21
3534 Queensland (State) eat] o 1 76 1941 A 0 103 8 101l 1031, 1031
,
1 102 10614
Colombia Mtge Bank 646 of 1947 A 0 23
26
2312
24
6
15
247s
25-year external 64
1947 F A 100 10112 100
9413 103
7
100
1946 MN
237 Su, 233
4
8
237
Sinking fund 7,01 1926
8
6
154 244 Rhine-Slain-Danube 74 A.._.19.50 M S 44 8112 41
693
2
42
6
41
Sinking fund 74 ot 1927_ 1947 F A 243 Sole 243
8
8
243
8
1
15
26
Rlo Grande do Sul exti 61 88.1944 A 0 223 2134 21
8
26
19
5
243
8
Copenhagen (City) 54
1952 J D 7519 silo 744
76
7
6313 84
Apr'32-Oct'33-Oct'34 cpn on
23 Sol, 23
_
8
183 23
8
23
1953 m N 734 sale 734
25
737
8
-year g 430
4
594 7813
External oinking fund (34_ _1988 1 D 223 Sob 2218
__8
1514 24
22 8 45
,
Cordoba (City) exti e 1 _ A957 F A 3814 Sale 3613
3834 22
1414 3834
External a t 74 of 1928._ 1966 M N
221 23
174 24
2218
23
10
External a 1 74- - - -Nov 151931 Si N 42's___ 4218 Aug'34 — 74297 4218
8
External, t 74 mule loan_1967 1 D 221 Sole 2212
1714 24,4
5
221
Cordoba(Prov) Argentina 741942 J J 6018 65
53
60
9
1
2518 60
Rio de Janeiro 23
1711 2312
-year v184_1946 A 0 21 12 2312 2212
2212
Coate Rica (Republic)—
External 4 f 6344
22
1953 F A
211 SID 21
18
43
22
74 Nov 1 1932 coupon on_1951 Si N 3918 4212 40
40
1
30
40
Rome (City) ext1630
1952 A 0 8334 Silo 83
02
83
8412 40
74 May 1 1936 coupon on.1951 _-_- 25 ___. 25 Aug'31 -181 2513
1
1
For footnotes see page 0000.
NOTE.—Sales of State and City securities occur very rarely on the New York Stock Exchange,
dealings In ouch securities being almost entirely over the counter.
Securities.'.
Bid and asked quotations, however, by active dealers In these securities, will he found on a subsequent
page Under the general head of "Quotations for Unlisted
1211
New York Bond Record-Continued-Page 2
Aug. 25 1934
i•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug.24,
Price
Friday
Aug. 24.
1
...c.,
Week's
Range or
Loui Sale.
14
ei.5
Ranee
Sines
Jan. 1.
High No Low
High
Bid
Ask Low
Foreign Govt.&Munk»(Cond.!
Rotterdam (City) esti 138_1964 M N 12032 128 119
2 112 134
12114
40
23
Roumania(Monopolies) 78.-1959 F A 3414 sale 33
32
35
661, 81
1
7878
1953 .11 J 787, 7912 782,
Saarbruecken (City) 68
22
30
1
Sao Paulo(City)a t8a--Mar 1952 MN 23 Sale 23
23
External a f 634. of 1927-1957 MN 1918 23
173* 24
2212 Aug'34 ____
36
18
San Paulo (State) esti s f 8&1936.7 J 3412
10
36
35
32 32
July 1932 coupon on
30..-- 32 Aug'34.
External sees ?Ss
133* 2514
6
1950J 2 243 2434
4 2514 24
July 1932 coupon on
1812 223*
3
228
227 2214
8
213*
External a t 78 Water L'n_19513 7.1 8 207 2212 21
138 24
3
22
8
,
External 0 f Os
1968.7 J 21
125 22
8
21
2512 2018
July 1932 coupon on
/
1
177 194
194 17
/
1
1978 Sale 1812
Secured s 1 78
89
1940 A 0 8713 Sale 8712
65
88
89
1813 46%
Santa Fe (Prov Arg Rep)711-1942 5 15 44 Sale 403
1
4612 53
4
38 38
Stamped
3818 -_- 38 Aug'34 42% 87
4414 34
Saxon Pub Wks(Germany)75'45 F A 43 Sale 43
32 807
9
3512
374 3512
8
Gen ref guar 6)4*
1931 MN 34
43
71
Saxon State Mtge Inst 7a_.-1945 J D 45
49 44 Aug'34 ____
4914 70
Sinking fund g 8748__Deo 1946.7 D 45
4914
4914 14
51
21% 28
Serbs Create & Slovenes 88_1982 MN 24 Sale 24
2
24
22
All unmatured coupon on__ ---- 1712 Sale 171
16
7
1812
1312 1512
Nov 11935 coupon on
13
1612 1412 Aug'34 ____
External sec 75 ear B
1962 MN 23
8
233
4
2412 23
18
253
8
November coupon
123 20
4
7
__ ---- 17
1713
1712 17
11
17
78 Nov 1 1935 coupon on 1962 on_--, 1234 1414 15 Aug'34 ____
lineal& (Prot of) exti Ts
1958 J b 63
523* 71
6414 14
64 63
333* 89
Sileelan Landowners Assn 88 1947 F A ___. 40 3412 Aug'34 ---Soissons (City of) esti 62._ _1938 MN 17112 Sale 171
3 150 17112
17112
Styria (Prov) external 78_1946 F A 85 Sale 85
55 88
12
85
Sweden external loan 5348_1954 MN 103% Sale 210318 103
/ 23 102 10934
1
4
Sydney (City)at 510
93
883
, 9 80
Ws 883 8814
4
1955 F A
Taiwan Elea Pow a I 5542_1971 1 .7 695* 7114 6912
8134 7312
693
4 46
Tokyo City 58 loan of 1912_1952 id S 6612 Sale 6612
8614 731
1
6612
External e f 5348 guar
611 73
/
4
7218 67
/
1
4
4
1981 A 0 72 Sale 713
Toll= (Dept of) esti 78
1012 17
104 Aug'34 _-_/
1
1947 M N 1118 12
Trondhjem (City) let 5942_1957 MN 7812 881 82
6714 8714
1
82
Upper Austria (Prov) 7s_1945 J D 7718 80 77 Aug'34 ---82
88
Only uninatured coups attch - - --__ 75 74 May'34 -74
78
External if 670-June 15 1957 J ill 6872 75 7312 July'34 __
4812 7712
Uruguay (Republic) esti 82_19413 F A 38 Sale 83412
3412 46
3814 21
External e f 88
2714 42
35 220
1960 MN 3412 Sale 30
External If 66----May 11964 M N 333 Sale 3012 , 35
2914 42
79
4
Venetian Fro, Mtge Bank 7a '52 A 0 ____ 947 94 Aug'34 ---94 109
Vienna (City on esti 81 88_1952 M N 8812 89% 8834
4
89
58 90%
13nmatured coupons attached. MN 73 Sale 73
8
73
50
78
16
63
Warsaw (City) external 78_1958 F A 63 Sale 8114
53
138 4
,
Yokohama (City) ext113e._19131 I D 7512 Sale 75
9 66
761
/
4
77
Railroad.
Ala at Sou let cons A 58_1943 .7 D
lit cons 48 ear B
1943J 0
Alb & Susq lst guar 3348_1946 A 0
Alieg & West 1st gu 42
1998 A 0
Allay Val gen guar g es
1942 M 8
:Ann Arbor 121 g 4s__ _July 1995 CI .7
Atoll Top & S Fe
-Gen g 42_1995 A 0
Adjustment gold 48__July 1995 Nov
Stamped
July 1995 MN
Cony gold 48 of 1909___1955J D
Cony ile of 1905
1955.7 D
Cony g 48 issue of 1910___1980 J D
Cony deb 4342
1948 3 1)
Rocky Mbh Div let 48_1965 1 2
Trans
-Con Short L let 48_1958 J J
Cal-Aria lit & ref 434i A_1962 M 8
All Knox & Nor let g 51-19 6 J 0
4
All & Charl A L let 434s A,,1944 J J
let 30
-year 3s scrim B _ _1944 J .1
Atlantic City let cons 48._ .1951 J J
Atl coast Line let eons 45 July'52 M S
General unitled 4341 A_1984 1 D
L & N coil gold 4*__Oot 1952 MN
Atl & Dan let g 4a
19483 I
2d48
19483 1
All & Yad let guar 48
1949 A 0
Austin & N W 1st gu g 58_1941 3 J
4
10414- 1033 Aug'34 ___
5
9978
4
99 100 8 993
- -7
9914 27
/
1
4
98 Sale 98
/
1
4
8712 89la 90% July'34
6
10314
10112 10314 103
50
58 57 Aug'34 ____
lox Sale 10114
10234 189
9684 . g
96 Sale 96
9712 29
92
4
97 943
/
1
9434 10
9434 Sale 944
954 10
/
1
95% Sale 9512
9534 9514 Aug'34 ____
10412 14
iO4 10412 104
_ _ 98 99 Aug'34 ____
2
10334
1054_ 10334
10578 20
10454 10514 10514
10412 11012 10512 Aug'34 ____
7
8 1017
8
10138. _ 1017
6
8
9612 1074 10612 1055
.
go
96 90 May'34 ____
9713 34
We Sale 9578
22
86
86 Sale 86
5
7612
76 Sale 76
4234
3
423 Sale 41
4
5
3612
3914 3612
35
53 60 5712 July'34 -__
5
84%
_ 90 8412
Salt & Ohio let g 4sJuly 1948 A 0
Refund & gen 56 series A.1995 J D
lit gold Bs
July 1948 A 0
Ref & gen (Wearies C
19953 D
PLE&WVa Sys ref 421941 MN
Southwest Div 1st . _1950 J J
Tol & Cin Div lat ref 4e A.1959 J J
5eRef & gen 10 eerie' D___ _2000 al 8
Cony 434s
1960 F A
Ref & gen M 58%er F _ 1996 M 8
Bangor & Aroostook let 58_1943 J J
_Con ref 4a
1931 I J
Battle Crk & Slur let gu 88.1089 j D
Beech Creek let gu g 4a
1938 J J
2d vuar g lle
1936 J J
Beech Creek ext let g 3748 1951 A 0
Belvidere Del 0Gb5 2n 8345_1943 J J
Big Sandy 1,1 48 KUguar1944 J D
Boston & Maine 1,1 61 A 0_1967 M S
'is M 5.settee II
1955 hi N
18t g 4548 ser JJ
1981 A 0
Boston & NY Air Line lit 421955 F A
Brune & Weet 1st gu g 48_1938 3 2
Buff Rocb & Pitts gen go 52_1937 M S
Consol 434i
1957 Si N
stBurIC It & Nor lat di co11571'34 A 0
Certificates of deposit
Canada Sou cone gu 56 A___1(162 A 0
Canadian Nat guar 4748__ _1954 M S
8___1357 j g
-year gold guar 04
30
Guaranteed gold 4348_ _1968 .1 D
Guaranteed 56*
July 19691 J
Guaranteed If 5-e
Oct 1989 A 0
Guaranteed 858
1970 F A
Guar gold 4%sJuno 15 1955 J D
Guar 8 43411
1956 F A
Guar g 4748
Sept 1951 lal 5
k
1003 140
4
1003 Sale 997
4
76
/
1
4
73
7238 Sale 89
105 Sale 10478 10512 46
/
1
4
43
84
84 Sale 8134
9938 31
981 9818
/
4
97
9518 138
95 9414
91
8278
8
____ 8118 82
713
4 49
4
7112 Sale 698
124
80
8
80 Sale 573
7234 33
713 74 69
4
107 109 107 Aug'34 ---9718 21
9812 Sale 9618
____ 73 8514 July'34 ---6
10114 102 10114 10114
____ 101 Aug'34 --101
90 ____ 95 July'34 ------- --100 ---- ---10134 _-_ 103 Aug'34 ____
/
1
4
783* 41
78 Sale 77
78
54
77 Sale 76
/
1
4
723
29
72% 7414 72
6hz 10
6112 Sale 60
100 _-_ 10012 May'34___
18
1043, Sale 1043* 1041
/
1
671
67 664
19
68
8
281
281 30 28
/
4
27 40 Apr'34
4 19
1051 Sale 10512 1073
2 1063, 51
108 10614 1057
111 sale 110
/ 11112 66
1
4
/ 10832 81
1
4
108 Sale 107
118 Sale 11312 11612 43
/ 11714 17
1
4
11718 Sale 116
* 117% 10
11738 Sale 1165
11434 Sale 1143, 11538 39
11272 87
11214 Sale 11178
11314 118
11218 Sale 112
BONDS
4 Y. STOCK EXCHANGE
.
Week Ended Aug. 24.
il
1E
-.11.
Price
Friday
Aug. 24,
Week'.i•
Range or
1
Last Sale.
High No. Low
Bid
Ask Low
High
Railroads (Continued)Canadian North deb a t 7e__1940.7 D 10814 Bale 10814 1085* 28 105 100%
122
19 10834 122
25
1946.7 J 12134 123 121
f deb 67411
-year,
10-yr gold 4548__Feb 15 1933 J .7 10312 --_- 10312 10312 11 1004 10312
854
61
67
79
Canadian Pao 11y4% deb stook_ -,-, 7818 Sale 78
9818 44
7444 9934
1946 M S 95% Sale 9512
Coll tr 494*
9918 11078
1944.7 J 41104 Sale z11038 11078 34
58 equip tc Ws
80
774 102
/
1
Coll tr g 58
Dec 1 1954.7 D 99% Sale 9934 100
7112 97
97
93
Collateral trust 430-__1960 J .8 923* Sala 92
411 Aug'34 ---45
321k 45
1949 J J 41
:Car Cent 1st cons g 42
95 107 4
/
1
4
3
/
1
4
Caro Clinch &0 lat 30-yr 56_1938 1 D 10812 106 10612 107
,
104
9014 109
5
lst & cons 86* ser A_Deo 15'52 J D 10112 105 104
84 80 July'34 ---70
84
1981 J D 75
Cart & Ad lst gu g 4e
54 July'34 ---52
28
58
Cent Branch U P lat g 48-1948 1 D 4818
5914 53 July'34 -41
85
:Central of Ga let g 52_Nov 1945 F A 45
154 38
18
22
1945 MN 22 Sale 18
Consol gold 58
13
912 28
9
Ref & gen 5742 aeries B 1959 A 0 13 Sala 1012
13
9
26
6
1959 A 0 13 Sala 10
Ref. & gen 56 series C
18
37
25 25 July'34 ____
Chatt Div par money g 48_1951 1 D 20
Mac & Nor Div let g 58.1946 J .1 --- 37 35 Jan'33
25 Iiti
21 Jan'34 ---Mid Ga & All Div pur m 52'47 J J _-_- 25
27 25 Aug'34 ---,
25
35
1948 1 J 20
Mobile Div lst g 53
65
83
/
1
4
b
77%
Cent New Engl let gu _ _ _1961 J .7 ---- 78 7712
53
73
4sCent RR & Rkg of Ga toll 5s.1937 M N 6512 70 67 Aug'34 -- -95 10878
1987.7 J 10512 1067 10512 10512 28
Central of N I gen g 58
974
78
1987.7 J __ 983* 974 July'34 ---General 48
7512 9612
9312 155
Cent Pao let ref gu g 48
16 F A 9314 Sale 9212
149
95 90
7813 95
3
95
Through Short L 18t gu 48_1954 A 0 gg
6372 87
60
75
1980 F A 75 Sale 7312
Guaranteed g 5a
76-19313 I J 10512-- 106 Aug'34- 103 108
Charleston & Say% let
4 10512 11115
-Chee & Ohio 1st con g 52_1939 M N 1103* 111 11012 111
983 11112
4
4
General gold 43.4*
1992 M S 1095* 1103 11012 11112 46
25
8818 108
1993 A 0 10212 10312 10278 104
Ref & impt 434o
86% 1061
8 58
/
4
1995 1 J 1024 Sale 10214 1037
Ref & Ingot 430 oer 8
97% 10514
Craig Valley let 5s .,May1940 3 J 1041410518 Aug'34 ---9012 101
4
101
0
9934 1 134 -- 101
Potts Creek Branch 1,t4.1946 J
971j 1033
1
4
102
R & A Div 1s1 con g 48-1989 J 3 101 104 102
871* 10112
2d consol gold 48
1989 3 J 100 10212 10112 July'34 --99 102
Warm String V let g 58_1941 M 8 102 105 102 Aug'34 --515s 704
20
58
/
1
4
/
1
4
Ohio & Alton RR ref g 88_1549 A 0 54 Sale 54
88 10114
1007
8 21
Chia Burl &Q-DIDIv 13342 1949 7 1 10012 Sale 100
97 107
25
1949.7 1 10416 10412 10418 105
Illinois Division 45
9212 10514
10314 85
1958 M 8 10234 Sale 102
General 4s
1977 F A 1013, Sale 10012 1013, 17
8818 1043
4
lit & ref 448 ser B
96 1093
4
4
1971 F A 10618 107 10612 107
ltdi & ref ISe ser A
53 83
/
1
4
_ 82 Aug'34
:Chicago & East III 1St68-1934 A 0
813 2512
30
107
9
104 11
/
1
2C & E Ill Ry(neta co) gen Se 1951 M N 25--8
21
3
93
8
9 Sale
Certifloatee of deposit
91 110
11
108
Chicago & Erie 1st gold 5s___1982 MN 10512 109 108
178
27
57
31
Chicago Great Weet 1st 48-1959 M S 31 Sale 27%
22
/ 4712
1
4
2
24
22
/
1
4
25
:Chic Ind & Lenin.ref 6..__1947 J 1 22
4218
25
25 July'34 ---31
1947.7 J 21
Refunding gold 58 •
20
1
41
20
1618 264 20
19473 J
Refunding 408(0168C
8
117
912 23 2
7
10
1966 Si N
10
12
lit & gen 52 aeries A
1112 75
9
253*
9
11 Sale
lit & gen asserts., B_S4ay 1966.7 J
71
95 4
3
Ohio Ind & Sou 60
-year 48-1958 J J 9214 943* 9313 Aug'34 _-__
99 1054
Ohio L 8 & East 1st 474s- _ _1969 1 D 10514 _-- 105 Aug'34 --5512 53
5112 748
Ohl NI & St P gen 4s ser A _ _1989 .7 J 55 Sale 5312
71
9
5012
60
311 5()
50
Gen g 33.4, ser B_May 1989 J J
CI
5912 24
5612 8012
4
Gen 474sser
May 1989.7 .1 533 Sale 5718
81
58
4
5918
Gen 474s ser E
May 1989 J .7 5918 Sale 5812
60
84
1
60
84 80
Gen 434s ser F
May 1989.7 .7 80
--
94 104
98 10012
85
9914
4
732 91
913 10434
29 80
93 100
84
9934
83 100
8212 9612
80 9712
7812 9513
95 107
/
1
4
82 102
Chic Milw SIP & Pao 58 A-1975 IF A
9514 108
Cony adj 5s
95 10818
Jan 1 2000 A C
9934 10512 Chic & No Weet gong 343_1987 MR
General 48
1987 M Is
861 103
*
Stpd 48 non-p Fed Inc tax '87 NI I%
88 1063
4
Can 434s stpd Fed Inc 148_1987 Mt.
75 90
Gen 58 stpd Fed Inc tax ,1987 M t.
82 10012
74 92
1987 Ml'
494* stamped
85
15
88
-year secured g 13341_1938 M t
lit ref g 5e
39
537
8
May 20373 1
35
47
let & ref 430 8tpd-May 2037 J I
48 84
lat & ref 4348 ear CMay 2037 J I
7914 92
Cony 4542 aeries A
1949 M h
:Chic RI & P Ry gen 4a
1988 J ..,
8812 10314
Certificates of deposit
8734 88
*Refunding gold 42
1934 A 0
9812 109
Certificates of deposit ___ ___ -,..77
9712
*Secured 4 Hs series A
1952 MS
85 100
Certificates of depoeit _ -- 1980 M N
5312 1001
/
4
Cony g 4341
66 8812 Oh St L lc NO 58..-June 15 1951 J D
67 8518
Gold 8748
June 15 1931 J D
51
7234
Memphis Div let g 48- _1951 J 0
67% 85% Ohio T H & 80 East 1st 58_1980 J D
101 110
Ino gu 58
Dec 11960 NI 8
75 987 Ohio 17n Stall 1st gu 434e A_1963 J J
8
80
6514
lit 5a swim B
19633 J
90 102
1944 J D
Guaranteed g 58
92 1013
bat guar 1374s series C_ ,,,.1963J J
4
-1963 J
83 93
Chlo & Weet Ind con 48
19523 J
_._ . _
lat ref 5548 @erica A
1982 M S
967. 103
Choc Otte & Gulf eons lie__ _1952 Si N
7038 901 CID 71 & D 2d gold 47411
1937 1 J
/
4
72
C I 8t L & C 1st g 48_ _Aug 2 1936 G F
90
88
8414 Chi Leb & Nor let con gu 48_1942 MN
51
7313 Cin Union Term 1st 4)4s_ 2020 .1 .1
1st mtee Si5s seti s B
8872 1003
4
-2020 I J
lat mtge g !Miseries C
1957 Si N
97 1057
8
80 804 Clearfield & Mah 1st gu 58_1943 1 -1
/
1
28
484 Cleve Cln CM et St L gen 48_1993 J D
40
1999 J D
34
General 5s series B
1341 g g
92 1097
2
Ref & Inapt 88 ser C
Ref & Impt 5a ser D
983* 10634
1963.7 3
9812 111 12
Ref & lmpt 430 ser E
1977 J .1
9912 10834
Cairo Div let gold 42 1939 J I
103 11612
On W & M Div lst g 42_1991 I J
1047 11714
8
St L Div 1st coll 0 g 46_1990 M N
105 11732
Spr & Col Div 1st g 42___ _1940 M S
1021 115%
/
4
W W Val Div let e 48_ .._ 1940 J .1
100 112
/ Cleveland & Mahon Val ii- 1938 J .1
1
4
52
10012 11314 Clay & Mar let gu g 434,_1935 MN
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
-
-
NEW YORK
Private IT'iree to Chicago. Indianapolis and St. Louis
--
32% 530
3212 Side 2714
9% 438
8
9 Sale
/
1
4
11
/
1
51
5012 Sala 494
6
58
5712 Sale 5712
1
57 4
,
5712 63 57%
64 Aug'34 ---8412 80
47
65
643 Sale 8218
4
--------62 Jan'34 --_9
7812
77 Sale 77
4114 52
/
1
4
4012 Sale 39
54
36
4
355* Site 333
353* 23
4
8
351 Sala 333
3012 505
3012 Sae 2634
59 58
57
3
59
85 8412 July'34 -- -54
204 63
/
1
2012 Sale 1912
183
4 11
1812
1812 20
2112 42
21 Sale 20
1834 Aug'34 ---22
20
7
9
/ 35
1
4
914 Site
106
5
108 Sale 106
84 --- 6312 SePt'33 ---/
1
4
83 83 Aug'34 ---,
75
5612 20
58 Sale 5412
433
4
8
45 4318
41
106 Sale 10512 10718 13
9
108 109 107% 108
39
1063 Sale 1083* 107
4
11312 Sale 11238 11313 51
903* 47
89% Sale 8938
10012 65
99 Sale 99
47 48 July'34 ---30
1027 10314 103 Aug'34 ---2
/
1
4
10234 _ __ 102 Aug'34 -9512 100 9713 Aug'34 ---107%
107 Sale 107
8
8
110 111 11018 1105*
110
11
,
110 110 4 110
10012
_ 9652 Feb'34 ---7
91
_-- 91
91
90
10814 -.. 10812 Aug'34 ---____ 1110 10012 Aug'34 ---81
8118 83 81
1
34
73
4
73 Sale 703
4 15
/ 1023
1
4
102 1031 102
92 July'34 -- -1
90
85
93
-,-- 94'l 93
I
99 Apr'34 ---93 104
95 95 July'34 ---88
4
2
1017 --- 1013 Aug'34 -- -10112 ___ 10113 July'34 ----
For footnotes see page 1215
49 WALL STREET
Range
Since
Jon. 1.
27
5612
734 23%
485g 70
561 77
/
4
78
56
8312 82
/
1
4
62% 87%
6012 62
98
77
394 65(2
317. 607.
3218 81
53%
24
515 7312
*
64
73
18
31 2
,
171: 29
18% 32 4
3
184 28
/
1
7
1884
88 107
____ __ _
13314 BIN
52
80
42 62
10038 1073*
10512 1101
:
9714 10812
1114 115
/
1
72
/ 93 2
1
4
,
8432 10412
62
46
98 10314
99 103
85
9814
100% 10812
10418 11112
10415 111
9658 961
/
4
754 97
92% 1083
4
80 10012
7442 9112
04
82
92 1044
/
1
138
9212
95
77
92 99
7372 9514
994 1035*
9912 1015
New York Bond Record—Continued—Page 3
1212
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug.24
t
Price
Friday
Aug. 24.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Railroads (ContinueM—
Bid
Ask Low
High No. Low
High
Clay P gen gu 410 eer B__11342 AO 103 __
93 June'33
Series B 330
1942 AO 96
86 Jan'33
Series A 430
1942"3 10378
10134 May'34
101% 1013
4
Series C 330
1948 MN
91 Aug'33
Serial D 334e
1950 AF 10012
83 Oct'32
Gen 4 he ser A
1977 P A 1024 10312 10278 Aug'34
100% 104
Cleve Bho Line let gu 430_1981 *0 1013 10314 10214 10258
5 82 104%
4
Cleve Union Term let 530_1972 AG 9912 Sale 98
17
100
84% 104
1st e f Si aeries B
1973 AG 9712 Sale 95 4
3
9712 20
82 1007
s
1st,f guar 434e series C 1977 AO 92% Sale 897
9218 30
2
75
416
Coal River By let gu 4e
1945• D 1003 -- 102 July'34
4
95 102
Colo & South ref & ext 430.1935
N 9512 Sale 9413
9513 69
9778
84
General mtge 434s ger A...1980 ▪ N 8813 Sale 88
6812 29
85 8112
Col & H V lat ext g 4s
1948 AO 10212
_ 10158 May'34
98 102
Col & Toilet ext 42
1955 FA 10018
_ 10212 Aug'34
97 105
Conn & Passum Ely let 42_1943 AG 98
9912 9213 Aug'34
9812
92
Carmel By non-cony deb 4e_.1954
' 41
3
3
50 46
49
40
5912
Non-czaav deb 4e
1955 J J 41
49 4913 Aug'34
4912 53
Non-cony deb 4,
1955 A0 41
50 59 Mar'34
44% 59
Non-cony deb0
1958
41
52 52 July'34
44
3312
Cuba Nor By 1st 530
1942 JD 3414 Sale 34
3438 15
1914 39
Cuba RR 1st 50
-year Se ff_1952 JJ 28 Sale 2714
12
23
18
3212
let ref 714e aeries A
1936 JD 2313 Sale 23
1614 30
2
2313
1st lien & ref 68 ser B
1938 3D 20 Sale 20
11
20
15 29
Del & Hudaon let & ref 4s 1943 MN 9334 Sale 9234
132
94
8014 97
5a
1935 AO 101% 102 101 Aug'34
97 10213
Gold 5)4,
1937 MN 10134 Sale 1013
4 10218 41
92 105
D RR & Bridge let gu 48_1936 P A 100 4 -- 1015 May'34
3
8
9914 101%
Den&RG let cone g0
19313 -I
4238 Sale 37
3518 8112
4212 89
Congo! gold 430
1936
43 Sale 3834
17
43
38 63
Den & B 0 West gen 58 Aug 1955 P A 17 Sale 1334
17
65
13 32
Assented (sub) to plan)
1454 Sale 14
1512 13
11
2313
Ref di impt be ear B__Apr 1979 *0 3114 Bale 26
3114 47
23% 4912
:130 M & Ft Dodge 4e ctfa_1935 1 J
2
4
a3 Aug'34
4
854
Des Plainea Val let gen 4340_1947 M
_
80 81 Aug'34
65
8712
Det & Mac let lien g 4e
1955 J D
2012 July'34
20
2413
Second gold 4e
J D 10 Ili' 12 May'34
1995
1118 12
Detroit River Tunnel 430_1961 MN 10414 Sale 10414 10514
2 84 108
Dul Miesabe & Noreen 5a
1941 J J 10512 --- 1037 Jan'34
8
1037 103%
8
Dul & Iron Range 1st 5s
1937 AO 10712 Sale 10713 10712
1 102% 10314
Dul Sou Shore & A ti g 52_ _ _1937• J 10718 108 34
1
34
2312 4913
East Ry Minn Nor Div 1st 42'48_ A 0
East T Va & Ga Div let 511_1958 MN
Elgin Joliet & East let g ba__1941 M N
El Paso & W let 52
1965A 0
Erle&PitteggulieeerB.,19403 J
Series C 330
19403 J
Erie RR let cone g 4e prior...1996 J J
let 000601 gen lien g 4e__ A998 J J
Peon coil trust gold 0_1951 F A
50
-year cony eta aeries A__ _1953 A 0
Series B
1953 A 0
Gen cony 4,series D
1953 A 0
Ref & inapt 5,01 1927
1987 M N
Ref & impt be of 1930___.1975 A 0
Erie & Jersey 1 at f8a
1955 J J
Oenessee River let e I 6&.,19573 J
NY & Erie RR ext 1st 0_1947 MN
3d mtge 430
1938 M S
994
98 July'34
8912 98
100 10
1
-- 100
64
100
91 109%
98 103 104 July'34 -- 9412 10512
8133 873 8513 Aug'34
4
4
8112 94
1007 -- 96 Feb'34
2
9414 99
1007 - 10012 June'34
8
95 10012
93 Sale 9214
9334 64
79% 98
7512 Sale 7212
0614 79%
7512 52
10414
oois 104
- 104 July'34 _
72
7312
8
6218 78
7234 10
723 72
4
83
78
73 Aug'34 -62 76
69 4 Sale 6614
3
4
693 108
13014 797
s
69% Sale 66
6934 179
80
7978
11
108 114 10714 108
98 114
1083 10713 1063
4
4
4 107
97 ill
10112 ---- 104 Aug'34
933 10513
4
___
100 Mar'34
100 100
:Fla Cent & Penn Si
1943 J J 40
:Florida East Coast let 4301_1959 J D 533
4
1st & ref ba aerial A
1974 M S 10
Certificates of deposit..........
Fonda Johns & Glov 430_1952
Proof of claim filed by owner__ M N
7%
(Amended) let cone 2-0..1982
Proof of claim filed by owner NI N
5
Fort St D Co lat g 43413-1941 J J 99
Ft W &Den C letg 534e
1981 J D 103%
423 4012 Aug'34 -4
54 4 543
3
4
543
4
1
Sale
712
10
23
Sale
18
8
714
12
7
Aug'34
7
6
758 Aug'34
9713 June'34
-- 104 July'34
100
93
____
7614
7538
76
66
6512
8112
994
594
93
76
82
6212
70
85
843
4
Ind Bloom & West 1st ext 42 1940 AG
Ind III & Iowa let g 42
1950 3,
:Ind & Louisville let gu 48_1958'.3
Ind Union By gen Si ser a_1965 J
Gen & ref be serial B
1965 1
:Int-Ort Nor let Be eer A
1952• j
Adjustment 6e ear A_July 1952 A0
let be series B
1958 3'
1st g be series C
1958 3'
lot Rye Cent Amer let be B 1972_ MN
let coll trust 8% g notee_1941 MN
let lien & ref Ohs
1947 P A
983 July'34
90
9578 0712 Aug'34
17
20 25 Feb'34
102
102
102
10218
3
103 July'34
3038 Sale 27
3038
9% Sale
77
21
914
30 Sale 2812
30
2812 Sale 26
2812
69 Sale 683
69
70
7413 71143 7412
88% 71
71
71
For footnotes see oasts 1215.
10112 Aug'34
98 Aug'34
9814 9814 Aug'34
73 Mar'30
78
7812 78
Sale 76
7818
78 7312 July'34
68
6714 68
88 85 Aug'34
994
Sale 994
Sale 55 4
3
5912
9978 9958 Aug'34
8312 8118 May'34
883 8512 Aug'34
4
6212
6634 8212
75 79 July'34
8512 85 Aug'34
---- 80 May'34
8712 Aug'34
72 Sale
6612 Sale
70
843
4
7214
87
46
64
19
1712
13
313 15
83 9712
9614 10512
Galv Hous & Hand let 530 A '38 A 0 8014 85. 81
81
:Ga & Ala By let cons be Oct '45 J J 1414 19
4
1712
1713
•IGa Caro & Nor 1st gu g 58'29—
Extended at 6% to July 1 1934 .1 J 22
35 3012 Aug'34
Georgia Midland let 3a__1948 A 0 51
56 5618 May'34
Gouv & Oswegatchle let 52_1942 .1 D 9612 1033 100
8
Jan'31 -J
103 Sale 103
10414
6
Grand Trunk of Can deb 0_1940 A 0 108% Sale 103
10838 64
15
-year a 1 tia
1936 M
10758 Sale 1073s 108
41
Grays Point Term let
1947 J D
98 Nov'30
Great Northern gen 7215e_- 1936._
J 9014 Sale 8812
serA
9012 90
let & ref 430 series A
1981 J .1 93 934 94
9
94
General 5he series B
1952.3
84 Sale 82
8438 17
General 5a aeries C
1973 J 3 78 Sale 7434
31
78
General 434e series D
1978• .1 71
41
75 8934
71
General 430 series E
1977.3' 7112 Sale 697
8
7112 69
Green Bay lc Wan deb etre A---- Feb 40
80
3818 July'34
Feb
Debentures ctfa B
414 73
1
8 7
7
Greenbrier Ry let gu 4s
1940 MN 993
102 Aug'34
4
Gulf Mob & Nor let 530 13_1950 AO
79 Aug'34
let mtge be series C
67
6778 67
1950 AO _ _ _
Gulf& S I let ref & ter 53Feb 1952 J J
—__ 67 Feb'34
J
Stamped (July 1'33 coupon on)
88
55 Dec'33
Hocking Val let cone g 4 34&i999 J
11014 Sale 1085
8 11014 22
Housatonic By cons g be_ _1937 MN 9812 1007 10014 1007
7
s
s
H & T C let g be int guar_ _ _1937 ii 10412-- 10534 Aug'34
Houaton Belt & Term 1st 5e_1937 3' 100 10112 1003s 101
3
Bud & Manhat let be ser A 1957 P A 8212 le 82
61
39
1
83
Adjustment income ba Feb 1957 A0
Sale 39
4038 40
Illinois Central let gold 4s__1951 • J
let gold 330
1951'.3
Extended let gold 334s_ _1951 AO
let gold 38 sterling
1951 MS
Collateral trust old 4e
1952 *0
Refunding 45
1955 MN
Purchased lines 330
1952 3
Collateral trust gold 48_ _1953 MN
Refunding be
1955 MN
lb-year secured Ohs g___ _1936.3,
40
-year 434,
Aug 1 1966 FA
Cairo Bridge gold 0
19a0 J o
Litchfield Div let gold 3a_1951 .1
Lottley Div & Term g 334e 1953 J
Omaha Div let gold 32_ _ _1951 P A
St Louis Div & Term g 38_1951• .1
Gold 334a
1951• J
Springfield Div 1st g 330_1951
'
3
Western Linea let g 4s
1951 P A
Ill Cent and Chic St L & NO—
Joint let ref be series A__.1963 3D
let & ref 434e aeries C__1983
D
34
4
543
eig
6
75
9114
1412 26
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
t
Aug. 25 1934
Price
Friday
Aug. 24.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
Railroad,(Continued)—
80
Ask Low
High No. Low
High
:Iowa Central 50 etre
412 7
1938 J D
4
1158
514 Aug'34 — _
Istdiref g 48
112 238 212 Aug'34
1951 MS
2% 513
Jame, Frank & Clear lat 48_1959 J D 69
19 1
85 84
84
89% 8814
Kai A & R let gu g be
1938.3' 10212 Sale 10212 10212
1 10212 10212
Kan & M let gu 48
1990 * 0 95 Sale 95
9512
79
97
4178 42
IKCFtS&MR1refg4s..1938 A0 40
4
42
303
533
4
AO 40
Certificates of deposit
46 40
3
40
35% 52
Kan City Sou let gold 381950 *0 7158 Sale 71%
91
73
6212 7713
Ref & Inapt be
J J 683 Sale 85
4
6834 38
0212 84
Kansas City Term let 48.. __r_1950 J
10178 Sale 10134 103
1p 1960
4
81
93% 10418
Kentucky Central gold 4e__1987
10014 103 100
gpl, 103
4
100
Kentucky & Ind Term 434e 1981
91
8918 Aug'34
73 92
Stamped
95 100 9512 July'34
1981
80 9512
Plain
9812 Aug'34
1961
93 9812
Lake Erie & West let g be
10112 Sale 10112 101% 11
1937
8312 10134
2d gold 5,
____ 92 92 July'34
1941
95
70
Lake Sh & Mich So g 3348 1997 J D 93 Sale 93
94% 23
81
98
Lehigh & N Y let gu g 4e
1945 MS 7113 7413 713
9
83
4
57
7312
Leh Val Harbor Term gu 0_1954 P A 10158 10212 101
3 8212 10313
10114
Leh Val N Y let gu g4 he__ _1940 3, 96
9812 97%
1
97%
8314 100%
Lehigh Val (Pa) cons g 45._ _2003 MN 58 Sale 56
5332 27
47 68
General cons 4)4e
2003 MN 6134 65 6113 Aug'34
52
7412
General cone be
685 8854 Aug'34
8
2003 MN 65
33
54
Leh V Term By let gu g 5e.1941 AO los12
_ 10512 10512
94 1053
4
Lax & East let 50-yr Si gu_ _1965 *0 los dile 10712 108
It
91 1101,
Little Miami gen 4,serial A_I982 MN 101
1003. June'34
95 1005
s
Long Dock consol g 66
AO 10114 ---- 101 Aug'34
1935
99 103%
LOMI Island—
General gold 4e......1938 JO 104 10412 104 Aug'34
9914 1045
4
Unified gold 48
100 10312 100 Aug'34
1949 M
95 105
MN 10212 103 10212 10213
20
-year p m deb be
3
93% 1043
4
MB 100 101 10012 101
Guar ref gold 4e
9212 10478
5812 Sale 5712
Louisiana & Ark let be se. A-1949897
1193
9
5812 67
5018 687
,
Louis & Jeff Bdge Co gag 42 1945 M
99 Sale 99
9912 10
84 10112
Louisville & Nashville 5a._ 1937 MN 107% -- 0612 Aug'34
102 10712
Unified gold 4s
10212 104 04
1940
105
20
94% 105
let refund 534,series A _ _2003 AG 104 105 103
10312 25
92% 1055
8
let & ref be series 13
2003 AG 102 Sale 0034 102
4C
90 104%
lat & ref 430 marten C
2003 AG 94 Sale 94
9434 39
83 9912
* 0 106 107 08 Aug'34
Liold 5e
1941
10112 10812
Paducah & Mem Div 0_1948 P A 97 1037 9912 Aug'34
8
82 101
St Louie Div 2d gold 34...._1980 MS 71
71
71
2 807 7412
s
_ 0512 Aug'34
Mob & Montg let g 4)0i...1945 MS 105
get, 10512
77 ti;fe 77
South AY PAM Monon 0_1952
77
641, 8412
MN 1003 ---- 01
All Knoxv & an Div 4a 1955
4
101
1
85 102
Manila RR (South Lines) 48_1939 MN 6914 70 8914
8914
57% 75
let ext ii
1959 MN 6318 68 65% Aug'34
85
7214
70
ManGB&N W let 330_1941'.3
70 June'34
59% 70
MS
Mon Internet let 4e aastd
113 33
4 17 June'34
8
1977
170 214
Milligan Central Detroit & Bay
'
3
10312 10312 1033
City Mr Line 48
2
1940
8 94 103%
92 91 May'34
Jack Lane & Sag 334e----1951 MS 84
3734 91
MN 95
9712 9712 Aug'34
1st gold 330
88 100
9418 93
Ref & Impt 430 eer(3--_195 33 92
93
1
1979
2
7514 97
8412 84
*0 77
Mid of NJ let ett 52
84
4
62 8518
*MilwiliNor let ext4348(1880)•3 • D
8712 July'34
19°
44
7814 97
_ - 84 95 May'34
*Cons ext 430 (1884)_
193I• D
65
95
58 Sale 58
Mil Spar & NW let gu 42....1947 M
58
6
5514 7512
75 June'34
Milw & State Line let 314e,,1941
7034 75
6
714 7 Aug'34
:Minn & St Louis be cals
1934 M▪ N
4
91g
212 3
let & refunding gold 4s
214
1949 MS
314 10
214 57
4
312 3 Aug'34
Ref & ext 50-3r 5e ger A
,
1902 Q F • 2
2% 414
Q F
2
Certificates of deposit
4 212 2
1
118 434
13
M SIP & E1.9 M con g 4e lot gu '33 J , 34 Sale 33
35
82
3212 49
303 31 Aug'34
4
lit cons 55
31
4212
1938 3, 20
lat cons be gu as to Int
3912 12
38
56
1939 J J 39 Bale 38
2234 18%
1812
J J 18
let & ref fla eeriee A
1
1812 38
1948
18
16 Aug'34
25
-year 634e
16
34
1949 MS 15
69
J J 684 Bale 88
let ref 5he ger 13
21
60
80
-- 85 Jan'34
let Chicago Term of 0—.1978 MN
85 88
1941
8818 92 90
2
90
Miselseippi Central lat 53_1949 3, 77-7612 90
-_-
_--
---
J 234 Sale 2314
:Mo-Ill RR let 58 tier A_ ___I959
2312 12
2014 3012 Mo Kan as Tex let gold 4.e_ _1990 3D 89
8938 883
4
897
2 48
40 80
4
763 Sale 743
4
Mo-K-T RR pr lien 5e ser A.1982
763
4 15
---• ---40
-year 4e series B
1982• J 8512 Sale 85
8814 23
953 10414
4
14
Prior lien 434s IKT D
70
1978 JJ 4712 75 68
105 10913
Cum adjust EA ear A_Jan 1967 A0 4014 Sale 39
41
56
1025 109 /Mo Pao lit & ref be ser A _1965 P A 2518 Sale 227
8
2518 18
22 --- 2713 July'34
Certificates of deposit
lit;
General 4s
818
1014 jai
1975 51-15 104 Sale
k
78 993
let & ref be series F
2
1977 MS 2514 Sale 227
2514 89
7613 99
23 Sale 23
Certificates of deposit
23
2
887 923
e
4
let & ref be ser 0
25
18
1978 MN 25 Bale 224
65
878k
22 --__ 34 May'34
Certificates of deposit
8413 Ms
818 Sale
14
Cony gold 594e
7
812 29
1949 28
Ms
227
let ref g be series H
2
2432 19
1980 AG 244
534 8%
22 14 23
Certificates of deposit
23
5
9812 102
let & ref be ear I
25
38
1981 PA 2412 Bale 22%
1321g 8812
23 Sale 213
Certificates of deposit______
4
23
11
59
81
Mo Pac 3d is cat at 4% July 1938 MN 70
80 84 July'34
57
70
83 100 93 July'34
Mob & Bir prior lien g be_ _1945
8912 90 Aug'34
Small
• J 81
"eifis fiiiii let M gold 4s
60 80 May'34
1945 3, 40
82 10114
3' 43
58 80 July'34
Small
97 105 4 Mobile & Ohio gen gold 413.1938 MS
89 99 Jan'34
3
913. 102
20
Montgomery Div hat g 58_1947 P A 15
17
17
2
72 8912
Ref & impt 434e
8 July'34
74 12
1977 MS
32
9
50
52
Sec 5% notes
143
4 94
12
1938 MS
3
M
80
83 84
Mob & Mal lat gu gold 0._ _1991
84
3
9214 10212 Mont C 1st gu 55
101 10212 10114 102
1937
27
33
9312
let guar gold 58
100% Bile 10018 1003
1937 J
4 13
92 9814 Morrie & Essex let gu 330_2000• D 8814 Sale 864
8814 30
Constr M be ser A
1955 MN 100 Sale 9812 100
19
6814 85
Constr M 434e ear B
1955 MN 9118 9312 39% Aug'34
12
74 8814
83 82
93 93
Nash Chatt & St L 48 eer A _ _1978 P A 91
93
1
15
82% 79% N Fla & S let gu g 58
1937 P A 10412 Sale 0412 10412 12
81
98% Nat Ry of Mex pr lien 4 348_1957 J J
18 July'28
20
90 1037
8
5 Sale
Assent cash war rct No 4 on
414
37
5
58
53 7612
Guar 0 Apr '14 coupon .1977 AG
4
-- 125 July'31
87 100
4
Assent cash war rot No 5 on
5
318 Aug'34
75 82% Nat rto. Max pr lien 430 Oct'26
78 88
Assent cash war rot No 4 on
5
512 Sale
513 25
1
8212 78
let coneol 4,
22 Apr28
1951
68
79
54 Sale
Assent cub war rot No 4 on
414
514 32
89
8512 Naugatuck RR let g 4e
81
8112 Nov'32
1951 MN 71
87 80
New England RR cons be_ _1945 J , 82
9112 8912 July'34
75 90
Consol guar 4,
- 7812 78 Aug'34
1945 J 1
N J Junction RR guar let 4,1988 P A
_ 92 June'34
93
677 87
8
New Orl Great Nor be A
1983 J J 6312 Sale 613
4
6313 11
40
82 81
65 58 Aug'34
NO & NE let realm% 434e A '52• J _
8412 86 8414
New OriMINI Term let 4e__ A953 .1
8412 17
95 100
28
IN 0 Tex & Max n-o Inc 56_1935 A0 18
18
18
1
75 9712
let 5s series 13
1954 * 0 2014 Sale 20
2014 20
25
25
let (Se series C
24 20
1956 P A 18
8
2014
gm, 10413
1
22
let 4344 eerie, D
1713
1956 P A 17
18% 19
100 1033
4
let 5346 genes A
8
1954 A0 205 Sale 19%
20% 31
65
25 44% N & C Edge gen guar 434a 1845 j
102
_ _ 1024 10218
1
66
7
1814 NY B&MB let con 20_1935 A0 10214
- 103 Aug'34 _
13
25
40% NY Cent RR cony deb 68_1935 MN 97 fill, 9814
34
97
8
24
41
Cony secured Os
1944 MN 11334 Sale 11214 11334 376
3 4512 7214
Consol 4e eerie, A
1998 P A 8338 8414 84
85
18
8
491s 7412
Ref & Inapt 4 he series A 2013 AO 6314 Sale 613
4
633
4 62
2
4312 72
Ref & Inapt 52 serlea C
6814 Sale 68
20131
6314 189
-iai,
14
7572
70
81
63%
3712
22
22
84
2112
2414
22
29
22
23
22
213
4
7214
85
83
48
85
99
17
8
9
83%
gm
81
Thad
77
73
26
93%
9112
79
8314
8212
39
35
203
4
3814
35
3812
34
1612
3313
34
3812
34
39
93
91
60
80
9912
27
21%
23
86
10314
102%
89%
103
974
8212 9512
99 108
—Ws
24
512
_-
_-_-
_-__
"Tio" 'this
68 85
82% 92
57% 77
54
7512
82114 90
29%
18
3738 32
1814 33
1712 3112
18
33
97 103
10114 10312
83 101
110 11812
73% 9012
75
57
6212 82
1213
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug.24.
•
13
1t
.,8,
Price
Friday
Aug. 24.
Week's
Range or
Last Bale.
4. •
gx,
ro ol
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
I•
11
...n.
Price
Friday
Aug. 24.
Week's
Range or
Last Sale.
.1 •
n
a4 Q
Range
Mee
Jan. 1.
High
High NO. Low
Bid
Ask Low
Railroads (Concluded)High
High No. Low
Ask Low
BM
Railroads (Confinued)7911 96 St Louis Iron Mt & Southern
903
4 49
N Y Cent & Bud Illy M 3Na 1997 J 1 90 Sale 89
47 64
/
1
4
9
.571
/
4
Mit. es G Div let g 4g____1933 M N 55 ____ 55
1942 J 3 95
/
4
963
4 32 801 99
9738 9512
-year denenture 4/1
30
59
5 52
52
Certificates of deposit_-- ------------52
57
75
6378 95
- 6312 Sale 6112
Ref & impt 494e ser A....2013
5712 82
5
6334
64 6112
6918 8812 St L Peor & N W let gu 58..1948 J J
8
8214
.. A 8018 82 82
Lake Shore coil gold 3348_1998 F 1112 28
14
15
71 88 (St L-Ban Fran pr lien 48 A _1950 J J 15 Sale 1234
5
8118
Mich Cent coll gold 390-1998 F A 8138 8434 8118
1212 26
1412 18
1338
16
,--, 15
Certificates of deposit
854 101
/
1
59
1937 A 0 10038 102 1008
8 101
NY Chia & St L 1st g4s
1314 30
4
16
1634 16
19503 1 16
Prior lien 58 series B
5513 8012
6834 56
RehindIng 53411 series A-1974 A 0 6812 Sale 66
1312
1412
1312 28
9
,
Certificates of deposit -_- - r -, 1412 15
47
/ 70
1
4
59 224
1978 M S 59 Sale 55
Ref 49423 aeries C
12 2512
1412 84
1978 M 8 14 Sale 1312
Con M 494s eerie.A
49 80
90
64
1935 A 0 64 Sale 6018
3-yr 6% gold notes
1112 2412
55
14
/
1
4
Ctts of deposit stamped-_ -, . 13 Sale 1212
96 1063
4
N Y Connect let gu 434. A 1953 F A 10534 Sale 10534 10614 32
6412 8114
11
68
83 68 Sale 67
let guar 58 series B_ _ _1953 F A 10618 10714 10512 Aug'34 ---- 101 10714 St Law let g 4. bond ctfa_ _1989 m617 6212 July'34 --, 42es 63
8
26 g Mine bond 0.18_ _Nov 19893 J
Erie-See Erie RR.
NY &
48 6912
4
533
4
/
1
4
let terminal & unifying 5A952 J J 53 Sale 53
88
68
NY Greenwood L gu g 5a___1946 MN 79 85 87 May'34. -40
5812
6
43
1990 J .1 43 Sale 40
Gen & ref g 69 ear A
86
9514
N Y & Harlem gold 3Ne_. _2000 MN 91 ____ 9514 June'3 ---1712 37 4
8
184 34
/
1
1812 2112 1814
9312 9734 St Paul & K C Sb L let 490_1941 F A
26
96
NY Lack & West 48 set A_ _1973 M N 9512 Sale 9518
84 100
1973 M N 10138 ___ 104 Aug'34 ---- 100 104 St P de Duluth 1st con g 481968 1 D 9312 99 100 July'34 ____
4348 series B
7612
63
73 June'34 ____
58
9512 10034 St Paul E Or isrk let 490_1997 J J 40
NY & Long Branch gen 413_1941 M S 10012 161 10012 Aug'34
95':
97 108%
1943 1 J 10514 Sale 10414 10514 46
___ 9512 July'2 ____ _- __ St Paul M & M 5s
NY & N E Boat Term 48....1939 A 0 ____
/
4
94 1011
6
10118
1 37 3 D 10118 Sale 101
Mont ext let gold 46
547 8 65
54 60 June'34--- NY NB & H n-c deb 48_. _1947 M
7 45 6012
4
993
8
7
Pacific ext gu 45(fterlIng)..1940 3 J 97 (3 ---- 973
46
S 41
8
3 89 993
Non-cony debenture 3948_1947 M
50 46
7 101 112
Bt Paul Un Den let & ref 55_1972 J J 10934 Sale 10934 10934
4012 58
6
46
Non-cony debenture 3448_1954 A 0 45
467 48
8
47
/ 10
1
4
44 6412
Non-cony debenture 9a_..1955 J J 4712 5412 4718
/ 853
1
4
4
8 19 60
4914 32
783
7812 Sale 7712
1948 1 3
S A & Ar Pees hit gu g _
45
64
Non-cony debenture 45...._1956 M N 4914 Sale 4612
97 1067
10612 July'34 ____
8
4613 31
8
413 597 Santa Fe Pres & Filen as8
19563 J 45 Sale 43
1st 58.1942 M 5 107
/
1
4
Cony debenture 3 Ns
9
9712 10712
_4
.
8778 Scioto V & NE lst1111 48._ _1989 MN 10218 1143 10418 10412
93 60
6534
69
debenture 68
Cony
1948 3 3 69 Sale
20
27
27 64 8918 '(Seaboard Air Line let g 49_1950 A 0 1612 2412 23 June'34 ____
e74
Collateral trust 6s
1940 A 0 74 Sale 69
2313
16
16 July'34 ---88
3912 58
42
Certificatee of deposit. , 1612 26
Debenture 45
1957 M N 40
4134 3912
16
27
5
1612
*Gold 4s stamped
1950 A0 1612 Sale 1614
5414 80
4778 701:
181& ref 494e ser of 1927_.1967 J D 5414 Sale 5212
15
25
832 997
4
8
21
97
8
Certife of deposit stamped__ A 0 1612 2212 16 July'34 --Harlem R & Pt Cbee let 4s1954 404 N 9: 977 97
1
4
4
713
4
334 4
Adjustment 5e
Oct 1949 F A
5712 71
6212 49
N Y 0& W ref g 4s.„.June 1992 M S 8112 Sale 61
5
14
712 38
71(3 712 6
1959 A 0
*Refunding 4s
50
684
/
1
5378 11
General
5412 5212
1955 1 D 52
13
5
17
5
7
7 Sale
Certificates of depoeit --- --90 90
90 Jan'34 ---48___.NY Providence &Boston 4. 1942 A 0 85
63 1612
4
25
7
/
1
4
9
9 Sale
1945 M S
let & cone 6.series A
7178 87
/
1
4
843
4
NY A Putnam /at con gu 98_1993 A 0 80 - - 8212 Aug'34 ---7
/ 56
1
4
514 143
8
7
738 Sale
--Certificate, of deposit
50
75
/
1
4
NY Suso & West 1st ref 50_1937 J J 6678 7212 67 Aug'34 ---14
/ 2514
1
4
15 July'34 ---/
1
*AU& BIrm 30-yr 1st g 4sJ93.3 M S 134 20
5612
43
4612 511 5112 Aug'34. -gold 434.
2d
1937 F A
6
312
212 7
/
1
4
3
334 314
/
1
49
385 584 (Seaboard All Fla 6 A P18_1935 A 0
4
1
General gold 58
/
1
4
1940 F A 49 50 49
1
2
/ 74
1
4
2
34
/
1
314
234 4
1935 F A
Belles B certificates
/ 9812
1
4
3 82
9812
Terminal let gold 55
1943 M N 97 98 9812
8
/
4
1938 F A 1041 ____ 10412 Aug'34 ---- 1003 10412
3638 594 So& No Ala cons gu g 5h
/
1
4314 47
/
1
WY Weatcb & B let ser 143.4e '96 J 3 4212 Bale 404
91 110
8
Gen eons guar 50
-year 58_1963 A 0 10834 ___- 1087 Aug'34 ___58
74 s
7
6714 29
16718 40 128 17114 So Par coil 48(Cent pao 0461) 1949 J D 6534 Sale 65
Nord 117 ext sink fund 6148.1950 A 0 16512 16634 16538
77
/ 29
1
4
6312 8414
let 490(Oregon Linea) A.1977 M fi 77 Sale 76
8
25
'(Norfolk South let & ref 58_1961 F A
8
/
1
16
16 Sale 144
5313 72
4
603 100
7
/ 22
1
4
Gold 414s
1968 M S 6034 Sale 5734
Certificates of deposit., 1312 15
1212 Aug'34 ---53
72
/
1
4
6014 55
Gold 490 with warrants_1969 M N 6012 Sale 56
1414 40
2
'(Norfolk es South let g 58-1941 li N 221 2812 25
25
/
4
52
71
158
61
Gold 494e
1981 M N 61 Sale 5612
22 983 107
4
/
1
4
105
N A W By 1st OMB g 48. -1996 A 0 10412 Sale 104
53
971
827s 99
/
1
28 1004 70838
/
1
4
4
San Fran Term let
108
_1950 A 0 963 Sale 9634
DWI let lien A gene 4e_.1944 3 1 107 Sale 107
107 Aug'34 -_-- 101 107
/
4
2
9934 1061 So Pao of Cal let con fru 358_1937 MN 107
Pocah C & C joint 4s
48.1941 .1 D 10538 Sale 10538 10538
99 100
. So Pao Coast 1st gu g 48_1937 J J 1004 1011 100 July'34 ____
.
/ 1
North Cent gen & ref fe A_ _1974 M S 11412 ___ 98 Oct'33 -- - ____
59
86
70 90 4
3
/
1
4
1955 J J 86 Sale 8512
_Gen & ref 4948 series A....1974 M S 10112 _ _ _ 103 Aug'34 ---, 9912 10818 Bo Fee RR 1st ref 49
__
/
1
Stamped (Federal tax) ....l958 J J ____ ___ 924 May'30 --- ___
40
:North Ohio let guar g 5s
3 35 60
1945 A 0 40 Sale 40
89
99
SS 1047
- e
Ex A pr'33-Oct'33 A pr'34 cpna_
3534 64 Southern Ry let cons g 58_1994 J 3 971: Sale 9634
____ 5412 60 June'3 ---61 203
5314 733
4
Devel & gen 45 series A
1956 A 0 60 Sale 5734
Stmpd as to sale Oct 1933. &
71
95
801 128
3438 52
Devel & gen E
1956 A 0 7934 Sale 7612
Apr 1934 coupons
/
1
4
-- ____ 4934 48 Aug'34 ---63
84
73 4 973
3
4
1956 A 0 84 Sale 8014
Devel & gen 6348
9814 97 83 101
North Pacific prior lien 48_1997 -- J 984 Sale 97
011
/
1
80
/
1
4
804 100
93 9614 July'34
60
71
6584 85
Mem Div 1st g be
1996 .1 .1 85
Gen lien ry & Id g 3,Jan 2047 Q F 6538 Sale 643
4
6614 91
1
73
73
/ 9014
1
4
St Louie Div 1st g 4e
22
79
Ref & Impt 434e series A _ _2047 J J 7712 7912 7712
1951 .1 .1 7712 80 73
84 102
/
1
4
864 103
East Tenn reorg lien g 58_1938 M 5 ____ 102 102 Aug'3 -___
/
1
9234 99
Ref & impt 6e aeries B__ _2047 J J 92 Sale 9014
56
81
8
62
8514 28
Mobile & Ohio coil tr 46_1938 M S 63 65 60
7614 9713
Ref & inapt 5a aeries C.- _. 2047.7 1 8414 Sale 84
94 17
914
lO'4 21
5
914 107
7512 97 (Spokane Internet 1st g 5s..1955 3 J
85
Ref & impt 58 aeries D__.2047 J .1 8312 8638 85
_Nor By of Calif guar a 58....1939 A 0 10318 ____ 100 Jan'3 ---- 100 100 Staten bland By let 49411_1943 1 D --------60 May'3 ---- ___
Sunbury & Lewiston let 4a 1936 .1 1 100 ___ 100 Feb'3 ___. 100 100
51
72
Off & L Cbam let gu g Cs_ _ _1949 I J 4312 57 59 July'34 ---46
7
8
__ Tenn Cent 1.1 6, A or B__ _.1847 A 0 56
441 694
607 61 Aug'34
Ohio Connecting By 1st 4_.,l943 M S 10012 Ion 97 Mar'3 .-__ ___
/
1
2 RNA 108
3 100 111412 Term Aeon of St L let g 4148_1939 A 0 10712 108 10712 l07'2
Ohio River RR let g 58
1936 J D 10414 Sale 10414 1041
6 89 104
let cons gold 5.
lO2'i
1944 F A 10812 110 10812 Aug'34 _--- 10138 III
General gold M
1937 A 0 101 Sale 101
93 82 101
99
/
4
Gen refunds f g 48
3 92 16412
1953 J J 9812 Sale 981
Oregon RR A Nay coma 4.1946.5 D 10318 104 10312 104
7514 97
5
/
1
4
5 104 112 Texarkana & Ft S 1st 5348 A 1950 F A 86
87
89 8518
/
1
4
/
1
/
1
Ore Short Line let eons a 58.19 J 1 10812 1124 1104 111
48
91
64
/
4
/
1
4
/
4
19433 J ____ 8578 85 Aug'34 ____
Guar stpd cons 5,
19463 3 111 1131 1121 11212 102 104 115 Tex & NO con gold 58
9114 111
22
109
83 10034 Texas & Pao 182 gold 58
/
1
4
114
98
2000 1 D 109 110 109
Ore-Wash RR & Nay 4s_ __ _1961 J 3 9712 Sale 97
64
87
13
81
8
1977 A 0 81 Sale 767
Gen & ref 58 serial B
65
861
/
4
16
81
Gen & ref fie series C
8714 10034
/
4
1979 A 0 81 Sale 7538
Pao RR of Mo let ext g 413_1938 F A 99
/ 9912 991 Aug'34 ---1
4
50
65
8612
81
/
1
Gen & ref 5e series D
1980 J D 81 Sale 754
26 extended gold LA
19383 J 90 98 95 July'34 -- 84 10012
67
9114
/
1
4
Paducah & Ills let a f g 410_1955 J 1 104 10512 104 July'34 ____ 100 104 Tex Pac-Mo Pao Ter 534a A _1964 M S ____ 86 87 Aug'34 __-.
1
33 12314 16212 Tol & Ohio Cent let gu 5s_ 1935 .1 J 1013 10234 1011 1011
9412 10312
/
4
/
4
4
Paris-Orleans RR ext 530_1968 M S 1594 Sale 15934 2161
/
1
9712 1024
/
1
50
1
80
50
Western Div 1st g 5s
Paulista Ry let ref e f 7e__..1942 M 8 8018 90 80
1935 A 0 10112 103 102 Aug'34 -_
90 102
3
25 85 10334
General gold 58
1935 J D ---- 10112 10112 10112
Pa Ohio & Del let de ref 434e A'77 A 0 101 Sale 10012 101
673 8718
4
7312 81 81 Aug'34 ____
106 July'34 --__ 101 10618 Tol St L & W 50
Pennsylvania RR cons g 48._11343 MN 106__
-year g 4s 1950 A 0
/
1
8 100 1064 Tol WV &0gu 4e ser C_ _ _1942 M 5 100.__. 9618 Apr'31 ---- - - .
4 10612
1948 M N 106 10612 1053
Coned gold 4e
82 9738
-997s 107 Toronto Ham & Buff let it-48 1946 J D 9412 97 9614 Aug'34 ____
es awl atpd dollar May I 1948 M N 10612 107 107 Aug'34 ---144
993 1083
4
4
40 103 112 Union Plc RR 1st & Id gr 4a 1947 J
10612 Sale 10612 108
/
1
Consol sinking fund 4 M-1960 F A 10912 111 1094 Ill
89 103
/
1
4
/ 10012 35
1
4
88 10334
94
/
1
4
let Leen & ref 49
June 2008 M S 9912 Sale 99
8
General 430 series A
1965 3 D 1007 Sale 10012 102
4
893 105
10112 52
10012 Sale 10014
97 110
/
1
4
10734 20
Gold 4348
19683 D 107 Sale 107
1967J
Gereral 58 series B
/ 67 10334 10712
1
4
/
1
4
lit lien & ref 5s
1936 F A 1061 Sale 10614 106
15
-year secured 6998
June 2008 M S 10912 114 11412 Aug'34 ____ 10212 115
/
4
8212 99 8
5
70
96
9114 10434
40-year gold 44
1968 J D 96 Sale 95
40
-year secured gold 5._ _1969 MN 10112 Sale 10112 10212 45
7814 9274 11 N J RR & Can Hen 43
29
88
1944 M 5 10712 ____ 10738 Aug'34 --__ 10012 10738
Deb g 434s
1970 A 0 87 Sale 87
99 102
/
1
4
110 83 98
/ Vandalla cone g 45 aeries A 1955 F A 100 ____ 10114 May'34 -_
1
4
96
General 4 Ne series 1)
1981 A 0 954 Sale 95
/
1
9718 101
9512 163
Cons e f 4s Bedew B
9112 97
Gen mtge 431 ser E
/
1
4
1957 M N 100 ____ 101 Apr'34 ____
1984 J 1 9514 Sale 9412
2
/ 5
1
4
9
4
412 Bale
2 57
65
414
8134 *Vera Cruz & P east 494e._1933 J .1
Peoria & hasten) let cc aa 49.1940 A 0 6614 70 65
/
1
4
/ 3
1
4
3
/
1
338 41 34 July'34 ____
/
4
J J
July coupon off
714
81
/
4
Inoome 48
6
6
19 4
,
April 1990 Apr
734 Sale
1
98 108
/
1
4
/
1
4
8512 10212 Virginia Midland gen 58____1936 M N 10312 Sale 10312 10314
1
101
Peoria A Pekin Un let ti Na_ _1974 F A 10014 ____ 101
7578 97
8512 Aug'34. -_
91
7712 10
5812 90
Pere Marquette let see. A 58 1956 J J 7712 Sale 77
Va & Southwest 1st gu 56._ _2003 J .3 90
87 87
24
80
6514 33
5014 7812
let 4.aeries B
let eons 5.
1956 J .1 6514 Sale 6334
1958 A 0 7812 Sale 7812
9918 110
27
511 81
/
4
28
66
let g 434.merles C
Virginia By let 58 series A_.1962 M N 10612 Sale 10614 108
1980 M 5 66 Sale 64
I
90 10312
8 lO27s
1 1004 10788
Phil. Belt & Wash let g 413-1943 M N 10612 Sale 10612 10612
/
1
let mtge 414s series B____1962 M N 10518 10634 1027
110
9 100 11012
General Is series B
1974 F A 10912 110 110
74
93
10
88
General if 494e eerie, C_1977 J .1 102 10512 10312 Aug'34 ---, 9214 10512 (Wabash RR let gold 5e__1939 M N 88 Sale 88
5618 8312
6S2 27
Philippine RY let 110-tr s I 4e 1937 J .1 25
2d gold ISs
234 3114
/
1
8
27
27 25
1939 9 A 6813 Sale 67
80 60
lat lien 50
-year g term 441....1954 .1 .7 ____ 58 60 Feb'3 ---70 100
99 100 July'3 ---_
4 10712 15 10114 10814
PC C & St L gu 4344 A
Det & Chic Ext lit 5e
1941 .1 1 82
4
1940 A 0 1063 Sale 1063
45
58
Series B 434s guar
55 52 Aug'34 ---4
1942 A 0 ____ ____ 1063 Aug'34 ---- 102 108
Dee Moines Div let g 4s_.1939 J J 50
45 55
1
48
50 48
1942 MN --------10733 July'34 ____ 103 1074
Omaha Div let g 334s_..,.1941 A 0 45
/
1
Series C 4145 guar
73
/ 75
1
4
75 May'34 ---90
&MCA D 4s guar
9918 101
1945 MN 10012 ____ 100 May'34 ---Toledo & Chic Div g 43_ 1941 M S 66
1334 29
24
17
1949 F A 9512 .._ _ 8912 Aug'33 ---- ____
. :Wabash By ref & gen 534s A -'75 M 8 1634 Sale 15
Serifs E 4948 guar gok1
1412 25
Series F 48 guar gold
99 1033
4
__ 1033 July'34 ---1953 J D 104
Certificates of deposit, ____ ____ 25 Apr'34____
_--4
7
1314 2812
1957 MN 1007 1063 10434 June'34. 8 - 4
911 105
-Series 0 4e guar
Ref & gen 5s(Feb'32 coup) B'76 I-At 1514 1833 15161
10
2414
24:-. Apr'34---Series H cone guar fa
_ 105 July'34 -_ 10212 10512
1960 F A 10412
- -_-Certificates of deposit __ -_
/
1
4
1312 23
1 100e 109
108
41
4
17
Ref & gen 494s aeries C
Serial I cone guar 43411.--.1903 F A 10612 11012 108
-A0 17 Sale 1434
1978 -- 2513
16
20 May'34____
Series.) cons guar 414s
1964 M N 105 109 108 June'34 ---- 10115 108
_,
.._.
Certificates of deposit -___ --. ., ,_
13 28
164 13
/
1
94 110
13
/
1
General M 6a miles A__ 1970 1 D 10512 106 1054 107
Ref & gen 50 serlee D
4
1980 A0 163 Sale 15
10734
14
2312
2314 Apr'34 ____
2 94% 110
Gen mtge guar 58 ser B1975 A 0 10554 1073 106
4
Certificates of depoeit ____ __ .--- ---- ___
6
77
4 10118 17
Can 434,seriee C
1977.7 J 10078 Sale 1003
8434 103 Warren 1st ref gu g 3Ns_ _ _ 2000 F A ---_ 787 77 May'34 --__
79
79
Pitts 811& L 8) lat g 58
1940 A 0 103 ____ 10412 Dee'33 ---- __. _ __ Washington Cent 1st gold 4s1948 Q 111 __-_ 881 79 June'34 ____
5 93 103
993
4
let comel gold lis
1943 J 1 101 ____ 100 Mar'33 --.. ____ ___ Wash Term let gu 334s
9934
/
1
1945 F A 994 101
1943 m N 99
_
_
_ 94 Oct'33 --, __
__
1st 40
Pitta Va & Char let 4s
1945 F A 10112 ___ 95 Nov'33 --year guar 4s
ior, WI:
8412 ii
52
91/
Pills& W Va 1s1 434s ser A.1958 J 0 66 - - 66
Western Maryland let 48_1952 A 0 8212 Sale 82
3 58 6812
9
6812
4
9212 13 80 973
56
7914
let M 43.4e eerie. B
1958 A 0 6812 Sale 6812
let & ref 534 series A_ 1977 J J 9214 Sale 9134
,
4 1023s 1063
4
80
7 56
69
1960 A 0 6712 73 683
West NY & Pa 1st g 58
4
let M 4348 series C
1937 J .1 106 Sale 10534 106
3 85 10312
1O31
9414 100
.
General gold 48
Pitt. Y At Ash let 41 ger A 1948 J D 100 ____ 100 May'34 -- 1943 A 0 10014 10214 102
30 46 4
40
1962 F A 104-- __ 10914 Aug'34 ---- 101 10912 Western Pac let faa ser A. 1996 M S 40 Sale 3812
3
40
let gen 5a series B
50 50
1384 86
/
1
4
82
West Shore let 48 guar
50 50 Aug'34 -___
Providence Secur deb le
1957 MN 36
2391 J J 8114 8233 81
3 6512 8238
Providence Term 151 4,
1958 M S 85 ____ 9112 Apr'34 ---7812
79
814 911
/
1
/
4
Registered
2361 J J 7712 81
2 85 10112
9934
993
4
Wheel & L E ref 494s set A_1966 M S 9934 100
9312 105
9512 35
Reading Co Jersey Cent coil 48'61 A 0 9412 Sale 9412
82 9812
/
1
4
Refunding 5e series B
1966 M 5 102 10334 102 Aug'34 --__
74
8
86 105
102
3 86 4 10112
100
RR let cense'49
Gen & ref 4348 series A_ 1997 J J 10138 Sale 101
1949 M 5 100 Sale 100
31/38 597
8
5
4812
Gen & ref 4148 series B
1997 1 J 101 102 10114 1013
Wilk & East let ri g 56
1942 J D 4412 49
8612 105
4 17
48
.._ 113 Oct'30 -- ____ ____ Will & SF 1st gold 5a
/
1
4
N
Rensselaer & Saratoga 644._1941
1938 .1 D 9812 1001 10012 Aug'34 ____ 100 102
_ __ Winston-Salem El B 1st 4s__ _1960 .1 1 95
90 10212
_ 10014 Aug'34 --__
1948 M N 39 10 40 July`33 ---- ____
Rich & March let g 48
9914 10314 (WI,Cent 50-7r let Hen 411_ _1949 J .1 1412 151 1314
/
4
_ 1021 Aug'34 ___
1134 2212
4
144
/
1
Richm Term By latrI58___1952 J J 102'2
7
17
/
1
4
3
812
83
4
812 Sale
Sup & Dui elto & term 1st te '38 M N
78
9633
Rio Grande June let gu 5a_ _1939 .1 D 7312 1614 95 Aug'34 ---114 Oct'33 ____ ___ __ Wor & Conn East let 4%5_1943 / J 70 -__ 66 May'34 ---Grande Sou let gold 4&l9491 1 --_
4
66 66
Iftio
Guar 48 (Jan 1922 coupon)1940 J 1 --------314 July'33 --, ____
9378
2 68 --_/
1
804
/
1
INDUSTRIALS.
Rio Grande West lat gold 48_1939 J J 771a 81 804
19
48
441s 67
let con & colt trust 48 A__1949 A 0 48 Sale 4614
1813 4884
9
978 25 ':Abitibi Pow & Paper let 581953 J D 3018 3033 30
1214 10
31
'(RI Ark & Louis let 494s_ _1934 M S 1214 Sale 11
47
72
Abraham & Straus deb 5349.1943
60 51 Aug'34 ----Canada 1st gu g 4..___l949 J J 52
Rut
A 0 10314 1042 103
5312 784
/
1
1941J J 60
7 93 10512
10312
With warrants
75 68 July'34 ---_
Rutland let con 4948
83
7 62
79
/
1
4
791 7914
Adams Express coil tr 34a___1948 all 5 78
86 103
/
1
St Joe & Grand Isld let 48-.1947 1 J 10012 10114 1014 Aug'34 ---9014 110
77
9514 Adriatic F.lee Co eat'78
19983 .1 85
1952 A 0 9538 1001; a95 Aug'34 ____
90 9514 July'34 ____
Elt Lawr & Adr 1st g 54
70
56
3
7978 93 Albany Perfor Wrap Pap 68_1948 A 0 6912 Sale 6912
70
92 8838 Aug'34 ____
1996 A 0 85
2d gold 6a
m
For footnotes see page 1215
New York Bond Record-Continued-Page 5
1214
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
..:3
-.. L..
'.,a.
Price
Friday
Aug. 24.
Week's
Range or
Last Sale.
.1 .
7..1
te
Industrials (Continua)Bid
High No.
Ask Low
Allegany Corp colt tr be
1944 F A
65 Sale 63
65
78
Coll & cony 58
1049 J D 5812 Sale 56
5812 65
Coll dr cony Is
1950 A 0 28 Sale 26
2834 143
Certificates of deposit..__-- - 2812 3012 29
29
5
AllLs-Chalmers Mfg deb 5s 1937 MN 97 Sale 97
98
62
Alpine-Montan Steel let 711_1955 M 8 75
79
7714 July'34 ---Amer Beet Sugar So
1935 F A 10018 10112 10014 10014
3
Bs extended to Feb 1 1940___ F A
94 Sale 93
94
3
American Chain 5-yr 0a
1938 A 0 87
881z 8712
2
88
Amer Cyanamid deb 58
1942 A 0 102 Sale 102
1024 22
Am & Foreign Pow deb 5s
4
2030 M 9 523 sale 51
53
152
American Ice If deb Is
1953 J D 6812 Sale 6712
6812
3
Amer 10 Chem cony 540_1949 M N 97 Sale 9534
97
57
Am Internet Corp cony 540 1949 .1 .1 81 Sale 81
81
15
Amer Mach & Fri,'8 f 68_1939 A 0 104
_-__ 10512 1054
1
Am Rolling Mill cony be__ _1938 M N 105 Sale 10438 105
118
Am Sm & R 1st 30-yr 6eserA '47. A 0 105 Sale 10414 105
70
Amer Hug Ref 5
1937 J J 10658 Sale 10513 10658
-year 88
4
Am Telep & Teleg cony 48
1936 M 9 10312 ____ 10312 Aug'34 ---„
30
-year roll tr be
1946 J D 10912 Sale 10918
10918 42
35
-years f deb be
1960 1 .1 10812 Sale 108
10918 101
20
-years f 5445
1943 M N 11058 Sale 11038 11214 56
Cony deb 440
1939.9 1 108 Sale 10712 108
18
Debenture Is
1995 F A 1083 Sale 10814
109
243
4
:Am Type Founders 6s ct1e_1940 ---- 20
26
26 Aug'34 _
Am Water Works & Electric10-yr 5s cony coil tr
1944 M 9 10314 Sale 1013
4 10314 209
Deb g Mentes A
7712 77
77
. _1975 MN
773
4 25
:Am Writing Paper 1st g 88_1947 3 J 23 Sale 217
23
8
18
Anglo-Chilean Nitrate 7s___1945 M N
812 Sale
9
45
8
Ark & Mom Bridge & Ter 58_1964 M 9 75
95
8612 July'34 -,- 7
Armour & Co (III) let 430_1939 1 D 100 Sale 9934 100
233
Armour & Co of Del 540___1943 J .1 97 sale 9614
9714 124
Armstrong Cork cony deb be 1940 .1 D 1007 10114 10014 101
8
34
Associated 0116% g notes_ ,1935 M S 1023 1027 1023 Aug' ---8
8
4
34
Atlanta Gas L let be
1947 1 D 10111_
10018 May'34 ____
Atl Gulf & WI 88 coil tr 5s 1959 J J 54
5412
5
5512 5412
Atlantic Refining deb est
1937 J 1 10718 10714 107
10714 41
--
Baldwin Loco Works let 58_1940 lel N
Batavia]) Petr guar deb 440_1942 J J
Bell Telep of Pa As amen B 1948 3 1
let & ref be series C
1960 A 0
Beneficial Indus Loan deb fle 1946 M 9
Berlin City Elec Co deb 654s 1951 J B
Deb sinking fund 8345.... _ _1959 F A
Debentures 8e
1955 A 0
Berlin Elec El & Underg 840 1956 A 0
Beth Steel let & ref bs-guar A '42 MN
30
-year pm & impt 8158_1936 J .1
Bing te Bing deb 640
1950 M 9
911otany Cons Mills 634s_1934 A 0
Certificates of deposit_ ____
A 0
•Bowman-Bilt Hotels 1st 7s_1934
Stine as to pay of $435 pt red__ M S
3
:13'way dc 71h Av 1st COcons5sI943 J D
Brooklyn City RR let Es... 1941 1 J
Bklyn Edison Inc gen 58 A 1949 . 1
1
Gen mtge be series E
1952 J J
Bklyn-Manh R T sec 6s
19138 J J
68 series A
1949 1 1
Bklyn Qu Co & Sub con gtd be '41 M N
let be stamped
1941 J J
Bklyn Union El let g
_1950 F A
Bklyn Un Gas let cons g 56_1945 MN
50_1st lien dt ref 88 series A 1947 M N
il
1938 J J
Cony deb g 540
Debenture gold be
1960 1 D
1st lien & ref series B
1957 M N
Buff Gen El 440 series B1981 F A
:Bush Terminal 1st 48
1952 A 0
1955 J J
Coneol fs
Bush Term Bldgs 58 VI tax ex '30 A 0
By-Prod Coke 1st 534s A__ _1945 MN
Cal()& E Corp unf & ref 58_1937 51 N
Cal Pack cony deb 58
1940 J J
Cal Petroleum cony deb of As '39 F A
Cony dabs f g 540
1938 MN
Camaguey Sugar 7s ctfs
1942
Canada SS L 1st & gen 68..1941 -A0
Cent Diet Tel let 30-yr 5s_ _1943 J O
Cent Hudson 0 & E 55_Jan 1957 M 8
Cent III Elec & Gas 1st 58_ _1951 F A
Central Steel list g 8 f 8s
1941 M N
Certain-teed Prod 540 A
1948 M 9
Chew)Corp cony 541 May 15 .47 M N
Ch 0 L & Coke let gu g Se...19 J J
:Chicago Railways 1st be stpd
Aug 1 1933 25% part pd
F A
Childs Co deb be
1943 A 0
Chile Copper Co deb 58
1917 1 J
Cin 0& E 1st /41 41 A
1968 A 0
Clearfield Bit Coal let 4s
1940 J .1
Colon Oil cony deb 614
1938 J J
:Colo Fuel & Ir Co gen a 1 be 1943 F A
Col Indus let & coil Se KU- 1934 F A
Columbia CI & E deb be May 1952 M N
Debenture 58
AM' 15 1952 A 0
Debenture 58
Jan 15 1961 J .1
Columbus Ry PA L let 440 1957.9 J
Secured cony g 64s
1942 A 0
7
4
10634 107 10634 1063
10612 107 106
106
5
112 1123 112
4
11214 37
116 Sale 1155
8 116
20
10314 Sale 210314 10314
6
3214 Sale 3214
36
15
a3012 Sale 2334
3314
4
32
2912 Sale 2912
20
323 3514 3538
353e
1
4
11018 Sale 110
1101e 29
103 Sale 103
10312 18
31
51
3712 July'34 ___
11 sale Iola
11
10
75 Sale
8
75
8
2
75
8
3
-- 44 MaY' ---33
97 To
8
978 Aug'34 ____
82
8512 85 Aug'34 --__
10912 Sale 10918 1007
8
7
1083 Sale 108
8
109
30
10114 Sale 101
10214 188
100 sale 9912 100
no
5912 644 6614 June'34 ____
01 - 64 Aug'34 __ _ _
954 Sale 954
28
9
6
115 Sale 11412 115
3
118 120 120 July'34 ____
___
- 158 Feb'34 ____
i045 10512 10458 105
8 --3
1085 110 110
8
110
1
1055 109 10618
8
1064
3
533 60
8
5314 Aug'34 ____
19
20
20
19
7
3912 Sale 3838
395
8
6
7313 75
733
4
75
6
1074 1084 1074 Aug'34 ____
10334 Sale 1034
104
52
102 Sale 102
10214
9
10112 102 10112 102
14
6
73
4 712 Aug'34
_
283 29 2 273
4
273
,
4
3
4
1073 110 10734 10814 21
8
1084 109 108
10914 13
62 Sale 603
62
4
14
112 115 110 Aug'34 -___
6214 Sale 62
63
51
10312 Sale 1003
4 10312 260
1043 Sale 10418 1053
8
8 27
5434 56
5712 Aug'34 _-__
4738 51
4518
4528
5
82 Sale 82
83
40
10114 Sale 10014
10112 20
58
__
-- 854 June'34
57 Sale 57
57
1
55
5912 547
8
584 17
25 Sale 22
25
10
84 Sale 8338
844 81
8612 82 Aug'34 _. _
83
83 Sale 823
4
834 67
.
9614 Sale 96
9012 12
104 105 104
105
16
--
Comml Invent Tr deb 548_1949 F A
Conn Fty & L let & ref g 440 1951 1 1
Stamped guar 440
1951 1 J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 76_1950 J J
:Cone Coal of kidlet .34 ref 5e 1950.9 O
Certificates of depositConsol Gas(N Y)deb 540 1945 13- -A
Debenture 434s
1951 1 D
Debenture 5s
1917.9 J
Consumers Gas of Chic gll 58 )938 J D
Consumers Power let Es C 1952 M N
Container Corp 1st Be
1946 1 D
15
-year deb be with warr_1943 1 D
Copenhagen Telep be Feb 15 1951 F A
Crown Cork & Seal s f 6s__ _1947 1 0
Crown Willamette Paper 88_1951 1 J
rrown Zellerbach deb 58 w w 1940 M 9
31:Cuban Cane Prod deb 6s_1950 1 J
Cumb T & T 1st & gen (141._1937 1 J
37 Bale 37
2512 Sale 224
25 Sale 2238
10512 sale 10914
101 Sale 10012
10212 Sale 10212
10418 Sale 10418
108 Sale 108
94
95
9312
69
723 70
4
86 Sale 86
103 104 104
9614 Sale 94
94 Sale 94
21s
3 Sale
10714 Sale 10714
Del Power At Light 1st 448_1971 J 1
1st & ref 444e
1969 1 J
let mortgage 440
19693 .1
Den Gas dc El List & refs f As'51 M N
Stamped as to Perna tax_1951 M N
Detroit Edison As ear A
1949 A 0
Gen &ref 58 series B
1966 ./ D
Gen & ref be merles C
1962 F A
Gen de ref 440 series D_1961 F A
Gen & ref 58 series E
1952 A 0
Dodge Bros cony deb 68
1940 M N
Dold (Jacob) Pack let 6d.-1942 M N
Donner Steel let ref 75
1942 J J
Duke-Price Pow 1st 8s eer A_1968 MN
10518--- 104 Aug'34 --__
994 102
0212 Aug'34 _-__
10212 1034 10238 10314
5
102 Sale 10112 102
5
101
____ 10112 10112
2
108 Sale 10714
108
18
10812 ____ 1084
109
29
10712 ____ 1067
10718
7
8
103 Sale 10238
10312 55
108 Sale 10712 108
15
1043 Sale 10434 10522 109
4
9214
92
5
9212 924
10112 ____ 100 Aug'34 --__
9212 Sale 9212
14
94
Foy footnotes see page 1215
10912 Bale 1087
10912 31
8
4
--- 1043 July'34 --_ _
1
104 105 10414
041044
2
38
2512
25
29
44
12
1013
8
10322
10418
10918
944
72
86
10438
9614
94
31s
1073
4
34
56
4
19
5
20
5
8
24
2
41
32
10712 27
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
:'..
33
:-.!.. b
414
Aug. 25 1934
Price
Friday
Aug. 24.
Week's
.1 .
Range or
*..
Last Sale.t 1
c
Range
since
Jan. 1.
Low
High
Industrials (Continued)Bid
Ask Low
High No. Low
High
5118 74
Duquesne Light 1st 44e A__1967 A 0 10714 Sale 107
10714 24 1013 108
4
44
6912
let Mg 440 series
_ _1957 M 8 10912 Sale 10912 1097
8
7 10212 111
25
46 'East Cuba Sue 15-yr s f740 '37 M S 1612 Sale 144
,
B_1612 17
74 2212
2712 4018 Ed El Ill Bklyn 1st cons 48__1939 J J 106 107 10018 Aug'34 ---- 10018 107
904 100
Ed Else(N Y) 1st eons g 58_1995 I J 12218 124 122 Aug'34 ---- 110 12218
5814 8312 Et Pow Corp (Germany)840'50 M 9 3712 Sale 3712
39
47
353 8911
4
71 10014
1st sinking fund 644s
1953 A 0 3712 Sale 3712
383
4 32
34
6914
80
9614 Ernesto Breda 7s
1954 F A 72
7812 69 Aug'3468
89
64
903 Federal Light & Tr 1st 513
8
1942 M 8 7112 78
7712
2
77 2
,
64
82
934 10314
5s International series_ _1942 M 9 --------8034 June'34 --__
75
803
4
35
5912
1st lien s f 513 stamped
1942 M 9 7112__-_ 78 July'34 ---6012 8214
62
7934
let lien 65 stamped
1942 M 9 74
80 80 Aug'34 --.64
8522
837 99
s
30
-year deb 68 series B
1954 J 0 625 Sale 625
8
8
623
8
2
5112 6812
674 87
Federated Metals a f 78
1939 1 D 10412 Sale 10412 10412 10 101 106
10412 10712 Fiat deb 8 f g 78
1946 J J 10012 Sale 10012 101
8
9712 102
953 11612 FramerMan Ind Dev 20-yr 748'42 J J 10612 10712 10612
4
10612
1 10212 110
9912 105
:Francisco Sug 1st 51 740_1942 NI N
28
313 3014
4
31
2
19
41
10414 1074
1015 10438 Gannett Co. deb 68 ear A_ 1943 F A 9712 98
8
9712 Aug'34 - 7914 9912
10518 1103s Gas & El of Berg Co cons g 561949 3 D 110ls ---- 104 Feb'34 ____ 104 104
10314 11112 'Gelsenkirchen Mining _ _1934 M 8 5512 Sale 5318
,
5614
9
5318 80
1057 113
8
Gen Amer Investors deb Is A1912 F A
6s9484 ---- 943
05
4
20
794 983
8
1063 113
8
Gen Baking deb 51 530._ 1940 A 0 10.118 Bale 1033
4 10412 18 102 1053
4
1034 11114 Gen Cable lst 8 f 534s A
1947 J .1 744 Sale 74
7512 25
59
7714
26 50
Gen Electric deb g 34e_
I942 F A 105 Sale 105
105
1 100 105
Gen Elec(Germany) 75 Jan 15'45 .1 J ____ 475 48 Aug'34 ____
8
48
85
98 111
El f deb 6448
1e40 J B -- -_ 51
4714 Aug'34 ---4714 6312
6414 90
20
-years f deb 6s
44
1948 M N 40
6312
40
413
4 21
40
2112 62
Gen Petrol 1st sink I'd 541_1940 F A 1043 10512 10412 105
4
18 10312 106
5
1734 Gen Pub Ben deb 540
9412 Sale 944
1939 J J
0412
3
76
9514
8314 90
Gen Steel Cast 548 with yrarr '49 J 1 8412 Sale 28414
8412 14
6818 90
871s 100
3
:Gen Theatres Equip deb 6s1940 A 0
64 Sale
612
714 23
318 13
82
9812
Certificates of deposit
63
8 64 6
64 41
3
1134
88 10112 Good Hope Steel dr Ir sec 78_1945 A 0 45
49
4018
4712
7
4613 8318
1025 1047 Goodrich(BF)Co let848__1947 J 1 103 Bale 103
8
8
101
42
95 10512
95 10018
Cony deb 68
1945 1 D 84 Sale 8212
84
60
72
90
50
8112 Goodyear Tire & Rubb 1st 5e1957 fel N 101 Sale 1003
4 10112 139
8914 103
1035 108
8
Gotham Silk Tindery deb 66_1936 1 0 ---- 90
86 Aug'34 ____
8512 95
:Gould Coupler 1st s f 6s 1910 F A
1212 1412 1212 Aug'34 ____
87 1912
8
102 10712 Gt Cons El Pow (Japan) 75_1944 F A 865 Sale 85
8
865
8
5
8814 87
10238 116
1950 J J 7918 80
1st & gen e f 844e
79
79
13
6.515 7918
100 114
Gulf States Steel deb 540
1942 1 13 88
883 8812
3
8914
10
71
9212
108 118
84 108
Hackensack Water let 48_11152 J 1 104 Sale 10214
104
5
90 104
3214 853 Hanes 89 Lines de with warr_1939 A 0 44 Sale 4312
4
4412 15
394 5712
3034 67
Damen Mining lie with warr_1949 J J ____ 537 5412
8
5412
1
53
7038
2912 6514 Havana Elm consol g 513
3814 423 a40 Aug'34 ____
1952 F A
4
2912 38
3412 74
Deb 64e Amin of 192&.,I931 M S
8
934 84 Aug'34 ____
7
93
4
9978 1153 •illoe(11)& Co 1st 6%s ser A1931 A 0 32
8
35
33
34
5
25
40
99 104
Holland-Amer Line 65 (flat)_1947 M N
14
25
39 Dec'33
30
3712 Houston Oil sink fund 540 1940 MN
8218 8514 8314
85
21
65 88
914 25
Hudson Coat lets I Saner A.1962 J D 44 Sale 44
464 27
39
51
75 20
8
Hudson Co Gas let g 5s
1949 MN 11218 Sale 1113
4 112,
8 10 10514 114
Humble Oil& Refining 5s......1937 A 0 10238 Bale 10238 1021z 16 10238 10512
-- Illinois Bell Telephone 58
8
1958 1 D 1083 109 10812 109
19 1053 110 2
4
,
93 ---- Illinois Steel deb 440
8 97
8
1940 A 0 106 Sale 10578
107
11 10212 10814
72
86
Deader Steel Corp mtge 68 194g F A
363 Sale 3514
8
3638 33
354 5912
1054 1095 ind Nat Gas & 00 ref 56
8
1936 8! N
04 1034 10212 Aug'34 ____
94 103
10514 110
Inland Steel 1st 4448
1978 A 0 10012 Sale 100
10034 57
88 101 22
9314 1023
4
let M 51 440 ger B
1981 F A 100 Sale 100
10018 31
854 101
9914 10014 :Interboro Rap Tran let 148_1986 1 -1 7418 Sale 7358 7434 336 6512 754
57
67
3 -year Ile
.10
4
1932 A 0 443 Sale 424
4514 231
30
473
4
573 673
4
4
Certificate/8 of deposit
39
37
8
,,-, ---- 40
2712 42
754 9934
90
-year cony 7% notes_1932 1 S 8012 Sale 80
_----44
83
43
7014 83
1083 11514
4
Certificates of deposit ____
77
_
..
794 80
8112 15
6712 8112
11078 120
Interlake Iron 1st 58 B
M N 6712 Sale 6712
1951 -674
0
60
77,
8
158 158
lot Agric Corp 1st & colt tr 5698 1053
s
Stamped extended to 1942_ _ M N 6912 794 76 Aug'34 __-62
8412
1043 110
4
95 Sale 9312
lot Cement cony deb 5s___ _1948 M N
95
38
797 96
8
99 1083 Internet Hydro El deb 881_ _1944 A 0 543 Sale 5238
4
4
543 107
4
4018 693
8
53
60
Inter Men Marine 8 f 6s_ _1941 A 0 50
52
5012
49
6
44
65
1218 2812 Internal Paper As sec A & B.1947 3 J 70
707 70
7078
8
5
5712 82,2
3618 6012
Ref 8 f Se series A
1955 M 8 54 Sale 5312
5412 14
388 73
4
6112 88
Int Telep & Toles deb g 440 1952 J J 5618 Sale 5512
5612 26
4814 65
Cony deb 434s
6512 48
1939 1 J 65 Sale 6312
67
7312
10318 10812
60
1955 F A 60 Sale 58
Debenture be
121
52
893
4
864 104
Investors Equity deb M A 1947 I D 8212 9514 9514 Aug'34 ____
8253 98
963 103
8
Aug'34 ____
88
96
98
94
Deb 58 Mr B with warr_1948 A 0 8212
994 10112
Without warrants
877 98
8
1948 A 0 8212 9512 9512 Aug'34 ____
272 12
18123334 K C Pow & Lt let 440 ear B 1957 .1 J 107 10814 107
107
1 10012 10814
1045 10912
8
lot mtge 440
10912 18 10038 11014
1981 F A 10712 109 108
10418 10914 Kansas Gas A, Electric 448_1980 J 13 964 Sale 9614
967
8 23
724 994
454 694 Kantadt (Rudolph) 1st 8s._1943 M N
27
32
30
30
5
19
3612
10118 112
Certificates of deposit
233 Sale 2338
4
233
4 24
1612 32
524 717 Keith (B F) Corp 1st 6e____1948 M S 411
8
624 5912
603
4
.5
61
72
98 110
4114
Kelly-Springfield Tlre 68_1942 A 0 4238 44
4114
3
3834 594
9814 106
Kendall Co 640 with warr__1948 M S 0614 97
9612
9712 16
744 9812
Keystone Telep Co let 5e___1935 1 1 78
89
88 Aug'34 ---7312 83
47
60
Kings County El L & P 68_1937 A 0 1063 10814 10814
4
10814
10 104 1095
8
41
65
1997 A 0 141 149 141 Aug'34 ____ 122 145
Purchase money 6e
56
87
Kings County Eley let g 48_1949 8 A 9114 Bale 9012
9114
19
76
951
92 1027 Kings Co Lighting let 16_1954 J J 1083 1-- 109 June'34 ____ 10314 109 2
8
.
524 6518
1954 J J 11634 118
First and ref 640
17 Aug'34 ____ 108 12(1
51
i42
Kinney(OR)&Co 74% notee'311 J O 100 10012 0012 10012
1
814 10011
30
65
Kresge Found'n coil tr 88_ .1936 J D 100 Sale 9918 10012 45
823 10012
4
174 3312 Vireuger At Toll el A be ctf- _1959 M 8 1512 Sale 1314
e
1512 46
107 213
8
4
69
904
70
9118 Lackewanna Steel 151 58 A 1950 M 9 103 Bale 103
1034 20
97 10818
8611 89
•Laclede G-L ref & ext 5s
1934 A 0 934 Sale 9318
9328
2
79
974
73
9878
Certificates of deposit__ __
92
- 90
9112 12
91
85
974
90i4 10723
con & ref 544s series C
-_-1953 FA 64 Sale 6212
6412 18
50
695
8
Coll & ref 54e series D....1960 F A 6212 Sale 6212
6312 14
50
693
4
101 110
Lautaro Nitrate Co Ltd 68_1954 J J
11 Sale 1012
124 173
54 1918
103 1043 Lehigh C & Nays f 440 A...1954 1 J 9812 10014 101 Aug'34 ____
4
81 10131
97 1043
4
Cons @Ink fund 4%s am C_1954 J J 100 101 100
10012
2
80 10118
Lehigh Yal Coal 1st & ref a f 58'44 F A 8612 8912 873 Aug'34 _ _ _
4
7912 91
343 60
4
lot & ref 8 f be
55 Sale 55
1954 F A
55
2
40
624
12
27
1st & rats f Es
5414 57
5312
1984 F A
5312
I
424 59
1114 281 1
let & ref s f Is
5414 58
1974 F A
5414
58
1
40
um, 10734 Secured 6% gold notes_1938 1 J 9518 97 5414 Aug'34 --__ 8118 97
043
4
9038 10314 Liggett & MYer8T0haceo 711_1944 A 0 12812 1283 12812 12812 11 11918 1304
4
9712 106
be
1951 F A 115 Sale 114
115
12 108 115
100 1054 Loew's Inc deb s 1 Bs
4
1941 A 0 1013 Sale 101
1013
4 32
85 102,
8
1004 10918 Lombard Elea 78 ser A
1952 1 D (17914 Sale 7918
37918
90
4
76
70
971 Lorillard (P) Co deb 78
1944 A 0 124Sale 124
124
15 11212 125
52
8112
bi
1951 F A 110'Sale 110
110
10
994 110 4
,
754 95
Louisville Gas & El(KY) 541_1952 MN 10412 Sale 10411 10524 14
88 1074
9712 107
Lower Austria Hydro El 6401944 F A
7914 Sale 7814
8518
79,
4
4
51
7912 97
70
96
:McCrory Stores deb 540. _1941
•
218 84
Proof of claim filed by owner._
- 47
5312 60 July'34 ___50
68
10312 1073 McKeown & Robbins deb 5448'50 -4
NI N 82 Sale 7912
82
00
5818 863
4
3
:Manati Sugar lot s f 740_1942 A 0 16
17
16 June'34 ____
9
233
4
9414 1053
Certificates of depoeit ____
4
- 10
1(1
20
20
16 Aug'34 ____
8958 103
*Stated Oct 1931 coupon_1942 -A0 _ _ 20
10
20
16 Aug'34 ____
94 104
Certificates of deposit...... ---- ---- 35
6
20
20 Feb'34 ____
88 1027
8
'
,
Flat stamped
20
4
197 1714 Aug'34-8
873 10314 21danhat By(NY)cons g 48 loOo A0 5212 Sale 52
4
,
mortified-523
4 16
423 5418
4
9133 109
4
Certificates of deposit
.. ___ __ _
49 Sale 45
49
37
21
49
963 109
8
2d 4s
30
38
2013 .1
2812 40
30 Aug'34 ____
963 10814 Manila Elm RR & Lt of 50.19538! 8 8414 933 82 June'34 ____
8
82
97
4
89 10514 Mtn Tr Co etre of partic In
97 10812
A I Names & Son 1st fle 1943 .1 D 74
774
00
76
73
1
73
9814 10618 Marion Steam Shovel a f 68_1947 A 0 4518 474 45
81
44
4514
7
794 93 Market et Iti 7s ear A -April 1940 Q .1 8412 86
,
4
138
84
9112
8312
94 102
Mead Corp 1st fis with warr_1945 M N 077 Sale 278
81
1S3
7912 14
7412 9818 Meridional° Else lot 78 A_.1967 A 0 9133 Sale 9612
97
.
4
4
914 118
--12
1215
New York Bond Record-Concluded-Page 6
BONDS
N Y STOCK EXCHANGE
Week Ended Aug. 24.
Friday
Aug. 21.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
83 , 2
"
High
High No. Low
Ask Low
Bid
Industrials (Confinued)3
101
77 10114
101
Mete Ed let & ref Si ear C__1953 J J
9314
4
963
3
71
S 9318 Sale 93
1968
let 84348 eerie/ D
9212
80
1
8914
Metrop Wat Sew dr Dr 5348_1950 AG 8712 8914 8914
9
18
918 1214 9 Aug'34
•ilk.fet West Side El(Chic)43 1938 FA
48
78
___ 477 48 Aug'34
8
D
1956
Miag M111 Mach 181 1 7e
43
974 10314
103
8
Midvale St & 0 coll tr et 55_1936 MS '1027 Sale 10214
12
8512
67
82
1961 JD 8012 8112 804
Milw El fly & Lt let Si 13
85
8
58
4
803
80 Sale 80
1971 J
let mtge be
7912 10012
9714 27
1943 J J 9612 Sale 9614
Montana Power let be A
813
53
7
4
70
70
JD 7014 72
58 series A
Deb
1962
Montecatini Min & Aerie
9812
91
92 12 11
J 9212 Sale 92
1937
Deb g 75
9.512 10334
4 14
1033
Montreal Tram let dr ref 55_1941 J J 1033
7-- 103
8012 8214
8
813 Aug'34
4Gen & ret! tIe series A 1955 AG 7912 83
74
74
.
Feb 34
74
Gen & ref e f be series 13 1955 AG 7912 86
8
753 76
76 June'34
Gen & ref 81431s series C_1955 AG 7112 76
85
83
Gen & ref s f be series D 1955 AG 7912 _ -- 85 Mar'34
7
8412 100
9
9914
Morris & Co islet 4 As__ 1939 J J 9914 Sale 9812
8
403 Dec'32
Mortgage-Bond Co 43 ser 2_1966 AO 34 _ _
11 -Si- 100
95
1934 Jo 95 Sale 94
Murray Body let 6348
95 10512
Mutual Fuel Gas let gu g 33_1947 M N 105 10618 10512 Aug'34
97 10312
2
N 102 Sale 102
10212
Mut Un Tel gtd 6s ext at 6% 1941
Namm (A I) & Son__See Mfrs Tr
Nassau Elec go g 45 stpd
58
5714 583 5712
4
1951 J J
8412 Aug'34
Nat Acme 1st f Si
1942 Jo
99
4
983 Sale 98
Nat Dairy Prod deb 534e _1948 FA
104
Nat Steel let coll Si
1956 AG 103 Sale 10214
4
987
Newark Congo! Gas cons 58_1948 Jo , 8 99 11112 1113
4
Newberry (JJ) Co 554% notes '40 AG 10212 Sale 10212 1033
8
4 1135
New Eng Tel & Tel Si A_ 1952 ID 11278 Sale 1123
4 10912
let 8434! series 13
1981 MN 10912 Sale 1083
N J pow & Light lit 44s
9212
4
1960 AO 92 Sale 913
56
56
58
New On Pub Buy 15* 58 A 1932 AO 56
5612
First & ref Si series /3__1955 JD 56 Sale 56
55
1951 PA 5412 5612 51
N Y Dock let gold 40
40
3912
8
Serial b% notes
1938 AG 385 39
NY Edison 1st & ref 634e A.1941 AO 11314 Sale 1134
4
1133
8
10914
let lien & ref Is series 13._1944 AO 1087 10918 10812
1st lien de ref Si series C I951 AO 10812 109 10818
10814
11614
NY Gas El Lt H & Pow g Si 1948 3D 11814 Sale 115
Purchase money gold 4s 1949 FA 108 Sale 1073
8 108
9314
9314
NYLE&W Coal & RR 550'42 MN
N Y LE& W Dock & Imp 55'43 J J 10012 103 100 May'34
83
814 83
N Y Rye Corp Inc 68_ __Jan 1965 Apr
4 818
Prior lien 85 serial A
6712
69
./ 65
6712
1985
NY & Richm Gam 151 61 A.._1951 MN 106 1093 106 Aug'34
4
3 Aug'34
IN Y State Rye 430 A ctfe_1982
212 3
3 12 July'34
212 3
634s series B certificatee 1962
1081
N Y Steam Si seriee A
N1 10814 Sale 108
1947 1;118
1063
let mortgage Si
8
1951 MN 1063 Sale 10614
10514
let mortgage Si
1956 MN 10512 ____ 10514
N Y Telep let & gen e 1434e 1939 MN 10712 1073 1071s
4
1083
4
N Y Trap Rock 1.1 68
50
50
50
1948 Jo 47
Meg Lock &0Pow let Sc A 1955 AG ____ 102 10212 10212
67
6712
Niagara Share deb 54e
_1950 MN 6612 68
Norddeutache Lloyd 20-yr st60'47 M N 563 5818 5612
4
5812
49
New 4-6%
4712 Sale 4712
1947 M N
37 Aug'34
Nor Amer Clem deb 6148 A 1940 Si S 3618 45
86
North Amer Co deb Si
88 Sale 8412
1961 FA
8512
No Am Edison deb be ear A.1957 MB 8512 Sale 84
88
Deb 54e ear B___Aug lb 1963 FA 88 Sale 87
80
Deb 5e ser C
8212 7912
Nov 15 1969 MN 80
Nor Ohio 'Trac & Light 8e__1947 M
10212 Sale 10212 104
Nor States Pow 25-yr be A__1941 AG 104 105 10334 104
let & ref 6-yr 6e ear IL ___1941 AG 10514 106 10514
10512
8
797
Norweg Hydro-El Nit 548_1957 MN 787 Sale 7818
8
10712
Ohio Public Service 734e A__19413 AO 10714 1073 10714
4
10614
let & ret 70 series B
1947 FA 10514 106 106
18 Aug'34
1412 16
:Old Ben Coal let lie
1944 PA
1094
8
Ontario Power N F let 5a 1943 PA 10912 Sale 1083
4 _ __ 110 Aug'34
Ontario Transmission 1st 55_1945 MN 1093
280
8
Oslo Gas & El Wks esti 58_ _1963 M
8014 817 80
654
Otte Steel lit mtge 60 Fier A _1941 MS 6514 Sale 6412
Pacific Coast Co let g 5e.._ _1948 3D
Pacific Gas & El gen & ref Si A '42 3 .1
Paeltic Pub Serv 5% notes 1936 M
J
Pacific Tel & Tel let Si.__A937
Ref mtge 58 ferias A
1952 MN
•jran-Am Pet Co(Cal)conv 6840 J
Certificates of depoeit
3
Paramount-B'way let 541_1951
Certificates of deposit
:Paramount Pam Lasky 6s__1947
*Proof of claim tiled by owner_
Jo
Certificates of deposit
:Paramount Pub corn 515s_ 1950 PA
*Proof of claim filed by owner..
Certificates of deposit
Park-Lea 6348 etre
1963
Parmelee Trans deb 13e
- 15
1944 A Pat & Passaic0& E cone Si 1949 MS
Pathe Exch deb 70 with warr 1937 MN
Pa Co gu 34a collie A reg 1937 SI S
Guar 345 coil trust see 13_1941 FA
Guar 334e trust ctts C__1942 JD
Guar 334s trust etre D
1944 J
Guar 4e ear E trust etta
1952 MN
Secured gold 432e
1983 MN
Penn-Dixie Cement 1st 138 A 1941 Si S
Pennsylvania P & L let 434e 1981 AO
peop Gas L & C let cons 61_1943 AG
Refunding gold Si
1947 M S
Phila Co see ba series A
1987 Jo
Phil& Elec Co lit & ret 454s 1967 MN
let & ref 41
1971 FA
Phil& & Reading C & I ref be 1973 .1 .1
Cony deb 6e
1949 MS
Phillips Petrol deb 534e_ __ .1g3i) JD
Pillsbury Flour Mills 20-yr 88 '43 AO
Pirelli Co (Italy) cony 7e
1952 MN
Pocah Con Collieries let ef 55'57 3
Port Arthur Can & Dk Si A1953 PA
let Wife Si eerie' B
1953 FA
Port Gen Elec let 434e ear C 1980 M S
Portland Gen Elm let 54_1935 J
Porto Rican Am Tob cony 651942 1
Postal Teleg & Cable coil 58_1953 J J
J
•tPressed Steel Car cone g 581933
,
Pub Sera El &0 let & ref 4 43'87 JO
let & ref 4 %a
1970 FA
let & ref 4s
1971 AO
Pure 011 e 534% notes
1937 FA
64% notee
1940 M
Purity Bakeries s f deb 542_1948 J
IRadio-Kelth-Orpheum pt pd ctfs
for deb 85 & corn stk (65% pd)_
*Debenture gold 88
1941 JD
Remington Arms lets t 6e_ _1937 MN
Rem Rand deb 545 with warr '47 MN
Repub I & S 10-30-yr be 8 1.1940 AO
'3
Ref & gen 5345 series A.,1953
Revere Cop & Braes 68 eer A 1948 St S
'3
1946
Itheinelbe Union e f 78
Rhine-Ruhr Water series 6_1953 J J
Rhine-Westphalla El Pr 78.-1950 MN
1052 MN
Direct mtge 88
1053 FA
Cone mtge (3e of 1928_
Cons tvl 65011930 with warr'53A 0
33
10614
9412
8
1073
110
40
37
Sale
Sale
4
1073
sale
Sale
8
357
36
107
10614
9412
9314
8 1073
1075
4
10912 110
41
40
42
4212
40
3914 Sale 3612
3512 July'34
41
38
4
483 Sale
48 Sale
40
41
50
49
27
205
96
2
25
9
14
31
3
23
5
7
23
35
9
10
2
1
15
7
10
18
5
46
3
2
22
17
21
30
12
21
13
22
13
14
18
6
18
11
19
6
27
15
8
12
3
13
17
52
38
183
50
4
4718 493 41
4912 105
48 Sale 4018
1512 Aug'34
1518 18
Aug'34
217 21
18
8
10912 Aug'34
110
25
9612
98
99
9718
10118 - - - 101 May'34
8
995 994 Aug'34
96
4
993 July'34
95 100
9712 99 July'34
95
9818 July'34
99
96
10212 29
102 Sale 102
664 13
4
663 Sale 66
9712 104
8
97 Sale 963
2
110
110 11112 110
59
101
100 Sale 100
8714 80
87 Sale 8512
4
4 13
1073
107321 - -- 1073
32
s
103
10212 Sale 1017
8 21
617
8
617 Sale 5912
63
4
49
4812 Sale 473
10158 92
10112 Sale 101
4 30
1073
10714 Sale 10714
100 ---- 10112 Aug'34
8
897 84 July'34
80
2
82
82
83
80
1
8
823
8
823
83
80
8
4178 99
8
413 Sale 407
5
88
88 Sale 88
5
40 8 10
3818
3813 41
71
48
48 Sale 44
1
47
47 Sale 47
5
10612
4
1083 10712 10614
4
10718
8
107 Sale 1063
8 10
4 1033
1014 1034 1023
10018 44
8
100 Sale 997
37
99
8
99 Sale 985
8812 15
88 Sale 8712
8
367 Aug'34
24 July'34
32
25
10212
10212 8110 10218
91
91 Sale 90
4 10312
4
1023 Sale 1023
8
897
4
883
8812 90
10112
8
10112 104 1013
38
3712 3712
37
324
32 Sale 32
44
4318 463 44
4
4512
4518 Sale 4318
4514
4414 Silo 44
4512
4518 811C 44
31
15
18
18
11
7
10
38
37
44
5314 623
4
4354 86
7812 100
91 10514
103 112
8814 10414
1054 11514
101 11112
6912 9334
4112 65
4
403 65
87
50
58
37
10912 115
10512 11018
10511 10912
107 11812
994 108
7512 95
87 1004
618
974
70
83
96 107
14 5
212 412
10214 11012
8
984 1083
5
973 10512
8
103 1095
63
60
90 106
7218
50
4514 73
49
46
224 40
4
6311 913
91
61
95
82
4
5618 873
7478 10514
8
8913 1053
8
9414 1077
7818 90
89 110
78 107
23
15
101 11014
101 11012
6912 86
28
70
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 24.
Prise
Friday
Aug. 24,
Week's
Range or
Last Sale.
14
os
Range
Since
Jan. 1.
High
High No Low
Ask Low
Bid
Industrials (Concluded)
2114 36
3014 2912
4 59
303
”Richfield 011 of Calif 6s___1944 MN 29
3514
20
2938
MN
3012 34
8
293 Sale
Certificates of deposit
1
6414 62
61
61
65
61
1955 FA
Rims Steel let a f 75
1
997s 10812
108
MS 106 108 108
Rock) G&E gen NI 545 ear C '48
86 10314
Gen mtge 44e series D 1977 11 S 1031
4- 10314 Aug'34
94 10714
10714 37
4
8
1982 MS 1067 108 1063
Gen mtge 55 series E.
2 10212 14214
136
4
4 1
Royal Dutch 45 vrith warr_1945 AG 353 140 1353
7412
45
4
___ 523 45 Aug'34
1948 AO
Ruhr Chemical s 1 (is
45 1053 114
4
4
St Joseph Lead deb 5545_1941 MN i113 Sale 11012 112
3
9614
72
9312
9312 Sale 9312
St Joe fly Lt Ht & Pr let 58_1937 M
1
4
353 61
5012
St L Rocky Mt & PS.stpd_1955 J J _- 561! 5012
1
4514 82
6918
6918
J 71
St Paul City Cable cone be-1937
457 80
4
73 68 Aug'34
3 71
'
1937
Guaranteed 15e
1
99
99
71 10012
San Antonio Pub Serv let 65 1962 J J 9812 99
3534 41
39 Aug'34
1946 J J
9chulco Co guar 645
45
30
_- 39 Aug'34
Stamped (July 1933 coup on)
32
41
45
39
:CO 39-- 39 Aug'34
1948
Guar 1 640 series B
41
30
38 Aug'34
43
39
Stamped
76
38
4 40
603
Sharon Steel Hoop s 534e__1948 I"; 69% Sale 68'2
89
894 103
,
4
Shell Pipe Line it deb la_1952 MN 1003 Sale 100 2 102
24
894 10014
eoly Sale 9912
8
997
Shell Union Oils f deb 5s___1947 MN
68
5
893 10014
100
Deb Si with warrant& ___1949• 0 9912 Sale 9912
18
,
64 a 7914
7914
4111nyeteu El Pow 1st 6).43_1952 3D 7914 Sale 79
SI
63
63 Aug'34
____ 55
ilemene & Elalske 5 f 7e____1935 1
484 89
477 49 Aug'34
8
1951 MS 40
Debenture s t (334s
4
863 10414
8
Sierra & San Fran Power 58_1949 P A 10214 1033 10314 Aug'34
12
32
3014 6812
32 Sale 32
.311e/da Elan Corp t 634e_1948 P A
374 583
4
4512 13
4
itlealan-Am Corp coil tr 7e_1941 P A 443 Sale 44
4 76 1021s 10414
•S 10312 Sale 10312 1033
1937
9Inclalr Cone 01115-yr 7s
4
10418 20 101 1053
8
• D 10418 Sale 1037
1st lien 6%s aeries B
1938
8412 9712
9512 15
8
945
1939 MS 9518 96
Skelly 011 deb 548
11012 90 10518 11012
isletbe '41 JJ 10912 Sale 109
eoutn Bell 'lel & Tel
17 10514 11053
110
8
S'west Bell Tel let & ref 58_1954 FA los% Sale 1095
13
13315 80
80
7818 Sale 7714
Southern Colo Power 6e A 1947 3
88 10412 107
4
106
P A 106 Sale 1053
Stand 011 of NJ deb Sc Dee lb '46
10414 33 100 105
8
Stand 011 of NY deb 434e..1951 J 0 104 Sale 1035
1412 2814
16
15
1412
15
14
:Stevens Hotel's 63 series A _1945
4
353 6812
4412 24
•:Studebaker Corp 6% notes1941 J O 43 Sale 41
67
15
34
44
4
403
44
42
Certificates of deposit
1 10312 11312
11218
11218
3- D 112
Syracuse Ltg Co. 1st g 58-1951
Tenn Coal Iron & RR gen 53_1951 J J
Tenn Copp & Chem deb Os 13 1944 MS
1947 3D
Tenn Elec Pow 1st fis
Texas Corp cony deb 5&
1944 40
3
Third Ave fly let ref 4s
1960
Ad)Inc Si tax-ex N Y_Jan 1980 * 0
J
1937
ThIrd Ave RR 1st g Si
Tobacco Prods (N J) 848_2022 MN
•S
Toho Elec Power let 7s1955
Tokyo Elec Light Co Ltd
D
1953
let Os dollar series
,.1949 MS
Trenton 0 & El let g 5s
Truax-Traer Coal cony 0348_1943 MN
Trumbull Steel let e t 08_ 1940 MN
•Twenty-third St Ry ref 53_1962 J J
Tyrol Hydro-Elec Pow 75.0_1955 MN
Guar sec f 73
1952 P A
•S
Ullgawa Elec Power et 7e_ _ _1945
Union Mee Lt & Pr (Mo)Ss 1957 * 0
On EL & P(Ill) let g 554s A 1954 1 .1
1945 40
'Union Elec By (Chic) 5s
Union 011 30-yr 65 AMay 1942 P A
Deb 55 with warr___ _Apr 1945 J D
United Biscuit of Am deb Os 1942 MN
United Drug Co(Del) 513 -1953 MS
.
•SUnited Rys St L 1st g 48..1934
U S Rubber let & ref be ser A 1947 J J
N
United El El Co I5
-year(is_ _1937
D
On Steel Works Corp 634e A _1951
Sec. s 16 WI series C____. _1951 ii)
Sink fund deb 634e ear A_1947
Up Steel Works(Burbach)7s 1951 A 0
Universal Pipe dr Bad deb ea 1936
Linterelbe Power & Light 68_1953 A
Utah Lt dr Trac let & ret 55_1944 A
A
Utah Power & Light let be 1944
Utica Else L & P let s t g be 1950
Utica Gas& Elec ref & ext be 1957
Utll Power & Light 5348
1947
A
Deb Si with warrants,,,.,1959
11053
81
8212
103
55
2818
5
993
10612
90
84
Sale
Sale
Sale
29
__
Sale
8
927
8
1103 Aug'34
8312
8312
8212
8112
10212 10314
54
55
29
2912
100 Aug'34
10612 107
93
4
933
2
20
71
15
13
15
2
7514 184
8
747 Sale 7412
110 113 113 Aug'34
6412 a61 Aug'34
61
9
99
98 Sale 98
-__ 28 Aug'28
281
6212 Aug'34
28
663 70
14
65
65 Sale 6314
9
8514
8514 Sale 8418
8 13
1055
1054 Sale 10512
7
106
8
10512 10712 1057
4
103 1712 13 July'34
23
4
115
4
1143 Sale 1143
10312 20
103 Sale 103
1
107
107 10714 107
85 • 26
85 Sale 8418
6
19
20
20
19
8 48
855
854 Sale 8414
95 10014 98 June'34
4
3212
3312
33
31
31
3312 34 Aug'34
4 15
333
32 23312
31
4
11314
111 114 113
3
26
8
214 267 2212
19
39
39 Sale 3712
23
64
81 Sale 61
36
65
4
643 Sale 6214
_ 100 May'33
IOS
5
11518
--111 116 11518
2914 28
284 Sale 28
64
2518
27
8
263 Sale
104
654
57
964
41
254
86
10118
80
112
8814
8978
4
1033
551 2
313
4
161
10712
9512
634 7514
102 113
37
60
8312 99
7514
48
76
45
7312 87
964 10712
102 10714
24
13
1074 115
4
943 10414
1024 10712
4
853
60
2012
17
91
68
9012 98
3212 66%
3312 81 14
3
3312 67
107 120
31
13
8
3712 735
5713 7512
,
601 81
8
407
10712
941.,
i5i10818
221s 4114
11112
1812 3818
4712
4634
8912
82
8612 Sale 833
4
8914 122
Vanadium Corp of Am cony 581'41 * 0
47
338 14
4
83 Aug'34
74 9
1942
Vertientes Sugar 7e ctte
47
1818 1818
1818 Nlay'34
1812 23
Victor Fuel let St Is
1953 JJ
98 109
5
10612 Sale 10612 1084
Va Elec & Pow cony 5340_1942
204 55
18 10114 10412
102
8
Is series 13
1954 3D 10114 10178 1017
284 543
4
4 14 108 110
Secured cone 54s
1944 J J 108 109 z10812 1083
6514
60
5912 80 Aug'34
2914 5534 Va Iron Coal & Coke let g be 1949 MS 54
1213 4412
7
30
29
30
5434 Walworth deb 64e with warr '35 AO 20
29
154 37
4
30
30
A0 21
Without warrants
04 221,
50
21
45
44
let sinking fund (38 ser A _ _1946 40 41 Sale 4018
20
3512
4 98
563
5318
8
407 67
1034 11114 Warner Bros Pict deb (38___ _1939 MS 5614 Sale
42
20
5
35
Warner Co let mtge 6s
1944 AG 35 Sale 35
85 100
294 4812
4 11
323
Warner-Quinlan Co deb 13e_ _1939 MS 32 Sale 31
94 101
8 10512 1084
10612
Warner Sugar Refin let 70_1941
13 10534 10612 108
4
943 100
3614 63
4412 13
1941 MS 4412 Sale 4318
4
993 Warren Bros Co deb 13e
86
9818 108
10614 Aug'34
10653-_
4
863 9912 Wash Water Powers f Si __.1939 j
105 11412
2
-38
113'2 115 11312 11312
9911 Westchester Ltg 53 stpd gtd 1950 J
85
7 10334 11058
3
1093
4
109 11014 1083
4
4
854 1033 West Penn Power ser A 5s 1946 M
3 104 11312
11218
let Si series E
1983 MS 11218 11314 11218
77
66
.4
9 104 1093
8
1087
8
D 108 1087 108
let sec 5s series CI
1956
8
997
79
ova 104
10312 29
8
8
1004 11212 Western Electric deb 55___ _1914 * 0 1025 Sale 1025
0
913 10214
10214 21
4
83 10314 Western Union roll trust 512_1938 1 3 102 Sale 1013
7414 9012
14
80
Fundlrg & real eat g 430_ 19511
N 78 Sale 78
8
634 927
4
96 1023
15
-year 6345
1936 P A 10112 Sale 10012 10112 20
1014 1077
8
794 9514
8
8312 12
25
-year gold be
1951 JO 8312 Sale 825
934 104
9412
79
8412 33
8412 Sale 8253
30
•S
-year Si.1960
4
503 69
4
3412 843
31
38
354
38
39
5518 Weetohalia Un El Power 66.1953 1 3 37
8214 97
4 35
963
Wheeling Steel Corp 1st 554s 1948 j j 9638 Sale 96
894 102
873
72
4
10
8412
1st & ref 4348 series B.__ _1953 * 0 84 Sale 84
105 109
58
58
58 May'34
70
100 10112 White Sew Mart Os woth warr '36 1 .1 50
69
49
1
60
60
63
50
.13
Without warrants
1174 88
52
48
57
57 Sale 57
Partic s f deb Ca_
_ _1940 MN
95
69
70
903 :Wickwire Spencer St'l let 7e ..'35
4
53 1412
8
2
s
63
8
63
614 8
Ctf dep Chase Nat Bank _ _
39
573
4
44 14
Ctfe for col de ref eon,78 A 1935 MN
8 612 558 Aug'34
55
9512
78
4
973 10812
10714 27
324 5712 Wilson & Co let et fte A _ _ _1941 * 0 10612 Sale 10612
4
744 893
8514 58
8514 Sale 8312
Youngstown Sheet & Tube 5e '78 .1
63
37
7412 8912
8512 35
let mtge et Is ear B.
m 47
1970 * 0 8514 Sale 8412
6618
10012 10812
100 10814
c Cash sales in which no account 13 taken In computing the range are given below
93 105
,
I N Y IsT II& 11 68 40 Aug. 23 at 7434.
4
904 1003 Cuba 5354 1953, Aug. 20 at 82.
87
9914
r Cash sale not included In year's range. a Deferred delivery sale not included in
7814 9612
year's range. • Negotiability Impaired by maturity. t Accrued Interest payable at
exchange rate of 84.8665. 3 Companies reported in receivershIp. 2 Deferred de35
37
1814 41
livery sales in which no account is taken in computing the range, are given below
964 10312
Mead Corp. 65 Aug. 24 at 77.
9518 Akershus 59 1963. Aug. 21 at 78.
78
Nor(& West 45 1996, Aug. 20 at 1074.
85 10412 Beneficial Loan 6s Aug. 20 at 102%.
Berlin CItY El 615s '59 Aug. 24 at 3055• Oslo 0.& E. 55 1983. Aug. 22 at 8131•
9314
74
Paris-Orleans 514s, Aug. 20 at 1614.
Can Pacific 54 '44 Aug. 24 at 1104.
80 105
Cuba 4451949, Aug. 20 at 80.
Sweden 545 1955. Aug. 22 at 103.
35
73
tin. Steel Wks. 634s '47, Aug. 20 at 33%.
3012 5612 Czechoslovak Si see B Aug. 20 at 93.
Uruguay 8s 1946. Aug. 22 at 344.
43
7312 Dominican 54s 1942, Aug. 18 at 69.
Can Steel Cast 54 3 Aug. 22 at 824.
Va. El. & Pow. 534s'44, Aug. 18 at 108.
,
4318 71
Lombard 78 19,52 Aug. 24 at 79%.
4312 71
71
44
25
10012
67
10414
10518
2558
28
30
30
1216
Financial Chronicle
Aug. 25 1934
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at the
Boston Stock Exchange, Aug. 18 to Aug. 24, both inclusive,
compiled from official sales lists:
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Chicago Flex Shaft com..5
8
1015 1055
ao 8% Jan 114 July
Chicago Mall Order corn _5
Feb
10
10
100
July 19
Range since Jan. 1.
Chic N W Ry corn___ 100
Feb
455 July 15
74
64 755 1,500
Chic Rys part °Us 1....._100
34 May
55 Mar
30
54
55
Stocks—
Low.
Chicago Yellow Cab cap_ •
High.
zll
12
300 1014 Aug 16% May
Cities Service Co eom__ __•
414 Feb
155 July
2
151 2
3,250
Railroads—
Club Aluminum Uten Co 8
.
100
55
55
34 Jan
/1 Jan
Boston & Albany
100 129
125 12914
79 10934 Jan 140
July Commonwealth Edison 100 4834 4755 4951 1,500 84
Feb
Jan 62
Boston Elevated
100 64
6255 64
197 55
Jan 70
Apr Consumers Co corn
Jan
1
200
5
15 Aug
15
Si
Boston & Maine—
Continental Steel—
Prior preferred
100 24
22
24
Aug 4255 Feb
65 20
Preferred
100
6535 6514
10 40% Jan 65% Aug
Class A 1st prof stpd_100
8
74 8
250
755 Aug 1655 Feb Cord Corp cap stock
6
814 Jan
34 44 2,550
235 July
44
Class B lot pref stpd.100 1015
94 1034
15
July 21
9
Feb Crane Co common
751 855 1,200
25
551 Aug 1134 Jan
851
Class C 1st pre(
100
934
955 955
10
Preferred
July 15
6
Feb
100 58
55
Jan 654 Jan
58
170 44
East Mass Stay pret 100
934 951
25
651 Jan 1655 May Deep Rock Oil cony pref. •
7% Mar
70
5% Jan
634 651
NY N EIavendritartrord100
94 1134
419
July 24
9
Feb Dexter Co (The) cora_ -5
3% Feb
651 Jan
50
351 3%
Northern RR (DT H).....100
100 100
Apr 10434 July Elec Household UlfI cap...5
5 87
15% 1551
854 Jan 16
400
Aug
Old Colony RR
100 89
81
89
95 7811 Jan 10434 July Fitz Sim & Co D & D corn*
12
Feb
12
50 12
Aug 17
Pennsylvania RE
60 244 2274 2415
476 214 Aug 89
Feb General Candy Corp A.__5
7% Mar
54 514
4
Jan
50
554
Gen Household Utll eora..• 1034 10
10% 1,050
7
July 16% Apr
Miscellaneous—
Godchaux Sugars Inc cl B•
351 Jan 1015 Mar
7
7
7
50
American Cont'l Corp_ •
751 834
195
435 Jan
94 July Great Lakes D & D corn_ •
1551 16%
Jan
800 1311 July 22
Amer Pneu Serv preI50
31
351 Aug 1051 Jan Greyhound Corp new earn • 1834 1734 18%
334 351
300
54 Feb 19% July
Amer Tel & Tel
100 11334 110 114
2,145 10534 July 12555 Feb Hormel & Co (Geo)corn A• 20
19
20
200 16
Aug
May 20
•
5
Amoskeag Mfg Co
451 S
351 July 1034 Feb Houdaille-Hershey—
210
Bigelow-Sanford Carpet _.• 23
23
39 20
2634
Class A
Aug 394 Feb
•
Jan
18
19
100 11
Jan 23
Brown Co 6% cum pret....•
8
8
105
9
Jan 16
5
Class B
Apr
•
415 451
44
6)5 Jan
350
251 July
East Gas & Fuel Assn—
Illinois Brick Co
355 355
25
ao 355 Aug 74 Feb
Common
•
64 655
40
Jan 1034 Feb Iron Fireman Mfg v t o_ • 14
5
14
14
8
250
Jan 18 June
6% sum prof
100
6655 68
217 45
Jan 70
July Jefferson Electric Co com.•
114 1114
100 1011 July 16% Jan
44% prior preferred 100
145 55
7835 7951
Jan 8055 July Kalamazoo Stove cony- *
2051 204
10 18
Aug 27% Feb
Eastern SS Lines Corn
.•
80
5
555 554
Aug 1011 Feb Katz Drug Co common_ I 3434 34% 3455
Apr
400 21
Jan 38
Economy Grocery Stores-• 1755 17
1754
165 16
July 1834 Apr Kellogg Switchboard comb()
455 4%
551 Apr
24 Jan
4%
100
Edison Else Ilium
100
130 132
429 12555 Jan 15415 Feb Ken-Rad TubeirLp corn A*
2
2
50
135 July
2
654 Feb
Employers Grout)
915
94 10
775
74 Jan 124 Feb Ken URI Jr cum pref
_50
Jan
551 53-4
10
Aug 23
5
General Cap Corp
19
*
110 19
Aug 26
2034
Feb Keystone St & Wire—
Gillette Safety Razor
•
114 1234
Common
325
851 Jan 1251 July
1851 18%
50 1131 Jan 23% May
Helvetia Oil Co (T C)___1
100 400 July
50c 50e
115 Apr Kingsbury Brew Co eap_.1
9% Jan
215 255
151 July
450
Hygrade Sylvania Lamp
La Salle Ext Unlv corn_ __5
Feb
100
1
54 May
55
34
55
Co corn (T C)
*
204 2055
Mar 25
10 19
Apr Leath & Co cum pref__•
655 655
3
6% Aug
Apr
20
655
Preferred
•
85
85
6 7455 July 85
Aug Libby McNeil& Libby.-10
6% 74 14,500
3
735 Aug
Jan
Intl llydro-Elec class A.25
415 44
25
4% Jan
9% Feb Lincoln Ptg—
Loew's Theatres
25
7
515 555
555 Apr
Common
64 Feb
•
%
1% Feb
11 Aug
300
3-1
Mass Utilities Assoc v t a_•
151
111
135
312
1
May
254 Feb Lindsay Light corn
10
3
34
3% Jan
300
2
Apr
Merganthaler LynotyPe- •
2011 2051
75 2034 July 2755 Feb Lion Oil Ref Co corn
355 4
•
34 June
554 Feb
250
New Eng Tel& Tel_ —100 964 95
9635
261 83
Jan 97
Aug Loudon Packing corn.. •
21
24
350 16% Apr 24
Aug
Pacific Mills
100
21
10 204 May 3434 Feb Lynch Corp coin
21
5 3134 304 3114
150 26
July 404 Fen
Ry Light & Security Co- •
45
5% July 104 Feb McCord Rad & Mfg A. *
634 655
11
11
10
Apr
255 Jan 20
Reece Button Hole Mach10
12
1234
100 10
Jan 1251 May McGraw Elect Co cool_ .5
9
9
3% Jan 1051 May
50
Elbawmut Assn Cr etre- •
305
634 734
534 Aug
914 Feb McWilliams Dredging Co.* 25
z21
25
2,450 144 Jan 2814 Jan
Stone & Webster
574 634
•
152
494 July 1334 Feb Marshall Field common,..' 1154 10% 12
800
84 Aug 19)5 Apr
Swift & Co
25 19% 174 20
540 14
Jan 20
Aug MIckelberry'sFdProd from 1
155 2
3% Jan
2.200
1
2
Apr
Torrington Co
• 634 59
1,476 4911 Jan 64
64
Aug Middle West UM corn....'
35 Feb
35
31 6.800
15 Jan
34
United Founders oom_ _1
532
55 July
54
34
26 cony pref A
155 Feb
•
2)i Feb
54
200
SI Jan
51
U Shoe Mach Corp
25 6634 6534 664
743 564 Jan 6855 Apt Midland United Co com_ •
)i
51 Feb
)i
500
34 Jan
Preferred
25 3634 36
3655
355 3234 Jan 3651 July
Convertible preferred_ •
115 Feb
55 June
3-4
54
100
Waltham Watch pret__100
144 1435
12 144 Aug 21
Feb Midland Util 7% pr lien100
Mar
2
60
34
%
55 July
Prior preferred
100 35
35
35
5 35
Monroe Chemical Co prof*
Aug 55
May
38
Apr
38
10 204 Jan 40
Warren Bros Co
•
734
634 774
358
154 July 1354 Jan Mosser Leather(JK)Com • 1534 1514 15%
915 Jan 1514 Aug
30
Muskegon Motor Spec MA*
11
11
94 Jan 1415 Jan
50
Mining-Nat Gypsum A n v com5
9
954 954
150
July
954
Aug 14
Calumet & Heels
25
55
351
234 July
355 3%
654 Feb National Leather corn__ _10
115 155
2% Feb
650
134
54 July
Copper Range
26
3% 3%
30
3
Jan
551 Feb National Standard com. •
2435 244
ao 21 Jan 27% Feb
Isle Royale Copper Co__25
50
1
1
1
1
Jan
255 Feb Noblitt-Sparks Ind com_.• lag 12% 12%
350 10
July 16
Feb
New River Co pref. _100
50
50
10 30
Jan 52 June North American Car corn.*
50
331 311
3 June
634 Feb
North Butte
2.50
300 350
885 25e Jan 80e
Jan North Amer Lt & Pr com_l
155
135
900
14 Aug
415 Feb
Dominion Min Co._25
Old
600 600
60 55c Jan
155 Feb Northwest Bancorp cam...
3% June
65( Jan
34 3%
50
34
19
165 10
19
Jan 19
July Northwest Eng Co com_ •
454 44
20
751 Mar
4 May
Wiley Mining
2.
5
1
1
35
1
Jan
255 Apr No West 13tllShannon Copper Co
_25
150 150
100 10e July 220 Apt
1
7% Preferred
151 2
230
Jan
Jan
5
100
2
Utah Apex Mining
114 135
5
150 75e Jan
3
Feb Oshkosh Overall Co Corn..
4
4
354 Jan
851 Feb
50
Utah Metal & Tunnel.....1
355
3
3%
910
1
Convertible preferred..• 18% 1815 1855
Jan
Feb
634 July
Jan 20
10 15
Penn Gas & Elea Acorn' 124 12
Jan 1955 June
6
100
1234
Bonds—
Perfect Circle (The) Co...* 27
27
27
Jan 3254 Jan
100 23
Amoskeag Mfg Co 6s194S 60
58
60
22.000 58
Aug 76
Apt Prima Co common
351 34
•
250
254 July 124 Jan
334
E Maas St Ry ser A 4)-ie '48 484 4855 4834 13,000 38
Jan 52 Mai Public Service of Norin—
Series B 58
1948
5314 534 2,000 39
Jan 58 May
Common
Feb
• 14
13% 14%
550 1254 July 22
-......... .-.,_ •,................ -,.. ,•• I,
,
I, , Ill
I AAA 1591_I
Jan 111
.T.11.
Common
60 1451 13% 1451
Feb
July 22
300 12
6% preferred
July
64
64
100 64
Jan 66
20 34
z Ex-dividend. •No par value.
7% Preferred
July
100 7054 704 71
50 38% Jan 75
Quaker Oats Co—
•
Common
118 120
210 106
Apr 1234 Jan
Preferred
128 128
100
20 115
Jan 13214 Ally
Rath Packing Co corn..
30
.10
July
30
100 244 Jan 30
Reliance Mfg Co corn_ 10
914 935
074
150
9 July 19% Apr
Listed and Unlisted
Preferred
100 100
100
210 90
Jan 100% Aug
Ryerson & Sons Ine com__• 1334 1334 1354
Feb
50 124 Jan 20
St Louts Nat'l Stkyds can*
66
68
120 50
Jan 68
Aug
Bears Roebuck & Co corn_*
36
37%
Feb
400 32% Aug 51
Signode Steel Strap pref_30
1351 1311
40
Jan 13% Aug
7
Members:
So Colo Power el A com _25
1
Feb
1
20
3
Jan
1
New York Stock Exchange
Chicago Stock Exchange
Southern Union Gas corn.*
100
24 Mar
5,
54
11 Aug
Chicago Curb Exchange
New York Curb (Associate)
Sou'west G & E 7% pref100 5054 4955 5015
130 40
Mar
Jan 60
Swift International
15 3351 3631 38% 3.950 24
Jan 3614 Aug
37 So, La Salle St., CHICAGO
Swift & Co
25 204 17% 204 26,650 14
Jan 2015 Aug
U S Gypsum
Jan
100 394 Apr 50
20 4115 4134 41%
Utah Radio Prod oom •
1
1
254 Jan
51 July
50
Utll& Ind Corp—
Feb
2
34 July
Chicago Stock Exchange.—Record of transactions at
Convertible preferred...
234 234
Feb
6
200
155 Jan
Chicago Stock Exchange, Aug. 18 to Aug. 24, both in- Viking Pump Co com •
455 455
Mar
1% Jan
5
50
Preferred
30
•
30
10 23
Feb 3155 July
clusive, compiled from official sales lists:
Vortex Cup Co—
Common
• 15% 1454 154
400
834 Jan 1514 Aug
Friday
.5cue5
Class A
30
* ao
30
250 25
Mar 32% July
Last Week's Range for
Range Since Jan. 1.
Wahl Co corn
155 115
•
235 Feb
150
Jan
1
Sale
ofPrices.
Week.
We!green Co oommon_ •
2415 2555
100 17% Jan 29 June
Stocks-Low.
Far Price. Low. High. Shares.
High.
Stock purchase warr____
115 114
Feb
60
14 Jan
5
Ward (Monte)& Codl A_•
1184 118%
210 88
Allied Products Corp cl A..•
Jan 123 June
915 Aug 2015 Feb Wisconsin Bkshares
11
11
50
2
Feb
2% 1,350
4
Amer Pub Serv pref......100
2
2.4
Aug
755
64 715
110
Jan 13
5
Feb Yates-Amer Mach corn.*
Armour & Co common...5
34
100
1% Feb
34
34 Jan
July
4
634
634 June Zenith Radio Corppart pf•
5% 634 8,800
corn. •
254 234
Feb
Assoc Tel Util151 JulY
5
350
•
56 cony pre( A
20
51 Jan
4 Feb
4
55
Bonds—
Automatic Products corn h
24 Jan
634 7
450
94 Feb Chicago
RysBalaban & Katz pref. _ _100 60
60
170 50
Mar 60
60
Apr
5s series A
1927 124 1251 1254 514.000 12 June 194 Jan
Bastian-blessing Co corn.•
435
455 44
200
334 Aug 10
Feb 208 So La Salle St Bldg
Handl: Aviation com____• 13% 1234 1354 2,450
11)( July 234 Feb
546
25
1958
29
may
9,000 25
Bergboft Brewing Co...„1
Aug 38
551
535 511 1,450
414 July 1134 Jan
Sinks Mfg A cony pref.._ •
50
155 Apr
151 1%
3
Feb
• No par value. z Ex-dividend. a Flat.
Borg-Warner Corp com_10 23
2051 23
2,900 1615 July 284 Feb
100 105
7% Preferred
Toronto Stock Exchange—Curb Section.—Record of
103 105
Jan 1064 May
80 93
Brach & Sons(E J) corn...* 12
1135 12
ISO
Jan 12
8
Aug transactions in the Curb Section of the Toronto Stock ExBrown Fence & Wire—
Class A
• 10
50
10
10
Jan 12
6
Feb change, Aug. 18 to Aug. 24, both inclusive, compiled from
Bruce Co(E L) com
•
555
551 554
534 Aug 1834 Mar official sales lists:
800
Butler Brothers
10
855
4
Jan 1255 Apr
734 83-4 4.255
Central Cold Storage com20
7% 7%
100
og Jan 8 Feb
Friday
Sales
Cent Ill Pub Serv pref._ *
1035 114
180 1034 Aug 24
Apr
Last Week's Range for
Range Since Jan. 1.
Central Ind Pow pref....100
4
90
4
4
Aug 154 June
ofPrices.
Sale
Week.
Cent S W UM—
Stocks—
Par Price. Low. High. Shares.
Low.
High.
Common
4
55
55 1,400
55 July
2
Jan
Preferred
355
•
Aug 134 Jan Brewing Corp corn
3
334
160
3
•
84
May
831 855 3,116
Jan 11
5
Prior lien pref
• 11
Jan 17
5
Jar
83-4 11
230
Preferred
• 31% 3154 32
Jan 37)5 Aug
1,037 15
Cherry Burrell Corn com-*
50
1234 1215
7
July 1255 Aug Bruck Silk
•
1534 15%
July 22
Mar
5 14
Chic City & Co part pfd._•
100
Jan
1
Jar Can Bud Breweries com...• 1015
1
1
1
954 11
Mar
3,660
7% Jan 12
Chicago Corp common.__
154 Jan
254
Jar Canada Malting corn_...• 30% 3051 3151
4
2
24 6,050
284 28% Jan 3551 Mar
Preferred
•
221
4 Jan 3134 Fat Canada Vinegars com___.•
2594 2634
250
26
Feb
26%
125 214 Jan 27
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
CHICAGO SECURITIES
Paul H.Davis &Ca
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
•
Can Wire Bd Boxes A_
*
Consolidated Press A_
Distillers Seagrams
Dominion Bridge
Dom Tar & Chem com_ *
Dutterin P & Cr St pref_100
.*
Goodyear T & Rub corn.
Hamilton Bridge corn_...5
100
Preferred
Honey Dew corn
Imperial Tobacco ord_ _5
lot Metal Industries
Langleys pref
Montreal L H & P Cons_ •
National Grocers pref__ 100
National Steel Car Corp_
Power Corp of Can corn.5
.
Rogers Majestic
Robert Simpson pret_..100
Shawinigan Wat & Pow__•
Stand Pay & Mat cora_ _ _*
•
Stop rgt Shop corn
Tamblyns Ltd (G) com_ •
Toronto Elevators pref..100
United Fuel Invest pref 100
Walkerville Brew
•
Waterloo Mfg A
Oils
British American 011
Imperial 011 Ltd
International Petroleum_ _•
McColl Frontenac 011 corn•
Preferred
100
Supertest Petroleum ord*
•
Thayers Ltd pref
14
14
7
8
1214 13%
31% 32%
2% 2%
25
25
118 130
130
5
5
24
24
35c 35c
11%
10
4% 4%
54
55
35% 35%
115 115
16% 1634
10% 10%
714
7% 7%
9514 95%
20% 20% 2031
1% 1%
134
6
6
20
2014
100
100 101
11
11
8
8
8%
1
1
13%
31%
133(
14%
28%
13%
87%
2314
13%
14%
27%
13%
87
23
38
14
15
29%
13%
90
23%
38
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
5
20
7,530
225
35
5
156
30
10
75
1,476
25
30
50
5
45
20
555
15
75
130
5
35
65
40
820
150
13
6
8%
25%
2
18
90
4%
21
30c
10%
4%
25
31
9034
14
714
5
80
18
1%
4%
20
8914
93.4
5%
I
1,808
7,455
3,630
713
42
37
1
12
12%
18%
1034
7134
16
18
High.
Feb 16%
Jan 11%
July 2634
Jan 37
July
534
Jan 40
Jan 136
9%
Aug
July 37
1.60
July
Aug 12%
Aug 10%
Jan 63
July 39%
Jan 118
May 18%
July 15
9%
Jan
Jan 96
Jan 2434
4%
Aug
9
Jan
Aug 28
Jo 102
Jan 20%
10
Fe
4
Aug
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Feb
Apr
Feb
Feb
May
Feb
Aug
Feb
May
June
Aug
May
Feb
Apr
June
Aug
Apr
July
Feb
15%
15%
28%
14%
91
29%
42
Western Can Flour corn. *
100
Preferred
Weston (Geo) Ltd corn-.
100
Preferred
Winnipeg Electric corn_ •
100
Preferred
Zimmerknitt preferred_ *
Mar
June
June
Apr
May
Mar
June
July
Jan
Jan
Jan
Jan
Jan
Jan
•No par value.
CANADIAN
MARKETS
JENKS,GWYNNE & CO
•
Members New York Stock Exchange. Toronto Stock Exchange
and other principal Exchanges
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St. W., Montreal
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, Aug. 18 to Aug. 24, both
inclusive, compiled from official sales lists:
Stocks-
1217
Financial Chronicle
Volume 139
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Abitibi Pr & Paper corn_ *
Beatty Bros corn
Beauharnois Power com_ •
Bell Telephone
100 117%
Blue Ribbon Corp corn_ --•
434
634% preferred
so
Brantford Cord 1st pret_25
Brazilian T,L & Pr com..* 10%
Brewers & Distillers com-*
B C Power A
•
•
Building Products A
25
Burt(F N)Co corn
•
Canada Bread corn
•
Canada Cement corn
6%
39
Preferred
Can Steamship pref. _100
Canadian Bakeries pref 100
Canadian Canners corn.
..5
Cony pref
Canadian Car & Fdy corn_*
Preferred
25 15
Can Dredge & Dock corn_•
Can General Elea com
50
50 61%
Preferred
Canadian Ind Alcohol A _*
8%
•
Canadian Oil corn
100 114
Preferred
Canadian Pacific Ry _ _25 14
Canadian Wineries
*
Cockshutt Plow corn
614
Consolidated Bakeries_ *
834
Cons Mining & Smelting 25 140
100 188
Consumers Gas
Cosmos Imperial Mills •
Preferred
100
• 1834
Dominion Stores corn....
634
Easters Steel Prod corn_ __*
Easy washing mach corn.*
•
Famous Players
•
Fanny Farmer corn
Ford Co of Canada A._ _• 20%
General Steel Wares com_•
Goodyear T & R pret--100 114
Great West Saddlery corn_•
Gypsum, Lime dr Alabast_•
Ham Un Theatres corn. 25
..5
7%
Hinde & Dauche Paper.
Internet Mill 1st Pref--100 108
International Nickel corn_• 2534
International Utilities A *
Lake of Woods Mill corn
Laura Secord Candy coin_•
Loblaw Grooeterias A._ .* 1714
Maple Leaf Milling corn *
*
4%
Massey-Harris corn
-100
Monarch Knitting Pref.
• 13%
Moore Corp corn
100 109
A
Muirheads Cafeterias corn *
National Sewer Pipe A. •
5%
Ont Equitable 10% paid100
page-Hersey Tubes com__• 69
•
Pressed Metals corn
•
Riverside Silk Mills A
simpson's Ltd pref. ..100
* 33%
of Canada corn
Steel
25
Preferred
•
Traymore Ltd corn
20
Preferred
•
Union Gas Co corn
Steel
United
28
Walker. Hiram. corn
14%
Preferred
1.00
8% 8%
5% 6
11714 118
434 5
32
24% 24%
1034 11%
750 900
27%
27
5%
5
21%
21
3
6%
39
4%
9
5
5%
.
7
7% 7%
14
15%
2014
158%
6134 6234
7% 8%
13
13%
114 115
1334 1434
6% 7
6% 614
814
8
138 143
184 188
11
90%
. .
1734 1834
614
6
114 134
12
27
2714
1934 2034
3% 4
11314 115
2%
514 534
1
7% 8
10134 108
2434 2514
3
11
.. 55%
1734 1734
16% 17
650
434 4%
7114
1314 15
109 11111
1%
19%
53( 6
69% 70
13
21
21%
68
70
3334 34
3734
150
I
334 3%
3%
24
28
1434 15
2
6
38
Range Since Jan. 1.
Low.
High.
Apr
50 1.00 Aug 2.25
Feb
6% July 10
210
9% Feb
3% Jan
163
Jan 120 May
205 110
6 June
4 May
131
20
July
Jan 26
40 22
6.888
7% July 14% Feb
Jan
2,000 65c July 2.95
30 23% Jan 32% Feb
8% Feb
414 Jan
23
Jan 23% Feb
157 16
Jan 34 May
75 27
5% Jan
2
Aug
175
Feb
434 July 12
679
Feb
Jan 53
66 33
9
Apr
3
Jan
3
July
Apr 12
15 10
Apr
5
Aug
8
25
7
Aug 10
Feb
342
9% Mar
570
5% July
358 11% Jan 16% Feb
10 17
July 3434 Feb
5 124% Feb 160 June
Feb 63 May
25 59
5% July 2035 Jan
4,08
10
July 18 June
5
92
Feb 120 June
2
3.500 II% July 18% Mar
July 11% Jan
11
6
6
Aug 10% Feb
52
July 1231, Feb
7
24
Apr
396 118
July 170
Jan 186 June
579 165
734 Jan 11% Feb
35
July
Jan 95
8 85
July 23
Mar
185 17
6
Aug 13 May
100
534 Apr
1% July
9
Aug 18 May
10 12
Jan 32% June
12 13
3,182 15
Jan 253.4 Feb
6
Feb
3% Jan
30
July
Jan 118
100 106
3% May
1% May
350
8% Feb
4% Jan
560
2% Feb
1
Aug
5
83( July
sg Jan
250
July 110% June
10 99
Apr
15,909 2114 Jan 29
6% Feb
3
Aug
10
Feb
July 14
40 10
85 4634 May 59 May
Jan 18% Apr
1.337 14
145 13% June 17% Apr
Jan
25 50c Aug 6.00
814 Feb
334 July
570
Jan 71% Aug
15 45
Jan 17% Feb
459 11
Jan 114 June
55 96
3
Feb
25 750 June
150 14% Jan 2034 Feb
9
Feb
514 June
80
Mar
Jan 77
55 55
Aug 2034 June
145 13
Jan 24% July
55 19
65 42% Jan 74 June
59 28
Jan 38% Apr
Jan 38% Apr
15 31
Jan
100 100 Aug 1.00
4% Apr
1
July
100
614 Mar
2
Aug
605
6% June
July
3
85
July 57% Jan
7.063 21
1.088 14% Aug 1734 Jan
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
Range Since Jan. 1.
148
167
150
168
_ 173
19134 194
25634 259%
15534 157
200 20031
13
36
29
38
8
51
4
123
133
141
167
253
13034
162
12234 123
80
78
30 118
8 70
so
38% 40
_...i00
2
3
10
10%
75
73
100
100
100
100 194
100
100 15534
100
Loan and Truer
Canada Permanent____100 123
Huron & Erie 20% paid_ _• 78
8%
June
Jan 62
Feb 39;4
Jan 110
5%
July
Jan 10%
Mar 75
Jan
May
Apr
July
Apr
June
Aug
Jan
Jan
Jan
Jan
July
Jan
Jan
168
186
180
203
278
168
210
Feb
Mar
Feb
Feb
Jan
Mar
May
Jan 140
Jan 95
6
48
28
8834
2
7
50
40
High.
Low.
25
10
190
5
51
42
21
6%
Apr
Mar
•No par value.
-Record of transactions at
Montreal Stock Exchange.
the Montreal Stock Exchange, Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Mar
Feb 90
10 72
73
73
Agnew-Surpass Shoe pref..
Feb
7
Jan
so 3
334 3%
Alberta Pac Grain A_
•
Mar
15 14% July 22
1534 1534
100
Preferred
8)4 Mar
Jan
3
155
4% 454
Bathurst Pow dr Pap A._*
Aug
Jan 15
7
10
15
15
Bawif N Grain pref_ _100
Mar
Jan 120
225 110
Bell Telephone
100 117% 117 118
714 July 1434 Feb
Brazilian T L & P
* 1031 1034 1134 11,891
780 22% Jan 32% Feb
Brit Col Power Corp A....*
26% 2734
8% Feb
4% Jan
106
514
*
5
B
534
Mar
12% July 22
84
1534
15
14
Bruck Silk
5 1614 Jan 23% Feb
2134 2134
Building Products A._.*
Millse
Feb
4% July 12
70
634
6
Canada Cement
*
634
Jan 5254 Feb
32
13
38
3834
Preferred
100 38
360 1634 Jan 2214 Mar
2034
Can No Power Corp_ _.• 2014 20
334 Apr
70c Jan
5
2
2
*
Canada Steamship
Apr
9
214 Jan
135
5
.534
Preferred
100
9% Mar
534 July
1,940
734 8
Canad'n Car & Foundry_*
754
Feb
1,180 11% May 16
25 1534 1474 16
Preferred
Aug 22% Mar
60 16
Canadian Celanese
* 1734 1634 1731
Apr
Fe 120
20 104
107 108
100 107
7% Preferred
Mar
Jan 45
10 30
38
38
Canadian Converters 100
Feb
Jan 72
12 41
5634 5634
Canadian Cottons
100
Aug
Jan 95
9 70
95
95
Preferred
100 95
Jan 63 May
35 58
62
62
Canad'n Gen Elec pret__50
Apr
122 54% Jan 76
6334 66
Canad'n Hydro-Elm pf100 66
5
July 20% Jan
714 8% 2,440
Canadian Indus Alcohol.*
854
July 19% Jan
5
640
Class B
*
7%
634 8
1334 1434 4,428 11% July 18% Mar
Canadian Pacific Ry_ _ _25 1334
8
Aug 1034 Feb
135
614 7
*
Corkshutt Plow
634
Mar
July 170
509 119
139 143
Con Mining & Smelting_25 141
Mar
727 2534 Jan 37
3154 33
Dominion Bridge
* 32
Jan 92 June
101 10
78
Dominion Coal pref..
.100
78
5% Apr
2% Jan
3% 434 1,757
4
Dominion Steel & Coal B25
Jan 88 May
550 67
85
84
Dominion Textile
* 85
7% Feb
4
Jan
110
4
4
4
Dryden Paper
*
Feb
5
2
July
5
234 234
Eastern Dairies
*
Apr
Jan 18
10 10
1214 1234
Famous Players C Corp_ •
Jan 16% June
25 10
12
12
Foundation Co of Can.
..5
Feb
6
334 Jan
80
4
331 4
General Steel Wares__ __*
Jan 114 June
25 107
114 114
Goodyear T pf Inc 1927 100
July 11% Apr
6
17
614
6
6%
Curd (Charles)
*
83.4 Feb
4% Aug
195
53.4
Gypsum Lime & Alabast_*
534
514
Feb
Aug 37
23
1
23
23
Hamilton Bridge pref _ _100
Aug
Jan 20
Hollinger Gold Mines___5 19.55 19.55 20.00 3,82 11.40
Jan 11 May
4
27
634 7
Howard Smith Pap Mills *
Jan 73 May
80 33
6114 6134
Preferred
100
Apr
Jan 29
2454 2534 8,462 21.15
Int Nickel of Canada_ - •
July
4
Jan
2
31
334 4
International Power
•
Jan 28% July
14
7(
28
2834
Preferred
100
Feb
15
Jul
10
141
1154
•
11
Lake ot the Woods
Feb
8
334 July
21(
434 434
Massey-Harris
434
10% Jan 14% Apr
1334 6,121
McColl-Frontenac OIL...* 1334 1334
Jan
Jan 100
1( 100
100 100
Mitchell (J 5) pref. __IOC
Feb
Jan 87
1( 63
80
80
Montreal Cottons pref.
-101
2.04( 3014 July 3914 Feb
Montreal L H & P Cons__• 3431 3454 36
Jan 55 May
31 50
53
5314
Montreal Telegraph_
40
Feb
July 125
20 .93
95
95
Montreal Tramways__ _100
880 23% Jan 28)4 Mar
2734 28
• 28
National Breweries
Feb 3614 July
35 31
35
35
Preferred
25
59C 12% July 18% Feb
Nat'l Steel Car Corp....* 1634 16
1634
Feb
Apr 209
60 180
195 200
Ogilvie Flour Mills
•
Jan 140% July
10 125
Preferred
100 136% 13635 13754
Apr
Jan 20
5
10
15
15
Ottawa Traction
100
Feb
Jan 62
5 47
60
60
Penmans
*
Feb
734 Jan 15
205
11
Power Corp of Canada. 5 1034 10
.
Feb
Jan 20
252 15
1634
16
Quebec Power
* 16
3% Feb
134 Jan
20
1.90
1.90
St Lawrence Corp
*
514 Jan 11% May
140
7
7
A preferred
50
7
Feb
Feb 39
33
3
36
37
St Lawrence Flour Mills100
May
Jan 26
12
16
17
16
St Law Paper prof....100 17
17% Jan 24% Feb
72
Shawinigan W & Power__• 21
2034 21
Mar
65 12% Jan 21
14
14
Sher Williams of Can..._• 14
Jan 8714 Mar
15 60
83
83
Preferred
100
Mar
20
634 Jan 10
Simon (H) & Sons
731 734
*
July
Jan 100
30 65
100 100
Preferred
100
Mar
Jan 16
80 11
13
13
Southern Can Power....*
Mar
Jan 38
263 28
Steel Co of Canada
• 3334 3314 34
4
Feb
1% Jan
260
214
Winnipeg Electric
•
234 3
Feb
4
Jan 12
175
1034 11
Preferred
100
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
126
126
14854 147
191
256
259
15534
156
199
12634
150
193
260
158
199
52
70
44
48
87
2
126
129
169
253
12934
16135
Aug
Jan
Jan
July
Jan
Jan
145
166
203
276
16634
205
Feb
Feb
Feb
Feb
Feb
May
• No par value.
-Record of transactions at the
Montreal Curb Market.
Montreal Curb Market, Aug. 18 to Aug. 24, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range far
ofPrices.
Week.
Sale
Par Price. Low. High. Shares
Asbestos Corp vtg trusts--•
Assd Breweries of Can_
•
Assd Oil & Gas Co Ltd- *
Brit Col Packers Ltd
•
100
Cum preferred
Bathurst Pow & Paper B_*
Brit Am OfI Co Ltd
Cndn Dredge & Dk Ltd_ •
Cndn Foreign Invest Cora•
6
1.85
1234
1.25
13%
554
10%
150
1.65
12%
1.25
1334
20%
22
634
11
160
1.90
1234
1.25
14
20%
22
365
225
2,500
765
43
53
643
30
70
Range Since Jan. 1.
Low.
514
934
156
1.10
11
1.25
12%
18
9
Aug
June
July
Aug
July
Aug
July
Aug
Jan
High.
13%
13
350
23.4
12%
334
15%
34%
25
Apr
Feb
Jan
July
July
Feb
Mar
Feb
May
1218
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Champlain Oil Prods pret_•
Commercial Alcohols Ltd..'
Distillers Corp Seagrams..•
Dominion Stores Ltd. -*
Dom Tar & Chem Co Ltd..*
Cum preferred
100
Fraser Companies Ltd_ __•
Voting trust
Home 011 Co Ltd
•
Imperial Oil Ltd
•
Imp Tobacco of Can Ltd.5
Int Petroleum Co Ltd......"
Melchers Distil Ltd
•
Mitchell& Co Ltd (Robt)-•
Page-Hersey Tubes Ltd- *
Regent Knitting Mille Ltd*
Rogers Majestic Corp
•
United Distil of Can Ltd. *
Walkerville Brewery Ltd.'
WalkerGdham & Worts..'
Preferred
•
13%
18%
22
5
1.05
1434
1134
28%
114
534
8.25
284
15
8
700
12
174
2%
20
5
354
1.00
1434
10%
27%
11
44
5
69
434
834
700
13%
18%
234
22
5
3%
1.07
1434
1134
294
12
5%
534
69
434
734
1.00
1.00
8.00 8.80
2354 284
14% 154
Public UtilityBeauharnois Power CorP-•
5% 5%
C No Pow Corp Ltd prof100
101 1014
City Gas & Elec Corp Ltd •
351 3%
Foreign Pow Sec Corp Ltd • 1.50 1.50 1.50
Inter UM Corp class A...'
3
3
3
Class B
1
600 60e
Sou Can P Co Ltd pret.100 89
8834 89
Mining
Big Missouri Mines Corp-1
330 360
Bulolo Gold Dredging Ltd 5 37.00 36.50 37.50
Brazil Gold dc Diamond_ _1
350 40e
Cartler-Malartic G M Ltd 1
50
60
60
Cent Manitoba Mines Ltd 1
140 14c
Crown Cons Mines Ltd.25c 35340 344c 354c
FalconbridgeNiekelMines• 4.00 4.00 4.00
Goldale Mines Ltd
1
25340 25340
Greene Stabell Mines
_1
73c 73c
J M Consol
1
350 38e
Lake Shore Mines Ltd_ __ _1 55.00 55.00 55.00
Label Oro Mines Ltd
1
70
60 100
Lee Gold Mines Ltd
1
1034o 104c
Lamaque Cont
4340 440
Noranda Mines Ltd
• 42.00 41.25 43.00
Parkhill G Mines Ltd__ 1 360
350 3754c
Premier G Min Co Ltd...1
1.30 1.27 1.30
Pickle Crow
1
1.54 1.70
Quebec G Mining Corp_ _ _1 230 19340 250
Read-Authier Mine Ltd_.1
1.56 1.53 1.60
Siscoe Gold Mines Ltd...1 2.75 2.65 2.87
Sullivan Cons D
1 55c
53e 550
Teek-Hughes G M Ltd....1 8.85 6.80 7.00
Thompson-Cadilac
1
47e 470
Ventures Ltd
• 1.07 1.03 1.07
Wright Harg Mines Ltd--• 9.75 9.45 9.80
Unlisted Mines
Arno Mines Ltd
•
Cent Patricia G Mines_ __1
Eldorado G Mines Ltd..
.1
Kirkland Lake G Min Co _1
MoVittle Graham M Ltd_l
Pioneer G Mines of B
San Antonio G Mines Ltd.1
Sherritt-GordonMines Ltdl
Stadacona Rouyn Mines_ _•
Sylvanite G Mines Ltd_ _1
Unlisted
Abitibi Pow ac Paper Co...
Brewers & Distil of Van_ •
Brewing Corp of Can Ltd.'
Preferred
•
Canada Malting Co Ltd..'
Claude Neon Gen Ad Ltd.*
Consol Paper Corp Ltd ...•
Ford Motor of Can Ltd A..*
General Steel Wares pref100
Loblaw Groceterias Ltd A •
Price Bros Co Ltd
100
•No par value.
30
930
2.59
(35c
45e
13.00 12.95
5.50
660
650
340
370
2.90 2.75
1.10
1.00
8%
31
1.90
35
174
3
30
1.12
2.59
65e
480
13.35
5.60
660
380
2.92
1.00
80c
834
3134
31
40c
1.80
194
35
1731
2%
1.10
850
831
3234
314
40c
2.00
20%
37
174
3
Range Since Jan. 1.
Low.
High.
525
Mar
9
74 Mar
175 300 July
1.50 Jan
1.325
854 July 26% Jan
75 174 July 22
Mar
35
July
54 Feb
2
Jan 294 Feb
oo 15
Jan 12% Apr
3
169
2% Jan
15
Apr
9
950 99c Aug
1.90 Feb
3.267 124 Jan 154 June
1,924 10% June 12% Feb
1,621 19% Jan 304 June
295 10
July 17 May
270
451 Aug 11% Jan
3
280
July 10% Feb
25 56
Jan 7434 Mar
2
45
634 Feb
Jan
250
94 Aug
7% Aug
1.00 Aug
390
334 Mar
1,540 3.90 Jan 10.10 July
990 214 July 58
Jan
325 14% July 17% Jan
340
42
15
140
10
75
46
3%
8834
3
1.50
3
500
72
Jan 10
Jan 102
June 144
Jan
334
Jan
6%
July
1.50
Jan 9034
Feb
Aug
Mar
Feb
Feb
Feb
Mar
Bonds
Elea & Peoples etts of dep.
Phi's Elec (Pa) let 5s '86
•No par value.
48
24
25
10434
20%
54
634
15%
6234
900
650
.5%
15%
28
35e
1.75
154
1434
144
950
Jan
July
Jan
Jan
Jan
June
Jan
Jan
Jan
Mar
Jan
234 Feb
2.95 Feb
11
Apr
32% July
354 Mar
800 Jan
34 Jan
2534 Feb
47 June
18
Apr
6 May
Low.
High.
41
41
1154 118%
3534 364
48
46
18% 19
4734 4874
7% 7%
11% 12%
1
1
134 134
134 234
22% 25
103% 10434
33
33
434 434
20% 20%
19
19
84 9
3-16 3-18
4
34
6% 63-4
14
15%
9534 97%
84 8%
623* 6234
200 30
Jan 44
Feb
75 1114 Jan 117% Mar
95 35% Aug 51% Jan
125 31% Jan 504 Apr
50 17
Jan 204 May
300 3934 Jan 514 Apr
534 Jan 104 Feb
100
125
934 July 20% Feb
100
1
Feb
234 Apr
200
% June
334 Apr
2,700
14 July
4% Feb
2,300 2134 Aug 3934 Feb
105 93
Jan 106
July
100 30% Jan 3334 July
29
3% Jan
64 Feb
do 16% Jan 294 Apr
15 1834 Jan 264 Apr
4% Jan 1034 July
300
600
34 July
1
Mar
200
54 July 1 7-18 Feb
800
5
July 11% Apr
2.300 14
Aug 2034 Feb
70 86
Jan 1004 June
200
434 Jan
94 June
10 53
Jan 6234 Aug
20
20
1104 11034
$200 18
200 105
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares
monde' Corp
12
•
Black dr Decker corn
•
554
534
Preferred
25 14
14
Ches&Pot Tel of Bait pf100 117% 117
Comm Credit Corp pf B.25
2834
6g% lst pre
100 105
105
124
5%
14
117%
2834
105
110
4
127
66
97
25
25
150
729
370
30
140
182
80
12
50
540
40
High.
Low.
Jan 6834
Jan III
Jan 106
n 4434
251
jjaman 236
Jan
524
93
93
110%
33
41 jan
13 J
July
July
Aug
May
Fe
Maby
A ug
9% June
14
28
13
7434
7u
July
Jan
Jan
jan
July
231
2
35
1934
1234
July
Feb
Feb
June
June
4534
54
3
654
Jan
July
Jan
Jan
84
5
6
8
7
7
85
May
Aug
Apr
Feb
Apr
$300 9434 Jan 106
1,000 103% Mar 105
500 1044 Aug 10434
3,000
54
34 July
1,000
7% Apr 10%
June
Aug
Aug
Jan
Feb
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Aug. 18 to Aug. 24, both
inclusive, compiled from official sales lists:
Friday
sates
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
1%
79
514
22
24
134
1%
1834
19
84
174
8
14
954
1034
24
454
64
2
79
514
25
22
24
4834
634
1%
40
2
14
434
1934
344
84
14
10%
19
84
1754
734
1
854
104
234
434
6%
136
7734
514
2134
22
234
484
834
IX
40
2
1
434
1734
31%
64
130
100
100
290
1,800
259
155
400
200
100
1,200
100
1,458
46()
15
300
10
160
5,300
2,000
40
700
190
297
220
22
Range Since Jan. 1.
Low.
18
84
14
734
1
74
9
234
44
5
134
65
4%
1734
22
134
3934
454
134
3e
2
900
33-4
15%
2834
June
Aug
Jan
July
Ally
July
Jan
Aug
Aug
May
Jan
Jan
July
Jan
Aug
Jan
Jan
July
Jan
Jan
Jan
Jan
July
July
July
64
Jan
High.
2234 Feb
934 Apr
2634 Feb
1634 Jan
3
Feb
19
Feb
May
18
434 Feb
54 Feb
30
Feb
254 July
85
Apr
834 Feb
2934 Feb
39
Feb
4
July
57
Apr
1134 Apr
2% Apr
70 Feb
4
Jan
14 June
7
Feb
35% Feb
47
Feb
75
Feb
Listed and Unlisted
GILLIS, WOOD & CO.
Members Ckveland Stock Exchange
-Cherry 6060
Union Trust Bldg.
CLEVELAND, - - - OHIO
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
Range Since Jan. 1.
Jan 2734 Apr
Jan 113
July
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
Stocks-
Consol Gas E L & Power.* 63
64
63
534% 'Ref wiser E-100 109)4 109 10934
5% pret
105 106
100 106
Fidelity & Deposit
20 3634 3634 39
Fidel & Guar Fire Corp_ 10 1634 1634 22
Finance Co of Am el A...'
6
6
Finance Service corn cl A 10
534 54
Houston 011 prof
100
734 7%
Maryland Gas Co
1
134 134
154
Junior cony prof ser B...1
134 1%
Merch & Miners Tramp_ •
2834 29
Monon W Penn PS 7%pt25 18
18
18
New Amsterdam Casualty5
83.1
8
8
Northern Central
861( 8634
50
Penne, Water & Pow cons.*
58
56
Seaboard Comml wet_ _10
634 84
6%
U S Fidelity & Guar
4% 4%
4%
2
Wstn Md Dairy Corp pt.'
80
80
Bonds
Baltimore City
4s Sewerage impt_..1961
103 103%
4s 3d sewer series (epn)57 105
105 105
5s(G I)
1044 10434
1943
United Ry & Elfd 55 flat'36
%
51
1st 4s ctts (flat)_ __ 1949
8
8
• No par value.
Range Since Jan. 1.
OHIO SECURITIES
660
325
245
323
115
175
757
143
225
eo
845
Friday
dales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
American Stores
•
Bell Tel Co of Pa pref _100
.
Electric Storage Battery100
Fire Association
10
Horn & Harden(NY)com•
Insurance Coot N A_ _ _ _10
Lehigh Coal & Navigation•
Lehigh Valley
50
Mitten Bank Sec Corp_ _25
Preferred
25
Pennroad Corp vot tr cll.
•
Pennsylvania RR
50
Phila. Elec Pow pref._ _25
Phila. Elec of Pa $5 pret-•
Phila& Read Coal& Iron.•
Philadelphia Traction...50
Certificates of deposit_ __
Reliance Insurance
10
Tonpah-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Improy corn.'
Preferred
•
Victory Insurance Co .10
Westmoreland Coal
•
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
1.050 26340 June 500 Feb
7(35 23.50 Jan 37.50 Aug
400 350 Aug
1.50 July
Stocks22,500
10 Jan
90 Mar
Par
1,000 10340 Feb 14c Aug
27,725 31e Aug 35%o Aug Allegheny Steel common."
3
50
Feb 4.15 Mar Amer Fruit Grow's pret_100
200 120 Jan 254e Aug Armstrong Cork Co
•
1.20 Apr Blaw-Knox Co
200 87e Mar
•
1
1.400 34c July 4734c July Carnegie Metals
20 42.50 Jan 55.00 Aug Columbia Gas dc Elect
•
31,900
10
13c Aug 2534c Apr Devonian Oil
1,000 10340 Aug 210 Mar Duquesne Brewing cOm--3
4,300 4340 Aug 44e Aug
Class A
5
1,067 33.25 Jan 45.00 June Follansbee Bros Pre--100
9,550 340 July 71340 May Fort Pittsburgh Brewing_l
1,100
1.05 Jan
1.75 Mar Koppers Gas & Coke pf_ 100
4.300
1.37 Aug
1.82 July Lone Star Gee
•
55,050 15e June 70o Apr Mesta Machine
5
9.397 26e
Jan
1.74 June Pittsburgh Brewing pref...
28,845
1.43 Jan
2.87 Aug Pittsburgh Forging Co___1
11,921 440 June 63c July Pittsburgh Plate Glase_25
1,905 5.80 Jan
8.00 Apr Pittsburgh Screw & Bolt_•
•
1,000 2034o Jan 58c Mar Renner Co
1
4,200 770 Jan
1.12 Mar San Toy Mining
1
1,755 6.75 Jan 10.25 Apr United States Glass
25
Victor Brewing
1
Western Pub Service v t 0•
1.200
20 July 18c Feb Weet'ghouse Air Brake_ _•
23,250 54541, Jan
1.12 Aug Westinghouse El & Mfg 50
1.90 July
100
Unlisted
4.30 Mar
1,000 250 Jan 73e Mar Lone Star Gas 6% pref_100
700 43e Aug
1.20 Jan
• No Dar value.
410 11.60 Feb 14.00 Apr
2.300
1.76 Jan
6.20 July
1.500 640 July
1.43 Apr
28,880 8540 Jan 464c July
2,750
1.30 Jan 3.20 Apr
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Aug. 18 to Aug. 24 both
inclusive, compiled from official sales lists:
Stocks-
Aug. 25 1934
Range Since Jan, 1.
Low.
1,160 114
44
75
97
834
7 112
10 2434
12 90
High.
July 1854
July
84
Jan 164
Jan 119
Jan 294
Jan 106
Jan
Feb
May
July
Mar
Aug
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sate
Week.
Par Price. Low. High. Shares.
Aetna Rubber
•
Allen Industries, Ino_ _._•
Central United Nat
21)
City Ice & Fuel
•
Cleve-Cliffs Iron pref.....
Cleve Elec III 8% pret....100
Cleveland Ry
100
Ces deposit
100
Cleveland Trust
100
Cleve Worsted Mills
*
Corrigan MeKin'y SU vot 1
Non-voting
1
Dow Chemical
•
Preferred
100
Faultless Rubber
•
Ferry Cap & Set Screw...'
Firestone T & R 6% tot-100
Fostoria Pressed Steel_ ___•
Gen T &BB% pfd A_ _100
Geometric Stamping
•
Greif Bros Cooperage A.."
Halle Bros Pref
100
Hanna M A $7 cum pf _ _ _•
Higbee let prof
100
Interlake Steamship
•
Kelley Island Lim & Trans*
Metropolitan Pay Brick. •
Cum 7% prof
100
Mohawk Rubber
•
Myers, FE & Bro
•
National Carbon pref. _100
National Refining
25
Preferred
100
National Tile
•
Nestle LeMur cum el A __ _ .I.
Ohio Brass B
•
6% cum pref
100
Packer Corp
•
Paragon Ref B 3d pay end'
Patterson-Sargent
•
Richman Bros
•
Seiberling Rubber
•
Sherwin-Williams AA p1100
Stand Text Prod cum A pt•
Weinberger Drug Inc_
•
v....." as-,....... x 1.‘ on nt Inn
• No par value.
134
23
1084
61
55
134
13
2734
2
134
140
2%
15
414
134
134 134
63-6 7
94 10
19% 1934
23
23
108 109
6134 614
6134
61
5934
55
64 634
1314 1314
1234 13
75
7734
1104 115
2734 2734
2
2
80
80
734 734
7734 7734
1
134
27
27
85
85
101 101
9
9
23
23
10
10
3
3
50
50
134 134
1834 1634
140 141
434 434
65
65
1
1%
2% 2%
13
1534
89
89
434 434
%
%
1934 1934
41
42
2
2
106 107
134
134
934 934
20
en
Range Since Jan. 1.
Low,
High.
50
May
1
3
222
Jan
4
7
223
854 June 16
30 1734 Jan 2334
25 214 Aug 2834
88 1004 Jan 11334
20 44
Jan 70
287 3934 Jan 704
74 5034 Jan 83
10
64 Aug 13
25
934 Jan 17
Jan 17
98 10
180 62
Jan 78
120 10834 Mar 115
25 25
Jan 28
Aug
4%
2
150
20 76
Aug 8434
185
9
614 Jan
18 70
Jan 90
345
34 Jan
34
12 2134 Jan 28
45 75
Mar 85
10 84
Jan ling
28
8
Jan 22
25 21% Jan 33
10
634 Jan 12
100
44
24 Jan
41 50 June 55
14 July
50
4%
15 1336 July 19
55 135
Jan 141
10
7%
4
July
17 45
Jan 75
200
1
Aug
3
34
50
134 Jan
375 12 May 18
10 75 May 95
44
3% Mar
50
N
30
34 Apr
405 1434 Jan 20
230 39
Jan 494
534
134 July
20
Jan 107
42 99
44
134 Aug
193
140
934
74 Jan
AR 24
.Tan 5834
Feb
Aug
Jan
Feb
Jan
July
July
July
Mar
Feb
Jan
Jan
July
Aug
Feb
Feb
Jan
Feb
Jan
Feb
Aug
Apr
July
June
Feb
Mar
Apr
Niar
Jan
June
Aug
Feb
May
Feb
Mao
Feb
Jun(
Fet
Apo
Pet
Jar
Jar
Juno
Ap
Jul3
ADI
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares
BALLINGER St CO.
Transamerica Corp
Union 011 of Calif
25
WeberShowcase&Fixlst pt.
•No par value.
Members Cincinnati Stock Exchange
CINCINNATI
UNION TRUST BLDG..
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Aug. 18 to Aug. 24, both
inclusive, compiled from official sales lists:
00148
rnaay
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Aluminum Industries. _ _ _•
Amer Laundry Mach_ _ _20
•
Amer Thermos A
100
Baldwin pref
•
Burger
100
Champ C Spl pref
Churngold Corp
•
CNO&TPpref
100
Cincinnati Gas pref__ _ _100
Cincinnati Street Ry _ _50
Cincinnati Telephone_ _50
Cincinnati Stock Yards_ _•
City Ice & Fuel
•
Eagle Picher
P.Goldsmith Sons
Gruen Watch
Kahn 181 pref
Kroger common
Leonard
Proctor & Gamble
Randall A
Rapid Electrotype
U S Playing Card
•No par value.
20
•
•
100
*
•
•
•
•
10
Range Since Jan. 1.
Low.
High.
941
1141
434
5044
3
3
99
2
10041
7231 72
441
4
66
66
21
19
941
124
434
5044
3
99
2
10034
73
44
67
21
19
10
208
18
35
100
22
50
4
209
54
99
24
1
734
11
141
4941
2
85
134
82
66
4
62
20
17
Jan 16
Jan 18
Jan
84
May 504
3
Aug
Mar 99
Aug
34
Jan 101
Jan 83
Aug
6
Jan 71
Mar 244
Jan 2441
Jan
Jan
Mar
Aug
Aug
Aug
Feb
June
Apr
Apr
Apr
Feb
Jan
434
5
1
53
28
334
3734
17
174
24
541
5
14
53
28
34
3944
17
1741
25
362
3
73
20
100
200
114
15
30
269
334
4
1
52
2331
331
3331
14
12
17
July
Feb
July
Feb
Jan
Jan
June
Jan
Feb
Jan
Mar
June
Feb
Feb
Apr
Apr
Jan
June
June
Apr
3934
17
1754
2444
334
6
3
60
33
5
41
184
19
28
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT &CO.
New York Stock Exchange St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet mailed upon request•
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
Stocks—
Ja163
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shores.
C1.0M00.00.0001`.004.000001.
.
03.4.N.Q.!..VM.
CD
V
Brown Shoe corn
514 53
• 53
Preferred
120 120
100
19
Coca-Cola Bottling oom_ _1 19
19
5
Curtis Mfg corn
644 64
5
Columbia Brew coin
234 244
Ely & Walk DryGds com 25 1441
1434 1431
100
2nd preferred
78
78
1
Falstaff Brew corn
444 44
Hamil'n-13rown Shoe com25
431
441 434
Hussman-Ligonier corn_ •
24 241
International Shoe corn_ •
4134 42
•
Nat Candy corn
1634 17
Rice-Stix Dry Goods com _"
9
844 9
1st preferred
100
9944 9944
100
2nd preferred
86
86
•
Scullin Steel pref
14 134
100
Securities Inv pref
105 105
South Acid & Sulphur com• 25
25
25
Southw Bell Tel pref._ _100 11934 119 120
Wagner Electric corn._ _ _ 15
934
934 944
* No par value.
Range Since Jan. 1.
Low.
51
11934
1244
5
244
14
75
334
341
1
404
1544
8
90
83
1
100
224
11641
8
Aug
Jan
Jan
Jan
Aug
July
Mar
Aug
July
Mar
July
Jan
Aug
Jan
Apr
Jan
Jan
Feb
Jan
July
High.
60
125
24
744
434
21
81
734
8
3
4934
21
124
10044
864
441
105
25
12134
1244
641
164
541 64
1534 1644
4
4
4,300
1,700
100
Range Since Jan. 1.
Low.
i
54 Julyl
1334 Julyl
344 Aug
High.
841 Feb
2041 Feb
434 May
San Francisco Stock Exchange.—Record of transaPtions at San Francisco Stock Exchange, Aug. 18 to Aug. 24,
both inclusive, compiled from official sales lists:
Wire System—First of BOston Corporation
Stocks—
1219
Financial Chronicle
Volume 139
Mar
Aug
July
Feb
Apr
Feb
June
Apr
Feb
Feb
Jan
Feb
Feb
July
July
Feb
Aug
Aug
July
Jan
Stocks—
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
July
551 17
20
21
Alaska Juneau Gold Min 10
84 Jan
372
Anglo Cal Nat Bk of8 F_20 1241 1234 1244
Jan
1.700
1
14 141
Assoc Insur Ftmd Inc_ _10
144
Jan
45 121
100 147
Bank of Calif N A
147 147
341 Jan
Byron Jackson Co
631 631 1.705
651
*
July
Calamba Sugar com____20 224 214 2234 3,906 18
Feb
50 19
20 2034 204 2044
7% preferred
Si Jan
10
500
California Copper
54
Si
44 Jan
40
934
Calif Cotton Mills com_100
03
100 2044 Jan
Calif Ink Co A com
26
26
•
Jan
California Packing Corp... 4141 3931 4141 1,752 19
90 1134 June
1234 1244
CalWest Sts Life Ins Cap 10
Caterpillar Tractor
" 2834 2641 2841 1,689 2334 Jan
115 2244 Jan
Clorox Chemical Co
2734 2734
*
Jan
84 58
Cat Cos G & E6% 1st pf100
8331 8534
345 2444 Jan
2734 2731
•
Cons Chem Indus A
334 July
3,681
441 5
Crown Zellerbach v t c_ _"
5
Jan
466 34
Preferred A
504 54
* 53
Jan
253 34
51
53
* 53
Preferred B
Aug
190 16
DiGiorgio pref
1944 20
* 20
100 1034 July
Claude Neon Elea Prods_ _" 11
11
11
534 Aug
100
Emporium Capwell Corp_•
54 54
9 1844 Jan
Fireman's Fund Indem_ _10
214 214
626 4731 Jan
Fireman's Fund Insur_ _ 25 6041 5934 61
Food Mach Corp com _ _ _• 18
1734 1831 1,000 1044 Jan
10 3134 July
Galland Mere Laundry...* 344 3444 3434
210
9
Gen Paint Corp A coin_ _ _*
634 Jan
9
Jan
1
200
B common
134 13.4
434 Mar
Golden State Co Ltd
634 1.372
*
63,
6
13 Jan
4
725
Haiku Pine Co Ltd com_20
34
344
3
102
434 Apr
1234 1234
24
Preferred
48
60 40 May
Hawaiian C & S Ltd. _25
48
5 2541 Jan
Home F & M Ins Co. _10
30
30
157 1134 Jan
Honolulu 011 Corp Ltd_ _ _• 1234 124 1234
110 2344 Aug
Honolulu Plantation_ .50
24
25
Hunt Bros A com
434 Jan
1041 2,411
• 1044 10
534 Jan
100
Jantzen Knitting Mills....'
8
8
Aug
410 10
Langendorf Utd Bak A "
104 1041
35 7934 Jan
LA Gas dr El Corp pref 100
9144 92
271
Magnavox Company Ltd..*
144 Aug
134
141
434 Jan
Market St Ry pr pref _ _ 100
5
5
5
Jan
64 73
Mere Amer Rity6% pref100 87
87
86
4,221
Natomius Company
734 July
834 9
' 841
7
7
25
No Amer Inv corn
434 Jan
100
Jan
5 17
2934 294
100
53.4% preferred
734 May
No Amer 011 Cons
944 1041 2,556
10 104
35 1431 Jan
Occidental Insur Co_
2034 21
10
144 Aug
Oliver Utd Filters B
•
234
131 244 1,000
Pacific G & E corn
25 1631 153 1641 5.856 154 July
2,541 1934 Jan
6% 1st preferred
25 2134 214 22
683 174 Jan
25 1941 1941 1934
534% preferred
605 2341 Jan
Pacific Lighting Corp corn*
2541 2641
164 7134 Jan
8141 824
6% preferred
82
•
441
Pan Pub Ser(non-vtg)com •
41 Feb
34 I
141 Jan
17,414
(Non-voting) pre:
714 8
74
*
Jan
100 71
Pacific Tel tk Tel cont._100 80
7844 80
Jan
65 103
11244 113
100
6% Preferred
Parafline Co's corn
4144 3,416 2541 Jan
40
• 41
May
1
99
Railway Equip dz RIO A.*
134 14
,
B
41 Aug
86
*
,i %
541 Jan
199
let preferred
• 1134 1141 12
234 Mar
120
Series 2
11
11
• 11
Rainier Pulp & Paper Co_• 29
274 2934 1,834 1754 Jan
534 Jan
103
Roos Bros corn
634
644 634
1
634 July
570
ShellUnion Oil com
•
74 744
2,969 1531 July
Southern Pacific Co_ _ _100 20
1634 20
Jan
5
So Par Gotten Gate A_ _ __•
734 2,443
7
7
334 Jan
B
434 531 1.295
"
434 Jan
55
Spring Valley Water Co.. *
534 544
Standard 011 Co of Calif _• 354 3441 3534 2,630 3041 May
.
July
294
48 28
Telephone Inv Corp_ _ _ _20 29
29
Tide Water Aasd 011 corn_• 1044 104 1014
575
8)4 Jan
5 8244 Jan
6% preferred
8234 8234
100
54 July
Transamerica Corn
534 631 36,813
64
•
Union 011 Co of Calif _ _ _ _25
1544 1641 1.610 1334 July
Jan
Union Sugar Co corn_ _ _ _ 25
4
110
644 634
962 1331 July
Utd Aircraft & Transport_• 154 1441 154
Jan
15 185
Wells Fargo Bk & U T._100
229 2294
741 July
110
Western Pipe & Steel Co _ 10
8
8
8
* No par value.
High.
2334 Jan
1441 June
24 Apr
Feb
159
8 May
2531 Mar
2041 June
44 Feb
1231 Feb
2544 Mar
4154 Aug
14 June
334 Apr
Mar
28
854 Aug
2741 July
641 Apr
58 June
574 June
22 May
Aug
11
834 Feb
2134 Aug
6144 Feb
2054 July
3444 Feb
1
0 June
234 June
734 Feb
34 Aug
Aug
14
Jan
52
Feb
31
1541 Feb
26 June
14
Aug
Apr
8
144 Jan
9444 Apr
234 July
1034 Mar
Aug
87
1034 May
354 Mar
30 .Mar
104 Aug
Feb
22
44 Apr
234 Feb
2344 Mar
214 Apr
3634 Feb
Mar
89
14 May
Aug
18
Mar
86
116 June
4144 Aug
231 June
July
1
15 June
1234 June
2944 Aug
9
Feb
1144 Jan
3331 Feb
74 Mar
544 Mar
534 June
4234 Jan
Jan
30
Apr
14
85 May
844 Feb
2044 Feb
741 Apr
374 Feb
230
July
Feb
14
San Francisco Curb Exchange.—Record of transacLos Angeles Stock Exchange.—Record of transactions tions at San Francisco Curb Exchange, Aug. 18 to Aug. 24,
at the Los Angeles Stock Exchange, Aug. 18 to Aug. 24, both inclusive, compiled from official sales lists:
both inclusive, compiled from official sales lists:
sales
Friday
Stocks—
Sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. snares.
Alaska Juneau Gold Mtn 10
10
Boisa Chica 011A
Byron Jackson
•
Chrysler Corp
5
Claude Neon Elm Prods_ _•
Emsco Derrick & Eq Co..*
G'year T & R (Cal) pref100
*
(Akron) common
Hancock Oil corn A
•
Lks Aug Gas & Elec pref100
10
Los Ang Invest Co
Lockheed Aircraft Corp..1
Monolith Ptid Cement 010
Pacific Clay Products Co.*
Pacific Finance Corp com10
10
Preferred D
Pacific Gas & Elm com_25
•
Pacific Lighting corn
•
6% preferred
Pat Mutual Life Insur —10
Pac Public Service 1st pf. _•
.100
Pacific Tel dr Tel corn.
Pacific Western 011 Corp.*
Republic Petroleum Ltd-10
Sec First Nat Bk of L A.25
•
Signal 011 & Gas A
So Calif Edison Ltd corn 25
25
7% preferred A
25
6% preferred B
534% preferred C....25
So Counties Gas 6% 0_100
Southern Pacific Co--100
•
Standard 011 of Calif
m...1.,. n41111mr corn
*
631
3534
11
744
84
9134
444
2
744
164
77
3141
14
2134
90
194
354
2034
244
641
3331
1034
7
73
2441
84
9134
44
2
5
341
741
934
1541
26
81
21
744
77
6
231
3141
334
1341
2134
1834
1634
90
1634
3441
94i
2141
234
631
3534
11
731
73
2434
844
9134
444
24
5
334
8
941
Ng
2634
81
2114
734
77
6
241
3141
374
14
2134
184
1744
92
194
3534
eh
Range Since Jan. 1.
Low.
17
141
4
2934
731
3
66
20
6
79
234
134
4
34
74
834
1534
2344
71
20
3
80
534
141
30
2
134
2031
1744
1531
75
154
3041
9
High.
July 2341
July
44
Jan
731
Aug 60
Jan 1244
Jan
844
Jan 76
July 4134
June
841
Jan 95
Jan
5
Jan
334
Jan
5
Aug
541
Jan 1034
June
944
July 2341
Jan 36
Jan 884
July 2834
Jan
741
Feb 84
July
844
July
531
Mar 3631
Jan
441
July 22
Jan 254
Jan 22
Jan 1931
Jan 94
July 334
May 4241
Feb1234
Jan
Jan
May
Feb
Feb
Apr
July
Feb
Feb
Feb
July
Mar
Feb
Feb
May
Jan
Feb
Feb
Mar
Feb
Aug
Mat
Apr
Jan
Jam
Apr
Feb
Feb
Feb
Feb
July
Feb
Jac
An,
Last Week's Range for
Week.
Sale
of Prices.
Stocks—Par Price. Low. High. Shares.
Amer Tel & Tel
100
Amer Toll Br Del
1
Anglo Nat Corp
Argonaut Mining
5
Aviation Corp (Del)
5
Calif-Ore Pow 6% pref.100
Chrysler Corp
5
Cities Service
•
Claude Neon Lights
1
•
Crown Will 1st pref
•
2d preferred
•
Dominguez 011
Emsco Derrick
Ewa Plantation
20
General Motors
10
Ilonokaa Sugar
20
Idaho Maryland
1
Italo Petroleum
"
Preferred
•
IChuier Airplane
•
Libby McNeill
10
Montgomery Ward
Nat Auto Fibres A
Occidental Petroleum_ _1
Pacific Amer Fish
•
Pacific Eastern Corp
1
Pacific Port Cem pre: _100
•
Pacific Western 011
Pineapple Holding
20
Radio Corp
*
Shasta Water corn
•
Southern Calif Edison_25
25
544% preferred
25
6% preferred
25
7% Preferred
11434 1104 11431
210 21c
8
8
1231
431
441
254 2534
3234 3544
134
141 24
55e 630
650
60
67
66
2844
28% 27
2254 24
744 741
42
42
3134 2834 3134
3.25 3.25
2.95 2.90 3.00
16e 18o
16e
700 85c
560
56e 56o
634 84
84
2441 244( 2441
8
844
845
250 250
844 834
141 24
241
3331 334
534 541
954
9
944
634
574 64
21
21
1334 1331 1441
1654 17
1646
1844 1831 1844
214 2134
Range Since Jan. 1.
Low.
High.
Feb
July 125
498 106
200 20c Mar 320 Jan
88 3.15 Jan 10 June
2,195 4.50 Jan 1434 Aug
334 July 1054 Jan
120
Jan 32 May
8 25
300 3144 Aug 594 Feb
44 Feb
141 Jan
1.240
134 Feb
1,255 49c Aug
Apr
490 4334 Jan 70
Apr
840 1931 Jan 35
210 204 may 2434 Feb
544 July
84 Apr
300
Jan 44
Apr
30 42
1,438 243 July 4234 Feb
4
3.25 Aug
1.55 May
87
3.75 Jan
595 2.50 May
Jan 350 Feb
1,640 10e
1.80 Feb
730 520 Jan
200 50c June 880 Feb
Jan
4,730
3
84 Aug
100 2444 Jan 3344 Feb
944 Aug
300 3.75 Jan
200 250 July 564 Feb
631 May
944 Aug
145
Mar
234
141 July
3
July
30 30
Feb 34
50 544 July 831 Apr
677
654 Jan 1034 Apr
441 July
94 Feb
290
50 1541 Jan 21 June
88 134 July 223( Feb
100 1534 Jan 1934 Feb
845 1734 Jan 2234 Feb
175 204 Jan 2441 Mar
Financial Chronicle
1220
lertaay
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Sou Calif Gas 6% pref__25
Sou Pacific G G pref__100
Super Port Cem B
U S Petroleum
1
U S Steel
100
Universal Cons Oil
10
Virden Packing
25
Walalua Agriculture
20
West Coast Life
1
• No par value.
64
354
234(
50%
5
26e
34
1.50
4.75
354
5
23%
52%
5
26e
34
1.50
7
354
5
40
40
40
100
5
10
760
110
70
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
234
39
5
220
34
1.50
3.75
32
5
Aug
Jan
Aug
July
Aug
July
May
Apr
Aug
High.
24
52%
5
42c
5744
535
7
40
8
Abitibi Power
•
Admiralty Alaska
1
Aetna Brewing
1
Allied Brewing
1
Altar Cons Mine
1
Americo & Continental_ _ _•
Angostura-Wuppermann _1
Austin Silver
1
Beneficial Indipref A _
•
Betz Sc Son
1
Brewers dr Distill v t ci_
*
20
Bulolo Gold
Cache La Poudre
20
1
Carnegie Metal
Central Amer Mine
1
Como Mines
1
Cornucopia Gold
lc
Croft Brewing
1
Davison Chemical
•
Distilled Liquor
5
Distill & Brewers
5
Elizabeth Brewing
1
Fade Radio
1
Flock Brew
2
Fuhrmann & Schmidt____1
Golden Cycle
10
Harvard Brew
1
Hendrick Ranch
•
Iluron Holding
1
Huron Holding ctf dep ___1
Indian Motorcycle
•
,
1.29
134
344
1
1.50
1.68
244
4
160
4
41
01,
134
200
380
1
1.10
7
334
1
423-4
3
%
38
16
1
1.00
1.58
34c
134
45
16
331
35
160
35
45
28
2
h
300
300
244
OU
134
20c
380
14
1.39
7
334
134
444
34
34
3834
164
1
1.50
1.73
36c
2.4
%
164
33,
35
200
45
4
29
2
4
30c
30c
234
97.L
I
3888888g'8888888288888888888.88881
Stocks-
Range Since Jan. 1.
Low.
h Jan
Jan
Sc
250 July
4 July
1.00 Jan
7
Aug
July
3
Aug
1
37
Jan
3
Jan
34 July
234 Jan
15
May
1
June
1
May
43e May
250 Aug
134 Jan
45c
Jan
1344 Jan
374 Aug
35c Aug
70 June
44 July
34 July
1845 Jan
14 July
30c July
210 July
150 July
234 Jan
1 sn toio
High.
2
Feb
360 Feb
1
Jan
44 Feb
245 Mar
84 July
734 Mar
144 June
444 June
5
Apr
244 Jan
3834 Aug
1944 Jan
34 Mar
24 Apr
1.00 July
510 June
3
Apr
14 Feb
4545 Apr
1034 Mar
144 Apr
14 Feb
13-4 Feb
134 Apr
293-4 July
374 Mar
24 Feb
4 Feb
44 Feb
44 Apr
au 15.5.4.
Kinner Air
1
Macassa Mines
1
Macfadcien Public pref. •
National Surety
10
Newton Steel
Northampton Br pref_
Oldetyme DIstill
1
O'Sullivan Rubb
1
Paramount Pubilx
10
Petroleum Conversion_ _I
Petroleum Derivitives___*
Polymet Mfg
1
Railways Corp
1
Rayon Industries A
1
Remington Arms
1
Richfield Oil
•
Rustless Iron
Shamrock Oil Sc Gas
•
Simon Brew
1
Texas Gulf Producing__*
Tobacco Prod Del
10
United Cigar
1
Utah Metals
1
Victor Brewing
1
West Indies Sugar
1
Willys-Overland
5
1
3
15c
34
2.85
31
34
24
1%
2%
7
344
40c
14
1
2
9%
344
22c
14
2
34
434
2934
• 150
3
1
3
150
Bonds
Shamrock OH& Gas6s 1939
June
Aug
Aug
Feb
Feb
Jan
Aug
Feb
Mar
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Aug. 18 to Aug. 24,
both inclusive, compiled from sales lists:
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Aug. 25 1934
49
49
34
34
2
1%
2
954
374
22c
1%
34
444
180
Range Since Jan. 1.
High.
Low.
1,000
3.4
3.00 1,200
31
10
200
41
200
234
100
1%
244
200
7
100
444 10,300
1,000
54
234
1,300
144 6,400
2,45
1,500
944 16,900
4
2,000
220
100
145
300
2
500
34 1,500
4% 3,700
3244
120
18c
1,300
3
400
1
200
345
600
15c
500
Jan
25o
1.95 Jan
184 Jan
370 July
2
Aug
1% Aug
144 July
645 June
144 Jan
400 Aug
74 July
25c May
144 June
64 Jan
3
July
17e Aug
144 Mar
Aug
2
34 Aug
4
Jan
64 Feb
11c May
1.13 Jan
44 Jan
24 Jan
150 July
Feb
1
3.00 Aug
May
39
24 Apr
834 Feb
234 June
1944 Jan
73-1 June
44 Aug
144 Jan
Mar
5
144 July
Jan
4
934 July
644 Mar
74 Feb
244 Apr
24 Aug
1% Apr
Jan
7
323
4 Apr
29c May
454 June
14 June
54, Feb
h Feb
49
45
60
815,750
July
Apr
• No par value.
New York Real Estate Securities Exchange.
-Closing
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, Aug.24:
Active Issues.
BondsBway Barclay Off. Bldg 6s'41
Dorset
bei 68 etre. 1941
Equitable Office Big 58.1952
5th Ave & 55th Street
Building 6128 1945
50 Bway Bldg da
1946
Film Center Big 68 ___1943
Fox The)dr Office Bldg 641'41
Mortgage Bond (N xl 6 Sir
(Serf)) _
_______ 1934
New Weston Hotel
Annex 6.41940
N Y Athletic Club Os.. _1946
Bid
Ask
Active Issues.
Bid
Bonds (Concluded)
2512 111 John Si Bldg
22
Park Central Hotel Annex
2112
581
612s ctfs of deposit
55
Prudence Co 54s
1061
35 Sherry Netherlands Hotel
31
30
27
534*
1948
4012 46 Textile Bldg 65
1958
Trinity Bldg, Corp 5448'"
7
3
2124 I3way Bldg 534s__ _1943
Stocks
38
34
city & Suburban Homes_
French (F F) Investing__
29
2112 1E" Hotel Barbizon. inc
Ask
35
1212
11
45612 6012
22
19
4612 4912
95
10
1312
3
514
2
45
New York Curb Exchange -Weekly and Yearly Record
NOTICE.
-Cash and deferred delivery sales are disregarded In the week's range. unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Aug. 18 1934) and ending the present Friday (Aug. 24 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any cleaning; occurred during the week covered:
Friday
Sates
Last Week's Rang. for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Week Ended Apr. 24.
Stocks-
Indus. & Miscellaneous.
Acetol Products cony A •
AcmeWlreCoVtC
25
Adams MIL,7% 1st pf 100
Aero Supply Mfg Cl 13_ •
1
Agfa Anson corn
33-4
Ainsworth M fg Corp_ _10
Air Investors corn
•
Warrants
Convertible pro!
Alabama Gt Southern. _50
Allied Internal! Investing •
$3convertible pref
•
Allied Mills Inc
734
Aluminum Co common__ • 60
100 6534
6% preference
Aluminum Ltd COM
• 23
6% preferred
100
Series 1) warrants
Amer Bakeries cl A
•
Amer Beverage corn
Amer Book Co
100
Amer Brit & Cont Corp- •
Amer Capital
Common class B
•
$3 preferred
• 1734
Amer Cyanamid Cl 13 n-v • 184
..l
Amer Equities Co corn.
Amer FOlinder Corp.__ 1
,
34
7% prof series B
50
6% 1st praiser D. -50
Amer Hard Rubber
50
Amer Investors corn
1
Warrants
;i
Amer Laundry Mach_ _20
Amer Mfg Co com
100
Amer Maize Prod
•
Amer Meter Co
•
Amer Potash & Chemical.*
Amer Salamandra Corp
General stock
10
Amer Thread Co pref
-5
Anchor Poq Fen,
Arcturus Hadlo Tube. -1
A VIIstrOlig t ark C0111
•
Art Metal Works corn
Associated Eleo Industries
Amer deposit rota.. _CI
Associated Rayon com. •
Atlantic Coast Ftsherles_ _•
Atlantic Cat Line Co--50
Atlas corn common__ •
•
$3 preference A
Warrants
Atlas Plywood Corp
•
A utomatio-VotIng Mach.•
A zton-I isher tobacco
lb
Class A common
Babcock Sc V1 Boos Co_ _100
Baldwin Locomotive Works
Warrants
Baumann(L)&C07%pfd100
Reliance Aircraft v t 0-1
Benson Sc Hedges corn. •
',referred •
Con verit
334 34
144 15
300
600
10
100
10
74 74
56
60
62
6534
2234 23
2.300
750
300
200
14 14
54
54
100
10
Range Since Jan. 1.
Low.
244
7
73
144
344
10
44
44
10
40
4,4
845
544
July
7
July
1141
Jan 100
July
4
Mar
474
Jan
154
Aug
3
July
1
Aug 214
Jan 63
Jan
Jan
944
July
934
50 July 854
82
Aug 78
1834 July 36
Mar 60
37
644 Mar 124
5
July
8
July
334
48
Jan 56
Jan
34
100
74
June
Jan
July
Jan
July
Jan
Jan
Aug
Jan
July
12
1234
300
21
8
21
8
10%
844
20
7
16
Jan
Aug
July
June
July
100
1734 1744
17% 1844 18.300
716
1444
14
13% 13%
7
7
h
1,500
50
100
50
50
25
20
2
300
'It
44
18
18,200
20
174 2
200
44
100
84
28%
934
4544
341
7% 844
2844 284
874 10
4444 454i
344
3
3,000
10
7.600
700
2,400
444
7
4
7
1,200
25
30
125
544 545
16
16
200
200
High.
Jan
Feb
Apr
Jan
June
Aug
Jan
Jan
Apr
Apr
July
Jan
Jan
Jan
Jan
Apr
A or
July
Apr
Feb
Apr
Mar
3.4
1534
14%
1
34
11
94
7
2
2134
2234
234
14
2144
22%
10
444
1
Jan
Feb
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Mar
18
16
364
1734
1944
Jan
Feb
Feb
Jan
Feb
4
34
1
44
1434
14
Jan
Jan
July
Aug
Jan
Jan
9
444
2ss
1
264
4%
July
June
Mar
Feb
Feb
Apr
4
1
2
28
74
39
24
5
244
Mar
July
Jan
July
July
Jan
July
July
Jan
544
544
844
35
154
49
644
8
Jan
Mar
Aug
May
Feb
Apr
Feb
Feb
Apr
57
Aug
2444 July
60% Feb
51
Jan
July
July
Aug
July
July
11
Feb
24
Apr
6
Feb
43-4 July
10
Apr
334
ii
254
134
334
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
•
Bickfords Inc corn
$234 cony preferred- •
Bliss(E W)Sc Co com__•
534
Blue Ridge Corp com__1
14
63 opt cony pref
Blumenthal (S) Sc Co
•
Bohack(H Cl Co com_
•
Botany Consol Mills
Bourtols Inc
•
Bowman-Biltmore Hotels
7% 1s1 preferred____100
334
Bower Roller Bearing_ _5
Bridgeport Machine
Brill Corp class B
•
Class A
•
•
Brill° Mfg Co corn
Class A
•
British Amer Tobacco
Am dep rota ord bearerfl 3144
Am dep rots ord reg__El
British Celanese Ltd
Am dep rota ord reg_10s
Brown Cod% Prof
100
Brown Forman Distillery, I
Bulova Watch $314 pref. •
Burma Am dep rcta reit ohs
Butler Brothers
84
10
Cable Elea Prod v t
•
Calamba Sugar Estates_20
Campe Corp corn
•
Canadian Indus Alcohol A•
844
B non-voting
•
Carman Sc Co class B. •
Carnation Co corn
• 164
Carrier Corporation
•
8%
Catalin Corp of Amer_
I
44
Celanese Corp of America
7% let panic pref.__100
7% prior preferred_ _100
Celluloid Corp corn
15
8
$7 div preferred
•
•
Centrifugal Pipe
Charts Corporation
13
Childs Co prat
100
Cities Service corn
2
Preferred
1745
•
Preferred 13
City Auto Stamping
•
Claude Neon Lights Inc_ _1
45
Cleveland Tractor com___*
2%
Club Aluminum Utensil_ •
Colt's Patent Fire Arms_25
Compo Shoe Machinery.
__1
Consolidated Aircraft_ ___ 1
841
Consol Auto Merchand)4.•
Consol Retail Stores
5
Coon(W B) Co corn
•
Cooper Bessemer corn_ ..•
$3 pref A w w
• 14
Corroon Sc Reynolds
Common
1
$8 preferred A
•
Cord I orp
434
Courtauids Ltd
Am dep rots ord reg-
634
200
4% 544
144 1%
32
3234
200
600
1,500
6
344
34
10
244
245
100
6
634
300
31
31
3144
31
3,000
100
8
84
944
8%
75
300
344
77-4
33.4
834
100
2.600
8
744
844
8
800
200
164
16
834 934
474 544
400
2.300
2,300
8
184
4
124
2244
144
17
9
300
1944
50
44 1,200
13
400
2234
20
2
21,400
1735
500
334
45
2%
344
34
24
100
2,400
100
744
84
III
III
700
400
14
14
100
235
234
100
344
444
4,900
Range Since Jan. 1.
Low.
High.
6
2334
244
14
314s
6
8
45
4
Aug
Feb
Jan
July
Jan
July
July
July
July
84
29
1044
345
39%
1234
144
44
634
Mar
Mar
Mar
Feb
Apr
Feb
Jan
Feb
Jan
2
8,4
45
1
144
54
2244
Mar
July
Jan
Apr
June
Jan
Mar
5
174
334
24
344
74
25
July
Feb
Apr
Feb
Feb
Feb
Apr
2844 Jan
28% Jan
31% Aug
31
Aug
2% Aug
5
Jan
74 July
164 Jan
3
Aug
4
Jan
435
164
2144
28
344
124
Mar
Apr
Mar
Apr
Feb
Apr
44
1844
10
544
444
13-4
1344
54
34
Aug
July
Aug
July
July
Feb
Feb
May
Mar
144
25
10
20%
194
34
18
934
6%
July
Mar
Aug
Jan
Jan
July
Apr
July
June
81
83
7
164
4
94
13
154
1174
1
3
34
174
44
183-4
8
644
511
14
4
23-4
14
July 10444 Feb
Jan 9844 Feb
Jan
19
July
Jan
July 44
74 Jan
July
Apr
Mar 2(1
Aug 4244 Feb
4 i4 Feb
July
2674 Feb
Jan
234 June
Jan
Aug 1134 Jan
144
Jan
634 Fen
July
Feb
1
Jan
Feb
Jan 27
Feb
14
Jan
12% Mar
July
lir Feb
Jan
214 reb
Jan
July
4
July
634 Jan
July
Feb
May 21
14 Jan
104 Jan
235 July
Feb
4
2634 Feb
8 Hi Jan
Jan
1444 Apr
1044
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Cramp (Wm) & Sons Ship
& Eng Bldg Corp_....100
Crane Co corn
26
Preferred
100
Crocker %% heeler Elee _ •
.
Crown Cork Internatl A..•
Davenport Hosiery Mills_.
Be Haviland Aircraft CoAm dep rcts ord reg..£1
Delsel NVemmer Gilbert-10
Distillers Co LtdAmer deposit feta
Dietillers Corp Seagrams_•
*
Doehler Die Casting
•
Dow Chen deal
Driver Harris Co
10
7% preferred
100
Dubiller Condenser Corp_l
Durham Hosiery class B.
•
•
Duval Texas Sulphur_
Easy Washing Mach "B" •
Edison Bros Stores coin_ •
Eisler Electric Corp
•
Elea Power Assoc com__ _1
Class A
1
Electric shareholdingCommon
1
$6 cont pref w w
•
Electrical Secur $5 pref *
Electrographic Corp
1
Equity Corp corn
10
Ex-cell 0 Air & Tool
3
1
Fairchild Aviation
Fairey Aviation Ltd.American shares
•
Fajardo Sugar co
100
Falstaff Brewing
I
Fansteel Products Co__ •
Fedders Mfg Co class A_ •
*
F E D Corp
Federal Bake Shops
*
Ferro Eranel
.
•
Flat Amer dep rcts
trident-, Brewery
1
Fire Association (Phila.) 10
First National Stores7% let preferred_ __100
Fisk Rubber Corp
I
$6 preferred
100
•
Flintokote Co cl A
Ford Motor Co LtdAm dep rots ord reg_11
Ford Motor of Can el A •
Class B
•
Ford Motor of FranceAmerican dep rcts
Foremost Dairy Products.*
Foundation Co (for'n shst•
834
59
534
634
734 8%
59
57
45,4 534
634 6%
160
175
1,500
1,800
15%
15% 15%
500
14%
7
77
22)4 22)4
13% 14%
7
7
75
7734
12% 12%
300
7,700
400
1,100
100
434
434
46
2%
134
934
Apr
Aug
Jan
July
July
Feb
1%
11
62
83,4
8)4
20%
10
6
Feb
Feb
15% June
73,4 Apr
Jan
July
Jan
July
July
Jan
Jan
July
Jan
Aug
Feb
Jan
July
Jan
24)4
26%
11)4
7934
23
95
1
2
10)4
834
28%
154
834
8
Apr
Jan
Apr
July
Apr
Apr
Feb
Feb
May
Jan
Apr
Feb
Feb
Feb
414
July
52
Jar
July 80
Feb3
234
July
834
May
Jan
934
Feb
I eb
,
July
Mar
Feb
Feb
Aug
200
200
4
4
4%
434
500
400
4554 46
80
80
234 25,4
154
13,4
53,4
57,4
834 Oh
400
10
100
3,600
1,500
1,000
13,4
36
80
2
134
434
534
100
100
7
7
34
34
10% 10%
3,
%
300
100
3,300
1
Apr
Jan
July
Feb
Mar
May
1
534
46
35,4
.534
12
7
374
90
High.
Low.
20
834
334
8734
10
56
%
%
4
334
8
34
334
33,4
90
5
65
334
1%
5
4
34
7%
1834
%
41
mar
634 Aug
May 105
July
834 Apr
July
434 Feb
July
Mar
July 10
July
834 Mar
14 Jan
Jan
1434 Apr
Jan
June 23% Aug
234 Jan
July
Feb 4934 Apr
1334
11% 13%
11054 June 117
6% July 20%
Jan 81
65
3,500
13%
434 Jan
834
2
034
834 834
1934 21
1,600
3,300
85,4
83,4
94
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
634
336
Garlock Packing com____•
General Alloys Co
•
General Aviation Corp_ _1
.
Gen Electric Co LtdAm dep rcta or,! reg.-£1
Gen Fireproofing cow_ _*
Gen Investment com____6
$6 cony pref class 13„.•
Warrants
Gen Rayon Co A stock...•
General Tire & Rubber..25
6% preferred A
100
Gilbert (A C) coin
•
Glen Alden Coal
•
Globe Underwriters Ex_ _ _•
Gold Seal Eiectneal
1
Godchaux Sugars B
•
Goodyr T & R 7% pref _100
Gorham IncClass A common
•
•
$3 preferred
Gorham Mfg CoV t c agreement extended
Grand Rapids Varnish_ .•
Gray Telep Pay Station..*
Great Atl .4 Pac TeaNon-vot corn stock__ •
7% 1st preferred_ -_100
Gt Northern Paper
25
Greenfield Tap & Die__ *
Greyhound Corp
5
Grocery Stores Prod v t c25
Hall Lamp Co
•
Hartman Tobacco Co_ _ _..*
Hazeltine Corp
•
Helena Rubenstein Inc__ •
Ileyden Chemical
10
•
Holly Sugar Co corn
Preferred
100
•
Horn At Hardart
7% preferred
100
Iluyiers of Delaware IncCommon
1
7% pref stamped_ -100
Hydro Electric SecurItles_•
Ilygrade Food Prod
5
Hygrade Sylvania Corp_ ..•
Imperial Chem Industries
Amer deposit rcts
Imperial Tob of Canada_ _5
Imperical Tobacco of Great
Britain and Ireland...El
Industrial Finance v t c-I0 Insurance Co of N Amer.10
International Cigar Mach •
Internatl Hold & Invest_ •
International Products_ .._.
Internati Safety Razor B •
Interstate Equities
1
53 cony preferred_ -50
•
Interstate Hes Mills
Irving Mr Chute
1
•
Jonas & Naumbut4
•
33 cony preferred
Jones & Laughlin Steel_100
Kingsbury Breweries- -1
1
Knott Corp
Roister Mendes Ltd__ --£1
Kress (811) 2nd pref _ _100
Kreuger Brewing._ ___ .1
Lakey Foundry & Mech..;
Lane Bryant 7% pref 100
Langendorf United BakClass A
•
1
Lefeourt Realty corn
•
Preferred
•
Lehigh Coal & Nay
Lerner Stores common_ •
6% pref with warr--100
Libby McNeil k Libby...10
Loblaw Groceterlas A_ •
•
Loudon Packing
1221
Financial Chronicle
Volume 139
2,900
May
Mar
Mar
Aug
300
200
1,200
18)4 18
134
13.4
3% 4
11%
1134 1134
300
%
"is
34
1254 125,4
'SI
Ili
1,600
100
800
7954 79%
25
1954 2134
634 634
1
13,4
8,100
1,400
1,600
---- 1083,4 10834
10
17% 1734
100
1434 1634
1,200
2034
13,4
153,4
9
150
10
130 132
12534 12534
2334 22
233,4
134
1734 1856
II,
A
434 434
134 134
2234
30
3054
223,4 22$4
1834
elf
1834 19
93,4
300
g% 93.4
114 11%
800
100
1,100
3274 33
2%
4634 49
21
21
gi
%
2% 234
800
100
100
400
ti
200
334
2134 2134
334 334
100
100
21
2
40
200
%
21
21
2
*is
,
is
'is
100
83.4
54
894
h
834
44
600
100
1334 1334
794 7%
27
27
100
600
100
1334
8
434 Apr
35 Jan
834 Mar
12% Jan
1% July
33,4 Aug
18% Mar
334 Mat
934 Feb
10% June 1134
3% July
83,4
3
?I J110
.
Jan 22
6
'is Jan
In
1
Jan
35,4
July 99
52
7634 July 89
134 Jan
43,4
103,4 Jan 2454
63.4 Feb7
34 July
131
10%
434 Jan
10834 Aug 10854
14,700
631 8
150
1734 1754
22
100
22
Jan
Feb
Feb
Apr
Feb
Jan
Apr
Apr
Apr
July
Jan
Aug
Mar
Aug
134 Jan
15
Feb
43,4 Apr
1734 July
11
July
44 Aug
9
Aug
18% Apr
73,4 Jan
1934 Feb
430 122
20 121
600 1934
6
3,300
54
800
34
300
334
800
"is
3
34
300 19
100 22 34
44
200 1634
9034
434
434
934 May
24% Feb
JUDO
40
July
3
% May
5
July
18
154
534 May
15
Jan
Jan
20
34
25
4
3
19%
Jan 150
Jan 130
Mar 24
6
Apr
Jan 2034
Aug
%
July
634
4
Feb
Jan 12%
13-4
Jan
Jan 37
Aug29
Mar 91
Jan 2134
Jan 102
Feb
May
May
Jan
July
Feb
Jan
Mar
Mar
Mar
Apr
Apr
Aug
Apr
Apr
2
30
8
53,4
24
Jan
Feb
Feb
Apr
Feb
July
May
July
July
Mar
734 Feb
10% June
Apr
10
12% Apr
28
4
38%
19
h
1
134
Yi
154
19
2$1
'Is
534
1554
154
I
sit
1034
834
he
65
Jan
Jan
Jan
Jan
Aug
Jan
June
Aug
Jan
Jan
July
July
Jan
July
July
Aug
Aug
Jan
July
July
Apr
33
3
51)4
243,4
234
23-4
234
134
22
30%
73,4
134
734
48
93,4
334
nit
1154
1434
234
73
Aug
Apr
Apr
July
Feb
Aug
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Feb
Jan
Feb
Feb
June
Apr
Apr
June
934
134
834
55(
14
53
23,4
15
22
July
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Aug
15
3
1334
10A
3134
9914
7%
18
22
Jan
Apr
Aug
Feb
Apr
Apr
Aug
Apr
Aug
Louisiana Land & Explor_•
5
Lynch Corp COM
Mengel Stores Corp
100
6)4% pref w w
Mapes Consol Mfg
•
Marion Steam Shovel_
•
Maryland Casualty
1
•
Massey-Harris corn
Mathieson Alkali WorksPart paid rcts
Mavis Bottling class A._ _1
Mayflower Associates- •
McCord Rad & Mfg B__•
McWilliams Dredging----•
Mead Johnson & Co
*
Mercantile Stores
*
7% preferred
100
Merritt Chapman & Scott •
6)4% A preferred_ _100
Mesabi Iron Co
*
Michigan Sugar Co
•
Midland Royalty Corp
32 cony pref
•
Midland Steel Prod
•
Midvale Co
•
Minneapolis Honeywell
Regulator preferred _ _100
Mock Judson Voehringer.*
Molybdenum Corp vi c_.1
Montgomery Ward A_
•
Moody's Investors Service
Partic preferred
•
Moore Corp Ltd B pref100
Moore Drop Forging A •
Mtge Bk of Colombia
Amer shares regis
Murphy(CC)Co
•
Nati Belles Hess coin ....I
Nat Bond & Share Corp..*
Natl Container corn
1
52 cony pref
•
Nat Dairy Products
7% pref class A
100
National Investors com__1
353,4 preferred
1
Warrants
Nat Leather corn
•
Nat Rubber Mach
•
Nat Service common
1
Cony part preferred_ •
Nat Steel Car Corp Ltd •
Nat Steel Corp warr
•
Nat Sugar Refining
•
Nat Union Radio corn_ __I
•
Natomas Co
Nehl Corp corn
•
Nelaner Bros 7% pret__106
Nelson(Herman)Corp__ _5
Neptune Meter class A ___*
New Mex & Ariz Land_ __1
New York Auction Co •
New York Merchandise_ •
N Y Shipbuilding Corp
Founders shares
1
Niagara Shares cl B com _5
.
•
Niles
-Bement
-Pond
Noma Electric
•
North American Watch_ •
North and South Amer A.•
Northwest Engineering_.'
Northam Warren pref__ •
•
Novadel Agene
Range Since Jan. 1.
High.
Low.
24
25%
2
20
29%
134
134
33,4
Jan
July
Jan
Jan
July
Aug
Jan
July
4
41
5
42%
3434
334
3
8
June
Feb
May
Aug
Mar
Feb
Feb
Feb
150
200
100
200
300
28
34
38
134
16
45
8%
60
134
6
'is
"II
July
July
July
Jan
Jan
Jan
Aug
Aug
Aug
Aug
Jan
July
38%
2%
47
6
26)4
83%
14
76
23,4
14
'is
134
Jan
Jam
Feb
July
Jan
Apr
Apr
Apr
Feb
Mar
Apr
Jan
23% 27%
150
6% Mar
834 July
18% May
7
63,4
73,4
118 118%
4,400
30
87
9
5
88
19
16)4 19
300
18
115
10
234
29%
3634
234 2)4
2934 29%
3534 3734
7,000
100
500
13,4
100 101
13,4
13,4
225
500
%
154
5
54
700
1,000
100
1.600
15
%
15
3534
35
1,300
400
834
834 9
2
2
80
80
5% 5%
5,100
200
25
100
134
100
1334 133,4
334
3
8
8
134
13,4
200
200
200
100
'la
3,300
3334 3334
2134
21
200
600
334 3%
31
31
3,700
100
1$4
134
4%
134
134
434
200
300
200
3,4
he
4,000
534
25
800
1.900
63
60
13,4
13,4
8
8
,
16
•ra
1
1
27
334
31
'1,11
5
22
5
25
'is
%
%
lie
134
.5
'is
13,4
44
2134
14% 15
Ohio Brass Co cl B com_ •
°Knocks Ltd com
5
Outboard Motors B corn_*
Class A cony pref._..
•
Overseas Securities Co_ --•
234
1
134 234
PaCIIIC Eastern Corp
Pan Amer Airways...AO 35
33X 35
• 253, 2434 253,4
Parke, Davis A Co
48
46
Parker Rust
-Proof com • 48
Pender(D)Grocery cl A _.•
1
174 23,4
Pennroad Corp vie
23,4
62
Penne Salt Mfg
62
50
Pepperell Mfg Co
100 7634 75
78X
1231 14
Philip Morris Consol Inc 10 137,4
Class A
25
Phoenix Securities
13,4
1
134 13.4
Common
$3 cony pref sec A_ _ _10
10
10
Ple Bakeries corn v t c__•
Pines Winterfront Co _ _ _ _5
Pitney-Bowes Postage
. 33,4
Meter
334 33,4
Pgh Bessemer dr L Erle_50
6034 6034
Pittsburgh & Lake Erie_50
483,4 4934
Pittsburgh Plate Glass_ _25
Potrero Sugar com
5
Pratt & Lambert Co....• Prentice-Hall Inc
•
Panic cony stock
•t•
its
Propper McCall Hoe Mills*
•
Prudential Investors
531 63,
634
Pyrene Manufacturing--10
•
118 1203,
Quaker Oats corn
6% preferred
100
44
%
Ry & Utilities Investing A 1
Railroad Shares Corp__ _•
Rainbow Luminus Prod A•
Raytheon Mfg vi c____50c
1234 12 34
Reeves(D) coin
•
Reliable Stores Corp
•
Reliance International A.
234 234
Reliance Management__ •
234 23,4
Rey barn Co Inc
i0
1
j
Reynolds Investing
34 1
Rike-Kumler corn
•
Roosevelt Field, Inc
5
Rossia International
•
•
1174 1174
Royal Typewriter
Ruberoid Co
•
2774 2774
Russeks Fifth Ave
5
66
71
Safety Car Heat & Light100 71
234 234
St Regis Paper com
254
10
7% preferred
100
•
Schiff Co corn
2631 27
Schulte Real Estate
•
Seaboard Utinties Shares.l
ht
31
Securities Corp General..
Seeman Bros Inc
•
34
35
Segal Lock & Hardware..'
Selberling Rubber com___•
234 2)4
Selby Shoe Co corn
•
Selected Industries Inc
1
1%
1% 1%
Common
57 57
55.50 prior stock
25
54
54
Allotment certificates_
34
34
Sentry Safety Control_ ---*
•
43,4 4%
Beton Leather corn
`Meaner Pen com
• ------ -- --
125
2,300
1,350
700
350
4,400
100
180
4,400
300
Jan 102% June
Jan 20% Apr
Jan
934 Apr
June
Jan 124
Aug 22
Feb 115
Jan 19
334
Jan
8
Jan
Jan
434
Aug 36
Feb 40%
Feb4134
234
39
2
2831
25
29
Apr
Feb
Aug
Apr
Feb
Apr
Apr
80
I%
4034
34
%
374
'is
134
1334
%
29
%
734
1
40
2
334
1
134
2354
Aug
Jan 101
Feb
3
July
Mar
56
Jan
15,4 Feb
June
2% Jan
July
Jan
71's Feb
1 .. May
,
Aug
May
33,4 Apr
1834 Feb
July
July
Jan
9
Feb 38
June
Mar
134 May
June 1034 Apr
2
Feb
Aug
Jan 10154 July
Jan
734 Feb
Jan
Mar
6
Jan
25,4 Apr
Jan
4
July
Feb 3334 Apr
10
234
8
$4
18
'is
3
32
17
July
July
July
Jan
July
July
July
Jan
July
12
83,4
Ars
231
2
134
3134
22%
4334
26
134
5034
69
2%
19
16% Feb
Mar
1054 Apr
Jan
July
1$4 Apr
Jan
334 Apr
334 Jan
Aug
334 Jan
July
Aug 51
Jan
Jan
2514 Aug
July 7334 Feb
Jan
APr 30
431 1eb
July
Mar 6236 July
Jan
July 101
Jan
143,4 July
Feb 2634 June
700
100
900
20%
7
1534
234
23
1
734
37
23)4
Mar
Feb
Feb
Feb
Apr
Feb
Mar
Jan
Apr
% Aug
Jan
Jan
4
% June
2
30
1434
1
Feb
Apr
Feb
Aug
July
Jan
Aug
Jan
Jan
Jan
4%
3534
81
6734
334
31
Apr
July
Apr
Apr
Apr
Apr
1834
100
934 Jan
Feb
15
Apr
49
334
304
5534
39
%
1734
2114
%
5
134
100 108
113
1,200
N
X
34
154
100 1134
294
23,4
200
%
134
500
2,200
Si
1134
34
4
200
9
100 26
5
175 50
2,800
23-4
213,4
600 1734
34
g
500
13,4
36
300
34
600
13.4
20
June
Jan 32
234 Jan
Aug
84 Feb
July
334 Feb
May
May 122
Jan
July
Jan 130
1
Apr
Feb
h Feb
Aug
Mar
4 Feb
434 Feb
Jan
May
16 34 Feb
434 July
Feb
334 Jan
July
Jan
Feb
2
33,4 Apr
Jan
134 Apr
Jan
Jan 20
June
June
23'( Feb
h Feb
July
Jan
14
Jan
July 3434 Apr
Apr
10
Feb
Jan 83
Apr
534 Feb
Jan
Jan
Apr
51
Jan 4054 Apr
54 Feb
June
$4 Feb
July
434 Feb
June
Apr
Jan 48
May
1
Jan
.5
July
Jan
Feb
243,4 Apr
1,300
50
50
100
100
July
Jan
Jan
Aug
July
Ju‘y
100
3,200
1%
4034
40
34
334
10)4
3
6134
6234
34
1034
1334
Feb
Apr
Feb
Mar
Feb
May
1222
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Lou'.
High.
Shenandoah Corp com___I
July
1%
14 144
27 Feb
300
1
4
$3 cony pref
25
12
124
Aug 23
Mar
300 12
Sherwin-Williams com._25 7014
7031 7141 2,250 4744 Jr." 7344 July
6% preferred A A_ __100
107 107%
20 100
Jan 107% July
Singer Mfg Co
100
179 180
Mar 18141 June
50 156
Amer dep ma ord reg _£1
44 Feb
344
334 344
331 July
100
Star) Financial Corp
•
744 July
Apr
9
Smith (A 0) Corp corn_ •
20
26
2,250 1534 July 43
Feb
Sonotone Corp
1
24
2% 274
431 Mar
800
24 July
Southern Corp tom
•
200
44
4 1
41 June
114 Jan
Spanish & Gen CorpAm dep rcts ord bearer£1
41
31
100
he Aug
44 Feb
Am dep rem reg shs__£1
31
200
4
31
45 Feb
4 July
Spleg-May-St 644% Pr-100 -----------60
Jan 87
Apr
Standard Brewing Co__ __• -----34
234 Mar
100
11
14 Jan
Standard Cap dc Seal corn _5
July 2745 Feb
23
Stand Investing $5.50 Pf16
24
150 144 Jan 25
Mar
•
Starrett Corporation
1
14
44
45 July
400
134 Feb
14
8% preferred
10
Aug
1%
700
1
34 Feb
134
Steel Co of Canada
•
Jan 374 May
32
Stein (A)& Co corn
•
7
Jan
1044 Feb
64% preferred
100
84% Jan 101
July
Stein Cosmetics
114
231 6,400
•
2
241 July
A Jan
Stetson (J B) Co com_
•
8
June 10% Jan
Stinnes(Hugo) Corp
2
2
3 May
300
•
135 Apr
Stroock (S) & Co
May
•
5
8
Mar
Stutz Motor Car
2
•
231
134 July 104 Mar
200
•
Sullivan Machinery
844 834
744 July
50
1734 Apr
Sun Investing corn
341 July
•
5(4 Feb
•
33 cony pref
35
Jan 41% Apr
Swift & Co
25 20% 17% 2046 47,200 13% Jan 2016 Aug
Swift Internacional
15 38% 36% 384 10,600 2334 Jan 384 Aug
Taggart Corp corn
14 14
•
500
34 July
214 Apr
Tastyeast Inc class A____•
34 Jan
"is 1,000
14
4
144 Apr
Technicolor Inc corn
• 13
12
744 Mar 14% June
4,800
1334
Thermold & Co 7% cony
preferred
100
24
Jan 4446 Apr
Tobacco Allied Stocks__ •
45
Feb 51
June
Tobacco Prod Exports_ •
4 Jan
141 Apr
Todd Shipyards Corn.- •
19
Jan 28
May
Trans Air Transport
241 23-4
100
144 July
1
434 Jan
Trans Lux Pict ScreenCommon
I
141
141
134
SOO
14 July
344 Jan
Fri-Continental warrants.
13-4 1%
I
May
500
234 Feb
13-4
Triplex Safety Glass Co
Am dep rcts ord reg_10s
1841 July 21
May
Trues Pork Stores Inc.. • -----------10 July 2041 Apr
Tubize Chatillon Corp_ _ _ I
5
4% 534
1,000
15
341 July
Jan
Class A
12
1
12
100 114 July 30% Jan
Tung-Sol Lamp Works__ •
Jai
341 344
3
400
744 Mar
$3 cony preferred
1534 Jan 30
Apr
Union American Inv'g__ •
17
July 25
Feb
Union Tobacco corn
*
34
,
34
100
14 Jan
31 Jan
United Aircraft Transport
Warrants
July
414
411 441
100
4
15% Jan
United Carr Fastener
•
531 Jan
12
May
United Chemicals com
•
3
11
Jan
Feb
United Dry Docks corn •
4ii July
4 2,000
44
234 Feb
United Founders
1
"le 7,900
he
he July
14 Feb
United Molasses CoAm dep rcts ord ref__ £1
44 4%
400
311 Jan
634 Apr
United Profit-Sharing___ •
%
4
34
800
44 Feb
41 Aug
Preferred
10 ----------6
Apr934 Jan
United Shoe Mach com_25 66
6541 6641
175
7 Sd Jan 68% Apr
Preferred
364 36%
25
30 3244 Jan 36% Aug
United stores v t e
44
•
44 1,200
4 June
134 Feb
United Wall Paper
Feb
600
•
2
234
241 246
444 Apr
US Dairy Products B. •
41 Aug
134 Feb
US Finishing corn
1
1
•
300
1
Aug
5
Feb
US Foil Co class B
1
1144
10
11% 1,900
534 Jan 1474 Apr
U 8 Intl Securities
•
144
131
13-4
400
141 Jan
2
Feb
1st pref with warr
•
45
45
July 6074 Feb
100 44
U S Lines pref..
14 Mar
U S Playing Cards
10 2411 244 24%
100 16% Jan 27% Apr
•
U S Radiator corn
134
114
100
14 Aug
3
Feb
7% preferred
100
8
July
10(4 May
US Rubber Reclaiming_ •
1
Jan
131 Apr
Universal Ins Co
8
534 Jan
12 June
Utility Equities Corp.. •
145 Jan
4
Feb
Priority stock
36
Jan 53
Feb
Utility & Ind Corp
•
4
44
4
100
34 Jan
2% Feb
preferred*
Cony
141 Jan
541 Feb
Vogt Manufacturing
344 Jan
9
Feb
Waco Aircraft Co
846 844
100
544 July
19
Apr
Wahl Company
141 June
234 Feb
Waitt & Bond cl A
431 Jan
735 Juno
Class B
•
1
Jan
111 Jan
Walgreen Co warrants_
2
Jan
431 Feb
Hiram Walker-Gooderham
& Worts Ltd com _ _ _ • 2874 2434 2874 8,400 2141 July 5744 Jan
.
Cumul preferred
• 1544
1534 1516
1744 Jan
800 1434 July
,
Watson (John Warren)_ _*
41
34
100
31 July
% Feb
Wayne Pump Co
%
44
600
•
44 July
13-4 Feb
Convertible preferred_•
6
17-4 July
Apr
Western Auto Supply A--•
19
Jan 4844 Apr
Western Dairy Products•
$6 preferred ser A
11
July 11% Apr
Western Maryland By
7% 1st preferred_ _100
50
Jan 7946 Apr
Westvaco Chlorine Prod7% preferred
100
Apr 983-4 June
93
100 85
93
West Va Coal & Coke_
•
2
244
544 Apr
34 Jan
200
Williams(R C)& Co
1134 July 20
•
Mar
Wil-low Cafeterias Inc
Common
1
34 Jan
2
Feb
cony preferred
641 Feb
1031 Apr
*
Wilson-Jones Co
Jan
11
17% July
Woolworth (F W)LtdAmer deposit rcts
2741 27% 28%
1,000 223-4 Jan 2814 Aug
Youngstown Sheet & Tube
57
100 40
-4% preferred
39
180 384 July 5944 Feb
40
Public UtilitiesAla Power $7 pref
•
$6 preferred
Am Cities Pow & LtClass A
25
Class B
1
Am Dist Tel NJ 7% pf_100
Amer & Foreign Pow warr_
Amer Gas & Elec corn__.
•
Preferred
•
Amer L & 'Tr corn
25
6% preferred
25
Am Superpower Corp com•
•
1st preferred
Preferred
Arkansas P & L 37 pref_ •
Assoc Gas & Elec.Common
1
Class A
1
35 preferred
Warrants
Assoc Tel Utll corn
•
BellTel of Canada
100
Brazilian 'Tr Lt & Pow_ •
Buff Niag & East Pr pre 25
$5 181 preferred
•
Cables & Wireless LtdAm den rcts A ord shs _ El
Am dep rcts B ord slis £1
31%
32%
234
5
2441
85
12
234
59
16
34
4
2844 29
2
24
445
2144
85
11%
203-4
13.4
5745
16
30
5
24%
8631
12
2031
24
59
16
3445
4
45
34
4
44
31
alf
12034 121%
11
11%
1734
1734 18
%
34
34
%
75
700
400
5,500
175
500
200
6,600
100
100
240
25
134
102
3
184
72
103-4
19
14
514
134
2841
Jan
Jan
5844 Apr
52
Apr
Jan 34%
Jan
431
Jan 112
July
941
Jan
3345
Jan 91
July
1 934
Mar 22
July
43-4
Jan 70
Jan 33
Jan 42
Apr
Feb
May
Feb
Feb
July
Feb
Apr
Feb
Apr
Feb
Apr
234 Feb
41 July
24 Feb
he Jar
141 Jan
641 Feb
1n Jan
4 Feb
1.000
44 Feb
14 July
300 1114 Jan 1214 Aug
2,400
July
8
143-4 Feb
400 1534 Jan
1974 Feb
6844 Jan 81
Aug
400
2,100
100
500
Aug131 Jan
31 July
II/ Jan
'II
Aug. 25 1934
Friday
Sales
Last Week's Range for
Public Utilities
Sale
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Carolina P & L SO pref. _ _*
Am dep rcts pref abs _ _ £1
Cent Hud G & E v t c.. •
Cent Ptic L 7% pref____100
Cent States Erne corn__ _.1
8% pref without warr 100
7% preferred
100
Cony preferred
100
Cony pref °user '29._100
Cities Serv P & L $7 pref..'
$6 preferred
•
Cleve Elec Ilium com____•
Columbia Gas & EleoCony 5% pref
100
Commonwealth Edison_100
Common & Southern Corp.
Warrants
Community P & L $6 pref•
Community Water Serv. •
Consol G E LAP Bait coin •
Duke Power Co
10
East Gas & Fuel Assoc
Common
•
434% prior preferred_100
6% preferred
100
East States Pow corn B__•
$7 preferred series A_ •
Elec Bond & Share com__.5
85 preferred
•
$6 preferred
•
Elec P & L 2d pref A_
•
Option warrants
Empire Gee et Fuel Co100
6% Preferred
64% preferred
100
7% preferred
100
8% preferred
100
Empire Power Part Stk_ •
European Electric Corp
Class A
10
Option warrants
Florida P & L $7 pref__ •
Gen Gas & Flee-•
$6 cony pref 11
Gen Pub Serv $6 pref___ _•
Georgia Power 36
"
Gulf Sts Util $5.50 pref_•
pref_Hamilton Gas VI e
I
Hartford Electric Light _25
Illinois PA L$6 ores
•
Ind'polls PAL 645% Pf10
0
Internet Hydro-ElecPref $3.50 serlea
50
Internarl Utility
Class B
1
Interstate Power $7 pref.'.
Italian Super Power A_ •
Warrants
Long Island Ltg
•
Common
100
7% Preferred
Pref class B
100
Marconi Intermit Marine
Common Arn dep rcts.£1
Marconi Wirel T of Can.!
Mass Util Assoc v t c
•
Memphis Nat Gas corn...5
Middle West Mil corn___•
56 cony pref ser A
"
Miss River Pow pref __ _100
Mob & Bud Pow lot pref..•
•
2d preferred
Montreal Lt Ilt & Pow__ •
Mountain Sts Tel & Te1100
National P & 1.36 pref _•
..
NY Steam Corp corn_..,,
•
N Y Teiep 64% pref _100
NY Water Serv pref __100
Niagara find Pow
Common
15
Class A opt warr
Class li opt warrants_ _ _ _
Class C opt warr
Nor Amer Lt & Pr- Common
1
$6 preferred
•
Nor Ind Pub Serv6% preferred
100
Nor Sts Pow com class A100
Ohio Power 6% prof _ _100
Ohio Public Service
7% 1st pref cl A
100
Pacific° &E6% 1st pref25
534° let pref
25
,
Pacific Ltg $6 pref
'
•
Pacific Pub sem 1st pref.•
,
Pa Cent Lt & Pow pref___*
l'a Gas & Elec class A_ .•
Pa Water & Power Co_
•
Philadelphia Co com
•
Power Corp of Canada_ •
Pub Serv Ind prior pref •
Public Serv Nor III com_ •
Puget Sound P & L
$5 preferred
•
Se preferred
•
By & Light Secur com
•
Shawinigan Wat & Power_•
Sou Calif Edison
Preferred B
25
544% pref series C.. _25
Southern Nat Gas corn...,•
Sou New Engl Telep- -100
Southern Union Gas com •
Standard P & L corn
Common class B
*
Swiss Am Elec pref_ __ _100
Tampa Electric Co corn_ •
Tenn El Pow 7% let pf_100
Toledo Edison 6% pref 100
7% preferred A
1011
Union El I,t & Pr pre( _100
.
Union Gas of Can
•
United Corp warrants
United El Serv Am shs_
United G & E 7% pref.100
United Gas Corp corn__ 1
Prof non-voting
•
Option warrants
United IS A Pow corn A__•
Common class B
•
$6 cony let pref
•
US Flee Pow with warr__I
Warrants
Utah Pow & Lt $7 pref___•
UM Pow & Lt new com__1
V t c class B
I
7% preferred
100
Western Power pref._ _100
Wisconsin P & L7% of _100
36
19
1310
36
36
34 334
9
9
18
19
34
4
3
2
4
5
441 434
2
24
10
100
100
75
2,000
300
215
100
225
Range Since Jan. I.
Low.
27
Jan
331 Aug
841 July
Mar
14
44 Aug
Aug
2
4
Aug
441 Aug
2
Aug
1744 July
9
Jan
2241 Aug
High.
Apr
37
3% Jan
1234 Feb
19(4 July
234 Feb
846 Feb
Jan
15
Jan
12
944 Apr
30 June
Slay
25
30% Feb
27
27
27
300
74
48
694 74
48
48
il 475
300
68
3444
Jan
Jan
3,100
25
200
700
500
he
334
41
53
3744
Aug
Aug
Mar
Jan
July
45
11%
4
68
5741
12%
3734
45
741
79
68
141
74
IOU
37
4345
734
100
79
50
68
25
.134
1,800
74
100
12% 32,900
3731
100
45
1,100
6
56
46
34
614
9%
284
31
6
1%
Jan
Jan
Jan
July
Aug
July
Jan
Jan
Jan
July
104
79
70
2%
21
23%
504
60
174
4%
Feb
July
July
Feb
Feb
Feb
Feb
Feb
Apr
Feb
IS
17
18
lor)
10% Jag
15
July
124 Jan
1631 July
Jan
5
2534
22(4
294
32
10
Feb
Feb
Feb
Feb
Apr
934
1
10
100
600
50
844 June
4 July
10
July
12% Feb
21s Feb
24% Jan
13
14
28
26
50% 5114
250
40
100
7
25
44
41
36
4844
10%
58%
Jan
Jan
Jan
Jan
July
Jan
Jan
July
19
57
6446
50
44
58
30
72
Mar
Apr
Feb
Feb
Feb
July
Apr
Apr
14%
Jan
31%
Apr
7,
64
134
31.
31
3% 34
14
34
64
63
41
41
934
34
1
10
14
28
4
4
100
134 14
2134
300
1234 21%
725
34
744
141
8
3
57
4641
14
3
1re
I% Feb
Mar
19
Feb
3
Feb
1
27-4 3
56
57
4444 4641
400
50
375
231 Aug
454 Jan
3634 Jan
834 Feb
6934 Apr
60% An.
2
1%
3
he
1,000
100
600
1,200
134
1%
241
Si
85
20
27
37
10634
50
200
40
414
'Il
N
is
5
34
li
au
7
114
144
244
4
he
70
45
20
314
100
Mar
8
Aug
434
May
23-4
Aug
4
Jar
4
Jan
24
89
Jan
July 6411
Slay 40
July 394
Jan 111%
3,900
300
200
1,500
15
1334 1544
1,200
2134
2144 213.4
1944 1914
83
83
735 8
800
100
25
1,300
1141 11%
100
1434 15
100
104 14
841 1136
7
7
690
700
25
1834 1814
17
17
800
100
4
44
2
3
1% 231
364 3
7
25
25
100
600
700
150
400
82
1063.4
3%
134
244
59
24
37
44
2
24
10
II,
20
600
400
400
10
5,800
2,500
3,200
5,200
100
4,200
1,000
1611 1844
44
34
75
1,100
82
1063.4 10634
354
134
134
244
59
234
2
3244
36
41
131
2
244
941
834
44
1814
44
04
10
634
150
2844 2834
10
-
Apr
Feb
Feb
Feb
Feb
Feb
May
Jan
Feb
Feb
Apr
1,200 3534 Jan 6934 Feb
Mar
July 38
100 22
200 11434 Jan 12034 June
Jan 394 June
25
4%
he
34
1n
Aug974
45
,
July
Aug2%
Jan
he
134 July
3% Jan
364
Apr
34 July
7
July
134 Jan
41 June
4444 49
48
23
23
23
11934 11934 11934
14
11
7
JUIY
500
260
200
27
37
106
734
Feb
Apr
Jan
he
8
134
85
5
he
______
103
Feb
6134 Feb
Feb
Feb
Feb
Jan
3% Apr
Apr
16
Jan 324 May
21
Feb
1346 Aug32
Jati 9034 July
80
71
1944
18%
7031
231
26
634
45%
8
8
10
14%
May
Jan
Jai
Jan
Jan
May
Jan
Jail
Jan
July
July
Aug
831 July
54 Jan
631 Jan
Jan
17
73%
2344
204
90
8
294
193-4
5645
15
1444
19
20
API'
Mar
Feb
Apr
Aug
July
June
Aug
June
Feb
Apr
Feb
Apr
20
13
Apr
Feb
11
2414 Apr
2114 Feb
Jan
1934 Feb
Jan
he Jan
Apr
July 10734 Mar
234 Mar
Fel
Aug
10
Feb.
734 Fen
Aug
Jan 4934 Feb
Apr
28
2134 Jan
Aug
Apr 54
46
Feb 7744 Apr
62
7734 Mar 8934 Apr
10634 Aug 107,34 July
344 Jan
04, Mar
1
July
215 Feb
July
3% Jan
2
Apr
Feb 62
46
341 Mar
15i July
Jan 4534 Apr
17
14 Mar
44 July
534 Feb
144 July
14 Aug631 Feb
2444 Feb
734 July
31 Aug44 Feb
he Jan
he Star
15% July 2644 Feb
234 Feb
41 Jan
444 Feb
144 Jan
July
4
174 Feb
May
Jan 86
65
2834 Aug 2834 5115
1744
154
46
1044
44
2
17
%
36
Friday
Sales
Last Week's Range for
Former Standard 011
Sale
Week.
ofPrices.
SubsidiariesPar Price. Low. High. Shares.
14
%
18,400
1211 14
4
500
44
200
,
4
54 55
58
55
1,400
294
284 3051 15,500
400
2
24
1,200
15
44
200
4
4
5
541 4,000
4
n
154
54
534
NIargay
NIcColl Frontenac 011
MCorp*
.
Michigan Gas & 011
*
Middle States PetrolChasA v te
•
2
ClassB vtc
•
Mountain Producers____10
434
National Fuel Gas
•
National Refining Co_ _ _25 New Bradford Oils
5
Nor Cent Texas Oil Co__5
Nor European (Alcorn ._ _1
Pantepec Oil of Venez_ _ _•
24
Producers Royalty
1
4
Pure OH Co 6% prat _100
Red Bank 011 Co
•
Reiter-Foster 011
*
Richfield Oil peed
25
3,4
Root Refining corn
1
Cony prior prat
10
Ryan Consol Petrol
•
34
Salt Creek Consol Oil_
I
Salt Creek Producers_ .10
Savoy 011 Co
5
Southland Royalty Co....5
Sunray 011
14
5
Swiss Oil Corp
1
Taxon 011 & Land Co___.•
54
Venezuela Men Oil
10
Venezuelan Petroleum___6
*„
Woodley Petroleum
1
MiningBunker Hill dr Suit'van__10
13wana M'Kubwa CopperAmer shares 5s
Chief Consol Mining
1
Consol Copper Mines__ - _5
Consol Min he Smelt Ltd 25
Copper Range Co
•
Cresson Consol G M
1
duel Mexican Mining_ _50c
Eagle licher Lead Co_ _ _20
Evans Wallower Lead_ __ _•
Falcon Lead Mines
,
Goldfield Congo' Minee_10
liecla Mining Co
25
Itollinger Consol G M.._5
Bud Bay Min & Smelt.. _•
Intermit Mining Corp-_-1
Warrants
Iron Cap Copper
10
I1err Lake Mines
4
Kirkland Lake G M Ltd_ _1
Lake Store Mines Ltd_ __ i
New Jersey Zinc-- _ -- _25
.
Newmont Mining Corp_10
NY & Honduras Rosarlo10
Niplasing Mines
5
Pacific Tin spec 8th
•
Pioneer Gold Mines Ltd._ ,
Pond Creek Pocahontas_ _•
Premier Gold Nilning. _ _ _1
St Anthony Gold alines_ _1
Shattuck Dann Mining_ ..5
Silver King Coalition____6
So Amer Gold & Plat new _1
Standard Silver Lead
1
Sunshine Mining Co__10c
Teak flushes Mines__ .1
Tonopah Belmont Develp 1
Tonopah Mining of Nev _ _1
Un Verde Extension...50c
Utah Apex Mining Co_ _.5
Wenden Copper
1
WrIght-Hargreave8 Ltd...'
5
Yukon Gold Co
14
14
344 34
131 14
%
5.4
200
3,800
100
500
1%
1%
100
58
111 2
%
4
411 44
14% 1511
800
1,000
600
400
215
100
24
31 3,500
4
135 2% 30,300
4
5, 2,900
80
40% 4311
44
74
%
6
4
54
134
is
531
4
900
200
1
54
4
5
154
ri
.
3831 384
800
100
300
4,000
1,600
1,300
25
34
A
400
100
500
100
1,600
6,400
900
1
1
15ir
1
1
14
14
451
3,4
1
im
44
351
1%
ly,
411
i„
44 4,700
4
a.
a,.
34 6.000
64
64 64 1,000
20
20
2051 5,800
1534
1434 1554 13,100
1451
1334 1454 3,800
654
54 64 4,000
35
54
5834
54
4734
4334
231
600
6,000
4,000
900
1,600
700
1,000
13%
1234 1351
1,600
154
4
2%
11)4
334
111
144 3,100
4
9,
1,100
800
14 2%
10% 1114 2.100
34 34 20,700
in
11
5
5,500
7% 8% 13,400
7
711 8,400
563,4
54
47
231
834
7
434
14
4
1011
111
July
July
215
234
Jan
Aug
311
July
1534
514
Feb
331
Jan
151
Aug
2
June
4
May
334
July
May
9
Jan
14
151
July
Aug74
24
Jul
July 7634
Feb
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Jan
May
Jan
Mar
Aug
Feb
Jan
Feb
Jan
Jul
July
Jan
Mar
Jan
July
July
43-5
44
3034
3
31
54
851
Feb
Feb
June
May
Mar
Jan
Feb
654 Jan
12
Feb
231 June
Si
34
54
51
44
41
231
495 44 1,100
194 14
700
I,.
li
9,300
941 1031 13,300
ei.
500
4
Bondss
Abbott's Dairy Cs__ _ _1942 99
7,000
97
99
Alabama Power Co1946 92
1st & ref 55
90
9214 23,000
1951
let & ref 59
83
8351 12,000
1956 81
lat he ref 513
8334 8434 9,000
1968
let he ref Es
724 734 14,000
1967 69
let At ref 4 49
67% 69
16,000
Aluminum Cost deb bs '52 1034 103% 104
40,000
Aluminum Ltd deb 58_1948 9034 90
43,000
91
Amer Commonwealth Pow
1940
Cony deb 65
31
3,000
31
1053
5 14s
____ ______
Jan
11
Jat,
July 414 May
May 1264 Feb
July 37
July
Jan 4651 Apr
154 June
Jan
Jan
1534 Aug
631 Feb
July
May
9% Feb
Jan
441 Mar
Feb
Jan
7
Jan 88
Feb
Jan
6
Jan
2651 June
Jan
Jan
54 Feb
Feb 47
Feb
Mar 324 Jan
Jan
1734 Feb
July
1634 Feb
July 284 Feb
July
Jan 95
454 Jan
Aug
1%
151
1934
141
31.
315
4.51
1,400
2,900
1
Bonds (Continued)-
High.
Low.
4
134
1
1%
124
24
134
31
195
4
131
5
934
4
431
134
50
ilia
14
41
14
I
Range Since Jan. 1.
25
7
6
Borne Scrymser Co
250
7
7
Buckeye Pipe Line
100 26
50
33
33
25 12211 12211 125
200 116
Chesebrough Mfg
30
Eureka Pipe Line
100
Humble Oil & Ref
• 4314 4251 4334 3,100 3351
Imperial 011 (Can) coup • 154
1434 154 13,900 1254
Registered
*
600 13
154 15%
Indiana Pipe Line
10
4
200
4
44
795
National Transit _ _ _ _12.50
3
N Y Transit
5
455
Northern Pipe Line
10
100
531 5%
834
Ohio 011 6% prof
100
351,
Penn Meg Fuel Co
1
South Penn 011
25
2,000 174
2254 2431
4
Southern Pipe Line
10
41
So-west Pa Pipe Line
50
Standard Oil (Indlana)._25 274 27
8,300 25
2734
Standard 011 (Sty)
16 1534
154 164 2,600 144
9
Standard 011(Neb)
25
100
911 911
Standard Oil (Ohio) corn 25 16
100 14
15
16
75 774
5% preferred
100
91
91
Swan Finch(MCorp__ _25
24
100
24 24
Other 011 StocksAmer Maracaibo Co
1
Arkansas Nat Gas com_ _.,
Common class A
•
Preferred
10
British-Amer 011 coup_ _ •
Carib Sy wlicote
25c
Colon 011 Corp com
•
Columbia oti & (ifi8 Vte_ •
Consol Royalty 011
10
Continental Oil of Mex _ _ _1
Cosden Oil corn
1
Preferred
100
Creole Petroleum
6
Crown Cent Petroleum _ _ _1
Darby Petroleum com _5
Derby Oil& Ref corn
•
Gulf Oil Corn of 1'enna__25
Indian Ter Illum 011Non-voting class A_
•
*
Class B
International Petroleum..
Kirby Petroleum
1
Leonard t ill Develop...25
Lion 011 Development_ •
Lone Star Gas Corp
•
1223
Financial Chronicle
Volume 139
851 Feb
Apr
14
Apr
5
111 Jan
55 Jan
Jan
4
1334 July
411 July
1% Jan
141 Jan
334
154
54
1815
6
214
351
'll
Jan
In
%
15
3611
51
11
4
51
634
34
51.
54
34
434
5515
154
451
114
11
331
Jan
July
July
Apr
July
Jan
July
Jan
Aug
Jan
July
Aug
Jan
Jan
July
July
July
July
Jan
294
4
63
14
1
4
111
834
334
11
714
1
8
2
234
11
54
111
551
Apr
Apr
Apr
Apr
Mar
June
Apr
May
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Mar
Feb
Feb
May
Feb
Jan
Mar
Feb
33
Aug
83%
Feb
A
31
X
125
331
.31
4
3%
11
In
34
4
1151
8%
1051
34
1
15
31
4134
474
424
28
2
17
1034
14
1
3i.
14
8
2%
'4
74
534
31
41
855
51
h
64
11
14 Jan
Aug
14 NIar
Jan
Jan
111 Feb
Mar
July 170
534 Apr
Aug
Jan
195 Feb
2
Feb
July
Aug
754 Mar
51 Jan
Jan
I,. Jan
July
Jan
91 Apr
July
834 Feb
Jan 2054 Aug
Jan
1535 Aug
1414 Apr
Jan
Jan
64 Apr
Feb
131 Apr
31 Mar
May
Feb
U Aug
Jan 5651 Aug
May 634 Jan
July 574 Apr
Feb 464 July
May
214 Feb
Jan 2731 May
Jan
14)4 Apr
Apr
1831 July
Jan
1% Mar
11i, Apr
Jan
July
3
Jan
May 124 Feb
514 Feb
July
94 Feb
Jan
854 Aug
Aug
84 Apr
Jan
July
, Feb
14
Jan
14 Feb
Feb
Jan
5
215 Apr
Jan
54 Apr
Jan
Jan
1051 Mar
4 Apr
Jan
9251 July
66
59
60
65
51
9511
72
99
Aug
Jan 9294 July
Jan 88
July
Jan 8711 July
Jan 80% July
Jan 7331 July
Jan 105% July
Jan 9351 July
35 July
34 July
2
2
Feb
Jan
Amer & Continental 581943
Am El Pow Corp deb 6557
Amer G & El deb 5s_ _2028
Am Can dr Pow deb 65_1939
1953
Secured deb 5e
Am Pow & 1.1 debris...2016
Amer Radiator 411E3_1947
Am Roll 61111 deb 5s_ _1948
Amer Seating cony 68_1936
Appalachian El Pr 58_1956
Appalachian Power 55_1941
2024
Deb 65
Arkansas Pr & Lt 55_ _1956
Associated Elea 449_1953
Associated Gas dr El Co
1938
Cony deb 54e
1948
Cony deb 434a C
Cony deb 448
1949
19541
Cony deb be
Deb 5e
1968
Registered
1977
Cony deb 548
Assoc Rayon 5s
1950
Assoc Telephone Ltd be '65
Assoc T & 1' deb 55513 A '55
Aseoe Telep Util 549_1944
Certificates of deposit
6s
1933
Ctfs of deposit_ _1933
Atlas Plywood 510_1943
Baldwin Loco Worts
68 with wart'
1938
6s without warr__ _1938
.
Bell Telep of CanadaOs registered
1998
1st M 55 series A_ _1955
.
let M 6e series 11_1957
bs series C
1960
Bethlehem Steel 6s.„1998
Binghamton L H & P 58 '46
Birmingham Elec4 148 1968
Birmingham Gas 58_1959
Boston Consol Gm 5s1947
Broad River Pow 5s_.1954
Buff Gen Elec 5s ____1939
Gen he ref 5s
1946
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
$
Price. Low. High.
14
144
1431
9011 9151
91
2554 30
2911
2351 2734
2651
4951 4531 4911
102.4 104
103
89
884 88
53
53
9751 984
98
107% 107%
84
84
70% 704 704
3554 33
36
21
1634
184
18%
4834
144
204
164
1514
1711
17
16%
204
6445
97
4834
144
1434
19
21
174
174
1834
184
1651
204
6511
97
50
15
15
19
7711 78
Range Since Jan. 1.
Low.
Higk•
Jan 9334
_
79
934 Mar 20
25,000
Jan 9551
47.000 73
94,000 164 Jan 34
146.000 1434 Jan 3251
14,200 4111 Jan 674
37,000 9734 Jan 105
92
74,000 704 Jan
2,000 4711 Jan 70
Jan 1004
39,000 76
Jan 108
3,000 102
Jan 884
2,000 59
Jan 7955
19,000 57
424
93,000 25% Jan
800
5.000
12,800
77,000
96,000
2,000
11,000
2,000
5,000
48,000
40.000
23,000
6,000
0,000
13
10
10
114
114
1154
1234
53
8035
44
951
10
15
14
504
Jan
Jan
Jan
Jan
Jan
Jan
Jab
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Feb
June
Feb
Apr
Feb
May
Apr
Apr
July
Aug
July
Apr
Feb
2834
2334
244
254
25
2234
294
75%
98
60
22
23
2654
264
8051
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Aug
Mat
Feb
Feb
Feb
Feb
July
18,000 1054
1)55,4 114% 116
9411 77,000 74
934 92
Feb
Jan 137
Jan 9731 July
1184
10234
101%
1014
105
764
51
4035
104
49,000 3634
103%
3,000 10311
Aug 11855 Aug
11034
11111
1114
119%
654
1184
110
11034
111
1194
9934
6534
48
118%
11014
11134
1114
120
100
654
50
64% 67
109
109
1.000
16,000
14,000
15,000
14,000
10,000
29,000
16,000
Canada Northern Pr 55 '53 99
42,000
99
98
Canadian Nat Ry 7s_ _1935 1034 10331 10334 19,000
Canadian Pat Ry 6s__1942 114
11331 11451 58,000
Capital AdmInts 5s..,.1953 844 83
8434 5,000
Carolina Pr & Lt 59_ _ _1956 77
28,000
7634 77
Cedar Ftaphis NI & P 5e 53
112% 112% 3.000
Cent Ariz Lt dr Pow 58 1960
2,000
80
8041
Cent German PowerPanic ctts 68
1,000
1934 4034 4054 4034
Cent III Light 58,.....,1943
4,000
1054 106
Central Ill Pub Service
5s :series E
1956 65% 64
654 9,000
1st & ref 445s eer F_1967 5931 57
5951 54,000
5seeriesG
1968 6534 64
6515 25,000
455% series It
1981
6,000
574 58
Cent Maine Pow 44e E'57 95% 9534 964 7,000
5s series LI
1955
100% 10091 26,000
Cent Ohio Lt & Pow 591950
Cent Power 55 ser D..1957
W000
53
52
Cent Pow & Lt 1st 58_1956 5434 5431 56
78,000
Cent States Elec 55_1948 36
31
3734 80,000
5 Si8 with warrants_1954 3615 3131 37% 108,000
Cent States P & L 550.'53 44
33.000
424 44
Chic Dist Elec Gen 4458'70 8655 8551 8615 32,000
Deb 54s_ _Oct 1 1935 9954 98
9954 33,000
Chic Jet Ry - Union Stk
,S;
1,000
Yards 5s
104 104
1940
Chic Pneu Tools 5148_1942_ ---Chic RYs 54 etre
- 6,000
5515 56
1927
Cincinnati Street RS,
511s series A
1952
65 series 13
1955
21.51515
Cities Service 58
1966 4251 404 43
Cony deb 5s
1950 444 41% 44% 241,000
Cities Service Gas 548 '42 64
13311 6431 22,000
Cities Service Gas Pipe
Line es
7934 5,000
1943 7931 76
82,1300
Cities Serv P dr L 5491952 414 3941 42
4234 15,000
1949 42
40
534s
Cleve Elec Ill lat 63_1939 1064 10611 106% 17,000
6,000
10934 110
58 series A
1954
11,000
5.5 series B
1961 111
1104 111
Comment und Privat
Bank 51 8
4
1937 3834 38% 3934 8,000
Commonwealth Edison
1st NI 58 series A_1953
104 104% 10,000
let M 5s series B___1954 10454 10441 1044 6,000
let 414e series C___1956 101
loosi 1014 39,000
411e series D
1957 10114 10034 10154 24,000
4,000
449 series E
100 100
1960
1st 36 48 series F_ _ _1981 9134 91% 92 147,000
514s series G
1962 10531 105% 1094 14,000
9,000
Com'wealth Subsid 548'48
80
79
23,000
Community Pr & Lt 581957 46
4215 46
Connecticut Light & Pow
7,series A
1,000
1951
117 117
5519 series 13
1954
44s series C
1956
14,000
5s series D
1962 109
10855 109
Conn River Pow be A 1952
27,000
103 103
Consol GEL & P 441s 1935 10151 101% 10151
4.000
2,000
102 102
Stamped
Consol Gas (13alto City)
2,000
58
109 10911
1939
3,000
Gen intge 414s
112 112
1954
Cousol Gas El 1.t & P(Bait.
1,000
43113 series G
107% 107%
1969
6,000
414s series 11
106 107
1970
lst ref a f 4s
1981 1004 1044 1054 46,000
Consol Gas ULU Co
1st dr coil 65 eer A 1943 4531 4151 454 53,000
1,000
811 84
Cony deb 648 w w _1943
3,000
Consol PubiLshers 7%81936
85
85
Consumers Pow 4543....195b 106
10551 106% 44,000
let & ref be
18,000
1936 104% 10451 105
Conti Gas & El 5s
1958 494 4634 4941 107,000
15,000
102 102
Continental 011546_1937 102
Cosgrove Meehan Coal21,000
3
3
1945
6548
3
Crane Co 58 _ _ _ _ Aug 1 1940 98
98
983,4 30,000
10,000
Crucible Steel be__ ..l940 904 9054 92
56
Cuban Telephone 734a 1941
61
9,000
Cuban Tobacco 5s_ _1944
Cudahy Pack deb 54a 1937 103% 10345 103% 21,000
_106 10641
7,000
s f 5s
1946
9411 9454 6,000
Cumberld Co P& L 448'58
7,000
107 108
Dallas l'ow he Lt 85 A.1949
5s series c
105% 10545 2,000
1952
Dayton Pow he Lt 58_1941 10631 10631 10791 38,000
Delaware El Pow 5545. '59
Denver Gas he Elec 58_1949 105 11 10534 10531 8,000
5,000
79
Derby Gas & Elea 5.1__1946 793-6
80
Det City Gas Sc ser A_1947 9654 9651 974 10,000
loin 8836 8834 8834 24.000
5s tat aeries ri
Jab
1104
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
III%
112
12235
101%
704
60
10851
70
10934
10911
Aug
Aug
May
July
Mar
Apr
June
Aug
June
July
Jan 99
81
102
Jan 1054
1024 Jan 117
70% Jan90
5234 Jan 7834
Feb 112%
103
764 Jan 944
Aug
Apr
Apr
Aug
Apr
July
Aug
Apr
3755 July 6334 Mar
Jan 107% July
100
5251
47%
62
474
75
8534
57
41
41%
2731
28
3354
62
74
Jan 764 Apr
Feb
Jan 68
Jan 744 Apr
Apr
Jan 68
Jan 9834 Aug
Jan 10231 Ally
May
77
Jan
Jan 6155 Feb
Apr
Jan 62
Jan 524 Apr
Apr
Jan 51
Jun 533.4 Apr
Jan 914 July
Jan 100
July
95
54 q
46
Jan 10894 July
Jan 841i Apr
Jan 5734 July
50
524
304
3034
4651
Jan
Jan
Jai
Jan
Jan
81
83
5231
534
6834
Apr
Apr
Apr
May
June
5711 Jan 8631 July
274 Jan 4934 Apr
2754 Jan 49% Apr
Jan 10711 June
105
Mar
Jan 111
106
July
10551 Jan 112
3834 Aug
624 Feb
Jan 109
92
Jan 108
92
8414 Jan 10551
Jan 10491
86
Jan 10351
85
7254 Jan 944
9414 Jan 108
5651 Jan 874
57
3634 Jan
July
July
July
July
July
July
June
May
June
Mar 120% June
112
1064 Jan 1123.4 June
Jan 1074 June
100
Jan 109X June
104
9134 Jan 105% June
10131 Jan 10354 Apr
101% July 10351 Feb
1044
102
Jan 1104]July
July
Jan 114
Jan 1094 July
105
July
1034 Jan 110
Jan 108% July
93
3354 Jan 52% Apr
Apr
Mar 13
6
July
Jan 89
63
94% Jan 106% July
1024 Jan 10551 July
57
Apr
364 Jan
101% Feb10434 Apr
3
85
7334
50
35
98
10354
74
10454
99
102%
85
9254
574
8455
73
Aug9
Jan 10031
96
Jan
Aug 8014
Aug 50
Jan 10414
Jan 10715
Jan 95%
Jan 110
Jan 10634
Jan 108
Jan 914
Jan 1054
Jan 85
Jan 101
Jan 9236
Mar
July
Apr
June
Jan
May
July
July
Apr
June
May
July
Aug
Apr
May
July
1224
Bonds (Continued)
-
Financial Chronicle
Friday
Sales
Last Weeks Range for
Sale
of Prices.
Wee/c.
Price. Low. High.
Detroit Internet Bridge
Aug. 1 1952
6/45
Ctfs of deposit_ _ _ _1952
Deb 7s
Aug 1 1952
Certificates of deposit_
Dixie Guif Gas 6345_1937 102
Duke Power 4%s
1967
Eastern Utilities Investing
58 ser A w w
1954 19
Edison Elea III (Boston)6% notes
1935 10251
Elec Power dr Light 55_2030 41
Elmira Wat,Lt & RR 55'56
El Paso Elea 5s A _ _ _1950
El Paso Nat Gas 6355_1943
With warrants
Deb 6545
1938
Empire Dist El 58_ _ _ _1952 67%
Empire Oil& Ref 5/481942 61
Ercole Marelli Elea Mfg
1953
6 555 A w w
Erie Lighting Is
1967
European Elea Corp Ltd
6555 x-wart
1965 8851
European Mtge Inv 78 C'67
Fairbanks Morse 5s_1942
Farmers Nat Mtge 75_1963
Federal Water Serv 5345'64 32%
Finland Residential Mtge
Banks 6s
1961 84%
Firestone Cot Mills 5s.'48 102(4
Firestone Tire & Rub 5s'42 102%
Fla Power Corp 550_1979 69%
Florida Power & Lt 55 1954 59%
Gary Elk Gas bsser A 1934 56
Gatineau Power 1st 58 1956 9455
Deb gold 65 June 15 1941
Deb tisseries B
1941
General Bronze 6s_ __ _1940 68
General Motors Acceptance
5% serial notes _ _ _ _1935 10155
5% serial notes
1936 101
General Pub Serv 55 _ _1953
Gen Pub Util 6 555 A_1950 4335
General Rayon 6s A 1948
Gen Refractories 6s_ _ _1938
With warrants
96%
Without warrants
Gen Vending 65 ex war '37 _
Certificates of deposit _
Gen Wat Wks & El 55_1943 54
Georgia Power ref 55__1967 78%
Georgia Pow & Lt 5s_ _1978 57
Gestural 68 x-warrants 1954
Gillette safety Razor Ss '40 10234
Glen Alden Coal 48. _.1965 78
Gobel (Adolf) 63ds___1935
7051
with warrants
Godchaux Sugar 7555_1941
Grand (F W)Prop 65_1948
Certificates of deposit_ _
Grand Trunk fly 6545 1936 10441
Grand Trunk Wait 4s_ 1950 83
Great Northern Pow 5s '35
Great Western Pow Is 1946
Guantanamo & West 6s '58
Guardian Investors 55_1948
Gulf Oil of Pa 55
1937
55
1947 10141
Gulf States URI bs_ _.J056
1961
4355 series B
Hackensack Water 58_1938
1977
5348 series A
Hall Printing 5555_ _ 1947 7254
Ilamburg Elect 75.. _ ..1935
.1935
Hamburg El Underground
1938 38
& St RY 53/c5
Hood Rubber 5555._ 1936
1936
7s
Houston Gulf Gas 65_ _1943 705
6555 with warrants.1943 5855
Hong L & P ist 455s E_1981
4%5 sedes D
1978
589
1953
A
Hudson Bay M & S 69_1935 112
Hydraulic Pow 5s
1951
5s
1950
Ilygrade Food Products
1949 6751
6s series A
1949
6s series B
1947
Idaho Power 58
Illinois Central RR 65 1937 86
Ill Northern Util 58.._ _1957 103
Ill Pow & L 1st fis ser A '53 70
1st & ref 555s ser B..1954 67
let & ref baser C__ _1956 61%
St deb 5555 ..May 1957 56%
Indiana Electric Corp
1947 64
6s series A
1953 70
6 As series B
5s series (3_ _
_1951 56
_
Indiana Hydro-Eleo 55 '515
Indiana St Mich Elea 58 '55
5s
1957
Indiana Service 59._ _ _1950 38
ist lien & ref 58_ ....l963 3755
Indianapolis Gas 53 A_1952 8051
Torn:kens P & L Is ser A '57 95
Intercontlnents Power
Deb 65 a warrants.. _1948
International Power See
%s series C
1955
78 series E
1957
74 series F
1952
International Salt 5s_ _1951 104%
International Sec 5s 1947 59
Interstate Irn & Stl 4%5'46 81%
Interstate Nat Gas 63_1936
Interstate Power 55_1957 5134
Debenture 65
1952 37%
Interstate Public Service
58series D
1956 5335
4 As series F
1958
Invest Co of Amara; series A w w
1947
without warrants
lowa-Neb L & P
1961
55 series 13
Iowa Pow & Lt 4%5_1958 95%
Iowa Pub Serv 55
1957
Isarco Hydro Elea 75_1952 74
Isotta Fraschini 75_ _ _1942
Italian Superpower of Del
Deb 65 without war_1983 62
lacksonville Gas 55._ _1943 37
Jamaica Wat Sup 5545'55 106
Jersey C P & L 4%s C_1961 94%
1947 10155
5s series B
Jones & Laughlin SUM '39
Kansas Gaa & Elea 54_2022
3%
3%
1
1
Range Since Jan. 1.
Low.
354
235
34
79
85
7
Jan
Jan
5
Jan
2
2
Aug
Jan 102
Jan 105
Feb
Feb
Jan
Jan
Aug
July
10%
Jan
Mar
2,000
3,000
4
101
103
16,000
102
103% 6,000
18% 19
10,000
High.
25
102% 102% 15,000 100% Jan 103% Mar
36% 42
38,000 25% Jan 5155 Apr
Apr
Jan 85
62
Jan 86% May
6-1
6634 67% 12,000
61% 42,000
59
95
95
8834 88%
4334 45
2,000
1,000
7,000
67
35
4634
46;4
70
86
31
33
29,000
80
29
63
42
18%
83
101%
102
69%
5855
55
9455
90A
88%
67
8555
102%
10255
70
5954
57
95
90Si
89
68
40,000
27,000
18,000
9,000
97,000
8,000
43,000
5,000
12,000
6,000
73%
8934
93
5655
5334
34
7755
69
88%
60
Jan
Jan
Jan
Jan
77
70
75
72
J11110
Aug
July
Apr
July 88
Apr
Jan 102% July
Jan 100% Apr
Jan
54
June
Jan 8945 Apr
Jan 5755 Juno
Jan 42
May
Jan 8934 Apr
Jan 10351 July
Jan 103% Juno
Apr
Jan 80
Jan
71
Apr
Jan 67% Apr
Jan 97
July
Jan 92% July
Jan 91% July
Jan 81% Apr
101% 101%
1,000 10154 July 103% Jan
104 104
10,000 10252 Jan 105% July
Jan 8234 Aug
64
45% 28,000 2555 Jan 56
42
June
51
51
1,000 45
Feb 58% May
123 125
7.000
9534 97% 14,000
355
53
77%
55
3555
102%
76%
4
3,000
54
7,000
78% 36,000
58
30.000
35% 3,000
102% 7,000
78
42,000
7031 73% 17,000
104% 105
2,000
9835
85
255
2
40
5955
40
3255
94
57A
70% Aug 85
Jan 105
95
35
35
2,000 1654
104% 105
16,000 10055
82% 83% 7,000 70
100% 100% 18,000 9355
106% 107% 17,000 94%
21% 21% 5,000 12
24
104% 105% 31,000 101
10434 105% 56,000 99%
86
87
7.000 66
79
79
1,000 63
106% 106%
Jan 146% Apr
Mar 19
Aug
Jan
9
Mar
Jan
7% Mar
Jan 62
June
Jan 84% Apr
Jun 65
Feb
Jan
Aug 73
Jan 104% July
Jan 81% July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
41
106
88%
101
108
26%
48
105%
106%
92%
84
Apr
Aug
Apr
Apr
Apr
Aug
June
Apr
Feb
Aug
June
Apr
July
3,000 100% Jan 108
July
Jan 105% July
99
Jan 83
61
Apr
Aug 82
54
Feb
71% 74% 33,000
36% 38
75
7531
56
101
102
104%
110
23,000 36N
66
76
2,000 70%
7654 13,000 42
5834
5,000 31
101% 24,000 61%
102
8,000 8254
105
8,000 93%
113
24,000 104
103%
104
Aug
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
70%
81
83
84
7234
1025i
103
105%
118%
106%
11055
Jan
Mar
Apr
June
June
July
June
June
Apr
June
June
66% 6731
66A 67%
102 10255
81% 86
102% 103
67% 70
67
66
60% 61%
57
56
10,000
14,000
10,000
35,000
2,000
32,000
13,000
44,000
46,000
Jan 70
48
Jan 69%
50
Erisi Jan 105
80
Aug 93%
8234 Jan 105
62
Jan 78 h
47% Jan
75
4355 Jan
70
Jan 66
37
Apr
Apr
June
Apr
Aug
May
Apr
Apr
Apr
63
7()
56
60
93
10755
37
36.%
8031
94%
64%
71
5655
60
94
108
38%
3755
8151
95%
6,000
2,000
4,000
5,000
23,000
15,000
16,000
13,000
6,000
56,000
54q
59
47
47
71
91
2534
2434
71
76
Feb
Apr
Apr
Apr
July
June
Apr
Apr
Apr
Jul
Aug
5
Apr
80
86
86
104
59
80
80
1,000
87
5,000
86
4,000
104% 23,000
59% 4,000
81% 4,000
July
July
July
Jan
Jan
Jan
Feb
Jan
Jan
98
103%
102
104%
65
86%
105%
61%
48
Mar
Mar
Mar
Aug
Jun
July
July
Feb
Apr
52
49
53% 35,000
4,000
4934
47.% July
42% Jan
64
61
84% 84% 1,000
84% 84% 1,000
80% 14,000
79
Jan
67
Jan
67
6341 Jan
Jan
64
Jan
75
58
Jan
7051 June
74 June
85
8435
80%
8955
97
8755
92
88
2
73
77
79
84
46%
6735
103
48% 52
88,000 41%
34
37% 73,000 28%
95
79
74
62
34
106
94%
100%
10634
88
95% 15,000
81
8,000
74
1,000
Jan 75%
Jan 80
Jan 68
Jan 67%
Jan 98
Jan 10814
Jan 48%
Jan 48%
Jan 88
Jan 98%
Feb
Feb
July
Aug
Apr
Apr
July
May
Apr
Feb
62
June 78% Apr
2,000 49
14,000 32
May 53
37
Feb
106
6,000 100
Jan 106% Aug
95% 41,000 7355 Jan 98
July
101% 23,000 83
Jan 104
July
106%
1,000 10355 Jan 107% June
Jan 90
June
8814 4,000 62
Bonds (Continued)
Kansas Power bs
1947
Kansas Power & Light
65 series A
1955
be series B
1957
Kentucky Utilities Coln rntge bs
1961
(1545 series D
1948
5%s series 1'
1955
58 series I
1969
Kimberly-Clark bs_ _ _1943
Koppers G & C deb 58 1947
Sink fund deb 5 %s_1950
Kresge(SS) Co 513._ _..1945
Certificates of deposit_.
Laclede G9.5 Light 53531935
,
Laruton Gas 6545_ _ _1935
Lehigh Pow Secur 6s...!026
Leonard Tietz 7555 ex w '46
Lexington Utilities 5s_1952
Libby McN & Libby 55'42
Lone Star Gas 55
1942
Long Island Ltg 65_1945
Los Angeles Gas & Else
55
11)39
58
1961
65
1942
5%sseries E
1947
5343 series I
1949
Louisiana Pow & Lt 541957
Louisville G & E 6s_ _1937
4 %s series C
196!
Aug. 25 1934
Friday
Sales
Last Week's Range for
of Prices.
Sale
lVeek.
Price. Low. High.
Low.
High.
86%
Apr
76
4,000
60%
10055 101
91
90
5,000
2,000
84% Jan 102% July
73% Jan 99% July
75
91
Range Since Jan. 1.
54% 56%
68
65
58
58
54% 55%
97% 9831
98
98%
101
101%
102% 102%
101% 101%
69% 70%
100% 101
8434 86
Jan
Mar
Apr
Apr
Mar
July
July
Aug
Apr
47
58
51
45%
88%
82%
84%
89
87k
50
93
61%
29
54%
6854
8245
67
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
68
8655
73
68
9834
99%
102
104
101%
75%
101%
89
65
76
93%
98%
9452
Feb
July
July
Mar
Apr
Aug
July
Apr
107% 107% 10745 11,000 102
103 10355 8,000 89
103
9951
10651 10651 10651
1,000 9441,
105% 105%
1,000 94%
89% 91% 79,000 6655
90
102% 102% 4,000 90
101% 101% 10255 5,000 82
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
10145
10955
107%
107%
9755
104
102%
July
Aug
July
June
July
July
Juno
July
56)i
98
98
10235
101%
7034
10055
85
935i
70
92%
97%
89
12,000
9,000
2,000
6,000
20,000
30,000
39,000
2,000
7.000
13,000
2,000
24,000
1,000
70
93% 72,000
98A 12,000
91
20,000
Manitoba Power 5%8_1951 6235 62
6335 16,000 3855 Jan
Mass Gas deb 58
195/ 9655 96% 9645 12,000 74
Jan
534s
1946
100% 10152 22,000 83
Jan
McCord Radiator & Mfg
68 with warrants_ _1943 66% 66A 6634 7,000 40
Jan
Memphis Pat L 5s A__1948 9555 9555 9631 8,000 70
Jan
Metropolitan Edison
48 series E
1971
88% 89
Jan
36,000 66
5s series F
1962 10051 99% 100% 41,000 73
Jan
Middle States Pet 6/is '45
71% 72
2,000 5344 Jan
Middle West Utilities
Is ctfs of deposit _ _1932
555 Jan
bs ctfs of dep
1933
5% Jan
58 ctfs of dep
1934
655 7% 13,000
5% Jan
be cfts of depofdt___1935
5A Jan
7
7
4,000
Midland Valley 5s
_1943
60
Jan
Milwaukee Gan Lt 4/is '67
10455 104% 7,000 93% Jan
MInneap Gas Lt 4555_1950 92% 9155 93
38,000 73
Jan
Minn Gen Elec 5s_ __ _1934
100 100
1,000 100
Aug
Minn P & L 455s
1955 7455 7455 75% 7.000 5514 Jan
58
1955 8355 83
83% 3,000 64
Jan
,
Mississippi Pow 58
1955 58A
57% 5836 3,000 40
Jan
Miss Pow & Lt 5s_ _ _ _1957
64% 6735 29,000 48% Jan
Mississippi River Fuel
65 with warrants ...1044
90% Jan
Without warrants... _
99
99
Jan
2,000 89
99
Miss River Pow let 58 1951 105
10451 105
2,000 96% Jan
09% 100% 38,000 70% Jan
Missouri Pow & Lt 5 SO '55 100
Missouri Pub Set / 55_1947 4334 42% 44% 12,000 37
,
Jan
Monongahela West Penn
Pub Serv 535 ser B_1953 85
87
Jan
44,000 61
85
Montreal L H & P Con
1st & ref 58 ser A_ _1951
11051 11155 27,000 104% Jan
58 series B
111 111% 15,000 103% Jan
1970
Munson Steamship Lines
6%s with warrants.! 37
3,000
451 Aug
454 5
Narragansett Elea 55 A '57 10151 104 10454 37,000 98
Jan
Is series B
10345 104% 8,000 98
Jan
1957 104
Nassau & Suffolk Ltg 5845
98
Jan
Nat Pow & Lt 65 A _ __2026 6551 6451 66
Jan
18,000 67
Deb 55 series II_ _ _ _2030 58
5545 58
79,000 47% Jan
Nat Public Service 55 1978
6% July
Certificates of deposit_ __ ______
6% 7% 13,000
Nat Tea Co 55
100% 101
24,000 9751 Jan
1935
Nebraska Power 4345_198i 103% 103% 104
25,000 9155 Jun
9555 9754 14,000 77
Jan
65series A
2022 95A
Neisner Bros Realty 65 '48
7654 78% 7.000 43
Jan
Nevada-Calif Elec 58..1956 7551 72% 77
49,000 5741 Jan
New Amsterdam Ga
9951 9931 11,000 85
Jan
N E Gas & EIAS.snSa.1947 52
54% 57% 56,000 3935 Jan
Cony deb 55
1948 56% 55% 57% 53,000 39
Jai
Cony deb bs
1950 56% 54% 58 101,000 3854 Jai
New Eng Pow Assn 5s_1948 6234 62% 63
18,000 51% Jan
Debenture 5 Sis_ _ _ _1954 67
6655 6735 23,000 54
Jan
51% 58,000 3534 Jan
New On Pub Serv 4%s '35 5051 49
65 series A ______ _ 1949 33A
31
3355 11,000 25
Jan
N Y Central Elea 5555 '50
Jan
69
N Y & Foreign Investing
5%5 with warrants.! 48
70
Jan
N Y Penna & Onto 4%5'35 101% 10155 10155 12,000 9655 Jan
NY P&L Corp 1st 4%s'67 91
89% 91 31 155,000 74
Jan
N Y State G & E 4%5_1980 8135 81% 8 / 54,000 64% Jai
44
9934 12,000 80
1st 554!
1962 9931 99
Jan
99 100
N Y & Westch'r Ltg 48 2004
11,000 98
Jan
Debenture Is
1954 10434 10434 104.34
1,000 98
Jar
Niagara Falls Pow tts_ 1950 107
107 108% 8,000 104% Jan
5s series A
1959
100% Jan
Nippon El Pow 6%5_1953 8031 8051 81
Jan
17,000 65
No American Lt de Pow
5% notes
1935
91
Jan
100% 10055 10,000 82
5% notes
1936
Jan
50% 65,000 25% Jan
534s series A
1956 5034 49
Nor Cont Mil 5/4s_ _1948 2634 24
2634 21,000 20
Jai
No Indiana G & E 68_1952 9434 94% 94A 11,000 71
Jai
Northern Indiana P 855 series C
70% 9,000 54% Jan
1986 70% 69
5s series D
68% 69Si 54,000 65
1969 6935
Jan
4%5 merles E
1970 6755 67% 68% 22,000 50
Jar
No Ohio P & L 5%s 1951 10034 100 101% 21,000 70% Jai
Nor Ohio Trac & Lt 58 '56
95% 96% 2000,
68
Jan
No States Pr ref 4 Sis__1961 91
9034 91% 46,00
73% Jan
89% 38,000 71% Jan
88
1940
534% notes
N'westeni Elect 6s__ _1935
64
65
Jan
6,000 54
N'western Power fis A.1960
25
25
2,000 12% Jan
25
Certificates of deposit..
24
5,000 14
Jan
N'western Pub Serv 59 1967 60
59
60% 32,000 50% Jan
Ogden Gas 55
1945 95% 95% 96
7,000 77% Jan
Ohio Edison let 58
95
9541 68,000 67% Jan
_1960 95
Ohio Power 1st 58 B._1952 10634 10555 106% 6,000 95% Jan
10255 103
1st sr ref 450 ser D 1956
Jan
30,000 85
Ohio Public Service Co
100% 10154 12,000 70% Jan
65 series C
1953
94% 33,000 63% Jan
58 series D
1954 94% 94
5%s Belief( E
97
1961 97
Jan
9834 10,000 63
Okla Gas & Elea 58._ _1950 943-4 93% 95% 41,000 73% Jan
65 series A
1940 873-4 87% 88% 4,000 66
Jan
Okla Power & Water 5s '48
48
48
Jan
2,000 44
Osgood Co 6s ex-warr_1938
Mar
33
Oswego Falls Cs
64
63
1941
2,000 51% Jan
Pacific Coast Power 5s 1940
Jan
9634 96% 12,000 77
Pacific (las & El Colin 6s series 13
1941 11334 113% 114
18,000 101% Jan
lot & ref 5%s ser C 1952 10555 105% 106% 39,000 95% Jan
58 series I)
Jail
1955
105 105
26,000 92
1st & ref 4 As E_ _1957 10155 101% 101% 33,000 85% Jan
let & ref 4558 F_ _ _ _1960 10055 10034 101/i 84,000 853( Jan
Pacific Investing he A.1948
Jan
79
79
6,000 70
Pacific I.tg & Pow 55_ _1942
104
Jar
Partfle Pnw T.te 58 1965 44
40% 44
72,000 3ç3.4 Int
Aug
6755 July
9835 July
July
104
Apr
70
9614 Aug
9051 July
10051 July
75 Juno
10%
1055
1055
10%
75
107%
9451
10252
80
89%
6751
72
Feb
Feb
Feb
Feb
Apr
July
July
Apr
Aug
July
July
July
Apr
100
Apr
99
10711 June
100% Aug
56
Feb
9035 June
111% Aug
111% Aug
12%
106%
105%
101
83
74
Feb
June
June
May
Feb
Feb
16%
102
107%
101%
84%
81
10354
65
61
61%
72
77%
63
4452
85
Feb
Mar
July
May
July
July
July
Feb
Feb
Feb
Apr
Apr
June
Apr
May
89
10215
96%
86%
100
106
106
11034
107A
81
July
June
July
July
July
June
June
Mar
June
Aug
10155
103
55
3651
99%
June
June
Apr
May
July
78%
76%
74
103
98%
9545
95%
87
35%
34%
73
100
98
106%
105
May
Mar
Mar
July
Aug
July
July
Apr
May
Slay
June
July
July
Aug
Aug
104
99
100
98%
93
60
40
OS
9951
July
July
July
July
June
Feb
Aug
Apr
July
11435
108
107%
103%
103
8254
111
67
Aug
June
July
July
July
May
Aug
Feb
Bonds (Continued)
1225
Financial Chronicle
Volume 139
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. H(gh.
Pacific Western Oil 654e'43
With warrants
1938
Palmer Coro Els
Park & Tilford 6s
1936
Penn Cent L & P 44s 1977
1979
bs
Penn Electric 45 F
1971
Penn Ohio Edison
1950
Se series A xw
Deb 543series B _ _ _ 1959
Penn-Ohio P & L 54s 1954
1956
Penn Power 55
Penn Pub Serv 13BC_ _1947
1954
bs series D
Penn Telephone 55 C_1960
Penn Water Pow 1s__.1940
445 series B
1968
Peoples Gas L & Coke
434% serial notes_ 1936
1985
45series B
135 series C
1957
Peoples Lt & Pr be _ _1979
Phila Electric Co 5s 19136
Phila Elec Pow 54s_ _1972
Ihila Rapid Transit Os 1962
Phil Sub Co G & E 446'57
Phila Suburban Wat 58 '55
Piedra% Hydro-El 645 '60
Piedmont & Nor bs___1954
Pittsburgh Coal 68.__.1949
Pittsburgh Steel 6s_ _ _1948
Pomeranian El 6s----1953
Poor & Co 6s
1939
Portland Gas & Coke be'40
Potomac Edison 55
1950
448 series F
1961
Potomac Elec Pow 58_1936
Potrero Sugar 7s
1947
PowerCorp(Can) 4348 B'59
Power Corp of N Y6 348 series A
1942
545
1947
Power Securities 6s _ _1949
Pub Serv of N H 445 13 '57
Pub Serv of NJ pet etre.-Pub Serv of Nor Illinois 56
1st& ref be
be series C
1966
454s series D
1978
434e series E
1980
let & ref 434e ser F.19811
6346 series G
1937
1952
634s series H
Pub Serv of Oklahomabs series C
1961
bs series D
1957
Pub Serv Subsid 5%5_1949
Puget Bound P & L 5%8'49
1st & ref be series C_ 1950
1st & ref 44s ser D.1950
94
39,000
9034 94
101% 101% 101% 12,000
7434
83% 84% 20,000
93% 9335 1.000
30,000
7434 75
110
91%
101 101
109% 110
104 104
74
91%
2%
112
108
67
105%
75
9234
2%
112%
109%
68%
105%
June
Jan 97
Jan 101% Aug
July
Feb 90
Jan 884 July
Jan 964 Aug
Jan 76% Aug
76
8534
77
5954
71
57
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
74%
70
105
106%
101
92
103
111%
105
July
Apr
July
July
June
May
Aug
July
June
95
34,000 624
45,000 75
1%
24,000
22,000 10554
33,000 10434
4,000 49%
3,000 100
9631
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Jan
100%
80
99
64
113%
10974
744
107
105
July
May
Apr
Jan
July
Apr
Apr
June
July
72
87%
102%
90%
29% 29%
4,000
73
88% 10,000
102% 21,000
92% 3,000
30% 30,000
75
98%
79% 3,000
99% 32,000
92% 34,000
3,000
106
75
97%
92%
105%
High.
46%
41%
79
95
75
64
6,000 86
11,000 103%
3,000 95%
6831
74%
93
85
29
83
75
74%
73
102%
18
63
June 9234 Apr
July
Jan 93
Jan 103% July
June
Mar 96
Aug 54% Feb
July
Jan 97
Aug 95% Mar
Jan 1004 July
July
Jan 94
Jan 10654 June
Jan 3434 Apr
Jan 79% Mar
Jan 95 June
7,000 70
89
90
614 Jan 644 July
Jan 74
Aug
70
69% 71% 36,000 45
102% 1024 102% 3,000 83% Jan 103% July
Jan 119% July
113% 113% 113% 2,000 103
87
8954 15,000 65% Jan 9154 July
July
2.000 60% Jan 87
824 84
Jan 8234 July
5,000 56
77
78
8,000 6534 Jan 81% July
78
78
Jan 81% July
64,000 55
7734 7734 78
27,000 764 Jan 1033.4 July
100% 1004 101
9434 94% 5,000 714 Jan 99% July
85
85
48%
46
4434
86
84
75%
464
44
43
86%
85%
78
48%
46
4435
26
94%
94%
102%
94%
71%
24
8834
94%
94%
101%
94%
100
27
89
94%
94%
102%
94%
101
71
72
66
104%
108
104%
104%
96%
101%
103% 103%
101%
95% 95%
67%
105
108
105%
104%
96%
107
52
72
67%
105%
108
105%
10534
97%
101%
103%
101%
96
107 107
49% 54
3,000
12,000
6,000
121,000
47,000
57,000
7,000
5,000
8,000
90,000
9.000
6,000
11,000
7,000
4,000
62
57%
42
41%
3954
3634
Jan
Jan
Jan
Jan
Jan
Jan
91
88
62
Jan 10334 June
Jan 101% Aug
Jan 89
Apr
59
14%
15
28 1
4
102%
39%
23
90
90%
854
59%
574
53
Jan 79
39
Jan
Jan 37%
Jan 47
.Jan 113
July 66
July 7034
914 Jan 102
21,000
17,000
9631
334
20,000
65
1,000 103
June
June
June
Feb
Feb
Feb
May
May
June
Feb
July
Feb
Feb
July
Jan 106% June
Feb
Jan 11
Jan
94% July
Mar 107
July
88
Jan 108% July
15,000 7534 Jan 9954 July
May
1,000 103% Jan 109
48 Jun
7234 Mar
1,000
3,000
81,000
8,000
26,000
2,000
45,000
31,000
10,000
4,000
9% May
7
Jan
73
Jan
214
71
72
7234
79
72%
8554
41%
514
15% July
18
July
8944 May
July 41
Feb
Jan 91
July
Jan 9574 Aug
Jan 95% July
Jan 102% Aug
Jan 9554 Aug
Jan 104% July
Jan 4934 Feb
Jan 79
May
56,000 4354 Jan 7434
51.000 93% Jan 106
14,000 1024 Jan 10834
28,000 9354 Jan 106
Jan 106
12,000 93
Jan 9834
17.000 82
89
Jan 104
2,000
6,000 9354 Jan 106
10,000 8334 Jan 10231
13,000 89% Feb 97%
96
Jan 102%
Jan 108%
9,000 101
Aug 73
41,000 48
33,000
70% 72
1,000
72
72
5836 59% 4,000
Southwest G & E bs A_1957 90
14,000
88% 90
1957 90% 88
55 series B
904 13,000
9,000
S'weetern Lt & Pr 58_1957 67% 6634 68
S'western Nat Gm 65_1945 51
51
513.4 5,000
13,000
So'West Pow & Lt 58_2022
47
49
S'west Pub Serv Se.._1945 7134
7034 71% 42,000
1942 103
4.000
102% 103
,
Stalin Mfg 6a
Stand Giza & Else 6s._1935 8634 82% 86% 82,000
1935 86% 8234 8654 77,000
Cony 6s
1951
Debenture 65
46
44% 46% 53,000
Debenture 6e_Dec 1 1966 46
42,000
44% 46
Standard Investg
1939
5so
1937
bs ex warrants
4434 79,000
Stand Pow & Lt 65....1957 444 41
24
24% 4,000
Standard Telep 5348..1943
Stinnes (Hugo) Corp
1936
75 ex-warr
1936
2934 2934 1,000
7-4% stamped
1946
33
1,000
to
33
1946
7-4% stamped
Low.
10,000
65
66
20,000
60
63
103% 102% 104% 15,000
1054 105% 105% 6,000
Quebec Power bs
1968
10234 102%
Queens Boro0& E 4545'58
534s series A
1952
8254 8274
Reliance Management bri'54
With warrants
Republic Gas Os
1945 33
32 34 34%
Certificates of deposit__ _
334 31% 334
Rochester Central Pr bs '53 37
35
37
Rochester Ry & Lt 5s_1954 11131 110% 111
Ruhr Gas Corp 6 413_ _1953
4134
41
Ruhr Housing 654s
1958
27% 28
Ryerson (Jos T)& Sons
1943
101 102
Safe Harbor Water Power
1979
10534 106
4%e
St Louis Gas & Coke 68'47
b
5
5%
San Antonio Puulic Service
1958 8954 87% 8951
Se series B
E7San Diego Congo!0&
1960
5 Msseries D
106% 106%
San Joaquin Lt & Power
1952
68 series B
1957 9634 96
5s eeriest)
96%
1955
Sands Falls bs
108 108
1937
Saxon Pub Wks6s
Schulte Real Estate 65.35
With warrants
Without warrants
14% 14%
Scripp(E W)Co 5549_1943
87% 87%
...1949
Seattle Lighting Ss. 1949
1948
Serval Inc 55
Shawinigan W & P 454s '67
1968
44s series B
1970
1st Miseries C
let 44s aeries D._ _1970
1948
Sheffield Steel 54s
Sheridan Wyo Coal 65 1947
Sou Carolina Pow 50_1957
Southeast P & L 65_2025
Without warrants
Sou Calif Edison be_ __1951
1939
Se
Refunding be June 11954
Refunding be Sep 1952
Sou Calif Gas Co 4348-1951
1957
let ref 58
1952
5 As series B
Sou Calif Gas Corp fs 1937
Sou Counties Gas 4348.'68
Southern Gas Co 6348_1935
Sou Indiana 0& E 5355 57
'
1951
Sou Indiana Ry 4s
Sou Natural Gas 65-1944
Unstamped
Stamped
13'western AssocTel bs '61
Range Since Jan. 1.
59
60
42
Jan
Jan
Jan
62%
634
47
34
40
57
87
43%
43%
32%
32%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
644 Jan
66
Jan
2934 Jan
18
Jan
32
26
33
25
July
Aug
Aug
Aug
Bonds (Concluded)
-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Price. Low. High.
Range Since Jan. 1.
I High.
Low.
106
10434
8634
85
994
108
10434
10834
10854
MR
,
May
July
July
July
May
Mar
July
Aug
Sun Oil deb 53513
10134
7939
Sun Pipe Line 5s
1940 101% 10174
82
Super Power of III 4348 '68 83
81
1st 44s
1970
98%
Se
1961
Swift& Co 1st m s f 5a_1944 10634 106
103%
5% notes
1940
108
Syracuse Ltg 554s ___ _1954
108
58 series B
1957
10154'
102
8334
834
99%
106%
103%
108
108%
73
Tennessee Elea Pow be 1956 75
92%
Tenn Public Service 551970
Terni Hydro Elea 6345 1953 7454 74
55
Texas Cities Gas be _1948
Texas Elec Service 50_1960 78% 78%
Texas Gas UM 68____1945
1555
Texas Power & Lt bs__1956 91% 91
103
5s
1937 103
82
6s
2022
Thermeld Co67%
os stamped
1937
7134
Tide Water Power 68_1979
103
Toledo Edison 58
1962
Twin City Rap Tr 5548'52 46% 4534
37,000
75
94% 208,000
74% 24,000
5534 5,000
81% 66,000
1655 18,000
924 32,000
10334 9,000
6,000
84
Jan 82
July
55
44
Jan 95% July
62
June 8654 Apr
51
Jan 61
Feb
Jan 883.4 Apr
63
Apr
1434 Jan 25
67% Jan 95% July
8934 Jan 104% July
May
5654 Jan 87
69% 7,000
71% 9,000
1034 73,000
46% 47,000
Feb
Jan 76
55
Jan 74% May
50
8634 Jan 10534 July
Apr
23% Jan 58
165%
.-
4474 45
Ulen Co deb 65
1944
Union Elec Lt& Power
5s series A
1954
53 series B
1967
454e
1957
Un Gulf Corp be July 1 '50
United Elec NJ 45_
1949
United El Serv 75 x-w_1956
United Industrial648 1941
let Ss
1945
United Lt dc Pow 6s._ 1975
6345
1974
545
Apr 1 1959
United Lt & Ry 548..1952
6s series A
1952
6s series A
1973
U 8 Rubber as
1936
64% serial notes...1935
634% serial notes_ _ _1936
634% serial notes_ _1937
• % serial notes
1938
64% serial notes
1939
634% serial notes
1940
Utah Pow & Lt 68 A 2022
44s
1944
Utica G & E 5s E
1952
58 series D
1956
45
Vamma Water Pow 550'57
Va Elec dr Power bs _ 1955
Va Public Serv 548 A _1946
lst ref ba ser B
1950
6s
1946
Waldorf-Astoria Corp
75 with warrants. __1954
78 ctfs of deposit___1954
Ward Baknag (is
1937
Wash Gas Light 5s...1958
Wash RY & El 4s
1951
Wash Water Power 58.1960
West Penn Elec 58.
2030
West Penn Power 4s.1961
West Penn Traction 5s 1960
West Texas Utli bs A_1957
Western Newspaper Union
Cis
1944
Western United Gas & Elea
1st 54s series A__ _1955
Westvaco Chlorine Prod
5345
1937
Wise Elec Pory 5s A _ _1954
Wiwi-Minn Lt & Pow 5s'44
Wise Pow & Lt be F__1958
be series E
1956[
Wise Pub Serv Os A__.1952
Yadkin Riv Pow Se._.1941
York Rya Co 58
1937
88
88
101% 101% 10174
73 I 73
74
6634 6634 6734
Foreign Government
and Municipalities
Agriculture Mgte Bank
20
-year 7s
1947
78
1946
7s with coupon
1946
Baden 7s
1951
Buenos Aires (Provineel
External 75
1952
7s stamped
1952
External 74s
1947
7148 stamped
1947
Cauca Valley 7s
1948
Cent Bk of German State &
Prov Banks 6e B.._ _ 1951
65 series A
1952
Danish 5,34s
1955
55
1953
Danzig Port & Waterways
External 6%s
1952
German Cons Munic 78'47
Secured 68
1947
Hanover (City) 7e._ 1939
Hanover(Pro v)64s__1949
103
103%
23,000
25,000
22,000
32,000
15,000
29.000
37.000
1,000
2,000
10,000
2.000
17,000
104% 105
105% 105% 5.000
31,000
68% 68% 72
46% 45
38% 3534
•40
40
7134
4734
49
75
3954 36%
4634 8,000
38% 80,000
6,000
40
13,000
72
38,000
49
6,000
77
3974 6,000
100
50%
100%
3,000
93
92
9334
92
4.000
1,000
90
3,000
90
4934 50% 16,000
7
7
6
6
100% 100
98
98
9434
64
105
82
564 55
64%
10144
101
59
5734
73
10334
98%
10354
100
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3854
Jan
52% May
101
9554
92
10154
100
64
4355
45
2754
31
50
354
56
2834
90
8934
77
70%
694
6954
68
464
544
93%
94
Jan
Jan
Jan
Jan
Jan
JUne
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10334 June
105% June
June
106
June
106
1074 June
Apr
90
69% Jan
6734 Jan
5254 Apr
Feb
58
804 June
564 Feb
85 June
Feb
52
July
102
101% May
9954 Apr
July
94
9954 Apr
9854 Apr
99
Apr
6734 Feb
Apr
75
Jul.
105
104% July
1,000
8,000
7,000
9,000
7934
89
5534
51
47%
Jan 914
Jan 104%
Jan 80
Jan 78
Jan 70
May
Aug
Apr
Apr
Apr
4,000
8
2,000
6
100% 13,000
42,000
99
5
2
96
79
8354
80
55
94%
61
48
July 20
16
July
Jan 104
Jan 10054
Jan 98
Jan 9934
Jan 71
Jan 106%
Jan 87
Jan 67%
Jan
Feb
June
July
June
July
Apr
July
July
Apr
9634 5,000
4,000
65
7,000
105
1,000
82
5634 46,000
Apr
364
364 37
10,000
25
Jan
4654
86%
85% 8634 46,000
65
Jan
89% July
10354 10334 10374 3,000 101% Jan 104%
Jan 106
2,000 99
105 105
Jan 94
90
12,000 64
8934 90
7734 7755 4,000 5934 Jan 83
Jan 83%
77
77
77% 9,000 58
96
96
7,000 7834 Jan 99
Jan 98
95
6,000 66
96
Jan 100
964 96
97
18,000 78
July
Aug
July
July
July
July
July
July
26
26
26
26
26
28
2,000
2,000
2,000
5,000
1934 Jan
1834 Jan
23
May
2634 June
27
May
30% June
2734 June
5254 Jan
55
62
54%
50
55% 64,000
26,000
604 64
76,000
54% 58
41
Jan
2534 Jan
35
Jan
29
Jan
54
5534
64
58
11
51
26
30
263.4
28%
94 11
51
53
8774 8734
77
7731
13,000
30,000
5,000
8,000
8
June
Aug
Aug
Aug
Jan
16
Feb
46
Aug
July
35
7934 Jan
6234 Jan
70
73
89
82
Feb
Feb
Apr
June
Apr
June
Aug
Jan 75
15,000 44
7434 72
75
July
Aug 594 Feb
33% 3354 34% 29,000 32
June
July 57% Feb
50,000 31
3334 33% 35
June
Feb
29
293.6 7,000 2636 July 53
July
Feb
July 55
2734 2834 6,000 26
June
June Lima (City) 6 34s----1958
5
Jan
1236 Feb
July ' Certificates of deposit_
5 June 1036 Feb
7
36.000
8
Aug alaranho 78
Feb
1958
144 1434 2,000 12% Jan 21
Apr Medellin 7s ser E
1951
1254 114 1234 7,000 1034 Jan 20% Feb
May
1951 4534 45
4534 7,000 2634 Jan 46
July Mendoza 74s
Apr
45 stamped
1951
40% 4034 6,000 2654 Jan 4431 May
Mtge Bank of Bogota
7754 July
7s issue of May 27..1947
Jan 24
July
2334 2334 1,000 15
77
July
7s Issue of Oct 27..1947
Jan 24
24
24
May
2,000 16
643.4 Apr Mtge Bk of Chile Os__ _1931
1554 Feb
1334
834 Jan
1234 1334 10,000
Mtge Bk of Denmark 5s'72
Mar
75
J
82
92% July
91
July Parana (State) 7s____1958 12% 12% 14
17
Feb
834 Jan
35,000
7554 May Rio de Janeiro 634s..1959
11,000 1434 Jan 1934 Feb
1434 16
July Russian Govt
55
66% Feb
24 July
5
Mar
1919
3% 3%
6545
1,000
84
May
64s certificates_ _ 1919
Jan
5
May
2
234 34 122,000
2%
10334 July
1921
574 May
57
4s
231 July
2% 2% 5.000
94
June
may
July
5
2
554s certificates- __ _1921
234 3
90,000
234
93
June Saar Basin 7s
July
108
Jan 161
1935
60
June Santa Fe 7s
Aug
35
1945 38
38
26,000 1834 Jan 38
Apr Santiago 7s
59
1949 10
8
10
574 Jan
13
Feb
10,000
75
1961
64 Jan
13
Feb
8
934
934 3,000
Apr
82
Apr
83
• No par value. a Deferred delivery sales not Included in year's range. e Cash
574 An'
24% June sales not included in year's range r Under the rule sales not included in year's
range. x Ex-dividend.
Jan
58
Abbreviations Used Above.
-"cod Certificates of deposit. "cons" Consolidated.
'
Feb "cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
55
51
Jan stock. "v t c" Voting trust certificates. "w I" When issued. "w w" With warJan rants "x w" Without warrants
50
1226
Financial Chronicle
Securities +
Bought and Sold
110IT,ItOSt&TROSTE11,
)
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
Over-the-Counter +
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Aug. 25 1934
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
Private wires to principal cities in United Slates and Canada
Quotations on Over-the-Counter Securities-Friday Aug. 24
Port of New York Authority Bonds.
Bid
Bld
Ask
Bayonne Bridge 4s series C
1938-33
J&J 3 97
9912 10012
9812
Inland Terminal 439s ser D
Geo. Washington Bridge
M&S 9712 99
1936-60
4s series B 1936-50_ _ _J&D 9912 10012 Holland Tunnel 44s series E
4343 ser B 1939-53__MdeN 84 20 4.05
M&S 94.00 3.85
1935-60
Ask
Arthur Kill Bridges 430
series A 1935-46
M&S
U S. Insular Bonds.
Philippine Government
4s 1946
494s Oct 1959
4395 July 1952
bs April 1955
bs Feb 1952
5343 AU( 1941
Hawaii 9399 Oct 1956
Bid I Ask
97
98
Honolulu 5s
9612 9712 U S Panama 3s June 1 1961_
9712 9812
2s Aug 1 1936
100 101
2s Nov 1 1938
10112 103 Govt of Puerto Rico
10412 106
4395 July 1958
106 109
5. July 1948
U S Consol 2s
1930
Bid
Ask
104 1107
10712109
1013i 10214
10112 102
102
104
IOU
105
107
100,2
Federal Land Bank Bonds.
4s 1946 optional 1944
4s 1957 optional 1937.M&N
4s 1958 optional 1938..M&N
432s 1956 opt 1936____J&J
4 ti s 1957 opt 1937 _ _ _ J&J
43a's 1957 opt 1937._M&N
4325 1958 opt 1938__M&N
Bta I Ask 1
Bid !Ask
973 98121 430 1942 opt 1934___M&N
4
983 9912
4
97 1 98 1 4399 1943 opt 1935_-_-J&J 983 99t,
4
97 1 98 :
1953 opt 1935.___JALl 9812, 99
973 983 439s 1955 opt 1935____J&J 9811 99 -1
4
4;
973 981 434s 1956 opt 1936____J&J 9812 9914
4,
41
973 981141 5s 1911 optional 1934 NI&N 10014 1001s
4'
9812, 9912 53 1941 optional 1934_M&N 10014.1001s
New York State Bonds.
Bid
Ask
Canal & Highway
b,Jan & Mar 1934 to 1935 61.75
68 Jan & Mar 1936 to 1945 b3 00
5s Jan & Mar 1946 to 1971 53.70
H.ghway Imp 439s Sept '63 _ 93.60
Canal Imp 494s Jan 1964_ _
93.50
Can & Imp High 4398 1965. 53.50
Bid
World War Bonus
434s April 1933 to 1939._
43(s April 1940 to 1949._
Institution Building
43 Sept 1933 to 1940
Is Sept 1941 to 1976
Highway Improvement
43 Mar & Sept 1958 to '67
Canal Imp 4s J &J '60 to'67
Barge C T 4s Jan 1942 to '46
Adams Express 4s ____1947
American Meter Os ..__l946
Amer Tobacco 45
1951
Am Type Fdrs 63
1937
Debenture 69
1939
Am Wire Fabrics is _1942
Bear Mountain-Hudson
River Bridge 7s
1953
ButterIckPublishing 6141936
Chicago Stock Yds 613 _ 1961
ConsolidationCoal 4 39s 1934
Deep Rock 01175
1937
Equitable Office Bldg bs '52
Forty Wall Street 6s
1958
Haytian Corp 85
1938
Hoboken Ferry bs.
_1946
Home Owners' Loan 139s '36
134,
Aug 16 1937
2s
Aug 15 1938
Aug 11939-49
214:3
Journal of Comm 63913_1937
Loewe New Broad Prop
lot Os
1945
7812 Maine Central RR 68..1935
Merchants Refill; 6e___1937
N Y dr Hob ry 5s ____1946
21; N Y Shipbldg be
1946
26
NorthArnerican Refractories
92
63513
1944
Otis Steel 6s Ctrs
1941
72
7712 Pierce Butler & P 6398_1942
28
26
Prudence Co guar collateral
88
90
53is
1961
82212 2512 Realty Assoc see Cs
1937
45 Sixty-One Bway 1st 519s '60
e42
58 Standard Textile Products
55
: 151 (139s tunts'nted _1942
451
44
17 Starrett Investing Is. 1950
81.5
87 Struthers Wells Titusville
84
4
100.
13, 003
634s
1943
9925 993(a,
,
992142 100 Toledo Term RR 4398_1957
9613, 9623, Trinity Bldg 539s
3
1939
44
4712 Witherbee Sherman tle_1944
Woodward Iron bs
1952
9118 9418
77
83
10012
620
e20
87
Railroad Stocks
52.25
93.25
03.40
93.40
53.25
e41
e63
e8
43
6512
12
657
e39
60
53
77
---
27
3212 3i12
54
100
96
610
e28
102
98
13
30
Railroad Bonds
Adams &Peck
63 WALL ST., NEW YORK
BOwling Green 9-8120
Boston Hartford Philadelnhfa
Guaranteed Railroad Stocks.
Bid I Ask
99 41100,4
,
4
993 110014
993
4,10014
993 110014
4
100 110012
10212110312
103 ,103 1
,
103
1033
4
103 1033
4
Bank and Insurance Stocks
12 I
Ask
71
Guaranteed &Leased Line
Preferred
Common
(Guarantor in Parenthesis
Dividend
Par in Dollars
Bid,
Alabama & Vicksburg (Ill Cent)
100
6.00
85
Albany & Susquehanna (Delaware & IIudson).100 10.50
260
Allegheny ds Western (Buff Koch & Pitts)
6 00
100
93
Beech Creek (New York Central)
60
2.00
33
Boston & Albany (New York Central)
100
126
8.76
Balton & Providence(New Haven)
100
8.50
156
Canada Southern (New York Central)
100
3.00
49
101 10172 Caro Clinchfield &Ohio(L & N A C L) a% --- -100
4.00
79
Common 5% stamped
10314 104
100
85
5.00
Chic Cleve Cinc & St Louis pret(NY Cent)_ _ _100
10412 105
5.00
87
Cleveland & Pittsburgh (Pennsylvania)
50
3.60
75
Co mon.
Betterman stock
50
2.00
44
Delaware (Pennsylvania%
25
2.00
42
Georgia RR & Banktng (L & N, A CL)
100 10.00
160
Lackawanna RR ot NJ (Del Lack de Western)-100
4.00
74
Michigan Central (New York Central)
100 50.00
900
Morris & Essex (Del Lack & Western)
50
3.875
66
Bought,.Sold and Quoted
New York Lackawanna & Western(D L & W)_100
5.00
93
,Northern Central (Pennsylvania)
50
4.00
87
Old Colony (N Y N Ii & Hartford)
100
7.00
83
Oswego & Syracuse Wei Lack & Westerw
_ 60
4.50
70
Pittsburgh Bess & Lake Erie(U 8 steel)
50
1.60
33
Preferred
40 Wall Street, New York
60
3.00
66
Pittsburgh Fort Wayne & Chicago (Penn).- __100
7.00
148
Whitehall 4-5500
Preferred
100
7.00
168
Members New York, Chicago and other Stock and Commodity Exchanges
Rensselaer cic Saratoga (Delaware & Hudson) 100
6.90
118
St Louis Bridge 1st pref (Tsrmlnal RR)
100
6.00
129
2nd preferred
100
3.00
64
Tunnel RR St Louis (Terminal RR)
100
3.00
New York Bank Stocks.
129
United New Jersey RR & Canal (Penne)
100 10.00
235
Par Bid .4.
,k
Par Bid
Ask
Utica Chenango & Susquehanna(D L & W)-100
6.00
92
Bank of Manhattan Co_ _10 28
2912 Kingsboro Nat Ilk
100 to
Valley (Delaware Lackawanna & Western)
100
5.00
95
Bank of Yorktown_ ____100 30
38
Nat Bronx Bank
50 15
20
Vicksburg Shreveport & Pacific (Ill Cent)
5.00
70
100
13ensonhurst National __100 25
___ Nat Safety Bank & Tr__ _25
634 734
Preferred
100
6 00
70
Chase new
13.55 25
2612 Penn Exchange
10
412 612 Warren RR of N J (Del Lack & Western)
50
3.50
53
City (NatImal)
4
2314 243 Peoples National
100 45
West Jersey & Sea Shore (Penn)
GO
60
3.00
60
Commercial National Bank
Public National Bank &
& Trust
100 136 146
25 2914 303
Trust
4
Railroad Equipment Bonds.
Fifth Avenue
100 1010 1060 Sterling Nat Bank & Tr_ _25 1912 21
First National of N Y
100 1525
565 Trade Bank
100 22
27
Ask
Btd
Flatbush Nitional
100 25
Yorkville(Nat Bank of)_100 25
35
35
Atlantic Coast Line
.
2.50 1.00 Kanawha & Michigan Os...
Equipment 6395
3.50 1.50 Kansas OILY Southern 534s
Chicago Bank Stocks.
Baltimore & Ohio 6s
2.50 1.50 Louisville & Nashville 6s__ Equipment 4343 di 5,.... 9.00 3.25
Equipment 634s
Par Ind
Ask
Par Bid Ask
Buff Koch & Pitts equip Os._ 5.00 4.20 Minn St P & SS NI 43.9s & 55
American National Bank &
First National
100 83
85
Canadian Pacific 439s & 6s_ 4.50 3.75
Equipment 6394 & 7s___.
Trust
100 100
Harris Trust dr Savings_ _100 185 195
Central RR of N J Os
3.75 3.25 Missouri Pacific 63.4s..
Continental Ill Bank &
Northern Trust Co
100 396 (401
Chesapeake & Ohio 6s
2.50 1.00
Equipment Os
Trust
100 40
4112
Equipment 819s
3.00 2.00 Mobile & Ohio ba
Equipment bs
3.75 3.00 New York Central 4395 & 5s
New York Trust Companies.
Chicago & North West 65.
5.50 4.50
Equipment Os
Par BBS Ask
Par Bid
Ask
Equipment 6399
5.50 4.50
Equipment 7s
Banes Comm Italians_ _.100 145
10 173 183
Empire
4
4 Chic R I & Pac 439s &
8.00 6.50 Norfolk & Western 4399_
Bank of New York & Tr_100 323 336 ' Fulton
100 210 230
Equipment 69
8.00 6.50 Northern Pacific 7s
Bankers
59 . Guaranty
10 57
100 326 331
Colorado & Southern Os__ 3.50 2.50 Pacific Fruit Express 75_ _ _ Bank of Sicily
20 10
Irving
10 15
Delaware & Hudson 6s.
16
3.00 2.00 Pennsylvania RR equip 5s_
Bronx County
8 Kings County
20
100 17.10 181
Erie 430 5s
4.00 3.25 Pittsburgh & Lake Erie 634s
Brooklyn
100 86
91 Lawyers County
25 3612 3812
Equipment as
4.00 3.25 Reading Co 4399 & be
Great Northern 6s
4.00 3.00 St Louis & San Fran 5s_
1
Central Hanover
20 122 126 i Manufacturers
20 1914 2034
Equipment 55
4.00 3.00 Southern Pacific Co 439s.
Chemical Bank & Trust._10 40 I 42 New York
25 95 98
Hocking Valley 55
3.50 2.75
Enuipment 7s
Clinton Trust
50 40 , 48 Title Guarantee & Truat--20
714 814
Equipment Os
3.50 2 75 Southern Ry 439s &Ss
Colonial Trust
;
100 1013 1
Illinois Central 439s & 55.
4 00 3 25
Equipment 68
Continental Ilk & Tr
10 113 1314, Underwriters
41
100 45
55
Equipment as
4 00 3 23 Toledo & Ohio Central Os...
Corn Ezell Bk & Tr
20 47 1 49 : United Stated
100 1680 1730
Equipment 75 &
4.00 3 25 UnionPacific 7s _
e Defaulted.
• No par value.
Z Ex-dividend.
I Ex-coupon.
MUNDS WINSLOW & POTTER
Bid
64
90
73
90
Ask
52.25
53.00
New York City Bonds.
Aid !Ask
a3s May 1935
10012 101 18 a434s June 1974
63395 May 1954
9212 9312 a434s Feb 15 1978
0334s Nov 1954
9212 9312 a419.s Jan 1977
X143 Nov 1955 & 1956
9412 9612 a4413 Nov 15 1978
a4s M 6z N 1957 to 1959.... 963 9714, a43is March 1981
4
045 May 1977
963 0714, a43913 M & N 1957
4
a4e Oct 1980
9312 9714 a43913 July 1967
c434s Feb 15 1933 to 1940._ 54.00
a439s Dec. 15 1971
a43 s March 1962 & 1964._
,
i
993 16.
4 4a4399 Dec 1 1979
a439a Sept 1960
993 i01
4
a434a March 1960
9334 99121 06s Jan 25 1935
a43 April 1966
-4s
06s Jan 25 1936
993
4
(1439s April 15 1972
993 1014 06s Jan 25 1937
4 01 4'
:
a Interchangeable 9 Basis e Registered coupon (serial)
Industrial and Railroad Bonds.
Bid Ask
Ask.
92
205
98
35
130
-62
82
88
111
78
46
45
170
79
-66
96
89
90
75
36
72
152
173
123
133
66
133
240
97
77
77
57
63
1814
3.00
4.25
2.50
3.75
7.00
7.00
9.00
9.00
9.00
4.20
2.50
3.50
1.50
4.25
2.00
3.00
4.25
3.75
3.00
4.0(1
2.00
4.00
4.00
3.00
2.00
Ask
.0
3.50
1.59
3.2°
5 50
.
5 50
.
6.00
7 00
.
3.75
1.50
2.00
1.00
3.75
1.00
3.00
3.25
6.50
3.25
1 25
3.25
3.25
2.00
1.00
1227
Financial Chronicle
Volume 139
Quotations on Over-the-Counter Securities-Friday Aug. 24-Continued
WE OFFER
through our private wire system to Principal Cities
dependable trading service in Over Counter Securities
Also-Execution of orders on out of town Exchanges.
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
LIVINGSTON & CO.
Wm Came&Ewen.
111 BROADWAY, NEW YORK CITY
Hembers New York and other stock and commodity Erchances.
Tel. REctor 2-3273
2 Wall St., New York
Industrial Stocks,
Public Utility Bonds.
Par 044
Albany fly Co con Os 1930__ e25
General 5s 1947
e20
4512
Amer States P S 5.16s 1948_ _
Amer Wat Wks & Elec be '75 6412
39
Associated Electric Os 1961_
Assoc Gas & Elec Co 4148'58 1612
Associated Gas & Elec Corp
Income deb 3148____1978 1412
Income deb 33.is____1978 15
Income deb 4s
1078 1634
Income deb 414s__1978 19
Cony debenture 416s 1973 34
37
Cone debenture Os 1973_
Cony debenture 5).4s 1973 41
70
Participating 8s 1940_
Bellows Falls Hydro El 56'58 92
liklyn C & Newt'n con 55'39 78
Birmingham \Vat Wks 58'57 98
514s 1954
102
49
Central G ar.E 5.45s 1946_ _
1st lien coil tr 6s 1946._ _ _
51
Colorado Power 5s 1953_
10012
Con Isld dr Bklyn con 4s '48 60
Federal P S let es 1947
e25
41
Federated Util 51 .L;s 1957
42d St Manhattan & St
60
Nicholas Ave 5s 1940___
Green Mountain Pow 1s '48 87
82
Ill Wet Sec let 58 1952
Interborough It T 5s ells '66 72
Iowa So Util 514s 1950
57
Kan City Pub Sere 35 1951
34
Keystone Telephone 514e '55 61
Lehigh Vail Trans ref Os '60 30
Ask
48
6612
40
1714
15
15,2
1712
20
3412
3712
4212
72
4
93,
82
100
103
51
53
10212
65
27
43
_
89
85
7312
59
35
33
Par
Long Island Lighting 55 1955
Monmouth Cons Wat 5556
Nassau El RR 1st 5s 1944_
Newport N & Ham 5s 1944_
New England G & E 5s 1962
New York Cent Lice 5s 1952
N Y Water Ser 5s 1951
New Rochelle Water 512s'51
Nett & Portsmouth Tr 56 '36
Okla Natural Gas 5s 1948_
Okla Natural Gas Os 1946_
Old Dom Pow Es _May I5'51
Parr Shoals l'ower 5s 1952_ _
.
PeninsularTelephone5148 51
Pennsylvania Elec As 1962._
Peoples L & P 51451941_ _
Public Serv of Colo 65 1961_
Roanoke W W Os 1950
Rochester fly let 5s 1930_
Schenectady Ry Co let 55'46
Scranton Gas & Wat 414558
Sioux city Gas & Elec 6s '47
Sou Blvd RR let 55 1945...
South Pittsburg Water Os '60
Tel Bond & Share 55 1958_ _ _
Union fly Co N Y 59 1942..
Un Tree Albany 4145 2004._
United Pow & Lt 58 1047...
United Pow & Lt es 1944.
Wash & Suburban 5Ws 1941
Virginia Power 5e 1942
Westchester RR 1st 5s 1943_
Western P S 514s 1960
Yonkers RR Co gtd 5s 1946_
Ask
B141
9812 10014
91
89
95 100
,
93 2 95
57
55
7212 75
4
863 8814
87
4
883
4
1053 10712
55
53
6912 71
47
45
71
68
102
8
853
31
29
8
9310 943
7012
68
26
e23
8
e4
94
92
80 82
58
102 104
49
47
75
70
e4
7
S91 1 9114
9614 9814
6212 64
10212 _
58
64_
6215
65
60
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
New York
30 Broad Street
Tel. HAnover 2-4350
Public Uti ity Stocks.
Par
Alabama Power $7 pref.100
Arkansas Pr & Lt $7 Pre1-•
Assoc Gas dr El one pref...•
$6.50 preferred
•
$7 preferred
Atlantic City Elec $8 pret_•
Bangor Hydro-El 7% 61-100
Birmingham Else $7 Pret-,•
Broad Itle Pow V, pt.-l00
Butt Nlag & East pr pref_25
Carolina Pr de Lt $7 pret..
•
6% preferred
Cent Ark Pub Serv pret_100
Cent Maine Pow 6% 0_100
100
$7 Preferred._
Cent Pr & Lt 7% pret..100
Cent Pub Sere Corp pref.'
Cleve Eiec III 6% pret...100
Co.umbus Ry. Pr & Lt
1st $6 preferred A__ ..l00
100
$6.50 preferred 11
Consol Traction(N J)_ _100
Consumers Pow $5 pref. •
loo
6% preferred
100
6.60% preferred
Continental Gas az El
100
7% preferred
Dallas Pow & Lt 7% pref 100
Dayton Pr & Lt 6% pret100
Derby Gas & Elec $7 pref_•
Esirex-Hudson Gas _ _ _ _100
Foreign Lt &Pow unite_
Gas ,k Elec of Bergen__ .100
Iludson County Gas.,. _100
•
Idaho Power 56 prof
100
7% preferred
Illinois Pr dr Lt let pret._.
Interstate Natural Gas....•
Interstate Power $7 Ida
Jamaica Water Supply I1_50
Jersey Cent 1'& L 7% pt100
Kansas Gas & El 7% p1100
Kings Co Ids 7% pret 100
Long Island Leg 6% pi_ 100
100
7% preferred
Los Angeles G & E 6% pf 100
Memphis Pr & Lt $7 Pref.-•
Mississippi P & L 56 Pref--•
Ask
Bid
48
46
4
343
33
12 D2
12 112
112
83
85
9712
-12
2712 29
30
32
8
173 1814
3312 3612
3212 36
62
62 6
412
72
75
15
2
17,
14
10714 16i
34
71
61
3414
66
76
81 1 1
38
10012
95
5612
165
71
102
165
65
70
13
4
113
4
63
4712
64
74
79
46
5312
91
53
2514
74
66
3634
6712
78
83
40
9734
5912
68
75
15
4
133
4
83
50
67
76
83
47
5512
94
56
2612
Par
Metro Edison $7 pref B___•
6% preferred eer C___.•
__100
Miss Riv low 6`2. prof.
Olo Pub Ser\ $7 prof. _ _10(1
Mountain States Pr corn..
100
7% preferred
Nassau & Suffolk Ltg pf 100
Nebraska Power 7% pret100
100
Newark Consol Gas
New Eng' G & E 5)% Pr.
New Eng Pow Assn 6% pf100
New Jersey Pow & Lt $13 id •
___
New Oil l'ub Serv $7 pf. •
N Y & Queens E L P p1100
Northern States Pr $7 p1100
Ohio Power 6% pref. _100
•
Ohio Edison $6 pret
•
$7 preferred
Ohio Pub Serv 6% Pt...100
100
7% preferred
100
Dret
Okla G & E
Parc Gas & Elec 6% pf___25
Pacific Pow & Lt 7% pt_100
Penn l'ow & Light $7 pret.'
Philadelphia Co $5 pret.._50
Piedmont Northern Ry_100
Pub Serv of Colo 7% Pf-.100
l'uget Sound Pow & Lt
•
$5 prior preferred
[loch Gas & Elec 7% pref B_
6% preferred C
Sioux City G & E $7 pret
Som'set Un & Mid'sex Ltg
25
Sou Calif Ed Prof A
25
l'referred 13
South Jersey Gas & Elec_100
Tenn Elec Pow 6% Pret_100
7% preferred
100
Texas Pow & Lt 7% pref. ._
Toledo Edison 7% pf A _100
United G & E (Conn) 7% pf
United G & E(NJ) pref 100
Utah Pow dr Lt $7 pref
Utica Gas dr 11 7% pref....
pref.__
Utll Power & Lt
Virginia RallwaY
Wash B.y dr Elec com_100
100
5% preferred
Western Power $7 pref. _100
Bid
73
69
77
Asa
7212
82
6
112
9
30
36
90
93
103 106
3312 3512
4712 4812
71
74
014 1114
2
99,
521, E12
86
88
641. 6612
74
75,2
62
64
72
75
82
79
4
'213 2234
1512
14
82,2 8412
62
35
42
78
14
88
80
35
82
21
18
16612
4512
51
7712
7912
60
48
17
77
6
57
315
93
83
15
83
38
22
19
17112
4812
54
80
8212
6212
51
1814
70
8
64
340
100
87
Telephone and Telegraph Stocks.
Par
Amer Dist Teleg(N .1) corn •
100
l'referred
100
Bell Tele') of Canada.
lien Telep of Penn prof..100
Cincin & Sub Bell Telep._50
.100
Cuban Telco 7% prof..
Empire & BaY State Tel_100
100
Franklin Teleg 52.50
100
Int Ocean Taloa 6%.
•
Lincoln Tel & Tel 7%
Mount States Tel & Te1.100
New England Tel & Te1.100
Ask
Bid
6912
8
1117 11218
118 123
11434 1167
8
6412 68
20
10
4934 59
3712 42
7312 8212
00
10512 108
-12
11412 96,2
Par
New York Mutual Tel__100
Northw Bell Tel pf 614% 100
Pac & All Teleg US 1%_25
Peninsular Telephone corn_ •
100
Preferred A
Roch Telep $6.50 let pt_100
So & All Teleg $1.25........25
Sou New Engl Teiep_ _ _ _100
S'western Bell Tel. pf_....100
Trl States Tel & Tel
10
Preferred
Wisconsin Telco 7% prof 100
Bid
Ask
2212 25
110 1111.
1512 1612
54 612
41
4
653 72
10012
-1612 19
4
1043 1063
4
11914 121
8
8
95 107
110 111
Par
Par Bid Ask
Herring-Hall-Mary Sate_100
Adams-Millis Corp, p1..100 93
10u
Howe Scale
Aeolian-Weber P & 1'
34
100
14
Preferred
100
Preferred
4
143
Industrial Accept pref..100
•
American Arch Si
56 international Textbook __•
100 53
American Book $4
8
13 King Royalty corn
1
American Canadian Prop...•
$8 preferred
American Cigar $6 pret 100 99
.100
512
Lawrence Port Cement.
American Hard Rubber__50
Liberty Flaking corn
25 1812 20
American Hardware
100
7
12
Preferred
100
American Mfg
•
58 Locomotive Firebox Co__.
100 48
Preferred
9 Mactadden Publica'ne corn 5
4
73
American Meter corn
•
Preferred
Andian National Corp_ __...• 3612 38
Merck Corp $8 pref____100
100 23 25 National Casket
Babcock & Wilcox
5
2
Preferred
Bancroft (Jos) & Sons corn.'
National Licoricecom__ .100
24
100 /5
Preferred
Nat Paper dr. Type pret_ IOU
130
0
(
1)
5o 22
Bliss(E W) 1st pret
4 New Haver Clock pret__100
2d pref 13
5 New Jersey Worsted pref 100
Bohn Refrigerator pref__100
Northwestern Yeaat____100
40
.
Bon Am!COB common_ _• 35
14 Norwich Pharmacal Co....'
's
.'
Bowman-Blitmore Hotels
•
418 Ohio Leather
3
1st preferred.....____100
100
112 Okonite Co $7 pret
8
3
100
2nd preferred
•
5112 Publication Corp corn
Brunsw-lialke-Colpref WO 50
1011
3912
$7 let preferred
Bunker II & Sullivan corn 10 36
2
Canadian Celanese com___• 16, 1814 Riverside Silk Mills
•
100 10712 11012 Rockwood & Co
Preferred
10ti
Preferred
carnation Co $7 pret __ _100 102
Theatre preferred A.'
Rosy
Clinchfield Coal Corp pt 100 2912
100
Ruberold Co
5
6
Color Pictures Inc
25
Colts Patent Fire Arms_ __25 1012 2012 Scovill Mfg
..105
112 Singer Manufacturing..
8
3
Columbia Baking corn_ _ •
5
4 534 Standard Cap & Seal
33
•
let preferred
100
4
3
•
4
13 Standard Screw
26 preferred
25 Stetson (J 13) conimon_ _ __ •
Crowell Pub Co $1 com_ • 23
25
Preferred
il) al
$7 preferred
•
Taylor ',filling Corp
12
De Forest Phonallm Corp__
2112 Taylor Whartor Ir&St coin •
• 18
Dictaphone Corp
100
Preferred
100 102
Preferred
TennProducta Corp pret_50
47
.._100 42
Dixon (Jos) Crucible.
68 Tubize Chatilion cum pt_100
• 61
Doehler Dle Crum pref
10
50 3012 35 Urexcelled Mfg Co
Preferred
100
Douglas Shoe preferred..100 1614 1814 U S Finishing pret
12 64
Welch Grape Juice pret 100
* 50
Draper Corp
75 \Vest Vs Pulp & Pap cona...•
100 55
Driver-Harris pref
100
13
Preferred
8
Eiseman Magneto pret 100
White Rock Min Spring
,
20 2 22
First Boston Corp
100
214 314
$7 let preferred
Flour Mills of America.....
50
Wilcox-Gibbs corn
Franklin Railway Supply_ _* 11
100
65 Woodward Iron
Gen Fireproofing $7 pt..100 50
100
6 Worcester Salt
4
corn____•
Graton di Knight
100
32
Young (J S) Co com
100 28
Preferred
100
7% preferred
Great Northern Paper._ _25 2034 2212
Ask
Bid
15
12
114
2
8,
20 24 4 3
13
4 9
73
74
69
1012
8
8
5
is 5,2
212
3
4'4 5,
s 438
33
4
293 32
122 126
41
103
30
5
1
29
34
50..
_.
14512 I4912
88
85
17
20
30
40
17
14
_
8212
21 24 8
88
18
27
30
1912 203
4
178 182
30
25
51
5512
2
10,
8
15
9 yi•
4 34
13
,
512 812
1s 3
57
54
212 338
6
3
1012
64 -1134
82
85
9312
22
4
112 33
43
48
72
100
Investment Trusts.
Par
Administered Fund
1
Amerex Holding Corp
Amer Bankstocks Corp _ _ _
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp
Am Founders Corp 6% p156
50
7% preferred
Amer & General Sec cl A...•
•
$3 preferred
Amer Insuranstocks Corp.•
Assoc Standard Oil Shares...
Bancamerica-13Iair Corp- - - Bancshares, Ltd part she 56c
•
Basic Industry Shares
1
British Type Invest A
Bullock Fund Ltd
Canadian Inv Fund Ltd....
Central Nat Corp class .
Class B
•
Century Trust Shares
Commercial Natl Corp
Corporate Trust Shares.....
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common B
10
7% preferred
100
Crum az Foster Ins corn...'
8% Preferred
Cumulative Trust Shares.,
Deposited Bank Skis ser A
Deposited Insur Skis A.....
Diversified Trustee Shs
Dividend Shares
Equity Corp cv pref
Equity Trust Shares A
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Shares A
•
•
Fundamental Tr Shares A.
•
SharesB
Fundamental Investors Inc
Guardian Invest pref w war
Huron Holding Corp
Incorporated Investors_
•
Independence Tr Shares..'
Indus & Power Security..'
Internet Security Corp(Am)
•
Clam A common
Class B common
100
614% Preferred
100
6% Preferred
Investment Co. of Amer
10
New common
•
7% Preferred
Bki Ask
14.88 15.83
8
143fl 151
100 1.12
116
.87
312 4
4 834
73
1212 14,2
15
13
6
4
43
38
8 212
17
5
4
53
4
378 4,
.85 1.10
2.90
.40 .65
1114 1214
3.30 3.55
2012 2212
12 2,
2
19.13 20.58
8 35
22
8
1.86
1.79
1.79
2.12 2.25
2.12 2.25
4
193 2134
1013 10534
4
15
1712
105 109
3.78
2.16 2.40
3.33 3.70
718
2.70 loo
412 5
1.17 1.19
21
25
2.60 2 90
40.85 43 99
3.11
7.63
6.55
378 43
328
1.87 2.05
Par 855 Ass
418 5
Investment Trust of N Y..•
4
43
Low Priced Shares
178
Major Shares Corp
• 18.44 20.04
Mass Investors crust
1 05 1 15
Mutual Invest Trust
Nation Wide Securities Co_ 3 08 3 18
certificates.. 1.13 I 23
Voting trust
278
N Y Bank & Trust Sham
8
8
853 i61No Amer Bond trust etfs_ _
No Amer Trust Shared, 1953 1.80
2.22
Series 1955
2.19
Series 1956
2.24 2 0
Series 1958
50
100
Northern Securities
2812
Pacific Southern Invest pt.'
412
•
314
Class A
Ps
•
Class B
.83 .93
Plymouth Fund Inc cl A.100
I 23 1.35
Qu.rterly Inc Shares
Representative Trust Shares 7 81 8.56
1
Royalties Management...
•
Second Internal Sec cl A___•
•
Class B common
50
6% preferred
Selected Amer Shares Inc__
Selected American Shares__
Selected Cumulative She_ _ _
Selected Income Shares..
Selected Man Trustees Shs.
Spencer Trust Fund
Standard Amer Trust Shares
Standard Utilities Inc
•
State Street Inc Corp
Super Corp of Am Tr Skis A
AA.
BB_
Supervised Shares
14
1
18
1
28
24
1.08 1.18
2.39
6 29
3.29
458
5,4
14.50 15.42
2.65 2.90
.59 .64
61.67 66 67
2.84
2 04
2 99
2.06
5.25
5.26
1.21 1.33
8
314 33
1 01 1.13
2 03
1.98
Trustee Standard Oil She A 5.35
4.81
13
.94 1.04
Trustee Amer Bank Shs B.
130 1.45
912 12 Trusteed N Y Bank Shares
1.10
.20 .30 20th Century orb; series
2.50 256
16 70 17.95
Series B
2 04 2.34
12
1314 United Gold Equities (Can)
2.84
Standard Shares
114
US & Brit Int class A com •
15
8
5
•
Preferred
12
111 1 113
4
12
10 U S Elec Lt & Pow Shares A
1.77 1 87
11
16
.63 .71
Voting trust ctts
412
4
1912 2112 Un N Y Bank Trust C 3
191, 21,2 Un Ins Tr Slis ser F
138 2
Trust Fund Shares
Trustee Industry Shares
Trustee Stand Investment C
Financial Chronicle
1228
Aug. 25 1934
Quotations on Over-the-Counter Securities-Friday Aug. 24-Concluded
Insurance Companies.
Par Bid
Par
Ask
Aetna Casualty & Surety _10 50
52 Hartford Steam Boiler...10
Aetna Fire
42 Home
10 40
5
Aetna Life
184, Home Fire Security
10 17
10
Agricultural
25 5214 5412 Homestead Fire
10
American Alliance
10 18
10
1912 Hudson Insurance
512 612
American Colony
6
American Equitable
5 16 4 19 4 Importers & Exp. of N Y_25
, ,
American Home
10
5
814 9 4 Knickerbocker new
,
American of Newark__ .234 11
1214 Lincoln Fire
American Re-Inaurance_ _10 41
44
American Reserve
2
10 1814 1934 Maryland Casualty
American Surety
25 27 4 2914 Mass Bonding & Ins
25
,
Automobile
10 2012 22 Merchants FireAssur com 234
Merch & Mfrs Fire Newark _5
Baltimore Amer
234
34 44
, ,
Bankers & Shippers
25 5414 5814 National Casualty
10
Boston
10
100 4.66 4.88 National Fire
National Liberty
2
Camden Fire
5 1912 2034 National Union Fire
20
Carolina
5
2012 New Amsterdam Cas
10 19
City of New York
10
100 174 179 New Brunswick Fire
Connecticut General LIfe_10 26 4 28' New England Fire
10
,
Continental Casualty
5 1112 12 4 New Hampshire Fire_ _ _10
,
New Jersey
20
214 312 New York Fire
Eagle Fire
2lt
5
Employers Re-Insurance_10 23 4 2612 Northern
12.50
,
Excess
4
2.50
4
5 113 123 North River
Northwestern National. _25
6342
Federal
10 60
Fidelity & Deposit of Md _20 3612 39 Pacific Fire
25
Firemen's of Newark
10
5
,
53
4 6 1 Phoenix
Franklin Fire
5 21
5
2212 Preferred Accident
Providence-Washington _ _10
General Alliance
•
9 4 11
,
Georgia Home
Rochester American
10
10 2014 22
Glens Falls Fire
,
5 2811 29 4 St Paul Fire & Marine.. _25
Globe & Republic
8 4 1114 Security New Haven__ 10
,
Globe de Rutgers Fire...
10
39 Southern Fire
.21 36
Great American
5 19
2012 Springfield Fire & Marire_25
Great Amer Indemnity_
10
I
6,
4 7 4 Stuyvesant
,
Sun Life Assurance
100
Halifax Fire
10 163 18,
4
4
Hamilton Fire
25 22
100
28 Travelers
Hanover Fire
32
U S Fidelity & Guar Co_ _ _2
10 30
Harmonia
4
4
10 193 2114 U El Fire
Hartford Fire
4
2 50
10 523 54 i Westchester Fire
,
Bid
00
24'I
13
1634
714
u LLER. CRUTTEN DEN & COMPANY
Ask
i 34
113
1814
_
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Members:
Chicago Stock Exchange
Chicago Board of Trade
Chicago Curb Exchange Association
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen's Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 41)40
8
11
812 11
212 312
114 212
14
15
31
34
412 614
German and Foreign Unlisted Dollar Bonds.
712 834
53 4 5534
3
514 614
88
92
7,
4 9
23 4 2514
,
13
42
44
3314 3714
9 4 12
,
59
01
203 2214
4
104 108
61
64 4
,
9
26 4
,
Bid. Ask
Anhalt 7s to 1946
12913 3112
Argentine 5%, 1945. $100
93
pieces
Antioquia 8%, 1946
27
124
Au.strianDefaultedCoupons /50-120
Bank of Colombia, 7%,'47
Bank of Colombia, 7%.'48
Bavaria 6348 to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia) 834,'47
Bolivia 6%, 1940
Buenos Aires scrip
Brandenburg Elec. 69, 1953
Brazil funding 5%,
Brazil funding scrip
British Hungarian Bank
73.45.,1962
Brown Coal Ind. Corp.
(Die, 1953
6519
66 4
,
10
28 4
,
1614 2014
146 150
2712 2912
17 4 18 4
,
,
98 101
212 3 s
,
330 355
Call (Colombia) 7%. 1947
Callao (Peru) 734%. 1944
Ceara (Brazil) 8%. 1947..
Columbia scrip Issue of '33
Issue of 1934
Costa Rica funding 5%,'51
City Savings Bank, BudaPest, 7s, 1953
421 431
413 5 4
3712 3912
2514 26 4
,
Chain Store Stocks.
Par
Par Bid
Ask
Bohack (II C) corn
612 11
Lord 6c Taylor
100
•
7% preferred
1st preferred 6%
100 48
100
58
Butler (James) com___ _100
2nd preferred 8%
100
12 212
Preferred
100
100
314 714 Melville Shoe pret
Diamond Shoe pref
Miller (I) & Sons pret__ A00
100 60
MockJuds&Voeheger pf 100
Edison Bros Stores pref_100 84
Murphy (0 C)8% pret_100
Fan Farmer Candy Sh pf..• 37 4
,
Fishman(M H)Stores....
1412 Nat Shirt Shops (Del)....'
10
Preferred
100 84
94
1st preferred
100
Great A & P Tea p1____100 12414 12713
2nd preferred
100
Kobacker Stores pref ___100
Kress(811)6% prof
10
Lerner Stores pref
100
11
85
39
12
95
Bid
145
85
90
103
14
60
102
112
-
114 214
21
35
45
Bid
Ask
101
99
96
__
96
94 1689
90
100 102
97
99
100 10114
10212 10312
10212
10212
101
_
95
_
76
8 -0
102
_
97
116
97
Bid lAsk
8
4
12
I.
7
8
•
e Defaulted.
CURRENT
f Ex-coupon
/31
/34
1321 1
13012
38
331 1
3212
/34
/41
37
43
14412
4512
/56
5712
160
6112
/28
30
/29
3112
, 2212
/201
/41 12
/34
/35
43
146
/2412
/45
128
49
261,
4712
31
65
/63
/64
173
178
16412 16712
(30
----
Saarbrueeken M Ilk 68, '47 f73
77
Salvador 7%,1057
/30
3212
Salvador 7% ctt of dep '57 /24
26
Salvador scrip
/12
16
Santa Catharine (Brasil).
/2212 24
8%. 1947
35 Santander (Colom) 78, 1948 /1012 1212
Sao l'aulo (Brazil) 65, 11/43 /21
22
41 Saxon State Mtge. 6s, 1947 /54
28[2 I(1 3
50 Serbian 5a, 1956
1
136-48
2012 Serbian coupons
28,
35 Stem de Ilalske deb 68, 2930 1265
30
83 State Mtg Bk siugoal 551956 27
COMMIS
f35 48
9612
Stettin l'ub UCH 7s, 1946.. /3212
2912
35 Tucuman City 7s, 1951_ _
/37
3812
49 Tucuman Prov. 7s, 1950_
70
73
Tucuman Scrip
117
22
41
Yemen Elec HY is, 1947._ /23
25
Wurtemberg 71 to 1945... f3212 34
-
*Soviet Government Bonds.
Bid I Ask
Bid I Ask
Union of Soviet Soc Repub
Union of Soviet Soc Repub
7% gold rouble_ _19431 87.881 ---- I 10% gold rouble__ _19421 87.881
• Quotation per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
Short Term Securities.
Consumers Power 5s___1936
Edison El Ill (Bos) 3s__1937
Gulf Oil of Pa 5s
1937
Long Island Ltg 5
1936
Ask
Bid
Ask
Bid
101 4 105 I Nort ar Portsm'th Trac 5s'36 106
,
1017 10238 Nor ilos Ltg Prop 51-85_1937 102 2
8
8
101 4 1047 Texas Pow & Light 5s._1937 102 4 10312
,
103'? 1041
Par
Bond & Mortgage Guam.
.20
Empire Title & Guar__ _100
Lawyers Mortgage
20
Bid
Ask
Par
1 1 iLawYers Title & Guam...100
15
N Y Title & Mtge Corp__10
144
1
Is
Ask
2
z E x-dividend.
NOTICES.
--K. H. Brush, associated with IIarris, Forbes & Co., later Chase
Harris Forbes Corp., for ten years in New York, Chicago, Cleveland and
Cincinnati, has joined the research division of Loomis, Sayles & Co..
investment counsel, in their Chicago office. Mr. Brush was district manager of institutional and dealer sales while in the Chicago office, and previous
to that time was in charge of the Cincinnati and Cleveland offices of
Harris, Forbes & Co. and its successors.
W. P. Clancey & Co., dealers in municipal bonds, Joint Stock Land
bank bonds and public utility preferred stocks, with head offices in Cincinnati, announce the opening of New York offices at 40 Wall Street under
the management of Alan B. McGuire. The trading department will be
under the direction of Harold Donahue.
R. S. Dickson & Company, Inc., announce the opening of offices at
Columbia, South Carolina, in the Central Union Building, under the
direction of H. L. McAllister, as resident manager. The firm also maintains
offices in Charlotte, N. C., Raleigh, N. C. and New York, N. Y.
Hemphill, Noyes & Co. have appointed Elmer F. Sauter mamager of
the bond department of their office in Washington, D. C. Mr. Sauter
was formerly manager of the Dillon, Read & Co. office and assistant manager of Gillett & Co.'s office in that city.
-Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of baby bonds.
151
Mannheim & Palat 75, 1941
Munich 75 to 1945
Munic Bk, Hessen, 78 to '45
Municipal Gas & Elea Corp
Recklinghausen, 75, 1947
Nassau Landbank 635s.'38
Natl. Bank Panama (Hi%
1946-9
5812 Nat Central Savings Ilk of
Hungary 73413, 1962_ __ _
43 National Hungarian &
Mtge. 7%,1948
1212
8 Oberpfalz Elec. 7%, 1946_ _
8 Oldenburg-Free State 7%
524,
to 1945
3713 Porto Alegre 7%, 1968_ _ _ _
51 Protestant Church (Germany), 75, 1946
53 Prov Bk Westphalia 68, '33
Prov 13k Westphalia 613, '30
431,
2612 Rhine Westeh Else 7%. 36
'
3112 Rio de Janeiro 6%, 1933_
Rom Cath Church 6345,'40
35 R C Church Welfare 75,'40
Realty, Surety and Mortgage Companies.
Par Bid
Ask
Par Bid
Ask
• 8712 92
95 Savannah Sugar Ref
100 85
•
12 112
7% preferred
100 9912 103
United Porto Rican ctfs....•
Preferred ctfs
,
• No par value.
/1012
15
15
/5012
f35'2
52
German All Cable 7s, 1945 /32
German Building .3z Landbank 63.4 %,1948
,f38
German defaulted coupons. /45
German scrip
/19
German called bonds
/30
Haiti 6% 1953
80
Hamb-Am Line 634s to '40 194
Hanover Harz Water Wks.
/2512
6%, 1957
Housing & Real Imp 75,'46 /31
Hungarian Cent Slut 75.'37 /47
Hungarian Discount & Ex/3912
change Bank 7s, 1963
Hungarian defaulted coups f30-70
/ Flat price
Sugar Stocks.
Fajardo Sugar
Haytlan Corp Amer
141
_
1612
Par
Milner Airplane & Mot _
Warner Aircraft Engine_
ACP::
East Prussian Pr. 65, 1953_
European Mortgage & Investment 73.48, 13)66.....
71, 1950
9.
French Govt. 535s, 1937..
French Nat. Mall SS.65.'52
Frankfurt 7m to 1945
Aeronautical Stocks.
Ask
7
3
26
19
712
40
32
6812
---
Dortmund Stun Util 68,'48 /41
Duisburg 7% to 1945
/2412
Duesseldorf 7s to 1945.... /2912
Water Bonds.
Pa] Bid
Aviation See Corp(N E)_.•
5
•
1
Central Airports
/23
11712
52
,
138
129
67 4
,
1673
4
r22,4 23,4
Ask
Reeves (Daniel) pref
100 105
Schiff Co preferred
100 8812 95
U S Stores preferred. _ _ _100
5,
3 9
Ask
Bid
Alton Water Si 1956__A&O 10012
Hunt'ton W 1st 6s'.54__Ri&S
Ark Wat 1st .55 A 1956.A&O 98
_- 9812 1st m 5s 1954 tier B__M&S
Ashtabula W W58'58_A&O 93
55 1962
Atlantic Co Wat 58'58 IMES 93
95 Joplin W W Is'57 ser A Itl&S
Birm WW 1st 5;0 A'54A,to 102 103 Kokomo W W 5s 1958_J&D
1st m Si 1954 ser B__J& D 99
Monm COD W ist 58'56 J&D
1st Si 1957 series C._ F&A 98 991; Monon Val W 5145 '50_J&J
Butler Water 55 1957__A&O 93
Riehm W W1st 55'57_14I&N
City of Newcastle Wat 5s'41 100
St Joseph Wat 5s 1941.A &O
City W (Chat)53 B '54 J&I) 100
_
So Pitts Wat 1st 58 '55_ F&A
1st 55 1957 series C _PAI&N 100 foi" 1st & ref 58'60 ser A.J&J
Commonwealth Water
1st & ref 5s'60 ser 13.J&J
1st 55 1956 B
F&A 100
_ Terre Hte WW 68'49 A J&D
lain 5s 1957 ser C. F&A 100
1st m 58 1956 ser B. J&D
Davenport W 5s 1961_ _J&J 10012 10 Texarkana W 1st 58'58 F&A
2
E 6 L & tot W 5s 1942_J&J 87
89 Wichita Wat 1st 6s'49_M&S
let m 68 1942 ser 1.1..J&J 95
96
1st m 5s '56 ser B_ __F&A
1st 5619 R08er D. .
A
53
1st m 5s 1980 ser C.M&N
• No par value. e Defaulted.
Ex-CIIVItle4141.
12214
/3314
Bid. Ask.
Hungarian Ital 13k 7348,'32 /79
Jugoslavia 55, 1956
2812 162
1
/36-48
Jugoslavia coupons
141
Kohoiyt 6345, 1943
Land M Bk, Warsaw 88,'41
7212 7512
Leipzig Oland Pr. 6 148,'46 /52
56
Leipzig Trade Fair 78, 1953 141
43
2314 Luneberg Power, Light &
Water 7%,1948
3414
148
51
-Dr. Oscar S. Pulman of New York City was elected President of Babson's Reports Incorporated. Dr. Pulman ,who will take over his now duties
on Sept. 4, succeeds Leroy D. Peavey, who has resigned on account of ill
health.
- is understood that Arvid E. Taube, who has been associated with
It
Estabrook & Co. for the past ten years, will on or about Sept. 1 become
associated with Lazard Freres & Co., Inc.. as Assistant Vice-President.
Martin Gallagher, formerly with A. C. Allyn & Co., Inc., is now
associated with Bernard, Winkler & Co., members of the Now York Stock
Exchange, in charge of their Government bond trading department.
-Royal Securities Corp.. Ltd.. Montreal, has issued a booklet containing information regarding a number of Canadian public utility
companies.
-Alpha Distributors, Inc., specialists in Cities Service securities, announce the removal of their New York offices to 80 Broad Street.
Atkinson & Co., 44 Pine St., New York City, has prepared an analysis
of The Denver & RkeOrande Western Railroad Company.
-Allen & Co.. 20 Broad Street, New York, have prepared for distribution
an analysis of Baltimore American Insurance Co.
-James Talcott, Inc., has been appointed factor for Sorel Silks Corp..
New York City, distributors of silks.
1229
Financial Chronicle
Volume 139
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY
-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
-The following
Monthly Gross Earnings of Railroads.
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings.
Month.
1933.
1932.
$
January _
228,889.421
213.851,168
February
March
219.857,606
April
227.300.543
May
257.963.036
June
281,353.909
297,185,484
July
August
300.520,299
September.. 295.506,009
October
297,690.747
November. 260,503.983
December... 248.057,612
January_
Februsry _
March
April
May
June
1934.
257,719,855
248,104,297
292,775.785
265,022,239
281,627.332
282,406,507
$
274.890,197
266.231,186
288,880,547
267.480.682
254,378,672
245,869.626
237.493.700
251,782.311
272,059,765
298,084.387
263,225.641
245,760,336
Inc.(+) or
Dec.(-)•
$
-46,000,776
-52.380,018
-69.022.941
-40.180.139
+3,584.364
+35,484.283
+59,691,784
+48.737.988
+23.446.244
-393.640
+7.278,324
+2,297.276
Per
Cent.
1933.
1932.
16.73
19.67
23.89
15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Mt/es
241,881
241.189
240.911
241,680
241,484
241,455
241,348
241,166
240.992
240,858
242.708
240,338
Miles
241.991
241,467
241,489
242,160
242.143
242.333
241,906
242.358
239,904
242.177
244.143
240.950
1933.
1934.
1933.
226,276,523 +31.443.332 +13.9(1 239.444 241.337
211.882,S26 +36.221.471 +17.10 239.389 241,263
217,773.265 +75.002.520 +34.44 239.228 241.194
224.565.926 +40.456.313 +18.02 239.109 241,113
254.857,827 +26,769.505 +10.50 238.983 240,906
-I-4.482.585 +1.61 239,1.07 240.932
277,923,922
Net gamines.
Inc.(+1 or Dec.(-1.
105 and interest. Payment will be made at the office of the trustee, 135
South Broad Street, Philadelphia, Pa.
-V. 138, P. 859.
-Distribution.
Al-Roy Apartments Washington, D. C.
The committee for the protection of the holders of bonds sold through
the F. II. Smith Co., in a letter to depositors of 1st mtge. 7% bonds of
Barney Robins, secured by the Al-Roy Apartments, Washington. D. C.,
states that the offer dated June 2 1934, received by the committee from
L. E. Breuninger, for the purchase of the deposited bonds, was accepted
by the committee on July 9 1934.
The committee delivered to Hamilton National Bank, escrow agent,
bonds in the principal amount of $17.700 and received payment at the rate
of $88.75 for each $100. The gross purchase price was accordingly $15,708.
The committee has on hand a total of $13,704. which is available for distribution among the remaining depositors and for the payment of the uncollected expenses and compensation of the committee, of its counsel and
of the depositary and sub-depositaries.
From the balance available after allowance for the payment of such
expenses, the committee is now distributing $80 in cash for each $100 of
bonds of this issue. All holders of certificates of deposit representing above
bonds should send in immediately their certificates of deposit to the de-V. 138, p. 4286.
positary, Irving Trust Co., 1 Wall St., N. Y. City.
---Aluminum Co. of America.-A-Otaitilion-eTitts-eoznpany nd the Chicago Bridge & Iron Works have
acq/ed a
ig
substantial stock Interest in the American Lumber & Treating Co. their
combined holdings amounting to a majority of the stock outstan
V. 139. p. 1075.
-Earnings.
Aluminum Industries, Inc.
Earnings for Six Months Ended June 30 1934.
Gross sales
Returns, allowances and rebates
$1,464,427
56.589
Net sales
Cost of sales
$1,407.838
955,418
Month
1933.
January
February
March
April
May
June
July
warn
September
October
November
December
Amount.
1932.
3
46.603.287
41,460,593
43.100,029
52.585.047
74 844.410
94.448,669
100.482.838
96.108.921
94,222,438
91.000.573
66.866,614
59,129,403
$
45,964,987
56,187.604
68,356.042
66.261,840
47.416,270
47,018.729
46.148,017
62,553,029
83.092,822
98,337,561
63.962.092
57.861.144
Per Cent.
3
-361.700
-14,727.011
25,256.013
-3.676.793
+27,428.140
+47,429,940
+54,334,821
+33.555.892
+11.129.616
-7.336.988
+2,904.522
+1.268,259
-0 79
-26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+1339
-7 46
+4.54
+2.19
Gross profit from sales
Selling and general expenses
$452.420
341.308
Net profit on sales
Other income
$111.112
1,841
Gross income
Other deductions
Federal income tax
$112.953
30,423
14,801
Net profit
Earnings per share on 100,000 shares capital stock (no par)
$67,728
$0.68
Condensed Balance Sheet.
Liabilities-
AssetsJune 3034 Dec. 3133
Cash
$39,881
$60,005
1933.
1934.
Notes, trade no+38.43
+17,284.203
January
44,978,266
62.262.469
cepts. and accts.
+46.46
+19,009.701
February.
40.914,074
59.923.775
320,670
receivable
440,502
+97.75
+41,492.272
March
42.447 013
83.939.285
Inventories
596,897
663,015
+26.36
+13.612.958
51.640.515
April
65.253,473
Notes receiv. from
-2.20
-1,618,619
73,703.351
May
72,084.732
8,253
employees
6,838
-19.83
18.438.598
June
92,067.854
74.529,256
L fe insur., cash
14,082
surrender value_
14,082
-cent Extra Dividend.= - I m. stk. Permite
-04.-.-Abbott Laboratories, Inc.
-10
Prod. Co., Ltd_
600
The directors have declared an extra dividend of 10 cents per share in
Spec. deposits, &c_
21,787
14,530
addition to the regular quarterly dividend of 50 cents per share on the
Invest. In Marmon
common stock, no par value, both payable Oct. 1 to nolders of record
1
Motor Car Co__
Sept. 14. Extras of 1.5 cents per share and 10 cents per share were paid on
Mlscell. assets__ __
5,453
July 2 and April 1 last. respectIvely.-V. 139. p. 748.
a Plant property__ 1,045,720 1,081,189
52,659
Deferred charges__
50,036
-Interest.
Acadia Apartments, Ltd., Montreal.
The holders of 6 V
2 first mortgage bonds are notified that coupon No.
Total
$2,300,783 $2,135.418
17. originally falling due March 1 1933, will be paid by the company on
x After depreciation of $612,868 in
Sept. 11934. at the face amount thereof.
-V. 136, p.2070.
June 30'34 Dec. 3133
Notes payable____ $100,000 $120,000
Accts. and rebates
245.137
payable
163,315
Payrolls, commis's,
77,475
royalties & taxes 114,666
y Capital stock___ 1,580,006 1,580,006
Surplus
260,969
194,622
Total
$2,300,783 $2,135,418
1934 and $563.951
-V. 139, p. 1075.
resented by 100.000 shares (no par).
in
1933. y Rep-
Aeolian American Corp.
-Earnings.
-
4
-----Amalgamated Leather Co.-Accumu'ated Dividend.<42.(.,
1934.
Year Ended April 301933. "
The directors have declared a dividend of 50 cents per share on account
Net income
$158,969 loss$37,424
of accumulations on the $7 cum. preferred stock, par $50, payable Oct. 1
Comparative Consolidated Balance Sheet April 30.
to holders of record Sept. 19. Similar distributions were made on July 1
and April 1 last, the latter payment being the first made since Oct. 1 1920.
1934,
1934.
Liabilities
1933.
Assets1933.
when the regular quarterly distribution of $1.75 per share was made.
Cash on hand and
Capital stock (par
After the payment of the Oct. 1 dividend accumulations on the above
$1,000,000 $1,000,000
banks
$290,694 $170,698
In
550)
issue will amount to $96.50 per share.
-V. 139, p. 588.
63,822
9,871
Accounts payable_
a Accts. and notes
receivable
Accts. rec.. parent
co. and subs
173,793
materials, &c_ ._
Unexpired insurce
prem., prepaid
taxes, das
c Plant & equIptn't
Patents, trademarks, &c
824,466
42,331
b Inventory of raw
Total
10,581
706,250
112,234 Accrued liabilities_
Deferred credits_
8,914 Reserves for
Future deem, of
capital assets_
815,892
Idle plant exist/.
Contingencies
7,755 Profit since Aug. 1
750,000
1932
Capital surplus-
$2,048,117 $1,865,495
Total
45,868
81,250
38,087
22,545
13,415
531 -American
-To
Agricultural Chemical Co. (Del.).
Change Profit Sharing Plan.
125,000
65,239
13,863
121,545 del 37,424
675,000
675,000
$2,048,117 $1,865,495
a After deducting provision for passible losses of $18,309 in 1934 and
$7.968 in 1933. b Inventory at cost or market, whichever is lower. c After
-V. 137, p.1581.
deducting $1,471,916 ($1.664,371 in 1933) for reserves.
Alabama Power Co.
-Directors Opposed to Group of
Preferred Stockholders.
The board of directors has adopted a resolution refusing the request of a
group of preferred stockholders who recently petitioned the company to
institute legal proceedings to test the validity of the Tennessee Valley
Authority Act and to set aside the contract involving the sale of certain
properties by the company to the TVA.
The board gave detailed reasons why the company entered into the agreement with the TVA, stating that "under the circumstances the company
has considered that the most satisfactory alternative was to yield to the
Insistence of the TVA,obtain the best price obtainable for the transmission
and distribution systems demanded by the authority as a minimum and
protect the company with the best obtainable agreement for limitation of
competition by the authority through Federal funds."
The preferred stockholders' group charged that the TVA is usurping the
sphere of private business and as a result is diminishing the value of their
stock, and is considering undertaking court action without the co-operation
-V. 139. P. 1074.
of the company.
-Bonds Called.
.....,...Allentown-Bethlehem Gas Co.
The Fidelity-Philadelphia Trust Co., successor trustee, is notifying
holders of 1st mtge bonds dated April 1 1924 that certain of these bonds,
amounting to $10,500, have been drawn for redemption on Oct. 1 next at
At the annual meeting to be held Sept. 19 the stockholders will consider
a proposed change in stock and a profit-sharing plan for senior executives
-V. 139, p. 1075.
and department and division heads.
-$20,000 Loan.
American Austin Car Co. Inc.
granted
Permission to issue $20,000 certificates of indebtedness w
the company Aug. 16 by Judge R. M. Gibson in U. S. Us int Court,
Pittsburgh. The issue will be taken by the Advance Corp. of Atlanta.
The money into be used by the Austin company in tee manufacture of 1.000
automobiles. The Federal Court acted because the company is now being
reorganized under the amended bankruptcy act.
-V. 139. p• 589.
American Encaustic Tiling Co., Ltd.
Period End. June 30- 1934-3 Mos.-1933.
Net loss after charges,
taxes. deprec., &c_
$100,135
$138.069
-V. 138. p. 3260.
1934-6 Mos.-1933.
$222,073
$282,703
American-Hawaiian Steamship Co.(& Subs.).
-Earns.
Sir Months Ended June 30Operating earnings
Operating and general expenses
1934.
1933.
34.765,057 $4,746,788
4,534.976
4.359,574
Net profit from operations
Other income (net)
$230.081
33.611
$387.214
3.970
Profit before depreciation and Income tax
Provision for depreciation
Expenses incident to longshoremen's strike
l'rofit on sale of securities
$263.691
314.080
x166,198
Cr18,401
$391,184
327,604
Net profit before Federal income tax
def$198,185
$63.580
x Expenses incident to longshoremen's strike represent expenditures
from commencement of strike on May 9 1934 to
made for this purpose
June 30 1934.
-
Comparative Balance Sheet June 30.
1933.
1934.
1934.
1933.
$
Liabilities-Assets
4,550,000 4,686,000
Fixed plant, vesCapital stock
sels in comm. &
Excess of revenue
over disbursem't
5,886,458 4,729,829
shore plant
incom pleted voyInvestment at cost 1,000,000 2,175,000
268,735
152,954
ages
Notes receivable_
900,000
195,766
304,583
87,748
56,771 Accounts payable_
Unexpired ISL. &c.
on e y
Purchase-m
Ship overhaul cost 133,268
obligations on
Mixed claim award
103,125
vessels
1,808,445 1.742,933
dr accrued int
370,136
201,122 Ships replace fund
Marketable secur_ 1,400,052
Reserve for Federal
Accts. reedy.. incl.
58,324
income tax
disaster dr other
406.274
509,891 Res. for P. de I. ins. 535,950
Claims recov'able 717,686
34,971 Res.for coll, mixed
49,992
Buppiles
claim award and
Cash in banks and
accrued Interest_ 1,808,445 1,742,933
892.686 2,344,243
On hand
5,102,029 4,921,789
Surplus
535,950
Insurance fund
12,512,284 12,694,780
Total
-V. 139, p. 749.
Total
12,512,284 12,694,760
-Earnings.
American Home Products Corp.(& Subs.).
1933.
1934.
6 Mos. End. June 30Net earns,after all chgs.,
incl. deprec.& Federal
$1,001,785 $1.156,683
taxes
Shs.cap,stock outstand672.100
672,100
ing
$1.72
$1.49
Earnings per share
-V. 138, p.3078.
1932.
•
1931.
-Earnings.
American Power & Light Co.(& Subs.).
1932
1933.
1934.
12 Months Ended June 30Subsidiaries
$73,798,328 $72,240,753 $79,056,609
Operating revenues
Operating expenses, including taxes- 38,271,314 35,359,250 37,058,809
Net revenues from operation
Other income
$35,527,014 $36,881,503 $41,997,800
702,011
395,598
331,171
$35,858,185 $37,277,101 $42,699,811
Gross corporate income
Interest to public & other deductions_ 16,564,669 16,571,565 16,638,865
Cr11.820 Cr167,740 Cr773,005
Interest charged to construction
4,559,890
4,730,381
Retirement reserve appropriations.-- 5,480,131
$13,825,205 $16,142,895 $22,274,061
Balance
Prof. diva, to public (full div. requirements applic. to respective 12-mo.
7,096,554
7,155,173
periods whethe;earned or unearned) 7,164,526
132,089
90,073
76,918
Portion applic. to minority interest
Net equity of American P.& L. Co.
$6,583,761
in income of subsidiaries
American Power & Light Co.
Net equity of American P.& L.Co.in
36,583,761
income of subs.(as shown above)
48,711
Other income
$8,897,649 $15,045,418
$8,897,649 $15,045,418
956.189
524,479
$1,448,542 $1,694,984
$6,632,472 $9,422,128 $16,001,607
Total income
253,247
17d,935
182,757
Expenses, including taxes
3,108.966
3,096,104
Interest to public & other deductions- 3,105.058
611.000
$2.77
Bal. carried to consol. earned surp_ $3,344,657 $6,152,089 $12,639,394
611,000
$2.37
-Semi-annual Report.
American Locomotive Co.
William C. Dickerman, President says in part:
"Tne loss for the period, after deducting depreciation of $278,192.
Federal taxes of $66,510 and all other charges, was $1.288.966. This result
compares with a loss of $1,362,341 for the corresponding six months of 1933.
"The unfilled orders on the books at July 11934.amounted to $7,642,149,
compared with 83,500.782 at Jan. 11934, and $2,947.111 at July 1 1933.
During the first half of 1934 the company received orders for 42 locomotives,
five of which were shipped, together with the shipment of two locomotives
ordered during the previous year, making a total of seven locomothes
shipped during the period. The 37 locomotives remaining on order at
July 1 1934, are expected to be completed and shipped during the last half
of the year, thus favorably affecting the earnings for that period.
Company continues in a strong liquid financial position. At June 30
1934, the net quick assets were $14.926.216. Company had no loans
payable and had in its treasury $1,594,342 in case. $875,655 in U. S. and
Canadian Govt. obligations, $3,120.323 in railroad equipment trust certificates and $729,180 in otner securities, making a total of $6,319,500 in
cash and readily marketable securities.
"A decided interest has been manifested in light weight streamlined
trains for nigh speed passenger service. As previously advised, the company is actively soliciting orders for either steam or Diesel streamlined
high speed locomotives for use in this service. Company is not a builder
of cars and consequently is not prepared to furnish light weight streamlined
passenger cars. The marked economies of the Diesel-electric locomotive
are becoming more apparent to the railroads and a broadening market is
Immediately at hand for this product, particularly in switching service.
Company is securing its share of this business.
"Effective on May 31 1934. the business of Railway Steel-Spring Co
which company has been a wholly-owned subsidiary of American Locomotive Co. since 1926. was consolidated with the parent company and the
business heretofore conducted by the Railway Steel-Spring Co. will here-railway steel-spring
after be carried on by Vie American Locomotive Co.
division. The consolidation will effect a substantial operating economy
without impairing the efficiency of the organization.
The income statement for the six months ended June 30 was given in
"Chronicle" of Aug. 18, page 1075.
Comparative Consolidated Balance Sheet June 30.
1934.
1933.
1933.
1934.
Liabilities-.
$
$
AssetsyCost of property-35,487.141 35,628,826 Preferred stock_ _ _35,196,100 35.196,100
x Common stock_ 3,839,500 3,839.500
Investment Gen,
Steel Castings_ _ 2,500,000 2,500,000 Adv. pay. rec, on
100.514
contracts
Other investments 1,719,048 1,773.188
556,594
1,594,342 3,036,C00 Accounts payable_ 862,434
Cash
Marketable seem's 4.725,158 7,060.023 Sund. accr. exps__ 247,582
Reserve Federal &
Accts.& notes rec.,
187,053
129,765
State taxes
after reserves... _ 3,590,875 3,678,909
8,413.424 3,461,072 Res. for disc't on
Inventories
424,098
Can. exchange_ _
150,356
98,902
Deferred charges_
Res. for coating's_ 1,596,982 1,247.165
10,124
10,827
Minority interest_
Capital surplus__ 4,178,250 4,178.250
Earned surplus__ 9,889,649 11,706,778
56,108,889 67,288,374
Total
56,108,889 57.288,374
Total
x Represented by 767.900 no par shares. y After depreciation reserves.
V. 139. p. 1075.
-Consolidated BalAmerican Machine & Foundry Co.
ance Sheet June 30.1934.
1,933.
1933.
1934.
$
$
Liabilities$
$
Assets1,986,617 2,024,687 x Common stock_ 7,000.000 7,000.000
Fixed assets
300,000
1 mortgage payable 250,000
1
G'd-will, pats., &c.
367,000
538,500
Marketable securs. 637,469 1,284,275 Funded debt
141,809
Accounts payable_ 238,910
Stock, o Mere and
11,844
222,507 Taxes pay. accrued
213.034
employees
State & other seer.
Inv. In and adv. to
13,055
39,023
taxes
affiliated & con194,135
13,678.007 13,563,088 Dividend payable. 194.478
trolled cos
1,604,282 1,412,408 Accr. sinking fund
Cash
44,880
42,840
gold bonds
Accounts, notes &
412,694 Accr. sink. fund &
acceptances rec_ 568,060
y7,463
70,437
interest
890.741
796,217
Inventories
717,173
9pecfal reserves_ _ _ 688,653
Accts. reedy. from
8,761.816 8,852.472
131,484 Earned surplus
103,258
officers & empl_
2,357,778 2,357,778
Capital surplu.s
Prepaid insurance
28,193 Minority int. In
4,182
.
and royalties_ _
Standard TobacMisc. adv., claims,
1.616
co Stem Co_
257,864
289.779
,
51 dee
27,840
54,969
Deferred charges._
19,935.876 20,255,783
Total
19,935,876 20,255.783
Total
x Represented by 1.000.000 shares, no par value. y Interest only.
months ended June 30 was given in
The income statement for the six
"Cnronicle" of Aug. 18, page 1076.
American Radiator & Standard Sanitary Corp.
Forms New English Subsidiary.
Ltd., to
The formation of a new corporation, Ideal Boilers & Radiators. British
wholly owned
take over the assets of the National Radiator, Ltd., a Radiator's business in
subsidiary was announced on July 26. The American
of National
England was established about 40 years ago, the Hull plant foreign proRadiator, being one of the largest in the American Radiator's
perties.
offering of
The bankers for the new corporation are making a i publicvalue, to be
1 par
750,000 5% cumulative non-voting preference shares of at the option of the
208. 6d. per share. These shares are redeemable
sold at
company at certain stated premiums.
that
ir The official prospectus for the new company states plantthe proceeds of
and to develop
the issue will be applied in part to increase factory and Postmaster-General.
new extensions of the business. Lord Selsdon, formerBritish representative
be Chairman of the new Board. One additional on the old Board will
will
and six representatives of the American Radiator Co.
-V. 139, p. 272.
constitute the new Board of Directors.
Aug. 25 1934
Financial Chronicle
1230
Balance Sheet June 30.
1933.
1934.
1933.
1934.
Assets.
$
Investments. _255,820,144 260,551,715 Capital stock (no
par value)._ _214,645,637 x214,645636
Cash
6,989,762 4,976,327
Gold deben. bds.
Time deposits in
Amer.6% ser. 45,810,500 45,810,500
3,650,000
5,900,000
banks
.Pow.
182,687
752,230
U.S.Govt. &Tura
Light Co.,6%
100,687
100,312
Municipal securs
gold deb. bds_ 5,000,000 5,000,000
Notes and loans
2,100
receiv.-subs_ 2,378,000 2,017,000 Contmc. habil
803.371
603,371
Divs. declared__
Notes and loans
62,035
64,090
12,900 Accts. payable__
14,800
recelv.-others
319,975 Accrd. accounts 1,036,710 1,045,722
352,574
Accts.rec.-subs.
Matured int. on
Accounts receiv35,392
23,417
long term debt
37,978
24,220
able-others _
35,392 Liab. to deliver
37,978
Special deposit_
securities_ _ _ 10,651,900 10,589,900
Reacquired cap.
137,697
425,608
29.934 Deferred int. Inc.
29,934
stock
9,039,243 8,579,882
Contractual rgts 10,651.900 10,589,900 Surplus
137,697
425.608
Acad. Int. reo
17namort. disc.&
3,884,603
3,837,574
expense
287,315,037 286,512,236
Total
287,315,037 286,512,236
Total
x Represented by: $6 preferred, cumulative (entitled upon liquidation
with $5 preferred; authorized, 1,000,000 shares
to $100 a share); par passu
issued and outstanding, 793.581 2-10 shares, inclusive a 41 2-10 shares of
scrip in 1934 (42 2-10 in 1933); $5 preferred, cumulative (entitled upon
liquidation to $100 a share); pari passu with $6 preferred; authorized,
2,200,000 shares; issued and outstanding, 978,444 shares;common,authorized 4,000,000 shares;issued 3.013.812 27-50 shares;inclusive of 3.41927-50
shares in scrip in 1934 (3,83327-50 in 1933)•
Preferred Dividends.
The directors have declared dividends of 3731 cents per share on the no
par $6 cum. pref. stock and 3131 cents per share on the no par $5 cum. pref.
stock, both payable Oct. 1 to holders of record Sept. 6. Similar payments
were made in each of the six preceding quarters.
Accumulations on the $6 pref. stock, after the above payment, amount
-V.138,
to 38.6231 per share and on the $5 pref.stock to $7.18% per share.
p.4452.
-Earnings.
American Water Works & Electric Co.
-Month-y1933. x1934-12 Mos.-y1933
Period End. July 31- 51934
$3,857,578 $3,689.205 345,141.959 $41.735,328
Gross earnings
Bal. after oper. exps.,
1,956.729 22,532,564 21.802.733
maintenance & taxes_ 1,775.965
3,256,212
3,388,516
Net inc. avail, for diva. after all charges & reserves
1,200,000
1,200.000
Preferred dividends
2,056,212
2,188,516
Available for common stock
held in system in
Common shares, excl. 2,415
1,749,527
1,748.473
1934 and 1.361 in 1933
$1.18
$1.25
Earnings per share
x All figures subject to audit insofar as they contain earnings for the
year 1934. y As adjusted.
Weekly Electric Output.
Output of electric energy for the week ended Aug. 18 1934, totaled
31.342,000 kilowatt hours, a decrease of 14% from the output of 36,370.000
kilowatt hours for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last five
years follows:
1930.
1931.
1932.
1933.
Week Ended1934.
32,758,000 36,946.000 25,862.000 31,191,000 33,917,000
July 28
34,675,000 24.466,000 31,647,000 33,563,000
31,950,000
Aug. 4
31,136,000 35.394,000 23,958.000 31,104,000 33,514,000
Aug. 11
31,342.000 36,370,000 24,000.000 30.581,000 33,757.000
Aug. 18
July Power Output.
The power output of the electric subsidiaries of the company for the
month of July totaled 141,217,085 kilowatt hours, against 159,790,676
kilowatt hours for the corresponding month of 1933, a decrease of 12%.
For the seven months ended July 31, power output totaled 1,049,611,213
kilowatt hours, as against 927,696407 kilowatt hours for the same period
last year, an increase of 13%. '139, p. 1076.
V
-.
Ann Arbor RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 590.
1934. •
$297,974
72,813
43,920
1.941,943
461,184
234,116
1933.
$288,391
82,010
52,926
1,630.514
286,497
57,436
1932.
$231,921
3,885
def28,721
1931.
$322,635
25,304
def17.942
2.445,511
1,863,719
397,945
224,291
61,0
6
def34/11 /
2
-Accumulated Dividend.
----Appleton Co.(Anderson,S. C.).
of record July
A
A dividend of $1.75 p share was paid Aug. 1 to holders
on the 7% cum. pref. stock on account of accumulations. Similar distributions were made on May 1. Feb. 1 last and Nov. 11933. Accumulations
on the above issue after the Aug. 1 payment amount to $336.75 per share.
V. 138, P. 152.
-Exchange Date Extended.
& Co.(MO.
P. L. Reed, Treasurer. Issued the following statement in connection
with the declaration of a dividend on the $6 pref. stock:
"The exchange of 7% preferred stock for the new stock is proceeding
steadily and most satisfactorily. Approximqtely 70% of the 7% preferred
stock has already been exchanged under the plan for new prior preferred
stock and common stock.
"The board to-day (Aug. 17) extended the date for exchange of the 7%
preferred stock for the new prior preferred and common stock from Sept. 15
that to receive
to Dec. 10 1934. This in no way changes the fact, however,exchange must
the dividend on the prior preferred stock just declared the
dividend payment date. Oct. 1." See also V. 139.
be made before the
p. 1076.
Financial Chronicle
Volume 139
Inc.
Art Metal Works,
(&
Calendar Years
1933.
Gross profits on sales__ _ 8351,856
Sell. & admin. expense._
330,855
Subs.).
-Earnings.1932.
$274,915
346,674
1931.
$334,590
492,785
1930.
$783,200
674.740
Operating income_ _ _ _
Other income
$21,001 def$71,759 def$158,195
6.000
8.815
$108.459
134.037
Total income
Income taxes
Miscellaneous deductions
$27,001 def$71,759 def$149,380
3,944
1.300
$242,496
31,000
Net income
$21,756 def$71,759 def$149,380
8211,496
Earns.per corn.share_ _ _
Nil
Nil
$0.09
$0.94
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
1933.
Liabilities1932.•
Cash
$179,760 8206,959 Accounts payable. $64,225
$79,341
Time °Os. ot dep._
40,000
Notes payable_ _ _ 60,000
77,500
Notes & accts. rec.
Provision for 11)less allowances_ 312,686
come taxes
3,945
261.434
3,374
Inventories
398,055
469,302 Subscriptions to
City of Newark tax
capital stock_
revenue bonds_
10,000 xCapital stock____ 1,124,175 1.124:1375
738
Invest. in & adv.
565,862
Capital surplus.-- 565,862
to subsidiaries
333,789
279,006 Earned surplus. _ _ 555,738
525,989
Invests, at cost_
37,744
37,744
yLand, bides., &c. 812,442
832,857
Pats.,tr.-mks.,dre. 239,763
216,925
Develop. exp. unamortized
29,282
43,924
Prepaid lnsur.. &c.
4,156
5,607
Treasury stock...
3,767
2,320
Total
$2,391,445 $2,366,080
$2,391,445 $2,366,080
Total
x Represented by 224,835 shares of $5 par value. 3 After depreciation
,
of $330,602 in 1933 and $297,419 in 1932.-V. 136. P. 3911.
Associated Chain Store Realty Co.
-Earnings.
-
Months Ended June 30Net loss after interest and other charges, but before depreciation
-V. 135, p. 1657.
1934.
1933.
$767
$4,713
Atlantic Refining Co.(& Subs.).
-Semi-annual Report.
J. W. Van Dyke, Chairman of the board, says in Part:
Compared with the first half of 1933, the total volume of products sold
this year was greater by 10.71% and at the same time the average price
realized was about 21.8% higher. The compounding of these influences
is evidenced in the "gross operating income" in the accompanying statement
and in the following tabulation is directly compared with the income for
the 1933 period:
Increase.
1933.
1934.
Gross operating income
$47.197.300 $33,953,300 $13,244,000
Cost of goods sold
44,520,400 32,460.800 x12,059.600
Operating profit
Less Federal taxes
82.676,900 $1,492,500 81.184.400
630,000
x630,000
$2,046,900 $1,492,500
$554.400
x Decrease.
While an increase of upwards of $13,000,000 income is gratifying, it is
to be noted that it was almost wholly offset by a corresponding increase
in the cost of goods sold together with the Federal taxes incurred. This
sharp rise in the cost of goods sold is accounted for by an increase of nearly
92% in the cost of crude materials and nearly 20% in operating expense.
In turn, the increase in operating expense is attributable, almost wholly.
to larger payroll expenditures. Between the two periods the average
number of employees increased by 24%, and the payroll increased by 34%.
While carrying on the somewhat larger volume of business, the company
had capital expenditures for fixed assets aggregating $8,850,000, distributed principally as follows: Crude producing, $4,410,000; rosining,
$2,373.000; marketing, $1,532,000; pipelines. $247,000; marine, 3282.000.
These investments were for replacements and improvements. As such
they more than constitute an offset to charges against income made during
the period for depreciation, depletion. &c., in the amount of 35,163,900.
Such substantial investment and reinvestment seem imperative at all
times if the business is to be maintained and even slightly advanced.
So far as company affairs have been influenced by general depression
conditions, the valley of the depressoin now appears to have been reached
In the early months of last year. Since that time an upward trend has
been experienced. Measured in terms of gallonage sold, and in comparison with the first six months of 1929, recovery has been only about
41% of the ground lost during the depression years. In terms of aevrage
product values, recovery has been about 35%. Such figures suggest
two thoughts, first, that full recovery, if achieved, is far distant. and.
second, that the consumers of petroleum products are still experiencing
abnormally low prices.
Consolidated Income Account.
6 Mos. End. June 30-1932.
1934.
1933.
1931.
Gross income
$47,197,290 $33,953,325 841.579.019 850,966,346
Operating charges
38,551,063 31,427,076 30,590.181 54,231,674
Net income
Other income
$8,646,227 $2,526,249 $10,988,838 y$3,265.328
263,175 Dr319,739
z1,122,796 z2,162,859
1231
the same week last year. Including sales to other utilities, units produced
totaled 64.066,314.
For the four weeks to date net electric output was up 0.7%,-V. 139, P.
1076
.
Atlas Corp.
-Makes Offer to Purchase Pacific Eastern and
Shenandoah Common Stocks for Cash.The corporation has made an offer to the stockholders of Pacific Eastern
Corp. (formerly Goldman Sachs Trading Corp.) to purchase their holdings
of capital stock for cash at $2.50 per share. At the same time, an offer was
made to the holders of the common stock of Shenandoah Corp. to purchase
their holdings at $1.80 per share. The offer to the stockholders of the
Pacific Eastern Corp. expires on Sept. 11 and to the holders of Shenandoah
Corp. on Sept. 8.
In a letter addressed to the shareholders of Pacific Eastern Corp., Floyd
B. Odium, President of Atlas Corp.states:
"Atlas Corp. already owns or controls in excess of65% of the outstanding
capital stock of Pacific Eastern Corp. and this offer is made so that for a
limited time all holders who desire to dispose of their holdings for cash
will have an opportunity to do so."
In a similar letter to the holders of the common stock of Shenandoah
Corp., Mr. Odium states:
An agreement has been entered into between Atlas Corp. and Central
States Electric Corp. whereby Atlas Corp. or its nominee will acquire
in June 1935, all the common stock of Shenandoah Corp. owned by Central
States Electric Corp., to wit, 2,158,312 shares. The agreement provides
for a price of $1.80 Joer share, subject to increase under certain circumstances. However, Central States Electric Corp. has the right under the
agreement to make earlier delivery of a portion of said shares at a slightly
lower price than $1.80 per share (the exact price to depend on date of
delivery) and has exercised its right to deliver 150,000 of these shares on
Sept. 6 1934 at a price of approximately $1.73 per share.
"Including the stock under contract of purchase above referred to Atlas
Corp.ndoa Corp ..ntrol of approximately 95% of the common stock of
is nr in .
co
Sh
Atlas Corp. took over the management of Goldman Sachs Trading
Corp. on April 17 1933. At that time, the name of the corporation was
changed to Pacific Eastern Corp. The capital stock of the Pacific Eastern
Corp. consists of 5.765,081 $1 par value shares. The net assets of the
Pacific Eastern Corp. and its subsidiaries in accordance with the consolidated statement of financial condition as of June 30 1934 (V. 139. 1: •
0
1096) were 824.979,145, equivalent to approximately 84.37 per share. As of
June 30 1934. the major part of the assets of the Pacific Eastern Corp..
approximately 819,963,157, consisted of investments and receivables not
readily marketable, the principal item being 99.839% of the common
stock of the American Trust Co. of San Francisco. Toe Pacific Eastern
Corp.osntocAukgis tradedu62m.
. 22 as onNew York Curb Exchange and the closing
price
Atlas assumed the management of Shenandoah Corp. on April 19 1933.
The interim financial statement of the Shenandoah Corp. as of June 30
1934 (V. 139. p. 1098) discloses net assets as of that date of $11.498.505.
equivalent to an indicated asset value of $21.-1 per share for the cumulative optional $3 convertible preference stock, with a par value of $25 Per
share, entitled in liquidation to 855 per share. There was outstanding on
June 30 1934. 524.920 shares of this preference stock. On toe same date,
there was outstanding 5.897.431 shares of the common stock of the Shenandoah Corp. with a par value of $1 per share. No asset value for the common
stock of Shenandoah Corp. is indicated in the interim statement of the
corporation
of June 30 1934. It is traded on the New York Curb Exchange
ant'
closing price on Aug. 18, the last date on which a sale was recorded.
was the
$1.12 .-V. 139. p. 919.
4. "Atlas Imperial Diesel Engine Co.
--Asks Note Extension.
The company has sent a letter to holders of its five-year convertible gold
notes, due March 1 1935. asking for assent to a plan for extension of the
maturity of the notes to 1945. The notes are now convertible into common
at 40 and in return, the company proposes under the new arrangement to
make the notes convertible at 25 up to 1935, at 33 1-3 up to 1942. and
thereafter at 40 up to maturity.
In addition a $70,000 annual sinking fund will be set up under the plan.
There are $691,000 notes outstanding, and it is proposed to make the
issue a closed issue at $691,000. The original authorization was for
$2,000,000; 76% assent is necessary to make the change.
Earnings for the 7 Months Ended June 30 1934.
Net loss
$20.806
-V.138, p. 2910.
Auburn Automobile Co.
-New President.BealRey
13 lp er has again been elected President. succeeding W• H.
Fan lin435
9
Boston Insurance Co.
-Balance Sheet.June 30'34. Dee.31 '33.
ssets-Stocks and bonds_17,598,632 17,733,923
Real estate
1,352,768 1,347,800
Mortgages
75,425
72,575
Accrued interest
83,776
81,935
Premium notes _ _ _
53,154
78,844
Prem.and accts. In
course of collect. 1,085.930
846,313
Cash
697,244
636,892
June 30'34. Dee.31 '33.
Liabilities3
Tosses in process of
adjustment or in
susp., inci. all
reported losses__ 1,214,917 1,245,199
Res. for losses un183,000
183,000
reported
Unearn. prem. res. 4,629,829 4,599,582
Reserve for marine
lay-up return
prems.,outstand484,991
ing reinsurance_ 518,139
188.000
Rm.for Fed. taxes 178,500
240,700
Comm.exps., taxes 200,500
252,600
Res.for dividends_ 240,000
Empl.savings fund
42.127
35,896
and interest....
220
612:000 2,455,427
Contingency res. _ 3,
3,000,000
Capital
10,101,194 8,149,390
Net surplus
Total income
39.769,023 $4,689,108 $11,252,013 y83.58.5,068
Interest, discount, &c_
362,221
363,018
424.876
427.895
Adjustment of inventory
929,031
Insur. & other reserves..
319.651
298,683
243,335
Depreen & depletion__ _ 5,163,922
4,879,625
5.060,129
Fed ta
taxes (estimated)..
630,000
1,262,403
Intangible devel. costs
149.442
378,967
71,097
Net income
82.990,578df$1,001,659 $3,184,824df$4,012,963
Common dividends
1.336,747
1.332,977
1,348,321
1,348,321
Total
20,910,426 20,834,785
. 17480 910,426 20,834,785
2
.
Total
-V.138. P
Balance, surplus
31,657,601 df$2,338,406 $1.836,503df$5,361,284
Previous surplus (adj.)_ _ 64.205,362 60.676,891 59,803,014 61.876.674
4-0-61
--Babcock & Wilcox Co.
-Smaller Dividend.
Adj. of Bur. not incident
The directors have declared a dividend of 10 cents per share on toe capital
to current period
Cr84.281 Dr403.901
Dr87.070 Cr333,744
stock, par $100, payable Oct. 1 to holders of record Sept. 20. This compares with 25 cents per share paid each quarter from April 1 1933 to and
P.& L.sur. June 30 x-$65,947.244 $57,934,583 $61,552.447 $56,849,034
including July 11934: 50 cents per share disbursed on Jan. 2 1933, Oct. 1
x The Atlantic Refining Co. interest, $65,943,983; minority interest,
1932 and, July 11932,and $1 per snare paid on April 1 1932 and Jan.2 1932.
$3,261. y Loss. z Includes profit on sale of company's investment in
-V.138, p. 1748.
stock of Union Atlantic Co.
4,1
Comparative Balance Sheet June 30.
Beech-Nut Packing Co.
-Extra Dividend .44-4 ,
1934.
The directors on Aug. 20 declared an extra dividend of 25 cents per share
1033.
1934.
1933.
Assetsin addition to the regular quarterly dividend of 75 cents per share on the
$
$
$
$
common stock. par $20, both payable Oct. 1 to holders of record Sept. 12.
x Plant account-107,716,467 104,345,715 Common stock_ 66,622,600 66,845,850
Perm. Invests._ 7,776,575 8,631,378 Debentures.
-V. 139. p. 591.
14,000,000 14,000,000
8,123.798 11,633,446 Purchase obiIg
Cash
25,290
46,793
Beacon Participations, Inc.
-Damages of $1,419,807
0th. marketable
Accepts. & notes
2,218,153 1,935,836
securities_
payable
41,039
18,121
Assessed Against Certain Directors.
Accts. receivable 11,502,355 8,342,283 Purch.oblig. due
The Boston "News Bureau" has the following:
914,117
Notes receivable
319,696
within one yr.
24,000
24,000
"Damages totaling 81.419.807 are assessed against certain directors by
49,802
Due from empl.
179,085 Cap. dr surp. of
James C. -Reilly, master appointed by the Superior Court, in a report filed
23,333,985 16,020.854
Inventories
minority int15,061
14,276
by him in the Mass. Superior Court.
Prepaid and deAccts. payable. 6,228,100 4.490,559
"After Judge John j. Burns of the Superior Court about a year ago
683,154
ferred items
960,719 Fed. taxes (est.)
935,000
38,000
found liability on the part of the defendant directors for losses sustained
current
Other
Other curt'. liab _
1,705
3,168
by the corporation after hearing the bill in equity brought by Edward Spiegel
190,777
224,744 Accr. liabilities.
assets
627,026
690,979
and other stockholders, he appointed Mr. Reilly as master to determine
Deferred items.
186,121
284,200
the amount of the damages suffered and the amounts the defendants should
Other oper. res. 7,859,257 8,205,702
be assessed.
Surplus
65,943,983 57.932,108
"The master holds toe defendants liable for four classes of losses* (1)from
the purpose of a 8520.000 note from Beacon Trust Co.;(2) from the joint
162,609,183 152,593,756
Total
Total
162,509,183 152,593,756
trading account of the corporation with the brokerage firm of Jordan,
deducting $75.276,394 ($69 057,511 in 1933) for depreciation and
x After
Lyman & Co., Inc.:(3)from the declaration and payment of dividends out
$4,061,316 ($4,025,066 in 1933) for depletion and amortization.
-V. 139.
of capital:(4)from the purchase by Beacon Participations, Inc., of its own
p. 435.
class A stock.
-V. 139. P. 753.
1
Associated Gas 8c Electric Co.
-Weekly Electric Output.""Beardsley & Wolcott Mfg. Co.
-To Reorganize.
-
For the week ended Aug. 11, Associated Gas & Electric System reports
net electric output of 52.739,565 units (kwh.), an increase of 0.2% above
The Federal trustees have been ordered by Judge Carroll C. Hincks of
the U. S. District Court, New Haven, to submit on Aug. 29, a plan for
Financial Chronicle
1232
reorganizing the company. On that same date, the trustees will report
on the affairs of the company and two weeks later detailed plan for reorganization will be presented to the Court for approval.
This action was taken after Lye11 A. Brown of Springfield. Mass.. Federal
receiver for the company, testified that in his opinion the company could
be operated profitably. The hearing was held for the purpose of obtaining
-V.
permission to reorganize the company under the Bankruptcy Act.
139. p. 1077.
Birmingham Electric Co.
-Earnings.
[National Power & Light Co. Subsidiary.]
P'Period End. July31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$467,301
$421,007 $5,658,260 $5,405,354
Oper.exps.,incl. taxes
330,322 4,419,914 4,004,175
363.765
Net revs, from oPer-Other income
$103,536
83
$90,685 $1,238,346 $1,401,179
4.402
88
1,073
Gross corp. income__ _
Int. & other deductions..
$103,619
51.006
$90,773 $1,239,419 $1,405,581
687,343
860,241
56,000
Balance
y$52.613
y$34,773
Property retirement reserve appropriations
Dividends applicable to preferred stocks for
period, whether paid or unpaid
$579,178
472,727
$718,238
370,160
429,229
423,475
$322,778
$75,397
Deficit
x Dividends accumulated and unpaid to July 31 1934 amounted to
$250,392, after giving effect to dividends of $1.75 a share on $7 pref. stock
and $1.50 a share on $6 pref. stock, declared for payment on Aug. 1 1934.
Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-V.139, p. 753.
-New Vice-President.
Boston Consolidated Gas Co.
E, M. Farnsworth Jr. has been elected Vice-President and General
Manager succeeding Walter C. Beckjord, resigned.
-V.139. P. 920.
Boston Elevated Ry.-Earnings.Month of JulyReceipts from direct operation of the road
Interest on deposits, income from securities, &c
1934.
$1,730,611
7,350
Total receipts
Operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel and rapid transit line rentals
Interest on bonds and notes
Miscellaneous items
$1,737,961 $1,712.870
1,375,920
1,352,529
137.629
100.341
103.363
103.363
233.205
232,844
321,861
329,689
6,507
5,718
Total cost of service
Excess cost of service over receipts
V. 139, p. 592.
$2,178,486 $2,124,484
440,524
411,613
1933.
$1,701.703
11,166
Brazilian Traction, Light & Power Co., Ltd.
-Earns.
1934-7 Mos.-1933.
1934-Month-1933.
Period End. July 31Gross earns,from oper__ $2,659,814 $2,493,893 $17.110,262 $16,384,214
1,062,677
8,315,830
Operating expenses
1,213,788
7,415,448
Net earnings
$1.446,026 $1,431,216 $8,794,432 $8,968,766
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will
be subject to final adlustment when the annual accounts are made up.
The above figures are also subject to provision for depreciation and
amortization.
Owing to exchange and remittance difficulties, the rate of exchange
adopted for the month is necessarily arbitrary, although less than the official
-V. 139, p. 592.
rate, which is nominal only.
Buffalo
Niagara
Aug. 25 1934
&
Eastern
Power
Corp.
-Stock
Acquisition.
The corporation has been authorized by the New York P. S. Commission
to acquire from the Niagara Hudson Power Corp. not more than 117.990
shares (no par) preferred stock, series A, of the Buffalo General Electric
Co. at $95 a share. All the outstanding common stock of the Buffalo
company, amounting to 733,790 shares, is owned by the Buffalo Niagara
& Eastern, while the entire preferred issue is owned by Niagara Hudson.
The Niagara Hudson Power Corp. originally acquired the stock for a
Public offering, but this never was made. As it has been found that a
public offering is not needed, Niagara Hudson Power Corp., which controls
Buffalo Niagara & Eastern, decided to sell the preferred shares to the
owner of all the common shares and thereby simplify the structure of the
group.
-V. 139, p. 592.
'Bullock Fund,Ltd.(Md.).-Earnings.-Earnings for the Six Months Ended June 30 1934.
Cash dividends
Interest on bonds
Net cash proceeds from sales of regular stock dividends,included
per resolution of the board of directors
$29,085
2,623
Total income
Total expenses
$33,758
8.619
2,049
Net income, including proceeds of stock dividends sold, but
excluding security profits and losses
$25,139
Distribution Account 6 Months Ended June 30 1934.
-Net income as
above, $25,138; balance of distribution account at beginning of period,
$16,887; total, $42,026. Received on subscriptions to capital stock to
equalize the per share amount available for distribution on then outstanding shares, $57; deduct amounts included in price paid for capital stock
surrendered for purchase at liquidating value, equal to the per share portion of distribution account at time of purchase, $491; dividends declared
on capital stock. $31,872; balance applicable to quarter ended July 15 1934,
included in earned surplus, annexed, $9.719.
Balance Sheet June 30 1934.
LiablItttesAssetsProvision for
x InvestmentsStock transfer taxes (est.)__
$1,612,302
$4,305
Common stocks
20,768
Federal capital stock tax___
Preferred stocks
1,500
62,620
Organization expense
1,138
Bonds
68,512 Divs. payable upon receipt of
Cash in banks
stock of a predecessor corReseivable for securities dold,
23,706
poratIon for exchange
6,408
net yet delivered
5,975 Payable for capital stock parCash dividends receivable__
844
chased for the treasury
2,513
Bond interest accrued
Acc'ts pay., accr'd exps., &o__
1,590
Capital stock
153,128
Capital surplus
1,481,978
Earned surplus
162,165
$1,794,727
Total
$1,794,727
Total
x Investments acquired from predecessor corporations are stated at the
market value" per agreement of consolidation dated
"lower of cost or
Nov. 10 1932; additions thereto are stated at cost. The aggregate amount
of investments at June 30 1934, priced on the basis of market quotations,
was $1.710,736.50. The net unrealized appreciation amounted to $15.046.69.-V. 137, p. 493.
-Earnings.
-Bulova Watch Co., Inc.(& Subs.).
190,5
Quarter End. June 30
- $4034.
63
Gross profit
261,487
Expenses
$148.852
138,362
1932.
$398,084
327,350
8737,707
464,912
$139,076
5,640
$8,490
42,612
$70,734
14,084
$272,795
20,884
$144,718
$51,102
$84,817
$293,679
Operating profit
Other income
Total income
87.459
222,515
331,130
101,984
-Resumes Common xOther charges
-------.Iitrooklyn-Manhattan Transit Corp.
37,676
38.731
20.714
41.259
Dividends.
-The directors on Aug. 20 declared a dividend of, Deprec.& Federal taxes_
$35,998 loss$209,089 loss$267,026
$152,964
Net income
75 cents per share on the common stock, ro par value,
-V. 139, IL 109.
x Includes bad debts and write-down of assets.
payable Oct. 15 to holders of record Oct. 1. This payment
-$1
-,
marks the resumption of dividends on this issue, no divi-" - Calamba Stigler FAtate, an Francisco, Calif.
dends having been paid since April 15 1932, when the regular Extra DividendsoUt-AL-1/:
The directors have declared an extra vidend of $1 per share in addition
quarterly dividend of $1 per share was distributed. This
to the regular quarterly dividend of 40 cents per share on the common
rate had been maintained quarterly since and including April stock par $20, both payable Oct. 2 to holders of record Sept. 15. A similar
15 1926. On Jan. 20 1926 an initial dividend of $3 per share distribution was made on April 2 last.onRegular quarterly distributions
this issue since and including
have been made
was paid on the common stock (of which $2 was paid for the of 401 cents per share P. 3938
Oct. 1928.-V. 138.
period from the reorganization of the company to Sept. 30
.Clv
ilahan Zinc-Lead Co. Liliiny of-earitteHfittret
1925 and $1 for the quarter ended Dec. 31 1925).
The board also ordered the payment of four quarterly dividends of
$1.50 a share on the company's preferred stock.
Earnings for Month of July.
(Incl. Brooklyn & Queens Transit System.]
1934.
1933.
$4,184,689 $4,227,511
Operating revenues
2,809,042
2,632,046
Operating expenses
328.615
Taxes on operating properties
366,388
$1,047,032 $1,229,077
Operating income
59,622
Net non-operatingincome60,723
$1.107,755 $1,288,699
716,596
764,620
Gross income
Income deductions
* Current income carried to surplus
* Accruing to minority int. of B.& Q. T. Corp-- --V.139, P. 1078.
$391,159
35,548
$524,079
62,816
-Earnings.Brooklyn & Queens Transit System.
Month of July
Operating revenues
Operating expenses
Taxes on operating properties
1934.
1933.
$1,664,839 $1,669,568
1.349,474
1,282,770
125,622
133,068
Operating income
Net non-operating income
$189,743
15,923
$253.730
19,351
Gross income
Income deductions
$205,666
128,579
$273,081
136,881
$77,087
$136,220
Current income carried to surplus......
-V. 139. p. 592.
1932.
1933.
1931.
$318.194 loss$157.226 loss$207,536
158,674
166,597
78.570
The issuance of the new $1 par value shares in exchange, share for share,
for the outstanding $10 par value shares and the issuance of additional
new $1 par value shares were authorized at special stockholders meeting
held on May 24 1934 and also at a meeting of directors held on June 181934.
At the directors meeting, the directors voted to offer the additional new
$1 par shares pro rata at par to stockholders of record at the close of business
on a date to be specified in such offer in proportion to the number of shares
then held by them respectively.
The purpose of the additional issue of new $1 par value shares, is to
provide additional working capital for resuming mining operations, paying
on or before Dec. 31 1934 the sum of $48,000 as the purchase price of the
assignment of the Goldstone lease and bond in lieu of the 24,000 $10 Par
value shares heretofore issued and escrowed until that date and paying to
the owner on or before Sept. 1 1935 the sum of $47.400 as the balance of the
purchase price of the Goldstone mining claims, less any royalties paid such
owner meanwhile, paying for mine buildings, mill and mining equipment
and power plant in the probable aggregate of 175,000, and, among other
things, opening up. developing and operating the Goldstone mine and
setting up such a surplus as the officers and directors may consider advisable
for possible acquisition and development of additional properties and for all
general corporate purposes of the company.
The directors (up to July 30) have not specified a date of record for such
offering to stocknolders and the fixing of such date may be postponed from
time to time or indefinitely. (But see V. 139, p. 1078)•
Income Statement Four Months Ended April 30 1934.
None
Gross profit
8,923
Expenses
5.021
Other income
Balance. loss
Deductions
-Earnings.Bullard Co.
6 Mos.End. June 30Gross profit
Sell.& gen. expenses_ _
!Ph New York Stock Exchange has authorized the listing of 747,518
capital stock (par $11 in sulltution for outstanding and listed
shares
-per share with authority to add to the list
shares of the par value of $10
1,074 shares on official notice of issua e in exchange for shares Of Coeur
s'ares e Vulcan Mining Co., making the total amount applied for 748,592
dh Alen
.
1931.
$98,175
242,344
Net deficit
Note.
-No snipments made since 1931.
Comparative Balance Sheet.
$366,210
Apr.30'34.
prof$151,597
$235,796
Operating loss
$144,169
LtabatttesApr.30'34. Dee.31'33.
Assets93,409
3,674
$7,245,920
57,096
Other income
Dr28,563
Fixed assets, net_ _$3,973,154 $3,975,341 Capital stook
200,175 Note pay, to bank
Total invirtments 200,175
$272,801
$232,123
Total loss
prof$208,693
$172,732
3,871 Accounts payable
3,385
Cash
1,522
a1,628
4,000
Federal & other taxes_ _ 133
to officers, Ste__
Accounts receirle
2,295
6,030 Accts. due others_
5,630
Inventory
$272.801
prof$207,065
$236,123
Net loss
3172,732
20,821 Capital surolus___ 352,158
Mktle. securities__
10,608
Shares corn, stock outOperating d Melt_ 3,397,847
Indebt. of officers,
276,000
276,000
standing (no par) _ ___
276.000
187
300,000187
Nil
Nil
$0.75
Earnings per share
Nil
960
421
Detrred charges.5,355
10,485
Other assets
a Federal capital stock tax only.
-Balance, Dec. 31 1933, $886,035 net
Surplus Account June 30 1934.
14,204,049
Total
Total
$4,204,049 $4,212,878
profit for six months ended June 30 19134, $207.065; surplus June 30 1934,
-V 139. p. 1078.
$893.100.-V. 138, p. 2740.
$3,902 ,
148
$4,050
Dec.31'33.
$7,245,920
4,500
1,380
2,716
352,158
3,393,797
$4,212,878
-Earnings.
Canadian National Rys. System.
-Earnings.
California Water Service Co.
1934.
$2,040,991
1,002,421
1933.
$2,041,901
1,022,538
Comparative Income Account Years Ended April 30.
1934.
$299,076
Sales, net
198.953
Cost of sales, exclusive of depreciation
38.898
Selling, administrative and general expenses
1933.
$159,507
122.030
36.118
Profit before other income,&c
Other income
$61.224
3,600
$1,358
5.541
Total income
Interest paid
Reserves and other charges
$64.824
3,337
29,074
$6,900
3,787
38,653
12 Months Ended June 30Gross revenue
Net profit before interest, depreciation, &c
-V.137, P. 4699.
Calorizing Co.
-Earnings.
-
Total
-V. 121, P. 590.
$356,420
$356.420
Total
Canadian Marconi Co.
-Earnings.
1931.
1932.
Calendar Years1933.
y$56,618prof$136,078
Operating deficit
435,865
234,729
131,467
Depreciation
137,659
$98,651
$188.086
Deficit
$173,524
457,814
359,163
Previous surplus
121,077
8359,163.
$171,077
Balance
def$52,447
50,000
Doubtful debt
$359,163
Profit and loss balance
$121,077
def852,447
x Alter taking into consideration revenue from investments. including
dividend of $31,250 declared by associated company. y After including
revenue of $93,125 from associated companies.
Balance Sheet Dec. 31.
1932.
Assets-1933.
1933.
1932.
Liabilities$203,165 $251,652
Property
$1,218,996 $1,271,109 Overdraft
149,110
106,025
Patent rights
2,243,750 2,241,875 Accounts payable_
50.535
49,000
Accts. receivable_ 413,658
428,274 Mortgage
Inventories
4,554,682 4,554,682
443,320
694,408 Capital stock
121,077
Investments
358,562
281,062 Surplus
Affiliated cos
105,000
105,000
Cash
62,842
31,479
Accts. rec. deferred
35,282
Deferred charges.
22,100
30,763
Deficit
52.447
Total
$4,955,957 $5,083,972
-V. 139. p. 437.
Total
$4,955,957 $5,083,972
Canal Construction Co.
-Earnings.Calendar YearsGross revenue from construction contracts
Cost of construction
General and administrative expenses
Miscellaneous
Depreciation
Federal income taxes
-subsidiary company
Assets
Cash
Accts. receivable_
Sundry debtors....
Inventory
Other cur?. nab_ -Life insur. policies
Other assets
Machinery & equip
Prepaid exps. and
deferred chages
1933.
$595,227
463,327
55,034
Cr781
45,000
1932.
$221,873
180,109
55,722
Dr19,543
22,000
2,311
832,648 loss$57,812
Consolidated Balance Sheet Dec. 31.
1932.
1933.
Liabilities
1933.
1932.
$31,461 Accts. payable
$14.744
$38,521
Trade creditors_ $46,270
73,074
16,015
4.744
5,048 Notes payable
35,000
22,000
Bank loan
147,690
133,271
-Life
40.738
Notes pay.
1,092
8,237
5,152
ins, prem. lien...
1,092
11.830
280,199 Due to sub-con71:257427
tractors
799,600 1,415,074
1,705
Sundry creditors_ _
2,341
38,601 Accr'd pay rolls.
23,886
8,076
Insur. and taxes_
505,438
Total reserves...._ 320,728
800.000
X Cony. pref stock 400,000
77,000
385,000
yCommon stock._
200,087
138,813
Surplus
Total
81.099,913 $1,920.760
$1,099,913 $1,920,760
Total
x Represented by 40,000 no par shares. y Represented by 77,000 no par
shares.
-V. 137, p. 2277.
Carman 8c Co., Inc.(& Subs.).
-Earnings.
-1932.
12 Months Ended Dec. 311933.
Net sales
$2,760,771 $3,193,850
2.415,389
Cost of sales
2,033,919
Gross profits on sales
$7-$726,851 -- 78,T61
Commissions on soap sales, &c
7,968
6,836
Gross profits and commissions
$786,430
$733,687
653,182
Selling, general and admin. expenses525,151
Provision for bad debts
207,107
77,818
Int. paid and miscell. income and
deductions, net
15.658
4,977
Provision for Federal income tax_
10,684
Net profit
8115,057 1068889,518
it After reclassifying 1931 to agree with 1932 classification.
1931.
$4,144,986
x3,133,489
81,011,496
30.121
$1,041,617
x800,371
127.948
z15,472
14,263
$83,562
Consolidated Balance Sheet Dec. 31.
1933.
Assets
Liabilities1933.
1932.
1932.
$81,850 $164,545 Notes payable__ $225,000 $140,000
Cash
82,634
50,143
Accts. & notes rec. 384.649
631,637 Accts. payable__ __
11,107
Merch. inventories 634,426
436,775 Accrued liabilities_
8.708
Prov. for Fed. inc.
Value of life basun
48,161
10,750
policies
43,391
2.750
tax
75,000
Res. for conting
Prep. insur.. Int..
23,483
13,412 Install. mtge. on
taxes, &c
land & buildings
7,392
8.924
Exp. advances to
3,900
officers & salesm
2,919 MM. Int. in cap.
stock & surplus
Due from officers
16,806
of Henry K.
and employees
MiscaupP.Inc., &c
2,986
9,924
2,757
Davies & Co.Ino
11,737
y Class A stock.- 1,155,245 1,325.805
Reo'les mat. and
17,758
27,187 z Class B stock-- 192,835
192,035
misoell. investml
6,566
79,698 Capital surplus-50,439
666.026
CI. stk. repurch.
.A
5,515
4,015 Earned surplus...... 102,666
5,093
Cl. It stk. repurch.
Fixed amts..... 458.121
231,562
Expend. In connection with pat.
62.970
78,467
chem. mfg. prof.
Good-will, trade100,000
769,806
marks, &c
$1,847,191 $2,486,222
Total
$1,847,191 $2,486,222
Total
Repx After depreciation of $202,979 in 1933 and $186,358 in 1932.
shares (no par). z Represented by 76.814 shares (no
ented by 35,546
„ ar).-V. 137, p.3331.
Earnings ofSystem for Third Week of August.
1933.
1934.
$2,929,899 $2,923,648
Gross earnings
V. 139. p. 1079.
Increase.
$6.251
Canadian Pacific Ry.-Earnings.-
832,413 loss$35,541
Profit for the year
Condensed Balance Sheet Apri130 1934.
Assets
LfabUUlesCash in banks and on hand
$33,006 Accla payable & accr'd acets__ $19,441
8,100
Notes and accounts receivable
34,954 Payments on bastalm't contr'ts_
Inventories
31,806 Instal. pay. due after one year__ 47,200
472,950
Prepaid insurance, taxes, &e__ _ _
pref. stock (par $25)
4,626 8%
Buildings, mach'y & equipment_ 118,029 Common stock (62,500 shares,
1
Real estate
90.518
no par)
191,272
Good will
43,480 Deficit
Net profit
1233
Financial Chronicle
Volume 139
Earnings for Second Week of August.
1933.
1934.
$2,265,000 $2,157,000
Gross earnings
- 139, p. 1079.
V.
Increase.
$108,000
-Consolidated Balance
Carnegie Metals Co. (& Subs.).
Sheet March 31 1934.AssetsProperty, plant & equipment.$1,122,705
Ore reserves under lease or
3,773,735
Purchase agreement
5,767
Cash
5,600
Cash adv. to recondition prop_
23,213
Materials and supplies
493
Accounts receivable
3,852
Deferred charges
1
Office furniture, &c
Stock, Calumet & Sonora of
Cananea Mining Co.. S. A.,
1
pledged
rs
.
$4,935,367
Total
-V.138, p. 2740.
Liabilities
Capital stock (par $1)
Bonds
Liability under purchase contr.
Other current liabilities
Surplus from valuation of ore
reserves
Paid-in surplus
Deficit from operations
8810.236
192.200
120.000
182.698
3.773,735
2,674,294
2,817,795
$4,935,367
Total
-Earnings.
-Carolina Power & Light Co.
[National Power & Light Co. Subsidiary.]
1934-12 Mos.-1933.
-Month-1933.
1934
Period End. July31$776,570 $9.501.774 $8,952,289
8751,070
Operating revenues
4,640,512
4,787,990
457,575
427.748
Oper. exp., incl. taxes_ 206,817
213.145
17.468
(net)
17,679
Rent for leased prop.
Balance
Other income
$305,643
3.019
$301,527 $4,500,639 $4,104,960
41,149
31,077
2,463
Gross corp. income_ -Int.& other deductions-
$308.662
197,365
$303.990 $4,531,716 $4,146,109
2.373.220
2,373,033
198,674
Balance
Y$111.297 y$105,316
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
$2,158,683 $1,772,889
960,000
960.000
1.255,237
1.255.236
$442,347
$56,554
Deficit
x Dividends accumulated and unpaid to July 311934 amounted to $1,046031. Latest dividends, amounting to 87 cents a share on $7 pref. stock
and 75 cents a share on $6 pref. stock, were paid on July 2 1934. Diviy Before property retirement
dends on these stocks are cumulative.
reserve appropriations and dividends.
Note -The above statement includes full revenues without provision
for possible revenue adjustments resulting from rate litigation now pending.
-V. 139, P. 755.
-Earnings.
Central Arizona Light & Power Co.
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933.
-Month-1933.
Period End. June 30- 1934
8209.973 $2,620,568 $2.621,617
Operating revenues
$211,248
1,712.214
1,881,547
145,237
Oper. exps., incl. taxes153,351
$739,021
270,762
$909,403
295,831
Net revs, from oper....
Other income
$57,897
22,846.
$64,736
21,355
Gross corp.income-Interest &-other deducts.
880,743
31,728
$86,091 81,009.783 $1,205,234
380,829
379.588
31,662
y$54,429
Balance
3449.015
Property retirement reserve appropriations
Dividends applicable to pref. stocks for period,
whether paid or unpaid
$628,954
441,129
$825,646
443.615
107,533
108,450
$273,581
$80,292
Balance
x Regular diva. on $7 and 46 pref. stocks were paid on May 1 1934.
After the payment of these divs. there were no accumulated unpaid dive.
at that date. y Before property retirement reserve appropriations and
dividends.
-Income account includes full revenues without consideration of
Note.
rate reduction in litigation.
-V.138, P. 4292.
-Earnings.
Central Vermont Ry., Inc.
1934-7 Mos.-1933.
-Month-1933.
Period End. July 311934
$506.678 $2.948.193 $2,819,873
$419,745
Railway oper. revenues_
2,576,264
2,800.620
392,406
370,679
Railway oper. expenses..
108,951
111,923
15,571
Railway tax accruals._
15,418
393
336
11
def18
Uncollectible ry. revs__
Net from revs
Non-oper. income
$120,417
$11,939
17.
37,569 ' 32.409
$35.313
245.650
$134.265
280,980
Gross income
Deductions
$49.508
63,273
$152,827
67,804
8280,963
441,752
$415,245
447,326
185,023 def$160,789
def$32,081
Net income
-V. 139. D. 438.
def$13,764
-Earnings.
Central West Public Service Co.(& Subs.).
1933.
1934.
. - Months Ended June 307
$1.098,461 $1.026,886
Total operating revenues
17.755
17.682
Non-operating revenues (net)
$1.116,143 $1,044.641
Total gross earnings
543.249
551.366
Operation
122.440
107,578
Maintenance
lk- 1.4
Taxes(State and local,and Federal3% on electrical a
81,268
68,636
energy)
376.340
375,611
Interest on funded debt
102,073
Provision for depreciation
105.732
Deficit before receivership and trusteeship ex8121.003
$152,506
penses, general interest, amortization, &c...._
1932.
1931.
1930.
Calendar Years1933.
Total operating revenues 82,188,516 82,398.884 $2,873,276 $2,901,490
Non-oper.revenues(net)
43,951
41.261
38,356
37,885
Total gross earnings-- $2.226,872 82.442.835 82,911.161 $2.942.751
Operation
1.164.304
1,224.425
1,314,481
1,367.999
Maintenance
220,648
245,028
290,546
344,205
Taxes (State and local;
L
and Federal 3% on
134.294
electrical energy)
143,648
152.435
122,297
Interest on funded debt_
752.126
746.515
6749.321
x749.321
Provision for deprec
217.506
241,118
y290,149
y287.328
Bal.(deficit) before receivership & trusteeship expenses, gen'l
int.,amortization,&c 8271.360
$148,545 sur$117,050 sur$68.780
x Inasmuch as the 1930 and 1931 gross earnings and expenses, as stated
above, are for properties owned at Dec. 31 1933 irrespective of dates of
acquisition, the average for 1932 and 1933 of "interest on funded debt"
has been used arbitrar y in order to complete the comparative date above
for the years 1930 and 1931. y "Provision for depreciation" for 1930 and
1931, for the purpose of this comparison, has been calculated on the same
basis as was actually used for 1932 and 1933.
1234
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Assets
Plant, property.
Pref. stock Series
rights, &c
22,782,355 23,113,964
2,165,400
A&B
Pref. & cl. A stock
Fractional wart.
commis.& exp__
181,293
39,155
(series IS) _
Misc. Inv. & refs__
5,138
108.748 Class A stock
Debt discount and
2,594,047
(88,941 shs.)
expense
1,110,462 1,148,875 Divs. on cl. A stk.
Exp. in connection
pay. in el. A stk.
20,628
with voluntary
Class B stock
plan and agree4,060,000
(200,000 shs.)
ment of adjust.
Funded debt__ _ -13,499,000
and refunding
100,298
Deferred liabilities
46,534
Special deposits_ _ _
51,127
23,328 Notes payable_ ___
8,768
Prepaid accts. and
Pref. stk. div. scrip
3,745
deferred charges
58,887
97,437 Accounts payable.. 171.761
Cash & wkg. funds 158,959
110,967 Acerd. taxes (Fed.
Dens. against maincome taxes are
tured interest on
subject to review
funded debt_ _ _ _
88,057
by Treas. Dept.) 208,666
Warrants recely_
13,070
Subscribers paid in
Accts. & notes rec.
advance
(less reserve)_ _ _ 259,093
245,355 Misc, curt. liabils_
25,645
Mans & supplies_ 205,746
255.405 Matured int. unpd. 799,205
Accrued interest
135,916
Deprec. (reserves) 1,223,407
Contrib.for line ext
14,425
576
Insurance
Capital surplus__ _ 541,823
Earned deficit_ _
544,216
Total
25,014.485 25,104,079
-V. 138, p. 4457.
•
2,163,700
39,455
2,594,047
20,628
4,060,000
13,505,000
44,785
83,675
121,688
132,542
23,553
13,470
317,725
134,224
1,339,213
14,425
541,823
45,874
25,014,485 25,104,079
Total
Chapman Ice Cream Co.
-Earnings.
7 Months Ended July 31Net income
Earns, per share on 50,000 shares capital stock
-V. 139, P. 593.
1934.
$10.388
$0.21
1933.
loss$8,494
Nil
Charis Corp.
-Earnings.
Calendar Years
Gross profit on sales__ _ _
Sell. & admin. expenses_
1933.
3623.413
465,988
1932.
1931.
1930.
$680,417 $1,129,452 $1,310,968
564,709
757.742
739,142
Net profit on sales_ _ _
Other trading income.._ _
Income on investments..
$157,425
33.727
18,718
$115,707
39,084
17,384
$371,710
74,509
23,512
5571.826
45,515
22,617
Net profit before taxes
Federal income taxes__ _
$209,870
28,857
$172,176
14,903
$469,731
43,880
$639,959
76,795
Net profit after taxes_
Earns. per sh.on 100,C00
shs. common stock_ _ _
$181,013
$157.273
$425,851
$563,163
$1.81
$1.57
$4.25
$5.63
Assets
Cash in bank and
on hand
Securities invest_
Accounts receiv_
Other advances_ _ _
Inventory
Machinery .1: fiat
a Real estate
Deferred assets_._
Comparative Balance Sheet Dec. 31.
1933.
1932.
LiaNIttiesAccounts payable_
599,424 $125,420 Accrued expenses
566.709
497.341 Rm.for Fed. taxes
68,672
27,681 Capital stock
11,189
15,117 Surplus
292,467
198,720
87,071
137,767
176,350
187,350
8.470
18,060
Total
$1,310,352 31,207,458
Total
x After depreciation.
-V.138. P.4457.
1933.
572,834
6,703
28,857
250.000
951,958
1932.
529,034
5,076
14,903
250,000
908,444
Aug. 25 1934
Comparative Balance Sheet.
AssetsDec. 30'33. Dec. 31 '32.
Dec. 30 '33. Dec. 31 32.
IlaSilittesCash on hand and
Accounts payable_ 5306,396 5293,105
in banks
50,000
$272,065 $352,535 Notes payable...
52,955
52,955
U.S. Govt. bonds. 1.173,393 1.868,207 Other accts. curr't 516,915
337.755
Sink.funds
324.792
-Govt.
Reserves
95,500
bonds & tax war1,730,905 1,730,905
Capital stock
rants
26,220 Capital surplus _ _ 1.069,964 1,069,963
Postage stamps
14,249 Earned surplus_ _ _ 1,515,524 1,293,360
324,723
Accts. & notes rec. 117,378
68,857
Inventories
2,378,331 1,633,472
Deferred expenses_
184.179
155,566
Capital assets_ _ _ _ 866,704
952,158
Total
$5,288,160 $5,099,883
-V. 138. p. 2568.
Total
55,288,160 85,099.883
Chicago Nipple Mfg. Co.
-Earnings.
Calendar Years1933.
1932.
Sales (net)
$278,355
$166,747
Cost of goods sold
277,221
140,376
1931.
$362,402
363,261
Gross profit
Miscellaneous income
$1,134
7.024
$26,370
10,765
loss$858
10,941
Total income
Selling and administrative expenses
Depreciation
Interest paid
$8,158
57.828
52,868
$37,136
49,907
52,888
$10,083
93,236
52,852
3,028
Net loss
$102,537
$65.659
Comparative Balance Sheet Dec. 31.
Assets
1932.
1933.
Liabilities
1933.
Cash
$6,388 Accts. payable-- 34,738
85,568
Cust. notes rem's
,
.
49 Accr. gen. taxes_ _
6,150
16,524
Aix ts. receivable_ _
8,940 Res. for stk. contr.
15,093
Tray. funds & adv.
2,720
obligation
1,118
33,634
Inventories
148,746 Class A stock
91,599
2,082,250
Investment in and
Class B stock
2,024,500
advance to subs. 594,068
536,567 Surplus
def119,003
x Properties
551,174
498,306
y Notes receivable
6,250
6,250
•z Treas. stk. Issued 532,500
595,000
Deferred
7,610
7,997
Good-will pats.,&c 2,330,655 2,330,655
$139,032
1932.
$4,905
12,776
36,134
2,132,250
2,024,500
def16,466
Total
$44,043,473 $44,194,100
Total
$44,043,473 $4,194,100
x After depreciation of $531,600 in 1933 and $479,079 in 1932. y Payable if, as and when back dividends are declared. z 3,150 (4.400 in 1932)
shares of class A stock and 7.500 shares of class B stock.
-V.137, p. 143.
Chicago & Western Indiana RR.
-Listing of Bonds.
-
The New York Stock Exchange has authorized the listing of $8,722,000
1st & ref. mtge. 55 % bonds, series A, due Sept. 1 1962, on official notice
,
5
of sale and distribution thereof, making the total amount applied for
524,814,000.-V. 139. p. 922.
City Stores Co.
-Earnings.
Period End. July 31Net loss_ x
Est. Federal inc. taxes_ _
Net loss
1934-3 Mos.-1933.
$338,191
$274.999
2.810
$341.001
5274,999
1934-6 Mos.-1933.
$720,543
$597,685
10.374
5608.059
5720.543
Subsidiaries' net loss__
$120,580
$78.631
$304,939
$161,752
220,421
Holding co. net loss_ ___
196.367
415,605
446,307
depreciation, contingencies, and deduction of minority
x After reserve for
interests, but before Federal income taxes.
-V.138, p. 3769.
"'Collateral Equities (Trust Shares).-Apsfitwoed--4-E‘c
rnhange.-,-
31,310,352 $1,207,458
ThCommitteett on Stock List of the New York Stock Exchange has det
ined that it has no objection to the participation by member firms
in the organization or management of Collateral Eqt X (Trust Shares)
ei
(1959), or in the offering or distribution of such security
ational Bank &
Collateral Equities, Inc.. is depositor, and Wint
Dividends received
$127,764
Trust Co. of Dayton, Ohio, is trustee of Collateral Equities, which is a
Interest earned on bonds
18.361
fixed or restricted management type investment trust. Trust agreement
executed March 27 1934. Date of termination, March 27 1959.
Total income
$146.125
Officers and directors of Collateral Equities, Inc., are as follows: Officers:
Expenses and taxes
23.330
Ray M. Brock, President; M. H. Laufersweiler, Vice-President; W. M.
Provision for Federal income tax
400
Brock, Treasurer; R. H. Brundrett, Secretary.
Directors: Ray M. Brock, W. H. Laufersweller, W. M. Brock, Robert
Net income
$122,394
Patterson Jr. and R. H. Brundrett, Dayton, Ohio.
Balance Dec.31 1933
500.812
Offering Price, Loading and Other Charges
.-The offering price of Collateral
Adjustment of provision made for capital stock tax payable in 1934
Equities is based on the last sales price of each of the underlying securities
to revised valuation as determined by the management
1,363
of the preceding day. The price is not a fixed one, as the Trust Shares
reflect the price variations of the underlying securities. The method by
Total income
5624,570
which the price is determined is as follows:
Dividends declared and accrued on preferred stock
122,172
The last sales price of each stock in the Trust Fund on the day preceding
the offering is multiplied by the number of shares of that stock held by the
Unappropriated div. & int.income as at June 30 1934
5502,398
trustee. To these sums is added all cash held in the Trust Fund and is
Capital Surplus as at June 30 1934.
-Amount available through the
not applicable to semi-annual distributions. To this is added 9% of the
writing down of the stated values of capital stock:
value thus ascertained to cover cost of distribution, overhead, commission
Preferred stock-written down from $100 to $25 per share: 51,000 shs. at
and profit. To this sum so determined is added the cash then held in the
175, $3,825,000: common stock-written down from $25 to $1 per share:
Trust Fund for distribution. This sum total as above ascertained, divided
170,000 shares at $24. $4,080,000; total. $7,905,000. Deduct Excess of
by the total number of shares outstanding, gives the value of one trust share
cost of preferred stock reacquired from 1932 to date over the stated value
for offering purposes.
of $25 per share. $61,084; balance. $7,843,915. Balance from investment
The price thus established is maintained until the close of the next busireserve representing net profits on sales of securities from commencement of
ness day, except that the depositor may, at any time during any day.
operations to Dec.31 1933. 5116,936. Value of Radio Corp.shares received
notify the distributor that in the opinion of the depositor a market change
on distribution to stockholders of General Electric Co., $1,312: total,
of such violence has occurred as to require a recomputation of the offering
$7.962,163. Capital losses sustained and provided for: Net loss sustained
price of said Trust Shares for that day. In such event the depositor may
on investments sold during six months to June 30 1934, $241.447; capital
submit a new tabulation to the distributor showing the offering price of
loss provided for-difference between cost and market value of investments
said Trust Shares as then existing, which said offering price shall be effecowned at June 30 1934, $4,162,243; balance, June 30 1934, 63.558,471.tive for the remainder of said respective business day.
V. 136. p. 846.
In computing quotations of the market value the price is adjusted as
follows: If, in the computation, a fraction of a cent results and the offering
Chesapeake & Ohio Ry.-Earnings.-price of the shares is $1.99 or less, the price shall be advanced to the next
higher cent: or, if in the computation a fraction of a dollar results, the price
July
1934.
1932.
1933.
1931.
is advanced to the next higher one-twentieth part of a dollar provided the
Gross from railway_ - - $8.876,222 $10,775,788 $7.220,344 $10,786,804
Price Is not less than $2 nor more than $4.99. And if in the computation
Net from railway__ 5,138,667
3,736,946
2,900,820
4,498,934
the price is $5 a share or more, the price is advanced to the next higher
Net after rents
4,019,067
2,709,388
2,112,104
3,634,452
one-eighth,
From Jan. 1
Collateral Equities Shares is of a partial distribution type in that stock
Grossfrom railway _ - 63,971,008 58,477,407 53,417,706 69,796,505
dividends or proceeds from the sale of stock dividends of any company.
Net from railway__ _- 28,016,155 24,968,876 21,316,117 25,564.879
the stock of which is held by the Trust Fund, shall be retained as an enNet after rents
21,114,114 18,749,948 15,799,420 19,564,963
tirety in the Trust Fund. All stock dividends received of any company,
-V.139, p. 1079.
other than a company, the stock of which is held by the Trust Fund, shall
be sold by the trustee and the proceeds credited to currently distributable
Chicago Bridge & Iron Works.
-Acquisition.
funds.
See Aluminum Co. of America, above.
-V. 130, p. 1465.
Stock split-ups must be retained by the trustee in the trust fund.
Subscription rights or other rights are required to be sold by the trustee
Chrysler Corp.
-Plymouth Retail Sales.
and proceeds credited to currently distributable funds.
Retail sales of Plymouth motor cars in the week ending Au. 18 totaled
Distributions are made semi-annually to the shareholders on March 1
7,344 units compared with 7.53'6 in the preceding week and .005 in the
and Sept. 1 of each year.
corresponding week of 1933. Production in the week of Aug. 18 was
7.649 units against 7,335 in the corresponding week of 1933.-V. 139, P.
Commonwealth Edison Co.
-Earnings.
1079.
-Month-1933.
1934-7 Mos.-1933.
Period End. July 31- 1934
Gross revenue
15,086,868 $5,746,097 $43.977,379 $41,713.223
Chicago Mail Order Co.
-Income Account.
Net income
4,317,981
296,585
3,836,810
329,994
-V. 139. p. 758.
Income Account Year Ended Dec. 30 1933.
sales
Net
$17,973,004
Colt's Patent Fire Arms Mfg. Co.
-Earnings.
Net profit before depreciation and Federal taxes
366,740
Years End, Jan. 11934.
1931.
Write off of physical facilities
1933.
1932.
108.439
Net profits after deprec.
Provision for Federal taxes
40,000
and taxes
$103,059
$675,132
320.795 loss$56.971
Reserve for plant consol.
25,000
Net profit for year
$218,300
Dividends
241,909
393.400
Surplus at Jan.! 1933
293,170
193,575
1.293,360
Surplus adjustment
3,863
Surplus
$408,163 deft172.780 zdef$350,141 def$290,341
Surplus at Dec. 30 1933
x Before charging reserve for contingencies amounting to $100.000.
$1,515,524
Investors, Inc.
-Earnings.
Earnings for Six months Ended June 30 1934.
Chartered
Comparative Balance Sheet Jan. 1.
1933.
1934.
Atatts1934.
1933.
Capital stook
$5,000,000 $5,000,C00
Real estate, bldgs.,
mashy. & equlp.$2.779,790 $2,867,257 Advance payment
342.681
2,402,149 2,900,075
under contract_
Inventories
6,881
9,873
Accts. & notes rec. 447,350
364,898 Accounts payable_
116,000
Cash & investmls 2,863,489 2,142,766 Reserve for taxes_
736
Deferred charges_
15,017 Res. for plant con25,000
solidation
3,345,633 2,937,460
Surplus
Total
1235
Financial Chronicle
Volume 139
$8,493.514 $8,290,014
Total
$8,493,514 $8,290.014
-V• 137, p. 3679.
Commonwealth & Southern Corp.
-Electric Output.
Electric output of the system for the month of July was 469,354,682
kwh. as compared with 475.701,113 kwh. for July 1933, a decrease of
1.33%. For the seven months ended July 31 1934 the output was 3.353,646,118 kwh., as compared with 3,035,625,992 kwh. during the corresponding period of 1933, an increase of 10.48%. Total output for the
year ended July 31 1934 was 5,626,258,972 kwh., as compared with
5,165,454,679 kwh. for the 12 months ended July 31 1933, an increase
of 8.92%.-V. 139, p. 594.
Consolidated Lithographing Corp.
-New Officials.
Jacob A. Voice, President and Chairman of the Board of this company
and the International Banding Machine Co. announces the election of
Sidney P. Voice as Treasurer of both corporations. in addition to his present
office of Secretary. James L. Murphy, has been elected Assistant Treasurer
of both corporations.
-V. 135. p. 1334.
Consolidated Publishers, Inc.(& Subs.).
-Earnings.
Calendar Years1932.
1933.
Operating income
$4.448,970 $5,080,047
Operating expenses
3.721,888 4,347,651
Provision for depreciation
157,036
143.413
Operating profit
Miscellaneous income
$583.669
84.943
$575,348
102,881
Total income
Interest. discount, &c., deductions
x Provision for Federal income taxes
$668.612
353.485
46.859
$678,229
405.963
39,187
Net profit
$268,268
$233,079
x Charged by Paul Corp.
-based on amount which would have been
payable had Consolidated Publishers, Inc., & subs, filed a separate consolidated return.
Condensed Consolidated Balance Sheet Dec. 31.
which further states: "The amount Involved in the transaction was not
stated. The transfer was made by the Chase National Bank, as trustee.
Operation of the companies was recently taken over from the bank by the
bondholders' protective committee of Baltimore."
-V. 135. p. 4033.
Cord Corp.
-New Vice-President.
W,H.Beal has been made a Vice-President and Is to be assistant to L. B.
Manning, Executive Vice-President.
-V. 138. P. 1235.
Crown Willamette Paper Co.(& Subs.).-Earnings.1931.
1934.
1932.
1933.
Gross profit
$1,606,683 $1.227,799 $1.448.515 $2,199.822
696,376
Depreciation
573,743
671.546
604.054
154.343
Depletion
134,459
115,716
173,101
325,297
Interest
285,835
307,733
270.237
152.676
Federal taxes
70.378
92,032
45,000
Minor. int. Pacific Mills
14.173
7,413
Cr1,823
3,666
Quer.End. Jut!,31-
Net profit
$279,476
$856.958
$459,846
$190,585
Earn. per sh. on 200,000
$1.39
$4.28
shs. 1st pref. stock_ _ _
$2.29
$0.95
Note.
-Above figures include company's proportionate share of Pacific
Mills, Ltd., earnings.
-V. 139. p. 1081.
Crown Zellerbach Corp.(& Subs.).-Earnings.1931.
Quar. End. Juty 311932.
1934.
1933.
Profit after charges
$2,280.059 $1,993.403 $1,858,829 $2,966.431
934.970 . 968.568
857,907
Depreciation
889,503
115.716
154,490
Depletion
134,765
175,425
436.896
473.664
Interest
398,149
372,864
186,727
Federal taxes
93.545
156.172
S7,318
283,108
425,769
Minority interest
418,913
188,854
Net profit
$326,409 10645,406
$757,213
$267,182
Earn, per sh. on 250.601
Nil
$3.02
shs. pf stk.ser. A & B
$1.30
$1.06
- 139, p. 925.
V.
Cushman's Sons, Inc.
-Earnings.-12 Weeks Ended- -28 Weeks EndedPeriodJuly 14 '34. July 15 '33. July 14 '34. July 15 '33.
Net profit after int., deprec., Federa. taxes &
other charges
$281,935
loss$19,479
$61,687
$110,396
Earns, per sh. on comb.
$4.64
preferred stocks
Nil
$1.01
$1.86
-V.139. p. 1081.
-Meeting Postponed.
Dayton Rubber Mfg. Co.
The adjourned stockholders' meeting called to vote on a recapitalization plan, has been further ajdourned to Sept. 5.-V. 1 , p. 4295.
1932.
1933.
1933.
1932.
Assets
Liabilities$
$
$
Deep Rock Oil Corp.
-Reorganization
ec--z-2-, c,
,
Cash
$202,471 $120,820 Notes pay., banks 290,000
212,500---Notes receivable
1,592
Federal Judge Franklin E. Kennamer at Tulsa, • a., has authorized t
4,484 Notes and trade
plan of reorganization
284,048
Accts.& comm. rec 480,321
reorganization committee to present the propos
454,135
accept. payable_ 271,015
to all creditors and stockholders and obtain written counsents. The court
256,652
Accts. rec.-misc.
4,949
4,293 Accounts payable. 200,970
Inventories
63,402
declined to approve the plan until such approval is obtained and deferred
51,641 Sundry Habil. and
1st mottgage 6s
132.341
98.425
hearing until a later date. The proposal consists of the issuance of new
accrued expense
Toledo Blade Co
4,167
20,833
-V. 139. P. 113.
debentures to retire existing indebtedness.
Mtge. bond install
Other assets
23,572
28,364
308,950
267,403 Unearned subscrip
Delta Valley & Southern Ry.-Stock.a Plant & equip.... 1,705,314 1,817,660 Res. for Fed. taxes
23,346
Deferred charges.. 155.691
150,000
The I.
-S. C. Commission on Aug. 15 authorized the company to issue at
188,407 Notes payable_
Circulation, goodnot less than par $25.000 capital stock (par $100). to provide funds for the
2,671,000 2,678,000
Funded debt
will &c
8.926,060 8.926,060 Due to attn. cos... 190,300
248,987
acquisition and rehabilitation of a line of railroad, for the purchase of a
Due from MM. cos 1,447,922 1,452,918 Pref, stock of sub.
locomotive, and for other purposes.
The Commission on Aug.1 authorized the company to acquire and operate
600
600
company
a line of railroad in Poinsett and Mississippi Counties. Ark., extending from
6,927.508 6,927,508
b Capital stock
2,604,103 2,347,986
Deckerville to Evadale Junction, a distance of 18.1 miles, and formerly
Earned surplus
-San Francisco Ry.
known as the Evadale branch of the St. Louis
Total
The proceeds of the proposed stock, which is to be sold at par, will be
13,300.840 13,287,820
13,300,840 13,287,820
Total
used chiefly for toe purpose of providing funds for the acquisition and
a After reserve for depreciation of $1.134.795 in 1933 and $1,070.241 in
rehabilitation of the line, and the purchase of equipment. The company
1932. b Represented by 4,500 shares no par $5 dividend cumulative prehas arranged for the purchase from Lee Wilson & Co. of Wilson. Ark. of
[erred stock and 100,000 no par shares common stock, less 20,000 shares of
1,095.134 gross tons of steel rails and fastenings at $8.92 a ton, a total
common stock in treasury.
-V. 136, p. 4093.
of approximately $9,768, and will exchange them at that price in payment
for the line be to acquired. It is proposed to use $4,000 of the proceeds for
-Earnings.
Consolidated Royalties, Inc.
toe purchase of a second-hand freight locomotive. In addition to this
Earnings for the Six Months Ended June 30 1934.
amount and the amount required to pay for the rails and fastenings to be
exchanged in payment for the line, the company estimates that, prior to
$16,178
Income
operation, it will be necessary to make the following expenditures: Ties.
442
Office salaries, fees and expenses
$3,000, track-laying and surfacing, $2,500, bridges, trestles and culverts.
496
Taxes and revenue stamps
$15,240
11,284
Operating profit
Loss on royalties sold
Net operating income
$3,956
Balance Sheet June 30 1934.
Assets
Properties & royalty interests-3125,489
Investments in affiliated cos.... 60,000
Deferred charge
118
Cash on deposit
6,389
Notes receivable
3,160
Total
$195,156
Liabilities
Preferred stock
Common stock
Surplus
Due U.S. Oil Royalties Co._ _
Reserve for Federal taxes
$174,000
8,700
12,088
178
190
$195,156
Total
Continental Steel Corp.(& Subs.).
-Earnings.
-Years Ended June 301934.
1933.
Profit from operation
$1,266.904
$497,366
Depreciation
515,012
440,837
Interest and discount on bonded indebtedness_ _ _ 100,908
100,235
Loss on dismantlement of properties
26,482
3,429
Net profit for year
$624,500 def$47,135
Provision for Federal income tax and contingencies
140.000
Prov. for divs. accrued on sub. cos.' pref. stock
4,347
12.736
Profit
$480.153 def$59,871
surplus
Previous
1,112,080
1,134,124
Restored to earned surplus in respect of accrued
dividends on subsidiaries' preferred stock
10,015
Discount on funded debt retired, &c
12,000
37.828
Earned surplus June 30
$1,614,249 $1,112,080
Consolidated Balance Sheet June 30.
1934.
1933.
1934.
$
$
AssetsLiabilities-$
603,735
312,018 Accounts payable_ 328,772
Cash
Notes & accts. rec. 2,110,908 1,072,643 Notes pay. to blcs- 550,000
240,000 Payrolls payable__
195,073
Ctfs. of deposit_
2,598,793 2,323,636 Accrued int.. gen.
Inventories
Marketable securs
59,510
taxes, &c
187.729
Bonds due within
Land contr. rec. &
74,135
77,169
year
75,000
unsold land_ _ _
Funded debt
1,154,500
Invest, in bds.
56,863
39,379 Operating reserves 179,798
stks.of parent co.
Res. for conting
185,509
Invest, in outside
31,510
44,040 Min. stockholders'
companies, &c...
71,968
int. in sub. ens..
b Land, buildings,
mach'y & equip_ 7,897,791 8,006,482 7% cum. pref. stk. 2,773,500
1
1 c Common stock
6,146,183
Patents
88,545
104,995 Earned surplus
1,614,249
Deferred charges
Total
13,462.282 12,279,874
Total
1933.
312,598
92,601
91,165
63,000
1,217,500
255.044
192,047
2,862,000
6,081,838
1,112,080
13,462,282 12,279.874
b After deducting reserve for depreciation of $5,354,967 in 1934 and
$4,924,862 in 1933. c Represented by 175,648 shares no par value,
V. 139. P. 759
.
nsolidated Utilities Corp.--he purchase of three South Carolina gas companies-the Anderson Gas
& ditties Co., the Greenwood as & Fuel Co.. and the Sumter Gas /4
-has been announced ccording to a Richmond press dispatch
Power Co.
IT
$2.000, and other track material. $300. It expects to use the remaining
$3,432 of the proceeds for oiganization expenses and working capital.
V. 139, p. 925.
-Earnings.
Dennison Mfg. Co.
1932.
Calendar Years1933.
Earnings
$6,851
$309,237
488,035
Depreciation
250,355
Net income
Divs. on 8% deb.stock
Divs.on 7% pref.stockDiv.on 7% cl. A stock
1931.
$75,646
392.555
1930.
$898.901
414,612
$58.881 def$481,184 deft316,909
329,160
205,112
12,150
$484,289
329,530
191,712
def$863,331
def$36.953
Balance,surplus
$58,881 def$481,184
- 139. p. 440.
V.
Detroit Street Rys.-Earnings.Period End. July 31- 1934-Month-1933.
Operating revenues_ _
$1,172,655 $1,007,015
Operating expenses
698,610
941,781
Taxes assing. to oper_
73,417
70,487
1934-12 Mos.-1933.
$15,655.657 $12,639,344
11,777,193 9.434.744
1,202,880
875,080
Operating income.-Non-operating income.-
$160,386
7,707
$234,987 $3,003.383 $2,001,719
2,642
135,262
55,373
Gross income
Deductions
$168,094
157,486
$237,630 $3,058,757 $2,136.982
1.912,516
1,940,936
164,620
Net income
- 139, p. 440.
V.
510,608
573,010 51,146,240
$196.045
-Abandonment
Denver & Rio Grande Western RR.
of
Branch.
The I.
-S. C. Commission on Aug. 10 issued a certificate permitting
abandonment by the company of a branch line of narrow-gauge railroad
extending in a general north-easterly direction from Pagosa Junction,
through Kearns and Dyke, to Pagosa Springs, 30.85 miles. in Archuleta
County, Colo.
Commissioner McManamy, dissenting from the majority report,says:
"I do not subscribe to the conception of present and future public convenience and necessity which is manifested by the majority report. This
branch line serves a substantial community in a mountainous region where
all highways are closed during a substantial portion of the winter months.
The only reason given for its abandonment is that during a six-year period
which includes three years of the depression it was operated at a loss,
which is also true of the entire narrow gauge system. It is shown that the
total revenue accruing to the lines of the applicant from the traffic
originating on this branch during the period for which returns were shown
was more than six times the amount assigned to the branch, therefore for
every dollar credited to the branch the main lines would receive $5 which.
of course, will be lost to the main lines. This loss of revenue the main lines
can ill afford and it will hasten the day when the entire system of narrow
gauge lines must be abandoned if earning capacity is to be used as the sole
measure of public interest. Certainly no line of railroad can continue to
live if the feeder branches are to be lopped off one after the other, because
they can not exist on less than one-sixth of the earnings on the traffic they
originate but that seems to be the policy of this applicant. This record
shows that it is possible to make substantial savings in operating expenses,
which,together with increased revenue which is bound to come with returning prosperity and with the further development of this part of the State.
in my opinion justifies a denial of this application.
1236
Financial Chronicle
"I am authorized to state that Commissioner Aitchison joins in this
expression."
Commissioner Splawn also dissented.
-V. 139, p. 760.
Dictaphone Corp.(& Subs.).
-Earnings.
--
Doehler Die Casting Co.(& Subs.).
-Earnings.
-
Calendar YearsProfit for year
Depreciation
Res.for income tax
1933.
$217,556
58,113
21,207
1932.
$104,771
60.380
6,493
1931.
$318,628
62,573
33,296
1930.
5526,185
65,639
56,385
Net income
Cash div. on pref.stockCash div. on corn,stock-
$138,236
80,834
31,656
$37,898
82,652
31.656
$222,758
86.852
253.231
$404,161
90,384
x370,351
Balance, surplus
Previous surplus
Approp.for stock ret'm't
$25.746
779,474
6,331
def$76,410 def$117,325
857.393
1,008.330
35,865
6,331
def556,574
1,100,514
Dr36.993
Surplus Dec.31
$855.141 $1,106,947
$798,889
$774,652
Shs. corn. stk. outstanding(no par)
126,622
126,622
126,621
126.622
Earnings per share
Nil
$1.07
$0.45
$2.47
x In addition a stock dividend of 10%, amounting to 11,484 shares was
paid on common stock Feb. 14 1930.
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
1933.LiabilitiesCash
$324,080 $278,100 Accounts payable- $20,842
$10,340
TJ S. Treas. bills__
.
251,591
204,702 Accrued pay roll,
COMMISSi0119, &()
Marketable secur37,845
19,381
96.133
101.622
Accts. receivable._
21,208
6,597
430,101
340,112 Prov. for inc. tams
Inventories
641,922
741,316 8% cum. pref. stk. 991,900 1,024,500
a Land, bldgs. &
1
1
y Common stock_
equipment
774,652
339,633
373,817 Earned surplus- 798,890
Deferred charges.10,905 Surpl. for retirem't
8,661
Patents and trade215,104
of pref. stock... 221,435
marks
1
1
$2.092,121 $2,050,576
Total
$2,092,121 $2,050,576
Total
x After depreciation $621,513, in 1933, and $563,713 in 1932. y Repre-V.139. p.440.
sented by 126,622 no par shares.
-Earnings.
-Dictograph Products Co., Inc.
Calendar YearsGross profit from operations
Selling expenses
Administrative and general expenses_
1933.
$580,535
407,501
191,018
Net lossfrom operations
Other income and deductions (net)__ -
$17,984
16,591
1932.
$523,951
480.628
93,570
Aug. 25 1934
and 50 cents per share paid on May 1 1932. Previously the company made
regular quarterly distributions of 62M cents per share. Accruals after the
Sept. 1 payment will amount to $3.41 2-3 per share.
-V. 139, p. 925.
1931.
$634,753
672,320
135.058
$50,247prof$172,624
10,119
65,851
Net loss for year
$1,393
$40,128prof$238,475
Consolidated Balance Sheet Dec. 31.
Assets
1933.
1932.
Liabilities1933.
1932.
Cash
$51,029 Accounts payable,
$49,418
Notes, drafts, trade
accr. liabilities_
$60,379
8525933
1 58
:
acceptances and
Unclaimed diva.
(wets receivable 258,466
169,708 Notes receivable,
Marketable secur_
41,340
28,250
discounted
Merch. Inventories 189,624
214.544 Other payable._.
49,168
51 g3
1
Other notes and
Deferred income&
accounts receiv_
reserve
307,687
456,475
44,353
60,556
Invest. In capital
Reserve for possible
stock of subs. &
losses on realiza65,216
affiliated cos_ 90,217
tion of assets... 308,651
Treasury stock_ _
2,465
560 b Capital stock
400,000 1,540,000
a Land, buildings,
Surplus
688,901
498,386
mach.& equip_ _
389,581
468,390
Patents, good-will
and trade-marks
1
610,322
Other assets and
121,726
deferred charges 247,654
Calendar YearsGross profit
Selling & admin. expense
1933.
$808,868
372,581
1932.
$471.317t
391,691J
Operating profit
Other income
$436,287
5,421
$79,625
13,117
$241,368
46,735
$323,327
58,739
Total income
Deprec. & amortization..
Prov.for doubtful sects_
Interest
Minority interest divsFederal taxes
Moving expense
Specialexperimental costs
$441.708
96,583
16,020
58,040
$92,742
79,445
22,449
63,881
$288,103
96,469
$382,066
180,137
52,521
16,755
13.298
8.079
25,464
56,088
2,240
1,170
Net
___ __
Prof.& preferencedivsincome__-
$232,933 1°83598,498
$139,113
100,005
$142,430
135,384
Surplus
Shares com, stock outstanding (no par)
Earnings per share
$232,933
$39,108
$7,046
def$98,498
1931.
1930.
Not reported.
167,717
167,717
153,717
153.717
$0.59
Nil
$0.04
$0.04
Consolidated Balance Sheet Dec. 31.
Assets1932.
Liabilities1932.
1933.
1933.
y Prop, and plant,
7% cum. pref. stk.$1,000,000 $1,000,000
less depreolation$2,709,975 $2,763,612 z $7 pref. stock... 901,500
901,500
102,661 x Common stock__
Cash
119,737
559,057
559,057
220,238 Reserve for taxes_
277,276
Receivables
9,874
213,494 Notes payable.... 250,000
Inventories
292,233
550,000
1 Accrued expenses,
1
Patents
29,894
wages,&c
Customers die chgs
10,284
44,998
Bohn Aluminum &
Est. realization for
Brass Corp. for
1933 from the
liquidation
purchasing of die
of
100,523
casting division.
subs, not consol_
62,480
75,000
103,877 Mtge.install. pay_
Other assets
122,256
16,640
11,000
Lease deposits....
1,450
Treasury stock (at
1,855
2.325 Deferred income.
2,325
cost)
1,567
89,991 Mtge.indebtedness 406,000
87,450
Prepaid expenses.
414,226
Invest. in stocks &
Accounts payable_
173,286
116,545
64,284 Misc. accts. pay_
sundry real est..
6,049
Surplus
56,584
193,873
Total
Total
83,621,537 83,690,901
$3,621,537 $3,690,901
x Represented by 167,717 no par shares in 1932 and 1933. y After deducting depreciation of $967,806 in 1933 $852,656 in 1932). z Represented by
-V.136,P. 4467.
9,015 shares, no par value.
-Bales.
-Dominion Stores, Ltd.
Period End. Aug. 11- 1934-4 Wks.
-1933.
1934-32 Wks.
-1933.
io i,c
t
$E372 530
t,441,312 $11,849,853 $12,042,860
Sales
-V. 139. p. 1082.
Pont de Nemou s & Co.
I.)
-50
-cent Extra
Dividend,,, The directors on Aug. 20 declared an extra
dividenfU of 50 cents per share in addition to the regular
quarterly dividend of 65 cents per share on the common
stock, par $20, both payable Sept. 15 to holders of record
Aug. 29. This is the first extra payment on the common
stock .since Dec. 15 1933, when an extra distribution of
75 cents per share was made. The company on June 15
last paid a quarterly dividend of 65 cents per share, this
being an increase from the quarterly rate of 50 cents per
$1,551,452 $2,211,222
Total
Total
$1,551,452 $2,211,222
share maintained since and including Sept. 15 1932. (For
a After depreciation reserves. b Represented by 200,000 no par shares.
complete record of dividend payments, see "Industrial
-V. 137. P. 145
.
Number of the Railway & Industrial Compendiu " f June
Dividend Shares, Inc.(Md.).-Earnings.1934, p. 99).-V. 139,p. 1082.
Earnings for the Six Months Ended June 30-1934.
-20
-Cent Pref. Dividend
"
------Durham Duplex Razor Co.
Income
-Cash dividends
$523,765
Expenses
46,387
Net income,excluding security profits and losses
$477,378
Distribution Account 6 Months Ended June 30 1934.
-Net Income, as
above, $477,377; balance of distribution account at beginning of period,
-Amounts included in price paid for capi$323,290; total, $800,669. Less
tal stock surrendered for purchase at liquidating value, equal to the per
share portion of distribution account at time of purchase, $41,412; dividends declared on capital stock, $545,635; Balance applicable to quarter
ended July 151934. included in earned surplus annexed,$213,621.
Balance Sheet June 30 1934.
Assets
Investments-Corn. stocks_ _814,908,578 Payable for capital stock pur124,847
chased for the treasury._ _ _
Cash in bank
$52,375
114,640 Provision for Federal capital
Cash dividends receivable...
stock tax
Receivable for securities sold.
20,000
77,244 Provision for Federal income
not yet delivered
1,184
tax
Prepaid expenses
73,462
Provision for accrued expenses
5.102
Capital stock
3,754,982
Capital surplus
10,527,797
Earned surplus
792,774
Total
-V.139,P.925.
$15,226,492
Total
$15,226,492
Liabilities1933,
1932,
Notes payable to
bank
' $100,000
Accounts payable
and accrued.._ _ $128,804
71,928
Due to subsidiary
companies
243,992
Capital stock
5,000,000 5,000,000
1,514,452 1,600,483
Surplus
Total
86.643,256 87,016,404
Total
86,643,256 87,016,404
x After depreciation of $1,359,244 in 1933 and $1,983,521)n 12.V. 138, p.4295.
Dominion & Scottish Investments, Ltd.- ccum. Lliv.
The directors have declared a dividend of 25 cents per share on acco
of accumulations on the 5% cum. red, preference stock. Par $50. PaYab
Sept. 1 to holders of record Aug. 20. The dividends is payable in Canadian
funds and is subject in the case of non-residents to a 5% tax. This payment compares with 33 1-3 cents per share paid on June 1 last, 25 cents
per share paid quarterly from Aug. 1 1932 to and including Feb. 1 1934.
-Earnings.
Eagle Picher Lead Co.
1934.
1933.
1932.
1931.
6 Mos. End. June 30-Net loss after all charges 4110.242prfy$499,286
$633,027prof$154,485
x Also after inventory write-off of $133,451. y Includes inventory writeups of $490,757.
A. E. Bendelari, President, says that if inventory had been priced at
market instead of cost, inventory value would have been $220,751 greater
despite the sharp declines in prices during the last six months.
Sales were $4,748,761, an increase of 20% over sales of the six months
ended June 30 1933. Tonnage sales were up 5.7%.
Current assets as of June 30 1934, including $533,865 cash, were $6,335.470 and current liabilities were $1,869,726. This compares with cash of
$486,549, current assets of $6,275,343 and current liabilities of $1,571,228
on June 30 1933.
Eagle Picher Mining & Smelting Co. and subsidiaries report for the 6
months ended June 30 1934 net profit of $8,906 after depreciation and
depletion, &c.
-V. 138, p. 2920.
Eastern Massachusetts Street Ry.-Earnings.-
(Joseph) Dixon Crucible Co.
-Balance Sheet Dec. 31.Assets1933.
1932.
Cash
$519,517 $448,033
U. S. Govt. bonds
and accrd. mt..
99,859
Value of life insur_
35,568
29,007
Customers'notes &
accounts remit% 415,719
354,146
Employees notes &
accts. receivable
19,115
14,536
Other notes & scats
receivable
23,219
52,244
Capital stock purchased for sale to
employees
5,100
Inventories
2,871,216 3,115.733
Investments in, &
advances to subs 870,544 1,118,217
Other investments_
52,334
30,001
x Land, bldgs.,machinery,
1,710,110 1,819.774
Prepaid insur.subscriptions & exps
26,049
29,608
The directors have declared a dividend of 20 cents per share on accdilnt
of accumulations on the $4 cum. prior preference stock, no par value,
payable Sept. 1 to holders of record Aug. 30. Similar distributions have
been made each quarter since and incl. March 1 1933, as against 25 cents
per share in each of the three preceding quarters and 50 cents per share
previously. After payment of the Sept. 1 dividend accruals will amount
-V. 138, p. 3602.
to $12.85 per share.
Period Ended July 31- 1934 Month-1933.
$494,846
Railway oper. revenues$481,267
359,473
Railway oper. expenses323.047
23,219
Taxes
23,501
1934-7 Mos.-1933.
$3,861,358 $3.434,422
2,211,254
2,560,254
155,513
185,827
Balance
Other income
$112,154
10,368
$134,719
13,295
$1,115,277
73,660
31,067.655
87,100
Gross corp. income_ _ ..
Int. on funded debt,
rents, &c
Deprec. & equalization_
$122,522
$148,014
$1,188,937
$1,154,755
68,950
105,747
73,609
105,711
488,030
781,745
521.414
755,501
$52,175
$31,306
$80,838
$122,160
Net loss
-V. 139, p. 440.
-Earnings.
Eitingon Schild Co., Inc.(& Subs.).
1931.
6 Mos.End. June 30
1934.
1932.
1933.
Net profits after deprec.
$320,500
interest, &c
a$273,950 bloss$27,383 loss$545,622
a Equivalent to 68 cents a share on 398,480 (no par) shares of capital
stock. b Includes a net profit of $64.425 derived from the Polish textile
business which has since been sold.
-V. 138. p. 2921.
Eastman Kodak Co.(& Subs.).
-Earnings.
-24 Weeks EndedJune 16'34. June i7'33. June 11'32.
Net profit after depr.. Fed. taxes, &c_x$6,745,676 $4,348,624 $3,731,615
arnings per share on 2,255.921 shares
$1.57
$1.84
'common stock (no par)
$2.91 '
x The 1934 net profit includes profit on sales of securities amounting to
24 cents a common share.
F. W. Lovejoy, President, in a statement to stockholders says:
"Directors report a substantial increase over last year in the volume of
business transacted during these six periods, not only in the United States
but also in some of the foreign countries in which company has interests.
-V. 139,
This improvement has continued to the date of this statement."
p. 113.
-Earnings.
El Dorado Oil Works.
1933.
$329.606
964.984
Years Ended Dec. 31Profit for year
Previous surplus
1932.
$146,836
1,099,509
$1,294,590 $1,246,345
Total surplus
225,001
Dividends paid
1,063
Adjustments
15,298
39,690
Federal income tax
Extraordinary depreciation in anticipation of plant
40,(00
66,749
abandonment
$964,984
$1,188,151
SurpluS Dec. 31
Balance Sheet Dec. 31.
1933.
AssetsCash
$170.781
122,868
Accts. receivable._
222,561
Advs. on copra
Short-term munic.
bonds
988,010
Inventory
99,228
Investments
955,159
Fixed assets
8,250
Stk in other corps_
10,601
Deferred charges
issued. 515,135 shares in 1934 (515,122 in 1933) $6 pref. cum. (entitled
upon liquidation to $100 a share); xoari passu with $7 pref. and $5 prof.;
authorized, 1,000,000 shares; issued and outstanding, 255,430 2-3ashares.
share)
Second pref. series A ($7), cum.(entitled upon liquidation to $100 shares
pani passu with second pref. series AA ($7); authorized. 120,000
shares in 1934 (92,725 in 1933). Common,
Issued and outstanding, 86.278
authorized. 4.000.000 shares; issued (including 560 in 1934. 592 in 1933)
(shares issuable in exchange for stock of predecessor company), 3.408,833
shares in 1934 (1933, 3,883,045 shares). b Represented by 961 shares $7
-V. 138, p. 4462.
preferred and 821 shares common.
1932.
1933.
Liattlitties1932.
$13,977
$719,432 Accounts payable. $39,190
15,298
39,690
58,991 Reserve for taxes181.149 x Capital stock_ __ 1,688,592 1,787,500
954,304
807.987
Surplus
175,352
529,496
365,350
734,934
6,374
in 1933.-V. 136, p. 3170.
-Electric Output of Affiliates.
Electric Bond & Share Co.
Electric output for three major affiliates of the Electric Bond & Share
System for the week ended Aug. 16 compares with the corresponding
week of 1933 as follows (kwh.):
Increase.
%
Amount.
1933.
1934.
American Power & Light Co----76.489.000 82,276.000 x5.787,000 x7.0
36,545,000 5,042,000 13.8
Electric Power & Light Corp___41,587,000
65,885,000 64,317,000 1,568,000 2.4
National Power & Light Co
x Decrease.
-V. 139, p. 1082.
-Earns.
Electric Household Utilities Corp.(& Subs.).
1930.
1931.
1932.
$927,932 $2,668,296 $4,659,291
3,051,750
1,128,239 2,713,323
Calendar Years1933.
Gross profit
$1,777,367
Selling & admin. exps..- _ 1,243,102
$534,265 loss$200,307 def$45,027 $1,607,541
117,118
90.682
89,655
197.580
145,655 $1,724,659
Net earnings_ _ ______ $731,845 loss$110,651
178.100
Prov. for Federal taxes..
67.953
223,044
261,156
69,727
Depreciation
93,055
Add'I deprec.for prey. yrs.
20,418
Decline in market value
89.323
206,289
13,786
of securities
8,481
3,200
Canadian income taxes_
9.281
Exch.loss on remittances
Net income
$541.936 loss$203,447 loss$424,990 81,234,191
820,481
403.821
389,770
Common dive. (cash).
$413,710
def$593,217 def$828,811
Surplus
$541,936
She. corn. stk. outstandx411,418
x397,015
393.656
ing (par $5)
396,678
Nil
$3.00
Nil
Earnings per share
$1.36
x Par value $10.
Dec.31.
Consolidated Balance Sheet
1932.
1933.
mammiesAssets1933.
1932.
Net profit
Miscellaneous credits_ _
81,983,390 $1,970,036
a Plant equip., &c. $945,840 $994,353 Capital stock
1,672
Stock warrants_ _ _
Good-will, trade1 Accts. payable and
1
marks & patents
350,727
accrued expenses 446,063
Cash
597,191
677,373
Employ, pay, on
U. S. Govt. secur.
19,922
24,790
stk. subscription
and accrued Int.
2,011,038 1,864,670 Res. for exchange
thereon
50,354
fluctuations____
757,417
Notes & accts. tee. 757,196
250,000
General reserve___ 250,000
Metered machines
40,733
Federal tax reserve 105,412
113,234
out on rental
389,770
901,979
792,471 Divs. payable____
Inventories
4,223 Earned surplus... 1,712,671 1,170,734
3
26,071
Prepaid expenses.
902.011
58.475 Paid-in surplus... 902,011
38,762
.. Investments
35,471,495 85,098.803
Total
35.471,495 35,098,803
Total
z After depreciation of $2,249,719 in 1933 and $2,139,505 in 1932.-
V. 139. p. 441.
--Earrings.
Electric Power & Light Corp.(& Subs.).
12 Months Ended June 30Subsidiaries
1934.
1933.
1932. '
Oper.expenses,incl.taxes
$71,028,691 $69.352,967 $75,930,973
37.955,540 35,901,679 36.898.846
Net revenuesfrom operation
Other income
$33.073.151 $33,451,288 $39,032,127
160,474
409.397
120,533
Gross corporate income
Int. to public &c., deductions
Interest charged to construction
Retirement & depict. reserve
$33.193,684 $33,611,762 839,441.524
$15,760,772 $15,954.555 816,745.954
Cr30,593 Cr915,680
Cr13,133
8,240,944 7.020.098 5,982,869
Operating revenues
$9,205,101 810,667,702 $17,628.381
Balance
7,924,158 7.907,712 7,915,537
a Preferred dividends
89,900
166,955
81,583
Portion applic. to minority interestNet equity of El. &. & L. Corp. in
$1.191.043 $2,678,407 $9.545,889
income of subsidiaries
Electric Power tt. Light Corp.
81,191.043 $2,678,407 $9,545,889
Net equity (as above)
270,213
103,563
14.065
Other income
Total income
Expenses, including taxes
Int. to public, &c.. deductions
$1,205,108 $2,781,970 $9,816,102
448.348
406,677
522.885
1.593.210
1,588,974
1,590.364
$740,412 $7,702,853
loss$790,543
Balance, surplus
x Full dividend requirements applicable to respective 12 month periods,
whether earned or unearned.
Balance Sheet June 30.
1934.
1933.
$
$
AssetsInvestments -182,840,164 182,938,742
1,680.378 2,063,331
Cash
1,000,000
Time dep. In bks 1,800,000
Notes & loans
753,000
1,550.000
reo., subs....
106,924
16.191
Accts. rec.,subs.
12,400
11,855
Accts. rec.-oth.
Subscrib. to $7
pt stk. allot.
12,251
10,995
ctfs
101,820
101.820
b Rcacq.cap.stk
debt
Unatnort.
disc. & esp.__ 3,725.273 3,764.247
64,005
26.240
Claim receivable
25.000
Indemnity agree
1933.
1934.
Liabilities.
8
t
a Cap. stk. (no
par value)._ -155,044,139 155,042,839
SubscrIp. to $7
pf. stk. allot.
10,900
12.200
ars
Long-term deht. 31,000,000 31.000,000
86.445
46,207
Accts. payable_
687,804
701,514
Accrued accts._
25,000
Indem. agreeml
156.589
158,740
Reserve
4,020,273 4.613,984
Surplus
8263,372
Loss for year
83,425.452
Balance Sheet Dec. 3.1.
1932.
1933.
1932.
1933.
Assets
264,639
771,111 Accts.& wages pay 225,315
1,109,012
Cash
130,000
114,293
770,444 Accrued taxes__
Accts. & notes rec. 913,031
300.000
Marketable secur_ 2,888,210 2,335.579 General reserves._ 440.000 10,000,000
x5.970,170
Capital stock
1,151,385 1,848,424
Inventories
131.825
72,696
Earned surplus_._
Sundry partic. in
547,463 Capital surplus_ _ 4,000,000
537,831
process
27,068
Treas. stock of co.
136.335
15,188
Otherassets
63.835
13,969
Deferred charges
Land,facCy.bldgs.
mach'y & equip_ 4,193,850 x4.326,209
10,822,475 10,826.465
Total
10,822,475 10,826,465
Total
a Alter depreciation reserves of $4,285,692 in 1933 and $3,996,204 in
1932. y After deducting 5,000 shares of treasury stock at cost of $29,830.
-V.136. p. 2617.
-Earnings.
Elmira Light, Heat 8c Power Corp.
1931.
1932.
1933.
Calendar Years$2.386.766 $2,279,420 $2,611,697
Gross operating revenues
1,260,138' 1,252.240
1,312.341
Operating expenses
172.728
213.710
241,208
Maintenance
200,997
98.673
84,866
Prov.for retire., renew.& replacenfts
245,974
255,058
209.581
Taxes (incl, prov.for Fed,inc.taxes).
5739,757
$451.841
$538,767
Operating income
19,057
4,124
8,117
Other income
$758,814
8546.884 $455,965
Gross income
250.000
375,273
375,274
Interest on funded debt
259,341
136,987
109,899
Interest on unfunded debt
19,356
33,276
33.276
discount & exp.
Amortization of debt
Cr13.235
Cr8.134
Cr6,140
Interest during construction
Net income
Preferred dividends
$34.576 loss$81,437
18,000
3,000
8243.352
Balance
-V. 139,
$31,576 def$99,437
$243,352
p. 926.
-Earnings.
Empire Gas & Electric Co.(& Subs.).
1933.
1934.
$2,263,295 $2,181,589
798,621, 821,702
12 Months Ended June 30Electric revenue
Gas revenue
$3.061,916 $3.003.291
Total operating revenues
1,730,793 1.583,125
Operating expenses
288,959
292,367
Maintenance
235,637
252.529
renewals & replacements_ _ _
Prov.for retirements256.653
239,522
Taxes (including provision for Federal inc. taxes)
$638.916
$546,705
Operating income
4,928
1,282
Other income
Interest during construction
$547,987
268.990
98,302
26,393
Cr2.842
$643.844
268,990
105,390
26.393
Cr10,167
Balance of income
Preferred stock dividends
$157,144
174,430
$253.239
174.441
def$17,286
$78.798
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Balance
-V. 139. p. 1083.
-Earnings.
Emsco Derrick & Equipment Co.
1933.
$161.942
23,378
Calendar Years
Earnings for year
Research & develop.exp.
Reserve for Federal taxes
Reserve for investment
shrinkage
Reserve for contingencies
Depreciation
45,239
1931.
1932.
86.308 loss$91,377
44,644
43,134
1930.
8598.190
258.383
79,749
25.710
209,755
36,101
95.871
$2.546
Deficit
Previous earned surplus_
3158.487
$474,153prof$326,624
560,000
$2,546
819,803
Net deficit
Cash dividends
43,703
77,957
$158,487
1,002.525
$474.153
1,499,376
$233,376
1,732,753
Total surplus
Adjustments
5817.257
13.180
5844.038 $1,025,223 51,499,376
22,698
24,235
Profit and loss surplus
Shares of common stock
(no par) outstanding_
Earnings per share
$804.077
$819,803 51,002,525 81.499.376
400,000
400.000
$0.82
Nil
400,000
400,000
Nil
Nil
Balance Sheet Dec. 31.
1932.
$79,289
405.870
256,945
20,747
180,489
Bonds
1,364,520 1,765,544
Inventories
15,118
Misc. accts. red...
561,041
928,774
Investments
a Land, buildings,
machinery and
equipment,&c.._ 1,097,898 1,918,032
1
200,000
Good-win
Patqa,trade-marks
806,298
and drawings.
Prepaid taxes, ins.,
47,641
43,424
dic
1933.
Assets$135,889
Cash
Notes receIvable._1 585,477
Accts. receivable..)
Total
83,813,214 88.599,787
1932.
1933.
lAabtXisles
891,439
Accounts payable. $249,912
Acer. taxes, wages.
18,545
54,355
&c
420,000
100,000
Res. for contIng__
16,938
Deferred income__
y Capital stock._ 1,885,970 5,250,000
819,803
Earned surplus... 804,077
Capital surplus__ 701,961
Total
83,813.214 $6,599,787
x After reserve for depreciation. y Represented by 400,000 no par shares
in 1932 and 377,194 in 1933.-V. 139, p. 278.
-Changes in
English Electric Co. of Canada, Ltd.
Directorate.
190,985.913 191.638,722
Total
190,965,913 191.638,722
Total
liquidation to $100 a
a Represented by: $7 pref., cum. (entitled upon
pref.; authorized,
shares:
share): Pant passu with $6 pref. and $5
-Earnings.
Elgin National Watch Co.
1932.
1933.
Years Ended Dec. 31$140,636 def.$1,193,781
Profit from operations
806,670
Reduction of inventories to mkt,or realizable value
Provision for real estate, personal property and
120,005
capital stock taxes, &c
1,425,000
284,004
Provision for depreciation
$2,575,439 $2,771,080
Total
$2,575,439 32,771,080
Total
x Represented by 150,000 no par shares in 1932 and 141,700 no par shares
1237
Financial Chronicle
Volume 139
800,000
The company has announced the election of four new directors and the
withdrawal from the board of Lord Neston of London, Eng., and R. Home
Smith of Toronto.
The board as now constituted includes Sir John Pybus of London,
Douglas H. McDougall, Norman D. Perry, Gordon F. Perry, T. H.
Watson, and A. Mundy of Toronto; Herbert B. Norris, P. A. Thomson_
1238
Financial Chronicle
Lieut.-Col. W. A. Bishop of Montreal, and
Daniel H. McDougall of
Stellarton, N. S.
-V. 139, p. 1083.
1933.
$40,483
1931.
1930.
$41,430 prof$51,526
15,000
20,000
$40,483
def182,255
364.820
def98.839
$56,430 prof$31,526
1.558
25,209
$222.737
Net loss
Previoussurplus
1932.
149,829
15,000
$163,659
$54.872 sur$56.735
7,375
44,250
Total deficit
Dividends
Life insurance
Adjustments
Cr 1.983
22,009
Profit &loss deficit _ ..
Assets
Cash
Accts. receivable_ _
Accts. due by subs.
Inventories
Securities
Life insurance_ _ _ Real estate
Investments in &
I adv. to subs__ _ _
Real estate:
Land
I Buildings
Plant & equipm't_
Deferred charges
1933.
$1,429
38,463
13,304
241,147
201
5,853
56,519
6,699
44,699
363.279
488,862
40,553
18,591
36,588
10,928
$242,763
3182,255
$98,835
sur$1,557
Balance Sheet Dec. 31.
1932.
Liabilities1933.
1932.
3154 Bank loan current_ $249,450 $255,000
. 34,995 Bank loan special_
112,250
112,250
22,419 Bills & accts. pay_
49,710
30,625
290,685 Accr. liabilities_ _
2,652
3,846
201 Mortgage payable
5,450
5,750
Res. for deprec. &
56,519
contingencies_ _ _
98,929
99,929
x Capital dr surplus 782.567
845,976
9,385
44,699
363,279
488,862
42,178
Total
$1,301,010 $1,353,377
Total
$1,301,010 $1,353,377
x Represented by 29,500 shares (no par).
-V. 137, p. 1943.
Erie Lighting Co.-Balance Sheet Dec. 31
1933.
1932.
1933.
Assets$
Fixed capital
10,981,830 11,004,063 Capital stock
2,115,680
Inv.-unpledged
1
1 Funded debt
4.912,500
Depos.for sink.fd.
49,891
49,610 Due to stkholders_ • 49,861
Depos.for matured
Mat'd bond int_
3,500
bond interest._.
3,500
1,600 Taxes accrued_ _ _ _
98,277
Cash
25,901
24,963 Interest accrued_
61,406
Notes receivable
1.672
200 Miscell. accruals
4,740
Accts. receivable...
92,456
119,430 Retirement reserve 1,786.530
Mat'is & supplies_
55,692
Cons. ser. & line
Bal. In closed bank
4,217
dep
25,454
Unamortized debt
Other reserves and
disct. & exp
448,223
461,703
unadiust. credits
92,453
Prepayments
1,660
Capital surplus... 1,543,129
MISC. unadl. debits
2,123
2.000 Corporate surplus_
973,635
Total
11,667,166 11,663,572
-V. 139, p. 926.
Total
1932.
S
2,115,680
4,959,500
188,449
1,600
51,417
1.231
1,665,116
9,463
1,545,858
1,125,254
11,667.166 11,663,572
Erie RR.
-Earnings.
[Including Chicago & Erie RR.]
Period End. July 31- 1934
-Month-1933.
1934-7 Mos.-1933.
Operating revenues---- $6,398.008 $7,000,281 $44,955,123 $40.195,048
Oper. exps. and taxes_ _ _ 5,048,058
4,917,005 34,240,196 31,674,792
Hire of equip. & joint
(Emil.rents, net db- 318,282
396.858
2,281,522
2.064.256
Net ry. oper. income. $953,090 $1,764,993 $8,433,404 $6,455,999
-V. 139, p. 762.
Fairchild Aviation Corp.
-Earnings.
Calendar YearsGross sales & earningsfrom opens_ _ -Cost ofsales & operations
Selling & administrative expense
P
Gross profit
Other expenses
Development and tool cost
Depreciation
Proportion of deficit of sub, company
for the period, applic. to min.int
1931.
$832,523
487.158
259,171
$55,717
23,018
$86,193
9,934
$41,242
57.893
178.735
73,723
20,196
41,050
$96,127
60,141
102,039
33,909
36,164
Cr4,401
Cr3,558
Cr4,537
$48,413
Netloss for year
Assets
Cash
Notes & accts. rec.
Deposits on contr.
Inventories
Inves. & advances
y Lands, buildings.
mach.& equip
Deferred & prepaid
expenses
Good-will
1932.
1574;322
348,377
170,228
317,824
23,418
Operating profit
Other income
1933.
3674.135
497,149
159,162
$52,674
$95,424
Consolidated Balance Sheet Dec. 31.
1933.
1932. I LiabilUies1933.
1932.
$86,853 $223,845 a Capital stock___ $211,586 $1,066,480
174,728
51,276 Notes payable_ _ _ _
915
1,416
20,125 Accounts payable_
57,888
24,091
210,579
208,717 Accrued expenses,
287,712
300,836
commissions,&c.
14,546
14,427
Deposits on sales__
3,402
22,249
263,516 Mortgages payable
263,280
2,000
8,000
Min.equity in MM.
5,940
8,405
stock of sub _ _
36,268
41,669
1
1 Capital surplus
852,511
Deficit
148,607
100,194
Total
$1,030,508 $1,076,722
Total
$1,030,508 $1,076,722
x Represented by 213,296 no par shares in 1932 and 211,586 in 1933.
depreciation reserves of $195,907 in 1933, 3207,036 in 1932.V. 139. p. 926.
y After
---••••• Falconbridge Nickel Mines, Ltd.
-Doubles Dividend.
The directors have declared a quarterly dividend of 10 cents per share
on capital stock, no par value, payable Sept.27 to holders ofrecord Sept. 12.
The company made distributions of 5 cents per share each quarter from
Dec.29 1933 to and including July 2 1934 and 10 cents per share on June 30
and Jan. 20 1933.-V. 139. p. 927.
Fall River Gas Works Co.
-Earnings.
Period End. July 31Gross earnings
Operation
Maintenance
Retirement res. accrualTaxes
Interest charges
-Month-1933.' 1934-12 Mos.-1933.
1934
$69,011
$73,781 , 3896,629
$906,078
35,303
30,771
431,325
403,303
5,590
4,030
60,090
52,784
5,000
5.000
60.000
60,000
13,099
15,920
155,814
186,277
1,161
1,772
18,942
25,539
Balance
$8,856
$170,456
$16,285
Under the requirements of the Dept. of Public Utilities of
$178.174
Massachusetts,
the company is now making provision for retirements by charging operating
expenses each month. All previous years' figures affected, including retirement reserve and earned surplus for the previous year, have been
adjusted to a directly comparable basis.
During the last 31 years the company has expended for maintenance a
total of 7.78% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 7.91% of these gross earnings.
-V. 139, p. 598.
Falstaff Brewing Corp.
-Earnings:
Earnings for the Seven Months Ended July 31 1934.
Net profit after interest, depreciation and Federal taxes
$118.448
Earnings per share on 450.000 shs. of capital stock (par $1)
$0.26
July net profit was 344.483.
Current assets a-s of July 31 1934 amounted to 3629.337 and current
liabilities were $22 ,573.-V. 139, p. 598.
°
Calendar YearsProfits for year
Federal and State taxes_
1933.
$286.256
67.000
1932.
3189.724
42.000
1931.
$278.721
46,000
1930.
$407,809
66.810
Net profit
Prov. for deprec. in mkt.
value of securities_
Sink, fund redemp. of
preferred shares
Cost of corn. shs purch_
Preferred dividends_ __ _
Commondividends
1219,256
$147,724
$232.721
3340.999
9,666
10,364
36.519
97.918
9,764
7,792
36,919
49.498
50,138
52,621
39,267
99,879
42.906
100,000
Balance, surplus
Earnings per share on
common stock
Enamel & Heating Products, Ltd.
-Earnings.
--
Years End. Dec.31Operating loss
Depreciation
Aug. 25 1934
Fanny Farmer Candy Shops, Inc.
-Earnings.
-
364.789
$43,750
def$28,300
$145,472
71.737
$1.77
$1.12
Balance Sheet Dec. 31.
Assets1932.
1933.
Cash
3331,677 3408,975 Accts. payable and
Accts.receivable_
6,526
5,048
accrued charges.
Govt. & municipal
Res. for taxes_ _ _
bonds
668,096
626,366 Dividends payable
Accrued interest
11,876
11,290 b Capital stock...
Inventories
256,889
165,516 Surplus
Sits. of E. E. Fairchild Corp
5,000
a Real est., bldgs.,
equipment, &c_
438,377
433,477
Prepaid & deferred
charges
31,064
31,699
Goodwill dc leaseh_
I
500,000
$1.93
1933.
$16,160
72,161
763,822
890,885
$2.98
1932.
$23,057
42,000
33,876
763,821
1,326,095
Total
$1,743,027 $2,188,850
Total
$1,743,027 32,188 850
4
a After depreciation reserve of 3530.953 in 1933
b Represented by 14,990 (15.375 in 1932) no parand 3468.847 in 1932.
preferred shares and
97,628 2-3 (98.603 in 1932) no par common shares.
-V. 138, p. 1752.
Federal Public Service Corp.
-Trustee Appointed.
-
All creditors and stockholders of the corporation are notified
that by
an order of U. S District Court at Cnicago entered on August
Crawford was appointed trustee pursuant to Section 77B of the 16. Perry 0.
Bankruptcy
Act and that a hearing will be held on September 6 before Judge
Lindley, to determine whether the appointment shall be made Walter 0.
permanent.
-V. 138. p. 3602.
Ferro Enamel Corp.-Famas
....New-Divisi:7-
The company has formed the Ferro Export Division or the
purpose of
keting ferro enamel, supplies and equipment In f ign
reached by its subsidiaries in Canada. England. France countries, not
and Holland.
Marketsfor the new division will include South America,
Africa, Australasia,
Asia. Mexico and Central America.
,
Years Ended Dec. 311933.
1932.
Operating profit
$188.548
$60,642
Interest & dive.from inv., &c.,miscell.income- _ - _
20,220
36,692
Profit from above sources
$208,768
$97,334
Plant depreciation
20,677
19,095
Loss on sale ofassets
12,967
Loss on furnances and equipment scrapped
38.637
Interest, discount, &c
16,657
42,501
Prov.for Federal income tax
23,246
Profit for the year
$135,222
def$2.898
Consolidated Balance Sheet Dec. 31,
Assets
1932.
1933.
1933.
1932.
Cash
$16,018 Notes payable__
$10,262
$54,870
$5,964
U. S. Treas. ctfs_ _
172,259 Accts. and accrued
40,206
Other bonds
Items payable_ _
47,773
233,136
53,285
Cash value life ins.
1,205 Notes rec. dint_ _
587
2,665
26,294
Notes & accts. rec. 265,331
84,303 Deferred accts. _
119,309
142,964
Mdse. Inventories_
64,540 Preferred stock__ x124,117
210,414
131,896
Accts. rec. & inv.
Common stock_ _ _ y119,637
121,943
in sub. ens
94,020 Capital surplus_ _
104,040
230,850
194,935
Deferred charges to
Earned surplus _ _
188,651
102,016
operations
18,484
18,890
Funds depos. for
pref. stk. divs
1,650
Plant & equip, less
depreciation.... 285,322
245,013
Sundry receivable_
66,006
75.682
Patents
15,797
14,728
Total
$1,073,235 $779,298
Total
31,073,235 $779,298
x After deducting 2,162 shares of preferred treasury stock at cost o
$7,883. y After deducting 421 shares common treasury stock at cost o
32.363.-V. 138. p.3089.
Fisk Rubber Co.
-Distribution.
By an order for the final distribution of assets of the company
Aug. 21 by Federal Judge Hugh D. McLellan at Boston. holders of Issued
bonds
and notes and other creditors of the old company, which has been reorganized, will share in the allocation of $778.200.
The petition was submitted by John T. Noonan, counsel for the Chase
National Bank, New York, trustee for the receivers.
Bondholders who did not participate in a former partial distribution will
get $673.17 for each $1,000 plus $26.20 for each $40 coupon,and noteholders
$581.69 for each $1,000. Bondholders who shared in the partial distribution
will receive $272.48 for each $1,000 bond plus $10.60 for each $40 coupon
and noteholders $180.77 for each 31.000.
General creditors, all of whom have shared in the partial
dividends.
will be paid 3175.85 for each $1.000 within 20 days.
-V. 137. p. 1585.
Florida Power & Light Co.
-Earnings.
[American Power & Light Co. Subsidiary.]
Period End.July311934 Month 1933.
1934-12 Mos.-1933.
Operating revenues
$725.386
$674,930 $10,091,148 $9,779,970
Oper.exps.,incl. taxes..
495,358
412.967
5,775,976
4,861,816
Net rev. from oper_ _ _
Other income
$230,028
9.408
$261,963
161.793
$4,315,172
260,382
$4,918,154
342,601
Gross corp. Income_ _ _
Int. & other deductions_
3239,436
348.866
$423,756
344,287
$4,575,554
4.134,038
35,260,755
4,114,664
Balance
ydef$109,430
y$79,469
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
$441,516
400,000
$1,146,091
400,000
1,153,008
1,150.724
Deficit
$1,111,492
3404,633
x Dividends accumulated and unpaid to July 31 1934
$1,825,596. Latest regular quarterly dividends paid Jan. 3amounted to
1933. Dividends on preferred stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-Income account includes full revenues without consideration of
Note.
rate reduction in litigation.
-V. 139, p. 927.
Ford Motor Co. of Detroit.
-To Enlarge Power Plant.
-
The company will spend 35,500.000 in the next 10 months for replacements of generators, boilers and other equipment in the Ford power plant
at Dearborn.
The money is to be spent, primarily, so that a greater volume of power
will be available for the enlarged River,Rouge steel plant of the company.
It will involve greater coal consumption for the generation of power with
a consequent increase in mining operations, bringing the total capital
expenditure to about $10,000,000.
The $5,500,000 will buy one 110.000
-kw. generator, one high-pressure
boiler and the necessary auxiliary equipment, in addition to a 15,000
-kw.
turbine generator.
Financial Chronicle
Volume 139
The new installations will bring the capacity of the River Rouge plant
up to 2.200.000 pounds an hour of high-pressure steam for power generation.
-V. 139, p. 442.
Foote-Burte Co.
-Earnings.
Calendar YearsManufacturing profit__ _
Sell., gen.& adm.exps-Allowance for deprec__ Other deduc'ns-net___
Prov. for Federal taxes..
Net profit
Previous balance
1933.
$106.519
148,860
63,042
Cr1,096
los4104,287
318,533
1932.
$315,330
160,509
78,312
523
1931.
$38,445
168,634
79,202
Cr20,313
1930.
$289,453
195,959
77,539
Cr11,560
1,000
$75,985 loss$189,079
266,562
487,225
$26.516
650,208
Total surplus
Dividends
$214,246
$342,547
$298.146
$676,724
23,600
24,014
31,584
189,499
Balance, Dec.31
$190,646
$318,533
$266,562
$487,225
Earns, per sh. on 97,457
abs.cap.stk.(no par)_
Nil
$0.77
Nil
$0.27
Condensed Balance Sheet Dec. 31.
Assets-1933.
1932.
LiabUities1933.
1932.
Cash
$102,901 $128,381 Accounts payable_ $35,395
$30,510
Marketable secur- 321,696
168,945 Accruals
13,401
10,928
Receivables
73,615
7,404 x Capital stock___ 1,165,780 1,165,780
Inventories
207,539
199,164 Surplus
403,527
318,533
Cash. val. insuece
85,828
Fixed assets
841,692
880,887
Pats„ g'd-will, &c.
1
1
Deterred charges
5.321
5 002
Other assets
65,337
49,941
Total
$1,618,103 $1,525,751
$1,618,103 $1,525,751
Total
x Represented by 97,457 shares of no par value.
-V.138. P. 4298.
Foreign Bond Associates, Inc. (Del.).
-Earnings.Earnings for the Six Months Ended June 30 1934.
Interest earned
$1,794
Corporate expenses
1'79
437
4
Fiscal agent fees
1,392
Legal and auditing
Taxes
1.'572
315
Excess of operating expenses over interest earned
$3.923
Interest on 5% debentures,series A
3,530
Excess of operating expenses and debenture interest over interest
earned (before profit on sale ofsecurities)
x$7,454
x As there was an excess of operating expenses and debenture interest
over interest earned during the six months ended June 30 1934, for this
period there were no net earnings (as limited by the certificate
poration) which would be required to be distributed at the end of of incorAs of June 30 1934, the accrued interest since the last payment the year.
date per
$100 debenture was $1.667.
Statement of Surplus Six Months Ended June 30 1934.
Capital surplus: Balance, Dec.31 1933
Excess of amounts received on issuance of5% debs., series A,with$11.040
escrow receipts annexed over the principal amount of debs. issued_ 39,221
Total __ _________________
Less-Portion of redemption ________ ______________________ $50,262
-3/39
on _____ redemption Of
shares common stock applicable to capital surplus
5,403
Balance
$44.859
Earned surplus (before decrease in market value of securities owned
-deducted as a separate item on the balance sheet):
Balance, Dec. 31 1933
$3,264
Profit realized from sale of securities, $41,552; Less: provision
for Federal income taxes. $4,688
36,863
Total
$40,128
Deduct
-Excess of operating expa.& deb.int. over int. earned_ _ _ _ 7.453
Div. paid Jan. 17 1934 (50c. per share)
983
Div. paid April 17 1934(50c. per share)
1,700
Portion of redemption price paid on the redemption of 389
shares com,stock applicable to earned surplus
1,835
Balance
$28,155
-V.138, p. 2923.
Formica Insulation Co.
-Earnings.
-Calendar Years1931.
1933.
1932.
1930.
Net sales
$1,242.606 $1,171,405 $1,731,247 $2,309,828
Deduc'ns from sales_ _ _ _
100,091
53,394
55,495
153,277
Cost of goods sold
892,159
1,204,362 1,508,178
887,851
Gen. & adm. expenses..212,504
290,549
203,096
337,914
Profit from operations
$27,063
$136.245
$82,448
$310,458
Other income (net)
4.836
8,720
850
22,246
Total profit
$87,284
$144,965
$27,913
$332,705
Federal income tax
17,135
38,639
Deprec.of plant & equip.
84,052
79,951
Net profit
$7,333 loss$56,138
$127,830
$294,066
Divs. declared & payable
22,500
315,000
360,000
Deficit
sur$7,333
$78,638
$187,170
$65,934
Earns. per sh.on 180.000
shs. cap.stk.(no par).
$0.04
Nil
$0.71
$1.63
Balance Sheet Dec. 31.
Assets1933.
1932.
Liabtlities1933.
1932.
Cash
$104,709
$98,697 b Capital stock &
Accts.& notes rec. 221,490
174,294 surplus
31,417,905 $1,410,571
Inventories
280.663
244,630 Accounts payable_
31,768
27,617
Plant & equipment 834,015
908,986 Accrued expenses_
12,958
9,317
Deferred assets
21,753
20,897
Formulae, processes, So:.
1
1
$1,462,630 $1,447,505
Total
Total
$1,462,630 $1,447,505
b Represented by 180,000 no par shares.
-V. 139. P. 1083.
Foundation Co.
-Earnings.
6 Mos. End. June 30Gross profit on contracts
Other income
1934.
$43,575
1,909
1933.
$67,560
2,650
1932.
$76.985
2,844
1931.
$24,452
8.487
Gross profit
Exp.,ordinary tax,.Stc_ _
$45,484
83,646
$70,210
93,320
$79,829
148,826
$32,939
267,961
Net loss
$38,162
$23,110
$68,997
$235,022
For the quarter ended June 30 1934 net loss was $27.682 after taxes,
expenses, &c.. against net loss of $10,480 in preceding quarter, and net
loss of $20,651 in the June quarter of 1933.
During tact six months ended June 30 1934 settlement of a suit by the
First National Bank was effected which resulted in a cbsige to s
of $223,241.-V. 138, P. 3773.
t'' Fox Theatres Corp.
•
-Reorganization roce zngs.
The reorganization of the corporation, under Section 77B of le Bankruptcy Act, was asked in a creditors' petition filed Aug. 22 id The U. S.
Court. New York. The petition was presented by three creditors. Louis
F. Seidman, who is claiming $35,000 due as a commission; Theatre Builders,
Inc., claiming $400,000 for breach of contract, and Miriam Rogers, holder
Court
of a New York Supreme Cot judgment dated June 14 1934,for $430,941.
The petition sets forth figures contained in a receivers' report dated Dec.
31 1933. which shows that on that date liabilities without debenntres
amounted to $5,774,398 and assets to $17,045.152 in book value, the
1239
receivers' valuation bein_g $10,465,631. The deficit, as of the same date,
Is put at $25,842,846. The petition lists total current assets at $1,050.731.
Milton C. Weisman, New York, was appointed Aug. 18 as equity receiver
for the corporation to succeed the late John F. Sherman. Mr. Weisman,
who was appointed by Judge Martin T. Manton of the U. S. Circuit Court
of Appeals, will serve jointly with William E.Atkinson.
-V.137, p.3500.
Galveston Electric Co.
-Earnings.-
-
Period End. July31Gross earnings
Operation
Maintenance
Taxes
1934
-Month-1933.
1934-12 Mos.-1933.
$20,975
$19,197
$235,038
$236,232
13,664
13,317
161.822
160,624
2,890
2,459
33.938
30,964
1,484
1,656
17,498
18,518
Net oper.revenue a...
$2,935
$1.763
$21,779
$26,124
a Interest on 8% secured income bonds is deducted from surplus when
declared and paid, Last payment was July 31 1934 and includes all interest to date.
-V.139, p. 443.
Galveston-Houston Electric Ry.-Earnings.Period End, July 31Gross earnings
Operation
Maintenance
Taxes
Interest-(public)
-Month-1933,
1934
1934-12 Mos.-1933.
$22,235
$19,021
$222,014
1210,973
11,423
9,943
121,488
119,724
3,877
3,735
43,172
42,941
1,547
1,814
18,006
21.091
5,108
5.108
61,300
61.300
Balance_a
$278 def$1,581 def$21.953 def$34,084
a Interest on income bonds and notes has not been earned or paid and
$463,836 for 35 months since Sept. 1 1931 is not included in this statement
Also interest receivable on income notes since Oct. 20 1932 in the amount
of $627.41 is not included.
-V. 138, p. 3603.
General Capital Corr).---Earnings.-Calendar YearsInt. and dive. received__
Taxes and expenses......
1933.
$211,674
12.623
1932. $238,616
10,527
1931.
$311.338
16,607
1930.
$347,423
18,559
Net oper. Income....- $199,051
$228,089
$294,731
$328.863
Net loss on sale of invest. 1,002.628
61,937 1,052,076
2.422.577
Net loss for period_ -- - $803,577 prof.$166,151 $757,345 $2,093,714
Statement of Capital Surplus and Operating Deficit for the Period from Aug. 7
1929 to Dec. 311933.
Surplus paid in at organization
$6,000,000
Reduction in capital voted by stockholders, Jan. 14 1932
4,500,000
Reduction in capital voted by stockholders, March 20 1033.....
700,000
Total
$11.200,000
Distributions to stockholders:
Feb. 1 1932, $1.50 per share
255.852
April 1 1933, $1.25 Per share
213,210
Reserves provided for reduction of Treasury stock from coat:
Jan. 14 1932 to $22.50 per share
700,431
March 20 1933 to $19 per share
103,012
Capital surplus, Dec. 31 1933
49.927,495
Operating deficit, Dec. 31 1932
x4,253,184
Operating loss year ending Dec. 31 1933
803.577
Operating defidt, Dec. 31 1933
$5,056,760
x The reserve of $5,724,911. provided from capital surplus at Jan. 14
1932, representing the amount by which the cost of investments exceeded
their market value on that date, was restored to capital surplus in 1933:
these offsetting items are not shown in the foregoing statement. The operating deficit at Dec. 311932, has been restated to include net realized losses
based on cost of investments sold.
Balance Sheet Dec. 31.
Assaf-1933.
1932.
Liabilities1933.
1932.
Cash
$76,782 $1,192,044 Accts. payable and
Investment at cost 7,761,594 7,919,241
acc'd llabiiltles.
$6,112
$6,996
Interest and diviBal. of res. prov.to
dends receivable
31,778
23,139
write down Inv.
4,377,158
a Capital stock__ 2,992,424 3,837,780
Capital surplus_
9.927,495
751,423
Earned surplus_ __d/5056.760
161,951
Total
$7,870,154 $9,134,424
Total
$7,870,154 $9,134,424
a Represented by 170,568 no par shares in 1932 and 157,496 no par shares
in 1933.
Note.-The market value at Dec. 31 1933 of investments owned was
$4,401,579 against $3,019,083 Dec. 31 1932. On that basis the liquidating
value of 157,496 shares outstanding was $28.59 per share, against $24.79
the previous year.
-V. 138, p. 2092.
General Parts Corp.(& Subs.).
-Earnings.
Calendar YearsLoss from operations after deducting
administration, selling and general
expenses
Interest paid
Depreciation
Miscellaneous
Net loss
Assets
Cash
Receivables
Inventories
Prepaid expenses_
Invest,and adv._
Deferred charges..
Fixed assets
1933.
$67,930
14,475
8,954
Cr4,274
1932.
1931.
$182,236 prof.$41,040
17,940
21,974
10,440
11,967
38.188
30,352
$87.085
$248,805
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Liabilities
1933.
$4,896
58,123 Accounts payable_ $15.585
14.289
42,770 Deposits
1,769
213,924
331,736 Notes payable_ _
200,009
532
1,363 Accrued payroll
21,795
103,808
179,566 Mtge. payable_ _ _
5.070
17,596 Unearned profit on
127,665
136,919 land contracts _ _
1,309
Res. for prossible
losses on land
contracts reedy.
2,309
Res. for canting's_
x Class A pre/. stk. 670,600
y Cl. B corn, stock 357.350
Deficit
800,541
$23,253
1932.
$20,154
3,696
249,845
11,784
25,980
2,169
35,206
670,600
357,350
658,712
Total
$470,185 $718,074 Total
3470,185 $718,074
x Represented by 47.900 no par shares of class A preferred stock. y Represented by 102,100 no par shares class B common stock.
-V.138, p.3439.
General Railway Signal Co.
-Earnings.
-
Period End,June 30-- 1934-3 2tfos.-1933.
1934-6 Mos.-1933.
Net loss after deprec.,
Federal taxes, &c_ _ _ _
$96.643prof$177,444
$277.090prof$230,276
Earns,per sh.on 320,700
shs. corn.stk.(no par)
NU
$0.44
Nil
$0.50
The Company issued the following statement:
"The Company reports that its net loss for the six months ended June
30 1934, after reserves for depreciation, amortization and
090. The volume of business done during the first six taxes, was $277,months
was unprecedently small. The Company has recently received of 1934
and now
has in hand domestic and foreign orders for a substantial amount
of new
signaling business. At a meeting of the Company's board.
Aug. 23. the
regular quarterly dividend of $1.50 a share on the preferred
dividend of 25 cents on the common stock was declared, stock and a
both payable
Oct. 1 to stock of record Sept. 10, out ofsurplus earnings."
-V.139. p.443.
Georgia & Florida RR.
-Earnings.PeriodGross earnings
-V. 139, p. 1084.
•
-Second Week August- -Jan. 1 to Aug. 141934.
1933.
1934.
1933.
$31.750
$41.500
$684.904
$577.807
][24A)
Aug. 25 1934
Financial Chronicle
-To Be Reorganized.
----- Greater Savannah (Ga.) Co.
The company on Sept. 27 will submit a reorganizztion plan to the Federal
1930.
Court at Savannah under the provisions of the Bankruptcy Act as amended.
$489,140
A temporary receivership petition sought by the Citizens & Southern
22,500
National Bank was stayed on Aug. 8 when J. B. Pound, President, was
5,333
-day period of grace to submit a reorganization plan.
granted a 60
M. H. Barnes, Savannah, was appointed co-trustee with Andrew A.
$516,974
$728,555
$356,385
S232,077
Total revenue
Smith, hotel manager to protect and operate the property untB the plan
11,488
17,422
20,004
24,078
Expenses
of reorganization can b submitted.-V. 128, P. 567.
2,683
1,410
1.920
1,015
Taxes
-$1 Dividen
Great Western Electro-Chemical Co.
8502,802
$709,723
$334,461
$206,984
Net income
The directors on Aug. 8 declared a dividend of 11 per share on the
501,217
602,468
965,466
965,320
'
Surplus, beginning of yr.
mon stock, no par value, payable Sept. 1 to holders of record Aug. 1.
37,259
pref. stock red--follows: $1 per share on Aug. 15 last, $1
Profit
Previous distributions were as
per share on Dec. 1 1933 and 50 cents per share on Oct. 1 1933. The
004,019
$1,209,563 S1,299.927 $1,312,191 $1,
Total surplus
2815.any
informs us it has no regular dividend policy on the common
161,552
154.725
142,606
136,884
stock
$6 div. cony. pref.
stoc
comt.-V. 137. p.
240,000
192,000
192,000
96,000
Common dividends_ _- t.
121464e4h,
-cent Dividend.
-10
M.) Hall Lamp Co.
$602,468
$965,466
$965,320
* Balance. surplus--- $976,679
The directors nave declared a dividend of 10 cents per share on th
Earns, per sh. on 64,000
common stock, no par value. payable Sept. 15 to holders of record Sept. 1.
.
$5 33
$8.67
13.00
$1.10
sbs. common stock__ _
A similar distribution was made on June 15 last and on July 20 1933, wrile
on Dec. 23 1932 and July 1 1932 payments of 5 cents per share were made.
356,296
356,296
356,296
393,557
•Paid-in
1930.
1931.
1932.
1933.
Calendar Years246,171
609,170
609,024
583,124
•Earned
Net loss after charges &
$43,741
8275.218
$131.958
$21,341
Federal taxes
Balance Sheet Dec. 31.
1932.
1933.
Comparative Balance Sheet Dec. 31.
- 1932.
1933.
Assetsstock-$2,053,260
1932.
1933.
1932,
LiabilitiesInv., corn. stocks44,047,961 $4,160,321 b Preferredstock__ 1,408,297 $2,475,000
1933.
Assets
1.408,297
c Common
148,954
$54,286
Inv., pref. stocks_ 148.954
Cash and occurs_ _ $714,879 8648,503 Accounts payable. $39,900
292,179 Accounts payable_
4,571
244,034
108,584 Accrued payroll__
3,652
56,496
Cash
Accounts recelv_
34,221
82,221
384,481 Dividends declared
283,823 Accr. Fed. & State
a Treasury secur_
162,302
Inventories
500
1,856
Tax liability
109
36,300
taxes
Dividend receiv
Deposits in closed
4,141
53,240
Unadj. credits-Res, for shrinkage
31.289
banks
356.296
Paid-in surplus.__ 393,556
of invest., &a_ _ _ 135,729 PIP
Land, bicigs., ma609,024
Earnedsurplus_ _ _ 583,124
chinery & equip. 1,172,171 1,269,925 x Capital & surplus 2,369,507 2,566,576
250,832
348,417
Investments
54,477,248 84,985,934
$4,477.248 $4,985,934 Total
63,965
63,342
Total
Prepaid ins.& tax_
1
1
Good-will
a Represented by 4,686 shares preferred stock reacquired (now canceled).
b Represented by 27,500 shares, no par value in 1932 and 22,814 shares, no
-V.139.
82,548,897 52,625.433
52,548,897 $2,625,433 Total
Total
in 1933. c Represented by 64,000 shares, no par value.
par value
-V. 138, p.3776.
p. 116.
x Represented by 400.000 shares of stock (no par).
-Earnings.
General Stockyards Corp.
1931.
1932.
1933.
Calendar Years$694,033
$333,871
revenue-com.stks. $222380
Div.
33,000
15,000
9,000
Preferred stocks
1,521
7,514
697
Interest revenue
-Extra Distribution
-New President.
' -'Haloid Co.
-Gillette Safety Razor Co.
from Executive Vice President to
The directors have declared an extra di/idend
s. C. Starnpleman has been promotedPresident. hat assumed the Chairformer
Lambert.
to the usual quarterly dividend vf like
hare in
of 25'centsrp
amount on the common
addition
stock, no par value, both payable Oct. 1 to holders of record Sept. 15.
Similar distributions have been made on this issue each quarter since_ and
- including March 31 1932.-V. 138, p. 3603.
-Earnings.
Goodyear Tire & Rubber Co.(& Subs.).
-Earnings.
1932.
1931.
1933.
Hartman Tobacco Co.
6 Mos.End. June 30-- 1934.
Net sales (returns, disc.,
Earnings for the 6 Months Ended June 30 1934.
freights, allow.& Inter$109,305
Net income
co. sales deducted)-- -$70,808,502 $51,481,898 $68,953,770 $83,228,662
$0.34
Earnings per share on 185.460 common shares
Mfg. cost & chgs. (incl.
-V.136, p.2619.
sell., admin.
deprec.),
Sz gen. exp. & prov.for
-Reduces Quarterly Dividend.
67,245.635 51,220,305 68.272,930777.332.265'----. Hathaway Mfg. Co. a quarterly dividend of 50 cents per share
Federal taxes
The directors have declared
the capital stock, par $100, payable Sept. 1 to holders of record Aug. 13.
On
$680,849 $5,896,397
1261.593
$3,562,867
Net profits
This compares with distributions of 82 per share each quarter from Dec. 1
697,534
1,362.596
679,708
890,511
Other income
1933 to and including June 1 last. $1.50 per share paid in August 1933 and
r-.1
50 cents per shale paid in May 1933.-V. 137, p. 4018.
$941,301 $2,043,445 $6,593,931
$4,453,378
Total profits
1.496,077 1,624,563
1,453,903
Int. on misc. St fd. debt- 1,382,681
--Earnings.
Haverhill Gas Light Co.
Proport. of discount on
-Month-1933.
1934-12 Mos.-1933.
Period End. July 31- 1934
funded debt and prem.
847,833
19.760 I -r54.133
$47,450
$600,368
$586,358
51,477
48,507
Gross earnings
on bonds and debs352,293
26,078
27.334
347,889
Operation
1,046
1,383
18.362
19,948
$3,022,190 def$564,079 I, 8527.609 $4,915,235
Maintenance
Tot, profits for period
3,750
2,916
39,166
45,000
Retirement res. accrual_
-Profits on sub.
Deduct
7,948
7,317
88,161
79,029
Taxes
cos. appl. to stocks not
236
175
3,478
3,674
Interest charges
held by co.: Current
477,100
693,465
173,957
404,993
diva, on pref. stock_ _ _
$8,773
$8,322
$92,442
$97,280
Balance
of foreign
Readjustment
Cr1,298,987
exchange reserve
Under the requirements of the Dept. of Public Utilities of Massachusetts,
the company is now making provision for retirements by charging operating
figures affected, including reBal. of profits carried
expenses each month, All previous years'the
$50,509 $4,221,770
$560,951
previous year, have been
82,617,197
surplus for
to surplus
tirement reserve and
comparable basis.
surplus Dec. 31._ 14,476.488 9,971,009 16,146,197 23,795,957
Earn.
adjusted to a directly
has
During the last 24 years the company over expended for maintenance
Total earned surplus_ 417,093,685 $10.531,960 $16,196,706 $28,017,728
a total of4.17% of the entire gross earnings or this period,and in addition
2,704,219
757,958 2,668,956
retained as surplus a total
Preferred dividends__ 3,005,326
during'this period has set aside for reserves 444.
2,154,791
-V. 139. p.
Common dividends
of 10.45% a these gross earnings.
President. Gerard B.
-V.139, p. 599.
manship of the Executive Committee.
Earn. sur. at June 30-$14,088,359 $9,774,002 $13,527,750 $23,158,718
Shares com, stock out1,448,027 1,435,137
standing (no par)_ 1,493,769 1,493,021
Nil
Nil
$1.06
Nil
Earns. per share on coin_
Consolidated Balance Sheet June 30.
1934.
1933.
1933.
1934.
Liabilities$
$
$
Assetslst pref. stk. 75.971,950 75,972,125
a Plant and prop82,579,219 84,444,421 b Common stock 1,664,173 1,663,424
erty
6,810.772 6,710,046 Capital stock of
Investments
48,235,510 30,775,289 subsidiaries__ 11,358,341 10,931,879
Inventories
54,048,000 54,688,000
Fund debt
Accts. and notes
receivable__ _ _ 23,509,568 20,140,438 Fund debt of
subs., &c_,., 2,418,308 4,582,126
bonds,
Canadian
505,025
8.074
2,610,197 1,861,735 Rubber in transit
&c
d Amts. Payable 13,170,587 10,696,388
U. S. Govt. se11,884,259 32,516,704 Acer. dividends
curities
e501,158
611,344
24,976,104 17,262,113 and interest_
Cash
7,882,418 5,905,117
1 Reserves
1
Goodwill, &a
Def. charges... 3,128,695 3,181,815 Capital surplus_ 22,126,006 22,060,084
Earned surplus_ 14,088,359 9.774.001
203,734,325 196,892,562
203,734,325 196,892.562 Total
Total
a After depreciation of 382,415.539 in 1934 (178,027,079 in 1933).
b Represented by 1.493,769 in 1934 (1.493,021 in 1933) no par shares.
c Represented by 759,719 no par shares in I934 (759,721 in 1933). d In-V. 139, IL 1084
cludes reserve for Federal taxes. e Interest only.
-Earnings.
Graton & Knight Co.
- 1931.
1932.
1930.
1933.
Earns. for Cal. Yrs.Not stated $3,085,594 34,723,371 86,609,064
sales
Net
Net profit after all chgs.
$401,498 def923.919 def771,592 def983.665
and reserves
Earns, per sh. on 82.977
Nil
Nil
Nil
$3.10
common shares
Condensed Consolidated Balance Sheet.
Dec. 30'33. Dec. 31 '32. Liabilities- Dee. 30'33. Dec. 31 '32.
Assets$225.000
573,102 5173,601 Bank loans
Cash
24.998
308,561 Trade accept. pay.
Accts. & notes rec. 371,061
3,116,227 2,254,816 Accounts payable,
Inventories
26,540 accrued wages,
53,101
Miss. investments
Int., taxes, Sze.... 192,538 $114,015
22,325
13,022
Mtge. notes rec...
1st mtge. 554%
Customers'notes &
1,197,000 1,212,000
57,520 gold bonds
26,374
accts. receivable
9,569 7% cum. pref. stk. 2,054,920 2,054,920
12,082
Employ's loans,&o
1,640
1,640
Res. for exchangeInv. In & adv. to
1,037,223 1,037,223
Y Common stock
Gmton&Knight,
653
653
41,283 Rm. for exchange_
43,230
Ltd., London_ _
Capital surplus.., 281,135 1,966,601
Prepaid int., in.
58,629 Earned surplus _ _ 401,498 df1,685,466
49,690
sur, taxes, &c._
Unamortized bond
89,152
80,608
disc. & expense_
Land, bidgs., machin., equip.,&e.x1,578,106 1,659,589
$5,416,604 $4,701.585
$5,416,604 $4,701,585 Total
Total
x After depreciation of $1.427,253. y Represented by 82,977 shares
-V. 138. p. 871.
(no par).
-36,000,000 Offer for NaHaystone Securities Corp.
-See latter corporation below
tional Surety Corp. Rejected.
-V.139, p. 280.
-Earnings.
Hecla Mining Co.
1934-6 Mos.-I933.
Period End. June 30- 1934-3 Mos.-1933.
40 237
922
80,580
110,823
Tons mined
, 0
. $3 98 8,068:208 20,427,487 16,970 790
9,633,S8
Pounds lead produced
$4.05
1i.59
$4.01
price
Average lead
141.355
169.731
256,848
363,334
Pounds zinc produced__
ioo
$3.41
$4.33
$4.33
Average zinc price
19$ 8
4
423,573
9.36
252,217
5331360
Ounces silver produced$0.32
$0.64
86.64
Average silver price__ -: 7
8 16
$265 219
$462,343
$796,020
$371.639
Gross income
337,338
172,278
219,254
443,847
Operating expenses
20,415
15,719
44.128
Taxes accrued
32.223
21,505
16,094
44,931
Depreciation
877,062
$68.776
8110.465
$263.113
Net income
Earns, per sh. on 1.000,000 shs. of (par 25e.)
$0.08
$0.11
$0.07
80.26
capital stock
-V. 138. p. 3440.
-Earnings.
Heyden Chemical Corp.
1932.
1933.
1930.
1931.
Calendar Years
$339,620
$485,427
8283,643
$234.441
profit
Operating
45,483
24,070
29,994
19,344
Other income
Total income
Interest discount, &c..Prov. for Fed. inc. taxes
$530.910
45,627
60,500
$264.435
31,216
29,618
$302,988
26,5321
33.2291
$363.689
61,286
Net income
Common stock
Preferred dividends- --
$424,783
146,758
21,700
$203,601
147,404
21,700
$243.227
74.686
21.700
$302.403
74,593
21.700
$206,110
$256,325
8146,841
$34,497
Balance, surplus
Earns, per sh.on 150.000
$1.87
$1.47
$2.68
$1.21
shrs.com.stk.(par$ 10)
Condensed Consolidated Balance Sheet Dec. 31.
1932.
1032,
1933.
Liabilities1933.
Assets
3208,493 $182,392 Accounts payable_ 5162,070 5129,852
Cash
243,945 Provision for Fed.
Notes & accts. rec. 327,779
29,618
60,693
345.406 income taxes_ __
392,155
Inventories
5,425
5,425
Dividends payable
Invests. in & adv.
22,500
80,899 Other Habil., def._
110,657
affiliated co
to
50,000
50,000
1,897,043 Res. for conting__
Mfg. pits. & equip. 1,920.740
69,773 Pref. stock of sub.
90,370
Marketable secure
3,300
3,300
corporation_.._
Patents, processes,
310.000
510,000 Preferred stock_ _ 310,000
510.000
formulae. &c_
99,084 x Common stock.. 1,473,215 1,480,855
161,377
Deferred charges
870,358
Earned surplus... 1,130,235
526,633
Paid-in surplus.., 526,633
$3,721,571 $3,428,541
Total
$3,721,571 $3,428,541
Total
x After deducting 3,000 shares of treasury stock, common, at cost of
$26,785 in 1933 and 2,400 shares at cost of $19.145 in 1932.-V. 138, p
3603.
Financial Chronicle
Volume 139
(Walter E.) Heller & Co.
-Earnings.
6 Months Ended June 30Net income
Earnings per share on common stock
-V.138. p. 156.
1934.
$65.824
1933.
$40.133
$0.17
1932.
$44.977
$0.22
Hobart Mfg. Co.(& Subs.).
-Earnings.
Calendar YearsNet sales
Cost of goods sold
Selling & gen. expense
1930.
1932.
1931.
1933.
$3,457.333 $3,483,936 $5,314,729 $7,185,926
2,633,740
3.566,876
1,996.581
1.926,922
1,988,175
2.696,750
1,397.110
1,330,377
Profit from operations
Other income credits
8200.034
102.958
$90,245
101.632
Gross income
Income tax (est.)
Other charges
Excnange loss
Prop.of inc. offor.subs_
$302,991
$191.877
221.907
Cr201.376
Dr8,883
93,606
al89,929
See b
Net Income
Surplus at begin, of year
Profit and loss credits
$273,577 bloss$91.658
4,165.397
3.677,483
1.051
$692,814
113,161
$922,300
110,493
$805,975 $1,032,793
77.469
110.639
137.062
110,641
146.558
See b
b$444.887
4.587.968
14,312
$811,513
5,008,080
Gross surplus
$3,952,111 $4,073.739 85.047,167 $5,819,593
2d pref. dividends
14,079
1.345
Common dividends
492.431
499.072
286,475
143,800
Pref. stk. red. premiums
8,600
2,420
Good-will written off_ _
17.613
670.791
Other prof. and loss chgs
d361,780
45,260
c109,781
Surplus at end of year_ $3,808.311 $3,677,483 $4,165.397 $4,587,968
a Adjustment of inventories consumed by foreign subsidiaries to conform
to revised basis of revaluation used at Dec. 31 1932 and net exchange loss
from conversion of foreign accounts to U. S. dollars. b Before deducting
portion of loss of foreign subsidiaries applicable to minority shareholders
amounting to $3,802 in 1932 and before adding $2,548 in 1931. c Includes
$49,284 for appropriation of surplus for dividend declared Nov. 16 1932
and payable March 1 1933, $59,681 for reduction of surplus arising from
adjustment of employees' stock trust agreements and miscellaneous charges
of $816. d Includes $289.182 elimination of minority interest in surplus of
subsidiary company disposed of and $72,299 reduction in surplus through
disposal of majority interest in subsidiary company.
Consolidated Balance Sheet Dec. 31.
Assets1932.
Liabilities1933.
1933.
1932.
Cash & U.S.sec. d41,749,054 $1,576,181 Notes & accts. pay. $222,357
$85,206
0th. market. scour 291,667
159,230
176,352
250,524 Commissions pay_
a Notes, accts. &
Accrued foreign inInstalment con21,239
come tax
tracts reo'ble-__ 1,898,223 1,885,378 Other accr. sects
45,238
70,961
Inventories_
49,284
1,599,097 1,596,756 Divs, payable
Due from officers
2,438,000 2,438,000
c Common stock
and employees__
22,458
26,249 Minority stocks of
Adv. to trustee for
14,837
14,860
sub. companies_
purch. of stock
Surplus
3.817.195 3.677,482
to be sold to empl
20,845
22,730
Treasury stock__ 223,021
60,426
Troy housing prop.
64,960
128,983
b Plant property__ 823,245
873,952
Good-will & pat'ts
15,619
15,618
Deferred charges__
52,775
32,478
Total
Total
$6,760,963 $6,469,279
$6,760,963 $6,469,279
a Less reserve for doubtful accounts of $159,919 in 1933 and $129,132
in 1932. b Less reserve for depreciation of $1,199,141 in 1933 and $1,100,787 in 1932. c200,000 shares (no par value). d Includes time
certificates of deposit of $150.335.-V. 139. p. 280.
-Earnings.
Holeproof Hosiery Co.(& Subs.).
-Year Ended Dec.31 1933.
Consolidated Income Account
Gross profit on sales
$1,128,371
Other operating income
'
12.269
Total
Selling, general and administrative expenses
Other charges, less miscellaneous income
Provision for depreciation
Provision for Federal and Wisconsin income taxes
Consolidated net profit
$1.140,641
798.462
6.587
290.954
5,650
$38.985
Consolidated Balance Sheet Dec. 31.
AssetsLiabilities1933.
1932.
1933.
1932.
Cash
$153,130 $498,617 Preferred stock___$1,272,540 $2,120,900
IL S. Treas. certifs 367,393
170,172 c Common stock__ 1,573,282 1,573,282
b Accts. dr notes rec 578,961
39,647
53,167
584,167 Accounts payable_
Accr. interest ree
91,505
2,540
13,249 Accruals
64,011
Inventories
1,102,527
924,143 Prov. for income &
Prepd. expenses &
7,650
cap, stock tax
supply inventor's
46,096
1,471,869
54,022 Surplus
842,363
Invest. adv., iko.- 179,916
154,557
a Land, buildings,
equipment, &c_ 1,851,982 2,099,064
Leaseholds lmpts_
19,942
1,512
Trade-marks,tradenames, pat'ts,ite 154,006
154,219
Total
$4,456,492 $4,653,723
Total
$4,456,492 $4,653,723
a After depreciation of $2,623,027 in 1933 and 82.411.499 in 1932.
b After reserve for bad debts of $49,173 in 1933 and $54,320 in 1932.
c Represented by 70.697 no par snares in 1933 and 108,177 no ar ares
in 1932.-V. 138, P. 871.
^".-- Hollinger Consolidated Gold Mines, Ltd.
-Extra Div
The directors have declared an extra dividend of five cents per sh
in addition to the usual monthly dividend of like amount on the capita
stock, par $5. both payable Sept. 10 to holders of record Aug. 24. Like
amounts were paid on this issue on April 23, May 21, June 18. July 16
and Aug. 13 last, while on March 26 1934 an extra distribution of 15 cents
per share was made.
6 Months Ended June 301934,
1933.
Net profit after expenses and taxes
x$3,521,822 $2,296,492
x Subject to depreciation and adjustments.
-V. 139, p. 600.
Hotel St. Regis, Inc., N. Y. City.
-Wins Rent on Its
Furnishings.
-
1241
During the last 33 years the company has expended for maintenance a
total of 13.36% of the entire (cross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 10.09% of these gross earnings.
-V. 139, p. 445.
-Earnings.
Houston Lighting & Power Co.
[National Power & Light Co. Subsidiary.]
Period End. July 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$733,679
$671,172 $8,096,797 $7,771.152
3,427,392
Oper.exps., incl.taxes
3.937,642
360,523
281,111
Net revs, from oper
Other income
$373,156
1,089
$390.061 $4,159,155 $4,343,760
19,989
15,679
560
Gross corp. income_
Int. & other deductitions
$374,245
115,600
$390,621 $4,179,144 $4,359,439
117,325
1,389,025
1,391,389
Balance
y$258,645 y$273,296
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
$2,790,119 $2,968,050
483,918
693,499
314,680
313,182
$1,991,521 $1,961,369
Balance
x Regular dividends on 7% and $6 pref. stocks were paid on May 1 1934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date. Regular dividends on these stocks were dedlared
for payment on Aug. 1 1934. y Before property retirement reserve appro-V. 139, p. 766.
priations and dividends.
-Earnings.
Hudson & Manhattan RR.
Period End. July 31- 1934
-Month-1933.
$599,750
Gross oper. revenue---- $595,343
Oper. exp. & taxes
377,018
368,437
1934-7 Mos.-1933.
$4,632,631 $4,757,181
2.719,740
2,714,477
Operating income__-Non-operating income__
$218,325
25,166
$231,312 $1,912.891 $2,042,704
25,276
177.969
173.905
Gross income
Income charges
$243,491
315,083
$256.588 $2,090,861 82,216,609
2,201,348
314.302
2,203,088
Net income
-V. 139, p. 601.
def$71,592
def$57,713 def$112,226
815,260
Hunt Bros. Packing Co.
-Earnings.
12 Months EndedFeb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Gross profit
$434.749
$150,869 loss$289.974 loss$106,031
Federal tax
20.750
Depreciation
133,236
140,476
140,000
177,208
Res.for invent. adjust..
113,926
Res, for contingencies_
85,425
144,763
Net income
Class A dividends
$17,633 loss$544,375 loss$390.794
x110,000
$151.366
220,000
Deficit
868.634
sur$17,633
$544,375
8500,794
x Estimated; figures not reported by company.
Comparative Balance Sheet.
Assets
LiabilitiesFeb. 28 '34. Feb. 28'33.
Feb. 28 '34. Feb. 2833.
Cash
$145,084 $157,043 MARS payable____ $450,000 $751,223
Accts. & notes rec_
199,094
260,731 Accts. payable__ _
59,539
61,598
Sundry accts. rec.
29,788 Accrued payrolls &
46,542
45,403
39,454
Inventories
828,398 1,068,349
taxes
Prepaid expenses__
200,263
206,223
44,940
37,416 Det'd notes pay
113,926
Property, plant &
Res. for inv. adj
2,363,431 y2,473,751 Capital stock___ 3,359.100 3,359,099
equipment
Deficit
486,814
504,447
Total
Total
$3,627,489 $4,027,077
$3,627,489 $4,027,077
x Represented by 90,565 shares of class A stock and 60,000 shares of
class B stock of no par value. y After depreciation reserves of $1,175,838
In 1934 and $1,091,667 in 1933.-V. 138, p. 2094.
-Earnings.
Hussman-Ligonier Co.(& Subs.).
Calendar Years1932.
1931.
1930.
1933.
Net loss for year-- $303,140
$395,456
$307,706
$107.954
Consolidated Balance Sheet as at Dec. 31 1933.
[Giving effect as at that date to the conversion of $614,000 of outstanding
debentures for a corresponding amount of preferred stock, actually
consummated on Jan. 31 1934.1
Liabilities
Assets
Cash
$65,494 Accounts payable
$27,990
11,105
Receivables, &c.(net)
242,555 Taxes and interest accrued
Misc, accounts receivable
45,827
6.859 Salesmen's commissions
Amounts withheld on instalm't
Due from salesmen & agents,
notes purchased
7,012
less reserve
10.265
101,000
Inventories
219,403 6% cony. 10-yr. debentures
a614,000
Investments and advances
1,510 Convertible preferred stock
b75,000
Capital assets
302,510 Common stock
Deferred charges
6.025
39,362 Capital surplus
Total
Total
$887.960
$887,960
a 61,400 shares, no par value. b 83.311 shares, no par value.
-V.139.
P. 280.
-No Action Taken on Div.
Illinois Bell Telephone Co.
The directors at the meeting held Aug. 22 took no action toward the
resumption of quarterly dividends on the capital stock, which were omitted
on May 23. President F. 0. Hale stated;
"The directors omitted the declaration of a dividend covering the third
quarter pending a more complete determination of the effect of the refunds now being calculated, the probable ultimate effect on revenue of
the recent reduction in coin box rates and a determination of the cost
of preparing and presenting the company's case before the Illinois Com.
merce Commission in connection with its recent citation to show cause
why there should not be a further reduction in rates."
From December 1908 to and incl. March 1934 the company paid regular
quarterly dividends of 2% on Its capital stock ($150,000,000 presently
outstanding), of which the American Telephone & Telegraph Co. owns
99.16%.-V. 139. p. 766.
Illinois Central RR.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 931.
1934.
$7,537,558
813,618
1932.
1931.
1933.
$8.024.497 $6,524.892 89.612.573
2,700.260
1,417,748
1,944,537
1,861,453
617,021
1,116,616
48,751,451 51.349.709 70.445.558
14,223,437 11,639,026 11,730,728
Raymond Moley, receiver of rents In the $5,000,000 mortgige for7,321.095
8,506,726
5,456.847
4,509,385
closure suit brought by Vincent Astor must pay for the use of the hotel
furnishings and equipment during the receivership according to a ruling of
Supreme Court Justice Black made Aug. 17 on an application by toe Hotel
-Liquidation DivAgg14 '
-*
St. Regis, Inc.and the Durham Realty Co., to compel the receiver to pay "*"•••••Independent Mutual Casualty Co.
George S. Van Schaick, New York State Superintendent of Insuranc i 41
for the use of the property, which is not covered by the mortgages now in
ece
e
,
.
default.
announced Aug. 21 that he was preparing to mail a second dividend ch
Because of differing views as to the value of the property, Justice Black
editors of the company, which he took for liquidation on
of n 0% lt9o32cr.
Ja 1 3
appointed Rudolph Stand to take testimony and report to the court.
. 0
'/
The first dividend of 20% was paid in December 1933, the total pay138. p. 4465.
ments amounting to about $67,000. The second check will amount to
Houston Electric Co.
approximately $33,000.-V. 138. P. 156.
-Earnings.
Period End. Jury 31- 1934
-Month-1933.
1934-12 Mos.-1933. `••••...,Insuranshares Certificates, Inc.=-Semi-annual
Gross earnings
$170.528
$152,125 82,133,183 $1,938,079
The directors have declared a semi-annual dividend of five cents per
Operation
87.350
81,810
1,048,605
991,187
share on the common stock, par $1, payable Sept. 20 to holders of record
Maintenance
25,913
21.682
297,189
268,726
Sept. 12. A similar distribution was made on March 20 last.
-V. 139,
Taxes
17,825
20,541
220,556
215,942
P• 601.
Int. & amort. (Public)
21,278
22,354
265,143
287,030
Balance_a
$18,160
$5,734
$301,687
$175,192
a Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to July 31 1934 amounts
to $16,800 and is not included in this statement.
51,719,156
Innational Carriers, Ltd.- ' '
dieFre ew York Stock Exchange has ant= listing of 559.343
shares 'common stock (par $1) in substitution (on a share for sharej
basis
for certificates of capital stock of the par value of $1 now outstanding.
-V. 139. p. 766.
I- A
1242
Financial Chronicle
Intercontinental Rubber Co.(&
6 Mos. Ended June 30
Profit from operations
Gen'l & sales exps. & miscell. taxes_ _
Shut
-down expenses Mexican Plants..
1934.
$65,657
25,921
16,472
Total profit
Int, earned and other sundry income _
$23.264 loss$44.313 loss1113,396
5,021
14,128
2,743
Net profit
Depreciation
Credit resulting from stating value of
rubber as above
Credit resulting from stating value of
short-term notes as above
$26,008 loss$39,291 105.499,268
63,600
63.600
65,900
1932.
1933.
loss$6,855 loss$59,196
32,446
23,057
21.754
14,401
10.991
50,250
Loss for period
$41,650
$39,892
Earned surplus Jan. 1
def220,227 def105,149
Credit resulting from sales of shortterm notes
27,665
Adjustment of old Mexican reserve
and other items
$162,868
357,791
Cr9,053
Earned deficit
Aug. 25 1934
for other projects and working capital. Your corporation expects to
subscribe for its proportion of these new shares.
"The option on the De Santis prospect, in which your corporation
participated, was allowed to lapse because of unfavorable results. Your
corporation has a 10% participation in a syndicate which is unwatering
the Union Mine in northern California. The complete field staff of engineers is in the field actively looking at various properties on which your
corporation holds options."
-V.139, p. 932.
International Paper & Power Co.
-Earnings.
Period End. June 30- 1934-3 Mos.-1933.
1934-6 Mos.-1933.
Gross revenue
$35,660,791 $31,652.682 $71,590,440 $61,684,573
Net rev., incl. other Inc- 10,705,040
9,850,224 21,701,871 19,267,882
Deductions_ x
9,089,421 18,250,363 18,380,956
9,058.328
Depreciation & deple'n- 2.709,293
2,296,220
5,495,064
4,661,416
Net loss
,$1.062.581 $1,535,417 $2,043,556 $3,774,490
x Interest and discount on funded debt, other interest, income taxes,
subsidiary dividends, and amounts applicable to minority stocks of subsidiaries.
In his remarks to shareholders, Archibald R.Graustein,President,says:
"Tonnage deliveries of pulp and paper during 1934 continued to run
ahead of corresponding months in 1933 through the month of May. Deliveries in June 1934 were 10% below those of June 1933, but 30% ahead of
June 1932.
"Gross revenue from sale of power during the first half of 1934 showed an
increase over 1933, but this was largely offset by higher costs and increased
taxes, although current figures do not yet reflect the full burden imposed
on power subsidiaries by recent tax legislation.
"At June 30 1934 consolidated notes payable amounted to $15,056 413
as compared with $18,552,262 at the year end."
-V.138. p. 395 .
$146.799 sur$203,976
$232,455
Comparative Consolidated Balance Sheet June 30.
Assets
1934.
Liabilities1934.
1933.
1933.
Cash
$231,763 $237,753 Drafts payable.._ $15,803
$8,324
Market.short term
30,524
Accounts payable..
14,969
notes & bonds
Sundry res., incl.
(book value)_ _ _
15,225
14,300
those of subs.. __
10,291
69.000
Accts. receivable_
56,693
15,573 Res. for prop. val.
Rubber on hand &
as stated in bks.
• ----International Proprietaries, Ltd.
--80
-Cent
In trans.(at cost) 144,288
of subs.In excess
89,888
The directors have declared a quarterly dividend of 80 cents per
Materials, suppl.,
of stated val.
on the class A stock, no par value, payable Sept. 15 to holders of re7;a
"
&c. (at cost).
137,061
of sec. of parent
133,466
Aug. 22. Previously, quarterly payments of 65 cents per share were
3' Fixed misets_
.5,199,662 5,282,488
299,727
co. at organlzat. 299,727
made. In addition an extra divioiends of 5 cents per share was paid on
Pats', trade names,
7,200
MM.int. in sub. co
7,200
March 15 last, 8 cents per share on Sept. 15 1933 and 5 cents per share
acc
128,703
128,703 x Capital stock._ 5,960,040 5,960,040
on March 15 1933.
Adv. de claims, less
Deficit surplus.... 232,455
146,798
The current dividend is payable in Canadian funds and is subject in the
101,026
100,513
reserve
case of non-residents to the usual 5% tax.
-V. 139, p. 1086.
Prep'd & def. chgs.
90,541
83.106
Treasury stk. (172
International Safety Razor Corp.
-Earnings.
1,723
shares)
1,720
Calendar Years1932.
1933.
1931.
• 1930.
Total
Total
$6,095,139 $6,153.753
$6,095,139 $6,153,753
Gross profit
$176,511
$165,362
$759,081
$590.590
115,957
121.066
Sell., gen.& admin. expx Represented by 596,004 shares (no par). y After depreciation of
184,936
233,939
$1,484,088 in 1934 ($1,348,387 in 1933).-V. 137, p. 1421.
Operating income_ _ _ _
$60,554
$44,296
$405,654
$525,142
480
664
1,041
3,235
International Cigar Machinery Co.
-Balance Sheet Miscellaneous income__ _
June 30.1934.
1933.
1934.
1933,
AMU
-Liabilities
$
87,701 3. Capital stock _10,000,000 10,000,000
64,950
Fixed assets
1,056,169
Cash
646,770 Accounts payable_
23,184
40,160
U. S. Treas. et's._ 200,000
Taxes pay. accrued 205,073
196,560
Accts.rec, deferred al6,815
31,300 Divs. payable.___
90,000
75,000
Accts. receivable
326,171 Dep. on contract
350,083
Notes receivable
91,833
for machines__
15,663
21,163
10,438
Inventory
335,012 Accounts payable
271,214
4Patents, licenses,
(inter-company) 257,299
216,379
&e
9,958,776 9,987,343 Res. for spec. cont. 167,896
138,620
5,435
Deferred charges...
18,469 Surplus
1,174,491
847,440
11,939,106 11,524.600
Total
Total
11,939,106 11,524,600
a Includes notes receivable. x After reserve for amortization of $3,254,405 in 1934 and $3.149,553 in 1933
y Represented by 600,000 no par
shares.
The income statement for the six months ended June 30 was published
In the "Chronicle" of Aug. 18, page 1086.
International Hydro-Electric System.
-Earnings.
Period End. June 30- 1934-3 Mos.-1933.
Total revenue, including
other income
$15,423,458 $14.847,208
Net revenue before int.,
depreciation, &c
8,410.197
8,337,246
Interest, subsidiaries
3.309.927
3.353,208
Interest. IHES
434,290
473.876
Depreciation
1,216,135
1,189,247
Amort. of disc., income
tax, sub, dive., and
amounts applicable to
3,096.228
minority stocks ofsubs 3,122.837
Balance for dividends
on system stocks_ -Divs. on IHES pref.
stock cony.$3.50series
$254,057
122.839
1934-12 Mos.-1933.
$63,571,490 $61.351,152
35,224,518 35,092,359
13.300.806 13,745.419
1,811,659
1,914.991
5,115,810
5.001,610
12,505,291
12,295,577
$297,638 $2,490,952 $2,134,762
122,839
491,352
487,530
Balance
$131,218
$174.799 $1.999,600 $1,647,232
Archibald R. Graustein. President,says in his remarks to shareholders:
"Total operating revenues for both the second quarter and the first
six months of this year are in excess of the corresponding figures last year.
In June, 1934, demand for industrial power in New England was below the
abnormally high level of June last year, resulting in a decline of 9.4% in
New England Power Association's electric output for that month as compared to 1933. Otherwise, however, revenues from industrial power have
held up well and sales to domestic and commercial consumers are consistently ahead of last year.
"The improvement in operating revenue has, however, been offset by
Increased expenses and higher taxes. As the full effect of recent tax legislation is not yet apparant, net earnings for the balance of the current year
will reflect a decline from the corresponding period of 1933 unless a substantial increase develops in industrial power sales.
"The operating properties have had no special problems in connection
with water conditions this spring and summer. Despite somewhat less
than normal rainfall this year on the New England properties, water
storage at June 30 1934 was 40% above June 30 1933. On the Gatineau
properties in Canada rainfall during June and July aws slightly better
than average."
-V. 138. p. 3949.
International Mining Corp.
-Progress Reported.
H, W.Chadbourne,President,in a letter to shareholders,states in part:
"Corporation's net assets as of June 30 1934, after deducting organization expenses, were $8,720.245, or approximately $21.80 per share for
the 400,000 shares outstanding in the hands of the public. These figures
were prepared by the corporation's accounting department using the same
basis of valuation used in the audited annual report for 1933, namely assets
quoted on stock exchanges were valued at market quotations and those
not so quoted were valued at cost. The number of common stock purchase
warrants outstanding in the hands of the public remains unchanged
namely warrants for 504,000 shares.
"Edgar E. Barker, formerly with the Chile Copper Co. and the Cerro
de Pasco Copper
and more recently in charge of the development
Corp.,
and equipment of the Mufiltra Mine in Rhodesia, has been appointed
Manager. The progress report continues.
"Recent results from the pilot metallurgical plant have been favorable
and test runs will be continued. Corporation has taken a 30% interest
In a syndicate to develop the promising Guatomo tin properties situated
In South Siam.
"The fourth dredge is scheduled to begin operation in August. Production figures published by the company indicate an estimated working
profit for the three months ended June 30 1934 of 16,583 fine ounces gold,
which at $35 per ounce for gold is equal to $580,405. The drilling campaign is being successfully carried ahead to fix plans for exploitation of
the deeper gravel.
"As of June 30 1934 corporation held 12,575 shares of Placer Development, Ltd., stock out of 100,000 shares issued. Placer Development,
Ltd., is the largest stockholder of Bulolo Gold Dredging, Ltd. The Placer
company proposes at an early date to offer pro rata to its shareholders
20.000 sharesof additional stock at $50 per share to provide for the purchase
of an interest in Pato Consolidated Gold Dredging, Ltd.. in Colombia. and
Total income
Depreciation
Federal taxes
$61,034
22,639
5.594
$44,960
20.127
3,317
$406,695
17,807
46.800
$528,377
15,631
57,868
Net/profit
Class A dividends
Class B dividends
$32,801
2,465
43,493
$21,516
2,465
43,492
$342,028
2,465
347,940
$454,877
Deficit.....$13.156
$24,441
$8,377 8614454,877
Earns. per sh.on 173,973
slis. B stock (no par)_ _
$0.17
$0.11
x$1.95
42.60
x On 174,995 combined shares of class A and B stock.
Balance Sheet Dec. 31.
1932.
Assets1933.
1933.
1932.
Cash
$73,614 $64,669 y Capital
$247,265 $247,265
Accounts receivable
12,762 21,385 Accounts payable and
sundry accruals. _
61,499 77,358
Inventories
6,932
4,894
x Property account.... 156,630 163,137 Federal income tax reserve
Good-will, tr.-marks,
5,600
3,700
&c
144,189 144,129 Reserve for coating_
14,052
4,345 Surplus
Deferred charges
191,955 205,112
3,058
Total
Total
$451,752 $475,023
$451,752 $475,023
x After deducting reserve for depreciation of $146,191 in 1933 (1932.
$124.418). y Represented by class A stock $2.40 cum. div. cony., no par
value. Authorized and issued, 40.000 shraes. Less: Exchange for class B
stock, 38,973 shares; outstanding, 1,027 shares. Class B stock, no par
value, authorized, 175,000 shares: issued. 173,973.-V. 137. p. 1421.
-Earnings.
--Interprovincial Brick Co., Ltd.
Calendar YearsLoss for year
Depreciation
1933.
$16,635
1932.
$22,018
1931.
$9,748
1930.
prof$5,308
28,412
Net loss
Previous deficit
$16,635
114.133
$22,018
92,115
$9,748
82,367
$23,104
59,263
Total deficit
Assaf-Cash
Accts. receivable_ _
Inventories
Prepaid charges_
Investments
House property,
(Toronto)
x Real estate, bides
mach.& equip._
$130,768
$114,133
$92,115
Balance Sheet Dec. 31.
Liabilities
1932
1933.
1933.
$15,428 Accts. pay. & accr.
$14,228
26,271
charges
20,175
$3,914
38,769 Montreal Life In29.314
2,285
surance Co
2,114
56,500
3,163 Pref. stock, cl. A.. 147,900
3,163
Pref. stock, cl. II_ 300,300
1,548 y Common stock. 250,000
1,892
Deficit
130,768
557,034
558.959
$132,367
1932.
$2,932
57,500
147,900
300,300
250,000
114,133
Total
$627,845 $644,499
Total
$627,845 $644,499
x After depreciation of $313.521 in 1932 and 1933. y Represented by
10,000 shares (no par)
.-V. 137. P. 2111.
Kansas City Southern Ry.-Earnings.- -Month-1933.
Period End. July 31- 1934
1934-7 Mos.-1933.
Railway oper. revenues.. $801,897
$821,323 $5,631,957 $5,399,070
583,645
Railway oper. expenses_
605,479
3,910,88
4,129,503
59,917
Railway tax accruals.._ _
83,717
586,019
437,806
413
Uncoil, ry. revenues_ _ _ _
239
1,801
1,314
32,408
Equipment rents-net dr
32,337
231,784
239,057
Jt, facil. rents
7,684
-net dr__
7,507
47,335
46,661
Net ry. oper. income_
-V. 139. p. 446.
$95,992
$113,876
$777,613
$821,246
-Earnings.
Jewel Tea Co., Inc.
28 Weeks EndedJuly 14 '34. July 15 '33. July 18 '32. July 11 '31.
Net sales
$8,996,026 $7.395,039 $6,083,198 $7,609,861
Cost of sales, exp., depreciation, &c..
7.016,985
8,058,187
6,833,718
5,460,560
Operating profit..
Other income
$937,839
173,795
$378,054
84,232
$622,638
84,220
$776,143
117,288
$1,111,634
Total income
$462,286
$893,431
$706,858
Reserved for taxes
343,992
107,212
156,649
147,580
65,000
Other reserves
Net profit
$702,642
$786,219
$305.638
$559,278
Previous surplus
1,540,636
1,431,487
2,320,189
2,404,357
Total surplus
$2,243,278 $1.737,124 $2,963,635 $3,106,408
Common dividends
544.636
404.075
399,011
533,151
Represent funds used to
acquire certain assets
and to provide working capital for Jewel
Food Stores, Inc
1,000,000
$1,839,203 $1,338,113 $1,430,484 $2,561,772
Profit & loss surplus
Earns, per eh. on 280,000
$2.81
(no par) shares
$2.51
$2.00
$1.09
Comparative Balance Sheet.
July 14'34 Ark 15'33
LiabilitiesAssetsJuly 14'34 July 15'33
x Capital assets_ -_31,971,886 $1,834,990 y Common stock_ _$4,935,462 $4,935,462
1
1 Letters of credit &
78,550
42,423
acceptances_ _ __
Inventories
2,343,535 1,892,809
136,500
161,360
z Accts. receivable 183,780
196,595 Accounts payable_
Investments
1,646,633 1,558,836 Other accts. and
317,917
Trust funds
213,494
wages payable__ 447,648
215,549
Life insur. policies
33,522
Trad'g stamps out46,743
53,687
standing
Cash
778,565
637,321
119,647
343,843
Corn.stock held for
Federal taxes
225,000
employees
282,363
for cording
358,052 Res.
Loans to employees
19,925
Res. for auto acciDeferred charges
925,598
dents and fire
634,078
168,988
107,947
losses
213,494
215,549
Surety deposits1,839,203 1,338,113
Surplus
Total
$8,399,304 $7,328,231
$8,399,304 $7,328,231
Total
x After depreciation of $1,017,726 in 1934 and $1,149,182 in 1933.
y Represented by 280,000 shares no par value. z After deducting $143,455
reserve for doubtful accounts in 1934 and $21,580 in 1933.-V. 139, p.767.
Kalamazoo Stove Co.
-Earnings.
Years End. Dec. 31
Net Inc. after all charges
Accounts charged off__ _
Depreciation
Prov. for possible loss on
deposits in closed bks_
Prov.for loss on customer's accounts
Prov.for Fed.inc. tax_ _
Dividends for year
1933.
$346,098
58.645
30,906
1932.
$64,172
78.379
28,713
1930.
y$208,426
1931.
Y$29.437
62.597
16,800
50,000
33,600
Deficit for year
Prof3206,147
y After depreciation.
102,508
$92,920
364.963
$135,667
$156,537
Condensed Balance Sheet Dec. 31.
Assets1932.
1933
1933.
1932
Cash, Lib. bds..drc $227,551 $848,747 Accts. payable. &c $117,340
$74,757
Accts. receivable__ 1,424,576 1,024,776 Customers' adv...
15,283
4,832
Inventories
572,957
243,477 Fed. inc. tax and
Y Fixed assets.- _ _
423,091
capital stock tax
317,681
Sundry assets_ _ _
37,800
89,615
_
(estimated)
64,856
Deferred charges..
47,988
_30,263 x Cap.stk.& surp2,615,355 2,450,212
Total
$2,785,778 $2,529,801
$2,785,778 $2,529,801
Total
x Represented by 82.008 shares (no Tiar). y Less allowance for depreciation of $398,402 in 1933 and $368,802 in 1032.-V. 138, p. 2751.
Kansas City Power & Light Co.
-Earnings.
Period End. July 31- 1934
1934-12 Mos.-1933.
-Month-1933.
Gross earnings
$1,183,162 $1,145,525 $14,519,13E- $14,372,872
Oper. exps. (incl. and
maint., general and
property tax)
6,577,843
6,217.806
525,535
567,465
Interest charges
1,765,360
1,745,037
146,532
147,328
Amortiz. of disc, and
premiums
131.609
131,609
10,967
10,967
Depreciation
2,200,075
2,182,807
183,608
183,781
Federal and State inc.tax
623.560
550,500
47,500
42,200
Balance
Earns, per share pref.
before income tax_ _ _ _
Earns, per share pref.
after income tax
Earns, per share corn.
before income tax_ _ _ _
Earnings per share corn
after income tax
-V. 139, p. 602.
$231,420
$231,381
$3,293,743
$3,472,050
$6.84
$6.97
$96.11
$102.39
5.79
5.78
82.34
86.80
0.48
0.49
6.87
7.34
0.40
0.40
5.82
6.16
Kansas Gas 8c Electric Co.
-Earnings.
[American Power & Light Co. Subsidiary.]
Period End. July311934-12 Mos.-1933.
-1933.
1934
-Month
Operating revenues
$395,611 $4,965,595 $5,004,001
$422,428
Oper. exps.,incl. taxes..
2,533.213
194,942
2,500,405
214,060
Net revs, from oper_Other income
8208,368
1,649
$200,669 $2,432,382 $2,503,596
1,346
18,666
19,984
Gross corp. income_ -Int. & other deductions-
$210,017
82,343
$202,015
82,113
$2.451,048 $2,523,580
986.120
983,272
Balance
y$119.902 $1,464,928
y$127,674
Property retirement reserve appropriations
600,000
x Dividends applicable to preferred stocks for the
Period, whether paid or unpaid
520,784
$1,540,308
600,000
520,795
Balance
$344,144
$419,513
x Regular dividends on 7% and $6 pref. stocks were paid on July 2 1934.
After the payment of these dividenes there were no accumulated unpaid
dividends at that date. y Before property retirement reserve appropriations and dividends.
-V. 139, p. 932.
(G. R.) Kinney Co., Inc.(& Subs.).
-Earnings.
El Mos.End. June 30_1932.
1934.
1933.
Net sales
$6,757,869 $5,623,178 $5,778,891
Coat and expenses
5,615,456
6,408,983
5,840,516
Int. & misc. chges. (net)
90,646
75,501
97,515
Loss on factory temporarily closed
6.366
Deprec. & amortization126,868
118,237
139.167
Netloss
Preferred dividends_
Common dividends
Deficit
1243
Financial Chronicle
Volume 139
1931.
$7,320,727
7,219,081
153,144
169,047
prof$140,151
5201,161
$298,307
$220,545
101,104
39,925
,,
prof$140,151
$201,161
$298,307
$361,574
Balance Sheet June 30.
1934.
LiabilUies1933.
$566,390 $752,073 Accounts payable_
201,349
165,648 Prov. for Federal
Income tax
3,136,902 2,660,713 Accrued &
liabilities
65,000
72,000 Gold notes outst'g
121,796
83,084 Preferred stock...
192,668
231,993 x Common stock
1.463,110 1,505,694 Surplus
Assets
Cash
Accts. receivable
Merchandise, raw
materials, &c
15-yr. 755% gold
notes repurch.Investments
Prepaid expenses
y Fixed assets....
Trade-marks, good
2,480,051
will
1934.
$928,849
1933.
$686,053
128,625
222,000
99,734
1,034,100
2,523,950
1.535,320
1,976,689
85,415
1,198,100
2,523,950
1,535,320
1,700,420
2,480,051
$8,227,267 $7,951,258
Total
Total
$8,227,267 $7,951,258
x 153.532 no par shares. y After depreciation and amortization of
81,950,561 in 1934 ($1,798,513 in 1933)and mortgages assumed amounting
to $160,000 in 1934 ($180,000 in 1933).-V. 139, p. 448.
Kroger Grocery & Baking Co.
-Sales.
.11- 1934-4 Wks.
Period End. Aug
-1933.
1934-32 Wks.
-1933.
$16,079,706 $16,167,308 $134328,735 $125166,138
Sales
V. 139, p. 602.
-Earnings.
Lane Bryant, Inc.(& Subs.).
1931.
1932.
Year Ended May 311933.
1934.
Sales (net of returns)_ _412.398,603 $10.751,930 $13,271,330 $17,757,322
Cost of sales, operating,
admin. & selling exps- 11,820,344 10,663,334 13,151,264 17,198,227
Operating profit
Miscellaneous Income..
Total income before
Federal taxes
Provision for deprec. of
bldg., equip., &c
Interest
Discount on debs. Purchased and canceled
Non-operating losses_
General inventory res've
Federal taxes
Net income
Preferred dividends(7%)
Common dividends
$578,258
11,823
$88,596
12,251
$120,067
16,927
$559,095
30,365
5590,081
$100,846
$136,994
5589.459
194,977
92.022
196.601
92.397
194,779
17,370
238,950
110.006
Cr114,951
87,800
90.747
200.000
13,000
47.500
$227.503
$255,582 def$161,001 def$365,902
92.477
88,863
86,387
86,195
(50c)64,939 (82)264,448
8129.422
$519,704
$247,388
Deficit
$169,387
134,953
129,067
128,957
Shs.com.stk.out.(no par)
128,957
$1.00
Nil
Nil
Earnings per share
$1.31
Consolidated Balance Sheet May 31.
1933.
1934.
Liabilities1934.
Assets
1933.
Preferred stock _ __$1,167.,100 $1,234,100
x Land, buildings,
equipment, &c_ $985,637 $1,101,383 z Common stock__ 1,416,937 1,416,936
Cash
820,149 1,223,902 6% debentures... 1,394,000 1,394,000
y Accts. and notes
Trade cred's, net of
664,266
deduc'ns,
505,318
568,112
receivable
773,418
Inventories
3,068,266 2,219,404 Accounts payable_
39,340 Prepaid sales and
Defd. cash on dep.
35,113
47.120
58,558
cred. to custom_
Tax anticip. war75,219
Accrd. salaries, &c. 142,090
rants, &c
12,073
Adv. to manufac's
47,968 Prov. for Federal
18,634
Income taxes_ _ _
47,500
Prep'd rents, taxes,
210,691 Mortgage on real
&c
217,714
11,000
13,000
Invest, in stocks of
estate
553,381
754,108
7,500 Surplus
affiliated cos_ _ _
7,500
Loans & advances
41,566
30,812
950
Other investments
700
Patterns, patents,
trade - marks,
good will
$5,764,710 $5,398,024
Total
Total
$5,764,710 $5,398,024
x After deducting $1,456,582 ($1,299,676 in 1933) for depreciation and
in 1933) for doubtful
amortization. y After deducting $76,600 (8100,000
-V. 139.
accounts. z Represented by 128,957 shares of no par value.
P. 933.
-Equipment Trust Cer--Lehigh 8c New England RR.
tificates Offered.
-A banking group headed by Stroud & Co.,
Inc., and including E. H. Rollins & Sons, Inc.; Janney &
Co., and Edward Lowber Stokes & Co., have been awarded
$1,204,000 4% equipment trust series H temporary registered certificates and are making public offering of the
certificates at 993 flat for earliest maturities and 993/i
4
flat on the balance. Certificates dated May 21 1934 are
due each semi-annual period from Nov. 1 1935 to Nov. 1
1939 incl., and certificates dated June 21 1934 are due from
Nov. 1 1939 to May 1 1944 in.cl.
The Girard Trust Co. of Philadelphia is trustee for the certificates which
are tax free in Pennsylvania. They are secured by 250 steel box cars,
150 steel hopper cars, and 100 composite gondola cars, all of 100.000 pounds
capacity.
The certificates are a part of the $6,000,000 of securities offered Aug. 20
by the Reconstruction Finance Corporation, the securities having been
taken over by the RFC from the Public Works Administration. Their
sale by the RFC constituted the first step in the program announced recently to sell PWA holdings to create a revolving fund for the PWA.-V.
139, p. 1088.
Life & Casualty Co. of Chicago.
-Gets Peoria Life.
Life & Casualty Co. of Chicago on Aug. 14 was awarded the contract for
reinsuring the business of the insolvent Peoria Life Insurance Co., when
Circuit Judge Joseph E. Dailey approved the report of receiver Charles
V. O'Hern recommending the selection of the Chicago corporation. The
Court announced that minor changes would be made in the contract before
the final decree is signed.
Life Savers Corp.(& Subs.).
-Earnings.
Period End.Jun630-- 1934-3 Mos.-1933.
Net profit after deprec..
Federal taxes, &c_ _ _
$258,115
$179,720
Earns, per sh. on 350.140
shs. (par $5) cap. stk$0.51
$0.73
-V. 138. p. 3780.
1934--6 Mos.-1933.
$3394,576
$430,224
$1.12
$1.22
1934.
$1.170,860
59,123
1933.
$986.861
55,266
Loblaw Groceterias,
4 Weeks Ended June 30Sales
Net profit after charges and income taxes
-V. 139, p. 448.
44
-f-Kt
Loudon Packing Co.
-25
-cent Extra Dividend.'
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly distribution of 373 cents per share,
both payable Oct. 1 to holders of record Sept. 14. In the two preceding
quarters extras of 12% cents per share were paid, while on Jan. 2 last an
extra of 25 cents per share was distributed in addition to a regular quarterly
dividend of 25 cents per share, this being the rate then in effect -V. 139,
P. 282.
McKesson & Robbins, Inc.
-July Sales Up 4.61%.1934-July-1933.
58,555,829 58,178,903
-V. 139, p. 769.
Increase.
Increase.
1934-7 Mos.-1933.
$376,926 j 871.159,069 857,053,692 $14,105,377
Mahoning Coal RR.
-Earnings.
Period End, June 30-- 1934-3 Mos.-I933,
Inc. from lease of road-- $249,412
$194,145
Other income
def34.515
104,229
Total income
Taxes
Int. on funded debt.
Int. on unfunded debtOther deductions
$214,897
12,594
18,750
3.770
2,245
$298,373
23,887
18,750
Net income
-V. 138. p. 4468.
$177.538
1934-6 Mos.-1933.
$421,967
$296,491
34,525
140,561
$437,052
35.353
37.500
2,383
$456,492
14,261
37,500
3,770
4.354
$253,353
$396,607
$359.752
4,447
Maine Central RR.
-Earnings.
Period End. July 31
- 1934
-Month-1933.
1934-7 Mos.-1933.
/
Operating revenues
$808,936
$934,643 86,369,812 85,946.438
Net oper. revenues
189,092
300,052
1,422.344
1,684,369
Net ry. oper. Income...
118,477
222.703
749,998
1,098,738
ther income
26,146.
24,689
150,112
142,068
Lake Shore Mines, Ltd.
-Extra Distribution.401- 4, Gross income
4
$144.623
The directors have declared an extra dividend of 50 cents per share in
educts. (rentals, int. &
to the usual quarterly dividend of like amount on the capital
addition
Interest, &c.)
174,507
stock, par $1, both payable Sept. 15 to holders of record Sept. 1. A similar
extra distribution was made on this Issue on June 15 last, Dec. 15 and June 15
Net income
def$29,884
1933 and Dec. 15 and June 15 1932.-V. 138, p. 3441.
-V. 139, p. 603.
•
$247,393
8900,110
182,299
1.233,633
1,283,448
$65,094 def$333,523
def$42,642
$1,240,806
1244
Fin ncial Chronicle
Mahoning Investment Co.
-$1 Dividend.'f'tl//4 L
'
4"
The directors have declared a dividend of $1 per share on the capital
stock, no par value, payable Sept. 1 to holders of record Aug. 22. This
compares with 50 cents per share paid on March 1 1933, $1.50 per share
paid on Sept. 1 1931, $1 per share distributed Sept. 1 and 321 44
,
1927
and $1.50 per share paid on March 1 1927 and Dec. 1 1926.-V.1
09
Ju-t
ne%
.4e ..4.--et-i
1101anaster Building, Chicago.
-Bond Extension
tan
The bondholders are to receive payment ofthree past due interest con ns
at the reduced rate of 4%,in accordance with an extension plan announced
Aug. 15 by C.S. Tuttle, Chairman of the reorganization committee. Under
the plan, maturity of the issue is extended to April 3 1943, and a sinking
fund established for retirement of bonds. Harry Manaster & Bro. are
to pay all expenses of the extension, all taxes through 1931 and in addition
provide a reserve for subsequent taxes.
The bond issue was originally $250,000, paid down to $171,300. According to Mr. Tuttle, amendments to the Securities Act and recent regulations issued by the Federal Trade Commission have enabled the committee to proceed with its reorganization work.
The issue was underwritten by the Chicago Trust Co.
Maryland Casualty Co.
-RFC Loan.
The Reconstruction Finance Corporation Aug: 17 authorized a loan
of $10,000,000 to finance the purchase of additional preferred stock in the
company.
On April 19 last a loan of $7,500,000 was made on preferred stock of
this company, and the authorization Aug. 17 Is a part of the program
of rehabilitating the company which found itself in difficulties, largely
because of having guaranteed mortgages throughout the country.
lot A refunding plan covering these guaranteed mortgages has been effected,
and this additional capital now puts the Maryland Casualty in a strong
position with ample capital funds to expand its rapidly growing business.
A special meeting of stockholders has been called for Aug. 29, to consider
the proposal of the RFC to purchase 1,000,000 shares of a new issue of
1,250,000 shares offirst convertible preferred stock, series A,at $10 a share.
The additional 250,000 shares will be used for future financing to take
care of anticipated increases in the business of the company, Silllman
Evans, President, states.
-V.138. p. 4130.
Memphis Power & Light Co.
-Earnings.
[National Power & Light Co. Subsidiary.]
Period End. July 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$439,359 $6,244,195 $6,287,069
$466,849
Oper.caps., incl. taxes..
296,148
259,426
3,863,496
3.740,844
Net rev, from oper
Other income
$170,701
323
$179,933
341
Gross corp. income_ -Int. & other deductions_
$171,024
68,856
$180,274 $2.389,910 $2,564,388
72,035
844,616
866,766
$2,380,699 $2,546,225
9,211
18,163
Balance
34102,168 y$108,239 $1,545,294 $1,697,622
Property retirement reserve appropriations
683,849
694,686
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
394.876
391,833
Balance
$466,569
$611,103
x Regular dividends on $7 and $6 pref. stocks were paid on July 2 1934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date. y Before property retirement reserve appropriations and dividends.
-V. 139, p. 769.
Mercantile Stores Co.
-New President.
Francis G. Kingsley has been elected President; succeeding Colonel
L. S. Plant, who resigned. Mr. Plaut also resigned as a member of the
board.
-V.137, p. 503.
Meridionale
Electric Co.(& Subs.).
-Earnings.
-[Properties Under the Mortgage.]
Comparative Consolidated Statements of Earnings.
r Years End. Dec.311932.
1933.
1931.
1930.
Gross electric revenues--$11,270.171 $11,059,086 $11,856,326 $11,480,247
Oper.expenses, maintenance and taxes
6,324,313
6,391,308
6,862,712
6,323,582
Net earnings
Other income
$4,945.858 $4,667,778 $4,993,614 $5,156,665
1.790.148
1,809,563
1,944,797
1,967,299
Gross income----- - $6,736,006 $6,477,341 $6,938,411 $7,123.964
Interest on 7% 1st mtge.
gold bonds
765,503
780,535
795,165
809,760
Other interest, including
floating debt
2,357,959
2,393,698
2,300,688
1,981,550
Bal, avail, for deprec.,
directors'fees & diva $3,612.544 $3,303,108 $3,842,558
Times fixed chgs. earned
2.15
2.04
2.24
Consolidated Balance Sheet Dec. 31.
1933,
1932.
1933.
AssetsLiabilities$
$
$
Cash
313,930
806.560 Accts. payable._ 26,522,948
Customers'sects 5,129,096 5,393,773 Customers' dep. 1,043,749
7% first mtge,
Other notes and
gold bonds___ 10,777,000
accts. receiv
15,685,511 16,326,359
1,130,429 1,267,024 Int. fund. debt_ 3,155,749
Inventories
Property acc't 61,896,618 60,821,080 Italian pub. util.
credit loan__ 5,936,889
Investments
18,010,236 18,029,282
Res. for depre•c_ 18,247,031
Capital stock___ 32,869,910
Earned surplus_ 3,612,544
$4,332,654
2.50
1932.
$
28,626,449
1,055,328
10,988,000
3,200,846
6,027,491
16,835,341
32,607,515
3,303,108
102,165.820 102,644,078
Total
Total
102,165,820 102,644,078
-V. 137, P. 1413.
Note.
-All conversions at 5.25c. per lira.
-Doubles Dividend.
""---", Mesta Machine Co.
The directors have declared a dividend of 50 cents per share on the
common stock, par $5, payable Oct. 1 to holders of record Sept. 17. This
compares with 25 cents per share distributed each quarter from Oct. 2 1933
to and including July 1 1934: 15 cents per share paid on July 1 and April 1
1933: 25 cents per share on Jan. 1 1933, Oct. 1 1932 and July 1 1932 and
50 cents per share disbursed quarterly from Oct. 1 1930 to and including
April 1 1932.-V. 138. p. 3782.
Middlesex & Boston Street Ry.-Earnings.(As Reported to the Mass. Department of Public Utilities.)
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
Revenue fare pass. carr'd 2.192,513
2,099,723
4,714,373
4,322,834
Average fare (cents)____
9.5
9.4
9.45
9.40
Net profit
$14,805
$39,254
$34,779
$31,482
-V. 138. p. 3782.
Middle West Utilities Co. Noteholders' Ian Meets
Opposition and Is Discarded-New Flin Promised.
Plans for reorganization of the company, announced IasAveek by the
noteholders' committee, whereby holders of note and stock Wouid put up an
additional $12,000,000 in the new concern, have been dropped because of
disagreement by stockholders. This was revealed Aug. 18 by Robert N.
Golding. counsel for the noteholders.
Common stockholders were definitely against the proposal while preferred
shareholders felt that the stock bonus offered them for subscription of new
stock was insufficient, Mr. Golding said.
ok The decision obviates an agreement with secured creditors whereby their
interest could be acquired for 52 cents on the dollar.
Mr. Golding is quoted as follows:
"Noteholders have borne all expenses of attempts to reorganize the
company thus far and we do not feel justified in spending more money in
the absence of co-operative effort from stockholders. However, we shall
propose another plan within a week, which will exclude stockholders, unless
some agreement is reached with them shortly.
"We are perfectly willing to deal with the stockholders on a fair basis,
but they must realize we are working with an insolvent company and
Aug. 25 1934
negotiations must be conducted on that basis. They have practically no
equity. If the stockholders will propose a plan which is fair, we are perfectly willing to go along.
The hearing on motion to make permanent the appointment of Daniel
C. Green as trustee has been continued by Federal Judge Wilkerson to
Sept. 20.
Despite the apparent breakdown of negotiations to reorganize the company, attorneys for the interested groups assured Federal Judge Wilkerson
that a plan to recast the holding company would be in shape to present to
the court before mid-September.
Judge Wilkerson made it plain that he will not allow the negotiations to
drag on indefinitely. He cautioned the attorneys that a re-organization
plan must be worked out speedily.
Robert N. Golding,attorney for the noteholders,asserted that a workable
program providing $12,000,000 to buy out the interests of secured creditors
will be set up by Sept. 20 or else the plea will be given up. Be indicated,
however, that only as a last resort would re-organization under the domination of the secured creditors be permitted.
Meanwhile, Orville J. Taylor, attorney for the common stockholders.
took up the noteholders' challenge to draw up a better plan than the one
shelved. He is preparing a letter to Mr. Golding outlining his views of
what a plan should contain.
-V.139, p. 1090.
Milnor, Inc.
-Earnings.Earnings for the Year Ended May 31 1934.
Net sales
Merchandise cost and expenses
$344,874
461,729
Loss from operation
Miscellaneous income credits
$116,855
4,860
Gross loss
Miscellaneous income charges
$111,995
4,980
Net loss
Surplus, beginning fiscal year
$116,975
234,089 .
$117,114
150,000
Gross surplus
Dividends paid
Deficit, end of fiscal year
Balance Sheet May 311934.
Liabilities
Assets
$39,552 Accrued salaries payable
Cash
2,839 Accrued taxes payable
Accts. receivable-customers_
1,227 Capital stock
Accts. receivable-miscell__
115,006 Deficit
Merchandise inventory
12,116
Securities owned (at cost)
Furniture, fixtures & equip't
2,934
(depreciated value)
4,035
Deferred charges
$32,886
$247
349
:210,000
32,886
$177,711
Total
Total
$177,711
-V. 138, p. 1241.
x Represented by 100,000 shares no par stock.
Minneapolis & St. Louis RR.
-Earnings.PeriodGross earnings
-V. 139. p. 1091.
-Second Week August- -Jan. 1 to Aug. 141933.
1934.
1934.
1933.
$180,399
$179.616 $4,228,248 $4.600,228
-Earnings.
Minnesota Power & Light Co.
[American Power & Light Co. Subsidiary.]
-Month-1933.
1934-.-12 Mos.-1933.
Period End.July31- 1934
$435.811
$384.188 $5.185,896 $4,854,127
revenues
Operating
195.529
147.037 2.184,733
1,903,551
Oper exps.,incl.taxes
Net revs, from oper__
Other income
$240,282
216
$237,151 $3,001,163 $2.950,576
20
1,382
5,273
Gross corp. income-Int.and other deductions
$240,498
144.720
$237,171 $3.002,545 $2,955,849
145.666
1,738.184
1,750,764
y$91,505 $1,264,361 $1,205,085
y$95,778
Balance
300,000
250.000
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
990,522
990,479
period, whether paid or unpaid
$26,161
$35,394
Deficit
x Dividends accumulated and unpaid to July 31 1934 amounted to
$640,257. Latest dividends,amounting to $1.31 a share on 7% pref. stock,
$1.12 a share on 6% pref. stock and $1.12 a share on $6 pref. stock, were
paid on July 2 1934. Dividends on these stocks are cumulative. y Before
-V. 139, p. 934.
property retirement reserve appropriations and dividends.
-To Mediate Wage Dispute.
Mobile & Ohio RR.
The National Mediation Board has assigned J. W. Carmalt to act as
mediator in the threatened strike by union employees. The employees
are demanding restoration of the 15% balance of a 20% wage cut made in
1932 at the time the road was forced into receivership.
Charles E. Ervin, receiver, stated that the company intends to restore
the full basic wages as soon as revenues warrant. At present, be said.
"we are not making operating expenses regardless of the recent drastic
curtailibent of maintenance of equipme_it and roadway."
The M. & 0. submitted a plan to union officials whereby whenever
revenues were in excess of bare operating expenses surplus funds would
be used for progressive restoration of wages. This offer was declined and
the union leaders refused to accept any plan that involved earnings of the
-F. 139, p. 604.
railway as a basis for wage payments.
-Meeting Further Adjourned.
Mohawk Valley Co.
The adjourned meeting of the holders of 5 % gold bonds due 1971.6%
cons. ref. gold bonds due 1981 and M % cons. ref.-gold bonds due 1991,
scheduled to be held July 27, has been further postponed to Sept. 21.V. 139, p. 285.
Molybdenum Corp. of America.
-Earnings.
6 Months Ended June 30Operating profit
Interest on notes, bonds and sundry items
i
Depredation
Provision for Federal taxes
1934.
$270,263
. 9.012
18,958
25,240
1933.
$60,702
4,789
18,958
Net profit before depletion
$36,956
$217,053
Note.-During the 6 months 1934 and 1933, provision for depletion of
mineral lands was made in the amounts of $44,162 and $34,705,respectively.
In connection with the report, the company issued tile following
statement:
"The improvement in earnings over those for the same period of last year
are attributable to the increased demand for the alloys manufactured by
the company in spite of the cintinued relatively low rate of steel production. During the past six months the company has brought into production its new mill at Tucson, Arizona, and an addition to this unit is now
being designed. During the last six-months period work in these properties
has resulted in development of a considerable quantity of additional good
grade ore. While tnese properties will not be a large factor in the company's
operation during the current year, they should contribute to the company s
earnings and further diversify Its products through the addition of vanadium
compounds in 1935.
"The company has improved its position with respect to raw material
supplies both through the negotiations of contracts for custom ores and
additional mining properties. Unfilled orders for the last six months of
1934, the largest in the company's history, should permit continued operaoperations at a satisfactory rate.'-V. 138, p. 1410.
Monongahela Ry.-Abandonment.-
The I.
-S. C. Commission on Aug. 6 issued a certificate permitting the
company to abandon its so-called Middle Run branch, extending from a
connection with its main line at Middle Run Junction, south of the passenger
station at Adah, to the H.C. Frick Coke Co.'s mine at Lambert, 3.23 miles.
-V. 139, p. 771.
all in Fayette County, Pa.
Montana Power Co.
-Earnings.
Nittional Battery Co.(& Subs.).
-Earnings.
Subs.).
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933.
-Month-1933.
Period End. June 30- 1934
$698,301 $8,905,389 $8.330,615
$577.298
Operating revenues
4,228.688
4.714,438
356,483
287.238
Oper.exps., incl. taxes
Net revs, from oper__
Other income
$290,060
12,919
$341,818 $4,190,951 $4,101,927
54,658
97.999
5,593
Gross corp. income_ - _
Interest & other deducts.
$302,979
212,445
Years Ended June 30Net profit before int.,deprec.,special chgs.,&c.
Interest
-net
Provision for deprecia'n_
Special charges
Prov.for Fed,inc. tax
1934.
1933.
1932.
1931.
$319,357
4,101
104,009
$418.227
3,181
98,776
$661,537
6.148
98,222
35,938
$396,178
Cr7,694
95,718
309,051
7,404
40,928
68.180
Net profit carried to
surplus account----
3175,309
def$8,301
3275,342
$488,987
$347,411 $4,288,950 64.156.585
2,346.047
2,568,311
207,237
3490,534 y$140,174 $1,720,639 61,810.538
Balance
217,500
507,962
Property retirement reserve appropriations
x Dividends applicable to preferred stock for the
951,158
954,496
period, whether paid or unpaid
$641,880
$258.181
Balance
x Regular dividend on $6 pref. stock was paid May 1 1934. After the
dividends at
payment of this dividend there were no accumulated unpaid
that date. y Before property retirement reserve appropriations and
-V.139. p. 285.
dividends.
AssetsCash
Accts. & notes rec_
Inventories
Prepaid expetwAz_
Investments, slow
receivables, &c.
Plant & equipment
Deferred charges
-Change in Internal
Montgomery Ward & Co., Inc.
Organization.
The Committee on Stock List of the New York Stock Exchange has
received the following notice:
"Montgomery Ward & Co., Inc., has announced a change in its internal
organization which relates to the business of the corporation. Hitherto
the business of the corporation has been carried on in ten States (California,
Colorado, Illinois, Indiana, Maryland. Minnesota, Missouri, New York,
Oregon and Texas) by the Illinois company, the business in other States
by a wholly owned Delaware company of the same name. The Illinois
company will carry on the entire business in all States. All necessary
-V. 139, p. 1091.
steps have been taken to make the change effective."
Motor Bankers Corp.
-Earnings.
1934.
$39,277
90,712
$0.43
6 Afonths Ended June 30
Net income after charges
Shares capital stock outstanding
Earnings per share
-V.138, p. 2095.
1933.
$20,473
91.400
$0.22
Motor Products Corp.
-Earnings.
3 Mo.( End. June 30Profit from operation___
Other income
1934.
$304,122
792
1933.
$344.379
3,935
1932.
$170,002
28,029
1931.
$320.563
26,597
Total income
Expenses, &c
Interest
Depreciation
Federal tax
$304,914
76,294
9,688
74,734
19,000
$348,314
68.597
$198,031
68,154
6347,160
76.234
74,384
9,000
74,384
78.492
28,000
6164.434
655,493
Net profit
$196,333
$125,198
Shs. corn. stk outstand195.699
191,285
190,985
ing (no par)
195,627
$0.84
$0.29
$1.03
Earns, per share
$0.64
For the six months ended June 30 1934, net profit was 5206,323 after
shares comparing
taxes and charges, equal to $1.05 a share on 195,627
with $48,608 or 25 cents a share on 190,985 shares in first six months of
1933.-V. 138, p. 3278.
-Earnings.
Muirheads Cafeterias, Ltd.
Years EndedFeb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
$45.575
$47,591
$17,086
Net earnings
$14,412
30,000
30,000
30,000
Prov. for depreciation_ 30,000
Net loss
Previous surplus
Miscall, adjustment_ _ _ _
Workmen's compensa'n
assess't, prior periods_
1245
Financial Chronicle
Volume 139
$15,588
def6,067
1,074
$12,914 sur$17,591 sur$15,575
12,179
12.894
8,446
306
607
251
$3,861 sur$30,791 sur$27,754
Total loss
$22,980
6,055
5,796
1,758
Preferred dividends_
7.871
7,871
Common dividends
934
7,678
447
259
Miscell. adjustments_ _ _
Prof.on sale of revel.sec.
7,598
1.000
Res. for Fed. inc. tax_ _ _
surS8,446 sur$12,894
$6,067
Deficit
$15,123
78,710
78,710
78,710
Shs.com.stk.out.(no par)
78,710
$0.12
$0.15
Nil
Earnings per share
Nil
Comparative Balance Sheet Feb. 28.
1934.
1933.
LiabilitiesAnds
1934.
1933.
Cash
$6,147 $7,676 Accounts payable__ $11,328 $13,775
Investments
83.250 69,962 Accrued expenses and
5,393
5,903
prepaid revenue_ _ _
Call loan
17,000
15.000
57,970 69.700
Preference shares
Accounts receivable
259
Prepaid tax receipt_ _
7,500 y Common shares..._ 480,205 480,205
• 4.913
8,305
11,398 Capital surplus
Inventory
15,123
6,067
Deficit
Prepaid expenses and
accrued revenue.... 13,088
6,766
S nidgs., impts., restaurant plant and
equipment. Jai
269.147 292,704
Leases, trade names,
150,000 150,000
good-will, &c
$545,196 $563,006
Total
Total
$545.196 $563,006
,
x After depreciation of $166,500 in 1934 and $136,500 in 1933. 3 Repre-V. 137, P. 2282.
sented by 78.710 no par shares.
-Amendments Approved.
Murray Corp. of America.
The stockholders on Aug. 21 approved an amendment to the certificate
of incorporation waiving pre-emptive rights and permitting issuance of
stock to holders of $1,750,000 1st mtge.6H% bonds maturing Dec. 1 1934.
The company has approximately 190,000 unissued shares of $10 par stock.
Details of a refunding or exchange plan are expected to be presented at a
directors' meeting on Aug. 29.-V. 139, P. 1092.
-Earnings.
(F. E.) Myers & Bro. Co.
1934.
9 Mos. End. July 31Manufacturing profit__ _ 61,013.667
Expenses
408.516
Depreciation
82.146
1933.
$694.236
356,4b8
105,128
1931.
1932.
$754,161 $1,318.106
603,046
478,192
98,379
109,439
Operating profit
Other income
$523,006
40,396
$232,640
41,608
$166.530
43.910
$616,681
23.160
Total income
Federal taxes
$563.401
80,000
$274,248
40,000
$210,440
33.000
$639.841
82,500
Net profit
Preferred dividends_ --Common dividends..- --
6483.401
45.000
150.000
$234,248
60,000
50,000
$177,440
67.500
270.000
$557.341
67.500
300,000
Consolidated Balance Sheet June 30.
1934.
Liabilities1933.
1934.
$172,742 $320.967 Accounts payable. $53,663
29,304
373,573 Accruals
370,754
565,545 Prov. for Federal
659.254
43,200
income taxes...
31,450
13,628
Divs. on pref. stk_
68,342 Surplus approp.for
52.568
97,354
red, of pf. elk...
619.549
721,048
17,304 x Cum. cony. pref.
10,077
753,459
stock
538,638
Common stock
118,958
Paid-in surplus
Earned surplus... 365,494
10.757
18,644
87,378
753,459
538.638
93,111
331,914
$2,000,071 51,996.732
Total
$2,000,071 $1,996,732
Total
x Represented by 34,428 no par shares. y Represented by 89.929 no
par shares.
-V. 137. p. 1775.
-Lower Rates.
Nantucket Gas & Electric Co.
The Massachusetts Department of Public Utilities has revoked its order
of July 31 last, reducing rates charged for electricity by the company and
in place substituted an order giving customers an optional rate.
The new order makes available to customers the commercial power rate.
which is 13 cents per kwh. for the first 50 kwh. per month, the next 50
being charged at nine cents, next 110 eight cents, next 300 seven cents,
next 300 six cents, and the balance five cents, plus a demand charge of $1
capacity.
Per month for each horsepower of connected load or installed cents for
Customers using electricity for less than nine months will pay 15
the first 50
plus a demand charge of $2 per month per horsepower.
It is believed that the new schedule will cost the company some $14.000
kwh..
-V.133. p. 2763.
a year, against a cost of $33.000 under the previous order.
-Earnings.
National Bellas Hess, Inc.
12 Mos.
1934.
$6,903,596
_ 6,749.197
10 Mos.
1933.
$4.741,387
4,722,874
Profit from operation
-interest, discounts. &c
Income credits
$154,399
54,610
$18.513
31,502
Gross income
Inc. charge-prov.for Fed.& State income taxes
$209,009
37,730
$50,014
1.104
Net operating income for the period
Previous surplus
$171,279
5.586
$48,911
$176.865
$48,911
43.324
Period Ended July 31Sales,less returns and allowances
Cost of sales,oper.,adminis.& selling expenses_
x
Total surplus
Extraordinary charges not applic. to curr. opers
$5,586
6176,865
Surplus as at July 31
x Including finance expense and expense incurred prior to the commencement of operations on Oct. 1 1932.
Comparative Balance Sheet July 31.
1933.
1934.
'Liabilities1933.
Assets1934.
Cash in banks.-- 3164,200 $469.115 Accts. pay. merch. 3155,156 5438,554
Accts. pay, catalog
Cash on hand and
30,822
41,227
costs
32,562
12,170
postage
41.274
46,859
16,787 Misc. exp. accruals
Accts. receivable__
51,683
Cust.refund checks
Mdse. at cost or
55,961
51,486
outatd'g, current
784,333
1.018,889
market
50.379
17,990
19,393 Due to customers_
38,295
Inventory supplies
16.304
57.367
98,989 Due to employees75,049
Prepd.catalog cost
21,253 Federal & State inPrepd. Maur., dm_
16,275
1,104
30,387
come tax pay'le
a Assets taken over
Current portion of
from Nat. Belles
12,000
note pay. to rec'r
500,000
flees Co., Inc., 500,000
L'g-term note pay.
Improve. & mach.
to rec., without
31,718
38.298
dr equipment
58,201
45,531
interest
55,228
55,229
Organization exp.
Res, for old co. re31,194
20,119
fund checks
1,315.101 1,300,000
Common stock
5,586
176,865
Surplus
31,970,089 32.029.380
Total
$1,970,089 $2,029,380
Total
a As follows: Customers' mailing list, $499.994: machines and equipment
and furniture and fixtures, $1; packing material, box and stationery
supplies. $1; catalog in preparation, $1; trade mark and trade names. $1:
leasehold at Kansas City, $1; good-will, $1.-V. 139, P• 285.
-Presidents.
-New V.
National Distillers Products Corp.
Ross C. Treseder and Arthur W. Loasby have been appointed Vice-V. 139, p. 1092.
Presidents.
-Earnings.
National Power & Light Co.(& Subs.).
(Intercompany items Eliminated)
1934-12 Mos.-1933'
Period End. June 30- 1934-3 Mos.-1933.
Subsidiaries
Operating revenues--317,519,309 $16,365,673 $70,347,496 $68,020,648
Oper. expo., incl. taxeis.. 9.457.999 8,426,189 37,898,583 35,195,332
Net revs, from oper-_ 63,061,310. $7,939,484 $32,448,913 $32,825,316
212,536
101,351
23,970
28,956
Other income
Gross corporate income $8,090,266 $7,963,454 $32,550.264 $33.037,852
Interest to public & other
deductions
$3,217,227 $3,205,451 $12,869.231 312,862.468
Interest charged to conCr6.691
Cr9.234
Cr581
struction
Cr5,059
Property retirement re5,464,392
5,395,142
1,447.434
serve appropriations
1,413,356
Pref. divs, to public (full
div. requirem'ts applicable to respective
periods whether earned
6,039,666
6,062,080
1,515,474
or unearned)
1,515,858
Portion applicable to
26,414
26.384
6,736
5,365
minority interests- -
Net equity of National
Power & Light Co.
in income ofsubs--- $1.943,519
Nat. Power & Light Co.
$189.841
$124.248 def$160.060
Surplus
$288,401
Net equity of Nat.Power
Earns, per sh.on 200.000
12.44 / & Light Co. in income
$0.55
$0.87
$2.19
she. corn.stk.(no par)
of subsid. (as shown
-V.138, P. 3609.
J4,140( above)
$1,943,519
...--National Automotive Fibres, Ine.-Accumulated iv.
32,730
,Other income
t
The directors have declared a dividend of $1.75 per share on a
$1.976,249
Total income
of accumulations on the $7 cum. pref. stock, no par value, payable Sept. 1
30,120
Expenses, incl. taxes- to holders of record Aug. 15. Similar distributions were made on Aug. 1
Int. to public and other
and June 1 last, this latter being the first disbursement made on this issue
337,382
deductions
since March 1 1931 when the regular quarterly dividend of $1.75 per
share was paid.
Bal. carried to conEffective with the Sept. 1 payment, accumulations will amount to $19.25
solid'd earned surp- 31.608,747
per share -V. 139. p. 771.
1933.
$134,407
28,421
$8,651.603
$1.788.920
$8,206,661
51,788,920
44,729
88,206,661 38.651.603
217,616
98,630
$1,833,649 $8,305,291 $8,869,219
131,383
133,840
25.143
1,356,373
1,348,217
$1,470,969 $6,815,078
37.389.619
337,537
1246
Financial Chronicle
Balance Sheet June 30.
1934.
1933,
1934.
1933.
Assets
Liabilities
Investments _ _ _140,880.940 141,310,920 x Cap. stock (no
Cash
.5,617,467 5,250,015
par value)___125,838,795 125,820,631
Time deposits
6,750,000 8,600,000 6% gold debs.,
U.S. Govt.secs.
781,929
662,702
series A
9,500,000 9,500,000
State, munic.
5% gold debs.,
oth.short term
series B
15,000,000 15,000,000
securities
326,565
693.328 Divs. declared
419,570
419,568
Centlng.right to
Accts. payable_
13,515
13,432
rec.junior sec.
Accrued accts._
142,408
372,306
of Birmingh'm
Accrued int. on
Electric Co
988,081
long-term d't_
237.500
Bankers' accept.
9,995 Conting.
Accts.rec., subs.
171,691
171,485
for addl cash
Accts.rec., other
26,922
21,265
inv. in junior
Special deposits_
285,000
see. of Birm.
Unamort'd debt
988.081
Electric Co..
dlsc't & exp._ 2,677,592 2,705,809 Reserve
281,378
281,378
Sundry debits
147,455
139,856 Surplus
6,232,394 8,158,062
Total
158,653,641 159,565,377
Total
158,653,641 159,565,377
x Represented by 279,713 shares $6 pref. stock (value In iqui ation $190
a share), and 5,456.117 (5,455,284 in 1933) shares of mm
stock.
V. 138, p.4470.
National Grocers Co., Ltd.
-$3.50 Accumu ated iv
The directors have declared a dividend of $3.50 per share on accowf4of
accumulations on the 7% cum, pref, stock, par $100, payable Sept. 1 to
holders of record Aug. 20. The dividend is payable in Canadian funds
and is subject to a 5% tax in the case of non-residents. The above distribution compares with $1.75 per share paid on July 2, May 1 and April 2
last. and $2.61 per share paid on Jan. 1 last.
After the payment of the Sept. 1 dividend accruals on this issue will
amount to $38.50 per share.
-V. 139, p. 1093.
National Rys. of Mexico.
-Earnings.
[Mexican Currency.]
Period End. June 30
- 1934-Month-1933.
1934-6 Mos.-1933.
Railway oper. revenues_ 8,629.600 6,920.378 50,683.349 38.369,891
Railway oper. expenses_ 6.217.722 5.907,239 37,177,429 34,841,743
Net oper. revenue_ _ _ _ 2.411.877 1,013.139 13,505.919 3,528.148
Percentage exps.to revs_
72.05
73.35
85.36
90.80
Tax accruals & uncollectible revs. (deduc'ns)_
879
13
5,462
Non-operating income_ _
50.607
40,733
247.768
210,945
Deductions items 536-541
(I. C. C.)
282,293
213,712
1,715,774 1,253,968
Balance
2,180,191
839,280 12,037,899 2.479.662
Kilometers operated_ _ _ 11,290.519 11.315.019 11.290.519 11,315.019
-V. 139. D. 605.
National Surety Corp.
-86,000,000 Bid Rejected.
-
Aug. 25 1934
on then outstanding shares. $11.054; less, amounts included in price paid
for shares of capital stock surrendered at liquidating value, equal to the
per share portion of distribution account at time of purchase, $8; add,
balance (per resolution of the board of directors, dividends declared are
first charged against net credit, if any, of this balance), $11,046; total,
$42,614. Deduct, dividends declared on capital stock. $197,359; less
applied to surplus arising from sales of investments, annexed, $168,733.
leaves $28,626; balance applicable to quarter ended Sept. 15 1934. $13,988.
Included in capital surplus, $330; included in earned surplus, $13,658.
Balance Sheet June 30 1934.
Assets
a Investments, at cost:
Underlying companies
$6,819,037
Temporary investments_ _ _
116,401
Cash in banks
585,450
Cash dividends receivable_ _ _ _
11.154
Receivable for securities sold.
not yet delivered
168
Balances receivable on trust
shares liquidated
55
Receivable from Calvin Bullock, subscriber to capital sk.
9,683
Prepaid expenses
4,519
Total
$7,546,466
Liabilities
Payable for secure, purchased,
not yet received
$33,395
Accts. payable & accrued exps_
877
Provision for Fed, income tax_
18,350
Fed,capital stock tax accrued_
3,000
Dividend payable
105,675
Capital stock
1,422,867
Capital surplus
5,940,570
Earned surplus
21,732
Total
$7,546,466
a The aggregate amount of investments at June
of market quotations, was $6,058,871. The net 30 1934 priced on basis
unrealized depreciation
amounted to 3876,566.-V. 139, p. 1093.
Neisner Brothers, Inc.(& Subs.).
-Earnings.6 Mos.End. June 30-1934.
1933.
1932.
1931.
Sales
$7,669,075 $6,134,987 $6,685.831 $7,356,753
Cost of sales, selling and
general expenses
7.401.975 5.992.571
6.497,933 7.048,851
Gross income
$267,100
$142,416
$187,897
$307,902
Other income
151,064
125,069
84,960
88,637
Total income
$418,164
$267,485
$272,859
3396,539
Interest
88,192
97,174
Deprec. & amortization_
116.059
117,241
110,271
121.557
Miscell.deductions
113,592
111,188
11.701
Reserve for Fed. taxes
40,000
7,000
10,000
22.000
Net profit
$173,913
$29,651
$41,399
$144,106
Shs. com. stk. outsVg
206.235
206,234
206,234
206,234
Earnings per share
$0.47
Nil
Nil
$0.32
Balance Sheet June 30.
Assets1934.
1933.
Liabil(ties1934.
1933.
b }'urn.& fixtures35,088,843 $5,290,908
Investments
348,416
Cash
1,890,651 1,018,833
Prepaid rents
79,417
23,779
Prepaid rents to be
appi'd aft. June
30 1935
87,974
Accts. receivable
117,693
45,385
Life ins, cash value
23,333
45,410
2,095,773 1,830,526
Inventory
Deferred charges
81,337
98,848
Accounts payable_ $34,788 $296,129
Funded Debt__ 3,047,750 3,128,250
Accrued taxes, &c_
186,770
77,280
Prov. for Fed. and
State inc. tax__
200,000
Notes payable_
1,000,000
7% cum. convert.
preferred stock_ 2,207,700 2,207,700
Reserve
173,145
133,917
c Common stock
811,014
811,014
Earned surplus
2,675,908 1.175,762
$9,337,076 $8,830,054
Total
$9,337,076 $8,830,054
The offer of 86.000.000 for the 100,000 shares of stock of the corporation
(which succeeded to the insurance business of the National Sutety Co.)
was rejected Aug. 20 by Justice Valente of the New York Supreme Court.
The offer, made by the Haystone Securities Corp., was submitted to the
Court by George S. Van Schaick, State Superintendent of Insurance, as
rehabilitator of the Natolnal Surety Co.
Justice Valente announced his ruling after Mr. Van Schaick had subTotal
mitted recommendations informing the Court that an appraisal of the new
b After depreciation and amortization of 81.399.439 in 1934 41,194,175
company's assets made on behalf of the Court by Patrick Hangley. had
in 1933). c Represented by 206,235 shares of no par value.
shown the value to be $8,749.940. while a previous valuation on the basis
-V.139, p.772.
of the company's balance sheet was $7,260,275. Mr. Van Schaick said
-Resumes Dividends.that if the sale of the stock were urgent he would consider the $6,000,000 'Herman) Nelson Corp.
The directors have declared a dividend of 25 cents per share on the
offer a fair one, but as a result of the appraisals he believed $6,000,000 was
common stock, par $5, payable Sept. 1 to holders of record Aug. 22, the
Insufficient.
"The fair and reasonable price for the stock of the National Surety
first on this issue since July 1 1931 when 15 cents per share was disbursed
Corp. would seem to be between $7,000,000 and $8.000,000." he said.
Quarterly distributions of 25 cents per share were made from Oct. 1 1930
to and including April 1 1931 and 50 cents per share quarterly from July 2
-V.139, p. 936.
1928 to and including July 11930. In addition a stock distribution of 1%
National Tile Co.
-Earnings.
was also made in July and October 1928.-V. 139, p. 1093.
6 Mos. End. June 30-1934.
1933.
New England Gas & Electric Association.-Earpings.
Net loss after deprec.. Interest, etc
$96,867
$103.300
Calendar Years1933.
1932.
1931.
Current assets as of June 30 1934, including $40,247 cash and United
1930.
Total oper.revenues_ - _ _$12,966,342 $13,430,018 $14,711,019 $14,740,528
States Government bonds, amounted to $411,281 and current liabilities
Oper, exps. and maint__ 6,837.396 6.997,417 7,608,661
were $26,386.-V. 138, p. 3784.
8,361,148
Prov, for retirement of
fixed capital
National Union Fire Insurance Co.
-Balance Sheet Taxes (includ. prov. for 1,183,278 1.237,145 1,444,014 1.304,409
June 30.Federal income taxes) 1,805.356
1.852,191
1,636,079
1,454,316
1934.
1933.
1934.
1933.
AssetsOperating income_ _ $3,140,312 $3,343,264 84,022,266 $3,620,654
$
Liabilities
Real estate
Other income
363.884
1,187,149 1,174,081 Reserve for losses_ 873,773 1,013,359
180,370
472,896
461.543
Bonds and stocks_ 9,334,996 8,166.051
Mortgage bonds__ 799,798
919,232
Collateral loans...
60,000
200,000
Cash
1,042,367
465,822
Prem. In course of
collec'n not over
90 days due.... 1,146,761 1,016,170
Accrued interest__
134,672
124,120
Other ledger assets
65,946
166,028
Total
13,771,690 12,231,505
Res, for unearned
premium
6,221,810 6,524,125
Reserve for taxes_
103.367
78,890
Contingency reeve 213,864
Res. for other gab_
546,059
479,820
Capital
1,100,000 1,100,000
Surplus
4,712,816 3,035,311
Total
-V.138. p. 1758.
13,771,690 12,231,505
Nebraska Power Co.
-Earnings.
[American Power & Light Co. Subsidiary.
Period End.July31- 1934-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$542,536
8499.352 $6.255,337 $6,028,630
Oper. exps., incl. taxes
293,140
262.992 3.309.451 3,037,724
Net rev, from oper
Other income
$249,396
8,106
$236,360 82.945.886 $2,990,906
5,842
201.205
291,959
Gross corp. income-- _ $257,502
$242,202 $3,147,091 $3,282,865
Int. & other deductions_
86.514
86.524
1,039.473
1,035,160
Balance
34170,988 y$155.678 $2.107,618 $2,247,705
Property retirement reserve appropriations
300,000
300.000
x Dividends applicable to preferred stocks for
period, whether paid or unplad
498,029
500,398
Balance
$1,309.589 $1,447,307
x Regular dividends on 7% and 6% preferred stocks were paid June 1
1934. After the payment of these dividends there were no accumulated
unpaid dividends at that date. y Before property retirement reserve
appropriations and dividends.
-V. 139. p. 936.
Nation-Wide Securities Co.(Md.).-Earnings.Earningsfor the 6 Months Ended June 30 1934.
Cash dividends
Distribution on trust shares, &c
$51,349
2,044
Net cash proceedsfrom sales of regular stock dividends,included
per certificate of incorporation
$53.393
Total
Expenses
$54,105
26,349
712
Net income, including proceeds of stock dividends sold, but
excluding security profits and losses and expenses charged
thereto
$27,756
Distribution account for the 6 months ended June 30 1934: Net income
as above, $27.756; balance of distribution account at beginning of period,
$3,812; total, $31,568.
Received on subscriptions to shares of
capital stock to equalize the per share amount available for distribution
$3,504,196 83,523.633 84,495,162 $4,082,198
Gross income
Fixed charges. &C., deducting sub. cos
246,066
291,794
322.989
392,389
Interest on funded debt
of Association
2,222,806
2,165,336 2,143,960
1,722,493
Int. on unfunded debt to
12.328
public of Association_
173
64,936
68.551
$1,022,996 81,066,330 81.963,278 $1,898,763
Net income
Divs, on pref. shares_ _ _
549,971
899,949 1,249,926
870,660
$473,025
Balance
$166,381
$713,352 81.028.103
Earnings for 12 Months Ended June 30.
1934.
1933.
Total operating revenues
$13,203,942 $12.874,998
Operating expenses
6,201,242 5.881.632
Maintenance
1,061.329
965,629
Prov. for retirements-renewals & replacements_ _ 1,214.786
1,058,775
Tax (Incl. prov. for Federal income tax)
1.881,053
1,968,767
Operating income
Other income (net)
$2.845,531 $3,000.195
351,872
240,387
Gross income
$3,197,404 $3,240,582
Subsidiary companies: Int. on unfunded debt_ _
124,680
207,413
Income applicable to stock of subsidiary company held by public
95,381
77,987
Interest during construction
Cr7.051
Cr8,269
New Eng. Gas & Elec. Assoc.: Int. on funded debt 2,230,741
2,200,522
Interest on unfunded debt
6.467
7,547
Balance of Income
$747,185
$755,382
Dividends on $5.50 pref. shares
549,972
549.967
Balance
$205,415
$197.213
Consolidated Balance Sheet Dec. 31.
1932.
1933,
1933.
1932.
AssetsLiabilities
$
Fixed capital__ 95,935,555 96,534,224 Capital shares &
Investments
9,896,282 9,879,093
surplus
46,791,098 46,251,300
Dem for mat'd
Funded debt
44,502,200 44,206,300
bond interest_
42,084 Due to MM. co_
45,653
149.004
27,089
Deps. for diva.,
Mat bond int.
'd
42,084
45,653
sink. fund, &c
55,566 Notes payable
79,167
3,217,833
1,942,500
Cash &spec. dep 1,819,659 1,670,390 Advance from
6,840
Notes receivable
14,488
Finance Co_
123,225
118,500
Accts. receivable 1,330,595
1,434,848 Accts. payable_
364,448
435,002
Int. & diva. rec.
20,177 Divs. declared
18,941
154.973
99,857
Mans & suppl's
831,468 Accr. taxes & int
740,650
798,275
785,709
Due from affiliConsumers' dep.
484,034
483,907
ated company
191,573
Cont. for exten.
32,984
41,352
Undistrib. debit
Reserves
15,484,724 14,792,333
Items
689,755
137,378
Total
110,762,318 110,612,068
-V.138. P. 1917.
Total
110,762,318 110,612.068
Financial Chronicle
Volume 139
New England Telephone & Telegraph Co.
-Earnings.
Period End. June30-- 1934
-Month-1933.
1934-6 Mos.-1933.
Operating revenues
$5,613,538 $5,558,057 $33,067,359 $32,121,684
Uncollectible oper. rev
18,881
45,087
143,121
311,644
Operating expenses
3,955,164
3,951,609 23.620,108 23,403,297
Net oper. revenues__ - $1,677,255
Rent from lease of opersting property
Operating taxes
458,984
$1,651,535 $9,590,372 $9.030,031
Net oper. income
-V. 139, p. 451.
$1,171,631 $6,828,485 $6,273,216
$1,218,271
16
479,920
2,761,887
100
2,756,915
New York Central Electric Corp.
-Earnings.12 Months Ended June 30Total operating revenues
Operating expenses
Maintenance
Provision for retirements
Taxes (incl. pray.for Federal income tax)
1934.
1933.
$1,812,283 $1,739.908
913,473
872,884
136,378
118,410
35,726
69 359
.
144,599
104,765
Operating income
Other income
$582.107
def17,908
$574,490
81,558
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$564.200
238,298
150.030
17,121
Cr3.035
$656,048
238,297
131,985
18.315
Cr7,193
Balance of income
-V. 139. p. 1094.
$161.786
$274.643
New York Central RR.
-Tax Ruling-Warrants Caused
No Gain or Loss of Income, Treasury Holds.-
1247
1933 (rehabilitation date), to preserve the title insurance and search bust
ness of the old company for the benefit of its creditors. It does not searantee mortgages in any form.
The board of directors of the Insurance company have ordered a 6%
dividend on capital stock out of undivided profits. It is payable to Superintendent Van Schaick, who is the sole stockholder of the new cemtazyi
u
and will be added to the general funds of the old company which are
conserved for the benefit of creditors, policyholders and certificate holders
of the old company.
As of July 31 1934, the Insurance company shows net undivided profits
of approximately $185.000 earned since Aug. 4 1933, after all expenses and
reserves. It has in cash approximately $460,000; short-term securities of
the United States Government, the State of New York and the City of
New York at cost (which is lower than market) of approximately $850,000
bonds of the Federal Home Owners' Loan Corporation at cost (which is
lower than market) of approximately $29,000 and accounts receivable of
approximately $137.000. -These total approximately $1.467,000.
Its only indebtedness is current accounts payable of approximately
$32,000 and Federal and State taxes (accrued but not yet due) of about
$36,000.-V. 138. p. 2096.
New York Title & Mortgage Co.
-Report Shows Reduotion of Tax Liens After Operating Charge.
George S. Van Schaick, New York Superintendent of Insurance, on
Aug. 18 issued a report on the financial condition of series F-1 guaranteed
mortgage certificates of the company, now in rehabilitation, showing a
reduction of the tax lien on the properties from $1,115,600 to $826,100 durMx the year, after operating charges.
The series F-1 certificates are secured by mortgages with a face value
of $27,889,156 on 121 parcels of property scattered throughout Manhattan
iy B onx.. The financial review is for the period from Aug. 4 1933.
he31r19 4
3
ao d t
t n Ju
The report sets forth that taxes and arrears totaling $1.245.710 were paid.
The series earned at the rate of 3.6% in the year. With taxes for the
last half of this year and the first half of 1935 estimated at under $900.000.
and with the properties continuing to yield at the minimum of 3.6%, there
is every expectation that before another year elapses all tax arrears will
have been cleared, and certificate holders will again be paid interest.
"In considering these prospects it is important to remember that with one
or two possible exceptions all the properties underlying the series are
earning something," it is declared. "In the main they are medium-sized
apartment houses. With an increase in occupancy, generally forecast for
this fall, and the possibility of an upward movement of rentals, they will
earn more, throwing off additional funds to liquidate the tax arrears more
speedily than can be forecast now."
See also New York Title Insurance Co. above.
-V. 138, p. 4308.
The stockholders in receiving the warrants to buy convertible 10-year
6% bonds given to them last spring showed neither a gain nor a loss for
Income tax purposes, according to a ruling obtained by the company from
the U. S. Treasury. The ruling was said by counsel for the company to
be in effect a reversal of the Treasury's previous stand in similar cases,
which was that rights to subscribe to bonds convertible into stock of the
issuing company were subject to the surtax as dividends.
The latest ruling of the Treasury was said to be applicable to capital
changes of a similar nature by other companies.
New York Title 8c Mortgage Corp.
-Meeting Postponed.
"The Treasury has held that the exchange of no-par stock for stock
The stockholders' meeting scheduled for July 6 to vote on dissolving the
of par value of $100 and the issuance of the convertible bonds by the New
corporation, which was adjourned to Aug. 6, has been further postponed
York Central constituted a reorganization for Federal income tax purposes,"
to Sept. 6. See V. 138. p. 4133; V. 139. p. 86.
said the New York Central's statement.
"Under the ruling, no gain or loss for income tax purposes is recognized --... Niagara Hudson Power Corp. Sells Preferred Stock of
"
as having resulted from the exchange or substitution of the new stock
Buffalo General Electric Co. ee Bu
Niagara & Eastern
f theold
h I
Power Corp. above.
The result therefore is that the cost or other basis of the old stock in the
-V.439, p. 606.
'
.
hands of a particular stockholder should be apportioned or allocated between the new stock and the subscription rights or warrants acquired there--North American Co.
-Stock Dividend of 1%.-4- - jI-1--(
414
..
for. Such allocation or apportionment should be made in the ratio of the
The directors on Aug. 22 declared a quarterly dividend of 12% cents
respective values of the new stock and of the subscription rights as of the
.
per share in cash and 1% in common stock on the common stock, no par
effective date of such issuance and exchange.
value, both payable Oct. 1 to holders of record Sept. 5. Like amounts
"The effect of the ruling where the warrants were sold will differ in
were paid on this issue on July 2 and April 2 last. From April 1 1933 to
individual cases. In instances where the stock in connection with which
and incl. Jan. 2 1934 the company paid 2% in stock each quarter with
the rights were issued was purchased at prices substantially above the
no cash dividends on the common shares. Previously 2%% in stock had
average of the high-and-low prices at which it was quoted ex rights on
been paid every three months.
-V. 139. p. 1094.
April 30. 31M and 30;i, a deductible loss may be shown in the sale of the
rights. In other instances where the stock was bought at prices lower
North American Edison Co.
-Consolidated Balance
than the average of the quoted prices April 30, a taxable profit may be
Sheet June 30.shows. The quotations for the rights on April 30 were 1% high and 1%
low."
-V.139, p. 1094.
1933.
1934.
1933.
.
AssetsLiabilitiess
s
$
$
New York Chicago & St. Louis RR.
-Earnings.Prop. & plant__564,375,951 561,872,545 a Pref. stock___ 36,766,000 36,766.000
JulyCash & securities
1932.
b Com.stock_ __ 49,000,000 49,000,000
1931.
1933.
1934.
Gross from railway
on depos. with
Preferred stocks
$2,584,843 $3,029,090 $2,252,943 $3,093,767
Net from railway
trustee
704,203
502.756
2,998,036
405,651
1,229.319
of subsidiaries 80,685,075 81,067.625
Net after rents
102.351
783,634
Minority lots. in
191.625
239,774
From Jan. 1Swoctksotha`erboconc.i'ss
cap. &sure. of
Gross from railway
and sundry insubsidiaries.. 13,060,128 13,456,834
19.816,636 17,217,141 17,376,333 22,353.680
Net from railway
vestments ___ 1,595,063 1,134.531 Fund.debt(com5,410,742
3,675,417
5,707,104
Cash
Net after rents
13 315 12 12,308,593
0 2 19
667,737
1,884,694
:55 :7 2
2,880,328
3,612,221
pally)
52,793,000 52.873,000
Short term inv'ts
-V. 139, p. 606.
Funded debt of
U. S. Govt. sec_ 2,037,825 3,057,655 subsidiaries __224,117,450 225,241,550
New York Ontario & Western Ry.-Earnings.Notes and bills
Due to MM. co's 3,282,393 4,221,819
receivable____
503,377
441,657 Accts. payable__ 2,122,549 1,865,752
Period End. July 31- 1934
-Month--1933.
1934-7 Mos.-1933.
Accts. receivable 9,319,543 9,232,766 Sund. curr. liab_ 3,076,265 3,510,617
Operating revenues
$881,773 $5,721,651 $5.476.985
$881,074
Mat'l & supply_ 9,628,245 7,935,088 Taxes accrued... 12,171,756 12,108,979
Net rev,from ry. oper-1.491,943
298,756
263,576
1,561,552
r
, ,
Interest accrued 2,710,887 2,932,880
Net ry. open income_ -1,173,263
1,273,502
260.756
218,574
-ai `os d•s
il' es•
i cl P:
°
r
1,942,096 Divs. accrued__
1,324,301
683,224
730,503
Equip.& joint facil. rents
Prepaid accts_K!..
968,242 1,168,752 Sund. accr. nab.
56,604
37,704
(net)
342,482
44,535
52,648
247,326
Discount & exp.
Deprec. reserves 86,830,524 77,371.323
on securities__ 12,828,583 13,445.713 Other reserves__ 8,083,285 9,067,762
Net oper. income_ _ -- $165,926
$830.781 $1,026,176
$216.220
171,148
Capital surplus_
-V.139. p. 606.
171,146
Undivided prof_ 41,215,958 45,142,317
New York State Electric & Gas Corp.
-Balance Sheet
Dec. 31.
1933.
$
AssetsPlants, properties,
franchises. &o....75,836,022
Investments
1,213,397
Due from subs_ -- 1,092,640
65,597
S. F. & other depDepos.for matured
22,833
bond InterestAccrued int. ree_ y12,895
Contingent Habil,
20,000
on note payable_
627,070
Cash
9,665
Notes receivable_
1,271,126
Accounts receiv
Materials & suppl_ 400,579
51,964
prepayments
Def. debit items_ 4,134.995
Cash deposits in
24,546
closed banks....
1932.
S
77,922,508
1,209,312
1,280,510
22,726
18,950
4,626
20,000
586,876
23,293
1,535,919
442,145
63,686
4,134,661
1932.
1933.
LiabilUtes$
$
x Capital stock-28,000,000 27,996.564
Funded debt
33,160,404) 33,028,700
Due to affil. co
191,787
123,697
22,833
Mat'd bond Int_18,950
Notes payable...- 620,000
840,000
Accounts payable_ 508,785
450,011
Accrued accounts- 1,330,252 1,310,119
Consumers' depos. 677,899
697.869
Other current nab_ 310,200
414,900
Contingent liab. on
20,000
note payable.__
20,000
Contrib. for exten_ 574,832
551,969
Reserves
2,581,297 4,000,489
Capital surplus_ 15,236,511 16,374,240
Earned surplus.__ 1,558,551 1,450,525
12,829
84,793,348 87,278,043
Total
84,793,348 87,278,043
Total
x Represented by 41,884 shares of class A stock (no par) and 4,600 shares
-V.139. p 936
of class B stock (no par). y Includes dividends receivable.
New York State Rys.-Timefor Filing of Claims Extended
to Aug. 28.-
Total
616,854,622 615,537,433
616,854,622 615,537,433
Total
a Represented by 367,660 no par shares. v Represented by 490,000
no par shares.
The income statement for the 12 months ended June 30 was given in
"Chronicle" of Aug. 18. page 1095.
North American Investment Corp.
-Accumulated Divss
The directors have declared on account of accumulations a dividend
of $1 per share on the 6% cum. pref. stack and a dividend of 91 2-3 cents
per share on the 5i470 cum. pref. stock. Par $100, both payable Oct. 20
to holders of record Sept. 29. Similar distributions were made on April 20
last. Preferred dividends were discontinued after April 20 1931. After
the above disbursements arrearages on the 6% pref. stock will amount
$19 per share and on the 5%% issue to $17.41 2-3 per share.
r
-V. 138.
t°p.
North Central Texas Oil Co., Inc.
-Earnings.
Period End, June 30-- 1934-3 Mos.-1933.
193,-6 Mos.-1933.
Net profit after depletion
and other charges but
before Federal taxes_ $10.200 loss$1,372
loss$469
$18.807
Earns. per sh.on 262.446
shs.(par $5) com.stk.
$0.05
Nil
$0.
Nil
03
-V.138. p.3447.
Northwestern Electric Co.
-Earnings.
[American Power & Light Co. Subsidiary.]
Period End. July 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$274,072
$242.324 $3,379.716 $3,378.100
Oper. exp., incl. taxes....
204,978
166,751
2,252,289 2,187.275
Rent for leased property
16.902
16.816
202.276
200,786
Benjamin E. Tilton, trustee, has extended to Aug. 28 the time for the
creditors and stockholders of the corporation to file proof or evidence of
their claims and interests.
The committees for the 1st consol. mtge. bnods (series A and B) have
heretofore filed proofs of claim with respect to the bonds deposited with
Balance
$52,19
Dr172
6
$58,757
them, respectively, and will likewise file proofs of claim with respect to
Other income
188
bonds hereafter deposited. Accordingly, holders of bonds who hereafter
with either of the committees will be relieved of the compliGross corp. Income......
deposit them
$52.016
$58,945
cations involved in filing proof of claim upon their bonds. In order that
Interest& other deducts.
52.770
55.150
the committees may have sufficient time within which to prepare and file
proofs of claim with respect to bonds not heretofore deposited, deposit ofBalance
defy$754
y$3,795
Property retirement reserve appropriations
such bonds should be made promptly and not later than Aug. 25 1934.x Dividends applicable to pref. stocks for the
V. 139. P. 937.
period, whether paid or unpaid
ew York Title Insurance Co.
-$90,000 Dividend.-
e
r
iTl w York State Superintendent of Insurance George S. Van Schaick
on Aug. 19 announced that he will receive on Sept. 1 for the benefit of
certificate holders of the New York Title & Mortgage Co. (one of the
title add mortgage,compardes in rehabilitation), a dividend of $90,000 out
of the profits of the New York Title Insurance Co. The New York Title
Insurance Co. was organized out of the assets of the old company on Aug. 4
$925.151
Dr1.078
$990.039
2,896
$924,073
636,058
$992,935
649.427
$288.015
260.000
$343.508
260,000
334,159
334,141
Deficit
$306,144
$250,633
x Dividends accumulated and unpaid to July 31 1934 amounted to
$571.234. Latest dividend on 7% pref. stock was 88 cents a share paid
Jan. 3 1933. Latest dividend on 6% pref. stock was $1 50 a share paid
Oct.1 1932. Dividends on these stocks are cumulative. y Before property
retirement reserve appropriations and dividends.
-V. 139. p. 937.
....ed
4=
t
1248
Financial Chronicle
North German Lloyd.
-Bondholders Seeks to Depose
Guaranty Trust Co. as Trustee of Bond Issue.
-See last week's
"Chronicle," page 1015.-V. 139, p. 452.
Northern Pacific Ry.-Abandonment.The I.
-S. O. Commission on Aug. 7 issued a certificate permitting the
company to abandon a part of a branch line of railroad extending in a
general northeasterly direction from milepost 3.3 near Bunn to the end
oftrack at Sunset,2.268 miles, all in Shoshone County,Ida.
-V.139,P.772.
& Industries, Inc.
-To Pay Special Dividend o
One Share of Participating Preferred on Present Capital.
The stockholders are in receipt of a letter dated Aug. 11, which refers
to the action of the stockholders in substituting one class of stock for the
common and preferred existing in 1933. the elimination of the deficit
then existing, Stc. The letter then continues:
The wisdom of this change is best evidenced by the company's ability to
pay a dividend on the reduced capitalization, a dividend for 25 cents per
share having recently been declared.
Now that the charter has been changed and capital impairment and the
old accumulations eliminated, your board is of the opinion that it would
be distinctly to the stockholders' advantage again to give them securities
in the company which, as nearly as practicable, correspond to their original
holdings. It is their opinion that with the capitalization divided into
senior and junior shares, not tied together in units, but in a form permitting
shareholders to buy or sell either class without restriction, the best interests
of the stockholders will be served. There are those among the shareholders who would prefer to have a preference security, carrying a reasonably certain dividend return. Others, including the management who
have recently acquired the largest single interest in the company's shares,
would perhaps prefer to acquire an increased interest in the common shares
of the company, carrying with them the benefit of any leverage created
by the preference stock, and insuring the continuity of their policies.
To accomplish this objective, your board has authorized that, subject
to the approval of the stockholders of the proposed amendments, the
company shall pay a special dividend on each share of its present stock of
one share of participating preferred stock (with warrants for additional
common stock attached), entitled to $12.50 preference in the event of
liquidation or dissolution, and callable at $13.50 per share. The participating preferred stock is to have a preferential dividend, cumulative
if earned, of $0.75 per share per annum, and after the common stock has
received $0.25 per share in any one year, additional sums declared as
dividends will be paid equally per share upon the participating preferred
and common shares until the participating preferred stock shall have received a total of $1.50 per share. The participating preferred stock is to
be non-voting, each shareholder having his proportionate share of voting
representation in his common stock.
The present arrangement under which the holder of 1,000 shares may
turn his stock in to the company in exchange for 95% of his proportionate
part of the securities and all other assets of the corporation, is to be confined to the participating preferred stock, until the close of business three
weeks after the effective date of the amendment, at which date it will
expire and thereby be eliminated.
The participating preferred stock which you will receive will have
attached a warrant good until March 31 1936 giving you the privilege of
acquiring, if and when it seems attractive to you to do so, one share of
common stock for every share of preferred then held, by surrendering half
of your preferred holdings. This, in effect, gives you a call on additional
common stock at $6.25 a share until the expiration of the warrants.
The stockholders will vote Aug. 31 on creating a new issue of 200.000
shares of participating preferred stock (par $1).-V. 138. p. 4309.
Old Colony Insurance Co.
-Balance Sheet.AssetsJune 30'34
U.S. Govt. bonds_ $1,225,274
State, county and
a municipal bonds 1,393,305
Foreign Govt. and
0 municipal bonds
,
69,890
Stocks of National
banks & trust cos 600,098
Railroad stocks &
bonds
1,091,722
Public util. bonds
and stocks
1,501,626
Other bonds & stks 1,796,900
Mtges. (first lines)
6,500
Accrued interest
53,795
Premium notes_ _ _
15,299
Prems. & accts. In
course of collec'n 289,216
Cash
165,654
Dec. 31 '33 LiabilitiesJune 3034
$1,148,938 Losses in process of
adjustment or in
1,435,033 suspense
$282,892
Reserve for losses
69,891
unreported
46,500
Unearned premium
595,062 reserve
1,423,725
Reserve for marine
1,130,262 lay-up, returned
prems., outst*g
1,432,342 re-insurance, &c. 108,232
1,700,214 Reserve for Federal
6,500 taxes
37,600
55,019 Comm., expenses.
28,141
taxes
65,600
Confine. reserve
243,805
237,057 Capital
1,000,000
217,119 Net surplus
5,000,925
Total
$8,209,279 $8,055,578
-V.138, p. 2260.
Total
Dec. 31 '33
$307,787
46,500
1,393,401
104,107
36,600
84,600
939,692
1,000,000
4,142,891
$8,209,279 $8,055,578
Old Colony Trust Associates.
-Earnings.
3 Months Ended June 30Net profit
Earns, per share on 376,208 abs. stock outstanding
-V.138, P. 3957.
1934.
$63,313
$0.17
1933.
$76,535
$0.20
Ontario Steel Products Co., Ltd.
-Earnings:
1933.
1932.
1931.
Years End.June 30-1934.
Loss
prof.$34,689
Depreciation
21.983
Bond interest
12,108
Prov. for Fed'I St Prov'l
taxes
50
Sinking fund
$27,170
9,317
14,268
$53.583 prof.$50,247
9,318
88,385
16,188
17,893
31,812
30.102
8110,901
25,221
10.317
$86,138
25.221
61,905
Net loss
Preferred dividend
Common dividend
prof.$549
Balance, deficit
Adjustments
Investment reserves
prof.$549
850,756
$146,440
8173,264
294
16,940
Total deficit
prof.$549
Bonus, 1930
Previous surplus
32.378
Add'i Fed.inc. tax 1930..
1.413
Reserves previously provided but not now considered necessary_ _ _ _
16.940
$50,756
$146,440
42,928
189.368
$190,498
Dr.4.451
384,320
Profit & loss surplus_ _
Shs.cotn.stk.out.
(no par)
Earnings per share
$32,378
51,588
Nil
$42,928
51,588
Nil
3189.371
51.588
Nil
$48,454
51,588
$0.01
$50,756
40.206
Balance Sheet June 30.
Assets1934.
IAahUUies1933.
1934.
Property. &e.
81,484,077 81,483,414 Preferred stock-- $360,300
Good-will
1
1 x Common stock
865,158
Cash
49,501
8,765 Bonds
165,800
Spee'l accts. rec....
4,987
4,754 Accounts payable_
18,883
Investments
44,957
96,120 Bond interest
6,054
Bills & accts. rec._ 108,193
90,267 Reserves
797,287
Inventories
150,984
167,673 Prov, for taxes
50
Other assets
24,926
48,454
Surplus
Sink,fund assets
6,300
6,344
Inv. in other cos
376,460
376,461
Deferred charges
11,598
10.989
Oregon-Washington Water Service Co.
-Earnings.
12 Months Ended June 30Gross revenue
Net profit before interest, depreciation, &c
137. p. 4699.
V.
s
Pacific Eastern Corp.
1934.
$452,850
186,838
1933.
$456,487
212,765
-CO/
Corp. Offers to Purchase
Common Stock at $2.50 per Share. ee Atlas Corp. above.
V. 139, p. 1096.
Pacific Power & Light Co.
-Earnings.
-
(American Power & Light Co. Subsidiary.]
Period End. July 31- 1934-Month-1933.
1934-12 Mos.-1933.
$291,852 $3.838,038 $3.704,942
Operating revenues
$352,184
Oper.exps., incl. taxes212,336
177.209 2,279,786 2,181.906
Net revs, from oper_- $139.848
14,802
Rent fr.leased prop.(net)
Other income
19.190
$114,643 $1,558,252 $1,523,036
175,586
14.716
177.076
430.556
12,270
290.433
Gross corp. income.._..
Int. & other deduct'ns-
$141.629 $2,025.761 $2,129,178
1,320.958
108,911
1,292,361
$173.840
106,228
Y867,612
Balance
y$32.718
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
the period, whether paid or unpaid
$733,400
600,000
8808,220
600,000
458,478
458.295
$250.075
Deficit
$325,078
x Dividends accumulated and unpaid to July 31 1934 amounted to
$573,098. Latest dividends, amounting to 87 cents a share on 7% pref.
stock and 75 cents a share on $6 pref. stock, were paid on Aug. 1 1933.
Dividends on these stocks are cumulative. y Before property retirement
-V.139, p. 938.
reserve appropriations and dividends.
-Earnings.
Pacific Public Service Co.(& Subs.).
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
$1.123,459 $1,228,226 $2,183,254 $2,360,589
Operating revenue
1,364,082
556,375
710,637
Operating expense
1,043,508
33,589
99.159 •
45,025
Maintenance
66,513
Net operating income_
Non-operating revenue_
$533,494
4,460
8472,564 $1,073,233
14.058
5,390
$897,348
31.448
Gross corporate inc__
Interest deductions__
Amortization of debt illcount and expense__
Federal taxes
Depreciation
$537,955
115,181
$486,622 $1,078.623
201,968
261,705
$928,796
402,339
Net income of consol.
cos. before dividends
Divs, on pref. stocks of
subsidiary companies..
Net profit to surplus..
Earns, per share on 1st
preferred stock
-V. 139, p. 938.
11,686
58,008
156,754
33,290
17,161
116.657
42,254
90,434
313,471
66,808
29,515
216,026
3196,325
$117,545
$370.759
$214,107
55,517
80,788
111,033
161,315
$140,809
$36,757
3259,726
$52.792
$0.34
$0.08
$0.62
$0.12
Palmer Brothers Co.(8c Subs.), New London, Conn.
Earningsfor Years Ended Dec. 31.
1933.
1932.
Gross manufacturing profit-after providing for all
expenses for labor, materials and factory overhead, excepting depreciation
Int. earned & other miscell. income-net
$227,740
5,849
$73,957
10,295
Total income
General administrative and selling expenses
Depreciation
$233,589
185,781
81,578
884.252
195,275
86,457
$13,770
143.579
12,308
$177,480
33,901
Net loss
Previous operating deficit
Adjustments
$143,579
$169,655
Deficit
-Dec.31
665,985
723.075
Capital surplus
Condensed Consolidated Balance Sheet Dec. 31.
1932.
1932.
Liabilities1933.
1933.
Assets$8,271
$13,697
$145,837 $458,562 Accounts payableCash
229,894 Accrd.taxes,wages,
Marketable secure. 202,375
2,271
&a
23,928
27,944
1,962
Accrued int. rec...
126,713 $4 preferred stock
Accts. receirle_.... 142,663
289,407 (Par $60)
975,660 1,062,000
606,198
Inventories
420,000
424,180
Y Common stock
Real estate mtge.,
665,985
735,381
57,264 Capital surplus ..
57,096
investment, &c..
143,579
Operating deficit... 169,655
:Land,bldgs., ma869,535
chinery, &c... _ _ 837,531
8,385
8,118
Deferred charges
$2,001,781 $2,042,031
Total
$2,001,781 $2,042,031
Total
x After reserve for depreciation. y Represented by 127,254 (no par)
shares.
-V. 137, p. 2285.
Pan-American Petroleum & Transport Co.(& Subs.).
Period End.June 30-- 1934-3 Mos.-1933,
Net loss after deprec.,dedepletion taxes & other
charges
prof$152.419
$611,511
-V. 138, p.3613.
1934-6 Mos.-1933.
$110.790 $1.856,705
Paramount Publix Corp.
-Filing of Claims.
An order has been made by the U. S. District Court for the Southern
District of New York requiring all claims of creditors to be filed at Room
805, 140 Nassau St., N. Y. City, on or before Sept. 15.
The order provides that certain claims which have been heretofore duly
filed in the bankruptcy proceedings of the corporation in the U. S. District
Court (including all claims of holders of the 6% bonds of Paramount
Famous Lasky Corp. due in 1947 and of holders of the 5M % bonds of
Paramount Publix Corp. due in 1950, which wore properly substantiated
by filing of bonds and which had not been expunged by order of the referee)
shall be deemed duly filed in the reorganization proceedings without the
necessity of filing new proofs of claim.
Option Repurchase Allowed.
1933.
$360,300
865,158
201,800
15,075
7,134
762,947
32,378
Total
$2,261,986 $2,244,793 Total
$2,261,98 $2,234,793
x Represented by 51,588 no par shares.
-V.137, p. 2818.
Oneida Community, Ltd.
-Accumulated Dimden
The directors have declared a dividend of 50 cents per share on
unt
of accumulations on the 7% cum. pref. stock, par $2.5. payable S t. 15
to holders of record Aug. 31. Similar distributions were made on June 15
Aug. 25 1934
and March 15 last, the latter being the first payment made since June 15
1932 when 25 cents per share was disbursed, prior to which regular quarterly
payments of 43%; cents per share were made.
Accumulations after the Sept. 15 payment will amount to $2.6235 Per
share.
-V. 139. P. 1095
.
Federal Judge Alfred C. Coxe on Aug. 15 signed an order permitting
trustees of the corporation to exercise their option to repurchase from
Louis Marcus half the common stock of Publix Salt Lake, Inc. About a
Year ago Mr. Marcus bought the stock under an agreement giving Paramount Publix Corp. the right to repurchase it for the sale price of $50,000,
plus the amount of profits and dividends paid since purchase. The amount
to be paid Mr. Marcus will depend upon when the option is exercised.
Acquisition of the stock will make Publix Salt Lake, Inc., a wholly owned
Paramount Publix subsidiary. The junior company controls a group
of theatres in Salt Lake City, Utah, and Boise, Ida.
-V. 139, p. 287.
-Earns.
Park Utah Consolidated Mines Co.(& Subs.).
1931.
1934,
1932.
6 Mos.End. June 30-1933.
$227.336
3154.413
et loss before depletion
351.443
$37,519
Current assets as of June 30 1934. including 31.048,925 cash. U. S.
Government and other marketable securities, amounted to 31,119.328
and current liabilities were $38,855. This compares with cash. U.S.
Government and other marketable securities of $1,103,093, current, assets
of 31.166,921 and current liabilities of $35,590 on Dec.81 1933.-V. 138.
p.3613.
Volume 139
Financial Chronicle
'Paris
-Orleans RR.
-Sept. 1 Interest Coupons..h-
,t,c
1249
This net worth reflects carrying the notes of Radio-Keith-Orpheum
cap, at face value in the amount o $1,696,549. The actual worth of these
notes is not known, but it may for the present purpose be assumed that the
net worth figure would be reduced substantially should the books be adjusted in that respect.
The capital surplus of $7,573,326 includes $3,532,647 arising from
write-up of stock of Du Pont Film Manufacturing Corp. to directors'
valuation in 1931. Without this write-up and without reducing the value
Parker Rust Proof Co.
-Seeks 10-year Proxies
-Un- of Radio-Reith-Orpheum Corp. notes, the accounts would show an impairment of capital of approximately $1,000,000.
certain of Rules of Securities Board.
The new corporation, on the other hand, will commence operations
Because the company has no knowledge of what rules the Securities
without any operating deficit, thus making payment of dividends out of
and Exchange Commission may lay down governing the solicitation of
future earnings possible.
proxies, which it must do before Oct. 1 1935, the company has mailed to all
Under the present financial position of company,the possibility of declarpersons owning 10 or more shares of its capital stock a proxy form which
ing dividends on any class ofstock is remote by reason of the deficit referred
will remain in effect for 10 years from the date of signature.
to above. Furthermore, while the prior preferences of the outstanding 8%
"This proxy, unless revoked by me, shall remain in effect for a term of
preferred stock are such as to assure to this stock a continuing well-protected
ten years from the date thereof," the proxy specifies. "1 reserve the right
position with respect to the junior stocks, it is evident that the common
when present at any meeting to exercise in person my voting rights as
stock is in an extremely unfavorable position not only as to the prospects
stockholder." The proxy designates W. M. Cornelius, G. E. Luke and
of distribution of earnings, but also as to distribution of assets. The total
M. C. Baker as proxies.
accumulation on the 89 preferred stock and the class A preference stock,
In letter accompanying the proxy, Mr. Cornelius. President, says that
which in the absence of some readjustment must be made up before the
"the Securities Exchange Act of 1934, passed by the Congress of the'United
common stock can hope for dividends, will amount to $7.249,690 as of
States on June 1 1934, carries a provision effective Oct. 1 1934. stating
Nov. 1 of this year. In addition to this accumulation, there is an annual
that on and after that date 'it shall be unlawful . . . to solicit any
current accrual ahead of the common stock totaling $1,036,436. The preproxy . . . in contravention of such rules and regulations as the
ferential position of the class A preference stock on liquidation, which
Commission may prescribe . . .
amounts to $50 per share in case of involuntary liquidation and $75 per
"We have no knowledge of what these 'rules and regulations' may be,"
share in case of voluntary liquidation,renders it impossible for the common
the letter continues. "If proxies are not solicited, a quorum would be
stock to receive anything on any liquidation until a total of at least $12.difficult to obtain. These 'rules and regulations' may prove to be an ex151,150 has been paid to the class A preference stock after making the repense to our stockholders in order to have the necessary majority of stock
quired distribution to the holders of the 8% preferred stock.
represented at all stockholders' meetings. As the proxy is made revokable
It is quite evident, therefore, that the prospect of the common stock,
at any time, its purpose is merely to have a quorum represented at stock-.
under the present capital structure receiving any distribution, either from
holders' meetings, witnout going to some unforeseen expense and trouble
earnings or assets, is highly remote.
to tne stockhol ere. -V. 139. p. 773.
With respect to the holders of the class A preference stock, in spite of
, he fact that their position practically excludes the common stock from
,
,,
'-"Pathe Exchange, Inc.
-Plan of Reorganization.kle
" .any participation in the future of the company, nevertheless, they, too, are
A special meeting of stockholders will be held Sept. 11 to consider
donsiderably removed from any possibility of receiving dividends within
plan of reorganization dated Aug. 17, and to authorize the taking ofthe
any reasonable period because of the operating deficit.
all
action necessary or proper to carry out the plan.
These factors have all been considered by directors in their attempt to
arrive at a fair treatment of the holders of the common stock and the class
Digest of Plan of Reorganization.
A preference stock. Although the holders ofthe common stock under present
New Corporation.
-A new corporation will be formed with the name
circumstances can reasonably expect to receive nothing whatsoever by
Pathe, Inc., or some similar name, which will acquire all
way of distribution of earnings or assets, it is the feeling of the board that
assume all of the obligations of Pathe Exchange, Inc. Pathe of the assets and
will be dissolved.
the holders of class A preference stock should not be permitted, out of
Capitalization.
-The authorized capital stock and the shares of capital
fairness to the thousands of holders ofcommon stock,to exclude the common
stock, to be presently outstanding, of the new corporation will be as follows:
stock from the benefits of the reorganization. Accordingly, it has been decided that of the total number of shares of common stock of the new corTo Be Presently
poration to be distributed to the holders of class A preference stock and
Authorized.
Outstanding.
$7 cony. pref. stock (no par)
the outstanding common stock, slightly less than 9% of the new common
30,000 shs.
8,043 sirs.
Common stock, (par $I)
stock should be made available to the holders of the common stock now
2,000,000 she. *573,700 she.
• Additional shares will be reserved for outstanding options and stock
outstanding.
purchase warrants.
In addition to the requirements for current operations and contemplated
Exchange of Securities.
expansion of activities the outstanding 7% debentures mature in 1937.
-The shares of capital stock of the new corporation are to be issued and distributed in the following manner:
It is essential, therefore, that the company have a medium which can
(a) To the holders of each share of 8% pref. stock of Pathe: 1
be exchanged for cash or property. For reasons above stated, the issuance
cony, pref. stock and 5 shs. of corn, stock of the new corporation. sh. of $7
of additional shares of 8% preferred and class A preference stock under
(b) To the holders of each sh. of cl. A preference stock of Pathe: 2 she. of
present conditions is impracticable.
corn, stock of the new corporation.
The adjustment to be made puts the new corporation in a position to
(c) To the holders of each sh. of corn, stock of Pathe: 1-20th of a sh. of
issue a convertible security upon favorable terms, a possibility which
com,stock of the new corporation.
does not exist under the present financial structure for the reasons above
Certificates for fractions of shares ofcommon stock of the new
indicated. Thus, in addition to the opportunity of placing the funded
will not be issued, but in lieu thereof scrip certificates which corporation
indebtedness of company in a favorable position, company will be able to
may be in
bearer form will be issued with such provisions as shall be approved by the
obtain the working capital which it is hoped will enable the carrying out of
board of directors of the now corporation which, when combined with other
plans calculated to enhance the earning power of the company.
scrip certificates aggregating a full share and surrendered to the new corAfter consummation of the plan, the only dividend requirements ahead
poration, shall entitle the bearer to receive a certificate for a full share of
of the common stock of the new corporation would be the annual dividends
common stock of the new corporation. If scrip certificates aggregating a
payable on the $7 convertible preferred stock of $56,301.
fraction in excess of one or more full shares are surrendered, a new scrip
Consolidated Income Account.
certificate for such excess fraction will be issued. The holders of scrip
6 Months Endedcertificates shall not, as such holders, be stockholders of the new corJune 30'34. July 1 '33.
poration, and shall not be entitled to exercise any voting rights or to receive
Net sales
$33,932
$308,808
Operating expenses
dividends or to have or to exercise any other rights or privileges of the
264,469
22.525
stockholders of the new corporation.
Depreciation
6,712
7,054
Collateral Secured Notes.
-The new corporation will be authorized to
Issue collateral secured notes limited to the aggregate principal amount of
Gross operating profit
$37,626 los$25,647
Income from other operations
$4,000,000 at any time outstanding, bearing interest at such rates and
11.321
34.369
convertible into common stock of the new corporation upon such terms and
having such other provisions as the board of directors of the new corporation
Total income
$71.995 loss$14,326
Selling and general administrative expenses
shall from time to time, prior to the issue of such notes, determine. These
65,952
64.746
notes may be issued from time to time by the board of directors to retire
all or any part of the $2,027,500 of outstanding 7% sinking fund debentures
Profit from operations
$7,249 lossS80,278
maturing May 1 1937, of Pathe, to be assumed by the new corporation,
Non-operating Income: Interest earned
and to obtain working capital for corporate purposes.
14,960
$11,185
Dividends received from Du Pont Film Manu$7 convertible preferred stock of the new corporation shall be entitled to
dividends cumulative from the date as of which shares are issued, at the
facturing Corp
98,000
98,000
Discount on 10
rate of $7 per share per annum before any dividends shall be paid on the
-year 7% sinking fund debentures
common stock and shall be convertible into common stock at the option
purchased for retirement, less unamortized
of the holder at any time at the rate of five shares of common stock for each
discount and expenses applicable thereto
17,472
share of $7 convertible preferred stock, and shall be redeemable at any
time on 60(lays' notice at $110 per share and diva, and entitled in liquidation
Profit before interest
$116,434
$40,154
to 4100 per share and diva. Holders of the $7 convertible preferred stock
will not be entitled to any voting rights unless the new corporation
Interest on funded debt
$73,792
$80,400
have failed for eight quarterly dividend periods in the aggregate to shall
Amortization of debenture discount and expense14.029
have
paid dividends at the prescribed rate, in which event such holders shall be
entitled, voting as a Class, to elect a majority of the board of directors
Profit carried to deficit
142,642 def$54,274
until
such time as the new corporation is no longer in arrears with respect to the
Statement of Deficit.
-Deficit Dec. 30 1933. $4.971,405: profit for the sit
payment of any dividends on the $7 convertible preferred stock, at which
months ended June 30 1934. 582,642; deficit June 30 1934,$4,928,763.
time all voting rights of said holders shall cease,
Statement of Capital Surplus.
-Capital surplus Dec. 30 1933. $7,572,805
Outstanding Option and Warrants.
-In addition to the shares of common
Deduct: Depreciation for the six months ended June 30 1934, applicable to
stock to be presently outstanding as above stated. 17.600 shares will be
appraisal increment of properties. $1,879: Balance, 17,570.926: proceeds
reserved for issue at a price of $13 per share and 2,490 shares will be reserved
from the sale of treasury stock in excess of $1 per share, $2,400: capital
for issue at a price of $40 per share, to provide for the continuance of the
surplus June 30 1934, carried to balance sheet. $7,573,326.
outstanding option approved by the stockholders of Pathe at the
last
annual meeting.
Consolidated Balance Sheet.
An additional 2,02735 shares of common stock will be reserved
,
A SSC1.1.stock
June30'34. Dec.30'33.
LiabilitiesJune30'34. Dec.30'33.
purchase warrants attached to the $2,027,500 of 7% debentures forPathe
of
Cash
$513,074 $620,936 Accounts payable_ $127,137 $114,742
now outstanding at the present price of $800 per share, subject to adjustInv.lu mktie secs.,
Accrued deb. Int....
23,654
24,098
ment as provided in the indenture under which the debentures are issued.
at cost
14,915
64,915 Other accr. nabs_
9,009
13,824
Notes rec. (seed). 309,220
236,642 Res. for conting.. 240,136
237,141
Stuart W. Webb, President, states in substance:
Accts. rec., less res. 206,344
132,180 7% debs. 1937.... 2,027,500 2,065,500
Capital Structure of Old Company, June 30 1934.
Inventory
25,773
14,523 8 pref. stock_ .._ 804,300
804,300
Story rights and
Class of Security. Authorized.
$4 class A pref stk
243,023
242,823
Issued.
/n Treasury. Outstand'g.
scenarios unpro7% sink, fund doCoin.stk.(948,781
Dentures, 1937 _ _ $10,000,000
duced, at cost,
948,781
948,581
shs.)
26,000,000 $1,917,000 $2,027,500
less reserve
30,000 shs.
64,475
8% pref. stock _ _ _ _
64,450 Capital surplus
7.573.326 7.572,805
16,909 she. 8.866 shs.
8.043 she.
xR-K-0 Corp.notes 1,696,550 1,696,550 Earned deficit.... 4,928,764 4,971,406
• Cl. A $4 pf. stk__ 500.000 shs.
251.853 shs.
8,830 she. 243,023 shs.
Inv. In 49% of
• Corn. stock
1,500,000 ohs. 950,926)-i she. 2,145)-i she. 948,781 shs.
cap. stk. of Du
* All but 30 shares of the class A preference stock hold in the treasury
Pont Film Mfg.
and 49,800 shares of authorized and unissued common stock are under option
Corp
4,000,000 4,000,000
over a period of years to the president at prices respectively of $12 per
Land, bldgs., eqpt.
share of class A preference stock and $2 per share of common stock. Wardrc
224,066
213,456
rants attached to the $2,027,500 7% debentures outstanding entitle the
Prepd. Ins., taxes
holders to purchase an aggregate of 40,550 shares of common stock at a
& expenses
13,684
8,757
present price of $40 per share, subject to adjustment as provided in the
Indenture under which the debentures are issued.
Total
$7,068,102 $7,052,409
Dividends on the 8% cumulative preferred stock have been paid to
Total
$7,068,102 $7,052,409
x Interest on these notes has not been paid since July 1 1932 and has not
Dec. 1 1927. As of Sept. 1 1934 54% in back dividends will have accumubeen accrued. Notes of a principal amount of $774,000 maturing on Jan. 1
lated.
1934 have not been paid.
The class A preference stock is entitled to a cumulative annual dividend
-V.139, p.608.
of $4 per share which has been paid to Nov. 1 1927. On Nov. 1 1934 unpaid
dividends equal to $28 per share on the class A stock will have accumulated.
Pennsylvania RR.
-Earnings.
-In addition to the foregoing unfavorable features, there exists at present
July1934.
1933.
1932.
1931.
a large impairment of capital of company as shown by the following analysis: Gross from railway
$28,985,514 130,375.407 124,706,361 138,285,176
The capital of your company on June 30 1934, was represented by the
Net from railway
7.781,178 10,334,240 6,403,063
8,298,923
following:
Net after rents
4.411.158 6,585.615 2.503,674
4,421,645
8% preferred stock
$804,300
From Jan 1
Class A preference
243,023
Gross from railway
205,362.973 178.646,635 198.500,368 272.435,237
Common stock
948,781
Net from railway
56.764.397,
Capital surplus
7,573,326
Net after rents
36,126,216 30,182,492 26,235,269 28,134.297
Total capital and surplus
Number of Stockholders Again Decreases.- •
$9,569,430
Less deficit
4,928,763
The number of stockholders of this company showed a decrease in
July
for the 16th consecutive month, reducing the total on Aug. 1 to
Net worth on books
233.496,
$4,640,666
as compared with 233,826 on July 1, a decrease of 330. Stockholders on
"044A. Iselin & Co.,fiscal agents for the company, announce that the S91t. 1
coupons on the 534% bonds due 1968 will be paid either (a) in Vnited
States currency or (b) in United States currency at the dollar equiv ent of
French francs (25.52 to the dollar of face value of coupon), at the rate of
exchange computed on the basis of the average buying rate in New York
for exchange on Paris on the date of presentation.
-V. 138. P. 1392.
Financial Chronicle
1250
Aug. 1 also compared with 242,113 on Aug. 1 1933. a decrease of 8,617.
This is the smallest number of stockholders that has been reported by the
company in several years and compares with a peak on Sept. 1 1932 of
252.142. The average holding on Aug. 1 was 56.39 shares, as compared
with 56.31 shares on July land with 54.39 shares on Aug. 1 1933. Number
of shares outstanding was 13,167,696, unchanged from a year ago.
Electrification Project About Half Conci)leted.-
-way mark on its extensive electrification improvement
Nearing the half
and equipment building program, financed by Public Work Asdministration, the road announced Aug. 17 that more than 12,000 furloughed railroad men are working directly on the project, with weekly payrolls running
well around $300,000.
Orders for materials and supplies for the job already placed in American
markets approximate $23,500,000.
It Is estimated by railroad and Government officials that at least 25,000
men have been given employment on the railroad and in industry as a
result of the improvement work.
The roadway electrification project between New York, Philadelphia,
Baltimore and Washington, which will make possible the inauguration by
the Pennsylvania of through electric passenger train service by January
1935. and electric freight service somewhat later, is proceeding exactly on
schedule, railroad officials say. The work is being carried on in three sections, the first embracing the line between New York and Liddonfield, Pa.,
the second the trackage from Liddonfield through Philadelphia and Wilmington, Del., to Back River, Md., and the third from Back River through
---V. 139, p. 609.
Baltimore to Washington.
Aug. 25 1934
-Reinsured.
Peoria Life Insurance Co.
-V. 139 p. 939.
See Life & Casualty Co. of Chicago above.
Pere Marquette Ry.-Earnings.Per. End. July 31-Month-1933. 1934-7 Months-1933.
1934
.
Operating revenues
$1,959,915 $2,065,480 $15,215.601 $12,474,036
2,143,046
523,756 3,714.845
Net oper.revenue
341,327
770,892
2,285,290
327,797
Net ry. oper.income_ _- _
160,510
316,926
303,941
19,168
67,816
Non oper.income
$179,678
288,562
13,795
Gross income
Interest on debt
Other deductions
Net income
-V.139, p. 609.
def$122,679
$395,612 $2,589,232 $1,087,818
299,254 2,026,899 2,094,412
111,054
109,836
14,344
$82,015
$452,496c11$1.117,648
-Earnings.
Pet Milk Co. (11c Subs.).
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933,
$373.796
$534,863
$543.277
Net profit after all chfss- $263,762
Shares corn, stock out441.354
441,329
441.354
441.329
standing (no par). ___
$0.73
$1.11
$1.17
$0.54
Earnings per share
-V. 138, p. 3449.
-Earnings
-Jones Corp. (& Subs.).
Phillips
1931.
1932.
1934.
1933.
6 Mos. End. June 30--Earnings.
$85,786
Peck, Stow & Wilcox Co.
$94,267 loss$437,021
$65,844
Net profits after all taxes
-V. 139, p. 288.
Earnings for the Year Ended June 301934.
442.086
Net income after expenses and other charges
Philadelphia Baltimore & Washington RR. Co.$0.53
Earnings per share on 80,000 capital shares
Bonds Ready.
x Depreciation of $97.872 included in expenses.
Definitive 43 % bonds,series D,due June 11981. are ready for delivery
Balance Sheet June 30 1934.
on surrender of temporary bonds at the office of the Treasurer of the PennMobilities
Assets
sylvania RR., Room 1846 Broad Street Station Building, Philadelphia, or
$49,675 Notes payable for borrowed
Cash on hand and in banks_
-V. 138, P. 3614.
380 7th Ave., New York City.
$122,000
funds
Acc'ts & notes rec., lees reserve
35,17
83,953 Accts. payable for curt. much_
($5,122)for possible losses__
"
--- Philadelphia Co. for Guaranteeing Mortgages.
4
Accrued wages,taxes and other
Inventory of raw materials,
46,024
p.proved-t4.
Plc
accounts not due
supplies, goods in process &
800,000
451,662 Capital stock
finished goods
urt at Philadelphia on Aug. 16 approved reorganizaS. District
T
553,438
Capital surplus
lof the Mo gage Service ,0( to manage
Land, bldgs. & equip., less
tion f the company Formati
42,086
1,009,160 Earned surplus
reserve for depreciation
ofthe P ladelphia mpany was a iforized in the
and operate the aff
4,273
William H. Kirkpatrick.
Prepaid interest,insurance, &c.
decree signed by Ju e
The Court named George Stuart Patterson, William H. Kingsley, and
$1,598,723
Total
$1,598,723
Total
J. Howard Reber as operating trustees of the new concern.
A statement by the receivers to the creditors and stockholders of the
-V. 137, p. 884.
company emphasizes that the personnel of the board of voting trustees
-Earnings.Electric Co.(& Subs.).
Pennsylvania
Includes no one who had any connectoin with the company prior to receivership.
1930.
1933.
Calendar YearsUnder the terms of the reorganization plan as finally approved the trustees
Operating revenues_--- $8,857,923 $9.465.631 $10,596,672 $11,007,199
named are empowered to select either two or six additional trustees to aid
4,381,142 4,602,327 4,953,625
Operating expenses_ _ -- 3,897,507
in operating the business. They must also be approved by the Court.
526,432
524,339
512,717
570.778
Maintenance
The new company will have paid In cash capital of at least $100,000 disProv. for retire.. of fixed
tributed among not less than 100 nor more than 500 shares ofstock without
732,438
703,958
523.718
443,664
capital
nominal or par value. The capital is to be supplied by the Reconstruction
Taxes incl. prov.for Fed.
Finance Corporation under the terms of an agreement between the RFC
296,281
504,547
463.263
457.065
income taxes
and the receivers. The company before receivership had borrowed more
than 52,000.000 from the RFC, which holds most of the remaining assets
Operating income-- $3,488,910 $3.584,790 $4,261,801 $4,498.423
as collateral on those loans.
297,946
436,737
141.960
297,171
Other income
The Court decree provided that the new company shall take over all the
assets of its predecessor and stipulated that the new directorate should
$3,786,081 $4,021,527 $4,559,748 $4,640,383
Gross income
remain in service until 1937.-V. 139. p. 774.
1.831,981
776,854
_ - _ 2,037,898 2.005,892
Int. on funded debt
Int, on unfunded debt to
-Dividend Correction.
121,962
8,521
165.965
180.793
Phoenix Hosiery Co.
Public
Amortiz. of debt disc. &
The preferred dividend of 87M cents per share is payable to holders o
71,611
132.726
113,172
expense
record Aug. 20 (not Aug. 15 as previously stated). The dividend will be
Cr63.024 Cr120,874
Cr7.705
Cr220
Int, during construction
paid Sept. 1.-V. 139, p. 774.
-Plans Reorganization.
$1,454.438 $1,724,649 $2,597.217 $' '
-Arrow Motor Car Co.
-Pierce
883
975 "
956.250 3 852,000
860,000
860,000
steps to fe,zilitate carrying on negotiations aimed at placing the company
position, has been taken by the board of directors when it
in a strengthened
8864.649 81.640.967 83,123,882
$595.438
Balance
was voted to apply for a reorganization under the new statute regulating
a Includes operations of Penelec Coal Corp.. merged Dee.31 1932.
corporate reorganization. Accordingly a petition under the new statute has
been presented to the U. S. District Judge, who granted an order setting
Consolidated Balance Sheet Dec.31.
the matter down for a hearing Sept. 17 and, meanwhile, continuing the
1933.
1932.
1932.
1933.
present management in control.
$
Mobilities$
$
Assets$
Since its inception in 1901 the company has devoted itself exclusively to
39,976,000 35,534,500
Plant & property_80,055,765 69,105,430 Funded debt
established a
the production of high-grade motor cars, in which field it hasstrengthened,
1,805,003 1,775,003 Due to stockholder 2,416,605 2,057,950
Investments
world-wide reputation. Later years have seen that reputation
701,088 Cony, gold notes
Cash & spec. deps_ 639,594
53 years
an indication of which is found in the fact that during the last
21.583 due 1933
5,225,000
Notes receivable._ 141,325
the company's share of the available fine car business has practically
Accts. receivable_ 1,028,383 1,068,197 Mat'd bonds and
and while the company
doubled. But, while this progress has been made
30,673
bond interest_ _ _
28,493
247,522
Marls & supplies_ 223,457
Is one of two in its competitive group to show increases in registrations this
7,977,231 Adv, from finance
Due from MM. co..
year over last, unfavorable business conditions have narrowed the total
60,000
company
113,000
17,750
22,099
Accrued int. rec..
market for fine cars to a point where a reorganization of the company's
Notes pay. bank. 400,000
Balances in closed
affairs, including its manufacturing and merchandising program, is deemed
19,488 Bonds matur'n dur39,017
banks
necessary. The step now taken, company officials stated, will pave the
90.500
6,560 log 1933
44,859
Misc. det'd debits..
way for the development and completion of plans intended to overcome the
224,901
Accounts payable_ 318,287
Unamort. debt dJs.
difficulties in the present situation.
590,695
and expense_ ___ 1,653,381 1,073.251 Accrued taxes_ _ ... 427,592
The company plans to continue its present line of fine cars, and it is
585,361
56,969 Accrued interest__ 535,048
40,617
Prepayments
expected that sales of these cars will be continued during the reorganization
Consumer deposits 237,978
230,365
procedure.
199,947
Misc. unad. °red_ _ 157,783
Summarized Balance Sheet as of July 31 1934.
6,032,755 5,781,554
Reserves
Liabilities
24,460
33,790
Contrib. for extens
Assets
x$2,025,795
$660,600 Current liabilities
x Capital stock_ ....23.500,000 21,515,680
Cash and receivables
1,770,933 Notes payable due Jan. 1936 1,000,000
Part cap, stock of
Inventories
316,500
484,470
subsidiary
Land, buildings and equipm't 6,604,080 Real estate purchase mtges
19,900
355,671 Reserve for contingencies...
Capital surplus_ 9,199.951 6,487,974
Investm'ts & def. charges.....
6,029,090
1 Capital and surplus
Corporate surplus_ 1,882,587 3,385,680
Trade name, good will, &c._
Balance
Divs. on com. stock
Total
85,693,499 82,076,061
85,693,499 82,076,061
Total
-V.139, p.939.
it Represented by 850,000 shares (no par) common stock.
-Earnings.
Pennsylvania Power 8c L'ght Co.
[Lehigh Power Securit es Corp. Subsidiary]
1934-12 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
$2,707,019 $2,570,508 $33,800.573 $32.643,314
Operating revenues
1,316,866 17,111.868 15,717,558
1,431,845
Oper,exps.,incl. taxes
17,268
1,318
16.963
1,318
Rent for leased property
Balance
Other income
$1,273,856 $1,252,324 $16,671.437 $16,908,793
446,380
26,188
484,133
31,842
Gross corp. income_ _ $1,305,698 $1,278,512 $17,117,817 $17,392,926
6,239,053
6.215,576
519.722
520,080
Int. & other deductions_
y$785,618 y$758,790 $10,902,241 $11,153,873
Balance
1,600,000
1,500,000
Property retirement reserve appropriations
x Divs. applic. to pref. stocks for period, whether
3,846,549
3.839,476
paid or unpaid
$5,455,692 $5,814,397
Balance
x Regular dividends on all classes of pref. stock were paid on July 2
the payment of these dividends there were no accumulated
1934. After
unpaid dividends at that date. y Before property retirement reserve
-V. 139, p. 773.
appropriations and dividends.
-Earnings.=
Pepperell Mfg. Co.
The sales for the fiscal year ended June 30 1934, were $28,606,000. The
indicated net profit was $1,607,000 after all charges including income
taxes. Net dividends paid during the year were $602,000.
Preliminary Consolidated Balance Sheet June 30 1934.
Liabilities
Assets$10,000,000
$7,743,000 Capital stook
Plant
9,196,000
10,739,000 Surplus
Inventories
3,024,000
3,461,000 Payables and accruals
Cash, receivables, &o
277,000
All other
Total
-V. 139. p. 1096.
$22,220,000
Total
$22,220,000
89,391,285
Total
$9,391,285
Total
x Of this amount $1,250,000 is secured by assets of selling subsidiaries
amounting to $1,486.224.
Merger Rumors.
A proposal for the merger of the Pierce-Arrow Motor Car Co. with the
Boo Motor Car Co. and the Auburn Automobile Co. was said to be under
formal discussion, according to statements appearing in the press this week,
but no authoritative statement was available.
D. E. Bates, President of Boo Motor Car Co., Is quoted as saying:
We have heard discussions of automobile company mergers, and have
had rumors of various setups, but so far we have not been approached, nor
have we initiated any merger move. There is absolutely nothing to reports
that Reo is connected with any proposed consolidation plan.'-V. 138.
P. 3285.
Pittsburgh Screw & Bolt Corp.-Bal. Sheet June 30.1933.
1933.
1934.
1934.
$
Mobilities$
Assets
d Capital stock_ 1,500,000 1,500,000
a Land, buildings,
3,825.000 3,848,000
8,270,582 8.477,813 Funded debt
mach., eq..
208,225
53,093 Accounts payable_ 426,120
50.549
b Patents
17,636
509,433 Accrued interest
17,531
646.933
Cash
80,933
448,756 Accrued taxes_ _ _ 128,866
.
Accts.& notes rec. 637,168
Paid-in surplus... 8,518,706 8,518,706
44,624
Due from email_
388,535 def110,214
Earned surplus
Miscell. accts. and
28,984
notes receivable
'Dal, of deposits In
28,896
17,438
closed banks_
Invest. In market
2,393,871 2,418,157
securities
1,853,969 1,244,428
Inventories
Invest. In corp.'s
826,914 e838,415
common stock
44,295
33,725
Deferred charges
14,804,758 14,063,286
Total
14,804,758 14,063,286
Total
a After depreciation. b After amortization. c Consists of 65.447 shares
1933). d Represented by 1,500.000 no par shares.
in 1934 (66.147 in
The income statement for the six months ended June 30 was given in
"Chronicle" of July 28, page 610.
Financial Chronicle
Volume 139
-Earnings.
Pittston Co.
6 Mos. End. June 30Net sales
Costs and expenses
1932.
1934.
1933.
$20,010,364 $15,055,458 $18,066,886
19,189.888 14,918,268 18.037,590
Balance
Other income (net)
$820,476
149,817
$137,190
132,283
$29,296
371,940
Total income
Interest (net)
Depose., deplet.& amortiz
Provision for Federal tax
Loss on sale and demol. prop., &c..--Minority interest
$970,293
350.707
524,258
39,581
17,962
152.288
$269,473
362,254
534,627
2,571
22,219
124,098
$401,236
397,841
567.761
24.179
155,984
135,698
Net loss
-V.138, p.3451.
$114,503
$776,296
$880,227
Poor & Co.(& Subs.).
-Earnings.
6 Months Ended June 301932.
1933.
1934.
Net profit after charges, depreciation,
taxes, &c
4310,000 loss$200.176 loss$138,462
Earns, per sh. on 160,000 no Par shs.
class A stock
Nil
Nil
$1.93
x Approximate.
Net billings for the first six months of 1934 totaled $2,765,000 or over
three times those of the like period a year ago, according to Fred A. Poor,
'President, who added that estimated billing value of unshipped business
as of June 30 1934, was approximately two times that of a year previous.
-V.138, p.3958.
Portland Gas & Coke Co.
-Earnings.
-
1251
vised investment fund recently organized by Administrative & Research
Corp., the sponsors for Quarterly Income Shares. The more important
changes include:
(1) Employment of Administrative & Research Corp. (N. Y.) for investment advisory service.
(2) Permission for the listing of the shares of Quarterly Income Shares
on a recognized exchange. Until such listing is made, and thereafter,
following not less than six months notice to shareholders, at the discretion
of directors, shareholders may continue to surrender shares to the corporation for repurchase.
(3) Permission for the corporation to repurchase shares of its stock at
their current liquidating value determined from time to time during the
day. Before the amendment, shares could be repurchased only at the
liquidating value determined as of the close of business on the first business
day following the day on which the offer to sell was made.
The last two amendments were designed to increase marketability for
the shares and to enable the corporation to quote repurchase prices for its
stock currently through the day. Mr. Beason stated, however, that the
Permissive authority to list does not imply early listing on any exchange.
A total of more than 69% of the shares of the corporation were represented at the meeting.
-V. 138, p. 3287.
Radio Corp. of America.
-New Contracts.
The company has completed several contracts with radio companies in
Holland, France, Italy, Hungary and England, giving these companies
rights to use It. C. A. patents in return for substantial royalties.
-V.139.
13• 775.
-Earnings.
Raybestos-Manhattan, Inc.(& Subs.).
6 Months Ended June 30-Net sales
Discounts and allowances
1933.
1934.
$7,500,193 $4,512,571
.121,918
203,098
[American Power & Light Co. Subsidiary.]
Period End. July 31- 1934-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$267,868 $3,049,479 $3.491,545
$255,234
Oper.expo.,incl. taxes..165,932
182,407
2,145,825 2,231.220
Income from sales
Manufacturing cost of sales
$7.297.095 $4,390,653
2,724,915
4,622,273
Gross profit
Selling and administrative expenses
$2,674,822 $1,665,738
1,216,995
1,611,614
Net rev,from Oper___
Other income
Gross corp. income__ _
Int. & other deductions_
$72,827
Dr403
1101,936
323
$903,654 81,260,325
3.890
10,205
Profit from operations
Other income
$1.063,208
110,055
$448,743
97,164
$72.424
44,932
$102,259
44,516
$907,544 $1,270,530
536,563
546,608
Total inc. before other deducts., deprec. & taxes $1,173,263
Other deductions
33.412
Provision for depreciation
300,666
Provision for Federal & State income taxes
119.353
$545.907
42,825
245,005
28,680
Net income
Surplus at beginning of period
$229,397
5.243,564
Balance
y$27,492
y$57,743
Property retirement reserve appropriations
x Dividends applicable to pref. stocks for period
whether paid or unpaid
$370,981
250,000
$723,922
250.000
430,167
429,622
Balance
def$.309,186
$44,300
x Dividends accumulated and unpaid to July 31 1934 amounted to
$376,666. Latest dividends, amounting to 87 cents a share on 7% pref.
stock and 75 cents a share on 6% pref. stock, were paid on Feb. 1 1934.
Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-V. 139, p. 940.
"Procter & Gamble Co.
-Larger Distribution to Employees.
During the six months ended June 30 employees of the company in the
United States and Canada received dividends totaling $252,613 against
$144,945 in the like six months of 1933. These payments were made under
the company's profit-sharing plan, which is based on stock ownership and
which was inaugurated in 1887.-V. 139, p• 775.
Prudence-Bonds Corp.
-Deposit Agreement.
-
The holders ofcertain guaranteed securities issued br made by the corporation consisting of 18 series of 1st mtge. collateral bondsand 54 issues of
mortgage certificates are advised that on Aug. 20 the committee (below)
filed with the U. S. District Court, Eastern District of New York a deposit
agreement dated Sept. 1 1934. under which it is proposed to issue and
exchange certificates of deposit issued thereunder for foregoing guaranteed
securities.
Copies of the deposit agreement are on file with New York Trust Co.,
100 Broadway, New York, N. Y. with the Clerk of the U. S. District Court
for the Eastern District of New York, with Lawrence R. Condon, Secretary
of the committee. Suite 2017 at 165 Broadway. New York, with the trustees
of each of the 18 series of bonds and the depositaries of each of the issues
of mortgage certificates.
The committee consists of George MacDonald (Chairman), George
Armon Clark, Lawrence R. Condon, Joseph E. Gilbert, Thomas Hovenden.
Lawson Purdy,Percy R. Pyne, 2d, Aaaron Rabinowitz.
-V. 139, p. 775.
Public Service Co. of Northern Illinois (8c Subs.).-
Earnings.
Period End. July 311934-7 Mos.-1933.
1934
-Month-1933.
Gross revenue
$2.648,478 $2,707.379 $20,530,000 $19,607.095
Net income
24,659
65340 1,533,263
1,891,115
Net income was stated to be before provision for preferred dividends.
while gross earnings and net income for periods in 1933 are after allocation
of adjustments affecting that year.
-V. 139. P. 775
.
Public Service Corp. of New Jersey.
-Earnings.
Period End. July 31- 1934-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$9,281,410 $9,270,778 1119357,688 1118731,453
Oper.amps., maint.,taxes
and depreciation
6,609,482 5.987,871 78,621,744 76,701,369
Net inc. from oper---$2,671,928 $3.282.907 $40,735,944 $42,030,084
Bal, for divs. & surplus.. 1,443.727 2,032,672 25,901,370 26)786
-V. 139, p. 454.
r
r "Quaker Oats Co.-Special Dividend of $1 per Share
e directors on Aug. 17 declared a special cash dividend of $1 per hare
and the regular quarterly dividend of $1 per share on the common stock,
no par value, both payable Oct. 15 to holders of record Oct. 1. An extra
of 1 per share was also paid on this issue on April 16 1934 and April 15
1933, while on April 15 1931 and 1932 an extra dividend of $3 per share
was paid.
[See also record of common dividends since 1907 in the "Industrial
Number" of the "Railway and Industrial Compendium" of June 4 1934.
page 246.]
John Stuart, President, in connection with the payment of the dividend
said:
"The directors declared the additional dividend at this time because,
after a review of present conditions, they believe the profit and loss surplus
remaining is sufficient to provide reasonable protection for the operation
of the Quaker Oats Co. against ordinary business emergencies and because
It Is their desire to do everything they properly can to increase purchasing
power and help improve general conditions.
"Many of our stockholders will remember that the substantial profit and
loss surplus that we built up prior to 1920 saved our company from serious
embarrassment in taking the heavy losses that resulted from readjustment
in prices and business that followed the war inflation. That experience
demonstrated to us the value of an adequate profit and loss surplus and
we then decided that we should again follow the same policy and re-establish a profit and loss surplus which, as far as we could determine, would be
ample to protect our business from financial difficulties in periods of business
depression or extreme readjustments. This policy we believe serves the
best interests of the company, both its stockholders and employees. By
referring to our annual statement you will see that during the last four years
we have paid out in dividends practically all the earnings we have made in
those rears." V. 138. IL 1579.
Quarterly Income Shares, Inc. (Md.).-Shareholders
Ratify Changes.
$719.832
5,571,844
Total surplus
Dividends paid
$6,291,676 $5,472,961
321,428
193,531
Surplus at end of period
$5,970,248 $5,279,430
Shares common stock outstanding, no par
642,900
642,600
Earnings per share
$0.36
$1.12
Consolidated Balance Sheet June 30.
1934.
1933.
1933.
1934.
Assets-I LtabitUtes$
$
$
i
Cash in banks and
Accounts payable_ 501.929
492,437
on hand
84,300
745,020
99,085
848,103 Accr. sal. & wages
x Market scours._ 1,996,418 2,238,759 Prov, for inc. taxes 118,039
28,128
Notes, accts., &c.,
Prov. for conting..
receivable
1,903,624 1,588,507 taxes, &o
114,033
48,818
Merch. inventories 3,356,568 2,186,586 z Capital stock
9,721,800 9,721.800
Inv. (Incl. advs.). 1,048,015 1,116,869 Earned surplus-15,970,248 5.279.430
Sundry accts. rec_ 385,275
412,749 Capital surplus- f
y Fixed assets.... 8,404,507 6,604,559
Deferred chargee__
83,421
90,532
Trade name, goodwill, &c
595,157
595,157
Total
16,525,114 15,654,712
16,525,114 15,654,712
Total
x Market value, $2.034,002 in 1934 and $2,166,618 in 1933. y After
depreciation of $8,498,164 in 1933 and $7,943,101 in 1932. z Represented
by 676,012 shares (no par value).
-V.137, P. 1592.
..
Raytheon Mfg. Co.(& Subs.).
-Earnings.
Years End. May 311934.
Gross P
$321,577
General admin. and selling expenses
305,698
Deprec..Ss amortization_
53,836
Amort.research & eng
95,266
Inventory (write down)Other income and deductions (net)
Dr26,515
Prov, for tube replacements,price adjust ,&c
.
16,000
Provision for canting.
Non-recurring income_
Provision for Federal and
State income taxes
Net loss
Assets
Cash
otes dr trade accept. receivable.
Accts.receivable
.Inventories
Miscell. notes and
accts. receivable
Cash on dep
bMachy.,tools.flxtures. turn., &c_
Patents,research es
development_ _ _
Organiz. exp. and
prepaid items
1933.
$230,682
1932.
$474,919
1931.
$733,866
211,919
224,468
354,003
254,838
541,134
260,588
Dr28,762
Dr2,170
Cr6.640
30,000
125,000
$166,091
$250,364
64.146
55,000
Cr592,392
35,000
$175,738prof$267,925
Balance Sheet May 31.
1934.
1934.
Liabilities-1933.
$640,023
$297,412 $406,689 6% pref.stock_
121,879
a Com.stock
225,000 Accounts payable.. 122,893
13,718
180,967 Notes payable_ _
226,339
50,000
259,306
42,475
122,894 Accrued accounts_
Fed. and State ln28,892
5,842 come taxes
10,000
4,464
Real estate mtge.
Res. for canting__ 143,971
228,158
205,984 Minority interestRes. for retirem't
211,111
591,490
of warrants ___ _
9.589
523,247
Surplus
18,568
10,096
1933.
578,808
39,504
81,986
35,000
85,000
105
568,178
Total
$1,664,347 $1,388.582 Total
81,664,347 $1,368,582
a Represented by 243.758 shares of 50 cents par in 1934 and 115,762
shares of no par in 1933. b Alter depreciation of $659,957 in 1934 and
$605.176 in 1933.-V. 138. P. 2589.
Reading Co.
-Earnings.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. P. 1097.
1934.
1932.
1933.
1931.
$3,820,612 $4,620,434 $3.400,169 $5.381.905
841,519 1,882,588
366,523
746,809
661,269 1.577.612
649,779
136.335
32,426,950 27,633,220 30.581.609 42,484.267
10.285,439 8.926,946 6.095,982 4,643,857
8,035,967 6.970,966 5,102,563 2.896,411
Richfield Oil Co. of Calif.
-Early Sale Pareseen.-
Sale of the properties of the company and the Pan American Petroleum
Co. under Government foreclosure proceedings early in September is seen
by Asst. Attorney-General Blair, in charge of Indian affairs, public lands
and buildings, who was in Los Angeles Aug. 17 to confer with local officials
regarding the proposed sale.
Mr. Blair said a decree for the sale had been approved by attorneys for
the equity litigants in the oil company suits and that it will be submitted
to U. S. District Judge James about Sept. 1. He said his Department Is
primarily interested in the collection of $5,000,000 due the Governme t
out of the settlement.
-V.139.p.776.
Stockholders have authorized the addition of five corporations to the
list of eligible companies in which Quarterly Income Shares can make
Investments after Oct. 2.5 1934. These corporations are: Commercial
Solvents Corp., Chrysler Corp., Fox Film Corp., Loew's Inc. and United
States Smelting, Refining & Mining Co.
At the same meeting t e stockholders also ratified four other suggested
changes presented by the board of directors. Their action. according to ------Rochester & Pittsburgh Coal Co.
-5% Pref. Divs. eti `e'
l
.f.
R058 Beason, President, will permit the administration of Quarterly Income
The directors have declared a dividend of 5% on the 5% non-cumulative
Shares in a manner similar to that of the Maryland Fund. Inc., a superpreferred stock, par $100, payable Sept. 1 to holders of record Aug. 15.
1252
Financial Chronicle
Aug. 25 1934
This is the first dividend on this Issue since July 1 1931, when the regular
semi-annual dividend of 234% was paid.
-V. 138, p. 2590.
Safeway Stores, Inc.
-Sales.
Period End. Aug. 11- 1934-4 Wks.
-1933.
1934-32 W7cs.-1933.
(Robert) Reis & Co.(& Subs.).
Sales
-Earnings.
$18,535,453 $17,287,318 8144,036671 5131,673145
Stores in operation were 3,212 comp
with ;, 10 last year.
-V.
Calendar Years1932.
1933.
P.011.
Operating profit after depreciation
4,,,
,
$53.597 loss$702,459
•tee
Interest paid less interest received
43,916
.- Scranton Ry.-New &curt
-37,940
01
Otherexpenses12xit
The new securities deliverable un ci he pla
reor nizatii dated
March 13 1934, as amended, are in the custody of the Fid ity-Phlladelpnid,
Net profit
$2,141 loss$837,809
Trust Co. of Philadelphia, depositary, and upon presentation and surrender
Previous deficit
1,556.167
2,465,841
of the certificates of deposit to the depositary, will be delivered by the deSpecial adjustments, reserves, &c
Cr4,973
Dr71.864
positary to the holders thereof.
--V. 139, p. 455.
Deficit Dec. 31
$2.458,728 $2,465,841
Sears, Roebuck & Co.
-Earnings.
Consolidated Balance Sheet Dec. 31.
24 Weeks EndedJuly 16 '34. July 15 '33. July 16 '32
1932.
Assets
1933.
1933.
1932.
Gross sales
$140,639,500 5108990,590 $126578.919
Cash
$60,452 Notes payable__ $420,025 $459,895
$20,258
Net profit after deprec., &c., but
103,529
x Notes, accts. &
39,848
Accounts payable_
before Federal taxes
6,808,189
1,619,811 142.120.019
35,481 Due to factor of
trade accept. rec
15,827
x Loss.
-V. 139, p. 1098.
1,327
Due from rector
Robt. Reis & Co
1,077
108,823
t e
Misc. accts. rec
Sundry liabilities &
4,649
---Second International Securities Corp.-Pref. t
23,062
39,780
Merch. inventory_ 447,210
accrued expenses
334,287
The directors on Aug. 22 declared a dividend of 50 cents
eon.
rs
Dep. with mutual
7% cum. let pref._ 2,108,700 2,108,700
account of accumulations on the 6% cum. pref. stock, par $50. pdyable
15,461 a 87 cum. 2d pref.
4,862
ins. companies...
Oct. 1 to holders of record Sept. 15. A similar distribution was made in
75,000
75,000
stock
6,234
3,538
Other assets
each of the four preceding quarters, prior to which regular quarterly Pay620,725
620,725
y Fixed assets.- 339,729
361,580 z Common stock
ments of 75 cents per share were made.
-V. 139, P. 455.
2,458,728 2,465,841
1 Denclt
1
Goodwill
5,449
Deferred charges
6,829
Seeman Brothers, Inc. Earnings.
-
139.
-
i
Total
$846,678 $925,071
Total
$846,678 $925,071
x Less reserve for discount and doubtful accounts of $1,500 in 1933 and
$46,236 in 1932. y Less reserve for depreciation of $236,584 in 1933 and
$212,343 in 1932. z Represented by 99.145 no par value. a Represented
by 7,500 no par shares.
-V. 139, p. 1097.
Years End. JUne 30-1934.
1931.
1933.
1932.
Gross earnings
$2,882,583 $2,539,182 $2,827,987 $3,062,024
Selling, adm.& gen. exp.
incl. prov.for Fed.inc.
taxes
2,307,313
2,624,548
2,205.890
2,454,904
Reynolds Spring Co.
-Balance Sheet June 30.1933.
Liabilities1934.
_ 1933.
Assets1934.
$1,656,764 $1,679,843 z Common stock &
Fixed assets
65,245
27,741
surplus
$1,573,512 $1,525,721
Cash
257,426 Funded debt
444,225
448,725
yAccts.& notes rec 377,722
205,524 Notes & accts. pay 234,576
294,751
Inventories
226,801
37,086
31,545
Investments
71,740 z157,936 Taxes payable....
58,004
30,231
Patents, good-willAccrued wages, &a
1
1 Prov. for Fed. Inand developm't.
12.736
46,086
come taxes
Deferred charges
5,297
Contingent and ex58,311
43.583
perimental exp.
Net earnings
Miscellaneous income---
5575,270
25,921
$333.292
18,734
$373,083
54,791
$437.478
34,604
Net income
Advert. approp.for 1935
Dividends
$601,191
200.000
378,375
$352,026
$427,874
$472,080
271,438
341,850
367,575
Net surplus
Adjustments
Prey. capital & surplus_
$22,816
Cr38,175
4,416,051
$80,588
Cr50,198
4,285.264
$86,024
Dr128,741
4,327,981
$104,505
Cr721
4,222,754
$2,411,011 $2,374,556
Total
$2,411,011 $2,374,556
Total
x Represented by 148,566 no par shares, valued at $1,233,726, less 566
shares in treasury, valued at $4,436, and surplus of $344,223 in 1934
($296,431 in 1933). y Less reserve for doubtful accounts. z Less reserve
for loss on investments.
For income statement for six months ended June 30 see la t week's
"Chronicle, page 941.
Roerich Museum, Inc.
-Reorganization Pla
A plan was recently approved by the court for rehabilitat
the finances
of the property. Harvey Wiley Corbett, Chairman of one bondholders'
committee and Dayton Keith, Chairman of a second, worked out a plan
which provides for a corporation to acquire the mortgaged property at
foreclosure sale, all the stock of this new corporation to be placed in a
voting trust, the voting trust certificates to be delivered to all depositors
who assent to the plan on the basis of one share of stock of the new corporation for each $100 principal amount of bonds deposited, the voting trust
to last two years, but may be extended under certain conditions.
The new company will place a new first mortgage on the property for a
term not to exceed 10 years, the amount to be determined among other
grounds by the amount of bonds not deposited at the time of the sale and
the amount of taxes unpaid at that time.
The new company will convey the property subject to the first mortgage
to an educational corporation organized by the Roerich Museum interests,
which will deliver to the new corporation its bond and mortgage in an
amount equal to the principal amount of bonds participating in the plan.
This mortgage will be for 15 years with interest for the first five years at
not to exceed 4% If earned; for the second five years at 4%, and for the
third five years, 6%.-V. 135, p.3536.
Safety Car Heating & Lighting Co.
-New Vice-Pres.Herbert A. May has been appointed Vice-President.2;f=
--.
St. Joseph
$4,477,042 $4,416,051
Balance,surplus
Earns. per sh.on 125,000
$4.81
shs. of no capital stock
$2.81
Assets:Fixed assets__
Cash
Marketle secur. &
interest
Corporation's own
'capital stock_
Accounts receiv__.
Post dated checks_
Inventory
Def. & oth. assets..
Good-will
$4,285,264 $4,327,981
$3.42
$3.77
Balance Sheet June 30.
1933.
1933.
1934.
1934.
Liabilities-.
$127,942 $138,170 Y Capital stock ....$2,000,000 $2,000,000
324,790 Surplus
2,477,042 2,416,051
615,196
Sundry time dep.
46,520
466,246
& misc. payables
42,123
510,075
Accts. pay. & letz77,302
467,498
ters of credit.. _ _ z66,826
482,406
1,058,257 1,086,310 Corn, payrolls and
71,003
other accr. nab_
67,004
3,990
2,186,601 2,194,752 Accr. dr est. Fed.
76,420
& State taxes._ 147,082
91,355
90,610
68,000
67,500
1 Divs. payable....
1
Advertising approp 200,000
Reserve for merch.
13,828
adjustment
7,500
Total
$5,075,077 $4,769,123
$5,075,077 $4,769,123
Total
..-x After deductint34367906 (3438,354 Strd $54,006 mortgage in 191
$54,000 mortgage. y Represented by 125,00
reserve for depreciation and
-V. 138, p. 2942.
shares of no par value. z Accounts payable only.
Servel, Inc.(& Subs.). Earnings.
1934-9 Mos.-1933.
Period End. July 31- 1934-3 Mos.-1933.
deprec.,
Net profit after
$608.719 x $607.268
$33,921
$785,203
int. & Fed. taxes
Earnings per share on 1,766.426 shares $1 par
Nil
$0.32
$0.34
$0.44
common stock
x And after special inventory reserve of $500,000 which was set up at
end of second quarter -V. 139. p.455.
Lead Co.
-10
-Cent Dividend.
The directors have declared a dividend of 10 cents per share on the capital
orp. Offers to Purchase
'r
-Shenandoah Corp.
- las
stock, par $10, payable Sept. 20 to holders of record Sept. 7. A similar
distribution was made on June 20 last, and compares with 15 cents per
Common. Stock at $1.80 per S are. See Atlas Corp. above.
share paid on March 21 1932; 25 cents per share distributed on Dec. 21,
Sept. 21 and June 20 1931, and 50 cents per share paid on March 20 1931.
V. 139, p. 1098.
-V.139. p. 777.
-Interest.
N. Y.
Shur
-On Properties Co., Inc.,
St. Louis Southwestern Ry. Lines. Earnings.Geneva,
The company announces that arrears of interest to the amount of 1 4%
1934
-Month-1933.
1934-7 Mos.-1933.
Period End.July31of principal of its class A income debentures, registered and issued under
Railway oper. revenues- $1,307.538 $1,247,282 $8,551,285 $7,443.502
indenture between company and New York Trust Co., as trustee, dated
Net rev,from ry. oper__
498,080
489,700
2.839,220
2,268,991
as of April 11928, will be paid on Sept. 1 1934 to holders of record on Aug.
4
4: 44t
1
Net ry. over. income.-262,786
242.278
1.363.835
926,537
24 1934 of said debentures.
Non-oper. income
5,495
7,371
37,501
49.248
ortit-r f(
j
-Extra Dividend.
-Siscoe Gold Mines, Ltd.
----Gross income
$268.282
$249,649 $1,401.337
$975,786
The directors have declared an extra dividend of 2 cents per share in
299,938
Deduc. from gross Inc
267.086
1,844,413
2,030,941
addition to the regular quarterly dividend of 3 cents per share on the common stock, par $1, both payable Sept. 30. Extra distribution of 1 cent per
51,195 def$50,288 def$443,076det$1,055,155
Net income
share was made on June 30 last and 2 cents per share on March 31 last and
-Second Week of Aug.- -Jan. 1 to Aug. 14on Dec. 30 1933.-V. 138, P. 3453.
1934.
1934.
Period1933.
1933.
Gross earnings
$237,400
$223,372 59,036.547 $7,900,763
-New Director.
Snider Packing Corp.
J. F. Connor was elected a director on July 19 last -V. 139, p. 129.
Operation.The I.
-S. C. Commission on Aug. 4 issued a certificate authorizing the
-Further Expansion of
Socony-Vacuum Oil Co., Inc.
company to operate over a track of the Vicksburg Shreveport & Pacific
-V. 139, p. 1098.
Railway in Shreveport, Caddo Parish, La.
German Interests.
-Earnings.Further expansion of the properties of its German subsidiary, was
Schulco Co., Inc.
announced by the company thls week. These properties secured from the
1933.
' 1932.
1934.
6 Mos.End. June 30
1931.
North European Oil Co. by the Deutsche Vacuum Oel A.G., the German
Rents
$297,182
$300,618
$441,725
$441,625
subsidiary, are located primarily in the northern part of the Hanover
Legal & other exp., int.
Basin, it was pointed out. They consist of two groups: one of 670.000
on 1st mtgs. & deprec.
acres in the northern part of the Basin, the other 18,000 acres in the southern
225,657
on bidgs., &c
229,720
221,945
233,929
part.
It is planned to conduct geological or geophysical investigations during
Operating profit
$212,004
$74,961
$75.237
$207,696
the next few months to determWe if developments are justified at the
56,927
Other income
91,482
4,360
50,191
present time.
-one a comThe Deutsche Vacuum Oel A.G. now operates two plants
Total income
$303,486
$131,888
$79,597
$257.887
plete refinery at Bremen and the other near Hamburg on the Elba. The
Int. on guaranteed 636%
distribution of the refined products, of which lubricating oils are the most
sink,fund gold bonds_
144,495
146,631
158,646
171,388
important. Is through branch offices located throughout Germany. The
company recently purchased the producing property of the Ebag on the
Net loss
$14,743 pf$144,840
$64,898
Pf$86,499
Oberg Salt Dome, one of four oil fields of the Hanover Basin. The total
Balance Sheet.
production controlled by the company is now about 1,000 barrels
is expected that several structures heretofore unproductive or untested
daily.It
AssetsLiabilitiesJune30 '34. Dec.31'33.
June30'34. Dec.31'33.
will be drilled by the Deutsche Vacuum Oel A.G. in the near future.
Real est., land,&c.$6,584,884 $6,574,684 Funded debt
$4,446,000 $4,446,000
The principal properties of this subsidiary, outside of those recently
Mtge. sink. fund__
115,833
115,833 Accounts payable_
1,455
2,841
acquired from the North European Oil Co.. are located in the southern
Cash in banks_ _ _ _
794
4,877 Interest accrued on
4
part of the Hanover Basin and in the Thuringia Basin.
Cash with trustee
gold bonds
137,605
138,385
A joint operation by the Deutsche Vacuum Oel Co. with a German
for 1st mtge. int.
73,115
73,224 Interest accrued on
contractor in the new northern extension of the Nienhagen field recently
73,115
Cash for amort. of
1st mortgages...
73,224
resulted in the successful completion of three wells. The initial daily
2,892
164,850
1st mortgages__
2,891 Loans payable._
164,850
production of these three wells was 50 tons, 45 tons and 90 tons respectively.
Reserve deprec. on
Cash deposit with
-V. 139. p. 778.
trustee for Int. &
buildings owned 1,112,029 1,038,949
sinking fund on
x Capital stock......
500
500
-Earnings.
Southern Canada Power Co., Ltd.
137,605
138,385 Surplus
984,602 1,049,500
gold bonds
Dep. with sinking
1034-10 5fos.-1933.
Period End. July 31- 1934
-Month-1933.
679
fund agents__ _ _
Gross earnings
5170,227
$164,141 $1,815,535 51,753.724
4,355
.4,355
Accr. Int. receliele
626,416
658,535
63.572
Operating expenses
72,385
$8,920,156 $6,914,248
Total
Total
$6,920,156 $6,914,248
x Represented by 100 no par shares.
-V. 139. P. 128.
Net earnings
-V. 139. p. 457.
897.842
5100,569 $1,157,000 51,127.308
--,-N,,
Financial Chronicle
Volume 139
1253
Southern Colorado Power Co.
•
-$1 Preferred D it idend- mately $7,463,500 principal amount of 532% debenture
bonds due Sept. 1 1939.
The directors have declared a dividend of $1 per share on the 7% d9in..
Pref. stock, par $100. payable Sept. 15 to holders of record Aug. 31. A
similar amount has been paid on this issue quarterly since and incl. June 15
1933, as against $1.25 per share on March 15 1933 and $1.75
hare
precdingI
quarters.
-V. 139, P. 943.
"0". Stouthern Ice & Utilities Co.
"
-Aug. 1 Interest P y ent
The Chase National Bank of New York. successor corpora trustee2
Is notifying holders of 1st mortgage gold bonds, convertible 6% series, du
Feb. 1 1946, that funds have been deposited with it covering payment of
the coupons maturing Aug. 1 1934 and prior thereto.
-V.138, P. 1561.
Southern Pacitic Lines.
-Earnings.
-Period End. July 31- 1934-Month-1933.
1934-7 Mos.-1933.
Avge. miles ofroad oper _
13,24213,242
13,327
13,327
Railway oper. revenues-$14,029,214 $11,875,500 $85,200,058 $71.046,619
Railway oper. expenses- 10,404,282 8,620,302 65,384,279 58,082.009
Railway tax accruals_ _ _ 1,056,541
1,115,941 7,390,954 8,334.756
Uncoil. ry. revenues_ _ __
3,697
25,657
59.020
15,508
Equipment rents (net)..664,010
581,681 3,855,256 3.264,169
Jt. facil. rents (net)---308,425
24,230
59,717
250,981
Net ry. oper. income- $1,876,452 $1.482,350 $8,292,928
$998.241
-V.139, p. 778.
.Southern Public Utilities Co.-Earnings.[Incl. Salisbury & Spencer RYA
Comparative Income Statement.
Period End. July 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross income
$1,110,994 $1,105,578 $13,064,491 $12,624,979
Oper.exps.,incl.taxes-729.295
769,840 8,758,112 8,502,206
General expense
82,149
521,509
450,122
82,804
Renewals & replace. res128,132
127,108 1,532,924 1,521,180
Interest on underlying &
divisional bonds
292,289
20,633
25,942
327,872
Int. on S. P. U. Co. 5%
5% bonds
824,350
68,695
68,695
824,350
Profit
-V.139, P. 943.
$82.088
$31,185 $1,135,306
$999,247
Southern Ry.-Earnings.-Second Week of Aug.-- -Jan. Ito Aug. 141934.
1934.
1933.
1933.
Gross earnings (est.)---- $1,921.764 $1,915,933 $63,992,937 $60,828,637
Correction.
-Due to a typographical error the gross earnings for the period
Jan. 1 to Aug. 7 1934 were reported in last week's "Chronicle" as
$12,071,173. The corrected figures follow:
-First week of Aug.- -Jan. 1 to Aug. 71934.
1934.
1933.
1933.
Gross earnings(esti-- $2,062,913 $2,134,314 $62,071,173 $58,912,704
-V.139, D. 1099.
Sperry Corp.
-Balance Sheet June 30.
-
The 36.500.000 3j debentures will be callable as a whole at any time,
%
or in part, on any interest date on 30 days' prior notice at 101 of par if
g1ied on or before Sept. 1 1935 and thereafter at a premium decreasing by
of 1% in each succeeding year.
-V.139. p.943.
, (L. S4) Starrett
Co.---Earnings..--
PbriodSales '
Cost of sales
Selling and general expenses
Year Ended
-6Mos.Ended
Dec. 31 '33. June 30'34. June 30'34.
$479,463
8715.960 $1,195,423
756.134
x331,875
x424.260
285.420
153,419
132,002
Operating profit
Income from secure. & int. on bank
balances
Other income
$15,586
$138,282
$153,868
6,118
613
4.676
651
10,794
1.264
Total income
Othe rts,&ci (cash discounts, bad
d eb charges
$22,317
$143.609
$165,927
Reserve for income tax
8,513
Dr1,309
10,642
Cr1.309
19,156
Net income
Surplus credits
$12.495
9,602
$134,276
19.148
$146,771
22,942
Total
Surplus charges
Loss on securities sold
$22,097
5.100
'$153.424
708
207,443
$169,712
Net surplus
Open,deficit at beginning of period
$16,997 def$54.727 def$37.730
754.196
753.384
754.196
Total deficit
Dividends on preferred stock
$737.199
16.185
$808.111
14,815
207.443
$791.926
31,000
Oper. deficit
$822.927
-at end of period---- $753,384
8822.927
x Includes charge for depreciation of plant in amount of $22,480 in
Dec.31 1933 and $22.167 in June 301934.-V. 138, p. 1930.
Statesboro Northern Ry.-Control.The L-S. C. Commission on Aug. 9 approved tne acquisition by the
receivers of the Georgia & Florida RR. of control of the properties of the
Statesboro Northern Pty., by renewal and extension of lease.
-V.129. P
1280.
Sterling Securities Corp.
-Balance Sheet June 30.-
1933.
1934.
Assets$
$
Investments
15,700,239e14,891.165
Cash
880,684
374,971
Divs,received, dai.
55,686
81.800
Prepaid expenses_
867
Due from brokers.
78,116
1933.
1934.
Liabilities$
$
b Conv.Ist pt. stk.13,943,250 13,943,250
c Preference stock_ 2,500,006 2,500.000
d Cl. A corn, stock 603,803
603,803
Class 11 com,stock
a
a
42,353
Due to brokers_
Accts. pay..4 accr.
18,865
18,798
873,077 1.237,516
Deficit
[Including Wholly-Owned Subsidiaries.]
Total
16,235,126 15,828,402 Total
Assets
16,235,126 15.828,402
-1933.
Liabilities-1934.
1933.
Cash
a Represented by 298.297 no par shares, value not stated. b Repre81,144,462 $1,114,046 Accounts payable_ $184,838 $155,547
Dom. of Canada
sented by 278,865 shares. par $50. c Represented by 500,000 no par shares.
Due to London bk.
16,525
4% notes
d Represented by 603.80200 par shares. a Indicated market value June 30
99,750
Accrued royalties,
N. Y. State 3%
1933, $16,299.555.
wages, taxes,&o 387.888
162,424
bends
For income statement for the 6 months ended June 30 see last week's
150.000 Deposits on sales
a.Trade notes, ac-1
"Chronicle," page 943.
112,144
contracts
72,339
I
& accept.
Prov. for installa ,
receivable
892,849 1581,319 service & guarSun Pipe Line Co.
-Brown
-Debentures Sold Privately.
a /Sundry accts. re-1
71,771
I
anteed products
44,329
Harriman & Co., Inc. and Edward B. Smith & go. have
ceivable, accr'd
41,154
Deferred income._
119,019
crued int.. dm J
sold for the company $4,000,000 31 2% debenture bonds,
/
82,360
1,116,252 Res've for contIng.
99,494
Contracts & work
Res. for unrealized
due Oct. 1 1940. In connection with the sale of these bonds,
in progress, Inapprec. of for'n
the company has announced that it will redeem on Oct. 2
ventories, ea_ 2,522,152 1,465,634 exchange
54,319
Investments
d1,109,948 d1,576,189 c Capital stock
1,949,111 1,949,111
its entire issue of $3,500,000 5% sinking fund debentures,
Life ins. policies
27,909
Capital surplus__ 3,774,210 3,786,529
due Oct. 1 1940. It has also announced that the $500,000
Acc'ts receivable,
Earnedsurplus_
1,349,220
319,092
I' non-current_ _
113,712
additional money received through the sale of the new deequipm't 1,864,383 1,670,139
bentures is to be used for new pipe line construction.
Deferred charges
231,848
60,831
Patents
1
The $4,000.000 3)4% debentures are to be dated Oct. 1 1934 and are to
1
be due $300.000 on Oct. 1 1935:8300,000 on Oct. 1 1936:8400.000 on Oct. 1
Total
88,007,015 36,724,411
$8,007,015 $6,724,411
Total
1937; $400.000 on Oct. 1 1938; $300,000 on Oct. 1 1939 and $2,300,000 on
a After reserves. b After depreciation. c Par value $1.
Oct. 1 1940.-V. 139. P. 1099.
d 91,732 shares Curtiss-Wright Corp. A stock at cost ($894,387
marker'__.
Superior Portland Cement, Inc.
quotations), $206.397, 365.951 shares Curtiss-Wright Corp. common stock
ons),
Superior
-Accumulated Divie- "4..e,....
,
1
cost (81,143,596 at market quotations), $594,670; other listed securities
The directors have declared a dividend of 55 cents per share on account
($127,481 market quotations). $121,000: bonds and mortgages (including
of accumulations on the $3.30 cum. class A partic. stock, no par value,
529,434 deposited under workmen's compensation Insurance laws), which
Payable Sept. 1 to holders of record Aug. 23. This distribution represents
is not in excess of ultimate realizable value. 176,305] sundry stocks and
two monthly dividends of 27)4 cents each applicable to the months of
options, including $50,000 representing 55%
Jan. and Feb. 1934. Similar distributions were made on July 1, May 1
Compania
de Aviacion Faucett, S. A., which is not in of Capital stock of realizable
excess of ultimate
and Dec. 1,last. Accumulations after the payment of the Sept. 1 dividend
value, $111,575.
will amount to $1.9234 per share.
-V.138. P. 4140.
lio The income statement for the six
June 30 was given in
"Chronicle" of Aug. 18, Page 1099. months ended
Superior Water, Light & Power Co.
-Earnings.
Standard Fuel Co., Ltd. (8c Subs.).
[American Power & Light Co. Subsidiary]
-Earnings.-Period End, July 31- 1934-Month-1933.
1934-12 Mos.-1933.
Earningsfor the 13 Months Ended April 30 1934.
Operating revenues
$889,220
$70.779
$67,169
$917,430
Income from operations and investments after provision for doOper.exps.,incl.taxes
49,262
46,206
619,588
620,224
I. predation and other reserves
$228,744
Reserve for income and other taxes
Net rev, from opera-39,313
$269,632
$21,517
$20,963
$297,206
Dividends on 6)4% cumulative sinking fund preferred shares89,692
Other income
504
4
7
392
Balance carried to earned surplus account
Gross corp. income..
$99,739
$21,521
$270,136
$20,970
$297,598
Interest & other deducts.
7,900
8,127
95,499
Consolidated Balance Sheet April 30 1934.
93,821
Assets
Balance
Inventories of coal, coke, fuel oil and supplies
1313,621
y$12,843
$174,637
$203,777
$85,901
Property retirement, reserve appropriations
Accounts receivable, less reserve
46,982
47,460
345.783
x Divs. applic, to pref. stock for the period,
Cash on hand and in banks
651,637
whether paid or unpaid
Investments
35,000
35,000
216,616
Deferred charges
33,847
Balance
Real estate, buildings, machinery and equipment at yards and
5121,317
$92,655
head office at depredated appraised values plus additions at
x Regular dividend on 7% pref. stock was paid on July 2 1934. After
cost
the payment of this dividend there were no accumulated unpaid dividends
1,016,427
Good-will
at that date. y Before property retirement reserve appropriations and
1
dividends.
-V.139. p. 944.
Total
$2,35° 212". 'Sutter-Butte
.
"
Liabilities
Canal Co., Oroville, Calif.
-To Refinance.
Accounts payable
The first step in company's refinancing program was taken recently
$170,964
Reserve for income and other taxes
when the California Railroad Commission approved the issuance of $472,43.706
Reserve for depreciation of buildings, machinery & equipment_
500 first mortgage bonds to refund the outstanding $045,000 first mortgage
222.686
Preferred stock
% bonds issued March 1 1923, and due March 1 1943.
1.379,500
Common stock
In its application the company stated it had exchanged a part of its
x200,000
Earned surplus
property to the Richvale Irrigation District, in Butte County, for $515,000
333,355
of the district's bonds. The district has been granted by the Reconstruction
Total
Finance Corporation a loan of $388.500 to refund its bond issue, all
$2,350,212
Is held by the Canal company, which proposes to sell the $515,000 of which
x Represented by 50,000 no par shares.
received
-V. 139, P. 129.
for Its property for $383,000.
Standard Oil Co. of Calif. (Del.).-Vice-Pres. Resigns.
bondholders of the Canal company provides for refunding
- onThe proposal tobasis:
the following
James A. Moffett has resigned as Vice-President.
-V.139. P. 1099.
_la) By the application of certain of the money to be advanced
Standard Oil Co. (Indiana).
RFC against the principal of the outstanding bonds at less than par;by the
-Transfer Agent.
and
(b) By the issuance of new first mortgage refunding bonds to represent
The Chase National Bank of New York has been appointed transfer
the balance of such principal: the new first mortgage refunding bonds,
agent for the capital stock.
-V. 139, P. 1099.
however, being secured only by that portion of the properties of the com-Debentures Sold Privately.
Sun Oil Co.
-Brown Harri- panywhich has not been sold to the Richvale Irrigation District.
e sale to the Richvale Irrigation
man & Co., Inc., and Edward B. Smith & Co. have sold par value bonds being received at a District was made in 1930,the $515,000
price of $970 a
for the company $6,500,000 334% debenture bonds due agreement providing for interest rate reduction wasbond. A modification
.
approved by 80% of
of April 2 1934.
Sept. 1 1939. Concurrently With the issuance of the new the bondholders as to the Commission the company
In its application
said that the advantages
debentures,the company has given notice of the redemption of the plan are that all of the bondholders will be placed on an equal basis
a cash
on Sept. 7 of the whole of its outstanding issue of approxi- and given the opportunity to receivepresent payment. plus new first mortgage refunding bonds in lieu of their
outstanding bonds.
Financial Chronicle
1254
The lien of the first mortgage indenture will be extinguished and the
properties contained in the Rich vale district released from the lien of the
indenture. All of the remaining properties of the company will be mortgaged to secure the new refunding bonds and if the bondholaers accept this
proposal the result will be that for each $1,000 in bonds a bondholder will
receive $350 in cash, a new first mortgage refunding bond for 4,500, and the
outstanding bonded indebtedness of the company will be reduced to
5472,500.-V. 137. p. 1069.
-Dividend Increased.
----Tacony-Palmyra Bridge Co.
both
The directors have declared dividends of 50 cents per share on
the class A and common stock, no par value, payable Sept. 30 to holders
of record Sept. 10. This compares with 25 cents per share paid in each
of the three preceding quarters, 50 cents per share paid on Sept. 30 1933.
25 cents per share on June 30 1933, 50 cents per share on March 31 1933
and 75 cents per share each quarter from Sept. 30 1930 to and incl. Dec. 31
-V. 139, p. 457.
I932.
-Earnings.
Tampa Electric Co.
1934-12 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
$279,329 $3,870,012 '$3,651,447
$288.833
Gross earnings
1,313,387
1,497,277
110,652
118,795
Operation
227,936
230.077
18,114
19,067
Maintenance
459,639
429,421
35,915
35,833
Retirement accruals_ _ _ _
353,918
436,777
30,301
36,908
Taxes
28,145
8,952
973
855
Interest
$83,371 $1,267,506 $1,268,419
$77,372
Balance
During the last 34 years, the company has expended for maintenance
earnings over this period and in addition during
8.31% of the entire gross
this period has set aside for reserves or retained as surplus a total of 13.61%
of these gross earnings -V. 139, p. 614.
---Earnings.
Tennessee Public Service Co.
[National Power & Light Co. Subsidiary.]
1934-12 2t1'os.-1933.
Period End.Juiy31- 1934-Mon(h-1933.
$231,687 $2,831.436 $2,830,324
$214.309
)perating revenues
1,646,064
1.922,962
149.489
154,587
Oper.exps..incl. taxes
$908.474 $1,184,260
102,475
104,715
18.715
25,211
Net revs, from oper
Rent from leased prop
Other income
$59.722
8.706
5,884
$82.198
8,599
843
Gross corp. income..._
Int. & other deduc'ns
$74,312
36.667
$91,640 $1.038,400 $1.305.450
390,940
392,362
32.596
y$59,044
y$41,675
Balance
Property retirement reserve appropriations
Dividends applicable to preferred stock for
period, whether paid or unpaid
$646,038
312,053
$914.510
322,326
297.610
297.129
$36,375
$295,055
Balance
Dividends accumulated and unpaid to July 31 1934 amounted to
$111.607. after giving effect to dividend of 75 cents a share on $6 pref.stock
declared for payment on Aug. 1 1934. Dividends on this stock are cumulative. y Before property retirement reserve appropriations and dividends.
Time for Deposits Extended.
The Tennessee Valley Authority has extended the time for depositing tne
1st mtge. 40
-year 5% gold bonds of Knoxville Traction Co. and the 1st
& ref. mtge. gold bonds 5% series due 1970 of Tennessee Public Service
-V. 139.
Co. to Sept. 15 next under its plan for acquiring the properties.
p.944.
-Earnings.
Telephone Bond & Share Co.(& Subs.).
Earnings for Six Months Ended June 30 1934.
Operating revenues
Non-operating revenues
$3,020,834
3,770
Total gross earnings
Operation and maintenance
Depreciation
State. local, &c., taxes
Federal income taxes
$3,024,604
1,342.585
614.623
262,296
101,587
Net earnings
Interest and Other DeductionsSubsidiary companies:
,
Interest deductions (net)
Dividends on pref. stock in hands of public (incl. $33,198.50 accumulated dividends not declared)
Minority common stockholders' interest in net income
Telephone Bond & Share Co.:
Interest on funded debt
General interest (net)
Amortization of debt discount and expense
Balance of income
Consolidated surplus balance Dec. 31 1933
$703,513
107,511
127,747
28,987
277,912
117,090
34,056
$10,211
1.047.814
$1,058,025
Total surplus
Excess of par value of reacquired debentures over cost plus debt
41,691
discount and expense applicable thereto
3,825
Other direct items (net)
$1,103,541
Consolidated surplus balance June 30 1934
Consolidated Balance Sheet.
June 3034, Dec. 31'33,
3133.
June 3034.Dec.
$
$
Assets7% 1st pref. Stock_ 5,848,500 5,849,000
Plant, prop., rights
franchises, &c_ _37,339,673 37,438,300 Participating pref.
(no par)
187,156
187,156
Investments and
15,884
16,796
4,024.842 4,105,593 $3 1st pref. stockadvances
293,875 Class A common
Other investments 276,521
stock (no par)._ 3.936,238 3,936,237
Pref. stock comClass B common
missions and exstock (no par)... 2,025,000 2,025,000
penses in process
21,303 Pref.stk.of subs, in
20,303
of amortization.
hands of public_ 3,724,075 3,732,425
Debt discount and
Minority interest
expense in proin corn. stk. and
cess of amorti1,848,086 1,008,313 surplus of subs_ 1,917,588 1,916,295
zation
15,610
Accrued diva. pay.
15,635
Prepaid insurance
15,004,300 15,136,300
Funded debt
and directory ex22.181
29,648
130,460 Due to affil cos..
271,348
penses
4,275,000 4,275,000
Bank loans
Appraisal and rate
262.700
23,336 Accounts payable_ 283,423
29,744
case expense_ _
523,218
481,917
Accrued taxes_ _
Cash in closed
203,512
y39,359 Accr'd int. & dvis. 184,629
32,305
banks, &c
Accum. diva. on
Other prepaid and
pref. stocks of
37,253
52,243
unadjusted items
118,928
subs, not declar. 150,277
Cash and working
2,384,125 2,006,563 Service billed in
funds
46,089
38,293
advance
188,426
Acctounts recelv._ 191,189
8,115,823 7,832,878
247,111 Reserves
264,628
UnbIlled toll
150,000
150,000
Capital surplus
Materials and sup1,103,541 1,047,815
815,643 Surplus
793,526
plies
47,528,533 47,255,534
Total
-v. 138, P. 2593.
Total •
47,528,533 47,255,534
-Holdings of Indian Refining Co. Stock.
Texas Corp.
The corporation has notified the New York Stock Exchange that of
a total of 1,270,207 shares of common stock of Indian Refining Co. outstanding, it has acquired and holds at the present time 1,142,630 shares.
V. 139. p. 614.
-Extra Dividend.
Time, Inc.
The directors have declared an extra dividend of 25 cents or share in
addition to the regular quarterly dividend of 50 cents per share on the
common stock, no par value, both payable Oct. 1 to holders of record
Sept. 20. A similar distribution was made on July 2 last, when the directors
also increased the regular dividend rate from 373i cents per share to 50
Aug. 25 1934
cents per share. Extras of 25 cents per share were also paid on April
and Jan. 30 last.
-Y. 139, P. 290.
-Earnings.
Texas Electric Service Co.
[American Power & Light Co. Subsidiary.]
1934-12 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
$548,274 $6,416,535 $6,512,974
$584,160
Operating revenues
2,926,865
3,125,875
248,447
285.412
_
Oper. exps.,incl.
112,718
76,433
6,369
6,369
Rent for leased property
taxesBalance
Other income
$292,379
3.631
$293,458 $3,214,227 $3,473,391
20,491
16,386
1,262
Gross corp. income__ Int.& other deducts_ _ _-
$296,010
144,307
$294,720 $3,230,613 $7,493,882
1,733.018
1,733,712
146,035
Y$151,703 y$148,685 $1,496,901 $1,760,864
Balance
250.000
300,000
Property retirement reserve appropriations
x Divs. applic. to pref. stock for the period,
372,925
374,899
whether paid or unpaid
$82?,002 $1,137,939
Balance
x Regular dividend on $6 pref. stock was paid July 2 1934. After the
payment of this dividend there were no accumulated unpaid dividends at
that date. y Before property retirement reserve appropriations and divs.V. 139, p. 944.
-Earnings.
Texas Power & Light Co.
[American Power & Light Co. Subsidiary.]
1934-12 Mos.-1933.
-Month-1933.
Period End. July 31- 1934
$774,205 $9,261,774 $9,104,560
$779,673
Operating revenues
4,153,247
4,344,278
354,160
382,376
Oper.exps.,incl. taxes
30,000
30,000
2.500
2,500
Rent for leased property
Balance
Other income
$394,797
1.411
$417,545 54,887,496 54,921,313
13,934
9,739
256
Gross corp. income__ _
Interest & other deducts.
$396.208
203,292
$417,801 $4,897,235 $4,935.247
2,445.428
2,465,619
206,462
Y$192,916 y$211,339 $2,431,616 $2,489,819
Balance
350,000
450.000
Property retirement reserve appropriations
x Divs. applic. to pref. stocks for the period
863,774
864,325
paid or unpaid
whether
$1,117,291 $1,276,045
Balance
x Regular dividends on 7% and $6 pref. stocks were paid on May 1 1934.
payment of these dividends there were no accumulated unpaid
After the
dividends at that date. Regular dividends on these stocks were declared
for payment on Aug. 1 1934. y Before property retirement reserve ap-V. 139, P. 945.
propriations and dividends.
-Time for Payment of Bonds
Title & Trust Co., Detroit.
Extended.
It is announced that 51% of all holders and the holders of more than
4-5ths in amount of all outstanding 1st mtge.6% serial gold bonds (secured
by a trust indenture between the company and Union Guardian Trust Co.,
Juno 1
as trustee, formerly Guardian Trust Co. of Detroit, dated as offor pay1926) have agreed with the Title & Trust Co. to extend the time
ment of the principal of such bonds and to modify the time for payment of a
portion of the interest thereon, and to modify and change the manner, time
and amount of sinking fund payments, and have executed an agreement
with the company to such effect.
The provisions of the agreement provides as follows:
(1) Extend the maturity date of payment of all outstanding serial bonds
to June 1943.
(2) Provide for a sinking fund by monthly payments to be made by
Title & Trust Co., to the trustee of 1-6 of the amount of the next maturing
semi-annual interest on outstanding bonds.
(3) Provide for a sinking fund for the liquidation of outstanding bonds
$4,166.66
or the purchase thereof, by monthly payments in the sum of par value
each, or the deposit of bonds on account of such payments at made by
thereof, at the company's option, such payments or deposits to be
1935.
the company to the trustee beginning June 20 terms of the trust mortgage;
(4) Waive all accrued defaults under thewhatever
share
establish the right of all bondholders offunds now maturities to of the
ratably as to principal and interest in all and provide in the hands of the
for the return
into its hands,
trustees or hereafter coming
& Trust
power of making land contract collections by the trustee to Title
Co.
the trust mortgage by eliminating the
(5) Provide for the amendment of
be at all
requirement that a fixed ratio between securities and indebtednessany time
taxes at
times maintained and by permitting the company to pay
thereof, rather
prior to the expiration of the period of redemption from sale
than before the penalty is incurred.
account of the
(6) Provide that the company may accept bonds on
the
payment of land contract balances, and provide that the company, with and
may discount land contract balances, adjust
consent of the trustee,
that
reduce the same and (or) instalments on account of the same; provide by
the trustee release from the lien of the trust mortgage properties affected
balance thereon shall
the foregoing negotiations of the company, when thediscretion of the comhave been paid either in bonds or otherwise, at the
contract, reduced or adjusted in the discretion of the
pany, or when the
company, with the consent of the trustee, shall have been paid in full either
in bonds or otherwise.
(7) Provide that the interest rate upon outstanding bonds be reduced to
two
3% per annum to and including June 11935, and to attach to the bonds
coupons representing 6% interest upon the outstanding bonds and payable
interest waived
on or before the maturity thereof; such coupon representingshall be payable
to June 1 1935 and to provide that after June 1 1935 interest
semi-annually at rate of 6% per annum.
(8) If the income from the properties prior to the time that money
sufIs required for payment into the principal sinking fund is more than on
ficient to pay taxes and interest to permit such surplus to be applied for
made
account of old taxes or to the repayment of loans to the company, is any
the purpose of enabling the company to pay old taxes. If there to be
excess of collections after provision for the foregoing, such surplus 122.
-V.
paid into the principal sinking fund for the purchase of bonds.
IL 3466.
1933
Tuckett Tobacco Co., Ltd.-Ear
1934.
19 ,
$72391615
140,8
2
132
$793,944
$414906:09000
$479,023
140,000
140.000
(12)300,000 (6)150,000
300.000(32%)800000
$439,015
$292,944
$39.023 def$443,092
Balance, surplus
$23.56
$23.71
$14.28
$13.56
Earned on common
Balance Sheet march 31.
1933.
1934.
1933.
Liabilities1934.
Assets$1,078,051 $1,045,632 Preferred stock_ _.$2,000,000 $2.000,000
Properties
2,478,672 Common stock.-- 2,500,000 2,500,000
2,478,672
Good-will
1,883,045 2,046,598 Prey. for Income &
Inventories
52,683
44,839
other taxes
Invest. In subs. &
101,615
1,046,120 1,327,602 Accts. payable.... 112,093
associated cos
110,000
Dividend payable_ 110,000
Other investment_ 274,429
20,000
32.557 Conting. reserve
129,708
Accts. receivable_
872,931
906,568
729,211 Reserves
860,396
Cash
2,085,574 2,026,551
23,508 Surplus
7,753
Deferred charges$7,759,074 $7,683.781
Total
$7,759,074 $7,683,781
Total
Years End. Mar. 31Net profit after tax, &cPreferred diva. (7%)___
Common dividends
-V. 136, p.4478.
-Wage Increase.
City Rapid Transit Co.
Twin
of Aug. 1,
The company on Aug. 20 ordered wage increases, effective asstreet cars
for 2,800 employees. Hourly wages of operators of one-man
increased from 53 to 60 cents an hour. The new late for
and buses were
-V. 139. p. 615.
trainmen is 56 cents an hour. an increase of three cents.
-New Vice-President.
States Gas & Electric Co.
Twin
charge of operaAvery R. Schiller, has been appointed Vice-President in
-V. 139. p. 131.
tions in New Hampshire.
Tyler Building Corp.
-Interest Payment.
The rate of interest to be paid to the holders of the 20-year general mortgage income bonds outstanding, on account of the first coupon which
matures on Sept. 1 1934 has been fixed by the corporation at 1% payable
upon presentation and surrender of coupon accompanied by requisite ownership certificate at the principal office of the New York Trust Co., lop
Broadway, New York City.
-V. 137, p. 3510.
---Union Carbide & Carbon Corp.
-35-Cent Dividend.
s"
The directors have declared a dividend of 35 cents per share on the
common stock, no par value, payable Oct. 1 to holders of record Sept. 4.
A similar distribution was made on July 2 last, and compares with 25
cents per share paid each quarter from April 1 1933 to and incl. April 2
1934; 30 cents per share on Jan. 2 1933, and on Oct. 1 and July 1 1932;
50 cents per share on April 1 1932, and 65 cents per share each quarter
from July 1 1929 to and incl. Jan. 1 1932.-V. 139, P. 615.
United Aircraft & Transport Corp. List;n,g;
"wh
-Ge-request-of.the•corporation-the Committee on Stock List of the New
en issued" trading privileges to the
York Stock Exchange has granted
capital stock of the three emerging companies as follows:
2,203,320 shares
United Aircraft Corporation
1.101,660 v.t.cs.
United Airlines Transport Corporation
550.830 shar
Boeing Airplane Co
This trading will begin as soon as the registration of the securities un
the provisions of the Securities Act of 1933 has become effective and will
continue until the stock of the new companies is issued. The three classes
of securities have been authorized for listing on official notice of issuance.
-V. 139, p. 1100.
Union Pacific System.
-Earnings.
1934-7 Mos.-1933.
Period End. July 31- 1934-Monlh-1933,
Ry. oper. revenues
$9,969,646 $9.988.197 $64,664.266 $57,733.200
Railway oper. expenses_ 6,857,389
6,462.822 46.750.299 40,920.132
6,525,000
Railway tax accruals_
1,215,000 6,549.683
952,001
Uncoliec. ry. revenues
10,836
1,650
4,580
28
Railway oper. income.. $2,160.228 $2,308,725 $11,359,704 $10,277,232
2,894.501
Equipment rents
3,359.982
456.299
600.151
289,786
Joint facility rents-net_
245,250
26,096
39.446
Net income
-V.139, p. 780.
1255
Financial Chronicle
Volume 139
$1,520,631
$1,826,330 $7,754,472 $7,092,942
United Drug, Inc.
-Organizes New Massachusetts Unit.
The United Wholesale Druggist, Inc., has been incorporated in Mass.
under the auspices of United Drug, Inc., to transact a wholesale drug
business.
The company has authority to issue 1,000 no-par common shares and
2,500 $100 par preferred shares.
The entire authorized common stock has been issued for $1 a share,
paid in cash. Of this amount 334 shares, or 33.4%, have been issued to
J. R. Sammons,a director and treasurer of United Wholesale Druggists Inc.
None of the preferred shares has been issued, and there is no definite
commitment for any of them, but Liggett Drug Co., Inc. will subscribe
for such an amount as will reasonably be required to cover the company's
credit needs on account of purchase of merchandise to be made from the
Issues, estimated to be 1,000 to 1.100 shares.
Further shares of preferred up to the total authorized 2,500 will be issued
to additional Rexall druggists for full cash payment at par in order to
raise $250,000.
United Wholesale Druggist Inc. has an agreement with United Drug
•for use and occupancy of portions of the latter's warehouse in Atlanta.
(Boston "News Bureau").
-V. 139, p. 946.
----United Dry Docks, Inc.
-Order on Petition to Reorganize
Under New Bankruptcy Law Is Made Permanent.
The order of Federal Judge John C. Knox approving the form of the petition of the company to reorganize under Section 77-B of the bankruptcy
law, and permitting the company to retain possession of its properties
until reorganization is accomplished was made permanent at a hearing
of creditors, landlords, mortgage holders and security holders.
The petition for permission to reorganize under the Act was originally
filed on July 23, at which time Judge Knox issued a temporary order
approving the form of petition and taking jurisdiction in the matter.
-V.139, p. 946.
-Dividend Correction.
United Elastic Corp.
The dividend declaration appearing in last week's "Chron'cle" should
-V.139, p. 1101.
have read 10 cents per share, not 100 cents per share.
-Earnings.
United Gas Corp.(& Subs.).
12 Months Ended June 30
-Subsidiaries-Operating revenues
Operating expenses, including taxes
1932.
1933.
1934.
$22,974,705 521.444,789 $23,129,237
11,948.665 11,132,216 10.277,174
Net revenues from operation
Other income
$11,026.040 $10,312,573 $12,852,063
107.054
222.803
111.907
$11,137,947 $10.419,627 $13,074,866
Gross corporate income
$1,306,393 $1,385,124 $1,525,541
Int. to public and other deductions
Cr15,084 Cr515,976
Cr10,724
Interest charged to construction
Retirement and depletion reserve
2.650,204
appropriations
2,059.000
2,974,274
Balance
$6,868,004 $6,399,383 $10,006,301
Pref. dive. to public (full div. requirements applicable to respective 12month periods, whether earned or
30.153
38,236
27,444
unearned)
860
Dr24.445
47,449
Portion applic. to minority interests_
Net equity of United Gas Corp. in
income of subsidiaries
$6,828,908 $6,393,675 $9,931.408
United Gas Corporation
Net equity of United Gas Corp. in
Income of subs. (as shown above). $6,828,908 $6,393,675 $9,931,408
59,122
69,342
48,565
Other income
$6,898,250 $6,452,797 $9,979,973
Total income
108.864
120,000
192,147
Expenses, including taxes
2.977,906
3,131,918
Int. to public and other deductions- 2,875,715
Balance carried to earned surplus__ $3,830,388 $3,366,027 $6.728,055
-The above statements include the operations of Houston Gas &
Note.
Fuel Co., which entered receivership Sept. 24 1932, as reported by the
receiver.
Balance Sheet June 30.
1934.
1933.
1934,
1933.
Liabilities
$
Assets-$
$
Investments -207.784,644 207,520,611 b $7 pref. stock_ 44,982.200 44,982,200
1,419,494 1,473,217 c 172d pref. stk. 88,468.000 88,468,000
Cash
d Common stock 7,818,959 7,818,959
Loan eecelvable,
Bank notes pay_ 21,250,000 21,250,000
subsidiary_- 1,675,000
Notes and loans
Accounts receiv297,645
pay. to Elec.
298,325
able, subsids.
Bond & Share 25,925.000 25,925,000
Accounts receiv19,748
30,791
3,891
3,273 Accts. payable.
able, other_
314,830
233,266
Accrued accts..
Unamortlz. debt
4,468,628 4,474,213
Reserve
discount and
11,805 Capital surplus. 13,417,683 13,417.684
expense
Earned surplus. 4,515,625 2,707.119
211,180,675 209.307,231
211,180,675 209,307,231
Total
Total
b Represented by 449,822 no par shares. c Represented by 884,680 no
Represented by shares of $1 par value.
-V. 138, p. 4479.
par shares. d
-Reduces Rates.
United Electric Light Co.
A voluntary reduction in electric light rates which, it is said, will save
users a total of $85,000 annually has been made by the company under
.schedules filed with the Mass. Department of Public Utilities Aug. 15, to
_become effective Oct. 1. The new rates, according to Vice-President Sidney
W.Stevens, will mean a saving of $50,000 to the company's 40,000 domestic
customers, and additional savings of $10,000 to commercial users and
-V. 133, p. 288.
$25,000 to industrial accounts.
-Electric Output.
United Gas Improvement Co.
Aug. 18'34. Aug.11 '34. Aug.19'33.
Week Ended
'Elec, output of U.G.I. System (kwh.) 67,119,179 65,965,199 66,291.515
-*
rV.. 139. p. 1100.
Un ted Rys. & Electric Co. of Balt.-Earnings.-
1931.
1930.
1932.
x1933.
Calendar YearsRevenue from transp___ $9,890,121 $11,283,397 $13,869,402 $16,029,431
138,927
133,392
109,002
52,708
Rev.from other ry. oper.
Total oper. income_ __ $9,942.829 $11,392,399 $14,008,330 $16,162,822
636,042
684,472
782.069
613,724
Maint. of way & struc_ _
632,501
791,636
584,313
607,477
Maint. of equipment_ _ _
35,273
25,445
31.571
28,834
Maint. of power
1,638,660
1,638,660
1.638,660 1,638,660
Depreciation
1,421.911
1,436,412
1.329.154
1,309,098
Power service
4,893.019
4,430.397
Conducting transporta'n 3,509.049 3,813.816
53,256
42,101
38.165
17,364
Traffic
1,499.579
1,363.279
1,525,792
General & miscellaneous 1,220,279
77.415
15,542
56.658
4,906
Trans. for invest.-Cr _ 1,567,044
1,413.111
1.107,633
1,300,639
Taxes, licenses, &c
Net oper. income_ __loss$104,384
16,629
Non-oper. income
$663,338 $2,244,472 $3,558.380
152,963
138,430
134.666
Gross income
loss$87,755
Interest on funded debt..
Int. on unfunded debt_
Rents
17,978
Jut, on income bonds...
138,423
Penalties & interest on
taxes for year 1932_ _ 65,388
Amort of discount on
funded debt
834
Miscellaneous
$798,003 $2,382,902 $3,711,343
1,279,408
2,044,906
2,049,178
69,212
94,462
78,276
564,500
562.676
560,077
559,080
232,873
82.450
35,744
85,164
40.384
Net income
def$310,380def$2019,636 def$665.649
Earns. per sh. on 409.224
Nil
Nil
Nil
she, cap. stk.(par $50)
82.877
42.997
$413,268
$1.01
Consolidated Balance Sheet as of Dec.31.
1933.
1932.
1932.
1933.
Liabilities$
$
Assets$
8
Road & equipm1.89.059.873 89,810,279 Common stock___20.461,200 20,461,200
Sink. de depr. Ids__ 588,652
588.286 Grants in aid of
construction ___ 510,230
510,230
Investments
1,344,213 1,163,975
Purch. moo. oblig. 1.634,480
Due from putsch. of
Income bonds__. 14.000,000 14,000,000
mortgaged prop.
19,949
51,031.000 52,824,939
Treasury bonds_ 1,056,967
995,636 Funded debt
40,012
Unpaid int. & dive.
Special deposits._
40,012
Current assets.... 1.016,527
875,488 Current liabilities_ 3,673,606 3,997,139
326,163
UnadJust. debits__ 1,428,380 1,421,565 Def, credit item
UnadJust. credits_ 3,088.672 2,219,298
115,374
Surplus
516,270
Total
94,554,574 94,855,239
-V. 138. P. 4479.
94,554,574 94,855.239
Total
-Filing of Claims.
United States Finishing Co.
The committee for the consolidated 5% gold bonds, due July 1 1934 in
a notice to depositors states:
The order entered by U. S. District Court for the District of Rhode
Island on July 19 1934 requires the filing or evidencing on or before Sept. 7
1934 of all claims and interests of the bondholders, creditors and stockholders of the company, Chase National Bank, New York. the present
trustee under the indenture securing the consolidated 5% gold bonds.
has advised that it will file a verified statement evidencing said bonds in
the aggrenate, in accordance with the provisions of said order. Accordingly,
the holders of said bonds need not file individual proofs of claim in order to
participate in any plan of reorganization which may hereafter be presented
m said proceedings.
The members of the committee are T. I. Hare Powel, Shepard B. Palmer
and Jarvis Cromwell. The depositary is Providence National Bank,
Providence. R. I.
-V. 139, P. 131.
-Earnings.
United States Leather Co.
9 Months
3 Months
Period EndedJuly 3134. Apr. 30'34. Jan. 31'34. July 3134.
4112,039prof$131,006 prof$81,425prof$100,392
Loss after taxes
82,692
254,243
69.596
Depreciation & depletion
.101,955
1,610
6,567
Interest
3,246
• 1,712
Inventory res. for hides
1,100,000
and leather
1,100,000
Net loss
$1,315.706 prof$45.068 prof$10,219 $1,260,418
David G. Ong, President, says:
The serious drought conditions in the United States, necessitating the
purchase and slaughter by the Government of millions of cattle, has had a
very demoralizing effect upon the hide and leather markets. Not only has
this affected the current quarter's earnings, but has necessitated a reserve
of $1.100,000 to bring the inventory to market as of July 31.
The Government has now made arrangements so that on and after
Sept. 5, all hides and skins from Government live stock will be used for
relief purposes and will not come into commercial channels. This has
-V.
effectively stopped the decline in the markets, which is encouraging.
138. p. 3625.
States
totritindirrn
Rubber Co.-Suloeith-Gemrpattereases-
T
A certificate of increase in capital stock was filed Aug. 23 in-Delaware.
fo he United States Rubber Products, Inc., a subsidiary, changing its
name to United States Rubber Products, Inc New York, and increasing
Ws capital stock from $25,000 to $15,000,00A The concern was first innited States Rubber Co.,
corporated. in Delaware in July 1928, as th
Inc. In June 1932. the name was cnanged to United States Rubber Products, Inc.
-V. 139. p. 946.
Utility & Industrial Corp.
-Balance Sheet June 30.1934.
1934.
1933.
Liabilities
Assets$
$
Cash in banks._. 186,317
179,210 Notes payable__ 2,790,000
9,994
Accr. income rec.
86,589 Accr. int. & taxes_
83,569
Invests.
-at cost.x31,387,199 36,890,786 y Capital stock_ 9,719.262
Deferred charges__
2,823
2,771 Capital surplus_16,206,461
Earned surplus... 2,934,192
1933.
3,140,000
12,049
9,719,262
21,687,125
2,600,919
Total
31,659,909 37,159,356
31,659,909 37,159,356
Total
x Market value at June 30 1934, $6,214,038, of which $5.503.791 at
market value pledged as collateral to notes payable. y Convertible pref.
stock (without par value) issued and outstanding. 673,381 shares at capital
of $7 per share, common stock (without par value). 1.000,919 shares at
capital of $5 per share, and option warrants outstanding granting the holders
thereof the right to purchase 1,000.000 shares of common stock on or oefore
Feb. 1 1944 at $17.50 per share.
The income statement for the 6 months ended June 30 was given in
"Chronicle" of Aug. 18. page 1101.
-Earnings.
Vadsco Sales Corp.(& Subs.).
Period End. June 30- 1934-3 Mos.-1933.
Net loss after taxes, depreciation, &c
$57,578
$59,446
-V. 138, p. 3625.
1934-6 Mos.-1933.
$57,182
$135,828
-Bonds Due.
Van Buren Bridge Co.
Brown Brothers Harriman & Co.. 59 Wall St., N.Y. City will on Sept. 1
next, pay the principal and final interest due on the $250,000 1st mtge. 20
year 6% sinking fund gold bonds due Sept. 1 1934.-V. 100, p. 311.
Financial Chronicle
1256
Vanadium Alloys Steel Co.(& Subs.).
-Earnings.
Years End. June 30-1934.
Sales, less returns, &c__ $2,895,571
Cost ofsales
1,779,033
1932.
1931.
1933.
$936,610 $1,357,534 $2,471,157
627,326
1,013,061
1,832,473
Gross profit from sales $1,116,537
Other income
24,099
$344,473
$309,284
21,316 ' 37,327
8638,684
38,765
Aug. 25 1934
Wabasso Cotton Co., Ltd.
-Earnings.Years EndedJune 30 '34. July 1 '33. July 2 '32. June 27'31.
x Operating profits
$448,213
$752,875
$528,274
$174,617
Interest on investments_
61,852
60,715
72,519
63,847
Total income
Depreciation
Gross income
$1,140,636
Gen., adm. & sell. exp...
542,074
Provision for deprec_ ___
130,917
Loss on sale of securities
104,796
lot.-Employees'invest.
certificates
1,812
Federal income taxes__ _
54,354
Research expense
9,080
Development expenses_
Special investigation.
Loss from sale of prop'ty
3,188
Int. on notes payable
1,135
$330,600
396,201
69,289
$381,800
548,325
134,447
8677,450
726,455
191,123
2,219
2,960
7,824
11,397
38,389
15,556
10,385
11,417
4,658
Combined net loss_ _prof$293,280
Dividends paid
253,423
$147.495
$326,745
50,818
$306,551
610,366
$147,495
prof$39,857
Balance Sheet June 30.
$377,563
$916,917
Deficit
1934.
1933.
LiabilitiesAssets1934.
1933.
a Common stock_.$1,502,738 82,000,000
y Land, buildings,
mach'y & equip-S2,375,906 $2,562,832 Capital surplus.-- 4,279,041 3,550,000
Empl. 7% certifs.
Patents, incl. de24,100
28,100
1
of investmentvelop. expense.._
727,753 Add. compens. of
Investments
208,820
87,865
employees
Due from empl.
76,268
38,126
Accounts payable..
for purchase of
134,329
4,722
5,605 Notes payable__
real estate
101,158
1,530,273 1,942,313 Dividend payable_
Inventories
15,869
230,152 Accrued gen. taxes
3,678
Notes dr acctssec_
505,443
57,354
687,280 Accr. Fed. taxes_
Market. securities 955,135
8,228
8,577
151,312 Reserves
Cash
278,269
def286,629
547,569
Surplus
Prepaid taxes ins.
7,423
3,131
and expenses__.
$5,865,992 86,310,380
Total
Total
$5,865,992 $6,310,380
x Represented by 210,000 no par share in 1933 and 210,000 no par shares.
ess 7.684 treasury shares at the cost of $497,262 in 1934. y After depredation of $1,273,260 in 1934 and $1,082,237 in 1933.-V. 138, P. 4479,
-Earnings.
Vanadium Corp. of America(& Subs.).
1932.
$639,231
1.184,226
1931.
$1,572,852
1,535,063
Operating profit
Profit on debs. retired
Other income
$130,819 loss$260,201 loss$544.995
77,976
39,882
25,962
38,197
$37,789
Total income
Depreciation, &c
Loss on sale of securities
Loss on prop. retired, &c.
Interest
x Loss on process equip_
8169,016 loss$234,239 loss$427,137
256,086
216,964
255,561
45,682
5.101
22.405
111,844
123,029
112,434
100,000
106,880
159,589
Net loss
Dividends
$326,485
3613,354
$801,627
$129,836
274,977
Deficit
$326.485
$613,354
$801,627
$404,813
6 Mos. End. June 30-1934.
Net sales
$2,043,783
Cost and expenses
1,912,964
1933.
8937.570
1,197,771
x Provision for estimated loss on process equipment.
Consolidated Balance Sheet June 30.
Liabilities1934.
1933.
$
a Capital stock_11,299,110
Assets
Debentures
3,795,500
b Property. Plant.
patents, &c__13,669,830 14,181,519 Accts.& notes pay. 269,324
Cash
280,607 Accrued interest.53,826
436,070
335,080 Accrued tax, Ac_.
24,026
Accts. reedy., &a_
419,213
41,539 Notes payable (not
Cash value ins. pol.
44,681
845,459
current)
1,044,941
Market securs
890,938
Reserves
202,680
Inv. in & adv. to
Mill. cos
163.129
200,287 Capital surplus... 2,352,405
Sundry deb., fie
18,930
18,237 Operating deficit_ 1,232,046
Inventories
1,904,458 2,461,356
Compensation dep.
91,649
91,649
103,495
Deferred charges._
166,868
Mortgages receiv_
4,000
4,000
•
69,091
77,127
11,299,110
3,988,000
311,398
56,466
14,928
1,093,570
107,880
2,305.230
613,354
Total
Total17,809,766 18,563,228
17,809,766 18,563,228
a Represented by 376,637 no par shares, excluding 1,730 shares in trea-V. 138, p. 3626.
sury. b After depreciation and depletion.
-Refinance Plan.
Van Dorn Iron Works Co.
---Holders of 1st mtge. bonds are being asked to deposit their bonds with
the Cleveland Trust Co. in approval of a refinancing plan which includes
the extension of the bonds and the shrinking of the prior preference and
common stock issues.
Of an original issue of $783.500 7% 1st mtge. bonds there remain outstanding $216.500, on which sinking fund requirements were partially paid
in 1932 but nothing has been paid since. It also is default in interest since
Dec. 1 1933. It is proposed to make the bonds income bonds and extend
the maturity from 1937 to 1942. In lieu of unpaid interest from Dec. 1
1933 bondholders would receive pro rata share of 5,000 shares of new $5
par common stock.
When 75% of the bondholders have approved the new financing the
directors will then present the plan to stockholders for approval.
The plan provides for an issue of 100,000 shares of new common stock of
which 50,000 shares will be outstanding. Holders of 5,211 shares of prior
preference stock will receive 35,000 shares of common and holders of 67,083
shares of common will receive 10,000 shares of the new common for their
present holdings.
Should the company fail to pay the 7%.interest on the bonds in the fiveyear period from Jan. 1 1934 the plan provides that bondholders shall
receive their pro rate share in 10% of the authorized common stock in lieu
of the interest payment.
For five months ended May 31 1934 there was a not loss of $32,186
before taxes and extraordinary deductions. Company's balance sheet as
of May 31 1934 shows current assets of $173,387 and current liabilities of
1121,657.-V. 137, p. 2652.
Veeder-Root, Inc.
-Earnings.
1934.
1933.
24 Weeks Ending June 16$158,052
Net profit
$12,643
Earned surplus as of June 16 1934 was $349,238 compared with $221,956 Dec. 31 1933. Total current assets were $1,230,355, compared with
$961,371 Dec. 31 1933. Total current liabilities as of June 16 1934 were
8147.739. compared with $80,635 Dec. 31 1933.-V. 138. p. 3456.
-Earnings.
Viking Pump Co.
6 Months Ended June 30Net profit after charges and Federal
taxes
-V. 138, p. 1583.
Wabash Ry.-Earnings.JulyGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-v. 139. p. 1101.
1934.
1933.
1932.
$78.942
$19,946
$19.688
Sinking fund
Bond discount
Net profit
Previous surplus
Loss on sub. cos. shs.
purchased during year
$238,464
231,500
250,594
27,355
12,719
$520,732
222,751
256,149
25,465
12,719
$21,443 loss$283,705
103.157
386,862
$3,648
383,214
$590,127
285,400
240,864
29,700
12,719
$813,590
388,400
233,517
32.710
12,219
Bond interest
$146,743
124,284
5
316
Profit & loss surplus__
$271,022
$124,284
$386,862
$103,157
Shares of capital stock
outstanding (no par).
69,903
69,003
69,903
69.903
Earns.per sh.on cap.stk.
$2.10
$0.30
Nil
$0.05
x After deducting all manufacturing and other charges and expenses.
Consolidated Balance Sheet.
June 30'34. lull/ 133.
Assets
Real estate, buildings, plant, machinery, Ac..... 9,838,344 9,604,447
1,423,858 1,418,480
Investments
Cash
90,453
40,913
Accounts and bills
receivable (less
486,734
509,903
reserve)
957,767
Inventories
1,422,006
Cash in hands of
trustee for bond6,545
14,602
holders
233,109
221,242
Deferred charges_
June 30'34. July 1'33.
Liabilities
-
x Capital stock-_- 4,192,240 4,192,240
1st mtge. 6s
758,500
751,000
1st mtge. 68, St.
Maurice Valley
Cotton
Mills,
Ltd
1,793,500 1,856,900
1st mtge. Shawlni••I
gan Cotton Co_
734,000
753,500
Mtge. &coll. tr. 7s 474,000
499,000
Res, for sink. fund 266,651
233,941
Deprec'n reserve__ 3,570,159 3,217,903
Accts. &bills pay_
214,248
257,257
Raw cotton accepts 304,250
Bank loan(secur'd) 150,000
220,000
Def'd bah. for machinery much__
59,727
49,729
Oper. exp., wages,
taxes, &a
160,822
118,718
Bond int. acced_
21,750
23,063
General reserve___
500,000
500,000
Profit &loss acct. 271,022
124,284
Total
13,470,869 12.797,534
Total
13,470,869 12,797,534
x Represented by 69,903 shares of no par value.
-V. 137, p. 2122.
Washington Water Power Co.(& Subs.).
-Earnings.-
[American power & Light Co. Subsidiary.]
Period End. July 31- 1934-Month-1933.
1934-12 Mos.-1933.
$645.762
Operating revenues
8613,415 $7,561,910 $7,332,586
346,119
Oper. exps., incl. taxes_
292.790 4,083,084 3,635,666
Net revs,from oper__
Other income
$299,643
2,417
$320,625 $3,478,826 $3,696,920
1,587
32,893
22,588
Gross corp. income___
Int. & other deducts__
$302,060
103.445
$322,212 $3,511,719 $3,719,508
91,223
1,128.166
1,103,417
Balance
y$198,615 y$230,989 82,383,553 82,616,091
Property retirement reserve appropriations
633,035
539,500
x Divs, applicable to pref. stock for the period,
whether paid or unpaid
620,577
620.598
Balance
81,129,941 81,455,993
x Regular div. on $6 pref. stock was paid June 15 1934. After the payment of this div. there were no accumulated unpaid diva, at that date.
y Before property retirement reserve appropriations and divs.-V. 138, P•
4315; V. 139, p. 948.
-Offers Plan to Holders.
Wayne Pump Co.
The Company is offering debenture holders and shareholders a plan of
reorganization as result of the approval by U. S. District Court, Northern
District of Indiana, of its petition for reorganization under Section 77-B
of the Federal Bankruptcy Act. The plan provides for the exchange of
the present 6% sinking fund gold debenture bonds, due June 1, 1948 outstanding in amount of $1,769,000, for a like amount of 5% convertible
income debenture bonds to mature Dec. 1 1954 and 17,690 shares of new
(no par) common stock. The exchange basis is one new 5% debenture of
$500 principal face value and 5 shares of new common stock for each $500
old 6% bond. The present preferred holders shall receive one share of
new common in exchange and common stockholders 1-5 new share for each
share held.
The new bonds will be dated as of Dec. 1 1933 and interest on them shall
be payable from the period Dec. 1 1933 to Feb. 1 1935 at the time of exchange. Interest, thereafter, shall be payable send-annually Feb. and
Aug., only out of net income actually earned prior to the Nov. 30 immediately preceding the date for the payment of such interest and shall be
Paid only when the income is sufficient to pay the coupon in full, except
that there shall be paid on account ofsuch interest in any event and regardless of earnings 114% when the plan becomes operative, 131% on Feb. 1
1935. Aug. 11935, and Feb. 1 1936. respectively.
Should the Company in any year show a deficit, such deficit shall be
made up out of net income for the subsequent year before any payment of
interest is made. All unpaid interest shall be cumulative. The determination of not income for purpose of computing interest payable for any
fiscal period shall be on a consolidated basis of Wayne Pump Co. and subsidiaries only if and when all dividends accruing from and after Jan. 1 1935
on preferred stock of the Wayne company, including current period shall
-V. 138, p. 1066.
have been declared or set apart in full.
-Earnings.
Weeden & Co.
6 Mos. Ended June 30Net income after expenses and taxes
1934.
$133,237
25.000
$5.33
Shares common stock outstanding (no par)
Earnings per share
-V. 138, p. 3796.
1933.
$80,534
29,000
$2.78
-Pays Coupon No.6.
Wellington Building Corp., Ltd.
Payment of coupon No. 6. due July 5 1931, on the 614% 1st mtge.
bonds has been made with interest on the interest at 04%.
Receiver's Income Account,
Rentals
Sundry receipts
3434 Mos.
12 Mos. Aug. 14'30 to
June 30'34. June 3034.
$210,071
867,896
400
4,007
Total
Expenses
$68,296
52,823
8214,078
165,464
Net income
Previous balance
$15,473
48.614
848,614
Total
-V. 137, p. 1598.
864,087
$48,614
Western Maryland Ry.-Earnings.-Second Week of Aug.- -Jan. Ito Aug. 141934.
1933.
Period1933.
1934.
Gross earnings(est.)____ $238,241
$270,107 38.624,877 $7,209,192
-V.139, p. 1101.
te c
Z
if4.-/C
.
1932.
1934.
1933.
1931.
$3,250,333 $3,456,969 $3,003,806 84,650,087
460,569
1,056,458
786,858
797,590
' (`William) Whitman Co., Inc.
-Accumulated Dividen ,
306.776 . 505,522 def103,096
94,952 --The directors have declared a dividend of 1 % on account of accum4
dons on the 7% cum. preferred stock, par $100, payable Sept. 15 to holde s
22,744,192 20,554,681 22,331,526 30,422,136
3,343,060 5.756,462
ofrecord Sept. 1 . Similar distributions were made on June 15 and March 15
6,037,085 4,432,950
last. Accruals after the payment of the Sept. 15 dividend will amount to
2,673,225
773,188 def624,712
1,460,058
-V.138, p.3628.
35.25 per share.
Financial Chronicle
Volume 139
Western Union Telegraph Co., Inc.
-Earnings.
Period End. June 30- 1934
1934-6 Mos.-1933.
-Month-1933.
Teleg.& cable op.revs.- $7,688,249 $7,630.487 $43,742,003 $39.589,314
Repairs
478,044
526,341 2,787,800 2,724,619
All other maintenance
846,738
797,322 4,939.318 4,293,765
Conducting opergtions
4,786,972 4,482,208 27,211.858 23,658.047
Gen. & miscall, expenses
355,938 1,998,247 1,875.409
327,837
Total tel Acable op.exps. 6,439,592 6,161,809 36,937.224 32,551.841
Net tel.&cable op.rev_ $1,248,657 31.468.678 86,804,779 $7,037,473
Uncollectible oper. revs277,125
306,194
52,913
53.818
Taxes assign, to oper__
296,533
339.833 1,779,200 1,789,000
Operating income__
Non-oper. income
$898,306 $1,075,932 $4,719,385 $4,971,348
762,804 1,924,522
103,132
103,265
Gross income
$1,001,438 31,179,198 35.482,189 36,895,870
Deduc'nsfrom gross inc_
694,179
708.098 4,170,800 4,251.220
Net income
-V. 139, p. 948.
$307,260
$471,100 $1,311,389 $2,644.649
Winnipeg Electric Co.
-Earnings.
Calendar Years.Gross earnings
Operating expenses..
1930.
1931.
1932.
1933.
$5,102,682 85,528,449 $5,680.795 $6,078,055
3,304.256
3,573,706 3,709,018 4,023,039
Net operating revenue 81,798.427 $1,954,743 31,971,777 32.055,016
Miscellaneous income__
173,774
376.899
140,919
110,508
Gross income
$1,908,935 32.095,662 $2,145,551 $2,431,915
Int.charges,taxes, &c
1,335,524 1,372,332 1,350,864 1.343,762
Depreciation
515,345
531,886
546.081
546,876
Net income
$572,808
$262,801
$27,331
$176,454
Preferred diva.'7%).
350,000
262,500
Common dividends
239,889
Balance, surplus
Previous surplus
$301 def$17,081
362.059
291.938
$27.331
395,393
$176,454
292,239
Total surplus
Adjustments
3422,724
4.191
$468,693
73,300
$292,239
3344.978
Profit & loss surplus__
Shs. corn, out.(no par).
Earns, per sh. on com__
$418,532
244,772
$0.11
3395.393
244.772
$0.76
$292,239
244,472
$0.01
$344,978
241,924
$0.92
Ba'ance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities
$
Physical proplies_34,495,094 34,363,010 Preferred stock... 5,000,000 5,000,000
Sinking
_ 2,019,720 1,829,801 x Common stock __13,866,256 13,866,256
Advs. to funds__& stockdr
16,380,000 16,380,000
Funded debt
bonds held In
Notes pay.(scour.) 1,250,000 1.250,000
sub., &o., cos.,
50.000
Notes pay.(unsec.) 25,000
at book value__ 7,518,953 7,380,365 Accounts payable_ 242,168
495,430
Cash
70,225
81,802
524,541
323,116 Wages & sal. pay.
Consumers & oth.
44,461
44,004
COMIUM. sec. dep.
accts. receivable 443,978
280,955
485,091 Other liabilities._ 242,635
Working funds and
125,000
Accrued interest- 603,264
dep. with Work47,768
200,903
Accr. Int. charges_
men's Compen.
29,600
Sinking fund accr_
104,828
Board, &s
35,364
43,281 Deferred liabilities 112.076
Mat'l & supplies
7,550,655 6,949,130
516,243
529,392 Reserves
Deferred charges_ 290,269
418,532
395,393
288,124 Surplus
Total
45,844,162 45,242.180
45,844,162 45,242,180 Total
Note.
-No div. has been declared or paid on pref. stock since Oct. 1931.
x Represented by 244,772 shares of no par value.
-V.139, P. 292.
(William) Wrigley Jr. Co.
-Regular Monthly Dividends.
1257
Comparative General Balance Sheet.
AssetsJune 30'34. Dec. 31 '33. Dec. 31 '32.
Invest'ts:Intvest't Inroad & equipm't$72,787,858 $72,814,822 $74,920,594
Improvements on leased ry. prop'ty
121,304
121,304
112,507
g funds
88
88
Depos.in lieu of mtged. prop.sold_
2.609
52,511
50.781
Miscell. physical property
2,028,685 2,238,137 2,378,533
Investment in affiliated companies_
902,857
900,279
870,895
Other investments
110,519
106,796
108,677
Cash
39
1,357
39
Special deposits
218,342
224,643
231.090
Miscellaneous accounts receivable_ _ _
54,630
7,584
1.898
Interest and dividends receivable,,...
24,049
18,255
20,805
Other current assets
1,005,286
623.231
Discount on funded debt
334.615
Other unadjusted debits
6.741
5,811
6.796
Total
377.273.318 $77,115,927 $79,025,916
Liabilities-Common stock
16,126,300 16,126,300 16,126.300
Preferred stock
11,265,900 11,265,900 11,265,900
Grants in aid of construction
24
24
24
Funded debt unmatured
44,803,000 44,803,000 44,803,000
Non-negotiable debt to MM.cos
7,729.057 7.707,583 7,716,278
Auditing accts,and wages payable....
12,683
12,749
12,795
Interest matured unpaid
436.582
3,257,882 2,319,662
Unmatured interest accrued
237,383
233,518
237,383
Other current liabilities
142,854
85,694
233,587
Other deferred liabilities
1,662
2,781
2,838
Taxliability,,
1.288,448
618,254
Insurance and casualty reserves
18.018
def18,334
Accrued depreciation-equipment- 3,585.718 3.489,214 4,162,925
Other unadjusted credits
73.633
31,675
78.897
Additns,to prop,through inc.& surpl
220,614
220,595
219,421
Funded debt retired through Income
and surplus
682,742
682,743
682,742
Debit balance
12.491.129 11.199.842 7.540,634
Total liabilities
$77,273,319 377,115.927 379,025.917
-V.139, p.619.
Wisconsin Public Service Corp.(& Subs.).
-Earnings.
12 Months Ended June 30Gross earnings
Operating expenses, maintenance and taxes
Net earnings
Other income
Net earnings including other income
Interest charges, net
Amortization of debt discount and expense
Appropriation for retirement reserve
Net income
-V. 139, p. 619.
1934.
1933.
$6,934,575 $6,764,015
4.044.370 3,774,915
$2,890,205 $2.989,099
40,130
31.370
$2,921,574 $3,029,230
1,374,472 1.330,679
97,274
152.921
522,563
566.077
3979.553
$927.264
Worthington Pump & Machinery Corp.-Bal. Sheet.
Consolidated Balance Sheet June 30.
1933.
193.4
1934.
Assets-Liabilities$
a Prop., plant and
b Stated capital_ _20,951,000 20,S51,000
equipment
9,473,771 8.695,683 Accts. payable. &c 393,700
237,318
Cash in closed bks.
551.447 Accrued tax res.__
26,591
20,087
Foreign occur, afMisc, current liafiliated cos
2,342,211 2,803,588
bilities
93,814
98,622
Cash
59,455
1.397,348 1,665,495 Accrued payrolls__
49,835
Govt.securities..
35,042 Purchase contracts 176,418
267,300
State & munic.sea. 122,675 1,180.175 Mtge, pay. of sub_
30,000
Pref.stock in treas. 1,439,757 1,439,757 Min. Int. In sub.
Miscell. securities_ 589,142
33,191
546,200 co. pref. stock
Other securities
120,319
434,153 General reserve._ 806,760 1,507,610
Property in liquid_ 595,247
122,729
454,478 Coining. reserve_
Accts. & notes rec. 2,386,675 2,979,670 Special reserve_ _ _ 159,800
326,182
Inventories
4,610,002 3,752,848 Earned surplus... 561,790 1,059,316
Deterred charges„ 215,375
101,462
The directors have declared two regular monthly dividends of 25 cents
Per share on the common stock, no par value, payable Nov. 1 and Dec. 1
to holders of record Oct. 20 and Nov. 20. This is the same rate as previously paid. In addition, the company on March 16 last also distributed
a special dividend of 50 cents per share.
-V.139, P. 460.
Total
23,292,520 24.639,998
23,292,520 24,639,998 Total
a After depreciation. b Represented by 135,592.833 class A 7% preferred. 310.321,671 class B 6% preferred, and $12.992,149 common stock.
-V. 139. p. 1101.
Wisconsin Central Ry.-Listing of Certificates of Deposit.
The company has been awarded contracts on four large air conditioning
projects, Stewart E. Lauer, General Sales Manager, announces. These
projects are: The assembly rooms of the Senate and House of Representatives in the Pennsylvania State Capitol Building at Harrisburg.; the Municipal Auditorium at Kansas City. Mo.; the May Department Store at Baltimore, Md., and the new building of the S & W Cafeteria in Washington,
D. C.. with a capacity of 1,000 persons.
-V. 139, P. 783.
York Ice Machinery Corp.
-New Contracts.
-
The New York Stock Exchange has authorized the listing of:(a) Certificates of deposit for $21,242,000 1st gen. mtge. 50
-year 4% gold bonds, due
July 1 1949, and (b) certificates of deposit for $7,500,000 Superior and
Duluth Division and Terminal 1st mtge. 30
-year 4% gold bonds: due
May 1 1936 on official notice of issuance upon deposit of a like principal
amount fhb ds.
All of the outstanding bonds are listed on the New York Stock Exchange. --1Y2ye
,
!gstown Sheet & Tube Co.-Pref. Stock Listed."
Certificates of deposit will be issued by Chase National Bank,N.Y. Chase
w York Stock Excharkas authorized the listing of 150,000 of
National Bank, 11 Broad St., New York, will act as transfer agent of the
-series
% cum, pref. shar
ar $100 each).
certificates of deposit.
Consolidated Balance Sheet.
Income Account for Stated Periods.
June 30'34. Dee. 31 '33.
June 30'34, Dec. 31 '33.
b6 Mos.End.
Year Ended Dec.31
Assets
Liabilities
June 30'34.
c1933.19 1.
Cash
10,789,501 10,197,369 Accts. payable__ 3,868,523 3,391,272
Oper. revs.: Freight-- $4,329,337 $8,293,113 38,102,15 310.348,327
IL S. Govt. seOre recd, in exPassenger
495,192
677,640 1,030,533
175,738
curiti&i, &a_ _ 3,723,171 3,927,036
171,929
173,887
cess of paymts
Mail
253,254
249,252
98,914
204,560
Restricted cash
Accrd. int, on
Express
131,660
85,393
126,212
228,239
balances
293,750
302,512 bonds
300,000
204,435
Miscellaneous
318,268
179,734
307.574
461,643
Accts. & notes
Accrd. taxes
rec.-less res.. 13,434,906 8,708,416 general
1,439,173 1,542,463
Total
$4.869,119 39.426,652 39,482,975 $12,317,995
Due from officers
Mln.shareholders'
Maint. of way & struc_ 579,867 1,088,729 1,190,714
1,469.335
& employees_
24,539
79,932
82,144 equity in subs.
27,516
Maintenance ofequipm't
827,097 1,580,826 1.853,322 2,257,784
Inventories _ ___ 33,414,752 35,966,638 Res, for relining
Traffic
143,393
292,637
.683384,309
Dal. due on empl,
rebuilding furTransportation
1,917,473 3
.777,274 4,375.377 5,546,834
3,286,321 2,969,040
dwelling pureh
naces, &c
Miscellaneous operations
66,367
12.713
94,378
30,702
contract
637,915 Res. tor insur___ 1,180,329 1,108,421
588,367
General
585,506
276,965
600,005
647,399
Inv. of insur.
Funded debt__ _ 87,300,000 88,500,000
Transp.for inv.--credit.
8,412
6.592
54
14,881
fund
1,137,583 1,073,522 53i% cum, pref.
Invest.
-stocks,
15,000,000 15,000,000
shares
Total ry. oper. exPs 33,757,457 $7,363,583 $8,398,560 $10,385.161
bonds, notes.
Common shares
Net rev.from ry. oper
1,111,662 2.063,069 1,084,415 1,932.833
& advances:
(1.200,000 shs) 75,000.000 75,000,000
Railway tax accruals-847,656
387,209
705,075
897.844
Mining &
256,097
256,097
Paid-in capital
Uncollec. ry. revenue....
4.360
1,273
6,874
5.659
companies _ 8,234,660 8,476,559 Earned surplus_ 16,944,227 17,585,779
Pub. util., oil,
Railway operating inc $723,179 $1,351,119
$232,398 $1,029,330
&c. cos
5,892,831 7,153,304
18,375
Rentfrom locomotives_ _
49,157
35.744
45.499
Bank stocks &
Rent fr. pass.-train cars_
7,541
7,347
4,050
6,039
Partie. Ws. In
Rent from work equip
802
3,445
2,197
6,452
bank sees.,, 1,035,165 1,061,551
Joint facility rent income
77,194
40.237
76,504
80,988
a Co's shs. held
In Treasury..
385,347
385,347
Total ry. oper. income 8786,644 31.471,605
$369,737 31,169,617
Property acets 125,222,853 127,341,568
-Dr.
Hire of freight cars
Def'd charges_
621,380
540,589
balance
340,142
648,019
577,987
652,194
Rent for locomotives_ _ _
60.668
105,276
91,297
72,093
Total
204,764,891 205,854,476
Total
204,764,891 205,854,476
for pass. train cars_
Rent
76,648
22,545
53,633
75,039
a At cost (June 30 1934, 18.840 common shares-quoted market value
Rent for work equipment
668
430
1,871
895
$372,000).
Joint facility rents
315.931
811,690
658,263
782,380
Note.-Unpaid cumulative dividends at July 1 1934 on 534% pref.shares
12.3734 per share or 31,856,250.-V. 139, p. 783.
Net ry. oper. income_
$46,687
$19.494 df$1.202,295 df3413,962
non-oper. income_
Total
13,149
Dr62,587
7,560
Dr31,699
Zimmerknit Co., Ltd.
-Initial Preferred Dividend.
44111_,..
4e
L
The directors on July 31 declared an initial dividend of 334% on the
Gross income
327,0546131,264,882 def$445,662
$59,837
7% cum. preference stock, par $100, payable Sept. 1 to holders of record
Deductions
•
Aug. 15. The dividend is payable in Canadian funds, subject in the case
Rent for leased roads_
103,916
221,368
211,685
220.459
of non-residents to the usual 5% tax.
-V.139. P. 949,783.
Miscellaneous rents_ _
52
493
597
Cr.2,485
Miscell. tax accruals
10.620
26,094
14,059
59.121
921,402 1,911,509 1,945,687 2,205,281
Int. on funded debt_ _
CURRENTNOTICES.
Int. on unfunded debt
58,844
31,994
53,975
1,704
Amortization of disct.
-Indicative of Wall Street's growing interest in the Toronto stock
11,684
12.747
on funded debt..
market is the announcement made that Harry Quier is retiring as a member
16,546
Miscell.inc. charges
4,691
8.614
of the New York Stock Exchange firm of Baker. Weeks & Harden to
18,468
16,682
become associated with the Toronto firm of J. H. Crang & Co. This firm
$1,039,690 $2,184,969 $3.521,840 $2,962,971
• Net deficit
has a direct wire to Baker, Weeks & Harden in New York.
a.Includes receiver's items from Dec. 3 1932 to Dec. 31 1932. b In-Bryan, Penington & Colkcet, 48 Wall St., New York, have issued an
cludes both receivers and corporate items. c Receiver's report,
analysis on the Cerro de Pasco Copper Corp.
1258
Financial Chronicle
Aug. 25 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-WOOL
-METALS
-DRY GOODS
-ETC.
Orders executed in
-CORN
WHEAT-OATS
and other commodities
Special letter regarding current
grain situation supplied upon request.
BABCOCK, RUSHTON & CO.
-Established 1895
MEMBERS
NEW YORK STOCK EXCHANGE
CHICAGO BOARD OF TRADE
and other principal exchanges
New York
50 Broadway
Chicago
185 So. La Salle St.
Des Moines
Fleming Bldg.
COMMERCIAL EPITOME
on the 20th inst. futures closed 10 to 12 points higher, reflecting the strength in hogs. Export demand, however,
was disappointing. Hogs were up 20c. to 25c. with the top
$6.85. Cash lard was firm, in tierces, 8.55c., refined to
Cbntinent, 6% to 63%c., South America, 6% to 6 8c.
On the 21st inst. futures moved into new high ground and
closed 10 to 15 points higher on a good speculative demand
and buying by trade interests. Hogs reached a top of
$6.90. Cash lard was strong, in tierces, 8.72c., refined to
Continent, 7c., South America, 6% to 71%c. On the
22d inst. new highs were again reached when the market
advanced 10 to 17 points on heavy speculative buying and
short covering. Hogs were 20 to 30c. higher with the top
$7.20. Exports were light. Cash lard was strong, in
tierces, 8.90c., refined to Continent, 71% to 73%c., South
1
%
On the 24th inst. futures were
America, 7% to 73 c.
firmer earlier in the session owing to the strength in hogs,
but reacted later under heavy liquidation and ended 15 to
20 points lower. Export demand was samll. Hogs adadvanced 15 to 25c. with the top $7.40. Cash lard was
quieter, in tierces, 8.75c., refined to Continent, 71% to 73jc.,
South America, 73% to 73%c.
Friday Night, Aug. 24 1934.
Coffee futures on the 20th inst. closed 19 to 20 points lower
on Santos and 13 to 16 points on Rio with sales of 15,000 bags
of the former and 8,250 bags of the latter. Reports of rain in
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Brazil caused selling. On the 21st inst., futures closed unSeptember
8.50
8.62
8.75
8.80
8.90
8.75
changed to 1 point lower on Rio contracts, but were 3 points October
8.60
8.75
8.85
9.02
8.82
8.92
8.95
9.10
9.25
9.22
higher on Santos in moderate trading. On the 22d inst., December
9.37
9.20
futures were dull and ended 2 to 4 points lower on Santos
Pork was firmer, mess $22.,family $23 nominal,fat backs
contract, while Rios advanced 1 to 5 points; sales 5,500 bags $17 to $21. Beef firm, mess nominal, packer nominal,
of Santos and 7,250 bags of Rios.
family $14.50 to $15.50 nominal, extra India mess nominal.
On the 23d inst. futures closed 6 to 7 points higher on Cut meats were strong, pickled hams 4 to 6 lbs. 103 c,6 to
%
Santos with sales of 8,750 bags and 1 to 5 points higher on 8 lbs. 101%c., and 8 to 10 lbs. 10c., 14 to 16 lbs. 173%c., 18 to
Rio with sales of 3,500 bags. The market lacked trading 20 lbs. 163%c., 22 to 24 lbs. 153%c., pickled bellies 6 to 12
incentive. The spot market was dull and the weather in lbs. 173%c., bellies, clear, dry salted, boxed, N. Y. 14 to 16
Brazil- was favorable. To-day futures closed 4 to 10 points lbs. 131%, 18 to 20 lbs. 133%c., 20 to 30 lbs. 131%c. Butter,
lower on Rio contracts and 3 to 7 points off on Santos.
creamery, firsts to higher than extra 24 to 29e. Cheese,
Cocoa futures on the 20th inst., closed unchanged to flats, 17 to 20c. Eggs, mixed colors, checks to special packs
4 points higher, with sales of 3,846 tons. Wall Street bought 161% to 281%c.
on the strength of European markets. Sept. ended at
Oils.
-Linseed was quiet at unchanged prices, i.e. 9.1 to
4.90c.; Dec. at 5.10c.; Jan. at 5.16c.; March at 5.29c.; 9.3c. for tank cars. Cocoanut, Manila, Coast tanks 21%o.;
May at 5.43c., and July at 5.55c. On the 21st inst., futures tanks, New York, spot 23%c. Corn, crude, tanks f.o.b.
closed 1 point lower to 2 points higher. Sept. ended at Western mills 63% to 634c. China wood, N. Y. drums, de4.91e.; Oct. at 4.97c.; Dec. at 5.09e.; Jan. at 5.15c.; March livered 93% to 19c.; tanks, spot 9.30. Olive, denatured, spot,
at 5.31c.; May at 5.43c., and July at 5.56c. On the 22d inst., Spanish 82 to 840.; shipments, Spanish 80c.; Greek 78 to
futures ended 1 to 3 points higher with sales of 6,325 tons. 80c. Soya bean, tank cars, f.o.b. Western mills 6.0c.; cars,
The feature of the trading was the switching from Sept. to N.Y. 7c.; L.C.L. 7.5c. Edible, olive $1.60 to $2.15. Lard,
later months. Sept. ended at 4.92c.; Oct. at 4.98c.; Dec. prime 9c.; extra trained winter 83%c. Cod, dark 30c.; light
at 5.12c.; Jan. at 5.18c.; March at 5.32c.; May at 5.45c., filtered 31c. Turpentine 47 to 51c. Rosin $5.25 to $6.30.
and July at 5.58c.
Cottonseed Oil sales, including switches, 34 contracts.
On the 23d inst. futures closed 5 to 7 points lower under
considerable September liquidation. Sales were 5,682 tons. Crude, S. E., 6 nominal. Prices closed as follows:
December
August
7.267.27
7.0O@
Sept. ended at 4.86c., Dec. at 5.06c., March at 5.27c., May September
C. 7.03(7.05 January
7.33 --7.09 7.10 February
at 5.40c. and July at 5.53e. To-day futures closed un- October
7.36@7.42
7.15@7.22 March
7.46©7.48
changed to 3 points higher with sales of 198 lots. Sept. November
Petroleum.
-The summary and tables of prices formerly
ended. at 4.87c., Dec. at 5.08e., March at 5.27c., May at
5.42c. and July at 5.54e. Rio coffee prices closed as follows: appearing here regarding petroleum will be found on an
September
earlier page in our department of "Business Indications,"
7.85 May
8.23
December
8.02 July
8.30
in the article entitled "Petroleum and Its Products."
March
8.15
Rubber futures were quiet. On the 20th inst. prices
Santos coffee prices closed as follows:
September
10.93 May
11.08
ended 3 to 9 points lower with sales of 1,990 tons. Sept,
December
10.95 July
11.14
ended at 15.47 to 15.50c., Dec. at 15.95c., Jan. at 16.08c.,
March
11.02
March at 16.35c., May at 16.62c., June at 16.76c.
Sugar continued to decline owing to the delay in signing July at 16.90c. On the 21st inst. futures closed 6 toand
11
the Cuban commercial treaty. On the 20th inst. prices ended points higher with Sept. at 15.58c., Dec. at 16.06c., Jan. at
1 to 3 points lower with sales of 23,850 tons. The spot 16.16c., March at 16.44c., May at 16.68e. and July at 16.98c.
market was easier. On the 21st inst. reports that the new On the 22d inst. futures advanced 16 to 22 points with
commercial treaty with Cuba will be signed Friday, sent sales of 4,420 tons. Sept. 15.75c., Dec. 16.22 to 16.240.,
prices upward 3 to 5 points. Sales were 38,800 tons. On Jan. 16.33c., March 16.63 to 16.65c., May 16,90 to 16.91c,
the 22d inst. futures closed 3 to 7 points lower. Weakness and July 17.19c.
in the raw market accounted for the decline. Trading was
On the 23rd inst. futures opened 2 to 7 points lower and
active with sales amounting to 38,050 tons.
held steady throughout the day to close 2 to 6 points lower.
' On the 23d inst. futures closed unchanged to 1 point higher Spot ribbed smoked sheets fell to 15.75e. London was
and were more active. Sales were 21,150 tons. In the raw quiet and unchanged to 1-16d. lower. Singapore closed
market Cuban holders were asking 1.70, then 1.75 and finally steady and slightly higher. August ended at 15.67c., Sept.
1.73c. London was lower. Continued liquidation of Sep- at 15.720., Dec. at 16.18c., Jan. at 16.31c., March at 16.57
tember caused weakness early in the session but increased to 16.58c., May at 16.85 to 16.88c. and July at 17.13o,
covering and new investment buying forced prices up later. To-day futures closed 2 to 3 points lower with sales of 307
To-day prices ended 4 to 6 points higher on buying influenced lots. Sept. ended at 15.69 to 15.70c., Dec. at 16.150.,
by rumors that the trade treaty with Cuba which will be Jan. at 16.28c., March at 16.55 to 16.56c. May at 16.82e,
signed later to-day, will be more favorable than had been and July at 17.10c. expected. It was rumored that the treaty would provide
Hides futures on the 20th inst., closed 40 to 45 points
for a reduction in the duty on Cuban sugar by 50% of the
lower, with sales of 5,080,000 lbs., all in the standard con3
current rate of 11%c. to % of a cent a pound.
tract. Sept. ended at 7.15 to 7.30c.; Dec. at 7,50 to 7.55c.;.•
Prices were as follows.
March at 7.81c., and June at 8.15c. On the 21st inst.,
September
1.71 1March
1.87
December
1 80 May
1.91
futures closed unchanged to 10 points higher at 7.50c. for
1.83 July
January
1.95
new Dec.; 7.91c. for March, and 8.23c. for June. On the
Lard futures declined 3 points on the 18th inst. under 22d inst., futures were unchanged in the old and 21 to 30
scattered selling owing to the weakness in corn. No im- points higher in the new, with sales of 3,000,000 lbs. New
provement in the export demand was reported. Hogs were Sept. ended at 7.50c.; Dec. at 7.803.; March at 8.15c., and
steady with the top $6.60. Cash lard was steady,in tierces, June at 8.44c.; old Sept., 6.65 to 6.750„ and Dec., 6.90 to,
8.42c., refined to Continent, 61%c., South America, 63%0. 7.05c.
Volume 139
On the 23d inst. futures closed unchanged to 10 points
lower in the old contract and 14 to 24 points lower in the
standard contract with sales of 1,880,000 lbs. of which 80,000
lbs. were in the old. Certificated stock; in warehouses
licensed by the Exchange decreased 1,623 hides to a total in
storage of 183,582 hides. Sales of 5,800 hides Were reported
in the Chicago spot market at Xo. under the last reported
sale. Light native cows sold at nic. In the Argentine
/
market 8,000 frigorifico steers sold at 85 c., unchanged from
the last sale. Old contract closed with Sept. at 6.55 to
6.70c., Dec. at 6.89 to 7.00e. and March at 7.00c.• standard
'
contract Sept. 7.35e., Dec. 7.56 to 7.65e., March 8.00 to
8.04e. and June at 8.30 to 8.35c. To-day futures closed 15
to 20 points lower with sales of 119 lots. Sept. ended at
7.20 to 7.21c., Dec. at 7.40e., March at 7.80 to 7.85c. and
June at 8.10c.
Ocean Freights were in moderate demand.
Charters included: Grain-Biarangus to the United Kingdom at Is.9d.;
21 loads, Sept., Bristol Channel at is. 100.; Sharpness, 2s. 1;id.; Montreal-Bristol Channel, Aug.
-Sept., Is. 7Iid.; 4 loads New York-French
Atlantic, Aug. at 7c.; 5 loads New York-Marseilles, Genoa Sept. at 9c.•
11 loads Montreal-Copenhagen, Oct. at 12c.; Sugar-Cuba to United
-West Indies
Kingdom-Continent, first half Sept. at 135. 6d. Time
round, $1.15; West Indies, two or three months at $1.25.
Coal was in small demand. Bituminous production in
the United States for the week ended Aug. 18 was estimated
at 5,750,000 net tons against 7,595,000 tons in the same
week year and 5,015,000 two years ago. The Bureau of
Mines put the production at 5,815,000 tons for the week
ended Aug.4 and 5,780,000 for the week ended Aug. 11 1934.
Silver.
-The local bar price on the 23d inst. was quoted
/
at 493 0. while London was 21 9-16d. To-day the bar
price here declined to 495 c. while London remained at
A
21 9-16d.
Copper was in small demand both here and abroad.
Blue Eagle electrolytic for domestic shipment was unchanged
at 9c. while the European range was 7.10 to 7.15c. c. i. f.
Hambiirg, Havre and London. In London on the 23d inst.
closing prices were: Spot, £28 2s. 6d., up 3s. 9d.; futures,
£28, 8s, 9d., up 35. 9d.; sales 100 tons of spot and 1,000 tons
of futures; electrolytic, spot. £31 5s., up 5s.; futures, £31
15s., up 5s.
Tin was steady recently at 51.90 to 51.95e. for spot
Straits. Demand was only fair. In London on the 23d
inst. standard advanced 5s to £227 5s. for spot and £227 5s.
for futures; Straits rose 10s. to £227; Eastern dropped 10s.
to £228 2s. 6s.; sales 25 tons of spot and 110 tons of futures.
Lead was fairly active at 3.75c. New York ard 3.60c.
East St. Louis. In London on the 23d inst. spot was unchanged at £10 15s.; futures £10 17s. 6d.; sales 50 tons
of spot and 150 tons of futures. The American Smelting &
Refining reduced the price 5 points to 3.70c. New York late
in the week.
Zinc buying was also small with prime Western, 4.25c.;
East St. Louis or Sc. lower for the week. In London spot
and futures closed at £13 15s. on the 23d inst. showing no
change; sales 250 tons of futures; none of spot.
Steel operations reached a new 1934 low of 21.3% as
compared with 22.3 in the previous week and approximately
49% a year ago. The automobile industry was less active
and the railroad demand was very light for this quarter.
Tin plate requirements are less than usual for this time of the
year and the demand for structural steel despite the large
public works program is not up to expectations. On the
other hand oil companies are showing more interest, and
while orders and inquiries are not for substantial tonnages,
they are larger than in many months. Orders have been
placed by the Standard Oil Co. of California for 1600 tons
-inch steel pipe and 750 tons of 123 -inch
4
of 16, 18 and 22
and the same company is also inquiring for 2500 to 4800 tons
plates for 12 tanks in California and 1500 tons of
of steel
plates for a 500,000 bbl. storage tank at Richmond, Cal.
The Richfield Oil Co. has given a contract for nine tanks in
New York and Rhode Island which will take about 1200 tons
of steel plates. The Standard Oil Co. of New Jersey is
inquiring for 1000 tons for an oil storage tank in Sumatra.
Manufacturers are beginning to file prices with the code
authority in preparation for fourth quarter contracts which,
according to the code, may be written after Sept. 1st.
Present prices average about $2 to $3 per ton above those
prevailing on shipments during the second quarter.
Pig Iron demand showed no improvement. Sales in the
New York district average about 1000 tons weekly. Many
melters it is reported have enough iron on hand to last them
through October.
Wool was in small demand and while prices show no change
they are largely nominal. Boston wired a Government
report on Aug. 21st saying: "Demand is very quiet on greasy
combing wools in the Boston market. Quotations are showing no change but they are largely nominal in the absence of
sales. Boston importing brokers are quoting 84c. to 89e.,
estimated scoured basis, landed Boston, duty paid on 64
to 70s combing Australian wools for import into this country
from sales now going on in Brisbane, Australia." Another
Government reportfrom Boston on Aug.22d said:"Scattered
lots of 12 months Texas wools move, but sales thus far this
week have been very small. Current sales consist largely
of very ordinary 12 months staple offered direct from the
country. The prices reported average around 60e. scoured
1259
Financial Chronicle
basis, delivered East. Good to choice staple, 12 months
wools offered direct are reported available in very moderate
quantities at 63c. to 65c. scoured basis delivered. Spot
wools of similar type held in Boston are held at around 70e.
scoured basis." Still another Government report from
Boston later said: "Most lines of domestic wools in Boston
are quiet. A few houses are getting some inquiry on Ohio
and similar fleeces and on the fine Western grown wools,
but these inquiries are not resulting in sale. Despite the
stagnant condition of the market, however, a more confident
attitude is being expressed by several members of the trade."
Silk futures closed 13/i to 3c. lower on the 20th inst.
Trading was more active. Sept. ended at $1.08V2; Dec.
at $1.12 to $1.123/2; Jan. and Feb., $1.12 M to $1.13, and
March at 81.123/. On the 21st inst., futures closed 1 to 2
cents higher with Sept., $1.10 to $1.103/2; Oct., $1.11 to
$1.11 M;Nov.,$1.13 to $1.133/2; Dec.,$1.133/2; Jan.,$1.13Y2
to $1.14; Feb., $1.14, and March $1.133/ to $1.14. On the
22d inst., futures closed M to 2c. higher, with sales of 1,600
bales; Sept., $1.113/ to $1.12; Oct., $1.13 to $1.133/; Nov.,
$1.14 to $1.15; Dec., $1.14; Feb., $1.16, and March, $1.153
to $1.16.
On the 23d inst. futures opened unchanged to 2e. lower
but held fairly steady during the day and ended with net
losses of only M to 132c. Sales amounted to 1,230 bales.
Crack double extra in the spot market remained unchanged
at 1.16e. The Yokohama Bourse closed easier, 4 to 9
points off. August ended at $1.10 to $1.13, Sept. at $1.11
to $1.113, Oct. at $1.123/2, Nov. at $1.13 to $1.15, Dec. at
$1.13/ to $1.14 2,Jan. at $1.14/ to $1.15 M,Feb. at $1.15
and March at $1.15 to $1.153.. To-day futures closed ye.
lower to 13c. higher with sales of 140 lots. Sept. ended
at $1.11 to $1.11 2, Oct. at $1.12 to $1.13M,Nov.at $1.13M
to $1.15, Dec. at $1.15 to 81.163/2, Feb. at $1.15 to $1.16
and March at $1.153/ to $1.16.
COTTON
Friday Night, Aug. 24 1934.
The Movement of the Crop,as indicated by our telegrams
from the South to-night, is given below. For the week
ending this evening the total receipts have reached 71,884
bales, against 50,645 bales last week and 55,632 bales the
previous week, making the total receipts since Aug. 1 1934
194,831 bales, against 356,894 bales for the same period
of 1933, showing a decrease since Aug. 1 1934 of 162,063
bales.
Receipts at-
Mon.
Sat.
Wed. Thurs
.
Tues.
Fri.
Total.
692 10,943
Galveston
814 3,647 1,955 1,128 2,704
154
154
Texas City
Houston
1,109
827 1,666 1.662 1,710 8,593 15.567
Corpus Christi._ 3,040 4,486 3,510 2,961 4.363 4,540 22,900
Beaumont6
487 1,069 10,605
New Orleans- 1,278 1,651 4,170 1,950
525 3,072
792
767
382
303
Mobile
303
150
----------------150 Pensacola
27
27
Jacksonville
455
552 1,471 1,143 4,430
407
Savannah
402
927 1,513
135
189
39
Charleston
85
138
37
616
Wilmington
839
510
---8
Norfolk
300
- --21
1,641 1,641
Baltimore
TntAla thin sor.la•
712(1 11 7RA 121106
11.715 11.847 19.821 71.884
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
This Since Aug This Since Aug
Week. 1 1934. Week. 1 1933.
Galveston
10,943
Texas City
154
Houston_ _
15,567
Corpus Christi_ _ _ 22,900
Beaumont
6
New Orleans
10,605
Gulfport
Mobile
3,072
Pensacola
150
Jacksonville
27
Savannah
4,430
Brunswick
Charleston
1,513
Lake Charles_
____
Wilmington
37
Norfolk
839
Newport News_
New York
Boston
Baltimore
1.641
Philadelphia
Totals
Stock.
1933.
1934.
Receipts to
August 24.
71.884
26,283
2,338
25,779
70,101
6
37,141
16,171
16
57,952
40.163
28,059
280
122,697
132,760
11,001
32,941
9,993
1,590
787
9,998
1,842
6,621
636
9.404
5,819
488
88
1,670
2,832
1.718
63
401
931
18,417
368
6,669
3,120
154
895
2,750
722
2,982
194,831 142,921
1934.
1933.
488,565 416.060
10,133
6,805
803,688 1,123,155
118,759 199.457
13,351
938
587.879 659,185
97,892
12,326
4,046
103.682
110,621
32.870
4,257
111,434
36,241
18,255
16,156
9,485
34,942
39.170
14,007
22.535
58,016
8,968
1,200
135,465
15.847
1,000
356,894 2.372,901 2,944,389
In.order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1934.
1933.
1932.
1931.
1930.
10,943
15.567
10,605
3,072
4,430
16,171
57,952
11,001
1.842
9,404
8,093
31,957
16,007
5,819
7,114
1,643
27,858
2,622
2,019
8,058
1.513
37
839
2,882
68
401
1,736
263
388
227
62
300
24,878
43,255
39,765
38,020
71,357
47,401
Total this wk_
71,884
142,921
111,142
80,809
250,299
183,758
104631
358.1496
307.5011
187.224
834.041
41(117(1
Sines Alia 1
22,711
98,323
12,118
2.930
35,108
6,000
1,644
8
100
1929.
Galveston_ _ _ _
Houston
New Orleans_
Mobile
Savannah.._
Brun:Wick_
Charleston_ __
Wilmington- Norfolk
N'port News_
All others_ ___
23,012
53,878
23,219
5,791
29,418
542
3
494
1260
Financial Chronicle
The exports for the week ending this evening reach a
total of 35,779 bales, of which 9,842 were to Great Britain,
1,667 to France, 11,072 to Germany, 1,936 to Italy, 4,825
to Japan, and 6,437 to other destinations. In the corresponding week last year total exports were 64,500 bales.
For the season to date aggregate exports have been 190,628
bales, against 429,247 bales in the same period of the previous
season. Below are the exports for the week.
Week Ended
Aug. 24 1934.
Great
.
GerExports from
- Britain. France. many.
Galveston
Houston
Corpus Christi_ _
New Orleans_ _
Mobile
Pensacola
Savannah
Charleston
Norfolk
Gulfport
685
1,391
2.163
5,625
200
313
3 .09
.
714
712
Italy.
Japan. China. Other.
4.218
1.236
582
____
Exported to
-
4,825
-
1,136
800
-
Total.
2,227 11.955
685 3.312
2,163
3.023 14.535
32 1,746
50 1,075
100
100
249
320
494
150
-
249
174
150
otal
9,842
1,687 11,072
1,936
4,825
6,437 35,779
Total 1933
Total 1932
9,388
17,179
8,814 15,224
2,715 23,101
5.735 13.538
3.525 7,488
1.800 10,001 64,500
7.805 6.682 68.495
From
Exported toAug. 1 1934 to
Aug.24 1934. Great
Ger- I
Exports from Britain. France. many. ' Italy. Japan. China. Other.
-
Total.
Galveston
Houston
Corpus Christi_
Beaumont _
New Orleans_
Lake Charles_
Mobile
Jacksonville _ _
Pensacola
Savannah
Charleston_ _
Norfolk
Gulfport
New York
Los Angeles _ _
San Francisco_
45.268
51,704
17,591
2.135
40.725
2,172
9,854
14
2,572
9,326
4,726
2,411
446
3
1,438
243
Total
Total 1933....
Total 1932_ _
7.738
2,597
3,938
2,040
12,153
2,172
4.382
14
613
1,770
3,848
200
446
1,185
1,025
3,607,
1,174 14,445
,
400
2.570
3,930
1
1,759
3,740
841,
1,599
3.
7671
243
371
42,282
4,218 2,120
5,748 2,720
, 1,432
9.961
57.566 57,826
61.150 44.275
37,293
2,289
17,37
2,063 10,570
13,91 20,489 5.211
5,263
3,351
95
3,2
7,33
7
800
342
20
546
37
812
--9.381
_
0,801 22,627 28,3031 190,628
85.160, 28,313 102,13 14,650 83.602 429.247
66,693 41,805 42,489 34,708 40,392 331,512
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
-
Aug.24 at
-
Great
Ger.
Other CoastBritain. France. many. Foreign wise.
Galveston
1.100 1,900 4,000 15,700
New Orleans.. 4,891
539 3,000 1.706
Savannah
2.000
Charleston -------------------Mobile
--------2,871
Norfolk
Other ports*..
____
500
1,500 4,000
Total 1934 - - 7,394
Total 1933 - - 7.175
Total 1932_
12.623
•Est mated.
2,439 10,506 24,277
4,855 7,883 57,838
2,358 7,612 55.544
Leaving
Stock.
Total.
1,000 23,700
1,000 11,142
2,000
3,774
.
6,000
464.865
576,737
101,682
36,241
94,118
9,485
104.315
2,000 46,616 2,326,285
2,223 79,974 2.864,415
2.823 80,960 3,248.632
Speculation in cotton for future delivery hile been rather
light but prices are slightly higher than a week ago. General
disappointment was expressed over the fact that the Administration fixed the loan price at 12c. instead of at 13e.
as was generally expected. Liquidation appeared to have
spent its force which resulted in a stronger technical position.
On the 22nd inst. selling owing apparently to disappointment because the new loan price was fixed at 12c. instead
of at 13c. as anticipated sent prices down 23 to 25 points.
Moreover heavy rains fell in parts of Oklahoma and Arkansas.
Liquidation was rather heavy, particularly for southern and
foreign account. Another disturbing factor was the uncertainty over the outcome of the textile strike. Spot demand was slow. There was an absence of new buying. On
the other hand the weekly weather report was unfavorable
and this together with the firmness of the stock market
checked the decline for a time. The weekly weather summary said temperatures were above normal in the northwestern section of the belt, where lack of moisture and hot
weather had accelerated deterioration and much wilting,
heavy shedding and premature opening were reported.
On the 18th inst. prices continued to decline and ended
with net losses of 13 to 16 points. Initial quotations were
2 points lower to 3 points higher despite the firmness of
Liverpool. Southern hedge selling was larger and stop
orders were caught on the way down. Except for a fair
amount of trade, price fixing demand was slow. At the
low the market was down about $3.75 from the high of
the season made after the publication of the Government
crop estimate of 9,195,000 bales on Aug. 8. Depressing
factors were the uncertainty over Washington developments, the threatened textile strike and the slowness of the
spot demand. Yet textile reports as to sales were rather
encouraging last week. They are estimated to have doubled
consumption. On the 20th inst. prices advanced 19 to 26
points on buying in response to higher Liverpool cables
than due and a lack of selling pressure. The trade, commission houses and foreign interests bought. There was
less hedge selling. The improvement was due more to a
Aug. 25 1934
lack of offerings rather than to aggressive buying. The
technical position was stronger. There was little change
in weather conditions. The moisture was confined to a
few stations in Oklahoma, with temperatures of 106 degrees
in Texas, 108 in Oklahoma and 111 in Arkansas over Sunday.
Interior offerings were larger due to the rapid nrogress
being made in the distribution of allotments and tax exempt
tags under the Bankhead Act. The spot basis, however,
was firm. Liverpool closed very steady, unchanged to
1 point lower.
On the 21st inst. prices advanced 12 to 14 points on buying
stimulated by the possibility of Government loans to farmers on their new crops and firmer Liverpool cables. The
trade, commission houses and foreign interests were buying.
Hedge selling was small. The market appears to be well
liquidated and the technical position was strong. Towards
the close, early sellers were covering. Washington news
that the President had fixed 12 cents a pound as the basis
for loans was received after the close. A 13-cent basis had
been anticipated. Nevertheless, it will check hedging
operations against the new crop, which many had feared
might depress the market. Some thought it would be bullish
for the immediate future but were doubtful as to its effects
in the long run. The mills, owing to numerous uncertainties, might buy to fill immediate needs and let the
farmer or Government carry the load. The spot demand
was slow. Mills are not buying freely. They have liberal
stocks on hand and there is that uncertainty over the
threatened textile strike. There was no improvement in
weather conditions in the Western Belt. Light showers
fell in Oklahoma and a few places in Arkansas. The drought
continued in Texas. The Central and Eastern Belts had
scattered showers. A cable from Bombay to the Exchange
stated that the Indian Government had estimated the
acreage at 12,985,000 against 14,031,000 last year, a reduction of 7.5%.
On the 23d inst. further generous rains in the Oklahoma
drought region and their extension into northwest Texas
failed to depress prices, indicating that the market was
pretty well liquidated. Prices after a very slight early
decline rallied and closed 6 to 10 points higher. Liverpool
was better than due. Scattered liquidation in small lots
was combined with light hedge sales and selling by the
South. Buying by the trade and Liverpool absorbed the
offerings. The weather map showed further heavy rains in
parts of the Texas Panhandle, Oklahoma, Arkansas, the
lower Mississippi Valley, Tennessee and Alabama. These
rains were badly needed in the central and western portions
of the belt and were heavy enough to break the prolonged
drought, but it is not yet known whether or not they came in
time to benefit the new crop much. The official weather
details showed 8 stations in Texas, all in the northwestern
section, had rainfall and at 3 of these stations it amounted
to more than an inch. Eighteen stations out of 28 reporting
in Oklahoma had rainfall, including 7 with more than an
inch. The spot demand was again slow but the basis was
firm. Chester C. Davis, AAA Administrator, was quoted
as saying that it will not take long for the cotton loan program to get under way, but added that he expected there
would be prompt selling of cotton from areas affected by the
drought and that cotton tax exempt under the Bankhead
Act will be marketed quickly. He expressed doubt that any
great number of applications for loans would be made. Today prices after early weakness because of rains in the
western belt, rallied to close 9 to 11 points higher on buying
on the belief that the Government's loan policy would
sustain prices regardless of outside developments.
Staple Premiums
60% of average of
so markets quoting
for deliveries on
Aug. 30 1934.
15-16
inch.
1-inch &
longer.
.15
42
42
42
42
42
:5
32
Differences between grades established
for deliveries on contract Aug. 30 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
White
.75 on
do
.59
do
48
do
.33
do
Basle
do
.40 off
do
Si
"Series Good Ordinary_ Eiddtoora white
1.31
*Good Ordinary
1.76
Good Middling
44 on
39
Strict Middling
do do
Middling
do do
Strict Low middling.-dodo
.31 off
°
9
Low Middling
do
.77
14
.40
Good Middling
Spotted
.2800
14
.40
Strict Middling
do
Even
12
.33
Middling
do
.40 off
: w 34idw w iddling
Stri
Lo et Lo d itr
do
81
do
1.31
12
.31
Strict Good Middllng___Yellow Tinged
do d ged
.02 off
12
.31
Good Middling
27 off
12
.30
8trig middling
.,m dung
do do
45
do do
.81
*Strict Low kuddang--- do do
do
1.28
"Low Middling
.11
.29
Good middling
Light Yellow Stained-L7 off
.4g
*Strict Middling
do do
do ._ .82
'Middling
o
ed do -1.80
.11
.29
Good Middling
Yellow Stained
"%riot Middling
do do
111 1311
'Middling
do do
1.69
.12
.30
Good Middling
Gray
.27 off
.12
.30
.34iet ing
E3trl ddriddling
do
.52
do
.83
*Good Middling
BlueStained
8
2
11 off
4.14334trdelpi2aiddling
do do
1 70
Not deliverable on future contract
.15
.15
.15
.15
.12
11
Middling Foe'
Strict Good Middling_
Good Middling
Strict Middling
Middling
Striet Lo dllng
Low midw Middling
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
de
go
do
do
go
o
do
do
do
do
.
do
do
1261
Financial Chronicle
Volume 139
week of 57,857 bales, a loss of 713,448 bales from 1933, a
decrease of 967,765 bales from 1932, and an increase of
159,007 bales over 1931.
Aug. 18 to Aug. 24Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
13.15 13.40 13.55 13.30 13.40 13.50 %
-that is, the
At the Interior Towns the movement
Futures.
-The highest, lowest and closing prices at
receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
Friday.
Saturday, Monday, Tuesday. Wednesday. Thursday.
Aug. 18. Aug. 20. Aug. 21. Aug. 22. Aug. 23. Aug. 24.
detail below:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
(1934)
Aug.
Range.
Closing. 12.92n
13.15n
-- 13.14n
13.29n
13.06n
Sept.
Range.. 12.96-12.96
13.25-13.25
Closing- 12.9613.17n
13.18n
13.27n
13.08n
13.32n
Oct.
Range__ 13.06-13.25 13.12-13.27 13.26-13.40 13.15-13.33 13.12-13.26 13.18-13.54
Closing. 13.06-13.07 13.25-13.27 13.39-13.40 13.15-13.16 13.2413.35-13.36
Nor.
-
Range__
Closing- 13.13n
13.31n
13.33n
13.42n
13.23n
13.46n
Dec.
Range -.. 13.21-13.39 13.27-13.43 13.43-13.54 13.30-13.46 13.28-13.41 13.3343.54
Closing. 13.21-13.23 13.41-13.43 13.53-13.54 13.31-13.32 13.3813.49-13.50
Jan.
(1935)
Range._ 13.28-13.41 13.33-13.48 13.50-13.60 13.37-13.48 13.35-13.45 13.40-13.58
Closing_ 13.26 -- 13.4813.5343.55
13.4413.6013.37Feb.
Range._
Closing _
Mar.
Range.. 13.40-13.54 13.46-13.60 13.60-13.74 13.48-13.64 13.46-13.56 13.49-13.6(
Closing. 13.40-13.41 13.59-13.60 13.71-13.74 13.4913.55-13.65A grit
Range __
Closing_
-- --'
May--
Range.. 13.47-13.60 13.53-13.68 13.69-13.80 13.55-13.70 13.54-13.65 13.5743.71
Closing. 13.4713.68-13.80-13.55-13.56 13.65 -- 13.75 June
Range..
Closing _
July
Range.. 13.50-13.65 13.59-13.77 13.77-13.89 13.62-13.75 13.63-13.71 13.67-13.71
Closing- 13.50-13.78-13.77 13.88-13.89 13.63-13.7113.81n
Aug.
Range..
Closing.
n Nominal.
Range of future prices at New York for week ending
Aug. 24 1934 and since trading began on each option:
Option for-
Range for Week.
Range Since Beginning of Option.
Aug. 1934
10.94 Apr. 26 1934 12.38
Sept. 1934_ 12.96 Aug. 18 13.25 Aug. 24 11.35 Apr. 26 1934 13.46
Oct. 1934_ 13.06 Aug. 18 13.54 Aug. 24 10.05 Nov. 6 1933 13.84
Nov. 1934
11.14 Apr. 26 1934 13.21
Dec. 1934_ 13.21 Aug. 18 13.54 Aug. 24 10.73 Dec. 27 1933 13.98
Jan. 1935_ 13.26 Aug. 18 13.58 Aug. 24 11.02 May 1 1934 14.03
Feb. 1935_
Mar. 1935._ 13.40 Aug. 18 13516------------- 195
Apr,
May 1935_- ----ij
1935.. -- Aug. i iff----1 ---- 25 jai 14.23
Aug.
6 - ----June 1935
July 1935_ 13.50 Aug. 18 13.79 Aug. 24 13.04 July 26 1934 14.41
Mar. 6 1934
Aug. 16 1934
Aug. 9 1934
July 20 1934
Aug. 9 1934
Aug. 9 1934
Aug.- jai
Aug.-9 1934
Aug. 9 1934
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Aug. 24-Stock at Liverpool
Stock at Manchester
1934.
bales_ 890,000
89.000
1933.
754,000
107,000
1932.
642,000
145,000
1931.
740,000
155.000
979,000
399,000
155,000
27,000
51,000
50,000
10,000
11,000
861.000
474,000
176.000
23.000
75,000
110,000
787,000
305,000
126,000
20,000
66,000
56,000
895,000
315,000
363,000
7,000
81,000
39,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
703,000 858,000 573,000 705,000
Total European stocks
1 682,000 1,719,000 1,360,000 1,600,000
India cotton afloat for Europe.. 52,000 125,000
47,000
63,000
American cotton afloat for Europe 108,000 269,000 192,000
46,000
Egypt Brazil,&c.,afl't for Europe 178.000 103,000 105,000
92,000
Stock in Alexandria, Egypt
Stock in Bombay, India
915,000 768,000 759,000 586,000
Stock in U. S. ports
2,372,901 2,944,389 3,329,592 2.746,023
Stock in U. S. interior towns
1.104,626 1,109.002 1,269,523 734,805
7,205
33.798
U.S. exports to-day
2,621
7,313
Total Continental stocks
Total visible supply
6,594,148 7,307,596 7,561,913 6,435.141
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
bales 292.000 407,000 299,000 312.000
Manchester stock
60.000
83,000
54,000
41,000
Bremen stock
345,000
Havre stock
125,000
Other Continental stock
98,000 780,000 515,000 598,000
American afloat for Europe
46,000
108,000 269.000 192.000
U.S. port stocks
2,372,901 2,944,389 3,329,592 2,746.023
U. S.interior stocks
1.104,626 1,109,002 1,269,523 734.805
7,205
33,798
U.S. exports to-day
7,313
2,621
Total American
East Indian, Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria Egypt
Stock In Bombay, India
4,489,148 5,576.596 5.721.913 4.498,141
598,000
48,000
54,000
30,000
51,000
52,000
178,000
179,000
915,000
347,000
47,000
343,000
62,000
428,000
101,000
78,000
125.000
103,000
263,000
768,000
58,000
47,000
105,000
466,000
759,000
107,000
63,000
92,000
560,000
586,000
Total East India, &c
2,105,000 1,731.000 1.840,000 1,937,000
Total American
4.489,148 5,576.596 5,721,913 4,498.141
Total visible supply
6,594,148 7,307,596 7,561,913 6,435,141
5.53d.
6.45d.
3.83d.
7.12d.
Middling uplands, Liverpool
9.55c.
8.65c.
7.15c.
Middling uplands, New York
13.50c.
8.32d.
9.85d.
7.05d.
9.37d.
Egypt. good Sakel, Liverpool_ _ - _
4.59d.
6.09d.
3.29d.
5.49d.
Broach, fine, Liverpool
5.27d.
6.22d.
3.74d.
Tinnevelly, good, Liverpool
6.28d.
Continental imports for past week have been 78,000 bales.
The above figures for 1934 show a decrease from last
Movement to Aug. 24 1934.
Movement to Aug. 25 1933.
Ship-Stocks
L..
me
melts. Aug.
Week. Season. Week. 24.
Towns.
Ship- Stocks
Receipts.
ments. Aug.
Week. Season. Lfek. 25.
Receipts.
23
632 8,443
1,541
510
Ala.,Blrnalng'm
260
158 4,099
33
Eufaula ____
275
315
401 22,179
77
445
Montgomery
226
215 20,671
Selma
68
128
6
2,080 33,322
23
Ark.,Blytheville
138
8
255 9.478
22
11
Forest City3
396 10,702
287
Helena
102
3:
74
415 9,523
Hope
491
371 4,473
268
Jonesboro- -E
184
Little Rock._
1.710 1.262 29,084
922
1
255 9,068
Newport
34
Pine Bluff..._
860 1,833 16,956
673
29
95 5,287
83
Walnut Ridge
- _ _853
Ga., Albany _ _.
260 8.453
739
582
195
250 48.441
Athens
553
38
7,516 4,044170.255410
Atlanta
2,780
3,897 2,971107,636 5.732
Augusta ___ - 1,478
-_-700 11,71
2.900
Columbus...
500
298
Macon
12 29,688
37
220
Rome
100 8,351
16
1
104
La.. Shreveport 1,411
1,716 1,491 15.866
278
Miss.Clarksdale
3,316 1,299 14.675
760
6
4
Columbus_
68 9,08011
351
866 26,969
Greenwood
737
253
137
Jackson
50 9,581
1
Natchez .. 7 3,428
------2
3,355
13
Vicksburg-.
16
Yazoo City
118 6,471
31
22
Mo., St. Louis_ 5,713
10.800 6,605 10.329 3,560
211
62 18,879
N.C.Greensb'ro
26
26
Oklahoma
204
15 towns*._
1,911 2.177 36,454
502
S.C., Greenville 1,824
4,710 1,986 84.621 1.149
Tenn.,Memphis 12,371
35,103 15,611263,702 9,4
1,975
Texas, Abilene_
Austin
481 1,512 1,57
476
432
Brenham
1411 3,213 3,026
427
370
825
Dallas
1531 3.683
221
55
2,017
Paris
'
10
50
5,157
Robstown_
88
5,191
1,382
San Antonio_
683 1,323
491-__
244
4
203 8.303
281
Texarkana .. _
214
Waco
542 8,873 3,120
2,35
1,774
48
407
447J
75
144
171
51
44
1,430
106
559
29
979
465
1,868
11,295
900
707
3
330
1.021
11
1.264
27
107
27
8:397
269
101 6,919
88 5,305
711 32,599
721 23,437
530 16.737
99 10,245
238 19,686
143 9.172
75 1.764
1,486 39,152
85 7,793
315 24,035
684 2,108
210 1.353
350 44.550
4.171 190.886
2,555 92,334
-_-_ 15,801
123 33,097
500 6,640
1.504 24,671
1,165 13,019
816 4,288
874 33,260
410 15,494
65 2,778
443 5,358
228 8,170
2
3.580
542 17,290
890 14,550
1,379
9,009 3,729 88,850
41,922 18,915262.718
145
698 2,615
2.399
3.780 2,088 3,434
679 6,581
944
914
381 3.264
2,294
4,068 2.147 1,783
113 10,964
66
4.493 1.512 4.243
90.939 49.9171104626 34.4541 102.299 53.9441109002
'Includes the combined totals of 15 towns in Oklahoma.
Total. 56 towns 36.100
The above totals show that the interior stocks have
decreased during the week 12,955 bales and are to-night
4,376 bales less than at the same period last year. The
receipts at all the towns have been 1,646 bales more than
the same week last year.
New York Quotations for 32 Years.
The quotations for middling upland at New York on
Aug. 24 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
13.50c.
9.30c.
8.30c.
7.05c.
11.25c.
18.70c.
19.10c.
21.70c.
1926
1925
1924
1923
1922
1921
1920
1919
19.00c.
23.65c.
27.60c.
25.95c.
22.70c.
14.15c.
33.50c.
32.15c.
1918
1917
1916
1915
1914
1913
1912
1911
16.450.
12.75c.
9.90c.
13.35c.
9.90c.
11.20c.
11.20c.
12.75c.
1910
1909
1908
1907
1906
12.30c. 1905
11.70c. 1904
12.70c. 1903
35.15c.
23.40c.
15.20c.
9.30c.
Market and Sales at New York.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same day.
Spot Market
Closed.
SALES.
tten
Market
Closed.
Spot. Contr'cl Total.
Total week_
Since Aug. 1
700
700
Saturday_ Steady, 15 pts. dec. Easy
Monday _ Wet, 25 pts. adv.. Very steady -._
Tuesday
Wet, 15 pts. adv.. Very steady
Wednesday_ Wet,25 pts. dec_ _ _ Barely steady._
Thursday _ _ Wet, 10 pts. adv... Steady
Friday
Wet, 10 pts. adv-- Steady
700
6.755
-------
700
6,755
Overland Movement for the Week and Since Aug. 1.
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
1934
1933
Aug. 24Since
Since
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week. Aug. 1.
12.169
6.605
1,800
4,370
Week. Aug. 1.
8,397
3,560
---235
1,011
13.243
3,722
12,121
3,121
211
4,741
4.000
558
13,350
16,195
Total gross overland
17,357
Deduct Shipments
Overland to N. Y., Boston, &C
1,641
228
Bewteen interior towns
Inland, &c.,from South
2,213
46,642
10,638
34,772
2,750
663
4,782
722
201
1.573
2,977
886
10.764
4.082
8,915
2,496
14,627
13,275
38,447
8,142
20,145
Total to be deducted
Leaving total net overland *
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 14,275 bales, against 8,142 bales for
the week last year, and that for the season to date the
1262
Financial Chronicle
aggregate net overland exhibits an increase over a year ago
of 18,302 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Aug. 24
Net overland to Aug. 24
Southern consumption to Aug. 24..
1934------1933
Since
Since
Aug. 1.
Week.
Aug. 1.
142,921
356,894
194,831
8,142
38.447
20.145
276.000 125,000
450.000
Week.
71,884
13.275
78,000
Total marketed
Interior stocks in excess
163,159
*12,955
509,278
*48,111
276.063
*21,071
827.039
*82,842
Came into sight during week
Total in sight Aug. 24
150,204
254,992
---461.167
744,197
North. spina's' takings to Aug. 24 20,123
56,289
19.577
55,795
* Decrease.
Movement into sight in previous years:
Week1932
-Aug.26
1931
-Aug. 28
1930
-Aug.29
Bales.
Since Aug. 1158.097 1932
165.160 1931
319,025 1930
Bales.
485.806
478,494
932,655
Quotations for Middling Cotton at Other Markets.
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
Week Ended
Aug. 24.
Closing Quotations for Middling Cotton on
paturaay. odonaay. iumday. mvea day. ltlursali. Friday.
Galveston
New Orleans.. _.
Mobile
Savannah
Norfolk
Montgomery _ _ _
Augusta
Memphis
Houston
Little Rock. __ _
Dallas
Fort Worth _ ....
13.05
13.06
12.91
13.02
13.00
12.65
13.06
12.75
13.10
12.70
12.80
12.80
13.25
13.25
13.10
13.20
13.20
12.85
13.26
12.95
13.30
12.90
13.00
13.00
13.40
13.35
13.24
13.35
13.33
13.00
13.39
13.10
13.45
13.04
13.10
13.10
13.20
13.13
13.00
13.11
13.10
12.75
13.15
12.85
13.20
12.80
13.90
12.90
13.25
13.30
13.09
13.19
13.20
12.85
13.24
13.00
13.35
12.90
13.95
12.95
13.40
13.42
13.20
13.30
13.30
12.95
13.35
13.10
13.45
13.00
13.10
13.10
New Orleans Contract Market.
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
Aug. 18.
Monday,
Aug. 20.
Tuesday, Wednesday, Thursday,
Aug. 21. Aug. 22. Aug. 23.
Friday,
Aug. 24.
Aug.(1934)
September
October -_ 13.06 --- 13.23-13.25 13.35-13.13-13.20 --- 13.32-13.33
November
December_ 13.21-13.22 13.39-13.41 13.50-13.28-13.29 13.36-13.47-13.48
Jan.(1935) 13.26 Bid. 1943 Bid. 13.54-13.56 13.3413.41 Bid 13.52 bid
February _
March__ 13.38 Bld. 13.58-13.67-13.43 Bid. 13.51 Bid. 13.62April
May
13.44-13.46 13.63 Bid 13.74 Bld. 13.50 Bid. 13.58 Bid. 13.70 bid
June
13.49 Bid 13.68 Bld. 13.80 Bid. 13.56 Bid. 13.64 Bid. 13.76 bid
July
Tone
Steady.
Spot
Steady.
Steady.
Steady.
Steady.
Steady
nritinnv
Estrelvstdv Vert stdv. Steady.
,
Steady.
Steady.
Fits.a.
Activity in the Cotton Spinning Industry for July
-The Bureau of the Census announced on Aug. 21
1934.
that, according to preliminary figures, 30,937,816 cotton
spinning spindles were in place in the United States on July 31
1934, of which 24,417,682 were operated at some time during
the month, compared with 24,690,312 for June, 25,891,366
for May, 26,450,750 for April, 26,503,876 for March, 26,355,498 for February, and 26,085,300 for July 1933. The
Cotton Code limits the hours of employment and of productive machinery. However, in order that the statistics
may be comparable with those for earlier months and years,
the same method of computing the percentage of activity has
been used. Computed on this basis the cotton spindles in
the United States were operated during July 1934, at 74.3%
capacity. This percentage compares with 72.7 for June,
98.2 for May, 104.5 for April, 102.9 for March, 101.5 for
February, and 117.5 for July, 1933. The average number
of active spindle hours per spindle in place for the month
was 167. The total number of cotton spinning spindles in
place, the number active, the number of active spindle hours,
and the average hours per spindle in place, by States, are
shown in the following statement.
Spinning Spindles.
Active Spindle-Hours
for July.
In Place
July 31.
Active Du:fug July.
30.937,816
24,417.682
5,151,979,342
Cotton-growing States 19,326,462
New England States. 10,582,294
All other States
1.029.060
17,127,042
6,638,922
650,818
3,848,385,222
1,199.698,179
103.895,941
199
113
101
1,755,048
737,108
2.960,798
637,570
3,553,198
178,188
743,112
258,820
5,241,794
933,662
5,414,320
541.900
227,412
631,796
602,956
333.269,320
118,931.499
687,280,722
103,008,435
642,698.784
38,480,768
147,564,501
34,550,923
1,104,917,376
179,269,680
1,330,385,710
131,163,619
41.595,238
140,602.258
118,260,509
WPWW000eP.N0WWW.PW
Slate.
United States
Alabama
Connecticut_
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1.924,152
956,788
3,390,608
996.168
5,707.900
226.860
1,119,482
542,392
6,140.404
1.684.712
5,789.142
645,168
273,044
652,892
888,124
Total.
Average per
Spindle in Place.
167
Supply and Distribution of Domestic and Foreign
Cotton in the United States, Season of 1933
-34.
-The
preliminary report for the several items of the supply and
distribution of cotton in the United States for the 12 months
ended July 31 1934, as reported by the Bureau of the
Census at Washington, is presented in the following tabular
Aug. 25 1934
statements. Number I shows the principal items of supply
and distribution, Number II the comparative figures of
stocks held on July 31 1933 and 1934, and Number III
• further details concerning the supply and the distribution.
The quantities are given in running bales, except that
round bales are counted as half bales and foreign cotton in
equivalent 500
-pound bales. Linters are not included.
I.
-COTTON GINNED, IMPORTED, EXPORTED, CONSUMED, AND
DESTROYED IN THE UNITED STATES FOR THE 12 MONTHS
ENDED JULY 31 1934
-BALES.
GinnIngs from Aug. 1 1933 to July 31 1934
12,592,552
Imports
148,115
Net exports
9
0
9
Consumed
5,700,55
7,5403118
Destroyed (ginned cotton)
II
-STOCKS OF COTTON IN THE UNITED STATES JULY 31
1933 AND 1934
-BALES.
1934.
1933.
In consuming establishments
1,230,389
1,348,236
In public storage and at compresses
5.736,398
5,565,140
Elsewhere (partially estimated)-a
950,000
1,080,000
Total
8,164,634
7,745,509
III.
-SUPPLY AND DISTRIBUTION OF DOMESTIC AND FOREIGN
COTTON IN THE UNITED STATES FOR THE 12 MONTHS ENDED
JULY 31 1934
-BALES.
Supply
Stocks on hand Aug. 1 1933, total
8,164,634
In consuming establishments
1.348,236
In public storage and at compresses
5,736,398
Elsewhere (partially estheated)_a
1,080,000
Imports (no allowance for receipts not declared and
re-exports)
148,115
Ginnings during 12 months, total
12.592,552
Crop of 1933 after July 31 1933
12.492,765
Crop of 1934 to Aug. 1 1934
99,787
Aggregate supply
Distribution
Net exports (total less 3,116 re-Imports. year ended June)
Consumed
Destroyed (ginned cotton)
Stocks on hand July 31 1934. total
In consuming establishments
In public storage and at compresses
Elsewhere (partially estimated)-a
20,905,301
7.531.299
5,700,558
40,000
7.745,509
1,230,369
5,565,140
950,000
Aggregate distribution
21,017.366
Excess of distribution over supply_b
112,065
a Includes cotton for export, on shipboard but not cleared; cotton coastwise:
cotton in transit to ports, interior towns, and mills: cotton on farms, drc. b Due
principally to the inclusion in all distribution items of the "city crop," which consists of rebated samples and pickings from cotton damaged by fire and weather.
Note.
-Foreign cottons include in above items are 146,859 bales consumed:
83,548 on hand Aug. 1 1933, and 96.106 on hand July 311934.
SUPPLY AND DISTRIBUTION STATISTICS FOR LINTERS.
(Not Included in Cotton Statistics Above.)
Stocks of linters Aug. 1 1933 were 444,211 running bales: production during 12
months ended July 31 1934. 800,178; exports, 169.078; consumption, 757.985:
destroyed, 20,000. and stocks July 311934. 349.117.
Indicated Cotton Supply in United States According
to New York Cotton Exchange Below Pre-depression
.
Levels.
-The indicated supply of all cottons in the United
States for the current season is much smaller than in any
recent season, and is about 1,000,000 bales below the average supply prior to the beginning of the depression, according to a report issued Aug. 20 by the New York Cotton
Exchange Service. A distribution by co sumption and
exports during this season of the same size as last season's
distribution would bring the stock of cotton in the United
States at the end of next July down to a total much smaller
than in any recent season, the Exchange Service indicated,
while a distribution of the same size as the pre-depression
average would result in a smaller than normal end-season
stock. The Exchange Service further said:
The indicated domestic supply of all cottons for this season is 17.013.000
bales. It is computed by adding the August cotton crop estimate. converted to running bales on the basis of average bale weignts in the past
five years, to the stock of all growths in the United States on Aug. 1,
and making allowance for imports and city crop accumulations. The
Indicated supply for this season compares with 21.039,000 bales last year,
22.757.000 two seasons ago, 23.360.0030 three seasons ago. and 18,481,000
four seasons ago. In the five seasons from 1924-25 through 1928-29,
the domestic supply averaged 18,082.000 bales.
The distribution of cotton in the United States last season by exports.
consumption, and destruction was 13.923,000 bales, comprised of 7.552,000
bales exported. 5.701.000 bales consumed, and 40,000 bales destroyed.
If the distribution this season is no larger than last season, the stock of
all kinds of cotton in the United States at the end of this season would
be 3,720,000 bales, as compared with 7.746,000 at the end of last season.
and, if the distribution is equal to the pre-depression average of 15,329,000
bales, the end-season stock would total 1,684.000 bales.
Cotton Ginned from Crop of 1934 Prior to Aug. 16.
The Census report issued on Aug. 23, compiled from the
individual returns of the ginners, shows 353,888 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1934 prior to Aug. 16,
compared with 459,528 bales from the crop of 1933, 251,451
bales from the crop of 1932, 90,608 bales from the crop of
1931, 572,810 bales from the crop of 1930, and 304,771
bales from the crop of 1929, and with 279,568 bales from the
crop of 1928. Below is the report in full:
REPORT ON COTTON GINNING.
Number of bales of cotton ginned from the growth of 1934 prior to Aug. 16
1934, and comparative statistics to corresponding date in 1933 and 1932.
Running Bates
(Counting Round as Half Bales and Excluding Linters)
Slate.
1934.
Alabama
Arizona
Florida
Georgia
Louisiana
Mississippi
Texas
All other States.....
1933.
1932.
2.612
2.850
867
12.438
3,422
489
330.395
815
5.775
1
581
44.973
854
454
405.092
1.798
783
5
211
7,467
1.386
281
241.228
90
*251.451
*353.888
*459.528
United States.* Includes 99.787 bales of the crop of 1934 ginned prior to Aug. 1, which
was counted in the supply for the season of 1933-34. compared with 171.254
and 71.063 bales of the crops of 1933 and 1932.
Volume
Financial Chronicle
139
The statistics in this report include 4.424 round bales for 1934, 9,807
for 1933 and 3.619 for 1932.
The statistics for 1934 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
Consumption,Stocks, Imports and Exports
-United States.
Cotton consumed during the month of July 1934 amounted to 359.372
bales. Cotton on hand in consuming establishments on July 31 was 1,230.369 bales, and in public storages and at compresses 5.565.140 bales. The
number of active consuming cotton spindles for the month was 24,417.682.
The total imports for the month of July 1934 were 10.893 bales and the
exports of domestic cotton, excluding linters, were 305.820 bales.
World Statistics.
The world's production of commercial cotton, exclusive of linters, grown
in 1933. as compiled from various sources, was 25.193.000 bales. counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the TJnited States) for
the year ending July 31 1933 was 24,986.000 bales. The total number of
spinning cotton spindles, both active and Idle, is about 158,000,000.
Farmers Participating in 1934 Cotton Production
Adjustment Program Received $38,114,246 Up to
Aug. 16, AAA Announces.
Rental payments to cotton farmers co-operating in the
1934 acreage adjustment program totaled $38,114,245.55
on Aug. 16 1934, the last date on which a county-by-county
compilation was made, the Agricultural Adjustment Administration announced Aug. 27. This money, paid out
in 1,039,125 checks, is part of the first rental payment of
approximately $50,000,000 which is now being made to
cotton farmers, the Administration said. It continued:
As soon as'le is completed and compliance with the cotton acreage rel
duction contract has been certified, payment of a second instalment of
$50,000,000 will begin. In addition to approximately $100.000,000
in rental payments, cotton farmers next December will receive a parity
payment totaling approximately $25,000,000.
The following table shows the number of cotton rental checks and the
amount of money sent to States as of Aug. 16 1934:
StateAmount.
No. of Checks.
Alabama
$3,634,315.99
130105
Arizona241,367
7,698.29
Arkansas
3,712,610.56
95,482
California
405,216.99
2,062
Florida96,224.03
5,935
Georgia
3.428,608.35
104,97
2903
Kentucky
21,338.15
_Louisiana
2,121,618.83
56,446
Mississippi92
4,159,563 64
,262
Missouri
575,161.81
10,320
New Mexico
228,816.01
2,064
North Carolina67,228
1,936,320.28
Oklahoma
2,165,536.56
81,201
South Carolina
2,472,231.11
71,243
Tennessee1,268.992.04
36,595
Texas
11,562.394.66
278,020
Virginia
77,598.25
3,232
Total
1,039,125
$38.114.245.55
-Reports to us by
Weather Reports by Telegraph.
telegraph this evening indicate that in the Atlantic States the
weather continued mostly favorable. Progress of the cotton
crop has been fair to good in this section although in the
Central States the progress varied from heavy deterioration
in the drier parts of Arkansas and Louisiana to good in some
other states.
Texas.
-Cotton condition improved in the coastal sections
of this State but is deteriorating in the interior except possibly
in some river bottom fields.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus, Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville. Tex
Lampasas, Tex
Longview, Tex
Luling. Tex
Nacogdoches, Tex
Palestine, Tex
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
Shreveport, 1.41
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah. Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Oa
Charleston, S.0
Greenwood, S.0
Columbia, S.0
Conway, S.0
Asheville, N. 0
Charlotte, N.0
Newbern, N.0
Raleigh, N.0
Weldon, N.0
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Rain. Rainfall.
1 day 0.03 n.
2 days 1.12 in.
dry
1 day 0.01 in.
dry
1 day 0.04 in.
dry
dry
dry
dry
1 day 0.22 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
3 days 5.42 in.
dry
3 days 1.04 in.
3 days 0.32 in.
1 day 0.38 in.
1 day 0.17 in.
2 days 0.37 in.
3 days 4.011n.
dry
3 days 1.32 in.
1 day 1.08 in.
4 days 3.52 in.
3 days 4.34 in.
4 days 0.86 in.
3 days 1.29 in.
4 days 0.26 in.
2 days 5.16 in.
2 days 0.20 in.
2 days 0.051n.
2 days 1.801n.
2 days 0.64 in.
3 days 1.08 in.
2 days 0.05 in.
1 day 0.36 in.
2 days 2.18 in.
dry
3 days 0.991n.
1 day 0.18 in.
4 days 2.87 in.
6 days 2.63 in.
2 days 0.40 in.
3 days 0.671n.
4 days 3.16 in.
4 days 1.94 in.
3 days 0.22 in.
4 days 0.2O in.
Thermometer
high 90 low 81 mean 86
high 100 low 58 mean 79
high 98 low 74 mean 86
high 102 low 72 mean 87
high 98 low 74 mean 86
high 92 low 76 mean 84
high 92 low 78 mean 85
high 100 low 78 mean Si
high 98 low 76 mean 87
high 100 low 70 mean 85
high 108 low 72 mean 90
high 100 low 68 mean 84
high 106 low 68 mean 87
high 104 low 74 mean 89
high 104 low 74 mean 89
high 98 low 72 mean 85
high 100 low 74 mean 87
high 102 low 76 mean 89
high 100 low 74 mean 87
high 102 low 72 mean 87
high 104 low 74 mean 89
high 106 low 66 mean 86
high 105 low 76 mean 91
high 106 low 68 mean 87
high 104 low 72 mean 88
high 114 low 73 mean 89
high 96 low 74 mean 85
high 97 low67 mean 82
high 92 low 76 mean 84
high 101 low 78 mean 90
high 94 low 70 mean 82
high 94 low 70 mean 82
high 93 low 73 mean 83
high 92 low 70 mean 81
high 94 low 72 mean 83
high 94 low 74 mean 84
high 88 low 74 mean 81
high 90 low 72 mean 81
high 92 low 76 mean 84
high 96 low 74 mean 85
high 93 low 70 mean 82
high 90 low 72 mean 81
high 96 low 74 mean 85
high 96 low 70 mean 83
high 94 low 74 mean 84
high 97 low 69 mean 83
high 96 low 70 mean 83
high 93 low 70 mean 82
high 86 low 64 mean 75
high 96 low 66 mean 79
high 96 low 72 mean 84
high 94 low 64 mean 79
high 95 low 59 mean 77
high 92 low 70 mean 81
high 99 low 66 mean 81
high 92 low 72 mean 82
high 88 low 60 mean 74
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
1263
Aug. 24 1934. Aug. 25 1933.
Feet.
Feet.
Above zero of gauge_
2.8
1.2
Above zero of gauge_
6.0
7.0
Above zero of gauge..
9.2
9.2
Above zero of gauge_
7.9
2.4
Above zero of gauge_
10.1
4.6
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. 20, in full below:
TEXAS.
West Texas.
Abilene (Taylor County)
.-No change in condition of crop. Any change
will be for the better, can't get any worse. Will make some cotton, but
will be poor staple.
--Conditions are growing worse daily, some
Haskell (Haskell County).
farmers turning their cattle in cotton fields. It looks now as though half
ofcounty will have to be taken care of bysomeform ofrelief. Conservative
people are making estimates as low as 5,000 bales.
Lubbock (Lubbock County)
.-All cotton is a failure here.
Stamford (Jones County).
-Crop possibilities are dwindling each day.
Plenty of rain would still make some cotton and feed crops, that will not
be made without rain.
North Texas.
Clarksville (Red River County).
-Cotton is still deteriorating, picking is
general.and about 500 bales have been ginned in this county up to this date,
with only about 20 bales being sold. Crop estimated at this time 18.000
bales. There has been no rainfall this past week, and still no signs of insects.
Commerce(Hunt County)
.-Deterioration continues. Picking general and
making rapid progress, a good deal being snapped. Staple from a-inch
to 15
-16-inch. A good soaking rain might result in top crop on heavy land,
but plant on grey land too far gone to be benefitted by moisture. Farmers
are getting $40 a ton for their seed. Pickers getting 75c. per 100 lbs.
50% of exemption certificates are now available.
Honey Grove (Fannin County).
-Weather still continues very hot and dry.
Plant is extremely small and is not putting on any additional fruit at all
due to the lack of moisture. Farmers are all picking and quite a few have
already gone over theirs the first time. Will take around four or five acres
to make a bale on the average farm. Prospects are very dull here for anything like the crop we made last season. However, if we should get a good
rain it might be possible the farmers would make more than they now
anticipate. There have been around 425 bales ginned in this town with
cotton still coming in.
Paris (Lamar County).-still in need of rain. Had small shower this
week, but not enough to do much good. Picking is well under way, and
all cotton has quit fruiting.
Terrell (Kaufman County)
.-There has been very little change in the crop
conditions during the past week. There is still no relief from the hot dry
weather, and cotton is beginning to open fast. On the light land where the
plant is so small it is burning badly, and it is probably too late for a rain
to do much good. However, on the better land, it has put down a good
tap-root and is feeding on the sub-soil moisture and is looking better.
There is still no insect damage.
Wills Point (Van Zandt County).
-With continued hot dry weather crop
outlook unchanged from last week. Picking will be in full swing next week.
Script covering one-half allotment expected Monday.
Central Texas.
Ennis (Ellis County)
.-The crop in this section is still deteriorating and
will continue to do so unless we get a big general rain which would improve
the staple and increase the production. The bolls are opening fast and is
being ginned almost as fast as it is picked, and there is about one-third of
the crop ginned to date. The staple is shorter than usual, and very little
selling as the farmers have no certificates and will not get their regular
allotment for some time. The county will raise about 48,000 bales against
the allotment of 67,920 bales.
Hillsboro (Hill County)
.-Last rain of any consequence April 6. or 135
days. With these conditions prevailing will be impossible to make our
allotment of 55.000 bales. We estimate 40.000 the MaSi11111111 yield at the
present time, but with a soaking rain some fields would make more. Staple
not up to last season. Considerable cotton ginned, but none selling account
Bankhead law complications.
Taylor (Williamson County).
-Conditions continue to point to about
56,000 bales, which is the allotment for this county. Picking is well under
way with about 25% ginned, very little selling. It is the opinion of the
writer that rains at this time would do more harm than good. The leaf
worms which threatened to give trouble ten days ago are now well under
control, but with rains they would reappear in larger numbers.
Waco (McLennan County).
-No relief whatever in this section so far as
rain is concerned, and the heat has been terrific. In all parts of the section
cotton has opened and it is doubtful if a rain would do us any good any
more as far as cotton is concerned. A heavy rain of three or four inches
would stop the cotton from opening prematurely and would mature the
bolls more, but on the other hand, it would also hurt the grades of the
cotton that is open now. It is remarkable to observe how the cotton crop
has withstood the terrific heat and drought. The good blackland will
produce a fair crop, whereas, of course, the light land will be more or less
a failure. Guesses on the production of this county, which under the
allotment can produce 42.000 bales. vary widely, and it is estimated at
anywhere from 25,000 bales to the above allotment of 42,000 bales. Our
own guess would be between 30.000 to 35.000 bales.
OKLAHOMA.
Mangum (Greer County)
.-Past week was another of very high temperatures. Around 50% of cotton held up fairly well by fruiting slightly, while
remainder went from bad to worse. It is remarkable how cotton has
retained life when entire orchards of trees have shriveled and died. Cotton
made some favorable progress to the north in Beckham County where they
had showers early in week-could make half crop Elk City territory
balance very uncertain but looks pitiful Just now.
ARKANSAS.
Ashdown (Little River County).
-Weather continues dry temperatures
high with hot winds all past week. Cotton opening rapidly and some
ginning past week-none selling account delay in securing exemption
certificates required under Bankhead Act. Rain would be beneficial in
maturing bolls and preventing premature opening but even with rain would
be surprised if this section would make allotment.
Conway (Faulkner County).
-Cotton has continued to deteriorate the
past two weeks-practically all of it has quit blooming and has shed all
but the earliest bolls and more than half of these are open. This will be
the smallest crop this county ever made. Some fields will not yield enough
to justify picking.
Little Rock (Pulaski County)-A few scattered showers during the past
.
week have benefitted several counties in the State but generally speaking
the drought is still on. Good soaking rains would help most sections.
During the past few days the temperatures have fallen some. Cotton is
beginning to open in most sections and we look for quite a little movement
In two weeks. Local opinion is that Arkansas will make Government allotment.
Pine Bluff (Jefferson County)
.-Rains have fallen on all sides of us
none at Pine Bluff since June 17. The high temperature since July 15 but
has
really burned cotton on light land, also caused much premature opening.
under full headway Sent. 10. We thought Arkansas would gin more than
her quota-unless we get general rains this month she will not. The
The Government tags are slow coming in, this delays the ginning and the
movement. The cotton pens and gins are filling up with seed cotton.
Receipts from the Plantations.
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Financial Chronicle
1264
Week
Ended'
Receipts at Ports.
1934.
1933.
Receiptsfrom Plantations
Stocks at Interior Towns.
1932. 1 1934.
1933.
1932.
1933.
1934.
1932.
May
18._ 34,486 79,657 54,9671, 1,378,2691,566,95911,554.722
June
33,148 88,978 64,258 1,351,40111,521.22611,526,180
34,989 88,064 30.5911,312,579 1,472,208 1,497,915
15__ 34,833 72.682 24,783 1,284,1771,442,027 1,476,605
22_ 47,623 60,353 40.7931,262,078 1,392,603 1,450,054
29- 59.054 75,954 44.758 1,236,72)1,343,684,1.430,563
July
50.199 80,277 34,435 1,222,383 1,310,456,1,409,172
13.. 34,622 82,935 31,295 1,203,873;1,283,31111,388,864
20._ 51,435125,404 31,530 1.179,660'1,255,56911.361,854
27._ 50.608103.031 62,468 1,164,839 i.204.9891.352.270
Aug.
62,636 96,563 98,6381,145,796 1,177,65311,332,994
10-- 55.632 77,524 75,602 1,128.283 1,151,524 1,313,467
50,645103,437 85,716 1,117,581 1,130,073 1,293.783
24.. 71.884142.921 111.142 1,104,626 1.109,002 1,269,523
8,501 22,275 21,584
6,280
Nil
6,431
25,524
33.705
47,049 13.044
55,790 10,987
97,662 4,520
64,451 52,884
43,693 57,227
38,119 51,108
39.043 82,275
58,929121,850
79,362
56,075
66.032
86,882
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1934 are 146,720 bales; in
1933 were 274,054 bales and in 1932 were 228,326 bales. (2)
That, although the receipts at the outports the past week
were 71,884 bales, the actual movement from plantations
was 58,929 bales, stock at interior towns having decreased
12,955 bales during the week. Last year receipts from the
plantations for the week were 121,850 balAs and for 1932
they were 86,882 bales.
-The followWorld's Supply and Takings of Cotton.
ing 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.
1934.
Week.
1933.
Season.
Week.
Season.
7,320,033
Visible supply Aug. 17
6,652,005
7,632,242
Visible supply Aug. 1
6,879,719
254,992
American insight to Aug. 24_
461,167
744,197
150,204
88,000
14,000
Bombay receipts to Aug. 23_ _
24,000
54,000
Other India ship'ts to Aug. 23
12,000
26,000
14,000
68,000
Alexandria receipts to Aug. 22
1,200
800
1,000
12,000
35,000
Other supply to Aug. 22 *b__
11,000
40.000
6,850,009 7,491,086 7,615,025 8,539,439
Total supply
Deduct
Visible supply Aug. 24
6,594,148 6,594,148 7,307.596 7,307,596
307,429 1,231,843
Total takings to Aug. 24_a
255,861
896,938
666,738
274.429 1,009,843
Of which American
177,061
78,800
230,200
33,000
222,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, Ste.
embraces since Aug. 1 the total estimated consumption by
a This total
-takings
Southern mills, 276.000 bales in 1934 and 450.000 bales in 1933
not being available--and the aggregate amounts taken by Northern and
foreign spinners, 620,938 bales in 1934 and 781,843 bales in 1933, of which
390,738 bales and 559,843 bales American.
S Estimated.
-The receipts
India Cotton Movement from All Ports.
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:
1934.
RoMhav
1933.
1932.
Since
Week.' Aug. 1.
Aug. 23.
Receipts at-
Since
Week. I Aug. 1.
Sines
Week. !Aug. 1.
24000
88.000 14.000
Exports
fromBombay
1934
1933
1932
Other India
1933.
1932
Total a111934
1933
1932
54.000 22.000
Great I ContiGreat !Conti- Japan&
neat.
Britain. need. China. Total. Britain.
.z:j
10.000
17.000 19.000
2,000
3,000;
2,000'
26,0001
6,000
12,000
14,000
5,000
3,000,
21,006
8,0001
23,000
47,000
17,000
1,000 18,000 21,000 38,000
5,000 25,000 4,000 34,000
24,000
7,000 17,
5,0001
24,000
5 000 21,000 26,000
.
3:uuu 13,000 4,000 20.000
1,000 11,000
2,000 12,000
5,000
50.000
Sine August 1.
For the Week.
10.000'
33,000
73,000
23,000
Japan &
China.
66,000
24,000
33,000
Total.
78,000
53,000
41,000
26,000
68,000
25,000
66,000 104,000
24,000 121,000
33,000
66,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record an increase
of 4,000 bales during the week, and since Aug. 1 show a
decrease of 17,000 bales.
-We now reAlexandria Receipts and Shipments.
ceive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt,
Aug. 22.
Receipts (cantors)
This week
Since Aug. 1
Export (Bales)
To Liverpool
To Manchester,&c
To Continent and India_ _
To America
1934.
4,000
7400
1933.
2,300
1932.
1,000
17,000
This Since
This Since
This 6ince
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
2,000 4,000 3,000 4,750 4.000 5,000
2,500
4.000 6.800 3,000 .6,250
9,000 22,500 17,000 26,850 5:666 20,300
1,000 1,500 2,000 3,250 L000 2,500
16.000 34,800 25,000 41,100 10,000 30,300
Total exports
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 22 were
4,000 cantars and the foreign shipments 16,000 bales.
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Merchants are not willing to
pay present prices. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
43,245 37,716
43.046 2,328
36,501 3.473
10,929 14,242
27,035 25.367
35.853
16,112
27,222
35,787
Aug. 25 1934
1934.
32s Cop
Twist.
1933.
fiSi Lbs. Shirt- Cotton
Ines. Common Mare
Uprds.
to Finest.
d.
s. d.
May
25.... 93401.0h
2
June
1____ 944@1034
2
8____ 914 011X
2
15____ 10 @Mg
2
22____ 10 01114
2
29____ 109401194
2
s. d.
d.
d.
s. d
d.
(4
4
6.20
9 @UM
5 @
0
6.07
0
0
ig
0
0
4
4
4
4
4
6.26
6.56
6.61
6.69
6.84
9@1094
914181094
994 igi10%
994181094
994@l094
7
7
7
7
7
10
(P)
©
0
ig
2
1
1
1
1
6.37
6.12
6.18
6.18
6.38
2 ©
2 0
2 0
2 0
4
4
4
A
6.66
6.99
7.17
6.97
93“41094
994@1014
914151094
994(51034
7
7
7
7
CO
0
0
0
1
1
1
1
8.40
6.33
6.23
6.47
0 4
0 8
0 6
ea 0 A
7.07
7.42
7.11
712
7
99401034
7
934(51094
8X 010
4
MA a.la
a a
og.
1
6.25
5.90
5.66
a K2
July
-
6____
13____
20____
27____
Aug.
3._
10____
17____
94
10.35@)1194
1094011%
1034 011M
101401194
32s Cop
Twist.
814 Lbs. Shirt- Cotton
togs, Common MiddPg
to Finest.
Upl ds.
10%011%
2
4
1094 1512
4
1094(512
11-13.4 al 1 1 54 0 a
s. d.
0 1
(5 6
ra a a
Shipping News.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 35,779 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
-Duquesne, 685
GALVESTON-To Havre-Aug. 15
To Antwerp-Aug. 15-Duquesde, 508
-Duquesne, 429
To Rotterdam-Aug. 15
To Oslo-Aug. 16-Lagaholm, 61
To Gothenburg-Aug. 16-Lagaholm, 200
To Copenhagen-Aug. 16-Lagaholm, 296
To Gdynia-Aug. 16-Lagaholm, 886; Ingram, 47
-Ingram, 1,191---Aug. 18-Karpfanger,
To Bremen-Aug. 16
3,027
To Japan-Aug. 16-Tsuyama Mang, 2,700---Aug. 20
Sanyo Maru, 2,125
HOUSTON-To Bremen-Aug. 16-Karpfanger, 875
-American, 40
To Gothenburg-Aug. 23
To Hamburg-Aug. 16-Karpfanger, 361
-American, 410
To Copenhagen-Aug. 23
-Senator, 1,160
To Liverpool-Aug. 17
-American, 235
To Gdynia-Aug. 23
-Senator, 231
-Aug 17
To Manchester
-Alabama,282...-Aug. 20
-To Havre-Aug. 15
NEW ORLEANS
-Cardonia, 550
-Alabama, 150
To Dunkirk-Aug. 15
-Alabama,200
To Antwerp-Aug.15
-Chester Valley, 113
To Trieste-Aug. 17
-American,1,061
To Gdynia-Aug.17
-American, 60
To Oslo-Aug. 17
-American, 39
To Abo-Aug. 17
-Director, 2,859
-Aug.17
To Liverpool
-Director, 2,766
-Aug. 17
To Manchester
To Genoa-Aug.18-0gontz,123- __Aug.21-Monbaldo,9O0
ToBarcelona-Aug. 18-0gontz, 626
-Tripp, 1,647...
To Bremen-Aug. 18--Elfel, 2,022-Aug.20
-Eifel. 100-Aug. 15-Sapinero, 225_ _
To Oporto-Aug. 18
To Coruna-Aug.15-Sapinero,4
To San Felipe-Aug.20-Zacapa, 100
To Ghent
-Aug.20-Cardonia,200
To Rotterdam-Aug. 20-Cardonia,408
-Aug.20---'rripp, 100
To Hamburg
-Aug. 11-West Kyska, 200
MOBILE-To Liverpool
To Rotterdam-Aug. 11-West Kyska, 32
To Bremen-Aug. 11-Eifel, 714
To Leghorn
-Aug. 11-Monbaldo, 100
To Genoa-Aug. 11-Monbaldo. 700
-Aug.20
-Senator, 1,588
-To Liverpool
CORPUS CHRISTI
-Senator. 575
-Aug. 20
To Manchester
NORFOLK
-To Rotterdam (?)-West Arrow,208; Breedijk, 112...
ToBremen (?)-City of Havre, 174
-Aug.20
-Maiden Creek, 1
PENSACOLA-To Liverpool
To Bremen-Aug. 22-Lekhaven, 712
-Maiden Creek, 312
To Manchester-Aug. 20
-Aug. 22-Lekhaven, 50
To Ghent
-Maiden Creek, 150
GULFPORT-To Manchester-Aug. 19
SAVANNAH-To Gdynia-Aug. 22-Lagaholm. 100
Hamburg-Aug. 21-Levenbridge, 249
-To
CHARLESTON
Bales.
685
508
429
61
200
296
733
4,218
4,825
875
40
361
410
1,160
235
231
832
150
200
113
1,061
60
39
2,859
2,766
1,023
626
3,669
325
4
100
200
408
100
200
32
714
100
700
1,588
575
320
174
1
712
312
50
150
100
249
35,779
-Current rates for cotton from New
Cotton Freights.
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Density.
Liverpool .250.
Manchester.25o.
Antwerp .350.
.25e.
Havre
Rotterdam .35e.
Genoa
.400.
.460.
Oslo
Stockholm .420.
Standard.
.250.
.25e.
.50o.
.400.
.500.
.550.
.61e.
.57e.
High
Density.
.500.
Trieste
.500.
Flume
Barcelona .350.
*
Japan
*
Shanghai
Bombay z .400.
.350.
Bremen
Hamburg .350.
Standard.
.65e.
.650.
.500.
•
*
.550.
.500.
.500.
High
Density.
Piraeus
.75o.
Salonica
.750.
Venice
.500.
Copenhag'n.380.
Naples
.40e.
Leghorn
.400.
Gothenberg.42o.
Standard.
.900.
.90o.
.65e.
.53e.
.55e.
.55o.
.570.
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Aug. 3. Aug.10. Aug.17 Aug.24.
.
44,000
37,000
49,000
41,000
870,000 901,000 880,000 8t7,000
316,000 317,000 302,000 292,000
47,000
81,000
21,000
56.000
4,000
5,000
23,000
24,000
175,000 161.000 187,000 171,000
37,000
43,000
40,000
27,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Monday,
Tuesday. Wednesday. Thursday.
Market,A fair
business
Quiet.
Quiet.
12 15 I
Quiet.
doing.
P.M.
Micl.LTpl'ds
7.11d.
7.03d.
7.16d.
7.16d.
Quiet.
7.08d.
Friday.
Quiet.
7.12d.
Quiet.
Steady, Quiet but
Steady,
Steady,
Futures.{ Steady,
2 to 3 pts 8 to 9 pts. 2 to 4 pts. 4 to 5 pts. steady, un- 2 to 3 pts.
Market
advance, advance. changed. advance.
advance,
decline,
opened
Quiet but Quiet. but
Quiet,
Market, { Steady, Very stdy., Quiet, WIunchanged changed to 5 to 6 pts. steady, 1 to tdy. 4 to 5
4 pts.
4 •
P. M.
advance. to 1 pt. dee 2 pts. adv. decline. 2 pts. adv. pls. adv.
Financial Chronicle
Volume 139
Prices of futures at Liverpool for each day are given below:
Sat.
Aug. 18.
to
Aug. 24.
Mon.
Tues.
Thurs.
Wed.
Fri.
12.00 12.00 12.16 4.00 12.15 4.0012.15 4.0012.15 4.00 12.15 4.00
m.0. m.p. m.p. m.1p. m.13. m-IP. m.p. m.
13. in. D.
in.P.
New contract. d.
October (1934). __ _ _
December
._ _January (1935)-- -March
May
July
October
December
January (1936)-- -March
May
July
--
6.88
6.87
6.88
6.88
6.88
6.87
6.81
6.79
6.79
6.80
6.80
6.81
d.
6.80
6.79
6.80
6.80
8.80
__
d.
6.88
6.86
6.87
6.88
6.87
6.86
d.
6.93
6.90
6.92
6.92
6.92
__
__
6.78
__
-- •
a.
a.
6.90 6.93
6.87 6.90
6.88 6.91
6.88 6.92
6.88 6.91
6.87__
6.81.6.79
6.79.
-6.81
-6.82
d.
6.84
6.81
6.83
6.83
6.83
d.
6.85
6.82
6.84
6.84
6.84
d.
6.86
6.82
8.84
6.85
6.84
6.83
6.78
6.76
6.76
6.77
6.77
6.78
d.
6.89
6.86
6.88
6.88
6.88
d.
6.91
6.87
6.89
6.89
6.89
6.88
6.82
6.80
6.80
6.81
6.81
6.82
BREADSTUFFS.
Friday Night, Aug. 24 1934.
Flour demand showed no improvement and recently
prices were weaker.
Wheat in fairly light trading advanced 13% to 2c., owing
to reports of large flour sales, the strength of cash grains
and higher foreign markets. The advance was partly
attributed to lack of offerings rather than to aggressive
buying power. Winnipeg was up % to %c. Liverpool
closed unchanged to Yid. higher and Rotterdam ended
unchanged to %c.higher. Aside from good rains in Missouri
and scattered showers in other sections of the Southwest,
there was no important precipitation elsewhere. In Canada
it was warm in the southern sections, but temperatures
near the frost mark were reported in the Edmonton district
and continued wool weather was predicted. Wheat is now
being fed to livestock in the southwest and indications are
that it will continue throughout the winter.
On the 20th inst., prices closed % to %c. higher on buying
stimulated by the strength of foreign markets and the
firmness of the cash article. Winnipeg ended %c. lower
to %c. higher, Liverpool was up 13% to 1%d.and Rotterdam
closed 3/843. higher. There was considerable switching of
hedges. Export sales were estimated at 500,000 bushels
in all positions. The visible supply increased 1,794,000
bushels for the week, making the total 114,752,000 bushels
against 112,958,000 in the previous week and 137,885,000
bushels in the same week last year. On the 21st inst., prices
advanced % to 13/sc. on buying by commission houses,
prompted by the strength in foreign markets, an advance
in cash prices and more talk of inflation. Trading was
rather light. Winnipeg closed unchanged to /c. higher.
5
Liverpool advanced 1 to 1%d. Buenos Aires and Argentina
were also up.
On the 22d inst. prices ended % to /0. lower under light
3
selling. There was not enough buying power to sustain
moderate gains made early in the session. Early prices were
bolstered by a stronger Liverpool market. Fluctuations
were narrow and trading was comparatively light. Winnipeg
ended % to %a. lower, but Liverpool was up % to %d.
Eastern interests sold. On the 23d inst. prices declined
/i to lo.,owing to a weaker Liverpool market. The strength
8
of Winnipeg owing to reports of frosts in Canada gave the
market some early buoyancy but selling by commission
houses increased on the bulges. Winnipeg closed % to
41. higher. Good rains fell in the American Southwest.
5
Broomhall estimated the wheat acreage in Argentina at
about 10% below last year's, and stated that Canada's
surplus for export purposes and carryover of wheat will be
around 338,000,000 bushels for the 1934-35 season. To-day
prices ended % to %c. higher on buying influenced by a
stronger Liverpool market and reports of frost in Canada
and the Dakotas.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
No.2 red
115% 11634 116% 11634 11551 116
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September (new)
103H 104$ 104
104% 10334 103
December (new)
104
104
105% 104% 104
105
May (now)
106
106
10751 10734 106 10651
September (old)
10351 10474 10454 104% 103% 104
December (old)
10451 10451 10574 10534 10474 10474
Seasons' High and When Made. I
Seasons Low and When Made.
September-. _III
Aug. 10 19341September
- 7474 Apr. 19 1934
December
113% Aug. 10 1934 December
July 2 1934
89
117
Aug. 10 1934 May
May
10551 Aug. 18 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
October
December
May
Sat.
Mon. Tues. Wed. Thurs. Fri.
85
8554 85q
86% 8651 86
89% 89% 90
84q
85
89
85% 84
86% 85
8954 89
Indian Corn trading was also of light volume and prices
on the 13th inst. advanced early some 3c. a bushel in sympathy with wheat but later reacted and closed with only
fractional gains. On the 20th inst. prices closed unchanged
to %c. higher. Buying was stimulated by reports of continued hot weather and a lack of moisture in the Southwest.
A large part of the trading consisted of switching of hedges.
The visible supply increased 4,140,000 bushels to 51,400,000
bushels last week, against 47,700,000 in the previous week
1265
and 57,987,000 a year ago. On the 21st inst. trading was
more active and prices closed 15% to 15%c. higher under a
good demand from commission houses on rumors from
Ottawa that the Canadian Government was considering
placing an embargo on corn and food stuffs to prevent the
movement of food to the United States.
On the 22nd inst. prices ended % to 1. higher on buying
stimulated by the news from Washington that the maturity
date for repayment by farmers of loans on cash corn stored
on farms would be extended for five months. Traders expressed the opinion that the Government policy on corn
loans would result in a decreased movement to terminal
markets. The weekly Illinois weather and crop report said
that general rains last week improved condition of late
planted corn. On the 23rd inst. prices declined % to Mc.in
very light trading, which was largely confined in switching
hedges from Sept. to Dec. To-day prices ended % to 1%c.
higher owing to reports that the Canadian government had
banned exports of fodder, except under license. The firmness of hogs also counted.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
88% 88% 9034 9034 9034 9234
DAILY CLOSING PRICES or CORN FUTURES IN CHICAGO.
Sat.
No.2 yellow
Mon. Tues. Wed. Thurs. Fri.
Sat.
September
December
May
7434 7454 7551 76% 7634 771
76
7651 78
78% 77% 7834
81
79
80% 8134
79% 81
Season's High and When Made
Season's Low and When Made.
Septembers._ 89)1 Aug. 10 1934 September..., 45
Apr. 17 1934
December
Aug. 10 1934 December
84
5651 June 5 1934
May
88% Aug. 10 1934 May
78% Aug. 18 1934
Oats trading was rather light and prices on the 18th inst.
followed other grain and ended %c. higher. On the 20th
inst. prices ended unchanged to Mc. higher. The decision
in Washington to admit imports of grain for feed purposes free of duty caused a rise of nearly 4c. at Winnipeg.
On the 21st inst. prices rose % to %c. in sympathy with
other grain.
On the 22nd inst. prices ended unchanged to %c. higher.
On the 23rd inst. prices wound up % to 'No. lower. To-day
prices followed other grain and ended with net gains of % to
%O.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
6151 62% 6251 6234 6151 6234
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
September (new)
December (new)
May (new)
September (old)
December (old)
Mon. Tues. Wed. Thurs. Fri.
4934
5051
5151
49
50
Season's High and When Made
50
50%
5151
50
50%
5051
51%
52$
50
51
5034
51%
52%
50%
51%
50%
51
52q
50
50'
Season's Low and When Made.
•
September ___ 551 Aug. 10 1934 Sep tember____ 26%
December
56
Aug. 10 1934 December
41%
May
59
Aug. 10 1934 May
50
DAILY CLOSING PRICES OF OATS FUTURES IN
Apr. 17 1934
June
Je 22 1934
Aug. 4 1934
WINNIPEG.
Mon. Tues. Wed. Thurs. Fri.
Sat.
October
December
4974
5051
5151
49%
50%
43
4534 4634 4534 47
46%
42% 4534 46
4534 4654 46
. Rye was quiet and prices on the 18th inst. closed Y
tc.
higher in sympathy with wheat. On the 20th inst. prices
ended %,c. lower to %,c. higher. On the 21st inst. prices
ended 13 to I. Yie. higher owing to the strength in other
%
grain.
On the 22nd inst. prices ended unehanged to %c. lower.
On the 23rd inst. prices declined 1% to 1%c. To-day prices
ended % to /0. higher in sympathy with other grain.
3
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
September (new)
84% 84% 85%
December (new)
864 86% 88
May (new)
90% 90
9134
September (old)
84% 84% 85%
December (old)
86% 86% 87%
Season's High and When Made
September ---- 88g
December
9034
May
9534
IN CHICAGO.
Wed. Thurs. Fri.
85%
8751
91
85%
87%
84%
86
8951
84%
8651
84
86
90
84
86
Season's Low and When Made.
Aug. 9 1934 September __-_ 52%
Aug. 9 1934 December
65%
Aug. 10 1934 May
88
Apr. 19 1934
June 22 1934
Aug. 6 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
October
December
Sat.
Mon. Tues. Wed. Thurs. Fri.
6972y3
6ni 71
/24 L01
5
nq
7234
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat,
Mon. Tues. Wed. Thurs. Fri.
Sat.
Mon. Tues. Wed. Thurs. Fri.
September (new)
82)1
83)1
December (new)
n%
n%
n
1
/
2
41
May (new)
79
80
7651 77
September (old)
80
82% 8351 83% 80
80
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG..
October
December
5751 6134 6134
go° 814
2044
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No.2 red,c.i.f., domestic.-116
No.2 white
Manitoba No.1,f.o.b. N.Y. 9251 Rye.No.2,f.o.b.bond N.Y 62%
79%
Chicago. No. 1
Corn, New York
BarleyNo.2 yellow, all rail
92%
N.Y.,4734 lbs.maltIng
9234
Chicago. cash
80-121
FLOUR.
Springpate.,high protein $7.80 8.10 Ryeflour patents
$5.40(45.70
Spring patents
7.50 7.80 SeminGla,bbl.,Nos.1-3_10.25 ©10.75
Clears,first spring
6.90 7.40 Oats good
3.40
Soft winter straights..... 6.45 6.80 Corn flour
2.40
Hard winter straights.__ 6.90 7.15 Barley goods
Hard winter patents__ _ _ 7.15 7.40
Coarse
3.60
Hard winter clears
Fancy pearl.Nos.2,4&7 5.450)5.65
6.50 6.70
Financial Chronicle
1266
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
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Wheat.
Flour.
Receipts al-
Corn.
Oats.
1
Barley.
Rye.
60 lbs bush. 56 lbs. bush. 32 lbs bush.56lbs.bush.481bs.
336,000
125,000
126,000
781,000 2,817,000
144,000 1,069.000
1,792,000
913,000
761,000
5,000 145,000
645,000
58,000
4,000
376,000
15,000
189,000
32,000
2,
3,000
585,000
39,000
107,000
2,000
34,000
39,000
16,000
20,000
2,000
585,000
92,000i
20,000
63,000
28,00C
188,000
453,000
11,000
34.000
1,000
57,000
32,000
379,000
14,000
724,000 1,731,000
50,000
212,000 1,878,000
67,000
91,000
183,000
47,000
4,000
286,000
31,000
25,000
9,000
2,000
4,000
282,000
2,000 248,000
3,124,000
539,000
367,000
8813.1960s bush
Chicago
Minneapolis_
Duluth
.
Milwaukee _ _
Toledo
Detroit
Indianapolis_
St. Louis......
Peoria
Kansas City
Omaha
St. Joseph_
Wichita
Sioux City--Buffalo
152,000
25,000
113,o I I
36,000
12,000
1,940,000
4,156,000
5,985,000
334,000 2,090,000
226.000 1,301,000
331,000 1,639,000
.
Since Aug.11,009,000 26,635,000 33,382,000 6,733,000
1934
813,000 19,491,000 9,824,000 15,646,000
1933
709,000 4,927,000
842,000 4,659,000
Total wk.193
Same wk.1933
Same wk.1932
338,000
261,000
370,000
1029
8,602,000 10,079,000
6,466,000 2,474,000
9,934,000 3,628,000
1 win win 29 1117 000
0 725 01141 111 R0500(l
974
4 052 MCI
United StatesBuffalo
"
afloat
On canal
Wheat.
Oats.
Corn.
Rye.
105,000
19,000
14,000
749,000
82,000
272,111
1,000
42,000
19,000
39,000
2,000
9,000
83,000
21,000
2,000
17,000
2,000
5,000
1,000
286,000
589,000
276,001
2,678,000
Rinna Tan 122 0 11115 01111 A9 1149 non
96,000
5,144,000
204,000
27,
288,000
4,836,000 1,684,000 1.130,000
363,000
nnn
165,000
8,000
1',000
2 505 111111
2 1570
204000
421111011
• 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. 18 1934, are shown in the annexed
statement:
Exports front-
Corn.
Bushels.
Wheat.
Bushels.
New York
Boston
Philadelphia
Baltimore
Sorel
New Orleans
Galveston
Montreal
Halifax
Churchill
562,000
40,000
306,000
3,000
60,000
1,174,000
Flour.
Barrels.
Oats.
Bushels.
Rye.
Bushels.
Barley.
Bushels.
15,805
1,000
1,000
1,000
2,000
2,000
39,000
2,000
83,000
17,000
286,000
61,805
105.050
85,000
17.000
286,000
8,000
589.000
Total week 1934._ 2,734,000
Same week 1933.- 2,233,000
The destination of these exports for the week and since
July 1 1934 is as below:
Flour.
Exports for Week
and Since
July 1 to--
Wheat.
Corn.
Week
Aug. 18
Since
July 1
Week
Aug. 18
Since
July 1
Week
Aug. 18
1934.
1934.
1934.
1934.
1934.
1934.
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
United Kingdom_ 46,785
12,020
Continent
____
So.& Cent. Amer_
2,000
West Indies
Brit. No. Am.Col. 1,000
____
Other countries
Total 1934
Tntal lARR
61,805
1015 000
650,000
330.564
83,924 2,078,000
3,000
8,000
3,000
45.000
21,000
20.005
4,978,000
6,816,000
44,000
7,000
1,000
15,000
508,493 2,734,000 11,860,000
721.11515 2 233 01111
Since
July 1
1,000
13.702.000
100110
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 18, were as follows:
GRAIN STOCKS.
United States-Boston
New York
4
.
afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
On lakes
Milwaukee
Minneapolis
Duluth
Detroit
Wheat,
bush.
31,000
49,000
712,000
2 188,000
366,000
44,000
752,000
6.482,000
1,919,000
4,839,000
2,367,000
32,739,000
9,711,000
310,000
8,142,000
2,608,000
36,000
8,409,000
551,000
14,992.000
9,825,000
142,000
Corn,
bush.
143,000
53,000
57,000
14,000
278,000
89,000
Oats.
bush.
Eye.
bush.
Barley,
bush.
102,000
44,000
307,000
148,000
17,000
3,000
3,000
144,000
25,000
37.000
17,000
35,000
37,000
825,000
6,000
51,000
2,739,000
217,000
3,000
1,891,000
205,000
70.000
17.000
923,000
15,000
7,948,000
1,000
109,000
727,000
11,000
415.000
277,000
24,000
24,000
942,000
387,000
337,000
68,000
14,505,000 2,427,000 5,958,000 1,025,000
307,000
631,000
577,000
173,000
2,637,000
478,000
33,000
322,000
5.956.000 9,968,000 2,077,000 4,969,000
3,209,000 4,975,000 1,634,000
580,000
15,000
20,000
22.000
68,000
Corn,
bush,
Corn,
bush,
Oats,
bush,
Rye,
bush.
Barley.
bush.
782,000
1,154.000
373,000
2,201,000 2,286,000 2,314,000
2,297,000
Total Aug. 18 1934_ ._ _99,519,000
5,652,000
Total Aug. 11 1934_101,934,000
5,916,000
Total Aug. 19 1933_104.156,000
6,189,000
Summary
American
114,751,000 51,753,000 22,629,000
Canadian
99,519,000
5,652,000
467,000
1,866,000
3,126,000 4,962,000
3,117,000 5,545,000
4,573,000 4,487,000
11,731,000 7,432,000
3,126,000 4,962,000
Total Aug. 18 1934_214,270,000 51,753,000 28,281,000 14,857,000 12,394,000
Total Aug. 11 1934_214.892,000 47,699,000 27.428,000 14,827,000 12,585,000
Total Aug. 19 1933_ _242,040,000 57,987,000 47,708,000 26,006,000 17,890.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Aug. 17, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheat.
Corn,
Week
Auo.17
Since
July 1
Since
July 2
Week
Aug. 17
Since
July 1
1934.
1934.
1933.
1934,
1934.
1933.
Bushels.
Barley.
30,000
36,001
1.174,000
306,000
Total wk.1934 219,000 3,209,000
Since Jan.1'34 8,450,000 51,508.000
Week 1933_
58,000
23,000
8,000
4,000
45,'''
297,000
Wheat,
bbls. 1961bs bush. 60 lbs bush. 56 lbs. bush. 321bs bush561bs. bush.481bs.
New York_
Philadelphia.
Baltimore_ _ _ _
NewportNews
New Orleans *
Galveston_
Montreal ___
Sorel
Boston
Halifax
Churchill _
Barley,
bush.
667,000
Wheat,
bush,
Canadianbush,
Montreal
4,812,000
Ft. Wm. & Pt. Arthur_ _54,225,000
Other Canadian and other
40,482,000
water points
Exports.
Flour.
Rye,
bush.
7,160,000 8,476,000 1,234,000
240,000
377,000
82,000
198,000
Total Aug. 18 1934_114,751,000 51,753,000 22,629,000 11,731,000 7,432,000
Total Aug. 11 1934.„112,958,000 47,699,000 21,512,000 11,710,000 7,040,000
Total Aug. 19 1933_137,884,000 57,987,000 41,519,000 11,433,000 13,403,000
Note.
-Bonded grain not included above: Wheat, New York, 1,336.000 bushels;
New York afloat, 441,000: Buffalo, 4,624,000; Buffalo afloat, 403,000; Duluth,
100,000; Erie, 1,583,000; on lakes, 378,000; canal, 1,458,000; total, 10,323,000
bushels, against 6,175,000 bushels in 1933.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 18 1934, follow:
Receipts at-
Aug. 25 1934
Oats,
bush,
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
Since
July 2
North Amer_ 4,561.000 26,210,000 25,399,000
33,000
12,000
248.000
Black Sea...
456,000
8,000
51,000
927,000 9,192,000
Argentina._ 3,494,000 27.997.000 23,942,000 5,083,000 39,057,000 28,885,000
Argentina_
Australia _
2,209,000 12,699.000 14.585.000
0th. countr's 480,000 3,752,000 2,032,000
510,000 1,566,000
987,000
Total
10,752,000 71,114.000 66,206,000 5.644,000 41,562.000 39.097.000
Sugar Import Quotas Under Costigan-Jones Act to be
Unaffected by Reduced Beet Sugar Crop in United
States.
Reduction of the sugar beet crop of the United States as
a result of drought will have no effect on import quotas
already established for the current calendar year under the
Costigan-Jones Act, John E. Dalton, Chief of the Sugar
Section of the Agricultural Adjustment Administration said
Aug. 18. This is because the large carryover of Jan. 1
1934, Mr. Dalton added, and the estimated production from
the current crop will total 20,000,000 bags of sugar in excess
of the marketing quota for the year, which has been set at
29,087,200 bags. He continued:
This excess will be a normal carryover Jan. 1 1935 and no real shortage
will be evident unless and until a short crop is produced in the fall of 1935.
Under the Administration's sugar program, marketing quotas have been
determined for the beet sugar processors and for sugar imports from Cuba
and other foreign countries, the Philippines, Puerto Rico, Hawaii and the
Virgin Islands. The shipments may be made any time during the calendar
year and when the quota limit is reached, all sugars coming in excess of the
quota are placed in customs custody and cannot be released for consumption. The Philippine quota is already filled and most of the shipments
authorized under the Puerto Rican quota have been made. However,
the stocks of beet sugar on hand in the United States at the beginning of
this year were about equal to the domestic beet sugar marketing quota
of 1,556,166 short tons raw value and the reduction in this year's beet
crop will merely result in reducing the excess of supplies and will not require adjustment of quotas.
The Aug. 1 crop report showed an indicated sugar beet production of
6,801,000 tons of beets as compared with 11,030,000 tons in 1933. This
would indicate a production of beet sugar in the United States from the
1934 crop of not more than 1,100,000 short tons raw value. With most
of the new crop produced by the end of the year and taking into account
stocks of beet sugar on hand Jan. 1 1934 the available supply is adequate
to meet the quota for the calendar year and to provide normal year-end
stocks. This makes it obvious sugar section officials say, that no changes
will be necessary in present quotas.
Weather Report for the Week Ended Aug. 22.
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 22,follows:
As the week progressed temperatures moderated in all sections of the
country, except in the Southwest, and by its close abnormally cool weather
prevailed in much of the Midwest where temperatures have been extremely
high for a long time. A small southwestern area continued warm, however, with maxima ranging daily up to 100 deg. or higher.
Chart I shows that the temperature for the week, as a whole, ranged
from slightly above normal to slightly below from the central and upper
Mississippi Valley eastward to the Atlantic Ocean and also in Gulf Coast
areas. The Great Plains States averaged from 4 deg, above normal in the
north to as much as 12 deg. above in central Oklahoma. The abnormal
heat for the week centered in Oklahoma, whereas last week it centered in
eastern Kansas and western Missouri. From the Rocky Mountains westward the weekly means were generally from near normal to 6 or 7 deg.
above. Much the greater portion of the United States had temperatures,
in general, from slightly above normal to abnormally high.
The area in which 100 deg. or higher was reported was not as large as
last week. It included the sections from central Iowa and eastern Nebraska
southward to northern Louisiana and central Texas. The highest temperature reported from first-order stations during the week in States east
of the Rocky Mountains was 108 deg. at Concordia, Kan.
Chart II shows that rains were widespread and mostly of a substantial
character rather generally from the lower Missouri and Mississippi Valleys eastward to the Atlantic Ocean, except in some areas of the Southeast and from the Lake region northeastward over New England. Many
places had an inch or more of rain, and in limited sections it was excessive,
particularly, in parts of Missouri. There was very little rain in the Great
Plains, except in a few scattered localities. A large area of the Southwest, Including the southern portions of Arizona and New Mexico, nearly
all of Texas and Oklahoma, northern Louisiana, and much of Arkansas,
had a practically rainless week. There were a good many helpful showers
in the Rocky Mountains States, but they were not general, while west
of the Rockies there was very little moisture.
Volume 139
Financial Chronicle
The change to cooler weather in the Midwest and extensive rains in
Missouri and east of the Mississippi River made the most favorable week
for a long time. The Ohio Valley, especially, was helped enormously by
the fairly well-distributed showers, mostly in substantial amounts, though
there were a few limited areas in which the falls were insufficient to be of
agricultural importance. The best feature of the rains of the week was
that they came to areas where the moisture will be of the greatest benefit to crops.
In much of Michigan, western and northern New York, and central
and northern New England there were light scattered showers, but not
sufficient to be of much help. In other eastern sections good growing
conditions continued, with the increased moisture especially helpul from
Pennsylvania and New Jersey southward to the Carolinas and eastern
Tennessee.
West of the Mississippi River conditions during the week were more
variable. Most of Missouri had sufficient rain to effectively relieve the
severe drought, and late forage and pastures will be greatly helped; the
planting of quick forage crops Is already active in that State. Local rains
were helpful in portions of Iowa, northeastern Nebraska. parts of eastern
South Dakota, and more generally in Minnesota and Wisconsin. Otherwise the weather between the Mississippi River and Rocky Mountains
continued extremely unfavorable, though lower temperatures helped some.
The absence of rain and the continuation of abnormal heat were especially
harmful in the southern Plains, centering in Oklahoma, and extending
Into the adjoining States on the north, south, and east.
SMALL GRAINS.—Harvesting of the spring wheat crop is practically
completed and threshing is well advanced. Flax continued to deteriorate
in North Dakota, but rice is still good in Louisiana, with the early ready to
harvest. Considerable plowing has been done for fall seeding in the Ohio
Valley. with soil moisture conditions generally improved, but in the
Lake region and most of the Great Plains little of this work has been
done, as the ground is mostly too dry and hard.
CORN.—As a result of better mositure conditions, late corn shows improvement rather generally in the Ohio Valley States, though there were
limited areas here and there where the falls were insufficient to materially
help. Also the crop continued in fair to good condition in most of Minnestoa and Wisconsin, but in much of Michigan there is still insufficient
moisture. In Illinois the late crop improved and there is considerable
good corn in the northwestern and southeastern portions of the State,
but in most other sections it is poor to only fair. Also conditions are
favorable in southwestern Indiana where the crop is mostly excellent and
maturing nicely.
In Iowa weekly progress and condition of corn were excellent in the
northeast, though chinch bugs are bad there, as well as in other parts of
the State. For the State as a whole the crop is extremely poor. A little
corn will be helped by recent rains in Missouri, but possible improvement
is unimportant, while in the Plains States, from North Dakota to Texas,
deterioration continued in sections where the crop had not previously been
entirely destroyed, except in a few localities favored with showers. In
most of the Atlantic area corn shows general improvement, due to recent
rains.
COTTON.—The weekly mean temperatures ranged generally from 3 or 4
deg. above normal in the eastern cotton belt to as much as 12 deg. above
in the northwest. Showers were rather general east of the Mississippi
River, but another rainless week was experienced practically everywhere
In the west. The weather influence on the growth of cotton during the
week was remarkably similar to that for several weeks past, in that conditions were mostly favorable east of the Mississippi River, except for too
much cloudy, moist weather in some localities, and decidedly unfavorable
in the west, where the lack of moisture and high temperatures accelerated
deterioration.
In Texas cotton improved some in parts of the south, but deteriorated
generally elsewhere, except possibly in some river bottom fields. Bolls
are small, and opened prematurely, and picking is becoming general in
northern sections. In Oklahoma the heat and drought has been unprecedentedly harmful and deterioration of cotton is rapid, with much wilting,
heavy shedding, and premature opening; picking is in progress.
In the central States of the belt progress varied from heavy deterioration in the drier parts of Arkansas and Louisiana, to good in some other
areas. In the Atlantic States the weather continued mostly favorable,
with progress of cotton fair to good rather generally. However, more
sunshine is needed in the northeastern belt and frequent showers have
favored weevil activity in a good many localities east of the Mississippi
River.
1267
In extreme west. Growth rapid in most districts, especially late tobacco
and forage crops. Pastures improved, but need more rain in west and some
northern districts. Alfalfa much improved. Weather unfavorable for
tobacco cutting, which is more general; housed tobacco needs dry wehather;
late being topped. Late corn mostly very good to excellent. Late potatoes
poor stands.
THE DRY GOODS TRADE
New York, Friday Night, Aug. 24 1934.
Favorable weather conditions helped retail trade somewhat
during the past week but, as a whole, business remained
spotty. Consumer response to August promotion sales of
apparel was rather better than expected without, however,
equalling last year's volume. Reports from the South and
Southwest also lack uniformity, while in a number of cases
stores in those sections were able to either equal, or exceed,
last year's corresponding figures, other large concerns are
currently showing losses from 1933 levels, ranging up to
15%. The decline in retail prices, though, has largely been
checked, partly no doubt as a result of the renewed prophecies from various quarters that a period of inflation,
whether through new currency experiments or through credit
expansion, is ahead of us. Department store sales in the
New York metropolitan area were 0.7% ahead of last year
in the first 15 days of August, according to the Federal
Reserve Bank of New York. Excluding liquor sales, a loss
of 1.6% was shown.
Trading in the wholesale dry goods markets reflected the
conservative attitude displayed by jobbers whose orders
were confined to fill-in lots, although towards the end of the
week somewhat more liberal buying appeared to get under
way. No real improvement is anticipated until after Labor
Day but the tone of the market remained firm with further
price advances being shown for sheetings, ginghams and
percales, partly as a result of the talk of a general textile
strike and of renewed rumors of impending inflation. Business in silk goods was spotty and unsettled, due to constant
talk of labor difficulties in the dress trade. Prices were
unchanged. Trading in greige goods was slow. Production
of silk and rayon fabrics will be cut approximately 7,000,000
yards under the 20% curtailment order issued by the Silk
Textile Code Authority. Demand for rayon yarns was
irregular. While some numbers, such as 200 deniers, continue to be actively sought by weavers, other counts are
neglected. Prevailing curtailed production schedules are,
however, said to prevent the accumulation of burdensome
surplus stocks. Larger concerns are operating at about 75%
capacity but some of the smaller producers have less than half
of their capacity in operation. Prices are firm reflecting the
disappearance of job lots which had heretofore been available
at slight concessions.
Domestic Cotton
The Weather Bureau furnished the following resume of tinued in good volumeGoods.—Trading in gray cloths conwith sales again exceeding production
conditions in the different States:
by a substantial margin. Although raw cotton prices suffered
Virginia.—Richmond: Temperatures near normal; precipitation moda reaction, the threat of a general textile strike, reports
erate to heavy. Fall plowing completed in many localities. Most southeastern truck good to excellent. Cotton thriving; corn fair in north and
about an improved movement of finished goods and, most of
west to locally excellent elsewhere.
all, the award of the Federal Surplus Relief Corporation of
North Carolina.—Raleigh: Temperatures slightly above normal; light
to heavy showers. Progress of cotton fairly good; needs more sunshine;
contracts on the printed comfort covering material, conlocal shedding; begnining to open in southeast. Early tobacco housed.
light
tributed to induce active trading, particularly in 383/ inch,
Most crops doing well.
South Carottna.—Columbia: Showers in lost sections; temperatures
64-60s print cloths, for the purpose of covering against
ginned in south; bolls opening
seasonable. Cotton being picked and
Government orders. The strike threat, though, was not
rapidly in central; while blooming and setting bolls well in north; first bale
taken very seriously, the general feeling being that in the
ginned at Allendale on 17th. Recent rains aided late corn, truck, meadows,
and planting of wheat, oats, gardens, and truck.
event of an actual strike call, insufficient numbers of
Georota.—Atlanta: Warm, with light to heavy showers. Cotton mostly
workers will respond to tie up the industry. There was
fair progress and condition; picking good advance in south and fair in
central; only light, local shedding. Late corn mostly fair. Late potatoes,
somewhat better interest in later shipments although most
sweet potatoes, pastures,sugar cane, and peanuts mostly good to very good.
of the trading was confined to spot goods, or September
Florida—Jacksonville: Warm and rather dry. Cotton condition fair;
opening rapidly and picldng and ginning begun. Sweet potatoes good.
delivery. Trading in fine gray goods continued inactive
fields being prepared. Citrus excellent.
Truck scarce. Seed beds and
but a better call developed in fancy cotton goods, with
Alabama.—Montgomery: Seabonable temperatures; moderate to heavy
showers. Cotton good growth, except only fair where too much rain,
colored yarn fabrics, particularly ginghams, getting the
especially in east-central; condition good, except fair in same area and
bulk of the demand. The threat of a general strike was
locally elsewhere; opening well to north and picking begun in south. Corn,
sweet potatoes. matures, and miscellaneous crops mostly good.
said to have had some influence on the improved call.
ltlississippL—Vicksburg: Generally warm; mostly moderate showers.
Shirtings and handkerchief cloths were sold in fair volume
Cotton opening rapidly and considerable permaturely in north and central,
while curtain goods were neglected. Closing prices in print
with picking becoming general; mostly favorable for weevil activity. Early
corn practically matured. Forage and pastures fair to good.
cloths were as follows: 39 inch 80s, 93 to 9Mc, 39 inch
Louisiana.—New Orleans: Warm, with light to moderate showers in
72-76s, 8Mc, 39 inch 68-72s, 8c, 383' inch 64-60s, 73 to
south and extreme east, but dry elsewhere. Cottbn opening rapidly,
prematurely in northwest, and picking fair advance in all sections; bloomY3c, 38M inch 60-48s, 6c.
ing about over and considerable shedding; condition ranges from poor to
fair. Late corn, truck, and pastures fair to good in south and east, but
Woolen Goods.—Extreme dulness continued to characdeteriorated elsewhere.
poor or
terize business in wool piece goods. While it is claimed that
Texas.—Houston: About normal temperatures over greater portion of
State, but warm in Panhandle,extreme west• and central. Widely scattered
inventories of clothing manufacturers have reached a very
showers in localities on east coast and in Rio Grande Valley, but greater
low point, there is a great deal of discrepancy between prices
portion of State without rain. Weather generally unfavorable for crop
Truck, feed crops, pastures, and ranges deteriorated. Shortage
progress.
asked by the mills and those at which cutters appear willing
of stock water acute over extensive areas. Cotton improved somewhat in
to do business. As a result of the scarcity of orders, further
coastal sections, but deteriorated in interior, except possibly some river
bottom fields; bolls small and opening prematurely; picking fair advance
curtailment of output is being resorted to. The movement
In south and becoming general in north.
of goods in retail channels has again slackened but cooler
Oklahoma—Oklahoma City: Week hot; average maximum temperaweather and the reopening of the schools are expected to
ture 106 degrees. Heavy showers in a few extreme northeast counties and
locally light to moderate in east and north, but beneficial only in extreme
bring a revival of business within the next few weeks. In
northeast. Condition and progress of cotton very poor; much wilting,
the women's wear field, a fair demand appeared in cloakings
shedding,and premature opening;some picking and ginning. Condition and
of corn very isoor and nearly a complete failure. Pastures poor
progress
but garment manufacturers generally displayed a cautious
and water scarce in all sections' feed shortage in many localities. Fruit
attitude and confined their purchases to immediate requireand sorghums poor condition and progress; many trees dying.
cotton fair to very good in most of
Arkansas.—Little Rock: Progress of
ments.
east and central portions, but elsewhere badly deteriorated, or only rather
poor growth due to continued hot, dry weather; too wet in some northForeign Dry Goods.—While the demand for linen piece
eastern localities; considerable blooming at top or no more bloom; opening
goods continued seasonally dull, a fair response was met by
in most portions and picking begun in south and some central parts. Corn,
destroyed in most western and some
meadows, pastures, and truck poor or
the opening of the new lines in tablecloths and handkerchiefs,
northern portions; fair to good elsewhere.
and moderate initial orders were booked by importers.
Tennessee.—Nashville: Seasonable temperatures, accompanied by
Under the influence of slightly higher quotations reported
moderate to heavy rains in east and central, but light in west. Corn
harvesting; condition excellent, except in west where poor. Cotton openfrom the Calcutta market, burlap prices strengthened furing and picking beginning; condition fair in west, but good to excellent in
ther. Demand for spot goods improved moderately and
central and east. Tobacco good; harvesting in most sections. Pastures
and late truck improving.
there was also slightly more interest in shipments. DomesKentucky.—Louisville: Rainfall moderate to heavy in central and east
tically lightweights were quoted at 4.50c., heavies at 6.10c.
and too wet in places;light to moderate in north and west and still too dry
1268
Financial Chronicle
Aug. 25 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL2
ALLOTMENTS.
The following is a list of the municipalities to whom the
PWA has agreed to furnish loans and grants for various
public works projects. These allotments were reported
during the period from Aug. 18 to Aug. 24, inclusive. In
each instance the PWA has agreed to furnish a grant, not
subject to repayment, for 30% of the total expenditures incurred for the payment of labor and material costs. Moreover, the PWA will accept 4% general obligation or revenue
bonds of the municipality as security for the loan portion of
the allotment. The table shows the name of the municipality, total allotment, estimated expenditures for labor and
materials and the nature of the project to be undertaken. In
the case of the type of bond to be used as security for the
loan, this is indicated, whenever known, by (*) for general
obligations and (x) for revenue or special assessments. We
wish to point out that mere announcement of an allotment
does not necessarily imply that a given project is already
under way or that arrangements have been fully completed.
The PWA has already allotted millions of dollars to local
government units but has purchased a comparatively small
portion of the bonds covered by the allotments. In many
cases, too, the municipalities have asked that allotments be
rescinded in the belief that they can finance the projects in
the public market on terms lower than the 4% interest rate
basis required by the PWA.
NameAlbuquerque. N. M
Albuquerque, N. M
Albuquerque, N. M
Albuquerque, N. M
Bar Harbor, Me
Bastrop, La
Bent Irrig. Dist., Colo
Big Timber, Mont
Bland, Mo
Bland, Mo
Boise City, Ida
Bolt. Mont
Bosworth, Mo
Bridger, Mont
Bridger, Mont
Bronxville, N. Y
Burley, Ida
Caddo Parish, La
Caliente, Nev
Canton, N. Y
Carson Reclam. Dist., N. M
Cedar. Utah
Cedar Bluffs, Neb
Centerffeld. Utah
Clarks Fork, Ida
Clifton, Ida
Colville. Utah
Dade County, Mo
Deming, N. M
Douglas, Mich
East Baton Rouge Parish, La
Eden, Ida
Ekalka. Mont
Elberta. Mich
Eureka, Mont
Fairview, Mont
Fairview. Utah
Fort Sumner, N. M
Glasgow, Mont
Glendlve, Mont
Gunnison City, Utah
Hayti, Mo
Homedale, Ida
Jackson, Neb
Jefferson Parish-East Jefferson
Water Works Dist. No. 1
Kanab, Utah
Koosharem, Utah
Laconia, N. H
Layton, Utah
Lehi, Utah
Logansport, La
Luke Consol. Sch. Dist., Miss
Magdalena, N. Mex
Manchester, N. EL
Manchester, N. H
Menominee. Mich
Midway, Utah
Milford, Utah
Monroe. Utah
Oak City, Utah
Oakley, Utah
Owasso, Mich
Panguitch. Utah
Parowaia, Utah
Pecos Valley Artesian Conserv.
Dist., N. M
Pleasantville, N. Y
Plentywood, Mont
Plymouth & Holdress, N. H._
Plymouth. Utah
Prescott, Ariz
Total
Allotment.
:$11,000
:22.000
x6,700
x53,000
*15,000
36,800
*555,000
*142,000
*44,500
*25,500
*135,000
*10,000
*8,000
*52,000
*31,000
*115,000
:56,000
*505,300
54,000
*50,000
x48,000
x28,000
*13,000
x22,000
.32,000
*9,000
x15,000
*111,100
:40.000
*5,600
50,000
*6,000
*36,000
x34,000
*30,000
*48,000
x11,000
:58,000
*32,000
*21,000
x20,000
*22,800
*14,000
*5,900
Labor and
Material
Costs.
$10,000
17.000
5,000
42,000
14,300
35,100
511,000
113.000
42,000
24,200
128,000
9,000
7,500
37,000
29,300
110,400
49,000
505,300
41,000
40,000
34,000
26.000
12,000
21,000
24,000
8,800
12,000
105,500
39,000
5,400
45,200
5,000
28,OCO
31,000
28,000
37,000
11,000
48,000
30,000
16,300
20,000
21,600
12,700
5,600
*393,000
:40,000
:15.000
*164,000
*25,000
*38,000
x43,000
*20,000
:59,000
*165,000
*75,000
803,000
x35,000
*20,000
x42.000
x9,200
x20,000
*131,000
x70,000
x76,000
365,000
39,700
14.800
150,000
23,500
30,000
41,000
19.100
55,000
155,800
71,100
715,000
24,000
17,000
33,000
7,700
18,000
120,000
58,000
72,000
75,000
*70.000
*10,000
*33,000
x15,000
*40,000
56,000
62,000
9,900
48,000
Nature of Project.
Water works system impt.
Water works system impt.
Water works system inapt.
Water system extension
Police station construc'n
Court house construction
Water system
Water system
Water works syst. const.
Sanitary sewer constr.
Storm sewer system
Water works syst. impt.
Municipal auditorium
Water works syst. const.
Sewer system construet'n
Paving and sewer work
Water system
Road construction
Water system
Sewer system extension
Dam construction
Water works
Water works syst. impt.
Water supply improvem't
Water system
Water system improvem't
Water works syst. impt.
Court house construction
Water works syst. impt.
Street resurfacing
P.O.& Fed. Court const.
Water works system impt.
Water system
Water system construc'n
Water system improvem't
Water works construct'n
Water system
Water system
Water system extension
Water filtrat'n plant impt
Water works system
Water system improvem't
water works syst. constr.
Water works syst. impts.
Water works improvemls
Water works system imps.
Water improvements
Building construction
Water works system inapt.
Water system
Water works construction
School repair & construc'n
Water works
School construction
High school construction
Power house improve'in'ts
Water works purchase
Water system
Water works system inapt.
Water main installation
water works syst. constr.
Sewage disposal plant
Water system extension
Water works system impt.
Irrigation
Sewer system extensions
Water system improvem't
Bridge construction
Water system improvem't
37,000 Sewer exten. & construct.
Labor and
Total
Material
Costs.
NameAllotment.
Prescott, Ariz
*83,000
77,000
Richfield, Utah
x116,000
116,000
Richmond, Mo
*29,900
22,100
Russell, Minn. (conditional) _ _ _ _
*32,000
34.000
Russellville, Ky
0275,000
217,000
St. Charles, Mo
*65,000
59,000
Sandpoint, Ida
*68,000
59,000
*187,000
185,000
Schenectady, N. Y
38,600
Schenectady, N. Y
*55,000
Silver City, N. M
29,000
:30,000
18,000
Silver City. N. M
x19.000
27,000
Soldier Summit, Utah
*30,000
50,000
Spring City, Utah
:63,000
x11,500
10,000
Sterling, Utah
*55,000
53,000
Stevensville, Mont
*71,000
76,900
Tonawanda, N. Y
:21,000
16,800
Tremonton, Utah
32,500
:35.800
Tucurricari, N. M
24,500
:26.000
Wellington, Utah
17,000
*19,000
Wickenburg, Ariz
111,000
*120,000
Williams, Ariz
19,900
x20.000
Woodruff, Utah
*10,000
9,700
Worley, Ida
13,000
*16,000
Yorktown, N. Y
a Lease agreement bonds,
Nature of Project.
Water system improvern't
Water works syn. impt.
City hall building
Water system construc'n
Sewer improvements
Water system improvem't
Water works syst. impts.
Sewage disposal plant rep.
Fire station construction
Water works system impt.
Sewage treatment plant
Water works system inapt.
Reservoir construction
Water system impr'm'ts
Water system impr'm't
Sewer relief system
Water system replacem't
Water works system inapt.
Water system Improvem't
Water works system inapt.
Water works system impt.
Water system improvem't
Water system improvem't
Water distribution system
NEWS ITEMS
-The followDebt Compromise Reached.
ing United Press dispatch from Cisco on Aug. 14 reports
briefly on the agreement reached between city officials and
bondholders on a settlement of the bond debt on a basis of
about 25 cents on the dollar:
Cisco, Tex.
-Bond
It has been announced here that Cisco officials have reached an agreement with a group of New York bondholders for settling all of the city's
bonded indebtedness, amounting to about $850.000.
It was understood the agreement provides for settlement on a basis of
approximately 25 cents on the dollar.
The agreement was reached under the new Federal law which enables
debt-ridden municipalities to revise their indebtedness when a certain
proportion of creditors agree to the settlement.
These debts have been in litigation in Federal Court for the last four years.
Louisiana.
-Special Session Ends After Passing Drastic
Measures.
-The extra session of the State Legislature came
to a close on Aug. 18 after the members had put into the
hands of Governor 0. K. Allen dictatorial powers possessed
by no other chief executive in the United States, the powers
which it is reported were the prime objectives of Senator
Huey P. Long when he prevailed upon Governor Allen to
call the Legislature in extraordinary session. We have
taken the following comments from a Baton Rouge dispatch
to the New York "Herald Tribune" of Aug. 19:.
The Senator had determined upon the majority of the personnel of the
legislative committee which will investigate the affairs of the City of
New Orleans to paint a picture of vice and corruption to bring back to
him the support which originally threw him into power six years ago.
His first chance to make use of the new police powers and election laws
will come in New Orleans on Sept. 11, the date of the Congressional elections in which he is seeking the re-election of two Representatives, a
Supreme Court Justice and a member of the Public Service Commission.
It was to win this election, or as he put it, "to keep the oldregulars from
stealing the election," that the special session was called
Long's Powers Listed.
How the Senator has succeeded can be seen in the bills passed at his
behest by the Legislature. The bills follow:
Permit the Governor to expand the State Bureau of Criminal Identification into a State police force with full powers equal to those of any local
officers.
Direct a legislative investiFtation of the affairs of the City of New Orleans,
to terminate after the next State elections in 1936.
Levy an increased corporation franchise tax to provide $40,000 a year
for the two above objects and make available as much as $200,000 a year
from other sources for the objects and for increase support of the National
Guard.
Extend the Governor's power of reprieve to include all cases, including
contempt of court, and provide a penalty for any judge or other official
who does not recognize the reprieve, which has the effect of a pardon
revocable at will.
s
Prohibit the mutt from issuing orders affecting the National Guard
or to inquire into the proposition of whether they have legally been called
out, placing the military above the civil.
Give the Board of Election Supervisors for the individual parishes
(counties), each board being controlled by the Governor, the power to
appoint peace officers for elections.
Prohibit courts, under criminal penalty threat, from issuing any orders
of sequestration taking registration records out of the hands of the registrars
of voters for any purpose.
Provide penalties of a maximum of three years imprisonment and $1,000
fine for the operation of lotteries or disseminating information about race
tracks outside the race track inclosures.
Place the old regular civil sheriff on a salary basis and reduce his office
expenses from about $60.000 to $20,000 a year, allowing the difference
to go into the State Relief Fund.
Make the members of the Louisiana Insurance Commission removable
by the Governor.
-The Legislature voted to submit
Tax Limitation Proposal.
to the people a constitutional amendment which would limit
the voting of special taxes and assessments (Act. No. 83,
L. 1934), and also an amendment which would provide for
a property tax relief fund to be used to reduce taxes on and
create exemptions as to homesteads up to $2,000 (Act. No.
78, L. 1934).
-Financial Statistics of Municipalities
Massachusetts.
Cornpiled.-The second edition of "Financial Statistics of
Massachusetts Cities and Towns,"is being issued by Newton,
Abbe & Co. of Boston. The pamphlet lists these cities
alphabetically, giving as of July 1 1934, the population,
gross and net debt, ratio of net debt to assessed valuation,
tax collections, previous taxes uncollected and various other
data. The pamphlet also gives a brief digest and interpretation of certain sections of the general laws concerning
bonds and notes.
Missouri.
-Supreme Court Upholds Validity of $10,-The validity of the $10,000,000 bond
000,000 Bond Issue.
Volume 139
Financial Chronicle
ssue approved by the voters of the State on May 15 last
to finance the construction of additions and improvements
to various eleemosynary and penal institutions in the State
has been sustained unanimously by the Supreme Court
en bane, according to dispatches from Jefferson City on
Aug. 15. It is stated that the bond issue will be supplemented by a Public Works Administration grant of $3,778,000. The decision was handed down in a friendly test
suit brought by the State Building Commission against
State Auditor Forrest Smith to compel his Department to
register the bond ssue.
New Jersey.
-Governor
-Special Session to Be Convened.
Moore stated on Aug. 16 that he would call a special session
of the Legislature Sept. 4 or 5 to enact legislation diverting
$10,000,000 in bonds from the State highway funds to
emergency relief work, since efforts to settle a $14,000,000
inheritance tax claim against the estate of the late Dr.
John T. Dorrance apparently had failed. We quote in part
as follows from a Sea Girt news report to the New York
"Times" of Aug. 17:
The State hoped to get at least $10,000,000 by a settlement, and had
arranged to add this sum to the relief funds. A special session would
then be unnecessary to fill the relief funds.
John Colt, State Finance Commissioner, met the executors of the
Dorrance estate, but could not conclude a compromise with them. The
executors, it was said, were reluctant to take action while the case was
in the courts.
A referendum to authorize the reduction of highway bonds by $10.000,000 and the issuance of $10,000,000 in additional relief bonds will
be proposed at the special session. If the State relief fund is not filled,
Federal aid to the State will be halted.
New York City.
-Relief Tax Measure Signed by Governor
Lehman.
-The Governor on Aug. 20 affixed his approval to
Ross bill giving to New York City the power to impose
the
local taxes for unemployment relief. It will be in effect until
Dec. 31 1935. Advices from Albany to the New York
"Journal of Commerce" reported as follows on this and
other bills signed by the Governor:
Governor Lehman signed without comment to-day the Ross bill authorizing New York City to impose new taxation to provide funds for unemployment relief. It was said that the city seeks to raise $60.000,000
for this purpose.
The measure, int:oduced by I. Arnold Ross, New York City Fusion
Republican, was requested by Mayor La Guardia. It was one of the
major bills in the Mayor's program.
Approves Moffat Bill.
The Governor also approved the Moffat bill under which the Board of
Estimate and Apportionment may authorize the Comptroller to issue,
pending the engraving and issuance of any corporate stocks or serial bonds
in definite form, interim certificates with or without interest couPons,
exchangeable for definite stock or bonds.
Another Moffat bill authorizing New York City to issue serial bonds to the
Federal Government in exchange for Public Works Administration funds
to finance public works projects also was approved.
Crawford Bill Passed.
The Crawford bill, placing custodians of New York City schools on a
regular pay basis instead of a lump appropriation, was passed by the
Senate but died in committee in the Assembly upon adjournment of the
special session of the Legislature.
Democratic leaders charged to-day that Republican opposition to Governor Lehman's mortgage relief program turned the extraordinary Legislature
into a failure and incurred an unnecessary expense.
Mayor La Guardia Asks Business to Support Proposed New
Relief Taxes.
-Mayor F. H. La Guardia in an address broadcast on Aug. 22 over six radio stations appealed to business
men to support, in self-interest, his projected business gross
receipts tax of one-half of 1% for the fmancmg of relief of
the unemployed this wir. Although business people had
ter.
looked for an amplification of the said gross receipts tax
plan in the Mayor's speech, his reference to it was brief and
general. Of the proposed lottery revenue plan, a series of
four lottery drawings next year, he said nothing at all.
It was explained afterward that this was a supplemental
part of the revenue program which, while approved in principle, still required considerable revision. The Mayor said
he expected the gross receipts tax to come up for action before the Board of Estimate on the 23rd and before the Board
of Aldermen on the following day. It is to be collected in
the latter part of January, 1935, on the gross receipts for
1934. The rate of M of 1% applies to the gross receipts of
business, industry and professions. The base of the proposed tax is to be broader than that upon which the 1-20th
of 1% tax imposed last May was calculated. Businesses
grossing less than $15,000 were exempt from the first tax;
only those grossing $5,000 or less will be exempt from the
projected tax. No estimates of the receipts from the proposed tax were given by the Mayor in his radio address, but
his financial advisers are said to look for a yield higher than
$35,000,000. The estimated yield of the lottery scheme is
said to be $12,000,000.
Higher Transit Fare Advocated for Relief Purposes.
-Mayor
La Guardia's proposed tax of M of 1% on gross business
finance unemployment relief VMS sharply criticized
receipts to
by Lawrence B. Elliman, chairman of the Executive Committee of the Chamber of Commerce of the State of New
York, in a statement made public on Aug. 23. Mr. Elliman
declared it was time to drop "makeshifts" and to solve the
city's financial problem in a practical and equitable way.
He recommended an increase in the transit fare as the
soundest method of financing relief.
Board of Aldermen Defer Action on Tax Proposal.
-After
the Board, of Estimate had approved the proposed gross
receipts tax bill it was forwarded to the Board of Aldermen
for concurrence. On August 24 the Aldermanic Board voted
to refer the said measure to the committee on local laws.
Acting Aldermanic President Timothy J. Sullivan announced
that the committee would hold a public hearing on the bill
at 2 p. m. on August 27.
1269
City Has Cash Balance of $49,523,418.
-The weekly financial statement of Comptroller McGoldrick shows that the
city had a cash balance in the treasury on August 18 of
$49,523,418, which compares with the balance of $59,150,390 reported as of August 11.
The statement reports that during the 33 weeks ended on
August 18, taxpayers paid into the city the following
amounts available for ordinary operating purposes: Taxes,
1933 and prior years, 7,034,834; 1934 current, first half,
$164,302,112; 1934, second half, $30,193,032, thus making
a grand total of $281,530,038. Of this total, there was
pledged under the bankers' agreement for the repayment
of prior and current borrowings the sum of $244,899,872.
New York State.
-Special Session Adjourns After Passing
1% Gross Income Tax and Some Mortgage Relief
.-The special
session of the Legislature, which began on July 10, ended
early on the morning of Aug. 19, without passing the key
measure of the mortgage relief program recommended by
Governor Lehman. It did, however, re-enact the emergency 1% income tax which was discontinued last spring,
so that income taxes payable next April will be at the same
rates as those collected this year. We give the following
schedule of tax payments, together with the corresponding
taxes for previous years:
Single Persons.
.
Income Base1932,
1931.
1933.
1935.
1934.
$1,500
None
None
$15
None
$15
2,000
None
None
30
None
30
3,000
60
60
$10
$5
$10
4,000
30
90
30
90
15
5,000
120
120
25
50
50
195
100
100
195
50
17 500
'
0.00
270
150
270
75
150
2,250
2,250
1,700
1,700
850
10000
500,"
5.730
5,730
2,325
4,650
4,650
Married Person with Two Children.
Income Base
1933.
1935.
1932.
1934.
1931.
None
None
None
$6
$6
$34:050000
21
None
None
21
None
5,000
51
$4
51
$4
$2
7.500
126
126
54
54
27
10,000
201
201
104
104
52
50,000
1,608
2,135
1,608
2,135
804
100,000
5,569
4,512
5,569
2,506
4,512
The personal exemptions for the 1% income tax remain the same as those
for the regular State income tax: $1,000 for single persons, $2,500 for
married persons and $400 for each dependent. Returns must be filed by
all whose income is above these exemptions. The regular State tax is 2%
on the first $10,000; 4% on the next $40,000 and 6% thereafter.
In the closing moments of the session the Senate concurred in seven bills of the mortgage relief series which the
Assembly had passed on the previous day. The Senate also
passed three newly drafted mortgage relief bills which were
introduced by Senator Joseph and put through under an
emergency message from Governor Lehman. The provisions
of the bills had all been embodied in the original Joseph bill,
the key bill of the mortgage relief series. The prime
accomplishments of this session were reported briefly as
follows in a United Press dispatch from Albany on the 19th:
Legislation designed to relieve holders of guaranteed mortgage certificates
passed during the closing hours of the special session to-day was generally
accepted as a compromise between Republican and Democratic leaders.
Republicans, however, flatly rejected Governor Lehman's proposal for
creation of a State mortgage authority commission which would have been
empowered to take over the duties of the State Insurance Department in
the handling of the mortgage problem.
The three compromise bills provide for:
1. Creation of State corporations to loan money on guaranteed mortgage
certificates.
2. Banks to purchase bonds from the State corporations.
3. Authorizations to savings banks and insurance companies to loan
money on guaranteed mortgage certificates.
Despite passage of the measures, leaders indicated, they would renew
their efforts at the regular 1935 legislative session to create some sort of a
State commission or board to deal with the problem.
Pass 1% Gross Income Tax.
Before adjournment the Legislature passed the 1% gross income tax,
which adds a flat tax of lc. on each dollar of income, subject only to the
ordinary personal exemptions of $1,000 for single persons and $2,500 for
married persons, and applies to income for the calendar year 1934 only,
unless the taxpayer happens to be governed by the fiscal year. in which case
it applies to income from June 30 1934, to June 30 1935. The estimated
yield is $14,000,000.
Original Bill Amended.
The Wald bill authorizing banking corporations and private bankers to
make loans and advances of credit in accordance with provisions of the
National Housing Act, after it passed the Senate under emergency message,
was amended in the Assembly yesterday by adding a new Section 2 reading:
"Subject to such regulations as the banking board finds to be necessazy.
building and loan associations and savings and loan associations are authorized to secure insurance from the Federal savings and loan insurance
corporation pursuant to title four of such National Housing Act."
The amended bill was then passed under emergency message and sent to
the Senate where the Senate concurred and the bill was sent to the Governor.
Both houses of the Legislature passed the Wald bill amending the insurance law in relation to investments of domestic life insurance companies.
The amendment is added to Section 100 and provides "and may also loan
upon the security of improved real property in any State providing the
security be eligible for insurance and be insured under provisions of the
National Housing Act as approved by the President June 27 1934."
The life insurance companies were not keen for this amendment and it s
considered unlikely that they will take advantage of it. The law is permissive in nature.
The Banking Act, however, was necessary, if any of the State chartered
financial institutions were to loan money under the provisions of the
National Housing Act.
Lehman Signs Charter Bill.
Governor Lehman signed the Brownell bill yesterday, abolishing New
York City's charter revision commission and empowering Mayor Fiorello
H. La Guardia to appoint a new body of nine members.
Governor Lehman approved the measure without comment.
The Mayor was expected to move swiftly to appoint the new commission.
The bill, supported by former Governor Alfred E. Smith and Samuel
Seabury after they resigned from the original commission, was passed
unanimously by the Legislature.
Rules on Municipal Power Operations.
-It was held by the
Public Service Commission of the State of New York in an
opinior handed down on Aug. 16 that municipal utility
plants should not make a profit on their operations. We
quote briefly as follows from a lengthy report or the ruling
which appeared in the New York "Journal of Commerce"
on the 17th:
1270
Financial Chronicle
NORTH and SOUTH DAKOTA
Cities-Towns-Counties-School Districts
Bought
-Sold-Quoted
Gearhart & Lichtenstein
99 Wall Street, New York
A. T.& T.Tetetype-New York-1-852
Tel. WHItehatt 4-1356
A just and reasonable rate for municipal plants is one that produces
sufficient revenue to cover the cost of service, it was held, and this same
general principle should apply to service outside as well as to operations
Inside the municipal limits. There may be differences in costs which will
require higher rates outside than inside for which some allowance may
properly be made, it was held.
The Commission held that taxpayers should not suffer increased burdens
in order to supply electricity to those residents who are not taxpayers, and
consumers should not be asked to pay rates which would relieve taxpayers
of the cost of other governmental functions, the opinion said.
The opinion was given in connection with proceedings brought on complaints of consumers of the municipal plant at Boonville in Oneida County,
and was approved by the unanimous vote of all the four commissioners
present at the Commission's last meeting. Those who voted for the approval of the opinion were Chairman Milo R. Maltbie, Commissioners
George R. Lunn, Neal Brewster and Maurice C. Burritt.
Similar to Private Rate Base.
The Commission made it clear that all reasonable costs should be included
in rates, such as allowances for uncollectible bills, both actual taxes paid
and also the taxes that would be paid to the municipality if the plant was
privately owned, cash outlays, depreciation and proper amounts for use
of property and services of municipal government. The opinion stated it
may be that provision should be made for amortization of investment, provision or renewals, replacements and retirements in addition to the usual
financial requirements that capital ofan undertaking should not be impaired.
The purpose in seeking to obtain a profit over and above all costs and
suitable reserves is to transfer such profits to the village general fund to
be used to reduce its taxes or to promote other municipal projects, the
Commission said.
Aug. 25 1934
Bids on 10 of the 11 issues of PWA bonds offered by the RFC have been
awarded to the high bidders. The face amount of bonds sold was $4,688.000
and the sale price, with accrued interest, approximately $4,780,000, a
premium of $92.000.
The bonds, the successful bidders and the prices paid were:
$160,000 Schenectady County, New York. 4% General Obligation
County Home bonds. The First National Bank of Chicago;
$1,074 per thousand.
160,000 Lynchburg, Virginia, 4% General Obligation Water Supply
bonds. Blyth & Co., Inc.; $1,060.50 per thousand.
300.000 Buffalo, New York. General Improvement 4s. The First
National Bank of Chicago; $1,042.60 per thousand.
326,000 City of Hamilton, Ohio, 4% General Obligation Waterworks
bonds. BancOhlo Securities Co., Columbus, Ohio; $1,030.60
per thousand.
118,000 Littleton, New Hampshire, 4% General Obligation bonds.
E. H. Rollins & Sons: $1,038.97 per thousand.
930.000 State Roads Commission, Maryland, 4% Special Obligation
bonds. Mercantile Trust Co. of Baltimore; $1,023.046 per
thousand.
250,000 Richmond County. Georgia, County Board of Education. 43i%
General Obligation School bonds. The Robinson Humphrey
Co., J. A. Hillman & Co. and Johnson, Lane Space & Co..
the first two of Atlanta and the last of Savannah, Georgia;
$1,066.40 per thousand.
100,000 Bristol, Rhode Island, 4% General Obligation Sewer bonds.
Halsey Stuart & Co., New York; $1,037.50 per thousand.
1,204.000 Lehigh & New England Railroad Co.. 4% Equipment Trust
Series B. Temporary Registered Certificates. Stroud & Co.,
Inc., Philadelphia; $970.11 per thousand.
1,140,000 Montana Highway Treasury 4% Anticipation Debentures.
Boettcher & Co.. Denver, Colorado; $1.011.75 per thousand.
The Lehigh & New England Railroad Co. Equipment Trusts, temporary
registered certificates, do not begin to bear interest until May 21 1935 and
June 21 1935. When this is taken into account, these equipment trusts
were sold at slightly less than a 4% yield, while some of the municipals sold
to yield as low as 2.1%.
Tennessee.
-Financial Surveys Completed on Four Counties.
-The Tennessee Taxpayers' Association, Inc., has compiled and edited their findings in surveys of the finances
and management of four counties in this State, namely
Knox, Washington, Greene and Grundy counties, completed within the last six weeks. These surveys are very
Hearings Scheduled on Local Government Matters.
-We comprehensive and an outline of each report would demand
have been requested by Seabury C. Mastick, Chairman of too much space, but it will suffice to state that the financial
the New York State Commission for the Revision of the affairs of the respective counties are thoroughly analyzed
Tax Laws, to publish the following schedule, which should and recommendations for improvement are made. Copies
of these detailed reports are to be obtained in book form
be of interest to all public spirited citizens:
from William R. Pouder, Executive Secretary of the above
Hearings of the State Commission for the Revision of the Tax Laws on Loca
Government.
Association, with offices in Nashville.
Riverhead, Suffolk County, at the Court House, Sept. 5, 10 a. in.,
Texas.
-Legislature Called to Act on Relief Bonds.
Daylight Saving Time.
Mineola, Nassau County, at the Court House, Sept. 6, 10 a. in., DayGovernor Miriam A. Ferguson on Aug. 20 issued a proclalight Saving Time,
mation calling upon the 43d Legislature to convene in special
White Plains, Westchester County, at the County Office Building,
Chambers of Board of Supervisors, 8th floor, to cover Westchester, Putnam
session for the third time on Aug. 27 for the purpose of
and Dutchess counties, Sept. 7, 10 a. m., Daylight Saving Time.
authorizing the issuance of additional State relief bonds.
Glens Falls, Warren County, to cover 'Warren, Washington. Essex,
Saratoga,Clinton and Franklin counties,Sept.11, 10 a.in., Standard Time,
A $20,000,000 bond issue was voted at an election in August
11 a. m., Daylight Saving Time, at Court Room, City Hall.
1933, and bonds amounting to $11,500,000 have been issued.
Albany, Albany County, to cover Albany, Columbia, Rensselaer and
Greene counties. Sept. 12, 10 a. m., Daylight Saving Time. Senate ChamAn effort is to be made at the coming special session to
ber, State Capitol.
authorize the issuance of the remaining relief bonds.
Schenectady, Schenectady County, to cover Schenectady, Fulton, MontIn her proclamation the Governor reserved the right to
gomery and Schoharie counties, Sept. 14, 10 a. m., Daylight Saving Time,
at the Court House.
submit additional subjects to the special session.
Utica, Omeida County,to cover Oneida, Herkimer, Oswego, Hamilton,
Otsego, Madison, Lewis, Jefferson and St. Lawrence counties. Sept. 71.
10 a. m., Standard Time and 11 a. m., Daylight Saving Time in the Supervisors Chambers, Court House. If sufficient numbers attend the meeting
will be continued on the 18th.
Rochester. Monroe County.to cover Wayne,Seneca,Monroe,Livingston.
Cayuga. Ontario and Yates counties, Sept. 19. 9 a. m., Standard Time,
10 a. in., Daylight Saving Time, Supervisors Room, Court House,
Buffalo. Erie County, to cover Erie, Niagara, Cattaraugus and Chautauqua counties, Supervisors Chamber, County Court House, Sept. 20.
10 a. in., Daylight Saving Time.
East Aurora, Erie County, to cover Erie, Genesee, Wyoming. Allegany
and Orleans counties, at Roycorft Inn, Sept. 21. 11 a. in., Daylight Saving
Time, and 10 a. m., Standard Time.
Binghamton, Broome County, to cover Reuben, Chenango, Tompkins,
Cortland, Tioga, Broome, Schuyler and Chemung counties, to be held in
the Court Room, County Court House, Sept. 24, 10 a. in., Standard Time,
and 11 a. in., Daylight Saving Time.
Kingston, Ulster County, to cover Ulster, Rockland, Orange. Sullivan
and Delaware counties, Sept. 25. 10 a. in.. Standard Time, 11 a. in., Daylight Saving Time, at Hotel Governor Clinton.
-Attorney-General Rules Langer Still
North Dakota.
Governor.
-Attorney-General P. 0. Sathre on Aug. 20
ruled that William Langer, recently removed as Governor,
is entitled to occupy the State-owned executive mansion
because "he is still Governor of the State but is under a
temporary disability by reason of his conviction in Federal
Court," according to an Associated Press dispatch from
Bismarck, which continues as follows:
Attorney-General Sathre's ruling was given to the State Board of Administration, which sought the opinion after Acting Governor Ole H.
Olson made demands for the mansion. It was indicated court action
may be brought by Governor Olson to obtain possession of the home provided by the State for its Chief Executive.
The Attorney-General said that while the duties of Governor devolve
upon the Lieutenant-Governor during Mr. Langers'"temporary disability."
It "does not seem reasonable" that the Acting Governor should be entitled
to the mansion.
Mr. Langer was removed by the State Supreme Court on the ground
that his conviction of conspiracy to defraud the United States Government disqualifies him from holding office. His conviction by a Federal
District Court jury has been appealed to the Circuit Court of Appeals,
-An alternaState Tax Commissioner Requested to Vacate.
tive writ of mandamus ordering J. J. Weeks, State Tax
Commissioner, to show cause why he should not turn over
the office to Lyman Baker, has been issued by the District
Court. The petition for the writ was filed on behalf of the
State to determine the relation of Baker,appointed by Acting
Governor Olson shortly after he had ordered the removal of
Mr. Weeks.
Reconstruction Finance Corporation.
-Bond Resale
-At the offering on Aug. 20 of the
Draws Premium Bids.
State, municipal and railroad bonds that had been taken over
by the above corporation from the Public Works Administra-the bids on all but two issues of securition
-V.139, p. 962
ties offered premiums. The two offers below par were both
on railroad equipment trust obligations. (These sales are
reported in detail on subsequent pages.) The following
statement was issued on Aug. 21 by Jesse H. Jones, Chairman of the RFC:
BOND PROPOSALS AND NEGOTIATIONS
ADAMS COUNTY (P. 0. West Union), Ohio.
-BOND SALE.
-The
-were awarded
$64,000 refunding bonds offered on Aug. 18-V.139, p.800
as 4;is to Ryan, Sutherland & Co. of Toledo at par plus a roremium of
$91, equal to 100.14, a basis of about 4.48%. Dated April 11034 and due
April 1 as follows; $4,000 in 1937 and $5,000from 1938 to 1949, incl.
ADAMS COUNTY (P. 0. West Union), Ohlo.-BOND OFFERING.
-A. G. Lockhart Jr., Clerk of the Board of County Commissioners, will
receive sealed bids until 12 in. on Sept. 8 for the purchase of $12,000 8%
Poor relief bonds. Dated Sept. 1 1934. Denoms. $1,000 and $900. Due
as follows: $3,900 March 1 and $4.000 Sept. 1 1937 and $4,100 March 1
1938. Interest is payable in M. & S. 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 $500. Payable to the order of the Board of
County Commissioners, must accompany each proposal.
AGAWAM,Hampden County, Mass.
-TEMPORARY LOAN.
-Faxon,
Gade & Co. of Boston purchased on Aug. 21 at 2.75% discount basis,
.
$50.000 revenue anticipation notes, dated Aug. 23 1934 and due $25 000
respectively on June 15 and Aug. 15 1935.
ALLEN COUNTY (P. 0. Lima), Ohio.
-BOND REFUNDING
BLOCKED.
-The recently announced plan of the county to refund about
$300,000 of defaulted Westwood and Lost Creek sewer bonds
-V. 139,
-has received a set-back as a result of the ruling of a Cleveland
p. 962
law firm that the refinancing cannot be undertaken until the county Pays
the delinquent interest on the old securities.
ALPENA COUNTY (P. 0. Alpena), Mich.
-BOND SALE.
-The
$70,000 4% court house construction bonds offered on July 16-V. 139,
-were purchased at a price of par by the Peoples State Bank of
P. 307
Alpena. Dated July 1 1934 and due July 1 as follows: $2,000 from 1935
to 1951,incl., and $3,000from 1952 to 1963,inclusive.
AMBERG SCHOOL DISTRICT NO. 1 (P. 0. Ambers) Marinette
-Sealed bids will be received until
County, Wis.-BOND OFFERING.
8 p. in. on Aug. 31, by II. 0. White, District Clerk, for the 'purchase of an
$18,000 issue of 4% coupon school bonds. Denoms. $1.000 and $500.
Dated Aug. 1 1934. Due on Aug. 1 as follows: $1.000. 1935 to 1943. and
$1,500, 1944 to 1949. Prin. and int. (F. & A.) payable at the office of the
District Treasurer. (These bonds were approved by the voters on Aug. 6.
Toe Public Works Administration approved an allotment of $23,700 on the
project.
-V. 139, p. 1117.)
AMES INDEPENDENT SCHOOL DISTRICT (P. 0. Ames), Story
-The Secretary of the Board of
County, lowa.-BOND ELECTION.
Education states that the $100.000 school building bonds mentioned in
V. 139. p. 631, will be voted on at an election to be held Sept. 28.
AMSTERDAM, Montgomery County, N. Y.
-NOTES VALIDATED
D -Under the provisions of the Stokes bill,
-BONDS AUTHORIZE- .
recently signed by Governor Lehman as Chapter 869 of Laws of 1934, a
total of $129,800 obligations incurred by the City In 1933 and 1934 for
relief purposes are fully validated and the City is authorized to refund
them through the sale of a similar amount of bonds
-V.139. p. 1117.
ANOKA COUNTY (P. 0. Anoka), Minn.
-BOND OFFERING.
Sealed bids will be received until 10 a. in. on Sept. 8 by E. A. Carson,
County Auditor, for the purchase of a $4,500 issue of 4% drainage funding
bonds. Dated Sept. 1 1934. Due on Sept. 1 as follows: $500, 1939
and $1,000, 1940 to 1943. Prin. and int.(M.& S.) payable at the Northwestern National Bank in Minneapolis. The approving opinion of H. W.
Moody of St. Paul will be furnished.
ARKANSAS, State of (P. 0. Little Rock).
-BONDS DEPOSITED
WITH STATE REFUNDING BOARD.
-The following report is taken
from a Little Rock news dispatch bearing date of Aug. 21:
"Compared to an estimated total of $144,112,967 outstanding as of Jan. 1.
Arkansas highway, toll bridge and road improvement district• bonds aggregating $86.188.175 had been deposited with the State Refunding Board
for refunding in accordance with Act 11 of 1934, according to a report as of
Aug. 18. This included $10,000,000 of road district bonds held by the
Volume 139
Financial Chronicle
Arkansas Road District Bondholders Protective Committee, St. Louis, and
$39,893,000 of highway and toll bridge bonds held by the State of Arkansas
Bondholders Protective Committee, New York.
"The exact amount of the highway debt will not be ascertained until the
Highway Audit Commission and the State Refunding Board have completed classification of municipal aid certificates submitted for refunding.
As of Jan. 1, the total included f.84.000,000 of State highway bonds,$7,220,000 toll bridge bonds and $47,142,075 road improvement district bonds.
"The Aug. 18 total of bonds deposited included $13,067,000 of State!
highway bonds.$1.377,000 toll bridge, and $21,212,675 road district bonds.'
-TREASURER SEEKS
ARKANSAS, State of (P. 0. Little Rock).
-The following report on a request for tenders of State
TO BUY BONDS.
refunding bonds of all classes which will be bought back by Arkansas
under a provision of the refunding law, is taken from a recent issue of
the St. Louis "Globe-Democrat":
"According to the Arkansas 'Gazette' of July 24, the Arkansas State
Refunding Board has adopted a resolution authorizing State Treasurer
Roy V. Leonard to ask for tenders of various types of highway debt refunding bonds Sept. 19. to be purchased by the State at the lowest price offered
and to be paid for with money now in the redemption accounts or hereafter credited to those accounts.
"Treasurer Leonard informed the board that there was a total of $617,047,90 in the redemptions account as of July 5. the date the unapportioned
highway revenues were distributed to the various accounts. He said the
August and September distributions will increase the redemption accounts
100% or more, assuring availability of at least $1,200,000 to buy in bonds
at the market value in 'September.
Must Accept Lowest Offers.
"The board discussed the advisability of including in the advertisement
for tenders a provision that the board reserved the right to reject all offers,
but was advised by Special Assistant Attorney-General Walter L. Pope
that the new refunding law does not give the board any discretion in the
matter of rejecting offers to sell bonds, but provides that money accumulating in the various redemption accounts must be used to buy refunding
obligations at the lowest price offered by their holders.
"Members of the board made it clear that the redemption accounts
constitute an overflow for highway revenues after money for maintenance
overhead expenses and interest on all refunding bond issues has been set
aside. Sufficient money has been set aside to meet all these requirements
during the present calendar year and the excess now in the treasury is
$617,057.90. This amount will be alllotted to the various redemption
or sinking fund accounts on a percentage basis set out in the Refunding Act.
BERESFORD, Union County, S. Dak.-PWA ALLOTMENT AP-The City Council is said to have approved a resolution favoring
PROVED.
acceptance of the loan and grant of $19,000 approved recently by the
-V.139, p.960.
Public Works Administration for a water softening plant
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), Burleigh
bids will be received by
County, N. Dak.-BOND OFFERING.-Sealed
R. Penwarden, Clerk of the Board of Education. until 8 p.m. on Sept. 7,
at the office of the Superintendent of Schools,for the purchase of a 5203.000
issue of4% school bonds. Denom.$1,000. Dated May 15 1934. Coupon
bonds maturing as follows: $10,000, 1935 to 1940 and $11.000. 1941 to
1953. Interest payable M.& N. 15. No bid for less than par and accrued
interest will be considered.
-BOND ISSUBLACK HAWK COUNTY (P. 0. Waterloo), Iowa.
-We are informed by Bailey Barnes,
ANCE NOT CONTEMPLATED.
County Auditor, that the county does not intend to issue any primary
road bonds at the present time,as tentatively repotted in V. 139, p. 963.
-BOND OFFERBLACK HAWK COUNTY (P. 0. Waterloo), Iowa.
-Bids will be received up to 10 a. m.on Sept. 5, by Anna M. Decker,
/NO.
of an $85,000 issue of funding bonds.
County Treasurer, for the purchase
Interest rate will be determined at the time of making award and1will be
1934.
in accord with purchaser's bid. Denom. $1,000. Dated Sept.
Due from Sept. 1 1936 to 1945. Interest payable M. & S. Successful
will be debidder must furnish printed bonds and legal opinion. Bondsthe amount
3% of
livered to purchaser at Waterloo. A certified check forrequired.
of bonds offered. payable to the County Treasurer, is
-BOND INBONNEVILLE COUNTY (P. 0. Idaho Falls), Ids.
JUNCTION GRANTED.-The District Court is said to have granted an
of funds to the bondinjunction recently restraining further payment
holders' protective committee on the city and county and the injunction
is reported to restrain the present holders of bonds from turning them in to
the said committee.
-Faxon,
-TEMPORARY LOAN.
BOSTON Suffolk County, Mass.
Gade & Co. of Boston were awarded on Aug. 24 an issue of $2,000,000
Aug. 28
revenue anticipation notes at an interest rate of 1.54%. Dated at prices
1934 and due Feb. 15 1935. Re-offering was made immediately bidder
Buffalo was second high
to yield 1.25%. The Marine Trust Co. of
with an offer of 1.63%, while Halsey, Stuart & Co., bidding 1.64%, were
third.
-BONDS CALLED.-The followBOULDER, Boulder County, Colo.
at
ing improvement district bonds are said to have been called for payment
ceasing on Aug. 14: Bonds numbered
the City Treasurer's office, interest
Paving Impt.
386 to 389 of Paving Impt. Dist. No. 12; Bond. No. 133 of Dist. No. 15,•
Dist. No. 14; Bonds numbered 61 and 62 of Paving Imp.
and 58 of
Bond No. 404 of Paving Impt. Dist. No. 17; Bonds numbered 57
19:
Paving Impt. Dist, No. 18; Bond No. 48 of Paving Impt. Dist. No. 21:
Dist. No. 20; Bond No. 12 of Dist. No.
Bond No. 59 of Paving Impt.
Bond
Bond No. 65 of District No. 26; Bond No. 39 of Distect No. 27; DisNo. 8 of District No. 36 and Bond No. 77 of Sanitary Sewer Impt.
trict No.2.
-The $10,000
BOYLE COUNTY (P.O.Danville), Ky.-BOND SALE.
p.632
issue of road and bridge bonds offered for sale on Aug.20-V.139,paying a
of Louisville, as 430.
was purchased by the Bankers Bond Co.
Coupon bonds,
premium of $400,equal to 104.00, a basis of about 3.97%. without option.
dated Sept. 2 1934. Denom.$500. Due on Sept.2 1943,
Interest payable M.& S.
-In
-TAX RULING GIVEN.
BRADENTON, Manatee County, Fla.
was handed
a suit by this city against the Tampa Southern RR,a decision
cities have a right
down by Circuit Judge W. T. Harrison holding that has extended over
to fix assessments against railroads. The litigation
taxing authorseveral years and the decision is regarded as important to the railroad will
ity of Florida municipalities. It is understood that the
appeal to the Supreme Court.
0. Angleton),
BRAZORIA COUNTY ROAD DISTRICT NO. 5 (P.Taylor. County
-We are informed by F. A
Tex.
-BONDS NOT SOLD.
road bonds was offered on Aug. 13 but was
Auditor, that a $75,000 issue of
that the County
not sold as no satisfactory bids were received. He states
Court has not readvertised for bids.
-The
-NOTE SALE.
BRIDGEPORT, Fairfield County, Conn.
-were
on Aug. 22-V. 139. p. 1118
$300,000 current expense notes offered York.as 23,1s, at par plus a premium
Co.of New
awarded to F. S. Moseley &
Other bids were
as if dllo :
ofBfcidi5 ewrs ated Sept. 1 1934 and due on Sept. 1 1935.
. D
Int. Rate. Premium.
$50
2%%
R. F. Griggs Co.. Waterbury
Par
3%
Hincks Bros. & Co., Bridgeport
-Halsey, Stuart &
-BOND SALE.
BRISTOL, Bristol County, R. I.
bidders for the $100,000 4%
Co., Inc. of New York were the successful Reconstruction Finance Corbonds which the
general obligation sewer
The bankers paid
poration offered at public sale on Aug. 20-V.139. p.968. Feb. 1 as follows:
103.75, the basis cost being about 3.63%. Bonds mature
1941 to 1946 incl.; $5,000, 1947 to 1951
$3,000. 1935 to 1940 incl. $4,000,
approved by
incl.; $6.000, 1952 to 1956 incl. and $3,000 in 1957. Legality -offering the
are re
Ropes, Gray, Boyden & Perkins of Boston. The bankers 3.50%, according
1% to
bonds for public investment at prices to yield from
of the 1933
to maturity. The Town is reported to have collected 9334% Works AdPublic
min leva.The bonds were originally purchased by the
tax istrytion
Advertisements Required.
"The Refunding law provides that the Treasurer must publish legal
notice in a financial paper in New York and in daily newspapers of general
circulation in St. Louis and Little Rock at least 20 days laefore tenders
to sell refunding bonds to the State before maturity are to be received.
"The September tenders will be received at 1 p.m., Wednesday, Sept. 19.
at the Treasurer's office and bonds purchased by the board will be paid for
Sept. 29.
"The legal notice will provide that tenders will be received only on
refunding bonds issued by Sept. 19, or on obligations surrendered to the
Treasurer for refunding before Sept. 14."
-The
-BOND .SALE.
ATHENS COUNTY (P. 0. Athens), Ohio.
-were awarded
$22,500 poor relief bonds offered on Aug. 17-V.139,3D. 962
as 3s to the Bank of Athens National Banking Association, at per plus a
premium of $5.60, equal to 100.02, a basis of about 2.99%. Dated July 1
1934 and due as follows: $1,500 Sept. 1 1934; $1,400 Mar. 1 and Sept. 1
1935; $1.500 Mar. 1 and Sept. 1 1936; $4,900 Mar. 1 and $5,100 Sept. 1
1937, and $5,200 Mar. 1 1938.
-DETAILS ON PWA ALLOTAUSTIN. Travis County, Tex.
-In connection with the loans and grants of $335.000 for sewer
MENTS.
extension and water system improvements, approved recently by the
-the City Manager confirms
Public Works Administration-V.139. p. 960
these notices and states that the loans will mature semi-annually over a
period of 10 years. They will be payable by the City Treasurer or such
agency as the Federal Government may designate.
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. Pocatello), Ida.
-BONDS OFFERED FOR INVESTMENT.H.
R W. Pressprich & Co. of Chicago recently offered for public investment
$200.000 43(% refunding bonds at prices to yield 4.25%. Dated July 1
1934. Due July 1 as follows: $20,000 each from 1945 to 1949 incl. and
$100,000 in 1954; all optional July 1 1944 or on any interest payment
date thereafter. Principal and interest (.1. & J.) payable at the First
National Bank, Salt Lake City, or at the District Treasurer's office.
Coupon bonds, approved as to legality by Pershing, Nye, Bosworth & Dick
of Denver. An issue of $210,000 refunding bonds was sold on June 22
-V. 139. p. 145.
at par to M. E. Traylor & Co. of Denver.
Financial Statement (as Officially Reported, 1933-34).
$10,482,204
Assessed valuation
548,000
Total bonded debt
217,764
Sinking fund
330,236
Net bonded debt
Population, School District No. 1, officially estimated, 22,000. Population, City of Pocatello, 1930 official census, 16,471. Tax rate $19 per
$1,000. The above statement does not include the debt of other political
subdivisions having taxing power upon taxable property within the district.
Independent School District No. 1, Bannock County, Ida., includes
the City of Pocatello and considerable surrounding territory. The city
is the county seat of Bannock County and is located in the southeastern
part of the State, approximately 175 miles north of Salt Lake City. It
is the second largest city in the State of Idaho. These bonds. issued to
refund an outstanding issue of 53(% bonds, constitute direct general
obligations of the school district and are payable from unlimited ad valorem
taxes levied against all the taxable property therein.
-1931, 9434%; 1932, 87%.
Tax Collections (as Officially Reported).
1933.*
* Taxes are collected in two instalments, the first instalment being due
Dec. 25 and the next instalment on June 25. The levy for the current year
was $199.161 and the collections reported to date amount to $145,568.83.
The County Treasurer will be in position to turn over additional funds the
latter part of July. It is estimated that the additional funds will give the
district approximately 83% tax collection.
BANNOCK COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Downey),
-BOND ELECTION.
-It is reported that an election will be held
Ida.
on Aug. 31 to vote on the Issuance of $19,000 in school building bonds.
-BOND OFFERING.
BARBERTON, Summit County, Ohio.
Charles A. Gardner, City Auditor, will receive sealed bids until 12 M. on
Sept. 10 for the purchase of $11,000 6% judgment payment bonds. Dated
July 11934. Denom. $1,000. Due Oct. 1 as follows: $2,000 from 1935
to 1938 incl. and $3,000 in 1939. Principal and interest (A. & 0.) payable
at the City Treasurer's office or at the Central Hanover Bank & Trust Co.,
New York. Bids will also be considered for the bonds to bear interest at
a rate other than 6%, expressed in a multiple of Si of 1%. A certified
check for 2% of the bonds bid for, payable to the order of the City Treasurer,
must accompany each proposal. Bids to be made subject to approval of
bonds by the successful bidder's attorneys.
-A special
-BOND ELECTION.
BATH, Steubers County, N. Y.
election has been called for Sept. 6 for the purpose of securing approval of
measure providing for the issuance of $78,000 bonds the proceeds of
a
which would housed to purchase the property of the Canisteo Water Works
Co.
-BOND SALE.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
The $40,000 poor relief bonds offered on Aug. 21-V. 139. p. 801-were
awarded as 3 s to the Second National Bank of St. Clairsville, at par plus
a premium of 0, equal to 100.10. Dated Aug. 1 1934 and due as follows:
$850, Sept. 11934: $750. March 1 and $800. Sept. 1 1935: $800, March 1
and Sept. 1 1936; $11,000, March 1 and $12,000. Sept. 1 1937 and $12,000,
March 1 1938.
The following is a list of the other bids submitted at the sale:
Int. Rate. Premium.
Bidder$50.00
00
First National Bank, Belleville
'
34
29.50
National Bank, St. Clairsville
First
'
3 a
41.00
Hayden, Miller & Co., Cleveland
132.00
Otis & Co., Cleveland
87.75
Seasongood & Mayer, Cincinnati
31.32
Provident Savings Bank & Trust Co., Cincinnati
4
43.07
& Co., Cincinnati
Grau
18.25
Van Lahr, Doll & Ishphording, Cincinnati
66.00
Well, Roth & Irving Co., Cincinnati
oiR
1271
-R. G. Williams,
-BOND CALL.
BRYAN, Brazos County, Tex.
being called for payment
:
Manager,reports that the following bonds are
C n oc ana
oityl l
in 1951.
eiticl paving bonds. Dated April 1 1913. Duethe First
S25.00iing
at
optional on and after 20 years from date. Payable
in Bryan.
State Bank & Trust Co.
1913. Due in
10,000 water works refunding bonds. Dated April 1
1
1953, optional in 20 years.
May 1 1914. Due in 1954,
10,000 grading and paving bonds. Dated
sal
optional in 20 pears.
works and grading
All the above bonds bear 5% interest. The water
Oct. 1 1934, in serial bonds bearing
bonds will be refunded as of date of semi-annually and maturing $2,000
5%, payable
interest not exceeding
remainder of the term.
annually for five years and $3,000 per year for the
-The First National
-BOND SALE.
BUFFALO, Erie County, N. Y.
gen. imp.
Bank of Chicago was the successful bidder for the $300.370 4%public sale
Corporation offered at
bonds which the Reconstruction Finance
price of 104.26, the
on Aug. 20.-V. 139, p. 968. The institution paid aas follows: $60,370,
interest cost basis being about 2.50%. Due Nov. 1approved by Caldwell
1935. and $60,000 from 1936 to 1939 incl. Legality
by the
& Raymond of New York. The bonds were originally purchased
Public Works Administration.
-A special
-BOND ELECTION.
Minn.
BUHL, St. Louis County,
$35.000
election will be held on Sept. 4 to vote on the proposed issuance of
in street and alley paving bonds.
OFFERING.
-BOND
CALIFORNIA, State of (P. 0. Sacramento).
that he will
-It is announced by Charles G. Johnson, State Treasurer,
more.
sell at public auction on Sept. 13 at 10 a. m., in parcels of one orbonds.
or as a whole, a $50,000 issue of 3)4% State Park Act of 1927 & J.2)
1957. Prin.and int.(J.
Dated Jan. 2 1929. Due 550,000 on Jan. 2
payable in gold at the office of the State Treasurer or at the fiscal agency
Act to reject
of the State in New York. The Treasurer is required by said value of said
any and all bids for such bonds which shall be below par has accrued
bonds so offered for sale plus the amount of interest which
bond
thereon between the date of purchaser's payment for said bonds or
and the last preceding interest maturity date.
writing and signed by the bidder and sealed and
Each bid shall be in
business
shall be deposited with the State Treasurer not later than the last
by a
day preceding the date of sale. Each bid shall be accompanied on a
either in cash or by certified check
deposit to the State Treasurer,
the State of
reputable bank within the State of California to the order of par value of
California for a sum equal to one-tenth of the amount of the
the bond or lot of bonds bid for. Such deposit of the successful bidder
shall, immediately upon aceptance of his bid, become and be the property
Fund
of the State of California and be placed in the California State Parkbidder
of 1927. created by said Act and shall be credited to the successfulprice is
Upon the purchase price of the bond or bonds bid for in case such
paid in full by him within the time prescribed.
CANFIELD, Mahoning County, OHio.-PROPOSED BOND ISSUE.
-The Village Council recently discussed the question of holding an election
1272
Financial Chronicle
on the matter of issuing $20,000 bonds in connection
and grant from the Public Works Administration with a proposed loan
for construction of a
water works system.
CARLTON, Yamhill County Ore.-BOND EXCHANG
E.
-A 26.000
Issue of 5M % semi-annual refunding bonds was offered
for sale on Aug. 20
and we are informed by the City Recorder that
the holders of the original bonds at par. Due on they were exchanged with
Sept. 1 as follows: $1.000,
1935 to 1938 and $2,000 in 1939.
CARROLL UNION FREE SCHOOL DISTRICT NO. 2 (P.
0. Frew'.
burg), Chautauqua County, N. Y.
-BOND OFFERING.
-Edward M.
Blasdell, District Secretary, will receive sealed bids
until 8
Standard Time) on Aug. 21 for the purchase of $28,000 p. m.(Eastern
4% series A of
1934 coupon school bonds. Dated
15 1934. Denom. $1,000.
Due $2,000 on Sept. 15 from 1935 toSept. incl.
1948
(M. & S. 15) payable at the Bank of Jamestown Principal and interest
. A certified check for
10% of the bonds bid for must accompany each proposal.
CASPER, Natrona County, Wyo.-ADDITIONAL SALE INFORMA
TION.
-We are informed that Geo. W.
offering for public subscription a block ofVallery & Co.,Inc., of Denver are
000 436% general obligation refunding $210,000ofthe total issue of $425,,
p. 1118. Dated July 1 1934. Due on bonds purchased recently-V. 139.
1939; $10,000, 1940; $15.000. 1946. July 1 as follows: $5,000. 1935 to
in 1956, 1958. 1960, 1962 and 1964. 1948, 1950, 1952, 1954; and $20,000
Prin. and int. (J. & J.) payable at
the City Treasurer's office, the Stockgrowers
or at the National City Bank in New York, National Bank in Cheyenne,
at the option
Legality to be approved by Pershing, Nye, Bosworth & Dickof the holder.
of Denver.
CASPER, Natrona County, Wyo.-BOND CALL.
-It is stated
following bonds are being called for payment at the Stock Growers that the
National
Bank of Cheyenne, interest to cease on Sept. 10: 5% water
bonds,
July 1 1917. optional on July 1 1932 and due in 1947;bonds numbereddated
11 to
42,43,49,50 and 63 to 69. 5% water bonds, dated April 301911,
optional
April 30 1934 and due in 1949; bonds numbered 1 to 7,
8 to 15,
34 to 43, 52 to 60, 62 to 69. 72 to 84,87 to 93. 103. 119 to 138, 21 to 29.
173, 174, 180, 185 to 193, 198 to 234, 236 to 240.244 to 250 and 149 to 170.
260.
CASS TOWNSHIP (P. 0. Dugger), Sullivan County, Ind.
-BONDS
NOT SOLD.
-The $2,700 4% poor relief judgment payment bonds
offered on July 9-V. 138, p. 4495
-were not sold, as no bids were obtained. Dated July 1 1934 and due July 1 as
to 1942 incl., and $500 from 1943 to 1945 incl. follows: $200 from 1937
CENTRALIA, Marion County, III.
-BOND
-At an
election to be held in about 60 days the voters will ELECTION.
be asked to
the construction and operation of a municipal light and power authorize
plant at
cost of about $477,000. The proposal also will provide for the issuance a
of
$360.000 public utility certificates to be used as security for a Public
Works
Administration loan and grant. The Federal agency has already
agreed to
finance the project, it is said.
CHANDLER, Lincoln County, Okla.
-BONDS OFFERED.
-Sealed
bids were received until 7.30 p.m.on Aug. 21, by L. C.
Green, City Clerk,
for the purchase of a $28,900 issue of water works extension
bonds. Interest
rate to be named by bidder.
CHICAGO, Cook County, Ill.
-BOND SALE
-The
city is reported to have completed arrangements for ARRANGED.
the sale to a local
banking group of $7,000.000 4
21-year refunding bonds,
of which, together with $5,449,000 cash now in the sinking the proceeds
used to retire the $12,449,000 4% and 5% bonds maturing fund, will be
Jan. 1 1935.
CHICAGO PRODUCE DISTRICT, Ill.
-INTEREST
The American National Bank & Trust Co. announced that PAYMENT.be made on Aug. 15 of interest for the six months' period payment would
ended July 14 on
the $4.000,000 principal amount of outstanding
that $50,000 bonds would be retired. This is bonds. It was also stated
the third regular interest
payment since reorganization of the district and
ings were sufficient to permit a reduction of thethe second time that earnprincipal by means of the
sinkingfund.
CHICAGO SCHOOL DISTRICT, Cook County,
Ill.
-A group of Chicago banks,comprising the First National -BOND SALE.
the Harris Trust & Savings Bank, Continental Illinois Bank of Chicago,
National Bank &
Trust Co., the Northern Trust Co. and the City National
Co., purchased privately on Aug. 17 an issue of $4,000,000 Bank & Trust
4 % coupon
(registerable as to principal) refunding bonds of 1935
at a price of par.
Dated Sept. 11934. Denom. $1,000. Due Sept. 1
1954. Prin. and int.
M. Sr S.) payable at the office of the City Treasurer,
ex-officio School
Treasurer, in Chicago, or at the fiscal agency in
City.
be approved by Chapman & Cutler of Chicago. N. Y.banks Legality to
The
made public
reoffering of the bonds on Aug.20 at a price of 103.25, to
to maturity. They are declared to be legal investment yield about 4.50%
for
and trust funds in New York, Illinois and other States, savings ban.
and eligible as
security for postal savings deposits.
ADDITIONAL BONDS SOLD.
-The above bonds are part of an issue
of $5,500,000 authorized to provide for the payment
like
4% bonds of the Board of Education due Jan. 11935. of aC. amount of
Allyn & Co.,
Inc., of Chicago, are reported to have purchased the A.
remaining $1,500,000
bonds of the new issue, also at par.
$1.220.000BONDSP UBLICLYOFFERED
.-A group composed of Brown
Harriman & Co., Inc., Blyth & Co., Inc.
Kelley, Richardson & Co.,
Inc., all of New York, made public offeringandAug.
on
refunding bonds at a price of 105.25, to yield about 22 of $1,220,000 4 %
4.35%.
with the offering, the bankers stated as follows: These bonds In connection
(part of a total
authorized issue of $5,500,000), will refund a like
amount of maturing
bonds and will be, in the opinion of counsel, direct and
general obligations
of the Board of Education of the City of Chicago, payable
both as to
principal and interest from ad valorem taxes levied on all
real property within the Chicago School District, without of the taxable
limitation as to
rate or amount. The Supreme Court of Illinois has
decided that the
Board of Education of the City of Chicago is a School
District, the boundaries of which are coterminus with the boundaries of the
city
a separate corporate entity with power to issue bonds and and constitute
to
the levy of taxes upon all taxable property within the district.provide for
Aug. 25 1934
Cohocton State Bank, Cohocton. The bonds are declared
to be direct
obligations of the district, payable from unlimited
check for $1,000, payable to the order of Leo Schults,taxes. A certified
District Treasurer,
must accompany each proposal. The approving opinion
Vandewater of New York will be furnished the successful of Clay, Dillon &
bidder.
COLUMBIA, Maury County, Tenn.
-BOND ELECTION CONTEMPLATED.
-It is stated that an election will be held in the near future
to
vote on the issuance of $20,000 in school building bonds.
COOK COUNTY (P. 0. Chicago), 111.
-TAX DELINQUENT PROPERTY LISTED.
-Publication was made in the Chicago
merce" of Aug. 18 of a list of the approximately 200,000 "Journal of Comon which taxes are delinquent. This required the use pieces of property
of 260 eight
-column
newspaper pages, it is said.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BOND SALE.
The $18,000 poor relief bonds offered on Aug. 21-V.
awarded as 248 to the First National Bank of Galion, 139, p.964-were
at a price of par.
Dated July 1 1934 and due as follows: $3,700 Sept.
1
1 and $3,500 Sept. 1 1935; $3,600 March 1 and Sept. 1934; $3,400 March
1 1936. Other bids
were as follows:
BidderInt. Rate
Premium
Johnson, Kase & Co
Assel, Goetz & Moerlein, Inc
4
$2181.
Wittman, Holzman & Katz
0
11.44
G. Parr Ayres & Co
3%
20.16
0
2.6
5.10
Bucyrus City Bank
34%
CROWLEY, Tarrant County, Tex.
-BONDS VOTED.
-The voters
are said to have approved recently the issuance of
$20,000 in school building
bonds.
CUMBERLAND, Allegany County, Md.-MAT
The $50,000 4% City Hall Annex bonds purchased last URITY DATE.
Baltimore investment houses, at a price of 106.13-V.week by a group of
-will
139. p. 1119
mature in 20 years, not two years,as previously reported. The purchasers
.
consisting of Stein Bros. & Boyce, Baker, Watts & Co., Strother,
Brogden
& Co. and Mackubin, Legg & Co., announced that resale of the bonds
had
been made shortly after the award was made. The not interest
cost of the
inancing to the county figures about 3.57%.
DALLAS, Dallas County, Tex.-PWA. ALLOTMENT NOT ACCEPTABLE.
-It is reported that the City Council has notified the Public Works
Administration that it cannot accept a loan and grant
water works improvements because the water revenues of $840,000 for
of the city cannot
be pledged to retire the loan.
DANE COUNTY(P.O. Madison) Wis.-BORROWING AUTHORI
ZED.
-The County Board of Supervisors is said to have passed
a resolution
authorizing the borrowing of $500.000 from the Securities Co.
of Milwaukee, granting said company an option on $800,000
be issued in a refinancing program in November. It worth of bonds to
$500,000 loan will be due on March 15 1935 but will is stated that the
whole or in part after Dec. 15 1934. Interest on the loan be redeemable in
will be 23 % and
,
5
the rate on the bonds will be 3%.
DANVILLE TOWNSHIP INDEPENDENT SCHOOL DISTRICT
NO. 5 (P. 0. Danville), Des Moines County, Iowa.
-BOND OFFERING.
-It is reported that bids will be received until
Clerk for the purchase of a $40,000 issue of 33 % Sept. 1 by the District
,
1 semi-annual refunding
bonds.
DETROIT, Wayne County, Mich.-TA,X COLLECTIONS.
tion on account of the 1934-35 tax levy to Aug. 15, the last day-Collecfor payment in full without penalty, amounted to $19,563,019,or about $2,000,000
more than was received as of the same date last year. The current
tax
budget is $55,512,000. City Treasurer Charles L. Williams stated that
collections so far this year are equivalent to the amount received to
Oct. 31
1933. The Detroit "Free Press" of Aug. 16, after reporting the
further noted as follows:"Checks in the mail, which will come in foregoing,
under the
deadline but will not be sorted until Thursday, will bring the total to more
that $20.000,000, Deputy Treasurer Albert E. Cobo believes. The rebeipts are reasonable assurance of cash operation for the city until well into
the fall, when collections of delinquent taxes under the seven-year partial
payment plan are expected to furnish revenue for the remainder of the
first half of the fiscal year. The collection of approximately $2,500,000
of delinquent taxes is anticipated in October. The next important
tax
collection period is January. Financial officers doubt that the city again
will be forced to use scrip.
DODSONVILLE, Collingsworth County, Texas.
-DETAILS ON
PWA ALLOTMENT.
-In connection with the loan and grant of
for water works system construction, recently approved by the$52,000
Public
Works Administration
-V. 139. p,960
-it is stated by the City Secretary
that the loan amounts to $41,000. described as follows: Denominations,
$500 and $1.000. Dated Sept. 11934. Due on Sept. 1 as follows: $500.
1937 to 1941; $1,000, 1942 to 1944; $1,500, 1945, and $2,000, 1946 to
Prin. and int.(M.& S.) payable at the City Treasurer's office. ris 1962.
DULUTH, St. Louis County, Minn.
-BONDS AUTHORIZED.
It is said that the City Commissioners recently approved the issuanceof
$275.000 in refunding bonds.
DURHAM, Durham County, N. C.
-BOND OFFERING.
-Sealed bids
will be received until 10 a. m. on Sept. 4, by W. E. Easterling, Secretary
of the Local Government Commission, at his office in Raleigh, for
the
purchase of an issue of $150,000 coupon or registered sewer bonds. Interest
rate is not to exceed 6%,payable J. & J. Rate of interest to be in a multiple
of
of 1%. Denom.$LOW Dated July 11934. Due on July
$2,000, 1937 to 1941; $3,000, 1942 to 1951 and $5,000, 1952 1 as follows:
to
incl. Prin. and int. payable in legal tender in New York City. 1973, all
The approving opinion of Masslich & Mitchell of New York will be furnished.
A certified check for 3%, payable to the City Treasurer, must accompany
the bid.
ELIZABETH, Union County, N. J.
-TAX COLLECTIONS HIGHER.
-A report recently compiled by Joseph A. Mitchell, City
Comptroller.
revealed 30% increase in the amount of taxes collected by the city during
the first seven and one-half months of 1934 as compared with the
same
period last year. Total tax collections to August 17 in this year amounted
to $3,864,887 against $2,967,300 up to the same date during 1933,
the
report shows. Of these amounts, current taxes received in the 1934 period
amounted to $2.422.777 against 31.888.370 in the 1933 period, an increase
of 28%. Delinquent taxes received in this period in 1934 total $1,442,110
against $1,078,930 in 1933, an increase of 33%.
ELMSFORD, Westchester County, N. Y.
-BOND OFFERING.Harold Fox, Village Clerk, will receive sealed bids until 4 p. m. (Eastern
Standard Time) on Aug. 31, for the purchase of $90,000 not to exceed
6%
interest temporary sewer renewal bonds. Dated Sept. 15 1934. Denom.
$5,000. Due Sept. 15 1935. Bidder to name a single interest rate for all
of the bonds, expressed in a multiple of 34 or 1-10th of 1%. Principal and
interest (M. & S. 15) payable in lawful money of the United States at the
Tarrytown National Bank, Tarrytown. The bonds are declared to
direct general obligations of the village, payable from unlimited taxes. be
A
certified check for $1,500, payable to the order of the village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater
of New York will be furnished the successful bidder.
EMAUS, Lehigh County, Pa.
-BOND SALE.
-Subscriptions were
received from local investors on July 16 to an issue
4% street
improvement bonds, due in 20 years. The bonds of $20.000 at various
were sold
prices.
CHILLICOTHE, Ross County, Ohio.
-BOND SALE.
coupon refunding bonds offered on .Aug. 22-V. 139. p. 963 -The $30,000
-were awarded
as 4s to G.Parr Ayres & Co.of Columbus,at par plus a premium
of$121.50,
equal to $100.40, a basis of about 3.93%. Dated Aug.
$3,000 on Oct. 1 from 1936 to 1945 incl. The following Is23, 1934. Due
a partial list of
the other bids submitted at the sale:
BidderInt. Rate
Amt. Bid
Johnson, Kase & Co
47
330,122.00
Hayden, Miller & Co
4 7
30,180.00
Pace, Brookhouse & Lindenberg, Inc
4 %
30,268.60
Mitchell, Herrick & Co
4%
30,042.20
Fox, Einhorn & Co
30,085.58
Chas. A. Hinsch & Co
4%
30,197.00
Seasongood & Mayer
4%
30,033.85
Banc Ohio Securities Co
4)(%
30,150.00
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 106 (P.
0. Lake
Grove), Ore.
-BOND SALE.
-The $16,500 issue of 5% coupon school
bonds offered for sale on Aug. 6-V. 139, p. 801-was
purchased by the
Atkinson-Jones Co.of Portland at a price of 101.00, basis of
Dated July 1 1934. Due $1,500 from July 1 1939 a 1949, about 4.87%.
to
inclusive.
CLARENDON (P. 0. Clarendon), Orleans County, N.
Y.
-BOND
SALE.
-The $46,500 coupon or registered refunding drainage bonds
offered
on Aug. 21-V. 139, p. 963
-were awarded as 6.s at
par
Citizens State Bank of Lyndonville. Dated Aug. 1 a _price ofdue to the
UTILITY PROJECT APPROVED.
1934 and
-The Council unanimous passed on
Aug. 1
as follows: $1,500, 1935; $1,000, 1936 to 1939 incl.; $2,000,
final reading on Aug. 21 an ordinance approving a bond issuely 16265,000
1940, and
of
23,000 from 1941 to 1953 incl.
for the construction of a municipal lighting plant. Another ordinance providing for submission of the bond IBStle at a popular election will be
CLIFTON, Bosque County, Tex.-PWA ALLOTMENT NOT
Passed
later.
ACCEPTED.
-In connection with the report given in V. 139, p. 960,
Public Works Administration had approved a loan and grant of that the
EUREKA, Greenwood County, Kan.
-BOND OFFERING.
-It is
$21.000
for paving construction, it is stated by the City Secretary that the
reported that bids will be received until August 28, by the City Clerk,
city has
not accepted the loan as yet.
for the purchase of a $52,000 issue o 143% funding bonds. Due In from
2 to 11 years.
COHOCTON UNION FREE SCHOOL DISTRICT NO. 5 (P.
0.
Cohocton), Steuben County, N. Y.
EXETER SCHOOL DISTRICT, Pa.
-BOND OFFERING.
-BONDS APPROVED.
-An issue
-Alois A.
Gehrig. District Clerk, will receive sealed bids until 12
of $60.000 operating expense bonds was approved on Aug. 14 by the Pennard Time) on Sept. 1 for the purchase of $59,000 not to m.(Eastern Standsylvania Department of Internal Affairs.
exceed 6% interest
coupon or registered school bonds. Dated Sept. 11934. Denom.
$1,000.
FALL RIVER, Bristol County, Mass.
-LOAN OFFERING.
Due Sept. 1 as follows: $2,000 from 1935 to 1963, incl., and
-Sealed
bids addressed to the City Treasurer will be received until Aug. 27 for
Bidder to name a single interest rate for all of the bonds,$1.000 in 1964.
purchase at discount basis of $300,000 revenue anticipation notes of the
multiple of 3( or 1-10th of 1%. Prin. and int.(M.& S. expressed in a
1934,
payable at the
dated Aug. 30 1934 and due on Nov.6 1934.
Financial Chronicle
Volume 139
1273
-BOND ELECTION CONHARLINGEN, Cameron County, Tex.
-The
-TO REFUND BONDS.
FINDLAY, Hancock County, Ohio.
-It is reported that an election will be held in the near
TEMPLATED.
providing for
City Council passed on first reading on Aug. 13 an ordinance
proposed issuance of $52,000 in city auditorium bonds.
future to vote on the
the closing months of 1934.
the refunding of $47,500 bonds maturing inwill be available to meet the
-BOND ISSUE
HARRISON TOWNSHIP SCHOOL DISTRICT,Ind. remonstrance
It has been estimated that about 2140,000
and interest
-A dozen persons signing as taxpayers have filed a
OPPOSED.
total of $187,500 general and special assessment bond principal
Commission against the proposed issuance of $68,000
in the last quarter of this year.
with the State Tax
charges maturing
that the
- school building construction and repair bonds. It is set forth
-NOTESALE.
in
FORSYTH COUNTY(P. O. Winston-Salem), N. C.
said
township tax rate already is too high, that the taxables are not assessed
The executive committee of the Local Government Commission isbond
the State and that the bonded indebtedness
accordance with the statutes of
of taxation and omission
to have sold to Oscar Burnett & Co. of Greensboro. the 5100.000
of the township, considered under the conditions proposed bonds.
-at 3%, plus a
964
-V. 139. p.
anticipation notes approved recently
of taxable property, will affect the validity of the
nominal premium.
-PROPOSED BOND ISSUE.
HAVERHILL, Essex County, Mass.
-CONFIRMATION OF
Emergency
FORT COLLINS, Larimer County, Colo.
Mayor George E. Dalrymple plans to ask permission of the State the city's
-The City Clerk confirms the report given in V. 139. p.
ALLOTMENT.
Works
issue $30.000 bonds for the purpose of paying
Finance Hoard to
1115, that a loan and grant of $120.000 was approved by the Public official
improvement project.
share of the proposed $100,000 river shore
Administration for water system improvement,and he states that no
-It is now
-BONDS VOTED.
action has been taken by the city as yet.
HEARNE, Robertson County, Tex.
the voters apWaynesstated by the City Manager that at the election on Aug. 6a count of 151
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. O.coupon or
4% water bonds by
proved the issuance of the 320.000 in
-The $25.000
-BOND SALE.
that they will be
burg), Greene County, Pa.
- to 2. He states that they mature in 10 years. It is said that given in V.
registered series of 1934 funding bonds offered on Aug. 18-V.139,P.633at
offered for sale about Sept. 15. (This report corrects
were awarded as 4s to Singer, Deane & Scribner, Inc., of Pittsburgh,
139, p. 1120, the initial notice of bond approval.)
par plus a premium of $100. equal to 100.40, a basis of about 3.95%.
-The
Dated Oct. 1 1934 and due Oct. 1 as follows: $1,000 from 1935 to 1939.
-BONDS APPROVED.
HENDERSON, Vance County, N. C.
of $5,063.63
1940 to 1942, inci.• $2,000, 1943 to 1946, incl.. and $2,500
incl.; $1,500,
City Council is said to have approved recently the issuance on Feb. and
from 1947 to 1949, incl. Other bids were as follows:
street lighting bonds. Denom. $843.93. Due $843.93
In 6%
Premium.
Int. Rale.
Bidder
Aug. 1 in the years 1935, 1936 and 1937.,
$268.00
(Mover & MacGregor, Inc
NO. 2
105.00
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT -The
S. K. Cunningham & Co
-CONFIRMATION OF ALLOTMENT.
230.75
(P. O. San Juan,, Tex.
McLaughlin, MacAfee & Co
reports that the notice given in V. 139,
x100.13
4.
General Manager for the District
Leach Bros.,
of a loan and
287.50
4H%
P. 1115. of the approval by the Public Works Administration further states
E. H. Rollins & Sons
and he
grant of $1,769,000 for canal improvements,is correct
x Per $100 bond.
that no details are available as yet.
FREDONIA SCHOOL DISTRICT P.0.Fredonia), Wilson County,
Darlington
HIGH HILL DRAINAGE DISTRICT (P.O. Darlington),
-BOND SALE.
Kan.
-The 545,0003 % semi-ann. school building bonds
-It is stated by the
-were purchased by the
-RFC LOAN FOR REFINANCING.
County, S. C.
-V. 138. p. 4496
approved by the voters in June
the Reconstruction Finance
Secretary of the Drainage Commission that this district for refinancing
Brown-Crummer Co.of Wichita at a price of 102.05,a basis of about 3.09%.
Corporation authorized a loan of $34,000 to
Due in from 1 to 10 years.
and no disbursements have been made as yet.
Okla.-COIVFIRAfATION OF ALLOTFREEDOM, Woods County,
-In
-BONDS NOT ISSUED.
HOLBROOK, Navajo County, Ariz.
-In connection with the approval by the Public Works AdministraMENT.
- connection with the $48.200 water works construction bonds approved by
tion of a loan and grant of $22.000 for water works project construction
-we are informed by the
138, p. I82
that the above
the voters at the end of last year-V.
-it is stated by the Consulting Engineer
V. 139. p. 1115
a Public Works
Town Clerk that the issuance of these bonds depends upon although it is
report is correct and he states that the loan will be lathe amount of $16.000.
Administration allotment which has not yet materialized
-The two ISSt108
-BOND SALE.
FRESNO, Fresno County, Calif.
said to have been approved.
of coupon bonds aggregating $410,000 were offered for sale on Aug. 23-PROPOSED BOND ISSUANCE
HOUSTON, Harris County, Tex.
-and the Harris Trust & Savings Bank of Chicago was
V. 139, p. 965
is said to be strongly
OPPOSED.-Tbe Harris County Taxpayers' League bonds by Houston as
awarded the $375,000 issue of auditorium bonds on their bid of $276 preopposed to the projected issuance of 23,000,000 in in 1936. The League
mium for 3300,000 as 3 Hs and $75,000 as 3Hs, giving a net interest cost
from Sept. 1 1935
of the financing program for the Centennialgovernment to sponsor
a part
of about 3.41%. Dated Sept. 1 1934. Due $12,500
sets forth that it is not a proper function of a city by all the people for
to 1958 as 33% bonds; $12,500 from 1959 to 1964 as 3H% bonds. par
an expenditure of public money which must be paid
The bank purchased also the *35,000 storm sewer bonds, as 3Hs,at
the benefit of certain classes.
plus a premium of $26.Dated Sept. 1 1934. Due from Sept. of 1 1935
-The
-NOTE SALE.
to 1951.
HOWARD COUNTY (P. 0. Kokomo), Ind.
-were
139. p. 1120
-The
-BOND SALE.
275,000 tax anticipation notes offered on Aug. 21-V.Dated Aug. 21 1934
FRESNO COUNTY (P. 0. Fresno) Calif.
Bank & Trust Co., Kokomo.
sold as 48 to the Union
$280,000 issue of coupon Hall of Records bonds offered for sale on Aug.17and due Nov. 15 1934.
V. 139, P. 803
-was awarded jointly to Dean Witter & Co., and Heller,
-The report of
Bruce & Co.. both of San Francisco, paying a premium of $461, equal to
-FINANCIAL STATEMENT.
ILLINOIS (State of).
disbursements of the
100.16, a basis of about 3.677 , on the bonds divided as follows: $220,000 as
John C. Martin, State Treasurer, on the receipts and following:
1959,and $60,000 as 3Hs,due $12,000
3Hs,due $11,000 from Jan. 1°
July includes the
1940 to
State Treasury during the month of
from Jan. 1 1960 to 1964.
Outstanding Aug. 1 1934.
Statement of Indebtedness of the State of Illinois
-An
-BONDS AUTHORIZED.
GALION, Crawford County, Ohio.
Called bonds outstanding which have ceased to draw
Ordinance passed on Aug.7 provides for the issuance of $10,000 4% swimInterest, viz.:
ming pool construction bonds. Dated Sept. 15 1934. Denom. 81.000. Due
New internal improvement stock
$1.000 on Sept. 15 from 1935 to 1944, inclusive.
84.000
8
after 18n
New inter7a1 improvement interest stock, payable
500
-It is
-BOND EXCHANGE.
GONZALES, Gonzales County, Tex.
1.000
One old internal improvement bond
stated by the City Secretary'that the 397,5006% refunding bonds approved
12.000
-have been exchanged
Twelve canal bonds
p. 3110
by the Attorney General in
. 139.
517.500
with the original holders.
140,552,000
State highway bonds
34,671,000
(P. 0. Goodland), Sherman
compensation bonds
Soldiers'
GOODLAND SCHOOL DISTRICT
6.000,000
-At a recent election the voters
Waterways bonds
-BONDS DEFEATED.
County, Kan.
20.000.000
Emergency relief bonds
defeated a proposal to issue $175,000 in school building bonds by a count of
659 "for" to 1.071 "against.
3201.240,500
Total bonded debt
20.000,000
GRAND RAPIDS SCHOOL DISTRICT, Kent County, Mich.Revenue notes for use of emergency relief
refunding bonds offered on Aug.
BOND SALE.
-The $41,000 4H% coupon
Tax anticipation notes held by:
4.190.000
-were awarded to the First of Michigan Corp. of Detroit
20-V. 139, p. 1119
- Motor fuel tax fund for revenue
420.000
at par plus a premium of $354.65, equal to 100.86, a basis of about 4.37%.
Motor fuel tax fund for waterway bond
1,390,000
bond
Dated June I 1934 and due Sept. 1 as follows: $4,000, 1940; $12,000.
Motor fuel tax fund for soldiers' compensation
500.000
1942; $19,000 in 1943, and $6.000 in 1944. Other bids were as follows:
Agricultural premium fund for revenue
Amt. Bid.
Bidder$227.740,500
$40,142.00
Total
Braun, Bosworth & Co
40.323.50
-The 320,000
•
-BOND SALE.
Stranahan. Harris & Co
INDIANOLA, Warren County, Iowa. authorized recently
-V.139.
5% semi-ann. water revenue bonds that were bank, according to the City
-BONDS OFFERED -Sealed
GREENBUSH, Roseau County, Minn.
-were purchased at par by a local
Village Recorder,
P. 1120
bids were received until Aug. 23 by 0. K. Christianson,
Clerk. Dated Aug. 1 1934.
for the purchase of a $10,000 issue of 4H % refunding, series B bonds.
-TEMPORARY FINANCING.
Denom. $500. Dated Aug. 1 1934 Due on Aug. 1 as follows: $500.
IRVINGTON, Essex County, N. J.
providing for the
1937 to 1942 and $1,000, 1943 to 1949, all incl. Principal and interest
The Town Commission adopted a resolution on Aug. 14 Chancellor Trust
(F. & A.) payable at the First National Bank of St. Paul.
anticipation renewal notes to the
sale of 845,000 5% tax
issues at 5% interest, compared
Co. Recent sales of new loans and renewal
-BOND ELECTION.improvement in the town's
GRUNDY CENTER, Grundy County, Iowa.
with 6% previously paid, indicates a substantial
Co., New York, agreed
It is reported that an election will be held on Aug. 30 to have the voters
credit rating. Last week the Bank of Manhattanat 5%. All of the tempool bonds.
pass on the issuance of $10,000 in swimming
to the renewal of $400,000 tax anticipation notes from the proceeds of the
town will no taken up
porary indebtedness of the
-DETAILS ON PIVA ALLOTHALEYV1LLE, Winston County, Ala.
projected sale of $1,475,000 long-term bonds.
-In connection with the loan and grant of $35,000 for water
MENT.
-BOND REFUNDING
system extension, approved by the Public Works Administration recently
IRON COUNTY (P. 0. Parowan), Utah. have voted to proceed
V. 139, p. 1115, it is stated by the City Clerk that the allotment has not
-The School Board is said to
CONTEMPLATED.
bonds of the
as yet been accepted because it now appears that general obligation bonds
with plans for refunding a total of $80,000 of outstanding
will have to be issued instead of revenue bonds. as originally intended,
district.
City Council is undecided as to acceptance.
and the
-BONDS VOTED.
JACKSON CENTER, Shelby County, Ohio. issue $17,500 water
-FINANCIAL STATEMENT.
HAMDEN New Haven County,Conn.
At the primary election on Aug. 14 the proposal to197 to 70.
-The following is given in connection with the recent sale of $105,000 3SI%
by a vote of
works system construction bonds carried
coupon highway improvement bonds to Charles W. Scranton & Co. and
-DETAILS ON PWA ALLOTEdward M.Bradley, Inc., both of New Haven,jointly, at a price of 100.30,
JACKSON, Madison County, Tenn.
the Public
-In connection with the loan and grant of $156,000 by approved
a basis of about 3.22%-V.,139, p. 1120.
MENT.
works system improvement,
Works Administration for water
loan portion will
Financial Statement (Officially reported Aug. 2 1934).
-the Mayor states that the
recently-V. 139, p. 1115
City Treasurer,
Grand list for bonding purposes (1933)
$45.666.270
amount to 5120.000, payable F. & A. at the office of the to 1940;58.000.
Indebtedness:
and the bonds will mature on Aug. 1 as follows: 25,000, 1935
$1,468,000
Bonded indebtedness (including this issue)
1941 to 1948 and $7,000, 1949 to 1954.
3.500
Less: Sinking fund
PWA
JAMESTOWN, Stutsman County, N. Dak.-DETAILS ON 1115.
-In connection with the report given in V. 139, P.
ALLOTMENT.
1,464.500
Total net funded indebtedness
Administraregarding a loan and grant of $42,500 by the Public Works Auditor that
3.217
Debt ratio
tion for street improvement purposes, it is stated by the City
$225,000
Not including tax anticipation notes outstanding of
costa
It doesn't appear as if the allotment will be used because the paving the
Population, 1920 census, 8,611; 1930 census, 19,020; 1933 (estimated).
exceed previous expectations and very little interest has been shown by
20,500.
local taxpayers.
1.8 (P. 0.
-The Banc
HAMILTON, Cincinnati County, °Mo.-BOND SALE.
JOHNSTOWN COMMON SCHOOL DISTRICT NO. -Laura Le
Ohio Securities Co. of Columbus was the successful bidder for the $326,000
-BOND OFFERING.
Johnstown), Fulton County, N. Y.
4% general obligation water works bonds which the Reconstruction Finance
office of A. D. Dennison,
Duc, District Clerk, will receive sealed bids at the
Time) on
Corporation offered at public sale on Aug. 20-V. 139, p. 968. A price
109 West Main St., Johnstown, until 1 p. m.(Eastern Standard registered
of 103.06 was paid for the IMMO, the net interest cost basis being about
Aug. 29, for the purchase of 813,000 not to exceed 6% interest
$1.000 on
Bonds mature Oct. 1 as follows: $20,000 from 1935 to 1944 incl.
Due
3.597..
school bonds. Dated Sept. 1 1934. Denom. $1,000. interest rate for
and $21.000 from 1945 to 1950 incl. Legality approved by Squire. Sanders
June 1 from 1936 to 1948, incl. Bidder to name a single
& Dempsey of Cleveland. The bonds were originally purchased by the
all of the bonds,expressed in a multiple of 34 of 1%. Principal and interest
The
Public Works Administration.
(J. & D.) payable at the Trust Co. of Fulton County, Gloversville. from
bonds are declared to be general obligations of the District, payable
-TEMPORARY
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
unlimited taxes. A certified check for 2% of the bonds bid for, payable to
-The County Court is said to nave authBORROWIA'0 AUTHORIZED.
the order of the Trustees, must accompany each proposal. The approving
orized County Judge Cummins recently to borrow $300,000 from tne Hamilopinion of Alfred D. Dennison of Johnstown will be furnished the success!td
ton National Bank of Chattanooga to tide the county over until tax collecbidder.
improve in October. It is agreed that the bank is to be repaid by
tions
Oct. 15.
KANSAS CITY, Jackson County, Mo.-BOND ISSUANCE CON-The following report is taken from the Chicago "Journal
TEMPLATED.
HAMILTON TOWNSHIP (P. 0. Sullivan), Sullivan County, Ind.
• to
of Commerce" of Aug. 16:
SALE.
-The $3,950 4)% judgment and poor relief bonds offered
-BOND
"The City Council of Kansas City. Mo., has referred to the Finance Comon July 2-V. 138, p. 4331-were awarded to the Sullivan State Bank of
mittee an ordinance authorizing the issuance and sale of $350,000 in bonds,
Sullivan at par plus a premium of $11.36. equal to 100.28. a basis of about
of which $300,000 will be used for the purchase of a site for a new city hall
4.457.. Dated July 1 1934 and due July 1 as follows: $450 in 1937 and
and the remaining $50,000 for trafficway improvements. The bonds are
$50‘.. prom 193c to 1944 inclusive.
4
1
Inc
1274
Financial Chronicle
to bear 33 % interest and mature serially from 1 to
,
40 years. H. F.
McElroy, City Manager, said the lot "may bring" a
was the subject of considerable doubt, however, bysmall premium. This
security
in view of the fact that the recent issue of $675,000 of similar dealers here,
interest
and maturities has moved slowly. The bonds were sold privately rate
at a
price which was not made public, but which city officials claim represented
a small premium."
Aug. 25 1934
BidderInt. Rate.
Premium.
Johnson, Kase & Co., Cleveland
6
$151..0000
Ryan, Sutherland & Co., Toledo
6
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O.Los Angeles)
Calif.
-BONDS NOT SOLD -it is stated that no bids were received
the two issues of not to exceed 6% semi-ann. and the one issue of notfor
to
exceed 5% semi-ann. school bonds aggregating $865,000, offered for sale
on Aug. 20-V. 139. p. 965 and 966. The issues are divided as follows:
$500,000 Long Beach City School District bonds. Due $25,000 from
Nov. 1 1934 to 1953 incl. Interest payable M.& N.
330,000 Long Beach City High School District bonds. Due from Nov. 1
1934 to 1953 incl. Interest payable M. & N.
35,000 Grant School District bonds. Due from Aug. 1 1935 to 1954
incl. Interest payable F. & A.
It is said that an agreement has been made with the Public Works Administration for the award of the bonds.
LOS GATOS SCHOOL DISTRICT (P. 0. San Jose), Santa Clara
County, Calif.
-BOND SALE DETAILS.
-In connection with the sale
of the $18,000 school bonds to Weeden & Co. of San Francisco, as 3s.
as reported in V. 139, p. 1121, we are informed by the Clerk of the Board
of Education that the bonds were sold at a price of 101.15
they mature $6,000 annually from 1946 to 1948, giving a (not par), and
basis of about
3.39%.
KEARNEY COUNTY (P. 0. Lakin),
-BONDS VOTED.
-At
the election held on Aug. 7-V. 139, p. 80 Kan.
ance of the $45,000 in court house and jail -the voters approved the issubonds.
KENNARD, Washington County, Neb.-BOND ELECTION.
-It is
reported that an election will be held on Sept. 10 to vote on
the issuance of
$10,000 in funding bonds.
KENOSHA, Kenosha County, Wis.- BOND
-The $66,000
refunding bonds offered for sale on Aug. 17-V. 139, SALE.
-were purchased
by A. G. Becker & Co. of Chicago. as 43is, payingp.634
equal to 101.18, a basis of about 4.12%. The bondsa premium of $778.88,
are divided as follows:
$22,000 school, series of 1924: $15,000 school, 2nd series of
school, series of 1927: $12,000 school, series of 1928, and 1923: $12,000
$5,000 Collins
Street school bonds. Dated Sept. 15 1934. Due on
Sept. 15 1946.
The other bids for the bonds were as follows:
Names of Other BiddersPrice Bid.
Halsey, Stuart & Co
Premium $77.88 on 4 Xs
T. E. Joiner & Co
Premium 685.00 on 4s
LOWNDES COUNTY ROAD DISTRICT NO. 2 (P. 0. Columbus),
The Securities Co. of Milwaukee
Premium 335.00 on 4s
Miss.
-BOND SALE DETAIL.S.-The $30,000 refunding bonds that were
purchased by Cady & Co. of Columbus, and the First National Bank of
KINSTON, Lenoir County, N. C.
-BOND SALE.
-The $15,000 of
Memphis, jointly as 5s, at a price of 100.015-V. 139. p. 1121-it is stated
street widening and improvement bonds approved by the Local
Governare due $5,000 annually from Oct. 1 1939 to 1944, incl., giving a basis of
ment Commission in June
-V. 138, p. 4165
-are said
about 3.495%. Prin. and int. payable at the Chemical Bank & Trust Co.
chased recently by the Branch Banking & Trust Co. ofto have been purKinston.
In New York City.
LAKE COUNTY (P. 0. Polson), Mont.
-BOND OFFERING.
-It is
LUCAS COUNTY (P. 0. Toledo), °Mo.-OTHER BIDS.
announced by G. A. Lensman, Chairman of the Board of County Com-In connection with the award on Aug. 13 of $418,000 poor relief bonds to Stranamissioners, that the said Board will offer for sale at 10 a. in. on Sept.
han, Harris & Co., Inc., of Toledo, and associates, as 4s for a premium of
a $25,000 issue of court house construction bonds and a $5,000 issue 10
of
$1,421.20, equal to 100.34, a basis of about 3.87%-V. 139. p. 1121
county jail building bonds. Interest rate not to exceed
-we
6%, payable
learn thatin other bids were received;
ddat.
A. & 0. Amortization bonds will be the first choice and serial
the following
Rate.
bonds
be the second choice of said Board. If amortization bonds are sold will
and
Premium.
issued,either for court house building bonds or jail building bonds,the
Otis& Co., McDonald-Callahan-Richards Co.,Hayentire
issue of either may be put in one single bond or divided into several bonds,
den, Miller & Co.and Ryan,Sutherland & do
4%
$419.00
as the purchaser and said Board may determine upon at the time of
Mitchell, Herrick &Co. Merrill, Hawley & Co.,
sale,
both principal and interest to be payable semi-annually during the
Johnson, Kase & Co., Aasel, Goetz & Moerlein,
'
period
20 years from the dtae of issue. If serial bonds are Issued and sold, of
Inc., Seasongood & Mayer and Fox,Einhorn & 00.4 %
they
1,786.00
will be in the amount of $250 each, both the court house building
bonds and
jail building bonds: $1,250 of said court house building bonds shall
LYNCHBURG, Campbell County, Va.-HIGH BID.
-We are informed by the Reconstruction Finance Corporation that the highest bid
due and payable on Oct. 1 1935 and a like amount on the same become
received on Aug. 20 for the purchase of the 3160,000 4% general obligation
year thereafter until all ofsuch bonds are paid; $250 of the said jailday each
water supply bonds offered at that time
bonds, if issued on the serial plan, shall become due and payable building
-V. 139, P. 968
-was a tender of
1935 and a like amount on the same day each year thereafter on Oct. 1
106.05, submitted by Blyth & Co. of New York. The award was deuntil all of
such bonds are paid.
ferred.
Said bonds, whether amortization or serial bonds, shall bear
It was announced by the Corporation on Aug. 21 that the said bonds
date of
Oct. 1 1934 and will be redeemable in full five years
were awarded to the above bidder at that price. giving a basis of about
any payment due date thereafter, prior to maturity. from date of issue on
3.57%. Due on Nov. 1 as follows: $10,000, 1950; $20,000, 1951 to 1957.
The said bonds will be sold for not less than the par value with
and $10,000 in 1958.
accrued
interest to date of delivery, and all bidders must state the
lowest
LYNDHURST TOWNSHIP, Bergen County, N. J.
interest at which they will purchase the bonds at par. The Board rate of
-BOND REFUNDING APPROVED.
reserves
-The Board of Commissioners passed on second
the right to reject any and all bids and to sell the bonds at
private sale.
and final reading on Aug. 6 an ordinance authorizing adoption of the bond
All bids, other than by or on behalf of the Board of Land Commissioner
s of
refunding program prepared by Louis M. Favier, Director of the Departthe State of Montana,for court house building bonds must be
ment of Revenue and Finance. The plan calls for the issuance of
by a certified check in the sum of $2,500, and all bids other accompanied
than by or on
169,027 refunding bonds.
-V. 139. P. 634. The details were given in $3.behalf of the Board of Land Commissioners of the State
the
of Montana, for
Jersey "Observer" of Aug. 7 as follows;
jail building bonds must be accompanied by a certified check
in the sum
'The plan provides for three-fourths of the township's indebtedness
of $500.
being extended over a period of 45 years. The objectors maintained that
the ordinance was in no way assi.ting in reducing the township's debts and
LAKE MOHEGAN FIRE DISTRICT (Westchester County),
N. Y.
was "only creating additional burdens which
BOND SALE.
have to be met by the
-The $7.000 coupon or registered fire department apparatus
Present younger population of the community.
purchase bonds offered on Aug. 23-V. 139, p. 1121-were
"Explaining his plan last night Commissioner Favier pointed out that a
4.905 to the Mahopac National Bank of Mahopac, at par plusawarded as
a premium
large number of bonds 'which make up a considerable portion of our
of $7,equal to 100.10, a basis of about 4.88%. Dated Aug.
1 1934 and due
ndebtedness'fall due this year and next year. We are are not in a position
$1,000 on Aug. 1 from 1936 to 1042 incl.
to pay them. They must be renewed at the old rate of interest.
"The refunding plan which has the approval of State authorities and has
LAKE PLACID, Essex County, N. Y.
-BOND SALE.
been carefully investigated by financial experts at no cost to the township,
coupon or registered Saranac Avenue improvement bonds -The $28,500
provides for these bonds as well as a number which fall due in five years,
21-V. 139, p. 1121-were awarded as 4.408 to Phelps, offered on Aug.
Fenn & Co. of
being extended over a period of 45 years at considerably lower interest rate.
New York, at par plus a premium of $99.75, equal to
"It is my honest belief that a saving of approximately $400,000 a year
about 4.36%. Dated April 1 1934 and due $1,500 on 100.35, a bast of
April 1 from 1935
interest charges can be effected under this new plan.
to 1953, inclusive. Other bids were as follows:
"According to Natt C. Gilbert, former president of the Taxpayers'
BidderInt. Rate.
Association, 'Lyndhurst can only solve its financial problem by reducing
Premium.
Manufacturers & Traders Trust Co
4.40
the indebtedness. This will never be accomplished if we adopted Com$50.16
Marine Trust Co
missioner Favier's plan.
$76..6 6
16
Rutter & Co
4.60
"Should the occasion arise, Commissioner Favier explained to Mr.
George B. Gibbons & Co Inc
4.40 o
Gilbert, that the township will be in a position to pay off a part of the
4
5°
72
bonds, provision has been made in the Man that all bonds are callable,
LARAMIE, Albany County, Wyo.-BOND SALE.
'or to make myself clear,' Favier said, 'we can pay them off anytime we
-It
a $75,000 issue of 4% serial refunding bonds was purchased is reported that
wish.'"
recently by the
Albany National Bank of Laramie.
The Board of Commissioners on Aug. 20 appointed M. M.Freeman &
Co. of Philadelphia to handle the details of the refinancing plan. This was
LAUREL, Sussex County, Del.
-BOND SALE.
-The Peoples Nadone on the recommendation of Commissioner Favier,
tional Bank of Laurel recently purchased an issue of
$7,500 4 % water
system bonds, due serially from 1949 to 1964. inclusive.
-LOAN OFFERING.
LYNN, Essex County, Mass.
-F. A. Turnbull,
LAWRENCE, Essex County, Mass.
-BOND SALE.
City Treasurer, will receive sealed bids until 11 a. m.(Daylight Saving Time)
-Tyler, Buttrick
& Co. of Boston recently purchased an issue of $99,000
on August 28 for the purchase at discount basis of a $300,000 revenue
33 % infirmary
and heating plant bonds. Dated Sept. 1 1934. Due Sept.
anticipation loan, dated Aug. 28 1934 and payable $100,000 each on Nov.22
$5,000 from 1935 to 1953, incl. and 34,000 in 1954.Principal 1 as follows:
Dec. 14 and Dec. 20 1934. DenOnliii. 825,000, 310,000 and 35.000. Legality
and
(M.& S.) payable at the Second National Bank,Boston. Legality interest
approved by Storey, Thorndike, Palmer & Dodge of Boston.
approved
by Ropes, Gray, Boyden & Perkins of Boston.
MADISON, Dane County, Wis.-BOND OFFERINO.-Sealed bids
LIMA, Allen County, Ohio.
-BOND OFFERING.
-Clyde
were received until noon on Aug. 25 by the City Clerk for the purchase of a
Auditor, will receive sealed bids until 12 m.on Sept. 10 for theWelty, City
purchase of
$208,500 issue of refunding bonds. These bonds were authorized by the
$52,000 6% bonds, divided as follows:
City Council on Aug. 10-V.139, p. 966. Since these are refunding bonds,
$31.000 fifth series sewage disposal bonds. Due Oct. 1 as follows:
the issuance of such refunding bonds must be simultaneous with the retire$4,000
In 1936 and $3,000 from 1937 to 1945, incl. A certified
ment of the original bonds being refunded. This issue of bonds will be
check for
$310 is required. A. & 0. interest payments.
dated Oct. 1 1934. The mechanics of the refunding will be as follows:
21,000 poor relief bonds. Due Sept. I as follows: $11,000 in
The purchaser will deposit to the credit of the City of Madison amounts of
$10,000 in 1937. A certified check for $210 is required. 1936 and
money equal to the refunding requirements, plus accrued interestfrom Oct.1
M.& S.
interest payments.
1934. At the time of such deposit the City of Madison will deliver to the
Each issue is dated Aug. 1 1934. Denom.$1,000, or any multiple
purchaser a portion of the refunding bonds equal to the principal amount
thereof
as requested by the purchaser. Principal and semi-annual
ofsuch deposit. The dates and amounts ofsuch deposits will be as follows:
interest are
Oct. 1 1934. 881,000; Nov. 1 1934. 316,500; Dec. 1 1934, $96,000:
Fund Trustees. Bids for
Egr enTert sthatoffraL ftrShanng expressed in a multiple the bonds to
al ae t e a ic oO e ti
1934, $10,000; Dec. 31 1934, $5,000. These bonds will be sold at Dec. 15
6%,
not less
of 31 of 1%,
will also be considered. Checks to be payable to the order of
than par and the City of Madison will reserve the right to call such bonds at
the City
Treasurer. Legality of bonds to be approved by Peck, Shaffer &
par plus accrued interest, at any time on or after three years from the date
Williams
of Cincinnati.
of issuance. The City invites 131ds on the basis of its right to call such
bonds at any time on or after five years from the date of issuance in addiLITTLETON, Grafton County, N. H.
-BOND SALE.
-The $118,000
tion to the above stipulated three-year option. So far as the maturity of
4% general obligation bonds offered at public sale by the
the refunding bonds is concerned, the same will mature ten years from the
Reconstruction
Finance Corporation on Aug. 20-V. 139, p. 968
-were awarded to E. H.
date of issuance. Interest will be paid semi-annually. These bonds will
Rollins & Sons of Boston, as follows:
be issued subject to the approving opinion of Chapman & Cutler,
$60.000 at a price of 104.09, a basis of about 3.37%.
Due $4.000 on
Feb. 1 from 1935 to 1949, inclusive.
MANASQUAN, Monmouth County, N. J.
-BOND OFFERING.
31,000 at a price of 103.92, a basis of about 3.40%. Due
Annie B. Appleget, Borough Clerk, will receive sealed bids until
follows: 32.000from 1935 to 1949,inclusive, and $1,000April 1 as
(Daylight Saving Time) on Sept. 4. for the purchase of 342,000 6%8 P. le•
in 1950.
coupon
21,000 at a price of 103.82. Due $1,000 annually.
registered refunding bonds. Dated Oct. 1 1934. Denom. $1.000. Due
or
6.000 at a price of 102.02, a basis of about 3.38%. Due Feb. 1 as
Oct. 1 as follows: $4,000 from 1935 to 1943, incl. and $6,000 in 1944.
$1.000 from 1935 to 1937, inclusive, and $500 from 1938 follows:
Principal and interest (A. & 0.) payable in lawful money of the United
to 1943,
inclusive.
States. A certified check for 2% of the bonds bid for, payable to the order
The bonds were originally purchased by the Public
of the Borough Collector, must accompany each proposal.
Works Administration. They have been approved as to legality by Ropes,
Gray, Boyden
& Perkins of Boston.
MANGUM SCHOOL DISTRICT NO. 1 (P. 0. Mangum), Greer
LINCOLN, Lancaster County, Neb.-BOND
County, Okla.
-BOND SALE DETAILS.
-The $86,000 issue of6% fund-The $100,000
issue of refunding bonds that was offered for saleSALE.
ing bonds that was purchased by the First National Bank & Trust Co. of
on Aug. 18-V. 139,
F. 1121-was awarded to the Continental National Bank of
Oklahoma City
-was sold at par plus accrued interest and
-V. 139, p. 966
Lincoln,
paying a premium of $165. equal to 100.165, a basis
costs. Coupon bonds dated May 31 1934. Due from May 1 1937 to
the bonds divided as follows: $50,000 as 234s, maturingof about 2.75%, on
1957, inclusive.
$10.000 from Aug. I
1935 to 1939, and $50,000 as 35. maturing $10,000 from Aug, 1 1040 to
1944.inclusive.
MARCELINE, Linn County, Mo.-BONDS VOTED.
-At an election
held recently the voters approved the issuance of $70,000 in water supply
LORAIN, Lorain County, Ohio.
-BOND SALE.
-The $6,500 coupon
extension bonds by a count of 693 to 328.
fire department apparatus purchase bonds offered on Aug.
p. 966
-were awarded as 55 to the Lorain Banking Co. of 16-V. 139.
MARION, Smyth County, Va.-BOND ELECTION.
-It Is stated that
plus a premium of $40. equal to 100.61, a basis of about Lorain at par
4.77%. Dated
a special election will be held on Sept. 11 to vote on the issuance of 350,000
Sept. 15 1934 and due Sept. 15 as follows: $2,000 in 1936 and
1937 and
in bonds, to be used as follows: 325.000 for water system improvements
$2,500 in 1938. Other bids were as follows:
and $25,000 for a new municipal building.
Volume 139
Financial Chronicle
1275
a wide margin
have approved the issuance of$92,458.49 in funding bonds by
Ind.-ASSBSSED VALUAMARION COUNTY (P.O.Indianapolis), the assessed valuation for
at a recent election.
-A decrease of $6,555,195 in
TION LOWER.
Yakima County,
on
present year, was revealed
MOXEE SCHOOL DISTRICT (P. 0. Yakima), July 11 the voters
1935, as compared with the figure for the Auditor, announced the totals
-At an election held on
-BONDS DEFEATED.
Wash.
Aug. 13, when Charles A. Grossart, County assessed valuation of property
issuance of 835.000 in high school
The total of
in each of the nine townships. has been fixed at $592,108,805. The de- are said to have rejected the proposed
building bonds.
for taxation purposes in 193.1
a drop of $4,500,000 in the
to
-Lester E.
-NOTE OFFERING.
crease from the previous total is attributed set by the State Tax Board;
MUNCIE, Delaware County, Ind.
until 10 a. m. on Aug.
sealed
valuation of utility company property as personal property valuations
Holloway, City Comptroller, will receive or timebids
individual
The first three
decrease of about $1,000,000 in the
27 for the purchase of $18,000 6% notes $3,000. warrants. 31 1934. Paydecline of about 81,000,000 in
Due Dec.
as fixed by the Township assessors and a
notes will be for $5,000 each, and one for
s as fixed by the County
at the Muncie Banking
the personalty valuations of domestic corporation various Townships for
able at the Merchants National Bank, Muncie, or
for the
for, payable to
Board of Review. The assessed valuations
to $430.Muncie. A certified check for 2X % of the notes bid
Co.,
40, as compared
must accompany each proposal.
and 1934 are as follows: Center, $426,206,4 to $8,637.030; Franklin,
1935
the order of the City Treasurer,
$8,807,785 compared
957,640 this year; Decatur,
-PROPOSED
Ind.
compared to $5,881.150;
MUNCIE SCHOOL CITY, Delaware County, intention of the
$5.946,700. and $6,094,290; Lawrence, $5,835,030.
the
$4,028,540 and $4,003.940;
-Public notice has been made ofbonds. Dated Oct. 1
BOND ISSUE.
Perry, 812,773,540, and $12,548,740; Pike.
434% funding
Washington. $69,967.660, and $71.Board of Trustees to issue $15,000
Warren, $24,134,090 and $24.576,800;
payable in J. & J.
$4,332,180.
1934. Denom. $1,000. Due Jan. 1 1946. Interest are allowed 15 days
632,230, and Wayne, $34,409,020, compared to
Taxpayers seeking to prevent issuance of the bonds
T NO. 50 (P. 0. Pratum),
MARION COUNTY SCHOOL DISTRICsemi-ann. refunding bonds is
in which to file objections.
-A $2,000 issue of 6%
-BOND SALE.
Ore.
-BOND SALE POSTof Oregon. Due in
NASHVILLE, Davidson County, Tenn. various issues of bonds,
said to have been purchased recently by the State
-It is now reported that the sale of the
PONED.
1936 and 1937.
been postponed from Aug.7 to Aug. 24,
aggregating $543,000, which had
description of
-The Mercantile Trust Co.
-BOND SALE.
MARYLAND (State of).
has again been postponed, this time to Sept. 11. A complete
4% special obligaof Baltimore was the successful bidder for the $930,000
these bonds was given in V. 139. p. 967.
at public sale by the Recon-Reginald
tion State Roads Commission bonds offered
-BOND OFFERING.
968. Award was
NEWARK, Essex County, N. J.
struction Finance Corporation on Aug. 20-V. 139,_p. Feb. 1 as follows:
Finance, will receive
Due
Parnell, Director of the Department of Revenue and Sept. 6,for the purmade at a price of 102.304, a basis of about 3.19%. and $247,000 in1939.
(Daylight Saving Time) on
sealed bids until 1 p. m.
$219,000 1936; $227.000, 1937; $237,000, 1938,Baltimore. The bonds
divided as follows;
chase of 86.225.0004% coupon or registered bonds, 1 as follows: $50,C0O
Legalopinion of Marbury, Gosnell & Williams,
Aug.
tion.
$2,000,000 series A street opening bonds. Due from 1939 to 1962, incl.
were or4inally purchased by the Public Works Administra
and 875,000
from 1935 to 1938, incl.
-An
Aug. 1 as follows: 850.000
-TEMPORARY LOAN.
METHUEN, Essex County, Mass.
1,600,000 series B street opening bonds. Due from 1952 to 1961, incl.
Aug. 21 to the
awarded
from 193510 1951, incl. and $75,000
issue of $75,000 tax anticipation notes was due June on 1935, at 1.75%
18
follows: $20,000 from 1935 to
1,000,000 water bonds. Due Aug. 1 as
Second National Bank as follows: $50.000,
inclusive.
Other bidders
1948, incl. and $30.000from 1949 to 1972,
discount basis, and $25,000. due Dec. 22 1934, at 1.15%. & Co., 1.48%
from 1935 to
Gade
742,000 sewer bonds. Due Aug. 1 as follows: $20,000
were: W. 0. Gay & Co., 1.19% and 1.81%; Faxon,
1971, incl. and $2,000 in 1972.
and 2.48%, and First National Bank, 1.50 and 2.60%.
from 1935
paving bonds. Due Aug. 1 as follows: $20,000
383,000 street
-The $150,-BOND SALE.
MERCER COUNTY (P. 0. Mercer), Pa.
to 1952, incl. and $23,000 in 1953.
-were awarded as
as follows: $10.000
public improvement bonds. Due Aug. 1 1944 to 1954, incl.
000 coupon bonds offered on Aug. 20-V. 139, P. 966 a price of 101, a
255,000
from 1935 to 1943, incl. and 815.000 from as follows: 310,000
3s to Singer, Deane & Scribner, Inc. of Pittsburgh, at
basis of about 3.41%. The sale consisted of:
245,000 Port Newark impt. bonds. Due Aug. 1 1944 to 1974 incl.
1935 to 1964 incl.
8120.000 bridge bonds. Due $4,000 on Aug. 15 from 1935 to 1964 incl.
from 1935 to 1943 incl. and $4,000 from
$1,000. Bids
15 from
30,000 road bonds. Due $1,000 on Aug.Rollins & Sons of Philadelphia
All of the bonds will be dated Aug. 1 1934. Denom. multiple of 3.
in a
Each issue is dated Aug. 15 1934. E. 11.
based on an interest rate other than 4%, expressedA.) payable in la
and int. (F. &
with an offer of 101.79 for ”is.
were second high bidders
of 1%, will also be considered. Prin.
Newark. Bonds
money of the United States at the National State Bank,
-D. D.
for 2%
MIAMI COUNTY (P. 0. Troy), Ohlo.-BOND OFFERING. Sept. 7
are authorized by Chapter 60, Laws of 1934. A certified check official,
will receive sealed bids until 10 a. m. on 1 1934.
of the above-mentioned
Kessler, County Auditor,
of the bonds bid for, payable to the order
Reed, Hoyt
for the purchase of $37.750 6% poor relief bonds. 1 Dated bept, Sept. 1
must accompany each proposal. The approving opinion of bidder.
and $12,600
Various denoms. Due as follows: $12.200 March
& Washburn of New York will be furnished the successful
in M. & S. A
PRIVATELY.
1937, and $12,950 March 1 1938. Interest is payable
order of the
ADDITIONAL $6,000,000 BONDS TO BE PLACED as follows;
certified check for 5% of the bonds bid for payable to the be delivered
In connection with the proposed sale, it is announced impt. bonds, and
Auditor, must accompany each proposal. Bonds will
County
of
Simultaneously with the public sale of $6,225,000
& Co.,
to the purchaser immediately upon approval of transcript.
as part of the general financial plan on which Norman S. Taber
n, an additional
),
have been working under Director Parnell's supervisio banking instituMIFFLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Homeville
-The issue of 890,000 coupon
SALE.
of serial funding bonds will be placed with
$6,000,000
--BOND
Allegheny County, Pa.
providing
bonds mentioned -V.139,
tions in exchange for tax notes now held, under an agreement for resale
(registerable as to principal) operating expenseawarded to Leach in
bonds
Bros, Inc.
that such institutions will not offer the serial funding of impt. bonds.
-was offered for sale on Aug. 20 and
P. 1122
of about 4.83%. Dated
date of offering of the $6,225,000 exchanged for
within 90 days of the
of Philadelphia, as 5s, at a price of 100.80, a basis to 1944 incl.
The $6,000,000 of serial funding bonds which are to be
Sept. 1 1934 and due $9,000 on Sept. 1 from 1935
of the New
tax notes are being! ssued under the authority of Chapter 60may fund its
y
0. Howard), S. Dak.-BOND OFFERING.
MINER COUNTY P.
Jersey 1934 Pamphlet Laws, which provide that a municipalit any municithat
Sept. 5 by Leo Fjellestad,
provides
Sealed bids will be received until 2 p. m. on
current floating indebtedness. Chapter 60 further up its annual budgets on
or
County Auditor, for the purchase of a $70,000 issue of 4% coupon on
pality issuing such bonds must thereafter make
Due
outstanding.
registered court house construction bonds. Dated Aug. 15 1934. all incl.
a cash basis, as long as any of the bonds so issued remain
privately with
to 1954,
Aug. 15 as follows: $3,000, 1935 to 1944 and $4,000, 1945 office, or at such
Because part or all of the serial funding bonds to be placed delivery of the
g before the date of
and in (F. & A.) payable at the County Treasurer's bonds shall be
Prin.
banking institutions will be outstandin
latter issues will
place as may be designated or required by purchaser. Said
publicly offered improvement issues, purchasers of the
any interest
the funding
redeemable at the option of the bidder on Aug. 15 1935, or on premium of
be protected by the cash budget requirements under which
plus accrued interest, plus a
payment date thereafter, at par,
bonds are issued.
in the notice
date of redemption to the
X of 1% for each year or fraction thereof from the
The financial statement of the City of Newark. as includedimprovement
time of final maturity.
of sale, after giving effect to the issuance of the various
V. 139, p. 1122.)
temporary obliga(These are the bonds that were briefly described in
issues, shows total bonded debt of 8114,593,700 and ss a $128,492,200
tions of $13,898,500, indicating a total gross indebtedne $45,778,197.66.
-CERTIFICATE OFFERMINNESOTA, STATE OF (P. 0. St. Paul).
Deductions of
10 a. m. on
in the form of negotiable obligations.
that sealed bids will be received untilRural Credit,
other dedutcible
-It is
ING.
t of
represented by water bonds, sinking funds on hand and assessed valuaAug. 27, by T. H. Arens. Conservator of the Departmen Due in 6 months.
ss.
items, leaves a net bonded debt of $82.714,002.34. The
for the purchase of $840,000 certificates of indebtedne
place of the 88,000,000
tion of real and personal property is $884,807,885. actual cash receipts
It is said that these certificates are being issued in
Estimated cash receipts for the full year 1934 and
which were held invalid last April.
for the first seven months of the year compare as follows;
interest rate is to be named by the
Acme.
We were later informed that the
Estimated
Collections
bidder. Dated Sept. 1 1934 and payable on March 1 1935.
Collections
Jan. 1 to Dec. 1. Jan. 1 to July 31.
-BOND ISSUANCE
Jefferson City).
MISSOURI, State of (P. 0.
$14,047.492.44
$19,973,755.76
Current taxes
-The following report is taken from a Jefferson City
3,730,588.31
CONTEMPLATED.
4.575,415.21
Miscellaneous and surplus revenues
dispatch to the "Wall Street Journal" of Aug. 20:
6,893.711.40
8.540,988.96
will meet this week to arrange
Delinquent taxes
The State Board of Fund Commissioners
for
for the sale of $10,000,000 bond issue voted May 15 at a special election
$24,671,792.15
$33.090,159.93
Coupon rate, maturity dates and other
Totals
rehabilitation of State institutions.
details will be decided upon.
-SEEKS PAYMENT OF 84,000,000
NEWARK, Essex County, N. J.
"The board also will determine whether all or part of the authorized
-The initial step in the drive to collect $4,000,000
PERSONAL TAXES.
nine deputy
amount will be marketed at this time.
in delinquent personal property taxes occurred on Aug.20,when
ns in the
"Missouri's most recent sale occurred late in June, when Chase National
tax collectors invaded tne offices of 92 individuals and corporatio notices
g, posted
$5,000,000 road 3s at 101.169. This was
Bank and its associates bought
Lefcourt Building, and, when payment was not forthcomin bftn attached
the lowest coupon ever placed on a Missouri issue. Sale of that block
office property of the occupant had in five days.
to the effect that the
brought to $70,000,000 the amount outstanding of $75,000,000 highway
and would be sold at public auction unless the tax was paid
bonds voted in 1929.
The first day's collections amounted to $1.000, it is said.
"Missouri bonds outstanding, including the most recent issue, total
-Sealed bids
-BOND OFFERING.
NEWBERG,Yamhill County, Ore.
3117.680.000, consisting mainly of road bonds. The total taxable valuaM. Ryan. City
.389."
will be received until 7:30 p. m. on Sept. 4, by Charlesbonds. Interest
tion of the State for 1933 was reported as $3,909,115
water
It is stated that New York bond houses were later informed that the
Recorder, for the purchase of a $17,500 issue of $500. Dated Aug. 1
for another
rate is not to exceed 5%, payable F. & A. Denom.
sale of the above bonds probably will not be held out in blocksmonth or
1936 to 1938 and
of about
so, and that the bonds when marketed will be put
1934. Due on Aug. 1 as follows: $4,000. 1935; $3,000, office of the City
at the
.
$2,000,000
$2.000 in 1939 and 1940. Prin. and int. payable value of the bonds must
Treasurer. A certified check for 2% of the par
MOBERLY, Randolph County, Mo.-FEDERAL FUND ALLOTaccompany the bid.
-We are informed that the Public Works AdminisMENT RESCINDED.
-BOND OFFERwas restration allotment of $700.000 for a power and light plant project the loan
NEWBURY TOWNSHIP (P. 0. Newbury), Ohio.
sealed
ING -Jay S. Gould, Clerk of the Board of Trustees, will receive bonds.
cinded because the election held on the issuance of bonds to secure
-V. 139, p. 804.
portion of the allotment failed to carry.
bids until 12 no. on Sept.5for the purchase of$3,497.306% refunding $350
1 as follows: $347.30 in 1936 and and
Dated Aug. 1 1934. Due Oct.
-An election
MONDOVI, Buffalo County, Wis.-BOND ELECTION.
interest on
from 1937 to 1945, incl. Callable at par and accruedrefunded mature
in
is said to have been held on Aug. 23 to vote on the issuance of $10,000
after five years from date of issue. The bonds to be
4X % semi-annual public building bonds.
to the order of the Board
Oct. 11934. A certified check for $75, payable
-We are informed
of Trustees, must accompany each proposal.
MONTANA, State of (P. 0. Helena).-HIOH BID.
highest bid received
-The
-BOND SALE.
by the Reconstruction Finance Corporation that theanticipation highway
NEW CANAAN, Fairfield County, Conn.
1122
on Aug. 20 for the purchase of the $1,140,000 4% 968
$66,000 coupon sewer bonds offered on August 22-V. 139, p. price of
-was an offer of
-V. 139, p.
treasury debentures offered at that time
were awarded as 3s to Kean, Taylor & Co. of New York, at a R. L.
'the award was deferred.
101.175, tendered by Boettcher & Co. of Denver.
An identical offer was made by
101.11, a basis of about 3.09%.
It was stated by the Corporation on Aug. 21 that the said bonds were
Day & Co. of Boston, but later withdrawn. The bonds are dated June 1
a basis of
awarded to the sole bidder named above at that price, giving
1934 and mature June 1 as follows: $5,000 from 1936 to 1947 incl. and
about 3.62%. Due on Dec. 31 1937, 1938 and 1939.
$6.000 in 1948. Other bids for 3% bonds were as follows:
m
Raie Bid.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
Bidder
subscription at prices to yield 3.00% on
offered the above bonds for public
F. L. Putnam & Co
on the 1939 maturities.
100.86
F. S. Moseley & Co
the 1937 maturity; 3.25% on the 1938, and 3.50%
100.63
Lincoln R. Young & Co
MONTEZUMA CONSOLIDATED SCHOOL DISTRICT (P. 0.
100.54
Coburn & Middlebrook. Hartford
-BOND REFUNDING DEMontezuma), Poweshiek County, Iowa.
100.44
Beach & Co., Hartford
Goodwin
-In connection with the report given in V. 139, p. 966, that the
TAILS.
-BOND SALE.-Blyth & Co..
NEWTON, Middlesex County, Mass.
district was calling for payment on Sept. 1 a total of $99,000 4% building
Inc. of Boston were awarded on August 23 an issue of $50,000 coupon
bonds, we are now informed that these bonds are being refunded at the
street improvement bonds as 2Xs, at a price of 100.272, a basis of about
of 3 %•
rate
1 from
2.20%. Dated Aug. 1 1934. Denom. $1,000. Due $5,000 on Aug.
MONTVILLE TOWNSHIP (P. 0. Montville), Gaaaaa County,
1935 to 1944 incl. Principal and interest payable at the First National
-BOND OFFERING.- Fred Hoffman, Clerk a the Board of TrusOhio.
Boston. Legality approved by Ropes, Gray, Boyden & Perkins
Bank of
purchase of
tees, will receive sealed bids until 12 M. on Sept. 10 for the 1 as follows:
of Boston. Other bidders were: (for 23.$) Whiting, Weeks & Knowles,
Oct.
$3,200 6% refunding bonds. Dated Aug. 11934. Due is payable semi100.22; Newton, Abbe & Co., 100.215; Burr & Co., 100.181; Tyler, Buttrick
Interest
Perry
8200 in 1937 and $300 from 1938 to 1947 incl. at a rate other than 6%.
& Co., 100.171: F. S. Moseley & Co.. 100.07 and Arthur Boston & Co.,
Corp.
annually. Bids for the bonds to bear interest
100.06: (for 2Xs) Kidder, Peabody & Co., 101.027; First
be considered. A certified
expressed in a multiple of X of 1%, will also of
H. Rollins & Sons, 100.801; R. L. Day & Co., 100.78 and
100.826: E.
Trustees, must accomfor $65, payable to the order of the Board
check
Lee, Higginson Corp.. 100.58.
pany each proposal.
-TEMPORARY LOAN.
NEWTON, Middlesex County, Mass.
an issue
MOUNTAIN IRON SCHOOL DISTRICT (P. 0. Mountain Iron),
Whiting. Weeks & Knowles of Boston were awarded on Aug. 22
-The voters are reported to
-BONDS VOTED.
Louis County, Minn.
St.
1276
Financial Chronicle
Aug. 25 1934
of $300,000 revenue anticipation notes at 0.4725% discount
basis. Due
held on Aug. 14. Of the votes cast,
May 1 1935.
were opposed. What course the city389 favored the measure while 294
NEW YORK,N.Y.
It may fall back on the $131,000 Publicwill pursue now is problematical.
-RECEIVES$963,000PWAFUNDS.-Comptroller
Works Administration loan which
Joseph D. McGoldrick announced on Aug. 20 receipt
has not been definitely turned down, or the bond
of $963,000 in Public
Works Administration funds as loans and
mitted to the voters at the September primary issue may be again subIt is expected
$27,990,000 worth of public projects. This grants for the initial work on
that an injunction suit against the city, startedelection. months ago
marked the second payment of
several
by
funds to the city by the PWA within toe past
residents along the river and dropped after it was decided
week. the Comptroller said,
to call the special
adding that a steady flow of such funds is expected in
election, will be revived.
order to finance the
projects that have been decided upon by the Board
of Estimate and approved by the PWA. Of the $963,000
OXFORD, Granville County, N. C.
-REFUNDING PLAN PRESENTED.
the first instalment on a loan and grant currently received, $395000 was
-This town is asking the holders of its bonds maturing between
of
Jan. 1 1934 and July 1 1937 incl. to accept in exchange refunding bonds
the Independent Subway System; $280,000 $23,160,000 for completion of
at
represented the initial advance
the same rate, but with longer maturities. Refunding bonds
on the total of $3,830,000 to be used in the constructi
will be
on of the Tuberculosis
due in 1948. The total involved is reported to be
Pavilion in Bellevue Hospital. while the balance
about $95,000. The
of $288,000 was the first
executive committee of the Local Government Commission is said to
Instalment of the loan and grant of $1,000,00
0 for the completion of City
have approved the refunding plan.
Water Tunnel No. 2.
Under the provisions of a bill signed this week by Governor
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.
Lehman.the
city is permitted to issue serial bonds as security
-BOND
PURCHASE OFFER.
for funds obtained as
-Sealed offerings will
loans from the PWA.
of Administration until noon on Sept. 5, at be received by the State Board
the Governor's office in Talla$58.000,000 BOND SALE COMPLETED.
-The final step in the complehassee. of road, bridge or highway bonds and-or certificates of indebtedne
tion of the recent sale by the city of$58,000.0 bonds
ss,
due 1940 or prior, of the above County.
to the Chase National
Bank of New York and associates was taken00
Fund Commiss'on authorized the purchase on Aug. 20. when the Sinking
PASADENA, Harris County, Tex.
of $36,000,000 3% city bonds,
-BOND SALE.
dated July! 1934 and due from 1950 to 1982,incl. The
of water and sewer extension bonds offered for sale on -The $30,500 issue
sale of $58.000,000
Aug. 15-V. 139. ro•
bonds by the city included $36,000,000 4s which
480
-was purchased by the Public Works Administration. as
had been taken from the
sinking fund. The exchange served to reduce
45 at Par.
average maturity on the
the
entire $58,000,000 bonds and made possible their sale
PASCO COUNTY (P. 0. Dade City) Fla.
to the
-BOND PURCHASE
3.80% interest cost basis, instead of 4.03% as originally bankers at a
OFFER.
-Sealed offerings will be received until noon on Sept. 4, by the
contemplated.
V. 139, p. 479.
Board of County Commissioners, of county road refunding 'bonds. dated
Oct. 1 1932, of the following issues: Pasco County road and bridge refunding
SAVING IN INTEREST CHARGES.
-A saving of $160,000 in interest
bonds; Highlands Special Road and Bridge District refunding bonds, and
charges was effected by the city through the redemptio
n on Aug. 22 of
Special Road and Bridge District No. 1 refunding bonds.
the $58,500,000 5% special corporate stock notes
formally until Sept. 11. Advance payment of the which did not mature
PEABODY, Essex County, Mass.
notes
-LOAN BIDS REJECTED.
through the sale last month of $72,000,000 bonds and was made possible
P.M. Cahill, City Treasurer, states that the bids submitted for the $200,000
notes.
revenue anticipation notes offered on Aug. 22 were rejected. Faxon,
NILES,Trumbull County, Ohio.-BONDSALE.-The issue
of$4,000
(lade & Co. of Boston named a rate of 2.28%, while the First National
park system improvement bonds for which no bids were
obtained on Aug.
Bank of Boston bid 2.34%. The notes are dated Aug. 22 1934 and mature
-V. 139. p. 967
-was sold later as 4s, at a
Memorial Hospital Association. Dated Aug. 1price of par, to the Niles
$100.000 each on March 29 and April 24 1935.
1934. and due $1,000 on
Oct. 1 from 1936 to 1939 incl.
PHELPS, Ontario County, N. Y.
-BOND OFFERING.
-P. V. Keefe,
Village Clerk, will receive sealed bids until 3
NORTHBOROUGH, Worcester County, Mass.
-PRICE PAID.
- time) on Aug. 31 for the purchase of $21,000 p. m. (Eastern standard
Brown Harriman & Co. and F. L. Putman & Co., both
5%,, coupon or registered
of Boston. which
water works impt. bonds. Dated Oct. 1 1934. Denom. $1,000. Due
purchased recently an issue of $35,000 431(% coupon water
purification
bonds
-V.139. p. 967
$3,000 on Oct. 1 from 1936 to 1942 incl. Prin, and int.
-paid a price of par for the obligations.
0.) payable
in lawful money of the United States at the National(A. & Bank, New
City
NORTH WALES, Montgomery County, Pa.
-BONDS APPROVED.
- York. The bonds are declared to be direct general obligations of the
The Department of Internal Affairs of Pennsylvania on
village, payable from unlimited taxes. A certified check for $500. payable
Aug. 13 approved
an issue of $30,000 funding bonds.
to the order of the village, must accompany each proposal.
NORTH WOOD SPECIAL SCHOOL DISTRICT (P.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 84 (P. 0. Haxtun)
0. Northwood)
Grand Forks County, N. Dak.-BOND OFFERIN
Colo.
-BONDS VOTED.
G.
-At the election held on Aug. 16-V. 139. p.
oral bids will be received at 2 p. m. on Sept. 6 by E. A. -Both sealed and
-the voters approved the issuance of the $42,000
968
Lee, District Clerk,
for the purchase of an $18,000 issue of 4% school bonds.
funding bonds that were sold prior to this election. Duein 434% school reDenom. $1,000.
Due on Dec. 1 as follows: $1,000, 1934: $2,000,
from 1935 to 1954.
1935
In 1953. A certified check for 2% of the bid, payable to 1952 and $3.000
PHILMONT, Columbiana County, N. Y.
-BONDS DEFEATED.
to
District Treasurer, Is required. (A $40,000 issue of 0. H. Halverson,
At an election held on Aug. 6 the voters authorized the issuance of $4,000
school bonds was
offered for sale on Aug. 8-V. 139. P. 805.)
street improvement bonds.
PIERCE COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Tacoma),
NORWOOD, Hamilton County, Ohio.
-BOND SALE.
-The $15,000
Wash.
-BOND SALE.
-The $50,000 issue of coupon school bonds offered
series A-1934 park and playground improvement bonds offered
on Aug. 20
for sale on Aug. 15-V. 139, p. 806
-V. 139, p. 967
-and later postponed to Aug. 18-were awarded as 33s to Seasongood
V. 139, p. 1122
-was sold at that time to Conrad. Bruce & Co. of Seattle
cinnati, at par plus a premium of $18, equal to 100.12,& Mayer of Cina basis of about
as 43's, paying a premium of $132.21, equal to 100.264.
3.48%. Dated April 1 1934 and due $3,000 on Oct. 1 from
1935 to 1939
Incl. An official list of the other bids is as follows:
PIKE COUNTY (P. 0. Waverly), Ohio.
-BOND OFFERING.
BidderPenn, County Auditor, will receive sealed bids until 12 M. on -0. W.
Int. Rate. Premium.
Fox, Einhorn & Co., Cincinnati
for the purchase of $19,700 6% poor relief bonds. Dated Sept.Sept. 17
%
$12.68
1 1934.
Well, Roth & Irving, Cincinnati_
Due as follows: $1,100 March 1 and Sept. 11935:$1,200 March 1
4%
56.00
and
Provident Savings Bank & Trust Co., Cincinnati
1936: $4,900 March 1 and $5,100 Sept. 1 1937 and $5,100 March Sept. 1
3 %
19.50
Seasongood & Mayer, Cincinnati
1 1938
Interest is payable in M. & S. A certified check for $1,000, payable
3
18.00
Asset, Goetz & Moerlein, Cincinnati
the order of the County Commissioners, must accompany each proposal.to
4 o
27.90
First National of Norwood. Norwood
3 %
PIQUA, Miami County, Ohio.
Grau & Co.. Cincinnati
-BOND OFFERING.
-W. J.
4
9
1
4756
Director of Finance, will receive sealed bids until 12 M.(Eastern Baldwin,
Norwood Savings Bank & Trust Co., Norwood
4 o
112.50
Time) on Sept. 7 for the purchase of $165,000 bonds, issued for Standard
Chas. A. Hinch & Co., Inc., Cincinnati
3 %
the purpose
13,13
of paying a portion of the cost of completing the construction of the muniNorwood Hyde Park Bank & Trust Co., Norwood
45:03
01
cipal electric light and power plant. The total includes the $135,000
Otis & Co., Cleveland
4%
4 0
102.00
bonds which were awarded on June 9 to the McDonald-CallahanBOND OFFERING.
-Harry A. Filder, Secretary of Sinking Fund
Co.of Cleveland. at 100.76, a basis of about 3.84%. The sale was Richards
Trustees, will receive sealed bids until 12 m. on Sept. 6 for the
canceled
because of a technicality.
-V. 139. p. 636. The issue of $165,000 bonds
$61,000 coupon or registered bonds, of which there are $15,000 purchase of
will be dated Sept. 15 1934, bear interest of not more than 6% and mature
$12,000 each of storm water sewer, water works and sanitary incinerator'
$11,000 annually on Sept. 15 from 1936 to 1950 incl. Denom. $1,000.
$10,000 incinerator issues. Principal and Interest payable sewer, and
Interest is payable M.& S. 15. The bonds are secured only by a mortgage
National Bank, Norwood. A certified check for 5% of the at the First
on the plant and system and do not constitute a liability of the City,
payable to the order of the trustees, must accompany each bonds bid for,
proposal.
said. Proposals must be accompanied by a certified check for 1% ofit is
OKEMAH, Okfuskee County, Okla.
bonds bid for, payable to the order of the City Treasurer. The City the
-BOND
-It Is
said that an election has been called for Sept. 4 to ELECTION.
furnish free of charge to the successful bidder an approving opinion by will
the
Issuance of $25,000 in bonds for the construction of a vote on the proposed
firm of Squire. Sanders & Dempsey of Cleveland.
lake to provde a new
water supply for the town.
RALEIGH TOWNSHIP SCHOOL DISTRICT (P. 0. Raleigh)
OKLAHOMA CITY, Oklahoma County, Okla.
Wake County, N. C.
-BONDS PUBLICLY OFFERED.
-John Nuveen
-PROPOSED BOND
ISSUE OPPOSED.
-The County Non-Partisan
& Co. of Chicago recently offered for public investment $75,000 5% bonds.
asked the City Council recently to postpone theTaxpayers' Association
dated May 1 1929 and due $25,000 each year on May 1 in 1957. 1958 and
$4,000,000 bond issue to be used in the constructivote on the proposed
1959, at prices to yield 5.25%. Denom. $1,000. Principal and interest
on
plant, the election on which Is scheduled for October of a municipal gas (M. & N.) payable at the Chemical Bank & Trust
2-V. 139. p. 805.
Co., New York City.
It was stated by the Association that such a proposal would
Legality approved by Reed, Hoyt & Washburn of New
not be received
favorably by the voters at this time.
with the offering, the bankers state that the State ofYork. In connection
North Carolina
assumed the cost of operating the District and the only tax levy has
OSKALOOSA, Mahaska County, lowa.-ACTION
necessary is for debt service and a small amount for maintenance now
POWER PLANT.
-The following report is taken from thePOSTPONED ON
and
repair of buildings. Previous; mention of this issue appeared
Chicago "Journal
of Commerce" of Aug. 15:
in V. 139.
P. 4334.
"The city has indefinitely postponed action on the proposed
municipal
Financial Statement.
light and power plant. It is possible that the project may
Estimated true value
1933. Estimated cost of the system was $462,000 and it had be revived in
$53,000,000
Assessed valuation. 1933
been planned
to finance the cost in part with PWA funds. Last February
44.615.464
an election
Total bonded debt
-Feb. 1 1934
on the question of issuing $322,883 in bonds for the plant
2,052,000
resulted in a tie
Less sinking fund
vote. The city contemplates taking bids in about 60 days
$48,229
on
Net debt (4.5%)
disposal plant to cost about $150,000. PWA funds have been a sewage
2,003,771
Population, 1920 census, 28,674: population. 1930 census, 43,182.
allotted for
this project."
Tax Collections.
OSWEGO, Oswego County, N. Y.
-FINANCIAL STATEMENT.
1931-32.
1932-33.
1933-34.
The following is given in connection with the recent sale of
Amount of levy
$130,000
$342,671
$331,795
$223,077
emergency relief bonds to Halsey, Stuart & Co., Inc.. of New 3.90%
Collected to June 18 1934
319,712
York at
278.044
x
100.16, a basis of about 3.87%-V. 139, p. 1122:
Percentage collected. 0
,
x Levy now being collected, with $157,088(70.4%) received to
Financial Statement.
date.
Estimated total collection within year, at least 85%.
Assessed valuation of real estate, including special franchises
_$18,650,276.00
Analysis of Overlapping Debt.
Total bonded debt (Including this issue)
1,732,783.11
Raleigh Township School District
Unfunded debt
-Condemnation judgment
$2,003,771
$101,605.70
City of Raleigh, net debt
Emergency relief notes
3,530,501
83,000.00
Wake County, net debt
Tax anticipation notes
$2,433,852
100,000.00
Proportional share on basis of population
1,115,000
284,605.70
Total overlapping net debt
Grows debt
86.649,272
Per capita overlapping net debt
Deductions
-Water bonds (included in above)--$171,000.00 $2,017,388.81
$154.50
Bonds (other than water bonds) maturing in
RAT LAKE SCHOOL DISTRICT NO. 24(P. 0.
present fiscal year, included in budget
County, N. Dak.-CERTIFICATES NOT SOLD.Stanley), Mountrail
36,000.00
-The $2,000 not to
Tax anticipation notes
exceed '7% certificates of indebtedness offered on Aug. 4-V.
100,000.00
139, p. 636
were not sold as no bids were received. Due on Aug. 4
307,000.00
1936.
RICHMOND COUNTY (P. 0. Augusta), Ga.-HIGH BID.
Net debt
-We are
$1,710,388.81
informed by the Reconstruction Finance Corporation that the highest
bid
Tax Collection Record.
received on Aug. 20 for the purchase of the $250,000 4
% general obligation school bonds offered at that time
1934.
-V. 139, p. 968
1933.
1932.
1931.
106.54, submitted by a group headed by the Robinson--was an otter of
Levy
$785.798.06 $535,900.90 $772.488.50 $702,561.78
Humphrey Co. of
Uncollected at end of
Atlanta. The award was deferred until the 21st.
fiscal year
It was announced by the Corporation on Aug. 21 that
98,446.61 131,869.10 104,180.09
Uncollected as of July 28
were awarded to the above group at that price, giving the said bonds
a basis of about
1934
3.50%. Due from Jan. 1 1935 to 1949 incl.
479,118.78
72,207.63
57,130.78
39.529.49
The charter of the city is Chapter 394 of the Laws of New York
RECONSTRUCTION FINANCE CORPORATION.
of 1895.
-REPORT ON
as amended. The population of the city, according to the Federal
LOANS MADE TO DRAINAGE AND IRRIGAT
Census
-The
of 1930, is 22,652.
following statement was made public by the above ION DISTRICTS.
Corporation on Aug. 10:
The foregoing statement of bonded debt does not include
"Loans for refinancing a drainage district in Florida,
the debt of
district
Oswego County, which is the only other subdivision having power
in South Carolina, two drainage districts in Mississippi, a drainage district
a drainage
taxes upon any or all of the property subject to the taxing power of to levy
in Arkansas, a drainage district in Nebraska, two irrigation districts and
said city.
one conservation and reclamation district in Texas, totaling $1,027,500,
OWOSSO,Shiawassee County, Mich.
-BOND ISSUE DEFEATED.
- have been authorized by the RFC. This makes a total
Failure to obtain the necessary two-thirds majority vote resulted
922,808.46 authorized under the provisions of Section 36 to date of $63.of the $130,000 sewage disposal plant bond proposal at a specialin defeat
of the Emergency
election
Farm Mortgage Act of 1933, as amended."
Volume 139
Financial • Chronicle
The districts are:
$20,500
Fla
Cedar Hammock Drainage
34,000
High Hill Drainage District, Darlington Counti, S.0
Blue Lake Drainage District, Tallahatchie & Sunflower Coun66.000
ties, Miss
Yellow Creek Drainage District, Alcorn & Tishomingo Counties
25.500
Miss
Cache River Drainage District, Craighead, Jackson & Lawrence
134,500
Counties, Ark
102,500
Drainage District No. 1, Lincoln County, Nebraska
Santa Maria Water Control and Improvement District,Cameron
51,000
County No. 4, Tex
01,000
Conservation & Reclamation District No. 1, San Patricio, TexHidalgo County Water Control and Improvement, District
502,500
No.6, Tex
ROCK ISLAND SCHOOL DISTRICT, Rock Island County, Ill.
-The issue of $110,000 3% school buildADDITIONAL INFORMATION.
Harris Trust & Savings
ing construction bonds purchased in June by the
-is dated June 15
Bank of Chicago, at a price of 100.43-V. 138, p. 4167
1934 and due on June 15 1939. Coupon, in $1,000 denoms. Interest
payable in J. Sr D. Interest cost offinancing to the district about 2.90%.
ROSENBERG INDEPENDENT SCHOOL DISTRICT (P. 0. Rosen-In connection
berg) Fort Band County, Tex.-BOND SALE DETAILS.
with the sale of the $8.500 gymnasium building bonds to the State Department of Education-V. 139, p. 150
-it is now reported that the bonds were
sold as 5s and mature serially over a period of 20 years.
IIIIROSS TOWNSHIP (P. 0. Perrysville), Allegheny County, Pa.
BOND ISSUE APPROVED-The Pennsylvania Department of Internal
Affairs on Aug. 14 approved an issue of $10,000 operating expense bonds.
-BONDS CALLED
ST. CLAIR COUNTY (P. 0. Port Huron), Mich.
FOR PAYMENT.
-It is announced that funds will be on deposit with
the County Treasurer to provide for the payment on Sept. 29 1934 of all
refunding bonds issued on Road Districts Nos. 30 to 95 incl., due May 1
1937. Int. will be paid on the bonds up to and incl. Sept. 29. It is
further stated that all bonds of like numbers of the original issue on the
same districts, not having been exchanged, are being called on the same
basis.
-BOND
ST. CLAIR•SCHOOL DISTRICT, St. Clair County, Mich.
-W. R. Twins, Secretary of the Board of Education, will
OFFERING.
receive sealed bids until 1 p. In. on Aug. 27 for the purchase of $100,000
% refunding bonds. Dated Aug. 1 1934. Denom. $1,000. Due
Feb. 1 as follows: $15,000, 1936; $16,000. 1937; $17,000, 1938: $18.000.
1939;$19.000, 1940. and $15,000 in 1941. Principal and interest(A.& 0.)
payable at the Commercial & Savings Bank, St. Clair. Bids will also be
considered for the bonds to bear a lower rate of interest. A certified
check for $2.000 must accompany each proposal.
ST. JOHN THE BAPTIST PARISH (P. 0. Edgard), La.-I30ND
-A special election will be held on Sept. 11 to vote on the
ELECTION.
issuance of $105,000 in bonds for court house and jail construction. Due
serially in 40 years. A grant of $45,000 from the Public Works Administration is expected on this project.
ST. LOUIS COUNTY SANITARY SEWER DISTRICT (P. 0.
Clayton), Mo.-BOND ELECTION.-It is reported that an election will
be held on Sept. 25 to have the voters pass on the issuance of $5,878,000
in bonds for tne construction of a modern sewer system in the county
V. 139, p. 1123. It is also said that a Federal grant of $1,361,000 has been
approved for this project by the Public Works Administration.
-The
-NOTE SALE.
SALT LAKE CITY, Salt Lake County, Utah.
following report is taken from a Salt Lake City dispatch to the "Wall
Street Journal" of Aug. 18: "The City Commission has sold $300,000
tax anticipation notes to the Edward L. Burton Co., the First Security
Trust Co., Walker Bank & Trust Co. and First National Bank of Salt
•
Lake City. The notes bear 1.75% interest and are due in 90 days. City
Treasurer M. E. Lipman states that this issue brings the tax anticipation
notes sold so far this year up to a total of $1,550,000, compared with
$1,440,000 in 1933. He explains that the city's water emergency made
necessary additional revenue.
-A
-NOTE SALE.
SALT LAKE CITY, Salt Lake County, Utah.
$300,000 issue of tax anticipation notes is reported to have been purchased
by a syndicate composed of Edward L. Burton & Co., the First Security
Trust Co., the Walker Bank & Trust Co., and the First National Bank,
all of Salt Lake City, at a net interest cost of 1.75%. Due in three months.
-BOND ISSUE DESANDUSKY COUNTY (P. 0. Fremont), Ohio.
FEATED.
-At the primary election on Aug. 14 the voters rejected the
proposal to issue $275,000 court house construction bonds. The measure
-V. 139,
received 2,879 favorable votes, while 5,863 were in the negative.
P. 807.
-It is
-BOND ELECTION.
SAN FELIPE, Austin County, Texas.
reported that an election will be held on Sept. 8 to vote on the issuance of
$62,000 in water bonds.
-It is
-BOND ELECTION.
SAN MATEO,San Mateo County, Calif.
reported that an election will be held on Aug. 30 to vote on the issuance of
$115,000 in bonds divided as follows: $85,000 sewer, and $30,000 fire alarm
system bonds. (A loan and grant of $141,000 for sewer construction was
approved by the Public Works Administration.)
-BOND
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
SALE.
-The $160,000 4% general obligation county home bonds offered
for sale by the Reconstruction Finance Corporation on Aug. 20-V. 139.
p. 968
-were awarded to the First National Bank of Chicago, at a price
of 107.40, a basis of about 2.10%. Due $20,000 on May 1 from 1935
to 1942 incl. Legality approved by Clay, Dillon & Vandewater of New
York. The bonds were originally purchased by the Public Works Administration.
-LOAN OFFERING.
SCHENECTADY, Schenectady County, N. Y.
-Leon G. Dibble, City Comptroller, will receive sealed bids until 12 in.
(Daylight Saving Time) on Aug.28 for the purchase of $100,000 certificates
of indebtedness, issued for the purpose of providing funds for home and
work relief needs. Dated Aug.29 1934 and payable on Oct.29 1934 at the
Chase National Bank, New York, or at the City Treasurer's office, at
option of uurchaser. A certified check for 1% of the issue bid for, payable
to the order of the City Comptroller, must accompany each proposal.
The approving opinion of Reed. Hoyt & Washburn of New York will be
furnished the successful bidder.
SCHUYLER COUNTY (P. 0. Watkins Glen), N. Y.
-BOND OFFER-0. Earle Hager, County Treasurer, will receive sealed bids until
ING.
10 a. m.(Eastern Standard Time) on Sept. 17 for the purchase of $140,000
coupon or registered bonds, divided as follows:
$110,000 emergency relief bonds. Due $11,000 on Sept. 1 from 1935
to 1944 incl.
30,000 highway bonds. Due Sept. 1 1935.
Each issue is dated Sept. 1 1934. Denom. $1000. Bidder to name a
or
single interest rate for all of the bonds, expressed in a multiple of
1-10th of 1%. Principal and interest (M. & S.) payable in lawful money
of the United States at the Glen National Bank, Watkins Glen. The
$110,000 issue is authorized by Chapter 781, Laws of 1931, while the
$30,000 is issued pursuant to the Highway Law and County Law. A certified check for $2.800, payable to the order of the County, must accompany
each proposal. Legal opinion of Reed, Hoyt & Washburn of New York
will be furnished the successful bidder.
-The $1,128,000 of
-BOND SALE.
SEATTLE,King County, Wash.
coupon or registered general obligation, arterial highway bonds of 1932
-were awarded to the Seattle
for sale on Aug. 17-V. 139, p. 637
offered
Civil Service Employees' Retirement System,as4sat par. Dated Sept. 1
1934. Due serially in from 2 to 30 years after date.
The State of Washington bid par on $400.000 5s, and a group headed by
Wm. P. Harper & Son Co. offered 100.10 for 5% bonds.
-BOND OFFERIND-It is stated by
SELMA, Dallas County, Ala.
R. M. Waiters. City Treasurer, that he will sell at public auction on Sept. 1
at 11 am, an issue of $148,500 5% refunding, Series C bonds, Denom.
$1,000, one for $500. Dated Sept. 1 1934. Due on Sept. 1 as follows:
$5,500. 1936; $5,000, 1937 to 1961, and $6,000, 1962 to 1964, all incl.
Those of said bonds maturing after 15 years from the date thereof may
be called by the city on any interest payment date at par plus accrued
interest. Interest payable M.& S. These bonds are secured by the faith,
credit and revenues of the city as well as by the funds derived from the
unpaid improvement assessments for which the original bonds were issued.
1277
As additional security for the payment of the principal and Interest of these
bonds,the city also pledges 50% of the net revenue of its water works system
as defined by and pursuant to Act No. 214 of the 1932 Extra Session, subject only to all valid pledges outstanding.
-The City Treasurer states that the following public
BOND CALL.
called for payment
Improvement bonds aggregating $130,500, have been
as follows:
to 1509 to the amount of $17,500,
On Sept. 1 1934: Series XX,Nos. 1475
$20,000,
dated Sept, 1 1925; series F, Nos. 1708 to 1747 to the amount of $18,000,
dated Sept. 1 1926; series G, Nos. 1772 to 1807 to the amount of $5,000.
amount of
dated Sept. 1 1926; series II, Nos. 1819 to 1828 to the amount of $9,000,
dated Sept. 1 1926; series L, Nos. 1942 to 1959 to the
dated Sept. 1 1927.
and 1330 to 1336
On Oct. 1 1934: Series SS, Nos. 1319, 1321, 1324, 1327
1851 to
to the amount of $5,500, dated April 1 1925; series I. Nos. 1836 to
the amount of $8,000, dated Oct. 1 1936.
of $6,500,
the
1 1934: Seres ZZ, Nos. 1578 to 1590 to the amount of $6,000,
On Nov:
amount
dated Nov. 1 1925; series D, Nos. 1664 to 1675, to the amount of $5,500.
dated May 1 1926; series E, Nos. 1677 to 1687 to
dated May 1 1926.
of $10,500.
On Dec. 1 1934: Series CU, Nos. 1369 to 1389 to the amount
dated JULIO 1 1925.
to 1435 to the amount of $13,500.
On Jan. 1 1935: Series VV, Nos. 1409
amount of $5,500.
dated July 1 1925; series WW,Nos. 1444 to 1454 to the
of $18,000.
dated July 1 1925; series K, Nos. 1900 to 1935 to the amount
dated July 1 1927.
on the above
Holders of the above bonds are notified to present the same for redempof Selma
respective redemption dates at the City National Bank
on said bonds
tion. A sum equal to one-quarter of the annual interest No interest on
as a bonus on the redemption.
respectively will be paid
of redemption.
any of said bonds will be paid after its date
-BONDS APPROVED.
SHELBY COUNTY (P. 0. Shelbyville), 111.
the finances
The proposal to issue $150,000 bonds for the purpose of placing majority of
was approved by a
of the County on a cash operating basis
The Pro1,243 votes at the election held on Aug. 14-V. 138. p. 4500. the bonds.
-cent tax levy for the retirement of
Position also provided for an 8
1948,inclusive.
The issue wlll mature annually on Sept. 1 from 1935 to
-It is re
CALLED.
SHERIDAN, Sheridan County, Wyo.-BONDS have been called for
bonds
Ported that the following special assessment Bonds numbered 71 to 77.
Payment at the office of the City Treasurer: No. 12; No. 10 of Paving
of Paving Dist, No. 10: No. 38 of Paving Dist.
36 to 41 of Paving
Dist. No. 15; Nos. 36 to 38 of Paving Dist. No. 16; Nos. No. 12 of Paving
No. 18;
Dist. No. 17; Nos. 117 to 132 of Paving Dist, 24; No. 27 of Paving Dist,
Pay. Dist. No.
Dist. No. 20: Nos. 133 to 135 of
No. 26, and No.37 of Paving Dist. No. 27.
Sonora), Sutton County,
SONORA SCHOOL DISTRICT (P. 0. recently
-V.138, p.3986
-At an election held
-BONDS VOTED.
Texas.
of the $28,000 in
the voters are reported to have approved the issuance
school bonds.
-BOND OFFERING.
SOUTH AMBOY, Middlesex County, N. J.
bids until 8 P. m.
George H. Kress, City Treasurer, will receive sealed of $127,000 not to
on Sept. 4 for the purchase
/Daylight Saving Time)
bonds. Dated Aug. 1
exceed 6% interest coupon or registered refunding
as follows: $6,000 from 1936 to 1955
1934. Denom. $1,000. Due Aug. 1 and interest (F. & A.) payable at the
Principal
incl. and $7,000 in 1956.
the South Amboy Trust Co., at
First National Bank, South Amboy, or at of the bonds bid for, payable to
holder's option. A certified check for 2%
accompany each proposal. The
,
the order of the City Treasurer, must
York will be furnished
approving opinion of Cladwell & Raymond of New
the successful bidder.
-J. M.
-BOND OFFERING.
SPRINGFIELD, Clark County, Ohio. until 12 M. on Sept. 6 for
sealed
Stritch, City Auditor, will receive bonds. bids
Dated Sept. 1 1934. One bond
the purchase of $164,936 6% sewer
$6,936 in 1936: $7,000
for 3936, others for $1,000. Due Sept. 1 as follows: incl. Principal and
to 1960
from 1937 to 1950 incl. and $6,000 from 1951
Treasurer's office. Bids for the
interest (M. & S.) payable at the City 6%,expressed in a multiple of
bonds to bear interest at a rate other than
of the bonds
31 of 1%, will also be considered. A certified check for 5%
Transcript of the proceedings will
,
bid for must accompany each proposal.
within 15 days
bidder and sufficient time allowed transcript by
be furnished successful
examination of such
from the time of said award for the
subject to the approval of same.
bidder's attorneys, and bids may be made
-BONDS AUTHORIZED.
TOWNSHIP, N. J.
SPRINGFIELD
authorized the issuance of $15.000
The Township Committee on Aug. 21
from last year.
remaining
4% tax revenue bonds to cover delinquencies
Proceeds will be used for education purposes.
-At a recent
-BONDS VOTED.
Ala.
STEVENSON, Jackson County,
the issuance of $15,000 in
election the voters are said to have approved
grant of $20,000 was approved by the
water works bonds. (A loan and
-V. 138, p. 2789.)
Public Works Administration in April
-In connection
PAID.
STOUGHTON, Dane County, Wis.-PRICE plant bonds to T. E.
semi-ann. power
with the sale of the $80,000 4%
now informed that the
-we are
-V. 139, p. 969
Joiner & Co. of Chicago
about 3.92%. Due from Sept. 1
bonds were sold at 100.37, giving a basis of
1935 to 1944.
the issuance of $80,000
held on Aug.9 the voters approved 578.
At an election
to
in 4% electric light plant bonds by a count a 712
-The $25,000 4%
SALE.
STOWE, Lamoille County, Vt.-BOND
-were awarded to the Lamoille
bonds offered on Aug.21-V. 139. p. 1124 plTs op;•emiuin19 t1, y. g
i
1 2t
f
03 111 c ;
at
at par i : i
County Savings Bank & Trust Co.
follows:basis of
equal to
0
1 .500 from 1943 to
511
bout1935 t '1942 incl.;Sons bid par plus a
ta
ov, 15 as
&
m
1952 incl., and $2,000 in 190.3. E. 11. Rollins
Insurance Co. of Montpelier
premium of $775.77, while the National Life were submitted.
other bids
offered a premium of $550. Three
-The $32,000
-BOND SALE.
SULLIVAN, Sullivan County, Ind.
P. 151-were awarded at
16-V.
435% funding bonds offered on JulyBank of 139.
Dated July 1 1934
Sullivan.
a price of par to the Sullivan State
Jan. land July 1 from 1940
and due as follows: $1,500 July 11939; $1,500
to 1949 incl. and $500 Jan. 1 1950.
-HEARING SCHEDULED
SUMTER COUNTY (P. 0. Bushnell) Fla.
Branch, Chair-It is announced by B. S. will be held on
ON BOND READJUSTMENT.
hearing
of County Commissioners, that a District of Florida, in
man of the Board
for the Southern
Sept. 18 at the U. S. District Court
readjustment on the bonded debt.
Jacksonville,for consideration of a plan of
- It
-BOND ELECTION. - is
Tex.
SWEETWATER, Nolan County,
election will be held on Sept. 18
now stated by the City Manager that an$160,000 in water revenue bonds.
pass on the issuance of
to nave toe voters
139. p. 969.)
(The previous date set for this election was Sept. 11-V.
-BONDS NOT
(P. 0. Fort Worth), Texas.
TARRANT COUNTY
that the $780,000
SOLD.
-It is stated by W. E. Yancy, County Auditor,
for sale on Aug. 20of 4 % semi-annual road bonds scheduled rescinded by the County
issue
-was not sold,the call for bids being
V.139, p. 1124
inclusive.
Commissioners. Due $30,000 from Oct. 10 1935 to 1960,
-It
Medford), Wis.-BOND DETAILS.
TAYLOR COUNTY (P. 0.
been determined
is reported by the County Clerk that no date of sale hasbonds authorized
4% semi-ann. road improvement
as yet for the $50,000
Dated Sept. 1
recently by the Board of Supervisors. Denom. $1,000. int.(M. & S.)
1934. Due $25,000 on Sept. 1 1936 and 1937. Prin, and
Treasurer.
Payable at the office of the County
-DETAILS ON PWA ALLOTTERRELL, Kaufman County Tex.
960,
-The City Manager confitIms the report given in V. 139. p.
MENT.
that the Public Works Administration approved a loan and grant of$299,000
of
for sewage collection system construction and states that the amount on
the loan will be $236,000. in the denomination of $1,000, maturing
Sept. 15 as yellows: $5,000. 1935 to 1939; $6,000, 1940 to 1944: 17,000.
1945 to 1949; $8,000, 1950: 19.000, 1951: $10,000, 1952 to 1963, and $9,000
in 1964. Prin. and int. payable at the City Treasurer's office or at a
bank or trust company in New York,
-BONDS AUTHORIZED.
TIPPECANOE CITY, Miami County, Ind.
issu-The Village Council recently passed an ordinance providing for the
ance of $7,000 5% fire-departmentapparatus purchase bonds. Dated
April 1 and Oct. 1 from 1936
Oct. 1 1934. Denom. $350. Due $350 on
to 1945, incl. Prin. and int. (A. & 0.) payable at the Citizens National
Bank, Tippecanoe City.
1278
Financial Chronicle
TUPPER LAKE, Franklin County, N. Y.
-BOND SALE.
-The
S30.000 coupon or registered lake improvement bonds offered on Aug. 21V. 139, p. 969
-were awarded as 3.90s to the Tupper Lake
of Tupper Lake at a price of 100.15, a basis of about 3.85%. National Bank
Dated Aug. 1
1934 and due $6,000 on Aug. 1 from 1935 to 1939, incl. The Manufacturers & Traders Trust Co. of Buffalo was second high bidder with an offer
of 100.11 for 4% bonds. Other bids were as follows:
Bidder
Int. Rate.
Premium.
Bacon, Stevenson & Co
4.30
$15.00
Rutter & Co
4.40
21.90
Phelps, Fenn & Co
4.50
21.00
George B. Gibbons & Co
4.70
51.00
Canton Savings & Loan Association
4.70
Par
McCarthy Brothers, Tupper Lake, N. Y
Par
5.00 o
Financial Statement.
-As of Fiscal Year Ending in
Trends1932.
1934.
1933.
Total bonded debt (*incl. this issue).,$150,000
$138,800
$154.600
Less: Deductible items
119,000
104,000
113,000
Resulting net debt
31,000
25,800
50.600
Taxable assessed valuation ofPeal est.
incl. special frans. (*dec. accts,
elimination personal tax)
1.548,490
1,541,743 *1,473,644
x Operating budget
17,881.50
18,195.40
18,863.05
z Debt service
5,618.50
3.804.60
3.136.95
z Gross budget
23,500.00
22,000.00
22,000.00
z Tax rate per $1.000
$15.20
$14.30
$14.90
x Include school budget and tax rate for schools when school district and
reporting municipality are Coterminous. Exclude proportion of overlapping tax district:
-for example, cities will not report proportion of
county levy.
Debt Statement.
Funded Debt (as of Aug. 1 1934)
Total funded debt, except special assessments
$122.600
Special assessment debt
None
Total unfunded debt
None
Gross debt
122,600
Total deductions
-water debt
$104,000
Net debt
$18,600
Sinking fund, none; unfunded debt, none.
Tax Collection Report (Last Three Years).
Fiscal Year Beginning March 11934.
1933.
1932.
Total ad valorem or gen. prop. tax__ $22,000
$22,000
$23,500
Uncoil,at end of tax or fiscal year _ -_4,549.97
2,404.36
.2,494.98
Uncollected Aug. 1 1934
3.953.47
1,591.12
*2,407.81
Uncoil, at approx.same date last year
3,301.84
2,972.41
*2,75531
•Includes 1930 and 1931 delinquencies.
Population, Federal census, 1910, 3,067; 1920. 2,508: 1930,
5,271:
1934 (estimated). 5.700.
TYLER, Smith County, Tex.
-BONDS VOTED.
-At the election on
Aug. 14--V. 139, p. 808
-the voters approved the Issuance of the $140,000
(not $135,000) in 4% hospital bonds by a count of 1,509 to 140. Due
serially In 30 years. without option of prior payment.
UNION,Union Free School District No.1(P.0.Endicott), Broome
County, N. Y.
-BOND OFFERINO.-Earl L. Barnes. District Clerk,
will receive sealed bids until 12 m. (Eastern Standard Time) on Aug. 29
for the purchase of $300.000 not to exceed 434% interest coupon or registered school bonds. Dated Aug.151934. Denom.$1,000. Due
each year on Dec. 1 from 1935 to 1946 incl. Bidder to name a single$25,000
rate for all of the bonds, expressed in a multiple of 3 or 1-10th interest
,
1
Principal and interest (J. & D.) payable in lawful money of the of 1%.
United
States at the Endicott Trust Co., Endicott. The bonds are declared to
be direct general obligations of the school district, payable from unlimited
taxes. A certified check for *5.000. payable to the order of Herbert G.
Furry, District Treasurer, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York will befurnished
the successful bidder.
VALATIE, Columbiana County, N. Y.
-BOND SALE.
-The $2,000
6% registered street and sewer bonds offered on Aug. 16-V. 139, p. 970
were purchased by William Avery of Valatie, at par plus a premiumof
$20, equal to 101, a basis of about 5.55%. Due $500 on Aug. 20 from
1935 to 1938, incl. Two other local Investors bid for the issue.
VIRGINIA BEACH, Princess Anne County, Va.-BOND ELECTION CONTEMPLATED.-The Town Council Is said to have
ordinance calling for an election to submit to the voters an issue adopted an
of $126,000
sewage disposal plant bonds. It is said that an election is required to secure
$168,000 of public works funds for the project.
WARREN, Trumbull County, Ohio.
-BOND OFFERING.
-B.
/Myer, City Auditor, will receive sealed bids until 1 p.m. on Sept. 12M.
for
the purchase of $60,000 5,34% refunding bonds. Dated Sept. 1 1934.
Denom. $1,000. Due $6.0N on Oct. 1 from 1936 to 1945 incl.
payable in A. & 0. Bids based on an interest rate other thanInterest
534%,
expressed in a multiple of 31 of 1%. will also be considered. A certified
check for 1% of the issue, payable to the order of the City, must accompany each proposal.
WARREN COUNTY (P. 0. Lebanon), Ohio.
-BOND
-The
$15,000 poor relief bonds offered on Aug. 20-V. 139. p.637 SALE.
-were awarded
as Ths to Johnson. Kase & Co. of Cleveland, at par plus a premium
of
$38, equal to 100.25.
WATERTOWN, Codington County, S. Dak.-BOND SALE POSTPONED.
-It Is stated by the City Auditor that the sale of the $73.600
49"
semi-ann. special assessment bonds which has been postponed from Aug.6
to Aug. 20-V. 139, p. 1124
-has again been postponed, this time to
Sept. 4, at 8 p. m. Dated Aug. 1 1934. Due from Aug. 1 1935 to
1944
WAVERLY, Bremer County, lowa.-BONDS VOTED.
-At
tion held recently voters are said to have approved the issuance ofan elec$18.000
In swimming pool bonds by a wide margin.
WELLSVILLE, Allegany County, N. Y.
-BOND
-Otto
P. Engelder. Village Clerk. will receive sealed bids untilOFFERING.
1 p. m.on Aug.27
for the purchase of $43.000 431% bonds, divided as follows:
$35.000 Westside drainage bonds. Due on Aug. 1 from 1937 to 1943 Incl.
A certified check for $1,000 is required. F. & A. interest payments.
8.000 North Main St. resurfacing bonds. Due on Sept. 1 from 1935 to
1938 incl. A certified check for $500 is required. M.& S. interest
payments.
Denom. $1,000. Principal and interest payable at the First Trust Co.,
Wellsville. The bonds are general obligations of the village, payable from
unlimited taxes. Checks accompanying bids should be payable to George
B. Rooth, Jr., Village Treasurer,
WEST ALLIS, Milwaukee County, Wis.-BOND PROJECT DROPPED.
-In connection with the $35,000 school improvement bonds authorized by
the City Council on June 19-V. 138, p. 4502
-it is stated by the Deputy
City Clerk that the issue has been dropped because the project has been
included in a Public Works Administration allotment.
WESTBROOK, Cumberland County, Me.
-ADDITION
MATION-The $90,000 354% refunding bonds purchased AL INFORon Aug. 1
by E. H. Rollins & Sons of Boston at 102.517-V. 139, p. 970
-are further
described as follows: Dated Aug. 1 1934. Coupon in $1,000 denoms.
Due $5.000 annually from 1938 to 1955. Incl. Interest is payable F. & A.
15. Net interest cost basis about 3.25%.
WEST CHICAGO DuPage County, 111.
-BOND SALE.-Stifel,
Nicolaus & Co. of Chicago purchased on Aug. 1 an issue of $80,000 5%
coupon public benefit funding bonds at par and accrued interest. Dated
Nov. 1 1931. Denom. $1,000. Due Nov. 1 as follows: $3,000 from 1934
to 1940, incl.: $4,000, 1941: $5,000. 1942 to 1946, Incl. and $6,000 from
1947 to 1951, incl. Interest is payable in M.& N. This report of the sale
corrects that given in V. 139, p. 1124.
Aug. 25 1934
WEST NEW YORK, Hudson County, N. -BONDS NOT SOLD.
The issue of $77,000 not to exceed 6% interestJ.
coupon or registered sewer
bonds offered on Aug. 21-V. 139, p. 970
-failed of sale, as no bids were
obtained. Dated June 1 1934 and due serially on June 1 from 1936 to
1952, inclusive.
Weil, Roth & Irving Co. of New York, acting on behalf of a client.
made inquiry regarding the bond issue but did not submit a bid, according
to report.
W1LKES-BARRE,Luzerne County,Pa.
-ADDITIONAL INFORMATION
connection with the award on Aug. 14 of $210,000 4% sewer
and bridge bonds to E. H. Rollins & Sons of Philadelphia, at par plus a
premium of $9,693.60, equal to 104.61, a basis of about 3.66%-V.
139.
p. 1124
-welearn that premium bids of$9,453.60 and $5,460 were submitted
by Halsey, Stuart & Co., Inc. and Leach Bros.. respectively. The bonds
are part of the $300,000 issue for which no bids were obtained at a previous
offering on Dec. 30 1933.
WILLIMANTIC, Windham County, Conn.
-BOND SALE.
-Putnam & Co. of Hartford recently purchased an issue of $89,000 refunding
bonds.
YOUNGSVILLE, Warren County, Pa.
-BOND SALE.
-The
434% coupon street improvement bonds offered on Aug. 16-V. *8.000
139, 13.
808
-were awarded to Singer, Deane & Scribner, Inc. of Pittsburgh, at par
plus a premium of $175, equal to 102.18, a basis of about 4.10%. Dated
Aug. 1 1934 and due $1,000 on Aug. 1 from 1952 to 1959 incl.
Among the other bidders were the First National Bank of Warren with
an offer of par plus a premium of $75, and the Youngsville Savings Bank
with a bid of par.
CANADA, Its Provinces and Municipalities
BRITISH COLUMBIA (Province of).
-RETIRES $2,000,000 LOAN.
-With the aid of the Dominion Finance Department, the Province paid
off a $2,000,000 loan which matured in New York City on Aug. 15, according to report.
CANADA (Dominion of).
-LOANS TOPROVINCES.
-The "Monetary
Times" of Toronto of Aug. 18 carried the following: "Announces ent is
made that two of the Western Provinces, Manitoba and British Columbia,
have received further loans from the Dominion governn ent. British
Columbia has received $1,250.000 for relief expenditures and Manitoba
$1,300,000 for relief costs in the City of Winnipeg. Interest on both loans
is at 5% and one year provincial Treasury bills.have been accepted as
,security.
"The new grand total is $61,952.000, divided as follows: Manitoba.
311.948.000; Saskatchewan, $29,305,000; Alberta, $11,801,000: British
Columbia, $8.298.000."
KIRKLAND LAKE,Ont.-BOND OFFERING -Albert Serre. Solicitor
for the Roman Catholic Separate School Board, will receive sealed bids
until Sept. 10 for the purchase of *50.000 5% school bonds. Due serially
on Nov. 1 from 1935 to 1954 incl. Interest payable in M. & N. Bonds
and interest payable at the Royal Bank of Kirkland Lake.
MEGANTIC, Que.-BOND SALE.
-The $67.500 534% improvement
bonds offered on Aug. 15-V. 139. p. 638
-were awarded at a price of par
to the Provincial Bank of Canada. Dated Oct. 1 1934 and due serially
from 1935 to 1949 incl. L. G. 13eaubien & Co. bid a price of 99.125.
while Dube, Leblond & Co. bid 97.05 for 5% bonds.
MI NTO NEWCASTLE CONSOLIDATED SCHOOL DISTRICT.
N. B.
-BOND SALE.
-W. C. Pitfield & Co. of Montreal lecently purchased an Issue of $30,000 5% bonds. due Aug. 1 1954, and made public
re-offering at a price of 99.50, to yield 5.05%.
NEW WESTMINISTER, B. C.
-BONDS AUTHORIZED.
-The City
Council passed a by-law providing for an issue of $29,000 5% poor relief
bonds, due in 10 years.
ONTARIO (Province of).
-PROPOSED REDUCTION OF DEBTS.
The following report appeared in the "Monetary Times" of Toronto of
Aug. 11: "Speaking at a political meeting at Owen Sound last week,
Premier and Provincial Treasurer M. F. Hepburn of Ontario announced
a two-fold plan for a reduction in Provincial and municipal debts. First,
the Government will embark on a loan-conversion program whereby rates
on outstanding Provincial bonds will be reduced from their present high
levels to about 3%. Second, municipalities and their creditors will be
called before the Ontario Municipal Board to reach some agreement for
ower interest on their debentures."
--$10,000,000 BONDS SOLD.
QUEBEC (Province of).
-A syndicate of
Canadian banks and investment banking houses, headed by the Bank of
Montreal, was awarded on Aug. 23 an issue of *10,000,0003% bonds at a
price of 99.77, a basis of about 3.05%. Dated Sept. 1 1934 and due Sept. 1
1939. Coupon bonds in denoms. of $1,000 and $500, registerable as to
principal. Payment of principal and semi-annual interest to be made in
lawful money of Canada in the Cities of Quebec, Montreal or Toronto. at
holder's option. A sinking fund will be established to service the issue.
Proceeds of the sale will be used to reimburse the Consolidated Revenue
Fund for advances made to cover fundable expenditures as authorized
under Acts of the Legislature. The Province asked for bids on either
310,000,000 3% bonds, due Sept. 1 1939: $10,000,000 334% bonds, due
-year bonds and $5,000,000 331% 10
Sept. 11944, or $5,000,000 3% 5
-year
bonds.
RICHMOND,Que.-BOND SALE.
-L.G. Beaubien & Co., of Montreal
have purchased an issue of $20,000 5% improvement bonds at a price of
97.125.
ST. JOHN (City and County), N. B.
-BOND SALE.
-A syndicate
composed of Johnston & Ward; Nesbitt, Thomson & Co., and W. G.
Pitfield & Co., all of Montreal, also the Irving, Brennan Co. of St. John,
recently purchased $45,000 bonds, as follows:
S24.000 4% impt. bonds sold at a price of 99.49, a basis of about 4.19%.
Due in from one to five years.
12,0004% impt. bonds sold at a price of 99.06, a basis of about 4.05%•
Due in 15 years.
9,000434% imnt. bonds sold at a price of 102.10, a basis of about 4.37%•
Due in 36 years.
SASKATCHEWAN (Province of).-BONDSALE.-A syndicate headed
by the Royal Dank of Canada (full membership shown below) purchased a
total of $3,000,000 4% funding bonds and made public reoffering of same
to investors in the Dominion at a price of 85.08 and accrued interest, to
yield 5.25%. The bankers originally purchased *2.500,000, but in order
to comply with the orders of investors were obliged to buy an additional
$500,000. The proceeds of the bonds will be used by the Province for the
redemption of Treasury bills mainly issued for refunding purposes. The
bonds are dated Aug. 15 1934. Coupon, in denoms. of $1,000 and $500,
with provision for registration as to principal. Due Aug. 15 1953;redeemable at the Province's option in whole or in part at par and accrued interest
on Aug. 15 1949, or on any interest date thereafter by giving 30 days'
notice. Principal and interest (F. & A. 15) Payable In lawful money of
Canada at the Royal Bank of Canada In the cities of Toronto, Montreal,
St. John, Winnipeg. Regina or Vancouver. The bankers declared that an
annual sinking fund of 1% will be established against the issue and that
the debentures will be direct obligations of the Province, payable as to
principal and interest out of the Consclidated Fund of the Province.
SYNDICATE MEMBERS
.-The following are the names of the participants in the offering group:
The Royal flank of Canada
Flatiron Bros., Inc.
The Canallan Bank of Commerce
Ea3tern Securities Co., Ltd.
A. E. Ames & Co., Ltd.
Dyment, Anderson & CO.
The Do ninlon Securities Corp., Ltd.
Collier, Norris & Henderson, Ltd.
Wool, Gundy & Co., Ltd.
Matthews & Co.
McLcol, YOung, Weir & CO., Ltd
Johnron & Ward
Bell C.ouinlork & Co., Ltd.
Flemming, Denton & Co.
Fry, MI113, Spence & Co., Ltd
W.C. Pitfield & Co.. Ltd.
The Bank of Nova &iris
Harricon & Co., Ltd.
Royal Securities CO10 atiOn, Ltd.
Griffis, Falrciough & Norsworthy, Ltd&
Imperial Bank of Ca ada
Drury dr Co.
The Bank of To oatO
Gairdner & Co.. Ltd.
Nesbitt, Tto nso & Co., Ltd.
T. M. Bell & Co., Ltd.
The Do ninion Peak
J. L. Gra'wn & CO.
R. A. Daly & Co., Ltd.
Harris, Hammy & Co.
Cochran Murray & Co., Ltd.
Irving, Brennan & Co., Ltd.
Midland Securities Corporation, Ltd.
@FedFRASER