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Volume 137
liromrie
New York, Saturday, December 16 1933.
Number 3573
The Financial Situation
HERE are many different kinds of inflation, the
thing now dreaded more than anything else by
the financial and commercial community. In the public mind, however, the term has latterly become associated with the issuance of irredeemable paper money
without any metallic backing by the simple process
of the operation of Government printing presses in
turning out what are called greenbacks. Other
kinds of inflation take various forms,'such as putting out excessive Federal Reserve credit, excessive
Federal Reserve note issues, excessive National
bank notes, or other different devices for expanding the outstanding volume of credit or of currency. Doubtless greenback inflation is the most
objectionable and the most vicious form of inflation,
but there are other kinds hardly less objectionable
or leis mischievous and destructive, and just as certain to result in ultimate disaster. As one illustration, getting the Federal Reserve banks loaded up ,
with United States Government obligations is full
of menace, and it is just as important to guard
against this kind of menace as it is to fall a prey
to greenbackism.
We are forcibly reminded of the need of caution
and of warning in this latter particular by news dispatches that have come out of Washington the
present week offering figures intended to show
how much further the volume of Federal Reserve
note issues might be extended without overstepping the requirement of gold reserves of 40%. The
figures are startling by reason of their magnitude, and terrifying as to what is in prospect if
the purpose is to emit Federal Reserve note issues
to the extent indicated. A lengthy analysis of
the statistics was contained in a Washington dispatch dated Dec. 12 by the Associated Press, and
quite obviously the Washington authorities were
desirous of giving wide publicity to the figures. The
heading to the dispatch was not identical in the different newspapers, but read after this fashion:
"Gold Reserves Ample for 50% Currency Rise—
$3,572,851,000 Gold Total Is Called Sufficient for
Twice Circulation Total." Imagine the result if the
proposition were carried into effect!
The dispatch began by saying that Federal Reserve figures disclosed that the system had sufficient gold resources to increase the currency in
circulation by more than 50% without resorting to
any inflationary measures—as if doubling the currency in circulation in this country, already larger
than ever before, were not inflation of the most pronounced character! But that is not all. In the very
next paragraph we are told that the Reserve Board
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was said to be ready to do this as rapidly as new
note issues could be pushed into the channels of
industry and commerce. At this point, however, an
obstacle to immediate action was noted: "The difficulty is that its outlets are clogged. Loans by
member banks were shown to be continuing at a
low level, with consequent small demands by the
latter upon the Federal Reserve banks for cash.
Member bank deposits were high."
This was followed by statements elaborating still
further the idea as to how well equipped the Federal
Reserve System is for carrying out the program of
inflation indicated. "By utilizing all eligible resources," it was averred, "the Federal Reserve figures showed it could issue nearly $3,000,000,000 in
new Federal Reserve notes, "every dollar of which
would have a gold backing well above the 40% required by law." This backing, it was stated, was
figured on the basis of the'old Mint price of gold,
$20.67 an ounce, without reference to any revaluation of the System's gold holdings based upon the
present newly-mined domestic quotation of $34.01,
or the world price of more than $32. Then, in
furnishing a complete outline of the proposal, the
dispatch went on to say:
"The system was shown to have total gold reserves
of $3,572,851,000. Of this amount, $2,654,343,000 is
held exclusively against outstanding issues of Federal Reserve notes and Federal Reserve bank notes
totaling $3,251,465,000, a coverage of a little more
than 70%.
"Of the remainder of the gold, $279,318,040 lies in
the vaults of the 12 Reserve banks and $639,190,000
is held in the Gold Settlement Fund in the Treasury.
The Federal Reserve law stipulates that the gold in
the Settlement Fund may be regarded as backing for
Federal Reserve notes.
"The entire gold resources of the Reserve System
could be used as a basis for note issues. Figuring
this as 40% of the possible total issue, the latter
would be $7,931,827,500. The remaining 60%, under
the law, must consist of prime commercial paper
and Government securities. However, the System
does not hold a sufficient quantity of either or both
to make up the necessary 60% when the aggregate
gold holdings are figured as 40%. Consequently,
the total possible note issue becomes the sum of the
gold reserve, $3,572,951,000; holdings of commercial
paper $176,845,000, and holdings of Government
securities, $2,431,057,000.
"The three figures add up to a total of $6,180,743,000 of Federal Reserve currency that could be
issued on the basis of the System's latest statement
of its holdings, with a gold backing of more than
the legal 40% minimum.
"The total possible Federal Reserve issue could,
of course, be increased to the full $7,931,827,500 at
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Financial Chronicle
an exact 40% gold backing, if the banks should elect
to buy enough Government bonds to make up the full
60% remaining coverage, a process recently
abandoned."
There are two or three flaws in this argument, and
they are highly important ones. The statement
ignores entirely the deposits representing the reserves of the member banks—that is, it makes no
provision for reserves against the deposit liabilities,
which deposits represent the reserves of the member
banks and from which the bulk of the gold held is
derived. Dec. 6, the date of the figures given, total
deposits held stood at $2,815,440,000, and of this
$2,561,180,000 consisted of the reserve account of
the member banks. Against these deposits cash reserves of 35% are required which, applied to the
$2,815,440,000, would call for reserves of close to
$1,000,000,000, or, in exact figures, $985,404,000.
It is true that the 35% reserve against deposits
may consist of either gold or lawful money, while
the 40% reserve required against Federal Reserve
note issues must consist entirely of gold. But that
is no reason for disregarding the reserves against
deposits altogether.
The calculation, too, overlooks entirely the fact
that the member banks do not hold a dollar of reserves in their own vaults but are required to keep
the whole of their reserves with the Federal Reserve
institutions. This being the case, that furnishes
additional reason why the reserves against the deposits should not be trenched upon, and, moreover,
should consist entirely of gold. •Then, too, the reserve requirements of the member banks are small,
being 13% in the case of banks in a central reserve
city, 10% in the case of banks in a reserve city, and
7% in the case of country banks. This has reference
to demand deposits. In the case of time deposits,
the reserve requirement in the case of all the banks
is only 3%.
But with the Reserve banks required to hold only
35% of their own deposits (consisting almost entirely of the reserves of member banks), the 13% ultimate reserve is reduced to 4.55% on demand deposits
in the central reserve cities, to only 31 2% for banks
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in the reserve cities, and to but 2.45% for the country
banks. As to time deposits, the ultimate reserve
dwindles to only 1.05% for all classes of banks. It
needs no argument to show that these are wholly
inadequate ultimate reserves, and furthermore
should consist entirely of gold, but in any event
should not be treated as of no account whatever in
the calculations. Yet these calculations disregard
them altogether.
That such weird and wild figures should be put
forth as a possible source of inflation and should
receive indorsement or approval in responsible quarters is extremely significant, and it indicates a new
source of danger which it is necessary to guard
against, especially as the scheme is presented in
such plausible form. Evidently the danger of inflation lies not alone in the issuance of irredeemable
printing press currency, but embraces also Federal
Reserve inflation, which is much more insidious and
involves the possibility of undermining the Federal
Reserve System itself.
--•-PPOSITION to the gold policy of the Washington Administration has latterly begun to assume a qualified form, very suggestive of compromise
—compromise in which the President would come
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Dec. 16 1933
out triumphant in the end. This is to be deplored.
At first leading commercial and financial bodies declared unqualified opposition to the President's gold
purchase plan and his debasement of the dollar.
There must be an abandonment of the policy of
manipulating the dollar, with the purpose of thereby
raising the level of commodity prices, and there must
be a return to gold in an unquestioned form. Now
the disposition seems to be to let the Administration
go halfway. Thus Frank M. Law, President of the
American Bankers' Association and of the First
National Bank of Houston, Tex., speaking at a dinner of the Bankers' Forum, New York Chapter, of
the American Institute of Banking, at the Hotel
Biltmore, on Tuesday, after declaring against paper
money inflation and noting that "the story of fiat
money, whether written in France or Germany, or
in America after the Civil War, reads like a
tragedy," and adding that "ruin and misery and
bankruptcy have followed in its wake," nevertheless
was moved to say that economists seem to agree that
a return to gold would not be at the old standard,
that new parities of exchange would be needed,
and that the ratio of gold to note issue might be
reduced.
An attitude of that kind is not likely to accomplish much, and is certain to do more harm than
good. In like manner the National Association of
Manufacturers, at its annual convention in this city
on Friday of last week, passed resolutions requesting that the President, among other things, "give
definite assurance to the nation that it will be his
policy to return to the gold standard—"even though
the gold content of the dollar be modified." Even
such a staunch advocate of a sound currency and
such a profound student of economics as Benjamin
M. Anderson Jr., of the Chase National Bank, a man
who can always be depended on to adhere to tested
underlying principles, has the present week boldly
come out for standardizing the dollar in the neighborhood of the present artificial level as best calculated to reinove the existing uncertainty. In an
address delivered on Tuesday before the "Round
Table" of the University Club at St. Louis, he stated
with great force the objections to the regulation and
stabilization of commodity prices by varying the
gold content of the dollar, and declared that the
scheme was a practical as well as theoretical and
technical impossibility. After describing the origin
and variation of the commodity dollar theory and
its operation under varying conditions, he gave it as
his belief that speculation would thwart the plan
in every direction, turning attempts to check falling
prices into increasing deflation and efforts to halt
rising prices into mounting inflation. He contended
that varying the gold content of the dollar was inconsistent with attempts to control credit and would
nullify the automatic correctives which exist under
the gold standard.
The experience of recent months, he well said, has
shown that a reduction of the value of the dollar
measured in gold, or as measured in the foreign
exchange market of gold standard countries, results
in no controlled point for point rise in prices. But
in his view the danger is grave that a wild and uncontrollable speculative flareup of incalculable magnitude might result from debasing the dollar in
terms of gold and gold standard currencies. To
guard against anything of the kind, and as an alternative, Dr. Anderson has boldly come out for a
Volume 137
Financial Chronicle
definite stabilization of the dollar with a fixed gold
content of 65% of the old par.
It is with this part of his address that we find
ourselves obliged to take issue: "We have to-day a
fearful uncertainty, disturbing to all the markets
and to all business activity regarding the future of
the dollar," he declares. "Contracts involving any
length of time are exceedingly difficult to make.
Fears and uncertainties are exceedingly paralyzing.
Certainties are needed to restore confidence. A debased dollar of the definite and sure gold content
is certainly to be preferred to an unanchored paper
dollar which men fear may easily go much lower.
A definite stabilization of the dollar, with fixed
gold content of, say, 65% of the old par, with courageous resumption of redemption in gold and of the
issue of new dollars against gold, at the fixed rate,
would be immeasurably preferable to the existing
uncertainty. I believe that if this were done we
should get such a renewal of confidence as would
make a very substantial rise in commodity prices in
the country. The reaction of our people while our
currency has been in process of depreciation, with
no definite objective in the relation between gold
and paper money publicly announced, has been one
of bewilderment. The reaction to a definite, oncefor-all debasement would be very different. A paper
dollar fluctuating uncertainly between 60% and
70% of par has much less effect in raising commodity prices than a gold dollar definitely fixed at
75% of the old value would have. Certainties are
needed to generate confident action."
We think the foregoing an erroneous view. It is.
in the first place a compromise with principle in
defense of which action nothing can ever be said
and nothing but harm could result from it in the
present instance. In the second place it would be
yielding to erroneous views and virtually acquiescing in the Administration policies after having so
severely condemned them. It would be merely a
policy of expediency and would be giving up the
struggle in advance, virtually conceding everything
o the President, and appear to furnish warrant and
.justification for all his contentions.
Contrary to what Dr. Anderson urges, it would
not remove uncertainties and doubt. Confidence
cannot be restored in that way. There would be
the same lack of confidence as there is now. The
depreciation in the American dollar is not the result
of normal or natural influences. It is the result
entirely of artificial influences. Confidence in the
value and stability of the dollar will not return so
long as these artificial methods and contrivances
continue. They ought to be discontinued and swept
aside and the dollar be allowed to find its way under
normal conditions. If this be done, a totally different value of the dollar would promptly ensue.
We believe, too, that commodity values would
quickly respond and reach appreciably higher levels,
whereas the present mistaken policy has entirely
failed in that respect. As a matter of fact, it would
not be a surprise if the dollar returned to its old
parity. The funds which have sought refuge abroad
would come back, and, along with the elimination
of the restrictive provisions of the Securities Act,
would supply the capital funds needful for the country's development. Business would then hum, and
commodity values rise to higher levels as a result
of the greater consumption of goods of all classes,
due to restoration of normal conditions. There
4229
must be a return to first principles before there can
be enduring prosperity. Compromises with the
errors that are now doing so much mischief are decidedly out of order. The fight must continue to the
end and the reward will come accordingly.
That such an uncompromising policy is all the
more imperative appears from the fact that the
President continues unyielding. Concessions do
not count with him, except to prompt him to further
endeavors. On Thursday it was announced that
gold purchases by the United States would continue
indefinitely. Stephen T. Early, Assistant Secretary
to the President made the announcement on behalf
of Mr. Roosevelt, following an extended White
House conference participated in by four of the
President's chief fiscal advisers.
"This was a continuation of conferences that the
President will be having right along with any number of persons on the details of Government finances,
expenditures, &c.," Mr. Early said. "The question
of going back to gold was not discussed, and any
predictions of stabilization now, in the near future,
or at any time would be all wrong. In regard to
stories about treaties between the United States and
England on the subject of gold, this is worse than a
bad guess." Moreover, it appeared yesterday that
gold buying abroad had been conducted with great
energy. Official disclosures showed that the Reconstruction Finance Corporation had invested approximately $35,000,000 in gold bought in the foreign
markets of London and Paris.
-—4
HILE learned doctors are discussing whether
or not there is to be inflation, it is actually
taking place, and on a prodigious scale. As was
perhaps to be expected, it is being brought about
by means of the Federal Reserve banks. Federal
Reserve credit the past week has been increased in
amount of over $58,000,000. And this has been done
without any addition to the holdings of United
States Government securities, which this week
(Dec. 13) stand at virtually the same figure as last
week, namely, at $2,431,608,000 as against $2,431,057,000. The expansion in Reserve credit followed
owing to a further big increase in the holdings of
acceptances purchased by the Reserve banks in the
open market, the total of these bill holdings having
risen during the week from $61,284,000 to $116,158,000. This, too, after an increase in these holdings the previous week from $23,866,000 to $61,284,000, raising the total of the holdings for the
two weeks in the huge sum of over $92,000,000. With
the bill buying rate of the New York Federal Re/
serve Bank only 12 of 1% for bills running from
one to 90 days, it is easy to see that the inducement
to turn over to the Federal Reserve banks available
supplies of bills would be great, but one wonders
where the supplies are coming from. This week,
also, the member banks have increased somewhat
their borrowings at the Federal Reserve banks, as
appears from the fact that the discount holdings of
the 12 Reserve banks have moved up from $115,561,000 to $118,184,000. As a result of the great expansion in the holdings of acceptances and of the
increase in the discounts, the volume of Reserve
credit outstanding, as measured by the total of the
bill and security holdings, ran up from $2,609,501,000 Dec. 6 to $2,667,535,000 Dec. 13.
The volume of Federal Reserve notes in circulation is a little smaller this week at $3,038,172,000
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Financial Chronicle
against $3,042,725,000, with the outstanding amount
of Federal Reserve bank notes at $208,853,000 as
against $208,740,000. Gold holdings continue to
fall off in moderate amounts, the total the past
week having further decreased from $3,572,851,000
to $3,571,605,000. Deposits have run up from
$2,815,440,000 to $2,891,608,000, mainly owing to the
fact that member bank reserves rose during the
week from $2,561,180,000 to $2,637,936,000. With
reserve requirements against the deposits larger,
and with the gold holdings smaller, the ratio of
reserves has been further reduced during the week,
even though the reserve requirements against Federal Reserve notes slightly diminished. The ratio
of total gold reserves and other cash to deposit and
Federal Reserve note liabilities combined stands the
present week at 63.9% as against 64.5% last week.
IVIDEND declarations by corporations the
present week have not been so uniformly favorable as was the case in other recent weeks. The
Standard Gas & Electric Co. reduced the quarterly
dividend on the $6 cumul. prior pref. stock from
$1.50 a share to 45c. a share, and the dividend on the
$7 cumul. prior pref. stock from $1.75 a share to
52 c. a share. The Standard Power & Light Co.
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reduced the quarterly dividend on the $7 cumul. pref.
stock from $1.75 a share to 52 c. a share. The
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United Piece Dye Works omitted the quarterly dividend on its 6 % cumul. pref. stock. On the other
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hand, the Cleveland Electric Illuminating Co. increased the quarterly dividend on common from 40c.
a share to 50c.a share. The Goodyear Tire & Rubber
Co. of Canada, Ltd., increased the dividend on common from 60c. a share to $1 a share, the latter payable in Canadian funds. The United Shoe Machinery Corp. declared an extra dividend of $2.50 a share
on common in addition to the regular quarterly
dividend of 62 c. a share. An extra distribution
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of $1 a share was made on this issue each year from
1925 to and including 1931. The Acme Steel Co.
declared a special dividend of 12 c. a share on
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common in addition to the usual quarterly dividend
of 25c. a share. The New York & Honduras Rosario
Mining Co. declared a special dividend of 5% on the
capital stock, payable Dec. 29; the company on
Oct. 30 last paid an extra dividend of 7 % in
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addition to the usual quarterly dividend of 2 %.
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The Consolidated Mining & Smelting Co. of Canada,
Ltd., declared a cash dividend of 6% on the capital
stock, payable Jan. 15 1934; the last previous semiannual cash payment on this issue,in the amount of
5%, was made on Jan. 15 1932, together with the
5% stock distribution. The company on March 1
1933 paid a 10% stock dividend.
D
HE New York stock market the present week
has again been dull, with transactions limited
and price fluctuations narrow, and with no definite
trend. There have been no developments of any
great consequence outside the fact that trade
activity in some basic lines appears to be going
against the usual seasonal trend at this time, showing an increase where ordinarily some slackening
occurs. One illustration of this is found in the case
of steel production, where the "American Iron and
Steel Institute" reported the steel mills of the country as engaged at31.5% of capacity as against 28.3%
last week. The current rate showed an advance of
6.3% over the 25.2% figure of Nov.6 last, the lowest
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Dec. 16 1933
since the statistics have been compiled weekly by
the Institute. The peak was reached in the first
week of the compilation, Oct. 23 last, at 31.6%.
Maintenance of the upward trend in steel operations,
contrary to the tendency at this season in the past
four years, was considered as unusually favorable
feature. Normally steel operations have started
downward during November or late in October, and
have continued declining until after the year-end
holidays. Train loadings of revenue freight on the
railroads of the United States and the production of
electricity have also followed the course of other
recent weeks in showing improvement over the corresponding periods of 1932. Loading of revenue
freight on the railroads for the week ending Dec. 9
totaled 537,503 cars as against 520,607 cars in the
same week of 1932. The production of electricity
by the electric light and power industry of the
United States for the week ended last Saturday was
reported at 1,619,157,000 kilowatt hours as compared
with 1,518,922,000 kilowatt hours in the corresponding week of 1932, an increase of 6.6%, or about the
same ratio of improvement as in other recent
periods. One encouraging feature of the week was
the steady rise in bond prices. Foreign exchange
rates did not cut much of a figure in the events of
the present week, the dollar improving most of the
week, while exchange rates have moved lower in the
case of the leading exchanges. The commodity markets have shown a declining tendency in the case
of grain, but have been fairly well maintained in the
case of cotton.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 83c. as against 8278c. the close
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on Friday of last week. December corn closed
yesterday at 4458c. against 4658c. the close the
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previous Friday. December oats closed yesterday
at 3458c. against 3434c. the close on Friday of last
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week. December rye at Chicago closed yesterday at
53%c. bid against 55 c. the close on Friday of last
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week, while December barley at Chicago closed
yesterday at 424c. asked against 421 4c. the close
3
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on the previous Friday. The spot price for cotton
here in New York yesterday was 10.20c. as compared
with 10.10c, on Friday of last week. The spot price
for rubber was 8.80c. against 8.50c. the previous
Friday. Domestic copper was quoted yesterday at
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814c. against Sc. the previous Friday. Silver was
weak at times, owing to the strengthening in this
market of exchange rates with a corresponding lessening of the depreciation of the monetary units. In
London the price yesterday was 18 11/16 pence per
ounce against 18 9/16 pence on Friday of last week.
The New York quotation yesterday was 43.45c. bid
as against 43.75c. the previous Friday. Coming to
the matter of the foreign exchanges, cable transfers
on London yesterday closed at $5.111 4 as against
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$5.16 the close the previous Friday, while cable
transfers on Paris closed yesterday at 6.11c. compared with 6.1614c. the close on Friday of last week.
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On the New York Stock Exchange 39 stocks advanced during the week to new high figures for 1933
and 19 stocks touched new low figures for the year.
For the New York Curb Exchange the record for the
week is 14 new highs and 39 new lows. Call loans
on the Stock Exchange were quoted at 1% per
annum all week.
Trading has been light. On the New York Stock
Exchange the sales at the half-day session on Saturday
Volume 137
Financial Chronicle
4231
last were 1,070,210 shares; on Monday they were .133. In the rubber group, Goodyear Tire & Rubber
2,452,830 shares; on Tuesday 1,650,102 shares; on closed yesterday at 353/ against 3734 on Friday of
Wednesday 1,333,374 shares; on Thursday 1,556,125 last week; B. F. Goodrich at 13% against 1434, and
8
.
shares, and on Friday 1,173,022 shares. On the New United States Rubber at 16% against 173/
The railroad shares have again quite generally
York Curb Exchange the sales last Saturday were
116,245 shares; on Monday 342,634 shares; on Tues- moved higher. Pennsylvania RR. closed yesterday
day 266,953 shares; on Wednesday 265,910 shares; at 3034 against 29% on Friday of last week; Atchison
on Thursday 271,717 shares, and on Friday 254,109 Topeka & Santa Fe at 553/2 against 53%; Atlantic
shares.
Coast Line at 40 against 3934; Chicago Rock Island
As compared with Friday of last week irregular & Pacific at 3 bid against 3%; New York Central at
changes in prices appear. General Electric closed 353/i against 36%; Baltimore & Ohio at 2434 against
yesterday at 199 against 203 on Friday of last 24%; New Haven at 17 against 17%; Union Pacific
4
week; North American at 143 against 14%;Standard at 114 against 11334; Missouri Pacific at 33/i against
4
Gas & Electric at 834 against 83; Consolidated Gas 332; Southern Pacific at 2034 against 20; Missouri
of N. Y. at 38 against 37; Brooklyn Union Gas at Kansas-Texas at 83/ against 83 ; Southern Railway
4
65 against 64; Pacific Gas Sz Electric at 173 against at 2534 against 20; Chesapeake & Ohio at 39 against
4
16%; Columbia Gas & Electric at 12 against 11%; 3994; Northern Pacific at 243' against 24, and Great
Electric Power & Light at 534 against 5; Public Northern at 21 against 2134.
Service of N. J. at 353/ against 333 ; J. I. Case
4
The oil stocks have not greatly changed. Standard
Threshing Machine at 7034 against 7134; Interna- Oil of N. J. closed yesterday at 46% against 463' on
tional Harvester at 403/ against 413/;Sears, Roebuck Friday of last week; Standard Oil of Calif. at 41%
2
& Co. at 423/ against 43%; Montgomery Ward & against 413; Atlantic Refining at 28% against 29%.
Co. at 2294 against 233/; Woolworth at 4134 against In the copper group, Anaconda Copper closed yester2
43; Western Union Telegraph at 5634 against 569/; day at 1434 against 14% on Friday of last week;
8
Safeway Stores at 4534 against 45; American Tel. Sz Kennecott Copper at 2034 against 20%; American
Tel. at 11394 against 1183 ; American Can at 963/ Smelting & Refining at 4334 against 43%; Phelps
4
against 98%; Commercial Solvents at 3294 against Dodge at 15 against 16%; Cerro de Pasco Copper
32; Shattuck Sz Co. at 738 against 83', and Corn at 343' against 35, and Calumet & Hecla at 434
Products at 76% against ThM.
against 43/2.
Allied Chemical Sz Dye closed yesterday at 1473
%
against 1463/i on Friday of last week; Associated Dry TRREGULAR tendencies prevailed this week on
Goods at 133/i against 13%; E. I. du Pont de Ne- 1 stock exchanges in all the leading European
mours at 90 against 90; National Cash Register A financial centers. The London Stock Exchange was
at 17% against 163/2; International Nickel at 21% fairly cheerful at first, but followed an uncertain
against 213/; Timken Roller Bearing at 293/i against cour.se in later dealings. Prices on the Paris Bourse
2
3034; Johns-Manville at 5894 against 61%; Coca- and the Berlin Boerse moved alternately upward
Cola at 95 against 98; Gillette Safety Razor at 93/i and downward, with the recessions rather more imagainst 10; National Dairy Products at 13M against portant than the gains. Trading was again ham1334; Texas Gulf Sulphur at 411 against 42; Free- pered on all the European exchanges by the prevailA
port-Texas at 443' against 4694; United Gas Im- ing international currency unsettlement. Stabilizaprovement at 15% against 14%; National Biscuit at tion rumors, which were current here early in the
4794 against 49; Continental Can at 763/i against 75; week, were not taken at all seriously in Europe,
Eastman Kodak at 813' against 83; Gold Dust Corp. largely because it is realized that the London Govat 17% against 18; Standard Brands at 22% against ernment would not agree even to temporary fixation
2334; Paramount-Publix Corp. ctfs. at 1% against of ratios while the dollar is unduly low. There is a
13'; Westinghouse Elec. Sr Mfg. at 3934 against 40; growing tendency in London to blame the American
Columbian Carbon at 62 against 623'; Reynolds currency procedure for any halt in the recovery from
Tobacco, class B at 463 ex-div. against 473'; the depression. Chancellor of the Exchequer Neville
4
Lorillard at 17% against 1734; Liggett & Myers class Chamberlain expressed views of this nature in a
B at 8434 against 86, and Yellow Truck & Coach at speech at Birmingham, in which he remarked that
American efforts to raise prices by means of cur434 against 4M.
Stocks allied to or connected with the alcohol or rency manipulation do not seem to have been sucbrewing group have followed an irregular course. cessful, as yet. "But in the meantime," he added,
Owens Glass closed yesterday at 803/h against 863/i "these constant fluctuations of the dollar and the
on Friday of last week; United States Industrial consequent uncertainties and anxieties which are
Alcohol at 60 against 60; Canada Dry at 27 against spread throughout the rest of the world are bound
289/; National Distillers at 253/ against 26; Crown to shake confidence and slow down trade revival."
8
4
Cork & Seal at 323 against 34; Liquid Carbonic at British trade reports remain moderately favorable,
against 28%, and Mengel & Co. at 8 against 834. despite adverse seasonal influences. Foreign trade
29
The steel shares have manifested strength as a statistics for November, published by the Board of
rule. United States Steel closed yesterday at 46% Trade Tuesday, reflect a steady increase in both exagainst 45% on Friday of last week; United States ports and imports. French business indices show an
%
Steel pref. at 87 against 841 ;Bethlehem Steel at unfavorable tendency, while German reports reflect
35 8 against 353', and Vanadium at 22% against no change of any importance. Italian economic data
223 . In the auto group, Auburn Auto closed yester- show that a slow and moderate improvement is in
4
at 5734 against 4994 on Friday of last week; General progress in that country.
%
The London Stock Exchange was cheerful and
Motors at 335 against 333'; Chrysler at 51%
Motors at 2434 against 2434; fairly active in the first session of the current week.
against 5034; Nash
Packard Motors at 4 against 43; Hupp Motors at British funds were quiet, but well maintained, while
4 against 4, and Hudson Motor Car at 135/á against industrial stocks moved upward quite generally.
,
4232
Financial Chronicle
South African gold mining issues advanced sharply,
and other metal shares also did well. International
securities were marked up to conform with weekend reports from New York. The tendency, Tuesday, became irregular, and business dropped off.
British funds were soft at first, but improved in
later dealings. Industrial shares were quiet, with
changes about equally prominent in both directions,
while international issues idled. A slightly better
tone was reported Wednesday, but business was
again on a small scale. Investment buying of British funds was resumed and small gains appeared in
these issues. Movements in industrial stocks were
small, with most issues soft. International securities attracted little interest, and the trend in this
group was moderately uncertain. Unusual quietness was reported on the London Stock Exchange
Thursday. British funds were firm, while shipping
shares advanced on an announcement by Chancellor
of the Exchequer Neville Chamberlain that merger
arrangements for the Cunard and White Star lines
were almost completed. Industrial stocks were
quiet and virtually unchanged. Similar conditions
prevailed in the international section. Dealings
yesterday were quiet, with British funds improved,
but other sections dull.
Prices on the Paris Bourse advanced in Monday's session, owing to passage by the Chamber of
Deputies of proposals for balancing the budget. The
realization that difficulties would be encountered in
the French Senate on these measures tempered the
enthusiasm somewhat, but substantial gains were
recorded in a number of securities. French stocks
and bonds were generally in demand, but the international issues were quiet and irregular. In Tuesday's dealings rentes again were favored, but other
securities receded slightly. Trading dropped to a
minimum in all sections with the exception of French
Government bonds. The tendency Wednesday was
downward in all departments of the market. A Senate Commission indicated that its views on budgetary procedure differed from those voted in the
Chamber, and the prospect of further political difficulties caused liquidation on the Bourse. Rentes led
the decline, but shares of all descriptions also
dropped substantially. After an uncertain opening,
Thursday, slight recovery took place and erratic
movements were continued throughout the session.
At the close slight gains were registered in rentes,
but most stocks showed small losses. The trend was
uncertain yesterday in most groups, but rentes again
were firm.
An uneasy tone prevailed on the Berlin Boerse,
as trading was resumed for the week last Monday.
Reichsbank shares dropped more than 4 points on
a decision that blocked mark accounts may not be
used for purchase of the issue. The decline unsettled
other sections of the market, and losses were general. The trend was reversed, Tuesday, owing
largely to a speech by Arthur Henderson, at London,
in which the President of the General Disarmament
Conference appeared to favor German armament
contentions. Reichsbank shares recovered 2
/
1
2
points of their previous loss, while industrial stocks
advanced from 2 to 5 points. The opening Wednesday was firm, but the trend became uncertain in
subsequent dealings and best prices of the day were
not maintained. Reichsbank shares showed a net
gain of 2 points, however, and most other securities
also improved. In quiet trading, Thursday, prices
Dec. 16 1933
drifted slowly downward on the Boerse. Shipping
stocks lost about 1 point each, while bank and
industrial shares also dropped. A few of the mining
issues moved contrary to the general trend. After
a firm opening yesterday prices became irregular,
but most issues showed net gains at the end.
INTERNATIONAL currency problems were the
subject of unusually widespread discussion this
week, partly because of reports that financial authorities in the United States and England were
considering de facto stabilization of the dollar and
the pound sterling, and partly because of a growing
conviction that France, and possibly Italy, eventually will follow the precedent set by Great Britain
and America and drop the gold standard. Maintenance by the United States Treasury of an unchanged price for newly-mined gold since early this
month occasioned a good deal of informal conjecture regarding stabilization possibilities. The discussion became acute when a Washington dispatch
of Dec. 10 to the New York "Times" stated that "persons acting for the United States Government" had
proposed to British authorities a survey of the currency question with a view to stabilization. The
British authorities, it was added, had professed
themselves unable to take up the matter effectively
at this time.
A subsequent report from London to the same
journal appeared to confirm such statements. It
was reported in the British capital that George L.
Harrison, Governor of the Federal Reserve Bank of
New York, had conferred on the subject with Montagu Norman, Governor of the Bank of England.
"The discussions ceased two weeks ago," the dispatch stated, "when both the British Government
and the Bank of England came to the conclusion that
it was too early to make any monetary arrangements
with the United States." London financial authorities are said to hold the view that the dollar must
be much higher than the present level, in relation
to sterling, before stabilization can be considered
at all. "Great Britain thinks the dollar was undervalued even at the old parity of $4.86," the London
report to the New York "Times" added, "but if a
value of $4.50 were suggested, England probably
would not resist it." No official comments were
made in Washington on these reports, other than a
vague denial by Acting Secretary of the Treasury
Henry Morgenthau Jr., that the Treasury had made
overtures on stabilization.
French political circles are coming more and more
to the conclusion that the franc must eventually be
devalued, certain dispatches from Paris stated.
"Perhaps the time for that operation is nearer than
is generally expected," a report of Monday to the
New York "Times" remarked. French banking circles, it is conceded, continue to maintain that devaluation is not only unlikely but impossible. The
discussion on the matter in France is said to be
strikingly similar to that which took place before
the United States dropped the gold standard. "The
interests of an enormous number of small rente and
bondholders in France are opposed to devaluation,"
the report points out. "Wage earners will oppose
it, with the prices of bread and every necessary of
life where they are. There is no farmers' debt problem, and prices are high. But against these arguments may be set others which seem equally valid.
There is the fact that the commercial balance of the
Volume 137
Financial Ch:onicle
country will be 10,000,000,000 francs on the wrong
side by the, end of the year. Business is at a standstill in many industries. The whole export trading
community is beginning to clamor for adjustment
of prices, and by prices is meant money to the pound
and dollar standards. The shipping industry needs
a new adjustment. The hotel and tourist industries
had a calamitous summer and expect another.
Finally, there is the Treasury, with which the de,cision lies. It must raise next year between 17,000,000,000 and 20,000,000,000 francs. It has evidence
that Parliament is not willing to deflate expenditure
sufficiently to assure a probability of balancing the
next budget any better than the last. It has to face
the prospect that if the pound and the dollar are
stabilized there will be an immediate outflow of
capital, either through the return of foreign capital
or new French investments abroad. All these factors contribute to the conviction that unless within
the next few months, and even weeks, there is some
almost miraculous turn in the tide, devaluation of
the franc will become inevitable."
Italy, also, appears to be facing a new set of
problems, occasioned in part by the devaluation of
their currencies by other countries, and the opinion
is growing in some circles that depreciation of the
lira would follow any move by the French Government for devaluation of the franc. Premier Mussolini and his associates are working out a nation-wide
and simultaneous reduction in salaries and the cost
of living, a Rome dispatch to the Associated Press
stated. "The Government said a wholesale reduction in wages and the cost of living must be effected
if Italy is to continue to export products," the report adds. "Figures cited recently by Under-Secretary of Corporations Asquini showed that Italy in
the third quarter of 1933 had exported barely 15%
of the amount sent abroad in the same period of
1932, while imports had increased 512%. Before
/
the National Foreign Trade Commission, Signor
Asquini declared frankly that Italy was losing
ground in foreign trade competition and would have
to act quickly to save the situation. Competition
with countries off the gold standard, notably the
United States, Great Britain and Japan, requires
that Italy either reduce the cost of production appreciably or inflate the currency," he indicated. It was
noted in the dispatch to the Associated Press that
Premier Mussolini has stated Italy will not adopt
a policy of currency depreciation.
INTERGOVERNMENTAL debt payments received
4233
$1,000,000 against the sum of $2,133,906 due.
Czechoslovakia paid $150,000 against the instalment
of $1,682,813; Lithuania paid $10,000 against the
amount of $105,474, and Latvia paid $8,500 against
$180,706. France defaulted entirely on the payment
of $22,200,927, while Poland was the next most important defaulter, since $5,408,292 was due from
that country. Belgium neglected to pay $2,859,454,
but argued through her Ambassador, Paul May,
that her position was a special one, owing to promises by the former Allies and by Germany for Belgian restoration. Estonia made no payment on the
$435,408 due, and there was similar silence regarding the $45,271 due from Hungary. Announcement
was made in Washington,•Wednesday, that Austria
had taken advantage of provisions of its debt agreement with the United States to postpone a payment
of $460,093 due Jan. 1 next. The sum, with interest
at 5%,is to be repaid in equal annuities from 1944
to 1968, inclusive.
DDITIONAL evidence was presented this week
of the auspicious start made toward the forging of strong and enduring ties between Soviet Russia and the United States. William C. Bullitt, who
was appointed by President Roosevelt as the first
American Ambassador to the Soviet Union, arrived
in Moscow, Monday, and presented his credentials
to President Mikhail Kalinin on Wednesday. Exceptional courtesies were extended by the Russian
officials to the new Ambassador, while the warmth
of the official exchanges represented something distinctly new in the relations of Soviet Russia with
any Western country. In his address to the Russian
President at Alexandrovsky Palace, Mr. Bullitt remarked that he was not a stranger to Russia, and
he expressed a "deep conviction of the historic importance" of his mission. That mission, he added, is
to create not merely normal but genuinely friendly
relations between the two peoples. "Bound by the
tie of their mutual desire for peace our peoples will
find many other fields for fruitful co-operation,"
Mr. Bullitt continued. "To-day each of our nations
in its own manner is seeking with the same indomitable will and limitless energy, but by different
methods, to promote the welfare of its people. This
simultaneous effort, rather than a source of conflict, offers an opportunity for creative collaboration." In his reply, President Kalinin expressed
deep appreciation of the fact that Mr. Roosevelt
chose as the first American Ambassador a man who
is widely known throughout Russia because of his
efforts in behalf of a mutual understanding between
the two countries. Co-operation between the two
lands will assume the widest and most varied forms,
he predicted. "With good-will and mutual respect
on both sides, the difference in the socio-political
systems existing in the two countries need not at all
be an obstacle," M. Kalinin declared.
A
by the United States Treasury from foreign countries yesterday amounted to $8,898,123, against the
$152,952,637 due under the settlements with 11 countries and the arrangement covering the postponed
payments of the Hoover moratorium year. The sum
received is under the estimates made some weeks ago.
It contrasts with payments on June 15 last of $11,373,692 against the $168,888,328 then due. Remindiplomatic activities were carried on in
ders of the payments due were sent by the Treasury
last Saturday to France and other countries that had I European capitals this week, in the endeavor to
not formally indicated their intentions with regard settle Franco-German differences on armaments and
to the obligations, but such efforts were fruitless. thus make possible an adjustment "in principle,"
Finland was again the only country that continued which could be presented before the General Disto effect full payment in accordance with its pledge, armament Conference next month. Direct convera payment of $229,623 in full discharge of the obliga- sations were continued between Paris and Berlin.
tion being noted by the Treasury. Great Britain There is ample evidence that the London Governmade a payment of $7,500,000 against the $117,- ment was frequently consulted, as Lord Tyrell, the
670,765 due from that country, while Italy paid British Ambassador to France, spent the last week-
iNTENSE
4234
Financial Chronicle
end in London, while Sir Eric Phipps, the British
Ambassador to Germany, was hastily summoned to
London on Wednesday. The stand of the British
Government on the Franco-German negotiations
may well be decisive, and much anxiety appeared to
prevail in Paris and Berlin on this point. Rumors
were current of a possible meeting between Prime
Minister MacDonald of Great Britain and Premier
Chautemps of France, as one means of reconciling
viewpoints on the armaments impasse. Suggestions
by Italy that the League of Nations might well be
revised in many particulars also received attention,
as Joseph Avenol, the Secretary-General of the
League, spent nearly a week in London discussing
reform of the Geneva body.
Reports from Paris and Berlin indicated early
in the week that Germany is asking for an army of
300,000 men, as compared with her present force of
100,000 and the MacDonald draft convention plan
for an army of 200,000. The active term of service
for the new force would be only eight months, and
the German authorities also are demanding necessary equipment for this augmented army on the
basis of equal rights---that is, the equipment is to
consist of the same weapons permitted other countries, but the quantity allowed Germany is to be a
subject for negotiations. The reports of these German demands were especially fulsome after a further conversation in Berlin, Monday, between Chancellor Hitler and the French Ambassador, Andre
Francois-Poncet. The French reaction to such German ideas was unfavorable, according to Paris dispatches, but the conversations were continued, with
the French making specific inquiries regarding the
status of the 2,500,000 Nazi Storm Troops, in the
event the German proposals are met. The conviction appeared to prevail in London, Wednesday,
that Germany will stoutly oppose the disbandment
of the Storm Troops, and there was a corresponding
pessimism in the British capital regarding the success of the current negotiations. It was realized,
moreover, that an army of 300,000 men on short service in Germany probably would result in demands
for larger forces by most of Germany's neighbors,
with the net result of an increase in the already
heavy European military establishment, as against
the decrease desired in Great Britain.
Italian proposals for a radical reorganization of
the League of Nations were answered publicly by
the French Foreign Minister, Joseph Paul-Boncour,
in a statement to the French press, late last week.
"We do not intend to permit the least injury,
directly or indirectly, to the League," M. Paul-Boncour declared. "The League remains and will remain the basis of French policy," he added. French
concern regarding the growing impotence of the
League was reflected, however, in a remark by the
Foreign Minister that concrete proposals for revision of the League's machinery would receive careful study by France, if any were made. But the
basis of the League must remain unchanged, he
again insisted. The statement obviously was intended, Paris dispatches said, to warn Italy that
France is unalterably opposed to any reconstruction of the League which would create a directorate
of the large Powers. In the French press it was
made plain that France does not believe Italy wants
reorganization of the League as an end in itself,
but only as a means of furthering the aims of some
nations at the expense of others. The countries of
Dec. 16 1933
the Little Entente, which are allies of France,
speedily rallied to the support of the Paris Government on this matter. Foreign Ministers Edouard
Benes of Czechoslovakia and Nicolas Titulescu of
Rumania issued statements, Monday, in which they
declared that the Little Entente would defend the
inviolability of the League Covenant. On the same
day, however, M. Avenol made a discreet speech in
London in which he admitted that the League Covenant should be made as flexible as possible and that
there should be a minimum of constitutional restrictions in the functioning of the Geneva body.
Arthur Henderson, the British President of the
General Disarmament Conference, discoursed apologetically in London, Monday, regarding the interminable conference which he heads. In the 22
months the Conference has been in existence there
have been seven French and four German Governments, he declared. This fact alone greatly handicapped the constructive work of the Conference, Mr.
Henderson remarked. Considerable aid had been
rendered, however, by the United States and Russia
right up to the last adjournment, he admitted. "Before we attempt to allot blame for Germany's departure from the League," Mr. Henderson continued,
"we must consider the just grievances which Germany had. I have had many bitter complaints in
private from different German delegates of the
manner in which their country has been treated by
the other Powers. After 15 years of being held in
subjection with no sign that the other nations were
going to meet their own obligations to reduce armaments, Germany was bound to develop an inferiority
complex which accounts largely for her present
attitude."
NE of the briefest Parliamentary sessions on
record was held by the all-Nazi German
Reichstag in the Kroll Opera House in Berlin, Tuesday. The 661 Deputies were elected in the national
plebiscite of Nov. 12, when the German people voted
for the single slate of 10 members who were authorized to name all remaining members. The Weimar
Constitution requires the convening of the Reichstag
soon after a general election, and the Nazis, oddly
enough, continue to observe many of the requirements of the Constitution, despite their scorn of that
document and their complete disregard of some of
its provisions. The meeting of the Reichstag Tuesday was decidedly perfunctory, and it lasted just 10
minutes. All arrangements apparently had been
made in advance, and Captain Hermann Goering,
as President, called to order a gathering consisting
of 659 brown-shirted Nazis, and the black-clad Nationalist Vice-Chancellor, Franz von Papen. Chancellor Hitler, who also is a Deputy, did not attend,
as he preferred to witness a naval ceremony at Wilhelmshafen. Speeches and roll-calls were dispensed
with by Captain Goering, who put through the
agenda with military efficiency. Organization of
the Reichstag was quickly completed through the
naming as Vice-Presidents of Hans Kern, Prussian
Minister of Justice; Hermann Esser, former President of the Bavarian Diet, and Emil von Strauss, a
Director of the Deutsche Bank. This task accomplished, Captain Goering called for three cheers for
Chancellor Hitler, and then adjourned the session,
subject to his call.
The Reichstag session demonstrates again the remarkable political control exercised in Germany by
O
Volume 137
Financial Chronicle
Chancellor Hitler and his Nazi associates. There
are increasing signs, however, of a relaxation of the
harsh regime established at first by the Fascist rulers of the Reich. Opposition to some Nazi doctrines
has been marked in the established Lutheran Church
of Germany, and the churchmen gained a point,
Tuesday, when they issued a ruling that others than
pure "Aryans" may hold church office. The Nazis
within the church were defeated on the matter.
Equally important is the removal by order of the
Bavarian Government of a prominent Nazi, Georg
Luber,from his office as State Secretary of Agriculture. Premier Siebert, who represents the moderate
element in Bavaria, requested the dismissal of Herr
Luber because the latter accepted a gift of land from
the Bavarian Peasants' Association. The Premier
felt that Herr Luber's independence of judgment
might be warped by the gift, and his request for the
removal of the Nazi leader was heeded. The action
created something of a sensation, a Munich dispatch
to the New York "Times" states.
--•-NARCHISTS and Communists in Spain have
been unsuccessful in another attempt to overthrow the established regime in that country. Extremist action had been expected since the general
elections last month showed a decided trend toward'
the Rightist parties in the Cortes, indicating that
the more flagrant aims of the new Republic might
be abandoned in response to the popular will. The
expected movement developed last Saturday in Barcelona and Saragossa, under the apparent leadership of the Iberian Anarchist Confederation, which
appealed for the support of the people and the army
on a program calling for abolition of private property and the distribution of all money in the banks
among the masses. Communications were cut by
the insurgents, and churches were attacked. The
Government of Premier Martinez Barrios promptly
proclaimed a "State of Alarm," which is akin to
martial law, and proceeded with great vigor against
the extremists. Severe clashes occurred in the
streets of cities of the Northeastern Provinces of
Spain, and many casualties resulted. The movement spread to Madrid last Sunday, and by Monday
many other places were involved, but only on a
small scale. Artillery and airplanes were used by
the authorities to subdue the rebels, who did not
appear to have much popular support. Order was
restored throughout the country by Tuesday, despite
efforts to organize a general strike in Spain. At
least 78 deaths were reported as a result of the
Anarchist revolt, indicating that exceedingly severe
measures were necessary in some places to suppress
the movement. Madrid dispatches state that Communists in many places were reluctant to join the
rebels, while Socialists remained even more aloof.
--•-ESSIONS of the seventh Pan-American Conference in Montevideo have been devoted very
largely, so far, to problems of organization of the
gathering, while a good deal of attention also has
been given the broad problem of peace in the two
Americas. In this second week of the meeting one
of the foremost events was a declaration by United
States Secretary of State Hull in favor of bilateral
trade accords as a means for stimulating world recovery from the depression. The statement contained little that was new, however, as the United
States Government made clear its desire to negotiate
A
S
4235
bilateral pacts immediately after the London Economic Conference failed. On economic matters the
Pan-American Conference appeared to be in hopeless confusion, a dispatch of Wednesday to the New
York "Times" said. A representative of the United
States made a suggestion that a financial conference be held separately in the near future, and the
Steering Committee approved it enthusiastically and
set Santiago, Chile, as the meeting place, but named
no date. Efforts were made by some delegations to
make the Pan-American Union a branch of the
League of Nations, it was reported on Monday, but
at least one important Foreign Minister was said to
be opposing such ideas. Secretary of State Hull
abandoned his efforts, Monday, to exclude a League
observer from the Pan-American Conference, on
learning that the observer would attend only the
public sessions.
The Conference at Montevideo was made the occasion for a further series of efforts to terminate the
war over the Gran Chaco boundaries which has been
raging between Bolivia and Paraguay for a year and
a half. Attention was directed to this problem when
the Argentine Foreign Minister, Saavedra Lamas,
placed before the gathering, late last week,the peace
pact negotiated among six Latin American countries
early this year. President Gabriel Terra, of Uruguay, started personal negotiations last Saturday
with the Bolivian and Paraguayan delegations in an
endeavor to establish peace in the Chaco. The move
found the Paraguayans amenable, but the Bolivians
tended to remain aloof, as reports made available the
same day indicated that the tide of battle was surging decidedly against Bolivia. It has long been a
characteristic of the war that each side is perfectly
willing to make peace while its armies are triumphant, but averse to peace suggestions when defeats are suffered. Disclosures Monday indicated
that the Bolivians were badly defeated, and that 13
of their regiments, with a personnel of 10,700 officers and men, had surrendered to the Paraguayans.
These reports gained partial confirmation through
the summary removal from the high command of the
Bolivian armies of General Hans Bundt, Thursday.
Efforts at Montevideo to mediate in this war were
energetically pursued, and it was revealed, Tuesday, that all the other 19 Republics of the Americas
had agreed to bring pressure to bear upon the contestants in order to end the conflict. It was privately predicted in some quarters that the Chaco
war would end in 10 days.
There was little tendency at Montevideo for the
groupings of South and Central American nations
against the United States which have marked previous Pan-American Conferences. A spirit of cooperation seemed to predominate, dispatches said.
It was noted particularly that Foreign Minister
Lamas of Argentina avoided antagonism toward the
United States. In a dispatch to the New York
"Times" it was suggested that Senor Lamas may
have agreed to support Mr. Hull's economic proposals in return for the American Secretary's support of his peace project. Long private conferences
between the American and Argentine Ministers were
reported on several occasions. The harmony at the
Conference was interrupted Wednesday, however,
when Alberto Giraudy, the head of the Cuban delegation, severely criticized the "intervention policy"
of the United States, at a meeting of a Committee
for New Economic Matters. Senor Lamas, as Chair-
4236
Financial Chronicle
man of the Committee, defended the United States
and said he would not permit such remarks to be
made. Early in the week a fight was made for equal
civil and political rights for women throughout the
Americas, but a subcommittee rejected such proposals by a vote of 3 to 2. The indifferent course of
the Conference occasioned criticism, Wednesday,
from a number of delegations. "If the present system continues," said Alfonso Lopez of Colombia,
"the only result of the seventh Pan-American Conference will be a resolution to this effect: 'Resolved,
that the seventh Pan-American Conference entrust
to the next Pan-American Conference all problems
submitted to this Conference!'"
HE Bank of Italy on Monday (Dec. 11) reduced
its discount rate from 33/2% to 3%, the 3%
rate having been in effect since Sept. 4, when it was
reduced from 4%. The Bank at the same time
reduced its rate on Lombard'loans from 4% to 332%.
Present rates at the leading centers are shown in the
table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Date
Effect
Dec.15 Established.
Austria....
Belgium_....
Bulgaria__
Chile
Colombia_
Czechosiovakia__
Danzig.. _
.
Denmark_.
England...
Estonia—__
Finland__
France......
Germany__
Greece
Vfnlland
Previous
Rate.
5
399
83.
499
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
6
299
991
599
5
399
4
299
2
599
5
299
4
7
214
Jan. 25 1933
July 12 1932
Nov 29 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept. 31 1932
Oct. 13 1933
Rent. IS 1933
499
5
3
299
699
599
2
5
799
3
Country.
Rate in
Effect
Dale
Dec.15 Established.
Pre
Mous
Rate.
Hungary- —
499 Oct. 17 1932 5
India
39s Feb. 16 1933 4
Ireland_ _
3
June 30 1932 394
Italy
3
Dec. 11 1933 395
Japan
3.65 July 3 1933 4.38
Java
499 Aug. 16 1933 5
Lithuania_
7
May 5 1932 794
N orway._ _
399 May 23 1933 4
Poland _ _ _
5
Oct. 25 1933 6
Portugal
599 Dec. 8 1933 6
Rumania _- 6
Apr. 7 1933 6
SouthAfrica 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 594
Sweden.- —
299 Dec
1 1933 3
Switzerland 2
Jan. 22 1931
99
In London open market discounts for short bills
8
%
on Friday were 131%, as against 1 1-16@13/ on
Friday of last week and 1%@1 3-16% for three
months' bills, as against 1 1-16@13/s% on Friday of
last week. Money on call in London yesterday was
M%. At Paris the open market rate remains at
231 7 and in Switzerland at 13/2%.
,0
HE Bank of England statement for the week
ended Dec. 13 shows a loss of £69,662 in gold
holdings and this together with an expansion of
£7,010,000 in circulation brought about a decrease
of £7,080,000 in reserves. The Bank now holds
£191,705,790 of gold in comparison with £191,775,452 a week ago and £140,305,216 last year. Public
deposits rose £7,648,000 while other deposits fell
off £19,962,336. The latter consists of bankers'
accounts which decreased £20,311,785 and other
accounts which increased £349,449. The reserve
ratio dropped to 47.53% from 48.30% last week;
a year ago the ratio was 33.31%. Loans on Government securities fell off £5,110,000 and those on other
securities £109,736. Of the latter amount £94,723
was from discounts and advances and £15,013 was
from securities. The discount rate is unchanged
from 2%. Below we show the items with comparisons for previous years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1933.
Dec. 13
Circulation_ a
Public deposits
Other deposits
Bankers' accounts_
Other accounts_ _ _
Governm't securities
Other securities
Dlsct. & advance&
Securities
Reserve notes & coin
Coin and bullion_ __ _
Propor. of res. to liab
1932.
Dec. 14
1931.
Dec. 16
1930.
Dec. 17
1929.
Dec. 18
£
£
£
£
£
381,891,000 372,256,239 363,134,400 372,141,047 371,698,000
14,594.000 8.537,123 12,036,544 6,523,997 9,860,000
132,329,874 120.859.474 111,517,033 97.774,358 97,582,667
95,561,394 86,291,044 73.337,785 64,294,938 62,065,360
36,763,480 34,268,430 38,179,248 33,479,420 35,517,307
72.907,066 74,249,011 61,465,906 53,886,247 65,143,855
22,044,016 29,788,096 47,081,490 29,124,401 31.195,251
8,400,921 11,740,213 12,871,998 5,341,121 10,829.732
13,643,095 18,047,883 34,209,492 23,783,280 20,565.519
69,815,000 43,048,977 32,893,964 39,175.180 29,034,000
191,705.790 140.305,216 121.428,364 151,316,227 140,734,339
37.56%
47.53%
26.62%
33.31%
27.02%
207..
ACV_
Cot
901
99/
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
Dec. 16 1933
HE Bank of France statement for the week ended
Dec.' 8 shows a decrease in gold holdings of
293,574.567 francs. Total gold holdings are now
at 77,079,038,281 francs in comparison with 83,343,869,565 francs last year and 67,993,508,089
francs the previous year. French commercial bills
discounted and creditor current accounts reveal
increases of 328,000,000 francs and 989,000,000 francs
while bills bought abroad and advances against securities show decreases of 59,000,000 francs and
4,000,000 francs, respectively. The gold ratio is
now 79.12%, a year ago it was 77.93%. Notes in
circulation reveal a large decline, namely 1,204,000,000 francs. The total of circulation stands now at
80,905,916,305 francs as compared with 82,482,068,350 francs a year ago and 82,649,580,775 francs two
years ago. Below we furnish a comparison of the
various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Dec. 8 1933,
Dec. 9 1932, Dec.11 1931,
Francs.
Francs.
Francs.
Francs.
—293,574,567 77,079,038,281 83,343.869,565 67,993,508,089
No change.
37,694,523 3,155,090,942 15,778,692,558
Gold holdings
Credit bals. abroad.
a French commercial
bills discounted
+328,000,000 3,830,368,355 2,708,895,999 6,193,760,102
b Bills bought abr'd
—59,000,000 1,155,560,324 1.615,552,498 8.983,522,267
Adv. against seems_
—4,000,000 2,900,896,302 2,551,558,159 2.835,691,441
Note circulation_
—1,204,000,00080,905,916,305 82,482,068,350 82.649,580,775
Credit current accts. +989,000,000 16,519,465,61524,458,618,432 30,356,889,750
Propor'n of gold on
1
hand tnalaht linh
—0 120
7912%
77.93%
60.17%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
first quarter of December reveals a decrease in
gold and bullion (the first since June 30 1933) of
7,646,000 marks. Gold now stands at 397,752,000
marks in comparison with 804,069,000 marks last
year and 1,005,116,000 marks the previous year. An
increase appears in reserve in foreign currency of
2,628,000 marks, in notes on other G.erman banks of
4,412,000 marks and in investments of 10,715,000
marks. Notes in circulation show a contraction of
85,849,000 marks. The total of the item which is
now 3,455,858,000 marks compares with 3,438,962,000 marks a year ago and 4,591,576,000 marks two
years ago. The proportion of gold and foreign currency to note circulation stands now at 11.7%, a year
ago it was 26.7%. Bills of exchange and checks,
advances, other assets, other daily maturing obligations and other liabilities recbrd decreases of 24,198,000 marks, 86,994,000 marks, 59,259,000 marks,
63,572,000 marks and 986,000 marks respectively.
A comparison of the various items for three years
appears below:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign cum
Bills of each, and checks
Silver and other coin
Notes on other Ger. blur
Advances
Investments
Other assets
Liabilities—
Notes in circulation.. _
Other daily matur. oblig
Other liabilities
Propor.of gold dt foreign
curr. to note circurn_
Dec. 7 1933. Dec. 7 1932. Dec. 7 1931.
Reichsmarks. Reichsmarks. Reichsmark& Reichsatarks.
—7,646,000 397,752,000 804,069,000 1, .116,
005
000
No change.
40,435,000 129,951,000
52,561,000
+2,628,000
5,844,000 113,931,000 170,466,000
—24,198,000 3,003,474,000 2,717.213,000 3,903,847,000
+9,935,000 208,852.000 203,052,000 122,246.000
5,145.000
+4,412,000
7,883,000
7,764,000
—86,994.000
75,873,000 101,124,000 190,882,000
+10,715.000 529.000,000 396.209.000 102,889,000
—59.259,000 511,102,000 753,955,000 853,754,000
—85,849,000 3,455,858,000 3,438,962,000 4,591,576,000
—63,572,000 414,272,000 352.708.000 415,950,000
—986,000 246,374,000 738,340,000 859,488,000
+0.2%
11.7%
26.7%
25.6%
ONEY rates were unchanged in the New York
market this week, despite fairly heavy requirements in connection with the Dec. 15 turnover.
Heavy acquisitions of bankers' bills by the Federal
Reserve Bank at its official buying rate of %% for
maturities up to 90 days kept the market supplied
with sufficient funds at current low rates to prevent
any increase in charges. Call loans on the New York
vi
Financial Chronicle
Volume 137
Stock Exchange were 1% for all transactions, whether
renewals or new loans. There were no offerings at
concessions in the outside market Monday, but some
transactions were reported at 3 and 78 Tuesday,
%
A
while similar small concessions were available on all
subsequent days. Some maturities of time money
hardened a trifle early in the week, but rates relaxed
again later. Brokers' loans against stock and bond
collateral increased $37,000,000 in the week to
Wednesday night, according to the usual statement
of the Federal Reserve Bank of New York.
in detail with
loan rates
the
DEALINGruling quotation call through theonweek
Stock Exchange .from day to day, 1% remained the
all
for both new loans and renewals. The market for
time money continued at a standstill this week;
practically no business having been reported except
in renewals. Rates are nominal at 1@13.1% for 60
90 days and 1Vi@13/2% for four, five and six months.
The market for commercial paper has shown only
moderate demand all week except Friday, when there
was considerable activity, more paper also has been
available. Rates are 131% for extra choice names
running from four to six months and 1
for names
less known.
THE market for prime bankers' acceptances has
been extremely quiet this week. There has
been very little demand and the supply of paper is
short. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and in3
A
cluding 90 days are 4% bid and 3 % asked; for
three and four months, Y% bid and 34% asked;
7
for five and six months, 1% bid and 4% asked.
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 rose during the week from $61,284,000
to $116,158,000. Their holdings of acceptances for
foreign correspondents remain unchanged from a week
ago at $2,894,000. Open market rates for acceptances are as follows:
SPOT DELIVERY.
Prime elligible bills
-180 Days- -150 Days- -120 Days
/M. Asked.
Bid. Asked.
Bid. Asked.
1
1
51
,
-90 Days- -BO Days- -30 DaysMd. Asked.
Bid. Asked.
Md. Asked.
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
1% bid
1% bid
THERE have been no changes this week in the
1 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:
4237
tions for the dollar were largely nominal owing to the
greatly restricted foreign exchange market. The
improvement in the dollar and the comparative
weakness in the other foreign currencies, as compared with recent weeks, is attributed chiefly to the
fact that for 15 consecutive days, or since Dec. 1,
the Reconstruction Finance Corporation has maintained the same price for newly mined domestic gold,
$34.01 per fine ounce. Foreign exchange traders
hesitated to take a technical position in the market
from day to day in the expectation that the Washington authorities might be planning a new course in
monetary matters. Rumors have been rife to the
effect that conversations are under way between
Washington, London, and Paris relative to plans for
stabilization of the dollar and the pound at around
current levels. These rumors, which were widely
circulated, were emphatically denied by authorities
in the three countries. For the most part trading
in all markets is confined to routine transactions of
the most imperative character. On Thursday and
Friday there was a sudden burst of aggressive buying
of all foreign currencies, especially sterling and francs,
and.of course a corresponding decline in the dollar.
There were no new developments to account for the
sudden reversal of. the trend and traders were puzzled
by the energy of the advance in sterling and francs.
It was generally considered that the buying orders
were a precautionary measure against the possibility
of an advance in the Reconstruction Finance Corporation's gold price within the next few days. The
range this week has been between $5.023 and $5.17
4
for bankers' sight bills, compared with a range of
between $5.04 and $5.183 last week. The range
4
for cable transfers has been between $5.03 and
4
$5.173/, compared with a range of between $5.041
2
and $5.19 a week ago. The following tables give the
London check rate on Paris from day to day,the mean
gold quotation for the United States dollar in Paris,
the London open-market gold price, and the price
paid for gold by the United States (Reconstruction
Finance Corporation).
MEAN LONDON CHECK RATE ON PARIS.
Wednesday Dec. 13
Saturday Dec.9
83.75
Monday Dec. 11
83.296 I Thursday Dec. 14
Tuesday Dec. 12
Friday Dec. 15
83.53
83.82
83.78
83.312
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
65.2
Wednesday Dec. 13
Saturday Dec.9
63.4
64.2
Thursday Dec. 14
Monday Dec. 11
63.5
63.7
Friday Dec. 15
Tuesday Dec. 12
64.5
LONDON
Saturday Dec.9
Monday Dec. 11
Tuesday Dec. 12
OPEN MARKET GOLD PRICE.
I Wednesday Dec. 13
126s. 6d.
Thursday Dec. 14
127s.
126s. 4;id. Friday Dec. 15
126s. id.
1265. ld.
1268. id.
PRICE PAID FOR GOLD BY U. S.(RECONSTRUCTION FINANCE
CORPORATION).
34.01
Wednesday Dec. 13
Saturday Dec.9
34.01
34.01
Thursday Dec. 14
34.01
Monday Dec. 11
34.01
Friday Dec. 15
Tuesday Dec. 12
34.01
There is of course nothing essentially new in the
foreign exchange situation. The entire field is utterly
Nate in
demoralized as a consequence of the erratic monetary
Effect on
Date
Previous
Federal Reserve Rank.
Dec. 15.
Established.
Role.
policy being pursued by the .United States. No one
_
21.4
Nov. 2 1933
3
Boston
seems to know where the dollar is headed, though it
2
Oct. 20 1933
234
New York
214
Nov. 18 1933
3
Philadelphia
is rather confidently believed that after Dec. 15 the
Oct. 21 1933
294
3
Cleveland
Jan. 25 1932
4
394
Richmond
Reconstruction Finance Corporation's gold price will
314
Nov. 14 1931
3
Atlanta
Oct. 21 1933
3
21.4
Chicago
again be radically increased. The method of fixing
3
June 8 1933
34
St. Louis
Sept. 12 1930
31.4
4
Minneapolis
the domestic gold price is not disclosed. Chairman
Oct. 23 1931
3
31.4
Kansas City
344
Jan. 28 1932
4
Dallas
Jones of the Reconstruction Finance Corporation,
214
Nov. 3 1933
3
San Francisoo
when questioned recently by senators, is reported
TERLING exchange this week has been excep- to have replied that he had no formula and when
tionally dull and on average much easier than pressed further is reported to have said "He simply
in many weeks. In other words, the dollar has been hands it to us on a slip of paper," meaning Professor
firmer in terms of sterling and gold, although quota- Warren, one of the President's advisers. It is safe
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
S
4238
Financial Chronicle
to assume that the President knows what is on that
slip of paper before the gold price is officially announced by the Reconstruction Finance Corporation. The inflationists who have been pounding the
dollar for the past year seem bent on a devaluation of
50%, and an important member of the inflationist
agitators is urging that the price of gold be raised to
$41.34 per fine ounce. Under circumstances such
as these attitudes indicate, it must be expected ,that
the undertone of the dollar must be essentially soft,
despite any advance taking place on any given day,
and of course the undertone of sterling must be correspondingly firm. The period of seasonal pressure
on sterling comes to an end after the turn of the year.
Sterling continues relatively firm in terms of
francs or gold and the London check rate on Paris
would be still higher but for the active interference
of the London authorities acting in close conjunction
with the Bank of France to keep the rate steady.
Money continues to seek the London market chiefly
for refuge and though the open market money rates
are just fractionally firmer this week, the firmness
must be attributed to the normal approach of yearend requirements. During the latter half of December money rates firm up in all financial centers
as a seasonal matter. So far as can be learned the
United States has not bought any gold in the London
open market and seems to have ceased buying in
Paris for the present. It was disclosed a few weeks
ago that the total purchases of gold abroad, chiefly
in Paris, for Washington official account was about
$10,000,000. There have doubtless been purchases
of gold in the London open market for private
American account. It is safe to say that extensive
purchases for United States official account in the
London gold market would not be permitted by the
British authorities. That is to say, the United
States might, if it chose, buy gold freely in the London open market, but reprisals would follow in defense of the British position that would make such
gold purchases by American Governmental authorities undesirable.
The London market is lending more money both at
home and abroad than has been the case for the last
few years. Evidently the restrictions on loans are
being lifted by the British Treasury. It was recently
estimated in London that if the dollar were to be
stabilized and if it were to become evident that the
stabilization would prove lasting, more than $10,000,000,000 of funds now in foreign markets would
seek employment in the United States. So large a
return of American and foreign capital embraced in
this estimate could only be effected gradually pending
clarification of the American economic situation in
the light of the effects of the National Industrial
Recovery Act. Call money against bills in London
is easy at %. Two and three-months' bills are
1% to 1 3-16%, four months' bills 1 3-16% to
13%, six months' bills 13%. The London open
market gold continues to be taken for Continental
account and is left on deposit with the London banks.
The gold sales are reported from day to day as taken
for an unknown destination, but this phrase does not
disguise the real source of the buying. Doubtless
some of the gold is taken for American private account. On Saturday last £390,000 was available
and taken for an unknown destination at a premium
of 83/2d. On Monday £456,000 was similarly taken
2
at a premium of 63/d. On Tuesday £865,000 was
taken for an unknown destination at a premium of
Dec. 16 1933
5d. On Wednesday £300,000 was taken at a premium of 7d. On Thursday £420,000 was taken
at a premium of 8d. On Friday £305,000 was taken
at a premium of 5d. The Bank of England statement
for the week ended Dec. 13 shows a loss in gold
holdings of £69,662, the total standing at £191,705,790, which compares with £140,305,216 a year ago,
and with the minimum of £150,000,000 recommended by the Cunliffe Committee.
At the Port of New York the gold movement for
the week ended Dec. 13, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$106,000 to Switzerland. There was an increase of
$199,000 in gold earmarked for foreign account. In
tabular form the gold movement at New York for
the week ended Dec. 13, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,DEC.7
-DEC. 13,INCLUSIVE
Imports.
Exports.
None.
I 3106,000 to Switzerland.
Net Change in Gold Earmarked for Foreign Account.
Increase $199,000.
Exports of Gold Recovered from Natural Deposits.
None.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports or
exports of gold but gold held earmarked for foreign
account increased $198,500. On Friday there were
no imports of gold but $8,979,900 more of the metal
was exported, $8,776,400 going to Switzerland,
$198,500 to France and $5,000 to Guatemala and
gold held earmarked for foreign account decreased
$8,974,900. No reports have come during the week
of gold having been received at any of the Pacific
ports.
On Monday Washington dispatches stated that
the Reconstruction Finance Corporation had purchased a total of 420,000 ounces of domestic gold
since the beginning of its operations, at a total cost
of approximately $14,000,000. Chairman Jones
declined to disclose the amount of foreign gold purchased.
Canadian exchange continues at a slight premium.
On Saturday last Montreal funds were at a premium
of 13j%, on Monday at from par to a premium of
%%,on Tuesday at from par to a premium of A%,
on Wednesday at par, on Thursday at %% premium,
and on Friday at %% premium.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in quiet trading. Bankers'
sight was $5.153'
4@$5.17; cable transfers, $5.153/2®
$5.17M. On Monday sterling was off sharply. The
range was $5.08@$5.153/ for bankers' sight and
$5.08%@$5.155 for cable transfers. On Tuesday
A
sterling was dull and easier. Bankers' sight was
$5.031 @$5.10%; cable tranfers, $5.04@$5.11. On
4
Wednesday the pound continued to soften. The
range was $5.023 ®$5.06% for bankers' sight and
4
$5.03®$5.07M for cable transfers. On Thursday
sterling was firmer and active. The range was
$5.053/2@$5.123/ for bankers' sight and $5.059.©
$5.125 for cable transfers. On Friday sterling was
A
still firmer; the range was $5.093/®$5.149. for
2
bankers' sight and $5.10@$5.15 for cable transfers.
Closing quotations on Friday were $5.109 for demand and $5.11Y for cable transfers. Commercial
1
sight bills closed at $5.10K; 60-day bills at $5.1034;
90-day bills at $5.1031; documents for payment
(60 days) at $5.10h, and seven-day grain bills at
4
$5.103 . Cotton and grain for payment closed at
$5.10%.
Volume 137
Financial Chronicle
XCHANGE on the Continental countries has
receded from the high levels of a few weeks
ago, but rates are still exceptionally firm in terms of
the dollar. Quotations are, however, largely nominal
owing to the restricted market, a consequence of
uncertainties as to the course of the dollar. French
francs are under less pressure than at any time since
early September. There is evidently a working agreement between London and Paris to protect the Bank
of France from unnecessary gold drain. Again, the
neighboring currencies are no longer so strong against
francs, gold hoarding seems to have lessened, and
there is more confidence in the prospect of a satisfactory settlement of the budget. The Bank of
France statement for the week ended Dec. 8 shows a
loss in gold holdings of only 293,574,567 francs as
compared with a loss last week of 449,806,576 francs
and with the record drop of a week earlier of 1,460,487,736 francs. It is confidently believed that the
next statement of the Bank will show only a slight
loss in gold. Since Sept. 1 the Bank has lost a net
of 5,198,000,000 francs. This loss has been offset,
however, by a decline of 5,927,000,000 francs in total
sight liabilities. As a result of this offset the Bank's
ratio continues at a high level, standing on Dec. 8 at
79.12%, compared with 79.24% on Dec. 1, with
77.92% a year ago, and with legal requirement of
35%. The Bank of France gold holdings now stand
at 77,079,038,281 francs, which compares with 83,343,869,565 francs a year ago and with 28,935,000,000
francs in June, 1928 when the unit was stabilized.
Money rates are firmer in Paris. It is believed that
the Bank of France will soon increase its rate of rediscount. The present rate of 23/2% has been in
effect since Oct. 9 1931, when it was increased
from 2%.
German marks are quoted firm in terms of the
dollar, but these quotations are largely nominal, as
the mark situation is extremely complicated and
hardly understood outside official quarters in Berlin.
Even there the market observes much confusion.
The German unit was prominent in Wednesday's
trading, when the nominal quotation shot up 27
points to 37.20. There was no trading in Berlin.
For a few hours trading in marks was entirely suspended in London, Amsterdam, and Paris. The
advance was ascribed to a new regulation, rescinded
later in the same day, which prohibited the transfer
without license of "free" marks except between
institutions of the same nationality. The immediate
effect of the restriction was to prevent arbitrage between the various international centers. "Free
marks" are marks which have been smuggled out of
Germany to the nearby countries. The German exchange control bends every effort to promote exports
and build up gold reserves at the Reichsbank. The
gold reserves are now around 397,752,000 reichsmarks (slightly more than $96,000,000 at par of
exchange).
Italian lire are firm. The Bank of Italy reduced
its rate of rediscount on Monday to 3% from 3
which had been in effect since Sept. 4 1933, when it
was reduced from 4%. The present reduction in
the rediscount rate was accompanied by a reduction
to 33/2% from 4% in the rate for Lombard loans.
The Bank of Italy has been steadily improving its
position since Great Britain abandoned gold in
September 1931. The Bank's ratio for the first time
since October 1931 has risen above 50%, standing
on. Nov. 30 at 50.22%. The total reserves now
E
4239
stand at 7,390,000,000 lire, of which 7,082,000,000
lire are in gold held at home. The Bank's total sight
liabilities stand at 14,719,000,000 lire. The present
ratio compares with the low this year of 46.62%
on Feb. 20 and with the post-stabilization low of
45.99% on March 31 1932. The currency disorders
of the past few years appear to have had very
little effect on the Italian economic situation.
The London check rate on Paris closed on Friday
at 83.45, against 83.50 on Friday of last week. In
New York sight bills on the French center finished on
Friday at 6.103/2, against 6.15% on Friday of last
.
4
week; cable transfers at 6.11, against 6.15Y and comI, against 6.16. Antwerp
mercial sight bills at 6.103
belgas finished at 21.68 for bankers' sight bills and at
21.69 for cable transfers, against 21.89 and 21.90.
Final quotations for Berlin marks were 37.34 for
bankers' sight bills and 37.35 for cable transfers, in
comparison with 37.52 and 37.53. Italian lire
A
closed at 8.211 for bankers' sight bills and at 8.22
for cable transfers, against 8.30 and 8.30. Austrian
schillings closed at 17.60, against 17.80; exchange on
Czechoslovakia at 4.64, against 4.68; on Bucharest
at 0.95, against 0.953'; on Poland at 17.63; against
17.70, and on Finland at 2.293, against 2.32. Greek
1
exchange closed at 0.88,/ for bankers' sight bills and
at 0.89 for cable transfers, against 0.883/ and 0.89.
on
XCHANGE on the countries neutral during the
war presents no new features of importance.
Holland guilders and Swiss francs, the most important of the neutral currencies, continue firm in
terms of all other moneys, though in the past few
weeks they have receded somewhat in terms of
French francs, so that neither Holland nor Switzerland has taken gold from France in the last few
weeks. The Scandinavian currencies move in strict
harmony with sterling exchange, to which they are
allied. Spanish pesetas are steady and firm in
sympathy with the French franc. The political
disturbances in Spain have had no effect on exchange.
Money rates show signs of hardening in the leading
neutral centers, but this trend is only seasonal and
will come to an end at the turn of the year.
Bankers' sight on Amsterdam finished on Friday
at 62.80, against 63.19 on Friday of last week; cable
transfers at 62.81, against 63.20 and commercial sight
bills at 62.71, against 63.10. Swiss francs closed at
30.19 for checks and at 30.20 for cable transfers,
against 30.39 and 30.40. Copenhagen checks finished at 22.84 and cable transfers at 22.85, against
23.04 and 23.05. Checks on Sweden closed at 26.39
and cable transfers at 26.40, against 26.54 and 26.55;
while checks on Norway finished at 25.74 and cable
transfers at 25.75, against 25.99 and 26.00. Spanish
pesetas closed at 12.79 for bankers' sight bills and at
12.80 for cable transfers, against 12.87 and 12.88.
E
XCHANGE on the South American countries
continues to be quite demoralized in consequence of the uncertainties surrounding the situation of the leading currencies-sterling, franc and
dollar. The Central Hanover Bank & Trust Co. of
New York received the following cable from its
correspondent, The Banco de la Nacion, Argentina:
"Beginning Dec. 11 the Buenos Aires market will
quote Argentine paper pesos on the basis of so many
paper pesos per 100 units of foreign money, except
in the case of London, where the basis will be so
many paper pesos per pound sterling, and Brazil:
E
4240
Financial Chronicle
where the basis will be one conto. Beginning Dec. 5
restrictions will be raised on Argentine paper peso
accounts and bond deposits and other securities."
This means that foreigners having accounts in pesos
which were formerly blocked and could not be
removed are at perfect liberty to transfer their
accounts, provided the exchange can be obtained.
The exchange regulations continue practically unchanged; that is, Argentine exporters are to deliver
their exchange to the Bank of the Nation acting for
the Government at a price to be fixed daily by the
bank. This price has been fixed in terms of the
French franc and of late has been at the rate of
12.38 francs per gold peso. New rates will be put
into effect immediately and will be in terms of paper
pesos. It is believed that the rate will eventually
be fixed in terms either of sterling or dollars, at a
rate which will be around three paper pesos per
dollar. Importers requiring foreign exchange must
still obtain it from the Bank of the Nation as in
the past. The bootleg market will, of course, continue. This is now a free market, though extremely
limited, and the rate for free pesos is about 25 cents
at present.
Argentine paper pesos closed on Friday nominally
at 33.60 for bankers' sight bills, against 33.20 on
Friday of last week; cable transfers at 33.65, against
33.25. Brazilian milreis are nominally quoted at
83/ for bankers' sight bills and 89.j for cable transfers,
against 8.33 and 8%. Chilean exchange is nominally
quoted at 9%,against 9%. Peru is nominal at 223/
8,
against 21.98.
URSU ANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 9 1933 TO DEC. 15 1933. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
!
Value in UnUed Stales Money.
Country and Monetary
Unit.
I Dec. 9. Dec. 11. !Dec. 12.1 Dec. 13. Dec. 14. Dec. 15.
EUROPE$
$
Austria, schilling____ .177000 .178750 .176375 .174000 .175000 .177450
218915 .218692 .215808 .213291 .216007 .217981
Belgium, belga
.013325* .013500 .013600 .012750* .013233 .013500
Bulgaria, ley
Czechoslovakia, krone .046791 .046757 .046200 .045571 .046333 .046608
Denmark, krone
.230681 .228845 .226190 .224737 .226854 .228818
England, pound
5.164833 5.117589 5.073000 5.034285 .086964 5,122500
sterling
Finland, markka
022800 .022690 .022600 .022341 .022625 .022833
France franc
.061691 .061612 .060713 .060025 .060982 .061468
Germany, reichsmark .375925 .375378 .370550 .368785 .371115 .375158
.008891 .008915 .008805 .008720 .008785 .008875
Greece, drachma
.634042 .633081 .623491 .615810 .625461 .831318
Holland, guilder
.277500 .279166 .275875 .272500 .274000 .277500
Hungary, pengo
.083109 .082958 .081616 .080368 .081446 .082492
Italy, lira
Norway, krone
259625 .257241 .254600 .252912 .255330 .257409
.177333 .178666 .176166 .174700 .175700 .176500
Poland. zloty
Portugal, escudo
046858 .047027 .046537 .046325 .046504 .047037
Rumania, leu
'.009570 .009620 .009416 .009675 .009562 .009620
Spain, peseta
.128746 .128316 .126707 .125263 .127183 .128271
Sweden, krona
.266490 .264430 .261433 .260088 .262290 .264258
Switzerland. trans.__ .304876 .304161 .300446 .296084 .301246 .303292
Yugoslavia. dinar
.021650 .021740 .021680 .021240 .021560 .021850
ASIAChinaChefoo (yuan) dors .332500 .334166 .330833 .329375 .327916 .331875
Hankow (Yuan)dorri .332500 .334166 .330833 .329375 .327916 .331875
Shanghal(yuan)dar .333750 .334687 .330937 .329531 .329062 .332968
Tientsin(yuan)dol'r .332500 .334166 .330833 .329375 .327916 .331875
Hong Kong dollar
.371250 .371562 .366875 .364375 .365625 .370625
India, rupee
.386750 .385750 .381250 .378000 .380875 .383937
Japan, yen
.309625 .308562 .305150 .302875 .305000 .307625
Singapore (S.S.)dollae .600625
600625 .593750 .587500 .591250 .598750
A USTRALASIAA ustralla, pound
4 108333 4.072500 4.037500 4.010833 4.048333 4.075000
New Zealand, pound 4.120833 4.085000 4.050000 4.023333 4.080833 4.087500
AFRICASouth Africa. pound__ 5.106250 5.059375 .016250 4.975000 5.026250 5.084375
NORTH AMER.Canada. dollar
1 012447 1.010104 1.003333 .998863 1.002135 1,007187
Cuba peso
999550 .999550 .999550 .999550 .999550 .919550
Mexico, peso (silver). .277200 .277060 .277480 .277160 .277216 .277360
Newfoundland, dollar 1.009750 1.007750 1.000750 .997187 .999375 1.005125
J
SOUTH AMER.a Argentina, peso_ ..._ .782929*
b
.327666* .331425* .332766*
(Mire's
Brazil,
085340* .036698° .036662* .085455* .085768* .086675*
Chile, peso
016750. .016250* .016000* .015750* .014750*, .096250*
Uruguay, peso
.750333* .752500* .742600* .733866* .737233*. .751333*
. .613500* .613500* .613500* .613500* .613500* .621100*
Colombia, peso
* Nominal rates: firm rates not available. a Quotation for Dec. 9 is for gold
for subsequent dates are for paper pesos. S Unable to certify pending
pesos, those
confirmation of new Argentine exchange regulations.
Dec. 16 1933
XCHANGE on the Far Eastern countries presents
no new features of importance from those prevailing during many months. Far Eastern exchange
is of course demoralized as a result of the confused
situation in the leading Occidental currencies.
Quotations in terms of the dollar are largely nominal.
Yen exchange continues under. strict control. The
Indian rupee moves in strict relation to sterling exchange, to which it is attached at the fixed ratio of
is. 6d. per rupee.
Closing quotations for yen checks yesterday were
3078, against 31.20 on Friday of last week. Hong
/
Kong closed at 37 11-16@37%, against 3732@
3
37 13-16; Shanghai at 33%@33 11-16, against 33%®
33 8; Manila at 503/, against 50; Singapore at
2
60, against 603/ Bombay at 38%, against 38%, and
2
;
Calcutta at 38%, against 387 •
A
E
HE following table indicates the amount of gold
bullion in the principal European banks as of
Dec. 14 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1933.
£
.
191,705,790
616,632,306
17.259,550
90,435,000
76,361,000
76.681,000
77,744,000
61,710,000
14,341,000
7,397,000
6,573,000
1932.
1931.
1930.
1929.
£
•
121,428,364
543,948,064
46,089,300
89,873,000
60,848,000
75,096,000
73,074,000
60,964,000
11,433,000
8,015,000
6,559,000
£
151,316,227
423,203,680
99,694.950
98,453,000
57,243,000
35,517,000
37,060,000
25.620,000
13.410,000
9,560,000
8,135,000
£
140,734,399
329,987,468
104,867,350
102,593,000
56,108,000
37,292,000
31,462,000
22,449,000
13,359,000
9,581,000
8,151,000
Total week_ 1,236,839,646 1,273.573,172 1,097,327,728
I 920 AAR IAA I 972 ORA R19 I 07I 7FI5 A57
959,212,857
856,494,217
OAR IAR mu
RAI 6197 09R
England_ _ _
France a_ __
Germany b.
Spain
Italy
Netherlands
Nat. Beig
Switzerland
Sweden..
Denmark. _
Norway. _ _
PrPV WAPir
£
140,305,216
666,750,956
38,931,000
90,333,000
62,888,000
86,049,000
74,290,000
89,166,000
11,443,000
7,399.000
8,014,000
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £2,628.050.
The Platt Amendment and the Cuban Situation.
Reports from Washington this week that the Administration was considering the abrogation of the
Platt amendment have raised again an issue which
not only underlies all recent political relations between the United States and Cuba, but which also
affects, indirectly but decisively, the political relations of the United States with the States of Central
and South America. Technically and legally, of
course, the amendment applies only to Cuba, but
some of the principles which it embodies are, in
general, those which have inhered in American
policy toward a number of Latin American countries
and their governments. Whether the abrogation of
the amendment would tranquilize the disturbed
political situation in Cuba and aid the establishment
of a Government to which diplomatic recognition
could properly be accorded is a question not easily
answered positively, but President Roosevelt's reported interest makes timely an examination of the
various aspects of the case.
The Platt amendment, adopted by Congress
March 2 1901, embodied the conditions on which the
President of the United States was authorized to
turn back to the Cuban people the control of the
independent government which had been set up after
the Spanish-American War. The amendment contained several provisions. The first forbade Cubs
to impair its independence by agreements with any
foreign Powers. The second bound it to avoid contracting an excessive debt. The third validated the
actions of the United States in Cuba during and
after the war of 1898, while a fourth provision
pledged the Cuban Government to carry out a program of sanitary reforms. By a further provision
.
the United States was permitted to lease certain
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4242
Financial Chronicle
holding of recognition may add to the difficulties
of a new regime which, if it were recognized, would
be better able to hold its place. The position of the
United States is peculiarly difficult at the present
time because of the use which is being made of the
Platt amendment by the factional opposition in
Cuba to embarrass the Government of President
Grau San Martin.
It is greatly to be hoped that President Roosevelt
may be able to find a way out of the dilemma. The
Cuban situation has already been injected into the
discussions at the Pan-American Congress at Montevideo, and while the attitude of the Congress appears to have been thus far one of gratifying friendliness for the United States, American intervention
in Latin American affairs under any circumstances,
whether in Cuba or anywhere else, is a rankling influence in Latin American opinion. It should be
clear to the Cubans that the Platt amendment is
not likely to be abrogated as long as Cuba refuses
to settle down, and that a continuance of political
agitation as a means of forcing its abrogation is not
an argument that will appeal much to Washington,
however important it may seem to Cuban agitators.
If the Cuban people, realizing that they also have a
part to perform, can lay aside their factional quarrels and establish or support a Government which
the United States, with some reasonable assurance,
can recognize, it should not be impossible to remove
the grievance which keeps the two countries apart
without, on the one hand, relegating Cuba to destructive political instability or, on the other, depriving
the United States of the protective interest which
it naturally has in the island as well as in the political and economic prosperity of its people.
Law and Order Must Assert Full Authority in
Maintaining Justice.
From the days of the pioneers a large element of
American citizens has always regarded as a fundamental principle the right of every individual to
work for whom he desired at a wage he is willing to
accept. In the early days employment was largely
confined to agriculture which was conducted in a
primitive way with oxen and horse power and crude
implements.
Needs of the people were few and simple and their
joys were of the most wholesome kind. Since the
days of the Pilgrim Fathers, of the patriots who
founded the Republic and even as late as the Civil
War this country has entered a period of industry
conducted upon a marvelous scale, widened by improvements of power, from water to steam and from
steam to electricity and still further developed by
practical applications towards the construction and
improvements in transportation and communications.
The ancient iron horse is gradually giving way to
electrically propelled trains, to swiftly moving
passenger automobiles, buses and freight trucks and
to airplanes carrying the mails and passengers.
Citizens of the old school must sit up and take
notice. They must critically examine their long established customs and rules and decide for themselves whether the old fashioned doctrines can still
hold good under marvelously changed conditions.
Since the Civil War and even since the end of the
World War there has been a tremendous migration
to the United States of foreigners from all of the
Dec. 16 1933
nations of the old world. America,indeed, is a melting pot, but the migration here has been so extensive
that the ideas and customs brought here from the
Old World have unquestionably had a very great
effect upon public opinion in America as it exists
to-day.
The old doctrine that one may work for whom he
desires at a wage which is acceptable to the worker
appears to be in danger of being ruthlessly thrown
into the discard.
Associations of men are formed who prescribe for
themselves higher wages and shorter hours of work
and unless their demands are met they not only
will not work themselves, but they will not permit
others to work although the willing workers are
satisfied with the wages they are receiving and with
the number of hours they are asked to work per
week.
The issues thus raised are not settled in an orderly
manner by means of the machinery long established
through the courts for determining controversies.
Malicious attacks are made upon men and women
who refuse to obey commands issued by persons they
do not know and to whom they owe no obligation.
Daily the newspaper records that drivers of taxi
cabs are dragged from their vehicles and assaulted
and their cabs burned or otherwise destroyed. Mill
workers, happy that after long periods of enforced
idleness due to the depression, they again have an
opportunity to earn a living for their dependents
are threatened and assaulted and too often dastardly
attacks are made to wreck their homes.
The law falls down as adequate protection for
citizens who desire to work is not afforded.
Not waiting for the Federal Government to deal
with alleged offenders under the National Recovery
Administration regime self-constituted censors hurl
poisonous gas and vile fumes into business places
of those who are privately accused of NRA violations.
Naturally citizens are asking themselves if those
in authority are catering to the rabble thus possibly
dangerously fanning embers until at length they
may burst into destructive flames.
Disregard of law is not confined to any section.
It has spread from ocean to ocean and from the
Canadian boundary to the gulf, rural communities
and sparsely settled sections being affected even as
are those of densely settled municipalities.
If the right and truth are to prevail laws must be
unheld and enforced. There should be no place for
spineless municipal, State and Federal officials
when lives and property are endangered by vicious
acts of those who work secretly and in full defiance
of law and .the authorities constituted to maintain
peace and to provide at all times adequate protection, affording opportunity for all controversies,
civil as well as criminal, to be disposed of by the
courts. When Justice is undermined human rights
perish.
The situation is such that the whole country needsto embark upon a movement to sustain law and
order in every community. Advocates of repeal of
prohibition have maintained that such a change in
policy would check crime which flourished under the
Eighteenth Amendment as never before in the United
States. To be consistent all advocates of repeal
should now unite to restore the country to a happy
state in which the racketeer and specious self-appointed master shall have no part.
Financial Chronicle
Volume 137
4243
Gross and Net Earnings of United States Railroads for the
Month of October
Returns of the earnings of United States railroads
have latterly, as the season has advanced, grown
steadily less favorable in comparison with a year ago
and the compilations which we furnish to-day for
the month of October afford a striking illustration
of the fact. Gross revenues fall somewhat short of
the heavily reduced total of a year ago, though the
falling off is not large, while the net earnings (before
the deduction of taxes) fall quite substantially below
the amount of a year ago. This has reference to the
railroad, system of the United States as a whole.
On many separate roads and systems the showing is
quite different, some of the losses of last year having
been regained. Stated in brief, the grand total of the
gross for all class I roads combined shows a decrease
of $393,640, or a small fraction of 1%, but as this
has been accompanied by an augmentation of
$6,943,348 in operating expenses, exclusive of taxes,
the net earnings record a reduction of $7,336,988,
or 7.46%.
The retrogression in the monthly net earnings
since the favorable results of the early summer, has
been quite notable. For the month of June our tabulations showed a gain in net of $47,429,940, or
100.87%;for July a gain of $54,334,821, or 117.74%;
for August the gain dropped to $33,555,892, or
53.64%; for September it fell to $11,129,616, or
13.39%; while now for October, as just stated, there
is no gain at all, but a loss of $7,336,988, or roughly
7%.
The change in the character of the results reflects
the slackening of activity in trade and business after
the extreme activity which followed immediately
upon the reopening of the banks after the general
suspension in March. If anyone doubts that there
has been a recent slowing down of business, a study
of the record of the gross earnings of these railroads
for the month of October, for several years should
convince the most skeptical. The further shrinkage
in the gross earnings in October 1933 is, as we have
already indicated, quite light, but this followed
$64,475,794 loss in October 1932; $120,136,900 loss
in October 1931; $125,569,031 loss in October 1930
and even $9,890,014 loss in October 1929, making a
cumulative loss that has had the effect of leaving the
total of the gross revenues for October 1933 at only
$297,690,747, as against $616,710,737 in 1928, only
five years before. In the net earnings there has been
likewise a continuous shrinkage in each and every
year from 1929 to 1933, both inclusive, with the
result that the amount of the net for October 1933
is down to $91,000,573, as against $216,552,015 in
October 1928.
1932.
1933.
(no. (-I-) or Dec. (—)
Month of October—
240,858
242,177
—1,319 0.54%
Miles of road (165 roads)____
8297,690,747 8298,084,387
—8393.640 0.13%
Gross earnings
206,690.174 199,748.826
+6,943.348 3.48%
Operating expenses
+2.42%
69.43%67.01%
Ratio of expenses to earningsNet earnings
891,000,573
$98,337,561
—57,336,988
7.48%
It deserves to be noted that while the comparisons
for the roads as a whole thus make an unfavorable
exhibit, many separate roads and systems, taken by
themselves, show a recovery of at least a portion of
their antecedent loss, and it is a fact that the comparisons for the separate roads and systems are
quite irregular. Traffic movements also show more
or less irregularity thus explaining the variations in
the comparisons for the different systems. In most
cases shipments of leading items of freight ran above
the diminutive figures of 1932, in some other cases
this was not true, which would appear to indicate
that trade and industry were by no means uniform
in activity and as a matter of fact uncertainty and
hesitancy affected the volume of business done in
many lines.
Taking the leading trade indices as the measure
of the volume of business done, we find that 138,475
motor vehicles were turned out in October 1933
against 48,702 in October 1932 and 80,142 in October
1931, but comparing with 154,401 in October 1930;
380,617 in October 1929 and no less than 397,284
in October 1928. The make of pig iron in the United
States in October 1933 was 1,356,361 gross tons,
which was a falling off from 1,833,394 tons in August,
but compares with 644,808 tons in October 1932, and
with 1,173,283 in October 1931;though with 2,164,768
tons in 1930; 3,588,118 tons in October 1929 and
3,373,806 tons in October 1928. The production of
steel ingots also registered a decided contraction
from the output early in the summer and yet was far
in excess of the small production in 1932. The steel
output for October is estimated at 2,111,842 tons,
down from 3,203,810 tons in July 1933, but comparing with 1,087,058 tons in October 1932; 1,590,180
tons in October 1931; 2,692,539 tons in October
1930; 4,534,326 tons in October 1929 and 4,649,968
tons in October 1928.
The mining of coal was one instance where there
was complete absence of recovery as compared with
the poor record of the previous year and this reflects
the state of trade as a whole inasmuch as coal is a
constituent element in nearly all forms of manufacturing. The quantity of bituminous coal mined
in October 1933 was only 29,656,000 tons against
32,677,000 tons in October 1932; 35,700,000 tons in
October 1931; 44,150,000 tons in October 1930 and
52,174,000 tons in October 1929. The output of
Pennsylvania anthracite was 4,711,000 tons in
October 1933, against 5,234,000 tons in October
1932; 6,561,000 tons in October 1931; 7,443,000 tons
in October 1930; 8,026,000 tons in October 1929 and
8,532,000 tons back in October 1923.
Building activity showed some evidence of reviving activity after a long period of contraction,
though this was due largely to expenditures for
public works and utilities by public agencies. The
statistics compiled by the F. W. Dodge Corp. show
that the construction contracts awarded in the 37
States East of the Rocky Mountains provided for
expenditures of $145,367,200 in October 1933,
against $107,273,900 in October 1932; $242,094,200
in October 1931; $336,706,400 in October 1930 and
$445,642,300 in October 1929. This is the first time
that any increase in the comparison with the preceding year has appeared for many a long month.
Production of lumber was also on an enlarged scale
as compared with 1932, though falling far behind
that for earlier years. As reported by the National
Lumber Manufacturers' Association, the cut of
lumber during the four weeks ended Oct. 28 1933,
was 642,475,000 feet as against 500,707,000 ft. in
the corresponding four weeks of 1932. This was an
increase of 28%, but fell 3% below the record of
comparable mills for the same period of 1931.
4244
Financial Chronicle
The western grain movement fell below that of the
same period in 1932, which is the more noteworthy
as the grain movement had been contracting in
previous years, too. We discuss the details of the
western grain movement in a separate paragraph
further along in this article and will only note here
that at the western primary markets the receipts of
wheat, corn, oats, barley and rye combined for the
four weeks ending Oct. 28 1933 was 44,874,000
bushels as against 54,991,000 bushels in 1932,
74,025,000 bushels in the same four weeks of 1929
and 122,847,000 bushels in the corresponding four
weeks of 1928.
Finally we come to the statistics relating to the
loading of revenue freight on the railroads of the
United States. These figures cover all classes of
freight in all sections of the country and they show
total loading of revenue freight for the four weeks of
October only slightly larger than the small total of
the previous year, namely 2,605,642 cars against
2,534,048 cars in the same period of 1932. In 1931
the total was 3,035,450 cars; in 1930 3,817,786 cars
in 1929, 4,679,411 cars, and in 1928, 4,703,882 cars
for the same four weeks of October.
Dealing now with the returns of the separate
roads and systems, and confining ourselves to the
roads and systems showing large changes in 'gross
and in net, or in the two combined, we find that the
increases and the decreases are about equally distributed and the remark applies alike to the gross
earnings and the net earnings, thus reflecting the
irregularity of the comparisons and the remark is
true for many roads and systems in the same groups
and in the same sections of the country. In the case
of the great east and west trunk lines, the New York
Central and its subsidiary lines reports $436,622
increase in gross and $163,993 decrease in net. The
Pennsylvania RR. shows equally small changes with
8442,559 gain in gross and $1,389,903 loss in net.
The Baltimore & Ohio has added $1,219,051 to
gross, but loses $532,253 in net. The Erie shows
$507,294 loss in gross and $575,066 loss in net. The
northwestern roads give perhaps the best account of
themselves, but here, too, the returns are by no
means uniform. The Great Northern reports $348,587
gain in gross and $9,955 gain in net. The Northern
Pacific $277,950 gain in gross and $253,978 gain in
net, but the Chicago Milwaukee St. Paul & Pacific
has fallen behind $336,160 in gross and $348,771
in net. The Chicago & North Western has added
$283,706 to gross and $227,375 to net. As an illustration of how the ore-carrying roads have fared, the
Duluth Missabe & Northern reports next to the
largest increase of any road or system, namely
81,028,797 and stands at the head of the list of gains
in net with an addition of $789,194. Southwestern
roads have fared worse than any others, with such
roads as the Missouri Pacific, the St. Louis & San
Francisco, the Atchison and the Rock Island showing
losses in gross and net and the Southern Pacific
also falling behind to the extent of $436,205 in gross
but having converted this into a gain of $211,871
in net.
Southern roads again make a very good showing,
with the Southern Ry. occupying foremost position
in that respect with a decrease of 890,389 in gross
but with a gain of $358,960 in net. The Atlantic
Coast Line has added $321,061 to gross and $193,469
to net, while the Seaboard Air Line has enlarged its
gross in amount of $141,816 and its net in amount of
Dec. 16 1933
$149,897. The Louisville & Nashville, on the other
hand, reports a decrease of $92,515 in gross and
of $552,381 in net and the Illinois Central $549,579
in gross and $578,739 in net. In the table below we
show all changes for the separate roads, or systems,
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF OCTOBER 1933.
Decrease.
Increase.
$813,921
Baltimore & Ohio
$1,219,051 Chesapeake & Ohio
577,156
Duluth Missabe & Nor__ _ 1,028.797 Atch Top & S Fe (3)
549,579
Chicago Burl & Quincy__ _
487.792 Illinois Central
507.294
Norfolk & Western
467,514 Erie (3)
448,200
Pennsylvania
442,559 N Y N H & Hartford_ _
Great Northern
436,205
348,587 Southern Pacific (2)
Union RR of Pa
374.278
331,394 Missouri Pacific
373.739
Atlantic Coast Line
321,061 Reading Co
359.336
New York Central
a308.342 Del Lack & Western
336,160
Chicago & North Western 283,706 Chic Milw St Paul & Pac
Elgin Joliet & Eastern_ _ _ _
280,622 Central RR of New Jersey 336,010
Northern Pacific
277.950 St Louis-San Francisco (3) 288,592
260,420
Bessemer & Lake Erie_ _ _ _
274,646 Denver & R G Western_ _ _
243.771
Lake Sup & Ishpeming_ _ _
264,621 Long Island
211.611
Penn Read Sl^shore Lines 264,101 Western Pacific
206,643
Yazoo & Mississippi Valley 192,423 Wabash
171,616
Bangor & Aroostook
184,283 Boston & Maine
171,263
Seaboard Air Line
141.816 Chicago RI & Pacific (2)_
162,002
Cln N 0& Texas Pacific
131,305 N Y Ontario & Western
146,998
Chicago & Illinois Midland 126,907 Texas & Pacific
145.885
NY Chicago & St Louis
119.379 Lehigh Valley
112,627
Delaware & Hudson
Total (21 roads)
$7,496,856
$7,233,306
Total (30 roads)
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is an increase of $436,622.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF OCTOBER 1933.
Decrease.
Increase.
Duluth Missabe & Nor_ _
552,381
$789,194 Louisville & Nashville..__
541,155
Southern Ry
358.960 Chesapeake & Ohio
Chicago Burl & Quincy__
288,975 altimore & Ohio
Northern Pacific
502,299
253.978 NYNH& Hartford__ 479,719
Chicago & North Western
227,375 Atch Top & S Fe (3)- --Southern Pacific (2)_ _ _ _
458.106
211,871 Del Lack & Western_ _ _ Lake Sup & Ishpeming
405,323
201,114 St Louis-San Fran (3)_ _
396,520
Atlantic Coast Line
• 193,469 Reading Co
369,829
Bangor & Aroostook_ _ _ _
192.882 Chicago R I & Pacific (2)
360,248
Yazoo & Mississippi Vail
180,259 Lehigh Valley
348,771
Union RR of Pa
166,855 Chic Milw St P & Pacific
278,688
Seaboard Air Line
149,897 Denver & R G Western_ _
St Louis Southwestern_ _
210,700
144,321 Boston & Maine
203,403
Bessemer & Lake Erie_ _ _
116,459 Western Pacific
202,316
Chic St P Minn & Omaha
112,178 Long Island
'195,574
Los Angeles & Salt Lake_
100,805 Central RR of N J
175,685
Wheeling & Lake Erie.. _
al40,804
Total (17 roads)
$3,688,592 New York Central
121,858
Wabash
116,462
-Texas.
Decrease. Missouri-Kansas
114,534
Pennsylvania
$1,389.903 Kansas City Southern....
Missouri Pacific
109,775
698,215 N Y Ontario & Western..
Illinois Central
578.739
$10,058,326
Erie (3)
Total (33 roads)
575.066
a These figures cover the operations of the New York Central and the
leased lines
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis ,it Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, tne result
Is a decrease of $163,993.
When the roads are arranged in groups, or geographical divisions, according to their location, it
appears that among the different regions in the
different districts, the northwestern region, the
Southern region and the Central Eastern region are
the only ones showing a gain over last year in the
gross and that the Northwestern region is the only
one showing a gain in the net. Our summary by
groups is given below. As previously explained, we
group the roads to conform with the classification
of the Inter-State Commerce Commission. The
boundaries of the different groups and regions are
indicated in the footnote to the table.
District and Region.
Month of October1933.
Eastern DiitrictNew England region (10 roads)._ 12,253,307
Great Lakes region (30 roads)
56,646,264
Central Eastern region (25 roads)... 61,149,695
Total(65 roads)
'
Southern District
Southern region (29 roads)
Pocahontas region (4 roads)
Gross Earnings
Inc.(+)or Dec.(-)
1932.
•
12,764,129
58,079,295
58,937,316
-510,822
-1,433,031
+2,212,379
4.
0
00
2.47
3.75
130,049,266 129,780,740
+288,526
0.21
34,163,641
18,205,216
33,979,892
18,576,905
+183,749
-371,689
0.54
2.00
Total(33 roads)
52,368,857
"Western District
Northwestern region (17 roads)... _ 37,756,733
Central Western region (22 roads). 53,220,292
Southwestern region (28 roads)_ _ 24,295,599
52,556,707
-187,940
0.36
36,037,886
54,543,239
25,165,725
+1,718,847
-1,322,947
-870,126
4.77
2.43
3.46
Total(67 roads)
115,272,624 115,746,850
Total all districts (165 roads)
-474,226
0.41
297,690,747 298,084,387
-293,640
0.13
District and Region.
Net Earnings
Month ofOctober -Mileage-1933.
1932. Inc.(+) or Dec.(-)
Eastern District1933. 1932.
New England region__ 7,177 7,271 3,291,831 3,873,625 -581,794 15.02
Great Lakes region__ 27,170 27,350 14,271,177 16,707,282 -2,436,105 14.58
Central Eastern region 25,444 25,471 18,746,121 21,241,067 -2,494,946 11.76
Total
59,791 60,092 36,309,129 41,821,974 -5,512,845 13.18
District and Region.
Month of October
-MileageEastern District1933.
1932.
Southern region
39.572 39,878
Pocahontas region_
6,051
6,137
1933.
$
8,175.488
8.757,316
Net Earnings
1932. Inc.(±)or Dec.(-)
$
$
%
8,524,373 -348,885 4.09
9,200,123 -442,807 4.81
Total
45,623 46,015 16,932,804 17,724,496 -791,692
Western District
Northwestern region
48,693 48,867 12,423,383 11,095,156 +1,328,227
Central Western reg'n 53,749 53,961 18,724,814 19,706,515 -981,701
Southwestern region
33,002 33,242 6,610,443
7,989,420 -1,378977
Total
4245 ,
Financial Chronicle
Volume 137
135,444 136,070 37,758,640 38,791,091 -1,032,451
4.47
11.97
4.98
17.26
2.66
Total all districts_ _240,858 242,177 91,000.573 98,337,561 -7,336,988 7.46
NOTE.
-We have changed 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 regions:
EASTERN DISTRICT.
New England Region -This region comp,ises the New England States.
Great Lakes Region -This 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.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
WESTERN DISTRICT.
Northwestern Region.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western &Mon.
-This 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 front trIt Louis to Kansas City and thence to El Paso and by the
Mexican boundary co the Pacific.
Southwestern Regi al.
-This region comprises the section lying between the Mississippi River south co NI.. 1.ouis and a line from St. Louis to Kansas City and thence
to El Paso and by the tlo Grande to the Gulf of Mexico.
As we have already indicated, the grain traffic
over western roads in October the present year fell
far below that of October 1932
-in fact was the
smallest for the month in several years. Although
the receipts of barley and rye at the western primary
markets were larger than a year ago, the movement of
all the other cereals, especially of wheat, was on a
diminished scale. Thus the receipts of wheat for the
four weeks ending Oct. 28 were only 14,958,000
bushels in 1933 as against 24,139,000 bushels in the
corresponding four weeks of 1932; of corn, only
20,831,000 bushels as against 22,555,000; of oats only
4,020,000 against 4,561,000 bushels, but of barley
and rye 4,338,000 bushels and 727,000 bushels,
respectively, as compared with 3,138,000 bushels and
598,000 bushels. For the five items, wheat, corn,
oats, barley and rye, combined, aggregate receipts
for the four weeks of October 1933 were only 44,874,000 bushels, as against 54,991,000 bushels in the
same four weeks of 1932; 52,908,000 bushels in 1931,
and 55,888,000 bushels in the corresponding period
of 1930. In the following table we give the details
of the western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Wheat.
Corn.
4 Wks. End. Flour.
Oats.
Barley.
(bbls.
Oct. 28.
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
661,000
611,f00 8.194.000
1933 _ _
945,000
598,000
847,000
602,000 12,140,000
1932 ___
1,038,000
365,000
Minneapolis
4,212,000
1,225,000
1933
682,000 1,469,000
6,151,000
962,000
1932 _
873,000 1,343,000
Duluth
4,667,000
374,000
685,000
1933
936,000
8,688,000
178,000
470,000
1932
366,000
Milwaukee
19,000
61,000
2,752,000
1933 _
336,000
932,000
294,000
28,000
1,849,000
165,000
782,000
1932 _
Toledo
435,000
126,000
177,000
4,000
1933
1,199,000
253,000
284,000
5,000
1932
Detroit
123,000
39,000
47,000
60,000
1933
165,000
2,000
44,000
40,000
_
1932
Indianapolis rk Omaha
3,259,000
1,267,000
452,000
1933 ___
1,214,000
3,186,000
7,000
1,023,000
1932 ___
St. Louis
970,000
796,000
270,000
532,000
98,000
1933 ___
1,190,000
1,721,000
292,000
125,000
552,000
1032 ___
Peoria
156,000
1,720,000
159,000
205,000
148,000
1933 ___
38,000
1,196,000
105,000
72,000
191,000
1932 ___
Kansas city
1,439,000
1,053,000
160,000
55,000
1933 ___
3,382,000
736,000
104,000
53,000
1932 ___
St. Joseph
254,000
471,000
76,000
1933 ___
273.000
148,000
155,000
4,000
1932 ___
Wichita
393,000
61.000
1933 _ _
922,000
3,000
8,000
1932
Sioux CM/
72,000
201,000
31,000
36,000
1933
15,000
139,000
56,000
32,000
41,000
1932 Total all
1933 ___ 1,457.000 14,958,000 20,831,000
1932 ___ 1,723,000 24,139,000 22,555,000
4,020,000 4,338,000
4,561,000 3,138,000
Rye.
(bush.)
229,000
24,000
235,000
360,000
129,000
144,000
Jan. 1 to
Flour.
Wheat.
Oct. 28. (Ms.)
(Bush.)
Chicago
1933 ___ 7,343,000 11,119,000
1932 ___ 7,193,000 13,613,000
Minneapolis
1933
56,697,000
1932 _
49,003,000
Duluth
1933
41,166,000
1932 _
32,624,000
Milwaukee
1933 ___
1.953,000
547,000
1932 __
456,000
2,254,000
Toledo
1933 ___
20,000 10,142,000
1932 _
12,601,000
Detroit
1933 949,000
1932 _
1,468,000
Indianapolis & Omaha
1933 ___
11,000 17,631,000
1932 .__
38,000 20,428,000
St. Louis
1933 ___ 5,323.000 16,117,000
1932 ___ 5,792,000 20,413,000
Peoria
1933 ___ 1,886,000
1,634,000
1932 ...._ 1,948,000
1,544,000
Kansas City
1933 ___
535,000 38,489,000
1932 ___
442,000 65,313,000
St. Joseph
1933
4,063,000
1932 ___
4,000
4,845,000
Wichita
1933 _
11,869,000
1932 19,067,000
Sioux City
1933 _
747,000
1932 ___
239,000
1,930,000
23,000
31,000
2,000
18,000
21,000
69,000
1,000
Oats.
(Bush.)
Eite•
(Bush.)
73,900,000 18,749.000 7,728,000 3,515,000
974,000
59,888,000 26,985,000 3,400,000
14,187,000 21,342,000 20,219,000 5,042,000
5,487,000 11,089,000 11,264,000 3,825,000
9,052,000
328,000
11,730,000 5,598,000 4.630.000
1,556,000 2,205,000 1,464,000
6,189,000 10,853,000
2,155.000 5,780,000
535,000
89,000
1,711,000
2,352,000
3.619,000
7,585,000
37,000
77,000
40,000
208,000
361,000
139,000
633,000
680.000
739,000
661,000
240,000
266,000
35,010,000 13,878,000
16,965,000 14,150,000
4,000
49,000
2,000
61,000
18,158,000
12.245,000
957,000
6,888,000
4.542,000 1,122,000
188,000
88.000
15,164,000
10,887,000
3,686,000 2,115,000 1,922,000
2,971,000 2,390,000
49.000
15,551,000
6,647,000
2,414,000
1,423,000
7,191,000
2,071,000
1,799,000
1,572.000
485,000
368.000
97,000
34,000
2.000
22,000
1,000
1,698,000
1,869,000
641,000
582,000
333,000
126,000
199,000
10,000
15,489,000
6,672,000
2,000
Total All
1933 _15,665,000 212,526,000 207,957,000 91,665,000 48,585,000 16,314,000
1932 _ _ _16,112,000 245.103,000 125.918.000 75.324.000 27.096.000 7.036.000
The western livestock movement also appears to
have been smaller than in October last year, which
in turn was on a greatly reduced scale as compared
with October 1931. The receipts at Chicago comprised only 12,891 carloads as against 13,619 carloads in October 1932 and at Omaha only 5,765
carloads against 6,115 carloads, although at Kansas
City they were 6,928 cars as compared with 6,707.
Coming now to the cotton movement in the South,
this was larger than in 1932 both as regards the
shipments overland and the receipts of cotton at the
southern outports. It is proper to state, however,
that last year's movement of the staple was the
smallest for the month in several years. During
October the present year gross shipments overland
were 89,836 bales, as against only 58,566 bales in
October 1932; 74,219 bales in October 1931; 78,670
bales in October 1930; 84,965 bales in October 1929;
91,536 bales in 1928 and 61,212 bales in October
1927. Receipts of the staple at the southern outports
in October 1933 aggregated 1,614,061 bales, against
only 1,562,157 in October 1932, but comparing with
2;149,633 bales in October 1931; 2,090,822 bales in
October 1930; 2,314,730 bales in October 1929;
2,421,886 bales in October 1928 and 1,764,018 bales
in October 1927. The details of the cotton receipts
at the southern outports for the last three years are
shown in the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER 1933, 1932
AND 1931, AND SINCE JAN. 11933, 1932 AND 1931.
Month of October.
21,000
10,000
2,000
2,000
Corn.
(Bush.)
Barley.
(Bush.)
Since Jan. 1.
Ports.
Galveston
Houston, &c
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Brunswick
Beaumont
Jacksonville
Total
1931.
1933.
1932.
1931.
1933.
1932.
515,230
614,076
306,900
30,709
20,060
29,503
25,217
5,226
11,430
32,012
18,666
2,086
800
2,146
482,383 491,037 1,472,406 1,511,889 991,950
570,326 1,046,054 2,309,229 1,926,292 1,931,786
269,507 219,792 1,380,158 1,789,697 759,810
44,660
74,404 234,583 379,837 327,682
41,952
24,502 '131,167 116,208
69,758
26,005
74,182 194,531 193,978 345,762
30,426
38,181 182,653 143,305 120,590
11,708
18,075
29,769
39,453
41,695
13,661
24,382
41,648
35,408
70.679
28,690
97,976 427,563 295,107 372,434
35,346
16,287 120,176 130,903
35,068
5,465
9,922
19,170
37,183
9,922
.
5,469
8,323
26,636
10,867
2:68
9,370
19,665
11,768
17,962
1,614,061 1,562,157 2,149,633 6,566,041 6,637,669 5,105.965
RESULTS FOR EARLIER YEARS.
1,000
3.000
727,000
598.000
As indicated above, the 1933 shrinkage in earnings,
amounting to $393,640 in gross and to $7,336,988 in net
followed $64,475,794 loss in gross and $3,578,421 in net,
1932, $120,136,900 loss in gross and $55,222,527 loss in
net in October 1931 and $125,569,031 loss in gross and $47,300,393 loss in net in October 1930. It likewise comes after
4246
Financial Chronicle
$9,890,014 loss in gross and 812,183,372 loss in net in 1929.
On the other hand, these losses come after very notable
improvement in October 1928, when our tabulations registered $36,755,850 gain in gross and $35,437,734 gain in net.
But these gains, in turn, came after decreases in the previous year, our tabulations for October 1927 having shown a
falling off of $23,440,266 in gross and of $13,364,491 in net
as compared with 1926. Carrying the comparisons further
back, we find that the 1927 decreases came after increases in
1926 not materially different from the 1927 losses, the 1926
gains having been $18,043,581 in gross and $13,361,419 in
net. In the year before, too, that is in 1925, the record was
one of increases in gross and net alike-818,585,008 in gross
and $12,054,757 in the net; this was notwithstanding the
heavy losses then suffered by the anthracite carriers on
account of the strike then under way in the anthracite
regions, but at least, as far as the gross earnings are concerned, the 1925 gain was little more than a recovery of the
loss sustained in October 1924, a year when industrial
activity was at a low ebb because of the then pending Presidential election. In other words, in October 1924 there was
. a loss in gross of $15,135,757 as compared with 1923. In the
net there was no falling off in October 1924, but rather an
improvement in the considerable sum of $26,209,836, due to
the great curtailment of operating expenses then effected as
a result of increasing efficiency of operations.
As a matter of fact, improvement in net results was a distinctive feature of the returns in virtually all the years (barring only 1927 and 1929) after the abandonment of Government operations and the return of the roads to private control, up to the collapse in October 1929, just as in the
period preceding net results had been growing steadily
worse, year by year. In October 1923 our compilations
showed $37,248,224 gain in gross and $20,895,378 gain in
net. It is true that if we go back still another year, to
1922, we find that gross earnings then increased only $13,074,292, following a tremendous loss in the year preceding
(1921), when trade was extremely depressed, and this was
attended by an augmentation in expenses of $30,758,244,
leaving, therefore, an actual loss in the net for the month in
that year of $17,683,952. On the other hand, however, the
fact should not escape attention that in October 1921 a
prodigious saving in expenses had been effected—dire need
having forced the utmost economy and compelled the elimination of every item of outlay that could be spared or deferred
for the time being. Owing to this great saving in expenses
there was a substantial addition to the net in 1921 in face
of the enormous contraction in the gross revenues. In brief,
the decrease in the gross in October 1921 reached the huge
sum of $105,922,430, but this was attended at the time by a
saving in expenses in amount of no less than $128,453,510,
yielding a gain in the net of $22,531,080. Of course, a
genuine basis for the great cut in expenses in 1921 existed
In the huge antecedent increases in expenses. In addition,
also, the carriers had the advantage of a 12% reduction in
the wages of railroad employees made by the Railroad Labor
Board, effective July 1 1921.
As indicating the extent of the antecedent rise in operating
costs, it is only necessary to say that expenses kept mounting
in very pronounced fashion for a number of successive years,
owing to repeated advances in wages and the growing cost of
operations g nerally. So much was this the case that even
the big advances then made in railroad rates—passenger and
freight—did not suffice to absorb the constant additions to
the expenses. The experience in that respect of the carriers
in October 1920 furnishes a capital illustration of the truth
of this remark. The roads had then just been favored with
a new advance in rates, calculated to add $125,000,000 a
month to their gross earnings, and accordingly our tabulations then showed an increase in gross earnings in amount
of $130,570,938, or 25.94%;but,unfortunately,$115,634,417
of this was consumed by augmented expenses, leaving only
$14,936,521 gain in the net earnings, or 14.49%. This
growth in the expenses had added significance in view of the
huge rise in operating costs in preceding years. Thus in
October 1919 our tables showed $18,942,496 increase in gross,
accompanied by $21,136,161 increase in expenses, leaving
actually $2,193,665 loss in net. In October 1918, owing to
the first great advance in passenger and freight rates made
by the Director-General of Railroads under Government
control, gross earnings registered a gain in the large sum
off$106,956,817, or 28.30%, but expenses moved up in
amount of $122,450,404, or 47.97%—causing a loss in net of
$15,493,587, or 12.63%. In October 1917 the situation was
Dec. 16 1933
much the same. The gross at that time increased $43,937,332,
but expenses ran up in amount of $50,267,176, leaving net
smaller by $6,329,844. In the following we furnish a summary of the October comparisons of gross and net for each
year back to 1906. For 1910, 1909 and 1908 we use the
Inter-State Commerce totals, but for the preceding years we
give the results just as registered by our own tables each year
—a portion of the railroad mileage of the country being then
unrepresented in the totals because of the refusal at that
time of some of the roads to report monthly figures for
publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Inc.(A-) or
Year
Preceding. Dec.(—).
Year
Given.
Inc.(±)or
Year
Preceding. Dec.(—).
$
$
$
Oct.
S
$
$
1906.143,336,728 128,494,525 +14,842,203 51,685,226 46,826,357 +4,858,869
1907_ 154,309,199 141,032,238 +13,276,961 46,983,606 50,847,903 —3,864,297
1908 - 232,230,451 250,426,583 —18,196,132 88,534,455 83,358,002 +5,176,453
1909
.261,117,144 232,556,223 +28,560,921 104,163,774 88,803,236 +15,360,538
1910
.263,464,605 260,821,546 +2,643,059 93,612,224 104.101,228 —10,489,004
1911 _ 260,482,221 259,111,859 +1,370.362 93,836,492 91,725,725 +2,101,767
1912
.293,738,091 258,473,084 +35,264,683 108,046.804 93,224,776 +14,282,028
1913
.299,195,006 300,476,017 —1,281,011 97,700,506 110,811,359 —13,110,853
—8,014,020
1914 - 269,325,262 298,066,118 —28.740,856 87,666,694 95,674,714 +30,079,562
1915
.311,179,375 274,091,434 +37,087,941 119,325,551 89,244,989
130,861,148 119,063,024 +11,798,120
1916 - 345,790,899 310,740,113 +35,050,786
—6,329,844
1917 - 389,017,309 345,079,933 +43,937,332 125,244,540 131,574,384 —15,493,587
1918 - 484,824.750 377,867,933 +106956817 107,088.318 122,581,905 —2,193,664
106,196,863
1919. 508,023,854 489,081.358 +18,942.496 104,003,198
1920. 633,852.568 503,281,630 +130570938 117,998,825 103,062,304 +14,936,821
1921 _ 534.332,833 640,255,263 —105922430 137,928,640 115,397,560 +22,531,080
1922 - 545,759,206 532,684,911 +13,074,292 120,216,296 139,900,248 —17,683,952
1923 - 586,328.886 549,080,662 +37,248,224 141,922,971 121,027,593 +20,895,378
+26,209,836
1924 - 571,405,130 586,540,887 —15,135,757 588,750,421142,540,585 +12,054,757
1925 _ 590.161,046 571,576,038 +18,585,008 180,695,428 168,640,671 +13,361,419
+18.043.581193,990.813 180,629,394
1926 - 604.052.017586,008,436
.581,802,973 604.967.265-23,164,292 180,600,126 193,701,962 —13,101,836
1927
+35.437,734
1928 - 616,710,737 579,954,887 +36.755.850216.552.015 181,084,281 —12,183.372
1929.607.584.997 617,475,011 —9,890,014 204,335.941 216,519,313
1930. 482.712,524 608,281,555 —125569031 157,115,953 204,416,346 —47,300,393
1931. 62,647,702 482.784,602 —120136900 101,919,028 157,141,555 —55,222,527
1,578,42
1932 _ 298,076,110362,551,904-64,475.794 98,336,295 101,914,716
—393,640 91,000,573 98,337,561 —
1933 _ 297.690.747 298.084.387
Note.—In 1906 the number o roads included for the month of October was 91; in
1907, 88;in 1908 the returns were based on 231,721 miles; In 1909 on 238,955 miles;
In 1910 on 241,214 miles; in 1911 OD 236,291 miles; in 1912 on 237,217 miles; in 1913
on 243.690 miles; in 1914 on 244,917 miles; in 1915 on 248,072 miles; in 1916 on
246,683 Mliell; in 1917 on 247,048 miles; in 1918 on 230,184 miles;in 1919 on 232,192
miles; in 1920 on 231,429 miles; In 1921 on 235,228 miles; in 1922 on 233,872 miles;
In 1923 on 235,608 miles; in 1924 on 235,189 miles; in 1925 on 236,724 miles; in
1926 on 236,654 miles; In 1927 on 238,828 miles: in 1928 on 240,661 miles; in 1929
on 241,622 miles; in 1930 on 242,578 miles; in 1931 on 242,745 miles; in 1932 on
242.031 miles, andin 1933 on 240.858 miles.
7he Course of the Bond Market.
Bonds this week advanced at a gradual rate, but did not
make as much progress as last week. Of theivarious groups,
rails have been the strongest. Based on price averages,
rails have risen 7.78 points since the November 23 low,
utilities 4.41 and industrials 1.20 points. A rise during the
same period of 4.88 points in the average for 120 domestic
bonds compares with a gain of 18.24 points between April
20 and July 18, after which the loss was 13.05 points to Nov.
23. Expectation of an early spring upturn in business,
together with a calming of inflationary fears, appear to have
been the primary influences in the recent advance.
The usual year-end demand for money,it is supposed, was
largely the reason for the increase of $55,000,000 in bills
bought by the Federal Reserve banks this week. Money
in circulation was up only $5,000,000. Member bank
reserve balances gained $77,000,000. Short ter,n money
rates were, on the average, slightly higher than last week.
U. S. Government bonds showed an upward price trend this
week,recovering some of their recent losses as inflation sentiment appeared to subside for the time being, and the R.F.C.
purchase price of gold was again unchanged all week.
Railroad bonds in most cases showed gains although not
as large as those registered in the preceding week. Through
Thursday, the trend was definitely upward, but on Friday
some of the previous gains were lost. Net changes were as
follows: Norfolk & Western 4s, 1996, from 96% to 98%,
Union Pacific 4s, 1947, from 993 to 99%, Great Northern
4
7s, 1936, from 83% to 83%, New York Central 4%s, 2013,
3
from 603 to 59/s, New York Chicago & St. Louis 6s, 1935,
%
from 46% to 49, and Denver & Rio Grande 4s, 1936, from
39 to 443'. Railroad developments were relatively unimportant and not conducive to largo price changes. In most
cases, the gains recorded were apparently in the nature of a
rebound from levels which appeared too low.
Improvement in the utility group continued through the
greater part of the current week, although some faltering was
noticeable on Thursday and Friday. Issues of communication companies came in for considerable attention because
of a belief that unification is closer at hand. International
Tel. & Tel. 432s, 1939, were up 33 points to 55% since a
week ago, the 5s, 1955, gained 43 points to 494,and Postal
Telegraph and Cable 5s, 1953, were 53i points higher to 47.
Among the power and light bonds, Florida Power & Light
5s, 1954, were up 1 to 563/ while Georgia Power 5s, 1967.
were down 3 points to 60.
Industrial bond prices held well following the rather extensive gains of last week. Steel issues generally maintained
about the same levels, but Trumbull Steel 6s, 1940, advanced
33 points for the week to 83 and Otis Steel 6s, 1941, were 5
4
points higher at 28. Metal issues were little changed and the
oils were mostly up fractionally. Hudson Coal 5s, 1962, and
Philadelphia & Reading Coal & Iron 5s, 1973, each advanced
about one point. Some.of the motion picture bonds were
higher, Loew's 6s, 1941, being up 1 point to 82 and Paramount Publix•53's, 1950, up 3% to 283 . Of the rubber
%
issues, Goodrich 6s, 1945, and Goodyear 5s, 1957, advanced
fractionally, whereas the U. S. Rubber 5s, 1947, were lower.
Among miscellaneous bonds selling off were United Drug 5s,
1953, down 1% to 563/i and Remington Rand 53/25, 1947,
down 13 to 763/3; among those selling higher were Penn
4
Dixie Cement 6s, 1941, up 2 points to 663/i and Armour
53/2s, 1943, up 23' to 84.
Foreign bonds lost ground in some sections this week.
Argentine issues dropped several points during the week, and
German bonds were off rather sharply. The gold currency
issues showed only minor fluctuations, regaining slight losses
by the end of the week. Japanese bonds were irregularly
higher. Scandinavian issues were steady.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
Aaa.
Aa.
A.
Baa.
RR.
83.97
84.22
84.10
84.10
83.97
83.60
83.60
83.48
82.99
82.50
82.02
81.66
81.54
104.51
104.51
104.51
104.16
104.16
104.16
104.16
104.33
103.82
103.48
103.15
102.98
102.47
92.82
92.97
92.68
92.68
92.68
92.39
92.39
92.25
91.81
91.25
91.11
90.97
90.69
80.49
80.84
80.84
80.72
80.49
80.03
80.14
80.26
79.91
79.22
78.77
78.55
78.99
85.87
66.04
66.04
66.21
66.13
65.62
65.62
65.12
64.47
64.31
63.35
62.87
62.56
83.85
84.35
83.97
83.85
83.72
83.23
82.99
82.74
82.02
81.18
80.72
80.03
79.68
74.36
74.46
74.67
74.77
74.67
74.15
74.15
73.95
73.35
73.05
72.45
72.06
72.16
95.78
95.78
95.63
95.63
95.63
95.63
95.93
95.93
95.93
95.93
94.18
95.48
95.18
80.37
80.26
83.48
85.48
86.77
87.56
88.10
86.64
86.25
86.25
89.59
89.04
89.86
90 69
91.25
91.39
91.67
91.67
90 97
91.67
90.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
101.97 89.31
102.14 89.17
103.99 91.67
105.89 94.43
106.78 95.63
107.49 97.16
107.49 97.62
106.78 96.39
106.25 95.93
105.54 95.33
107.67 98.25
107.31 97.47
107._4 98.25
107.67 99.04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
108.96 99.36
106.96 99.04
106.25 97.82
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.26
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Stock
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Stock
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 92.39
105.03 01.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
77.88
77.77
81.30
83.48
85.35
86.38
86.64
84.72
84.60
84.97
87.69
86.91
87.83
88.63
88.77
88.77
89.17
89.17
88.23
88.23
86.91
85.35
84.60
83.60
83.48
82.87
81.78
80.72
79.34
76.67
74.46
72.16
Excha
73.95
72.65
72.85
75.82
77.33
Excha
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
89.31
71.87
78.55
54.43
61.34 77.66
61.19 77.22
64.71 80.37
66.04 83.35
67.33 85 45
67.42 87.30
68.31 88.10
66.73 86.64
66.47 86.38
66.73 86.38
71.09 90.27
70.90 89.59
72.26 91.11
73.05 91.81
74.15 91.96
74.36 92.25
75.19 92.25
75.71 92.25
74.67 91.96
76.67 92.39
75.40 90.97
73.35 88.90
72.06 87.17
70.43 85.61
70.15 86.12
68.94 85.61
68.04 84.47
66.98 83.35
65.62 81.66
62.56 78.55
58.32 74.36
55.73 71.38
nge Clo sod
54.80 71.09
53.28 70.62
53.88 71.38
57.24 73.65
58.52 74.57
nge Clo sod
54.18 69.59
57.98 73.15
60.60 75.50
62.48 77.77
61.34 76.25
62.95 76.25
63.11 75.09
64.31 75.71
61.56 71.96
77.66 93.26
53.16 69.59
67.86 78.99
37.94 47.58
71.29
71.67
74.98
77.11
78.55
78.66
79.34
77.11
77.00
76.67
80.72
80.37
81.30
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
95.03
94.58
97.31
97.78
98.25
98.25
98.41
97.94
97.31
97.31
99.04
98.41
98.57
98 73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.35
74.67
73.25
73.35
78.10
80.49
81.95
79.91
80.19
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
70.05
87.69
65.71
78.49
83.11
84.97
86.25
85.4E
86.31
86.64
87.55
88.3E
99.04
78.49
85.61
62.05
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.57
120 Domestics by Rat ngs.
120 Domestics
by Groups.
P. U. Indus.
79.56 102.81
87.96
76.03
60.74
70.05
85.35
84.55
64.15
77.44
61.49
44.04
54.67
75.40
65.21
89.17
All
1933
120
Daily
DomesAverages
tic.
Dec. 15._
14__
13_12__
11__
9._
8._
7-6_ 5__
4__
2__
1__
WeeklyNov.24__
17__
10__
3__
Oct. 27__
20__
13._
6__
Sept.29._
22.._
15__
8._
1__
Aug.25._
18._
11_
4__
July 28_
21._
14._
7._
June 30._
23._
16._
9._
2.._
May 26-19.12__
5....
Apr. 28__
21__
14._
13._
7__
I__
Mar.24_ _
17..
10__
3__
Feb. 24__
17__
10__
3..
Jan. 27__
20__
13._
6__
Low 1933
High 1933
Low 1932
High 1932
Yr. AgoDee.15'32
2 Yrs.Ago
Dec.15'31
120 Domestics by Ratings.
Aaa.
Aa.
A. •
5.88
5.86
5.87
5.87
5.88
5.91
5.91
5.92
5.96
6.00
6.04
6.07
6.08
4.48
4.48
4.48
4.50
4.50
4.50
4.50
4.49
4.52
4.54
4.56
4.57
4.60
5.22
5.21
5.23
5.23
5.23
5.25
5.25
5.26
5.29
5.33
5.34
5.35
5.37
6.17
6.14
6.14
6.15
6.17
6.21
6.20
6.19
6.22
6.28
6.32
6.34
6.30
6.18
6.19
5.92
5.76
5.66
5.60
5.56
5.67
5.70
5.70
5.45
5.49
5.43
5.37
5.33
5.32
5.30
5.30
5.35
5.30
5.39
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.63
4.62
4.51
4.40
4.35
4.31
4.31
4.35
4.38
4.42
4.30
4.32
4.33
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
5.47
5.48
5.30
5.11
5.03
4.93
4.90
4.98
5.01
5.05
4.86
4.91
4.86
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
4 43
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
.5.36
5.23
5 24
5.25
5.29
5.26
5.37
. 4.73
5.96
5.44
7.03
6.40
6.41
6.10
5.92
5.77
5.69
5.67
5.82
5.83
5.80
5.59
5.65
5.58
5.52
5.51
5.51
5.48
5.48
5.55
5.55
5.65
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
Stock
6.96
6.55
6.26
6.08
6 17
6.11
6.12
6.05
6.27
5.47
6.98
6.34
9.23
6.25
4.58
5.57
6.57
7.85
5.48
6.44
8.19
120 Domestics
by Groups.
Baa.
RR.
1
WW.q..4....q..4.-441
0000000 l
ObM'cobo
N..NWo-.3.0.4.-,0WNgsi
All
120
Domes
tic.
5.89
5.85
5.88
5.89
5.90
5.94
5.96
5.98
6.04
6.11
6.15
6.21
6.24
...
N-4COW.4..4WWWWWOVWWOOCOVOWW.4,1.4.-4,1-.4WWWWWWMWWWW..4.4.4.4..1V-AWW
M.o.;$40o.OWimion;:ol4CoobiobCo6;614Olic)666.043.aioio
M3.O.NW000W,...0.00.4ROWNNVIVNWW.4,,0000000W...0041W0100.00000)..4NW03..
P
P
Dec. 15
14
13
12
11
9
8
7
6
5
4
2
1
TVeeklyNov. 24
17
10
3
Oct. 27
20
13
6
Sept. 29
22
15
8
1
Aug. 25
18
11
4
July 28
21
14
7
June 30
23
16
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
.far. 24
17
10
3
Feb. 24
17
10
3
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year Ago
Dee. 15 1932
Two Years Ago
Dee. 15 1931
MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prices.)
..
.... W
N N
co oc
1933
Daily
Averages.
4247
Financial Chronicle
Voltune in
4
0
For-
P. U. Indus.
eons.
6.73
6.72
6.70
6.69
6.70
6.75
6.75
6.77
6.83
6.86
6.92
6.96
6.95
5.02
5.02
5.03
5.03
5.03
5.03
5.01
5.01
5.01
5.01
5.08
5.04
5.06
8.82
8.84
8.92
8.88
8.84
8.83
8.86
8.89
8.89
8.93
8.97
8.94
8.98
6.42
7.04
7.00
6.46
6.67
6.18
5.93
6.47
5.76
6.34
5.62
6.33
5.56
6.27
6.47
5.67
6.48
5.69
6.51
5.69
5.40
6.15
6.18
5.45
6.10
5.34
5.29
6.00
5.88
5.28
5.26
5.86
5.26
5.78
5.26
5.76
5.82
5.28
5.73
5.25
5.35
5.82
4.89
5.50
5.94
5.63
5.75
6.00
5.71
5.06
6.11
5.75
5.84
6.14
6.20
5.93
6.07
6.29
6.34
6.58
6.76
6.73
6.96
7.03
nge Clo sod
6.70
7.06
6.84
7.11
6.83
7.03
6.80
6.38
6.71
6.17
nge Clo sad
6.54
7.22
6.16
6.85
5.89
6.62
572
6.41
5.72
6 55
5.60
6.55
5.55
6.66
6.60
5.48
5.55
8.97
5.47
5.19
7.17
7.22
5.59
6.30
10.49
7.66
5.07
5.10
4.92
4.89
4.86
4.86
4.85
4.88
4.92
4.92
4.81
4.85
4.84
4.83
4.83
4.83
4.85
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.02
9.24
9.13
9.03
9.05
9.40
9.13
9.22
9.39
9.62
9.38
9.34
9.27
9.09
9.10
9 09
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.60
10.09
10.07
9.80
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.55
10.76
10.73
6.35
5.95
5.80
570
5.76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.45
10.05
10.25
9.88
9.85
9.62
9.91
8.65
11.14
9.86
15.85
7.17
5.77
5.83
10.39
9.19
6.63
7.72
15.51
Notes.-* These prices are computed from average yield on the basis of one "deal" bond (4It% coupon, maturing in 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest complete list of bonds used in computing these indexes was published In
the "Chronicle" of Sept. 9 1933. page 1820. For Moody's index of bond prices by months back to 1928. see the "Chronicle" of Feb. 6, 1932. page 907(
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Dec. 15, 1933.
Business has shown further gains during the week. Both
retail and wholesale business has been better, and there has
been a further rise in employment. Sentiment is much
better. Christmas buying was reported as the best in the
past three years. The basic industries also made a good
showing. Declines in carloadings and a less than seasonal
rise in electric production were balanced by a sharp rise in
steel mill activity. While Christmas buying formed the
bulk of the business at retail there was also a good demand
for women's coats, fur garments and men's overcoats stimulated by wintry weather. The holiday demand was reported
to have exceeded that of a year ago and in many sections
it was the largest since 1930. Sales of medium and low-
priced merchandise have been very large. The demand for
luxuries and novelties has also exceeded that of a year ago.
In wholesale markets, wearing apparel, blankets, dry
goods and many housefurnishing items have been in the
best demand and sales have been larger of radios, refrigerators and various automotive and electrical lines. Orders
for hardware have been larger. Steel has been in better
demand, with the automotive trade placing larger orders.
The movement of most speculative commidities was upward
during the week. Speculation in cotton for futures delivery
was rather light, but prices show an advance of 10 to 17
points for the week. New York spot middling rose 10 points
to 10.20c. Mills, however, continued to buy on a very
limited scale. Farmers were holding back their cotton.
There was some liquidation of January prior to first notice
4248
Financial Chronicle
Dec. 16 1933
day on Dec. 22, but it was not heavy. The grain markets 1932 and were 9.9% below the total for the same period in
have been relatively quiet with wheat showing a fractional 1931.
advance for the week, while corn, oats and rye have been
The first 16 major railroads to report for the week ended
lower. Coffee shows a small advance and was largely Dec.9 1933 loaded 231,865 cars during that period,compared
dominated by the fluctuations in exchange markets. Trade with 214,967 cars in the previous week and 227,095 cars in
buying and covering of shorts served to bring a generally the week ended Dec. 10 1932. Comparative statistics
steady tone to the market. There was a better outside follow:
interest. Sugar was quiet and shows little change for the REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
week. Refined was unsettled by a drop to 4.20c. for beet
sugars. Cocoa fluctuated within narrow limits, but ends
Reed from Connections.
Loaded on Lines.
Weeks Ended.
higher than a week ago on moderate trading. Silk also shows
Dec. 9 Dec. 2 Dec. 10 Dec. 9 Dec. 2 Dec. 10
an advance for the week. So does rubber. Silver and hides
1933. 1933. 1932. 1933. 1933. 1932.
declined. So did lard. Butter declined with stocks showing Atch. Topeka & Santa Fe Ry_ _ _ 18,252 16,571 18,908 3,693 3,918 3.821
5,353 5,544
17,463 16.184 18,690
Ry
an increase of 140% on Nov. 1 over a year ago. Fresh eggs Chesapeake dr Ohio Quincy RR_ _ 14,530 14,442 13,200 5,142 5,509 4,949
Chic. Burlington &
5,003
Chic. Milw. St. Paul & Pac. Ay
fell sharply with refrigerator grades also weaker.
15,711 14,373 15,473 4,885 5.144 5,033
Chicago de North Western RY12.701 11,817 12,104 6.856 7,331 6,693
Temperatures along the Atlantic Coast dropped rapidly Gulf Coast Lines & subsidiaries_ _ 2,383 2,217 2,504 1,188 1,228 1,000
International Great Northern RR 2,183 2,085 1,818 1,582 1,535 2,032
over the week-end and in New York touched 11 degrees, Missouri-Kansas-Texas Lines_ _ _ _ 4,465 4,153 4,669 2,547 2,445 2,088
Missouri Paciiic RR
12,740 11,816 13,176 5,829 5,813 6.003
the lowest temperature of the season and within one degree New York Central
37,091 33,029 34,405 46,979 46.195 46,556
Lines
of the lowest recorded last winter. On Monday the city N. Y. Chic. & St. Louis Ry
3,598 3,237 3,378 6,901 6,695 6,465
Norfolk de Western Ry
12,267 12,212 13,963 3,033 2,909 3,244
was hit by the winter's severest storm, a mixture of snow, Pennsylvania RR. System
50,037 45,806 47,843 27,003 26,339 27,775
Pere Marquette
4,196 3,752 4.127
cold and winds of gale strength. The snowfall amounted to Southern PacificRy
19,453 18,792 18,005
System
Wabash Ry
4,795 4.4.81 4,832 5,807 5.990 6,121
about an inch and a half. The storm was widespread over
the Eastern Coast and airports suspended all passenger
Total
231,865 214,967 227.095 126.428 126.404 127,324
x Not available.
operations. Over the western slope of the Alleghenies two
mail planes crashed when they became out of control by
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
their wings becoming coated with ice. The pilots escaped
in parachutes. No other planes were in the air at the time.
Dec. le
Dec. 2
Dec. 9
Weeks Ended.
1932.
1933.
1933.
The temperatures, although rising somewhat, remained be26,099
23,108
low freezing for the rest of the week until Friday, when Illinois Central System
23.869
12,141
11,686
12,124
rain fell, which froze as it touched the ground, tying up St. Louis-San Francisco Ry
38.240
34,794
Total
34,993
trolley cars and trains and all street traffic. Canada and
Europe, as well as the northern parts of the United States,
Loading of revenue freight for the week ended Dec. 2
were also hit by a cold wave, with snow. To-day it was totaled 495,425 cars, the American Railway Association
19 to 31 degrees here and raining. The forecast was for announced on Dee. 8. Due to the observance of Thanksrain or sleet with rising temperature. Overnight, at Boston, giving holiday, this was a reduction of 85,922 cars below the
it was eight to 24 degrees; Baltimore, 30 to 34; Pittsburgh, preceding week this year. It also was a reduction of 51,670
34 to 46; Portland, Me., 4 to 18; Chicago, 32 to 58; Cin- cars under the corresponding week in 1932, and a reduction
cinnati, 36 to 62; Cleveland, 28 to 54; Detroit, 18 to 40; of 140,941 cars under the corresponding week in 1931, due
Charleston, 56 to 66; Milwaukee, 32 to 54; Dallas, 64 to to the fact that the week of Dec. 2 this year included a holi78; Savannah, 58 to 80; Kansas City, Mo., 40 to 68; Spring- day while the corresponding weeks in the two preceding
field, Mo., 58 to 66; St. Louis, Mo., 48 to 62; Oklahoma years did not contain Thanksgiving holiday. Compared with
city, 44 to 74; Denver, 28 to 52; Salt Lake City, 30 to 44; the corresponding holiday weeks of 1932 and 1931, the total
Los Angeles, 48 to 58; San Francisco, 50 to 54; Seattle, for the week of Dec. 2 this year was an increase of 2,107
38 to 42; Montreal, 6 below to 2 below zero and Winnipeg, cars above 1932 but a decrease of 63,373 cars under 1931.
18 to 14.
Details follow:
Chain Stores Sales in New York Federal Reserve District During November Advanced 6% Over Year
Previous.
Total November sales of reporting chain store systems in
the Second (New York) Federal Reserve District were 6%
higher than in the corresponding period a year ago; a more
favorable year to year comparison than was indicated in the
previous month, and an increase of about the same proportions as in August and September, it is reported by the
Federal Reserve Bank of New York, which said:
Lines which showed a more favorable year-to-year comparison than in
October included 10
-cent drug, shoe and variety chain store systems. In
the case of the variety chain stores the substantial increase reported for
November was the eighth consecutive monthly increase. Grocery and
candy chains showed declines of approximately the same proportions as in
October.
Ten cent and variety chain store systems were operating approximately
the same number of stores in November as a year ago, while drug and shoe
chains had considerably fewer stores. Candy chains, however, reported a
substantial increase in the number of stores operated. The net result for
all reporting chain store systems was a larger increase in sales per store than
In total sales.
Percentage Chanye November 1933
Compared with November 1932.
Type of Store.
Number of
Stores.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
Total
Sales.
Sales per
Store.
1.5
--0.4
--23.4
--23.6
+0.1
+16.3
+5.4
-15.1
-9.4
+22.1
--5.3
-3.4
+5.9
+10.9
+18.6
+22.0
-18.6
2.2
-
+5.7
+8.1
Revenue Freight Car Loadings for Latest Week Exceeded Corresponding Period Last Year by 3.2%.
Loadings of revenue freight for the week ended Dec. 9
1933 amounted to 537,503 cars, an increase of 42,078 cars,
or 8.5% over the preceding week and a gain of 16,896 cars,
or 3.2%, over the corresponding period in 1932. It was,
however, a 'decrease of 76,118 cars, or 12.4%, below the
same week in 1931. Loadings for the two weeks ended Dec.
2 1933 (which included Thanksgiving Day), showed an increase of 3.4% over those for the two weeks ended Dec. 3
Miscellaneous freight loading for the week of Dec. 2 totaled 181.440
cars, a decrease of 24,354 cars below the preceding week, 502 cars below the
corresponding week in 1932 and 32.115 cars below the corresponding week
In 1931.
Loading of merchandise less-than-carload-lot freight totaled 141,196 cars,
a decrease of 23,453 cars below the preceding week, 27,503 cars below the
corresponding week last year, and 61,377 cars below the same week two
years ago.
Grain and grain products loading for the week totaled 26,361 cars, a
decrease of 5.637 cars below the preceding week, 5.331 cars below the
corresponding week last year. and 6,298 cars below the same week in 1931.
In the Western Districts alone, grain and grain products loading for the
week ended Dec. 2 totaled 15,873 cars, a decrease of 4,055 cars below the
same week last year.
Forest products loading totaled 20,752 cars, a decrease of 2,103 cars below
the preceding week but 4,089 cars above the same week In 1932, and 450
cars above the same week in 1931.
Ore loading amounted to 2,835 cars, a decrease of 1.670 cars below the
preceding week, but 1,324 cars above the corresponding week in 1932‘:
It was, however, a decrease of 711 cars below the same week in 1931.
Coal loading amounted to 102,687 cars, a decrease of 24.739 cars below
the preceding week, 18,373 cars below the corresponding week in 1132.
and 27,420 cars below the same week in 1931.
Coke loading amounted to 5.778 cars, a decrease of 758 cars below the
preceding week, but 390 cars above the same week last year. Compared
with the same week two years ago, it was a reduction of 710 cars.
Live stock loading amounted to 14,376 cars, a decrease of 3,208 cars below
the preceding week, 5,764 cars below the same week last year. and 12,900
cars below the same week two years ago. In the Western districts alone,
loading of live stock f& the week ended Dec. 2 totaled 11,166 cars, a decrease
of 4.893 cars compared with the same week last year.
All districts reported reductions not only compared with the corresponding week in 1932, but also with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1933.
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July
Four weeks in August
Five weeks in September
Four weeks in October
Four weeks in November
Week ended Dec. 2
Total
1932.
1931.
1.910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265.379
3,108,813
2.502,714
3,204.551
2,605,642
2,366,097
495,425
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
2,420,985
2,064,798
2,867,370
2,534.048
2.189,930
547,095
2.873.211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
3,685,983
3.035,450
2,619,309
636,366
26.890.886
26.243.765
35.012,832
In the following table we undertake to show also the
loadings for the separate roads and systems for the week
ended Dec.2:
.
Volume 137
4249
Financial Chronicle
-WEEK ENDED DEC. 2.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OP CARE)
Railroads.
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& Northern
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
Cleve. Gin. Chic. & St. Louis_
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line.
DetroitToledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Loul
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_ _
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District.
Allegheny District.
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek dr Gauley
Central RR. of New Jeitey_
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines.--
1931.
1933.
1,456
2.502
6,297
863
2,303
8,808
519
1,522
2,857
7,518
669
2,442
10,037
608
1,878
3,478
8,889
720
3,103
12,176
619
192
4,401
8,924
2,515
2,223
10,321
870
205
4,208
8,877
2,556
1,880
10,570
807
22,748
25,653
30,863
29,446
29,103
4,755
7,600
10,076
105
1,114
6,426
1,450
15,975
1,675
332
308
6,837
8,641
11,706
121
1,730
8,713
1.380
18,184
2,160
541
295
6.053
10,262
12,490
169
1,630
8,673
1,386
21,455
1,922
430
380
6,247
5,972
11,447
1,468
910
5.896
35
22,653
2,027
17
145
5,856
4,389
11,808
1,720
756
6,088
35
22,904
1,859
27
215
48,916
59,308
64,850
56,907
416
1,293
6,283
*10
236
179
1,417
2,119
4,309
3,158
3,237
3,761
3,788
1,037
4,481
2,652
479
1,529
7,440
15
255
183
1,202
2,140
5.305
3,218
3,434
4,098
2,971
1,081
4,938
2,796
581
1,771
9,032
54
322
250
1,166
3,012
5,900
4,042
4,491
4,713
3,292
1,239
5,845
2,745
904
1,350
8,527
40
79
2,238
884
5,344
6,950
159
6,695
3,588
3,561
475
5.990
1,706
38,366
41,084
48,455
48,490
110,930
126,045
144,168
134,843
21,967
1,342
303
4,745
24,050
1.056
247
5,533
357
169
749
45,806
10,020
6,390
66
2,628
928
264
291
943
50,117
11,593
3,586
66
2,842
982
28,090
973
148
7,294
47
377
189
1,396
63,057
14,811
6,260
10,527
993
6
9.022
43
14
14
2.266
26,339
12,573
897
Total
95,470
101,570
Pocahontas District.
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern District.
Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolin
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Se8board Air Line
So them System
WI ton-Salem Southbound_ _ _
3,044
57"
4,o6ii
c
1,447
125,742
68.237
Railroads.
1932.
1932.
1933.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1933.
Group 13
Alabama Tenn. & Northern_
Atlanta Birmingham & Coast__
Att.& W.P.
-West. RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile Ac Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
d New Orleans-Great Northern_
Tennessee Central
Total
Grand total Southern District
Northwestern District.
Belt Sty, of Chicago
Chicago & North Western
Chicago Great Western
Chic. MIlw. St. Paul & Pacific_
826 Chic. St. Paul Minn.& Omaha.
1,470 DuluthMIssabe & Northern_
9,747 Duluth South Shore & Atlantic
49 Elgin Joliet & Eastern
79 Ft. Dodge Des M.& Southern_
2,221 Great Northern
885 Green Bay & Western
4.973 Minneapolis & St. Louis
7,288 Minn. St. Paul & S. S. Marie..
168 NorthernPacific
6,714 Spokane Portland & Seattle
3,996
3,539
Total
555
6,005
Central Western District.
1,466
Atch. Top.& Santa Fe System.
49,981 Alton
Bingham & Garfield
134,741 Chicago Burlington & Quincy
Chicago Rock Island A: Pacific_
Chicago & Eastern Illinois
Colorado & Southern
10,678 Denver 6c Rio Grande Western_
688 Denver & Salt Lake
8 Fort Worth •Sz Denver City....
9,359 NorthwesternPacific
30 Peoria & Pekin Union
13 Southern Pacific (Pacific)
16 St. Joseph & Grand Island
2,417 Toledo Peoria & Western
29,409 Union Pacific System
13,040 Utah
726 Western Pacific
1
Total
3,382
1,313
55,657
71.080
16,184
12,212
514
2.758
18,858
14,466
731
3,157
18,988
14,951
859
2,917
5.353
2,909
980
569
5,292
3,106
774
489
31,668
37,212
37,715
9,811
9,661
7,286
1,073
296
128
33
1,169
356
251
6,051
15,956
156
6,511
856
334
130
50
1,339
467
311
6,159
17,496
172
8,718
1,091
358
170
52
1,801
537
385
7,896
20,716
203
3,840
1,171
844
334
107
1,151
695
2,382
2,985
10,130
617
3,460
1,186
711
279
79
967
675
2,633
2,750
9,983
617
Total Loads Received
from connections.
Total Revenue
Freight Loaded.
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
b Houston & Brazos Valley
International
-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines..
MissouriPacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
b San Antonio Uvalde & Gulf _.
Southern Pacific in Texas & La.
Texas& Pacific
Terminal RR.Assn. of St. Louis
Weatherford Mln.Wells & N.W.
1932.
1931.
1983.
138
581
557
2,765
190
673
697
300
1,097
16.377
13,982
149
125
1,595
2,540
129
580
582
2,977
235
654
866
243
1,258
19,794
15,423
111
127
2,046
2,779
231
672
726
3,343
282
992
883
336
1,306
20,230
17.713
150
122
1,969
2,562
241
571
945
1,931
358
436
1,119
267
581
7,292
3,052
380
218
1,309
1,870
1932.
125
486
895
1,814
179
395
1,100
228
618
7,126
2,861
257
218
1.141
1,665
242
307
519
557
675
42,008
48,111
52,040
21,127
19,786
74,763
82,936
93,967
45,383
43,126
500
11,817
1,887
14,373
2,792
342
384
2,946
217
7,228
410
1,436
3,064
7,831
961
687
12,587
2,307
16,314
3,270
325
283
2,493
227
8,086
548
1,624
3,863
8,393
989
1,219
15,831
2,915
21,374
4,191
486
488
3,555
283
9,222
586
2.139
5,021
10,182
845
1,337
7,331
2,072
5,144
1,852
135
286
3,754
90
1,716
279
1,122
1,578
1,842
805
1,555
6,918
1,842
5,393
2,035
71
369
3,127
135
1,172
317
1,261
1,319
1,532
698
56,188
61,996
78,337
29,343
27,744
16,571
2.316
141
14,442
9,082
2.350
1,364
2,954
312
1,420
588
76
12,784
197
282
13,971
455
1,311
18,900
2,967
163
14,348
11,679
2,567
1,254
2,782
303
1,845
384
168
12,047
243
309
12,890
521
1.086
20.717
3,360
217
18,340
14,129
3,019
1,945
3,978
415
1,514
487
104
15,182
268
292
15,752
1,237
1,650
3,918
1,464
44
5,509
5,017
1,484
994
1,744
10
974
192
79
2,942
237
762
5,843
1,158
3.829
1,464
35
5,063
5,159
1,677
744
1,549
7
1,271
217
34
2,526
174
665
5,552
9
1,099
80,616
84,456
102,606
32,379
31,074
122
131
162
2,217
151
173
246
2,735
139
164
233
a2.542
2,899
503
118
1,228
2.565
629
190
1,004
2,085
167
1,382
1,043
289
467
*139
4,153
11,816
36
202
7,304
1,840
1:36i
162
1,378
1,231
306
769
64
4,988
13,623
44
246
8,509
2,466
1,66
204
1,703
1,335
302
826
73
4,966
15.642
49
128
8,362
2,361
1,535
592
1,223
720
644
174
272
2,445
5,813
13
103
3,151
1,205
1,809
772
1,053
613
455
122
192
2.141
6,268
13
168
2,648
1,118
6,008
4.988
1,217
22
7:011
5.364
1,487
33
6,356
4,817
1.997
29
1,821
2,600
1,492
32
1.839
2.788
1,683
44
28.104
53.831
28.583
52,880
32,75 5
tel
Total
34,825
41,927
24,256
23.340
45,790
.timated. b Included In Gulf Coast Lines c Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.,
ypiirt of Pennsylvania RR.,and Atlantic City RR., formerly part of Reading Co.; 1931 figures included in Pennsylvania System and Reading Co. d Included
oblle & Northern RR. * Previous week's figures.
•
olonel Ayres of Cleveland Trust Co. on Prospects
for 1934-Greatest Need is Unemployment Relief
Through Business Expansion Promoted by Private
Enterprise and Financed with Sound Money
Finds Little Improvement in Unemployment Conditions Despite Emergency Relief - Unsolved
Problem That of Unemployment Among Makers of
Durable Goods.
According to Colonel Leonard P. Ayres, Vice-President of
the Cleveland Trust Co. of Cleveland, "we are going to have
a great national debate about our money in 1934, and much
discussion of those many features of our new program in
Which projects for the reconstruction of our economic order
are clearly in conflict with business revival." "From it all,"•
says Colonel Ayres, "one principle will probably stand out
in clear relief. It is that recovery has now become a more
pressing problem than reform. Our greatest need," he declares, "is unemployment relief through business expansion,
promoted by private enterprise, and financed with sound
money." He adds that "probably 1934 will be a year of slow
progress toward material salvation, but rapid progress in
economic education." Colonel Ayres spoke thus before the
Cleveland Chamber of Commerce on Dec. 12, and his address
on that occasion also constitutes his comments in the Dec. 15
issue of the Cleveland Trust Co. "Business 13ulletin," of
which Colonel Ayres is editor.
Colonel Ayres points out that the relief of unemployment
is one of the three major objectives of our national recovery
program, and he finds that despite the relief activities there
has been little improvement in unemployment conditions.
Except for the concluding paragraph of his remarks, quoted
above, Colonel Ayres's address follows in full:
There are about 10 millicn idle workers in this country as 1933 draws to
ifs close. Moreover, since business activity has been slowing down ever
since last July, little real improvement is now being made in these unemployment conditions despite emergency relief activities. Here is the very
essence of the depression problem. The questions that must be answered
in any attempt to judge the prospects of business next year are those relating
to unemployment.
We may well define a depression in an industrial country as being a prolonged period during which large numbers of people who want work, and
are able to work, cannot find any work to do. The relief of unemployment
is one of the three major objectives of our national recovery program. The
other two aim at reducing the burden of debts through raising price levels,
and at reconstructing our economic order to promote social justice, but we
must study the outlook for reducing unemployment when we attempt to
estimate the prospects for general business in 1934.
Probably it is true that there are fundamental defects in those parts of
our recovery program that aim at putting large numbers of people back at
4250
Financial Chronicle
work in private employment, and the cause of these defects can apparently
be found in our national lack of comprehensive employment statistics. If
we had all known last spring who the unemployed were, and how they were
distributed by occupations, probably the present recovery program would
not have been adopted.
Moreover, it does not seem likely that if those who drew the emergency
legislation had analyzed and understood even the available official statistics
the present program would now be under way. We may say in ordinary
business terms that when those laws were written their authors were undertaking a vast national selling campaign without having first made a market
analysis of their problem.
The recovery program of the national Administration attempts to put
people back at work through increasing consumer purchasing power by three
different methods. It attempts to enlarge farmer buying power by raising
the prices of agricultural products. It undertakes to lift the purchasing
power of all classes of employed workers by shortening hours so as to
increase the number of people on the payrolls, and by raising wages. Finally,
it creates new jobs by huge appropriations for public works.
The fundamental defect of this program is that it scatters its strenuous
efforts indiscriminately over the whole population. It aims to remedy unemployment in general without attempting to find out whether or not there
are some kinds of unemployment that are more important than others as
elements in the whole great and complex problem. The truth is that some
kinds of unemployment are controlling factors in the situation, while others
are not, and the existing statistics are adequate to show where the differences lie.
Two Great Groups.
The Census of 1930 shows that there are in this country in normal times
about 49 million people engaged in gainful occupations. By combining the
classifications under which they are enumerated they may be divided into
two great groups. The first group consists of those who produce goods.
These workers include the farmers, foresters, fishermen, miners, and those
engaged in the many manufacturing industries and in building construction.
They number about 26 millions, or a little more than half of all.
The remaining 23 millions are providers of services. They are engaged
in trade, transportation, clerical work, and in the public, professional, domestic, and personal services. We do not have in this country inclusive statistics showing unemployment in all of the many occupations represented by
these two great groups, but we do have monthly series of official data covering numerous and important components of both of them. They indicate
that in the autumn of 1933 the numbers of unemployed among the producers
of goods are something more than five millions, while those among the providers of services are rather less than five millions. The unemployed in
the two groups are not far from equal in numbers.
Now these facts do not at all indicate that these two great groups of about
five millions each of unemployed are of about equal importance and similar
significance when considered as factors in the general problem of unemployment. There is a distinction of the first importance between them. It
is that the unemployment among the providers of services is caused by the
unemployment among the producers of goods. It is because there has been a
great reduction in the output of goods that fewer workers are needed in
transportation, in communication, in the professions, in wholesale and retail
trade, in banking, in office work, and consequectly there are fewer opportunities for workers in personal and domestic services.
It is a highly important and significant fact that one-half of the unemployment is caused by the other half of it. Our unemployment is not a
condition that can be cured by the universal application of a general remedy.
It calls for concentrated attention on the problems of the producers of goods.
If the producers could be put back at work and kept profitably employed,
the depression would soon be over. If the producers were busy, the employment problems of the providers of services would solve themselves.
The controlling factor of the depression is the unemployment among the
producers of goods. If we carry the analysis further we shall find that it
is among the producers of durable goods. All the producers make or raise
either consumers' goods or durable goods. The consumers' goods are such
things as food and clothing, gasoline, tobacco, soap, tires, and a long list of
things made from textiles, leather, paper, and rubber. We use them up and
replace them relatively quickly. We use almost as much of them in hard
times as we do when we are prosperous.
We buy consumers' goods at retail in stores. When we are prosperous we
buy those of better quality, and when we are hard up we get along with
cheaper ones, but the statistics of retail trade show that the physical quantities of them used by the nation have not declined much during the depression. For that reason there has not been much unemployment among the
producers of consumption goods. Probably it does not now amount to much
more than 500,000 people among the 10 millions of unemployed.
The fundamental defect of our recovery program is that it is attempting
to solve the depression problem of unemployment by increasing consumer
purchasing power, which means by giving more workers more money with
which to buy consumers' goods. Most of the effort of the NRA is devoted to
that end. That is what the Blue Eagle is trying to do, and that is the
object of the Administration in the Buy Now campaign. The fact is that
if the new codes should be successful in spreading work and raising wages,
and the Blue Eagle effective in bringing employers and wage workers under
the codes, and the Buy Now campaigns availing to persuade people to purchase generously at stores, the depression would still continue for these
remedies are based on a mistaken diagnosis.
Durable Goods.
The great unsolved problem of the depression is that of the unemployment
among the makers of durable goods. These goods are made of the lasting
materials. They include buildings, machinery, automobiles, furniture,
bridges, ships, locomotives, care, and a long list of articles made of the
metals, lumber, stone, clay, glass, and cement. The demand for these goods
Is highly elastic because their purchase can always be postponed since the
goods are durable, and the existing ones can be made to do service for
extended periods of time. On the other hand there is no limit to the amounts
of them that we can use if we can get them. Our accumulation of them
largely constitutes our national wealth.
Our available statistics indicate that in the autumn of 1933 the numbers
of unemployed among the producers of durable goods were about five millions.
The central fact about the great depression as we enter its fifth year is that
there are nearly five million providers of services out of work because more
than five million producers of goods are unemployed, and that ten -elevenths
of these idle producers work in normal times at making durable goods.
These unemployed people in the durable goods industries are the controlling
factor in our depression problem, and the whole great program for increasing
consumer purchasing power promises little help for them.
When lumbermen are working to release a log jam in the swollen freshets
of rivers during the spring timber drives they always hunt for the key log,
Dec. 16 1933
for if that can be found and loosened the whole jam will give way and the
logs will move on down the stream. The key log in our depression jam is
the unemployment among the workers in the durable goods industries. They
constitute more than half of all the unemployed, and their idleness causes
most of the rest of the unemployment that exists. Until this problem is
solved we cannot have a lasting recovery.
Our public works program is our only important public effort to employ
workers in the durable goods industries. It is inadequate to meet the need
because it is too small, too slow, and too restricted. It has appropriations
This
of $3,300,000,000 which will be spent over a period of several years.
is a huge sum to add to our national debt, but wholly insufficient to take
the place of private enterprise in this field. In the last prosperity year
of 1929 we produced durable goods valued at about 40 billion dollars, and
consumption goods worth 30 billions. Building construction alone used to
amount in good years to about 10 billions.
It is an unfortunate fact that even an increase in farmer purchasing power,
desirable as that is, would probably prove of real benefit most to the
farmers themselves, and only in slight degree to the industrial populations
most sorely in need of help. Farm populations are large users of consumption goods, but only moderate purchasers of durable goods. They buy
automobiles and agricultural machinery in important amounts, but they
do not use much heavy construction or industrial mechanical equipment, nor
are they the important customers of the power companies and public utilities.
Our depression problem will be solved when we put back at work the five
million idle people who would normally be engaged in the durable goods
industries, and keep them employed by private enterprise. It does not now
seem probable that this is going to happen during 1934, for there are features
in our recovery program which constitute serious obstacles in the way of it.
It is about these obstacles that the great congressional conflicts of 1934 will
probably center.
Doubts About Profits.
There are two great obstacles which block the way to a prompt resumption
of the normal production of durable goods. The first of these is the pervading fear that the extension of governmental regulation over the details of
business operations will make it impossible for many corporations to make
profits. Ever since the new codes went into effect costs of operation in
nearly all lines of business have been rising, while production and distribution have been declining. As long as these trends are continued the thinking
of business executives will be dominated by doubts about the possibility of
making profits.
This condition seriously hampers recovery because it deadens business
Initiative. In normal times the corporations are the best customers of the
durable goods industries. All manufacturing plants and their machinery, all
the equipment of transportation, communication, and the public utilities,
and all office appliances, are provided by the durable goods industries. Under
present conditions most corporations are spending as little as possible for
improvements and replacements. They are getting along as best they can
with what they had before the depression, and they wilj try to continue that
policy until they have reasonable confidence that it is going to be possible
for them to make profits in the future.
Pear About Money.
The second great obstacle preventing the recovery of the durable goods
industries is fear about the future of our money. This fear restricts and
almost prevents long-term financing by means of bond issues and mortgages
which normally provide funds for purchasing durable goods. During all of
1933 the production of durable goods has been restricted by lack of adequate
financing, and it seems probable that the influences that have checked investment in them this year will continue in 1934.
The production of consumption goods, which are short-time goods, is
largely done by short-term credits, and it presents relatively little difficulty
even in times of serious depression. The problems of financing the production of durable goods are entirely different and far harder. Those are longtime goods and in the main their output is financed by long-term credits.
Durable goods are not mostly bought in stores at retail. They are largely
purchased from the producer and paid for by borrowed funds.
New highways and ships, public buildings and bridges, factories and industrial equipment, are usually paid for by funds raised through bond issues.
Locomotives and railroad cars are purchased through the sale of equipment
trusts. Most residences and many other buildings are constructed with the
help of money secured through mortgages. Automobiles and trucks, furniture and such household equipment as ranges and refrigerators, are largely
paid for over periods of many months by the use of finance company notes.
In recent months the flow of long-term financing by corporations through
bond issues has almost ceased, and there are no present evidences that it is
likely to be promptly resumed. There are now available so many wellseasoned bonds of good quality which may be purchased below par that
•investors are quite unlikely to be willing to buy new issues. And yet it
seems impossible to restore the durable goods industries to anything like
normal activity until either private capital or public funds will enter the
long-term loan market on a great scale.
One reason commonly assigned to explain the nearly complete suspension
of the issuing of new corporate bonds this year is that the new Securities Act
of 1933 almost prevents financing by responsible firms. This is undoubtedly
an obstacle, but we do not yet know how serious a one. Clearly these two
other obstacles, of doubt about the possibility of making profits, and fear
for the future of our money, are of greater magnitude.
Bonds are promises to pay stated sums of money at some fixed time in
the future. Investors are not willing to buy such securities when they are
being officially assured at frequent intervals that the sums they pay for
them now will be worth a good deal less in purchasing power when they are
paid back again, and when in addition they fear that governmental interference with profit making may render it impossible for the corporations to
earn enough to pay the bonds off when they mature. Recently all kinds of
high grade bonds, including the Federal issues, have been falling in price.
We have experienced the tear of uncontrolled inflation before in this
country, notably during the greenback agitation in the depression of the 70's
and again in the free silver campaigns of the depression of the 90's. It has
always restricted business, and never stimulated it, although the fear was
never before so acute or so general as to cause a virtual suspension in the
issuing of new private securities. On each of the earlier occasions when the
fear of inflation was widespread business recovery has come when the nation
declared for sound money.
It is worth noting that recovery is now under way and unemployment is
decreasing in England, which has rejected inflation, and where more new
financing has been done this year than in any other of the past three years.
Recovery is under way in Mexico to the south, and in Canada to the north,
where their dollar sells at a premium over ours.
Apparently it is true that the only way we have ever recovered from depression in the past 100 years has been through expansion of private long-term
Moody's
4251
Financial Chronicle
Volume 137
financing, and through increase in the production of durable goods. The
lessons of this depression so far indicate that lasting recovery will come
when the old normal processes are allowed to operate once more, and that it
will not come until that does happen.
Prospects for 1934.
It does not now seem likely that we are going to experience in 1934 the
uncontrolled inflation that people everywhere are discussing. The chief
reason why excessive inflation is unlikely is that it is inherently difficult
to induce it in a country where nearly all business is done by checks representing private bank credit instead of with Government currency.
The prospects are that we shall continue to do business next year with
money that is unsound, but not continuously and rapidly depreciating in
value. It seems likely that recurring threats against the integrity of our
national credit will force the Administration into an irregular and unplanned
crystallizing of a national financial policy with reasonable stabilization of
values.
It seems probable that in the months directly ahead business conditions
will continue to be similar to those we have recently experienced, with the
Administration attempting to stimulate business and lift prices by monetary manipulation, while price levels stubbornly refuse to rise far or fast,
and business activity fails to expand in any marked degree.
It now seems likely that 1934 will be another year of depression during
which the physical volume of production will not be as great in any month
as it was in July of 1933, or as small as it was in March.
The financial warfare we are waging against other nations in attempting
to lift our prices through buying their gold with depreciated dollars will
probably lead to retaliations, trade restrictions, and ill-will which will
hamper the international co-operation in monetary policy which we shall
necessarily seek later on.
If fear about money and doubt about profits continue to characterize business sentiment next year, as seems indicated, the production of durable
goods will probably remain relatively restricted, with continuing serious
unemployment. In those conditions expenditures for unemployment relief
will be very large, and taxes heavier.
Under such circumstances price fluctuations in the security markets will
probably be narrow and irregular. It may well prove as difficult in 1934
for the operator in the stock market to make speculative profits, or to find
safe refuge for conserving funds, as it has been in the second half of 1933.
The volume of building construction in privately financed undertakings
will probably be small. Mortgage funds are never freely available when
fears for the future of money are general.
Many lines of consumers' goods should do fairly well, as should some firms
making durable goods. Demand for inexpensive labor-saving devices,
especially for offices, is increasing and should continue as codes impel employers to economize on wage costs.
The output of automobiles should be larger than that of this year. Farmers are receiving better prices for crops, and huge bonus payments for
destroying part of them, and they should be good customers for improved
agricultural implements. Some lines of household equipment may do fairly
well. The prevalence of authoritative broadcasts should increase the demand
for radios.
Index of Wholesale Commodity Prices of U. S. Department of Labor Higher During Week Ended ,Dec. 9.
Wholesale commodity pnces resumed their upward trend
during the week ended Dec. 9, according to an announceznent made Dec. 13 by IssAlor Lubin, Commissioner of
Labor Statistics of the U. S. Department of Labor. The
increase, which amounted to 0.3 of 1%, placed the wholesale index number at 70.9% of the 1926 average for the
week, as compared with 70.7% for the week ended Dec. 2
and with 71.7, the high point reached during the present
year for the week ending Nov. 18. The advance placed
the index within about 1% of the high point of the year.
We further quote from the announcement as follows:
Present prices are at the level of the general average for the week ending
Nov.4 and within a fractional point of the index for the week ending Nov.25.
They are 123i% above the level for the corresponding week of a year ago
when the index number registered 63.1 and 19% over the low of the year
when the index number stood at 59.6.
The rise in prices was due to a well-scattered general strengthening of
market quotations. Six of the ten major groups comprising the index
showed increases and four groups registered fractional decreases from the
level of the week before.
A sharp advance in Western refinery prices of gasoline, together with
fractional increases for bituminous coal and electricity, caused the Index
for the fuel and lighting materials group to show the greatest increase
during the week. It advanced by nearly 1%.
A general strengthening of market prices of clothing, raw silk and rayon
and materials caused the textile products group to rise by nearly 3( of 1%.
Crude rubber, which showed a decided recovery in prices, and cylinder
oils, which rose slightly, caused the miscellaneous commodity group to rise
more than % of 1%.
Other groups showing fractional increases due to a general strengthening
of prices were farm products, manufactured food items and the building
materials group.
Declining prices for certain hides and leather items and a minor reduction
In shoe prices caused the hides and leather group to react fractionally. The
metals and metal products group also showed a slight decrease due to
weakening market prices for lead, ingot copper and other non-ferrous
metals. The chemicals and drugs groups and the houseturnishing goods
group both showed minor price decreases.
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 is based on average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
major groups of commodities for one year ago for the low and high points
of 1933 and for the past two weeks:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 10
1932, MARCH 4, NOV. 18, DEC.2 AND 9 1933.
(1926=100.0)
Daily Index of Staple Commodity
Prices
Declines Again Slightly.
- Staple commodity prices continued their mixed and
uncertain trend for the third week in succession, Moody's
Daily Index of Staple Commodity Prices declining again by
0.2 points to 124.0.
There were seven net gains against five declines, with
three commodities-copper, lead and wool tops-unchanged.
The chief declines were in hogs, hides and sugar, with corn
and silk showing only nominal losses. Scrap steel scored
by far the most important advance, with wheat, rubber,
cotton, cocoa, coffee and silver following.
The movement of the Index number during the week,
with comparisons, is as follows:
Dec. 8
Fri.
Dec. 9
Sat.
Mon. Dec. 11
Tues. Dec. 12
Wed. Dec. 13
Thurs. Dec. 14
Frt.
Dec. 15
124.2
124.9
125.3
124.3
123.6
124.0
124.0
2 weeks ago. Dec. 1
Month ago, Nov. 15
Year ago, Dec. 15
1932 High, Sept. 6
Low, Dec. 31
1933 High, July 18
Low, Feb. 4
124.4
129.0
81.0
103.9
79.3
148.9
78.7
Decrease Noted in Department Store Sales from
October to November According to Preliminary
Figures of Federal Reserve Board.
A decrease is shown in preliminary figures on the value of
department store sales from October to November. The
Federal Reserve Board's index, which makes allowance both
for number of business days and for usual seasonal changes,
was 65 in November on the basis of the 1923-1925 average
as 100, compared with 70 in October and also in September.
The Board, under date of Dec. 12, added:
In comparison with a year ago, the value of sales for November, according the preliminary figures, was 2% larger. Decreases compared with
last year were reported for the Boston, New York, and Philadelphia Federal
Reserve districts, and increases for all the other Districts, the largest
increases being in the Atlanta and Dallas Districts. The aggregate for the
first 11 months of the year was 6% smaller than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
November.*
Jan. 1
to
Nov. 30.*
Number of
Reporting
Stores.
Number
of
Cities,
Federal Reserve District
-1
.--9
Beaton
54
28
-I
--8
49
New York
26
-1
Philadelphia
-7
33
16
+7
-2
Cleveland
29
13
+1
-6
Richmond
55
22
+15
-4
23
Atlanta
14
+4
--1
59
29
Chicago
+8
-6
29
St. Louis
17
+2
-4
Minneapolis
12
s
+3
-5
23
13
Kansas City
+13
-2
22
9
Dallas
+3
-8
77
Ban Francisco
31
•
+2
465
-6
Total
226
• November figures preliminary; in most cities the mon h had the same number of
business days their year and last year.
Week Ended
Dec. 10 March 4 Nov. 18 Dec. 2
1933.
1933.
1932.
1933.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities
Dec. 9
1933.
44.7
58.7
70.8
52.8
71.6
79.4
70.6
72.3
73.5
63.3
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
55.9
63.2
89.1
75.4
73.8
83.4
85.2
73.7
82.0
65.3
56.0
63.3
89.0
75.9
74.5
83.3
8.5.3
73.6
81.8
65.6
63.1
59.6
71.7
70.7
70.9
United States Department of Labor Reports Further
Decline of 0.4 of 1% in Wholesale Commodity
Prices During Week Ended Dec. 2.
Wholesale commodity prices during the week ended Dec. 2
continued the downward movement of the previous week,
according to an announcement made Dec. 7 by Isador
Lubin, Commissioner of Labor Statistics of the U.S. Department of Labor. The decrease which amounted to 0.4 of
1% placed the wholesale index number at 70.7% of the 1926
average, as compared with 71.0 for the week ended Nov. 25
and with 71.7,the high point reached during the present year
which was for the week ended Nov. 18. Commissioner
Lubin's announcement continued:
The fall in pricei3 was due to a general weakening of market quotations for
91 scattered commodities. The drop placed the level of wholesale prices
only fractionally above the level for the week ended Sept. 16. when the
index number stood at 70.5. The present index shows a recession of nearly
1% from the high point of the year. It is 11% above the index for the
corresponding week of a year ago, which reached 63.6, and slightly more
than 18;i% over the low of the year, when the index number stood at 59.6.
During the week market prices of 656 items covered by the Bureau
showed no change in price, 91 recorded decreases, while 37 showed advancing quotations.
Seven of the 10 major groups comprising the index showed decreases, two
groups fractional increases, with the group of housefurnishing goods showing
no change from the level of the week before.
Further weakening wholesale market prices of grains, cotton and eggs
caused the farm products group to decrease more than 1%%. Beef cattle
and live poultry showed a strengthening of market prices.
Decreasing prices for butter, cheese, flour, fresh beef, and lard caused the
manufactured food group to recede more than 1% during the week. Weakening prices for silk yarns, burlap, and jute caused the textile products group
to show a slight drop.
A continued weakening of petroleum products prices and a general
decrease in bituminous coal prices resulted in a fractional decrease for the
fuel and lighting materials group. The metals and metal products group also
showed a fractional decline.
Minor fluctuations in the chemicals and drugs group halted the recent
advances for these commodities and caused the group to show a fractional
Financial Chronicle
4252
decrease. The group of miscellaneous commodities also moved slightly
downward..
Certain hide and leather items resulted in a further upward movement of
the hides and leather group. The building materials group also showed a
fractional increase due to the continued upward movement of lumber prices.
The housefurnishings group showed no change in the general average.
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 is based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of the major groups
of commodities for one year ago, for the low point of 1933, and for the
past three weeks.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 3 1932,
MARCH 4, NOV. 18, 25 AND DEC. 2 1933.
(1925=100.0)
Dec. 16 1933
TABLE I. THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
November.
October.
September.
19.4
41.9
37.2
a89.4
83.8
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index_ _
59.0
54.9
45.0
89.4
90.4
102.4
49.6
101.1
51.3
53.1
31.5
71.2
72.4
60.6
6.29
54.7'
92.7
97.6
105.2:
52.0•
98.7
60.7
56.7'
34.4
71.0
76.5
59.2
bIii
c53.1
66.3
•60.2
TABLE II. THE CONBINED INDEX SINCE JANUARY 1928.
Week Ending.
Dec. 3
1932.
Mar. 4 Nov. 18 Nov. 25
1933.
1933.
1933.
Dec. 2
1933.
All commodities
63.6
59.6
71.7
71.0
70.7
Farm products
Foods
Hides and leather products
Textile products
Fuei and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
46.8
60.7
71.1
53.0
71.9
79.5
70.5
72.5
72.5
63.5
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
56.8
63.9
88.9
75.8
73.9
83.5
85.1
73.8
82.0
65.4
55.9
63.2
89.1
75.4
73.8
83.4
85.2
73.7
82.0
65.3
"Annalist" Weekly Index of Wholesale Commodity
Prices Slightly Lower During Week Ended Dec. 12
on Unchanged Gold Price.
An unimportant loss of 0.2 points marked the "Annalist"
Weekly Index of Wholesale Commodity Prices during the
week, the index declining to 102.0 on Dec. 12, from 102.2
(revised) Dec. 5. In noting this, the "Annalist" added:
Seasonally lower prices for steers, hogs, butter and eggs were largely
responsible for the decline, although their drop was partly offset by higher
prices for wheat and the other grains.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unad usted for seasonal variation (1913=100)
Dec. 12 1933. Dec. 5 1933. Dec. 13 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
a All nnmnInrIltlaa nn n1r1 hanla
84.9
101.8
*116.4
143.1
105.2
111.8
97.8
84.8
102.0
66.0
84.8
103.0
116.4
143.1
105.3
111.8
97.8
84.0
102.2
64.6
65.9
93.5
68.3
128.1
94.7
106.4
95.5
73.3
86.1
* Preliminary. a Based on exchange quotations for France, Switzerland, Holland
and Belgium.
The relative stability of the index reflected, as it did last week, the
stability of the Reconstruction Finance Corporation gold price. The
dollar advanced in consequence to the equivalent of 64.7 cents gold from
63.2 a week ago, carrying the "Annalist" index on a gold basis to 66.0
from 64.6 (revised). Neither the "Annalist" index nor Moody's daily
index, declined in proportion to the drop in the value of the gold dollar, as
would ordinarily be expected when all are measured in paper dollars. This
was due to the fact that run-away inflation is not now anticipated, while
the speculative stimulus given by only a moderate drop in the paper dollar
is more than offset by the resulting unsettlement to business generally, so
that a recovery of the paper dollar becomes a constructive influence upon
prices rather than the contrary.
DAILY SPOT PRICES.
Moody's Index.
Cotton.
5
6
7
8
9
11
10.20
10.15
10.15
10.10
10.20
10.20
1.0134
1.0334
1.C234
1.01
1.0334
1.0334
In le
3ee
Jec.
Jec.
3ec.
3ec.
3eo.
Wheat.
1 no,
Corn.
Hogs-.
U. S. Basis. Gold Basis.
3.33
124.5
.634
3.33
124.5
.6334
125.1
3.42
.6434
124.2
3.44
.64
.6534124.9
125.3
.27
3
.6534
RAU
a 10
124S
78.7
79.2
79.6
78.9
79.2
80.2
60.4
Cotton.
-Middling upland, New York. Wheat -No.2 red, new, c.i.f.. domestic,
-Day's average, Chicago.
New York. Corn.
-No. 2 yellow, New York. Hogs.
Moody's index-Dally index 01 15 staple commodities, Dec. 31 1931=100; March 1
1933=80.
Decrease of 3.2 Points Reported in "Annalist" Monthly
Index of Business Activity for November as Compared with October.
The "Annalist" index of business activity shows a decline
of 3.2 points for November, the preliminary index being
69.2, as against 72.4 for October, 89.5 for August, the
high point for the year, and 64.7 for November 1932. The
decline since July, the "Annalist" said, has now canceled
20.3 points of the March-July rise, the November index
showing a net gain of 10.7 points over the low of March.
Continuing, the "Annalist" noted:
The principal factor in the October-November decline was a further
sharp drop in the adjusted index of steel ingot production. Second in
importance was a decrease in the adjusted index of automobile production.
Substantial losses were also shown by the adjusted indices of pig iron
production and cotton consumption. The adjusted index of zinc production showed a moderate loss, this being the first decline in this index since
September of last year. Small gains were shown by the adjusted indices
of freight car loadings and silk consumption. The adjusted indices of
lumber and electric power production are unchanged for the month.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation, and where necessary for long-time trend,
for the last three months. Table It gives the combined index by months
back to the beginning of 1928.
1933.
January
February
March
April
May
June
July
August
September
October
November
Ilframhar
1932.
1931.
1930.
1929.
1928.
63.1
61.7
58.5
64.1
72.5
83.4
89.5
83.6
76.5
72.4
*69.2
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
85.2
65.4
64.7
Rd A
81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72 1
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
fla 0
112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2
105.6.
106.1,
105.4.
105.5,
105.6
104.8:
106.3:
108.1
109.7'
111.8•
112.0
112.5
* Subject to revision. a Based on an estimated output of 7,326,000,000 kwh.
as against a Geological Survey total of 7,490,000,000 kwh. in October and 6,952,000,000 in November 1932. b Based on an estimated output of 70,000 cars and
trucks, as against Department of Commerce total of 142,157 cars and trucks in
October and 61,760 cars and trucks in November 1932. c Based on an estimated
output of 1,075,000,000 feet, as against Federal Reserve Board total of 1,167,000,000,
feet in October and 694,000,000 feet in November 1932.
Continued Slight 'Upward Movement Reported by
United States Department of Labor in Retail
Prices of Food During Period from Nov. 7 to 21.
The general average of retail food prices continued to
show a slight upward movement during the two weeks'
period ended Nov. 21, the Bureau of Labor Statistics of
the United States Department of Labor announced Dec. 11.
The index number of the general level of retail food prices
for Nov. 21, as reported by Isador Lubin, Commissioner of'
Labor Statistics, showed a rise of 0.1 of 1% over the two
weeks' period. The index based on the 1913 average as.
100 moved upward to 106.8, or to within 0.7 of 1% of the
high point reached on Sept. 6, when the index registered
107.4. Present prices are more than 18% above the low
point reached in April, when the index stood at 90.4. As.
compared with the index of 99.4 for November a year ago.
retail food prices on Nov. 21 were 732% higher. The an-nouncement added:
The rise in food prices was caused by a general strengthening in the
average prices of eggs, lard, corn meal, cabbage and canned salmon. Declining prices were reported for pork chops, oranges, oleomargarine, fresh
beef cuts, cheese and canned tomatoes.
Changes in Retail Prices of Food by Cities.
From Nov. 7 to Nov. 21 increases in retail food prices took place in 25
'
of the 51 cities covered by the Bureau. Salt Lake City, with a rise of
nearly 2%,showed the greatest advance. Cincinnati and Houston showed
an increase of slightly more than 145%. Other cities showing an increase
of 34 of 1% or more vr.re Bridgeport, Cleveland, Dallas, Detroit, Indianapolis, Little Rock, Manchester, Omaha,Portland, Me.,and Savannah.
The smallest incraases were reported for Charleston, Newark and Peoria,
where prices rose by only 0.1 of 1%. No change in the general level of
food prices was shown for Boston and Pittsburgh. The greatest di cline
was shown for Atlanta, where prices dropped by 2%. Other cities showing a decrease of more than 1% were Denver, Los Angeles, and Mobile. Retail
food prices in Washington, D. C., increased 0.3 of 1%.
Comparing prices with Nov. 15 1932. all of the 51 cities covered by
the Bureau showed an increase in retail food prices. Detroit, where
-months' period,showed
food prices have increased nearly 17% during the 12
the largest advance. Cincinnati, Cleveland, Columbus, Houston, Omaha,
Peoria, and St. Paul showed increases of 10% or more. Butte and Portland, Ore., showed the smallest increases, a rise of less than 2%. In
Percentage changes
Washington, D. C., the increase was more than 8%
for each of the 51 cities covered by the Bureau during the two weeks'
period and the 12 months' period are shown in the following table:
City.
Percent Change on
Nov. 21 1933
Compared wUh
Nov. 15
1932.
Atlanta
+6.8
Baltimore
+8.3
Birmingham
+4.0
Boston
+5.8
Bridgeport
+6.5
Buffalo
+9.3
Butte
+1.3
Charleston, S. C.._
+6.8
Chicago
+2.4
Cincinnati
+13.0
Cleveland
+11.5
Columbus
+11.9
Dallas
+9.4
Denver
+5.4
Detroit
+16.8
Fall River
+7.7
Houston
+14.8
Indianapolis
• +9.4
Jacksonville
+8.2
Kansas City
+4.1
Little Rock
+9.2
Los Angeles
+6.3
Louisville
+9.6
Manchester
+6.7
Memphis
+7.9
,71:,
Nov. 7
1933.
-2.0
-0.7
+0.3
0.0
+0.8
+0.4
-0.2
+0.1
-0.6
+1.6
+0.7
+0.4
+1.1
-1.3
+1.2
-0.3
+1.6
+0.6
-0.2
-0.8
+0.5
-1.7
-0.3
+0.6
-0.1
_11 ft
City.
Percent Change on
Nov. 21 1933
Compared with
Nov. 15
1932.
+7.9
Minneapolis
+5.4
Mobile
+2.9
Newark
+6.8
New Haven
+8.7
New Orleans
+4.7
New York
+3.2
Norfolk
+10.5
Omaha
+10.4
Peoria
+8.5
Philadelphia
+7.2
Pittsburgh
+6.3
Portland, Me
+1.9
Portland, Ose,
+6.6
Providence
+7.9
Richmond
+8.8
Rochester
+7.6
Bt. Louis
+10.2
St. Paul
+8.3
Salt Lake City_
+3.1
San Francisco_
+8.6
Savannah
+8.4
Scranton
+5.1
Seattle
+9.2
Springfield: 1111._
N ashington, D.C. +8.3
Nov. 7
1933.
-0.1
-1.0
+0.1
-0.8
+0.2
-0.4
--0.7
+1.0
+0.1
-0.1
0.0
+0.8
-0.1
-0.6
-0.8
-0.1
-0.2
+0.2
+1.9
+0.3
+1.2
+0.4
-0.1
+0.2
+0.3
Volume 137
Financial Chronicle
Charms in Food Prices by Commodities.
Of the .15 articles of food covered by the Bureau, seven showed increases during the two weeks' period, 16 recorded a drop and 22 showed
no change in average prices. During the year period, 27 of the 42 items
covered in this period showed an increase, 14 showed a drop with pork
and beans the only item showing no change in average prices. The following table shows the percentage of change which has taken place in
each of the 45 items covered on Nov. 21, as compared with Nov. 7 1933
and Nov. 15 1932:
Percent Change on
Nov. 21 1933
Compared with
Article.
Nov. 15
1932.
Sirloin steak
Round steak
Rib roast
Chuck roast
Plate beef
Pork chops
Bacon. sliced
Ham. sliced
Lamb, leg of
Hens
Salmon,red, canned
Milk, fresh
Milk, evaporated._
Butter
Mergarkie
Cheese
Lard
Vegetable,lard.substitute
Eggs, strictly fresh_
Bread, wheat
Bread, rye
00*
.
Nov. 7
1933.
-8.3
-7.7
-10.9
-9.0
-10.8
+9.9
+3.6
+0.9
-0.5
-10.7
+6.6
+4.7
+13.3
+3.3
--10.5
+1.8
+12.6
-1.7
-2.0
-1.9
-1.3
-1.0
-4.3
0.0
-0.3
-0.5
-1.5
+1.0
0.0
0.0
0.0
--2.3
-1.3
+2.1
+1.1
-4.0
+19.4
0.0
+4.6
0.0
0.0
on
Percent Change on
Nov. 21 1933
Compared with
Article.
4
-an
n
Nov. 15
1932.
Corn meal
Rolled oats
Corn flakes
Wheat cereal
Macaroni
Rice
Beans. navy
Potatoes
Onions
Cabbage
Pork and beans
Corn,canned
Peas. canned
Tomatoes, canned
Sugar
Tea
Coffee
Prunes
Raisins
Bananas
Oranges
Peaches, canned._
Pagara
+11.1
-11.0
+4.7
+7.1
+6.0
+11.3
+30.4
+64.3
+30.8
+56.5
0.0
+6.9
+7.1
+11.4
+9.8
-11.6
+20.5
-6.1
+9.6
-10.1
____
ennnort
Nov. 7
1933.
+2.6
0.0
0.0
0.0
-0.6
0.0
0.0
0.0
0.0
+12.5
-1.4
0.0
0.0
-1.0
0.0
0.0
0.0
0.0
-1.1
0.0
-3.8
+0.6
.1.11 A
During the two weeks' period the index number for the cereal group
showed an increase of 0.1 of 1%, dairy products dropped by 0.1 of 1%,
and meats decreased slightly more than 34 of 1% in average prices. Comparing prices with one year ago cereals have advanced more than 213. %.
dairy products increased nearly 5%, while meats have shown nearly a
5% decline.
The weighted index numbers of the Bureau which uses the average
prices for the year 1913 as 100.0, were 106.8 for Nov. 7. 106.6 for Oct. 24,
107.3 for Oct. 10, 107.4 for Sept. 26, as compared with 90.4 for April 15
1933. and 99.4 for Nov. 15 1932. The prices used in constructing these
indexes are based upon reports to the Bureau of Labor Statistics for all
types of retail dealers in 51 cities and cover quotations on 42 important
food items.
4253
month of November showed increases in all cases but three.
The review adds:
Among the grocery iroup which have reported thus far, Safeway Stores
reported the largest increase, being $881,559, or 5.40%. In the 5 & 10
cent group all of the 8 companies reporting showed increases, the increase
of the group as a whole being 7.54%. In the apparel group the largest
increase made was by the J. C. Penney Co., which showed an increase of
$4,177,578, or 27.78%. The drug,shoe and miscellaneous groups reporting
so far all showed increases.
The 21 chain store and mail order companies, taken as a whole, showed
an aggregate increase of $19,987.829 in November 1933 as against November last year, being 15.20%. This aggregate increase was more favorable
than that reported by the same group in October of this year over October
1932, which was 9.09%.
In the 11 months of this year 21 chain store and mail order companies
reported sales of $1,424.890,632 as against $1,409.993,578 in the corresponding 11 months of 1932, an increase of 1.05%.
With the general improvement in business being apparent in various
Parts of the country, there is no doubt that December results of chain store
companies will be even more representative than those for November.
Month of November.
1933.
1932.
$
$
Sears, Roebuck__ a28,763,631 a22,609.104
F. W. Woolworth 20,995,849 20,215,542
Montgom'y Ward 20,742,133 16,551,588
J. C. Penney.... 19,215,787 15,038,208
Safeway Stores.. 1317,210,537 616,328,978
S. S. Kresge
10,465,036 9,841,370
W. T. Grant_
6,899,535 6,334,396
S. H. Kress
5,585,555 4,853,553
Walgreen Co
3,871,255 3,471,767
H. C. Bohack_
c3,076,128 c3,099,430
J. J. Newberry._ 2.935,997 2.661,161
G. C. Murphy... 1,976,458 1,562,627
Melville Shoe.... d1,860,551 d1,476,560
Interstate Dept.
Stores
1,520,765 1,630,908
West'n Auto Supply (Kan City) 1,320,000 1,115,000
Neisner Bros.__
1,294,995 1,187,048
Peoples Drug St_
1,228,854 1,248,610
Lane Bryant _ _ _ _
972.360
905,676
Schiff Co
830,475
708,830
Winn & Lovett
Grocery
417.947
392,612
M.H.Fishman
249.610
212,681
11 Months Ended Nov. 30.
Inc.
1933.
1932.
Inc.
8
$
%
%
27.2 e250,082,074 e252.606,258 10.9
3.8 213,517,668 216.789.612 x1.5
25.3 167,898,527 159,014,106 5.5
27.7 152.946,139 138,330,894 12.1
5.4 e201,882,715 e210,412,546 x4.0
6.3 106,001,964 106,370,162 x0.3
65.197,481
8.9
61,940,825 5.2
15.1
53,577,431
53,449.505 0.2
42,094,383
11.5
41,731,785 0.9
x0.7 127,411,895 129.937.057 x8.4
29.078.171
27.725,232 4.8
10.3
18,254,209
26.4
15,642.348 16.7
26.0 g18,765,009 g18,663,657 0.5
x6.7
14,942,982
16,156,622 16.7
18.4
9.1
x1.5
7.4
17.1
11,550,000
12,645,187
13,827,238
10,321,936
8,146,163
10,736,000 7.6
12,632,629 0.1
14,486,645 x4.5
10.707,269 x3.6
7.864,412 3.6
6.4
17.3
h4,421,179
2,328,281
64,580,938 x3.4
2.215,276 5.0
21 companies.... 151,433,458 131,445,629 15.20 1,424,890,632 1,409,993,578 1.05
2 mall order co's 49,505,764 39,160,672 26.41 417,980,601 411,620,384 1.54
un 097 ROA 09 SQL 047 in 55 1 nna nin nal 008 272 214 085
a Four weeks ended Dec. 3. b Your weeks ended Dec. 2. c Five weeks ended
Dec.2. d Four weeks ended Nov. 25. e 48 weeks ended Dec. 3. II 47 weeks ended
Dec. 2. g 48 weeks ended Nov. 25. 11 47 weeks ended Nov. 25. x Decrease.
10 nhAln tatnraa
National Fertilizer Association Reports Wholesale
Commodity Prices Slightly Higher During Week of
Dec. 9.
Wholesale commodity prices advanced slightly during the
week ended Dec. 9 according to the index of the National
Fertilizer Association. This index, based on 476 commodity
prices, advanced from 68.5 'to 68.8 for the week ended
Dec. 9. (The three year average 1926-1928 equals 100.)
During the preceding week the index showed no change
while two weeks ago it declined 10 points. A month ago the
index stood at 69.4, or six points higher than the latest
index number. A year ago the index stood at 59.5, being
93 points lower than the latest index number. The Association, under date of Dec. 11, further reported:
During the latest week six groups advanced, one declined, and seven
showed no change. The advancing groups were foods, fuel, grains, feeds
and livestock, textiles, miscellaneous commodities and metals. The largest
gain was shown in grains, feeds and livestock. The declining group was
fats and oils, which evidenced a decided weakness during the latest week.
Twenty-seven commodities advanced while 22 xlined during the latest
week. During the preceding week there were 17 advances and 27 declines.
Two weeks ago there were 13 advances and 32 declines. Important commodities that advanced during the latest week were cotton, corn, wheat.
cattle, hogs, pig iron, silver, fuel oil, copper, silk, wool, eggs, potatoes, raw
sugar and peanuts. The declining commodities included burlap, butter.
most vegetable oils, tallow, cottonseed meal, feedstuffs, tin, rosin, flour,
cornmeal and rubber. For the most part, the price movements during
the
latest week were comparatively small.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926 1928=100).
Group.
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
Foods
Fuel
Grains, feeds and livestock _ _
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertlizer materials
Mixed fertilizer
Agricultural implements
Inn n
All groups combined
Latest
Wtek
Dec. 9
1933.
CO ,
M00.600 ,
1,
1COCACA•PCA ,
1
0 0 01 V. 00 00
C.n CO
CO C.00
Per Cent
Each Group
Rears to the
Totat Index.
68.8
Preceding
Week.
Month
Ago.
Year
Ago.
70.6
68.0
47.5
66.1
67.5
84.9
78.6
78.6
85.4
46.7
88.2
65.6
70.9
90.8
71.7
70.3
51.0
66.4
67.2
84.4
77.3
78.6
83.4
48.6
87.9
65.2
70.8
90.3
60.4
63.0
36.6
42.5
61.3
86.6
70.5
67.8
77.4
45.0
87.3
61.7
67.9
91.9
68.5
60.4
co A
November Chain Store Sales Best This Year.
Much significance is attached to the fact that the chain
store .business seems to be reflecting an improvement in
general business. According to a study made by Merrill,
Lynch & Co. of this city, the sales of 19 chain store and 2
mail order companies which have reported so far for the
Canada Shows Marked Improvement in Retail Trade,
Also Increased Construction Program, According
to S. H. Logan, General Manager of the Canadian
Bank of Commerce-Rise in Purchasing Power of
Farming Districts.
"The outstanding developments of the past month were a
rise in the operations of several industries consequent upon
an increased construction program, a marked improvement
in retail trade and continued fairly substantial wheat
exports," says S. H. Logan, General Manager of the
Canadian Bank of Commerce. Mr. Logan also has the
following to say:
The domestic trade improvement can be traced to a rise in the purchasing power of those farming districts where good crops coincided with
better prices, to the upturn in employment reported for October in the
broad field covered by the official records and to a sudden rush for seasonal
goods following an unusually early winter. The employment situation
was apparently the most influential factor. An increase in employment
in a period in which there is normally a decline might be regarded as a
significant feature, but it is also noteworthy that this upturn was one of
a series beginning last spring, and therefore was not part of a spasmodic
movement.
Canadian wheat exports, though small in relation to the supply available
for overseas shipment, have continued on the improved scale which we
mentioned last month. They averaged about 5,000.000 bushels per
week, which was the weekly average for October. In order to illustrate
the change for the better from the early part of the current "wheat years. comparison snould be made between the August-September and OctoberNovember periods. In the former_period Canadian exports represented
38% of world wheat exports, while in the last two months they constituted 48%.
The effect of a larger construction program was seen in the official
record of steel production for October, which showed an improvement of
25% over the preceding month, when the value of contracts for building
and engineering work was the largest reported for any month in the past
two years. The new business for the steel mills from this source more
than offset the decline in orders from the automobile industry following
a seasonal decline in the production of motor cars and trucks, the output
of which, however, was somewhat greater than in the autumn of 1932.
With another large volume of construction work contracted for in November and the commencement of operations on rail orders, one steel mill
has been more active in the past month than at any time since January,
While another has been able to continue the comparatively high production
schedule established a few months ago.
Farm Price Index of Bureau of Agricultural Economics
Up One Point in Month Ended Nov. 15.
The index of prices received by farmers for their products
gained one point,from 70 to 71,between Oct.15 and Nov.15,
and the index of prices paid by farmers for articles purchased also gained one point, from 116 to 117, during the
period, according to the Bureau of Agricultural Economics
of the United States Department of Agriculture, which
under date of Nov. 29 added:
Financial Chronicle
The Nov. 15 index of farm prices was 22 points above the low point in
February this year and 17 points above the index on Nov. 15 1932. The
Nov. 15 index of prices paid by farmers was 16 points above that. in February and 13 points above the index on Nov. 15 last year.
The ratio of prices received to prices paid was 61 in mid-November,
compared with 49 in February and with 52 on Nov. 15 1932.
There was a general increase in farm prices of grains, cotton, cottonseed and hay, and moderate seasonal upturns in prices received for apples
and eggs during the period Oct. 15 to Nov. 15. Prices of potatoes and
meat animals declined, potatoes selling down to an average farm price of
68.8 cents a bushel on Nov. 15 and hogs selling down to an average of $3.70
per hundredweight.
Corn prices to farmers on Nov. 15 averaged about 5% higher than on
Oct. 25, in sharp contrast to the usual decline when new crop corn of
high moisture content is marketed at that time of year. The decline in
hog prices and the advance in corn prices put the Nov. 15 hog-corn ratio
for the United States at 9.1, compared with 10.7 on Oct. 15.
Wheat prices to farmers averaged 71.1 cents a bushel on Nov. 15, compared with 63.6 cents on Oct. 15. Wheat prices advanced 18% in local
farm markets in Mountain States, 14% in the North Central States,
11% In West South Central States and about 10% in other sections.
Cotton prices averaged 9.6 cents a pound on Nov. 15, compared with
nine cents on Oct. 15, the advance being attributed to a continued favorable
rate of mill activity here and abroad, and large exports following exchange
rates favorable to foreign buyers.
Prices paid farmers for eggs usually make a seasonal gain of 19% from
Oct. 15 to Nov. 15, but this year the gain was only 15%, the Price on
Nov. 15 averaging 24 cents a dozen.
These figures do not give a complete picture of the farmers' buying
power as they do not take into account the money income derived from
the volume marketed. In addition, there have been benefit payments
made recently which need to be taken into account in a complete measure
of farm buying power.
Review of Trend of Business in Hotels During November
by Horwath & Horwath-Room Sales Increase for
First Time in Four Years.
The gradual upward trend in sales and occupancy of hotels
continued in November, according to Horwath & Horwath.
In its survey of the trend of business in hotels the firm said
that "for the last three months the general average increases
in sales over the corresponding months of last year have
been: September, 1%; October, 3%, and November, 5%."
They continued:
•
For the first time in four years room sales recorded an increase, 3%;
and the decrease in the average rate to the occupied room was the smallest
In three years-only 5%. Seventy per cent of all hotels sold more rooms
this November than last, and all groups except Philadelphia had higher
occupancies.
Chicago sales reflected the end of the exposition. Washington had larger
gains than ever. Practically unaffected by special events, the group,
"Other Cities," is improving steadily, the sales this November being 3%
above those of last November-the first increase since December 1929.
This year's seasonal gain in occupancy for November over October Is the
best on record for this group.
There Is no doubt about the hotel business being definitely on the upgrade, though of course it still has much climbing to do before it reaches
the 1929 level. Part of the improvement is directly due to beer sales,
and repeal will give another and bigger boost. Room sales are still held
down by the lower average rates.
INCREASES AND DECREASES IN SALES FROM THREE YEARS AGO.
May.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others reporting
Total
June.
July.
Aug.
-49.5
-41.9
-52.7
-38.8
-52.6
-50.9
-54.4
-51.2
-45.3
+6.8
-51.5
-36.4
-47.6
-49.8
-48.0
-50.4
-42.4
+23.2
-49.2
-10.3
-39.3
-50.0
-47.0
-46.1
-37.7
+39.2
-51.2
-1.1
-34.3
-44.2
-39.2
-45.9
Sept.
Oct.
Nov.
-37.8 -39.3 --38.8
+41.7 +26.5 --37.8
-47.5 -47.5 --45.2
-10.6
-44.0 -42.5 --42.7
-37.3 -39.1 --31.4
-38.2 -35.1 --35.4
--45.5 -44.4 --39.8
-49.1 -42.9 -39.6 -39.2 -38.7 -38.1 -36.9
Horwath & Horwath also issued the following analysis
by cities:
TREND OF BUSINESS IN HOTELS IN NOVEMBER 1933, COMPARED
WITH NOVEMBER 1932.
Room
Rate
Percentage of
Same Inc. (+)
or
Month
Rooms. Restate?':. This
Month. Last Year Dec.(-)
Sales.
Percentage of Increase 1+)
or Decrease (-).
Total.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other reporting
Total
Occupancy.
+2
+6
+5
+2
+3
+4
+2
-7
+54
--I
+2
+2
--I
+2
--I
+30
--2
+30
+5
+11
' +8
+4
+4
52
53
38
56
61
50
39
53
55
48
51
38
40
55
45
36
50
51
+5
+3
+6
53
50
+2
+12
--5
+36
-6
-2
-7
+10
-10
-12
-5
-6
--5
-51
Weekly Electric Production Shows Improvement.
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 Dec.9 1933 was 1,619,157,000 kwh., the highest for any week since Oct. 7 last, and
compares with 1,553,744,000 kwh. in the week ended Dec. 2
1933 (which included Thanksgiving Day) and 1,518,922,000
kwh. in the week ended Dec. 10 1932.
Of the seven geographical areas reporting, all showed gains
for the week ended Dec. 9 1933 as compared with the corresponding period last year. The New England, Central
Dec. 16 1933
Industrial, Rocky Mountain and Pacific Coast regions
showed decreases as compared with the percentage changes
for the two weeks ended Dec. 2 1930. The Institute's
statement follows:
PER CENT CHANGES.
Major Geographic
Divisions.
Week Ended
Dec. 91933.
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
West Central
Rocky Mountain
Week Ended
2 Wks.Ended Week Ended
Dec. 2 1933. Nov. 18 1933. Nov. 11 1933,
+6.8
+3.0
+8.9
-0.4
+4.7
+6.4
+6.2
+8.8
+0.5
+3.2
+0.8
+0.5
+21.0
+30.3
+6.6
Total United States_
l.2++ I +++
I F'r"5 4? 4C°
45 °!
C0,00c0,10514
4254
+5.9
+6.6
+5.1
+9.9
-1.0
+2.6
+1.6
+30.6
+6.3
+5.6
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week of-
1933.
Week of-
1932.
Week of-
May 6 1,435,707,000 May 7 1.429,032,000 May 9
May 13 1,468,035,000 May 14 1.436,928,000 May 16
May 20 1,483090,000 May 21 1,435,731.000 May 23
May 27 1,493,923,000 May 28 1,425,151,000 May 30
June 3 1,461,488,000 June 4 1,381,452,000 June 6
June 10 1,541,713,000 June 11 1,435,471.000 June 13
June 17 1,578,101,000 June 18 1,441,532,000 June 20
June 24 1,598,136,000 June 25 1,440,541,000 June 27
July 1 1,655,843,000 July 2 1,456,961,000 July 4
July 8 1,538,500,000 July 9 1,341,730.000 July 11
July 15 1.648,339,000 July 16 1,415,704,000 July 18
July 22 1,654,424,000 July 23 1,433.990.000 July 25
July 29 1,661,504,000 July 30 1,440,386,000 Aug. 1
Aug. 5 1,650,013,000 Aug. 6 1,426,986.000 Aug. 8
Aug. 12 1,627,339,000 Aug. 13 1,415,122,000 Aug. 15
Aug. 19 1.650,205,000 Aug. 20 1,431,910,000 Aug. 22
Aug. 26 1,630,394,000 Aug. 27 1,436.440,000 Aug. 29
Sept. 2 1,637,317,000 Sept. 3 1,464,700,000 Sept. 5
Sept. 9 1,582,742,000 Sept.10 x1,423,977,000 Sept. 12
Sept. 16 1,663,212,000 Sept. 17 1,476,442,000 Sept. 19
Sept.23 1,638,757.000 Sept.24 1,490,863,000 Sept.26
Sept.30 1,652,811,000 Oct. 1 1,499,459,000 Oct. 3
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10
Oct. 14 1,1318,948,000 Oct. 15 1,507.503,000 Oct. 17
Oct. 21 1,618,795,000 Oct. 22 1,528,145,000 Oct. 24
Oct. 28 1,621,702,000 Oct. 29 1,533.028.000 Oct. 31
Nov. 4 1,583,412,000 Nov. 5 1,525,410.000 Nov. 7
Nov. 11 1,616,875,000 Nov. 12 1,520,730,000 Nov. 14
Nov. 18 1,617,249,000 Nov. 19 1,531,584,000 Nov.21
Nov.25 1,607,546,000 Nov. 26 y1,475,268,000 Nov. 28
Dec. 2 y1,553,744,000 Dec. 3 1,510,337,000 Dec. 5
Dec. 9 1,619,157,000 Dec. 10 1,518,922,000 Dec. 12
Dec. 17 1,562,384,000 Dec. 19
Dec. 16
Dec. 23
Dec. 24 1,554,473,000 Dec. 26
T)an nn
TIpn 51 1 414 719 000 Jan
2
x Corrected figure.
Month of-
1,637,296.000
1,6.54,303,000
1,644,7-3.000
1,601.833.000
1,593,662.000
1,621,451,000
1,609,931,000
1,634,935,000
1,607,238,000
1,603,713,000
1,644,638.000
1,650,545,000
1,644,089,000
1,642,858,000
1.629,011,000
1,643.229.000
1,637,533,000
1,635,623,000
1,582,267,000
1,662,660,000
1,660,204,000
1,645,587,000
1,653,369.000
1,656.051,000
1,646,531.000
1,651,792,000
1,628,147.000
1,623,151,000
1,655,051.000
1,599.900.000
1,671,4136,000
1,671,717,000
1,675,653,000
1,564,652,000
1 523 652 non
1933 Over
1932.
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.9%
15.6%
15.0%
15.2%
13.5%
11.8%
11.1%
12.7%
9.9%
10.2%
9.3%
7.4%
5.9%
5.8%
3.8%
6.3%
5.6%
1 5.9%
6.6%
__ _
y Includes Thanksgiving Day.
DATA FOR RECENT MONTHS.
1933. •
1932.
January ____ 6,480,897,000 7,011,736,000
February __ 5,835,263,000 6,494,091,000
March
6,182,281,000 6,771,684,000
April
6,024,855,000 6,294,302,000
May
6,532,686,000 6,219,554,000
June
6,809,440,000 6,130,077,000
7,058,600,000 6,112.175,000
July
7,218,678,000 6,310,667,000
August
September. 6,931,652,000 6,317,733,000
October
7,094,412,000 6,633,865,000
November.._6,507,804,000
6,638,424,000
December__
Total
1931.
1931.
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,C00
7,180,210.000
7,070,729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
1930.
1933
Under
1932.
8,021,749.000 7.6%
7,066,788,000 10.1%
7,580,335.000 8.7%
7,416,191,000 4.3%
7,494,807.000 85.0%
7,239,697,000 811.1%
7,363,730,000 1115.5%
7,391,196,000 814.4%
7,337,106,000 89.7%
7,718,787.000 ct6.9%
7,270,112.000
-7,566,601.000
--
77.442.112.000 86.063.969.009 89.967.099.000
a Increase over 1932.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
Retail Prices Advanced 1% During November According
to Fairchild Retail Price Index-Smallest Monthly
Gain Since Upturn Began In May.
There was a further increase in retail prices during the
past month, according to the Fairchild Retail Price Index.
Quotations on Dec. 1 show an increase of 1% as compared
with Nov. 1, or the smallest monthly increase since the
upturn began. The index further noted:
There has been a slowing down in the ratio of increase since August,
when prices showed the greatest monthly gain in over a decade, or an
Increase of 8.4%. The November prices were 21.2% higher as compared
with November a year ago. This marks the greatest monthly gain as
compared with the corresponding month of the previous year, in the life
of the index. Current prices are also 26.8% above the 1933 low.
Piece goods prices recorded the greatest increase during the month. For
the first time in several months, one of the major items actually showed
a decrease, infant's wear reacting 1% as compared with the previous
month. Women's apparel prices showed no change, the first halt in the
present upturn. Notwithstanding, women s apparel prices recorded the
greatest gain as compared with the corresponding month a year ago, with
piece goods following. Home furnishings and men's apparel did not show
the same proportion of increase as the composite index.
An analysis of Individual items comprising the index shows that several
commodities actually declined in price during the month. These include
furs and infants' socks. The greatest increase during the month was recorded for furniture and cotton wash goods. It is interesting to note that
these two items led in the upturn at the beginning of the advance. The
latest prices suggest very strongly that retailers are not marking up Items
to the same extent as hitherto, despite the fact that they are still selling
many items below replacement cost.
Electricity Sales in October 1933 Exceeded Same Month
Last Year by 8.5%-Revenue Declined 0.8%.
The following statistics, covering 100% of the electric
light and power industry, were released by the Edsion Electric Institute on Dec. 9:
Financial Chronicle
Volume 137
:Kilowatt-hours Generated (Net)
By fuel
By water power
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net international Imports
Total
Deductions from Supply
Energy used in electric railway departments_
Energy used in electric and other depts
Total
Total energy for distribution
Energy lost in transmission, distribution, arc.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)Domestic service
Commercial-Small light and power (retail)Large light and power (wholesale)
Municipal street lighting
Railroads
-Street and interurban
Electrified steam
Municipal and miscellaneous
Month of October- P. C.
1932.
1933.
Change.
4,600,980,000 4,080,085,000 +12.8
2,324,391,000 2,430.665.000 -4.4
6,925,371,000 6,510,750,000
+6.4
240,926,000
74.748,000
249,174,000
37,362,000 +100.1
315,674,000
286,536,000 +10.2
59,589,000
87,044,000
65,061,000 -8.4
98,360,000 -1L5
163,421,000 -10.3
145,633,000
7,094,412,000 6,633,865,000 +6.9
1,314,408.000 1,307,549,000 +0.5
5,780,004,000 5,326,316,000 +8.5
984,391,000 +1.9
1,002,786,000
L067,991,000 1,065,229,000
+0.4
3,068,000,000 2,652,944,000 +15.6
198,749,000 -3.9
191,047,000
330,778,000 +0.3
331,749,000
45,009,000 +29.7
58,363,000
49,216,000 +22.0
60,068,000
5,780,004,000 5,326,316,000
+8.5
Total sales to ultimate consumers
Total revenue from ultimate consumers..._ $150,390,400 $151,559,900
-12Months Ended Oct. 31- P. C.
1932.
Change.
1933.
Kilowatt-hours Generated (Net):
46,429,429,000 47,720,497,000
By fuel
31,974,063,000 30,213,104,000
+5.8
By water power
78,403,492,000 77,933,601,000
+0.6
Total kilowatt-hours generated
2,828,309,000 2,739,459,000 +3.2
Purchased energy (net)
Energy used in electric railway & other depts. 1,916,809,000 2,117,507,000 -9.5
79,314,992,000 78,555,553,000
+1.0
Total energy for distribution
+3.2
Energy lost in transmission, distribution, drc.14,199,733,000 13,759,928,000
+0.5
Kilowatt-hours sold to ultimate consumers_65,115,259,000 64,795,625,000
$1,777,731,600 $1,858,592,100 -4.4
Total revenue from ultimate consumers
Important Factors
38.8%
Per cent of energy generated by water power
40.8%
1.49
1.45
Average pounds of coal per kilowatt-hour
Domestic service (residential use):
Average annual consumption per cus604
601
+0.5
tomer (kwh.)
5.51c
;
5.60c. -1.6
Average revenue per kwh
-1.1
$2.77
$2.80
Aver, monthly bill per domestic customer
Basic Information as of Oct. 31.
1932.
1933.
24,069,000 24,155,100
-Steam
Generating capacity (kw.)
8,974,000 8,888,500
Water power
450,500
461,300
Internal combustion
33,504,300 33,494.100
Total generating capacity in kilowatts
Number of Customers
(505,956) (500,031)
Farms in Eastern area (included with domestic)
Farms in Western area (Included with commercial, large)_ (204,961) (206,433)
19,921,921 19,908,513
Domestic service
3,689,316 3,696,053
Commercial-Small light and power
555,871
530,532
Large light and power
66,942
65,944
All other ultimate consumers
Total ultimate consumers
24,207,713 24,227,379
As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Business Conditions During October in Richmond
Federal Reserve District-Seasonal Expansion
Reported in Trade-Cotton and Tobacco-Growing
Sections Showed Most Marked Improvement in
Basic Conditions.
According to the Nov. 30 "Monthly Review" of the Federal
Reserve Bank of Richmond, "trade expanded seasonally in
the Fifth (Richmond) Federal Reserve District in October,
and in addition there was improvement in several basic factors which was not due to seasonal influences." The "Review" further said that "in banking, rediscounts for member
banks at the Federal Reserve Bank of Richmond declined
further between the middle of October and the middle of
November, and Federal Reserve notes in actual circulation
Increased seasonally, but somewhat less than in most years
at the same time." The "Review," compiled Nov. 21, continued:
Reporting member banks in the larger cities slightly increased their loans
during the past month, and also increased their investments in securities.
Demand deposits increased more than the rise in loans, while time deposits
changed very little. Debits to individual accounts figures in four weeks
ended Nov. 8 showed a smaller than seasonal decrease in comparison with
debits in the preceding four weeks, and in nearly all cities materially exceeded debits in the corresponding four weeks last year. The number of
business failures in the Fifth District in October was lower than in any
other October in the past 13 years, and liabilities were the lowest for any
month since June 1920. Employment statistics are difficult to secure, but
all indications point,to material improvement in this field in recent weeks.
Coal production in October increased seasonally over September production.
Textile mills operated at a reduced rate in October in comparison with both
September this year and October last year, but this was chiefly due to
unusual activity in July and August, which anticipated future requirements
to some extent. Building operations provided for last month by permits
issued and contracts awarded lagged behind most industrial and trade lines,
but plans are shaping up for a large volume of construction work in the
near future, most of it designed primarily to furnish employment. Retail
trade as reflected in department store sales exceeded the volume of trade in
October last year in most of the District, although unusually warm weather
in October retarded buying to an appreciable degree. Collections in retail
stores improved distinctly during October in comparison with September,
but were still a little slower than in October last year. Wholesale trade
last month was in larger volume than in October 1932 in all five lines for
which figures are available, the increases in dry goods and hardware being
especially notable, and wholesale collections were better than collections a
year ago in every line reported upon. Perhaps the most marked improvement in basic conditions in the Fifth District is in cotton and tobacco growing sections. In spite of a greatly reduced acreage this year, cotton production in the Carolinas and border counties of Virginia exceeded production in
1932, and the price this year has been sufficiently improved to add in the
neighborhood of $15,000,000 to the income of cotton growers in the three
States. The tobacco crop of the District is between 75 and 80% larger than
4255
the crop of 1932, and prices this year are also about 20% or more above
prices last year. The growers will probably receive at least twice as much
for their 1933 tobacco as for their 1932 crop. Farmers are well supplied
with Seed and grain crops this year, and hay yields were good. Weather
was favorable for harvesting all crops, and preparations for fall planting
of grain is well advanced in most of the District.
In reviewing employment conditions, the "Review" said:
In most years there is some seasonal increase ii unemployment with the
coining of cold weather, but this year efforts being made to increase work
have more than offset this tendency, with the result that additional workers
have been able to find jobs during the past six weeks. Public works projects
largely designed to give employment are getting started, and there is some
rise in private construction work, chiefly in residential building. Conditions in labor circles are of course still far from satisfactory, but distinct
improvement has been made in recent weeks and labor is much better employed than was the case a year ago. People who have not yet secured employment are worse off than they were before prices of nearly all commodities began rising, and therefore all relief agencies will be called upon for
more assistance per family during the coming winter, but it is expected that
a smaller number of families will require help.
St. Louis Federal Reserve District Business During
October and First Half of November Considerably
Higher than Year Ago--Industrial Production
Declined Further.
In its "Monthly Review," dated Nov. 29 (compiled
Nov. 23), the Federal Reserve Bank of St. Louis reported
that "available statistics and data generally bearing on business in the Eighth (St. Louis) District during the past 30
days reflected somewhat spotty and irregular trends, but as
a whole activities were well sustained and continued at a
considerably higher rate than in the like period a year ago."
The Bank further said:
Industrial production continued to contract during October and the first
half of November, but in considerably less marked degret.. than was the case
in August and September. As in the preceding 30 days, a relatively much
better showing was made in distributive lines than in manufacturing. The
volume of retail trade increased in October over both the month before and
a year ago. Without exception, wholesaling and jobbing lines investigated
by this 'bank recorded gains over October 1932, in most instances of substantial amounts and too large to be entirely accounted for by the higher
prevailing price levels. In a number of lines the October volume exceeded
that of September, and those classifications which showed declines followed
the usual seasonal trend. Among the important lines showing increases in
both the yearly and month-to-month comparisons were boots and shoes,
clothing, dry goods, electrical supplies and furniture. Reflecting higher
prices and increased volume, profits generally were on a more satisfactory
basis than in many months.
The movement of seasonal merchandise was adversely affected by the
unusually high temperatures which prevailed throughout the District in
October and the first days of November. The warm weather also had the
effect of reducing activities in certain manufacturing lines. There was a
further recession in operations at iron and steel working plants, an exception being in the case of stoves, October production and shipments in that
industry being the largest since the fall of 1931. Consumption of electric
current by industrial establishments in the principal cities declined slightly
in October from the preceding month, but was substantially greater than a
year ago. Production of bituminous coal in fields of the Eighth District
increased moderately from September to October, but the total was measurably below that of October 1932. The trend of lumber production continued
downward, but due chiefly to heavy demands from the cooperage industry,
the output was considerably larger than at this time during the past three
years.
October weather was unusually favorable for harvesting of late crops, and
these operations were completed with a minimum of loss of quantity and
quality. In the case of most important productions, earlier estimates were
maintained. A constructive development in this area has been the sharp
advance in prices of wheat, cotton, corn, oats and other important agricultural products. This change has resulted in a noticeable stimulation in
business and substantial liquidation of indebtedness in the rural areas, particularly in the South. Another favorable effect has been to bolster sentiment in the farming community. In addition to larger returns from marketing of their crops, incomes of farmers in many sections have been augmented by receipts from the Agricultural Adjustment Administration.
Measured by sales of department stores in the principal cities of the District, retail trade in October was 5.9% greater than in September and 2.5%
larger than in October 1932 ; cumulative total for the first 10 months was
8.2% less than for the comparable period in 1932. Combined sales of all
wholesaling and jobbing firms reporting to this bank were 14% and 21.5%
larger, respectively, than a month and a year earlier; for the 10 months
this year the total was 14% in excess of that for the same time in 1932.
The dollar value of permits issued for new buildings in the five largest
cities in October was 71% larger than in September, and 24% less than in
October last year; cumulative total for the first 10 months this year was
larger by 85% than during the similar period in 1932. Construction contracts let in the Eighth District in October were 27.2% less than in September and 43.9% greater than in October 1932 ; the cumulative total to Nov. 1
this year was 13.2% below that of the same period a year ago. Debits to
individual accounts in October were larger by 13% and 10%, respectively,
than a month and a year earlier, but the cumulative total for the first 10
months this year is still 15% below that for the comparable period in 1932.
Freight traffic of railroads operating in this District continued above that
of the corresponding period last year, but the margin of increase was narrower
than at any time since last spring. Since Oct. 1 the trend has been downward to a slightly more marked extent than is usual at this season. This
was true particularly of the movement of farm products and
merchandise
in less-than-car-lots, while a relatively favorable showing was made by
forest products, coke and miscellaneous freight. The cumulative movement
of coal continued well ahead of a year ago. For the country as a whole,
loadings of revenue freight for the first 44 weeks this year, or to Nov. 4,
totaled 24,637,149 cars against 24,094,042 cars for the corresponding period
in 1932, and 32,474,205 cars in 1931. The St. Louis Terminal Railway
Association, which handles interchanges for 28 connecting lines, interchanged
74,417 loads in October against 72,333 loads in September and 72,992 loads
In October 1932. During the first nine days of November the interchange
amounted to 19,954 loads, which compares with 21,285 loads during the
Financial Chronicle
4256
corresponding period in October and 17,794 loads during the first nine days
of November 1932. Passenger traffic of the reporting roads in October
decreased 6% under the same month a year ago. The Federal Barge Line
between St. Louis and New Orleans carried an estimated tonnage of 97,300
tons in October against 119,340 tons in September and 109,442 tons in
October 1932.
As contrasted with the preceding month, reports relative to collections
reflected a moderate slowing down, but the showing was generally favorable
as compared with a year earlier. In the South the volume of liquidation with
both merchants and country banks was in considerable volume, particularly
In the typical cotton and rice areas. In the principal centers, retailers and
jobbers report Nov. 1 settlements about up to expectations. Retailers in the
large cities continue to report spottiness and irregularity in payments, with
overdue accounts still extremely difficult to collect. Producers and distributors of building materials and other descriptions of heavy commodities
report a continuance of the betterment in collections which began in the
late summer. Conditions in the bituminous coal areas showed little change
from the preceding 30 days, but were noticeably better than a year ago.
New York State Factory Employment Declined 3%
from Mid-October to Mid-November-Payrolls Also
Lower by 4.1%-Both Employment and Wage
Payments Above Year Ago.
New York State factory employment declined 3% during
the period from the middle of October to the middle of
November, according to a statement issued Dec. 11 by
Industrial Commissioner Elmer F. Andrews. Total factory
payrolls showed a loss of 4.1% during the same period, the
statement said. The State Labor Department's index
numbers, based on the three years 1925-1927 as 100, were
67.4 for employment and 51.9 for payrolls. The statement
further noted:
In comparison with a year ago, the number of persons working in the
State's factories and the total amount of wage payments were, respectively,
14.6% and 17.4% greater. Thesd statements are based upon reports from
1,651 representative factories located in various parts of the State, employing in November more than 337,000 persons and paying out nearly $7.500.000 in weekly wages.
Usually employment shows a small seasonal decline from October to
November, with the average decrease for the 19 years 1914-1932 amounting
to a fraction of 1%. This time, however, particularly large losses in the
clothing and millinery, textile, furs, leather and rubber goods, and food
and tobacco groups caused the movement to go beyond the average. The
percentage change in employment from October to November in the last
20 years is shown in the following table:
Dec. 16 1933
on strike. Mixed movements occurred in the wood manufactures group,
with employment in the group as a whole remaining about unchanged from
the previous month. Manufacturers of chemicals, oils and paints were also
using about the same number of workers as in October. In the stone, clay
and glass group gains in glass plants offset losses in the other divisions of
the group and caused a net increase to be recorded. Gains in working forces
continued in pulp and paper, and water, light and power plants. Printing
and paper goods establishments were operating with fewer employees than
In October.
New York City Employment Seasonally Lower.
In New York City factory employment showed a decline of 3% from
October, while wage payments were decreased by 3.7%. A large part of the
losses was caused by seasonal declines in the clothing and millinery group.
The largest decreases in the group occurred in women's coat, suit and dress
houses, where the number of persons working was decreased 10%. Declines
were reported also by the men's clothing and furnishings, women's headwear and underwear, miscellaneous sewing, and laundering and cleaning
divisions. Seasonal losses in employment occurred in the furs, leather and
rubber goods group, with only shoe factories recording a rise. Strikes were
still on in a few shoe plants, but some workers were returning to their jobs.
A net decrease in working forces was noted in the metals group. Strike
conditions still prevailed in some of the dry docks, and further large decreases were registered in November. Employment turned downward
In the chemicals, oils and paints and printing and paper goods groups, and
further losses were noted in textile mills. Manufacturers of stone, clay and
glass products, wood products, and food and tobaccos were employing
more persons than in the previous month. Water, light and power plants
were also using more men during November.
Up-State Cities Report Decreases.
All the major up-State industrial centres, excepting Syracuse, reported
decreases in both employment and payrolls in November. In Syracuse there
was a slight net gain made in employment, but wage payments were 2.7%
lower than in October. In Buffalo, a good part of the total losses were
registered in the iron and steel, automobiles and automobile parts, railroad
equipment and repairs, and drugs and chemicals divisions. Most of the
decrease in Rochester was due to seasonal contraction in men's clothing
shops, canneries, and in shoe factories. Albany-Schenectady-Troy factories
reported curtailment in textile mills and in concerns manufacturing electrical
appliances. In Utica, declines were noted in textile mills, and in sheet metal
and hardware and heating apparatus plants. Increased employment in
concerns making business machines and other instruments and appliances,
though, made up for part of the losses in the other industries. Reports from
factories located in the Binghamton area showed decreases in a majority
of industries.
The percentage changes in employment and payrolls in each of the
industrial centres is given below:
City.
October to November 1933.
Employment.
Increases.
October to November.
1924
No change.
1925
1922
1919
1918
1917
1916
1915
+0.6%
+2.2%
+2.7%
+3.3%
+0.8%
+2.1%
+4.3%
Decreases.
October to November.
1933
1932
1931
1930
1929
1928
1927
1926
1923
1921
1920
1914
-3.0% (prelim.)
-1.1%
-3.5%
-3.1%
-2.3%
-0.2%
-1.9%
-1.3%
-1.5%
-0.1%
-5.4%
-2.2%
Further Losses in Metals.
The decline in employment which had been noted during October in
firms making metal products continued in November, with a further
decrease of about ; of 1%. Losses continued to be reported by the brass,
,
5
Copper and aluminum; iron and steel; and automobiles and automobile
parts divisions. Decreases this month occurred also in structural and
architectural iron and railroad equipment and repair shops. Strike conditions continued to prevail in some of the New York City dry docks, causing a further decrease in employment in the boat and ship building divison.
Manufacturers of silverware and jewelry; firearms, tools and cutlery;
machinery and electrical apparatus; and business machines and other
Instruments and appliances, who had reported increases in October, showed
further gains during the following month. Makers of cooking, heating and
ventilating apparatus, who had laid off a large number of men in October,
recalled some of them in November, and some pick-up occurred in sheet
metal and hardware firms.
Seasonal Decreases in Clothing and Millinery.
The usual November curtailment in the needle trades occurred this
year, with thousands of workers being laid off. The largest losses occurred
in men's clothing shops and in women's coat, suit and dress houses, the
declines amounting to about 10% in both cases. Seasonal influences accounted also for the declines in millinery factories and in dry cleaning and
laundering plants. In the men's furnishings and miscellaneous sewing
branches, where usually some increased activity is noted in November,
decreases were noted this year. Fewer operatives were employed in the
manufacture of women's undergarments.
Decline in Textile Employment.
Employment in textile mills decreased 6% in November, although a
small increase usually occurs in this month. It should be noted, though,
that throughout the summer, when normally employment in the textile
group moves downward, extraordinarily large gains were made this year.
All divisions of the textile group showed curtailment the past month, with
continued losses in the cotton goods, knit goods and miscellaneous sewing
branches. Makers of silks and silk goods, who had taken on help in October,
showed fewer operatives in November. Labor troubles were reported by
some mills. Firms manufacturing woolens, carpets and felts, which had
reported steady increases in working forces during the previous seven
months, showed a loss of more than 6% in November.
Food and Tobacco Group Again Records Decline.
The food and tobacco group reported a net decrease of 4.8% in the number of persons employed. Most of the decline was caused by continued
seasonal contraction in canneries and to curtailment in the manufacture of
beverages. A few persons were laid off by sugar refineries and other grocery
concerns. Gains were noted in candy factories, meat packing plants
bakeries, and tobacco firms. Processors of flour, feed and cereals had
about the same number of workers as in October.
Other Groups Report Recessions.
Seasonal influences were the main factors in the declines noted in the
furs, leather and rubber goods group. All industries comprising this group
showed losses. Workers in Gloversville and Johnstown tanneries were still
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Payrolls.
-1.8
-1.1
-3.0
-5.3
+0.2
-3.8
-3.0
-2.4
-3.1
-5.4
-2.7
-4.5
-3.7
FACTORY EMPLOYMENT IN NEW YORK STATE (PRELIMINARY).
Per Cent Change
October to November 1933.
Industry.
Total State. N. Y. City.
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 apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &c
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, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, &c
Chemicals, oils, paints, &c
Drugs and industrial chemicals
Paints and colors
011 products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
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
+0.7
-1.2
-2.5
-8.5
+7.1
-0.6
+9.8
-2.2
-10.8
-4.2
+0.7
+2.1
+3.3
+0.4
-7.9
-0.6
-14.9
+5.8
-0.1
-14.0
-3.3
+11.8
+3.7
-5.3
-17.5
-16.6
-2.1
-10.9
-12.6
-5.7
No change.
-0.5
-0.7
-0.2
+0.6
+1.4
-0.5
-1.3
+1.4
-0.8
--6.0
7.8
-6.2
-2.3
-7.4
-4.4
-7.6
-10.0
-5.1
-9.8
-7.2
-6.3
-1.6
-3.1
-4.8
-0.1
-42.9
-1.0
+2.9
+0.9
+5.0
-16.7
+0.8
+1.4
-3.0
+14.3
+9.2
+5.0
+2.2
+23.5
-3.4
-10.9
+0.4
..E
1
+0.8
21:1
-3.4
-3.4
+1.6
-19.7
+3.2
+5.9
+1.1
-2.4
+9.9
+9.6
-8.4
- .
- .
16.1
3
+2.8
-12.1
-18.2
-1.6
-2.4
-1.0
-2.3
+5.0
-2.4
-2.4
-6.0
-2.0
-2.2
-4.8
+3.3
-13.1
-F3:4
-14.4
-6.3
-3.7
-3.9
-9.7
-6.7
-6.3
-1.6
-3.3
+1.3
+2.4
-3.4
-3.9
+4.9
+1.1
+7.1
-5.6
+0.1
+2.5
-3.0
Volume 137
Trade and Industry in Kansas City Federal Reserve
District Improved During October—Employment
Also Higher—Decrease Noted in Farm Purchasing
Power.
"Improvement in trade, industry and employment, and a
decline, in farm purchasing power were evidenced for the
Tenth (Kansas City) District by the October reports," states
the Federal Reserve Bank of Kansas City in its "Monthly
Review" of Dec. I. "With one of the most unsatisfactory
crop years the District has experienced drawing to a close,"
the Bank adds, "October changes in prospective crop yields
were slight." Continuing, the Bank says:
Weather conditions were favorable for the maturing and harvesting of late
crops, but moisture supplies were light and a general deficiency of soil
moisture exists, particularly in the winter wheat belt.
Trade at both wholesale and retail establishments improved by silghtly
more than the usual seasonal amount in October, and the dollar volume of
sales was greater than a vear ago. Sales of lumber at retail and of new
paid-for life insurance showed substantial increases for the month and fractional gains over October 1932. Payments by check and Federal Reserve
Bank clearings were larger than one month or one year ago. Building
operations, although comparatively light, showed souse improvement. Business failures were less numerous and the amount of liabilities involved
smaller than at any time since 1920.
Flour and bituminous coal output increased somewhat as usual over
September but was lighter than a year ago, or for the like month in recent
years. Crude oil production was reduced in conformity with Federal regulatory restrietions, but gross production exceeded the October 1932 total by
23.1%. Zinc ore shipments were larger than for the preceding month this
year or the corresponding month last year, whereas lead ore shipments declined during the month but were substantially larger than a year ago.
Grain marketing, excluding corn, was especially light, and livestock marketing, although seasonally large, was below normal. Prices of both grains
and meat animals declined during the month. The break in grain prices the
fore part of the month was sharp, but a large part of the loss was recovered
later. Beef prices declined to the lowest levels in 25 years or over, and
pork was off about 20% at the close but higher than a year ago. Lambs
about held their own and closed somewhat higher than last year. Poultry,
eggs, and butter were the lowest for the season in years. With feed prices
higher than a year ago and beef, dairy, and poultry products lower, feeding
margins have narrowed considerably. Federal advancements of funds to
farmers have so far been confined to the swine and cotton reduction programs.
As to wholesale and retail trade conditions in the Kansas
City District, the Bank notes:
Retail.
Stimulated by favorable weather conditions, October dollar sales of merchandise at 32 department stores in the Tenth District increased 8.9% over
September, and, as usual, were the largest for any month since July. The
gain for the month was the largest reported since 1925, comparing favorably
with a normal increase of 7.5%, and the exceptional decline of 1.7% recorded
In 1932. October sales exceeded the total for the like month last year by
3.6%, which is the first increase reported for that month over the same
month of the previous year since 1929. September sales fell 6.1% short of a
year ago, but the four preceding months showed varying increases, culminating in a maximum gain of 21.6% for Augusethis year over August 1932.
Cumulative sales for the 10 months of 1933 are 5.6% less than in the corresponding period last year.
Merchants increased their inventories 4.8%, or about as usual in October,
and stocks on hand at the close of the month were 4% heavier than on
Oct. 31 1932. This is the first time since 1927 that stocks on hand at the
end of October were larger than the year before.
Collections were reported as better than one month or one year earlier,
amounting to 35.9% of amounts outstanding Sept. 30 as compared with
collection percentages of 32.7 in September this year and 34.7 in October
last year.
Wholesale.
Based on the dollar volume of sales of five reporting lines combined, wholesale trade also showed an improvement over September this year and October
1992. By individual lines, wholesalers of hardware and drugs reported good
increases over both periods. Grocery sales were unchanged for the month
and slightly under a year ago. Sales of dry goods were larger, and furniture smaller than in September, with sales of the former falling below, and
of the latter showing a substantial betterment as compared to October 1932,
Lumber Movement Continues Seasonally Downward.
New business at the lumber mills during the week ended
Dec. 9 1933 dropped 7% from that of the preceding week
and was lower than any previous week since February while
production averaged slightly below that of the previous
seven weeks, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of leading hardwood and soft-wood mills. The drop was largely in accord with the seasonal trend. The reports were made by 1,340 American
mills whose production was 168,799,000 feet; shipments 148,280,000 feet and orders, 107,196,000 feet. Report of 22
British Columbia mills during the week ended Dec. 9 was
13,166,000 feet; shipments were 10,325,000 feet; orders,
14,187,000 feet. The National Lumber Manufacturers announced as follows:
All regions but Northern hemlock and Northern pine reported orders
less than production, total softwood orders being 37% below production.
Hardwood orders were 36% below output. Southern pine, Western pine
and Southern hardwoods reported orders below those of corresponding
week of last year and West Coast orders were only a fraction of 1% above.
Total softwood orders were 8% below those of last year's week: hardwood.
16% below.
Unfilled orders at the mills on Dec. 9 were the equivalent of 18 days'
average production of reporting mills, compared with 21 days' three weeks
ago and 15 days' a year ago.
4257
Financial Chronicle
Forest products carloadings during the holiday week ended Dec. 2 1933.
of 20,752 cars were 2,103 cars below the preceding week; 4,089 cars above
similar week of 1932 and 450 cars above the same week of 1931.
Lumber orders reported for the week ended Dec.9 1933. by 796 softwood
mills totaled 91,389,000 feet, or 37% below the production of the same mills.
Shipments as reported for the same week were 122.239,000 feet, or 15%
below production. Production was 144,124.000 feet.
Reports from 562 hardwood mills give new business as 15,807,000 feet.
or 36% below production. Shipments as reported for the same week were
26,041,000 feet, or 6% above production. Production was 24,675,000 feet.
Unfilled Orders and Stocks.
Reports from 1,128 mills on Dec. 9 1933, give unfilled orders of 663.926,000 feet and 1,114 mills report gross stocks of 4,162,100 feet. The
360 identical softwood mills report unfilled orders as 440.380.000 feet on
Dec. 9 1933, or the equivalent of 16 days' average production, as compared with 357,321,000 feet, or the equivalent of 13 days average production on similar date a year ago.
Identical Mill Reports.
Last week's production of 404 identical softwood mills was 128,725.000
feet, and a year ago it was 87,010.000 feet; shipments were respectively
112.490,000 feet and 84,970,000; and orders received 89,776.000 feet and
97,173,000 feet. In the case of hardwoods, 226 identical mills reported
production last week and a year ago 14,103.000 feet and 9,825,000; shipments 16,439,000 feet and 12,609,000; and orders 9,297,000 feet and 11.101,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 474 mills in Washington and Oregon and 22 in British Columbia reporting, shipments were 20% below production, and orders 35% below
production and 18% below shipments. New business taken during the
week amounted to 59,950,000 feet. (previous week 67,979.000 at 476
mills); shipments 73.549,000 feet, (previous week 32 909,000); and production 92,383,000 feet, (previous week 81,939,000). Oriers on hand at
the end of the week at 474 mills wcre 348,950,000 feet. The 172 identical
mills reported an increase in production of 56%, and in new business a
gain of a fraction of 1%, as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 125
mills reporting, shipments were 31% below production, and orders 26%
below production and 7% above shipments. New business taken daring
the week amounted to 19,377,000 feet (previous week 13,344,000 at 102
mills); shipments 18,150,000 feet (previous week 20,328,000); and production 26.129,000 feet (previous week 20,691,000). Production was 42%
and orders 31% of capacity, compared with 37% and 24% for the previous
week. Orders on hand at the end of the week at 93 mills were 55,636,000
fact. The 93 identical mills reported a decrease in production of 2% and
In new business a decrease of 14% as compared with the same week a
year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
147 mills reporting, shipments were 1% below production, and orders 40%
below production and 40% below shipments. New business taken during
the week amounted to 19,660,000 feet (previous week 28,551,000 at 133
mills); shipments 32,502 000 feet (previous week 35.053,0001: and production 32,675,000 feet (previous week 34,885,000). Orders on hand at the
end of the week at 115 mills were 93,538,000 feet. The 113 identical mills
reported an increase in production of 95%, and in new business a loss of
28%. as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneaplois. Minn., reported
production from 13 American mills as 19,000 feet, shipments 1,427.000
feet and new business 868,000 feet. Seven identical mills reported new
business 26% greater than for the same week last year.
California Redwood.
The California Redwood Association of San Francisco reported production from 19 mills as 5,575,000 feet, shipments 5,865,000 feet and new
business 5,138.000 feet. Production of 16 mills was 43% of normal production. Ten identical mills reported production 43% greater and new
business 33% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 18 mills as 509,000
feet, shipments 1,071,000 and orders 583.000 feet. Orders were 6% of
capacity compared with 3% the previous week. The nine Identical mills
reported a gain of 44% in production and again of 87% in new business,
compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn.. reported
Production from 544 mills as 23,162,000 feet, shipments 25,194,000 and
new business 15,022,000. Production was 30% and orders 20% of capacity, compared with 38% and 20% the previous week. The 217 identical mills reported production 37% greater and new business 20% less
than for Ur.: same week last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 18 mills as 1,513.000
feet, shipments 847,000 and orders 785,000 feet. Orders were 12% of
capacity, compared with 5% the previous week. The nine identical mills
reported a gain of 67% in orders, compared with the same week last year.
Lumber Output During the Five Weeks Ended Dec. 2
1933 Exceeded Corresponding Period Last Year by
42%—Shipments 17% Greater—Orders Received
Increased 56%.
We give herewith data on identical mills for the five weeks
ended Dee. 2 1933, as reported by the National Lumber
Manufacturers Association:
An average of634 mills reported as follows to the National Lumber Trade
Barometer for the five weeks ended Dec. 2 1933:
Produaion.
Shipments,
Orders Received.
(In 1,000 Board Ft.)
1933.
Softwoods
Hardwoods
Total lumber_ _
1932.
1933.
1932.
1933.
666,934
87,469
487,085
42,553
642,798
82,110
547,850
70,921
817,644
104,099
524,995
86,328
754.403
529.618
724 006
618 771
021 742
501_222
1932.
4258
Production during the five weeks ended Dec. 2 1933, was 42% greater
than during corresponding weeks of 1932, as reported by these mills. and
17% above the record of comparable mills for the same period of 1931.
1933 softwood cut was 37% above that of the same weeks of 1932 and
hardwood cut was 106% greater than in 1932.
Shipments during the five weeks ended Dec. 2 1933, were 17% greater
than those of corresponding weeks of 1932, softwoods showing gain of 17%
and hardwoods, gain of 16%•
Orders received during the five weeks ended Dec. 2 1933, were 56%
above those of corresponding weeks of 1932 and 20% above orders received
during similar weeks of 1931. Softwoods showed gain of 56% as compared with similar period of 1932; hardwoods, gain of 56%•
On Dec. 2 1933 gross stocks as reported by 325 softwood mills were
of
2,462,543,000 feet, or the equivalent of 99 days' average production
reporting mills, as compared with 2,720,282,000 feet on Nov. 3 1932. the
equivalent of 109 days' average production.
On Dec. 2 1933, unlllled orders as reported by 561 mills (cutting.hardwoods or softwoods or both) were 546,948.000 feet, or the equivalent of
3
19 days' average production, compared with 426,529.000 feet on Dec.
1933, the equivalent of 15 days' average production.
Newsprint Output in Canada During October Shows
Increase Over September and Over October of
1932-191,452 Tons Produced During Month
United States Production Also Higher-Export
Value Down.
Production of newsprint in Canada in October shows an
increase in comparison both with the output of the previous
month and with that of the same month of last year, according to the report of the News Print Service Bureau. October
production of the Canadian mills was 191,452 tons as against
179,416 tons in September and 157,506 tons in October
1932, the report said. Production of the United States
mills in October was 82,052 tons as compared to 72,907
tons in September and 76,731 tons in October of last year.
As contained in the Montreal "Gazette" of Nov. 25, the
report further noted the following:
produced
For the 10 months ended with October, the Canadian mills
increase of 2%. On
33,907 tons more than in the same period of 1932. an
States mills was reduced
the same comparison the output of the United
by 66.739 tons, a decrease of 8%.
tons against
Shipments by Canadian mills in October were 190,326
last year; in the
183,971 tons in September and 157.568 tons in October
tons in September
United States shipments were 81,580 tons against 75.008
shipments for the month
and 76,922 tons in October last year. Total
258,979 tons in
from mills in both countries were 271,906 tons against
September and 234,490 tons in October 1932.
on Nov. I were
Stocks of newsprint at United States and Canadian mills
tons on
57,406 tons, compared with 55,808 tons on Oct. 1, and 81,201
Nov. 1 1932.
The October export of newsprint paper was 3,438,939 cwt.
of the value of $6,285,008, compared with 2,978,691 cwt.
at $6,754,504 in October 1932, a larger quantity but a lower
value, according to the Dominion Bureau of Statistics.
The "Gazette" in noting this added:
2,857.408 cwt.
As usual the heaviest buyer was the United States with
cwt. and Australia took
The United Kingdom came next with 191,314
107.069 cwt.
in October totalled
The export of Canadian wood pulp and screenings
with 994,145 cwt. at
1,122.475 cwt., valued at $2.214.662, compared
export was 92,283 cords at
$1.791.329 in October 1932. The pulpwood
$640,972 as against 56.463 cords at $558,075.
Larger Consumption of Crude Rubber Reported in
November 1933 as Compared With Corresponding
Period Last Year-Imports Also Exceed Those of a
Year Previous-Inventories Rise During Month.
Consumption of crude rubber by manufacturers in the
United States for the month of November 1933 amounted
to 29,162 long tons, which compares with 31,906 long tons
for October this year, and represents a decrease of 8.6%
under October but was 25.5% over November a year ago,
according to the Rubber Manufacturers Association, which
further adds:
23,231 long tons.
Consumption for November 1932 was reported to be
376,601 long tons as
Consumption for first 11 months of 1933 amounted to
compared with 313,985 long tons for same period of 1932.
to be 42,448 long
Imports of crude rubber for November were estimated
above November
tons, a decrease of 1.3% under October but was 56.8%
1932.
were estimated
Total domestic stocks of crude rubber on hand Nov. 30
of 343,579 long
at 353,852 long tons, which compares with Oct. 31 stocks
compared with Octotons. November stocks show an increase of 3.0% as
ber of this year, but were 1.8% below stocks of Nov.301932.
report 57,140 long tons of
The participants in the statistical compilation
30, compared with
crude rubber afloat for the United States ports on Nov.
long tons afloat
58,568 long tons afloat on Oct. 31 this year, and 40.879
on Nov.30 1932.
estimated to be 6.335 long
November reclaimed rubber consumption is
long tons.
tons, production 9.063 long tons, stocks on hand Nov. 30. 19,170
Automobile Financing During October 1933.
A total of 171,919 (preliminary) automobiles were financed
in October, on which $60,222,364 was advanced, compared
with 184,432, on which $65,550,363 was advanced in September, and with 97,992 on which $33,623,573 was advanced
in October 1932, the Department of Commerce reported on
Dec. 13.
Dec. 16 1933
Financial Chronicle
Volume of wholesale financing in October was $39,753,677
(preliminary), as compared with $52,252,046 in September
and $13,131,603 in October 1932.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 447 identical organizations,are presented in the table below for July, August,
September and October 1933; for 282 identical organizations
from November 1932, to September 1933; and for 313 identical organizations for 1932. Changes in the number of reporting financing organizations between 1932 and 1933 are
due primarily, to organizations going out of that business; the
increase in the number of reporting organizations for July,
August, September and October 1933, 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.
No. of
Cars.
No. of
Cars.
Amount.
Summary for 313 Identical Orga a/gallons.
1932.
34,841,766 122,344
January
33,276,393 123.574
February
34,121,364 140,779
March
33 903,704 155.691
April
38.608,439 164,721
May
June
43,682,471 177,961
26,016.028 132.467
July
22,104.084 131.069
August
18,676,535 111.189
September
97.922
13,131,603
October
11,774.473 82,161
November
20,130,580 82.110
December
Total year
New Cars.
Total.
Wholesale
Financing
Volume
in Dollars.
330,267,440 1,521,988
Total
Amount.
41,375
40,780
46,234
57,661
63,885
74,205
45,816
46,416
39,513
31.241
24,666
26,194
23,475.671
23,623,496
26,887,515
31,835,792
33,590,555
38,329,334
24,149.326
24,644.532
21,551.246
17,644,406
13,980,978
14,090,821
535,825,105 537,986
293,803.672
44.628.529
44.829,138
51,148.285
56,415,652
58,435.573
63.169,095
44,716,907
45.068,741
38,837.225
33,623,573
27,727,369
27,025,018
Summary for 282 Identical Orga nizations.
1932.
81,114
11,726,436
November
20,100,974 81.763
December
26,879,830
26,830,514
24,382
26,047
13,417,769
13,955,843
1933.
January
February
March
.......
ApriL
May
June
July
August
September*
October
31,280.101
29,188,663
33,546,689
45,337,026
58,192,788
65,514.154
65,152,510
71,186,944
62,538,790
57,502.969
35,546
32,609
38,329
55,571
75,025
84,358
84,282
91,617
78.379
70,669
18.327,630
16,842,415
19,463,540
28,225,885
37.475.257
43,004,313
43,333,572
47,290,779
40,887,086
36,790,012
68,398,609
74,693,840
65,550,363
60,222.364
86,837
94,539
80,822
72,927
44,652,176
48,823,714
42,115,513
37,905,646
30.133,915 92,083
27,514,654 87,512
27,706,336 101,456
40,840,508 132,088
55,005,590 168,328
56,937,616 185.286
57,866,453 182,244
69,613,121 198,911
51,127.428 173,770
38.962,531 8162,140
_Summary for 447 Identical Orga alga/tons.
1933.
58,936,111 193,938
July
70,680,751 211,098
August
52,252,046 184,432
September
October
39,753,677 b171,919
Retail Financing.
Year and
Month.
Used Cars.
No. of
Cars.
Summary for 313 Identic at
1932.
January
February
March
Spril
May
June
July
AUgled
September
October
November
December
Total
Amount.
Unclassified.
No. of
Cars.
Total
Amount.
Oroanizat ions.
77,321
78,802
90.121
93,398
96,010
99.513
82,687
80.648
67,724
63,791
54.696
53.609
19,974,288
19,941,665
22.779.892
23,066.289
23,257.953
23,394.676
19,225.478
18,908,584
15,989,259
15,035,731
12,833,770
12,174,121
3,648
3,902
4,424
4.632
4.826
4,243
3,964
4,005
3,952
2,800
2,799
2,307
1.178,572
1,263,977
1,480,878
1,513.591
1,587,065
1,445,085
1,342,103
1,515,625
1,296.720
943,436
912,621
760,076
938,320
226,181,684
45,682
15,239,749
Summary for 282 Identic at Organizat Ions.
1932.
53,973
12,563,836
November
53,298
12,089,517
December
2,759
2,418
898,225
785.154
1933.
January
February
March
April
May
June
July
August
September*
October
2,303
2,107
2,502
3,250
4,043
4,187
4,032
4,133
3,780
3,473
778,894
620,829
747,746
1,004,629
1,289,471
1,328,326
1.276,749
1,360.412
1,259,075
1,047,771
Total year
54,234
52,796
60.625
73,267
89,260
96,741
93,930
103,161
91,611
87,998
12.173,577
11,725,419
13,335,403
16,106,512
19,428,060
21,181,515
20,542,189
22,535,753
20,392,629
19,665,186
Summary for 447 /denttc al Organiznt (ions.
1933.
1,288,608
4,072
July
22,457,825
103,029
1,372,902
4,178
24,497,134
112,381
August
1,267,931
3,805
22,166,916
September
99,805
1,052,633
3,483
21,264,085
October
95,509
*Revised.
a Of this number 43.6% were new cars, 54.3% used cars, and 2.1% unclassified.
to Of this number 42.4% were new cars, 55.6% used cars, and 2.0% unclassified.
Report on Grain Trading Classifies 74% of Traders
as Speculators on Specified Day When 3,174
Speculative Traders Were in Wheat Market on
Long Side-Report by J. W. T. Duvel of Grain
Futures Administration.
The part played by the small trader in grain futures on the
Chicago Board of Trade, the world's largest grain futures
market, is shown in the annual report to the Secretary of
Agriculture by Dr. J. W.T. Duvel, Chief of the Grain Futures
Administration. As to the disclosures in the report, the Department of Agriculture on Dec.4 said:
An investigation completed by the Grain Futures Administration during
the last fiscal year disclosed that of 3,174 speculative traders who on one
day were in the wheat market on the long side, 24% held only 1,000 bushels
each, and 73% held not more than 5,000 bushels each, as compared with four
traders who were long 4,610,000 bushels and six who were on the short side
of the market to the extent of 10,710,000 bushels. These six large traders
/
2
were short practically 31 times the combined holdings of the 1,784 small
traders on the long side of the wheat market. On the day in question it
that 9,525 individual customers were in the Chicago wheat and
.was found
corn futures markets. Every State in the Union-except Nevada-and several foreign countries were represented among these customers. Of the total
traders, 74% were classified as speculators.
The report makes reference to the suspension by former Secretary of
Agriculture Hyde, on Oct. 22 1932, of the requirement that the market
position of the large operators in grain futures be reported daily to the
Grain Futures Administration. This requirement was suspended to test
the truth of the contention that the daily reports were "keeping buyers out
of the market." The annual report points out, however, that following the
suspension of the reporting requirement applying to the large operators,
wheat prices went down instead of up, declining to levels previously unknown
in American grain futures markets. The report further states that the records of the Grain Futures Administration disclose that instead of having
remained out of the grain market by reason of the reporting requirement
the large speculative traders were operating principally on the short side
of the market during the greater part of the whole period from April 1930
to October 1932. During this period the large speculators, combined, were
on the short side of the market 83.6% of the time. The reporting requirement was reinstated by Secretary Wallace last July.
The report states that the aggregate volume of trading in grain futures on
the nation's grain futures markets during the fiscal year ending June 30
1933 totaled 14 billion bushels, an increase of 5% as compared with the
preceding year but a decrease of 30% from the previous 10-year average.
Indicating that the particular day to which the report had
reference in detailing speculative operations was June 30, a
Washington account, Dec. 4, to the New York "Times" stated
that the report dealt in detail with the statistical position of
the market just prior to the break in prices on July 19 and 20
and is expected to play an important part in the formation of
the Government's attitude with respect to Federal regulation
of grain exchanges. The account in the "Times" continued:
Tracing the et:oils of Exchange officials to stem the tide of decline in
July grain prices, the Administration noted the suspension by all Exchanges
of the privilege of trading in indemnities. In this connection it pointed to
a recent statement by a Committee of Exchange representatives that "the
elimination by the Exchanges of trading in indemnities has removed one of
the prime causes of excessive price movements."
Recites New High Record.
"On July 20 1933," said the report, "a new record volume for the 12-year
period during which the Administration has compiled records was established when the day's sales of grain futures on the Chicago Board of Trade
aggregated 269,529,000 bushels."
The report dealt in a highly critical vein with the suspension by Secretary
Hyde in October 1932 of the requirement that all Exchanges report daily
to the Administration on individual open commitments of large operators.
The requirement had been suspended once before by former Secretary Jardine, in 1927.
"Notwithstanding the conclusive results of the 1927 demonstration," said
the report, "certain grain Exchanges and trade interests continued to broadcast their contention that the filing of these daily reports concerning
the
market position of the largest traders was 'keeping buyers out of the market,'
though, apparently, for some reason, the reporting requirements did not
deter
those who wished to sell from entering the market.
"The upihot was that Secretary Hyde on Oct. 22 1932, in
order to test
the truth of the contention that the discontinuance of the daily
reports would
result in improved markets for producers, directed the suspension of
the
reporting requirement."
A Further Seasonal Decline Noted in Production and
Shipments of Pneumatic Casings and Tubes During
October 1933
-Inventories Continue to Increase.
According to figures estimated to represent 80% of the
industry, as released by the Rubber Manufacturers Association, Inc., production of pneumatic casings and tubes again
exceeded shipments during the month of October 1933.
During this period there were produced 2,742,926 pneumatic
casings-balloons and high pressure-as compared with
3,199,391 in September last and 2,054,913 in October 1932.
Shipments during the month were estimated at 2,029,577
pneumatic casings, as against 1,439,309 in the same period
in 1932 and 2,802,692 in September 1933. Pneumatic
casings on hand Oct. 31 1933 amounted to 6,769,388, compared with 6,075,605 a month earlier and 5,500,784 a year
before. During October 1933 there were also produced a
total of 11,989 solid and cushion tires and 10,959 shipped.
Estimates from 80% of the industry also show that during
the month of October 1933 production of balloon and high
pressure tubes amounted to 2,804,511, as against 3,069,600
in September last and 1,749,188 in October 1932. Shipments
totaled 2,140,520 inner tubes as compared with 2,777,935
in the preceding month and 1,326,824 in the corresponding
period last year. Inventories increased from 5,606,752 at
Sept. 30 1933 to 6,264,977 at Oct. 31 1933. The latter
figure also compares with 4,970,898 tubes on hand at Oct. 31
statistics follow:
4259
Financial Chronicle
Volume 137
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
[From Figures Estimated to Represent 100% of the Industr9.1
Shipment
-s.
Inventory.
Production.
2,536,971
3,503,385
1,799,136
October 1933
September 1933
October 1932
3,428,658
3,999,239
2,568.641
8,461,735
7.594,506
6,875,980
The Association, in its bulletin dated Dec. 13 1933, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the Industml
PtieUTIlatie
Investtorg.
1933
January
February
March
April
May
June
July
August
September
October
5,789,476
5,901,557
5,831,981
5,418.979
5,408,132
5,291,952
5,475,205
5,855,659
6,075,605
6,769,388
Total
1932
January
February
March
A pill
May
June
July
August
September
October
November
December
6,329,417
7,337.796
7,902,258
7,876,656
7.502,953
13,999,260
4,962,285
5,327,179
4476,878
5.500,784
5,963,554
6,115,487
Inner Tubes.
Casings.
Inverttory.
Ship-
OutPut.
fritl114.
1,806,277
1.871,498
1.630,319
2,498,795
4,151,433
4,879.939
4,570.901
3,994,887
3.199,391
2,742,926
2,077,268
1.833,970
1,673,502
2,923,154
4,144,138
5,044,363
4,397.753
3,765,668
2,802,892
2,029,577
OutIna.
4,957,298
5,085.321
5,095.340
4.951,399
5.105,389
4.877.686
5,152.187
5,302,736
5.606.752
6,264,977
1,874,557
1,778,818
1,506.141
2,282,298
3.760,121
4,358,325
4,482,077
3,933,134
3,069,600
2,804,511
7,165.846
7,628,520
8,011,592
8,025.135
8,249,858
8,357,768
7,935,565
7,117,037
6,526.762
6.640,062
8,335,227
6,219,776
2,718,508 2,803,369
3.058,988 2,182.405
2.801,602 2,148,899
2,579,768 2,708,188
2,727,462 3,093.593
4.222416 x7,215,371
2,349,761 1,727.750
2,198,560 2.002,347
2,081,146 2.478,234
1.749,188 1,326,824
1.804,071 1.282.634
1,423,376 1,378.924
2.769,988 2,602.469 8,175,055
3,098.976 2,042,789 7,007.567
2,936,872 2,363,323 7,558,177
2,813,489 2,958,014 7,552,674
3,056,050 3,406,493 7.130,625
4,514,663 x8,051,932 x4,139.358
2,893,463 1,923,276 4,779,814
2,471,361 2,123,890 4.901,884
2,030,976 2,465,828 4.602.160
2,054,913 1.439.309 4.970.898
1,842,838 1,369,038 5.329,819
1,586,145 1,454,980 5499,551
29,513,246 30.328.538
32.067,732 32.200,820
1931
January
February
March
April
May
June
July
'
August
September
October
November
December
2,939.702
3,188.274
3.730.061
3,955,491
4,543,003
4,537,970
3,941,187
3,124,748
2,537,575
2,379,004
2.000,630
2,114,577
2,995,479
2,721,347
3.297,225
3,945,525
4,332,137
4,457,509
4,389,526
3,967,987
3,145,488
2,281,322
2,309.971
2,225,036
2.028.100
1.881.853
1421,736
2.440,555
3,570,700
4,622,473
4,168,919
3,749,898
2,777.935
2,140,520
29,649,579 28,702,689
31,346,366 30,692,085
Total
ShipMerits.
7,551,503
9,936.773
8,379,974
8.330,155
8,438,799
8,403.401
7,671,801
7,019,217
6,476,191
6.658.913
6.495.708
6,337.570
2,898405
3,132,770
3,559,644
3,693,222
4.329.731
4,286.467
3.964,174
3,548,335
2,759.431
2.461,578
1.954.915
2,077,704
3.249,734
2.720,135
3.031,279
3,708,949
4,224,594
4,317,543
4,664.964
4.240403
3.320.103
2.250.494
2.075.716
2,213,261
38,686,376 40,017.175
total
38,992,220 40,048,552
x Revised.
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Produaion.
Consumption.
Cotton
Fabrics
(80%)
Crude
Rubber
(80%)
• Passenger
Cars
Trucks
Gasoline.
(100%) (100%)
(100%)
(G0210718.)
Calendar years:
(Pounds.)
(Pounds.)
1929
208,824,653 598,994.708 14,748.552400 4,811,107 810,549
158412,462 476,755.707 16.200494.000 2,939,791 569,271
1930
1931
151,143,715 456.615428 16,941,750,000 2,036.567 435,784
1932
128,981,222 416,577,533 15,698,340,000 1,196,357 245.285
First 10 months:
1929
189,879,088 541,081,234 13,098,602,000 4,521,439 707,890
142,036,633 424,966,239 13,734,954,000 2.715,725 499,307
1930
134,852,361 405,689,315 14,372,652,000 1,888,266 390,006
1931
115,161,094 369468.801 13,208,034,000 1,049,298 210,943
1932
128,555,928 442,641,505 13,400,184,000 1,558,555 313,058
1933
111.318 22,154
7,899,233 27,368.276 1,110.564,000
Month of Jan. 1933
94,517 15,595
979,608,000
7,263.337 25,123.700
Month of Feb. 1933
106,472 18,752
6,364,276 21,508,418 1,186,122,000
Month of Mar. 1933
160.678 28.606
Month of April 1933 10,460,327 35.169,724 1,267,392,000
192.658 34,911
Month of May 1933 16,778,354 58,202.264 1,427.958.000
217.488 43,157
Month of June 1933 19,552,783 67,886,087 1,583,820,000
200,345 39,283
64,938,169 1,447,236,000
Month of July 1933 18,709,458
200.063 42,498
Month of Aug. 1933 16,820,552 57.022,618 1,571,892,000
165,258 36,632
Month of Sept. 1933 13,591,881 45,160,710 1,440,726,000
110,796 31,361
1.384,866,000
Month of Oct. 1933 11,115,727 40,283,541
x These figures include Canadian production and cars assembled abroad the
parts of which were manufactured in the United States.
WHOLESALE PRICES OF COMMODITIES.
Average Prices.
Commodity.
Oct.
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound).Latex crepe (cents per pound)
Tires (dollars per unit)
Balloon (dollars Per unit)
Cord (dollars per unit)
Truck and bus (dollars per unit)_ _
Tubes. inner (dollars per unit)...-
1933.
Index Numbers.
1926=100.
Oct. Sept. Oct.
Oct.
1932. 1933. 1933. 1932.
.073
.080
.035
.040
8.89
4.07
25.90
2.49
9.51
4.91
27.57
2.37
70.8
14.9
15.0
16.2
43.2
41.5
42.8
42.3
44.9
64.4
7.3
7.2
8.1
44.6
43.2
51.7
45.0
42.1
Payments to Farmers for Participation in Wheat
Adjustment Program Totaled $3,986,285 Dec. 7
Checks Mailed to 67,327 Farmers.
Payments up to Dec. 7 to farmers in the wheat adjustment
program for reduction of acreage in the 1934 crop totaled
$3,986,285, the Agricultural Adjustment Administration announced that day. The Administration said that payments
now have been made to 67,327 farmers. Continuing, the Administration said:
The County Acceptance Unit has approved 553 counties for payment. In
some instances county wheat production control associations have sent in
contracts before meeting some of the organization requirements of the wheat
section, such as those relating to budgets, execution of bond of treasurer,
and the like.
4260
Financial Chronicle
It has been necessary to delay payment of checks until these requirements
have been fulfilled, the wheat officials say. Except for those about which
there is question, counties are being approved for payment as rapidly as
they are received in Washington.
According to a previous announcement by the AAA, payments to farmers by States up to Dec. 1 were as follows:
Colorado, $3,219; Illinois, $52,152; Indiana, $464,875; Missouri,
$255,058; Iowa, $101,939; Kansas, $1,297,758; Kentucky, $3,716; Maryland, $271,061; Michigan, $23,415; Minnesota, $59,685; Nebraska,
$221,467; Nevada, $6,595; New York, $6,557; North Carolina, $8,101 ;
Ohio, $207,830; South Dakota, $24,789; Utah, $5,836; Virginia, $273,569;
West Virginia, $28,864.
Government to Resume Sale of Brazilian Coffee—Will
Offer 62,500 Bags of Santos Grade During First
10 Days of January.
Announcement has been made by George H. Thomas,
as Trustee for the Grain Stabilization Corp., that bids will
be asked for the sale of a monthly quota of 62,500 bags
of Santos coffee on a date. yet to be set during the first
10 days of January, due notice of which will be given to
the trade in the usual way, it is stated in an announcement
issued by the FCA, which likewise said:
The remainder of this original stock of 1,050,000 bags of coffee acquired
in a barter with the Government of Brazil for American wheat,now amounting to approximately 175,000 bags, will be offered for sale in allotments
of not more than 62,500 bags at any one time, in accordance with an
-orderly marketing program heretofore announced and still in actual effect.
The withholding of the November allotment by the FCA
was referred to in our issue of Dec. 2, page 3902.
No Coffee to be Consigned to United States or Other
Countries by Brazil or National Coffee Department
of Brazil—Bonus on Coffee Exported to Rumania
and Jugoslavia Increased to 25%.
Neither the Federal Government nor the National Coffee
Department of Brazil will consign coffee to the United States
or other countries, according to an announcement of the
National Coffee Department authorized by the Minister of
Finance and received to-day Dec. 12 in a cablegram to the
New York Coffee and Sugar Exchange. In announcing
this, the Exchange further said:
The cable also denied rumors regarding the creation of agencies for
distribution of Brazilian coffees in competition with the regular local
dealers. It was further stated that no person has any authority to make
sales offers or promise any advantages whatsoever to importers, roasters
or dealers abroad.
A later cable stated that the National Coffee Department of Brazil had
resolved to grant an extra 15% bonus,in kind,on coffee exported to Rumania
and Jugoslavia, making the total bonus 25%. This is in accord with
Brazil's plans to increase, if possible, consumption in countries that at
present use little, if any, Brazilian coffee.
World Stocks of Coffee on Nov. 1, 7,103,092 Bags Below
Nov. 1 1932. •
World's stocks of coffee, including Brazilian interior stocks,
amounted to 24,724,724 bags on Nov. 1, equal to approximately one year's supply, but a decrease of 7,103,092 bags
or 22.3% under Nov. 1 last year, according to the New
York Coffee and Sugar Exchange, which added:
However, the stocks show an increase of 1,126,654 bags over the Oct. 1
figure due to the receipts by Brazilian interior warehouses from plantations
as the crop movement is in full swing. Brazilian interior warehouse stocks
on Nov. 1 were 17,433,000, an increase of 967,000 bags during October.
Dec. 16 1933
The members of the Farm Bureau know, as I do, that the maladjustment
between supply and demand has been years in the making, and that it cannot
be corrected overnight. Nevertheless, in a few short months the whole complexion of the agricultural outlook has been changed.
Money is getting into the hands of the people who need it; it is coming
from higher prices for the things farmers have to sell; it is coming in the
form of Government checks for those co-operating producers who are willing
to swap a hazardous present for immediate improvement and a stable future.
This money is paying bills; it is putting men back to work in the cities
producing the things that farmers buy and enabling these men in turn to
buy things that farmers produce.
The process has already gone a long way in the South among the cotton
and tobacco growers; wheat growers are beginning to experience it now,
and the farmers of the Corn Belt will soon be in a position to experience it
from the corn-hog adjustment campaign.
But, in all candor, I think a brief moment of gratification is enough; we
seem to be on our way, but we are not yet out of the woods, and it is of the
utmost importance that we guard against letting a rise in farm income
tempt us to forget the realities of supply and demand.
For It is only with full co-operation on the part of the farmers that the
success of the program can be assured. That program is worthy of your
complete confidence and support, for it looks not alone to immediate relief
but to a sustained prosperity based on sane principles.
A Chicago dispatch of Dec. 11, to the New York "Times,"
outlined Mr. O'Neal's address as follows:
In announcing that the Roosevelt program would continue to receive the
full support of the Federation, Mr. O'Neal pointed out that "at last farmers
have the machinery and the power to obtain a fair share of the consumer's
dollar." For 40 years, he said, the farmer had been getting less and less of
the consumer's dollar, but that by using the full powers of the AAA this
trend could be turned the other way.
"Let's put on our fighting clothes, backing the President in following our
program," urged Mr. O'Neal.
He also asked the Federation to insist upon silver as a medium of international exchange in order to open markets in China and India for American
products.
Mr. O'Neal told the convention that industry and labor were getting more
completely organized under the New Deal than farmers were. Pointing to
the more than 1,000,000 members added to the rolls of labor organizations
affiliated with the American Federation of Labor, he urged that the farm
organizations effect a closer relationship and present a united front in legislative and other matters.
The Federation leader spoke on the value to the farmers of the "honest
dollar" which he said President Roosevelt intended to establish, saying there
was no reason for American credit to be shaken by revaluation of the dollar,
since "we are the richest nation in the world."
He declared the dollar had been "managed since the World War, but that
up until lately the managing was done by Wall Street."
Regarding the Farm Adjustment Act, Mr. O'Neal urged that the Secretary
of Agriculture use his licensing powers for processors who did not voluntarily agree to co-operate in price boosting. He was opposed to price fixing
without production control, he said.
Smaller World Wool Clip in Prospect.
The 1933 world wool clip will be smaller than that of last
year, and less than the average for the five preceding years,
according to the Bureau of Agricultural Economics in its
current report on world wool prospects. It was announced
on Dec. 6 that the Bureau estimates that production in 19
countries which produce more than four-fifths of the world
clip, exclusive of Russia and China, will be about 2,561,000,000 pounds, a reduction of 8% from the 1932 clip, and of
5% from the 1928-32 five-year average. It was further
stated:
Foreign wool markets have been characterized by rising prices and sustained activity during the past month, and statistics on trade and manufacsuring activity for the year to date show a decided improvement over corresponding figures for last year, it is stated.
Consumption of combing and clothing wool in the United States by manufacturers reporting in September was about 1670 below the July peak, and
further slackening in mill activity in October and November is indicated.
Consumption in the first nine months of this year, however, was 40% larger
than in the same period last year.
President Roosevelt Reports Agricultural Recovery in
Message to American Farm Bureau Federation—
Tells Convention "We Seem to Be on Our Way"—
Federation Approves Administration's Program—
AAA Called "Magna Charta."
A message from President Roosevelt asking the continued
co-operation of the farmers in the Administration's program
for a "controlled agriculture" was read on Dec. 11 at the
opening session of the American Farm Bureau Federation
convention in Chicago. The President expressed optimism
over prospects for farm recovery and declared: "We seem
to be on our way, but we are not yet out of the woods." Mr.
Roosevelt wrote of his appreciation of the "warm support"
given him by the Federation and described the initial effects
of Federal money "getting into the hands of people who
need it." He added, however, that it is of the utmost importance "that we guard 'against letting a rise in farm income
tempt us to forget the realities of supply and demand." After
the letter had been read to the delegates, Edward A. O'Neal,
President of the Federation, pledged the organization's entire
support of the Administration's agricultural, monetary and
recovery program. He described the Agricultural Adjustment Act as the "magna charta of agriculture." The following is the President's message, which was addressed to Mr.
O'Neal:
The Agricultural AdjustmentTAdministration on Dec. 10
announced a production adjustment program designed to
limit thej1934 burley tobacco crop to about 250,000,000
pounds andito raisejprices to growers. On the following
day the AAA made public a plan for reducing fire-cured
tobacco production in Kentucky,‘Tennessee and Virginia
by 25%, with a projected limitation of the11934 crop to
110,000,000 pounds. According to thisjproposal, about
81,700,000 would be paid to producers who sign agreements
and qualify. Complaints by growersithatrprices failed to
meet costs of productioniwere noted in:our'issue of Dec. 9,
page 4081,S which also recorded the actionTof Governor
Pollard of Virginia in closing all dark firedItobacco markets
in that State until further notice.
Arssociated Press Wishing177Cadvices of Dec. 10 described
—
the production adjustment program for burley, tobacco in
part as follows:
I wish that I could have come to your meeting. I should have liked this
opportunity of facing the members of the American Farm Bureau Federation
and telling them, as man to man, how much I appreciate their warm support
of the Administration program.
Growers who sign agreements to:reduce their acreage will receive about
$15,000,000 from the Government. Approximately $3,000,000 of this,
representing rental for acreage removed from production, will be paid
when the agreement is executed properly, and the remainder will be dis-.
AAMFAnnounces Plans for Cutting Production of
Fire-Cured and Burley Tobaccos—Seeks 25%
Reduction in Former Crop-1934 Burley Crop of
Only 250,000,000 Pounds Is Hoped for.
7
Volume 137
Financial Chronicle
tributed later as adjustment payments, based on the sales value of the
growers 1933 crop.
Growers participating in the program will have the option of reducing
their production either 33 1-3 or 50% of their base acreage and base tobacco
production.
The base tobacco acreage and base tobacco production for an individual
farm, according to the agreement, shall be one of the following: (a) the
average acreage and production for 1932 and 1933;(b) 80% of the average
acreage and production for 1931, 1932 and 1933; (c) 80% of the acreage
and production for 1932;(d) 75% of the acreage and production for 1933.
Administration officials pointed out that the choices allowed growers
in selecting a base will permit any grower to sign an agreement and qualify
for payments if he grew tobacco in 1931, 1932 or 1933.
Should any farmer who signs an agreement produce less tobacco in 1934
than his initial production allotment, he will receive as part of the adjustment payments two cents for each pound that the amount grown
•
falls short of the allotment.
Conversely, if he grows more than the allotment, under the terms of
the agreement he shall dispose of the excess as the Secretary of Agriculture
may direct.
Census Report on Cotton Consumed and on Hand, &c.,
in November.
This report, issued on Dec. 14 by the Census Bureau,
will be found in our Cotton Department on page 4379.
AAA Plans Federal Pool to Liquidate 2,400,000 Bales
of Government-Held Cotton-600,000 Farmers Who
Elected "Option-with-Benefit" Plan Eligible to
Participate.
Creation of a cotton pool to liquidate the 2,400,000 bales
of Government-held cotton covered by options to producers,
is contemplated in detailed plans to advance option-holders
four cents a pound on their options. The plans were announced on Dec. 12 by the office of the Finance Director of
the Agricultural Adjustment Administration. In an agreement to be forwarded to producers who will receive the
options, provisions is made for the Secretary of Agriculture
to "establish on such terms and conditions and subject to
such reservations and regulations as he, the Secretary may
in his uncontrolled discretion, see fit, a cotton pool, under
the management of a person who shall be designated by the
Secretary and who shall be called Manager, Cotton Pool."
Options to cotton farmers who participated in the 1933
adjustment campaign are printed and will be sent out tO
county agents this week, it was announced by the Administration, together with the agreement whereby the optionholders may obtain an initial advance of four cents a pound,
or $20 per bale, on the options.
A Department of Agriculture press release gave the following additional details of the plan:
Approximately 600,000 cotton farmers elected the "option-with-benefit"
plan in the 1933 cotton adjustment campaign and are entitled to options
at 6 cents per pound on 2,400,000 bales of Government-owned cotton.
The plan for advancing the producer 4 cents per pound on the option as
an "Initial payment" entails the establishment of the "Cotton Pool" to
hold the cotton upon which the 4-cent advance is obtained. Option holders
who desire to obtain the advance will be required to execute a document
entitled "Exercise of Cotton Option and Pool Agreement."
This document directs the Secretary of Agriculture to sell the optionholder the cotton covered by the option. Under it, the option-holder agrees
to the establishment of the cotton pool to which the cotton will be delivered.
The manager of the "Cotton Pool" is authorized to borrow from the Commodity Credit Corporation 4 cents per pound on the cotton covered by the
option. This money will be distributed to the option-holders.
The authorization to the manager of the cotton pool includes the right to
sell the cotton in the pool at any time the cotton can be marketed on the
basis of 15 cents per pound, middling 'N inch. After July 31 1934 the
Secretary may, in his discretion, sell and make delivery of all or any part
of the cotton, irrespective of the price.
The pool manager is also authorized, under the agreement, "to sell any
spot cotton held by the pool and replace said cotton by the purchase of
cotton futures contracts covering an equivalent amount of cotton; to sell
cotton futures contracts held by the pool and replace the same by the
purchase of an equivalent amount of spot cotton; to take delivery of actual
cotton under cotton futures contracts held by the pool; to buy or sell cotton
futures contracts by way of hedge or for the purpose of fixation of prices of
cotton bought or sold pursuant hereto by the manager."
It is stipulated in the agreement that "the manager shall, as soon as practicable, distribute to the optionee 4 cents per pound or $20 per bale upon the
cotton covered by the option" and "shall issue to the optionee a Participation Trust Certificate in said pool in a form to be approvi 41 by the Secretary."
The option holders who obtain the 4-cent advance also are required "if
eligible and if requested to do so" to execute the 1934-35 cotton acreage
adjustment contract.
Cotton Mill Activity Relatively High and Tending
Upward in Major Foreign Cotton-Consuming
Countries.
An outstanding feature of the world cotton situation is
the fact that cotton mill activity in most of the major cottonconsuming countries abroad is at the highest levels for this
time in several years, and is tending upward, according to
the New York Cotton Exchange Service. This is particularly true of Great Britain and Japan, which export
larger quantities of cotton goods, and is also true, to a
lesser degree, of Germany, the Exchange said. These
countries are the three most highly industrialized countries
abroad. Under date of Dec. 11 the Exchange further said:
4261
It Is also of interest that, despite the keen competition in export markets
between British and Japanese cotton goods and the loss of British markets to Japan. mill activity is on the increase in both Great Britain and
Japan.
In Great Britain spinners used 245,000 bales of all kinds of cotton during
November this year, as against 238,000 in October, 199,000 in November
last year, 251,000 two years ago, 194,000 three years ago and 267.000
four years ago. During the four months of this cotton season from Aug. 1
to Nov. 30 they consumed 913,000 bales of all growths, as against 714.000
in the corresponding portion of last season, 824,000 two seasons ago,
670,000 three seasons ago and 927,000 four seasons ago. British spinners
are using slightly more American cotton relative to their total consumption
of all growths than last season and four seasons ago, and much more than
two seasons ago and three seasons ago.
For Japan the latest cotton consumption figures available are for October.
during which month Japanese mills spun 247,000 bales of all growths
of cotton, as against 242,000 in September, 214.000 in October last year,
288,000 two years ago, 183,000 three years ago and 238,000 four years
ago. The Japanese consumption of 247,000 bales in October this year
has been equaled but never surpassed in any month. During the first
quarter of the current cotton season, that is, from Aug. 1 to Oct. 31.
Japanese spinners consumed 723,000 bales of all kinds of cotton, as against
640,000 in the corresponding portion of last season, 623,000 two seasons
ago, 534,000 three seasons ago and 682,000 four seasons ago. They are
using slightly less American cotton relative to their total consumption
then last season but much more than either two, three or four seasons ago.
In Germany cotton mill activity turned upward last spring and has since
registered some decline, but is still above the levels prevailing at this
time in the past four seasons. During October German mills used 109,000
bales of all kinds of cotton, as against 106.000 in September, 105.000 in
October last year, 98,000 two years ago, 97,000 three years ago and
111,000 four years ago. During the period from Aug. 1 to Oct. 31 they
consumed 323,000 bales, as against 292,000 in the corresponding portion
of last season, 282,000 two seasons ago, 285,000 three seasons ago and
323,000 four seasons ago. German spinners are using a larger proportionate amount of American cotton than in any of the past four seasons.
Italy Reported Forming Institute to Control Cotton
Trade-Imports and Distribution of Material to
Be Regulated.
From the New York "Herald Tribune" of Dec. 5 we
take the following (Associated Press) from Rome, Dec. 4:
An institute to monopolize the purchase of raw cotton from the United
States and other countries under semi-control of the State was in the
process of formation here to-day. The institute would also control distribution to Italian cotton goods manufacturers.
The cotton goods industry has almost unanimously approved the creation of such an institute.
Under the new plan. no cotton goods manufacturer would be able to
buy in the open market and no American cotton broker would be able
to sell to competitive Italian buyers. Thus Italy,in one branch ofendeavor,
would become like Soviet Russia.
Going still further, the institute would buy raw material from countries which agree to purchase Italian-manufactured cotton goods, hard hit
by Japanese competition, in an effort to increase Italian cotton goods
exports.
The average annual imports of cotton from the United States to Italy
have been in the neighborhood of 200,000 bales.
New York Cotton Exchange Fixes Limitation of Interest at 1,000,000 Bales.
The Board of Managers of the New York Cotton Exchange voted Dec. 13 to set the maximum limit of interest
by any member, firm, or corporation, and his or its affiliations, at 1,000,000 bales for delivery in December 1933
and in all months up to and including November 1934.
Poles Will Buy Cotton from United States,
Not Germany.
The following from Lwow, Poland, Nov. 29, is from
the New York "Times":
According to local newspapers 250.000 bales of American cotton will
be sold directly to a syndicate of Polish cotton mills if negotiations for a
two-year credit reach a favorable conclusion.
The Polish Government has long been trying to induce the Polish cotton
industry to exclude German exporters and traders from supplying the
Polish market with American cotton. Special preferential tariffs were
granted for cotton imported by way of Gdynia and direct trade with the
United States was encouraged.
The new arrangement will be made under the auspices of the Stateowned Bank of National Economy.
Cotton Acreage Reduction Contract for 1934-35
Completed-Statement by George Peek.
The 1934-35 cotton acreage reduction contract has been
completed, it was announced Nov. 29 by Secretary of Agriculture Wallace and George Peek, Administrator of the
Agricultural Adjustment Act. Plans are under way to offer
contracts to cotton producers in 800 cotton counties of the
South before Jan. 1. It was stated on Nov.29 that directors
of extension in cotton States would have their organizations
ready to begin the sign-up campaign early in December.
The AAA is seeking to restrict cotton planting in 1934 to
25,000,000 acres. The producers will be offered a rental,
based on the productivity of the land they agree to withhold
from production, and a parity payment of not less than one
cent per pound on their domestic allotment.
The rate of the rental payment for each acre rented to
the Secretary of Agriculture will be 3M cents per pound on
the average yield of lint cotton per acre for the farm in the
years 1928-32, inclusive. A maximum rental of $18 per
4262
Financial Chronicle
acre is provided in the contract. The rental payment will
be made in two equal instalments, the first to be paid between
March 1 and April 30 1934, and the second between Aug. 1
and Sept. 30 1934.
The AAA states that the parity payment upon the "farm
allotment" of not less than one cent per pound will be made
between Dec. 1 1934,and Jan. 1 1935. The "farm allotment"
is defined in the contract as "40% of that figure, expressed
in pounds, which results from multiplying the annual average
nuniber of acres planted in cotton on this farm during the
years 1928-32 inclusive, by the average yield (expressed in
pounds) per acre during the said years." The Department
further said:
Approximately 15 million acres will be rented by the Secretary of Agriculture under the 1934 program, at an estimated cost of around 125 million
dollars. The program will be financed, under the terms of the AAA, by
a processing tax on raw cotton processed by domestic mills.
The program will be administered under the direction of the extension
forces in the cotton States, the county agent being the representative of
the Secretary of Agriculture in his county.
County Production Control Associations will be organized and charged
with local administration of the program. Charter members of the associations will be the county committeemen who participated in the 1933
adjustment campaign and who are eligible to sign contracts for the 1934-35
program.
In announcing the terms of the completed contract, Mr.
Peek on Nov. 29 emphasized the necessity for continued
adjustment and made the following statement:
I am advised that the cotton producers of the South are anxious to continue their efforts for a balanced supply of American cotton. I have said repeatedly that the 1933 adjustment program prevented a disaster in the South
and am assured that the farmers who joined in this program realize that
fact.
In spite of the progress that has been made in adjusting cotton production and in spite of improved demand, the fact remains that we have
too much cotton. Even with normal demand, producers could not hope
to obtain a fair price for cotton with the large surplus.
If the 1934 program succeeds, the beginning of the crop year next July
should see a greatly improved situation, with the world supply of American
cotton not more than 20,000,000 bales. But it is necessary that every
cotton producer join in this program and co-operate fully.
A contract has been designed that will give the co-operating producer a
fair rental for his land. I urge every producer to study carefully the provisions of.the contract and when it is presented to him, to sign it promptly.
The South has taken a long step towards recovery in the 1933 cotton
program but the task is not yet completed. I have confidence that the
producers of cotton will continue their co-operation and not sacrifice the
substantial gains that have been made. It should be remembered that
there still exists a large surplus of cotton. This program is designed to
reduce that surplus and as a result bring more satisfactory prices to the
producers.
Under the completed contract, three parties are eligible
to sign the document. They are the land-owner, the tenant
who rents for cash, and the "managing share tenant," as
defined in the contract. These three classifications cover
those who are considered "producers."
The first article in the contract, designated "Performance
by Producer," was s`ummarized as follows by the AAA:
-Producer agrees to reduce acreage to be planted to cotton in 1934
1.
on "this farm" by not less than 35% and not more than 45% below the
base acreage, which is the average annual acreage planted to cotton during
the years 1928-32 inclusive, and rent to the Secretary of Agriculture the
acreage withheld from production. The producer agrees to reduce acreage
to be planted to cotton in 1935 to an amount not more than 25% lees than
the base acreage, provided the Secretary shall by proclamation not later
than Dec. 1 1934, announce his purpose of continuing the adjustment
program for 1935.
-Producer agrees not to grow cotton in 1934 and 1935 on land owned,
2.
operated or controlled by him, unless such land is covered by a 1934 and
1935 Cotton Acreage Reduction Contract, except as provided in reguations or administrative rulings.
-Producer agrees not to include on rented acres waste, gullied or
3.
erode land. The rented acres shall be tillable land suited to the growing
of cotton and shall represent in productivity a fair average of the cotton
land on the farm.
4.
-Not to increase in 1934 the total crop acreage on the farm on the
part of such acreage planted to basic commodities above that planted in
1932 or 1933. This provision also includes livestock or the product thereof
designated as a basic commodity in the AAA.
5.
-Use the rented acres only for soil improving crops; erosion-preventing
crops; food crops for consumption by the producer on the farm; feed crops
for the production of livestock or livestock products for consumption or
use by the producer on the farm; fallowing; or such other uses as may be
Permitted by the Secretary or his authorized agent.
6.
-Permit access by any authorized agent of the Secretary to this farm
or to any records, regardless where located, pertaining to the production
and (or) sale of cotton on or from this farm and expressly waive the right
to have such records kept confidential.
7.
-The producer shall endeavor in good faith to bring about a reduction
of acreage contemplated in this contract in such a manner as to cause the
least possible amount of labor, economic and social disturbance, and to
this end, insofar as possible, he shall effect the acreage reduction as nearly
ratably as practicable among the tenants on this farm; shall, insofar as
possible, maintain on this farm the normal number of tenants and other
employees; shall permit all tenants to continue in the occupancy of their
houses on this farm, rent free, for the years 1934 and 1935, respectively
(unless any such tenant shall so conduct himself as to become a nuisance
or menace to the welfare of the producer during such years, shall afford
such tenants or employees, without cost, access for fuel to such woods
lands belonging to this farm as he may designate; shall permit such tenants
the use of an adequate portion of the rented acres to grow food and feed
crops for home consumption and for pasturage for domestically used livestock; and for such use of the rented acres shall permit the reasonable use
of work animals and equipment in exchange for labor.
Dec. 16 1933
Section 8 of the contract restricts the assignability of the benefit payments to the pledge of rental payments for the purpose of obtaining funds
to carry on the current operations of the farm. Section 9 requires the producer to abide by regulations and administrative rulings that may be
prescribed by the Secretary of Agriculture.
Under the title "Performance by Secretary," Section 10 sets forth the
amount and manner of payments. It is provided in this section that if
cotton is produced on the farm by share tenants or share croppers, "the
producer agrees that he will pay to each such share tenant and (or) share
cropper upon such tenant or croppers' share of cotton produced by him
on this farm in 1934,a sum computed at the rate of such parity payment as
is made to the producer." This provision requires that the parity payment
be distributed as the interest in the crop may appear.
The contract contains two tables to be used as the basis for determining
reduction in production, and rental and parity payments. The first table
tpts forth the number of bales of cotton produced on the farm in 1933;
the total acres of all land on the farm; the total acres of crop land; cotton
planted; cotton harvested and the other crops planted in 1932 and 1933.
Table II sets forth cotton acreage and production from the land on the
Individual farm, including shares of landlord and tenant, for the five-year
period 1928-32.
This table is preceded by a provision which gives the county committee
authority to revise the producers' acreage and production figures. This
provision reads: "The county committee shall, if necessary, correct producers' acreage and production figures. The county committee shall also
adjust such corrected figures for the above-named county or parish to conform to the figures prescribed by the Secretary for such county or parish.
Unless this is done, the Secretary will not accept the offer of the producer."
Table IV of the contract is "Participation of Owner and Managing-Share
Tenant." The managing-share tenant is defined under this section as a
share-tenant "who furnishes the work-stock, equipment, and labor used
in the production of cotton and who manages the operation of this farm."
This section provides for an equal distribution of rental payments to
the landlord and the managing-share tenant. The parity payments, it is
provided "shall be divided according to their respective interests in the
crop." The division of these parity payments must be stipulated in the
contract.
The remaining sections of the contract make provision for community
committee certification of the contract, county committee certification of
the contract, acceptance by the Secretary and a summary report of the
county committee.
It is provided that the contract will not be accepted by the Secretary
unless by Jan. 31 1934,"a number of acres of cotton land have been offered
to him for rental under similar contracts sufficient in his opinion to make the
Cotton Acreage Reduction Plan for 1934 and 1935 feasible."
A further provision In the contract states that a producer may rent not
less than 35% and not more than 45% of his base acreage "provided however, that the total reduction of all producers offering to enter into 1934
and 1935 Cotton Acreage Reduction Contracts within the above-named
county or parish shall not exceed 40% of the total base acreage of suck*
producers."
Census Report on Cottonseed Oil Production
During November.
On Dec. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for one month ended Nov. 30 1933
and 1932:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Crushed
Received at Mills*
Aug. Ito Nov. 30. Aug. 110 Nov. 30.
State.
1933,
1932.
1933.
1932.
On Hand at Mills
Nov. 30.
1933.
1932.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carollna
Oklahoma
South Carolina
Tennessee
Texas
All other States
47,229
164,396 168,363 107,586 '131,228
59,774
5,552
18,675
11,128
22,783
20,221
11,866
248,810 284,223 166,314 157,402
98,486 134,629
19,264
39,214
27,243
51,057
26,741
25,205
229,880 211.627 165,219 153,995
76,152 68,089
117,463 )44,129
77,718 101,351
42,323 45,116
372,864 401,844 185,983 220,808 198,618 206,083
164,132 145,198 108,306
51,747
56,331
98,230
306,758 287,615 197,126 188.297 136,914 139,121
17,360
103,188 114,074 81,709
22,115
99,011
230,622 317,893 169,059 166,144 106,835 161,114
1,037,537 1,069,085 655,367 716,853 481,473 527,500
19,781
51,514
47,461
25,012
26,544
28,095
United States
3.101.004 3.249.901 1070302 2.105 Ran 1 342540 1.443.585
•Includes seed destroyed at mills but not 220,938 tons and 300,024 tons on hand
Aug. 1, nor 14,193 tons and 22,655 tons reshipped for 1933 and 1932 respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND
ON HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Nov. 30.
Shipped Out
Aug. 110
Nov. 30.
On Hand
Nov. 30.
Crude oil. lbs.. _ _ 1933-34 *51,269,417 611,846,339 521,027,127 *159,876,807
1932-33
29,523,581 646,108,060 571,050,388 146,793,161
a723,138.473
Refined oil, lbs_ 1933-34 a676 331,574 6444,302,738
670,806,763
1932-33 628,420,148 472,831,297
315,070
Cake and meal, 1933-34
733,859
160,874
888,055
367,469
tons
696,193
1932-33
114,656
949,006
147,877
Hulls, tons
464,317
1933-34
76,686
535,508
261.651
497,509
1932-33
162,773
596,087
159,473
Linters, running 1933-34
263,989
70,786
352,676
277,403
bales
289,771
1932-33
235,521
331.653
4,871
Hull fiber, 500- 1933-34 '
18,680
985
22,566
8,129
lb. bales
4,432
1932-33
4,138
8,423
Grabbots,motes,
6,975
11,019
dro., 500-lb. 1933-34
3,216
14,778
16,949
9,220
bales
1932-33
10,919
15.250
and manufacturing
* Includes 4,274,646 and 17,455,464 pounds held by refining
establishments and 14,320,860 and 18,928,220 pounds in transit to re iners and consumers Aug. 1 1933 and Nov. 30 1933, respectively.
a Includes 5,498,953 and 5,102.968 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
12,642,917 and 8,202,928 pounds in transit to manufacturers of lard substitutes,
oleomargarine, soap, &a., Aug. 1 1933 and Nov. 30 1933, respectively.
b Produced from 482,511.233 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR THREE MONTHS ENDING
OCT. 31.
Item.
Oil-Crude, pounds
Refined
Cake and meal, tons of 2,000 pounds
Linters, running bales
1933.
1,621,057
1,166,819
27,711
30.894
1932.
6,112,403
1,980,327
41,354
45,107
Volume 137
•
Financial Chronicle
4263
Petroleum and Its Products—Independents Win Sup- measures are completed, he continued. Rather, a reduction
port in Fight Against Proposed Stabilization in stocks and a more conservative drilling program are needed
Agreement—Senators Borah and Reynolds Attack to finish the job.
Measure, Holding It Would Result in Monopolies
With Federal control of production, the oil industry is on
by Major Units—Drilling on Public Lands Units way to a normal recovery, Walter C. Teagle, president
restricted, Secretary Ickes Rules.
Independent factors in the petroleum industry fightins of the Standard Oil Co. of New Jersey, contended in an aragainst the proposed stabilization agreement now under ticle in "The Lamp," house organ of the oil company, and
with greatly improved prosConsideration by Harold L. Ickes, Oil Administrator, won the industry is closing the year
the support of Senators Borah and Reynolds, both of whom pects.
December 22 has been set by the Oklahoma Corporation
attacked the agreement as granting a monopoly to the major
Commission as the date on which the application of W. J.
units in the oil field.
Armstrong, proration umpire, for determination of the marAdministrator Ickes, confined to the Navy Hospital in ket demand for crude oil produced in the State for February
Washington with a fractured rib suffered in a fall in ire will be heard. Information on large wells in stripper areas,
Capital Monday, was still studying the agreement and had which are producing more than 25 barrels of oil per well
issued no decision up to a late hour to-night (Friday). In daily will be available to the commission then and,if the next
a statement issued last week-end, Mr. Ickes warned that Federal allocation for the State is below 457,000 barrels
while a quick decision was necessary because of the import- daily, it is more than likely that proration will be applied
ance of the agreement, full and mature consideration would to these wells.
be given to all sides of the question before any final decision
Tuesday, Dec. 26, was tentatively set as the date for a
was reached.
State-wide hearing to adopt forthcoming proration regula;
In a statement issued in Washington Wednesday, Senator tions of Secretary Ickes for the January Texas daily allotBorah (Rep.) Idaho, expressed the hope that the agreement ment, officials of the Railroad Commission disclosed at Auswould be subjected to drastic changes before Secretkir tin. The new regulations will call for a slight increase over
Ickes approved it. Basing his contention on published
the current daily allowable of 888,000 barrels, R. D.Parker,
reports of the plan, Senator Borah held that it would put in
chief of the oil and gas division of the commission, held.
the power of the major units in the industry the authority
While crude oil production last week in the nation was
to fix prices for crude oil, gasoline and all fuel oils. "Any sharply above
the Federal allowable for the month, little
individual not submitting to these prices would not be per- significance was attached to the rise in view of the known
mitted to buy supplies under the plan," he said.
habit of producers of running their wells wide-open in the
"It would turn over the entire business to the control of a first half of the month and then cutting down production
few big companies and they could wipe out every inde- sharply in the last two weeks in order to equalize the month's
pendent oil man in the United States," he continued. output. Total output, largely due to sharply-increased
"There does not seem to be any concealment of the fact that production in Texas, Oklahoma and California, was 2,317,they are to fix the prices and there would not be any 750 barrels, up 122,700 barrels from.the previous week and
attempt to conceal the fact as to what that would do to the 107,750 barrels above the Federal allowable of 2,210,000
consum ers."
barrels for December.
On the following day, Senator Reynolds (Dem.-N. C.)
There were no prices changes.
a public hearing on the
attacked the agreement and asked for
Prices of Typical Crudes per Barrel at Wells.
matter. Senator Reynolds, on the request of independent
(Ali gravities where A. P.I. degrees are not shown.)
factors in the industry opposing the agreement, objected to Bradford, Pa
$1.07
$2.45 Eldorado, Ark., 40
1.03
1.20 Rusk, Tex., 40 and over
it on the same grounds as did Senator Borah. He, too, Corning, Pa
.87
Illinois
1.08 Darst Creek
.90
1.23 Midland District, Mich
contended that the agreement would give the major com- Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
panies a monopoly on the oil industry and tend to raise Hutchinson, Tex., 40 and over__ 1.03 Santa Fe Springs, Calif.,40 and over 1.30
1.04
Spindletop, Tex., 40 and over
1.03 Huntington, Calif., 26
prices to the detriment of the consumer.
1.82
Winkler, Tex
.75 Petrolia„ Canada
.70
Revision of the agreement to elimmate several of the ob- Smackover, Ark., 24 and over
jectionable rulings was asked by Senator Reynolds in request- REFINED PRODUCTS—MARKET TONE FIRM—ROUTINE MOVEing a hearing on the agreement. Lack of any maximumMENTS FEATURE ACTIVITY—COLD SPELL AIDS FUEL OILS.
price provision also was criticized by Senator Reynolds.
Pending final settlement of the proposed stabilization
The Independent Oil Companies Alliance of America tele- agreement by Secretary Ickes, routine movements ruled in
graphed Mr. Ickes a protest against the possible approval the refined products markets during the past week. One
of the agreement as did other organized group fighting the odd factor was that, contrary to the normal seasonal trend,
agreement.
bulk prices for gasoline were well sustained.
Denying a petition of a drilling company for an order to
Fuel oil prices in the local market benefited from the
prevent the company from comformmg to a drilling contract increased consumption due to the cold weather. Kerosene
in Big Horn County, Wyoming, Administrator Ickes again prices, while holding around 53 to 5Mc. a gallon, for
refused to impose any restrictions on drilling for oil on public 4143 water white,tank car lots, at the refinery, was stronger
lands. In announcing this ruling, he held that such drilling and offerings at the lower level were not as plentiful as prewould aid in the gathering of knowledge of possible future viously. Present indications are that refiners will hold
stores of oil and gas and would in no way interfere with the around the
53/2c. level with few, if any offerings, expected
Administration's program of oil conservation through pro- to be available at the 5Xe. level.
duction control.
While consumption in the metropolitan New York area
In commenting on the section of the code of fair compe- dropped sharply during the week due to the extremely untition for the oil industry which allows wild-catting to that favorable weather conditions, gasoline prices are holding well
new pools and fields may be discovered, Mr. Ickes said: and little price shading is reported in the trade. This, of
"It is believed that the principle enunciated in the code—no course, is due to the hope of higher prices when, as and if
restriction on prospecting and drilling for discovery of a new the stabilization agreement is approved by the Oil Adfield, but restriction on operation and production after ministrator.
discovery to conform to market demand under an agreed
Holding that if the agreement is not approved, then
upon and approved plan of orderly development—is sound Federal price control will follow, refiners hold that whatever
public policy."
happens, they will not suffer, considered on a price basis.
Blame for the unbalanced position of supply and demand Higher prices, whether they move up by agreement in the
of petroleum on world markets was placed on the tremendous industry or by Federal edict, have the same results, it is
drilling activity and enormous quantity of shut-in petroleum pointed out.
stocks in the United States by J. B. August Kessler, joint
Voicing a bitter protest against the proposed stabilization
managing director of the worldwide Royal Dutch-Shell agreement, Frank Hart, President of Hartol Products Corp.,
group of oil companies.
one of the largest independent distributor of gasoline and
Despite the fact that the United States was the only major other petroleum products in the New York-New England
oil exporting country to actually reduce production during district, telegraphed a plea to Administrator Ickes that
1932, the good this accomplished was more than wiped out the agreement be abandoned.
by the drilling activity which resulted in the building up of
The telegram to the Oil Administrator, read, in part:
large potential stocks. This, he contended, depressed prices
"In the interests of millions of consumers and of the inand weakened the world quotation level.
dependents in the oil industry, I protest against the adoption
The success of the United States oil industry in cutting of these proposals as submitted to you and against the estabdown actual production does not mean that its conservation lishment of national petroleum agency under the control of
4264
Financial Chronicle
these 24 companies. . . . Adoption of these proposals will
give the major units complete monopolistic control over
sources of supply and price-fixing powers without limitation
and without safeguards to the public or to independent competitors ... I earnestly urge that in the public interest, the
proposals submitted be rejected in their entirety and that in
no event should anything be done without adequate public
hearings."
Middle West gasoline markets were in fairly good shape
with prices well sustained and demand holding up in a fair
manner.
Total gasoline stocks dipped sharply during the week
ended Dec. 9, dropping 692,000 barrels to 50,807,000 barrels,
the American Petroleum Institute reported. Secretary Ickes
has set a maximum of 51,000,000 barrels in storage at the
close of the current month.
Refinery operations of reporting units representing 92.4%
of the country's total refining capacity were at 61.1% of
capacity, against 62.7% a week ago and 66.1% two weeks
ago.
There were no price changes.
Gasoline Service Station, Tax Included.
5.159
$.156 Minneapolis
New York
5 185 Detroit
193
185 New Orleans
Atlanta
1914 Houston
Philadelphia
14
.20
203 Jacksonville
Baltimore
San Francisco:
14
Boston
185 Kansas City
Third grade
1534
19
193 Louisville
Buffalo
Above 65 octane_ 18
165 Los Angeles:
Chicago
Premium
20
15
21
Third grade
Cincinnati
.145
1754 St. Louis
Standard
21
Cleveland
1914
Premium
195
Denver
Kerosene. 41.43 Water White. Tank Cann F.O.B. Refinery.
Chicago
$ 0214-.0334 New Orleans, ex_ _$.03%
New York:
.0434-.0314
%
(Bayonne)--$.05%-.051Los Ang.,ex__ .0451-.06 Tulsa
North Texas
.03
Fuel Oil, F.O.B. Refinery or Terminal.
$1.05
Gulf Coast C
California 27 plus D
N. Y. (Bayonne):
8.75-1.00 Chicago 18-22 D..4214-50
$1.20
Bunker C
.85
80 Philadelphia C
1.95 New Orleans C
Diesel 28-30 D.. _
Gas Oil, F.O.B. Refinery or Terminal.
I Tulsa
5.0134
!Chicago:
N. Y. (Bayonne):
$.014
28 plus 0 0__$.0334-.041 32-38 G 0
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne):
05-.0514
Chicago
N. Y. (Bayonne):
Shell Eastern Pet-$.0650 New Orleans,ex .04-.04%
Standard 011 N..1.:
.04-.043(
Arkansas
Motor, U.S_$.065 New York:
05-.07
Colonlal-Beacon- .0625 California
62-63 octane__ J185
0650 Los Angeles, ex_ .0451-.07
zTexas
vStand. Oil N. Y__ .07
0625 Gulf ports
.064-.0734
Gulf
Tide Water 011 Co. .07
.05-.0551
0625 Tulsa
Republic 011
xRichfield 011(Cal.) .07
.05%
Sinclair Refining_ .0651 Pennsylvania._
Warner-Quin. Co_ 07
Richfield "Golden." a "Fire Chief." 8.07. • Long Island City.
Senator Borah Attacks Proposed Oil Equalization
-Asserts Large Companies Would Fix
Agreement
Prices to Detriment of Consumers and Independents.
Senator William E. Borah of Idaho on Dec. 12 declared
that the proposed oil equalization agreement would put the
entire petroleum industry in the hands of a few large concerns which could then "wipe out every independent oil man
in the country." The attack against the pool and marketing
agreements recently submitted to Secretary Ickes was made
after Senator Borah had conferred with officials of the Oil
Administration. He opposed the agreements on the ground
that they would permit the major companies to fix prices
in the industry to the detriment of the consumer and independent units. We quote from his remarks as given in a
Washington dispatch of Dec. 12 to the New York "Journal
of Commerce":
"I hope the oil plan submitted by the Planning and Co-ordination Committee will not be approved by the Secretary without drastic changes," he declared. "I have not yet had an opportunity to read the plan except as it
was given by the press. But I assume that is correct.
"This plan would put in the hands of major oil companies, those whom
-that term Is now obsolete, I underwe were once disposed to call `trusts'
stand-the power to fix prices for crude oil, gasoline, all fuel oils, and the
Individual who would not submit to these prices as fixed by major companies
would not be permitted to buy supplies," he charged.
"It would turn over the entire business to the control of a few big companies arxi they could wipe out every independent oil man in the United
States.
"There does not seem to be any concealment of the fact that they are to fix
the prices and there need not be any attempt to conceal the fact as to what
they would do to the consumers."
Daily Average Crude Oil Production Exceeds Allowable
Figure-Increase of 122,700 Barrels Per Day Shown
for Week Ended Dec. 9 1933
-Inventories Continue
to Decline.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended Dec.
9 1933 was 2,317,750 barrels, an increase of 107,750 barrels
over the allowable figure effective Dec. 1 1933 which was set
by Secretary of the Interior Ickes. The current figure also
compares with 2,195,050 barrels per day produced during
the week ended Dec. 2 1933, a daily average of 2,268,400
barrels during the four weeks ended Dec. 9 and an average
Dec. 16 1933
daily output of 2,123,850 barrels during the week ended
Dec. 10 1932.
Inventories of gas and motor fuel stocks during the week
declined 1,320,000 barrels, or from 122,924,000 barrels at
Dec.2 to 121,604,000 barrels at Dec.9 1933. In the preceding week inventories were reduced by 1,172,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oils at principal United States ports totaled
473,000 barrels for the week ended Dec. 9, a daily average of 67,571 barrels,
compared with a daily average of 105,286 barrels for the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 703,000
barrels for the week ended Dec. 9, a daily average of 100,429 barrels.
compared with a daily average of 84,071 barrels for the last four weeks.
Reports received for the week ended Dec. 2 1933 from refining companies
controlling 92.4% of the 3,616,900 barrel estimated daily potential refining
capacity of the United States, indicate that 2,042,000 barrels of crude oil
daily were run to the stills operated by those companies and that they had
in storage at refineries at the end of the week, 26,759,000 barrels of gasoline
and 121,604,000 barrels of gas and fuel oil. Gasoline at bulk terminals, in
transit and in pipe lines amounted to 20,648,000 barrels. Cracked gasoline
production by companies owning 96.1% of the potential charging capacity
of all cracking units, averaged 442,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Dec. 9
Dec. 2
Dec. 9
Effecttee
1933.
1933.
1933.
Dec. 1.
Oklahoma
Kansas
501,500
109,050
421,750
114,700
485,850
115,850
396,250
90.900
- 43,750
57,100
24.050
120,850
43,350
399,250
53,900
43,350
40,050
57,250
23,950
121,300
43,300
397,150
51,600
43,550
40,850
57,250
24,050
121,350
43.300
398,650
54,300
43,650
47,900
48,150
25,000
163,700
50,600
350,150
26,050
55,300
457,000
112,000
Panhandle Texas•
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
105,650
101,050
101,200
109,350
891,250
879,200
884,800
876,200
26,050
47,300
26,300
47,500
26,050
47,650
28,750
33.550
69,300
73,350
73,800
73,700
62.300
33,000
94,200
29.000
22,600
94,750
30,200
29,200
6,900
2,450
32,250
97,200
28,450
28,950
7,000
2,600
32,750
94,550
30,400
29,350
7,050
2,550
33,600
101,700
18,350
32,250
5.600
2,651)
888.000
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Michigan)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mt.States
Week
Ended
Dec. 10
1932.
36,300
38,550
38,550
38.950
40,500
41,200
450,000
New Mexico
California
42,100
504,400
42,150
467,000
42,050
469,700
28,050
476,000
Total
2.210.000 2,317.750 2.195.050 2.268.400 2.123.850
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS FOR WEEK ENDED DEC. 9 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
Total.
%
%
Daily OyerAverage. ated.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
East Coast__ 582,000 582,000 100.0 420,000 72.2 14,059,000 7,686,000
Appalachian__ 150,800 139,700 92.6
85,000 60.8 2,072,000 1,060,000
Ind., Ill., Ky.._ 436,600 425,000 97.3 281,000 66.1 6,902,000 4,471,000
Okla.,Kan.,Mo. 462,100 379,500 82.1 189,000 49.8 5,562,000 3,848.000
Inland Texas__ 274,400 165,100 60.2
78,000 47.2 1,229,000 1.725,000
Texas Gulf_ _ _ _ 537,500 627,500 98.1 449,000 85.1 4,326,000 6,549,000
Louisiana Gulf_ 162,000 162,000 100.0
96.000 59.3 1,445,000 1,924.000
No. La.
-Ark.__
82,600
542,000
76,500 92.6
238,000
46,000 60.1
Rocky Mount'n
80,700
716,000
63,600 78.8
885,000
29,000 45.6
California
848,200 821,800 96.9 369.000 44.9 14,089,000 93,083,000
Totals week:
Dec.9 1933_ 3,616,9003,342.700 92.4 2,042,000 81.1 c50,807,000 121,604,000
Dec.21933._ 3.616.900 3 342 mn 9242 AAA nnn A9 7 MI eon non 122.924.000
a Below are set out est mates of total motor fuel stocks in U. S. on Bureau of
Mines basis for week of Dec.9,compared with certain December 1932 Bureau figures:
A. P. I. estimate on 13.01 M. basis, week Dec. 9 1933
53,360,000 barrels
A. P. I. estimate on 13. of M. basis, week Dec. 2 1933
54,040,000 barrels
U.S. B. of M. motor fuel stocks, Dec. 1 1932
51,054,000 barrels
U.S. B. of M. motor fuel stocks, Dec. 311032
53,805,000 barrels
b Includes 27,415,000 barrels at refineries, 20,634,000 barrels at bulk terminals,
m transit, and pipelines, and 3,450,000 barrels of other fuel stocks.
c Includes 26,759,000 barrels at refineries, 20,648,000 barrels at bulk terminals,
In transit, and pipe lines and 3,400,000 barrels of other motor Tuel stocks.
24 Oil Companies Unite in Proposals as Substitute
for Price-Fixing - Plan Contemplates National
Agency to Insure Stability-Equalization Fund
Would Be Used to Prevent Surplus and Guarantee
Profit Margins to Distributors.
Plans for stabilizing prices in the oil industry, drawn
up as a substitute for price-fixing, were made public on
Dec.8 by Secretary of the Interior Ickes, Oil Administrator,
who did not comment on the suggestions which had been
submitted by a joint committee, including both opponents
and proponents of price control. The two chief proposals
provide for the removal of excess stocks of gasoline from
the market and for guaranteeing profit margins to distributors. They were signed by 24 major companies.
Under the plan there would be created a voluntary associa-
4265
Financial Chronicle
Volume 137
tion, known as the National Petroleum Agency, with
membership open to all units of the industry until Jan. 1.
Participation would be determined by the proportionate
share of each company in the activities of the industry.
Management and control would be exercised by a Board of
Governors, comprising one Governor nominated by each
member. The Agency would function until July 15 1935
unless dissolved at an earlier date, but not prior to July 1
1934, by a majority vote of all members of the Board of
Governors representing members having a total of more
than 50% in amount of participation in the Association.
Further details of the proposal were given as follows in a
Washington dispatch of Dec. 8 to the New York "Herald
Tribune":
The chief objectives of the Association are set forth in the proposed
agreement as follows:
"The purpose of this Association Is to purchase, hold and, in an orderly
way, dispose of surplus gasoline which threatens the stability of the oil
price structure in an effort to bring the prices of gasoline into proper relationship with the present price of crude oil and to maintain and support
such relationship. For the purposes of this agreement the proper rela-36.9 A. P. I. gravity
tionship between Mid-Continent crude of 36 degrees
and U. S. Motor gasoline of 60-64 octane rating, f. o. b.. Group 3, in tankcar lots—is that stated in Section 6 of Article III of the aforesaid code.
"The Board of Governors of the Association may determine proper
relationship in all cases not covered by the code. And the Board of
Governors, after July 1 1934, may determine whether and to what extent
purchases of gasoline will be made to establish, maintain and support
proper relationships of gasoline prices to crude oil prices higher than those
now prevailing; provided, however, that no such purchases as those last
mentioned shall be made while the Association has on hand, not disposed
of, any substantial quantity of gasoline previously purchased for the
purpose of bringing the prices of gasoline into proper relationship with
the present prices of crude oil and maintaining and supporting such relationshIp; provided, further, that at any time after July 1 1934, by a
majority vote of the entire Board of Governors or the vote of nine Governors representing members of the Association having in the aggregate
more than 50% in amount of participation in the Association, purchases
may be suspended entirely until they are again authorized by a majority
vote of the entire Board of Governors and the vote of nine Governors
representing such majority interest in amount.
"The Association shall not purchase gasoline from its members nor
shall it borrow money.
Pledged Courses of Action.
"The signatories hereto and those who shall later become members of
the Association bind themselves hereby:
"To refrain from purchasing illegally produced oil or the products thereof
from producers or refiners knowing or having good reason to believe the
oil was illegally produced;
"To join the Planning and Co-ordination Committee in supporting
the Federal agency in discharging the duty imposed upon it by the code
of fair competition for the petroleum industry of making and enforcing
crude oil allocations and controlling the supply of crude oil and gasoline
and gasoline inventories;
"To further aid the said Planning and Co-ordination Committee under
under the code in working toward a stabilization of markets by adequate
action designed to prevent improper and injurious marketing practices;
"To actively assist said Planning and Co-ordination Committee and
the National Recovery Administration in the continuing effort to preserve
the right of the petroleum industry to self-government in accordance
with the spirit of the National Industrial Recovery Act and the petroleum
code adopted pursuant to said Act;
"To assist in the effectuation of plans and rulings of said Committee,
approved by the Petroleum Administrator, for the development of new
oil pools and the allocation by the proper authorities of production from
such pools;
"To co-operate in obtaining and allocating, under the supervision of
said Committee, supplies of crude oil for refiners without adequate supplies to meet their reasonable and proper requirements; and upon request
to assist said Committee by placing at its disposal 1% of their respective
current crude production and purchases for allocation among other refiners, pursuant to Section 3 of Article IV of the code. . . .
"Nothing in this agreement contained shall be construed to prevent
any member of the Association from petitioning the Planning and Co-ordination Committee of the petroleum industry to advocate the establishment of minimum prices, or from petitioning the Petroleum Administrator or the President of the United States to establish minimum prices
after 90 days from the date hereof, or from doing so in the meantime if
the prices of crude oil should fall below their present level or be reduced
by any member of this Association.
"This agreement shall become effective when approved by the President
of the United States or a Federal agency duly authorized by him, and
the President may withdraw such approval and terminate this agreement
at any time upon finding that it is contrary to the public interest."
Proposal as to Prices.
As to prices, the proposal said:
"The parties hereto are obligated to allow and maintain such marketing
margins for distributors, jobbers and(or) wholesalers as shall be determined from time to time in each of the six regions established under the
code of fair competition for the petroleum industry by agreement of 75%
in number of the refiners who may be parties hereto and who sell any of
their gasoline and(or) other motor fuel to distributors, jobbers and(or)
wholesalers located in the particular region, and when the marketing
margin is so determined it shall bind all parties hereto.
"In no event shall the 1111/1fillllM gross marketing margin after such
determinations be less than 1% times the gross margin allowed under
this plan to undivided resale accounts on gasoline and(or) other motor
fuels of 60 octane and above, and not more than 1 Yi times the gross margin
allowed under this plan to undivided resale accounts on gasoline and(or)
other motor fuels of 59.9 octane and below.
"The marketing margin or commission for bulk station (wholesale)
commission agents who own bulk station (wholesale) and(or) service station
facilities shall be such an amount as, when expressed in cents per gallon
on average monthly sales, and added to the undivided dealer margin,
shall not exceed the gross marketing margin determined for distributors,
Jobbers or wholesalers. Commissions include all fixed or flat rentals
paid by refiner on retail and(or) bulk plant facilities owned by commission
agents.
"Retail dealers shall have gross margin on gasoline and(or) other motor
fuels of 60 octane and above, of 334 cents a gallon for the class of accounts
known as divided resale accounts, and 40 cents a gallon for the class of
accounts known as undivided resale accounts. On gasoline and(or) other
motor fuels of 59.9 octane and below, the retail dealer margin shall be
234 cents a gallon for divided resale accounts, and three cents a gallon
for undivided resale accounts."
The proposed agreement was signed by the Socony-Vacuum Corp..
Sinclair Refining Co., Cities Service Oil Co., Texas Oil Co.. Standard
Oil of New Jersey, Standard 011 of Connecticut, Standard Oil of Indiana,
Standard Oil of California, Atlantic Refining Co., Barnsdall Oil Co.,
Continental Oil Co., Phillips Petroleum Co., Gulf Refining Co.. Shell
Union Oil Co., Deep Rock Oil Corp., Simms Petroleum Co., Skelly Oil
Co., Plymouth Oil Corp.. Mid-Continent Petroleum Co. and the South
Penn Oil Co.
Monthly Statistics of International Tin Committee—
Recommendation Raising Quotas to not Less than
40% of Standard Tonnages Given Final Agreement.
The International Tin Committee has given final agreement to the recommendations that tin export quotas from
Jan. 1 shall be not less than 40% of standard tonnages, and
for the special quota of 4%,in addition to the ordinary quota,
for 1934. This was made known in a communique issued
by the New York office of the International Tin Research &
Development Council. The adoption of the recommendations by the participating countries, Netherlands East Indies,
Nigeria, Bolivia, Malaya and Siam, was noted in our issue
of Nov. 4, page 3215.
The communique showed that exports during October by
the countries totaled 6,178 long tons, 840 tons over the
monthly allowance of 5,338 tons, and compares with 4,492
tons exported in September, 5,547 tons in August and 6,055
tons in July. The communique follows:
International Tin Committee Communique.
1. The International Tin Committee met at the Bolivan Legation, Paris,
on Dec. 7 1933.
2. The monthly statistics as to export are as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
THE MONTHS OF JULY, AUGUST,SEPTEMBER AND OCTOBER 1933.
Monthly
Export
Permissible Balance at
from
July 1 1933.
July 1 1933.
N. E. I
Nigeria
Bolivia
Malaya
Siam
1,068
286
1,224
1,927
833
+127
+22
+1,366
—47
—7211
July
1933.
Aug.
1933.
Sept.
1933.
1,208
220
1,233
2,531
5113
954
407
1.277
1,879
1.830
924
192
1,195
1,412
78e
Oet.
1933.
985
421
1.273
2,531
AAR
Note.—A plus means excess over quota; a minus sign means balance in hand on
quota allowance.
3. The recommended quotas of 40% of standard tonnages plus a 4%
special quota have received final agreement.
4. The Pool tin still unsold at Nov. 30 was all included in the visible
supply and will be liquidated in proportion to the demand.
Domestic Business in Copper Improves—Zinc Unsettled
—Fair Inquiry for Lead.
"Metal and Mineral Markets" for Dec. 14 reports that
inquiry for major non-ferrous metals for early 1934 shipment to consumers improved last week, which was generally
interpreted as signifying that industrial activity .is again
moving upward. The fact that steel operations increased
from 28.3% of capacity to 31.5% in the last week was
regarded as significant. Prices for non-ferrous(metals
failed to respond to the upturn in sales volume. Both
copper and zinc prices eased off in some directions early in
the seven-day period, but held toward the close. Tin and
silver also were irregular, though largely on the strength of
the dollar. Lead quotations showed no variation, with
the market steady. Quicksilver and antimony were about
unchanged. The same publication says:
Copper Closes at Sc.
With work on the copper code proceeding slowly, and operators more
optimistic regarding the outlook for business for the first quarter of 1934.
domestic purchases of copper increased last week. Sales were not particularly large, but made a favorable showing contrasted with the dulness
of the two preceding weeks. The quantity involved came to about 4.500
tons and included copper for shipment over the first half of next year.
Prices realized showed some irregularity early in the period; nearbyimaterlal selling on the basis of Mc., delivered. Copper sold at Sc., delivered
basis, throughout the week, but mostly on forward material.
The foreign market again was active, with buying well distributed among
the important consuming centers outside of the United States. Prices
realized abroad showed little change contrasted with what was paid in
the preceding week. Foreign purchases for the week were estimated
at more than 9,000 tons.
The November copper statistics of the industry revealed that domestic
deliveries fell to slightly less than 22.000 tons, with foreign deliveries
excellent at about 69.000 tons. Domestic production for November
totaled 29.000 tons, against 33.500 tons in October. Foreign production
increased from 63.500 tons in October to about 67,000 tons in November.
Stocks of copper held by producers at the end of November, which
includes metal held for account of fabricators, totaled 639.500.tons. against
633,000 tons (world) a month previous.
Fabricators met in New York yesterday to discuss the Plan to relieve
custom smelters of about 60% of their current production!at a minimum
price. The independent group met in the morning, in the presence of
Deputy-Administrator Ring, and virtually agreed to the proposed pan.
4266
Financial Chronicle
The fabricators affiliated with mining interests discussed the plan in
the afternoon.
A study of copper stocks actually held by consuming interests has been
completed, and this is said to reveal that certain large consumers are very
well supplied with metal. Total stocks of copper in the United States in
various forms, in the light of the investigation, are now estimated at close
to 800,000 tons. Of course, a large part of this supply includes copper
that would normally be held by the industry.
Copper and brass mills revised their base prices and schedules of extras
during the week, effective Dec. 11. Prices announced show a moderate
reduction and conform with the code of the Copper and Brass Mill Products
Association.
The quality schedule of the American Brass Co. on sheet, strip and roll
copper, brass, commercial and tobin bronze, tubes, muntz, and extruded
metal on standard stock sizes follows:
10,000 pounds and over _Base less 54c. 300 to 500 pounds
Base plus 2c.
5,000 to 10,000 pounds__ _Base less Sic. 50 to 100 Pounds
Base plus Sc.
2,000 to 5,000 pounds__ _Base price.
Base plus 8c.
25 to 50 pounds
1,000 to 2,000 poundsBase plus lc. Less than 25 pounds
Base plus 25c.
Revised published quotations on nickel silver and phosphor bronze
are based on lots of 1,000 to 2,000 pounds, inclusive.
Lead Price Steady.
Demand for lead was fair last week, with the price structure of the
metal steady throughout the seven-day period at 4.15c., New York, the
contract settling basis of the American Smelting & Refining Co.,and 4.05c..
St. 140163. The scale of trading activity was particularly uniform, a
moderate tonnage being booked each day. Some of the metal sold was
for December delivery, but the bulk of the business specified January
shipment. Battery manufacturers and sheet lead and pipe interests were
the principal buyers.
Sales of lead for December shipment, according to statistics circulating
in the industry, total about 20,100 tons, which figure compares with
about 31,400 tons for the entire month of November. Sales for January
shipment total about 13,300 tons.
Zinc Unsettled.
Owing to the upward trend in zinc concentrate output in the Tri-State
district, and increased competition for business among producers of zinc,
the market for the metal developed some irregularity last week. Several
Iota of Prime Western sold down to 4.45c. per pound, St. Louis basis. Most
of the business placed during the week was booked on the 4.50c. basis.
During the calendar week ended Dec. 9 zinc sales, according to figures
circulated in the industry, amounted to 2,200 tons.
Tin Seasonably Quiet.
With the exception of a very moderate amount of trading in small lots
during the last few days, the tin market was decidedly quiet last week.
This condition was characteristic of the metal at this time of the year,
when buyers usually restrict their purchases to immediate needs in an
effort to hold inventory stocks at a minimum. Fluctuations in the price
of the metal during the week were relatively small and entirely attributable
to movements in sterling exchange. The London market was steady
throughout the seven-day period.
Chinese 99% tin, prompt shipment, was quoted as follows: Dec. 7,
51.125c.; Dec. 8, 51.625c.; Dec. 9, 51.850c.; Dec. 11, 51.500c.; Dec. 12,
50.875c.; Dec. 13, 50.875c.
Bolstered
by
Releases
Against
Steel Production
Expiring Contracts-Operations Now at 3O2%
of Capacity, According to Estimates by the "Iron
-Price of Steel Scrap Advances.
Age"
Production in the iron and steel industry has made
another contra-seasonal gain, largely because of a bulge in
shipping orders against expiring contracts, reports the
"Iron Age" of Dec. 14. Under the steel code, all contract
tonnage remaining unshipped on the final day of a calendar
quarter is automatically canceled. On products which have
been advanced in price there is every incentive to take full
shipments against commitments made at lower figures.
This is particularly true of products like pig iron and bars,
plates and shapes for which contracts at pre-code prices
are still in force.
In the case of materials which have not been advanced
in price for the first quarter the approaching inventory
period is having the customary effect of holding back orders.
Deferred replenishment of stocks in these products will tend
to offset anticipatory accumulations dictated by price considerations. The "Age" adds:
As against a steel production schedule at the beginning of the week of
31.5%, current operations are estimated by the "Iron Age" as 30%%,
compared with 27%% a week ago. Gains of two points at Pittsburgh to
24%. two points at Chicago to 26%, three points in eastern Pennsylvania
to 22%, eight points to 47% at Cleveland, five points to 27% at Buffalo
-point decline
and 25 points to 50% in the South, are partly offset by a 10
to 40% in the Wheeling district.
Rail orders have not yet affected production except in the South, where
the Ensley mill has resumed operations and six additional open-hearth
furnaces have been lighted. Northern mills which participated in the
Pennsylvania RR.'s distribution of 100,000 tons of rails do not expect to
start rolling the steel until late in the winter.
It is precisely because so much maturing business will not reach the
mills until next year that the outlook for the first quarter is regarded as
so promising. Delays affecting rail and railroad equipment business are
matched by further impediments in the automobile program. Late delivery
of dies and slowness in mastering new production processes, particularly
front-end construction, have held back motor car output v.o such an extent
that major purchases of steel which had been expected the latter part of
this month may not reach the mills until the last half of January. But
there is nothing to prevent a sharp upturn of automobile production once
preliminary operating difficulti.s are solved, unless labor unrest, stirred
up by consistent agitation, should result in further organized disturbances.
In fact, lingering labor difficulties in Michigan, in the captive coal mines
and in the West Virginia steel mills constitute the only ominous element
in a situation which promises to make the first quarter a period in which
the steel industry will feel the full combined force of automobile, public
works and railroad demands.
Of the 12.775 freight cars, 167 passenger cars and 30 locomotives for
which the Van Sweringen roads and the Northern Pacific have sought
Dec. 16 1933
Government financing, none has yet been inquired for, according to the
railroad equipment trade, except motive power for the 11111 line. The New
Haven plans to overhaul and recondition 900 cars, to air-condition 102 and
to repair and paint 210 all-steel multiple unit coaches.
Perplexing to railroads, which have been accustomed to divide their rail
orders among a number of mills, is the insistence of the transportation coordinator that tonnage be bought at the lowest delivered cost. Since rails
are quoted on an f.o.b, mill basis instead of a delivered basis, all mills except those closest to a given road might be technically regarded, under the
code, of reducing their prices if they absorbed the freight advantage enjoyed
by the nearest producer. Compliance with the co-ordinator's instructions
will mean allocation of all rail business on a strictly geographical basis
unless the steel code is amended.
Public works are predominant in current structural steel awards, which
total 28,300 tons, compared with 22,300 tons a week ago.
A rise in American steel export business is being felt abroad, particularly
by Welsh tin plate mills. Nevertheless, British production gained in
November, pig iron output being 374,900 tons, compared with 373,300
tons in October and the steel ingot total being 695,000 tons as against
668,300 tons.
Prices of bolts, nuts and rivets have been reaffirmed for the first quarter
except for a 10% advance on stove bolts. Higher prices on heavy melting
steel at Pittsburgh and Chicago have raised the "Iron Age" scrap composite
from $10 to $10.25 a ton. The pig iron and finished steel composites are
unchanged at $16.90 a ton and 2.028c. a lb., respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Dec. 12 1933. 2.0280. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.0280. wire, rails, black pipe and sheets.
One month ago
2.015e. These products make 85% of the
One year ago
I.9480.t United States output.
Low.
High.
1.8670. Apr. 18
1933
2 0360. Oct. 3
1.9260. Feb. 2
1932
1 977e. Oct. 4
1.9450. Dec. 29
1931
2 037c. Jan. 13
2.0180. Dec. 9
1930
22730. Jan. 7
2.2730. Oct. 29
1929
2 317c. Apr. 2
2.2170. July 17
1928
2.286c. Dec. 11
2.2120. Nov. 1
2.402e, Jan. 4
1927
Ptp Iron.
Dec. 12 1933, $16.GO a Gross Ton. Based on average of basic iron at Valley
One week ago
$16.90 furnace foundry irons at Chicago.
One month ago
16.61 Philadelphia. Buffalo. Valley, and SirOne year ago
13.56 mIngham.
Low.
High.
$13.56 Jan. 3
$16.90 Dec. 5
1933
13.56 Dee. 6
1932
14.81 Jan. 5
14.79 Dec 15
1931
15.90 Jan, 6
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dee. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Dec. 12 1933, $10.25 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$10.00 quotations at Pittsburgh,Philadelphia.
One month ago
10.00 and Chicago.
6.92
One year ago
Low.
High.
$9.75 Jan. 3
1933
$12.25 Aug. 8
6.42 July 5
1932
8.50 Jan, 12
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 6
1930
15.00 Feb. 18
14.08 Dec. 3
1929
Jan. 29
17.58
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11
After rising fractionally last week to just above 29%,
practically double the rate of a year ago, steel works operations were scheduled to ease off moderately this week,
stated the magazine "Steel" of Cleveland on Dec. 11,
which further added:
Regardless of inherent strength, suspension of production over the
holidays invariably is pronounced. This year, however, the approach
is greatly tempered, and barr ng unforeseen abrupt curtailment between
now and Christmas, December output of steel will approximate that
of November.
Excepting in tin plate, consumers of which have stocked heavily prior
to the sharp advance in the market, there is no sign of a precipitate yearend reaction. Sentiment generally continues strong, and the outlook
for the first quarter is the best since the industry plumbed depression
depths.
Scrap, which usually is barometric, is encouragingly stronger. "Key"
grades in the more important centers are up 50 cents to $1 per ton. The
recent Pennsylvania railroad list elicited an increase of $2 per ton on
melting steel over a month ago. Dealers are covering their positions, and
some are assembling tonnages for steelworks for spring. A sale of 5,000
tons of steel has put the market in Philadelphia up $1. "Steel's" index
of steelworks scrap is up 58 cents to $9.91, first rise since August.
Although structural steel awards last week, at 10,768 tons, were almost
4,000 tons below the weekly average for the year, inquiry is broad and
the funds being pushed out by work-creating agencies at Washington
are approaching the point where they will mature into steel tonnage. Bids
are now in on 12,000 tons for New York Central RR. grade crossing elimination in Syracuse, N. Y. Federal engineers are asking bids, Jan. 3 to Feb. 6.
on 6,000 tons for Mississippi River locks. Reinforcing concrete market
also is being energized by Federal projects.
Steel orders are expected to follow the PWA loan of $3,500,000 to the
New Haven and $2,000,000 to the Lehigh Valley for reconditioning equipment, first of a series of advances for this purpose. The Pennsylvania
opens bids Dec. 20 on additional requirements, including wheels, axles,
pipe, &c. It will be March before an appreciable portion of the Pennsylvania's distribution of 100,350 tons of rails is rolled; the Bethlehem
company booked 44,350 tons; Carnegie, 42,000 tons; Illinois, 8,000 tons,
and Inland, 6,000 tons.
Erie will place 30,000 tons of rails and 12.000 to 15,000 tons of track
fastenings in January, 6,000 tons more than its releases for 1933. A
Federal loan will sanction the Pittsburgh & West Virginia award of 1,000
tons of rails to the Carnegie company. Pennsylvania track fastenings
have been distributed over many makers.
Kansas City Southern has awarded 100 box cars to its own shops.
General American Transportation Corp. has booked 10 tank cars for
Mathieson Alkali Works and four for the Union Carbide & Carbon Corp.
More than 800 mine cars are now on inquiry. Northern Pacific is expected
daily to close on 12 locomotives. November freight car awards totaled
533, against 2 last November. For 11 months the comparison is 2,144
for this year and 1,689 for last.
Broadening inquiry for oil storage tanks makes the outlook for plate
mills in this direction the beat since 1930. New York shipbuilding Co.
is figuring on one or two tankers for the Standard Vacuum Transportation
Co., each requiring 5,700 tons of plates, shapes and bars, chiefly plates.
Public works demand for construction equipment has also quickened
the plate market. The Navy is about to distribute 6,365 tons of plates.
7,255 tons of bars and 2,995 tons of shapes.
Automotive releases for steel, principally sheets and strip, are somewhat
broader, but short of the volume expected later this month for January
delivery. Appreciably higher specifications for cold-finished bars, wire
rods and wire products reflect approaching higher prices. In the East.
the desire to conserve cash for the Dec. 31 showing is restraining specifying.
Bolt and nut prices have been extended.
Steelworks operations last week were: Wheeling, 41%, off 10 Points;
Cleveland 54, up 6; Buffalo 24, off 6; Birmingham 52, up 32; Pittsburgh
24, up 2; Chicago 2534, off 234; eastern Pennsylvania 18%, up 134; Youngstown 35, unchanged; New England 81, up 6: Detroit 36. unchanged.
"Steel's" iron and steel composite was unchanged last week at $32.42
and its finished steel composite at $51.10. As previously noted, the
scrap composite rose 58 cents to $9.91.
Steel ingot production for the week ended Dec. 11 is
placed at about 30% of capacity, according to the "Wall
Street Journal" of Dec. 12. This compares with a shade
under 28% in the previous week and 27% two weeks ago.
The "Journal" adds:
,
The United States Steel Corp. is estimated at around 2734%, against
under 26% in the week before and 24% two weeks ago. Independents are credited with a rate of about 3154%. compared with 29%%
in the preceding week and 29% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, together with the approximate change
from the week preceding:
a little
Industry.
1534- 54
26 -1
44 A-1
65 -3
82 -134
6554+254
1554-2
24
33
62
82
62
--2
-1
-3
-3
+2
Shipments of Finished Steel Products in November.
The United States Steel Corp., in its second monthly
report of shipments of its subsidiaries, places the amount
shipped in November at 430,358 tons, a decrease of 142,539
tons as compared with the previous month when 572,897
tons were shipped. In November 1932 the tonnage was
only 227,576 tons. We show below the figures by months
for the year 1933 and also for the three preceding years:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS
FOR YEARS INDICATED.
Year 1930. Year 1931. Year 1932. Year 1933.
Month1,104.168
800,031
426,271
285.138
January
1,141,912
762,522
413,001
275,929
February
1,240,171
907,251
388,579
256.793
March
1,188,456
878,558
395.091
335.321
April
1,203,916
764,178
338,202
455,302
May
984,739
653,104
324.746
603,937
June
946,745
593,900
272,448
701.322
July
947.402
573,372
291.688
668,155
August
September
867,282
486.928
316,019
575,161
784,648
476,032
310,007
572,897
October
November
676.016
435.697
275,594
430,358
579,098
351,211
227,576
December
Total for year
Anthracite production in Pennsylvania during the week
ended Dec.2 1933 is estimated at 903,000 net tons, a decrease
of 495,000 tons, or 35.4%. The loss was due only in part
to the holiday on Thursday, however. Shipments on the two
succeeding days were low, and the average daily rate for
the entire week was 22.5% below that for the week of
Nov. 25. The Bureau further reports as follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended.
Dec. 2
1933.c
Nov. 25
1933.d
Dec. 3
1932.
1932.e
1933.
1929.e
Bltum. Coals:
Weekly total_ _ 6,187,000 7,320,000 6,750,000 300,279,000 275,546.000 489,668,000
975,000 1,727.000
Daily average, 1,237,000 1,220,000 1,125,000 1,060,000
Pa. Anth. b:
903,000 1,398,000 1,246,000 45,167,000 44,439,00( 66,669.000
Weekly total_
238,500
159,000
161,600
Daily average_ 180,600 233,000 207,700
Beehive Coke
685,000 6,118,000
747,200
22,300
23,800
22,900
Weekly total_ 21,317
2,387
2,603
3,717
3,967
3,817
Daily average_
a Includes lignite, coal made into ccke, local sales, and colliery fuel. b Includes
Sullivan county, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised. e Slight adjustment made in production for first week in
January to make accumulation comparable with 1933.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)a.
Week Ended.
State.
Nov. 25
1933.
Noy. 18
1933.
Nov. 26
1932.
Nov. 28
1931.
November
1923
A verage.d
U. S. Steel. Independents.
15%-114
25 -1.14
37
63 -3
82 -234
63X+254
1932
1931
1930
1929
1928
1927
Less yearly adjustment
4267
Financial Chronicle
Volume 137
(40,259)
(6.040)
(5.160)
11,624,294
7.676,744
3.974,062
Bituminous Coal and Anthracite Output Declined
During Week Ended Dec. 2 1933, Due to Observance
of Thanksgiving Day Holiday.
The United States Bureau of Mines, Department of Commerce,reports that because of the Thanksgiving Day holiday,
production of soft coal declined sharply in the week ended
Dec. 2 1933 to a total of 6,187,000 net tons. Compared
with the preceding week, this shows a decrease of 1,133,000
tons, or 15.5%. The average daily rate for the five active
days indicates a slight increase.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern b
Northern_c
Wyoming
Other States
409,000
185,000 185,000 174,000 196,000
100,000
49.000
77.000
56,000
49,000
236,000
131,000 125,000 127,000 194,000
856,000 910,000 850,000 847,000 1,571,000
536,000
348,000 358,000 294,000 245,000
128,000
69,000
76,000
70,000
63,000
175,000
116,000 127.000 138,000 140,000
724.000
581,000 660,000 582,000 464,000
218,000
150,000 178,000 174,000 161,000
35,000
35,000
22,000
32,000
33,000
26,000
7,000
11,000
14,000
10,000
83,000
75.000
60,000
60,000
57,000
62,000
34,000
27,000
30,000
25,000
35,000
47.000
54,000
60,000
54,000
764,000
453,000 470,000 342,000 297,000
1,910,000 1,885,000 1,470,000 1,483,000 2,993,000
117,000
71,000
68,000
62,000
56,000
29,000
12,000
10,000
20,000
17,000
112,000
54,000 132,000
75,000
72,000
217,000
169,000 159,000
147,000 155,000
72,000
49,000
32,000
27,000
21,000
1,340,000 1,467,000 1,298,000 1,143,000 1,271,000
776,000
520,000 510,000 322,000 444,000
184.000
89,000 136.000
114,000 115,000
5,000
9,000
5,000
14,000
12,000
Total bituminous coal
Pennsylvania anthracite
7 320,000 7,665,000 6,525,000 6,498,000 10.878,000
1 398,000 1,317,000 976,000 643,000 1,896,000
'Tnta 1 01.0 I
a 71R non R ass
nnn 7 Am 0110 7 141 000 12 774
nnn
a Figures for 1931 and 1923 only are final. b Includes operations on the N.& W.;
C.& O. Virginian; K.& M.; and B. C.& G. c Rest of State, including Panhandle.
d Average weekly rate for the entire month.
Anthracite Shipments in November Increased 6.38%
Over Same Month Last Year.
Shipments of anthracite for the month of November 1933,
as reported to the Anthracite Institute, amounted to
4.098,230 net tons. This is a decrease, as compared with
shipments during the preceding month of October, of 48,748
net tons, or 1.18%, and when compared with November
1932 shows an increase of 245,824 net tons, or 6.38%. Shipments by originating carriers (in net tons) are as follows:
Oct. 1933. :Nov. 1932. xOct. 1932.
Nov. 1933.
Month of1,091,899
815,222
902,281
899,476
Reading Co
751,215
570,417
729,645
691,895
Lehigh Valley RR
367,471
278,536
315,395
332,305
Central RR. of New Jersey
527,129
417,938
453,949464,682
Del. Lackawanna & West. RR_
493,454
425,824
454,115
505,446
Del. & Hudson RR.Corp
539,319
484,249
482,403
475,696
Pennsylvania RR
564,051
447,931
432,508
343,535
Erie RR
236,998
224.597
164.837
N. Y. Ontario & Western Ry_ 221,732
198,771
187,692 .
201,112
Lehigh & New England RR_ _ 174,196
Total
4.098,230
4,146,978
3,852,406
4,770,307
x Revised.
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 Dec. 13, as reported by
the Federal Reserve banks, was $2,667,000,000, an increase
of $64,000,000 compared with the preceding week and of
$473,000,000 compared with the corresponding week in
1932. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Dec. 13 total Reserve bank credit amounted to $2,677,000,000, an
Increase of $62,000,000 for the week. This increase corresponds with increases of $77,000,000 in member bank reserve balances, $5.000,000 in
money in circulation and $5,000,000 in unexpended capital funds, nonmember deposits, &c.. offset in part by an increase of $24,000,000 in Treasury currency, adjusted.
Bills discounted increased $2,000.000 each at the Federal Reserve banks
of Boston and New York and a like amount at all Federal Reserve banks.
The System's holdings of bills bought in open market increased $55,000,000
and of United States bonds $1,000,000, while holdings of Treasury certificates and bills and of United States Treasury notes were practically unchanged.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended Dec. 13, in comparison with the preceding week and with the corresponding
date last year. will be found on subsequent pages, namely,
pages 4326 and 4327.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Sec. 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
Financial Chronicle
4268
2. "Redemption fund—Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
3. "Special deposits—member banks," and "Special deposits—nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Dec. 13 1933 were as follows:
Increase (-1-) or Decrease (—)
Since
Dec. 13 1933. Dec. 6 1933. Dec. 14 1932
118,000,000 +2,000.000
116,000,000 +55,000,000
2,432,000,000 +1.000,000
11,000,000 +4,000,000
—166,000.000
+82,000,000
+581.000,000
—9,000,000
TOTAL RES'VE BANK CREDIT. 2,677,000,000 +62,000,000
4,323,000.000
Monetary gold stock
Treasury currency adjusted
1,916,000,000 +24,000,000
Money in circulation
+5,000,000
5,763,000,000
Member bank reserve balances
2,638,000,000 +77,000,000
Unexpended capital funds, non-member deposit, &e
515,000,000 +5.000,000
+488,000,000
—45,000,000
—8,000,000
+100,000,000
+213,000,000
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
+122,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in New York City, as well as those in Chicago,
on Thursday,simultaneously with the figures for the Reserve
banks themselves, and for the same week, instead of waiting
until the following Monday, before which time the statistics
covenng the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $37,000,000, the total of these
loans on Dec. 13 1933 standing at $760,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" increased from $605,000,000 to
$629,000,000, loans "for account of out-of-town banks"
from $111,000,000 to $124,000,000, while loans "for account
of others" remained even at $7,000,000.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
alter the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of 101 leading cities as formerly, and shows
figures as of Wednesday, Dec. 6, with comparisons for
Nov. 29 1933 and Dec. 7 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously .with the
figures for the Reserve banks themselves, and cover 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 90 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 close of business on Dec. 6.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Dec. 6 shows decreases for the week of
$72.000,000 in loans and investments, $98,000,000 In net demand deposits.
$43,000,000 in time deposits and $40,000,000 in reserve balances with
Federal Reserve banks.
Loans on securities declined $13,000,000 at reporting member banks in
the New York district and $13,000,000 at all reporting member banks.
"All other" loans declined $53,000,000 in the New York district, $7.000.000
in the Chicago district and 858,000,000 at all reporting banks.
Holdings of United States Government securities increased $22.000,000
in the New York district, 811,000,000 in the Chicago district and $22,000,000 at all reporting member banks, and declined $6,000,000 in the Boston
district and $5,000,000 in the Philadelphia district. Holdings of other
Securities declined $17,000,000 in the New York district and $23,000,000
at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $24,000.000 on Dec. 6, a decline of $1,000,000 for the
week.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of$921,000,000 and net demand.
time and Government deposits of 8940,000,900 on Dec. 6, compared with
2909,000,000 and $935.000,000, respectively, on Nov. 29.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are now included in the statement, together
with changes for the week and the year ended Dec. 6 1933, follows:
Increase
Dec.6 1933,
Loans and investments—total _
Loans—total
On securities
All other
--435,000,000
3,558,000,000
4,941,000,000
—13,000,000
—58,000,000
—228,000,000
—207,000,000
+216,000,000
+194,000,000
+22,000,000
1,824,000,000
236,000,000
—40,000,000
+5,000,000
—31,000,000
+48.000,000
10,653,000,000
4,367,000,000
786,000,000
—98.000,000
—43,000,000
—31,000,000
—207,000,000
—250,000,000
+453,000,000
1,123,000,000
2,660,000,000
—12,000,000
+14,000,000
—418,000,000
—467,000,000
24,000,000
—1,000,000
—34,000,000
Reserve with F. R. banks
Cash in vault
3,344,000,000 8,367,000,000 3,432,000,000
Net demand deposits
Time deposits
Government deposits
1,663,000,000 1,830.000,000 1,619,000,000
1,681,000,000 1,737,000,000 1,813,000,000
Due from banks
Due to banks
3,306,000,000 3.366,000,000 3,620,000,000
Borrowings from F. R.banks
2,251,000,000 2,249,000,000 2,523,000,000
1,055,000,000 1,117.000,000 1,097,000.000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
798,000,000
43,000,000
731,000,000 1,055,000.000
40,000,000
44,000 000
.
Net demand deposits
Time deposits
Government deposits
5,210,000,000 5,185,000,000 5,692,000,000
721,000,000 732,000,000 898,000,000
327,000,000 349,000,000 153,000,000
Due from banks
Due to banks
71,000,000
85,000,000
78,000,000
1,111,000,000 1,117,000,000 1,467,000,000
Borrowings from Federal Reserve Bank
Loans on secur.to brokers & dealers:
629,000,000
For own account
For account of out-of-town banks_ _ _ _ 124,000,000
7,000,000
For account of others
605,000,000
111,000,000
7.000,000
377,000,000
12.000,000
4,000,000
760.000,000
723,000,000
393,000,000
493,000,000
267,000,000
Total
On demand
On time
477.000,000
246,000,000
232,000,000
161,000,000
Chicago.
1,177,000,000 1,173,000,000 1,103,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
—219,000,000
--71.000,000
—1,000,000
in:mg—total
Loans and investments—total
—72,000,000
8.497,000,000
+22,000,000
—23,000.000
6 650,000,000 6,733,000,000 7,052,000,000
Investments—total
16,600,000,000
8,103.000,000
Loans and investments—total
On securities
All other
or Decrease (—)
Since
Dec. 7 1932.
Nov. 29 1933.
U.S. Government securities__ 5.136,000,000
2,967,000,000
Other securities
Investments—total
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Dec. 13 1933. Dec.6 1933. Dec. 14 1932'
Dec. 16 1933
664,000.000
661,000,000
648,000,000
335.000,000
329,000,000
335,000.000
326.000,000
361,000,000
287.000,000
513,000,000
512,000,000
455,000.000
308,000,000
205,000,000
298,000,000
214,000,000
265,000,000
190,000.000
359,000,000
43,000,000
369,000,000
42,000,000
287,000,000
17.000,000
1,039,000,000 1,030.000,000
344.000,000 344,000,000
30,000,000
26.000,000
890,000.000
315,000,000
20.000,000
181,000,000
265,000,000
254,000,000
303,000,000
188,000,000
269,000,000
United States Receives But $8,898,123 Instalment on
War Debts Out of Total of $162,952,637 Due Dec.
15—Of 11 Nations Finland Is Only One to Pay in
Full—Five Make Token Payments—France and
Four Other Countries Default.
The United States received yesterday (Dec. 15) ,898,123
in war debt payments—approximately one-seventeenth of
the $152,952,637 due from 11 European nations. In Associated Press dispatches from Washington it was noted that
five countries tendered nothing;five offered token payments.
Finland, the only one to meet an entire instalment last
June 15, again was alone in paying in full. The press
accounts continued:
Inclusion of defaults of last December and June would bring the total
due to-day to $310,676.870. The Finnish payment of $229,623 and the
tokens leave $301,778,747 overdue on the 211,000,000,000 funded debts.
France, Poland, Belgium, Estonia and Hungary submitted no tokens.
The five nations paying tokens and the totals due from them were:
Great Britain. $7,500,000 of $117.670.765.
Italy, $1,000,000 of $2,133,906.
Czechoslovakia, $150,000 of $1,682,813.
Lithuania, $10,000 of $105,474, and
Latvia, $8,500 of $180,706.
Governments meeting part of their obligations, officials say, will not
be considered in default. Reduction or cancellation of debts and changes
in the schedule of payments rest with Congress.
France officially notified the United States to-day of its intention to
default on its payment of 222,200,926.54 due to-day. The note was
delivered to the State Department by Andre de Laboulaye, the French
Ambassador.
From the New York "Sun" of last night we take the following Associated Press advices from Paris Dec„ 15:
Financial Chronicle
Volume 137
For the third time France defaulted to-day on hef war debt to the
United States.
Due on Dec. 15 was an interest payment of $22,200,925 on the remaining
war/debt of $3,863,650,000. Also due to-day was an instalment of 36,093,759.44 under tho terms of the 1931 Hoover moratorium.
0.„ Neither will be paid, and France stands to-day more than $80,000,000
in arrears of sums owing to the United States.
is There was no official announcement of the default. There were no
speeches in Parliament, no demonstrations in the streets of Paris—merely
a note to be presented in Washington.
Even the press, which on previous occasions hailed default in black
type, was largely silent. The Paris "Sok" was the only paper to comment
at/Any length.
"Americans don't realize it," the paper said, but debts are "dead."
It added, "one ends always by getting accustomed to not being paid."
On Dec. 12 Associated Press cablegrams from Paris
stated:
Iss For the third time the French Cabinet confirmed to-day a default on
the war debt payment to the United States this time on $22,200,926 due
oniDec. 15.
Since the Government considers itself bound by the refusal ofthe Chamber
of Deputies to pay a year ago because the situation has not changed in
the meantime, Foreign Minister Joseph Paul-Boncour was told to advise
Washington of the decision against payment
Government officials say France still awaits a downward revision of
the British debt so she may claim like treatment.
Andre Lefevre de Laboulaye, the French Ambassador to Washington,
presented the debt statement to the administration.
From Brussels (Dec. 12) the New York "Times" reported
the following:
11$ Belgium has decided not to change her policy on war debts and there
will be no payment made to the United States on Dec. 15, an official
communique issued here to-day declares.
111The Belgian Government considers a general settlement more necessary to-day than ever before, even though Britain and Italy will make
what they call "token" payments to Washington.
Austria Granted Stay on Debt Due United States.
From the New York "Journal of Commerce" we take the
following from Washington Dec. 13:
Taking /advantage of terms of its debt funding agreement, Austria
to-day postponed an instalment of $460,093 due Jan. 1, Acting Secretary
of Treasury Morgenthau announced.
debt
Mr. Morgenthau said: "In accordance with the provisions of the
funding agreement between the Republic of Austria and the United States,
bond No.6 in the face amount of $460,093, due Jan. 1, will be postponed,
whichltogether with interest at the rate of 5% per annum, compounded
annually to Dec. 31 1943, shall be repaid, together with further interest
at 5% per annum in 25 equal annuities on Jan. 1 of the years 1934 to 1968.
Inclusive."
loan
igiUnder the agreement where the trustees of the guaranteed Austrian
governof 1932-1943 object to the payment of amounts due to creditor
ments.i/Austria,has the authority to postpone payments.
Sir;Walter Layton of London "Economist" Criticizes
.
6 1 Gold Purchases Abroad of United States—Concedes that President Roosevelt Has Created
Confidence — Urges Stabilization with Great
Britain.
Sir Walter Layton, editor of the London "Economist," addressing the American Chamber of Commerce, in London, on
Dec. 12, criticized the United States Government policy of
purchasing gold abroad, but otherwise commented favorably
on various phases of President Roosevelt's policies. Associated Press accounts from London further said:
He criticized the gold purchases on the grounds that in a country like the
United States, with balanced trade, this policy would tend to defeat itself
because the demand for dollars abroad tends to restore the value of
dollar. The policy also instigates quotas and tariffs and only by cons t
be
purchase of the metal abroad can a continued depreciation of the doll
maintained, Sir Walter said.
He said President Roosevelt had done many splendid things: had created
a new sense of confidence; had balanced the budget and opened banks, and
had remedied some of the paradoxes of the American wage system, but
added that nevertheless he believed America "would have been farther on the
road to recovery if greater time had been spent over the National Recovery
Act and nothing had been done about the gold purchasing policy."
"The surest road for the United States to pursue," said the editor, "is to
get some degree of stabilization with Great Britain, which is difficult because
the dollar is now unduly depreciated and Great Britain hesitates unless the
Internal prices in the United States do not rise more than they do in Great
Britain."
"The Dollar Experiment" was the subject of Sir Walter's
remarks, according to London advices to the New York
"Times," which said:
Sir Walter suggested a trial period during which it might be possible to
control the currency and so discover the ultimate philosophy behind such
control. While expressing doubts of the efficacy of President Roosevelt's
monetary policy, he nevertheless said he saw no reason for regret over the
American experiment, from which the world has learned and will learn much.
Great Britain, he declared, however, was right in avoiding attempts to
follow movements of the dollar so long as it can.
4269
"If you keep the exchange at an abnormal level as an abnormal means to
raise prices," he added, "it tends to create depreciation in other countries,
or certainly to instigate tariffs and other measures to prevent the increase
of exports sought for. An abnormal lowering of the exchange rate, therefore,
does more harm than good.
"Experience has shown that there is no such thing as a natural relation
between gold and commodities. Meanwhile, we who are watching are left
in doubt. No one can be blind to the fact that the situation created is one
of very great uncertainty.
Other Countries Affected.
"While the forces of recovery were set in operation in the early months
of the Roosevelt regime, the United States, in my opinion, would have been
further along the road to recovery if greater time and care had been taken
over the NRA, and nothing whatever had been done about the gold policy.
If the gold policy is persisted in it will tend to create depression in Canada,
Argentina and other countries which try to sell the same competitive raw
products as the United States.
"Although the immediate result might not be so effective, the surest
road for the United States to pursue now is to get some degree of stabilization for the dollar in agreement with Great Britain."
This, he added, would not be very easy of accomplishment because it is
fairly clear that the dollar is undervalued, and Great Britain certainly would
not stabilize at anything like the present exchange figure. No international
currency can be developed, on the other hand, without greater understanding
among the nations, although he believed that time will bring action along
this line which will have behind it the approbation of public opinion, which
is the only safe background.
Events not only in the United States, but in Great Britain, he said, have
done much in the last three years to emphasize "that everything is not
right with what we are pleased to call the capitalistic system."
"There is room both here and in the United States," he continued, "for
a much higher standard of trusteeship on the part of those engaged in directing and controlling great business and financial organizations. The only
justification of the system of private enterprise and private control is that
it works better than any other system.
"If used unduly for private gain through the system of inside knowledge
and that kind of thing, it handicaps itself very heavily in the mind of the
public. President Roosevelt has set his face against the handicaps of that
system."
Indian Interests Said to Pay Premium Over Bombay
and London Prices to Get Silver in New York.
The following is from the "Wall Street Journal"of Dee. 14:
Support entered the local silver market Wednesday in the form of purchasing orders received from India, the first of such orders since the latter
part of October. They were described as comparatively small, but unusual
Interest attached to the transactions inasmuch as the New York price
was above both the London and Bombay parities, making it apparent
that the purchases did not represent arbitrage on New York.
The incident, it was said, possibly reflected some Indian operation in
sterling, but local silver circles could shed no light on the reason. Orders
were received for both spot metal and for future delivery.
It was not disclosed whether the Indian purchasers intended to hold
the silver in local vaults or actually to withdraw the metal in for shipment
abroad. There have been no Shipments of silver from New York to India
this year, the last reported being 201,000 ounces in October 1932. Total
shipments in 1932 amounted only to 652,000 fine ounces, compared with
20,609,000 in 1931 and 24,554.000 in 1930.
At the same time that India was buying in New York, Shanghai was
buying in London, but there was no evidence of Chinese activities in this
market. London was said to show little interest in local trading.
Unusual interest attaches to any purchases of silver in New York by
the s tent because in the past China and India have taken the bulk of the
wor s supply of new silver each year. Of late months, however. speculati e enthusiasm for silver in the United States has kept the New York
pri e at a premium above world parities. At times, the premium has been
iently large to permit foreign countries to sell silver to New York
n arbi 'e basis. This was especially marked last Spring when reetal from London and the Orient for this purpose was large.
dvocacy of Silver In United States Arouses Fears
in Nanking.
A cablegram as follows from Nanking Dec. 10 is taken
from the New York "Times":
lb
Nanking's economic experts state that an even more severe business
depression in China and a reduction in Chinese imports would be certain
to follow silver remonetization in the United States.
China's adoption of the flexible silver standard or commodity dollar is
advocated on the ground that increased Chinese silver purchasing power
would result in a decline in the wholesale price level. Adoption of the
American program, it is contended, would thus further weaken price levels,
increasing the difficulties of Chinese general economic activity.
Handling of United States Silver Coin In Canada
Subject to Special Discount In Addition to Ordinary Exchange Rate.
From Montreal Dec. 13 Canadian Press accounts were reported as follows:
Difficulties in handling United States silver coin have necessitated
charging a special discount in Canada Li addition to the ordinary exchange
rate, bank officials announced here to-day. The extra charge is usually
from 2 to 3% but Is higher where small amounts are being changed into
Canadian money or where the American coin is in nickles. The only
means of disposal by Canadian banks, officials explained, is to ship the
coin to the United States, entailing a loss to the banks unless there is a
special charge made.
Other Factors in Recovery.
"We do not know what is going to happen to the dollar," he said. "President Roosevelt is carrying into that sphere the general spirit of his other
policies. We must not forget that the monetary problem is not just a thing
,
In itself, but veil closely related to the whole economic crisis. I do not
think it is entirely responsible for the crisis, nor can it cure it. Behind It
economic post-war changes, and the great world-wide economic
lies the great
adjustment found necessary, particularly in the United States."
Any attempt to bring exchange below its natural level, he asserted, tends
to correct itself.
Statement of Bank for International Settlements for
November—Large Amount of Gold Said to Be
Held in Trust and Not Reported—Cash on Hand
Nov. 30 Totaled 2,868,829.14 Swiss Gold Francs,
Compared with 11,060,011.55 Oct. 31.
Funds of the Bank for International Settlements on
Nov. 30 totaled roughly $130,000,000 gold, a decline of about
$1,000,000 from Oct. 31, according to the monthly report
4270
Financial Chronicle•
issued Dec. 4. A wireless account from Basle, Switzerland,
Dec.4, to the New York "Times" of Dec. 5 added:
A slightly greater decline was registered in central bank deposits, but this
was partly offset by other deposits, including sight deposits in gold bars—a
new item added to the statement in September, which now totals $1,100,000
gold.
Gold held by the bank as trustee which does not figure in the statement
continues to increase and is now said by a competent bank source to have
attained "a surprising total." This gold, like the gold in other funds deposited directly with the bank, is not subject to seizure in time of war.
The increasing tendency to confide gold to the World Bank seems to
reflect a general lack of confidence, except, of course, in the bank itself.
It is regarded here, however, as one of the good results of the depression, for
the habit is expected to persist when good times return and thus lead the
bank to fulfilment of the dream of its founders by becoming the normal
medium for gold transfer.
The dollar's persistent refusal to sink recently, despite the Washington Administration's continued increase in the gold price, which is exciting comment in Europe, is believed in banking quarters here to provethe dollar is
worth more than Washington believes. In addition to the normal factors,
they attribute the foreign demand for the dollar to the fact that its strength
reveals the cheapness of American bonds for those holding gold currencies,
who desire to make sure of the good existing profit rather than try to get a
larger one by waiting. They believe the seasonal autumnal demand for
the dollar has ended and no longer accounts for the dollar's strength.
As contained in Associated Press advices from Basle,
Dec. 4, the balance statement of the B. I. S., giving its condition as of Nov. 30, follows (figures in Swiss gold francs):
ASSETS.
November.
I. Gold in bars
5,553,521.60
11. Cash on hand and on current account with
banks
2,868,829.14
III. Sight funds at interest
20,191,810.18
IV. Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances
214,826,708.74
2. Treasury bills
158,493,622.88
Total
373,320,331.62
V. Time funds at interest: not exceeding three
months
38,385,308.88
VI. Sundry bills and Investments:
1. Maturing within three months:
(a) Treasury bills
17,944,316.10
(b) Sundry investments
44.897,730.18
2. Between three and four months:
(a) Treasury bills
42,895,568.59
(b) Sundry investments
56,075,987.82
3. Over six months:
(a) Treasury bills
8,513,372.64
(b) Sundry investments
37,827,143.97
Total
208,154,119.30
VII. Other assets
2,617,906.11
Total assets
651,091,826.83
LIABILITIES.
I. Paid-up capital
125,000,000.00
1. Legal reserve fund
2,021,691.48
2. Dividend reserve fund
3,894,823.45
3. General reserve fund
7.789,646.89
Total
II. Long-term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund__
13,706,161.82
October.
5,147,422.15
11,060,011.55
12,897,432.25
227,075,257.75
145,991,587.58
373,066,845.33
25,835,808.41
67,433,333.29
29,475,439.71
33,698,617.08
18.791,566.82
37,910,327.37
213,144,890.66
2,948,403.42
657,472,896.16
125.000,000.00
2,021,691.48
3,894,823.45
7,789,646.89
13,706,161.82
154,575,000.00 154,481,250.00
77.287,500.00 77,240,625.00
43,698,283.88 45,512,974.66
651,091,826.83 657,472,896.18
Lists for Irish Loan Close Issue Reported Undersubscribed.
Under date of Nov. 12 Canadian Press advices from
London stated:
II Lists for the Fourth Irish Free State national loan of $30,000,000 33i%
bonds wee closed to-day, with the issue under-subscribed. The amount
unsubscribed, which has not been revealed, is being taken up by the underwriters.
The failure of the loan to reach full subscription was in sharp contrast
with the immediate success of loans in the London market this year for
Canada, Australia, New Zealand, South Africa, India and the British
Treasury.
The flotation of the loan was noted in our issue of Dec.
13, page 4092.
Chautemps Budget Measure Before French Senate
Next Week—Passed by Chamber of Deputies After
Long Debate—Officials Deny Plans to Devaluate
Franc When Budget Is Balanced.
Prospects that the French Senate will approve the fiscal
measures proposed by the Chautemps Government next
week, and adopted by the Chamber of Deputies on Dec. 11,
appeared bright yesterday (Dec. 15) according to newspaper
advices from Paris. If the Senate passes the Chamber's
bill, as expected, the French budget will be balanced, at
least on paper. Rumors have been circulated that once
this goal is attained devaluation of the franc is certain, but
these reports have been denied in official circles. The
measure which is designed to raise by taxation and ecohomy
the 6,000,000,000 francs needed to balance the budget has
been attacked as providing both new income and economies
that are largely of a temporary character, such as those
to be derived from State lotteries and minting.
We quote from a Paris dispatch of Dec. 11 to the New
York "Times" in which the passage of the budget measure
by the Chamber of Deputies is described:
Thanks to the abstention of the Socialists and the grudging support of
Pierre-Etienne Flandin's centre group, the Premier managed to retain a
safe majority through innumerable votes, the two most important of
which were votes of confidence on the crucial Article XII, designed to reimpose certain taxes as well as to impose a new one of fifty francs per
hectolitre 126.417 gallons] upon gasoline. The Government won by 282
to 191 and 292 to 224.
It was a day and night of intricate and delicate political negotiations
during which M. Chautemps had several fairly close shaves, but it was
obvious that no one wanted to take the blame for another Governmental
overthrow so soon.
Once the Premier accepted a motion by Deputy Barthe, a Socialist, and
the Chamber turned him down by a large majority in a show of hands.
Another time his majority was only nine votes.
The details of the debate were so bewilderingly intricate that the Deputies were in a constant turmoil and nervous tension. Premier Chautemps's
most powerful argument, which he used more than once, was an appeal
for the national welfare and the necessity for restoring confidence.
The budget proposal is expected to be radically changed by the Senate,
after which it will be returned to the Chamber for another debate.
Trouble for the Government, perhaps serious in nature, is forecast as a
result of the determination of civil servants to resist pay cuts voted by the
Chamber Friday night.
Instructions were sent last night to all branches of the public service
affected, telling the employees to hold themselves in readiness to join in a
general strike. This action followed a meeting of the Federation of Civil
Servants, at which a resolution was passed denouncing the Government's
measure and proclaiming that united opposition would be offered, even
to the extent of such a strike.
The passage of the pay-cut proposal was the first success won by the
new Cabinet. Because of the opposition of the civil servants the reductions
were greatly modified. The Chamber then voted them by 345 to 150,
with the Socialists abstaining.
39,207,890.80
Total
275,560,783.88 277,234,849.68
III. Short-term and sight deposits (various currencies):
1. Central banks for their own accounts:
(a) Not exceeding three months
105,955,670.71 106,741,339.85
(b) Sight
52,953,789.09 60,512,382.56
Total
158,909,459.80 167,253,722.41
2. Central banks for the account of others:
Sight
11,235,388.83 11,159,714.96
3. Other depositors:
Sight
2,852,623.13
3,190.443.84
IV. Sight deposits (gold)
5,553,521.60
5,147,422.15
V. Miscellaneous Items
58,273,887.77 54,780,581.32
Total liabilities
Dec. 16 1933
No Devaluation of Franc Held Possible by French.
Paris advices Dec. 2 to the New York "Times" said:
Authoritative French circles do not entertain the slightest possibility
of devaluation of the franc. Moreover, it is pointed out that despite
the exceptionally heavy drop in the gold reserve recorded last week the
ratio of gold holdings to all current liabilities receded only from 79.95
to 79.14%. The figure remains almost a high record.
Furthermore, it is already ascertained that next week's statement will
show a much smaller decline in the gold reserve. The conviction also is
held that if the present Cabinet is quickly thrown out its successor will
be supported by a different majority, and that in any event requisite
measures for balancing the budget will be voted before the end of the year.
Huge French Levy Laid on Americans—$122,650,000
Assessed on Firms by Double Taxation Despite
Pact to End It—Wine Quota Is Opposed.
In Paris advices Dec. 15 to the New York "Times" it
was stated that the French Government has assessed American companies in France nearly 2,000,000,000 francs
($122,650,000 at the current rate) covering taxes due under
the double taxation law, despite the signature of an agreement abolishing this form of taxation by the United States
Ambassador and Premier Tardieu in the spring of 1932.
We quote further as follows from the advices:
This fact was revealed for the first time to-day by an irate importer,
who resented Washington's granting France a wine import quota equal
to her pre-war imports, while imports to France from the United States
are now comparatively far below any such figures.
The companies had been keeping the assessment secret because they
evidently hoped the United States Government would intercede in their
behalf. The Embassy refused to comment on the situation, so it could
not be ascertained whether a formal protest had been made.
Some of this taxation actually goes back 40 years, when a few American
companies first established subsidiaries here. The French have never
collected anything on it, so if the companies have to pay it will represent
a staggering amount, in many cases.
Tax Has Long Existed.
The so-called double taxation has been one of the thorns in the side of
Franco-American relations for many years. It provides that any company
or subsidiary operating in France can be taxed first by the regular taxes
to which all French companies are subjected, and second, by extra taxes
on profits of the mother company and all the mother company's subsidiaries
throughout the world. It was originally designed to apply to companies
that disguised their profits by ascribing them to the parent company.
Under the law all local companies must give an accounting not only of
their own operations but of their mother company's operations as well.
One large American company here, for instance, when asked to make
such an accounting, figured it would coat $70,000 to do so. Under these
circumstances, many companies have refused to furnish such accountings.
The French Government thereupon made its own estimates of turnover,
profits and dividends, figuring taxation upon the largest amount possible.
This was easy with American companies, which generally publish their
profits or turnover, at least once a year.
It is upon these figures that the French are now asking of American
companies $122,650,000. The Americans had thought the question
disposed of, so the request came as a shock, because in return for the
Edge-Tardieu agreement abolishing double taxation, the United States
virtually recognized France's right to impose import quotas.
Ratified in Senate.
In June 1932 the United States Senate ratified this agreement, but
it has never even been presented in the French Parliament, and it Cannot
go into effect until a year after it receives parliamentary approval.
Under these circumstances, American representatives of firms exporting
goods to France appear genuinely incensed by Washington's action in
granting France 100% of her pre-war wine exports.
Volume 137
Financial Chronicle
French importers of American goods share this disapproval. These
circles say a study of the trade figures demonstrates that American exports
to France in the categories under discussion are far below the pre-war
figures. Apples, for instance, were seven times as important before the
war as now.
Hence, importers are asking: Why give France 100% in wine, and then
promise to increase this figure when, even if she doubles her apple imports, they will be below the 1910-1914 figuresE
We have nothing like so good a situation as before the war, they say,
yet we are giving the French just as good before we even start bargaining.
Dr. Schacht of German Reichsbank Offers Germany's
Creditors Choice Between "Interest or Dividend."
Dr. Hjalmar Schacht, President of the Reichsbank, gave
Germany's creditors a choice between "interest or dividend"
in a speech with that title delivered at Basle, Switzerland
on Dec. 11 according to a wireless message to the New York
"Times" which went on:
He reaffirmed Germany's views in a way that many took as a final
warning that the Reich, which is now transferring half its coupons, would
do less when the next six-months period ends in June unless more is meanwhile done to give its exports openings.
"We must get away from static and return to dynamic thinking, he
said, "Politicians and creditors see only the word security."
Their attitude, he declared, threatened like a glacier chill every initiative.
Dr. Schacht summed up his views in these four points:
"1. International indebtedness has grown beyond the capacity of the
various nations' economies.
"2. The volume of world trade and consequently the possibility of
profits have sunk to an extraordinarily low level.
"3. The obligation to make transfers exceeds by far the present possibility of exports.
"4. The continuation of such a state of affairs would, quite aside from
the social and political dangers involved, very soon lead to a complete
cessation of the transfers of the amounts owed."
The speech was delivered under the auspices of the German Chamber
of Commerce in Switzerland.
In the Berlin advices to the "Wall Street Journal" Dr.
Schacht's remarks were reported as follows:
Dr. Hjalmar Schacht, President of the Reichsbank, declared at Basel
that figures compiled since the transfer moratorium show that transfer.
for the next six months at the present rate would be impossible without
recourse to gold and foreign exchange reserves of the Reichsbank. He
further declared that Germany, owing to world economic developments
probably never can pay the original rates of interest to foreign creditors
unless there is a complete change in world economic and political afiairs.
The transfer commitment so greatly exceeds the present export income
that it is contributing to the ruin of the entire national economy, he said.
Continuance of such a situation must very soon bring about complete
cessation of transfers of sums owed abroad. He deduces from this fact
the necessity for foreign creditors to make concessions.
Here in Berlin it is said to be advisable for creditors temporarily to
scale their claims according to the level of prices in order to safeguard
the recognition in principle of their claims in more prosperous times.
British Creditors Committee Contends Germany Is
Able to Pay Debts—Following Speech By Dr.
Schacht of Reichsbank Demands Germany Stop
Using Exchange Reserves to Buy In Bonds.
The speech at Basle on Dec. 11 by Dr. Hjalmar Schacht,
President of the German Reichsbank, was accepted in German quarters as a definite announcement that Germany
would reduce her interest payments under the partial transfer
moratorium after Jan. 1 said a Berlin wireless account
Dec. 12 to the New York "Times" which added:
These payments now amount to 50% in cash and 50% in scrip, repayable at approximately half of its value. The German press treats the
reduction as an accomplished fact.
Representatives of foreign creditors, on the other hand, continued to
insist that there was no justification for such action. The British Creditors' Committee, in particular, published a strongly worded statement to
that effect, which in some British quarters is characterized as an ultimatum
to Dr. Schacht and an appeal to the pritish Government to take action.
A report on the situation is now before the State Department in Washington.
Hold Germany Can Pay.
The attitude of the creditors is that, on the basis of Dr. Schacht's own
figures, Germany can pay in full if she stops using a large part of her
foreign exchange reserves to buy in depreciated German bonds at the
expense of interest and amortization payments on them.
This practice is held to be especially objectionable because it violates
that creditor and debtor morality which Dr. Schacht espoused in a recent
speech, since every reduction of interest payments also depreciates the
capital value of the bonds, thereby inflicting double damage on creditors,
although, of course, it makes German repurchase of the bonds all the easier.
As a matter of fact, recent figures issued by the Reichsbank indicate
that Germany is emerging as one of the pricipal gainers of the world depression. and she has succeeded in neatly turning the tables upon her
creditors, who lent her private money so that she could pay her political
checks.
In his Basle speech Dr. Schacht complained of the "immoral bleeding"
of Germany, which in the last three years had been forced to pay out to
other countries no less than 14,000,000,000 marks in interest and capital
repayments.
The Reichsbank's figures show, however, that in the same period Germany also reduced her obligations to foreigners considerably more than
13,000,000,000 marks, which at one time helped to modernize Germany's
Industry and which she repaid at a fraction of the original value. Many
German companies are retiring the larger part of their funded debt through
that process.
On the depreciation of the dollar alone Germany "earned" no less than
2,820,000,000 marks. Considering this depreciation, the American shortterm credit to Germany dropped to 1,900,000,000 marks and the long-term
credit to 3,200,000,000 marks, probably less, because these figures do not
contain repayments and repurchases since Feb. 28 last.
Foreign Investments Cut.
Included in the 13.000.000,000 marks is a reduction of approximately
2,800,000,000 marks in foreign investments in Germany. They were sold
4271
mostly at sacrifices, in part because of difficulties placed in the way of
foreign companies doing business in Germany. This, it is pointed out in
creditor circles, is in strange contrast with Dr. Schacht's plan for a "dividend instead of interest policy."
Naturally the reduction of Germany's foreign obligations also reduced
her interest and amortization charges. These are estimated now at 50,000,000 marks monthly, which is held to be well within Germany's ability
to pay.
As a result, the conviction is gaining ground in creditor circles that if
Germany should reduce her payments even further than they have already
been reduced by the transfer moratorium she would do so primarily in
order to boost her exports through the extended use of blocked marks,
scrip and depreciated bonds, which have kept up her exports heretofore.
Dr. Schmitt, German Minister of Economics
Hails Business Outlook.
Dr. Kurt Schmitt, Minister of Economics, in a speech
before the foreign and domestic press on Dec. 11 presented
(we quote from a Berlin account to the New York "Times")
a bright picture of the German business situation, which in
his mind warranted profound confidence in Germany's economic recuperation. The "Times" advices continued:
There was a very decided improvement that augured well for the future,
he said, and he summarized his view in the words, "I have never been
so optimistic as at present."
At the same time, the Minister of Economics, who joined the Cabinet
as a non-Nazi, but who is now designated as a Nazi party member, warned
against a dogmatic leveling of everything and stressed the necessity for
individual freedom of private initiative in business on the ground that
"there are economic laws that always have been and always will be valid."
Dr. Schmitt's speech was in marked contrast with the address delivered
to-day by Dr. Hjalmar Schacht, President of the Reichsbank and a nonNazi, at Basle. It is not believed here, however, that this is Dr. Schacht's
final word, which would foreshadow a further reduction of Germany's
interest payments abroad. If it is, a strong protest by her creditors is
believed certain.
In his speech, Dr. Schmitt recounted how unemployment had been
reduced, the production of coal and electric concerns had increased and
carloadings showed rising figures. This improvement, he said, might
not show in all fields and in some there might even have been a further
drop, but German business was going the thorny road of genuine and
healthy success, not that of a short-lived sham success.
American Council of Foreign Bondholders Disputes
Statement By President Schacht of Reichsbank
That Boycott of German Goods Is Responsible
For Germany's Debt Default.
Challenging the statement of Dr. Hjalmar Schacht, head
of the Reichsbank, made at Basle on Dec. 11, to the effect
that boycott of German products arranged by refugees is
causing Germany to default its payments to foreign investors,
the American Council of Foreign Bondholders, it was indicated in the "Wall Street Journal" of Dec. 14, issued a
statement charging Dr. Schacht with responsibility for wilfully withholding interest and amortization on German long
term loans to extent of more than a billion dollars held by
American investors.
The item in the paper quoted continued:
"Those familiar with Dr. Schacht's policies in the past, especially as
regards the rights and privileges of bondholders or creditors in general,
will not be surprised at this attempt to shift the blame for Germany's
default where it does not belong," the council states in part.
"He apparently refuses to take into account the fact that Germany's
export surplus, according to official statistics, has been rising steadily,
the figures for October (latest available) aggregating 90,000,000 reichsmarks, being the most favorable for any month since April 1932, and
comparing with a monthly average for the period January-September of
less than 53,500,000 reichsmarks. Nor does be seem willing to recognize
the fact that Germany's favorable trade balance for the first 10 months
of this year aggregated more than 570,000,000 reichsmarks, equivalent,
at prevailing rates of exchange, to more than $216,000,000, compared
with interest requirements on long term dollar bonds of considerably less
than $70,000,000 annually."
The Council states that, due to heavy repatriation of German bonds
and to depreciation of the dollar, interest requirements may reasonably
be said to have been reduced to not more than $52,500,000 annually.
Reichsbank Limits Trading In German Marks—Dealings Suspended for a Time in London Exchange
Market.
Dealings in German marks in the foreign exchange market
came to a standstill at one time in London on Dec. 13 following the issuing by the Reichsbank of new regulations
designed to check international speculation in the German
currency. London advices (Dec. 13) to the New York
"Times" from which we quote went on to say:
According to foreign exchange dealers, the effect of the regulations
was to cause a suspension of all international dealings in the currency.
In other words, foreigners can now only deal in marks among themselves,
and not with German institutions, except the Reichsbank.
For a time transactions in German exchange were suspended, but later
a certain amount of business was transacted. the closing rate being 13.74
marks to the pound, only slightly above yesterday's rate of 13.72.
The movement simply was in accord with the general trend of the gold
currencies, which weakened slightly in consequence of sales made against
purchases of dollars.
The financial editor of the London "Times" writes: .
We understand that the purpose of the new regulations is to prevent
leakages in exchange for objects not approved by the authorities in the
Interests of stability of the mark.
The restrictions in the dealings were numerous and complicated. "Free"
marks can be dealt in like ordinary currency, but there are six classes,
comprising mainly the foreign holdings of marks in Germany, which can
be dealt in only with the permission of the German authorities.
4272
Financial Chronicle
Registration Statement Filed for German Scrip—
Holders of German Bond Coupons May Receive
Scrip and Cash Payment After 20 Days.
Ray Morris, of Brown Brothers, Harriman & Co., announced yesterday, Dec. 15, that the main part of the
registration statement covering the German scrip had just
been filed (Dec. 15) in form technically complying with the
rules of the Federal Trade Commission. This, Mr. Morris
stated, would start the 20 days running under the Securities
Act, after which it was hoped it would be possible to issue
the scrip to the holders of German coupons together with the
50% payment in dollars. Mr. Morris said that there was
still further information to be supplied to meet the wishes
of the Federal Trade Commission but that he was hopeful
that it would be unnecessary to start the 20 days running all
over again when this data had been filed.
Dr. Hans Luther Defends Nazi Government in Address
at Columbia University—German Ambassador to
Washington Pleads for World Disarmament—
Declared Reich Will Disarm to "Last Rifie" if
Others Follow Example.
Dr. Hans Luther, German Ambassador to the United
States, declared on Dec. 12 that Germany is prepared to
disarm "to the last rifle" if the rest of the world will do so.
Addressing the Institute of Arts and Sciences of Columbia
University in New York City, Dr. Luther denied charges
that Germany had instituted propaganda in the United
States with the "idiotic aim of undermining the American
Constitution." He cited Chancellor Hitler's recent interview with a French journalist, in which difficulties between
Poland and Germany were described as not being important
enough to justify the shedding of blood, as evidence of the
Chancellor's peaceful intentions. Dr. Luther uttered a strong
plea for world disarmament, and estimated that it would
result in a saving of $4,000,000,000 in armament expenditures alone. His address was occasionally interrupted by
anti-Nazi demonstrators, who were ejected from the hall
by police. We quote, in part, from the New York "Herald
Tribune" of Dec. 13 regarding the Ambassador's speech:
Dr. Luther, in his address, said that Germany favored universal disarmament, that the Nazi Government was not following a policy of oppression
of any type, and denied that anti-Semitic or anti-American propaganda was
being circulated in this country at the instance of the Third Reich.
Regarding armaments, Dr. Luther asserted that Germany had exhibited
the most peaceful attitude of any nation, and in return had been ignored
by the rest of the world and accused of instigating warlike preparations.
"The core of their argument," he said, "Is that Germany, by her peaceful
gestures to-day, is only seeking to gain time for armament so as to be able
to attack her rivals with still greater success. They dare to say this even
in the face of Germany's solemn declaration that she would be ready to
disarm to the last rifle, and to submit herself to any control, provided other
nations would do the same."
Characterizing Chancellor Hitler as a man who felt himself "most completely responsible to the people," Dr. Luther denied that the recent
German election was a farce and that freedom of the ballot had been eliminated. He explained, however, that Germany was not a nation in which
the Parliament ruled, but one in which it was held that any person in
them
Power should not share his responsibility with others by "allowing
to vote on his proposals." The one called to leadership, he added, "Is the
one solely responsible."
Cites Saving by Disarmament.
Again Dr. Luther declared: "The world would—and please appreciate
this figure—save nearly four billion gold dollars in armament expenditures
if the other nations were to disarm as Germany has done long since In accordance with Section V of the Treaty of Versailles. In striking contrast,
however, world expenditures during the last year were higher by approximately two-thirds than the same expenditures during the last pre-war year.
Nearly 5% of the value of the international production of goods Is expended to-day for armament purposes, an amount which is nearly as large
as the entire replacement cost in world industry for obsolete and run-down
machinery plus the cost for the repair of buildings and so forth.
of nations
"There is, on the other hand, a ruling principle in the life
which should never be destroyed, lest danger vrill arise from such destruction. This principle relates to the claim of all nations for equal rights
without restrictions. Half truths are often worse than lies. Half justice
is no justice. Those false apostles of justice and progress, by painting on
the wall the inavoldability of war, are a monstrous burden for a humanity
which is truly suffering enough already.
"Let me simply say one thing," he continued. "Like other nations of
the world, Germany looks upon the present economic policies of the United
States with the most interested attention. We know that much of the
upon
reconstruction of the world, and perhaps that of Germany, depends
your success.
"Germany sold $73,500,000 worth of goods to the United States in 1932.
Germany wants to be sure of retaining this huge American market for her
workers. In the same year Germany bought $133,500,000 worth of goods
from the United States—that is, almost twice the value of German goods
sold to the United States. Germany would be happy if the great German
home market were to remain intact for the American worker and farmer."
Fascist Grand Council Demands Radical Reforms in
League Structure as Price of Italian Adherence—
Italy Said to Desire Separation of Versailles Treaty
From Covenant—Regarded as Invitation to United
States, Germany, Russia and Japan—France Declares Fidelity to League.
The Fascist Grand Council, meeting in Rome on Dec. 6
to decide on Italy's future relations with the League of
Dec. 16 1933
Nations, declared that Italian adherence to the League
depended upon radical reforms at Geneva. Among the
changes said to be sought by Italy is absolute separation of
the League from the principles of the Versailles Treaty, thus
eliminating from the Covenant articles which guarantee the
preservation of boundaries created by that treaty. Political
observers professed to interrupt this declaration of policy
as made in the hope that the United States might join the
League if the articles in the Covenant providing for the use
of military and economic forces to suppress aggression were
eliminated. It was also reported from Rome that, under the
Italian plan, Russia, Germany and Japan would be invited
to join the League as reconstituted. No details of the
Italian project were made public and official comment in
other nations this week has been generally unfavorable to
the suggested changes, as reported in press advices from
Rome. An exception was a statement by Dr. Alfred
Rosenberg, head of the Nazi party's foreign political division, who said that Germany might possibly return to the
League if the Versailles Treaty were separated from it.
Foreign Minister Joseph Paul-Boncour of France issued
a statement to the press on Dec. 8 in which he said that his
Government would not permit the least injury to the League,
"which remains and will remain the basis of French policy."
A Paris dispatch of Nov. 8 to the New York "Times" reported the statement as follows:
His declaration Is perhaps to be regarded less as a final reply to the
Italian suggestion than as a kind of restatement of the French position in
the midst of the present diplomatic activity, which has momentarily
centred in London. M. Paul-Boncour emphasized that if concrete proposals for revision of certain articles of the League covenant were made,
France would willingly take part in their study. But he put this condition:
There must be no alteration of the basis of the League which was founded
on respect for the equal rights of all nations, large or small.
As it is now constituted, he said, the Geneva institution is happily reconciled to the principle of equality of nations, with a de facto situation by
which the great powers hold permament seats in the Council and so retain
the normal power of direction which is their due. When in the past there
has been a question of reform, he went on, It has always been aimed against
the permanent seats of the big powers and in favor of a more democratic
arrangement. When that suggestion was made he always warned its
advocates, he said, that in making it they risked compromising the solidity
of the League.
"Now," he added, "I shall oppose with the same argument any attempts
which have as their objective the creation within the League of Nations
of any hegemony."
•
He observed that the League was custodian of all treaties that had been
made since the World War and that if the constitution of the League should
be changed it would entail remaking all these pacts, which were indissolubly
linked in the mechanism of the League and presupposed the League's
existence. Even the Four-Power Pact has been brought within the framework of the League, he said.
"You can see, therefore, and you can say," M. Paul-Boncour declared,
"that we have no intention of permitting any harm to be done either directly
or indirectly to the League of Nations."
Ruhr(Germany)Coal Output Increased—International
Sulphite Syndicate to Continue 25% Reduction in
Output in 1934.
From Berlin Nov. 25 a wireless message to the New York
"Times" contained the following information:
Ruhr coal production has risen sharply. Steel output in October was
631,820 tons, or 12%, greater than in September. The total for the first
10 months of 1933 was 1,230,000 tons above that of the same period of 1932.
Paper mills are more active. The International Sulphite Syndicate has
decided to prolong throughout 1934 the reduction of 25% in output. There
are signs of recovery in textiles. The cotton and wool markets in Bremen
were active this week and wool prices were higher.
Ter Meer, director of Farbenindustrie,in a lecture declared that Germany
,
now had more than overtaken the technical progress in applied chemistry
made by the United States since the war. Hence, the United States is
obliged increasingly to acquire patent rights.
Cancellation of Cartel Price Rises Recently Decreed in
Germany.
Advices from Berlin to the New York "Times" stated
that the Reich Economy Minister, Dr. Kurt Schmitt, issued
orders to the cartels on Nov. 29 to cancel the price increases
they had decreed recently. The message to the "Times"
added:
These increases consisted for the most part of cancellations of rebates
they had granted from their list prices, so the increases did not show in
the official indices.
Such price increases, Dr. Schmitt said, would reduce purchasing power
and probably lead to demands for wage rises, which were unthinkable
until unemployment was abolished.
Wine Production in Germany Curtailed Due to Shortage in Grape Crops.
Short grape crops in Germany's wine-producing areas
during the current year indicate a substantial curtailment
in that country's 1933 vintages, according to Consul Bartley
F. Yost in a report made public Dec. 11 by the U. S. Commerce Department. Reports from various districts show,
however, that while the quantity of grapes harvested has
been lower than in previous years, the quality of the grapes
is excellent, the report said, continuing:
Volume 137
Financial Chronicle
About 188,000 acres of vines were under cultivation in Germany in the
current year. Reports show that in general the yield of inferior and mediumgrade grapes was proportionately larger than that of the high-grade types.
The highest yield noted, according to the report, is in the Moselle districts
where the grape crop was from one-half to two-thirds of normal. The
famous Rhine wine centers of Rhenish-Hesse and the Rheingau, where the
Johannisberger, Niersteiner and Rudesheimer are grown, and several
other small districts report one-fourth to one-half of a full crop. The
Palatinate, the largest district, with about 37,000 acres under cultivation,
seems to have done slightly better.
German grape growers and wine dealers, the report states, appear to
place considerable hope on the abolition of prohibition in the United States
and large transactions are reported to have already been made with American
Importers. The American business is expected to help in clearing out
stocks of the high-grade vintages which find only a limited domestic market
on account of the generally low purchasing power prevailing in Germany.
Kingdom of Bulgaria 7% Settlement Loan of 192625% of Amount for Payment of Coupon Due Jan. 1
Transferred in Sterling and Dollars—Additional
25% to be Drawn from Reserve Funds.
Speyer & Co.and J. Henry Schroder Banking Corporation,
as American Fiscal Agents, have been informed by the
trustees of the Kingdom of Bulgaria 7% Settlement Loan
of 1926 that the Bulgarian Government has transferred in
sterling and dollars 25% of the amounts required for the
payment of the coupon due on Jan. 1 1934. In order that
this coupon may be paid at 50%, the trustees are arranging
with the paying agents that the balance of 25% shall be
drawn from the reserve funds. An announcement issued on
Dec. 10 by Speyer & Co. added:
As directed by the trustees, Speyer 3: Co. and J. Henry Schroder Banking
Corporation will be prepared to make a part payment to the holders of
the Jan. 1 1934, coupons of the dollar bonds on or after that date at the
rate of $17.50 for each $35 coupon, and $8.75 for each $17.50 coupon.
upon presentation of such coupons at either of their offices for the stamping
of such payment thereon. Such coupons will be returned to the bondholders, to be re-attached to their bonds,in order that their claim to the balance
may be preserved.
4273
Socialist Republics and the American people were removed, such co-operation would assume the widest and most varied forms and that with good-will
and mutual respect on both sides the difference in the socio-political systems
existing in the two countries need not at all be any obstacle thereto.
I fully share your conviction that between the people of the Soviet Union
and the American people there can and should exist not only normal but
genuinely friendly relations. I wish to assure you that on its part the Soviet
Government is filled with a firm determination to help develop and
strengthen precisely such relations.
The host foundation for such sincerely friendly relations and for their
full development is the unswerving will for the maintenance and consolidation of peace which inspires both the people of the Soviet Union and the
American people.
I thank you, Mr. Ambassador, for the cordial wishes expressed by you
to the Union of Soviet Socialist Republics and to me personally. I assure
you that in the realization of these high tasks, in which you rightly see
the important historic significance of your mission, you will always meet
with the full and most active co-operation on my part and on the part of
the Government of the Union of Soviet Socialist Republics.
A Moscow dispatch of Dec. 13 to the New York "Herald
Tribune," after describing the formal presentation of credentials, said:
Following the ceremonial exchange of greetings, Ambassador Bullitt,
President Kalinin and Commissar Litvinoff retired for an informal talk.
From the Kremlin Mr. Bullitt went to pay a formal visit to the members
of the Foreign Office Collegium, and then to his hotel, where he found
fifty Russian and foreign newspaper men waiting.
The Ambassador described President Kalinin as "a really charming
human being," and said their private conversation had been "a perfectly
delightful chat." In the course of it. he intimated, there was elaborated
the idea of Soviet-American collaboration mentioned at the ceremony
preceding.
Ambassador Bullitt said all his time was being devoted at present to
the search for a building to house the American Ambassadorial and consular staffs here.
Mr. Bullitt's arrival in Moscow was noted as follows in a
dispatch from that city to the New York "Times"on Dec. 11:
For the first time since 1918 the United States flag floated in Moscow
to-day over the Hotel National, which will be the residence of Ambassador
Bullitt, who arrived this morning. He had a rather unusual reception.
In addition to the Chief of Protocol of the Foreign Office, there were also
on the platform the Ambassador-Designate, A. A.Troyanovsky,who leaves
for the United States on Dec.23; Rubinin Divilkovsky, chief of the Western
Division of the Foreign Office, the acting head of the Press Department,
and Mikhail Borodin, former Soviet adviser to the Chinese Nationalist
Government and now Editor of the sole English daily here. the Moscow
"News."
Last night, too, at the frontier station of Negoreloe, exceptional cordiality
was shown. M.Ilinsky, a Foreign Office representative of the White Russian capital at Minsk, greeted Mr. Bullitt and entertained his party at an
Informal dinner.
It Is hard for outsiders to realize what an exceptional position Mr. Bullitt
enjoys by virtue of Lenin's appraisal of him fourteen years ago as "a young
man of great heart, integrity and courage," which carries enormous weight.
To this prestige Mr. Bullitt added by oninions expressed during his visit
to Moscow last summer and by his share in the Washington negotiations,
in which he showed that shrewd "horse-trader", Maxim Litvinoff, the
Foreign Commissar, that he could not belbluffed or budged on questions
of principle.
It is hardly an exaggeration to say Mr. Bullitt will, therefore, have
opportunities of contact with the leading Soviet officials which not even
the Germans possessed in the friendliest days.
W. C. Bullitt Presents Credentials as First United
States Ambassador to Soviet Union—President
Kalinin Extends Welcome in Ceremony at Kremlin
—Envoy Stresses Desire of Both Nations for Peace
and Mutual Friendship—American Flag Flies in
Moscow.
William C. Bullitt, United States Ambassador to the
Soviet Union, formally presented his credentials to Mikhail
Kalinin at the Kremlin in Moscow on Dec. 13. Mr. Bullitt,
in a brief address, stressed the desire of both Russia and the
United States for peace and for mutual friendship. M.
Kalinin, in his reply, said that the "difference in the sociopolitical systems need not be an obstacle" to co-operation
between the Soviet Union and the United States. He added
that the appointment of Mr. Bullitt as first American
Ambassador "is in itself considered by us an act of friendship"
Pan-American Conference—Secretary of State Cordell
In his speech to the Soviet President Mr. Bullitt said:
Hull Proposes Reciprocity Commercial Pacts—
Mr. President, I have the honor to place in your hands letters which
Suggests American Nations Seek Bilateral Tariff
accredit me as the first Ambassador of the United States to the Government
Treaties to Spur World Recovery—Argentina Enof the Union of Soviet Socialist Republics. I am charged by the President
dorses Plan After Promise of United States Adherat the same time to convey to you his cordial and friendly greetings as
-War Pact.
ence to Anti
well as his earnest hope for the welfare and prosperity of your great country.
I do not come to your country as a stranger. My profound interest in
Cordell Hull, United States Secretary of State, on Dec. 12
it has existed for many years, and I come with a deep conviction of the
presented to the Committee on New Economic Matters of
Importance of the historic significance of my mission.
—. . _
erence-i M"
the P
-Zamerican Coirf— a - ontivideo a proiMi for
That mission, Mr.President, is to create not merely normal but genuinely
friendly relations between our two great peoples, who for so many years
the reduction orrairff=c7-igh the conclusion of bilateral
1—
were bound to each other by traditions of friendship. The firm establishand multc-laterartreaties.M=1,in an address which
—
ment of world peace is a deep desire of both of our peoples, and the close
was generally regarded as the most significant to be delivered
collaboration of our governments in the task of preserving peace will draw
our peoples together.
to the Conference to date,called on the nations of the Western
Bound by the tie of their mutual desire for peace our peoples will find
many other fields for fruitful co-operation. To-day each of our nations Ilemisphere to lower their own tariffs and to invite other
nations, through the London Monetary and Economic
in its own manner Is seeking with the same indomitable will and limitless
—
energy, but by different methods, to promote the welfare of its people.
Conference, to follow their example. His plan won- the
This simultaneous effort, rather than a source of conflict, offers an oppor,
inr7cm dgre support of Carlos Saavedra famas- Foreign
tunity for creative collaboration.
Finally, our peoples are surely bound by a bond of common, youthful
—
Minister of Argentina, who in turn indicated to newspaper
.
.
readiness to seek new ways to solve new problems and courage
energy,
r7t=at the United Stateshad agreed to adhere to the antito face the future.
war pact which he had sponsored.
Mr. President, in entering upon my mission, I wish to associate myself
with the personal wishes I have expressed to you on behalf of the President
In addressing the Conference committee on Dec. 12,
States,as well as with his wishes for the welfare and prosperity
of the United
Secretary Hull read a short explanation of the aims of his
Union of Soviet Socialist Republics. I pledge you every effort
of the
proposal, and then described his project in more detail.
within my powers to forge strong and enduring ties between our two
countries.
As a declaration of policy, he submitted the following
President Kalinin, in reply to this address, said:
resolution to the Conference:
The Pan-American Conference, impressed with the disastrous effect of
Mr. Ambassador, I have the honor to receive from you letters which
accredit you as the Ambassador of the United States to the Government
of the Union of Soviet Socialist Republics. I am sincerely moved by the
cordial and friendly greetings which you have conveyed to me from your
President. And on my part I beg you to convey my sincerest and most
friendly greetings and wishes for the happiness and prosperity of your west
country.
The outstanding role which you personally, Mr. Ambassador. have
played in the matter of the mutual rapprochement of our two countries is
well known to a wide public in the Union of Soviet Socialist Republics,
and the very fact, therefore, that it was precisely you who were chosen
by the President of the United States as the first Ambassador to the Union
of Soviet Socialist Republics is in itself considered by us as an act of friendship.
I was always deeply convinced that as soon as artificial barriers in the
way of establishing co-operation between the people of the Union of Soviet
obstructions to international trade, desirous of abandoning economic conflict
and recognizing that high tariffs can be reduced only by simultaneous
action by the nations of the world,
Resolve to negotiate comprehensive bilateral treaties and call upon the
nations of the world at the same time to reduce their tariffs.
Secretary Hull proposed "that a general understanding
among all important countries should at the earliest possible
date be brought about in concert for the elimination of the
more useless and hurtful trade barriers and for the reduction
of tariffs in accordance with a moderate tariff policy." He
declared that business recovery depends on the restoration
of international trade and said that his proposal was merely
4274
Financial Chronicle
a declaration of policy and a suggestion as to the most feasible
course for effecting an international trade revival. "It
calls for no treaties, conventions or legal commitments by
this Conference," he remarked.
Mr. Hull advocated the revival of the Geneva convention
of 1927, which abolished import and export restrictions,
quotas and embargoes. The principal industrial countries
to sign this convention, which became effective in 1930,
were the United States, Japan and Great Britain. After
the passage of the NRA legislation this year, however, the
United States denounced the convention in the belief that
it might impede the progress of its domestic recovery program.
Mr. Hull submitted a resolution "that the Governments of
the American Republics will promptly undertake to promote
trade among their respective peoples and other nations and
to reduce high trade barriers through the negotiation of
comprehensive bilateral reciprocity treaties based on mutual
concessions."
Secretary Hull, in his introductory remarks on Dec. 12,
spoke as follows:
The proposal calls for no treaties, conventions, or legal commitments.
We are here to promote peace and the progress of prosperity.
That this Conference will mark the beginning of an epoch in a broader
and more rapid development of the moral, intellectual and spiritual values
of the American nations is now plainly evident.
Since 1929 the peoples of the world have experienced distress and sufferings unparalleled in peace time.
The United States, in view of domestic and international conditions,
feels justified in offering this proposal.
The business of every country is under every sort of artificial restraint.
Every country is invoking every possible method in a desperate effort to
extricate itself from well-nigh panic conditions.
Some,including the United States, are prosecuting broad and constructive
domestic programs with a splendid prospect for continued progress toward
business recovery.
International trade, however, on which the economic lives of scores
of nations and the well being of all nations in important measure depend.
is clogged hopelessly with prohibitions, embargoes, quotas, and other
arbitrary restraints and restrictions.
A full, stable, and durable business recovery can only be effected by a
restoration of international trade and finance to a mutually profitable
extent.
The United States proposes to keep alive the policy offered herewith,
pending the operation of temporary emergency and other extraordinary
measures comprising domestic recovery Programs.
The text of Mr. Hull's proposals on Dec. 12 was made
public by the State Department at Washington on that
date as follows:
Whereas the Governments of the American Republics, convened at the
Seventh International Conference of American States, are impressed with
the disastrous effect of obstructions to international trade upon the full
and stable business recovery of individual nations, as well as upon general
world prosperity; are desirous of abandoning economic conflict and of achieving some measure of economic disarmament; are confident that through
mutually profitable exchange of goods they themselves and the Governments of the other nations of the world may reduce unemployment,increase
domestic prices and improve business conditions in their respective countries:
recognize that the existing high trade barriers can be effectively reduced
only through simultaneous action by the nations of the world;
Be it therefore Resolved by the Seventh International Conference of American States, that the Governments of the American Republics shall promptly
undertake to promote trade among their respective peoples and other
nations and to reduce high trade barriers through the negotiation of comprehensive bilateral reciprocity treaties based upon mutual concessions; and
Be it further Resolved that the Governments of the American Republics
to each subscribe, and call upon other Governments of the world to subscribe, to the policy and undertaking, through simultaneous action of the
principal nations, of gradually reducing tariffs and other barriers to mutually
profitable movements of goods, services and capital between nations, such
policy and undertaking being in words and figures as follows:
That at the earliest practicable date consistent with the exceptions and
reservations herein, the subscribing Governments, while not neglecting
uni-lateral action, will simultaneously initiate between and among themselves negotiations for the conclusion of bi-lateral or multi-lateral agreements
for the removal of prohibitions and restrictions and for the reduction of
tariff rates to a moderate level.
The reservations and exceptions shall apply to the entire undertaking
herein and shall expressly include the operation of temporary, emergency,
or other extraordinary measures comprising domestic programs, primarily
for national economic recovery, now or hereafter in operation in any
country party to this undertaking.
The object of this undertaking is to assert and maintain the broad
economic policy of exploration, combining with any existing domestic
Program a suitable program of international economic co-operation as each
nation emerges from serious panic conditions.
The subscribing Governments undertake mostly that their aim will be
substantial reductions of basic trade barriers and liberalization of commercial
Policy as aforesaid and not merely the removal of temporary and abnormal
restrictions and increments imposed for bargaining purposes. They will
endeavor in so doing to direct their greatest efforts toward the elimination
of those duties and restrictions which completely or almost completely
exclude international competition, such as those which restrict the importation of particular commodities to less than 3 to 5 per centum of domestic
consumption; also protective duties or restrictions which have been in
effect for a considerable period of time without having brought about
domestic production equal to 15 per centum of the total domestic consumption thereof.
To Revive 1927 Convention.
As a part of this undertaking they will revive and revise the convention
of 1927. or agree upon a new convention for the abolition of import and
export prohibitions and restrictions together with other general conventions
having in view the removal of impediments to commerce and endeavor
to obtain for all such instruments acceptance as nearly universal as possible.
The subscribing Governments declare that the principle of equality of
treaty stands and must continue to stand as the basis of all acceptable
commercial policies. Accordingly they undertake that whatever agree-
Dec. 16 1933
ments they enter into shall include the most-favored-nation clause in its
unconditional and unrestricted form to be applied to all types of control of
international trade, limited only by such exceptions as may be commonly
recognized as legitimate; and they undertake that such agreements shall not
introduce features which, while possibly providing an immediate advantage
for the contracting parties, might react disadvantageously upon world
trade as a whole.
The subscribing Governments declare further that the most-favorednation principle enjoins upon States making use of the quota system or
other systems for limiting imports the application of these systems in such
a way as to dislocate as little as possible the relative competitive positions
naturally enjoyed by the various countries in supplying the articles affected.
Most-Favored-Nation Clause.
With a view to encouraging the development of unified and comprehensive
multi-lateral treaties as a vitally important instrument of trade liberalization the advantages of which treaties ought not to be open to countries
which refuse to confer similar advantages, the subscribing governments
declare and call upon all countries to declare that they will not invoke their
right to demand under the most-favored-nation clause contained in bilateral treaties to which they may be parties any benefits of multi-lateral
treaties which have as their general purpose the liberalization of international economic relations and which are open to the accession of all
countries provided that such renunciation shall not operate in so far as the
country entitled to most-favored-nation treatment in fact reciprocally
accords the benefits which it seeks.
For the purpose of carrying out the policy embraced in the foregoing undertaking,the subscribing Governments favor the establishment of a permanent
international agency which shall closely observe the steps taken by each of
them in effecting reductions of trade barriers and which shall upon request
furnish information to them regarding the progress made by each in effectuating the aforesaid program.
In consideration of the premises. the Governments of the American
Republics earnestly call upon the appropriate agencies of the World Monetary and Economic Conference at London, now in recess, promptly to cooperate in bringing this proposal to a favorable conclusion.
We quote, in part, from a Montivideo dispatch of Dec. 12
to the New York "Times" regarding the reception accorded
Mr. Hull's suggestions by members of the various delegations:
The expected United States economic proposal, delivered to the Committee on New Economic Matters of the Pan-American Conference under
the Chairmanship of Foreign Minister Cans Saavedra Lamas of Argentina.
met with a mixed reception. It evoked the approval of Argentina and
Uruguay and the criticism of Mexico and El Salvador. When it appeared
the smaller nations might precipitate a deluge of denunciation of the United
States tariff policy, Senor Saavedra Lamas adjourned the discussion until
to-morrow without definite Committee action on the proposal.
In praise of Mr. Hull's project, the Argentine Foreign Minister said the
Conference must achieve political as well as economic peace. He also announced he would ask the assembled nations to-morrow to sign the BriandKellogg and the Argentine anti-war pacts.
United States-Argentine Trade Seen.
The inference drawn from this announcement, coupled with his unqualified approval of Mr. Hull's declaration, was that the Argentine and
United States delegations had made a trade, the United States agreeing to
adhere to Senor Saavedra Lamas's anti-war pact in return for Argentine
support of the United States' economic leadership at the Conference. This
would be the first time in Pan-American history that such an alliance had
been effected.
After listening to eulogies of the Hull plan from Senor Saavedra Lamas
and Pedro Manini Rios of Uruguay and only implied criticism from Foreign
Minister Jose M. Pulg Casauranc of Mexico, Hector David Castro of El
Salvador got the floor to say that Latin-American problems could not be
solved in a moment of enthusiasm on the basis of an idealistic pronouncement easy to make but difficult to realize.
He said a plan for tariff reductions to American merchandise might be
viewed as a customs union which would endanger Latin-American sales to
Europe. Ile pointed out that Latin-Americans bought almost all their
goods from the United States and sold almost all their goods to Europe.
Criticizes Our Protectionism.
Dr. Puig Casauranc pictured the effect of the United States protectionism
on outsiders, saying the burden first fell on workmen, who had their wages
cut. He asserted the severe crisis in northern Mexico was a result of the
United States' tariffs on vegetables and live cattle.
He argued the level of wages throughout the world was lower than it
would be without protectionist policies. He laid the blame for the trade
barriers to which Mr. Hull referred at the door of countries suffering from
over-industrialization and over-production which started with protection.
"The sellers of credit and the great industrial countries," he said, "must
realize in their own interest the need to humanize their concepts. We are
not dealing with machines, but with men. Instead of meaning excessive
earnings and insolent, irresponsible power for some, civilization really
means general human betterment within and without every country."
Senor Saavedra Lamas said, in opening the debate: "This notable exposition of Mr. Hull's orientates the labors of this Conference to the economic
aspect, which should be paramount." He declared political and economic
peace were twin aspects of Pan-Americanism which the conference should
attain. Pan-Americanism, he said, possessed already most of the necessary
instruments to preserve peace, "and the missing ones are supplied in
Argentina's anti-war pact."
Ambassador Welles Returns from Cuba to Washington
to Resume Post in State Department—Jefferson
Caffery Will Succeed Him at Havana—Rumors
That United States Considers Abrogating Platt
•
Amendment Lack Official Confirmation.
Sumner Welles, retiring American Ambassador to Cuba,
returned to the United States on Dec. 13 to resume his
former post as Assistant Secretary of State. He will be
succeeded at Havana by Jefferson Caffery of the State
Department, who plans to go to Cuba shortly. At a luncheon given in his honor before his departure he said that,
in his opinion, "the United States has never more clearly
shown its good-will toward Cuba than during the past few
months."
Volume 137
Financial Chronicle
Conditions on the Island have shown little improvement
during the present week, according to newspaper reports,
and efforts made to bring about an agreement on policies
between President Grau San Martin and members of opposition parties have resulted in complete failure. Unofficial
advices from both Washington and Havana early in the week
said that the United States was considering a plan under
which it might offer to abrogate the Platt Amendment,
incorporated in the Cuban Constitution, in order to help
end the unrest in Cuba. President Grau San Martin was
reported to have said that Mr. Welles had discussed with
him the abrogation of the Amendment. Mr. WeIlgs denied
on Dec. 13 that he had discussed this matter, and added
that in conversations he had referred casually to President
Roosevelt's recent statement that it might be advisable to
negotiate a new treaty of friendship and commerce.
Pan American Conference—Secretary Hull Criticizes
International Bankers at Secret Session of Steering
Committee—Speech is Printed Without His Knowledge—Declared Group Has Failed to Support
Roosevelt Administration.
Secretary of State Cordell Hull, head of the United States
delegation to the Pan American Conference at Montevideo,
criticized international bankers, who he declared had "always
• hindered President Roosevelt and opposed him." Mr.
Hull's remarks were made in the course of a secret executive
session of the Steering Committee on Dec. 5, but were
published in the official journal of the Conference on Dec. 8.
Mr. Hull expressed surprise at the publication, and said ha
had spoken extemporaneously at what he had been assured
was a secret session. He added that his remarks were made
public without his having an opportunity to approve the
translation of the stenographer's transcription. His talk
was described as follows, in a Montevideo dispatch to the
New York "Times" on Dec. 8:
It has been the practice of international bankers to place large loans
abroad, sell bonds to small investors and take a profit, and then cease to
concern themselves further with the loans, Mr. Hull told the Steering
Committee, according to the official version published to-day.
"I take the liberty to say here with all frankness," Mr. Hull is quoted
as saying, "that international bankers are not and have not been supporters of the Roosevelt Administration." He cited the creation of the
Independent Bondholders' Commission as an example of the Federal
Government's interest in "preventing any international bankers from
treating debtors unfairly during the present crisis."
"I have no interest," he continued, "in preventing a discussion of debts.
I am willing that there be the broadest and frankest discussion, but I have
no authority to vote on the question. Future recovery of international
trade offers a very broad field for international co-operation, such as that
offered by the problem of monetary standardization and exchange stabilization when our nations later are in a position to come to the consideration
of these points."
American Conference—Mexican Proposal for
General Latin-American Debt Moratorium is Referred to Subcommittee and May Not Reach Floor
of Parley—Argentina, Brazil and Chile Oppose
Inclusion in Agenda.
A proposal submitted to the Pan-American Conference in
Montevideo by Dr. Jose M. Puig Casauranc, Mexican
Foreign Minister, which would include the question of interGovernmental debts in the agenda of the Conference, was
referred to a subcommittee of the Steering Committee on
Dec. 5, and it appeared doubtful if the proposition would
actually reach the floor of the Conference. Opposition was
displayed by spokesmen for Argentina, Brazil and Chile,
who contended that the moratorium discussion would injure
the credit of all Latin-American countries. Meanwhile
newspaper reports from Washington indicated that the
Administration considered that the United States has no
interest in the proposal, since this nation is not the creditor
of any Latin-American country.
Dr. Casauranc's proposal was one of 15 items which he
asked the Steering Committee to add to the Conference
agenda on Dec. 4. They included the following points:
Pan
International responsibility of the State, with special reference to Its
responsibility for the denial of justice.
The definition and fixing of the duration and reciprocal nature of political
asylum.
The possibility of a collective extradition treaty.
Gold monometalism and bimetalism, with special reference to the silver
question in Mexico.
A solution of the world economic crisis.
A program for the establishment of a Pan-American bimetal monetary
system.
A proposal for the creation of a permanent Pan-American economic and
financial organization.
Improvement in workmen's living conditions.
A report on the results of national and international conferences on child
welfare.
A report of the Mexican committee on bibliography.
The promotion of national and inter-American bibliography.
International co-operation for the conservation and national ownership
of historical and archaeological monuments.
4275
A report on work done by the Pan-American Geographical and Historical
Institute.
A report of the Mexican delegation on ratification of conventions and
the carrying out of resolutions adopted by the Pan-American conferences
with special reference to the sixth conference.
A Montivideo dispatch of Dec.5 to the New York "Times"
described the action taken on the Mexican program, in part,
as follows:
Dr. Puig's resolution urging all Governments to declare a moratorium
the
.
without interest on obligations for the next 6 to 10 years apparently was
also calls for
point which aroused the greatest opposition. His program
debt
the establishment of an international judiciary body to regulate
questions without recourse to committees of bankers. To-day's discussions
Steering Committee that
made it clear to the other delegation chiefs on the
proposal,
the United States delegation could not vote on the moratorium
but it had no objection to having it discussed.
points to a
Dr. Puig explained that he did not desire to push any of his
but felt his
vote against the wishes of any member of the Conference,
as of common
topics, particularly debts, should have the widest discussion
interest to Latin-American countries.
Argentina Opens Fight.
gathering by opposing
Foreign Minister Saavedra Lamas surprised the
it would hurt the
the Puig moratorium discussion on the ground that
Foreign Minister Miguel
credit of all Latin-American countries. After
behalf of Chile, Dr.
Cruchaga Tocornal had revealed a similar opinion on
complete the unexpected
Afranio de Mello Franco brought Brazilian aid to
States against Mexico.
Picture of the ABC Powers supporting the United
wanted governmental
Angel Alberto Giraudy said the Cuban delegation
submit a debt plan
debts discussed immediately and announced he would
regardless of the fate of the Puig proposition.
luncheon, discussed
The hungry delegates, on their way to a belated
throughout the potentially
favorably the tactics of Secretary Cordell Hull
political experience apparentPerilous session. The Secretary of State's long
two-thirds vote, so he
ly told him Mexico was unlikely to get the necessary
leaving the Latin-Americans
adopted the most conciliatory attitude possible,
to bear the brunt of the opposition.
from the countries which
As expected, the opposition came principally
service and resent being
have made sacrifices to support their foreign debt permitted their obligahave
Placed in the same category as countries which
unfavorable, as is contions to lapse. If the subcommittee report is
bimetalism and other less
sidered possible, Dr. Puig may endeavor to save
resubmitting the proposition with
controversial subjects of the program by
this this morning, but the
the moratorium feature elided. He offered to do
the subcommittee.
Proposition as originally submitted was referred to
Broad
Pan-American Conference—Mexico Proposes
Arbitration
Peace Plan, Including Compulsory
entine
and Inter-American Court of Justice—Arg Read
-War Pact, Signed by Six Nations, Is
Anti
to Delegates at Montevideo.
the
Measures for insuring international peace occupied
n Conference, meeting at Monteattention of the Pan-America
Lamas,
video, on Dec.8 and 9. On the former date Saavedra
Argentina, read and introduced into the
Foreign Minister of
South AmerConference's record his anti-war pact, which six
have already signed. On the following day the
ican nations
peace proMexican delegation submitted a comprehensive
Commitgram, which was referred to a subcommittee of the
of Peace. A Montevide% dispatch of
tee on Organization
feaDec. 9 to the New York "Times" outlined the principal
as follows:
tures of the plan
presented by Manuel Sierra, proIn a general way; the Mexican proposal,
permanent conciliation and
vides for compulsory arbitration and sets up as
Court. It calls for sanctions.
arbitration machinery an Inter-American High
to combine all existing PanIt is evident the object of the Mexican plan is
The Gondra convention, the
American peace machinery and to go further.
Argentine anti-war pact, the
Washington compulsory arbitration treaty, the
Commission and the Court of
Maurtua and James Brown Scott Conciliation
in the five chapters of the
International Justice ideas are gathered together
105 articles.
aimed at the United States
The only portion which might be regarded as
agree not to
declaration: "The high contracting parties expressly
is this
resort to armed force to collect debts."
•
"Aggressor" 18 Defined.
as a nation Which (1) declares
The proposed peace code defines "aggressor"
declaring war, (3) comwar, (2) commences an invasion, even without
those attacking another
mences a blockade of a coast or port, or (4) aids
to take measures
country or disregards a petition of an attacked country
which would deprive the attackers of support or defer.se.
obtained by
The signatories would not recognize territorial arrangements
other than pacific means.
existing
The Mexican proposal is based on the alleged inadequacy of the
Leticia dispeace machinery, citing its failure to prevent the Chaco and
they
putes. It criticizes the Gondra and Washington conventions because
set up conciliation commissions only after a conflict breaks out.
Elaborate machinery is set up for selecting a permanent conciliation commission which would have jurisdiction over all controversies between the
signatories and which would be obliged to report within six months on all
questions. Conciliation could be interrupted only by direct agreement
of the disputants or a decision to submit to the arbitration of international justice.
The first reaction of the United States delegation was favorable. J.
Reuben Clark told the subcommittee, of which he is a member, that the
United States had no project to propose, but was ready to go along with any
plan that promised to improve peace machinery and tend to make wars less
possible.
Favors Use of Present Pacts.
"My Government feels it the part of reason to study and try to repair
defects in the machinery we have rather than to devise new plans, which
would meet the same experience as other plans," he added, however.
The proposal included the unusual step of asking Canada to participate in
an American court of international justice. The Pan-American Union, which
would play an important role in setting up the machinery, would ask the
President of the Canadian Bar Association to name two Canadian jurists
4276
Financial Chronicle
willing to accept places on the tribunal, and one of them would be chosen
by lot.
In line with the school of thought calling for greater co-operation by the
Pan-American Union with world agencies, the Mexican peace code said; "An
agreement shall be reached between the Court of International Justice at
The Hague and the Court of Inter-American Justice to leave to the latter
jurisdiction over any matter involving American States signatory to this
treaty and members of the League of Nations.
Montevideo advices of Dec. 8 to the New York "Herald
Tribune" described the Conference proceedings on that date
In part as follows:
Reuben Clark Jr., of the United States delegatton, was among those who
praised the Argentine Minister, saying that he could not let the opportunity
pass "without paying tribute to the high ideal which led him forward in
drafting the document we have heard to-day."
Other Signatures Are Sought.
His anti-war pact is a sort of combination of all the prevfous pacts, with
special application to South America. Having thus been made a part of the
Conference's record, it will be held ready for other signatures in case they
are forthcoming.
Cesar Zymeta, the scholarly old. Venezuelan diplomat who as one delegate
remarked, "sits up all night writing things which he can read next morning,"
also praised Senor Saavedra's pact, but proposed, meanwhile, a sort of
gentlemen's agreement, according to which the signers would meet immediately at the Pan-American Union in Washington to take measures to stop
hostilities whenever they were started. His proposal was referred to a subcommittee.
The Inter-American Commission of Women, which is meeting here at the
same time as the Conference, adopted a report which it will present to the
Conference asking for the adoption of a treaty giving equal political and
civil rights to women throughout the Western Hemisphere. The report is
accompanied by a voluminous study comparing the laws affecting the status
of women in all the American countries.
Financing of. Mexican Agricultural Co-operatives
Through National Bank of Agricultural Credit.
That the Mexican Government is once more actively fostering the formation and organization of co-operatives is revealed in reports received in the Commerce Department's
Division of Regional Information. The Department, in making this known on Nov. 29, further said:
This movement is especially evident in agriculture, it is pointed out, but
to a lesser extent it is developing in mining, manufacturing, and such varied
fields as restaurants, bus lines, stevedoring and newspapers.
Most of the Mexican agricultural co-operatives have been organized under
the auspices of the National Bank of Agricultural Credit, with the view of
obtaining greater credit facilities at lower rates of interest. The principal
co-operatives set up during the last 18 months have also emphasized the
marketing end, such as the two big co-operatives on the West Coast, one of
which controls the marketing of winter vegetables in the United States and
Canada, the other handling the garbanzo crop of the States of Sonora and
Sinaloa.
Banana growers were recently united in a national confederation and the
co-operative movement is now under way in the coffee-growing industry.
Organizing efforts are also being undertaken among various groups of fruit
growers, particularly in the case of oranges and avocados.
The Mexican c9-operatives have been financed through the National Bank
of Agricultural Credit, which has been reorganized in accordance with the
law of Jan. 2 1931. The Secretary of the Treasury announced early in
November that the Bank would soon have 20,000,000 pesos to lend to small
farmers, and that the agricultural credit law would be amended to permit
the distribution of the funds not later than Dec. 1 1933.
The co-operative movement in Mexico, it is pointed out, is designed to
raise the standard of living of the peasants and small fanners, to instruct
them in up-to-date methods and coimnon endeavor, and to increase the control of the strictly Mexican elements over the productive resources of the
country.
New Zealand Reserve Bank Act Becomes Operative
Following Passage by Parliament—Reasons for
Gold Transfer Clause.
Following its passage by the New Zealand Parliament, the
New Zealand Reserve Bank Act has become operative, according to the London "Financial News" of Nov. 23, from
which we also quote:
Under the terms of this legislation the gold reserves at present held by the
trading banks in New Zealand will be transferred to the Reserve Bank on
the basis of E3 17s. 10%cl. per standard ounce, i.e., the Mint par value of
gold. Any eventual profit on such transfers will become the property of
the State.
Profit on Gold Reserves.
This particular aspect of the legislation has been the subject of comment,
and it has been suggested that the banks, and not the State, should receive
the benefit of any profit on the gold reserves in question. The view of the
New Zealand Government is that the trading banks have no equitable claim
to this profit.
The present gold reserves of the trading banks total approximately
£5,000,000, which is approximately the amount(£5,500,000) which they
held io 1914. Befnre the war the banks were legally compelled to keep a
gold reserve of not less than one-third of their note issue. In fact, the prewar note issue was under £2,000,000, so that the statutory gold reserve was
not much greater than £600,000.
Banks' Ordinary Cash Reserve.
It has been contended during the discussions between the Government and
the banks that the extra gold, which consisted of sovereigns, was therefore
the banks' main ordinary cash reserve, and that the accumulation of this
gold was thus in no sense an investment, but was a necessary condition of
carrying on the business of banking in New Zealand.
Immediately upon the outbreak of the war, the notes of the banks were
made legal tender, but provision was also made that the banks might be
required to give adequate security that they would redeem their notes in
Dec. 16 1933
gold on the expiration of the period covered by the Proclamation. At the
same time, the Government assumed the liability for ultimate redemption
of the notes in the event of the banks failing in the meantime. Concurrently,
the Government imposed, and has since maintained, a prohibition upon the
export of coined gold, except with the permission of the Minister of Finance.
Meeting Demands for Cash.
This situation has been perpetuated by successive Orders in Council up to
the present time, when the remaining gold reserve of the banks is slightly
less than that which they held in 1914. The new legislation does not impose
on the banks the obligation to redeem their notes in gold; nor does it once
more make sovereigns legal tender. The banks' essential need of securing
legal tender to meet demands for cash will be met by their securing supplies
of Reserve bank notes, which will be legal tender. It has throughout been
contended by the New Zealand Government that the profit on this gold due
to events outside the control of the banks should accrue to the public account.
In regard to the suggestion that the banks operating in New Zealand with
head offices overseas be treated on a different basis from those whose head
offices are situated in New Zealand, the attitude of the New Zealand Government has been that since they all carry on business on similar conditions
within the Dominion, it would be inequitable to accord differential treatment according to the source of the capital.
In reporting the passage, without amendment, of the Reserve Bank Bill by the New Zealand Legislative Council on
Nov. 21, the "Financial News" stated:
Sir Francis Bell, Member for Wellington, according to Reuter, moved that
the bank should be given the sole right of note issue, but was defeated by
14 votes to 2.
The bill was passed by the House of Representatives on Nov. 2. Mr.
Coates, the Minister of Finance, has defined the objects of the bill as being
to control the Government's monetary policy, to strengthen and co-ordinate
the existing banking systems, to provide cheaper credit for the community,
and to effect savings for the State.
Editorially, the "Financial News" had the following to say
in its Nov. 23 issue:
New Zealand Bank Gold.
The passage of New Zealand's Central Bank Bill is now directing attention
to one particularly undesirable feature of the measure—the provision that
the Government may commandeer the whole of the private banks' gold reserves at the old par (its market value in New Zealand currency is now some
75% above parity). The contention of the Government is that the
£5,000,000 odd (at par) of gold which the banks now hold represent mainly
the reserve which the banks held before the war against their deposits, which
were in the last resort legally payable in gold sovereigns; and that therefore the gold cannot be regarded as an investment on the part of the banks,
but as a reserve which was kept entirely on account of currency regulations.
There is, therefore, the Government argues, no equitable claim on the banks'
part to receive the market value of the gold. Moreover, the commandeering
of the New Zealand gold reserves of foreign (mainly British) banks operating
in the Dominion is being justified on the ground that their operations in
New Zealand were under the same regulations as those of domestic banks.
Although there might have been some justification for commandeering
the reserves of domestic banks in 1914, there is certainly no justice in it
now. In the first place, it is extremely unusual, and not a little discreditable, for any Government to confiscate property belonging to foreign institutions, and the fact that New Zealand regulations may have been partly
responsible for their owning that property is neither here nor there. Secondly, since the Government itself has taken a direct hand in depreciating
the currency and has thereby diminished the value of the banks' net assets,
gold was the banks' only protection, and any increase in its value may be
considered in equity to belong to them. But most important of all is the
fact that since 1914 there has been an embargo on the export of gold coin,
so that for 19 years the banks have been compelled to keep a large part of
their funds locked up in this commodity, although the obligation to make
payments in gold was suspended, and, in fact, the gold had no relation to
the currency system at all. In these circumstances it can scarcely be laid
down what sort of an asset the banks' gold can be considered. It seems to be
an "investment" lust as much as anything else. To most people in this
country it will seem that all these ingenious theories, by which the New
Zealand Government seeks to justify a sequestration of property largely belonging to nationals of another country, serve principally to cloak the fact
that a windfall profit of nearly £4,000,000 (New Zealand currency) has
tempted the Treasury too much for it to let that profit remain where it
properly belongs.
Mention of the New Zealand Reserve Bank Bill was made
in these columns Nov. 11, page 3407.
Establishment of Central Reserve Rank for India
Reported Assured by Test Vote of Legislative
Assembly—Government Against Change in Rupee
Ratio.
From the Montreal "Gazette" of Dec.6 we take the following from New Delhi, India, Dec. 5:
The Government's bill for the establishment of a Central Reserve Bank
was assured of safe passage in the Indian Legislative Assembly to-day, after
an opposition amendment had been defeated by 70 votes to 33. The opposition wanted the bank set up with State capital instead of capital secured
from sharehalders.
(Private capital is recommended for the Central Bank which the Royal
Commission on Banking suggested should be established in Canada.)
The report of the Committee recommending the creation
of a Reserve Bank for India was given in our issue of Sept. 2,
page 1638. In the London "Financial News" of Nov. 28 it
was stated:
The bill to establish the Reserve Bank of India, as it emerged from the
Select Committee, was yesterday considered by the Indian Legislative Assembly on the motion of Sir George Schuster, the Finance Minister, says Reuter.
Sir George regretted the propaganda attempt to alter the rupee ratio in
connection with the establishment of the Reserve Bank.
"If we had thought," he said, "our introduction of the Bank Bill would
be made an occasion to revise the ratio, we should never have introduced
the bill."
Volume 137
Financial Chronicle
Tax Exemption.
The Finance Member announced that the bank would be exempted from
Income tax both in India and in England but the dividends for the shareholders would be taxed.
Sir George said that the Government could not agree to the statutory provision that 75% of the shareholders should be Indians. But it was assumed
that in actual working there would be more than 75% Indians as shareholders.
He sympathized with India's demand for retaliation against Dominions
which discriminated against Indians by excluding them from acquiring
shares.
Regarding the demand that 75% of the voting directors should be Indians,
Sir George opposed the statutory provision and assured the members that
the Governor-General would exercise his powers of nomination with a view
to ensuring proper representation of Indians.
He announced that there would be at least one Indian, either of Governor
or as one of the Deputy-Governors.
Government Policy Unchanged.
A question about the rupee ratio was raised in the House of Commons
yesterday.
Mr. Wedgewood (Newcastle-under-Lyme) had asked Sir Samuel Hoare,
the Secretary of State for India, what was the Government's policy on the
proposal to devaluate the rupee to is. 4d.
Sir Samuel said that the policy of the Government had in no way altered.
That policy, he said, was to maintain the link with sterling at the rate
which had prevailed since the passing of the Currency Act by the Indian
Legislature in 1927.
Bank Reform in Jugoslavia—Plans for Easing
Peasants' Debt Burdens.
Belgrade advices, Nov. 24, are taken as follows from the
London "Financial News" of Nov. 28:
In a speech before Parliament outlining the future economic policy of
the Government, the Premier, M. Srshkitch, announced the introduction of a
number of bills which will end the moratorium regime in the country. The
most important of these are the scheme for the conversion of peasant debts
and the Bank Reform Bill.
The first of these provides that all peasant debts for which a moratorium
was proclaimed last year, and which amount to a total variously estimated
between 7,000 and 9,000 million dinars, will be converted into long-term
loans, and repaid within 12 years. The rate of repayment for the first year
is fixed at 6%, rising gradually to 18% during the twelfth year. The interest rate for debts to banks is fixed at 6% and for those to private creditors
at 4%.
The reason for this differentiation is that the interest on bank loans was
controlled by the State, while the interest on those issued by private creditors
was often 20% to 30%.
Two special measures in this scheme merit attention. One stipulates that
peasants who do not repay the sums fixed by the conversion scheme within
three years shall lose the advantages of protection under this law. The other
lays it down that peasants who repay their debts before the legal term have
their right to a reduction of their debts and interest rates.
Unsound Banks to Go.
The Bank Reform Bill provides for the winding up of all those banks
which enjoyed the protection of the moratorium but have shown themselves
to be unsound. The remaining banks—those whose assets exceed their liabilities although they are not liquid—will be able to take advantage of several facilities. These include the valorization of their immovable property,
the introduction of State bonds into the balance sheet at their purchase price,
the issue of bank shares to creditors in the case of banks which have written
off part of their capital, the issue of bonds guaranteed by immovable property, facilities for the repayment of old debts within five years, as well as
easier conditions for merging.
The other economic bills announced by the Premier include a measure
relating to the conversion of business debts hitherto protected by the moretmium ; a bill for public works with the guarantee of special iunds, and a
bill against cartels.
Other measures planned by the Government are a lowering of the bank
rate, with the fixing of a maximum interest rate on loans 3% above the bank
rate. Finally, credits have been promised to aid these and other schemes.
Senatellnquiry into Stock Market Trading—Investigationtinto Affairs of Chase National Bank
Concluded—H. C. Couch of RFC Reported as
Having Loans with Bank When Roads Were
Granted Loans to Meet Obligations with the
Bank—Committee Takes Recess Until Dec. 18.
The inquiry by the Senate Banking and Currency Committee into the affairs of the Chase National Bank of New York
was ended on Dec. 7, with evidence, according to the Associated Press, that may bring an inquiry by another Senate
Committee into the bank's relations with Harvey C. Couch,
a director of the Reconstruction Finance Corporation. The
Associated Press advices from Washington, Dec. 7, as given
in the New York "Herald Tribune" continued:
The Committee was told that Mr. Couch had large loans outstanding with
the Chase Bank ever since lie became a director of the RFC, and that during
that period the Government agency had made loans to railroads enabling
them to pay obligations of about $10,000,000 to the bank.
Senator Duncan U. Fletcher, Chairman of the Banking Committee, said
he would confer with members of the Committee investigating RFC loans
about following up the evidence relating to Mr. Couch.
The inquiry was recessed until Dec. 18, when hearings will begin on the
closed Detroit banks.
Developments to-day included:
Testimony that losses of $30,000,000 were suffered in two syndicates in
Seaboard Airline securities by a group of banks and individuals, including
Norman H. Davis, American Ambassador at Large; Mr. Couch and Charles S.
McCain, Chairman of the Board of the Chase Bank.
Evidence that Albert H. Wiggin, then Chairman of the Chase Bank, was
allowed to participate on original terms in an investment trust organized
by Mr. Couch in 1929 after it already had realized a profit. This was characterized by Ferdinand Pecora, Committee Counsel, as a "gift."
4277
A denial by Mr. McCain, who was on the stand throughout the day, that he
was responsible for Senator Huey Long's filibuster against the Blass Bank
Bill last year.
Testimony by Mr. McCain that he now receives several salaries as director
of outside corporations in addition to his compensation from the bank of
$128,000 a year, and that he owes the bank $226,000 against which the
bank holds collateral of "very little" value.
Evidence that Mr. Couch, together with an Arkansas associate, still owes
the bank $153,000 and that the bank holds his note for another $820,000 in
connection with a syndicate loan in 1930.
Rock Island Loans $14,000,000.
Testimony that RFC loans to the Rock Island RR.. while Mr. McCain was
director totaled about $14,000,000.
Recommendations by Mr. McCain for modification of the Securities Act
and repeal of the National Banking Law permitting banks to make real
estate loans.
Agreement between Mr. McCain and Senator James Couzens, a member of
the Committee, that National bank examiners should be rotated, so that the
same men would not examine an institution year after year.
Mr. Couch, who had been notified of the subject of to-day's inquiry, did
not appear, but submitted a letter denying any "irregularities" in his relations with the Chase Bank. He said the Committee would understand a
personal letter written by him to Mr. McCain on RFC stationery when he
explained that it was "purely a personal letter to my lifelong friend and
business associate."
Mr. Couch said he had sold his stock in the bank at a loss and severed all
official connection with the institution when he took his Government post.
Mr. McCain's testimony that he was receiving salaries from outside corporations as a member of their Boards of Directors came only a day after W. W.
Aldrich, President of the Chase Bank, had told the Committee that, in his
opinion, bank officials should not be permitted to receive outside compensation.
McCain Admits Outside Pay.
Mr. McCain testified that he received $2,400 a year as director of National
Cash Register, $1,200 as director of the Louisiana & Arkansas RR., and
$8,600 as director and member of the Finance Committee of Goodrich Tire &
Rubber Co.
Mr. Pecora read into the record a letter from Mr. Couch to Mr. Wiggin,
dated Sept. 24 1929, offering him 25,000 shares of stock in an investment
trust. It said, in part:
"We are glad to include you on this, although we are not making a general offering at this time. This comes to you at the suggestion of our mutual
friend, C. S. McCain. We have already made a nice profit, but you are
getting in on the original terms."
Mr. McCain objected to calling the transaction a "gift," but agreed it
was "an outburst of generosity" on Mr. Couch's part.
Mr. Pecora developed that the peak of Mr. Couch's personal indebtedness
to the bank was $338,000 in September 1929, just before the investment trust
stock sale to Mr. Wiggin. Hr. McCain said for a period of six months Mr.
Couch's loan had been undercollateralized and had been the subject of frequent discussions by bank officials and bank examiners.
$338,000 Loan Is Paid.
The loan was finally paid, however, he said, out of a loan of $625,000 by
the bank to Mr. Couch and C. H. Moses, of Little Rock.
It is part of this loan which is still outstanding, Mr. McCain said, though
it is well covered by collateral.
Mr. McCain did not go into much detail about the Seaboard pools, but
said one of them had lost $10,000,000 and the other $20,000,000. He indicated, however, this was not a total loss as the pool members still held some
of the securities.
Previous evidence had shown that other participants of the pools included
Dillon, Read & Co.; the Chase Securities Corp.; Rogers Caldwell, of Tennessee; W. W. Atterbury and Clarence H. Mackay.
In the Washington advices, Dec. 7, to the New York
"Times," it was stated that Mr. McCain said that Mr. Couch
became a director of the National Park Bank and afterwards
of the Chase National Bank, but resigned from the latter before becoming a member of the RFC.
Senate Inquiry into Stock Market Trading—Questionnaires Addressed to Members of New York
Curb Exchange by Ferdinand Pecora, Counsel
for Senate Committee, Relative to Trading at
Certain Periods in Years 1928-1933.
Ferdinand Pecora, Counsel for the subcommittee of the
Senate Committee on Banking and Currency, investigating
stock exchange practices, recently addressed questionnaires
to individual members and member firms of the New York
Curb Exchange. The questionnaires, sent on Nov. 27, are
returnable on or before Dec. 15, it was stated in the New
York "Herald Tribune" of Dec. 7, in which it was also noted:
The new questionnaires are almost identical with those sent previously to
members and member firms of the New York Stock Exchange. Originally,
Mr. Pecora planned to obtain the information from Stock Exchange members
by having the Exchange circulate the blanks. However, the officials refused
on the ground that the constitutional rights of the members might be limited.
Mr. Pecora then sent the questionnaires direct to Stock Exchange members,
the great majority of whom have already sent the data.
"I am resorting to this means of obtaining the information," Mr. Pecora
said in his letter to members, "because I am convinced that it involves less
expense and inconvenience on the part of Stock Exchange members than any
other method."
Huge Report Expected.
With the Curb questionnaire, the Senate Committee will have data on virtually every brokerage firm except those dealing only in "over the counter"
trading. This includes the great majority of Wall Street houses. The analysis of material /gathered will form, it is said, the most comprehensive
official report on security trading ever made.
The outstanding difference in the two sets of questionnaires Is that the
Curb blank asks the firm to furnish the name and address of the manager
of the joint, pool or syndicate accounts in which it was interested but not
the head. The definition of such accounts, on which there was controversy
in regard to the Stock Exchange inquiry, remains the same. It defines the
4278
account as one in which two or more parties participated for the purpose
of trading activity in a single security and in which account there were more
than 10,000 shares bought or sold.
Mr. Pecora, in the questionnaire, requests details as to the type of activities of partners in relation to Curb trading and requests a list of specialists
on the Curb. In asking for the total number of customers during 1929 and
from Jan. 1 to Sept. 1 of this year, he excludes members of any exchange.
The character of these customer accounts is also requested. The accounts
of the firm and of the partners in Curb trading during July of this year are
checked, as are the annual number of accounts from 1928 to date. . . .
ft is understood that questionnaires have been sent to exchanges of other
cities in addition to the Curb Exchange.
The questionnaires follow:
COMMITTEE ON BANKING AND CURRENCY, UNITED STATES SENATE,
285 Madison Avenue, New York City, N. Y.
QUESTIONNAIRE.
Member Firms of the New York Curb Exchange.
1. Furnish the information requested as of July 31 1928; July 31 1929;
Dec. 31 1929; Dec. 31 1930; Dec. 31 1931; Dec. 31 1932, and Sept. 30 1933:
(a) Did any member partner of your firm on or about the above dates act
primarily as a floor trader in stocks on the above-named Exchange? If so,
furnish the name or names of such member partner or member partners, and
set forth upon which of said dates each acted in such capacity.
(b) Did any member partner of your firm on or about the above dates act
primarily as a floor broker in stocks on said exchange? If so, furnish the
name of such member partner or member partners and set forth upon which
of said dates each acted in such capacity.
(c) If the answers to subdivisions (a) and (b) are in the negative, state
the names of your member partners who were active on the floor of said Exchange on or about the above dates, and in what capacity.
(d) Furnish list of all member partners not included in subdivisions (a),
(b), or (c), describing the duties of each on or about the above dates.
2. If any of the member partners of your firm were specialists in stocks
on the above-named Exchange on July 1 1933, furnish as to each, a list of
such stocks.
3. Submit the following information for the whole year 1929 and for the
period from Jan. 1 1933 to Sept. 1 1933:
(a) The approximate total number of customers who bought or sold any
securities through your firm, excluding customers who were members of the
above-named or any other security exchange.
(b) The approximate total number of the above whose transactions were
of a cash character.
(c) Has your firm, as a member of any other Exchange, furnished the
information contained in your answers to 3(a) and 3(b) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent
to your firmi as a member of such other Exchange?
4.—
(a) State total number of shares bought and total number of shares sold
on the above-named Exchange for firm account for the month of July 1933,
excluding transactions in error accounts. Specialists should exclude from
this total all transactions made against odd lots.
(b) Submit on behalf of each partner of your firm (whether active or
Inactive) a statement showing the approximate total number of shares bought
and the approximate total number of shares sold on the above-named Exchange for his personal account for the month of July 1933.
(a) State the approximate total number of customers' accounts on the
firm's books having debit balances as of Dec. 31 1928; July 31 1929; Dec. 31
1929; Dec. 31 1930; Dec. 31 1931; Dec. 31 1932, and June 30 1933.
(b) Has your firm, as a member of any other Exchange, furnished the
inofrmation contained in your answer to 5(a) to the Senate Committee on
Banking and Currency in response to a questionnaire sent to your firm as a
member of such other Exchange?
6. The following information is required for the years 1929 to 1932, inclusive, and for the period from Jan. 1 1933 to Oct. 31 1933: '
(a) State whether your firm held any option or had a participation in
any option, exceeding 10,000 shares of any single security which was traded
in on any Exchange (whether said option was exercised wholly, partially, or
not at all). If answer is in the affirmative and your firm held the original
option or acted for the optionee or optionees, furnish a photostatic copy of
each of such options.
(b) State whether any partner of your firm or any person acting on behalf
of your firm or of any partner thereof, held any option or had a participation
In any option, exceeding 10,000 shares of any single security which was
traded in on any Exchange (whether such option was exercised wholly, partially, or not at all). IIf answer is in the affirmative, furnish the name or
names of such person or persons, and if such person or persons held the
original option or acted for the optionee, or optionees, furnish a photostatic
copy of each such options.
(c) Has your firm, as a member of any other Exchange, furnished the
information contained in your answers to 8(a) and 6(b) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent
to your firm as a member of such other Exchange?
(d) Do not furnish copies of any of the options called for in 6(a) and
6(b) if your firm, as a member of any other Exchange, has heretofore furnished such copies to the Committee.
7.*—
(a) State whether your firm participated in the profits and/or losses in
any syndicate, pool, and/or joint account for each year from 1929 to 1932,
inclusive, and from Jan. 1 1933 to Nov. 1 1933. If the answer is in the
affirmative and your firm was manager or acted for the manager or managers
for such accounts, furnish a photostatic copy of each of said syndicate, pool,
and/or joint account agreements. If answer is in the affirmative and yuor
firm was not the manager, then furnish the name and last known address
of the manager of each of said syndicate, pool, and/or joint accounts and
the respective securities dealt in.
(b) State whether any partner of your firm or any person acting on behalf
of your firm or of any partner thereof, participated in the profits and/or
losses in any syndicate, pool, and/or joint account during the years 1929 to
1933, inclusive. If answer is in the affirmative, furnish the names of all
such partners or persons, and if such partners or persons were the managers
or acted for the managers for such accounts, furnish a photostatic copy of
each of such syndicate, pool, and/or joint account agreements. If answer is
in the affirmative and any partner or person acting on behalf of your firm
or of any partner thereof was not the manager, then furnish the name and
last known address of the manager of each of said syndicate, pool, and/or
joint accounts and the respective securities dealt in.
Dec. 16 1933
Financial Chronicle
(c) State whether any joint, syndicate, and/or pool accounts have been
maintained on the firm books during the years 1929 to 1933, inclusive, in
which the firm or any partner thereof had no proprietary interest. If
answer is in the affirmative and the firm or any partner thereof was the
manager or acted for the manager or managers for such accounts, furnish
a photostatic copy of each of such syndicate, pool, and/or joint account
agreements. If answer is in the affirmative and the firm or any partner
thereof was not the manager and did not act for the manager or managers,
then furnish name and last known address of the manager of each of said
syndicate, pool, and/or joint accounts and the respective securities dealt in.
(d) Has your firm, as a member of any other Exchange, furnished the
Information contained in your answers to 7(a), 7(b), and 7(c) to the Senate
Committee on Banking and Currency in response to a Senate questionnaire
sent to your firm as a member of such other Exchange?
(e) Do not furnish copies of any of the agreements called for in 7(a),
7(b), and 7(c) if your firm, as a member of any other Exchange, has heretofore furnished such copies to the Committee.
8.—
(a) Has firm, during the years 1929 to 1933, inclusive, underwritten or
has it participated in the underwriting of any securities which were subsequently offered for public sale? Give separate answer as to each year.
(b) Has firm, during the years 1929 to 1933, inclusive, made any public
offering of securities or has it participated with others in a public offering
of securities? Give separate answer as to each year.
(a) Has firm acted as promoter, organizer, or manager under contract,
of any investment trust of the management type during the period 1929 to
1933, inclusive? If the answer is in the affirmative, furnish name of such
investment trust or trusts and describe the relationship existing between
firm and such trust or trusts, giving in each case the period of such relationship.
(b) Has any partner of the firm or agent thereof acted as promoter,
organizer, officer, director, or manager under contract, of any investment
trust of the management type during the period 1929 to 1933, inclusive? If
the answer is in the affirmative, furnish name or names of such investment
trust or trusts; the names of any partners of the firm or agents thereof
having any of the said relationships thereto; a description of the relationship
of such partners or agents, and the period of such relationship of such
partners or agents.
10.—
(a) Furnish on behalf of the firm for each year from 1928 to 1932, inclusive, and for the period Jan. 1 1933 to Aug. 31 1933, inclusive, a detailed
profit and loss statement which is to include all receipts and disbursements
by classification. Such statement must include and separately state net
amount of commissions and interest received on the firm's brokerage transactions with its customers.
(b) Has your firm, as a member of any other Exchange, furnished the
information contained in your answer to 10(a) to the Senate Committee on
Banking and Currency in response to a Senate questionnaire sent to your
firm as a member of such other Exchange?
(c) Do not furnish copies of any of the statements called for in 10(a)
if your firm, as a member of any other Exchange, has heretofore furnished
such copies to the Committee.
Note.—State as a member of which Exchange you are answering this questionnaire. Answers should be given in the same numerical order as the corresponding questions and should be sent to United States Senate Subcommittee
on Banking and Currency, 285 Madison Avenue, New York City.
COMMITTEE ON BANKING AND CURRENCY, UNITED STATES SENATE,
285 Madison Avenue, New York City, N. Y.
QUESTIONNAIRE.
Individual Member of the New York Curb Exchange.
1. Furnish the information requested as of July 31 1928; July 31 1929;
Dec. 31 1929; Dec. 31 1930; Dec. 31 1931; Dec. 31 1932, and Sept. 30 1033:
(a) Were you engaged primarily as a floor trader in stocks on the abovenamed Exchange on or about the above dates?
(b) Were you engaged primarily as a floor broker in stocks on said Exchange on or about the above dates?
(c) If your answers to subdivisions (a) and (b) are in the negative,
state whether you were active on the floor of said Exchange on or about the
above dates and, if so, in what capacity.
2. If you were a specialist on the floor of the above-named Exchange in
any stocks on July 1 1933, furnish a list of such stocks.
3. State the total number of shares bought and the total number of shares
sold for your own personal account on the above-named Exchange during the
month of July 1933. Specialists should exclude from this total all transactions made against odd lots.
4. The following information is required for the years 1929 to 1932, inclusive, and for the period from Jan. 1 1933 to Oct. 31 1933:
(a) State whether you held any option or had a participation in any
option, exceeding 10,000 shares of any single security which was traded in
on any Exchange (whether said option was exercised wholly, partially, or
not at all). If answer is in the affirmative and you held the original option
or acted for the optionee or optionees, furnish a photostatic copy of each
of such options.
(b) Have you, as a member of any other Exchange, furnished the information contained in your answer to 4(a) to the Senate Committee on Banking
and Currency in response to a Senate questionnaire sent to you as a member
of such other Exchange?
(c) Do not furnish copies of any of the options called for in 4(a) if you,
as a member of any other Exchange, have heretofore furnished such copies
to the Committee.
(a) State whether you have participated in the profits and/or losses in
any syndicate, pool, and/or joint account for each year from 1929 to 1932,
Inclusive, and from Jan. 1 1933 to Nov. 1 1933. If the answer is in the
affirmative and you were the manager or acted for the manager or managers
for such accounts, furnish a photostatic copy of each of said syndicate, pool,
and/or joint account agreements. If answer is in the affirmative and you
were not the manager, then furnish the name and last known address of the
manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in.
(b) State whether any syndicate, pool, and/or joint accounts have been
maintained on your books during the years 1929 to 1933, inclusive, in which
* For the purposes of this question, a syndicate, pool, or joint account
shall be deemed to be an account in which two or more parties participated
for the purpose of trading actively in a single security and in which account
more than 10,000 shares were bought or sold.
Financial Chronicle
Volume 137 •
you had no proprietary interest. If answer is in the affirmative and you
were the manager or acted for the manager or managers for such accounts,
furnish a photostatic copy of each of such syndicate, pool, and/or joint
account agreements. If answer is in the affirmative and you were not the
manager and did not act for the manager or managers, then furnish name
and last known address of the manager of each of said syndicate, pool, and/or
joint accounts and the respective securities dealt in.
(c) Have you, as a member of any other Exchange, furnished the information contained in your answers to 5(a) and 5(b) to the Senate Committee
on Banking and Currency in response to a Senate questionnaire sent to you
as a member of such other Exchange?
(d) Do not furnish copies of any of the agreements called for in 5(a)
and 5(b) if you, as a member of any other Exchange, have heretofore
furnished such copies to the Committee.
6. Have you acted as promoter, organizer, officer, director, or manager
under contract, of any investment trust of the management type during the
period 1929 to 1933, inclusive? If your answer to this question is in the
affirmative, state the name of such investment trust or trusts, and describe
your relationship, stating the period during which such relationship existed.
7.(a) Submit a detailed profit and loss statement, which is to include all
receipts and disbusements by classification for each year from 1928 to 1932,
Inclusive, and for the period Jan. 1 1933 to Aug. 31 1933, inclusive. Such
statement must include dnd separately state net amount of commissions and
net trading profit and loss.
(b) Have 3ou, as a member of any other Exchange, furnished the information contained in your answer to 7(a) to the Senate Committee on Banking
and Currency in response to a Senate questionnaire sent to you as a member
of such other Exchange?
(c) Do not furnish copies of any of the statements called for in 7(a) if
you, as a member of any other Exchange, have heretofore furnished such
copies to the Committee.
Note.
-State as a member of which Exchange you are answering this
questionnaire. Answers should be given in the same numerical order as the
corresponding questions and should be sent to the United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Dec. 1 1933.
The New York Stock Exchange, under date of Dec. 9,
issued the following announcement showing the total market
value and the average price of bonds listed on the Exchange:
As of Dec. 1 1933, there were 1,564 bond issues aggregating $42.010.
.304,065 par value listed on the New York Stock Exchange, with a total
market value of $34.179.882.418.
This compares with 1,564 bonds issues aggregating $40,875,381,149, par value, listed on the Exchange Nov. 1,
with a total market value of $33,651,082,433.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market
Value.
All bonds
$16,306,293,652
4,686,174,423
6,612,211,402
3.078,465,328
2,068,341,759
1,428,395,854
$99.54
78.88
61.94
82.28
68.42
63.54
$34,179,882,418
United States Government
Foreign government
Railroad industry (United States)
'Utilities (United states)
Industrial (United States)
Foreign companies
Average
Price.
$81.36
The following table,compiled by us,shows the total market
value and the total average price of bonds listed on the
Exchange for each month since Jan. 1 1932:
Markel
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr, 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Average
Price.
$37,848,488,806
38,371,920,619
39,347,050,100
30,794,349,770
38,896,630,468
36.856,628,280
37,353,339,937
38,615,339,620
40,072,830,336
40,132,203,281
39,517,006,993
38,095.183,063
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
76.38
73.91
Market
Value.
1933
Jan. 1_ ___
Feb. 1_ _ __
Mar. 1_ _ _
.
Apr. 1_ _ __
May 1._
June 1____
July 1.- __
Aug. 1_ _ __
Sept. 1_ _ __
Oct. 1_
Nov. l_....
Dec. I__ _ _
Average
Price.
$31,918,066.155
32,456,657,292
30,758,171,007
30,554,431,090
31,354,026,137
32,997,675,932
33,917,221,869
34,457,822,282
35.218,429,936
34.513,782,705
33,651,082,433
34.179.882,415
$77.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
83.00
82.33
Rt RR
Richard Whitney Denies Report That New York
Stock Exchange Plans Publicity Campaign Against
Federal Regulations-Says Law Committee Discussed Proposal for Radio Talks, But Plan Was
Net Adopted Nor Approved.
A denial of published reports that the New York Stock
Exchange is about to engage in an extensive advertising and
publicity campaign to enlist public support against Federal
regulation was made yesterday (Dec. 15) by Richard Whitney, President of the Exchange. Mr. Whitney stated that
the Law Committee of the Exchange has discussed a proposal
for a series of radio talks "of an historical nature," but added
that the plan was neither adopted nor approved. The formal
statement issued by Mr. Whitney follows:
My attention has been called to an article published in this morning's
Press to the effect that the New York Stock Exchange had approved an
extensive publicity and advertising program for the alleged purpose of
enlisting public support against Federal regulation of the Exchange. No
such program has been approved or even considered.
It is true that frequent misstatements in regard to the functions of the
Exchange have disturbed many of its members, and some of them have
submitted to the Law Committee of the Exchange plans for publicity
campaigns designed to inform the public of the facts regarding its operations.
4279
At a meeting of the Law Committee held yesterday morning a plan fora
series of talks over the radio of an historical nature or purely descriptive of
the functions of the Exchange was submitted but was not adopted or
approved, though subject, of course, to further consideration. An official
of the Exchange, however, who heard that this matter had been discussed
by the Law Committee, made a statement to a representative of the press
which undoubtedly led the latter to believe that a publicity campaign had
been adopted.
I regret exceedingly that any statement of an official of the Exchange
should have led to the publication of false information, but I do not hesitate
to deny categorically the statement that the Exchange has approved or
Intends to adopt any program of publicity such as was reported in the press
this morning.
New York Real Estate Securities Exchange Celebrates
-T. S. Mersereau, Executive
Fourth Anniversary
Secretary, Finds Statistical Department Contributing Valuable Data on Real Estate Financial
Structure.
The New York Real Estate Securities Exchange plans to
celebrate its fourth anniversary to-day (Dec. 16) with a
ceremony at which Charles G. Edwards, President of the
Exchange, will cut a birthday cake after the close of the half
day's trading. Truman S. Mersereau, Executive Secretary,
will review the progress made since the Exchange was opened
on Dec. 16 1929. Mr. Mersereau said yesterday (Dec. 15):
The Exchange did a greatly increased business during the spring and
summer of this year. This was a reflection of the improvement in general
business and it showed unmistakably what can and will be done under
normal business conditions.
Entirely aside from the volume of business done on the Exchange, the
makes
increased number of inquiries coming to the Statistical Department
it clearly evident that the Exchange is constantly gaining in public knowledge
source for information of this character.
and is recognized as a valuable
This service, which is rendered to the public without coat of any kind,
involves a considerable amount of work but, in my opinion, is justified by
its usefulness to the investing public and to our members. Leading statissmall,
tical organizations, banks and other institutions, both large and
frequently come to us for information and are outspoken in their praise of
the service rendered.
If, during the adverse time through which this Exchange has labored.
we had done nothing more than obtain and set up the information which
we have in our files, we would have done a most constructive piece of work.
What has been lacking in the real estate financial structure, as contrasted
with the financial structures back of other classes of investments, is definite
of
and authoritative information on which to base intelligent judgment
arrived,
values. I am certain the time will come, if it has not already
when our action in establishing the Statistical Department of this Exchange,
will be considered a most constructive step in correcting the evils of real
estate financing that have caused so much comment in the past.
Mr. Mersereau emphasized the fact that the Exchange
maintains a market for bonds of the Home Owners Loan
Corporation and, as an act of co-operation, the board of
governors has approved commission rates to apply exclusively
to these bonds of only one-half the minimum rate customarily
charged for bond transactions on the Exchange, or only
$2.50 instead of $5 per $1,000 par value. He continued:
same
The members of this Exchange may truthfully be said to have the
both
genuine interest in real estate as the sponsors of the Home Loan Act;
estate
recognize the home owner as the foundation underlying all real
bonds, to render the best
values and it is our aim, in connection with these
public confidence.
Possible service and thus to merit the fullest measure of
Action Taken Toward Merger of Toronto Stock Exchange and Standard Stock & Mining Exchange
of Toronto.
In the Toronto "Globe" of Dec. 6 it was stated that the
Toronto Stock Exchange and the Standard Stock and Mining
Exchange took the second step, on Dec. 5, toward consummation of their proposed union. At special general meetings of
both Exchanges the members decided to ratify proposals
which, upon completion of the necessary legal requirements,
should bring the Exchanges under one banner by Jan. 2 1934.
The "Globe" added:
51 members.
The meeting of the Toronto Exchange was attended by all
the proFollowing the meeting it was officially announced that approval of
meinposed merger was unanimous. Standard Stock and Mining Exchange
hers were asked to ratify an application to the Ontario Legislature for supassets.
plementary letters patent permitting the Exchange to distribute its
This is the third necessary step toward effecting the actual union. It is
expected the procedure will require a minimum of five days, and a further
meeting will then be called to ratify the terms of the merger as outlined in
joint agreements drawn up by subcommittees of the Exchanges. The final
step in consummating the merger will be the ratification of the proposals
permitting the merger to take effect.
The new Exchange will carry the name of the Toronto Stock Exchange,
and will operate under the present Toronto Stock Exchange's charter. The
Toronto Exchange will pass a by-law enlarging its membership to 62, thus
providing seats for the 62 present members of the Standard. The new Exchange will, therefore, start with a membership of 113, representing the
present combined membership of the two Exchanges.
There are 81,812,948 listed shares on the Toronto Stock Exchange, and
79,405,055 shares on the Curb, snaking 161,217,983 shares which the Toronto
Stock Exchange will bring into the merger. The Standard Stock Exchange
has 457,550,000 shares listed, making a total of 618,767,983 shares which
will be listed on the new Exchange.
The total listed values of Toronto Exchange shares as of Nov. 30 1933
was $2,572,389,605, and the Standard listed and unlisted $1,042,780,250,
making a total of $3,615,175,855 in values to be represented on the new
Exchange. It is interesting to note that on the New York Stock Exchange,
as of Nov. 1 1933, there were 1,212 stock issues listed, aggregating 1,292,841,065 shares, with a total market valuation of $30,117,833,982. The new
Toronto Exchange will be in the Western Hemisphere, second in size to the
•
Financial Chronicle
4280
New York Stock Exchange, which is the largest trading organization in
the world.
Management of the new Exchange will be in the hands of a Committee
holding office until June 1935, and composed as follows: Harold Franks,
H. B. Housser, F. G. Lawson and E. Gordon Wills of the Toronto Stock Exchange; and G. W. Nicholson, F. C. Crawford, N. C. Urquhart and Hon.
Manning Doherty, representing the Standard section. This Committee will
have complete control over both Exchanges, and will have power to add to
its numbers in the form of subcommittees for specialized developments. In
addition, there will be subcommittees governing transactions of the respective sections, one consisting of three Toronto and two Standard members,
over the Toronto section; the other of three Standard and two Toronto !members over the Standard. These subcommittees will rule and judicate on
trading on the respective sections of the Exchange, and will hold office
until the physical merger is an accomplished fact.
This physical amalgamation can only be accomplished after certain existing handicaps, involving the selection of suitable quarters and trading facilities are overcome.
New York Stock Exchange Rules Bonds of City of
Berlin (Germany) Be Dealt in "Flat."
The following announcement was issued on Dec. 15 by
Ashbel Green, Secretary of the New York Stook Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Dec. 15 1933.
Notice have been received that the interest due Dec. 15 1933, on City of
Berlin 30
-Year 9% External Sinking Fund Gold Bonds, due 1958, is not
being paid:
The Committee on Securities rules that beginning Dec. 15 1933, and
until further notice the said bonds shall be dealt in "Flat" and to be a
delivery must carry the Dec. 15 1933, and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Dec. 15
1933, interest shall be computed up to but not including Dec. 15 1933.
ASHBEL GREEN, Secretary.
External Secured Sinking Fund 63'% Gold Bonds of
Upper Austria—Rulings on Bonds by New York
Stock Exchange.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Dec. 15:
NEW YORE. STOCK EXCHANGE.
Committee on Securities.
Dec. 15 1933.
Referring to the ruling of the Committee on Securities dated June 8
1933, in the matter of the non-payment of interest on Province of Upper
Austria External Secured Sinking Fund 635% Gold Bonds, due 1957, and
making provision for dealing in bonds (a) "with Dec. 15 1932, and subsequent coupons attached," (b) "with all unmatured coupons attached
(i. e., all matured coupons detached)":
The Committee on Securities further rules that in settlement of transactions made prior to Dec. 15 1933, under method (b) referred to above,
bonds must be delivered bearing the Dec. 15 1933. coupon; and that in
settlement of contracts made on and after Dec. 15 1933, bonds must be
delivered bearing the June 15 1934, coupon.
ASHBEL GREEN, Secretary.
Ruling on 7% Settlement Loan 1926 Dollar Bonds of
Bulgaria by New York Stock Exchange.
Under date of Dec. 14 the New York Stock Exchange,
through its Secretary, Ashbel Green, issued the following
announcement:
NEW YORE. STOCK EXCHANGE.
Committee on Securities.
'Dec. 16 1933
The foregoing figures do not include loans on foreign securities but only
borrowings of members of the Montreal Stock Exchange on Canadian
securities and not those of other exchanges in Canada. Nor do they include
the borrowing of bond houses or bond affiliates of Stock Exchange members.
Superintendent of Insurance Van Schaick, in Additional Interim Report to Governor Lehman,
Reports $22,254,627 Interest Payments Made and
Guaranty Liability of 14 Companies Reduced
$761,000,000 Since Rehabilitation Began.
George S. Van Schaick, Superintendent of Insurance of
the State of New York in an additional interim report to
Governor Herbert H. Lehman announced Dec. 11 that encouraging progress in the rehabilitation of title and mortgage companies is being made. He again urges certificate
and mortgage holders to retain their securities because the
Insurance Department is carrying on negotiations with
Federal authorities for loans on their holdings. Mr. Van
Schaick's report, addressed to the Governor, follows:
Approximately one month has passed since my first interim report to
you in the above matter.
The public has been kept informed from time to time in statements
issued from this office in respect to the progress being made in behalf of
creditors and all others concerned in these proceedings. I make an additional report at this time because I have just received information from the
deputies in the various companies, which is encouraging and gives evidence
of the fact that this gigantic undertaking is proceeding in an orderly and
expeditious manner. These reports show a healthy improvement in the
orderly management of the companies. I am anxious for the public to
have this information so that certificate and mortgage holders will not
be Induced to dispose of their securities for inadequate prices or otherwise
take precipitate action without knowledge of the true facts.
Interest amounting to $22,254,628 has been remitted to certificate and
mortgage holders since rehabilitation. The money now being collected from
mortgagors is held in trust and remitted promptly. The present amount
of outstanding guarantees of the 14 companies is now $1,901,084,318, a
reduction of $761,123,782 since about a year ago. The decrease in the
number of outstanding guaranteed mortgages has been due to payment
and releases. Most of the releases have been by insurance companies,
savings banks, trust companies and other large holders. There have been
substantially no releases by certificate holders. This 1761,123,782 of
releases and payments directly increases the participation of the certificate
holders in the assets of the companies.
A summary of the amount of interest collected and of the present outstanding guarantees as contrasted with those of about a year ago is as follows:
Co.—Rehatyllitation—
Int. Paid to
Mortgagees. Present Outstanding Outstand. Guarantees
as of Nov. 11932.
Guarantees.
Since Rehabilitation to
Nov. 30
No. of
No. of
1933.
Mtges. Amount. Mtges
Amount.
Bond & Mtge. Guar. Co__ $8,794,255.76 66,759 $750,137,978 78,199 $917,966,208
First Mtge.Guar.& Title Co
24,974.73
512
190
9.255,450
3,555,350
Home Title Guar. Co
643,647.96 8.447 52,391,900 11,827 88,198,000
Lawyers Mtge. Co
5,201,073.19 16,955 325,960,696 24,130 429,142,329
Lawyers Title & Guar.Co
1,916,375.46 11,883 179.427,685 13,817 223,494,032
LawyersWestchester Mtge.
& Title Co
183,881.79 1,590 31,808,107 3,209 51,207,953
Long Island Title & Guar.
Co
25,076.49
318
2,980,955
1.662,373 530
National Mtge. Corp
24,857.42 883
6,891,181
5,317,788
872
National Title Guar. Co_ _ _
248,890/4 2,271 16,368,322 4,655 41,910,218
New York Title & Mtge.Co. 3,767,217.15 25,384 424,428,624 40,313 711,854.790
State Title & Mtge. Co__
604,504.36 4,702 44,059,126 7,712 69,696,325
Title & Mtge. Corp. of
Buffalo
41,520.00
Union Guar. & Mtge. Co
173,932.38
290 12,227,884
727 30,021,199
Westchester.Co_
Title & Tr.
604,420.27 3,780 53,938,522 5,007 81,189.480
Loans on securities by member firms of the Montreal
Stock Exchange showed a slight drop during November,
according to figures announced by the Exchange on Dec. 6.
Total borrowings as at Nov.30 were reported at $17,227,466,
as compared with $17,247,065 on Oct. 31, a decrease of
$19,599. In reporting the figures, the Montreal "Gazette
of Dec. 7 said:
The practice of the title and mortgage companies prior to the bank holiday
was to pay their investors interest upon the due date regardless of whether
it had been collected from the mortgagors or not. Most of the interest
paid to the investors was remitted prior to its collection from mortgagors.
The increasing Inability of mortgagors to meet their obligations and the
fulfillment of the guarantees by the title companies prior to March 1933,
created severe drains on the cash resources of these companies and their
assets became frozen in advances to holders of guarantees and real estate
acquired in foreclosure proceedings.
After March the companies
were allowed to operate under restrictions which in substance merely permitted them to pay out amounts that had been collected. Mortgagors
are not meeting their payments by any means as promptly as they did in
normal times; nevertheless, persistence of effort has resulted in the collection of a substantial part of overdue money. For example, of the interest
due June 1 1933, one company has collected In excess of 94%,four companies In excess of 80% and all companies in excess of 50%. The Percentages for the respective companies are as follows:
Bond & Mortgage Guarantee Co
80.45
First Mortgage Guarantee & Title Co
57.29
Home Title Guaranty Co
94.2
Lawyers Mortgage Co
87.01
Lawyers Title & Guaranty Co
54.5
Lawyers Westchester Mortgage & Title Co
55
Long Island Title & Guarantee Co
73.56
National Mortgage Corp
59.77
National Title Guaranty Co
86.8
New York Title & Mortgage Co
69.34
82.9
State Title & Mortgage Co
Union Guaranty & Mortgage Co
69.65
58
Westchester Title & Trust Co
This current level compares with collateral loans of $13,769,061 at the
beginning of this year and with $54,991,145 on Oct. 3 1931, when the report
was first made public.
The loan record follows:
1931—Oct. 3
554,991,145 1933—Jan. 5
$13,796,081
1932—Mar. 4
Feb. 2
25,573,685
13,606,351
Apr. 7
Mar. 2
22,758,561
13,431,614
May 5
18,922,577
Apr. 6
12,864,298
June 2
15,139,386
12,501,411
May 4
July 7
13,865,523
12,921,733
June 1
Aug. 4
13,020.454
July 6
14,788,135
13,774,017
Sept. 1
July 31
16,192,585
Oct. 6
14,115.852
16,627,421
Aug. 31
13,993,031
Nov. 3
17,585,330
Sept. 30
13,817,709
Dec. 1
Oct. 31
17,247,065
Nov. 30
17,227,468
This department has been subjected to pressure from two sources in
respect of its policy as to foreclosure. On the one hand holders of guarantees
are urging in practically all cases that where defaults exist the property
should be taken away from home owners and others. On the other hand.
home owners and other equity owners insist on a policy of leniency so that
they may save their homes and properties. Just where to draw the line in
any particular case is a matter that involves tho exercise of judgment based
upon all of the facts in that case. I have adopted a policy in conformity
with the philosophy laid down by you and the President of the United
States in various statements uttered in respect to foreclosure proceedings.
We are doing everything in our power to reconcile the conflicting interests
in a humane way that will be fair to all parties.
Dec. 14 1933.
Notice having been received that payment of $17.50 per $1,000 bond
will be made on Jan. 1 1934, on account of the interest then due on Kingdom of Bulgaria 7% Settlement Loan 1926 Dollar Bonds, due 1967:
The Committee on Securities rules that the bonds be quoted ex-interest
$17.50 per $1,000 bond on Jan. 2 1934; that the bonds shall continue to
be dealt in "Flat" and to be a delivery in settlement of contracts made
beginning Jan. 2 1934, must carry the July 1 1933, coupon stamped as to
payment of $17.50 per $1,000 bond, the Jan. 1 1934, coupon stamped as
to payment of $17.50 per $1,000 bond, and subsequent coupons. Such
coupons must be securely attached and bear the same serial number as
the bond.
ASHBEL GREEN,Secretary.
Brokers' Loans on Montreal Stock Ex change Slightly
Lower—$17,227,466 Reported as Total Borrowings
as at Nov. 30 as Compared With $17,247,065 Oct. 31.
Foreclosures.
Volume 137
Corporate Reorganizations.
Early this year we took up with you the necessity of legislation to protect
certificate holders. The Legislature, on the basis of your message, developed that constructive piece of legislation known as the Schackno Bill
(Chapter 745 of the Laws of 1933). Under that measure the holders of
certificates of any one issue can organize to create a legal entity for the
expression of the wishes of such certificate holders. Owners of whole mortgages have always been in a position where they could, to a great extent,
control the solution of their problems. They could take the steps ordinarily available to the owner of a mortgage. Certificate holders of each
issue unknown to one another were disorganized and scattered. Under
the Schackno Bill, however, they now have the power to effect, through
a corporation or other means, machinery where, by a vote of two-thirds of
the holders of each issue, any necessary steps for the protection of their
security can be taken without frustration by minority groups. Certificates
involving many millions of dollars are already in the process of corporate
formation. This involves many issues. The need for certificates owners
organizing corporations is of course most apparent in those companies
which had issued certificates not against single properties but against
groups of properties. The creation of such a corporation in no way affects
the guarantee.
I took up with you some time ago the social and fiscal advisability of
your urging on the Legislature a reduction of the initial franchise tax which
would now be levied upon each such mutual corporation under existing
law. Such legislation would materially reduce the expense of the Schackno
Bill proceedings and expedite the rehabilitation of certificate issues. Such
legislation would be in line with the statutory provision which was adopted
after you had urged the waiver of mortgage taxes on transfer made in
connection with the National program as indicated in the Home Loan
Owners Bond Legislation.
At the same time that the Department is protecting the assets underlying mortgages held by certificate and mortgage holders, it is also preserving and reducing to cash the general assets of each company out of
which the claims upon the guarantees now existing or hereafter arising will
have to be paid. The general assets of those companies, preserved for
creditors, involve substantial amounts of real estate and mortgages.
Examination as to Practices.
Since the rendition of the last report, examinations have been conducted
daily of former employees and employees and officers of all the title and
mortgage companies in rehabilitation. The books and records of all the
companies are being examined by auditors for the purpose of investigating
and determining not only the practices of the companies but what liability
there may be on the part of the companies and their officials to creditors
and the Rehabilitator.
Some of the suits instituted have resulted in settlements being effected.
Moneys have been collected and others are in the process of collection.
It is hoped that substantial recoveries will be made for the benefit of
creditors.
It is obvious that the primary duty of the Superintendent of Insurance
as Rehabilitator in this regard is to recover for the certificate holders and
creditors any and all moneys that may be due them from any source whatsoever.
Loans on Certificates.
One of the most difficult problems which concerns the Department is
finding some means whereby loans can be made to certificate holders in
distress upon the security of their certificates. Many instances have come
to the attention of the Department where individuals have invested their
life savings in certificates or guaranteed mortgages and the plight of some of
these persons is distressing beyond words. At the present time there is no
ready market for these certificates and the holders are unable to borrow upon
them from commercial lending corporations, even though the mortgages
underlying the certificates are in good standing and free from defaults.
The Department is doing everything in its power to induce the Federal
Government or some other agency to make loans of reasonable amounts
upon the security of certificates, particularly hi those instances where
the certificate holders are in need of financial help. As yet I have nothing
definite to report on this particular matter but I can assure you that nothing
Is causing us more anxious thought and we are bending every effort to find
some means of helping these people.
Judicial Decisions.
The unanimous decision of the Appellate Division, First Department,
handed down Dec. 8, sustaining the rehabilitation plan devised by this
Department in the National Surety Co. case is most encouraging to those
who are convinced that the conventional methods of winding up the affairs
of delinquent insurance companies are wholly inadequate to meet the crisis
which has arisen in connection with real estate in New York City. The
well considered opinion of Justice Martin is a landmark in the law on the
subject of rehabilitation and will serve as a valuable precedent.
The most significant effect of the decision is its justification of the State
In its program of rehabilitating insurance company and title and mortgage
guarantee companies and thus falling in line with the efforts being made
throughout the entire country to speed recovery.
The Court likens the extraordinary demands which have been made
upon the National Surety Co. to "a run upon a bank." and compares the
action taken to meet that situation with:
"Much of the recent Federal and State legislation and administrative
acts, such as the Reconstruction Finance Corporation, to assist banks,
mortgage loan institutions and other classes of financial and commercial
organizations, and the Home Loan Act (which) have all been designed to
prevent liquidation thereby mitigating the rigors of the depression."
And it further adds:
"While it is true that one creditor or a few creditors may not be entirely
satisfied, numerous other creditors and those dealing with the National
Surety Co. will most likely be saved millions of dollars by the method of
rehabilitation proposed by the Superintendent of Insurance."
This decision gives strength and increased legal foundation for the
administrative policy of the Department of Insurance.
Governor Lehman Orders Mortgage Inquiry—Grants
Request of Van Schaick for Moreland Investigation of His Administration—Reforms in Law
Sought.
A Moreland Act investigation of the State Insurance
Department's administration of mortgage guarantee companies was ordered. by Governor Lehman in Albany on
Dec. 14 immediately after it had been requested by George
S. Van Schaick, State Superintendent of Insurance, in a
letter to the Governor. The request by Superintendent
Van Solna& followed the petition by Max Steuer before the
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Financial Chronicle
Supreme Court to replace Superintendent Van Schaiek in
his trusteeship over the funds of the mortgage companies in
the care of his department.
In hisletter to Governor Lehman,Mr.Van Schaick also said:
I appreciate greatly your confidence as expressed in your cordial and
helpful letter of yesterday.
You appreciate the magnitude of the problem and responsibility placed
upon this department.
From time to time I shall communicate with you further through interim reports keeping you informed as to the progress of the proceedings
with especial reference to the matters referred to in your letter and in
answer to your question as to further assistance by you.
As to the investigation of improper practices I shall also confer with
the Attorney-General to see if the matters desclosed call for appropriate
action by him.
I am in close personal touch with efforts at Washington to provide
some simple workable arrangement for advances to certificate and other
guarantee holders. I am fully in accord with your expressions as to the
imperative importance of speedy relief to the public in that respect. It
Is my belief that substantial progress is being made.
Statutory Revision Urged.
There is, however, a wider aspect of this whole matter that I want
to lay before you at this time. The administrative policy of this department, so vast in its ramifications, together with the conduct and policy
of this department in the period prior to the rehabilitation program, is
of vital interest and concern. In addition to this the need of statutory
revision to meet a new situation is presented by the economic crisis in this
field and calls for searching and exhaustive study.
I most earnestly urge the exercise by you of your powers as Chief Executive under Section 8 of the Executive Law in the appointment of a Moreland Commissioner for the purpose of examining and investigating the
management and affairs of this department in relation to this whole problem of the mortgage guarantee companies.
The appointment of such an impartial commissioner with ample facilities to make sweeping inquiry as to the administration of the Insurance Department in this field in the light of the powers given by statute
and the facilities provided under the budget, for such constructive action
on your part and on the part of the department as may be indiCated,
will be of inestimable public benefit.
I assure you that as your Superintendent of Insurance. I would welcome
the most thorough and sweeping investigation possible of the conduct and
administrative policy of the department.
Governor Lehman Upholds Van Schaick Policy in
Mortgage Work—Urges Superintendent to Press
Prosecutions—Governor Wishes None Shielded.
Warm commendation of the manner in which the State's
program for rehabilitation of mortgage companies is being
carried on by George S. Van Schaick was expressed Dec. 13
by Governor Herbert H. Lehman. In a letter to the Superintendent of Insurance, who has been under sharp criticism
from some quarters recently, Mr. Lehman declared his "full
faith" in Mr. Van Schaick's "unswerving devotion to duty."
Mr. Lehman pledged his aid in inquiry into improprieties and
criminal acts of officials of mortgage companies. He earnestly desired that a "policy of shielding no one" be continued.
Governor Leh.man's letter read as follows:
"Dear Mr. van Schaick:
"I am in receipt of your report to me dated Dec.9 1933, in regard to the
rehabilitation of mortgage companies.
"Your report shows the tremendous size of the problem. It involves
82.000,000,000. The mortgages equal approximately the total of all the
farm mortgages now in trouble in the United States as to which the Federal
Government and practically all of the States are endeavoring to work out
a solution. In doing so the Federal Government has found it necessary to
commit itself financially in the amount of several hundred million dollars.
"The ear accepts without much impression the words'two billion dollars.'
Two thousand million dollars comes nearer to creating a true picture of the
gigantic problem involved in these rehabilitations.
"There are over 22,000 separate issues. More than 500,000 people hold
mortgages or certificates. The properties underlying their investments
comprise a substantial portion of the homes and buildings in the metropolitan area.
"You had a choice under the law between forced liquidation and orderly
rehabilitation holders and other creditors. The statistical data in your
report. I believe, justifies your choice.
"The payment of over 822,000,000 in interest to certificate and mortgage
holders appears to me to be a fine accomplishment for the short period of
about four months during which you have acted as rehabilitator.
"The report refers to your effort to obtain funds from the Federal Government to be advanced to certificate holders. It is my understanding that
at this time you are continuing your conferences with the Federal officials.
I am hopeful that your plans will be approved by Washington.
"I am tremendously interested in this part of your work and urge you to
spare no effort because, without question, cash advances will give immediate
relief and benefit to thousands of certificate holders.
"In regard to the investigation of improprieties and criminal acts of
officials of these mortgage companies, I would like you to let me know what
action has been taken by the district attorneys of the seven counties to
which you have sent data.
Offers Aid of His Office.
"Will you also kindly consider whether there is any aid which I can give
you in furthering your investigation or in following up the data which you
have already turned over to the District Attorneys? It is my earnest desire
that you continue the policy of shielding no one.
"I am anxious to receive further reports from you as to the acceptance by
the certificate holders of your plan for the formation of mutual co-operative
corporations. In this connection I am prepared to recommend to the Legisattire a reduction of the initial franchise tax to be paid by these mutual
certificate holder corporations.
"I am disturbed, as you are, by the reckless propaganda spread by unthinking or self-seeking persons who shout that the certificate holders have
lost everything. Such propaganda will, no doubt, enhance what is popularly known as the 'gyp market.'
4282
Financial Chronicle
"I am,therefore,sure that you will take every step possible to make available to holders of mortgages complete information, so as to prevent them
from making an unwise and impulsive sacrifice of their investments.
A Gigantic Administrative Task.
"Few people have realized the social implications of the task which you
are doing. The stability of real estate and the ultimate security of home
owners, as well as the savings of the certificate holders, depend upon hte
success of disinterested policies and programs.
"I know you are as anxious as I to recoup for the certificate holders as
much as possible of their savings.
"On your shoulders has been placed one of the most gigantic administrative tasks in the history of the State. From the start, your tireless
efforts, your courage and judgment have made possible the orderly treatment of this problem. I have full faith in your unswerving devotion to
duty.
"Sincerely yours.
"HERBERT H. LEHMAN."
Dissolution of First Security Co., Affiliate of First
National Bank of New York.
Announcement is made that the First Security Co.,
affiliate of the First National Bank of New York, has been
placed in dissolution, pursuant to a vote taken at a stockholders' meeting on Nov. 29. Regarding the action, a
letter to the stockholders of the bank on Nov. 29 said:
THE FIRST NATIONAL BANK
FIRST SECURITY CO.
of the City of New York.
2 Wall St., New York City, Nov. 29 1933.
To the Stockholders of The First National Bank of the City of New York and
to the Beneficial Holders of Stock of First Security Co.:
Our letter to stockholders dated Oct. 31 1933 explained the relationship
between this bank and the First Security Co., under which each certificate
of stock of the bank has borne an endorsement indicating the interest of
the bank stockholder in the First Security Co. The agreement dated
Feb. 14 1908 covering this relationship provided, as we explained, for its
termination when two-thirds in interest of stockholders of the bank so directed in writing the trustees under the agreement. We enclosed a form
by the execution of which a stockholder directed the trustees to vote to place
the First Security Co. in dissolution, to terminate the agreement and to
deliver to stockholders a declaration of interest in the proceeds of the dissolution of the First Security Co., and instructed the bank to issue a new
stock certificate without the endorsement above referred to.
Written directions have been received from holders of more than the required two-thirds in interest. Accordingly, the First Security Co. has
been placed in dissolution pursuant to vote taken at a stockholders' meeting
of the company held yesterday, at which the trustees voted as directed.
The agreement dated Feb. 14 1908 has been by action of the trustees, as
directed, terminated.
When stock of The First National Bank of the City of New York bearing
endorsement of interest in the First Security Co. is hereafter presented for
transfer, there will be issued to the transferee (1) a certificate of stock of
the bank bearing no such endorsement, and (2) a declaration of interest
in the proceeds of the dissolution of the First Security Co., such declaration
Issued for the trustees by the bank as their agent.
You are requested to forward your certificate of stock to the bank, at
2 Wall St., New York, which will issue in its stead a new certificate without
endorsement, And the declaration of interest above described. Enclosed
is form of letter of transmittal, which, when properly filled in, should be
executed and forwarded with the stock certificate. If the new stock certificate and the declaration of interest are to be issued in the name of the
present registered holder of the stock of the bank, neither assignment nor
transfer tax stamps are necessary. If issue is to be in another name, the
old certificate must be properly assigned and the necessary transkr tax
stamps affixed.
THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK,
By Jackson E. Reynolds, President.
FIRST SECURITY CO.,
By Jackson E. Reynolds, President.
Reference to the proposed dissolution of the company
appeared in our issue of Nov. 4, page 3265, in which we
gave the Oct. 31 letter.
7,260 Non-member Banks of Federal Reserve System
Apply for Admission to Federal Deposit Insurance
Fund.
The number of banks not affiliated with the Federal
Reserve System which have applied for membership in the
temporary fund of the Federal Deposit Insurance Corporation was 7,260 at noon on Dec. 12, Walter J. Cummings,
Chairman of the Corporation revealed. The Corporation's
announcement on Dec. 13 said:
Of these 7,260 banks, 6,629, or more than 91%, have already been
examined by examiners and assistant examiners of the FDIC as to their
qualifications for membership. All applicant-banks have been examined
in the following 17 States: Alabama, Arizona, Arkansas, Colorado,
Florida, Idaho, Louisiana, Minnesota, Montana, Nevada, New Hampshire,
North Dakota, Oregon, Rhode Island, Utah, Washington and Wyoming.
All banks which have now made applications will be examined by Dec. 15
1933, according to Chairman Cummings.
These banks are seeking membership in the temporary fund, which will
insure, in full, individual bank deposits up to 52,500. beginning Jan. 11934.
All banks which are members of the Federal Reserve System (of which there
are more than 5,880) automatically become members of the temporary fund.
That the fund will not be restricted to a few States, but that banks in
every section of the country intend to embrace the benefits of deposit insurance is demonstrated by the applications for membership in the temporary
fund, Mr. Cummings pointed out. Counting the District of Columbia as
a State, he added, the average number of applications by non-member
State banks per State is now about 148. This average will, of course, be
swollen by the inclusion of the member-banks which automatically become
members of the fund.
In each of 28 States, more than 100 banks not affiliated with the Federal
Reserve System have applied for membership. These States are: Alabama
(118 non-member banks making applications), Arkansas (155), California
(119), Georgia (170), Illinois (501), Indiana (368), Iowa (271), Kansas
(107), Kentucky (258), Louisiana (128), Maryland (108), Michigan (208),
Minnesota (430), Mississippi (178), Missouri (454), Nebraska (201), New
Dec. 16 1933
Jersey (126), New York (336). North Carolina (173), North Dakota 134).
Ohio (334), Oklahoma (203), Pennsylvania (277). South Dakota 131),
Tennessee (230), Texas (146), Virginia (168) and Wisconsin (430)•
There are 1,651 examiners and assistant examiners of the FDIC examining the non-member State banks which have applied for the insurance.
The three directors of the FDIC—Walter J. Cummings, Chairman;
J. F. T. O'Connor (Comptroller of the Currency), and E. G. Bennett—
will make the final decisions as to which non-member banks will be adnutted. No names of individual banks which may be admitted will be
announced until just before the fund goes into operation at the beginning
of next year.
An earlier announcement regarding application for membership in the fund appeared in our issue of Dec.9, page 4135.
Bankers' Groups in Various States Completing Drafts
of Fair Trade Rules for Their Localities—Statement by Ronald Ransom, Chairman of Banking
Code Committee Representing American Banke
Association.
Announcement was made Dec. 10 that 3.32 bankers' groups
are completing drafts of rules of fair trade practices for their
localities, and over 000 clearing house and other local bankers' organizations active in carrying out this new type of
co-operation along banking lines made possible by the Bankers' code of fair competition. In indicating this, Ronald Ransom, Chairman of the Banking Code Committee representing
the American Bankers' Association and Executive Vic
President of the Fulton National Bank, Atlanta, Ga., also
announced that A. D. Whiteside, Division Administrator of
the NRA, has been appointed by President Roosevelt a member of the Banking Code Committee, as provided by the code
Mr. Ransom said in his statement that the 332 rules of
fair trade practices so far received for consideration and
approval by the Code Committee have come from 27 States,
some of which are now completely covered by the areas in
which these rules will become effective when approved. The
Administration has set Dec. 31 as the date on which the rules
of fair trade practices throughout the country will go into
effect, he pointed out, and before that date they must all
be submitted to the Banking Code Committee and be approved by it and by the NRA.
All the States but one, Mr. Ransom says, have reported
varying degrees of progress among the local units in drawing up rules. In each State there has been appointed a State
Bankers' NRA Committee consisting of from five to 12 members representative of all classes of banks and all iiarts of
the State, and under these State Committees in turn are
designated local bodies to draw up the rules of fair trade
practices which are submitted through the State Committees '
to the National Committee.
The States from which completed rules of fair trade practices have been received by the Banking Code Committee and
the number of districts reporting are as follows:
2 Missouri
1 Pennsylvania
1
Alabama
Arizona
6 Montana
3 South Carolira
I
Connecticut
Florida
Georgia
Kansas
Louisiana
Maine
Minnesota
8
12
23
10
6
1
71
New Hampshire
New Jersey
New Mexico
North Carolina
North Dakota
Oklahoma
Oregon
8
2
4
1
12
22
16
South Dakota
Texas
Utah
Vermont
Virginia
West Virginia
Wisconsin
7
68
4
2
1
4
36
In his statement, Mr. Ransom says:
A distinctly new element of structural strength is being rapidly built into
the banking situation through this movement, made possible under the
Bankers' code of fair competition. For many years the American Bankers'
Association has fostered the development among local bankers' groups of cooperative action aimed at bringing about sounder banking practices and conditions and eliminating unsound methods of competition and business-getting
devices through voluntary agreement. Great progress had been made along
these lines in some parts of the country, but not so great as could be wished,
but now under the Bankers' code, regardless of its emergency characteristics,
there has been set up the procedure and the machinery to bring about the
desired condition of co-operative sound banking on a nation-wide scale. I do.
not believe that any more effective measure for banking improvement could
be devised than this one we now have through the medium of the code.
Proceedings of Pacific Coast and Rocky Mountain
Trust Conference Available in Advance of Year
Book of Trust Division.
The Proceedings of the Eleventh Pacific Coast and Rocky
Mountain States Trust Conference, held at San Francisco,
California, Oct. 26 and 27 1933, are now available, it is
announced by the Trust Division, American Bankers Association. Because of the particular timeliness of the matters
discussed at the meeting, the Conference, by unanimous
resolution, requested the Trust Division to make the proceedings available in advance of the annual year book of the
Division.
The proceedings report fully the first conference held under
the auspices of the Trust Division since the adoption of the
Bankers Code of Fair Competition. They include an interpretation of the Federal Securities Act from the viewpoint
of the trust business; suggestions for the future handling of
Volume 147
Financial Chronicle
real estate mortgages; a cross-section of opinion upon the
numerous phases of the investment of trust funds; suggestions
for strengthening State and municipal bonds; liability insurance for trustees; fee schedules under the Banking Code;
effective substitutes for foreclosures under corporate trust
indentures; apportionment problems; and an exposition of
the basis for public confidence in trust service.
The proceedings may be obtained from the Trust Division,
American Bankers Association, 22 East 40th St., New York
City, at $1.50 a copy, postpaid.
4283
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 Dec. 20 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from all
taxation, except estate and inheritance taxes. No less from the sale or
other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions.
Treasury Purchases of Government Obligations Last
New York "Evening Post" Sold to J. David Stern of
Week $7,079,000.
Philadelphia—New Ownership Restores Paper to
Acting Secretary of the Treasury Morgenthau announced
Original Standard Size Following Its Recent
on Dec. 11 that the Treasury invested $7,079,000 in GovIssuance in Tabloid Form—President Roosevelt
comparing
ernment securities in the week ended Dec. 9,
Congratulates Publisher.
,with $2,545,000 during the week ended Dec. 2, and
The New York "Evening Post," oldest newspaper in
748,000 in the week ended Nov. 25. The funds so invested New York City, was sold on Dec. 7 by its recent owners, the
are surplus resources of various Government agencies placed Curtis-Martin Newspapers, Inc., to J. David Stern, editor
with the Treasury for that purpose. References to the and publisher of the Philadelphia "Record," the Camden.
Treasury purchases of Government obligations appeared (N. J.) "Courier" and the Camden "Post." The first issue
in these columns Nov. 25, page 3769; Dec. 2, page 393, of the New York paper under his ownership appeared on
and Dec. 9, page 4106.
Dec. 11 in standard newspaper size, after having been
published in tabloid form for more than two months. The
Detailed Compilation Finds $2,800,000,000 Subscribed issue of Dec. 11 contained a letter of congratulation from
to Offering of $950,000,000 or Thereabouts of 21%%
Certificates of Indebtedness Dated Dec. 15—Sub- President Roosevelt, which read as follows:
scriptions Up To and Including $5,000 Allotted
THE WHITE HOUSE.
in Full—Allotments Expected to Total $990,000,000.
Washington, Dec. 8 1933.
made on Dec. 11 by Henry MorgenAnnouncement was
My dear Dave:—I want you to know how glad I was to hear that you
thau, Jr., Acting Secretary of the Treasury, following the had bought The New York "Evening Post." I believe there is a great
compilation of detailed reports from the Federal Reserve field there for the right kind of newspaper and have every expectation
that you will make a great daily out of this fine old property that should
banks, that subscriptions totaling $2,800,000,000 have been play so important a part in the life of New York and of the Nation.
As you once laughingly remarked there are times when a "hairshirt"
received to the offering of $950,000,000 or thereabouts of
I always welcome honest and
one-year 2%% Treasury Certificates of Indebtedness dated is a good thing for an Administration. you are one of the people upon
constructive criticism, as you know, and
Dec. 15 1933, and payable Dec. 15 1934. The oversub- whom I can count to get honest convictions. I want to wish you all the
scription amounts to nearly three times the amount offered. good luck in the world in this .new venture.
Very sincerely yours,
The certificates were offered on Dec. 7; the books being
FRANKLIN D. ROOSEVELT.
closed the same day.
About $728,000,000 of Treasury Certificates of Indebted- David Stern. Esq., care "Philadelphia Record," Philadelphia, Pa.
The "Post" also printed messages of congratulation from
ness and about $114,000,000 in interest payments on the
public debt became due and payable on Dec. 15 and the Governor Herbert H. Lehman, Mayor-elect Fiorello H.
new certificates were used to meet these obligations. Of LaGuardia, General Hugh S. Johnson, Senators Robert
the maturing certificates, $607,590,500 were tendered in F. Wagner and Royal S. Copeland, of New York; former
exchange for the certificates dated Dec. 15 1933. In his Governor Alfred E. Smith, Senator William E. Borah,
announcement, Mr. Morgenthau said that "the exchange Postmaster-General James A. Farley, Bernard M. Baruch
subscriptions, as well as cash subscriptions in amounts up and Grover A. Whalen.
From the Dec. 11 issue of the "Post" we take the folto and including $5,000, were allotted in full. Cash subscriptions in amounts over $5,000 were allotted 17%, but lowing editorial:
not less than $5,000 on any one subscription."
NEW YORK LOYAL TO ITS OWN.
It was said that allotments will be about $990,000,000.
The New York "Evening Post" appears to-day not merely in its old
"Further details as to subscriptions and allotments will be form, but in its old tradition.
It has been a fighting, independent,
announced when final reports are received from the Federal and it will be so again in the future. liberal newspaper in the past,
Reserve banks," Mr. Morgenthau said on Dec. 11. The
Its traditional vigilance, courage and human sympathy are once more
offering of the certificates was referred to in our issue of at the service of the people of New York.
And New York senses the need of such service—as evidenced by public
Dec. 9, page 4100.
interest in the preservation of one of the city's greatest institutions.
New Offering of 91-Day Treasury Bills to Amount of
$100,000,000 or Thereabouts—To Be Dated Dec.
20 1933.
A new offering of Treasury bills amounting to $100,000,000 or thereabouts was announced on Dec. 13 by Henry
Morgenthau, Jr., Acting Secretary of the Treasury. They
will be 91-day bills; dated Dec. 20 1933, and maturing
March 21 1934. On the maturity date the face amount
will be payable without interest. The bills, which will be
used to retire a similar issue of $100,015,000 maturing on
Dec. 20, will be sold on a discount basis to the highest
bidders. Tenders to the offering will be received up to
2.00 p. m., Eastern Standard time, Monday, Dec. 18, at
the Federal Reserve banks or the branches thereof. No
bids will be received at the Treasury Department, Washington. Mr. Morgenthau's announcement continued in
part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000. $100,000. $500,000, and $1,000,000
(maturity value).
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 bo accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 18
1933, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
Now, as never before in the Nation's history, is there necessity for sincere and intelligent liberalism, which shall act as a balance wheel between
Wall Street and Main Street—which shall be outspoken for fair play to
all interests, special privileges to none—which shall voice the true Americanism which ran strong when the "Post" was born 132 years ago.
Then New York was a city of 60,000. This 60,000 has grown to 7,000.000. But the 7,000,000, like the 60,000, still want the "Post."
The greatest city on earth is loyal to its own.
The founders of the "Post" despised newspapers "too drowsy to be
of service in any cause."
Fighting editors and fighting owners gave power to its editorial page;
Alexander Hamilton, William Cullen Bryant, Carl Schurz, William Leggett
—Walt Whitman's "great Jefferson and glorious Leggett"—Edwin Lawrence Godkin, John Bigelow, Oswald Garrison Villard.
Tweed, Boss Platt and the Barnes machine felt its lash. "The forty
thieves" it called an early Board of Aldermen, and started a popular revolt.
Corrupt courts, brutal jails, dueling, imprisonment for debt, property
qualifications that barred the poor man's vote, corporate abuses, the traffic
in franchises, Jay Gould's manipulations, stock speculation, unsafe tenements. quack medicines, lotteries, were among the targets of the great
campaigns that mark the "Post's" history.
Early in its career, it brushed aside the hush-hush of frightened business
men to fight the menace of yellow fever. Central Park, our subway
system, and the apartment house are among the New York institutions
that trace their origin to the pages of the "Post."
It supported Andrew Jackson as "the man of the people" in his war
on Nicholas Biddle, the big banker of his day. It was quick to recognize
a rising young Illinois lawyer, Abraham Lincoln, and it stood by him
in the darkest days of his Presidency when other newspapers were calling
our greatest President "incompetent. ignorant and desperate."
Federalist. Democratic or Republican, the "Post" preserved its independence and did not hesitate to throw in its lot with insurgent Barnburners, Locofocoes and MugwumPs.
As early as 1834, the "Post" was vigorously upholding the right of
workers to organize in trade unions, declaring that the whole of society
would benefit by the shorter hours and higher wages sought by the "mechanics."
When a year later 21 tailors were declared guilty of a conspiracy for
forming a union, William Cullen Bryant attacked the law as "tyrannical
and wicked."
4284
Financial Chronicle
"If this is not slavery," Bryant wrote on May 31 1836, "we have forgotten its definition. Strike the right of associating for the sale of labor
from the privileges of a free man,and you may as well bind him to a master,
or ascribe him to the soil."
The new "Evening Post," like the old "Evening Post," will be independent.
It will not hesitate to criticize even those whom it supports; will, indeed,
regard such criticism as a duty.
The "Evening Post" will support Franklin D. Roosevelt for the same
reason that the "Evening Post" a century ago supported Andrew Jackson.
It sees Roosevelt now, as the "Post" saw Jackson then, arrayed against
a great system "for making the rich richer, the poor poorer, and thus
arresting those enormous disproportions of wealth which are always the
forerunner of the loss of freedom."
The "Post" will support the New Deal as long as that New Deal offers
hope of alleviating mal-distribution of wealth, which is our fundamental
ill, and of restoring economic health and social justice.
It will have no patience with Tories shielding economic despotism under
a pretended defense of fundamental liberties; for industrialists seeking
to organize while refusing that same privilege to their workers;for demagogic
labor leaders trying to make a racket of unionism; for the pullbacks who
do not yet see the need for a change from the profiteering debauch of the
1920's.
"I am free to confess," its first editor once wrote, "that I think a breeze
from any quarter is better than that stagnant and sickly atmosphere which
we have breathed so long."
The "Evening Post" will do its part to dispel the "stagnant and sickly
atmosphere" of political corruption and economic privilege.
The following extract is taken from the "Post" of Dec. 8:
Post Founded by Hamilton.
The New York "Evening Post" was founded by Alexander Hamilton
and his associates in 1801 as the main journalistic support for the Federalist
Party. Under William Cullen Bryant, editor for half a century. it backed
the new Republican Party of Lincoln. . ..
Bryant Died in 1878.
Mr. Bryant died in 1878 and soon after that Henry Villard, railway
financier, bought the paper, and in 1881 it was announced that Carl Schurz,
Horace White and E. L. Godkin would have control. Schurz, the "general"
editor-in-chief, was in 1882 confronted with the necessity for a decision
on policy. When accounts of the Sullivan-Ryan prize fight came over
the wire the news editor hastened to tell him that under Bryant such news
had always gone into the wastebasket.
"Publish a brief result of each round," Mr. Schurz ordered, "and—
let me see a copy of each round as soon as it comes in."
Edwin Lawrence Godkin was editor from 1883 to 1899. His first
political fight of moment was against James G. Blaine and in behalf of
grover Cleveland, and his editorials brought a commendatory letter from
Henry Ward Beecher, who said this daily 'may almost be called the ideal
family newspaper." Later the paper opposed Cleveland in the controversy between Venezuela and England. Godkin's great fight was for
civil service reform, which he lived to see written into law.
Fought McKinley Tariff.
Horace White was editor for three years, beginning in 1900, and Rollo
Ogden succeeded him. The paper opposed the McKinley tariff and
favored Parker for President against Roosevelt, and then in 1912 and
1916 backed Wilson. During Roosevelt's seven years in the White House
the paper alternated between hostility and friendliness, criticizing Mr.
Roosevelt's demands for military power but recognizing his constructive
achievements and seeing him as an awakener of the public conscience.
From the beginning of the World War the "Post" found the side of right
and justice with the Allies when President Wilson asked for neutrality,
and declared that impossible.
For 15 years Oswald Garrison Villard held financial control of the "Post"
and was President of the company, but in 1917 he gave an option to his
associates for the purchase of his share and soon it was announced that
Thomas Lamont was the purchaser. In 1920 he placed Edwin F. Gay
in charge and two years later a syndicate organized by Mr. Gay assumed
control.
Moved to New Plant.
Cyrus H. K. Curtis became the owner in 1923. when it was announced
that in general the paper would espouse the Federalist policies of Hamilton
and support the Republican Administration at Washington. The paper
was enlarged and developed in line with modern newspaper methods and
in 1926 a new plant was opened at 75 West St., with Julian S. Mason as
editor-in-chief of the newspaper.
According to the family tradition, the founding of the "Post," oldest
newspaper in New York, took place at the home of Archibald Gracie, merchant and ship owner. The "Post" was the first newspaper in the Englishspeaking world to see the value of literary and theatrical news. Even
from the first issue it has been reporting theatre openings. The first, in
1801, was that of "Lovers' Vows." Two men and a boy turned out that
paper on a small hand press. Beating the town on book reviews was
a specialty of the paper 60 years ago. An announcement of a new poem
by Tennyson came into the office shortly before press time. The forms
were withdrawn and the reviewer, John S. Thompson, who had been
entertained in the homes of Carlyle, Thackeray, Tennyson, Bulwer and
Kingsley, sat down and ripped off page after page about the new poem
while he was still reading it, and the copy boys of'76 snatched it from him
paragraph by paragraph and rushed it to the compositors as sensational
news is handled now-a-days.
The New York "Herald Tribune" in its Dec. 8 issue reporting Mr. Stern's acquisition of the "Post" said in part:
The announcement of the sale was scheduled for 6.30 p. m., but it was
Dec. 16 1933
The "Post" company was a subsidiary of the Curtis-Martin company
whose trustees passed on the sale of the newspaper. The realty w
owned by the Philadelphia Public Ledger Co., whose trustees also passed
on the sale. John C. Martin, President of the Curtis-Martin company
made no statement and left the explaining to Mr. Stern.
Was at Point of Discontinuing.
"It was," Mr. Stern said,"the most dramatic thing in my career. When
I called Mr. Martin last Tuesday afternoon he had sitting by his desk a
lawyer representing the other evening newspapers in New York City. He
had a certified check (it was learned later that the check was for $250,000)
from these newspapers on his desk, and in his pocket he had a statement
of discontinuance to be published the next day, Wednesday. He was
going with the lawyer to an office uptown to complete the deal which
would put the newspaper out of business.
"Instead, he came to the office of Albert M. Greenfield & Co.. at 521
Fifth Ave., where I was, and I signed a memorandum agreement to buy
the newspaper. It was a close call."
"I almost waited to long." he said with a relieved grin. "But I have
it now, and I'll be editor and publisher. There will be no changes in the
executives. The newspaper will be independent politically, like the rest
of my papers. I support President Roosevelt because he is a great liberal
not because he is a Democrat. LaGuardia is another great liberal, and I
am for him."
He was, he said, one of the first publishers to sign the President's blanket
code agreement, and he is in favor of a guild for editorial workers in the
newspaper field.
"I am 100% behind President Roosevelt, General Johnson and the
National Recovery Administration," he said. "I am for the newspaper
guild. 1 think the only way the NRA can succeed is through the unionization of all workers. Naturally, my newspapers live up to the spirit
as well as the let.,er of the National Industrial Recovery Act.
"I am in favor of controlled credit inflation. I think that is the only
kind of inflation possible. Those who speak in terms of monetary inflation
are talking civil war terms." . . .
In 1922 Edwin F. Gay, on Jan. 13, bought the paper with the help of
a group of friends that included Franklin D. Roosevelt, Owen D. Young,
George W. Wickersham, August Heckscher, Norman H. Davis, Paul M.
Warburg, Frank L. Polk and Marshall Field. This group relinquished
it to the late Cyrus H. K. Curtis, the Philadelphia newspaper and magazine publisher, on Dec. 23 1923. Since then the Curtis family has controlled It, but after the death of Mr. Curtis on June 7 1933 rumors were
abroad that it was for sale.
Treasury Head Outlines Plans to Block Income Tax
Evasions—Acting Secretary Morgenthau Proposes
Revision of Present Law—Suggests Lower Rates
on Earned Income Than on Return from Investments—Would Require Husband and Wife to
Make Joint Return—Advocates Retention of
Capital Gains Tax—Other Proposals Summarized.
Acting Secretary of Treasury Morgenthau, appearing
yesterday (Dec. 15) before the House Ways and Means
Committee, outlined in some detail the Administration's
views on income tax revision. Declining to recommend
specific income tax rates, which he indicated depend upon
the completion of the budget, Mr. Morgenthau nevertheless
offered a number of suggested changes in the present law.
Among his principal recommendations was that of a lower
Federal tax on earned incomes of less than $25,000 than OD
income from investments. He also proposed the abandonment of the present practice of permitting husbands and wives
to file separate income tax returns. Mr. Morgenthau listed
other suggested alterations in proposals of a subcommittee
of the Ways and Means Committee, designed to plug "any
loopholes" in the present laws,increase revenues and simplify
the tax structure. Associated Press dispatches of Dec. 15
summarized the principal features of the Acting Secretary's
recommendations as follows:
A lower tax on earned incomes of less than $25,000 than the rate paid on
income from investments.
Joint returns by a husband and wife, estimated to bring in $40,000,000
of additional revenue.
A single normal tax rate with surtaxes adjusted accordingly, but with
personal exemption and credits for dependents allowed only on the normal
tax.
Elimination of depreciation and depletion deductions,
Retention of the capital gains tax, with some deduction for capital losses,
but with capital losses deductible only from capital gains and not from
income. A net loss could be carried forward for deduction one year.
Retention of the present holding company tax method with some administrative tightening.
Complete redrafting of the exchanges and reorganization provisions.
Continuation of the credit allowed American taxpayers on foreign tax
payments.
Continuation of consolidated corporation returns with a suggestion that
Congress consider an excess profits tax on large-scale businesses.
Deduction of partnership losses as long as partners must report all partnership income.
not until an hour later that Mr. Stern descended from an apartment atop
the building of the newspaper at 75 West St. to announce himself as the
new owner. Meanwhile the staff waited anxiously in the editorial rooms.
Mr. Stern's statement and his supplementary remarks cleared away the
,gloom, and the staff cheered him when he said in a quiet voice, "I'm for
you and I hope you'll be for me."
A more detailed account of the testimony before the Ways
and Means Committee was given in an Associated Press
dispatch of Dec. 15 to the New York "Sun," from which we
quote in part:
To Run "Newspaper Man's Paper."
"I want to run a newspaper man's newspaper," he said. "I think if the
newspaper men like it the public will. I've been in the game for more
than 30 years, and my happiest days were those passed as a reporter.
Don't be surprised if you see me running through here with my coat off
and my hair mussed. We're going to work together."
The financial terms of the deal were not revealed beyond the fact that
Mr. Stern now owns all the common stock in the New York Evening Post,
Inc., and all of the preferred stock except a non-voting block retained
-Martin Newspaavra, Inc. The "Evening Post" building
by the Curtis
and plant at 76 West St. also was included in the sale.
Reading only the high spots of his suggestions before turning over the
exposition of details to Prof. Roswell Magill, Treasury tax expert, Mr.
Morgenthau made no estimate of how much the Government might gain
from rewriting the income tax law. It was indicated, however, that the
Treasury felt the return would be nearer $100,000,000 than the committee's
estimate of $270,000,000.
In his comparatively brief reading, before taking a seat in the audience
at the House office building, Mr. Morgenthau revealed the Treasury had
started a survey of the whole relation of Federal and State taxation.
Prof. Magill suggested beginning the proposed new surtax at $6,500
instead of $4,000. as the subcommittee recommended.
Volume 137
Financial Chronicle
He contended that the subcommittee's surtaxes, which lower existing
brackets and increases the rate to offset the proposed reductia in normal
tax through the single rate of 4%, would give the wealthy man the advantage.
He said persons with net incomes from $15,000 to $20,000 would be hit
hardest under the proposed schedule—a 23 17-100% increase—but after
that the increases would go down.
As Prof. Magill discussed rates, Representative Crowther, Republican,
of New York, objected, asking if the Ways and Means Committee was
going to have anything to do or if the "Treasury is going to write the whole
bill."
This drew a hot retort from Representative Lewis,Democrat,of Missouri,
who observed the Treasury had made a thorough study of the problem
and was well qualified to speak wisely.
After an hour of questioning, the committee recessed until 2 p. m., to
permit members to study the voluminous Treasury statement.
Representative Vinson, Democrat, of Kentucky, suggested the recess,
whereupon Representative Treadway, Republican, of Massachusetts, said
it was clear the Democrats wanted "a special session."
"Not at all," Vinson replied.
Lewis replied to Treadway that if the Republicans bad held some special
sessions "the Treasury probably wouldn't be in the red."
Mr. Morgenthau's proposal for an extensive revision of the income
tax law was made at the Committee meeting in a discussion of a sub-committee's recommendations regarding income taxes, He revealed that the
Treasury has started a study of "the whole question of the relation of the
taxing system of the United States to those of the several States."
Lower Tax on Earned Income.
Important recommendations made by Mr. Morgenthau included a lower
tax on earned income and from income on investments than a requirement
that husband and wife must make joint income tax returns, a change estimated to bring in $40,000,000 of additional revenue a year.
In presenting this recommendation Mr. Morgenthau referred directly to
the case of Charles E. Mitchell, New York banker, saying:
"The present law encourages sales of one spouse directly to the other.
In the most notorious recent case the jury acquitted the husband from a
criminal charge in such a situation. The income taxes which the husband
sought to avoid in this manner amounted to over $1,000.000."
Mr. Morgenthau said all his recommendations were directed at eliminating "any loopholes" and to see that legitimate business should not be
impeded.
Capital Gains.
He agreed with the Committee plan of fixing a single normal income
tax rate and adjusting surtaxes accordingly, but pointed out the Committee rates for this change would put the heaviest burden on taxpayers
with incomes from $15,000 to $20,000.
Mr. Morgenthau recommended the elimination of depreciation and depletion reductions. He said the Treasury wanted to retain the income tax
on capital gains and that some deductions for capital losses would be
allowed, but added:
"It is essential, however, that restrictions be imposed upon the deduction
of capital losses from ordinary income, since our experience indicates that
no method of tax avoidance is more widely employed than this. In the
opinion of the Treasury, it is fair to provide that capital losses may be deducted only from capital gains, with perhaps the qualification that any capital net loss may be carried forward for one year and applied against a capital
gain in such year.
"In the alternative, perhaps an arbitrary limitation of the deduction of
capital losses to an amount of not more than 50% of the capital gains would
be desirable."
Mr. Morgenthau approved the policy of taxing undistributed income of
personal holding companies at a higher rate than that of other corporations.
He indicated his preference of continuing present provisions for taxing
holding companies, with possibility some minor changes.
Mr. Morgenthau favored the continuation of consolidated returns for
corporations and added that "the committee may wish to discuss as well
other forms of taxation on large scale businesses such as the excess profit
tax. Recommendations as to these are beyond the scope of this statement."
He added that the Treasury hopes to recommend at an early date a complete
revision of the partnership provision of the income tax law, saying:
"So long as the partner must report all partnership income, he should be
permitted to deduct the corresponding partnership losses."
Credit for Foreign Tax Payments.
The Treasury head opposed the committee plan to eliminate credit for
foreign tax payments.
"In the judgment of the department," he said, "the present arrangement seems fair and should be continued. If it is not continued, American
taxpayers doing business abroad will have an additional insentive to organize
foreign corporations to take over their foreign business with resultant loss
of both business and revenue therefrom.
"It is quite clear that the elimination of the foreign tax credit will not increase the revenues to the extent of the taxes which American taxpayers
now save by virtue of it."
Concerning provisions for exchanging property and reorganizing businesses
Mr. Morgenthau said they needed complete redrafting and added:
"The Treasury believes that it would be unwise to eliminate completely
the exchange and reorganization provisions at this time. The department
is now working upon a substitute for the present provisions which will be
completed as soon as possible."
Mr. Morgenthau said he agreed that dividends out ot earnings and profits
accumulated or the increase in value of property accrued before March 1
1913, should be subjected to surtax.
President Roosevelt's Special Committee Recommends
Tax of $2.60 a Gallon on Liquor—Other Taxes
Suggested, with Estimate that Total Return to
Government Would Be $500,000,000 Annually—
Report Made Only as Basis for Study.
A basic liquor tax of $2.60 a gallon on distilled spirits
instead of the present tax of $1.10 was recommended in
the report of the President's Inter-Departmental Committee on Alcoholic Control, made public on Dec. 8 and
transmitted to the chairmen of tax committees in the House
and the Senate. The suggested tax formed one portion
of a three-point program presented by the Committee for
the President's consideration. A second point cited the
feasibility of making the new rates the only gallonage tax
on liquor, with the States either sharing a portion of the
4285
proceeds or limiting themselves to occupational or license
fees. The third point covered the desirability of more
adequate authority for the Administration to negotiate
reciprocal trade agreements with other nations on the basis
of the value of the United States liquor market. The
report to the President also included the following additional tax recommendations:
Five dollars a barrel on all beer instead of the present rate of $5 on
3.2% beer and $6 on higher content.
Sixteen cents additional tax on rectified spirits instead of the present
30 cents extra levy.
Sixteen cents a gallon on wine of less than 14% alcohol by volume instead of the present rate of four cents.
Forty cents a gallon on wines from 14 to 24% instead of the present
rate of 10 cents a gallon from 14 to 21% and 25 cents a gallon between 21%
and 24%.
Two dollars and sixty cents a gallon (spirits tax) on all wines above 24%.
Eighty cents a gallon on all champagne and other sparkling wines of
less than 24% alcohol instead of the present rate of 12 cents for each half
pint.
Forty cents a gallon on all artificially carbonated wines instead of the
Present rate of six cents a gallon.
The Committee estimated that the new schedule of
rates, added to the present income from beer, would result
in an annual income from all liquor taxes of about $500,000,000. It was said later by spokesmen for the White
House that the schedule recommended by the Committee
must not be regarded as proposals of the Administration,
and it was stressed that the report had been sent to Congressional Committees only as a basis for study.
FACA Allocates 5,595,137 Gallons of Liquor Imports—
Congressional Committees Hear Testimony Preparatory to Introduction of Tax Legislation—
Levy of $2 a Gallon on Distilled Spirits and Lower
Tariff Said to Be Favored.
The Federal Alcohol Control Administration announced
on Dec. 13 that it had allocated 5,595,137 gallons of various
liquors for immediate importation into the United States.
This amount was said to be in addition to a substantial
quantity of rye and bourbon whiskies which are to be
brought in from Canada for blending and resale. Meanwhile the House Ways and Means Committee and the Senate
Finance Committee have been holding hearings this week
at which evidence has been offered designed to aid in drafting
legislation imposing Federal liquor taxes, which will be introduced Wordy after Congress meets in January. Various
recommendations as to an appropriate tax rate were made
in the course of voluminous testimony, but most of the
witnesses favored a tax of not more than $2 per gallon on
distilled spirits, as well as a reduction in the present tariff
of $5 per gallon on imports.
The quotas of wine, champagne, brandy, whisky, rum,
gin, cordials and liqueurs allocated to various countires, in
gallons, were made public on Dec. 13 by the FACA as
follows:
Italy
France
Great Britain
Germany
Spain
1,100,000
784,000
607.000
399,000
395,000
Japan
Netherlands
Portugal
China
Greece
187,000
110,000
60,000
35,000
25,000
The allocation was based on an average of four-month
imports during the period 1910-14.
President Roosevelt Accepts Resignation of Thomas
Hewes as Assistant Secretary of Treasury—Expresses Hope That He Will Return—Possible
Resignation of W. J. Cummings from Treasury
Post Is Rumored.
President Roosevelt on Dec. 12 accepted the resignation
of Thomas Hewes as Assistant Secretary of the Treasury,
making public a letter of appreciation to Mr. Hewes for his
services, although without publishing Mr. Hewes' letter to
him. Press reports from Washington said that Mr. Hewes
had given up his post because of differences between him and
Acting Secretary Morgenthau, and had decided to leave the
Treasury after the Internal Revenue Commissioner and the
head of the Secret Service were instructed to report directly
to Mr. Morgenthau instead of to the Assistant Secretary,
as had been the custom for some years. Newspaper advices
from Washington this week also said that Walter J. Cum.
mings of Chicago, Chairman of the Board of the Federal
Deposit Insurance Corporation, is expected to resign within
a few weeks. No official confirmation was given these
rumors.
President Roosevelt wrote the following letter to Mr.
Hewes on Dec. 12:
My Dear Tom—
It is with sincere regret that I accept your resignation, which I have just
received.
I fully understand. but I do hope you know that I want you as a part
of the administration, not only because of any real personal friendship for
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Financial Chronicle
You but also because of the fine service you have rendered. Therefore, I
hope that very shortly you will be back with us in Washington again.
As always, with kindest personal regards,
Very sincerely,
FRANKLIN D. ROOSEVELT.
A Washington dispatch of Dec. 12 to the New York
"Herald Tribune" commented, in part, as follows:
Mr. Hewes, a young Connecticut Democrat, recommended by Attorney
General Homer S. Cummings, resigned directly to President Roosevelt
after Henry Morgenthau, Jr., Acting Secretary of the Treasury, had
stripped him of the major functions of his office. Walter J. Cummings, no
sympathizer of the new Treasury regime, announced that he would return
to private life in the banking field.
Mr. Hewes is to be replaced by Earle Bailie. formerly of the Wall Street
firm of J. & W. Seligman, whom Mr. Morgenthau brought to the Treasury
as a part of a super-staff of advisers two days after supplanting Dean G.
Acheson in the Under-Secretaryship. Mr. Ilewes was the Assistant Secretary in charge of fiscal affairs.
Since Mr. Bailie's duties paralleled those of Mr. Hewes, a holdover from
the regime of William H. Woodin, now on indefinite leave as Secretary, his
going had been anticipated. The retirement of Mr. Cummings will make
the sixth major change in the Treasury since the shake-up by the President
on Nov. 14 to break up the orthodox Treasury group which had been resisting his liberal monetary policies.
M.
Mr. Hewes's going tittered from that of Mr. Acheson and Dr. Oliver
W. Sprague, resigned Financial Adviser of the Treasury, in that the PresiMr. Hewes, though
dent made public a gracious letter of appreciation to
had been
without publishing Mr. Hewes's letter to him. Mr. Roosevelt
criticized in his own circle of advisers for omitting this customary procedure
was out of
in the case of Mr. Acheson, who, like Dr. Sprague after him,
sympathy with his gold purchase plan.
Robert L. O'Brien Named as Chairman of United States
Tariff Commission for Another Year.
On Dec. 1 President Roosevelt signed an order continuing
Robert Lincoln O'Brien as Chairman of the United States
Tariff Commission for another year. It is stated that Mr.
O'Brien's commission as Chairman, although not his tenure
of office as a member of the Commission, expired that day.
The new appointment continues him in the office of Chairman until Dec. 1 1934.
New Washington Bureau Created Under Title of Press
Intelligence Division to Keep Administration Informed on Newspaper Comment.
A new Federal intelligence agency, designed to keep the
Government informed of what the nation's newspapers are
saying about it, was in operation on Nov. 16, United Press
advices from Washington on that date stating:
The division of Press Intelligence has begun distribution of a daily
bulletin, averaging from 60 to 70 pages in content, in which is given a
condensed version of the contents of some 400 newspapers from coast to
coast.
The bulletins are sent into all departments of the Government so that
officials from President Roosevelt down may keep abreast of happenings
and public opinion as expressed in news stories and editorials. The bulleany
tins furnish the means for a quick check-up of editorial reaction to
Government policy or undertaking. Never before has a Federal Government taken such pains to acquaint itself with the trend of the daily press.
The press intelligence division was orgnized by Miss Katherine C.
Blackburn. She has a staff of 17 persons who read and clip the newspapers,
and who write and edit the daily bulletin.
Revised Simplification Program on the Subject of
Paper Issued by Superintendent of Documents.
The revised simplified practice recommendation R22-33
on the subject of paper (basic sheet sizes) is now available
in printed form, and copies may be obtained from the Superintendent of Documents, Government Printing Office,
Washington, D. C., for 5 cents each, according to an announcement of the division of simplified practice of the
Bureau of Standards.
This recommendation, which was proposed and developed
by the industry, is concerned with the basic sheet sizes of
paper. Ten sheet sizes were added to this revised simplification program by the standing committee of the industry.
Also, specific headings for the various sections of the recommendation have been included by the committee.
c Party
Union League of New York Charges DemocratiFor ReWith "Betrayal of People's Trust"—Calls
turn of Gold Standard—A. A. Ballantine Criticizes
Federal Securities Act.
On Dec. 14 the Union League Club of the City of New
York,at a meeting attended by 250 members,adopted unanimously a resolution presented by former Governor Charles
S. Whitman, Chairman of the Club's Committee on Public
Affairs, charging the Democratic Party "with the betrayal
of the people's trust." The resolution termed the Administration's policy of monetary experiment for inflation as "a
policy of confiscation and destruction." The resolution also
said that the Administration in advocating the gold clause,
"has repudiated the Government's own obligations and in
dishonoring all forms of the Government's promise to pay
must rest
it has throughout the land impaired credit, which
Dec. 16 1933
on confidence in the fulfillment of obligations." The resolution follows:
"The Union League Club of the City of New York hereby charges the
Democratic party, which is in control of the legislative and executive
branches of the Government, with a betrayal of the people's trust. In
the national election of 1932 the Democratic platform advocated "a sound
currency to be preserved at all hazards." During the campaign President
Roosevelt and his supporters assured the maintenance of our currency on
the gold standard, and thus with the Democratic promise definitely prevented our currency from being an issue in the campaign.
"The Administration in abandoning the gold standard has indicated that
it proposes to substitute a dollar with only a theoretical relation to gold.
"In abrogating the gold clause it has repudiated the Government's own
obligations and in dishonoring all forms of the Government's promise to
pay it has throughout the land impaired credit which must rest on confidence in the fulfillment of obligations. In providing for the purchase of
$3,000,000,000 of Government bonds by the Federal Reserve banks, Congress acted in pursuance of a manifest purpose of the Government to pervert
the Federal Reserve System from service to the industry and commerce
of the country to a mere agent for facilitating Governmental expenditures.
In providing for the issue of $3,000,000,000 of greenbacks from the printing
presses without any means for their redemption in basic money. Congress
defied experience and history. In authorizing the unlimited coinage of
silver, Congress defied the people's will expressed in two successive national
elections when for the last time the people had an opportunity to vote
on the issue of sound money. In authorizing devaluation of the dollar
by a reduction of up to 50% of its weight in gold in order to scale down
the debts of the Government and all other debts. Congress completed a
record of repudiation, dishonesty and dishonor without parallel in the
history of the national Legislature.
"The Administration's experiments with money are directed to an artiBeal inflation of prices. If continued they can hardly fail to end in currency inflation. The Administration's policy of monetary experiment for
inflation is a policy of confiscation and destruction. None can suffer from
it more than the farmer and the laborer, whose interests it professes to serve.
"The Union League Club of the City of New York denounces the monetary policy of the Government as indicated by Congressional enactment
and the acts of the Administration. It is a policy founded on a breach
of faith and executed in repudiation. It is a policy which will impoverish
the thrifty and enterprising. It is a policy which courts the danger of
impoverishment of the people. It is a policy which goes against the declared will of the people that the currency of our country shall be sound.
"Therefore, be it resolved by the Union League Club of the City of New York
that the monetary policy of the present Government, as shown by the
acts of Congress and the measures taken by the Administration, are subversive of confidence in the currency and the maintenance of sound values.
The promotion of the well being of all the people depends on confidence
that the rewards of labor, enterprise, thrift and investment will accrue in
sound money; and be it further
"Resolved, that the gold standard should be forthwith returned to the
American people."
The New York "Herald Tribune" of Dec. 15 from which
the resolution is quoted; said:
Ballantine Assails Policies.
After adopting the resolution the members listened to an address by
Arthur A. Ballantine, Under-Secretary Of the Treasury in the hoover
administration, who assailed the recent securites Act as having dammed
the free flow of capital into industry without providing proper protection
to the investor. Mr. Ballantine criticized also the monetary theories of
Professor George F. Warren, who is setting the Administration's gold
purchase prices, and pointed to dangers in the national recovery act.
"We might say to the President, who has done so much to liberate us
from the evils and difficulties we have had with liquor," he said, "that he
is now subjecting us to an experiment of far greater import, in which the
rules are so rigid we may find bootleg in finance, speakeasies in industry
and a new and unlimited domain for the racketeer."
Opposition to Currency Inflation Voiced by National
Association of Manufacturers--Urges Return to
Gold Standard.
Among the resolutions adopted by the National Association of Manufacturers at its annual convention in New York
City on Dec. 8 is one wherein the Association records its
opposition "to currency inflation through the use of printingpress money and to any form of bimetallism." In the event
that the further usage of silver is authorized by Congress,
the Association states that it should be undertaken "only
on condition that the silver certificates . . . be backed
by an adequate special gold reserve." The Association
recommends that President Roosevelt "give definite assurance to the Nation that it will be his policy to return to the
gold standard, even though the gold content of the dollar
be modified." The resolution follows:
The National Association of Manufacturers recognizes that the wise
adjustment of the monetary standard of the United States to the changed
decade of
economic conditions arising out of the World War and the ensuing
prorapid expansion is one of the vital factors in the President's recovery
and abstruse,
gram. The questions at issue are extremely complicated
Their very nature,
and reach out far beyond our domestic boundaries.
and interin fact, involves problems of such delicacy—both from a national
the Chief
national viewpoint—that they must necessarily be handled by
t of
Executive with extreme forethought and care. Public announcemen
its inauguration would
the details of any monetary program in advance of
the President
in all likelihood defeat its objectives or seriously embarrass
In its consummation.
to currency
The Association records itself as being unequivocally opposed
form of biInflation through the use of printing-press money and to any
should be authorized by
metallisin• However,if the further usage of silver
silver certifiCongress, it should be undertaken only on condition that the
adequate special gold
cates utilized as currency should be backed by an
of silver bullion.
reserve—not less than 25%,in addition to a 75% reserve
the ultimate
Confidence in the soundness of our money and faith in
forward planning
monetary objectives of our Government are essential if
agriculture, commerce and
and continued progress are to be encouraged in
therefore respectindustry. The National Association of Manufacturers
he give definite assurance to
fully recommends to the President (1) that
Volume 137
Financial Chronicle
the Nation that it will be his policy to return to the gold standard—even
though the gold content of the dollar be modified: and (2) that he stabilize
the dollar on a gold basis just as soon as developments in the domestic and
international situation in his judgment permit such action to be taken
without jeopardy to the people of the United States.
4287
Associated Press account to the New York "Evening Post"
which added:
An inflation insurance issue was raised by the Standard Oil Co. of New
Jersey in submitting a bid for a contract to supply gasoline to the Coast
Guard.
The bid included a clause that any future Governmental action toward
'the reduction of the gold content of the dollar, the issue of fiat money,
Inflation, expansion of credit, or otherwise, shall directly increase the cost
of the seller in furnishing the products called for herein, or shall direct
that such products shall be sold at minimum prices at an increase over the
prices provided herein, it is agreed that upon 30 days' written notice by
seller to buyer, the prices in the contract shall be revised from time to time
to include such increase."
Establishes Precedent.
McCarl's comment was:
"Such a condition as this is indefinite and uncertain and not responsible
to the advertised specifications, as the bid attempts to incorporate therein
terms and conditions not offered by the Government to all bidders on the
basis of competition."
Officers at the Controller General's office said the ruling establishes a
precedent for future bids of similar character.
The Standard Oil Co. had bid for the delivery of 4,000 gallons of hightest aviation gasoline to Broadwater, Va., and 1,000 gallons of the same
grade of gasoline to Chincoteague, Va.
RFC Continues Purchases of Newly-Mined Gold—
Rumors of "Leak" in Daily Treasury Quotation
and of Possible Stabilization of Dollar Feature
Otherwise Quiet Week—Gold Price Maintained at
$34.01 Since Dec. 1—White House Indicates Gold
Buying Program Will Continue Indefinitely.
Principal interest in the daily posting of the official RFC
gold purchase price this week attached to rumors of impending stabilization of the dollar and to other rumors of a
"leak" in the Treasury Department which is said to have
enabled certain persons • to cable the gold buying figure
abroad several minutes before it was made public in Washington. There was no confirmation whatever of these
reports, however. The first was apparently based upon
the fact that the RFC made no change in the daily quotation, which remained at $34.01, as originally established RFC Gold Purchases-446,000 Ounces Bought for
on Dec. 1. As a result the dollar showed further stability
$14,885,000, Jones States—$526,000,000 Lent to
Thaw Deposits.
in terms of foreign exchange during the week, and late
A Washington dispatch to the "Wall Street Journal" last
yesterday (Dec. 15) the pound sterling was quoted at
$5.11, compared with $5.153' at the close on Dec. 8, while night (Dec. 15) said:
The Reconstruction Finance Corporation has purchased 446,000 ounces
the French franc yesterday was 6.10 cents, as against 6.1534
a cost of $14,885,000, Chairman Jesse H. Jones of the
a week ago. Additional evidence of a stronger dollar was of domestic gold atThe figures on the purchases of foreign gold were withRFC announced.
fact that Canadian currency, which had been held as usual.
seen in the
To date the corporation has loaned $526,000,000 for liquidation of dequoted a few weeks ago at a substantial premium, closed
posits in closed banks, the Chairman said.
par on Dec. 13.
at
Purchases of preferred stock and capital notes under the credit expansion
Stephen T. Early, Assistant Secretary to President program now total $530,000,000.
The purchases were made in 1,942 banks. The corporation has received
Roosevelt, announced on Dec. 14 on behalf of the President
from 2,608 banks. The volume of these purchases is very
by the United States will continue applications Chairman Jones declared, with 455 applications having been
that gold purchases
heavy now,
indefinitely. "Any predictions of stabilization now, in the approved over the last three days.
The
this as "doing a pretty good business," and
near future, or at any time would be all wrong," Mr. Early pointedChairman characterizedis important since it means the building up
out
this activity
the of the banksthatthe country. He further stated that bankers are coming
said. "In regard to stories about treaties between
of
United States and England on the subject of gold, this is in now that earlier had no intention of so doing.
worse than a bad guess."
Assistant Secretary of the Treasury Morgenthau, discuss- British House of Lords Upholds Gold Clause in Bond
Contracts—Rules Holder of Belgian Bonds Should
ing gold purchases on Dec. 14, said: "We are on a 24-hour
Be Paid in Bullion.
basis on the gold plan." Earlier this week, on Dec. 13,
The validity of the gold clause in bond contracts was
Senator Thomas of Oklahoma was informed by James H.
Rand, Jr., Chairman of the Committee for the Nation, that upheld by British House of Lords in a decisior allowing the
the Administration was negotiating with the Bank of Eng- appeal of one Mr. Feist against a Belgium utility company,
land and the Bank of France for stabilization of the dollar at whose securities he holds. This was indicated in a London
about 62 cents. Senator Thomas immediately expressed his cablegram yesterday (Dec. 15) to the New York "Worldopposition to stabilization at any figure which did not Telegram" which went on to say:
The judgment established that this British subject was entitled to payrepresent a devaluation of at least 50%.
ment in gold instead of Bank of England notes on bonds held by him of
With reference to rumors of Treasury "leaks" whereby the Societe Intercommunale Beige d'Electricite, of Brussels, which conLondon was informed of the RFC price before its announce- tained gold clauses.
ment in Washington, a dispatch from the latter city to the
From the New York "Sun" of last night (Dec. 15) we
New York "Times" on Dec. 9, said:
take the following:
Gold Clause.
Following complaints that the American purchasing price for newly
mined gold in the domestic market had been available in London four to
eight minutes before the daily announcement by the United States, an
Inquiry to hunt out any "leaks" has been begun by Acting Secretary
Morgenthau.
Earle Bailie, his assistant, was detailed to the investigation. It was
denied that the Secret Service had assigned agents.
At the White House it is believed that "leaks" on the gold price, through
tapping of telephone wires or otherwise, are impossible.
Jesse FL Jones, Chairman of the RFC board, was inclined to pass the
matter off lightly. He remarked, however, that there seemed to have
been some "mind reading" in London.
The Government is anxious, officials said, that the gold price not be
made known before its announcement by the Treasury at about 9.45 a, m.
daily, because of the possible effect of premature announcement on speculation in dollar exchange abroad.
Method of Setting Gold Price.
A gold price was first set in late October at a conference between Mr.
Jones and Dean Acheson, then Acting Secretary of the Treasury. The
first announcement of the price was made by Mr. Jones with considerable
ceremony.
Later, when Mr. Morgenthau had succeeded Mr. Acheson and was at
Warm Springs conferring with President Roosevelt, and on another occasion was visiting New York, the gold price was fixed after telephone
conversations among Mr. Jones, Mr. Dame and Mr. Morgenthau.
have been no personal
In the last week or so, it is understood, there
conferences on the gold price, the telephone being used. Just how many
individuals are in a position to have knowledge of the price
officials or
been disclosed.
before its official announcement at the Treasury has not
of
The gold price announcement is made daily through the medium
delivered to the Treasury Department press
a mimeographed statement
On the first statement so sent the price is written
room by messenger.
messenger delivers copies
in with ink. Several minutes later another
mimeographed.
of the statement with the price
United States Contracts Bar Inflation Clauses—Standard Oil Co. Case Used as Precedent in Ruling By
Comptroller General McCarl.
Comptroller General J. R.McCarl held yesterday(Dec.15)
that bids for Government contracts which include clauses
guarding against possible currency inflation are "indefinite
an
and uncertain" and not acceptable. We quote from
Reversal by the British House of Lords of British high court decision
respecting the gold payment clause in a Belgian Electric bond issue interested Wall Street. In England the matter is of practical importance,
In that holders of the bonds may now be able to collect on a gold basis,
instead of a paper basis, as previously held by the courts. Any suits
brought to collect in gold on dollar obligations bearing the gold clause
presumably would have to be settled in American courts, which is a horse
of another color. In effect, the British House of Lords has said that it
thinks a contract should be respected, regardless of any hair splitting on
the part of lawyers. Just the same, some of the wind is taken from the
sails of those who, taking a poke at the British when they cried out against
our gold clause repudiation, noted that the British courts had likewise
invalidated the gold payment clause in bonds.
The decision reverses those of the lower courts in this country and is
at variance with the current American custom which, however, is backed
by an Act of Congress.
Bankers here were generally of the opinion that the decision would
have far reaching effect and particularly would involve payments on the
German Young Plan bonds.
These German bonds bear gold clauses, but Germans have claimed that
the gold clause did not hold after Great Britain went off the gold standard.
Service on the bonds has been paid in Bank of England notes and the
Germans in support of these payments have repeatedly cited the decision
of lower courts upholding the gold clause abrogation.
Sir Arthur Balfour Warns of Gold.
om the New York "World-Telegram" we take the folio ng (United Press) from London Dec. 8:
r Arthur Balfour said in a speech last night that the United States,
uying gold above the world price, had deliberately postponed for 25
the possibility of a return to the gold standard.
ance Wants United States to Pay In Gold on\
Gold Bonds.
Advices (Associated Press) from Paris Dec. 8 said:
Finance Minister Georges Bonnet disclosed to-day that he had sought
to induce foreign Governments, such as the United States, to resume intercet payments in gold on their gold bonds.
He promised the Chamber of Deputies to publish within a month a list
of debts on which gold payments had been suspended.
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Financial Chronicle
F. M. Law, President of American Bankers Association,
Discusses Opposing Views on Monetary Question—
Regards President Roosevelt as Following Middle
Course Between Ultra-Conservative and UltraInflationists — Sees Definite Improvement in
Business.
Speaking in New York City on Dec. 12 before the Bankers
Forum, New York Chapter of the American Institute of
Banking, F. M. Law, President of the American Bankers
Association, referred to the country as "divided into two
camps—in the one camp are those who stand for what is
called sound money, and in the other camp we find the
group that is working under what is called a controlled
money program. "In our truly American way," Mr. Law
added, "we are debating the monetary question with heat,
but in large part the discussion is not being confined to a
serious argument of the real issues involved. There has
been too much misunderstanding and misrepresentation by
some of the parties on both sides." Mr. Law went on to say:
Inflation, of which there are so many kinds, is a subject which is much
in the public mind. Webster defines inflation as undue expansion, as
In the case of paper currency. We also hear much talk of fiat money.
Unfortunately the terms inflation and fiat money, in the minds of a great
many people, mean the same thing. They should not be confused.
What is fiat money? It is defined as paper currency of Government
Issue which is made legal tender by law, but is not based upon specie and
contains no promise of redemption. Specie means coin, usually gold
or silver. The story of fiat money, whether written in France or Germany
or in America after the Civil War, reads like a tragedy. Ruin and misery
and bankruptcy have followed in its wake. The American Bankers'
Association for over half a century has stood like a bulwark against its
Issue, as it so stands to-day. The issuance of fiat money has nearly always, if not always, been resorted to by nations driven to desperation.
In such cases the people had been taxed to the limit and the Government
credit had been impaired. The insidious thing about printing press money
is that once started it is difficult, if not impossible, to control; and let
us not be deluded in any false sense of security by thinking that this country
would be immune from such disaster as has been suffered elsewhere because of our great resources or of our huge gold holdings, amounting to
40% of the world's supply. This, in my opinion, Is one issue upon which
there can be no compromise. After all, I feel that fiat money is a bogey
which need alarm no one. Many thoughtful men have been much concerned, but I firmly believe that Mr. Roosevelt, with his conservative
background and record, and with his knowledge of history and economics,
would have the same abhorrence and fear with regard to the issue of fiat
money that the most ardent member of the sound money group would
have. He has repeatedly declared for the creation and maintenance of
a sound and adequate currency. There is 16% more outstanding currency
in the country to-day than there was in 1926. and there is a billion dollars
more in currency than at the height of the boom in 1929. The need is
not more money, the problem rather is to restore confidence and to put
money and credit to work.
"Thus far," said Mr. Law, "the President has employed
the mildest and safest of the types of inflationary powers
granted him by Congress. It remains to be seen what
Congress will do next month. It appears that the Administration is following a middle course as between the
ultra-conservative group and the ultra-inflationists. It
may and I hope will develop that this middle course is not
so far in disagreement with the moderates of both sides."
Mr. Law also said:
Director of the Budget Douglas believes, and we all agree, that the
balanced budget will play a highly important part in recovery. He has
recently stated that if no additional emergency operations are undertaken
the objective of balancing the current budget can be attained, but if additional obligations are contracted, additional taxes must be Imposed.
According to Mr. Law, "the evidence is clear that there
has been a definite improvement in conditions and in business
throughout the country during the past year." He continued:
Commodity prices and wages have increased; unemployment has materially decreased; exports are on the upgrade; enormous liquidation of
private debts has occurred; the banking situation is infinitely stronger;
many at least have come to realize the folly of debt and extravagance,
and that contentment and happiness do not keep company with these
enemies of mankind. As a result of all these, the confidence and morale
of the people is improved. One of the best proofs that we are experiencing
recovery lies in the fact that we are now having some quarrels, criticisms,
charges and counter-charges. When the patient is very sick he offers
little resistance, but when convalescence sets in he becomes cross and
petulant and combative. The doctor tells you that he is beginning to
get well. We are creeping out of the depression. There will be difficulties
and disappointments and backsots, but the faces of the people are set
toward recovery and we are undoubtedly on the way.
Mr. Law is also President of the First National Bank of
Houston, Tex.
George V. McLaughlin, as Solution of Money Problems,
Favors Re-establishment of Improved International
Gold Standard.
Discussing the various "principal schools of thought OD
the currency question," George V. McLaughlin, President
Of the Brooklyn Trust Co. and President of the New York
State Bankers Association, expresses the conclusion, after
considering the various alternatives, "that none of them
offer much hope for a permanent solution of the money
problem." "This leaves," said Mr. McLaughlin, "only the
modified gold standard as a way out of o.ur difficulties."
"I realize," he went on to say,"that 'modified gold standard'
Dec. 16 1933
is an elastic term, which can be stretched to mean many
things. It might mean a new gold valuation of all the leading currencies of the world, reached by international agreement." "I think," said Mr. McLaughlin, "the best answer
can be found in an international agreement, embracing some,
if not all, of the following points:
1. Stabilization of all monetary units upon an equitable ratio to each
other in terms of gold.
2. Use of gold as a means of settling international balances, but not for
coinage purposes.
3. Providing greater elasticity of Central Bank gold reserves.
4. Providing some form of foreign exchange control over capital transfers between countries."
Mr. McLaughlin stated that "the Roosevelt program,
as far as I can learn, offers no serious danger to American
business and banking." He likewise observed "the President is pledged by his platform and his own statements to
a 'sound and adequate currency.'" "The re-establishment
of an improved international gold standard, which in my
opinion," said Mr. McLaughlin, "is the ultimate goal to
be achieved, is not inconsistent with the President's objectives." "In fact," the speaker added, "it seems to me that
it is the only way that his ideals can possibly be approached."
Mr. McLaughlin spoke before the Bankers' Forum Dinner
of the American Institute of Banking, at the Hotel Biltmore, New York City, Dec. 12. His address follows:
When a banker is asked to speak these days it is difficult to avoid talking
on the subject of the money question. When I state to you I am notion
expert. I don't believe anybody will disagree with me. I would be very
timid about even mentioning the subject of money if it were not for the fact
that anybody who is a professor, politician, a barber or a bartender is discussing it in a way which would indicate they are experts, and therefore
I think a banker should be pardoned if he has something to say on the
subject, particularly in my case where I say I am not an expert and am
going to approach it from the angle of ordinary common sense.
Not since the year 1896 has there been so much public expression and
controversy about the money question, and because of the fact that even
some of the highest authorities at times disagree there has naturally been
a great deal of loose thinking. We have a cross fire of criticism between
individuals whose ideas and objectives are fundamentally quite similar.
Many have wasted their ammunition against matters of details and at
the same time have ignored basic principles and purposes. I think it is
time we should take a more calm and dispassionate view of the situation.
As I see it, there are four principal schools of thought on the currency
q uesdon
1. Those who favor the restoration of the gold standard as it existed
In this country prior to March 4 1933.
2. Those who favor the remonetization of silver as well as gold.
3. Those who favor the issuance of irredeemable paper currency.
4. Those who favor a modified gold standard, either with or without
International agreement.
Of course there are some who entertain views that do not fall in any of
these catagories and some of whose ideas go beyond any of them and for
the purpose of simplicity we may disregard them.
Let us discuss the first, namely, restoration of the gold standard as it
existed before March 4 1933. I readily recognize the sincerity and honesty
of purpose of those who believe the Government should restore the former
gold standard. The question as it appears to me is not, should we restore
it, but can we restore it with any assurance of permanence. It looks fairly
simple at first glance. The Federal Reserve banks and the Treasury now
hold gold worth four billion dollars on the basis of the old valuation of $20.67
a fine ounce. Paper currency now outstanding totals approximately
five billion dollars. We have apparently an 80% "gold cover" against
our currency. But in addition to the currency we have 38 billion dollars
In unrestricted bank deposits exclusive of inter-bank balances. These, as
well as the currency, would be subject to conversion into gold virtually
upon demand of the depositors upon restoration of the former gold standard.
Thirty-eight billion dollars plus five billion dollars gives a total of 43 billion
dollars, against which we have four billion dollars in gold, or a real coverage of approximately 9%.
It is true we never had much more than 9% gold coverage against the
combined currency and bank deposits at any time. In certain times as in
1920, and again in 1928, we wont down to 6% but the public was not
"gold-conscious" in its thoughts as It is now. Gold has had the spotlight
of world wide publicity turned upon it for more than two years, and whether
for good or ill, an artificial desire to own it has been created throughout the
world. Gold is regarded as the last refuge for timid capital everywhere.
We have a gold-hungry public, both at home and abroad, and to say that
our four billion dollar gold reserve is ample now because it was so immediately prior to 1931, is merely to ignore existing world conditions. The
best proof of the artificial gold desire we have is the premium commanded
by gold at London and the further fact we find to-day half of the current
world gold production going into hoarding.
If we were to attempt to open the gates of gold convertibility we would
face three dangers:
First, that gold will bo drained out by domestic hoarding through the
conversion of bank deposits throught the country.
Second. Gold exports caused by international capital movements, through
the shifting of short term capital.
Third, and most serious, the fall in prices of commodities having free
world markets, such as cotton, copper and wheat.
We all remember what happened last February when gold could be
drawn into hoarding through conversion of bank deposits. We saw, too,
the processes that forced the contraction of bank credit through the calling
of loans and the sale of securities. We all know, of course, that conditions
last February were abnormal but with world wide conditions as they are
to-day we are not panic proof.
The danger inherent in violent movements of liquid capital from country
to country has been amply illustrated in the past two years. The effect of
these movements is often to completely offset and upset the natural flow
of gold resulting from the settlement of trade balances. As long as persons
or organizations abroad can sell securities or finance bills hero, convert the
proceeds into gold and ship it out, without any sort of control, so long is
our gold reserve in jeopardy. I believe Franco is learning that lesson to-day.
On the subject of commodity prices, it is easy to forget that certain basic
materials which are important in our national economy have risen from 50
to 60% In price since the gold embargo became effective—notably cotton,
wheat and copper. Of course, we cannot say that the gold embargo caused
Volume 137
Financial Chronicle
this rise in price, but it was one of the principal causes. In this connection
it is well to consider that the cost of living has risen only 9% during the
same period, which leaves a decided margin of benefit for the producers of
such commodities.
Since the prices of cotton and wheat rose when the gold value of the
dollar fell last April, it is logical to expect that a resumption of gold payments at the old ratio would be accompanied by a corresponding fall in the
prices of these commodities. We are all familiar enough with politicians
not to have to stretch our imaginations for longer than a moment to picture
what certain Senators and Congressmen would say and do if the prices of
cotton suddenly plunged down to 6 cents a pound and wheat to 50 cents a
bushel. The criticism of the so-called "deflationary" policy of the Federal
Reserve Board back in 1920 would be but a murmur in comparison. The
"Inflationist bloc" in Congress would be supplied with their strongest
argument, and I am afraid we would not stay on the gold standard or any
other standard very long.
It appears to me we could not stay on the gold standard if we restored it
in the same form which existed prior to the embargo. This element of
uncertainty unquestionably would stand in the way of a restoration of
business confidence, which is the objective toward which all are striving.
Understand, I do not oppose restoration of the former gold standard as a
matter of principle, but I do not think we should attempt it unless and until
we are reasonably certain that we can adhere to it. We should not make the
same mistake that England made in 1925.
The silver question has been bobbing up from time to time for the past
60 years or longer. It is too complex a subject for a complete discussion
here. However,it should be pointed out that the use of silver as an alternate
metallic base with gold at a fixed ratio brings into action the well known
law of Sir Thomas Gresham, namely, that bad money always drives out
good money. As soon as the value of silver falls below the fixed ratio, gold
begins to disappear into hoarding and silver supplants it as a standard of
value. The relatively large world supply of silver, both in the form of
refined metal and in the form of ore deposits, and the wide fluctuations in its
actual and possible production, make it unsuitable as a single monetary
base.
The issuance of irredeemable paper currency has been advocated from
time to time by those who believe that such a course would bring about
higher prices for goods and services and stimulate production and general
business activity. Actually, the issuance of irredeemable currency has
usually begun in time of war or immediately thereafter as a means of
supplying an increased volume of exchange media made nececsau by a
rise in prices resulting from factors of supply and demand. Once started,
the practice has always operated in a vicious circle, requiring more and more
currency to meet constantly rising prices.
Under present conditions, with our surplus of materials and labor of all
kinds, it is doubtful whether the emission of irredeemable paper currency
would have an immediate effect on prices. Since seven-eighths of our
purchasing power is in the form of bank deposits and only one-eighth
in the form of currency, it is a reasonable inference that the issuance of,
say, three billion dollars in "greenbacks" would have little effect on the
Price level unless a structure of bank credit were built upon the new currency corresponding in size to the credits which rest upon the existing
currency. This raises the question, Who would borrow the money?
Without a pyramid of credit built upon it. the new currency would add
nothing more than its face value to the National purchasing power.
In comparing the American monetary situation with that existing in
Germany and France ton years ago, it is well to bear in mind in those
countries it is the bank note, rather than the bank check that is the principal means of payment. The total value of Bank of Prance notes outstanding is more than twice the amount of deposits in the commercial banks
of that country.
It is the possibility of inflation rather than its probability that makes
the issuance of unsecured paper currency dangerous. Since there is no
practical limit to the output ot the printing press, the danger is that once
the practice is started, it will be continued until a real inflationary panic
develops. While it is unlikely that the issuance of three billion dollars
of greenbacks would have any material effect on prices, it is virtually
certain that the issue would be increased until some effect was had. Then
it might well be too late to stop the avalanche.
After consideration of the foregoing alternatives, it is difficult to escape
the conclusion that none of them offer much hope for a permanent solution
of the money problem. This leaves only the modified gold standard as
a way out of our difficulties. I realize that "modified gold standard"
is an elastic term, which can be stretched to mean many things. It might
mean a new gold valuation of all the leading currencies of the world, reached
by international agreement.
Perhaps the time has not arrived when we can say just what modifications should be made. I am inclined to the view, however, that an
attempt to stabilize the gold value of the dollar in the face of existing
world conditions and in the absence of international agreement would 13.
fraught with danger. Should wo re-value the dollar, for example, at its
exchange for gold currencies, there is no assurance that
current rate of
,
other countries might not re-value their monetary units at even a lower
ratio to their former gold content in order to undersell us in the world
markets. The repatriation of American capital now abroad, which would
logically follow such a revaluation, might easily pull one or more other
countries off the gold standard.
I think the best answer can be found in an international agreement,
embracing some, if not all, of the following points:
1. Stabilization of all monetary units upon an equitable ratio to each
other in terms of gold.
2, use of gold as a means of settling international balances, but not for
coinage pull'
•
ggreater elasticity of central bank gold reserves.
3. Provicases
4, providing some form of foreign exchange control over capital transfers
between countries.
Until such agreement is possible, I think the proper course for the people
of this country is to support the economic policies of President Roosevelt
The Roosevelt program as far as I can learn, offers no serious dangers
to American business and banking. The President is pledged by his
Platform and his own statements to a "sound and adequate currency."
The re-establishment of an improved international gold standard, which,
In my opinion, is the ultimate goal to be achieved, is not inconsistent with
the President's objectives. In fact, it seems to me that it is the only
way that his ideals can possibly be approached.
There are, as we know, many individuals, particularly in Congress,
who have been exerting pressure upon the President to embark upon
a course of currency inflation. This pressure might conceivably become
strong enough to take the power of monetary control out of the President's hands if not counterbalanced by an aroused public opinion in favor
of "sound money." Opposition to inflationary policies from those within
the Administration, therefore, was not enough, and, though it may seem
Paradoxical at first glance, those who have criticized the trend of affairs
at Washington have really performed an important public service in drawing
the attention of the public to the real issues at stake.
4289
In considering the Roosevelt program we must not forget that the
program is made up of ultimate objectives, with no definite promises as
to the means to be employed to reach them. He has told us that he has
an open mind and will reject any "means" as soon as it is proved bJ trial
to be the wrong method. If the citizens of this country believe at any
time that a particular method is wrong, it is their duty as well as their
right to tell the President what they think.
So far, nothing has been done to cast doubt on the sincerity of the
President's purposes. Actual accomplishments are all on the credit side.
The debits are vague or contingent upon future events. Although the
cost of living, as I have said, has risen about 9% since March, it is still
no higher than it was in May 1932. Aggregate farm income this year
is estimated to have been 33% higher than in 1932, and in the month of
September total factory payrolls were 60% larger than in March.
Of course. some might say that the Administration at Washington
is steering an uncharted course and that its inherent uncertainty is a
ground for opposition. But let us not forget that we are traveling in
uncharted waters, and any course pursued by any Administration would be
Just as uncertain as to its ultimate destination. Meanwhile, as long
as danger is not visible, let us not worry too much about where the captain
s caking the ship. I doubt that:any of us could do a better job.
Record Dividends Reported Declared By Philippine
Gold Mines.
Associated Press advices from Manila,P. I., Dec.8 stated:
The Benguet Consolidated and the Balatoc Mining Cos., which are
managed jointly, declared to-day record dividends of 50c. a share.
The fourth-quarter dividends of $1,000,000 each amount to 50% of the
par value of the companies' capital. Benguet's dividends for the year
total $2,300,000 and Balatoc's $1,800,000. The two companies, operating
in the North Luzon mountains, produce most of the Philippines' gold.
Both companies are increasing their milling capacity.
Prompt GoldiStabilization Called for by B. M. Anderson
Jr. of Chaset National Bank of New York—Views
Commodity Dollar a Practical Impossibility.
In an address, delivered on Dec. 12, under the head,
"The Practical Impossibility of a Commodity Dollar,"
Benjamin M. Anderson Jr., Ph. D., economist of the Chase
National Bank of New York states that "a study of the
reactions of human beings in their relations to money leads
to the conclusion that it is impossible, by artificial manipulation of the gold content of the dollar, to maintain a fixed
level of commodity prices." According to Dr. Anderson
"human beings who have to use dollars simply will not stand
still while the Government or the Central Bank is putting
through the manipulations. They will, on the contrary,
inevitably, in order to protect their own interests, do things
which will defeat the purpose of the Government or the
Central Bank." An "analysis of the main types of proposal
for stabilizing commodity prices by currency manipulation"
was presented by Dr. Anderson designed to demonstrate
this proposition.
Dr. Anderson's address was delivered before the Round
Table at the University Club of St. Louis. In calling for
prompt gold stabilization, Dr. Anderson said:
We have to-day a fearful uncertainty, disturbing to all markets and to
all business activity, regarding the future of the dollar. Contracts involving any length of time are exceedingly difficult to make. Fears and
uncertainties are exceedingly paralyzing Certainties are needed to restore
confidence. A debased dollar of a definite and sure gold content is surely
to be preferred to an unanchored paper dollar which men fear may easily
go much lower. A definite stabilization of the dollar, with fixed gold content of, say 65% of the old par, with courageous resumption of redemption
in gold and of the issue of new dollars against gold, at the fixed rate, would
be immeasurably preferable to the existing uncertainty. I believe that if
this were done, we should get such a renewal of confidence as would make a
very substantial rise in commodity prices in the country.
The reaction of our people while our currency has been in process of deprociation, with no definite objective in the relation between gold and paper
money publicly announced, has been one of bewilderment. Their reaction
to a definite once-for-all debasement would be very difficult. A paper
dollar, fluctuating uncertainly between 60 and 70% of par, has much less
effect in raising commodity prices than a gold dollar definitely fixed at 75%
of the old value would have. Certainties are needed to generate confident
action.
Surely the demonstration is complete that you cannot get a controlled
point-for-point rise in prices, according to the mathematical theory of the
devaluationist, by debasing the paper dollar in terms of gold or gold standard currencies. But the danger is grave that you may get a wild and uncontrollable speculative flare-up, of incalculable magnitude, wrecking the
credit of the Government and everything else, if currency manipulation
continues until it frightens our 120,000,000 people, leading them into's wild
competition with one another in the effort to get rid of their depreciating
dollars.
In part Dr. Anderson also said:
Price Stabilization by Varying the Gold Content of the Dollar.
There are three main types of proposal for regulating the price level by
currency or credit manipulation. The most definite and exact is that of
Professor Irving Fisher, who has proposed to have the Government or the
Federal Reserve banks redeem paper money in a varying amount of gold,
the amount increasing as prices rise, with a view to pulling them down,
and the amount decreasing as prices fall, with a view to raising them again.
At the opposite extreme is Professor Cassel's plan. Professor Cassel,
leaving the gold standard in operation, would undertake to:stabilize prices
by regulating the volume of credit. If prices are falling, he would have the
Federal Reserve authorities increase credit, and if prices are rising he would
have the Federal Reserve banks decrease credit, expecting by this procedure
to hold the general average of commodity prices stable.
In between is the plan of J. M. Keynes. He would seek to manipulate
the quanity of money and credit, with a view to keeping prices stable, but
he would also make use of gold in the process by having the Central Bank
fix temporary buying and selling prices for gold, varying these two prices
from time to time. The great difference between Professor Fisher's plan
4290
Financial Chronicle
and Mr. Keynes' plan with respect to the use of gold as is follows: Prof.
Fisher would have an automatic rule; Mr. Keynes, on the other hand.
would leave discretion to the managing authorities, both as to the time and
as to the amount of the change, in the gold behind the currency; both Prof.
Fisher and Mr. Keynes would, in general, make changes in the same direction.
Prof. George F. Warren,the well-known agricultural economist of Cornell
University, whose doctrines are supposed to have had large influence in the
making of our recent policy, has himself offered no independent plan. His
views seem to lean most strongly toward those of Prof. Fisher. though there
Is evidence that he has been influenced by other writers as well.
The Plan Outlined.
Briefly stated, Prof. Fisher's plan, as developed in his book, "Stabilizing
the Dollar," is as follows: (1) When prices are moving upward the weight
of the gold dollar is to be increased to pull them down; and when prices are
moving downward the weight of the gold dollar is to be diminished in order
to raise them again. (2) To avoid the inconvenience of continually calling in
and reminting gold coins, gold coins are to be withdrawn entirely from circulation. The circulating medium is to be gold certificates redeemable in a
varying weight of gold bullion, the weight depending on the movements of
commodity prices. (3) The exact amount of change to be made in the
weight of bullion is to be governed by an "index number" of commodity
prices. An index number is based on an average of the prices of a large
number of commodities,say 200 or 300. The actual average of these prices
in a base year. say 1926, is counted as 100%,and the averages of the prices
of the same commodities at other times would be figured as percentages of
the 1926 prices. If the index number rose or fell by a given percentage, the
bullion content of the dollar would be increased or lowered by the same
percentage. (4) Prof. Fisher would limit the change in the bullion paid
out to 1% a month, so that if price changes were greater than that in any
given month they would not be fully compensated for. He would expect,
however, that a change of 1% a month in the weight of the dollar would
ultimately catch up with any price changes. (5) Gold certificates would be
Issued by the Government in the same way. A given amount of gold bullion
would purchase from the Government a smaller or larger number of paper
dollars, depending on the index number. By this plan Prof. Fisher pro-basket."
poses to keep the dollar in fixed relation to the "market
Varying the Gold Content Defeats Its Own Purpose.
We assume the plan in operation. We must consider how human beings
would react to it before we can predict its effect. Let us suppose that the
rule is definitely established that the Federal Reserve banks or the Treasury
will reduce by 1% a month the amount of gold bullion paid out in redeeming
paper dollars in a period of falling prices, and that, conversely, the redeeming authority will increase by 1% a month the amount of gold paid out in
redeeming paper dollars in a period of rising prices. How will men react?
We take first the case of falling prices. We shall assume that prices
have fallen 2 or 3% and that the tendency is still downward,so that we can
confidently expect that for the next two or three months the redeeming
authority will progressively lighten the gold content. Will not foreigners
withdraw their money from our markets, turning their cash in American
banks into gold in order to aVoid the loss of 2 or 3% which they can clearly
anticipate? Will not speculators rush to turn in their dollars for gold,
anticipating that at a later time they can turn back the same gold to the
redeeming authority and get more dollars for It? Will not everyone who
has foreign payments to make hasten to purchase foreign exchange, thereby
increasing the foreign drain upon our gold? And will not all of these
transactions operate to reduce the money supply of the country—since it is
by turning in paper money that the gold is obtained from the central
authority? And will not all these operations, withdraw money from bank
reserves, tightening the money market, raising rates of interest on short
loans, reducing the credit available for the carrying of commodities and
securities? But is tightening the money market the correct procedure
when one wishes to raise prices?
Take the reverse case. Assume that prices are rising, that they have
risen by 2 or 3% in a short time, and that the tendency is still strongly
upward. Under these conditions men can look forward with confidence
to a progressive increase for the next two or three months of 1% a month
In the amount of gold to be paid for paper money by the redeeming authority
as a means of raising the value of money and pulling down commodity prices.
Will not, in this case, reverse reactions take place? Will not men hasten
to bring gold to the redeeming authority and take out more paper money
In the expectation that two or three months later they can get more gold
for that paper money? Will not foreign funds come into the country and
not
gold come in from abroad to be exchanged for paper money? Will
and
speculators bring gold to the Treasury or the Federal Reserve Banks
tend
take out paper money in exchange, and will not all these operations
reserves,
to increase the money supply of the country and the volume of bank
it easier to borrow to
reducing interest rates, making money easy, making
carry securities and to carry commodities? But will these conditions
operate to lower prices?
Professor Fisher has seen part of this difficulty, and has sought to guard
gold which
against it by providing that, at any given time, the amount of
dollar should
the Government would require to be turned in for a paper
would give
be 1% greater than the amount of gold which the Government
speculation
in redeeming a paper dollar. This would prevent the overnight
takes,
against the Government's gold reserves whereby the speculator
Government
on the thirtieth of the month, a certain amount of gold to the
amount of
and receives back on the first of the following month a larger
from the
gold; or, reversely, the speculation where the speculator takes
of gold and
Government on the thirtieth of the month a given amount
back a paper
turns back to the Government next day 1% less, receiving
over
dollar. This, however, would not prevent speculation extending
there were
a period of several months if the price tendency were strong and
which the
an accumulation of upward changes or downward changes for
with
Government's plan had not made compensation. Speculators could,
operations over a period, say.
a large degree of confidence, carry on these
of four months, making 3% at the expense of the Government. Hedging
transactions in futures, both in gold and in foreign exchange, would increase
the safety of such dealings at the expense of the Government.
Professor Fisher undertakes to meet this possibility by saying that changes
before the war were rarely greater then 5%. and never so great as 10%.
a year, and, second, that the speculator would have uncertainties and costs
to contend with. He instances the case of the man who draws gold from
the Government. hoards it for several months, and subsequently returns it.
pointing out that there is a loss of interest on the gold thus tied up, together with the risk that the price tendency might be reversed.
These replies do not seem adequate. Risks do not usually deter speculators. With the great instability of the post-war period, moreover, we
have had more prolonged and drastic price changes. Even before the war
we had, in yearly averages, changes as great as 7%,and the variation between the low month of 1908 and the high month of 1909 was over 18%
rigidly to an autoon Bradstreet's index number. The Government, bound
to traders in
matic rule in its trading, would be subject to heavy losses
Dec. 16 1933
gold who could buy or sell to it as their own interests dictated. Professor
Fisher is correct in stating that the "bull speculator" in gold is subject to
a loss of interest during the time he holds his gold. He overlooks, however.
that the reverse is true of the "bear speculator." The latter, drawing
out paper dollars from the Government in exchange for gold, expecting a
few months later to return the dollars to the Government for a larger amount
of gold, has a positive advantage in the interest factor, because, in the
meanwhile, he can lend out at interest the money with which the Government has provided him.
Moreover, the foreigner, or the man who is interested primarily in gold.
need not be affected at all by the spread of 1% between the official buying
and selling price of gold. If he expects the dollar to go down in gold content,
he will simply dispose of his dollars and take out his gold without even
considering the necessity of subsequently returning it to the Government
for paper money.
Mr. Keynes hts recently been suggesting that there should be a spread
as great as 5% between buying and selling price of gold, having this same
point in mind. I think that Professor Fisher has shown a much better
sense of reality in this connection. Even a 1% spread is pretty big if we
wish to avoid constant and disturbing fluctuations in the gold value of
money, in the credit of the issuing authority, in the foreign exchange rates.
and in all transactions where money enters. If money can fluctuate as
much as 5% without the issuing authority's doing anything about it. it
is hard to see how anything like stability is created in any market.
Mr. Keynes seems to believe that a 5% spread between the buying and
selling price would give the money market protection against foreign withdrawals and against foreign exchange and gold speculation. But it must
be observed that in any time of pressure, whenever men are fearful that the
buying and selling price are going to be raised—in other words, that less
gold is going to be given for the paper money—there will be no 5% spread.
Gold will rise forthwith in terms of paper money to the selling price, which
is to say that paper money will drop forthwith in value to the lower limit
of its range. If the commodity price tendency is strongly downward,
then it is quite certain that there will be, not a 5% range, but no range at
all. The pressure upon the gold reserves of the redeeming authority will
be increased and, above all, foreign withdrawals will be intensified.
"Buying Price" and "Selling Price" of Gold.
Americans have fortunately been spared, for over 50 years, the necessity
of thinking in terms of buying and selling price of gold, and the notion is
an unfamiliar one to our public. The thing to bear in mind here is that a
high price of gold means a low value for paper money, that a rising price
of gold means a falling value for paper money.
A great deal of sympathy may be expressed for the view of the business
man, that it was hard enough to do business when the morning paper had
to be studied only for the price of the commodities in which he dealt and
the circumstances affecting their markets, but that it is doubly hard when
he must also make calculations every day to determine what the dollar is
worth. He might well feel that it is triply hard, if he has to reckon further
with both "buying price" and "selling price" of gold, and to guess which
price, if either, will govern the day's transactions! . . .
Varying Gold Content Spoils Credit Control.
The plan of regulating prices by varying the gold content cannot be
successfully combined with the plan of controlling prices by means of Increasing or decreasing credit, as Mr. Keynes proposes to do. The point Is
that you surrender control of your money market to the play of speculators
in gold and foreign exchange and to the transfer of capital funds from one
money market to another when you manipulate the gold content. This
has been shown above in the demonstration that the money supply would be
shortened, bank reserves depleted and interest rates rise when it was anticipated that the gold content of the dollar was to be lowered, while the
reverse influences would take place if it was anticipated that the gold
content was to be increased. At the times when your policy of controlling
prices by increasing or decreasing credit called for expansion, credit would
contract, and at the times when your policy called for contracting credit,
credit would relax. Space does not permit me to discuss here the general
question of control of commodity prices by means of expansion and contraction of credit. I content myself by referring to a number of the Chase
Economic Bulletin, published in 1929, called "Commodity Price Stabilization a False Goal of Central Bank Policy." and to a bulletin on the Golds
borough Bill, published in 1932, in which the statistical evidence is brought
down to a later date. My contention, elaborated in these studies, is that
commodity price stabilization by means of credit manipulation is both a
practical and a theoretical impossibility.
The point I wish to make at present is that these two plans of stabilization by credit manipulation and stabilization by varying gold content are
contradictory plans and cannot successfully be combined in thesame scheme,
because speculation in gold and transfers of funds between one country and
another will spoil your power to conrol credit.
Varying Gold Content Spoils Automatic Correctives.
to
If a country on the gold standard finds its prices falling in relation
prices in the outside world, an automatic corrective comes—the country
becomes a good market in which to buy and a bad market in which to sell.
Its exports increase and its imports diminish. The tendency is for gold to
flow into it. These forces all tend to check the price decline. A country
forces
operating under the Fisher-Keynes plan, however, would find these
on
reversed. Foreign activity, as shown above, would be concentrated
taking out gold, rather than sending in gold to take out goods.
Can Governments Outwit Speculators?
this sort
There are some who would make rejoinder to considerations of
Why should
that there is a very simple way of meeting all these difficulties.
going to play against
a government pay out gold at all if speculators are
interests dictate?
the government, drawing out gold and returning it as their
gold at their
Why should we permit foreigners to take out gold or send in
paying out no
pleasure rather than at ours? We will cut through it all by
let it be known that
gold, and have irredeemable paper money. Or we will
time to time
If speculators and foreigners do not behave, we shall from
and foreigners
suspend gold payment, resuming it after the speculators
to what we are
have learned their lesson, or we will keep them uncertain as
may be observed.
going to do, so that they won't know what to do. It
thrives.
however, that it is precisely on uncertainty that speculation
measures of this sort throw
I. But the main point here, of course, is that
by varying the
away the whole project of commodity price stabilization
be regulated by gold
gold content of the dollar. If commodity prices are to
rules must be admanipulation, then gold must be manipulated and the
gold. The subject
hered to, including the redemption of paper money in
commodity prices and
here under discussion is the possiblity of regulating
of the dollar, and
stabilizing commodity prices by varying the gold content
theoretical and technical imthe verdict is that it is a practical as well as a
possibility.
Volume 137
Financial Chronicle
Stabilizing by Regulating Quantity of Irredeemable Paper Money.
With respect to an unanchored paper currency, not redeemable in gold,
but regulated in value by manipulation of its quantity, the answer is again
that this has been demonstrated by all history to be impossible. Such
paper is at the mercy of every rumor and the constant shifts of speculative
opinion. The main principle governing its value is that it is a dishonored
promissory note, and that its value varies with the expectations as to
whether the promise will some day be kept, as to when the promise will be
kept, and as to whether the promise will be kept at 100% or 40% or 60%
of the face of the promise. Every circumstance affecting public opinion
as to the political intention of the Government or the ability of the Government to make good on the promise will cause the value ofsuch paper to vary.
Irredeemable paper money has, indeed, been kept stable in the foreign
exchange markets for protracted periods of time, but this has been merely
because of an indirect sort of redemption, when the issuing authorities
have charged themselves with the responsibility for "pegging" it in the foreign exchange markets, making it possible for the holders of the irredeemable paper to get gold exchange and so, ultimately, gold in a foreign country,
even when they could not get gold directly from the issuing authorities.
But mere regulation of the quantity of paper money has never been sufficient to prevent violent fluctuations.
Price Raising by Reducing Gold Content.
American advocates of currency depreciation in 1933 have sometimes
had the single objective of raising prices, which is very different, of course,
from that of stabilizing prices, though the two notions have been combined
in the idea that we can first raise our prices by currency depreciation to
some definite level, say that of 1926, and subsequently stabilize them there,
by varying the gold content up or down as circumstances may require.
But both doctrines, namely (a) that you can reach a definite level of commodity prices by currency depreciation and (b) that you can hold that level
once you attain it, by currency depreciation, involve faith in a very definite
mathematical theory of the relation of gold to Prices.
There has been an immense disappointment on the part of those who
expected a great rise in commodity prices to follow the sharp reduction
in the value of the dollar as measured against gold, or as measured in the
foreign exchange market of gold standard countries. The mathematical
theory of the thing would have called for a nearly 66% rise in commodity
prices in the United States to accompany the nearly 40% decline in the
gold value of the dollar.
But the student of money and banking had few illusions about it in
advance. It was clear that the shock to confidence throughout the world
that would follow the cutting of the gold content of the American dollar
would be so great that it would destroy credit on a great scale, and make
men hesitant and timid for a prolonged period, and that a 50% cut in the
gold value of the dollar, far from leading to a 100% rise in commodity
Prices, would lead rather to a great fall in prices as measured against gold
and a very disappointingly small increase in prices as measured in the
reduced dollar
Uncertainty regarding the dollar has raised great apprehension among
business men responsible for industrial and commercial plans, and, above
all, among those who have to make long time contracts in connection with
their activities. But the consuming public has shown little, if any, sign
of a flight from the dollar into commodities.
Prices in this country following our abandonment of the gold standard
and our progressive debasement of the dollar have not moved in the manner
indicated by the devaluationist theory. On November 25 the dollar showed
a decline, in terms of French francs, amounting to 36.6%. From the
January-February level, wholesale commodity prices, according to the
United States Department of Labor, showed an increase of 17% to November 25 instead of the increase of 57.7% which, according to the devaluetionist theory, should have accompanied a reduction of 36.6% in the gold
value of the dollar.
Practically all of the increase in prices which has been experienced since
February took place before the end of July during which time general
productive activity in the country was experiencing spectacular improvement. Since July productive activity has declined. Between the dates
of July 29 and November 25 the gold value of the dollar showed a decline
of 14.3%. Wholesale commodity prices during the same period, according
to the Department of Labor, increased 2.6%, whereas an increase proportionate to the decline in the dollar would have been 16.7%•
Again, if the period of most aggressive activity in depressing the dollar,
that since October 22,is taken into account it is to be observed that between
the dates of October 21 and November 25 the value of the dollar, as measured in gbld francs, declined 10.7%. Wholesale commodity prices, according
to the Department of Labor, increased only nine-tenths of 1%. whereas
the mathematical theory would require an increase of 12%.
Gold prices, that is, the prices of commodities measured in gold dollars
rather than in paper dollars, have gone down drastically since February.
The decline from the January-February average to November 25 was
25.9%. From July 29 to November 25 it was 12.1%, and from October 21
to November 25 the decline was 10%.
Poll by National Association of Credit Men Results in
Rejection 50 to 1 of Greenback Currency as Cure
for Monetary Situation—Dollar Based upon Gold
Demanded.
Issuance of greenback currency as a cure for the monetary
situation is rejected by a margin of 50 to 1 by American credit
executives, according to a survey covering every State released on Dec. 9 by Henry H. Heimann, Executive Manager
of the National Association of Credit Men. The survey was
conducted by the Economic Credit Council, and besides including every State, represented op1nions from banking, commercial and manufacturing lines. A majority of the Council
representatives, it is stated, demanded a dollar based upon
the gold standard. The commodity dollar was opposed by
almost a 3 to 1 vote, while the devaluation of the dollar idea
was able to muster only 15% of the total vote. The commodity dollar, however, although a loser, found twice as
much support as did immediate inflation of the dollar.
Significantly for the gold standard dollar, Mr. Heimann
pointed out, its support came from all sections of the country,
with voters in every State being found in the hard money
column. It is also stated:
In response to the question as to whether the demand for inflation was
growing or declining compared to last winter, the survey revealed a decline
4291
in the demand for inflation. Although about 27% of the Council felt that
the demand for inflation was growing, they were outvoted by the 42% who
felt a decline in the demand in their trade area and the 31% who felt that
the demand for inflation was no stronger than last winter in their individual
section.
As to the general acceptability of the bank deposit plan,
it is significant, Mr. Heimann said, that returns indicate
two-thirds of the members are favorable to the temporary
plan which goes into effect on Jan. 1. No effort was made to
poll the Council with respect to the permanent plan. The
Association adds:
As to the feasibility of a general price-fixing policy, the membership
indicated a decided opinion against the practicality of such a plan. The
vote was better than two to one, in fact, almost 75% of the members indicated a lack of faith in any price-fixing policy. Price-fixing in all lines
was thought practical by only 8% of the membership. Price-fixing in some
lines, particularly natural resources, was thought practical by 34%. In
wholesale lines less than a third felt price-fixing practical. In retail lines
those who desired price-fixing were outvoted three to one.
The Economic Credit Council is composed of members of the Credit
Association in the 130 cities which have branches of the Association. The
Association represents 20,000 credit executives and thus affords a splendid
cross-section of views in all lines of industry.
"Roosevelt Dollar" Hailed by General Johnson of NRA
as "Soundest Money" on Earth—Tells National
Association of Manufacturers President Roosevelt
Is Giving Inflationist Theory an "Absolute Test"—
Administrator Predicts 30
-Hour Week as Certain.
The "Roosevelt dollar" was described as "the soundest
money on the face of the globe, now or at any other time,"
by General Hugh S. Johnson, Recovery' Administrator, in
an address on Dec.7 before members of the National Association of Manufacturers in New York City. The more certain
conservatives insist on a return to the gold standard the
greater is the danger of greenbacks, General Johnson said,
adding that the President, "on sound ground," was giving
the inflationist theory an absolute test and was "doing it
without jumping into an unmeasured abyss, and he should
have the support of every prudent man in doing it." Answering criticisms of the NRA, General Johnson said that
"we must not destroy our industries for an economic ideal,"
and declared that "for any unreasoning attack on the
President's cautious, safe, credit-maintaining monetary
policy, you will get an unreasoning Congressional mandate."
The address represented an outline of the accomplishments
credited to the NRA and contained a plea for co-operation.
The Recovery Administrator remarked that in the present
temper of Congress and of the country, a tightening of the
labor provisions of the law was far more likely than a relaxation. He said that it was certain that a "five-day, six-hour"
week would be introduced and mentioned his belief that a
shorter week than any provided in the codes eventually would
be found necessary. General Johnson's address follows in
full:
You have asked me to come before you and tell you what the NRA is
all about.
I don't know whether you wanted me because you were assailed by doubts
and thought I might resolve them; whether you had a morbid curiosity: or
whether you were like a judge who asks of one condemned if he has anything
to say before sentence is pronounced.
Whatever it was. I am glad to be here. I can think of no body of men
whose interest or hostility is of greater consequence to the President's project
for the restoration of prosperity to our distressed land.
By and large, the manufacturers of America are men of independent
thought, of vision. courage, brains and patriotism, and—of course—are
possessed by a keen appreciation of and devotion to their own interests.
I do not mean to say, even to you, that this describes all manufacturers.
Possessions do not always imply such qualities. Sometimes we get ahead
through favorable circumstance, inheritance, or just plain luck. In every
group there are leaders and followers. Naturally, we must talk to the
leaders—to the shepherds and not to the sheep—for if I am not able to
convince your leaders, I might better remain silent. For those who think—
I have a real message. It is simply this: Don't let anybody do your thinking for you. In estimating the National Recovery program use your own
good sense. Draw up the balance sheet of this enterprise as you would
that of an establishment you were thinking of buying, allowing nothing
more than legitimate values to the assets, nothing more than logical figures
to the liabilities, and, above all, do not juggle the calculations, or let anybody else juggle them. Nothing ever devised was destitute of flaws, and
the easiest mental process is criticism. Perfection is beyond human capacity
to achieve. It is doing pretty well if we are able to find a method that
totals on the black ink side for the whole country.
Critics of Recovery Program.
No doubt every sweat
-shop operator feels that the Government is persecuting him when it establishes a standard of wages and hours. No doubt every
man who was able to undersell ins competitors by employing children feels
that the Government's interference was a violation of his sacred rights.
Are you—who can compete by brains rather than bulldozing—going to
let such people do your thinking for you?
Why did we find ourselves in the desperate situation of six months ago l`
Was it not partly because some of our so-called captains of finance had
skinned the country alive by misnamed securities, which after furnishing
enormous profits to their promotors bankrupted both the companies
financed and the investors and left the country without the purchasing
power to buy what you make? Are you going to let that crew do your
thinking for you?
Take another class of critics of the Recovery program; the technical
monetary experts, who are as arid in their assertion that the President's
handling of the gold problem indicates uncontrollable inflation as are their
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Financial Chronicle
brothers on the other side of the money fence who are crying out against
his policy on the ground the,: it perpetuates a fetich, and puts up a dam
against the flood of fiat money which they claim would show the way out
of the money morass. The same bullion pundits who are now most vocal
in this attack, were during the London Conference trying to force the
President to agree on a stabilization program with the European gold bloc
of nations which would have destroyed our whole Recovery movement.
Naturally France, for example, which had slashed the franc to a fifth of its
original value and Great Britain which by departing from the gold standard
had made its pound sterling worth a third less, were eager that United
States should stabilize at their figures. The idea in Europe was that the
commodity prices in their respective countries should be kept up and those
of our own country should be kept down. The gentlemen whose recommendations President Roosevelt turned down in a historic message to the
Conference are the chief critics of his money policy to-day. Are you
going to let them do your thinking for you?
President's vlonetary Policy.
What do those who criticize the President's monetary policy—on either
side of the agreement—propose? Would they have him go to a 100%
gold dollar? There is no doubt that the majority sentiment in the country
and in Congress would instantly on the opening of the next session, impose
on him a fiat money law that would wreck our economic system. Do they
now propose a specific cut in gold content, and if so what cut? Nobody
knows. One might as well flip a coin and the President doesn't happen to
be a coin-flipper. The depreciationists say that prices vary with the
price of gold. They can't prove it. They believe it. Well, the President
is giving that theory as careful and complete a test as was ever conceived.
But the test he has invented keeps everything in his own control. It
preserves the credit of the United States. By buying gold he increases
the gold reserve in our vaults and—if gold coverage is an index of the
soundness of a currency—he increases that coverage and fortifies that
soundness. He makes exports easier and imports harder so that if a
favorable balance of trade be a criterion of Federal credit—he enhances it.
While—against the terrors of a fifth hard winter—he is spending billions
as we would spend them in a war, he is balancing the normal budget and
covering emergency spending with income sufficient for interest and
amortization of the debit for relief. In other words from every measure of
currency value—gold coverage, favorable trade balance, balanced budget—
the Roosevelt dollar is the soundest money on the face of the globe now—
or at any other time. The country is conducting a monetary experiment
but it did not throw away body, soul and breeches to do it, as it would
have done if it had gone headlong to the printing presses—either on the
urging of the greenbackers or on a Congressional rebound from the insistence
of the inflexible "one hundred gold centers." The more the latter insist
the greater the danger. Whatever the path may be, the goal of both these
groups—with the wish of one and against the wish of the other—the goal
is exactly the same—greenbacks or fiat money. The President is on sound
ground. He is giving the inflationist theory an absolute test but he is
doing it without jumping into an unmeasured abyss, and he should have
the support of every prudent man in doing it,
I do not wish to convey that every man who finds fault with President
Roosevelt's plan is actuated by selfish interest or pride of opinion, but
some such men do lead the chorus and in their wake trail that multitude of
unimaginative men who are so constituted as to believe that whatever is
new is wrong, and that age hallows every process, policy and belief regardless of changing conditions or circumstances. The world was satisfied for
centuries and millenniums that the earth was flat, and not a few bold spirits
who maintained that it was round were burned as heretics by people Just
as sincere and satisfied with their righteousness as those who believe to-day
that any tampering with the existing gold standard is akin to economic
blasphemy—anathema marenatha.
I am reluctant even to mention politics in connection with the matters
we are discussing, but actually I think our Republican friends who are
getting out campaign books assailing the Roosevelt policies have more logic
and reason in their course than any of the other critics. They at least
have a definite, tangible and understandable object. They lost control of
the Government because of their failure to do anything to help the economic
predicament. President Roosevelt came in with a comprehensive plan.
If that plan works; if his Administration is a success, they will be left
wandering in the Sinai Wilderness for 40 years. Politics in this country
is never permanently adjourned. The only hope of the opposition party
is to make the Roosevelt Administration a failure. The gentlemen who
are in charge of the operations of the opposition have to do something to
Indicate that they are on the job, so while we may deplore their recourse
to so dangerous an expedient, we must recognize what they deem the
necessity of it from the point of view of partisan politics. However, what
I wish to ask you is: Will you let this outfit do your thinking for you?
Criticism of NRA by Press.
The politicians naturally lead us to the newspapers. It may be merely
a coincidence, but nevertheless a fact that, with few exceptions, most of
the prominent newspapers that have been assailing the NRA are severely
Republican in their sympathy. We could hardly expect that such journals
as the New York "Herald Tribune," the Chicago "Tribune," or the Chicago
"Daily News," whose affiliations and political allegiance, have never
wavered, could be very enthusiastic for a Democratic Administration. I
don't know that I have any quarrel with them for their activities. After
all, a newspaper is a good deal like any other business and its opinions, even
though the editorial "we" is employed in their expression, is the view of
the individual who owns it. These papers, as well as some others who claim
to be independent, have been stridently denouncing us for an attempt to
institute a press censorship as well as a radio censorship and have been
raising a great to-do about a hypothetical purpose of controlling their
editorial utterances and their news columns by depriving them of the
Constitutional guarantee of freedom of the press. Just how an Executive
Department of the Government could effect this depredation is not indicated. With the Congress making the laws and the Supreme Court in session
to prevent anything unconstitutional being done, the NRA might as well
be accused of attempting to prevent the tides from ebbing and flowing, or
to halt the rising of the sun and repeal the law of gravitation. As a matter
of fact, there has been inserted in every draft of the newspaper code that
has been submitted a special provision requested by the newspaper publishers' committee, making special reference to the inviolability of the
freedom of the press. We have regarded this as superfluous, but the
newspapers so eagerly asked for it that I don't know why it should be
denied—it has about as much meaning as "eony-meeny-miney-mo."
The radio censorship is a bugaboo out of whole cloth. Who has not
heard the air and, I might have said, airy attacks on NRA by former
Senator Watson of Indiana, Senator Hatfield of West Virginia, Colonel
McCormick of the Chicago "Tribune," and many others. I challenge the
recent statement that there is any evidence documentary or otherwise that
I ever sought in any way to influence radio criticism. However, a hired
man trying to put together the ideas of his employer in an editorial, and
having nothing better to go on, must not, I suppose, be held to strict
Dec. 16 1933
accountability- the truth. There again occurs the question, that, conto
sidering the motives and the methods of these hostile newspapers, are you
going to let them do your thinking for you?
Says Codes in Operation Are Working Satisfactorily.
After all, the NRA's answer to all these things lies not in words but in
accomplishments. According to the figures based on the statistics gathered
by the American Federation of Labor, upward of 4,000,000 people have
been placed on the payrolls. Every code in active operation appears to
be working satisfactorily to the industries and labor under them. The
other day the steel industry expressed itself as so well pleased with the
operation of the rules laid down for it that it voluntarily asked that those
rules be continued. The cotton textile industry who were the first to
accept an NRA code, reports to us that it has doubled its payrolls and not
only are the mills prospering but all the contiguous communities are sharing
in the benefits consequent on more employment and more wages.
In your own city, we have had word that 24 department stores have
added six to seven thousand to their working staffs and increased their
payrolls by approximately 87,000,000. Recently we had occasion to make
some inquiries of the mail order establishments and learned that two of the
biggest of them had sold $8,500,000 worth of goods during October over
the corresponding month of last year.
It is true that certain critics confronted with such facts—and the list
could be prolonged far beyond the limits of my time—are now contending
that prosperity had its start a year ago and that the large increase in sales
and wages were not attributable to the NRA. In fact, some go so far as
to state that all this was in spite of the NRA and that if there had been no
NRA it would have been even better.
Well: If the ground of criticism is as thin as that, I don't know why
any one should want to censor.
I used to be a member of this Association—or perhaps more accurately
the Illinois Manufacturers Association. I think I know something at first
hand of its high aspirations, its hopes and its fears. Much has happened
since then. We have all learned a lot. About NRA perhaps I have had
a chance to learn more than some of my old associates. The more I learn
about it, the better I like it and so. I believe, will you.
0. It is harder now for you to learn because of late the air has been obscured
by the kind of open or insidious propaganda I have mentioned. But I am
persuaded that the old copy book maxim is right and that truth is mighty
and will prevail—or perhaps it was "You can't keep a squirrel on the
ground."
Code making is not easy. I recall the first meeting I had with the
bituminous coal industry—before the Act was passed—I went away from
it with my heart in my boots. 17 representatives of 17 districts and 17
varying but universally antagonistic opinions. Together we slaved night
and day for four months. I mean it sincerely when I say that I wish every
skeptic would talk to the leaders of that industry now—John Morrow of
Pittsburgh Coal, Charles O'Neill, Jim Francis, or any you may select.
Ask them whether—in all these months—anybody tried to put them in a
straight-jacket, or was dictatorial, or impatient, or unfair. Ask them
whether they would give up the Coal Code. Ask them what it has done
for their industry and what they think of their labor relations as compared
with the past. Ask them how much Government has interfered with their
business, and whether they have self-government. This is not a gesture.
Ask them? You owe it both to yourselves and to this legislation to test
the actual taste of the pudding. That is what you would do in any business
proposition for your own company. Is there any reason why you should
not do the same thing for your industry? Ask any leader in any of the
great industries now under working codes.
There are several phases in getting a code to this state. The first is
confusion, conjecture and controversy. It sometimes lasts for months.
I have seen men get so sore at each other they could commit mayhem—
usually because of extended argument—but sometimes just because they
got tired of seeing the same face saying the same thing day after day, week
after week and occasionally month after month. That is the low point
in the labor of code-birth.
You can't avoid that because the whole purpose of NRA is to secure
united action through composition of differences. But right here I want to
make this point with emphasis: There would be no such agony if there
were any such dictating or "cracking down" as fills some newspapers.
This Administration has not imposed one single code. It has never delivered an ultimatum. Every code came by agreement. The agreements
came through a long and painful process but they came by common consent
and not by any such Federal dictum as might have produced a short and
snappy conclusion of the whole matter under Section 3a or 7b of NIRA
under which Government may impose codes. I quote from a recent article
by an officer of a co-ordinate arm of Government criticizing the method of
NRA and mis-stating the procedure.
". . . it might be better if the Government originated the proposal
for each industry . ."
The only trouble with that is that it would be a violation of the law
which says:
"Upon the application to the President by one or more trade or industrial
associations or groups the President may approve a code or codes of fair
competition, &c."
I want to take this occasion to say that what the President stands for is
what is recited in the Recovery Act (I quote):
"The organization of industry for the purpose of co-operative action
among trade groups to induce and maintain united action of labor and
management under adequate Governmental sanctions and supervision, to
eliminate unfair competition, &c., &c."
There is a difference as wide as the poles hero. One is a proposition of
Federal management of industry. The other proposal is of industrial selfgovernment.
Lot it be very clear that NRA stands for just what the Act provides—
industrial self-government under adequate Governmental sanctions and
supervision by united action of labor and management.
Some of the propaganda of which I have spoken would have it that
Government regards industry as a crowd of chiselers and racketeers. IAA
us see what the President said about that when he signed this law and
gave NRA its charter of policy:
"It is a challenge to industry which has long insisted that given the right
to act in unison, it could do much for the general good which has hitherto
been unlawful. From to-day it has that right.
"Many good men voted this charter with misgivings. I do not share
these doubts. I had part in the great co-operation of 1917-18 and"—now
listen to this—"it is my faith that we can count on our industry once more
to join in our general purpose to lift this new threat and to do it without taking
any advantage of the public trust which has this day been reposed without stint
In the good faith and high purpose of American bus ness."
This law and this Presidential declaration of policy are our Bible in NRA.
The idea here is industrial self-government, through trade associations, with
such governmental sanction and supervision as is necessary to protect the
public interest, preserve the mandates of the law and protest against every
abuse of monopoly and exploitation that were aimed at by the anti-trust
Acts.
Volume
137
Financial Chronicle
Instead of governmental suipicion of business I cannot conceive words
more apt than those of the President to repose an implicit trust in the faith
and high purpose of American business. I challenge any man to show
—so far as NRA is concerned—any phase of its operation in which that
faith has been impugned. The very leaders of industry are coming here
with an unselfish devotion not even equaled during the war. They rotate
on a roster which has given us such men as Gerard Swope, Walter Teagle,
the late Ed. Hurley, Myron Taylor, R. E. Wood, Alfred Sloan, Averell
Harriman, Pierre du Pont, Louis Kirstein and many others. These men
are not window-dressing. They are an active part of our organization
and no action is taken without their advice.
It is true—axiomatic in fact—that in a great unitary movement like this
where the rule is "all for one and one for all" the loyal many must be protected against the chiseling few. That is the essence of any united effort.
Of this the President in his declaration of policy said:
"No employer and no group of less than all employers in a single trade
could do this alone and continue to live in business competition . .
But if all employers in each trade now band themselves faithfully in these
modern guilds—without exception—and agree to act together and at once
. . none will be hurt and millions of workers . . . can raise their
heads again. The challenge of this law is whether we can sink selfish
interest and present a solid front . . . It is not only the slackers
within trade groups who may stand in the path of our common purpose....
"In a sense these groups compete with each other and no single industry
and no separate cluster of industries can do the job alone for exactly the
same reason that no single employer can do it alone. In other words we
can imagine such a thing as a slacker industry. . . . If we ask our
trade groups to do that which exposes their business as never before, we
must guard those who play the game for the general good against those who
may seek selfish gain from the unselfishness of others. We must protect
them from the racketeers who invade organizations of both employers and
workers."
There in simple words is the President's doctrine of NBA.
(1) Industrial self-government through trade associations at the instance
of industry.
(2) Governmental sanction and supervision to protect the public interest
and to replace the safeguards of the anti-trust Acts.
(3) The full force of the governmental sanction against chiselers and racketeers who could otherwise frustrate our joint endeavor.
I have been criticized for harshness. I have not been harsh to the willing
co-operators. I use harshness to chiselers. I think that is the very essence
of our chance for success. If it is right to let a few selfish men in each group
destroy the co-operative effort of their fellows, then I am wrong. But if
I am wrong it is because the law is wrong.
In other words. NRA is exactly what industry organized in trade associations makes it. What was a trade association before this Act? Under
the anti-trust laws it was a barely tolerated organization with about as
much legal sanction and sustained effectiveness as an old ladies' knitting
society. What can it be now? It can be a fully implemented arm of
government to police as self-created law merchant, under close governmental supervision,but with governmental interference only when the boundaries set by the law are overstepped.
Now I am talking to a cluster of formerly emasculated trade associations
about a law which proposes for the first time to give them potency and, for
the life of me, I can't see where the need for argument is. But there is
need for clarification.
Denies "Cracking Down."
To obscure the simple facts there have been many inventions—for example, that we have "cracked down" on industry. Those words were put
In my mouth by a facetious but well-meaning friend. This job of mine
is no quilting party. I have argued with my old associates in language
that we both understand, but Robert Lund here who is an invaluable part
of my own organization or Tom Hammond who sacrificed six months of
his life at a critical time in his business to help us out will tell you that
nobody here was ever threatened with anything. An article in a recent
Issue of a rapidly opposing Chicago paper, by the aid of two outright libels
and a score of misstatements of fact, sought to create a contrary picture
about myself—a blustering, roaring, fist
-banging martinet. Why? I am
nothing in this picture—this paper has nothing against me, I hope—but it
was an effective way to sabotage an infinitely greater thing—the NRA
itself. No man can appraise himself, and I would not care except for its
effect on the public reaction on NRA. I don't think Pm quite as loud as
that.
This week I lost one of my two or three closest friends in life—dear old
Alex Legge. He performed one of the three or four great jobs in the war.
His idea of effectiveness in crowded hours was directness. Once just after
the disaster of Tagillamento, when Alex was directing all Allied purchasing,
a high official of the Italian Commission, with due diplomatic and formal
preparation for a half hour of time wasting, approached his desk, but
Alex saw it coming and said:
"Good morning, Sunny Italy—when are those wops of yours going to
stop running and start fighting?"
The answer was: "You wait; zey play treek."
Now that may not have been altogether diplomatic, but Alex got for him
what he wanted and saved an hour. I would make a sorry second trying
to emulate Alexander Legge, but it is true that I have never been able to
see why people cannot come to their point. It reminds me also of George
Peek during the war when both the Dodge brothers came into his office
demanding relief from the automobile steel restrictions in characteristic
language until the air of that hot little office shack was blue and the empurpled brothers had finally to pause from their lack of breath and then
George said:
"Go on, you. I speak your language."
But he straightened out in ten minutes what they had not been able to
secure in two weeks wandering about the labyrinth of wartime Washington.
So Mr. James Beck, who I like to think of as a friend in spite of his air
of a copyrighter of the Constitution,says we are brutal taskmasters because
we are talking about "cracking down" and "punching in the nose" (which
are both picturesque fictions), and urges in place of the President's program
nothing except his own particular concept of the Constitution, which, in
my own brief and inconspicuous experience, I have seen change from
client to client.
"The Blue Eagle," says he, "is a symbol of economic bondage." If it
is, then the Ten Commandments are a symbol of social bondage and the
Star of Bethlehem and the Golden Rule are stigma of slavery.
The Blue Eagle is a symbol of industrial solidarity and self-government.
If people who are willing to co-operate for a great national purpose are not
Permitted to wear a badge to distinguish friend from foe, then soldiers
ought not to be permitted to wear a uniform or carry a flag. Warfare
should decline to guerrilla sniping. The chivalry of men in battle, ought
to give place to well-poisoning and assassination, and it was well that
Richard of the Lion Heart, unvanquished in every field from Palestine to
the English Channel, should die, as legend has it, from an arrow poisoned
in the Caucasus by the Old Man of the Mountain to be discharged in
Normandy.
Fair trade practices—agreed to by industrial groups—symbolized by the
Blue Eagle--enforced by trade associations—with sanction and surer-
4293
vision of government—impose no other bondage than the obligations of
commercial honor and the precepts of economic justice. They abolish
child labor, sweatshops, secret rebates, commercial bribery, false advertising, wholesale frauds, exploitation of labor and a swarm of scurvy little
cheats. Mr. Beck is welcome to the other side of the argument. He has
sustained it long. But he brings nothing to it by mentioning the Constitution and waving the flag. They stand for all that is best in this country,
but they do not stand for the things these Pharisees are seeking to cover
by them.
Our good Lord had something to say about people who so worship the
letter of the law as to crucify the spirit which animates it. "Ye tithe mint
and anise and cummin, and have left undone the weightier matters of the
law, justice and mercy and faith. * * * Blind guides which strain
at a gnat, and swallow a camel." The Constitution was made for men
—not men for the Constitution.
There is one thing that, happily, I know is not in your minds. I have
yet to hear the charge that any one has not had a square deal under NRA,
and, in this flurry of sleazy criticism, we can at least cover myself with
that comfort.
I know what distresses some of you—your fear of organized labor, and
here I want to point out one thing. We have a mandate under this Act
—positive and direct—to foster the organization ofindustry for co-operative
action among trade groups. But we have no such mandate as to labor.
The only thing that labor gets here is a right to organize (if it so desires)
and to bargain (as it may elect)—either individually or collectively—
without employer interference.
Now that right is an accomplished fact in the law. We are sworn to
execute that law. As a matter of fact, I cannot see how industry being
given—not only the right (long denied it), but full governmental assistance
—for organization to the ultimate.can greatly object to the naked right of
labor—without any assistance at all—to organize also. This is an era
of organization. We have passed the point of individual action. There
is scarcely an industry, trade or calling, in which the individual is more
than a working part. Checks of a potent nature are being placed through
NRA on abuses of organization by either industry or labor. But the law
now requires united action by management and labor under governmental
sanction and control—for all the purposes of industrial recovery—and
united action of millions of units without organization is simply a contradiction in terms.
Merit Clause and Rights of Employer.
Dissipating the mists of confusion engendered through bitter experiences
of the ancient war between management and labor before an entirely
different legal background than the present, the President settled your
chief fear once for all (on the question of the so-called merit clauses) when
he wrote to me on Oct. 19:
* * there is nothing in the provisions of Section 7(a) to interfere
"
with the bona fide exercise of the right of an employer to select, retain or advance
employees on the basis of individual merit." He added—"in view of many
cases of notorious abuse Section 7(a) does clearly prohibit the pretended
exercise of the right as a device for preventing employees from exercising
the rights of self-organization, designation of representatives, &c." There
is no ambiguity here. There is not a man here who does not know what
the reservation means. At least I am sure that there is no man in our old
Illinois Manufacturers Association who does not know. It means that
—pretending an open shop—you can not hire a man and then, discovering
that he has a union card in his pocket,fire him for dropping a monkey wrench.
One thing I know you will never try to do. The plain fact is that if your
men want to organize—in whatever form they choose—they have a right
to do so and you have no right to interfere. I know that my old associates
will not attempt to violate that law. Whatever may be your opinion,
you are a law-abiding people and you will fulfill your obligations as citizens.
6
-Hour 5
-Day Week.
The obvious way to meet a law you do not like is to ask Congress to
amend or repeal it. Let us be perfectly frank about that. In the present
temper of Congress and the country, there is far more apt to be a tightening
than a relaxation of the labor provisions of this law. And any such violent
reactionary propaganda and attack as occurred last May is likely to duplicate the effect then produced. It is almost certain that a bill for a 6
-hour
5
-day week will be introduced.
As I said to labor at Philadelphia Saturday [Dec. 21, I believe that we
shall eventually find necessary a shorter week than any in the codes. But
we must not destroy our industries for an economic ideal. We have stood
and shall continue to stand against any reduction in hours that will ruin
any industry. The codes have this advantage over a flat law—that they
take into consideration the conditions of each industry to stand the burden
placed upon it. It Is clear, from our hundreds of exhaustive studies, that
a flat 30-hour week would now prove ruinous. We must balanced the
dreadful necessity of unemployment with the capacity ofindustry—depending on its business—to absorb it.
It is not true—as has been urged—that the burden can simply be passed
on to the consumer. Rising prices already have slowed consumption.
We must balance necessity to possibility. We can and must go to still
shorter weeks, but we can go only when improving business demonstrates
the possibility of doing so.
I believe that for any unreasoning attack on the codes process you will
get an unreasoning Congressional mandate,just as,if there is an unreasoning
attack on the President's cautious,safe, credit-maintaining monetary policy,
you will get an unreasoning Congressional mandate.
Does Not Maintain Infallibility in NRA.
I do not maintain any infallibility in NRA. Far from it; I frankly
concede its mistakes. The dangers are two—first, that it will get a Congressional fixed prescription, and,second, that it will become a bureaucracy.
Both are up to you. I have told you about the first. I will close with a
word about the second. I have spent a good deal of study on this, beginning in 1917 and 1918 when projection of the War Industries Board was
being suggested. There are only two ways—in my opinion—to prevent
bureaucracy.
The first is to insist on industrial self-government under codes and through
trade associations. The second is to maintain constant rotation in personnel so that deputies shall always be men loaned from the ranks of industry, science and professional men, spending—at whatever sacrifice—say,
six months—to governmental service and going back to be replaced by
others. In that way fresh blood and fresh ideas will flow constantly into
administration and in that way truly informed judgment will flow back.
In that way there will be no political subserviency, no academic impracticability, no routine lethargY, no insolence of office and the laws' delays,
no lack of sympathy, of understanding and of common sense.
We are instituting such a system of rotation. Its results are inspiring.
The men who come here to scoff remain to pray. Ask Robert Lund. Ask
Tom Hammond. Ask Walter Teagle. These men leave their contracts
here with this great endeavor as zealots and I know of not one single
exception.
4294
Financial Chronicle
Gentlemen, the success of this whole enterprise is in your hands. Send
us your best for service here. There is nobody too big or too smart to help
his,Government in this crisis. I am not afraid of any prejudices they may
have. From experience I will gamble on their conversion to this great
cause. We can use all the men of the leader type that you can supply.
For you the question is whether you shall stand outside and throw bricks
at the house that was built for you or get on the inside and enjoy its comfort
and protection. This is a great national crusade not only against depression, but against all the evil practices that have beset us for half a century.
Don't take newspaper sniping, political propaganda or self-serving misrepresentation as your guide. Get aboard this ship. Embrace the common cause and be able to say, like the distraught and tragic young man
of Tennyson's Maud who found peace that way:
"We have proved we have hearts in a cause
We are noble still
And myself have awakened, as it
Seems, to the better mind.
It is better to fight for the good
Than to rail at the ill;
I have felt with my native land,
I am one with my kind."
Maintenance of Gold Standard Urged by Association
of Life Insurance Presidents—Prompt Stabilization of Currency Called for.
The Association of Life Insurance Presidents, at their
annual convention held at the Waldorf-Astoria Hotel in
New York City on Dec. 7 adopted a resolution, in which
they urged that the gold standard be maintained; the resolution continued:
That our currency be stabilized promptly, and that the people be
assured that there will be no experiments with new monetary systems.
We are convinced that the maintenance of the gold standard, the prompt
stabilization of the currency, and assurance that nothing will be done to
impair it, would do more than any other thing to restore confidence, to
cause business to go forward, and to promote recovery. This country is
still the richest in the world and with great capacity for further creation of
wealth. With returning confidence it should resume its course toward an
even greater and wider prosperity and well-being.
Before the concluding declarations as above, the resolution, according to the New York "Journal of Commerce,"
recited:
The 57 United States life insurance companies represented in the Association of Life Insurance Presidents have about 87% of the total life insurance
outstanding in all United States legal reserve companies, approximately
55,000,000 policyholders, and assets which, it is estimated, will at the
end of the year 1933 amount to $18,216,000.000. Any matter relating to
the monetary system of this country intimately concerns not only the policyholders but also the beneficiaries named under their policies and a vast
number of other individuals who have a direct interest in the benefits from
payments under life insurance policies.
The Executives of the United States life insurance companies, assembled
at the regular annual convention of the Association of Life Insurance
Presidents, believe it to be their duty to policyholders to record their convictions on the existing monetary problems; and, therefore, they adopt the
following statement:
Entitled to Sound Money.
"The people of the United States are entitled to a sound monetary system
and to a currency of the highest possible degree of stability. We believe
It to be essential to the welfare of the policyholders as well as of all the
people of the nation and for the successful transaction of business of all
kinds that the nation have the soundest and most stable possible monetary
system. No lesson of experience is more obvious or important than that
stability and certainty are the first characteristics needed in our medium
of exchange.
"This nation has, in recent years. been especially fortunate in having a
very large fraction, about 40% of the world's gold, and it has had more
devices to make its gold efficient than any other nation. It has had, and
now has, ample money and credit facilities to meet the needs of business.
The amount oflawful money outside of the Treasury and the Reserve banks
Is greater now than it was in the expanded years from 1925 to 1929. Our
existing troubles do not arise from a shortage of credit and money facilities
but from the derangements of production and trade, and from the fact
that business is not in position, as in normal times, to avail itself of the
facilities.
"When business of all sorts sets up again and can make or offer the usual
normal demands or bases for loans,it will have no trouble in securing them.
In the field of agriculture the Ciovernment is now acting on the assumption that the present plight, particularly of the wheat and cotton farmers, is due
primarily to excessive acreage and output. If this is true there is no need
ofseeking for a monetary explanation and no need to resort to depreciation
and to throw all debtor-creditor relations into confusion.
More Money Usual Suggestion.
"In every time of depression it Is usual for some people to attribute the
depression to one cause and most frequently to some defect or deficiency in
the currency; and the most common panacea offered is an excessive increase
of the currency through the issue by the Government of paper money, or
through some other form of experimenting with our monetary system.
"Such proposals if accepted, or if they become seriously menacing, always
create lack of confidence and precipitate trouble and, in some cases, utter
chaos. We are now witnessing the baneful effects of such proposals and of
marked uncertainty as to the possible course of action. Business now is
apprehensive and puzzled and does not know how to make its plans.
"This matter vitally concerns every American. but none more than the
wage earners and all those who have practiced thrift and have accumulated
savings. The speculator may reap a profit from experiments with the
monetary standard and the consequent uncertainty or fluctuations. But
the wage earner and the man who has worked, saved something and invested it, is practically defenseless.
"If currency inflation were resorted to and a general rise of prices followed
it would, in the long run, do no one any good. It would decrease the purchasing Dower of wages and other earnings. If it increased the price of
farm products, for instance, it would also probably still more increase the
prices of what the farmer buys. While injuring all creditors, vast numbers
of whom are people of small savings, it would not, in the long run, because
of the chaos which would ensue, benefit even the debtors, including the
small percentage of farmers who purchased land at high prices and mortgaged their farms in the period of rising prices during and after the war;
and it would severely injure the 60% of the farmers who did not mortgage
their farms and many of the 40% who did mortgage their farms, but who
have large equities above their mortgages.
Dec. 16 1933
Stimulus Soon Exhausted.
'As has been said, any monetary ease from inflation always has proven
to be dearly purchased; any immediate stimulus to business is rapidly exhausted; a reaction invariably sets in with a resulting demand for more of
the same remedy; the stimulus of inflation is like that of a drug; and there
is an ensuing depression which can be eased only by increasing the dose at
the expense of final utter collapse. Inflation through political action has
rarely ever been held within the limits designed or fixed. It seems idle to
talk about controlled inflation in the face of practically all experience.
"This country has had sad experiences with depreciated currency. Our
forefathers struggled with it before the adoption of the Constitution, and
the Union labored under its disabilities during the Civil War. In the one
other period of great depression extending especially from 1873 to 1879,
fundamentally similar in cause and incidents to the present, we had a
depreciated currency. We struggled for years to ratify the situation. We
succeeded in doing so only in 1879, and then recovery set in and prosperity
was restored. The threat to our currency system by the legislation of 1890,
as is well known, helped to precipitate the panic of 1893."
George N. Peek, AAA Administrator, Appointed to
New Post to Develop Export of Farm Products
Will Head Committee to Study Negotiations of
Reciprocal Treaties—Chester C. Davis to Succeed
Him in AAA.
George N. Peek, Agricultural Adjustment Administrator,
will leave that post to organize a new Government agency to
promote American foreign trade in agricultural products
through the negotiation of reciprocal tariffs and other international agreements. Secretary of Agriculture Wallace has
selected Chester C. Davis, of Chicago, Director of Production
of the AAA, to succeed Mr. Peek as Farm Administrator.
The announcement of these changes, made on Dec. 11, climaxed a series of rumors from Washington that Mr. Peek
was not in accord with major policies advocated by Secretary
Wallace and Assistant Secretary Tugwell, Mr. Peek has
been given the title of Special Assistant to the President, and
appointed head of a temporary committee which will conduct
a two weeks' study and then recommend the permanent machinery "to co-ordinate all Government relations to American foreign trade." The White House announcement of
Dec. 11 read as follows:
Creation of a temporary committee to recommend permanent machinery
was anto co-ordinate all Government relations to American foreign trade
nounced to-day at the White House.
is expected within
The report of the committee and final action thereon
two weeks.
George Peek, Agricultural Adjustment Administrator, having completed
the organization period of the AAA, is designated to head this Committee
as special assistant to the President of American trade policy.
The Committee will include the members of the two departmental committees, the Interdepartmental Advisory Board on Reciprocal Treaties, Interdepartmental Trade Policy Committee, and such other individuals as Mr.
Peek may select.
As far back as last March, in his discussions of the agricultural policy,
the President discussed with Mr. Peek the possibility and the advisability
of reopening foreign markets for agricultural surpluses.
It WRB decided at that time that the immediate domestic supply should be
restricted, in view of the fact that foreign markets were closed temporarily by tariffs, quotas, tec., so that the immediate task was to restrict
production until the machinery for the limitation of burdensome surpluses
could be put in operation.
Now the time has come to initiate the second part of the program and
to correlate the two parts, the internal adjustment of production with such
effective foreign purchasing power as may be developed by reciprocal tariffs,
barter and other international arrangements.
Mr. Peek will head the new organization when it is created.
A Washington dispatch of Dec. 11, to the New York
"Times," discussing the circumstances surrounding Mr.
Peek's new assignment, said in part:
The White House announcement, while avoiding any mention of the resignation expected of Mr. Peek as AAA Administrator, left no doubt that he
would leave that post.
But Secretary Wallace, even prior to a White House conference which
preceded the announcement, had selected Chester Davis, heretofore chief of
the Production Control Section of the AAA, as Mr. Peek's successor. Formal
announcement of the appointment was withheld.
Neither was it disclosed whether Mr. Peek was informed that he was no
longer Farm Administrator. That the contrary was the case was indicated
by the fact that Mr. Peek left Washington to-night for Chicago, where he
will speak to-morrow, withcut rescinding a pre-conference order that W. I.
Westervelt, Chief of Processing and Marketing of the AAA, was to act as
Administrator in his absence.
The White House conference was attended by Secretary Wallace, Mr. Peek,
General Westervelt, William Phillips, Acting Secretary of State; R. Walton
Moore and Francis B. Sayre, Assistant Secretaries of State; Henry Morgenthou Jr., Acting Secretary of the Treasury; Jesse H. Jones, Chairman of the
RFC, and Joseph H. Choate Jr., Director of the Federal Alcohol Centro/
Administration.
Doubt Dispute Is Settled.
Whether the President in this way had effectively ended, the dimension
within the AAA remained a question far from settled in the minds of some
adjustment officials to-night. There remain in the AAA a number of executives who think along the same lines as Mr. Peek, opposing restrictions on
business and limitation of business profits.
After two weeks Mr. Peek expects to make a report to the President,
recommending not only the form that the new permanent export machinery
will take but also that certain things be done to recapture a part of the
foreign market for American farm products.
The reaction of the White House to the report will probably determine
whether Mr. Peek will head the new organization and carry into operation
his long fight for farm recovery through the medium of exports, or quit the
Administration.
Volume 137
Financial Chronicle
4295
be sufficiently enlightened so as to permit of interclass statesmanship instead of petty local bickering."
Mr. Peek's remarks were accepted by the farmer leaders as a mild thrust
at the views of the "brain trust" in Washington, members of whom succeeded in having Peek removed from the Farm Administration.
"There is abroad in the land a propaganda of more or less importance
for doing away with the profit system," Mr. Peek declared. "This means
no more and no less than doing away with the institutions under which we
have all grown up and prospered more or less. I am against the racketeers
of high finance as much as I am against the racketeers in the underworld.
"But the remedy lies not in destroying our institutions. It lies in reaching these racketeers in high places under the laws of our land. If these
laws are inadequate they should be revised and extended so that no guilty
man shall escape."
Mr. Peek said there should be a differentiation between the "so-called
monopolies" and the "millions of heads of business, large and small, performing a useful service." He added that "you can't build a profit system and
leave the foundation (agriculture) out. We tried it and it just about
wrecked us all."
But until the Government takes the position of protecting the property
owners of the country and sees that the majority of the people have property, Mr. Peek declared, the farmers will not "realize in full their part in
the new deal."
Only now, Mr. Peek said, has the administration been able to come into
the Middle West with a major effort to improve conditions through the
corn and hog control program. He said it was no "panacea or cure-all,"
but would at least bring needy cash "seeded directly at the grass roots."
Secretary Wallace and George N. Peek Defend AAA
Before Farm Bureau Federation—Former Demands
Farmers Present United Front Against "Political
Pressure"—Retiring Aid Endorses "Profit System"
—Production Control Plan Urged as Essential.
Support of the Agricultural Adjustment Administration
and President Roosevelt's recovery program was urged before
the annual convention of American Farm Bureau Federation
In Chicago on Dec. 12 by Secretary of Agriculture Wallace
and George N. Peek, who is retiring as Administrator of the
AAA. Mr. Wallace and Mr. Peek, who have been reported
as differing on matters of fundamental policy, spoke on the
same platform in defense of the President's plans for agriculture. Mr. Wallace challenged the farm delegates to
present a united stand against "terrific political pressure,"
and attacked Chicago newspapers and the meat packers, as
well as New York financial interests, for failure to aid in
the farm relief measures. Mr. Peek described tfhe progress
made by the AAA toward effecting farm recovery, but
warned that if individual initiative and the profit system
•are to remain as American institutions against the "ultraliberals" the system "must be controlled" and the majority
of American citizens must be property owners. He also de- Administration Planning'Legislation:Creating Control
clared that they must be secure in such ownership and should
Board to Supervise All Wire and Radio Communinot be permitted to lose it through no fault of their own.
cation, with Mergers Permitted—Report Sub'imitted to President Proposes System of Monopolies
A Chicago dispatch of Dec. 12 to the New York "Times"
—Western Union-Postel Telegraph Combination
as follows:
outlined both addresses
Involved—Anti-Trust Laws Would Be Waived.
Both Secretary Wallace and Mr. Peek received ovations from the Farm
The Administration plans to seek legislation at the coming
Bureau officials and members who crowded the convention hall. Mr. Wallace
session of Congress to create a Federal Communications
during his remarks pointed to the great possibilities of developing foreign
outlets for farm products, referred to the new effort of President Roosevelt,
Commission, with jurisdiction over all inter-State and forto which Mr. Peek has been assigned, and to which he said "we can all wish
eign wire and radio communications, it was indicated on
the heartiest of godspeeds."
Dec. 13, when President Roosevelt revealed that a report on
The Cabinet official discussed the need for broader viewpoints in the soluHe said that the Winter should produce debates
this subject had been given to him by the Inter-departmental
tion of the farm problem.
and a new consciousness among Americans as to what the long-time program
Communications Committee. The proposed Commission
following present emergency measures should be. This, he hoped, would
would have authority over communications similar to that
be done not alone by fanners, but by labor, industry and consumers as well.
now exercised by the Inter-State Commerce Commission over
"It is exceedingly important to hold on to the Agricultural Adjustment
Act until we see more clearly the outlines of the broad, long-time National
railroads, and would supervise a system of monopolies in
plan," said Mr. Wallace. "These outlines, I .am convinced, cannot fully
the communications field. The report was submitted to the
appear until there has been a much more extended debate in the community
President by Secretary Roper, who termed it "an interesting
forums of the cities, the schoolhouse meetings of the country, the radio and
the press. I hope and believe that this debate will rage with great intenstudy of the necessity for a more definite national policy as
sity this Winter. My fear is that it may be reduced to petty, personal into regulations, supervised by a Commission or by a Federal
That would
terests or small local issues, or narrow partisan considerations.
departmental unit." The report contained a factual study
be disastrous."
listing the benefits which the Committee believes would be
Until the leaders of agriculture, labor and industry have reached and
formulated a plan for farm production, he maintained that "we must hold
derived from a monopoly regulated by the Government. The
fast to the Agricultural Adjustment Act, not as something final and sacred
Administration's plans were said to contemplate a merger
but as something which is absolutely necessary until such time as the broader,
of the Western Union and the Postal Telegraph Companies,
long-time picture begins to appear and we see the codifications which are
necessary as we set to work to bridge the transition period."
which the President was reported as viewing as a duplicaWallace declared that in this objective the Administration has the "right
tion of facilities and service.
help of all fair-minded people, including not only the leaders
to ask the
We quote in part from a Washington dispatch of Dec. 13
of agriculture, labor and industry, but also--may I breathe itY—of the
newspapers of Chicago."
to the New York "Times," outlining the scope of the report
Early in his speech the Secretary made another reference to the opposiand of the proposed legislation:
feels comes from Chicago. He had sketched the economic
tion which he
forces, operating for twelve years, that brought the loss of foreign markets
for farmers and necessitated the emergency measures under the National
Recovery Administration and AAA. The prime need, he made clear, was to
take 40,000,000 acres of productive land out of production, and not to send
money abroad until some means of outlet for our products had been found.
This involves the tariff.
"Certainly, it is extraordinarily difficult to find competent leadership
for carrying out either the international or the national plan. From the
standpoint of international policy, the record of the international bankers
in New York, co-operating with Republican leadership in the State Department, has not been impressive. From the standpoint of carrying out a nationalistic plan involving the retirement from use of some 40,000,000 acres
of land, the leadership we might expect to find in such great interior cities
as Ohicago, dependent as it is on agriculture has been similarly uninspiring."
Again turning to his audience from a resume of the new corn and hog
production control program being launched in the Middle West, the Secretary pointed out that some other means of financing the project than by
processing taxes might become necessary. He held that the representatives
of meat packers were to blame for "propaganda" against the processing tax
on pork.
"From many sources reports have come to us," Mr. Wallace went on,
"that representatives of the packers are inviting farmers to compare present
hog prices with the prices in September and October, and they are suggesting that the difference of $1.50 in favor of the early Fall price is due to
the corn-hog program in general and the processing tax in particular. If
enough farmers come to believe this no doubt the packers feel they can be
freed of the processing tax and freed also of all efforts of the Farm Credit
Administration.
That the AAA may undergo revision in the next Congress was recognized by the Secretary. He hinted that in the case of milk it might be
necessary to license producers as well as processors to make the trade agreements and prices effective.
May Add Beef Cattle, Sugar.
Ile said that at least two farm commodities were likely to be added to
the basic commodities now listed in the act—beef cattle and sugar. One
or two others might be added by Congress, he said, but "the case for beef
cattle and sugar seems to be beyond dispute."
"We must remember that this is a bigger problem than getting justice
for agriculture," he declared. "What we want is a state of balance between
agriculture, labor and business which will permit us all to engage in an
ever ascending spiral. I am not talking about a regimented American life.
I am merely asking that the leadership of agriculture, labor and industry
The legislation for which the report is a forerunner also contemplates
making possible the joining of cable and radio companies to the end that
they may compete more successfully with foreign services such as the British.
which now enjoy combined cable and radio facilities.
An example of such a combination in this country is given in the possible joining of the International Telegraph and Telephone Company with
the Radio Corporation of America.
President Roosevelt was represented at the White House as regarding
the problem as extremely involved. He holds that it is of the utmost importance for the Government to adopt a definite policy with regard to communications and to bring about a greater degree of co-ordination between
their various branches.
Since monopolies already exist in the field of communications—the widespread control over local telephone companies by the American Telephone
and Telegraph Company was cited as an example—it is believed by the administration that it might be well to encourage monopolies and bring them
under strict Government supervision.
It was made clear at the White House that the President had not formed
an opinion as to the best method of treating the communications problem,
although it was regarded likely that he would follow as closely as possible
the suggestions of his Inter-departmental Committee,
Three Possibilities Are Outlined.
As to method of treatment, the report outlined these three possibilities:
1. To permit a continuation of existing conditions.
2. Creation and encouragement of monopolies in the telephone, telegraph and
radio field under strict Government regulation and supervision.
to
3. Government ownership.
•10'
Ms
The report leaned toward adoption of the second method, holding that
such a policy on the part of the administration would most effectively make
for improvement without at the same time too greatly disturbing existing
commercial relations.
The communications field is divided in the report into four phases,
three dealing with the domestic and the fourth with foreign aspects. In
the domestic field are included voice communication by wire, symbol communication by wire and both voice and symbol communication by radio.
In the foreign field of communications, whether by cable or voice, radio
or wireless, it is planned by the administration to bring all facilities into
greater relation with each other and make one picture out of the whole
foreign field.
Secretary Roper, as Chairman of the Inter-departmental Committee, said
the report was being withheld from publication because it had not yet been
studied by Senator Dill and Representative Rayburn, Chairman respectively
of the Senate and House Committees on Inter-State Commerce.
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Financial Chronicle
Report Tentative, Paper Says.
Both are ex-officio members of the Inter-departmental Committee and
Secretary Roper said it would be up to them to decide whether the Committee would assist in drafting legislation.
In a formal statement on the report, which he called "tentative," Secretary Roper said:
"In accordance With the request of the President, made last spring, the InterDepartmental Communications Committee has completed a study of communionHons. This study was presented last Monday by the Secretary of Commerce to
the President.
"The report is an interesting study of the necessity for a more definite National
licY as to regulations, supervised by a Commission or by a Federal departmental
unit.
"As to whether the objectives shall be put Into the form of bills and submitted to
the Congress at an early date will depend upon a conference yet to be had with the
Chairmen of the two appropriate committees of the Senate and House.
"These Chairmen are members of the Inter-Departmental Communications Committee, but are out of town and have not been communicated with about the study.
We regard it as proper to confer with them in this matter, including legislative
suggestions, before releasing the report of the Committee.
"Certainly, as a courtesy to these important members of the Committee, we
Should not announce the contents of the study in advance of their seeing it and getting their suggestions."
While the report dealt with all phases of the communication system, radio
broadcasting was specifically exempted from the suggestion of monopolies
under Government supervision.
Broadcasting companies were not overlooked in the Committee's study,
but it was thought better to leave that subject for special treatment later,
in view of present competitive influences and the existence of about 400
separate broadcasting stations.
Secretary Roper said the Committee was "practically unanimous" in its
conclusions, but that one member had filed a minority report. He added,
however, that a memorandum had been presented to the President suggesting a "middle ground" which he thought would be acceptable to the
minority.
He declared that the Committee had conducted a "study" rather than
an "investigation," and that for this reason the opinions of "outsiders" had
not been sought. Consideration had been given in the drafting of the report, however, to certain recommendations by the army and navy.
Secretary Roper explained that it was probably because outside individuals
had not testified before the Committee that it had not "run afoul of the
anti-trust laws." He was aware, he said, that the Western Union and Postal
Telegraph Companies had sought means of combining the two properties,
but that they had been fearful of the attitude of the Department of Justice.
Mergers to Be "Permissive."
It is recognized by the administration that the legislation it contemplates
could not compel a merger of the Postal and Western Union or of cable
and radio properties. It is thought that this can be reached by making the
merger "permissive," and it is apparently the opinion of the Committee
that this is all that is needed to bring about the desired results.
As to the decision of the Committee not to avail itself of ideas of "outsiders," Secretary Roper explained that it had proceeded along the same
lines as were followed in drafting the Emergency Transportation Act setting
up a Co-Ordinator of Transportation. He said he would suggest that hearings be held on any bill finally drafted, where all would have an opportunity
to be heard.
Asked concerning the alternative suggestion that supervision of communications be placed in a Federal departmental unit, Secretary Roper recalled that proposals had been advanced for placing them under the National
Recovery Administration. He indicated however, that this would be insufficient both in point of time and authority to accomplish what the administration has in mind.
Significance was attached to a remark by Secretary Roper that, in the
preparation of its report, the Committee had before it a bill providing for
the regulation of transmission of intelligence by wire or wireless which was
drafted in 1929 by Senator Couzens, then Chairman of the Senate Committee
on Inter-State Commerce.
Companies Opposed Colleens Bill.
The underlying reasons for the Couzens Bill were that control of communications is divided among the Inter-State Commerce Commission, the
Federal Radio Commission and the Department of Commerce. Although
the I. 0. C. has had almost the same authority over telephone and telegraph
companies that it enjoys over railroads, it has been too pre-occupied with
railroad matters to go into the subject of communications.
The I. C. C. has several times recommended the establishment of a
communications commission such as the Couzens Bill provided. In addition
the bill embodied the pertinent provisions of the Inter-State Commerce Act
and the Radio Act of 1927.
Hearings on the proposed bill developed considerable opposition from
telegraph and cable and broadcasting companies. These included the A. T.
and T., the I. T. and T., the Western Union, the broadcasting companies,
the National Association of Broadcasters, the United States Independent Telephone Association and others.
If the proposed Communications Commission is created it would take over
the authority now vested in the Inter-State Commerce Commission and the
Radio Commission except the jurisdiction of the latter over radio broadcasting, which would receive special treatment for the present.
Active members of the Inter-departmental Committee which prepared the
report include Secretary Roper, Dr. W. H. W. Splawn, special adviser to
the House Commerce Committee; Irving Stewart of the State Department,
E. M. Webster of the Treasury Department, General Irving Carr of the
War Department, Captain C. O. Hooper of the Navy Department, O. McK.
Saltzman of the Commerce Department, J. H. Dellinger of the Bureau of
Standards and Herbert L. Pettey of the Federal Radio Commission.
American`Farm Bureau Federation Approves Administration's Recovery Measures—Backs Monetary Policies and Urges "Honest Dollar to Repay Loans at
Level 1Where Contracted—Convention Suggests
Wider Use of Silver—Opposes_Tugwell Food and
Drug Bill,
President Roosevelt's program for the recovery of agriculture, including his monetary policy, were approved in
resolutions adopted on Dec. 13 by delegates to the annual
convention of the American Farm Bureau Federation, meeting in their final session at Chicago. The farm representatives attacked the "profiteering" which had been permitted
under the National Recovery Administration, and urged the
Dec. 16 1933
Agricultural Adjustment Administration to expeditemeasures designed to provide increased income for farmers. The
delegates recorded themselves as opposed to the Tugwell Bill
to regulate the merchandising of food and drugs, and advocated that the present Food and Drug Act be amended to
prevent fraudulent or unfair trade practices. One of the
resolutions adopted expressed sympathy with the Administration and with the AAA, but said that "enough time and
effort have been given to reconcile opposition to this legislation, which opposition largely consists of those who have enjoyed unjust and unfair advantages under the old system of
processing and distribution." Other proposals of the Federation were described as follows in a Chicago dispatch of
Dec. 12 to the New York "Times":
The Federation urged that any or every power of the Farm Adjustment
Act be immediately invoked fully to put into effect parity of prices for
farm commodities. It recommended that the Farm Act be broadened to
Include other farm commodities; that its trade agreement section be
amended to provide agreements by the Government with producers or processors, and that only those persons "known to be thoroughly sympathetic
to and capable of successful administration be retained."
Having approved the stand of Secretary Wallace in his address to the
convention yesterday, the Federation also added a resolution commending
the new program of the President to explore foreign outlets for farm Commodities.
The stand of the Federation was further strengthened by a resolution as
log that Congress not permit the negotiation of reciprocal trade agreements
abroad that would be detrimental to agriculture. A plea that credit be e
tended to Russia to permit that nation to buy American commodities also
was voted.
The Federation was especially jubilant over the efforts being made b
President Roosevelt to effect "an honest dollar," a stand taken years ago
by the Farm Bureau.
They also favored remonetizing silver on the index basis, to bring mor
money into circulation and to effect trade with silver mining nations.
Other policies urged by the convention included:
Boosting of farm credit appraisals, greater activity of the Farm Credit
Administration in approving farm loans, lower mortgage interest rates,
more funds for intermediate credit banks, converting of Governmental credit
agencies into a farmer owned and controlled system, reduction of first-class
postage to 2 cents an ounce, and that the Philippines be given immediate
freedom.
The farmers also pointed out that any code set up for the distillers
should provide a market for the grains of American fanners.
Funds of the Public Works Administration should be used in part for
agricultural activities, the Federation maintained. It also asked that educational facilities, extension work and a public school system for rural areas
be supported by the Federal Government.
Opposition was expressed to the growing tendency of meat packers to
buy direct from farmers, and a resolution was adopted favoring Governmental control and regulation of direct buying of live-stock.
In like manner the Federation expressed disapproval of the proposed code
for grain exchanges for having omitted recognition to grain co-operatives
on the same basis as to privately owned corporations.
Shares of Certain Mortgage Loan CompanieslObtaining
Loans from RFC to Re-lend to Industries Exempt
from Registration Under FederaliSecurities Act—
Opinion by Federal Trade Commission.
Shares of stock of certain mortgage-loan companies which
are obtaining loans from the Reconstruction Finance Corporation in order to re-lend the proceeds to local industries and
mercantile businesses, are exempt from registration under
the Securities Act according to an opinion of the Federal
Trade Commission made public on Dec. 13.
The Commission indicated that in its view the securities
would be exempt:
(1) Where the mortgage-loan company was incorporated in the State in
which it was to operate and sold its stock only to residents of that State.
(2) Where the mortgage-loan company was to operate in and sell its
stock outside the State of its incorporation, if the stock of the company were
issued only to borrcnvers or if the stock issued to borrowers carried voting
rights in the same proportion to their investment as that issued to others.
This statement was made in response to a letter signed by
Jesse H. Jones, Chairman of the RFC, and addressed to the
Federal Trade Commission, requesting an expression of the
views of the Commission as to the application of the Securities Act to various situations arising in all parts of the
country in connection with the operation of mortgage-loan
companies. According to his letter, such companies are being organized in many localities to participate in the RFC's
program of extending credit facilities and assisting business
and industry in co-operation with the National Recovery Administration program. The Commission's announcement further says:
The opinion of the Federal Trade Commission was set forth in a letter
dated December 11 1933, signed by Charles H. March, Chairman. A company which confines its business to the State of its incorporation and offers
its stock only to residents of that State, the opinion stated, "may make use
of the mails or of any other means of communication within the State without first registering its securities with the Federal Trade Commission." As
to the companies which intend to operate and sell their stock in States other
than the State of incorporation, the Commission took the view that "many
mortgage-loan companies may be considered institutions similar to those
specifically named in Section 3 (a) (5) of the Act." This section exempts
"any security issued by a building and loan association, homestead association, savings and loan association, or similar institution, substantially all
the business of which is confined to the making of loans to members." In
Volume 137
Financial Chronicle
the opinion of the Commission, an essential similarity exists between a
building and loan association as the term is used in the Act and a mortgageloan company "where the stock issued to borrowers carries voting rights
adequate to assure mutuality between the members of a mortgage-loan company." In expressing the opinion that the securities would be exempt
under the circumstances named, Mr. March indicated that one of the reasons
for the exemption contained in Section 3 (a) (5) of the Act was "a belief
that persons joining in such co-operative projects were less likely to need
the protection from each other afforded by registration than persons dealing
with issuers of the usual type."
The following summary of the opinion is taken from the
Chairman's letter:
1. If a mortgage loan company, incorporated in the State in which it is
to operate, sells its stock and/or other securities only to residents of that
State, it may under Section 5 (c), make use of the mails or of any other
means of communication within the State without first registering the
securities with the Federal Trade Commission.
2, If the company is incorporated in another State from that in which
it will operate or if it intends to do business in more than one State, its
securities will be exempt from registration by reason of Section 3 (a) (5)
of the Securities Act, if the stock of the company is issued only to borrowers,
or if the stock issued to borrowers carries voting rights in the same proportion to their investment as that issued to the organizers.
3. In the case of a company intending to lend funds in any but the
State of its incorporation, certificates issued to its borrowers by a voting
trust formed to hold their stock in the company will have to be registered
so far as Sections 5 (c) and 3 (a) (5) are concerned.
National Distributing Group Formed to Arrange
Secondary Market for Bonds of Home Owners'
Loan Corporation.
The formation of a national distributing group, headed by
Field, Glore & Co., and including The City Company of
New York, Incorporated, Brown Brothers Harriman & Co.,
Bancamerica-Blair Corporation, Kidder, Peabody & Co.,
Stone & Webster and Blodget, Incorporated, Blyth & Co.,
Inc., and Hayden, Stone & Co. for the purpose of arranging
as far as possible for an orderly and stable secondary market
for the 18-year 4% bonds of the Home Owners' Loan Corporation, due July 1 1951, was announced on Dec. 11. It is
stated that the Board of Directors of the Home Owners'
Loan Corporation has authorized this group to disseminate
information concerning, and to facilitate the establishment of
a broader investment market in, the bonds of the corporation. The Home Owners' Loan Corporation, the capital
stock of which is $200,000,000, fully subscribed by the
United States Government subject to call by the Corporation,
is empowered under the Home Owners' Loan Act of 1933 to
issue up to $2,000,000,000 of these bonds in exchange for
now existent mortgages on urban homes. It is noted:
In addition to being guaranteed fully and unconditionally as to interest
to maturity, the bonds of the Home Owners' Loan Corporation are acceptable at face value in payment of indebtedness due to the corporation and
are exempt as to both principal and interest from all Federal, State, municipal and local taxation, except surtaxes, estate, inheritance and gift taxes.
They are also acceptable at par by the United States Treasury as security
for Government deposits, and at market value to secure Postal Savings
funds. They are legal investment for savings banks in New York, New
Jersey and certain other states. The Reconstruction Finance Corporation
accepts them as security for loans made by that corporation at 80% of par.
The Comptroller of the Currency has ruled that these bonds may be held
by National Banks when received from the corporation in exchange for home
mortgages, and valued,for the present a, par or the value at which the banks
carried such mortgages at the time of exchange, whichever is less. The
Attorney General of the United States has rendered an opinion upholding
the legality and regularity of the bonds. No taxes may be imposed upon the
corporation,its franchise,capital,reserve and surplus, nor upon its loans and
income, except the usual real estate taxes. The earnings of the corporation
are derived from the interest received on the loans made and—or temporary
Investment in Government securities. The five members of the Federal
Homo Loan Bank Board, a bi-partisan body created under the Federal
Home Loan Bank Act, constitute the Board of Directors of the corporation,
whose activities are separate and distinct from the Federal Home Loan
Bank system. Local managers have been appointed in every State.
It is announced that a nation wide selling group will be
formed at a later date to distribute the bonds locally.
PWA to Encourage Low Cost Housing Projects with
Aid of Local Groups—Secretary Ickes Outlines
Policy—Favors Slum Clearance.
The Public Works Administration will continue to follow
the policy of encouraging local study and promotion of low
cost housing, Secretary Ickes said in a statement on Dec. 9.
The statement, which redefines the policy of the Housing
Division of the PWA,follows:
Since the announcement of the incorporation of the Public Works Emergency Housing Corporation, many questions have been asked as to how it
will function and whether its creation is to be construed as the expression
of a change of policy in respect to applications submitted by limited dividend corporations, municipalities and public housing authorities.
It continues to be the policy of the PWA to encourage local study and
promotion of low-cost housing. The PWA will continue to lend on slum
clearance operations and low-cost housing projects sponsored by limited
dividend corporations.
Such corporations have a distinct advantage in certain fields of activity.
It is the Intention of the PWA to take the initiative in slum eleirance and
low-cost housing projects in the interest of unemployment relief and recovery, only in cases where local agencies are unable to do so or unwilling
to act promptly.
4297
Such projects will be undertaken by the PWA Housing Corporation upon
invitation from local officials or groups of representative and responsible
citizens, or civic organizations. Where the Housing Corporation initiates,
local groups and agencies will be utilized to the fullest extent possible in the
acquisition of sites, design, construction, and operation of the projects. In
any case, the co-operation of responsible local groups and agencies is an
essential.
In the course of recovery it may be assured that existing vacancies will
disappear and that there will be a demand for vacant sites and for urban
and suburban houses. By confining the work of the Emergency Housing
Corporation to the clearance of slums and the production of a like number of
low-cost units, limited as to rentals and restricted as to occupancy to the
stimulate one of the basic induslow income groups, the Administration can *
tries without encroaching upon its field of future opportunity.
"Except in unusual cases the aim of the PWA in all municipal housing
projects would be to confine the work of unemployment relief to slum clearance. Preference will be given to projects located in congested areas occupied by obsolete structures in an advanced stage of decay or dilapidation.
Preference likewise will be given to sites closely related to opportunities for
employment and to sites well studied in relation to a long-term regional plan.
To qualify as a low "rental" project in a given case the range of rentals
proposed must correspond to those currently paid in the community by that
family income group for which the project was designated. Municipal housing projects and those presented by housing authorities must show a rent
level so far below any commercially produced as not only to put it outside
of any possible competition with existing decent housing, but unquestionably
meeting the needs of an income group never before accommodated.
Bank of New York & Trust Co. to Buy United States
Obligations—Will Invest $1,000,000 Derived from
Sale of Capital Notes to RFC.
In a letter to the stockholders of the Bank of New York &
Trust Co., New York City, Edwin G. Merrill, Chairman
of the Board, said that the proceeds of the $1,000,000
capital notes which the bank will sell to the Reconstruction
Finance Corporation will be invested in obligations of United
States Government. Mr. Merrill said that the notes will
be dated Dec. 15 1933, maturing July 31 1934, and will
bear interest at the rate of 4% annually. The cost to the
bank, because of the investment in United States Government securities, "will bavery slight," Mr. Merrill stated.
The intention of the RFC to buy capital notes of the Bank
of New York & Trust Co., and 11 other New York City
banks, was noted in our issue of Dec. 9, page 4134.
Henry Bruere, President of Bowery Savings Bank of
New York, Concludes Financial Tasks Assigned
to Him by President Roosevelt.
Henry Bruere left Washington on Dec. 8 to resume his
duties as President of tbe Bowery Savings Bank of New
York. Early in October (as indicated in our issue of Oct. 14,
page 2740), Mr. Bruere was assigned to serve President
Roosevelt in a financial advisory capacity, and his return
to New York, it is stated, follows the completion of the task
delegated lo him. Associated Press accounts from Washington Dec. 8 said:
Mr. Bruere said he probably would come back to Washington from time
to time, but that he regarded the mission which he undertook two months
ago as completed.
He was never given an official title and was referred to by the President
as his liaison officer.
It is understood that Mr. Bruere devoted himself principally to coordinating into a working unit the many credit agencies of the Government,
.with particular attention to the Government refinancing program successfully completed yesterday.
Mr. Bruere will retain an office in the Treasury and said he plans to
be a frequent visitor.
"There's nothing emotional about my returning to the bank," he told
newsmen. "I took a two months' absence and with a big institution like
that there are things which must be attended to. I like it down here and
like the work, but the pressure of business forces me to return."
Mr. Bruere said he would continue to assist President Roosevelt in any
way at any time the Chief Executive desired him to do so. He declined to
say what particular subjects he would devote himself to for the Government
in the future. He said he was always ready to meet the President's request.
"I'll be down off and on," Mr. Bruere said. "I'll keep my office here in
the Treasury for a while. My work here has been very pleasant."
From Washington advices Dec.8 to the New York "Journal
of Commerce" we quote:
Appreciative of the services rendered by the banker during his stay in
Washington, President Roosevelt is sending to the directorate of his institution a letter thanking them for having spared Mr. Bruere for Government
service.
"I am very enthusiastic over what I have seen, and I return to New York
greatly encouraged," said Mr. Bruere upon leaving the White House.
Loans of $643,118,403 Authorized by RFC During
October, as Compared with $95,009,311 in September—$123,095,889 Disbursed—$104,569,537 Authorized to Banks of Which $98,341,502 Was for
Reorganization or Liquidation.
Authorizations and advances by the Reconstruction
Finance Corporation during October totaled $643,118,403,
as compared with only $95,009,311 during September, it is
noted in the Corporation's monthly report made public
Dec. 14. Disbursements actually made on the authorize,
tions amounted to $123,095,889, or less than one-fifth of the
total commitments made during the month. The report
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Financial Chronicle
showed that banks and trust companies were authorized
loans of $104,569,536.72, of which $98,341,502.07 was for
the aiding of reorganization and liquidation of closed institutions. As reported in the New York "Times" of Dec. 15,
the October authorizations were listed as follows:
Clam—
To banks and related institutions
Orderly marketing of agricultural products
Aid to drainage districts
Purchases of preferred stocks of banks
Purchases of capital notes of banks
Gold purchases at home and abroad
Farm Credit Administration
•
Federal Home Loan Bank stock
Relief to States
To Land Bank Commissioner
Stock of Home Owners' Loan Corporation
Amount.
5236,104,543.83
253,479,000 00
4,246,945.81
6.325,000.00
25,040,000.00
50.000,000.00
12,000,000.00
5,975,700.00
42,948,713.55
10,000,000.00
2.000,000.00
The Corporation's report listed the authorizations to banks
and related institutions during October as follows:
Class—
Banks and trust companies (including receivers)
Building and loan associations
Insurance company
Mortgage loan companies
Federal Land banks
Joint Stock Land banks
Agricultural Credit corporations
Regional Agricultural Credit corporations
State fund (insurance)
Total
Amount.
$104,569,536.72
2,095,538.08
300,000.00
90,713,870.00
30,000.000.00
475,000.00
166,418.12
1,896,465.03
5,887,715.88
5236,104,543.83
We further quote from the "Times" as follows:
In September authorizations for banks and trust companies and related
Institutions reached only $37.730,299.86; for orderly marketing of agricultural products. $2,022,500; for preferred stock purchases, $3,760,000; loans
on preferred stock, $650,000; Federal Land banks. $4,900,000; Home
Owners Loan Corporation, $1.000.000; relief to States. $39.746,711; Land
Bank Commissioner, $5,200,000.
Of the October authorizations to banks and related institutions, $104,569,536.72 went to banks. This included $98,341,502.07 to aid in the
reorganization or liquidation of closed institutions, indicating the rapid
progress that is being made in the freeing of deposits.
State Bank Groups Aided.
Of loans of $90,713,870 to mortgage loan companies, $86,000,000 was
for the Institutional Securities Corp., organized by mutual savings banks of
New York State, to which the RFC had announced its willingness to lend
$100,000,000 or more.
Most of $253,479,000 authorizations to aid in the orderly marketing of
agricultural commodities was for the government's Commodity Credit
Corporation. set up to aid the farmers, and to which the RFC pledged
itself to the extent of $250,000,000.
The authorization for the sale of $50,000.000 of RFC notes to be exchanged for purchases of gold was made soon after the first RFC price
was fixed on Oct. 25. In the remaining days of the month, the report
• shows, $2,128,743.88 of the notes were sold for newly mined gold.
As a result of its expanded activities the assets of the Corporation, represented chiefly by authorizations less repayments on actual disbursements, rose to $3,766,171,431.48 at the end of October, about $500,000,000
above the figure at the end of the previous month.
In September loans to banks and trust companies totaled only $20,966.628, of which $11,809,034 was for aid in the reorganization or liquidation of closed banks.
During October $11,054,066 in loans previously authorized was withdrawn or canceled by the borrowers, chiefly by banks.
The October bank authorizations included $2,300.000 to feur New Jersey
banks including one of $2,100,000 to a bank in the hands of a conservator.
There were authorizations totaling $1,828,046 for nine banks in New
York State.
Subscriptions for preferred stock purchases authorized in October were
as follows:
Name
Amount.
011 Fields National Bank,Berea, Calif
$25,000
The American National Bank, Denver
300,000
Grand Valley National Bank, Grand Junction, Colo
50,000
First National Bank, Boise, Idaho
300,000
760,000
First Security Bank, Boise, Idaho
500,000
The National Bank, Fort Wayne, Ind
100,000
Security National Bank, Kansas City, Kan
50,000
Citizens National Bank, Morgan City, La
50,000
Farmers' National Bank, HouIton, Me
400,000
First National Bank, Lewiston, Me
100,000
Merchants National Bank, Leominster, Mass
1.500,000
Springfield National Bank
75,000
Farmers & Merchants National Bank,Benton Harbor, Mich
25,006
First National Bank, Norway, Mich
25,000
First National Bank, Ontonagon, Mich
50,000
National Bank of Wyandotte, Mich
120,000
Missouri Bank & Trust Co., Kansas City, Mo
100,000
Fidelity National Bank, New York City
25,000
First National Bank, Salamanca, N. Y
25,000
First National Bank of Freeport, Pittsburgh
100,000
Central National Bank, Pittsburgh
500,000
West Branch Trust Co., Williamsport, Pa
25,000
First National Bank, Falfurrias, Texas
30,000
First National Bank, Henrietta, Texas
250,000
Texarkana National Bank, Texarkana, Texas
600,000
First National Bank, Ogden, Utah
250,000
Dominion National Bank, Bristol, Va
$6,325,000
Total
Purchases of capital notes or debentures were authorized as follows;
$25,000,000
Manufacturers Trust Co., New York City
40,000
Cornelia Bank, Cornell, Ga
$25,040,000
Total
In November and December authorizations for preferred stock and
capital note purchases have risen rapidly bringing the total to date to about
$475,000,000.
t The report showed that in October the Corporation had sold $45,000,000
of its 3
notes to the Treasury. making 81,765,000,000 of such notes
outstanding as of Oct. 31.
k The corporation's monthly balance sheet showed that actual disbursements to banks, including receivers, had totaled $15,030,423.63 during
October, and that there had been repayments by banks of $24,538,422 over
the same period. Actual disbursements on the remainder of the heavy
authorizations will be made from time to time as requested.
io The condition statement of the Corporation from its establishment
iniFebruary 1932, to Oct. 31 of this year showed that proceeds disbursed
tolbanks, less repayments, had been brought down to $666.462,778.66, as
compared with $682,319,469.29 at the end of September.
11. Outstanding loans to railroads totaled $330,156,512; to building and
loan associations, $72,191,714.83; to insurance companies, $67,596,087.71;
to_mortgage loan companies. $157,101,393.03.
Dec. 16 1933
Aid so far extended to aid closed banks totaled $155,512.695.52, less
repayments, and there was $139,604,855.87 authorized and yet to be
disbursed.
As given in the "Times" the Corporation's statement of
condition as of Oct. 31 follows:
ASSETS.
Cash on deposit with Treasurer of United States
Funds held in suspense by custodian banks
Petty cash funds
Gold
Allocated for expenses regional agricultural credit corporations—
Farm Credit Administration
Advanced for Federal Emergency Relief Administration expenses
Allocated to Secretary of the Treasury (1)
Allocated to Secretary of the Treasury (2)
Allocated to Land Bank Commissioner
Allocated Secretary of Agriculture (3)
$200,000,000.00
Less—Reallocated as capital Regional Agricultural Credit
Corporations
$44,500,000.00
Reallocated to Governor of
. Farm Credit Administrat'n_ 40.500,000.00
85,000,000.00
Capital Regional Agricultural Credit Corporations
Allocated to Governor of Farm Credit Administration
Loans under Section 5:
Proceeds disbursed (less repayments)—
Banks and trust companies (4)
$666,462,778.66
Credit unions
539,735.93
Building and loan associations
72,191,714.83
Insurance companies
67,596,097.71
Federal Land Banks
36,300,000.00
Joint Stock Land Banks
12,093,359.36
Live stock credit corporations
3 232 016.20
Mortgage loan companies
157,101,393.03
Regional Agricultural Credit Corporations__ 50,321,108.74
Other agricultural credit corporations
2,181,170.28
Railroads (including receivers)
330,156,512.00
Proceeds not yet disbursed—
Banks and trust companies (4)
$151,631,793.62
Building and loan associations
1,819,768.54
Insurance companies
7,000,000.00
Federal Land Banks
22,500,000.00
Joint Stock Land Banks
6,517,579.84
Live stock credit corporations
234,297 73
Mortgage loan companies
103,237,533.65
Regional Agricultural Credit Corporations
2,107,582.61
Other Agricultural credit corporations
4,614.00
Railroads (including receivers)
20,662,585.13
State funds for insurance of deposits of
public moneys
5,887,715.88
Loans and contracts for self-liquidating projects. Sec. 201a:
Proceeds disbursed (less repayments) (by purchase of bonds,
certificates and notes—par, $54,462,200.00)
Proceeds not yet disbursed (contracts, bonds, certificates and
notes--par, $152,990,660.00)
Loans for repair or reconstruction of property damaged by earthquake, &c.:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans under Section 201c, for financing sale of agricultural surpluses in foreign markets:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to institutions under Section 201d:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to Sec. of Agriculture (Agricultural Adjust. Act):
Proceeds disbursed
Proceeds not yet disbursed
Loans to drainage, levee and irrigation districts:
Proceeds not yet disbursed
Loans secured by preferred stock banks and trust companies:
Proceeds disbursed (less repayments)
Relief authorization (1932 Act):
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Relief grants (1933 Act) (5):
Proceeds disbursed
Proceeds not yet disbursed
Preferred stock banks and trust companies:
Purchased
Subscriptions authorized
Capital notes and debenture banks and trust companies:
Purchased
Subscriptions authorized
Advances for care and preservation of collateral:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Collateral purchased (cost less proceeds of liquidation)
Accrued interest receivable
Discount on notes, series Feb. 1 1934
Reimbursable expense
Furniture and fixtures
$477,287.26
Less allowance for depreciation
79,713.96
$6,272,925.71
3,558,148.41
7,095.00
2,127,388.76
5,260,000.00
124,889.42
124,741,000.00
200.000,000.00
300,000,000.00
115,000,000.00
44,500.000.00
40,500.000.00
1,398,175,886.74
321,603,471.00
53,895,281.20
152,407,871.71
2,142,908.11
8,227,941.89
3,911,992.88
48,880,340.23
3,170,024.53
255,196,875.73
3,300,000.00
200,000.00
4,245,445.81
13,483,895.85
299,014,914.00
15,001.00
207,668,897.52
22,995,685.48
51,868.000.00
8,002,500.00
700.000.00
26,040,000.00
303,624.12
47,334.06
1,907,586.22
36,710,480.61
1,340.55
565,111.64
397.573.30
Total
$3,766,171,431.48
LIABILITIES AND CAPITAL.
Payable to Secretary of the Treasury (1)
$61,395,300.00
Payable to Secretary of the Treasury (2)
196,000,000.00
Payable to Land Bank Commissioner
279,400,000.00
Payable to Governor of Farm Credit Administration
28,500,000.00
Callable by Farm Credit Administration for expenses of regional
agricultural credit corporations
2,738,618.85
Liability for funds held as cash collateral
3,901,605.54
Proceeds not yet disbursed:
Loans under Section 5
321.603,471.00
Loans and contracts for self-liquidating projects, Section 201a. 152,407,871.71
Loans for repaid or reconstruction of property damaged by
earthquake, &c
8,227,941.89
Loans under Section 201c, for financing sale of agricultural
48,880,340.23
surpluses in foreign markets
Loans to institutions under Section 210d
255,196.875.73
Loans to Secretary of Agriculture (Agricultural Adjustment Act)
200,000.00
Loans to drainage, levee and irrigation districts
4,245,445.81
Relief authorizations (1932 Act)
15,001.00
22,995,685.48
Relief grants (1933 Act)(5)
Advances for care and preservation of collateral
47,334.06
Subscription authorizations:
Preferred stock, banks and trust companies
8,002,500.00
Capital notes and debentures, banks and trust companies
25,040,000.00
Cash receipts not allocated pending advances
11.066,336.17
Miscellaneous liabilities (including suspense)
5,558,381.70
2,796.89
Liability for funds held pending adjustment
561,700.37
Unearned discount
764,542.78
Interest paid in advance
331,494.91
Interest refunds and rebates payable
Interest accrued
28,587,079.30
53,520.47
Deferred credits—Income cn collateral purchased
1,765,000,000.00
Series C 34% notes
2,128,743.88
Series Feb. 1 1934 notes
500,000,000.00
Capital stock
17,804,757.73
Surplus Dec. 31 1932
Interest earned less interest and expenses (Jan. 1 1933 through
15,514,085.98
Oct. 311933)
Total
$3,766,171,431.48
Volume
137
Financial Chronicle
NOTES.
(1) Section 2 of the Reconstruction Finance Corporation Act, as amended by
the Federal Home Loan Bank Act, provides that "in order to enable the Secretary
of the Treasury to make payments upon stock of Federal Home Loan banks subscribed for by him in accordance with the Federal Home Loan Bank Act, the sum
of $125,000,000 or so much thereof as may be necessary for such purpose, is hereby
allocated and made available to the Secretary of the Treasury out of the capital of
the Corporation and (or) the proceeds of notes, debentures, bonds and other obligations issued by the Corporation." The amount of such stock subscribed for by the
Secretary of the Treasury is $124,741,000.
(2) Section 4b of the Home Owners' Loan Act of 1933 provides that "the Board
(Federal Home Loan Bank Board) shall determine the minimum amount of capital
stock of the Corporation (Home Owners Loan Corporation) nad is authorized to
increase such capital stock from time to time in such amounts as may be necessary
but not to exceed in the aggregate 3200,000.000. Such stock shall be subscribed
for by the Secretary of the Treasury on behalf of the United States, and payment
for such subscriptions shall be subject to call in whole or in part by the Board and
shall be made at such time or times as the Secretary of the Treasury deems advisable. . . . In order to enable the Secretary of the Treasury to make such
Payments when called, the RFC is authorized and directed to allocate and make
available to the Secretary of the Treasury the sum of 3200,000,000, or so much
thereof as may be necessary, and for such purpose the amount of notes, bonds,
debentures or other such obligations which the RFC is authorized and empowered
under Section 9 of the Reconstruction Finance Corporation Act, as amended,
to have outstanding at any time, is hereby increased by such amounts as may be
necessary." The amount of such stock subscribed for by the Secretary of the
Treasury is $200,C00,000.
(3) Section 2 of the Reconstruction Finance Corporation Act, as amended, made
available to the Secretary of Agriculture $200,000,000. Of this amount, $135,000,000 was paid to him, of which $20,00C.000 was returned to the Corporation.
Of the $85,000,000 difference, $44,500,000 was re-allocated and disbursed as capital
of the Regional Agricultural Credit Corporation (Section 201e, Emergency Relief
and Construction Act 01 1932), The remainder, $40,500,000, was made available
to the Governor of the Farm Credit Administration, pursuant to the provisions of
Section 5a (1) of the Farm Credit Act of 1933. Of this sum, 612.000,000 has been
paid to him.
(4) Loans under Section 5 of the Reconstruction Finance Corporation Act to
aid in the reorganization or liquidation of closed banks have been authorized in
the aggregate amount of $382,490,297.81, of which $15,450,440.89 has been canceled. After taking into consideration repayments of $71,922,305.53, items (4)
of the balance sheet include the balance of $155,512,695.52, representing proceeds
disbursed (less repayments) and $139,604,855.87, representing proceeds not yet
disbursed.
(5) Under the Federal Emergency Relief Act of 1933 the Corporation is authorized and directed to make available $500,000,000 for expenditure under the provisions of the Act upon certificate of the Federal Emergency Relief Administrator.
•
• •
In addition to loans and other authorizations reflected on the statement of condition, the Corporation has approved in principle loans in the amount of $256,811,102.27 and purchases of preferred stock, capital notes and debentures of banks
and trust companies in the amount of $114,980,000 upon the performance of specified
conditions.
This statement of condition does not take into consideration expenditures incurred
but not paid by the Corporation at the close of business Oct. 31 1933, nor income
of regional agricultural credit corporations whose capital stock was subscribed by
tile Corporation.
4299
Loans by the crop production loan offices fell off from $373,601 in October
to $146,775 in November. The total loans outstanding on Nov.30 handled
by the crop production loan offices was $91,824,563.
The loans by the Central Bank for Co-operatives amounted to $6,285,860
during November and by the Regional Banks for Co-operatives to $330,923.
Total loans made to co-operative marketing organizations under the
Agricultural Marketing Act from the revolving fund totaled $484,011 during November compared to $695,093 in October. Loans of this character
outstanding on Nov. 30 were $141,107,605.
AMOUNTS OF LOANS AND DISCOUNTS ADVANCED DURING OCTOBER
AND NOVEMBER 1933 AND AMOUNTS OUTSTANDING ON NOV. 30
1933 BY INSTITUTIONS.
Amounts of Loans and Discounts.
Institutiorzs.
Loans During Outstanding on
•Loans During Noo. 1933. Nov. 30 1933.
(Preliminary) (Preliminary)
00. 1933.
318,812,576
Federal Land Banks
Land Bank Commissioner's buns to
9,279,150
farmers
Land Bank Commissioner's loans to
933,478
Joint Stock Land Banks
Federal Intermediate Credit Banks (Including discounts for Regional Agricultural Credit Corporations and
37,185,520
production credit associations)
Regional Agricultural Credit Corpora12,509,668
tions
Corp production loan offices
373,601
Agricultural Marketing Act Revolving
Fund:
695,093
Loans to Co-operatives
Central Bank for Co-operatives
7,161,540
Regional Banks for Co-operatives.
49,725
$37,607,810 $1,172,400,140
20,744,755
34,098,555
23,848
1,097,413
39,588,219
136,861,440
17,572,360
146.775
142,504,048
91,824,563
484,011
6,285,860
330.923
141,107,605
10,629,900
350.014
100 DryTeleaners1Face NRA Prosecution for Refusal
to Abide by 1Price Schedules Named in Code—
Names Are Cited to Federal Trade Commission
for Non Compliance.
Possibility of prosecution of 100 firms for alleged violation
of the Dry Cleaning Code prices appeared likely on Dec. 12
at the close of a 2
-day hearing before the National Compliance Board of the National Recovery Administration in
Washington. About 150 concerns had been ordered to answer to the charges, but 50 of these companies agreed later
Court Enjoins Shoe Strikers, Pending Suit by 12 Manu- to abide by the price schedules. The Compliance Board
facturers for $600,000 Damages Against Union—
Picketing and Circulation of Pamphlets Barred— turned over to prosecutors of the Federal Trade Commission
Litigation Similar to That of Danbury Hatters the names of the 100 other dry cleaners who face court action.
Case.
If the enforcement machinery continues to function it will
Supreme Court Justice Henry G. Wenzel of Brooklyn on result in the trials of these small merchants, many of whom
Dec. 12 signed a sweeping injunction against the Shoe and declared that compliance with the announced price schedules
Leather Workers Industrial Union, retraining its members for cleaning and pressing would ruin their businesses, force
from any overt act of protest against 12 shoe manufacturers. them to close their shops, and add to the number of unemThe injunction will operate pending the trial of suits aggre- ployed. Reviewing the testimony presented at the hearings,
gating $600,000 in damages brought by the manufacturers a Washington dispatch of Dec. 12 to the New York "Herald
against the union. The New York "Times of Dec. 13 Tribune" said, in part:
Most of the cleaners accused of code violations are cash and carry operaoutlining the court order follows:
The injunction . . . Is a part of litigation that resembles the
Danbury Hat case, in which hat manufacturers collected money damages
from a union after labor troubles.
The order bars interference with the business of the plaintiffs, picketing
directly or indirectly of plants, continuing alleged strikes, conducting any
secondary boycott, carrying signs such as "Employees on Strike," or
"Employees Locked Out," congregating in groups within five blocks of
any of plaintiff's plants, interfering with customers of plaintiffs, and harassing present or future employees in street cars, in subways, on sidewalk
or in their -homes.
Furthermore, the union is enjoined from circulating pamphlets calling
the plaintiff employees "scabs," from hiring lofts, apartments or stores
for meeting places within five blocks of the plaintiff's plants, and from
trying to induce any employee of the plaintiffs to leave his or her work.
The manufacturers had contended that they were being harassed by
the union, which they alleged was controlled by Communists. The union
denied the charges of communism.
Organizations Under FCA Advanced $122,784,561 in
Loans During November as Compared with $87,000,351 During October.
According to an announcement made Dec. 6 by the Farm
Credit Administration, loans made by the banks, corporation and offices under the Administration totaled $122,784,561 during November (preliminary) as compared with
$87,000,351 in October (revised). Loans outstanding on
Nov. 30, according to the announcement, amounted to
$1,730,873,678. The announcement follows:
Loans closed by the 12 Federal Land Banks during November were
nearly twice as great as those of October. The November loans totaled
$58,352.665 compared to $28,091,726 in October and includes loans from
the Land Bank Commissioner's fund of $200,000,000 used to refinance
farm indebtedness, usually on the security of second mortgagee on farm.
totaling $20,744,755 in November and $9,279,150 in October.
During the month of November the Federal Land Banks passed the
$190.000,000 mark in loans made since the FCA was organized last May.
These included Land Bank loans and those handled by the Banks from the
Land Bank Commissioner's fund Last week the Federal Land Bank of
St. Paul broke its record for all time by lending more than $1,000,000 in
a day.
Loans and discounts by the Federal Intermediate Credit Banks,including
discounts for Regional Agricultural Credit Corporations and production
credit associations, have held fairly steady during the last three months,
totaling $39,588,219 in November. The Federal Intermediate Credit Banks
had outstanding on Nov.30,$136,861,440. Loans by Regional Agricultural
'Credit Corporations increased about $5,000,000 during November, repseating largely emergency loans, bringing the total outstanding on Nov.
30 to $142,504,048.
tors who either are opposed to any establishment of prices for the industry,
or are demanding that they be allowed to charge less than the cleaners who
call for garments and deliver them. Open defiance of the power of the
NRA by some of the violators characterized to-day's meeting. It is clear
that some of them have been advised by lawyers to carry the controversy
to a test in the courts.
With court testa on various questions pertaining to the NRA beginning
to arise in several directions, the prospect of a series of prosecutions for
violations of price schedules makes it clear that the next few months will
witness much litigation arising from the recovery program.
Early this morning, the NRA, with William H. Davis, Director of Compliance, presiding, gave the dry cleaners who had not complied with the
code another chance to do so. Only a few complied, while a few others
asked permission to consult lawyers or principals. The large majority
was unrepresented. About a dozen, including some of the largest, openly
refused to comply. In some instances the NRA was told to go ahead and
start the machinery of prosecution.
"Bring on your Trade Commission prosecutors," some shouted. Others
said that the high prices would ruin them and they would have to close up.
These challenges were followed by resumption of the hearing on prices,
with a procession of cleaners objecting to the prices fixed, and the cash and
carry cleaners especially declaring that they would have to have a differential. To-night it was announced that a few more violators had promised
to comply, but the names of nearly all the 100 went to the Trade Commission prosecutors.
While officials declared their intention to proceed against those whom
they regard as leaders of the opposition to the prices in the code, they also
made it plain they were trying to persuade as many of the violators as
Possible, especially the small ones, to line up and promise compliance. It
is clear they are apprehensive of the public feeling which may be aroused
in some communities over widespread prosecution of small merchants who
charge that the code prices are driving them to the wall.
It was announced during the day that one of the violators who had
promised compliance was Samuel Bazemore, St. Petersburg, Fla., presser,
whom the Federal District Court recently upheld in refusing compliance
on the ground that his activities were not inter-State. He was induced to
promise compliance, it is believed, by Trade Commission agents who
visited him.
•
RFC Advanced $3,543,913,394 in Cash from Organization
(Feb. 2 1932) to Nov. 28 1933—Report Shows Loans
of $986,844,212 Repaid—$1,357,688,506 Advanced
to Banks and Trust Companies, of Which $667,489,395 Has Been Repaid.
According to information made availabla Dec. 4 by the
Reconstruction Finance Corporation, the Federal Government has made cash advances of $3,543,913,394.15, through
the Corporation since that agency began operations on
Feb. 2 1932. Repayments amounting to $986,844,212.01
have been received, the report said.
Excluding advances required by law to be made: (1)
• to the Secretary of Agriculture for crop loans; (2) to the
Secretary of the Treasury for purchase of stock of the
Home Loan Bank and the Home Owners Loan Corporation;
(3) to the Land Bank Commissioner for loans to Joint Stock
Land Banks and farmers; (4) to States and Territories
for relief purposes upon certificates from the Federal Emergency Relief Administrator; (5) for capital and expenses
of Regional Agricultural Credit Corporations, and (6) to
the Secretary of Agriculture for the purchase of cotton, the
Corporation has authorized loans and other advances of
funds totaling $4,254,453,348.23 since it began operations.
Of this 8314,469,466.75 was Anceled or withdrawn and
$1,014,652,067.65 remain at the disposal of the borrowers.
Continuing, the report said:
Banks and trust companies were the largest class of borrowers. Loans
authorized to 6,361 institutions aggregated $1,696,955,929.67. Of this
amount. 8204,247,088.83 was canceled or withdrawn, 8135,020,334.55
remain to the credit of the borrowers and $1,357,688,506.29 has been
disbursed In cash, of which $667,489,394.99, or 49%, has been repaid.
Since the passage of the Emergency Banking Act, the Corporation has
agreed to purchase $78,296,500 of preferred stock in 241 institutions, of
which $1,390,000 was canceled or withdrawn and $55,583,000 has been
disbursed. Retirement of preferred stock aggregates $87,300.00.
The Corporation has agreed to purchase $75.000,000 of capital notes
in two institutions, of which $25,000,000 has been disbursed; and $22,420,000 of debentures in 23 institutions, of which $15.740,000 has been
disbursed.
The Corporation has authorized loans, secured by preferred stock,
.
aggregating $15,631,500 to 41 institutions. Of this amount $1,548,000
was canceled or withdrawn, $13,528,500 has been disbursed in cash, of
which $67,214.40 has been repaid.
In addition to these authorizations, the Corporation has made conditional agreements to subscribe for $100,874,000 of preferred stock and
$12,776,900 of capital notes and debentures in banks and trust companies:
and to loan $11,875,000, secured by preferred stock, to insurance companies. Authorization of funds on these conditional agreements Is awaiting
compliance with conditions.
Under Section 36 of the Emergency Farm Mortgage Act of 1933 the
RFC is provided with an appropriation of $50,000,000 for loans to refinance the indebtedness of drainage, levee and irrigation districts. The
Corporation has authorized loans to 30 districts aggregating $13,350,873.68.
Cash advances, according to the report, were as follows
(figures as of close of business Nov. 28):
$135,000,000.00
To the Secretary of Agriculture for crop loans to farmers
To the Secretary of the Treasury for purchase of Home Loan
68,545,700.00
Bank stock
To the Secretary of the Treasury for purchase of Home Owners'
14,000,000.00
Loan Corporation stock
44,500,000.00
For capital of Regional Agricultural Credit Corporations
2,747,874.35
For expenses of Regional Agricultural Credit Corporations
To the Land Bank Commissioner to make loans to Joint Stock
Land Banks and to farmers under the Emergency Farm Mort37,600,000.00
gage Act of 1933
To the Governor of the Farm Credit Administration under the
40,500,000.00
Farm Credit Act of 1933
To the following classes of borrowers under Section 5 of the
RFC Act:
$1,357,688,506.29
Banks and Trust companies
390,271,767.13
Railroads
195,259,525.95
Mortgage loan companies
152,224,899.98
Regional Agricultural Credit Corporations
112,025,136.02
Building and loan associations
87,292,530.14
Insurance companies
72,800,000.00
Federal Land Banks
14,123,505.18
Joint Stock Land Banks
12,568,733.05
Livestock Credit Corporations
9,250,000 00
Federal Intermediate Credit Banks
5,887,715.88
State funds for Insurance public moneys
5.125,930.05
Agricultural Credit Corporations
574,887.41
Credit unions
distributors for payment of
Processors or
7,333.69
processing tax
2,415,100,470.77
3,300,000.00
To the Secretary of Agriculture for the purchase of cotton
To aid in organization or reorganization of banks and trust com55,583.000.00
through purchase of preferred stock
panies
To aid In organization or reorganization of banks and trust com25,000,000.00
panies through the purchase of capital notes
To aid in organization or reorganization of banks and trust com15,740,000.00
panies through the purchase of debentures
To ald in organization or reorganization of banks and trust com13,528,500.00
panies through loans secured by preferred stock
To States, Territories and political subdivisions of States for
Emergency Relief and Construction
relief purposes under the
299,984,999.00
Act of 1932
To States for relief purposes under the Federal Emergency Relief
Act of 1933 upon certificates from the Federal Emergency
272,388,005.97
Relief Administrator
To aid in financing self-liquidating construction projects (including $2,478,503.33 for repair and reconstruction of buildings
60,164.882.47
damaged by earthquake, fire and tornado)
To aid in financing the sale of agricultural surpluses in foreign
4,541,983.93
markets
To finance the carrying and orderly marketing of agricultural
4,760,383.19
commodities and livestock produced in the United States
30,927,594.47
To the Commodity Credit Corporation
The report showed repayments as follows (figures as of
close of business Nov. 28):
By the Secretary of Agriculture on crop loans
By borrowers under Section 5 of the RFC Act:
Banks and trust companies
Regional Agricultural Credit Corporations
Railroads
Building and loan associations
Mortgage loan companies
Insurance companies
Livestock Credit Corporations
Federal Intermediate Credit Banks
Agricultural Credit Corporations
Joint Stock Land Banks
Credit unions
$20,000.000.00
3667,489,394.99
115,483,672.65
54,851,691.50
43,371,265.74
34,580.717.50
22.189.221.82
9,643.219.61
9,250,000.00
3,132,693.61
562.403,87
48,125.55
By borrowers on self-liquidating projects
By borrowers for relief purposes
By borrowers to finance carrying and orderly marketing of agricultural commodities
By borrowers to finance the sale of agricultural surpluses in
foreign markets
By borrowers on loans secured by preferred stock of banks and
trust companies
By the retirement of preferred stock in banks and trust companies
Dec. 16 1933
Financial Chronicle
4300
962.602,406.84
137,175.00
970.085.00
2,874,148.50
105,882.27
67,214.40
87,300.00
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each, are shown in the
following table contained in the report (as of Nov. 28):
Aulhorized.
$127,000
Aberdeen & Rockfish RR. Co
275,000
Alabama Tennessee & Northern RR. Corp_
2,500,000
Alton RR. Co
634,757
Ann Arbor RR.(receivers)
400.000
Ashley Drew & Northern fly. Co
71,625,000
Baltimore & Ohio RR. Co
41,300
Birmingham & Southeastern RR. Co
7,569,437
Boston & Maine RR. Co
53,960
Buffalo-Union Carolina RR. Co
549,000
Carlton & Coast RR. Co
3,124,319
Central of Georgia fly. Co
500,000
1
Central RR. Co. of New Jersey
Chicago & Eastern Illinois fly. Co
Chicago & North Western fly. Co
Chicago Great Western RR
Chicago Milwaukee St. Paul & Pac. fly. Co.
Chicago North.Shore & Milwaukee RR. Co.
Chicago Rock Island & Pacific Ry, Co__
Cincinnati Union Terminal Co
5,916,500
35.094,133
1,289.000
8.000.000
1,150,000
13.718,700
10.398,925
Columbus & Greenville fly. Co
Copper Range RR. Co
Denver & Rio Grande Western RR. Co__..
Erie RR. Co
Eureka Nevada fly. Co
Florida East Coast fly. (receivers)
Fort Smith & Western fly. (receivers)
Fredericksburg & Northern fly. Co
Gainesville Midland fly. (receivers)
Galveston Houston & Henderson RR. Co
Georgia & Florida fly. (receivers)
Great Northern fly. Co
Green County RR. Co
Gulf Mobile & Northern RR. Co
Illinois Central RR. Co
60,000
53,500
8,300,000
13,403,000
3,000
717,075
227,434
15,000
10,530
1,061,000
354,721
6,000,000
13,915
520,000
6.363,000
Lehigh Valley RR. Co
Maine Central RR. Co
Maryland & Pennsylvania RR. Co
Meridian & Bigbee River fly. Co
Minneapolis St. Paul & S. S. Marie fly. Co_
Mississippi Export RR. Co
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile dr Ohio RR. Co. (receivers)
Murfreesboro-Nashville fly. Co
New York Central RR. Co
New York Chicago & St. Louis RR.
New York New leaven & Hartford RR. Co_
Pennsylvania RR. Co
6,500,000
2,550,000
100,000
744,252
6,843,082
100,000
23,134,800
99,200
785,000
1,070,509
25.000
27.499,000
18,200,000
700,000
29.500,000
Pere Marquette fly. Co
Pittsburgh & West Virginia fly. Co
Puget Sound & Cascade Ry. Co
St. Louis-San Francisco RR. Co
St. Louis Southwestern fly. Co
Salt Lake Utah RR.(receiver)
Sand Springs fly. Co
Southern Pacific Co
Southern fly. Co
Tennessee Central fly. Co
Texas Oklahoma & Eastern RR.Co
Texas & Pacific fly. Co
Texas South-Eastern RR. Co
Tuckerton RR. Co
3,000,000
3,975,207
300,000
7,995.175
18,790,000
200.000
162,600
23.200,000
14,751,000
147,700
108,740
700,000
30,000
45,000
Wabash fly. (receivers)
Western Pacific:1 RR. Co
Wichita Falls & Southern RR. Co
Wrightsville & TennIlle RR. Co
15,731,583
4,366,000
400,000
22,525
Disbursed.
8127.000
275,000
2,500,00C
634,757
400,000
69,573,377
41,300
7.569,437
Repaid.
$4,000
x53,960
441,346
230,027
3,124,319
464,298 1 464,300
1
x35,702
141,500
5,916,500
34,582,133 2,647,000
1,289,000
838
8.000.000
1.150,000
86,504
13.718,700
8,300,000 f 8.300.000
112.098.925
x60,000
53,500
500,000
7,066,700
2,189
13,403,000
x3,000
x90,000
627,075
227,434
x10,639
1,027,000
354,721
6,000,000 6,000,000
915
13,915
520,000
520,000
33,333
6,346.333 1
1
x16,667
5,500,000
22,312
2,550,000
100,000
417,437
6,843,082
100.000
23,134,800
99,200
785,000
785,000
193,000
1.070.599
25,000
25,078,737
18.167,240 2,688,413
578,224
28,900,000 128,900,000
1 x600,000
3,000.000
3,975,207
300,000
7,995.175 2,805,175
790.000
18,672,250
200.000
162,600
13.100,000
14,751,000
147,700
x108.740
700.000
30,000
81
39,000 {
x6,000
15,731,583
4,366,000 1,303,000
400,000
22,525
$411,845,678 8390.271,767 856,851,691
x Denotes amount canceled or withdrawn instead of repayment. (Total cancellations, $3,083,532.)
Total
Motion Picture Code Controversy Ended by Agreement
with NRA-Executive Order, Giving General Johnson Dictatorial Power, Modified-Administrator
Retains Right to Review Actions of Code Authority
but Loses Appointive Authority.
A dispute regarding the administration of the code for the
motion picture industry was settled on Dec. 9 under an
agreement said to be satisfactory both to the National Recovery Administration and the industry. The controversy
arose after President Roosevelt had signed his Executive
Order of Nov. 27, under which the powers of Recovery
Administrator over the motion picture code were greatly
increased and he was given the right to veto decisions by
the Code Authority and to alter the membership of that
Authority at will. The code contained 23 definite functions,
and General Johnson as Administrator was given the sole
right of review. The industry contended that General
Johnson had been vested with virtual dictatorial privileges
and requested a modification of the Executive Order. After
conferences between representatives of the industry and
General Johnson the settlement of Dec. 9 was formally
announced. A Washington dispatch of that date to the
New York "Times" gives the following outline of the issue:
The code as originally approved by the President contained 23 definite
functions and of these, General Johnson, as administrator, was vested with
the solo right of review.
There were only two provisions which did not involve this right. One
made the Code Authority the final court of appeal from decisions of grievance boards established to hear complaints from distributors and buyers.
The second provision gave the authority the power to name successors to
members who resign or in other ways sever their connection with the
authority.
Rights of Review Retained.
Under the executive order of Nov. 27 the administrator of the NRA
received the right to review and. If necessary, veto any action of the Code
Authority. In the matter of replacements of members of the authority,
the administrator was vested with power to remove, without hearing if
he saw fit, any members or all members of the authority. Ho had the
Volume 137
Financial Chronicle
power to appoint new members, or, if he thought necessary, to add to the
membership of the authority.
The opposition of the industry centered on these two changes. The
contention was that the code was one between buyer and seller and, this
being so, the industry could not submit its extra-legal problems to a Government agency for final decision. It was agreed to-day that the Authority
will have the rights of review provided for in the code as originally written.
With regard to the issue over the make-up of the Authority, the industry
maintained that under the Executive Order the Government could provide
any kind of a board it saw fit to name. As constituted the board is made
up of five members representing the producers and five representing the
buyers.
Majority Will Govern.
If the Executive Order remained in force, it was argued, the "balance"
as between buyer and seller could be broken any time General Johnson
saw fit to do so. Under the agreement reached General Johnson will act
only on the recommendation of a majority of the voting members of the
Authority. Members representing the NRA are without vote.
Following the conclusion of the conference, which was held in General
Johnson's office, General Johnson issued a statement defining the policy
of the NRA in the administration of the code.
The statement disclosed that there was a change in the regulations
governing the employment of writers, authors and dramatists. In the
code as originally written they were exempted from its regulatory provisions.
The statement, which was called a "memorandum re administrative
Policy in the administration of the motion picture industry code," follows:
The administrator construes numbered paragraphs 1, 2 and 3 of the
Executive Order of the President on the Motion Picture Industry Code
as not creating any right of appeal from the determination of the Code
Authority under Article II, Section 4; Article II, Section 10 (a), Article V
Division D, Part 9, and Article VI, or from the determination of the
boards set up in Article VI, or in any sense creating the Administrator
as a Court of Review of the action of tnese boards or the Code Authority
In individual cases. These paragraphs refer to the right of the Administrator
to inquire into the general course of conduct of tile mechanism of the code.
The Administrator will e ercise his discretion under Paragraphs 2 or 3
of the conditions incorporated in the Executive Order in accordance with
the recommendation of at least a majority of the voting members of the
entire Code Authority and the successor of any person removed under toe
condition in said Paragraph 2 shall be appointed in the manner provided
in Article II, Section 2,subdivision (1) of the code.
The provisions of Section 5 of toe Executive Order are interpreted to
include only such writers, authors and dramatists as are not employed for
stated periods by producers. All writers, authors and dramatists employed
by producers for stated periods shall be included under Section 6 of the
said Executive Order.
It is recognized that, based on the foregoing construction of the exercise
of the Administrator's authority conferred upon him in the said executive
order, the signatory producers and distributors have given their consent
to the code as approved.
HUGH S. JOHNSON,
Administrator.
Johnson's office, Will H Hays, President of the
On leaving General
Motion Picture Producers Association, said the settlement was "very
satisfactory" to the industry.
LA Those who took part in the conference leading up to the agreement
were General Johnson, Donald S. Richberg, General Counsel for the NRA,
and Division Administrator Sol A. Rosenblatt, representing the NRA:
Mr. Hays, H. M. Warner of Warner Brothers, Adolph Zukor and George
J. Schaefer. Paramount; W.C. Michel, Fox Film Corp.; M.H. Aylesworth,
Radio-Keith-Orpheum; Joseph M. Schenck and A. L. Lichtman, United
Artists; Jock Cohn, Columbia; E. W. Hammons, Educational Pictures;
Ja_Robert Rubin, Metro-Goldwyn-Mayer, and M. Schenck, the Loew
interests.
NRA Forbids New York City Stores to Offer "Gifts"
as Inducement to Sales—Retail Code Authority
Permits Advertisements of More than One Article
for Single Price—"Free" Offer Ruled Misleading.
Retailers in New York City will not be permitted to offer
free merchandise with the purchase of another article, according to a ruling announced on Dec.3 by Grover A. Whalen,
Chairman of the New York Retail Code Authority. Mr. Whalen said that future advertisements must indicate that a store
was selling both items at a combination price and was not
giving one away. The ruling was one of several made by
the Authority in an effort to strengthen the fair practice
provisions of the retail code. Mr. Whalen said that the decision was prompted by the conviction that advertisements
which offered "a free tie with every pair of shoes," or "a
free hat with every suit of clothes" were misleading. Other
details of the announcement are given below, as quoted from
the New York "Herald Tribune" of Dec. 4:
"As a matter of fact," Mr. Whalen continued, "the cost of the tie or the
hat, or whatever merchandise is supposedly given free, must be covered in
the selling price of the article advertised for sale; otherwise there would
be a violation of the provisions of the code referring to selling below cost.
Actually, the merchant is selling two articles at a single combination price,
but the consumer is misled into believing she or he is getting one of the
articles free."
The manager of a chain of retail stores, Mr. Whalen said, has consented
already to discontinue a sale in which the free offer was made after a discussion with the Code Authority. "In the future," he added,"a store may advertise, for example, that it is selling a suit, overcoat, shoes and hat for a
combination price of so much, but may not advertise that it is selling a suit
for so much and giving the other items as free premiums."
Advertisements announcing the sale of an article of women's wear by a
Fifth Avenue store were investigated, Mr. Whalen said, and it was found that
some of the items were being sold below cost and should have been described
separately as "clearance merchandise." Store officials agreed to comply
with the ruling, as well as promising to change its policy of Ming former
prices in such sales.
Textile Union Advocates Strike to Force Universal
-Hour Week in United States—Sends Resolution
30
to American Federation of Labor in Plan for
General Walkout—Declares Employers Are Organizing to Defeat the NIRA.
The Executive Council of the United Textile Workers of
America, meeting in New York City on Dec. 11, adopted a
4301
resolution calling upon the American Federation of Labor to
convoke a special convention of all its affiliated unions to
consider the advisability of a general strike to force the
-hour week in American industry.
adoption of a universal 30
The Textile Workers' organization claims a membership of
about 75,000. The New York "Times" of Dec. 12 added the
following information regarding the resolution:
In making known the resolution, Thames F. McMahon, President of the
United Textile Workers, said that American labor must fight for a six-hour
day and the 34-hour week, without reduction in pay, if the continued slack
in employment is to be taken up.
Mr. McMahon charged that there is now an organized attempt on the part
of employers to defeat the purposes of the NIRA "and drive labor back
to a defenceless position."
The resolution explained that the people of the United States cannot buy
food and shelter in the midst of plenty. Production of plants increased 40%
in the past 10 years, while the actual work week decreased only 14%, the
resolution declared.
The Textile Council voted also to ask General Hugh S. Johnson, National
Recovery Administrator, for union representation on all textile codes as a
means of putting a stop to violations.
Plans were completed by the Council for setting up a Federation coinposed of workers in the silk industry. A meeting of all silk workers will
be called some time in January for this purpose. The Executive Council
also voted to ask deletion of Article 17 from the cotton textile code, the
union's contention being that Section 3 of this Article seta up a form of
company union and was placed in the code without consultation with labor.
The Council members who attended yesterday's meeting came from all
parts of the country.
National Consumers' League Submits Suggested Revisions in NRA Codes—Program Features Compliance, Hours of Work, Child Labor, Wage Scales
and Differentials.
A program of suggested improvements to NRA codes has
been submitted to General Hugh S. Johnson, Recovery Administrator, by the National Consumers' League, according
to an announcement on Dec. 9. The changes suggested are
said to have been designed to strengthen the structure
already elected in codes now in operation, as well as in those
contemplated in impending codes. Officials of the League
asserted that they are made on the basis of experience under
the NRA and the more than 30 years of the organization's
activity in the passage and enforcement of labor legislation.
The principal provisions of the program were given as follows in the New York "Times" of Dec. 10:
The program deals with hours of work, child labor, home work, night
work, minimum wage scales, apprentices, code differentials between North
and South, and compliance.
On the question of compliance, the League, of which Professor John R.
Commons is President, recommends that the three parties concerned—employers, employees and the consuming public—should be represented on every
control board set up within industries to supervise compliance with code
provisions. It is urged that the codes provide that payrolls and working
time records shall be open for inspection.
The Federal Department of Labor should participate in obtaining compliance with cede labor provisions, it is asserted, and should have power to
delegate authority to State Departments of Labor to assist in inspections and
Investigations of complaints.
The program provides for no gainful employment of children under 16
years of age; no employment of minors under 18 in dangerous occupations,
or between 8 p. in. and 7 a. in. Objection is voiced to the provision of the
President's Re-employment Agreement, contained in several codes, permitting the employment of children 14 and 15 years old for three hours a day.
"This exception makes the hour provisions difficult to enforce," the
League says, "and at a time when adult unemployment is still widespread,
any gainful employment of children under 16 is undesirable."
On the question of hours, the League asks that the maximum per week
shall not exceed 40, and that every class or group be covered by the hour
provisions of the codes "except executives and supervisors who receive $35
or more a week."
It is recommended that codes should not permit averaging of hours, but
Instead should provide for definite overtime not to exceed eight hours a
week, with time and a half for all overtime. A definite lunch period should
be provided and split shifts avoided, according to the League. Other suggestions are for prohibition of night work for women between 10 p. in. and
6 a. in., and the abolition of home work as making for "uncontrollable labor
exploitation."
Minimum wage recommendations are:
"Minimum rates of pay should not be less than 35c. an hour, or $14 for a
week of 40 hours.
"Where less than the full week's work is provided for an employee in any
week, a bonus of 10% should be paid for each hour worked up to the point
where the total earned equals the minimum wage earnings for the full week.
"There should be no differentials in minimum wage rates for men and
women.
"There should be no differentials between the minimum wage rate of
minors and adults.
"Codes should establish minimum wages as actual cash wages received
by the worker without charges for equipment, uniforms, lodging or meals."
It is urged that apprentices, learners or beginners should not be excluded
from the regular minimum wages set by the codes, unless the minimum is
at least $16 a week. In the latter event, it is suggested that various safeguards be set up.
Discussing wage differentials between the South and other sections, the
League says:
"The only justification for wage differences between the South and any
other sections of the country seems to be possible differences in the skill
and efficiency of the workers. If this difference in skill can be established,
a differential not exceeding $1 a week would appear reasonable in establishing minimum wage rates.
"For decades the South has been in the grip of an economic situation somewhat analogous to that of the nation in the last two years of depression.
The surplus labor supply, with Its urgent economic necessities, and the lack
•
4302
Financial Chronicle
of legal or trade union limitation on employment policies, have made
it possible for employers to hire labor at excessively low wages."
No differentials in minimum rates of pay should be based on race, it is
declared.
Weirton Steel Co. Refuses to Follow Rules on Employees'Election Set Up By National Labor Board—
E. T. Weir, in Letter to Senator Wagner, Attacks
Changes Announced—Board May Refer Case to
Attorney-General Cummings in Effort to Force
Compliance.
Ernest T. Weir, Chairman of the Weirton Steel Co., a
subsidiary of the National Steel Corp., asserted on Dec. 11
that he would refuse to adhere to rules promulgated by the
National Labor Board to govern an election of employees'
representatives for collective bargaining. The election was
scheduled to be held yesterday (Dec. 15). Mr. Weir wrote
to Senator Wagner, Chairman of the Board:
We must consider any arrangements with you terminated and the election
will proceed in accordance with the rules adopted by the employees' organization.
The National Labor Board last week announced its rules
for the election, which provided for nominations by petitions
bearing ten signatures and increased to 98 the proposal of
the employees that 48 men be elected. In his letter Mr.
Weir accused the Board of failing to follow an agreement
which had been concluded on Oct. 15 and, in discussing the
Board's proposals, he added:
The change which you are proposing is not a matter of procedure or
supervision of the election but is an attempt to impose an entirely new form
of organization on our employees. We think that neither the company nor
the Labor Board has any such right.
A Washington dispatch of Dec. 11 to the New York
"Times" discussed the attitude taken by the National Labor
Board as follows:
Charges of violation of the collective bargaining provision of the NRA
by the Weirton Steel Co. will be placed before Attorney-General Cummings
for prosecution as soon as the legal staff of the National Labor Board
gathers a complete record of the case, it was indicated to-day at the offices
of the Board.
Chairman Wagner declined to discuss in detail the Board's plans, but said:
"The Board will see to it that the agreement is carried out. We are
determined to have a fair election as guaranteed under Section 7(a) of the
Recovery Act and as guaranteed in the steel code. Each employee has the
right to select a representative to deal with his employer for the purpose
of entering into a collective bargaining agreement. Whatever action is
taken will be taken promptly."
At the offices of the Labor Board it was pointed out to-day that the
Weirton strike was called off, under the Oct. 16 agreement, on condition
that:
"An election will be held during the second week of December under
the supervision of the National Labor Board, the procedure and method
of election to be prescribed by the Board.
"The employees shall be permitted, as guaranteed by the provisions of
Section 7(a) of the National Recovery Act,to select representatives of their
own choosing, and the employers agree to bargain collectively with the
representatives so elected.
"In the event that any dispute arises over this agreement it is agreed
that the same shall be submitted to the National Labor Board for decision."
Signers included Mr. Weir, Senator Wagner and William J. Long of the
Amalgamated Association of Steel, Tin & Wire Workers, an A. F. of L.
•
Officials of the Weirton Steel Co., in a statement issued
on Dec. 12, said that only candidates named in the company
union "primary" of the preceding day would be on the
ballot at the election scheduled for yesterday (Dec. 15).
They said that 8,243, or 80% of their 11,463 employees had
voted in the "primary" and they cited this as a repudiation
of the Amalgamated Association of Iron,Steel & Tin Workers,
an A. F. of L. affiliate, which did not enter candidates in
the primary.
New York City NRA Board to End Work Dec. 31—
Functions Will Be Assumed by Code Authorities
—Grover A. Whalen Announces Drive on
"Chiselers."
The New York City National Recovery Administration
organization, which has been functioning since Aug. 1, will
end its activities on Dec. 31, the date set for the expiration
of the President's Re-employment Agreements, according
to an announcement on Dec. 7 by Grover A. Whalen, local
Administrator. On Jan. 1 the functions of the NRA organization will be vested in the code authorities already established in various trades and industries, or later to be established. Mr. Whalen also announced on Dec. 9 that the local
NRA Compliance Board will make an intensive drive to
eliminate "chiselers." He added that the organization
succeeding that which he has built up will "inherit a Blue
Eagle 100% respected by all those displaying the NRA
insignia." Details of the future NRA plans concerning
New York City were contained as follows:in the New York
"Times" on Dee. 8:
All those operating under the Fresident's7Re-employmentrAgreement
will either be subject to codes covering their enterprises or, in the absence
of such codes, will be released from their obligations under the NRA.
Dec. 16 1933
Labor disputes outside of strikes will be handled after Dec. 31 through
code authorities. Strikes, threatened strikes and stoppages will be under
the jurisdiction of the Regional Labor Board, headed by George A. Alger.
which in turn is subject to the authority of the National Labor Board.
of which Senator Robert F. Wagner is Chairman.
The local NRA came into existence Aug. 1 and on Dec. 31 Mr. Whalen
plans to transmit to General Hugh S. Johnson, National Recovery Adminktrator, a complete and detailed report of its accomplishments.
Grover A. Whalen Honored at Dinner in Recognition
of Services for NRA—New York City Administrator
Lists Recovery Accomplishments—President Roosevelt, in Telegram, Says Program "Is Working and
Is Going to Work."
Grover A. Whalen, National Recovery Administrator for
New York City, was guest of honor at a dinner of 2,000
persons on Dec. 13 which had been arranged by a committee
of prominent men and women in recognition of the manner
in which he has performed his services for the NRA. The
committee was headed by Percy H. Johnston, President of
the Chemical National Bank & Trust Co. Mr. Whalen
said in an address that more than 4,000,000 of the Nation's
unemployed have returned to work and more than 4,000,000
others are being employed on public projects as a result of
the recovery program. In New York City, he said, 600,000
,
of the city's 1,000,000 unemployed have been put back to
work, child labor and sweat shops have been abolished, a
minimum $15 weekly wage has been established, and a
maximum 54-hour work week is in force. A telegram from
President Roosevelt, addressed to Mr. Johnston, was read
at the dinner. It said:
Wish very much I could be with you and your friends who are gathering
to-night to honor Grover Whalen. We in Washington are not unmindful
nor ungrateful to him or those who have been associated with him in promoting this greatest of peace-time opportunities, the restoration of national
recoyea7. The recovery program is an established fact. It has worked
and is working and to going to work. My best wishes to all.
Legal Analysis of NRA by National Association of
Manufacturers Holds "Closed Shop" Contracts
L, Violate Three Provisions of the Act.
Employer's contracts guaranteeing exclusive employment
of members of any one organization violate three provisions
of the Recovery Act, according to a legal analysis of the Act
made by the National Association of Manufacturers. This is
true whether the "closed shop" applies to a company, employer representative or to an outside labor union, says the
Association, which also states:
Section 7-a of the Recovery Act, written into the majority of industrial
codes, guarantees a worker the freedom of choice of the type of organization
with which he may bargain with his employer. Contracts declaring employees must belong to a specific organization limit the individual worker's
choice and are therefore in violation of the law.
Other provisions which further guard the worker's freedom of choice in
his method of collective bargaining are the so-called "Borah Amendment"
(Section 3-a) and the Long Amendments (Section 5). Under the Borah
Amendment, a code is illegal if it promotes "monopolies or monopolistic
practices," and "closed shop" agreements are definitely aimed to monopolize
the labor market for certain groups. The "Long Amendment" states that
no action shall be permitted under the Act which will "Prevent an individual from pursuing the vocation of manual labor." "Closed shop" contracts definitely place other employment qualifications upon labor than that
of skill and ability, and therefore arbitrarily restrict the "vocation of manual
labor."
In other words, the Act, while establishing the right of collective bargaining, to be used at the discretion of the worker, preserves his right to bargain
individually and strives to safeguard him from coercion in the choice of
method of collective bargaining if he wishes to bargain in that manner.
Coercion here would lead to oppressive labor dictatorship which would curb
his freedcan of action. "Closed shop" agreements do precisely this.
General Johnson, in his Labor Day address, said: "If any employer should
make a contract with a particular organization to employ only members of
that organization, especially if that organization did not have 100% membership among his employees, that would in effect be a contract to interfere
with his worker's freedom of choice of their representatives or with their
right to bargain individually and would amount to employer coercion on
these matters which is contrary to the law."
Ex-Governor Fisher of Pennsylvania Removed as
Head of Pittsburgh NRA After General Johnson
Charges He Is "Out of Sympathy" with Recovery
Plan.
Former Governor John S. Fisher of Pennsylvania revealed
on Dec. 12 that he had been removed as Chairman of the
Pittsburgh NRA Committee by General Hugh S. Johnson, Recovery Administrator, on the ground that he was "out of
sympathy with the ideas, ideals, purposes and processes of
the NRA." Mr. Fisher sent his resignation to Washington
after General Johnson asked that he relinquish the post because of his criticism of some features of the NRA in an
address last month. In his letter of resignation, Mr. Fisher
denied that he was not in sympathy with the aims of the NRA
and asserted that General Johnson had failed to submit any
of his alleged critical remarks. "As to the 'processes' employed I must confess that I have not regarded them as
faultless," Mr. Fisher said. "However, I have refrained
Volume 1.37
Financial Chronicle
from anything savoring of criticism as to manner and
methods."
General Johnson said on Dec. 12 that he had received the
resignation of Mr. Fisher, and added:
He made a lot of statements against the NRA, and I asked for his resignation.
A man ought not to accept a position in the Administration and then
attempt to sabotage it by criticizing it.
List of Companies Filing Registration Statements With
Federal Trade Commission Under Federal Securities
Act.
Several lists of registration statements of securities filed
with the Federal Trade Commission under the Securities
Act of 1933 were made public by the Commission this week.
On Dec. 12 registrations statements of securities listed at
approximately $31,000,000 were announced by the Commission, the list being as follows:
Alaska Gold Mountain Mines, Ltd., (2-476), Los Angeles, a Nevada
corporation proposing to develop 20 unpatented mining claims on Cleveland
Peninsula, Alaska, issuing 169,610 shares of common capital stock at one
dollar a share. Filing fee: $25. Among officers of the company are: Charles
F. Hutchins, Pasadena, Calif., President; J. F. Hocox, Los Angeles, Calif.,
Secretary-Treasurer.
R. D. Arveson, Inc., (2-471) Chicago, a Delaware corporation proposing
to manufacture display case refrigerators and other display cases and
fixtures, and to issue $50,000 in common stock. Class A. Filing fee: $25.
Among the officers are: R. D. Arveson, President, and Ernest J. Baxter,
Secretary-Treasurer, both of Chicago.
(Blaise-Iberville Garage, Inc.) Bondholders Protective Committee 15
-Year
6% First Mortgage Bonds, Blaise-Iberville Garage, Inc., (2-474), New
Orleans, calling for deposit in a proposed reorganization or readjustment
plan, the above named bonds in the amount of $189,000. Filing fee: $25.
Committee consists of Edgar R. Dumont, Chairman; Charles A. Farwell,
Secretary; Joseph A. Mrey, George P. Blaise, William M. Garic, Edward C.
Moore, and Roy M. Watson, all of New Orleans.
Bulkley Building Co. (2-479), Cleveland, a committee calling for deposits
In a proposed plan for reorganization or readjustment of Bulkley Building
Co. and its subsidiary, Dodge-Court Co. The issue consists of $513,000 6%
Gold Debentures for Bulkley Building Co. and $406,000 First Mortgage Leasehold 6% Gold Bonds for Dodge-Court Co. Filing fee of $30.63 is based on
one-third of the aggregate face value, or $306,333. The person authorized
to receive notice is J. H. Kellogg, 630 Bulkley Bldg., Cleveland, Ohio.
(Chicago North Shore & Milwaukee RR., and Others), Edwin L. Lobdell
and Others (2-477), Chicago, a committee calling for deposit in a proposed
readjustment or reorganization plan of certain bonds of Chicago North
Shore & Milwaukee RR. Issue consists offirst mortgage gold bonds series A,
5%, series B. 6%,first and refunding mortgage gold bonds series A, 6%.
series B, 53 %• and series C. 5 %,of a market value of $546,938. Filing
,
fee: $54.69. Person authorized to receive notice is Otto Grossens, Secretary,
72 West Adams Street, Chicago. The committee consists of Edwin L.
Lobdell, Chairman, Chicago; Charles W. Lobdell, Winnetka, Ill.; E. J.
Gittins, Racine, Wis.; Fred A.Preston, Lake Forest, Ill.; Percy B.Eckhart,•
Kenilworth, Ill., and Edward A. Bacon, Milwaukee.
Consolidated Motors Corp. (2-473), Lima, Ohio. an Ohio corporation
proposing to manufacture automobiles and automotive equipment, and to
Issue $1,250,000 worth of preferred stock. Filing fee: $125. Among officers
are; J. G. Wray, Chicago, President; E. F. Harsch, Warsaw, Ind., VicePresident and General Manager, and H. A. Beeson, Columbia City, Ind.,
Secretary-Treasurer.
R. M. Hollingshead Corp. (2-478), Camden, N. J., a New Jersey corporation manufacturing lubricants and soaps, proposing to offer pursuant
to a plan of readjustment or reorganization debenture bonds in the amount
of $250,000, also $317,500 of first preferred stock, $337,050 of second preferred stock, and classes A and B common stock of $1,000. Filing fee of
$30.25 is based on one-third of aggregate face value of bonds plus full face
value of stock. The reorganization or readjustment committee consists of
John Nickerson Jr., New York; A. B. Green, Cleveland; John A. Packard
3rd, and Clarence E. Hall, both of Philadelphia.
PBA Investors Corp. (2-470), Newark, N. J., an investment company
proposing to issue 199,990 demand participation shares over a period of
years on receipt of payments of subscriptions at the liquidating value
plus an entrance fee. Filing fee of $2,039.90, indicates total aggregate
amount of issue is not to exceed $20.399,000. Among officers of the company
are: Edward E. Spafford, President, and Howell Jones, Secretary-Treasurer, both of New York City.
Pleasant I alley Wine Co. (2-475), Rheims, N. Y., a New York corporation
proposing to produce and sell champagnes and wines and to issue 150,000
shares of capital stock. Filing fee of $112.50 indicates the total aggregate
lame is not to exceed $1,125,000. Underwriters are: Tobey & Co., New
York, and Loring R. Hoover & Co., Inc., Jersey City. Among officers are
Charles D. Champlin, President, and E. B. Jaycox, Secretary-Treasurer,
both of Ilammondsport, N. Y.
Supervised Shares, Inc. (2-472), Jersey City, a Delaware corporation
dealing in common stocks, and proposing to issue 5,000,000 shares of capital
stock at an aggregate offering price of $7,000,000. Filing fee: $700. American Trustee Share Corp., 59 Wall Street, New York. is the underwriter.
Among officers are: M. E. Traylor, New York, President; Donald K.
Walker, New York, Secretary, and Walter F. Moore, Jersey City, Treasurer.
On Dec. 13, the Commission announced that security
issues totaling more than $21,500,000 were recently filed
for registration, more than $12,000,000 of which pertain
to new capital. In the latter group is a six million dollar
industrial chemical issue. We give the list herewith:
Bulkley Building Co. (2-480). Cleveland, owning, operating and leasing
an office and theater building, and, through subsidiary corporations, the
Dodge Court Co. and Cuyahoga Garage Co., proposes to issue in connection with a reorganization or readjustment plan an aggregate of $306.333
of Series A and B 6% cumulative income debentures, paying a filing fee
of $30.63. Among officers are: Robert J. Itulkley, President; I. W.,
Sharp, Secretary-Treasurer, and J. H. Kellogg, Assistant-Treasurer, all
of Cleveland.
Kentucky Products Co. (2-481), Hobbs. Ky., a Delaware corporation proposing to manufacture and sell distilled products, offering 329,250 shares
of common stock at an aggregate price of $2,016,656.25, paying a filing fee
of $201.66. Principal underwriters: are H. P. Hayden & Co.. and
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McGowen, Cassady & White, Inc., both of Chicago. Among officers are:
George A. McCrann, Louisville, Ky.. President, and Sidney A. Fetter.
Chicago, Secretary-Treasurer.
Long Island Lighting Co. (2-482), N. Y., a New York corporation, manufacturing and supplying electric and gas light, heat and power in Nassau
and Suffolk counties, New York, proposes to issue $6,845,500 or refunding
mortgage bonds; paying a filing fee of $657.17. Among officers are:
Ellis L. Phillips, President; and R. F. VanDoorn, Treasurer, both of
New York City.
United Distillers of Canada, Ltd. (2-483), Vancouver. B. C., a Canadian
corporation, holder of all shares of United Distillers, Ltd., a Canadian
corporation manufacturing and selling alcoholic liquors in Canada. The
present offering is 229,994 ordinary shares at a total iggregate price of
$1,457,400; the issuer paying a filing fee of $145.74. Among officers are:
R. Whitelaw, President, and A. L. McLennan, Secretary, both of Vancouver.
Mathieson Alkali Works (Inc.) (2-484), New York City, a Virginia corporation manufacturing industrial chemicals and owning property in Alabama,
California, Illinois, Louisiana and other States. The current issue is
207,761 shares of no par common stock and 27,153 treasury shares of no
par common stock at closing price on the New York Stock Exchange of
$39.75 as of November 28 to be offered at an aggregate price of $7,312,161.75
Filing fee, $731.22. Underwriters are: Hayden, Stone & Co., 25 Broad
St., New York. Among officers are: E. M. Allen, President and H. F.
Hyland, Secretary-Treasurer, both of New York.
Saint Francis Hospital'Properties Co. (2-485), San Francisco, a committee
calling for deposits for a plan of reorganization or readjustment, the issue
consisting of first closed mortgage 6% secured serial gold bonds of Saint
Francis Hospital Properties Co. in the amount of $710,000. Market value
as of Nov. 10 1933 was $390,500 on which is based the filing fee of $39.05.
Saint Francis Hospital Properties Co. (2-486), San Francisco issuing under
a reorganization or readjustment plan the first closed mortgage 6% secured
serial gold bonds listed in Registration Statement No. 2-485. Filing fee,
$39.05. Among officers are: Dr. John H. Graves, President; W. W. Wymore, Secretary Treasurer, and Dr. C. R. Bricca, Assistant Secretary and
Assistant Treasurer, all of San Francisco.
Mission Dry Corporation (2-487), New York, a Delaware corporation engaging in the manufacture and sale of citrus fruit juices, carbonated
beverages, and the sale of legal wines, proposes to manufacture and sell
liquors, wines, beers and other beverages and to issue 281,667 shares of
stock at a total aggregate price of $3,309,587, paying the Conn-Ws
-Rion a
filing fee of $330.96. The company owns property in 22 States. Principal
underwriters are: F. Eberstadt & Co.. Inc.; Burr & Co., Inc., and Redmond
& Co., Inc., all of New York. Among officers are: Howard W. Langley.
President; W. D. Aitken, Secretary, and John 0. Norris, Treasurer, all
of New York.
Lancaster-Davis, Inc. (2-488), Cleveland, a Delaware corporation dealing
In investments, proposes to issue 1,425.370 shares of capital stock at a
maximum offering price of $1,710,444; paying the Commission a filing fee
of $171.05. Principal underwriters are: Miller, McKee & Co., Inc., Cleveland. Among officers are: Herman A. Rock, President; Edwin Waller,
Secretary, and Harry J. Klossen, Treasurer, all of Cleveland.
Protective Committee, Textile Crafts Building (2,489), New York City,
issuing first mortgage 6% sinking fund gold bond certificates of 315 West
39th Street, Inc., New York, in a reorganization or readjustment plan.
Amount of issue: $680,300 on one-third of which, or $226,800 is based the
filing fee of $25. Thorburn Reid, Jr., 420 Lexington Avenue, New York,
Is authorized to receive notices. Reorganization managers are: Russell
S. Tucker, New York; James A. Baxter, Philadelphia; George R. Cooley.
Albany; James G. Corrigan, and G. S. Gilpatrick, New York, and E. A.
Neumeister, Auburb, N. Y. All issued shares of stock of the new company
will he assigned to the reorganization managers as voting trustees.
Five million dollars worth of security issues, three millions
of which relate to new capital enterprises, were made public
on Dec. 14 by the Federal Trade Commission. The other
two millions pertain to reorganization or readjustment plans.
The list follows:
Protective Committee Park Chambers, Inc., (2-490), New York City. issuing
first mortgage 6% serial gold bonds dated June 1 1923 in a plan for reorganization or readjustment of Park Chambers, Inc., the bonds having a
face value of $598.000 on one-third of which, or $199.000, is based the
filing fee of $25. Thorburn Reid Jr., 420 Lexington Ave., New York. is
designated to receive all notices. Reorganization managers are: Russell
S. Tucker and E. Kempt Cathcart, both of New York. and E. A. Neumeister. Auburn, N. Y., and G. Arthur Hoermans, Corning N. Y.
H. Pcrter Distilling Co., Inc., (2-491) Agawam, Mass., a Delaware corporation proposing to manufacture and distill gin and other alcoholic
beverages, offering 70,000 shares of class B voting common stock at an
aggregate price of $350,000. Filing fee: $35. Principal underwriter: Teller
& Co., Hartford, Conn. Among officers are: Nicholas Tricinella, Agawam,
Mass., President, and John H. Madden, Springfield, Mass., Secretary.
Marbuan Gold Mines. Ltd., (2-492), Toronto, Ont., and Buffalo, N. Y., a
Canadian corporation proposing to engage in mining of gold and other precious metals in Ontario, issuing 499,493 shares of common stock at an
aggregate selling price not to exceed $500,000. Filing fee: $50. Among
officers are: E. G. Kinkel, President; Harry Kobler, Treasurer, and George
11. Feine, Secretary, all of Buffalo, N.Y.
Muscle Shoals Realty Associates (2-493), Caldwell, N. J., a New Jersey
corporation engaging in the real estate commission business in New Jersey,
New York, and Alabama, proposing to purchase and develop land at
Muscle Shoals, Ma., and elsewhere, and to issue 125,000 shares of common
stock at $1.25 a share. The price will be computed so that by increasing it a
capital and surplus of approximately $150,000 will be raised. Filing fee
paid the Commision is $25. Principal underwriters are: Curtis & Co.,
Newark, N. J. Among officers are: James Fisher. Hackettstown, N. J.,
President; William H. H.Ely, Dover, N. J., Vice-President and Secretary;
John H. V. Curtis, Caldwell, N. J., Treasurer and Manager.
F. A. Poth's Sons. Inc. (2-494), Philadelphia, a Delaware corporation
organized to manufacture and brew cereal beverages, proposes to issue
140,000 shares of 7% preferred stock and 70,000 shares of common stock
at an aggregate price of $700,000; paying the Commission a filing fee of $70.
Among officers are: Fred J. Poth, Philadelphia, President; John W.
Lee, Philadelphia. Secretary, and Harry W.Donaghy, Cymyd,Pa., Treasurer.
Capital Freehold Land Trust (2-495), Chicago, (Arthur L. Farwell. Robert
G. McGann and Albert D. Farwell, Trustees), proposing to issue shares
of beneficial interest in a common law or Massachusetts trust pursuant to a
plan of readjustment or reorganization of a trust created by trust deed
dated June 4 1915 between Capitol Freehold Land & Investment Co.,
Ltd., and Francis C. Farwell, Hobart 0. Chatfield-Taylor, and George
Findlay. The reorganization is being supervised by a court and he date
of the proposed issuance and distribution of shares is dependent upon court
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Financial Chronicle
action. The number of shares to be issued will depend upon the decision
of the court:supervising the reorganization. If the court decides that the
trustees have the right to transfer all assets of the trust estate to the issuer
for all shares to be issued by the issuer. 176,793 shares will be issued. If.
however, the court determines that holders of certificates issued under the
deed of 1915, who do not consent to take shares of the issuer are entitled to
cash, the number of shares to be issued will be equal to the number of
parts evidenced by participation certificates issued under the trust deed of
1915. Amount of filing fee paid the Commission is $176.80. The trustees,
whose address is 208 S. LaSalle Street, Chicago, are authorized to receive
notices.
Mammoth Minfs Corp. (2-496), Seattle, Wash., a Montana corporation
engaged in mining, smelting, and refining ores, metals and minerals, the
company's principal place of business being at Twin Bridges, Madison
County, Mont. The current issue is to consist of $750,000 to be obtained
from the sale of 500,000 shares of preferred stock and 500,000 spares of
common stock. Filing fee: $75. Among officers of the company are: Earl It.
Pulver, Seattle, President, General Manager and Treasurer; and A. F.
Haines, Seattle, Vice-President and Secretary.
Old Lewis Hunter Distillery Co. (2-497), Lexington. Ky., a Kentucky
corporation proposing to manufacture and distill liquors of all kinds,
offering 300,000 shares of class A common stock at an aggregate price of
$375,000. Filing fee: $27.50. Among officers are: Samuel B. Walton.
Lexington. President; R. L. Buffington, Paris, Ky., Vice-President and
Secretary, and W. A. Dicken, Lexington, Treasurer.
Willett Oil Cc.(2-498), Atascadero, Calif.. a California corporation seeking
to develop potential oil and production of oil, offering common stock of
8100.000. Filing fee: $25. Underwriters ("in the sense that they have
guaranteed that the first well will be completed regardless of the volume of
stock sales") are: Oscar L. Willett and P. W. Willett, Los Angeles, and
W. E. Hanson Atascadero, Calif. Among officers are: Oscar L. Willett,
Los Angeles, President; Ted Bishop. Vice-President. and W. E. Hanson,
Secretary-Treasurer, both of Atascadero, Calif.
.
Bondholders Protectire Committee for Security Rally Co. 12-499) S.. Louis.
calling for deposits of Security RePIty Co., Cedar Rapids, Linn County,
Iowa, namely,first mortgage serial real estate gold bonds of which $490,000
are now outstanding, the original issue having been $525,000. A filing fee
of$25 is based on one-third of $490,000. Security Realty Co. at the time the
securities to be called were issued, was engaged in ownership and operation
of the Iowa Theater Building property, which is the real estate mortgaged
as security for the above-mentioned bond issue. Person authorized to receive notices is W. C. Collins, 323 North Broadway, St. Louis.
In making the above lists public the Commission said:
In no case does the set of filing with the Commission give to any security
the Commission's approval or indicate the Commission has passed on the
merits of an issue or that the registration statement itself is correct.
Lists of securities issued by the Commission were noted
in these columns Dec. 9, page 4119.
Probability That Powers of RFC Will Be Broadened—
Jesse H. Jones Chairman of Corporation Indicates
This In Stating That President Roosevelt Will
Recommend Extension of Its Life—Dollar "Best
Money in,World," Federal Deposit Insurance Act.
Addressing the Illinois Manufacturers' Association at
Chicago on Dec. 12, Jesse H. Jones, Chairman of the Reconstruction Finance Corporation made the statement "for
the past few weeks some have been worrying about our
money, and to my way of thinking, unnecessarily." "I
do not mean to imply, he said, "that our money and its
stability is not of paramount importance, but its stability
is simply not open to question. In my view the dollar is the
best money in the world and always will be. I have no fear
that the President or Congress will make it otherwise."
Mr. Jones added in part:
The President has stated frankly that he intends to increase the price
of commodities, and with that purpose there can be no honest difference
of opinion. The methods to be employed should be left largely to him and
to Congress. The responsbility is theirs. The President is our chosen leader
and Congress our duly elected representatives.
The President has told us quite frankly that his course is in some respects
experimental. In daring to experiment, he is bringing to the surface
many conflicting opinions and some criticism. But are not these opposing
opinions and this criticism a good sign? Is it not evidence that the patient
is convalescing? When we were in such desperate straights, no one dared
to suggest, or hardly to speak above a whisper. The President was accorded a free hand with unstinted and practically unanimous support.
forget
Now that we are beginning to feel our wings again, we are apt to
those dark days and start criticizing. So long as the criticism is in the
selfish purpose, all well
Common interest, however, and not to serve a
and good. . . .
No one wants a sound dollar more than Franklin Roosevelt. Of course
he wants sound money. He is President of the United States, chosen by a
desperate people. They demanded a change; a change in their economic
conditions; a different kind of leadership. He is determined to change
those conditions and to supply that leadership. He is succeeding in substantial measure.
But speaking of the dollar and sound money, I should like to ask the
question, "What constitutes sound money?" Is it a dollar that is so dear
as to be oppressive? Is it a dollar that only a few can have? Or is it a
dollar that the average person can get in sufficient quantities, in exchange
for his labor, and for the things he produces, to pay his taxes and interest
and to provide a confortable living for his family?
Disclaiming any super-knowledge of the intricacies of money and the
relationship between foreign exchanges, if we have outgrown the gold
standard on the old basis, should we not change the measure or find some
other means of calculating the relative value of things, including gold?
A boy soon outgrows his shoes, and our country is still growing. Our
commerce and business, and our agriculture, have multiplied many times.
But with the exception of the Federal Reserve System. for which we are
indebted to Woodrow Wilson and Carter Glass, and certain temporary
emergency legislation during the last two sessions of Congress, with incidental adjustments in the 1870's and the 1890s and in 1900, our monetary
system has not boon changed since the National Banking Act was passed
circulating. The
in 1863. Certainly we must have more dollars actually
medium does
mere fact that we have an abundance of available circulating
Dec. 16 1933
not do the trick. We must find ways and means and methods of getting
more money in actual every day use.
I have the greatest possible respect for those who believe that a promise
to pay in gold of a certain weight and fineness, should be kept, just as any
other definite contract should be kept, but when changed conditions make
It impossible to comply literally with the contract without bankruptcy.
there being only about $11,000.000,000 of gold in the entire world—a small
fraction of the public and private debt—is it not better to modify the
contract? Do not conditions and circumstances dictate a modification?
And after all, so long as the dollar is legal tender in payment of debts and
serves as a proper medium of exchange in our every day lives, why fall
out over the price of gold? Incidentally the pound sterling is worth more
now than before England went off gold.
Indicating that" My subject is not money, nor the dollar,
nor gold, nor is it my purpose to critize or to answer criticism"
Mr. Jones commented on the functions and operations of
the RFC, saying:
The RFC as presently constituted is a very different agency than the
RFC created by Congress in January 1932. When the Act was originally
passed, no one had the faintest idea of the extent to which it would be
called upon to serve the country. The last two session of Congress greatly
enlarged its powers and gave it many important functions. These have
been added to from time to time by the President.
The $800,000,000 authorized for Federal Relief through the States is
being provided through the RFO. $300,000.000 of this amount was
advanced under an authorization of the 72d Congress. This the States
are obligated to repay with 3% interest, or it will be taken from their
Federal highway allotments beginning with the fiscal year 1935. The
$500,000,000 appropriated by the 73d Congress is a direct grant, and is
not to be repaid.
We were directed to furnish the Secretary of Agriculture with $200,000,000
part of which has been invested in the capital stock of the Regional Agricultural Credit Corporations, and part made available to the Farm Credit
Administration.
Another $200,000,000 was authorized to be paid to the Farm Loan Commissioner for the purpose of making direct loans to farmers, and an additional $100,000,000 for loans to Joint Stock Land Banks.
We are also authorized to make available to the Secretary of the Treasury,
$125,000,000 to pay for the capital stock of Home Loan Banks, and $200.000.000 as capital for the Home Owners Loan Corporation.
Broadening of Powers of RFC.
Inasmuch as so many of the Corporation's activities will expire on Jan. 23
1934, under the law as now constituted. Congress will need to extend its
active life, and the President has stated that it is his intention to include
such a recommendation in an early message to Congress. It probably
should also broaden its powers somewhat, as we are now unable to do some
things that might very properly be done in the aid of agriculture and industry, pending the time when private capital and credit can meet these
demands.
When the Act was first passed creating the Corporation, It included a
provision that loans to bank receivers for distribution to depositors in
closed banks might be made to the extent of $200,000,000. We were able,
however, at the last session of Congress, to get this limitation removed.
and to date have made loans for this purpose aggregating $515,000,000.
Loans Incident to Reorganization of Banks.
In this connection, I might explain that our making loans incident to
the reorganization of banks frequently releases to depositors a groat deal
more than the amount we lend. For instance, if we lend to a closed bank
to aid in tho creation of a new bank, or to a mortgage company in connection with the reorganization of a closed bank, in some instances substantially more than our loan is made available to the depositors by the
new bank, or the reorganized bank, taking over certain sound assets from
the closed bank.
This phase of our work is probably not more than half completed and
we are now bending every possible effort to make loans to bank receivers for
distribution to depositors in closed banks, and to aid in the reorganization
of such banks.
In pursuing this work, we are lending approximately the liquidating
value of the remaining assets in the closed banks, and by liquidating value
I mean the amount we can reasonably expect to recover from the assets
over a period of three to five years orderly liquidation; reserving what appears to be sufficient to cover taxes, interest and expense during liquidation.
We hope to increase our loans for this purpose to more than a billion
dollars and to reach three-quarters of this amount by Christmas.
It is not an easy task, or ono that can be quickly accomplished. for the
reason that it requires the co-operation of so many different people, including State banking authorities, and directors, officers and stockholders
and sometimes depositors. Then there is the question of differing State
laws governing closed banks. In somo cases court action Is even necessary.
But if we can have the co-operation of all interested parties in closed banks,
we can complete the work in fairly short order.
I should like to take advantage of this opportunity to appeal to everyone
in authority, or having to do with closed banks, wherever situated, Including
the depositors, to give us their active and energetic co-operation in this
undertaking. Money locked up in closed banks is at the service of no one.
Released, it will multiply itself in circulation and be very helpful in business
recovery.
Issuance of Preferred Stak. and Capital Notes Incident to Federal Deposit
Insurance Law.
We are also exerting great effort to strengthen. increase and repair the
bank capital structure of the Nation through the purchase of preferred
stock and capital notes in all banks.
We are concentrating at this time on State banks that are not members
of the Federal Reserve System for the reason that the Federal Deposit
Insurance law becomes effective on Jan. 1, to the extent that $2,500 of each
deposit in such non-member banks will be insured, provided the bank makes
application and qualifies for membership in the Federal Deposit Insurance
Corporation.
I am informed that 7,500 of the 8,500 unrestricted non-member banks
have already applied for Federal deposit insurance and that examination
of 7,000 of these banks has been completed.
Nearly all of these banks can qualify for insurance without additional
capital, but increased capital is highly desirable, if not actually necessary,
for the purpose of putting the banks in better position to provide safe
banking facilities and proper credit needs, for their respective communities.
Deposits in banks that are members of tho Federal Reserve System, to
the extent of $2.500 of each deposit, become automatically insured on
January 1 by the Federal Deposit Insurance Corp. without examination,
or even application on their part. And while on this subject. I should like
to say quite emphatically that bank deposit insurance is going to prove
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Financial Chronicle
of inestimable value. As the law now stands 97% in number of every bank
deposit in the United States will be insured against loss to the depositors.
I have endeavored to persuade the big banks and the strongest banks
to advocate our preferred stock program by participating themselves,
each increasing the capital of his own bank through the sale of preferred
stock or capital notes to the RFC. The President has joined in this request.
A great many are co-operating and undoubtedly a great many more will
act at their annual meetings in January and later. However we need their
co-operation now as we have only had applications from approximately
2,000 banks to date out of more than 14,000.
Aside from the protection from insurance assessments by the Federal
Deposit Insurance Corp., which the preferred stock program will give.
a billion dollars added to the capital account of banks will multiply itself
many times in available credit, and be of great assistance in the resumption
of business and in supporting business once it is under way again.
To date we have authorized approximately $450,000,000 in preferred
stock and capital note purchases and should not stop until the job is completed. The people are entitled to have every bank in the United States
a strong bank.
This capital stock program will probably be the most lasting and the
most important function of the RFC, and happily it should not be any
drain whatsoever on the taxpayer.
Lending on Cotton and Corn.
Prominent among the new assignments given the RFC by the President
during the past few months is that of lending on cotton and corn. As
most of you know, we are lending 10 cents a pound on tenderable cotton.
That includes more than 90% of all cotton, less than 10% being grades
below what is called tenderable cotton. Our loans on cotton to date have
been approximately $40,000,000, but we have allocated $250,000,000 for
this purpose, and cotton has held up to approximately 10 cents a pound.
This has been extremely helpful to business of all kinds in the 10 cottongrowing States. People have been able to pay debts two and three Years
past due, and that of course puts money into circulation and creates a
good feeling all around.
Our machinery for lending on corn, for which purpose we have allocated
$150.000,000, has only just recently been perfected, but we expect much
good will result in the corn belt from these loans. In lending 45 cents a
bushel on corn in the crib, in the corn belt where a surplus of corn is grown,
all business in that section will receive a decided stimulus and probably
more farmers will be benefitted to the dollar loaned than from any othea
money we lend.
These loans and many other important activities of the RFC are at the
direct instance of the President, and are merely further evidence of his
determination to bring about increased prices for farm commodities. The
cotton and corn loans are made to the Commodity Credit Corporation,
the capital stock of which was provided by the President from the appropriation authorized in the NIRA.
There is a point I should like to make in connection with these agricultural loans and the other things that are being done by the Administration
for agriculture, and that is that conditions are continually changing. For
instance the President of a great transcontinental railroad recently made
the statement that up to three years ago, the freight business of his road
from Chicago to the Pacific Coast was three times greater than from the
Pacific Coast east, and that within this three-year period, this condition
had been reversed.
In other words manufactured articles, largely the product of this section.
have not been moving to the Pacific Coast and probably not much to the
Southern States. Undoubtedly this is due in large part to the deplorable
state that agriculture has been in.
I have emphasized the necessity for a sound banking system and I want
to emphasize that it is quite as necessary to have sound agriculture and a
prosperous rural population; each is essential to the other and both are
essential to the general welfare.
I shall not attempt to give any statistics as to conditions of industry in
different sections of the country, but if we look back a little more than
halfa year,and picture the situation confronting our Nation when Presid.nt
Roosevelt started his recovery program, comparing the prices then and
now, of cotton, corn, wheat, and many other farm products, we might
very properly say "Well done so far, Mr. President," and continue our
confidence and support.
Much remains to be done, of course. Livestock poultry, eggs, dairy
products, and many other farm commodities are still much too low, but
the President and others in authority are constantly working on plans
for better prices for all commoditiea.
In industry is to prosper, it must be able to sell its wares and this can
only be done if we have reasonable prosperity in agriculture. We are all
interdependent and cannot succeed without fairly well balanced economic
conditions. Every class of our citizenship must have its chance and its
fair share.
Loans to Smaller Industry Through Mortgage Loan Companies.
Another activity that we have undertaken in an effort to be of assistence in the recovery program is that of making industrial loans for small
industry, through mortgage loan companies. We are maldng these loans by
baying the mortgage companies take a mortgage on plant and equipment,
and in whatever other way adequate security can be had. Such loans are
made for the purchase of raw materials and the employment of labor,
where orders are actually in hand.
Generally speaking big industry has been very well financed. The big
industrialists had great foresight, and most of them were provided with
reserves sufficient to carry them through the depression. But the little
fellow was not so fortunate, and we are trying to help him.
We cannot lend direct to private industry and have not felt that we had
authority to make single purpose loans, that is to permit the organization
of a mortgage company to serve a single borrower, but where several
borrowers form themselves together and organize a mortgage company
and there is a real public interest involved, we try to assist.
The amount that we have been able to lend for this ptupose Is not large
though we have thousands of applications, and some provision must be
made for this class of credit.
Credit is absolutely essential to a resumption of business, and the government, through the RFC, apparently must pinch hit in this respect until
this respect until fear is banished and normal credit channels are open,
though banks, bankers and investors should help.
It is difficult to translate into specific terms, the volume of business that
has resulted from the activities of the RFC during the past few months,
but without the RFC,the President could not have made anything like the
progress he has made.
And may I say here, that we are the RFC have found it neceasary on
many occasions to steel ourselves against our sympathies and emotions
because tragedy has often been in our midst; tragedy to fine people who
have found themselves on the brink of ruin through no fault of their own.
We try always to be helpful but without forgetting the limitations of the
4305
law under which we are operating, and that it is the taxpayers' money we
are handling.
Notwithstanding the fact that we are a generous creditor and that some
people think that many of our loans will never be repaid, our collections
have averaged two and half million dollars a day for the past nine months.
including Eiundays, and aggregate slightly more than a billion dollars to
date, out of total loans of $2,650,000,000.
This is evidence that the Corporation can be conducted in a businesslike manner and:yet be very, very helpful to the recovery program. Moreover, the Corporation pays its own way. We borrow from the Treasury
at 3 to 334% and lend at a slightly higher rate, sufficient to cover the
expense of operation.
Interest received to date has exceeded expenses and interest paid by
$33,000.000. Our borrowers, and not the taxpayers, are footing the bill.
Notwithstanding this, in keeping with the President's policies of low
interest rates, generally speaking we have reduced our interest charges from
534 to 4% during the past 12 months.
A good deal is being said about the increasing government debt and
that the amount of government obligations outstanding has grown to
approximately 24 billion dollars. But when it is taken into account that this
Corporation owes the Treasury $2,135.000,000 which is offset by earning
assets of approximately this amount, and that a great deal of the money
being paid out by the Public Works Administration is a so interest bearing
and will be repaid, the net government debt is very much less than 24
billion dollars.
We can continue to be helpful by doing the things we are doing until
private credit is available, and by continuing, we will help the entire
country including the industries represented here.
Loft, Inc., Agrees to NRA Demands on Wages, Ending
Dispute Arising Out of Charges of Violation of
President's Re-employment Agreement—Waitresses
Reimbursed at Rate of 28 Cents an Hour—Company
Had Contended that Tips Should Be Included in Pay
—National Compliance Board Effects Settlement.
A dispute 'between Loft Stores, Inc., and the NRA, involving the question of wages paid to waitresses under the
blanket re-employment agreement, was settled on Dec. 9
when the NRA ordered the Loft concern, operating a chain
of candy shops and restaurants in 27 cities, to pay as arrears
the difference between wages agreed upon in the blanket
code and those actually paid, despite the fact that the company had filed a formal protest against the code as finally
drafted. On Dec. 4 a partial agreement had been announced
by Grover A. Whalen, New York City NRA Administrator
and Chairman of the local Compliance Board, who said that
V. 0. Robertson, Vice-President of Loft, had stated that the
company would pay the prescribed 28c. an hour minimum to
waiters and waitresses as of Nov. 23, but would not pay the
differences in wages which the local Compliance Board considered was due employees between the amount actually paid
and the prescribed minimum for the period during which
the company was considered in violation of the President's
agreement.
We quote in part from the New York "Herald Tribune" of
Dec. 2, outlining the original dispute:
Mr. Davis immediately opened a discussion of the "complaints of an astonishing nature" received against the company and cited a number of them.
One which he referred to in particular was a complaint that managers of
stores were forced to put up cash bonds of $100, which were not returned to
them when they left the company.
This charge was denied by Mr. Robertson, who said that only shortages
reported in the stores were deducted from the bond. He also expressed disbelief when told that even with tips some waitresses did not make $15 a
week, adding that if he had known of such instances he would gladly have
made up the difference.
Mr. Davis then picked up a copy of a telegram sent to President Roosevelt by Mr. Guth, in which the latter protested against the removal of NRA
insignia and expressed amazement at charges that his company was not living up to the code. He also referred to a letter written by Mr. Robertson to
Henry Wolff, member of New York Compliance Board, on Oct. 20, in which
the company official admitted that Loft's was not paying waiters and waitresses the minimum amount.
126 Complaints Received.
The 126 complaints against the metropolitan stores of the company were
run through by Mr. Donovan in an effort to prevent "a future difference of
opinion in what we mean and you mean by compliance." Mr. Robertson
replied that he would be only too happy to discuss the situation because "we
want no subterfuge or evasion about this."
The company lost about $50,000 a month on its restaurants, Mr. Robertson said, explaining that there were many problems to be dealt with "but
we are not in a position to bankrupt our candy factory because of this loss."
He added that the company would be only too glad to "turn over these stores
to your Board or any other responsible operator who can run them more
efficiently."
In reply to a question concerning the company's policy in regard to meals
supplied employees, Mr. Robertson said that "iong before the NRA we furnished our kitchen help meals free, while other employees were permitted
a chef's meal at a cost of 25c."
However, he denied complaints that employees were forced to eat the meals, and that if they didn't they were
charged for them anyway, store managers signing the employees' names to
the checks.
Mr. Robertson agreed to a suggestion by Mr. Wolff that in the future the
company offer meals at 25c., but not force employees to eat them. He also
agreed that in the future employees would be paid time and a half for overtime, and that a notice will be posted in each store stating that no male
employees may work more than 44 hours and no waitress more than 48.
Complaints that employees had been discharged in order that the company might hire new workers at a lower wage were denied by Mr. Robertson.
He also refused to believe that any employee was dismissed because of union
activities. After some argument he finally agreed that if such Instances
were investigated and proved the company would rehire the employee. This
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Financial Chronicle
plan, however, he said, might necessitate the "firing of people doing
efficient work," but Mr. Donovan explained that "we've always been able
to take care of such situations."
Following the final settlement of the dispute on Dec. 8, the
National Compliance Board in Washington issued a statement summarizing the controversy and the action taken.
That statement read:
"It appears from the record that Loft, Inc., had made an application for
exception to the President's re-employment agreement as modified for the
restaurant industry and that this application had been granted by a local
Chamber of Commerce having authority in the premises, subject to review
by the NRA at Washington. This operated as a stay of the application of
Use full provisions as to compensation of employees and permitted Loft, Inc.,
to include tips in determining the minimum compensation.
"On Oct. 26 1933 the NRA at Washington reversed the decision of the
local Chamber of Commerce and on that date terminated the stay. The
New York and Washington Compliance Boards will therefore accept as full
compliance with the President's re-employment agreement the payment by
Loft, Inc., of all deficiencies in compensation from and after Oct. 26 1933.
Loft, Inc., stated that it has fully complied with the compensation provisions
of the President's re-employment agreement, as modified, ever since the
22nd of November 1933, and therefore the period for which compensation
is to be adjusted will he between Oct. 26 1933 and Nov. 22 1933.
"The basis of the adjustment will therefore be a payment to employees
who have received less than 28c. an hour in the Loft restaurants of the
difference between the amount actually paid them as salary or wages and
the minimum of 28c. an hour, exclusive of tips, between Oct. 26 1933 and
Nov. 22 1933."
Manhattan Retailers Added 32,000 Workers and
$38,000,000 to Annual Payrolls in Three Months,
According to NRA Survey-87% of New York City
Employers Signed President's Re-employment
Agreement.
Grover A. Whalen, NRA Administrator for New York City,
announced on Dec. 12 that retail establishments in the Borough of Manhattan increased their payrolls by about $38,000,000 annually and added 32,000 employees to their staffs
between Aug. 1 and Nov. 1. The announcement was based
upon a survey covering 3,000 questionnaires returned by employers to NRA headquarters. This survey revealed a 16%
Increase in employment for the Manhattan retail trade. The
employers returning the questionnaires represent about one-third of the employees having jobs in Manhattan. Approximately 50,000 returned questionnaires of the 200,000 originally sent out by the local NRA showed that 87% of employers in New York City have signed the President's Re-employment Agreement, according to Ivan de Tarnowsky, statistician in charge of the survey. Further results of the analysis are quoted below from the New York "Times" of
Dec. 13:
Mr. de Tarnowsky said that the smaller merchants employing from one
to four persons had borne 28% of the increase in employment. Restaurants
and cafeterias, as well as department stores, are responsible for one-third
of the added employment. An increase in employment of 25% is shown by
furniture stores and delicatessen shops, with grocery and electrical fixture
stores showing the largest percentage increase, 29%. •
The returns show a predominant approval of the NRA by employers, Mr.
de Tarnowsky said, with the majority of employers expressing particular
satisfaction over the abolition of price-cutting. Employees, on the other
hand, appear to be particularly pleased with the reductions in hours under
the NRA.
Mr. de Tarnowsky revealed that 72% of the stores had either added employees or increased their payrolls, or both.
Compilation and analysis of questionnaires is being continued by the NRA
With the assistance of a group of Barnard students working wider Mr. de
Tarnowsky's direction. A complete report is expected by Dec. 31, when the
President's Re-employment Agreement expires.
Eight Distillers Protest Allotments Under Marketing
Accord Approved by Secretary Wallace—Producers
of 25% of Spirits in United States Contend Grain
Distillery Quotas Are Excessive.
Distillers representing 25% of the spirits produced in the
United States made public on Dec. 10 telegrams which they
had sent to President Roosevelt, Secretary of Agriculture
Wallace, and George N. Peek, Agricultural Adjustment
Administrator, protesting against the provisions of the
marketing agreement which was approved by Mr. Wallace
on Dec. 9, asserting that it was unfair to other than grain
distillers. Those who signed the protests were the de Pont
Co., the Pennsylvania Sugar Co., the Carbide & Chemicals
Co., the Publicker Commercial Alcohol Co., the Empire
Distilling Corp., the Puerto Rico Distilling Corp., the
Continental Distilling Corp. and the Syrup Products Corp.
In their communications,the companies mentioned charged
"backstage lobbying" and "political considerations" involving promises to grain farmers influenced the framing
of the agreement, and asserted that while the price of corn
dropped from 55 cents a bushel to 40 cents the grain distillers
increased prices of grain alcohol from 353-s cents a wine
gallon to $1.14. Rudolph Spreckels of the Syrup Products
Co. sent the following telegram to President Roosevelt on
Dec. 7:
Dec. 16 1933
I am informed that Secretary Wallace has approved a marketing agreement for the spirits industry, some terms of which are grossly unjust to
members of that industry who produce spirits from products other than
grain. It would violate certain fundamental principles set forth in the
Agricultural Adjustment Act and in the Industrial Recovery Act and
existing laws which give our branch of the industry the right to produce and
sell spirits for any lawful purpose. We are willing to pay the same processing tax as grain distillers, therefore grain farmers would receive the same
benefits whether spirits are produced from grain or other products.
I believe importation of foreign grain and (or) beverage spirits permitted
under the proposed agreement would deprive our farmers of a market for
their grain far in excess of quantity we would displace by the use of other
products. Besides, molasses is a farm product derived from sugar cane
grown within the United States and should not be discriminated against.
I respectfully request that you will personally hear our arguments before
final determination of that issue.
On Dec. 8, Mr. Spreckels sent a telegram to Mr. Peek, in
which he said:
Your last-minute proposal to accord our group a 10% share of the beverage
alcohol business only accentuates the fact that you recognize that we are
entitled to distill and sell spirits produced from products other than grain.
He added:
From the very beginning of discussions in regard to a code and marketing
agreement it has been obvious to us that the grain distillers have received
preferential treatment over our group in the spirits industry, and we are
confident that an investigation by a Congressional committee will substantiate our belief.
FACA Announces That Liquor Wholesalers Who Signed
Code Need No Permits Now—Issues Temporary
General Permit for Rectifiers, Pending Grant ot
Individual Licenses.
The Federal Alcohol Control Administration announced
on Dec. 12 that pending issuance of permits for the wholesaling industry, no authority would be required for engaging
in that branch of the liquor business. At the same time the
FACA issued a temporary general permit under the code of
fair competition for the distilled spirits rectifying industry,
pending the issuance of individual licenses. The statement
regarding wholesalers read, in part:
The code of fair competition for the alcoholic beverage wholesale industry
provides that from and after such date as the FACA shall specify, permits
shall be required for all members of the wholesale industry.
The FACA has not exercised the discretion vested in it . . . and
has not fixed any specified time after which such permits shall be required.
It is, therefore, proper for all persons operating under the code of fair
competition . . . to conduct the business of buying and selling alcoholic beverages at wholesale without such permit from the FACA pending
further action by it. . . .
When the FACA deems it necessary to place the members of the wholesale industry under permits notification . . . will be furnished.
The text of the temporary permit to engage in the distilled
spirits rectifying industry was as follows:
Pursuant to the provisions of Article IV of the code of fair competition for
the distilled spirits rectifying industry, approved by the President on
Dec. 8 1933, the following are hereby authorized to engage in the said industry as that industry is defined in the said code for a period of 30 days
from and including the date thereof:
1. All persons who held on Dec. 5 1933, permits to rectify distilled
spirits, issued pursuant to the provisions of the National Probition Act
as amended.
2. Members of the distilled spirits industry holding permits to engage
In the distilled spirits industry pursuant to the code of fair competition for
the said industry, approved by the President on Nov. 26 1933, and all
subsidiaries and affiliates thereof, and persons engaged in the distilled
spirits rectifying industry on their behalf.
3. All other persons who shall file application for a permanent permit to
engage in the distilled spirits rectifying industry in form prescribed by the
FACA and whose applications shall be approved, As to such persons
this permmit shall be deemed effective as of the rate of such approval.
This permit is conditioned upon the permitee filing with the Administration formal application for permanent permit and bond as required in Section 2 of Article IV of the said code immediately upon the necessary forms
therefor being furnished to the permittee by the FACA.
This temporary general permit is issued to meet an existing emergency.
It is not issued as a matter of right, nor shall the issuance hereof be deemed
to prejudice the right of the Administration hereafter to determine whether
any permittee affected hereby is entitled to receive an individual permit
as provided in tho said code.
This temporary general permit is conditioned as to each permittee affected
thereby upon the observance of all the provisions of the said code (other
than the provisions of Article III thereof) and all regulations issued thereunder, and shall be deemed to be issued subject to all such provisions, and
to all provisions of both State and Federal laws and is conditioned upon
compliance with all applicable State and Federal laws.
This temporary permit shall not be taken or held to create in any permittee
any vested right as to any standard of profits or volume of business; or
any right to engage in the alcoholic beverages importing industry after the
termination of this permit.
NRA Hearing on Price Increases Postponed Until
Jan. 9—General Johnson Warns Against AntiTrust Law Violation in Price Agreements.
General Hugh S. Johnson, National Recovery Administrator, announced on Dec.8 that the public hearing on price
increases, originally scheduled for Dec. 12, had been postponed until Jan. 9. General Johnson said that no properly
authenticated evidence of unwarranted price increases had
been filed with the NRA, but at the same time he warned
against violation of the anti-trust laws, cautioning industry
and trade generally that price agreements which are not
"expressly sanctioned by an approved code" constitute a
Volume 137
violation of the anti-trust statutes. General Johnson was
quoted as saying:
Misunderstandings have arisen in trade and industry with respect to the
effect of the NIRA and of codes approved under the Act upon the provisions
of the anti-trust laws.
Trade and industrial groups are not exempted from the provisions of the
anti-trust laws except in so far as they are expressly authorized to act in
accordance with specific provisions of a code or agreement under the Act
approved by the President. Arrangements between members of an industry
or trade to fix or maintain prices not expressly sanctioned by an approved
code or agreement are therefore in violation of the anti-trust laws to the
same extent as before the NIRA.
Henry Ford Urges Work as Way to Help President
Roosevelt "Pull the Country Out of the Hole"
Addresses Dealers Over Nationwide Network.
Henry Ford, speaking to a nation-wide audience of his
dealers over a telephone network on Dec. 7, predicted that
1934 would be a good year for everyone who works, and declared that "we have all got to pitch in and do all the business we can to help the President pull the country out of the
hole." After Mr. Ford's short speech his son, Edsel Ford,
also addressed the dealers and salesmen. Henry Ford is
quoted as follows:
Hello, everybody. You know, j don't make speeches; I make cars.
You are getting a good start on next year with a good car and a good outlook for business. I think 1934 will be a very good year for everybody that
works. That is one thing the depression has taught us; the only thing that
can pull this country through is work. There is plenty of work to do. We
have all got to pitch in and do all the business we can to help the President
pull the country out of the hole.
So I wish every Ford salesman and dealer and manager a busy and prosperous year. Thank you.
Edsel Ford,in part, said:
There is no reason whatsoever why next year should not show a decided
Increase in Ford dealers' business. Even though conditions may not greatly
change, we must remember that the United States, even in low, is productive
of pretty big business, and that a tremendous amount of buying and selling
Is done even when people say things are very quiet.
Harry I. Hopkins, Civil Works Administrator, Estimates
4,000,000 Persons Enlisted on Projects by Dec. 152,500,000, Chiefly Transferred from Relief Rolls,
Were Employed on Dec. 8-Approves Plans to Give
Jobs to 20,000 "White Collar" Workers.
An estimate that approximately 4,000,000 persons would
be employed on Federal, State and local civil works projects
by Dec. 15 was made on Dec. 8 by Harry L. Hopkins, Civil
Works Administrator, who said that a telegraphic poll indicated a total of 2,500,000 employees at that time. Most
of these men and women, he added, had been transferred
from relief rolls. Mr. Hopkins on Dec. 11 announced the
approval of seven projects intended to provide employment
for 20,000 "white collar" workers, including engineers,
clerical workers, and others not fitted for the manual labor
required in most civil works jobs. We quote from a Washington dispatch of Dec. 8 to the New York "Times" regarding the details of Mr. Hopkins preliminary estimate of
employment:
Preliminary reports from 43 States and the District of Columbia, he
said, showed that 1,429,206 employees were on civil works payrolls Dec. 2.
the end of the second week of operation of the program. He said about
1,000,000 more, of whom many are now at work, will be engaged on Federal
projects within a week.
Some states are filling their quotas more slowly than others, and these.
he said, had been warned to speed up and avoid having their quotas taken
away from them. However, on behalf of some of the "backward" States
It was stated, that delays had been occasioned not by Inertia but by local
conditions which State and community officials were doing.their best to
correct.
Difficulty in selecting the best and most useful projects from the many
proposals submitted, and also the dvelopment in some States of a shortage
in the supply of small tools, were some of the camas; to which delays were
ascribed by Mr. Hopkins. He said that several small tool factories were
working three shifts a day to bring up to requirements the tools needed by
civil works employees. The raising of funds to purchase tools and supplies
also were problems in some States, judging from the reports received from
State administrators.
New Jersey, Pennsylvania, Maryland and Illinois were cited as "slow
States" by Mr. Hopkins. On the other hand, he said, employment quotas
were being made up with satisfactory rapidity by others, notably Ohio.
Indiana. Oklahoma and Texas, and a few. including Florida, Georgia and
West Virginia, already had "gone over the top." actually exceeding their
quota allotments.
According to the figures announced to-day, correcting in some cases
earlier estimates, New York has 140,788 employees on civil works payrolls:
New Jersey, 25,741; Connecticut. 10,103; Delaware, 1.055; Rhode Island,
9,540; Pennsylvania, 41,560, and Massachusetts, 13,121.
Associated Press Washington advices of Dec. 11 described
the civil works projects to employ "white collar" workers as
follows:
The most unusual of the projects, Mr. Hopkins said, will permit the
employment of approximately 2.500 artists, including mural painters,
sculptors and craftsmen in various part of the country to decorate public
buildings and to make studios looking to better craftsmanship in furnishing
various buildings.
Other projects approved, which Mr. Hopkins said will employ 17,724
white collar workers, include a tax delinquency study by the Census Bureau
in 42 States and the District of Columbia; a study of employment and pay
roll information by the Bureau of Labor Statistics and four different studies
by the Bureau of Agricultural Economics of the Department of Agriculture.
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Financial Chronicle
The Agriculture Department is seeking to compile statistics on the cost of
articles farmers:buy and to make studies oftax delinquency in rural districts
and land utilization.
The artist project will be under the direction of the Treasury Advisory
Committee on Fine Arts and will be headed by Forbes Watson as technical
director. L. W. Robert Jr., Assistant Secretary of the Treasury, will have
general supervision.
Approximate employment by States under the Bureau of Labor statistics
program was listed as follows: Connecticut, 16; Delaware, 3; Maine, 5:
Massachusetts, 52; New Hampshire, 5; New Jersey, 45; New York, 143;
Pennsylvania, 89; Rhode Island, 9; Vermont. 3.
Employment estimated to be afforded in the tax delinquency Program:
Connecticut, 32; Delaware, 4; Maine, 5; Massachusetts, 105; New Hampshire, 4; New Jersey, 80; New York,358; Pennsylvania, 151; Rhode Island,
16.
Estimates under the Bureau of Agricultural Economics division of agricultural finance program: Connecticut, 34; Delaware, 13; Maine, 64;
Massachusetts, 48; New Hampshire, 37; New Jersey, 65; New York, 236:
Pennsylvania, 260; Rhode Island, 15; Vermont. 55.
Estimated employment under division of crop and livestock estimates
Program: Connecticut, 17; Delaware, 3; Maine, 16; Massachusetts, 23; New
Hampshire, 13; New Jersey, 33; New York. 103; Pennsylvania. 82; Rhode
Island. 5; Vermont, 14.
Estimated employment under cotton marketing division: Massachusetts.
4; New York, 1; Rhode Island, 1.
Mr. Hopkins said the prevailing rate of wages for clerical and other
white collar work In individual communities is being paid.
More National Banks Licensed to Reopen-21 Banks
Receive Licenses During First Nine Days of December-Approval Given by Comptroller of Currency
to Reorganization Plans of Eight Others.
Twenty-one National banks were licensed and open or
reopened during the first nine days of December, J. F. T.
O'Connor, Comptroller of the Currency, announced Dec. 12.
Of these, the announcement said 20 National banks, with
$13,615,000 frozen and $708,000 unrestricted deposits, had
been in the hands of conservators and were issued licenses
to resume business or were granted charters for new banks;
while a charter was issued to one new National bank to take
over the $2,236,000 frozen deposits of a National bank which
had been in receivership. The announcement continued:
During the first nine days of the current month,8 National banks received
approvals for their reorganization plans from the Comptroller's Office.
As a result, there are now only 17 National banks in the United States
which do not have either an approved or a disapproved reorganization plan.
During the month of November, 46 National banks were licensed, while
49 National banks were licensed during October.
It is expected that a record for National bank reopenings will be achieved
In December, since the Comptroller hopes to terminate practically all conservatorships by the first of 1934.
The First National Bank, Mt. Vernon, Ill., is the new institution granted
a charter to buy the acceptable assets and assume a corresponding liability
of the Third National Bank, Mt. Vernon, Ill., which has been in the hands
of a receiver. Frozen deposits of the latter totaled $2,236,000.
Below is a list of National banks which consummated reorganization plans
and were issued licenses to resume business or were granted charters for
new banks to take over the business of the old ones during the first 9 days
of December 193.3, with frozen and unrestricted deposits of each:
DePOSits.
Location.
Name of Ban*.
Date.
Frozen.
Unrestricted
$
AlabamaHartford
Hartford National Bank
Dec. 8
$
23,000
California
Colton
Citizens National Bank
Dec. 5
386,000
27,000
Illinois
Dixon
Monticello
City National Bank
First National Bank
Dec. 2
Dec. 8
1,647,000
607,000
110,000
2,000
2,254,000
112,000
707,000
265.000
55,000
21,000
972,000
76,000
Indiana
Elwood
Swayzee
First National Bank
First National Bank
Dec. 1
Dec. 7
Iowa
Prairie City
First National Bank
Dec. 1
224,000
10,000
Maryland
Hancock
Parkton
First National Bank
First National Bank
Dec. 2
Dec. 9
486.000
804,C00
28,000
6.000
1,290,000
34,000
Michigan
Hastings
Hastings National Bank
Dec. 2
739.000
41,000
New YorkAltamont _ _ ______ First National Bank
Edwards
Edwards National Bank
Sharon Springs__ First National Bank
Dec. 6
Dec. 1
Dec. 1
485,000
201,000
510,000
21,000
8,000
24,000
1,196,000
53,000
Dec. 2
721,000
38,000
Dec. 6
2,010,000
1.000
Pennsylvania
Dec. 9
First National Bank
Braddock
Dec. 6
First National Bank
Crafton
StrausstownNational Bank__ Dec. 8
Strausstown
1,734,000
791,000
374,000
153,000
95.000
23.000
2,899,000
271,000
196,000
22,000
New Jersey
Branchville
First National Bank
New Hampshire.
Public National Bank
Rochester
Texas
Santa Anna
First National Bank
Vermont
Island Pond____ Island Pond NationalBank
-20 banks
Total
Dec. 2
Dec. 9
705.000
23,000
13.615.000
708.000
At the close of business Dec. 9 1933 there were 526 unlicensed National
banks in the United States. Of these, 363 banks, with $369,570.000
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Financial Chronicle
frozen and $27,423,000 unrestricted deposits, had approved reorganization
plans; 146 banks, with $74,685,000 frozen and $5,372,000 unrestricted
deposits, had disapproved reorganization plans, and 17 banks, with $21.947,000 frozen and $1,905,000 unrestricted deposits, had reorganization
plans under consideration.
The following compilation shows the 8 National banks whose reorganization plans were approved during the first 9 days of December, with frozen
and unrestricted deposits of each:
Deposits.
Location.
Indiana—
Goshen
Name of Bank.
Frozen.
Date.
Unrestrtaed
First National Bank
Dec. 2
$
719,000
North Dakota—
Hampden
First National Bank
Munich
First National Bank
Dec. 4
Dec. 4
80,000
70,000
14,000
17,000
150.000
31,000
82.000
New Jersey—
Carlstadt
Carlstadt National Bank
Dec. 7
853,000
88.000
Pennsylvania—
Shenandoah
Shenandoah
Sykesville
Citizens National Bank
First National Bank
First National Bank
Dec. 7
Dec. 7
Dec. 4
1,428,000
1,916,000
250,000
104,000
62,000
19,000
3.594.000
185,000
Virginia—
New Market
Citizens National Bank
173,000
7.000
5,489,000
393,000
Dec. 8
Total
-8 banks
RECAPITULATION.
Deposits,
No.
Number of banks and deposits approved Dee. E
Number of banks and deposits approved Deo. 1
to Dec. 9, inclusive
377
8
385
Number of banks and deposits opened Dec. 1 to
Dec. 9, Inclusive
Banks disapproved after being approved
20
2
22
Balance, Dec.9 1933
363
Frozen.
Unresttided
$378,479,000 $27,786,000
5,489,000
393,000
$383,968,000 $28,178,000
13,615,000
783,000
708,000
47.000
14,398,000
755,000
$369,570,000 $27,423,000
In our issue of Dec. 9, page 4136, we gave a previous list
issued by the Comptroller showing those banks which had
been licensed to reopen and which had had their reorganizaplans approved during the final 20 days of November.
Reopening of Closed Banks for Business
of Restrictions.
and Lifting
Since the publication in our issue of Dec. 9 (page 4137),
with regard to the banking situation in the various States,
the following further action is recorded:
IOWA.
With reference to the affairs of the closed State Savings
Bank of Council Cluffs, Iowa, advices from that place under
date of Dec. 9 contained the following:
Between 1.700 and 1,800 waivers to deposits in the State Savings Bank
have been signed, according to bank officials Saturday (Dec. 9). A total
of 2,600 are needed before the bank can reopen, they said.
According to plans, the bank can reopen 11 51% of the depositors representing 75% of the deposits sign waivers stating they will take half of the
deposits in cash and allow the bank to pay the rest as fast as frozen assets
can be liquidated.
Several interested persons are canvassing depositors and urging them
to sign waivers.
MAINE.
That the new Casco Bank & Trust Co. of Portland, Me.,
which replaces the Casco Mercantile Trust Co., opened for
business on Dec. 11, is indicated in the following dispatch
from Portland on Dec. 7 to the Boston "Herald":
The New Casco Bank dr Trust Co., which supplants the old Casco
Mercantile Trust, will open for business Monday morning, it was announced to-day, and business will also start in a number of branches in
other towns. The President of the new bank is H. Herbert Sturgis, lumber
operator and former State Senator, author of the Sturgis liquor enforcement law. Other officers are Leonard F. Timberlake, Henry F. Merrill
and Charles B. Morrill, Vice-Presidents; Wallace L. Cooke, Treasurer;
and Albert Libby, Assistant Treasurer.
MARYLAND.
Dec. 16 1933
the Board and as a director and the post of Chairman was
abolished. The new President of the bank will preside at
the meetings of the Board. The Baltimore "Sun" of Dec. 12,
from which the foregoing is taken, furthermore said in part:
Adoption of the reorganization plan melt= that 20% of deposits which
have been "frozen" since the bank holiday of last February representing
about $6,000.000, will be freed a week before Christmas.
Full payment for $500,000 in capital notes having been made, the bank
has been admitted formally to membership in the Federal Reserve System.
This means that all unrestricted deposits up to a maximum of $2,500 will
be insured under the temporary guaranty fund which becomes effective
next Jan. 1.
Mr. McAdams has had a wide experience in the banking business in
Richmond and is a nationally known authority on financial subjects. He is
a former President of the American Bankers Association and recently was
made a member of the banking code committee to represent that Association. This committee was instrumental in drawing up the code of fair competition to apply to the banking business all over the country under the
terms of the National Recovery Act. . . .
Receiving B.A. and MA. degrees at Richmond College, now known as
the University of Richmond, Mr. McAdams started his banking career in
1898 as clerk in the Merchants' National Bank in Richmond. After holding
that position a year, he joined the firm of Thomas Branch & Son and remained there until 1904, when he returned to the Merchants' National
Bank.to become its Senior Vice-President. He served in that position until
1925, when he became Executive Manager of the State-Planters Bank &
Trust Co., a post he will hold until the Union Trust Presidency is assumed.
The plan of reorganization has been approved formally by the Federal
Reserve Board at Washington, by the Federal Reserve Bank at Richmond
and by Maryland Bank Commissioner, John J. Ghingher.
In addition to the 20% of frozen deposits which will be made available
for use Monday, without restrictions, the reorganization plan provides for
the Issuance of certificates of deposit and certificates of beneficial interest
representing the remaining 80% of deposits in equal proportion.
These certificates, representing 20% of deposits in each instance, will be
mailed to depositors Saturday (Dec. 16). The bank also will forward
by mail cheeks for deposits of $10 or less, making full payment of these
amounts. Five per cent of deposits on hand at the time of the February
bank holiday previously have been released.
In addition to abolishing the post of Chairman of the Board, the position
of Vice-Chairman and several Vice-Presidential posts were discontinued. A
new executive committee was named, which will be headed by Mr. Brewster, who will serve without pay. Members of the Board of Directors will
serve by rotation on the executive committee for a period of three months
each. One new member will be named from the Board each month.
At the conclusion of the Board meeting yesterday (Dec. 11), directors
commended the services of Mr. Brewster, who has taken a leading part
in bringing the reorganization of the trust company to a successful conclusion.
It was pointed out that Mr. Brewster was relentless in his efforts to overcome the various barriers that stood in the way of reopening the bank
under the original plan and obtaining membership in the Federal Reserve
System, and that he carried the principal burden of freeing the bank of its
indebtedness.
•
Advices from Hancock, Md., on Dec. 11 to the Washington "Post" reported that the Peoples National Bank of
Hancock had opened on that day on a 100% basis. The
new bank is the successor of the First National Bank of
Hancock, which had been in the hands of I. G. Robinson,
as conservator, since the banking holiday. The dispatch
added:
The new bank has taken over the assets of the First National and practically all the depositors of the First National are among the 501) stockholders in the new bank, which has a capital of $60,000. The new institution is conducting business in the banking house formerly used by the
First National.
MICHIGAN.
The "Michigan Investor" of Dec. 9 stated t,hat headway
,
was being made in reorganizing the Commercial & Savings
Bank of Albion, Mich. The institution is to be reorganized
temporarily with $50,000 capital, but when the permanent
organization is completed the capital will be $100,000. The
bank, it is also stated, would receive a Reconstruction
Finance Corporation loan of $98,000 to enable it to pay
a 50% dividend to the depositors.
According to the "Michigan Investor" of Dec. 9, the
Central National Bank of Battle Creek, Mich., successor
to the Central National Bank & Trust Co. of that city, has
opened. Tho institution is capitalized at $1,000,000 with
the Government as its largest stockholder. Until the first
annual stockholders' meeting on Jan. 9 next, the directorate
of the institution will remain as it is, it was said.
Concerning the new National Bank of Basting, Mich.,
the "Michigan Investor" of Dec. 9 had the following to say:
With all barriers finally removed after many months of
delay, the directors of the Union Trust Co. of Baltimore,
With 6400,000 available to depositors in the old Hastings National Bank,
Md.,on Dec. 11, authorized the re-opening of the institution the now National Bank of Hastings was to open Saturday. The new bank,
of which John 0. Ketcham, former Congressman, is President. has a
on Monday next, Dec. 18. Thomas B. McAdams, Execucapital
surplus of $60,000 and approximately $500,000 in class A assets
tive Manager of the State-Planters Bank & Trust Co. of seleccedand the Treasury Department.
by
The $400,000 available to depositors
Richmond, Va., has been elected President of the trust represents a 60% dividend. Warren E. Cartier, of Bay City, is Cashier.
company to succeed Benjamin H.Brewster Jr., who has been
Advices by the Associated Press from Washington, D. C.,
holding the post temporarily, and will assume his new under date of Dec. 14, stated that J. F. T. O'Connor,
position on Jan. 1. Wide changes in executive positions Comptroller of the Currency, had announced on that day
also have been announced and a new Board of Directors has that he had "approved in principle" the suggested waiver
been elected. Several positions have been abolished. In by large depositors of the closed Guardian National Bank
addition to Mr. McAdams, the officers of the reorganized of Commerce of Detroit, Mich., of their portion of a 5%
trust company will be: William H. Gideon, Charles W. additional payment, permitting small depositors having
Hoff Jr., and C. B. Winchester, Vice-Presidents; J. B. H. $1,000 or less in deposits to be paid in full.
Dun, Secretary, and Walter D. Bohn, Treasurer. John
In regard to this proposed payment in full to the small
Schoenewolf has tendered his resignation as Chairman of depositors of the Guardian National Bank of Commerce,
the Detroit "Free Press" in its issue of Dec. 8, after stating
that the 100% payoff plan had the approval of practically
every big industrialist and merchant in Detroit whose cooperation would be necessary, according to Hugh J. Ferry,
Chairman of the bank's Depositors' Committee, went on
to say in part:
Mr. Ferry said Thursday (Dec. 7) that every local leader who had been
approached had expressed a willingness to subordinate his interests for
the benefit of the small depositors and that the plan has met with the
approval of RFC officials here.
With authority from the Comptroller of the Currency, the sponsors
of the plan would be in a position, Mr. Ferry said, to make the funds
available to the small depositors in time for Christmas expenses.
Under the plan proposed, the RFC would advance an additional $5.000,000 on assets of the bank to provide another 5% dividend for all depositors, big and little.
To provide a 100% payoff to those who had $1,000 or less in the bank
at the time of the holiday, the larger depositors who subscribed to the plan
would surrender whatever portion of their.5% dividend should be necessary.
Approximately 104,000 depositors come within the category of those
holding up to $1,000.
The plan is the result of weeks of strenuous efforts on the part of the
Depositors Committee, directed by Mr. Ferry; former Gov. Alex J. Groesbeck, receiver for the Guardian Detroit Union Group, Inc.; Clifford B.
Longley, Ford Motor Co. attorney and member of the committee, and
others.
As the plan was presented to Comptroller O'Connor on Thursday it
was understood to have carried the tentative approval of President Roosevelt and Senator Couzens, as well as Chairman Jones, of the RFC and
local RFC) officials.
If the plan should be authorized, Ferry, Groesbeck and Longley immediately would circulate the formal waivers of claims on the 5% dividend
with the assurance of success.
Business and civic leaders of the City have been enthusiastic over the
undertaking. Mr. Ferry said, because of the obvious benefits to the community. It was felt that the $2,000,000 thus released to the small depositors would be more likely to flow into trade channels through their
hands than if the same amount were distributed generally among all depositors. . .
MISSOURI.
The directors of the Reconstruction Finance Corporation
have approved a $412,000 loan to the West St. Louis Trust
Co. of St. Louis, Mo., according to an announcement made
Dec. 9 by Walter W. Smith, District Chairman of the
Deposit Liquidation Committee. This will make possible,
it was said, payment of a dividend of approximately 35%
to the 6,600 depositors of the trust company. The St. Louis
"Globe-Democrat" of Dec. 10, authority for the foregoing,
went on to say:
The loan is the first to be approved in the St. Louis area since establishment by the Administration of p special committee to work with the RFC
in expediting the release of funds to depositors of closed banks throughout
the country.
Checks will not be sent depositors for another two weeks, it was stated
yesterday by Chauncey P. Frier, Special Deputy Finance Commissioner
in charge of the bank's liquidation. Ho explained the delay is necessitated
because of statutory provisions that must be complied with, and because
issuance of the dividend involves a great deal of work. Employees at the
bank, he added, are expediting the matter as much as possible.
Frier has been co-operating with the St. Louis Deposit Liquidation Committee the last thirty days, completing detailed examinations, appraisals
and other preliminaries necessary before approval of the loan can be given
by the Circuit Court.
James IC, Vardaman, Manager of the local agency of RFC, yesterday
(Dec. 9) stated the West St. Louis Trust loan is the only one approved
now, but applications are being prepared for several other closed banks
in St. Louis and the vicinity.
The agency, lie asserted, is equipped to handle such applications as
rapidly as necessary information is supplied by special deputy commissioners
in charge of closed banks, and it is expected loans to such banks will be
ready for disbursement to depositors in a short while.
Resources of the West Sc, Louis Trust, Sarah Street and Easton Avenue,
were listed at $2,102,611 in a report filed with the Recorder of Deeds
last March. The bank closed last Jan. 14.
NEBRASKA
The Nebraska State Banking Department on Dec. 6
announced the complete reorganization of two banks at
Valley, Neb.—the Farmers' State Bank and the Valley
State Bank—and their merger into the new Bank of Valley,
which opened on Dec. 6 on an unrestricted basis. This
brought the number of unrestricted State banks to 264.
Advices by the Associated Press from Lincoln, Neb., from
which the above information is obtained, furthermore said:
Depositors in the Farmers' State and Valley State banks accepted
50% write-downs in their deposits and took over the doubtful assets which
will be handled by trustees. Stockholders subscribed new cash capital
of $25,000 and surplus of $5,000. The new bank opened with about $100,000 in deposits and sufficient cash on hand to pay all depositors if called
upon.
B.G. Whitmore,formerly President of the Valley State Bank,is President
of the new institution. and T. F. Green,former Vice President and Cashier
of the Farmers' State, is Cashier.
NEW JERSEY.
The Citizens National Bank of Collingswood, N. J.,
is to be organized and will take over about $750,000 in
liquid assets of the Collingswood National Bank, which has
been operating on a restricted basis, according to Millard F.
Shute, conservator and Cashier of the old bank, and A. J.
Bartlett, Chairman of the Citizens Committee for Bank
Reorganization. The Philadelphia "Ledger" of Dec. 9,
reporting the above, went on to say:
4309
Financial Chronicle
Volume 137
The opening date of the new bank and the amount that will be freed
to depositors in the restricted bank will be announced later. The new
bank will have $100,000 capital and $50,000 surplus
In regard to the affairs of the First National Bank of
East Rutherford, N. J., a Washington dispatch on Dec. 4,
appearing in the "Jersey Observer" had the following to say:
With its reorganization plans just approved by the Comptroller of the
Currency, the First National Bank of East Rutherford has frozen deposits
of$443,000 and unrestricted deposits of $48.000,according to announcement
made to-day (Dec. 4) by the Treasury.
• The East Rutherford bank is one of three in New Jersey whose reorganization plans have been approved since Nov. 29, releasing a total of
$1,640,000 in "frozen" deposits and $126.000 in unrestricted deposits.
The other banks in New Jersey are in Lyndhurst and Tuckahoe. The
largest amount of frozen deposits involved is that of the First National
Bank of Lyndhurst, which has "frozen" deposits of $925,000 and unrestricted deposits of $46,000.
Announcement was made on Dec. 6 by Ovid C. Bianchi,
Chairman of the Independent Depositors Committee of the
Orange National Bank of Orange, N.J., that a new organization of the Orange National Bank Depositors' Protective
Association would be formed on that night. The Newark
"News" of Dec. 6, from which the foregoing is learnt, continuing said:
"The new organization," Bianchi stated, "will replace the old one
which has accomplished its purpose. The chief aim of the new organization will be to protect, during the liquidation of the bank, the 45% interest
the depositors have therein.
"Nine months have passed since the closing of the bank," Bianchi continued, "and not a single statement has been made covering figures that
would tell the depositors what happened to their money, who has it, what
are the operating expenses, what salaries have been paid, who is on the
salary list and who were the principal borrowers."
Eugene Junior. Federal Conservator, who has been in charge of the
bank since it was closed last March, has been informed a receiver will be
appointed to legalize the liquidation of the bank's assets which will be
done on a gradual basis. It is thought probable Mr. Junior will be appointed to the receivership, although he will not discuss the possibility.
NEW YORK STATE.
Ernest H. Watson, Assistant Manager of the New York
office of the Reconstruction Finance Corporation and
former Vice-President of the Chatham Phenix National
Bank & Trust Co. of New York, has accepted the Presidency
of the First National Bank of New Rochelle, N. Y., according to advices from that place on Dec. 8 to the New York
"Times," which added:
The institution, which replaces therclosed National:City:Bank of New
Rochelle. is expected to begin operations soon.
The Treasury Department at Washington, D. C., has
approved the opening of the new First National Bank of
Yonkers, N. Y., which replaces the old First National Bank,
and the institution opens its doors to-day. Dec. 16. In
reporting these advices from Yonkers on Dec. 13 to the New
York "Herald Tribune" continuing, said:
Frank Xavier, former publisher, is the new President and Henry J.
Kaltenbach is Vice-President.i Serving with theraradcuretitors are John J.
Crimmins,Harry Rosen,Victor Nelson,Walter Haskett and Ralph Mulligan.
Restrictions placed on the old bank tied up 0 e than *11,000,000 in
deposits. The new institution is , by the 28,000 cepositors.
ned
The First National Bank of Altamont, N. Y., closed
since the beginning of the bank holiday, last March, has
been reorganized and was to open its aoors for business!on
a full scale on Monday of this week, Dec. 11. Millard
Frink, former President, who has oeen conservator since
the bank closed, again heads the institution. Other officers
are Earl Pangburn, First Vice-President; Howard Wright,
Second Vice-President, and Donald A. Moore, Cashier.
Mr. Moore was formerly Cashier of the Central Bank of
Kenmore at Kenmore, N. Y. The "Knickerbocker Press"
of Dec. 11, authority for the above, furthermore said in
part:
The bank has, in addition to the sound assets taken over from the old
bank, new assets of $25,000. and a surplus of $25,000. Mr.Prink announced
last night (Dec. 10). There are deposits of $300.000 in the bank, he said.
Depositors in the "old" bank waived one-third of their deposits, this
third representing $154,000, but there is a possibility that this money
will be returned to them, Mr. Frink declared. Shrinkage in value of
bonds was the principal difficulty confronting the bank when it closed.
he said.
Since last March the bank has been operating on a restricted basis,
accepting deposits and checks, but keeping assets intact.
PENNSYLyANIA.
According to the Pittsburgh "Post-Gazette" of Dec. 9,
the new First National Bank of Braddock, Pa., which
replaces the old institution of that name, was to open on
Dec. 11, freeing approximately $1,200,000 to nearly 7,000
depositors. The paper mentioned went on to say:
The new bank has capital, surplus and undivided profits of $187,000.
Its depositors own virtually all the stock, under% plan of openiniapproved
by Comptroller of the Currency J. F. T. O'Connor. Officers of the new
bank include: Henry J. Wagner, President; Fred H. Mayer, Vice-President; E. C. Striebich, Executive Vice-President, and Thomas M. Watt,
Cashier. There is a board of 11 directors.
Notification was received yesterday (Dec. 8) that a charter for the bank
had been mailed from Washington. It has been closed since the banking
holiday, March 4.
4310
Financial Chronicle
That the First National Bank of Fleetwood, Pa., is seeking a loan from the Reconstruction Finance Corporation in
order that it may reorganize is indicated in the following
advices from that place on Dec. 9 to the "Wall Street
Journal":
Harry C. Urich, President of the First National Bank here, and conservator, has been granted permission in Berks County Courts at Reading
to assign various mortgages and judgments to the RFC. The securities,
according to George Eves, attorney filing the application, are to be deposited as collateral for a $100,000 Federal loan to the Fleetwood bank
toienable it to carry out a proposed plan of reorganization.
According to the Pittsburgh "Post-Gazette" of Dec. 12,
more than $1,600,000 was released on Dec. 11 to residents
of the Pittsburgh district through the reopening of three
closed banks on that day. This total; made available to
depositors, had been tied up since the banking holiday.
The paper mentioned went on to say:
The new Crafton National Bank, which replaced the old First National of Crafton, released approximately $400,000 to depositors of the
old institution. Sixty per cent, of deposits became available and the
rest is withheld until slow assets of the bank can be liquidated.
Representing 65% of deposits, about $1,200,000 was released to depositors of the old First National Bank of Braddock, now replaced by the
First National Bank at Braddock.
With the reopening of the Blairsville National Bank, 65% of deposits
were made available to depositors, according to the conservator, H. P.
Rhoads.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Harvey D. Gibson, President of Manufacturers Trust Co.,
has announced the promotion of George W. Heiser from
Assistant to the President to Vice-President.
•
At their annual meeting which will be held Jan. 9, the
stockholders of the National Safety Bank & Trust Co., New
York City, will vote on a proposal, recommended by the
directors, to reduce the present common capital stock from
$1,428,600, consisting of 57,144 shares of $25 par value, to
$714,300, consisting of 57,144 shares of $12.50 par. They
will also act on a proposal to sell $300,000 of cumulative
preferred stock 'consisting of 24,000 shares of $12.50 par to
the Reconstruction Finance Corporation.
As we indicated in these columns Dec. 9 (page 4140) the
stockholders of the Commercial National Corporation of
New York will meet on Dec. 28 to vote on a proposal to
dissolve the corporation, the affiliate of the Commercial
National Bank & Trust Co. The following letter has been
addressed to the stockholders of the corporation by President
Howell regarding the proposed winding up of the corporation
Dec. 1 1933.
To the Stockholders of Commercial National Corporation:
Dear Sirs.—At a special stockholders' meeting held on Sept. 7 1932, it
was voted to reduce the capital of your corporation from $1,400,000 to
$70,000, a policy of substantial liquidation was adopted, and the proceeds
from such liquidation were authorized to be used to purchase units of stock
(consisting each of one share of stock of your corporation and one share of
stock of the Commercial National Bank & Trust Co. of New York).
Your directors promptly started carrying out the above program. The
corporation has no indebtedness. It assets, after reserves for expenses,
taxes and contingencies, have at present an estimated value of$1,208,110.76,
including 7,462 units at an average cost of $150.01 per unit, of which 1,500
units are under option to the executive management of the corporation and
the bank as heretofore authorized by stockholders.
It is expected that a first liquidating dividend in stock of the bank will
be paid on the basis of about one share for each 10 shares of stock of this
corporation now held by you. Further liquidating dividends will be made
as the winding up of the corporation progresses.
In view of the above-mentioned facts and of the recent legislation restricting the operation of securities affiliates in connection with banks, your
board of directors has decided to recommend to you that your corporation be
Immediately dissolved. It also seems advisable to make the stock of the
bank and of the corporation separately transferable, and to cause to be
surrendered to each stockholder the certificates of stock of the corporation
(now represented by the certificate of beneficial interest endorsed on the
back of the stock certificate of the bank) held for him pursuant to the
agreement date Nov. 2 1928.
In order to facilitate the winding up of the affairs of the corporation, it
is proposed to reduce the number of directors to five.
An affirmative vote to dissolve the corporation will eliminate the necessity for the usual annual meeting.
A formal notice of a stockholders' meeting to be held on Dec. 28 1933, is
enclosed herewith (this we omit—Ed.).
Your board of directors strongly recommends the adoption of the proposals
to be submitted at the special meeting.
Very truly yours.
HERBERT P. HOWELL,President.
By order of the board of directors.
A petition to pay a dividend of 30% to depositors and
creditors of the closed Berardini State Bank, New York City,
has been approved by Supreme Court Justice Isidor Wasservogel, Joseph A. Broderick, New York State Superintendent
of Banks, announced on Dec. 8. The dividend is the first
to be paid to the depositors and creditors of the bank, which
was closed on Oct. 31 1931. At the time of its suspension,
the bank had deposits of $1,100,000. Checks representing
the disbursement just authorized were sent out by the
Dec. 16 1933
Banking Department on Dec. 9. References to the closing
of the bank were given in our issues of Nov. 7, 1931, page
3040, and Nov. 14 1931, page 3200.
Carl Gustav Smedberg, form- er partner in the internationally known New York Stock Exchange firm of Spencer
Trask & Co., died on Dee. 8 at his home in Summit, N. J.,
after a short illness. Mr. Smedberg was born at Pleasant
Valley (since merged with Edgewater), N. J., on February 4
1869. In August 1884 he entered the employ of Spencer
Trask & Co., New York, and in 1906 he was admitted to
partnership in the firm, continuing as a partner until Jan. 1
1929, when he retired from active business. A brother,
Julian K.Smedberg,is the American Vice-Consul at Dundee,
Scotland.
The Trustees of Bowery Sa- vings Bank of New York announced Dec. 12 the appointment of R. Benson Ray as
Comptroller of the Bank, effective Jan. 1. Mr. Ray has
been Deputy Comptroller since 1928. He joined the staff
of the Bowery Savings Bank in 1908 and has been identified
with many of the improvements effected in the accounting
systems of the Bank.
Announcement was made on Dec. 8 by Joseph A. Broderick, Superintendent of Banks of New York State, that an
order to pay an additional dividend of 5% to the depositors
and creditors of the closed Globe Bank & Trust Co., Brooklyn, N. Y., has been signed by Supreme Court Justice Frank
S. Abel. With the mailing of the checks for this disbursement on Dee. 9, dividends totaling 85% will have been paid
to the depositors and creditors since the bank was closed
on' Aug. 22 1931, with deposits of $5,366,000. The last
dividend disbursement was referred to in our issue of Dec. 17
1932, page 4161, and the closing of the bank was noted in
these columns of Aug. 21 1931, page 1395.
A meeting of the stockholders of the Lafayette National
Bank, Brooklyn, N. Y., has been called for Dec. 28 to ratify
a recommendation of the directors that the capital of the
bank be reduced from $1,450,000 to $500,000 and that the
par value of the stock be increased from $25 to $100 per
share. This was made known in a letter addressed to the
stockholders by Laurence H. Hendricks, President. Mr.
Hendricks said that it is contemplated that the difference
between the old and the proposed capital will be transferred
to surplus account and undivided profits.
John Conner Creveling, P- resident and director of the
Citizens Bank of Brooklyn, Brooklyn, N. Y., died of pneumonia on Nov. 24. Mr. Creveling, who was 70 years old,
was also Treasurer and director of the Guaranteed Title &
Mortgage Co., President and director of the coal firm of
John C. Creveling & Son, Inc., and Treasurer and director
of the Long Island Bankers, Inc. Mr. Creveling entered
the coal and lumber business when a young man but later
turned to banking. He was one of the organizers, and a
former Vice-President of the Homestead Bank of East New
York.
We learn from the "Knickerbocker Press" of Dec. 12,
that the New York State Superintendent of Banks has been
authorized to pay a second dividend, 10%, to the creditors
of the Central Bank of Albany, N. Y., in liquidation, by
order of Supreme Court Justice 0. Byron Brewster. The
paper mentioned continued:
The payment will total $187,735.10 and go to creditors whose claims
have been filed and accepted and to those accounts payable accepted
appearing on the bank's books.
The Court also approved accounts of the Superintendent of Banks from
July 31 to Nov. 25, including expenses of $37,535.32 and earnings of
$8,825.70. A first dividend of 50% was paid last July. The Court order
was on the motion of Samuel Aronowitz, attorney.
According to the Boston "Herald" of Nov. 29, the Blue
Hills Bank & Trust Co., Blue Mills, Me., which witihdrew
from the Federal Reserve System in 1930 to become a State
chartered institution, on Nov. 28 resumed its status as a
Federal bank, having renewed its affiliation with the Federal Reserve System. The paper mentioned continued:
The Blue Hills Bank was a member of the Federal Reserve System from
1913 until its directors planned expansion under the terms of a State charter. With these plans abandoned, the bank sought reinstatement in the Federal Reserve System, and a charter was promptly issued. Jesse B. Baxter
is President of the bank.
Sheridan J. Thorup and Whitman M. Chandler were appointed Vice-President and Trust Officer and Assistant Secretary, respectively, of the Union Trust Co. of Boston, Mass.,
Volume 137
Financial Chronicle
at a meeting of the directors, held Dec. 5. In regard to the
business careers of the newly-elected officers, the Boston
"Transcript" of Dec. 6, from which the foregoing is learnt,
had the following to say:
Mr. Thorup was formerly Vice-President and Trust Officer of the Harris
Forbes Trust Co., which combined with the Union Trust Co. on Dec. 1, and
took that position in 1929. Before that, he was associated with the Boston
Safe Deposit & Trust Co., and was connected with the trust department of
that concern for 12 years. He is a member of the Boston Life Insurance
Trust Council, and is active in the Corporate Fiduciary Association. He is
also a member of the Massachusetts bar.
Mr. Chandler was formerly Assistant Secretary of the Harris Forbes Trust
Co., in charge of the corporate trust department. He joined that company
in 1929 niter four years with the First National Bank of Boston in its corporate trust department. He has also been connected with the New England
Trust Co. Mr. Chandler is a graduate of Bowdoin College, and is a resident
of Watertown.
Other officers of the Union Trust Co. Include: Charles
Francis Adams, President; William H. Hill, Vice-President;
Vincent Farnsworth, Trust Officer and Assistant Vice-President; William N. Oedal, Treasurer and Assistant Vice-President; Wendell Holmes, Assistant Treasurer; Norman W.
Hall, Trust Officer; Elliott Gerrish, Assistant Trust Officer;
Stewart G. Orr, Secretary and Assistant Trust Officer, and
Frederick A. Deering Jr., Assistant Treasurer and Assistant
Secretary.
Salem, Mass., advices, on Dec. 5, printed in the Boston
"News Bureau," stated that H. Thomas Urie, liquidating
agent of the Salem Trust Co., expects to pay a dividend of
20% before Christmas to the depositors in the savings department of the institution. Dividends of 25%, it was stated,
had previously been paid.
That distribution of a third dividend in liquidation of
the Federal National Bank of Boston, Mass., amounting
to 10%, would begin on Wednesday of this week, Dec. 13,
was reported in advices by the Boston News Bureau on
Dec. 12 to the "Wall Street Journal," which added that a
total of $2,160,000 would be paid to 33,000 depositors.
4311
the
A special meeting of shareholders of the Merchants' will be held on
evening of January 8 for voting on the proposed consolidation.
co-operative
If this program is carried out it will be the first merger of
banks in Massachusetts, where the first one was organized 56 years ago.
The Merchants' is the largest co-operative bank in New England.
Stockholders of the Rhode Island Hospital Trust Co. of
Providence, R. I., at a special meeting held Dec. 7 approved
a proposal to create a new National bank, to be known as the
Rhode Island Hospital National Bank, which would take
over the commercial end of the banking business now conducted by the trust company. Application now will be
made for a National bank charter, and, provided this is
obtained, segregation of the commercial from the fiduciary
and savings divisions of the institution will become effective
Jan. 1 1934. The Providence "Journal" of Dec. 8, from
which the foregoing is learnt, went on to say:
5) by
Under the terms of the proposed change, outlined Tuesday (Dec.
H. West Jr., President, at the regular annual meeting of stockand surplus of
holders, the new National bank would have a capital
System. All
$5,000,000 and would be a member of the Federal Reserve
would be owned
stock representing ownership of these National bank assets
Reserve
by the trust company, which would withdraw from the Federal
proSystem. Assets of the trust company, he said, which heretofore have
henceforth would back only the
vided security for all deposits in the bank,
bulwarked
savings deposits and funds held in trust. These assets would be
deposits in the new
by stock certificates of the National bank. Commercial
of that bank.
National institution would be secured by the $5.000,000 assets
savings
The reasons for the change, Mr. West said, were to concentrate
under
and fiduciary business, which is purely local, in a trust company
which is naState supervision, and to segregate the commercial division,
tional in scope, under a National charter.
Thomas
In referring to the directorate and personnel of the new
National bank, President West in his statement to the stockholders (as printed in the Providence "Journal" of Dec. 6)
said:
Stephen 0.
The board of directors of the new National bank will be
L. Hodgman.
Metcalf, Robert H. I. Goddard, Henry D. Sharpe, William
Rice, Thomas H.
Alfred K. Potter, George T. Greenhalgh, Herbert W.
West Jr.
company will
It is expected that all of the present officers of the trust
also be elected
continue in the positions they now hold, and the following will
officers of the National bank:
Vice-President:
Thomas H. West Jr., President; G. Burton Hibbert,
William
John H. Wells, Vice-President; Ralph S. Richards, Vice-President;
Sumner E.
S. Innis, Vice-President; Ralph W. Bowen. Vice-President;
number of
Simmons, Vice-President; George H. Capron, Cashier. A
directors
Assistant Cashiers will also be elected. The present board of
of the trust company will remain unchanged.
The board of directors of the Webster & Atlas National
Bank of Boston, Mass., have voted to authorize an issue of
$500,000 of 5% preferred stock, the first national bankin that
city, it is said, to co-operate with the plan of the Federal
Hartford, Conn., advices, on Dec. 11, to the New York "HerGovernment for further strengthening of the capital struc- ald Tribune," stated that branch banking on a wide scale will
ture of banks throughout the country.
be inaugurated for the first time in Connecticut at an early
The directors have recommended that the stockholders date by the Hartford Trust Co. Stockholders of the Hartof the bank approve the proposal at their annual meeting. ford Connecticut Co. on Dec. 11 voted to accept the offer of
The entire issue of preferred is underwritten by a group of the Hartford Trust Co. to exchange its stock for shares of
the directors who will purchase the entire issue. It will be •the bank. These stockholders will exchange three and oneoffered to the present shareholders on the basis of one share third shares of their stock for one share of the bank stock.
of the new preferred for each share held on the present stock, The advices went on to say:
trust
although present shareholders are not obligated in any way
The Hartford Connecticut Co. owns the stock of National banks and
to purchase the new stock. The Boston "Herald" of Dec. 9, companies located in Middletown, Meriden, Rockville, Stafford Springs and
of the Hartford
Wethersfield. The plan is yet to be approved by stockholders
authority for the above, continuing said:
be assured at a meeting to be held the
In the notice which is being sent to the present stockholders the directors
also recommended the reduction of the par value of the common stock from
s100 to $50 a share, leaving the shares outstanding the same in number and
the capital at its present figure of 51.000,000.
The proposed reduction in the par value of the common will not affect the
pro rata interest of the common stockholders in the net assets of the bank
after the retirement of the preferred stock, which is to be withdrawn semiannually from earnings. As the preferred is retired, a dividend on the
common stock payable in common will be declared, thereby maintaining
the capital intact at $1,000,000. This arrangement is in addition to any
cash dividends which may be declared.
The last published statement of the bank, in response to the Comptroller's
call, showed cash. Governments and other quick assets of $8.893,000.
against deposits of $10,000,000.
The new capital structure will consist of $500,000 of common capital:
$500.000 of preferred capital; $300,000 surplus and undivided profits and
$100.000 of reserves.
We learn from the Boston "Transcript" of Dec. 8, that
shareholders of the Merchants' Co-operative Bank of Boston
on that day were receiving by mail notice that it has been
voted by the directors of this bank and the Business Men's
Co-operative Bank of Boston to consolidate the two. The
merger is planned to be completed under Section 50, Chapter
144, Acts of 1933. The terms are that the Merchants' is to
assume all liabilities of the other bank, including liability
to shareholders, on the basis of the full book value of the
shares as shown on the Business Men's books, and is to
succeed to all rights, privileges and franchises, "as well as
the right, title and interest in all property of whatever
kind, whether real, personal or mixed, and things in action
and every right, privilege, interest or asset of conceivable
value or benefit, now existing, which would inure to the
Business Men's Co-operative Bank under an unconsolidated
existence." The paper mentioned continued:
Trust Co., but ratification is said to
institulatter part of this month. The bank will then operate the several
tions as branch banks.
James Lord, Assistant Vice-President of the Bank of Montclair, Montclair, N. J., died at his home in that place on
Dec. 4, after a prolonged illness. Mr. Lord was born in England and went to live in Lawrence, Mass., as a boy. He had
lived in Montclair for 28 years. He entered the Montclair
bank six years ago, previously having been associated with
the Regal Bag Co. and the Diamond Match Co., New York.
That the Reconstruction Finance Corporation will probably purchase $1,500,000 preferred stock to be issued by
the Hudson National Bank of Jersey City, N. J., is indicated
in the following which appeared in the "Jersey Observer"
of Dec. 9:
Stockholders of the Hudson County National Bank, Jersey City, will
meet at 3 o'clock this afternoon (Dec. 9) to vote on the proposal of issuing
$1,500,000 of preferred stock. The meeting, however, will be a formality,
as proxies sufficient to carry the proposal have already been received
by the board of directors.
Present holders of common stock are entitled to subscribe for the new
Issue, share for share, but it is believed that few, if any, will avail themselves of the privilege. The entire issue, which will be a 5% cumulative
type, it is believed, will go to the Reconstruction Finance Corporation, at a
par of $30 per share.
The present common stock of the bank amounts to $1,250,000, SO that
upon ratification of the new issue by the stockholders, the capital structure
will total $2.750,000.
The Pennsylvania"State:Banking Department announced
depositors in the closed FranklinTrustI,C&).
of Philadelphia will receive a third payment of,5% on Jan. 15
next, while another closed Philadelphia bank and one in
—bee.1$ that
ol
4312
Financial Chronicle
Glenside and in Royersford will make payments on Dec. 21.
Irenoting this, the Philadelphia "Ledger" of Dec. 9 said:
The Franklin Trust Co. payment will total $799,796 to 53,371 depositors.
Thie will bring payments made by the bank to 25%. or $4,006,871. Total
deposit liability of the bank when It closed was $15,995,931.
The Columbus Title & Trust Co., Broad and Federal Streets, will make
a fifth payment of 5%, totaling $35,897 to 5,816 depositors. This will
bring Payments made by the hank to 5235%. or $376,511. Total deposit
liability when the bank closed was $717,957.
The Glenside Trust Co. will make a fifth payment of 5% totaling $18,255.
to 4.750 depositors. This will bring total payments to 45%. or $164,300.
Total deposit liability when the bank closed was $365,157.
The Royersford Trust Co. will make a first payment of 10%. totaling
$76.605 to 4,101 depositors. Deposit liabilities when the bank closed were
$766,051.
H. M. Browning, receiver for the Farmers' & Miners' Bank
of Honaker, Va., which closed several years ago, was to pay a
7% dividend to the depositors on Dec. 1, according to advices
from Lebanon, Va., on Nov. 39, to the Washington "Post,"
which added:
This payment will make a total of 82% of the deposits which have been
refunded to depositors of the bank since the closing.
The respective directors of the Dollar Savings ee Trust
Co. of Wheeling, W. Va., and the Wheeling Bank & Trust
Co. of that city, have aereed upon a plan for the consolidation of the institutions, according to Wheeling advices on
Dec. 8 to the Wastungton "Post." The merger plan is subject to ratification by the stockholders of the banks, which
is anticipated. November statements for the two banks, it
was said, showed total resources of $14,770,000 for the
"liollEriSavi—— —trust and $7,580,000 for the Wheeling
—ngs &
Bank & Trust.
Raymond F. Davis, a Vice-President of the City National
Bank & Trust Co., of Columbus, Ohio, was killed on the night
of Dec. 7 when his automobile was struck by a railroad train
at Cardington, Ohio. Mr. Davis had been associated with
the Columbus bank for 25 years. He was 47 years old.
Charles J.'Smith, receiver for the closed Commercial
Savings Bank of Moline, Ill., announced on Dec. 9 that he
would proceed with plans to make a 2% distribution,amountineto $30,000, from general assets of the bank to the depositors before Christmas. In reporting this, Rock Island,
advices to the Chicago "Tribune" on Dec. 9, furthermore said:
His plans to make a 5% distribution of $75,000 were upset when Judge
Nebo A. Larson, of Rock Island County Circuit Court sustained objections
to:a 3%klistribution from stockholders liability collections.
JudgelLarson!has suggested that stockholders withdraw their objections
to the 3% distribution on the theory that such action would benefit the
most persons.
Attorneys said they hoped to show at a hearing before the Master in
Chancery that distribution from collections of stockholders' liability is
illegal, as established by a Supreme Court ruling a year ago.
According to Mount Pleasant, Iowa, advices on Dec. 7,
printed in the Des Moines "Register," the State Trust &
Savings Bank of Mount Pleasant, which closed after irregularities were found in the account of Earl Huene, the Cashier,
and Waldo Phelps, his assistant, was to pay 20% to depositors
immediately, according to a Court order signed by Judge
James D. Smythe on Dec. 6.
Associated Press advices from Lincoln, Neb., on Dec. 6,
stated that the State Banking Department for Nebraska announced on that day payment of an 8% dividend, or $15,099,
to depositors of the Bank of Gretna, at Gretna, Neb. The
dispatch added:
Twenty-eight per cent, previously has been paid, making $68,120 the total
returned.
We learn from Washington advices by the Associated Press
on Dec. 4 that a proposal to pay depositors in the closed
Commercial National Bank of High Point, N. C., 35% of their
deposits was laid before the Comptroller of the Currency on
that day by a group of High Point business men and officials
of the closed bank.
Increasing its capital stock to $7,000,000, the Republic
National Bank & Trust Co. of Dallas, Tex. on Dec. 9 announced its directors had approved issuance of $2,000,000
of 5% preferred stock to be purchased by the Reconstruction
Finance Corporation, in line with President Roosevelt's
policy of Federal purchase of preferred stock in American
banks. In reportingl this the Dallas "News" of Dec. 10,
went on to say in part:
The Republic is one of the first banks in the country to
fall in line ,with the,President's plan by voting to increase
Dec. 16 1933
its capital structure instead of reducing the common stook,
President Fred F. Florence said. A meeting of stockholders
will be held Saturday (Dec. 16) to vote on the proposed
amendment providing for the increase and proposed amendments to the articles of association, said Mr. Florence.
In connection with the proposed increase a telegram has
been received from Jesse H.Jones, Chairman of the Board of
the RFC, stating in part: "The RFC has authorized the
purchase of all or any part of $2,000,000 preferred stock in
your bank and I wish to congratulate you on your co-operation with our preferred stock program."
The proposal was explained to the shareholders in a letter
sent to them on Dec. 9, signed by W.0. Connor, Chairman
of the Board, and President Florence, which said in part as
follows:
The plan.. .
leaves unchanged the present common stock of $4,000,000
as well as the surplus account of $1,000,000. Giving effect to the proposed
additional capital stock, the combined capital and surplus of the bank will
be $7,000,000, consisting of the present $4,000,000 common stock. 62,000.000 preferred stock, and $1,000.000 surplus.
The current amount of the undivided profits account will be transferred
to reserve accounts, against which there will forthwith be made charge-offs
and depreciation taken in assets. The adjustments to be made in the
undivided profits account are purely in the interest of a conservative
banking policy.
.
It is not thought that the annual requirements for preferred dividends
and the retirement fund should interfere with the present dividend policy
on the common stock, and this increase in the capital structure will not
affect the intrinsic value of the outstanding shares of common stock.
Directors of the Wells Fargo Bank & Union Trust Co. of
San Francisco, Calif., at a meeting held Dec. 7 declared
the regular quarterly dividend of $3.25 per share on the
capital stock payable on or after Jan. 1 to stockholders of
record Dec. 22.
According to the Toronto "Financial Post" of Dec. 9,
the following staff changes were recently made by the
Imperial Bank of Canada:
Alex Young, formerly Bank Supervisor at Winnipeg, has been appointed
Supervisor at head office, Toronto. His place Is being taken by W. L.
Gilliland, formerly Manager of the bank at Regina, who now goes to
Winnipeg as Supervisor.
R. M. Virtue, formerly Inspector at Toronto also goes to Winnipeg as
Assistant Supervisor.
Winnipeg office remains as before In charge of G. D. Ritchie, Western
Superintendent of Branches for the bank.
The annual report of the Commercial Bank of Scotland,
Ltd.(head office Edinburgh),for the fiscal year ended Oct.31
1933, as presented to the shareholders at their annual general
meeting on Dec. 14, has just come to hand. After providing
for all bad and doubtful debts and allowing for rebate,
interest, &c., net profits for the twelve months were £386,630
which when added to £75,331, the balance to credit of profit
and loss brought forward from the preceding fiscal year,
made the sum of £461,961 available for distribution. Out
of this amount, the statement shows, there was applied in
July in payment of the semi-annual dividend on the "A"
and "B" shares at the rate of 16% and 10% per annum,
respectively, £123,750 (under deduction of income tax
£41,250), leaving a balance of £338,211, which the directors
recommended be allocated as follows: £123,750 to pay the
second half-yearly dividend on the "A" and "B" shares
(payable Jan.2 1934) at the rate of 16% and 10% per annum
(under the deduction of income tax £41,250); £50,000 to
be added to contingency fund; £30,000 to be credited to
Trustees for officers' pension scheme, and £50,000 to be
applied in reduction of the cost of bank's properties, leaving
a balance of £84,461 to be carried forward to the current
year's profit and loss account. Total resources of the institution on Oct. 31 1933 were £46,497,810, while total
deposits and other credit balances (including provision for
contingencies) were £37,724,778. The paid-up capital of the
Commercial Bank of Scotland, Ltd., is £2,250,000 and its
reserve fund £2,850,000. It was established in 1810. In
addition to the head office in Edinburgh, the institution
maintains two London offices and 360 branches and suboffices throughout Scotland. The Earl of Mar and Kellie,
K.T., is Governor and John M. Erskine, General Manager.
The 14th annual report of the British Overseas Bank, Ltd.
(head office London), covering the fiscal year ended Oct. 31
1933, was presented to the shareholders at their annual general meeting on Dec. 12. The statement shows net profits
for the period, after allowing rebate of interest and providing for all bad and doubtful debts (other than provided for
out of contingencies account) of £62,808, which when added
to £61,498, the balance to credit of profit and loss brought
forward from the preceding 12 months, made £124,306 avail-
Volume 137
able for distribution. Out of this sum £60,000 was deducted
to pay a dividend on the "A" ordinary shares at the rate of
6% per annum (less income tax) for the year ended Oct. 31
1933,.leaving a balance of £64,306 to be carried forward to
the current fiscal year's profit and loss account. Total assets
are shown in the statement at £7,902,569 and current, deposit and otter accounts at £2,599,182. The bank's paid-up
capital stands at 12,000,000, and its reserve fund at £100,000.
The Right Hon. Viscount Churchill, G. C. V. 0., is Chairman
of the Board of Directors, and Arthur C. D. Gairdner is
Deputy Chairman and Managing Director.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been dull and prices irregular during
most of the present week. There have been occasional
periods of strength, particularly during the early trading,
but the market, as a rule, eased off toward the end of each
session, except on Thursday when the trend continued
upward during most of the day. Call money renewed at
1% on Monday and continued unchanged at that rate on
each and every day of the week.
Quiet irregularity characterized the trading during the
two hour period on Saturday. Toward the close, there was
a brief period of improvement and prices were fairly steady
as the buying extended to most of the active market favorites.
Auburn Auto was the feature of the early trading and had a
run up of more than 6 points, followed by moderate advances
in Chrysler and General Motors. Railroad stocks were in
fair demand and moderate gains were recorded by Atchison,
Pennsylvania and New York Central. Chemical shares were
fairly strong, particularly Allied Chemical & Dye, which
jumped 334 points to 1493 . Electrical stocks and railroad
4
equipment issues shared the limelight with the motors and
rails. American Can again touched par, duplicating its
previous top price and Hazel Atlas Glass broke into new high
ground with a not gain of 2% points to 97. The extra dividend declared by Hollinger Gold helped the gold mining
stocks and the announcement of a $10,000,000 pool to take
care of distress issues of gasoline and crude oil together with
the 3 for 1 split up in Humble Oil helped the oil stocks to
higher levels. Among the gains registered for the day were
Air Reduction, 13/ points to 1013'; American Commercial
Alcohol, 43% points to 523/; American Woolen pref
8
points to 633/s; Armour Ill. pref 63/ points to 605 ; Du Pont
%
2 points to 92; Industrial Rayon, 33/i points to 835 ;Ludlum
%
Steel pref., 7 points to 82; United States Industrial Alcohol,
2 points to 62, and Western Union, 15/ points to 5732.
Following an early rise, the stock market turned downward on Monday. The heaviest buying was concentrated
during the morning in the industrial groups including steel
stocks, motor shares and chemicals, and a number of prominent members of these sections worked into new high ground.
Allied Chemical & Dye was conspicuous among the advances
as it spurted forward to a new peak for 1933. American Can
and Industrial Rayon also recorded new tops and both
Ludlum Steel and Bethlehem scored substantial gains. In
the late dealings prices reacted downward as profit taking
dribbled into the market. Silver shares suffered a sharp
setback, United States Smelting & Refining yielded 5
points and Johns-Manville dipped around 3 points. Toward
the end of the session trading fell off and the market quieted
down, but there were a number of modest gains in evidence
as the session closed. Among these were such stocks as
3
American Beet Sugar pref., 434 points to 59%; American
Locomotive pref., 2% points to 44%; Atlantic Coast Line, 2
points to 4332; Bethlehem Steel pref., 43/2 points to 62;
Central RR. of N. J., 2 points to 72; Crucible Steel pref.,
23/2 points to 42; Delaware & Hudson, 334 points to 60;
Ludlum Steel pref., 153' points to 9532; United States Steel
pref., 23/i points to 873/2, and Worthington Pump, 434
points to 3134.
The market sagged on Tuesday, most of the trading
favorites moving irregularly downward. In the morning
dealings prices were slightly higher though they were somewhat mixed but around the noon hour the trend turned downward, and while the declines were small at first, they soon
extended to practically all parts of the list, though prices
firmed up toward the close and some of the early advances
were retained and the gains, for the most part, were fractional. Renewed buying in the steel stocks and rail equipment shares gave the market an appearance of strength,
though most traders were somewhat hesitant about following
the early ;advances in face of another rise in the dollar
4313
Financial Chronicle
Miscellaneous industrials had fairly good support and closed
near their tops for the day. The outstanding advances were
American Car & Foundry pref. 53 points to 43%, American
4
Locomotive pref., 33' points to 48, Bethlehem Steel pref.,
3 points to 65, Colorado Gas & Electric pref., 5 points to 50,
2,
Pittsburgh Steel pref., 3 j points to 34% Reading Co., 3
/
points to 30, Union Bag & Paper, 37 points to 49, West
4
Penn Electric A,23 points to 471 and Union Pacific pref.,
(4) 234 points to 7334k Public utilities were relatively firm on Wednesday, but
the rest of the market was dull and inclined to move toward
lower levels. During the opening hour some interest was
displayed in stocks like North American, Public Service of
N. J. and American Water Works, but these soon slipped
back under scattered offerings. There was also some buying
in issues like United States Steel, du Pont and American Can.
Toward the end of the session selling increased, most of the
pressure being directed against the pivotal issues which slid
back under the previous close. Some support was given
around mid-day to a few recently active securities among the
motors, steel stocks, chemical shares and rail equipments,
but the advances did not get far in the face of the dulness
of the market. The changes were small and at the end of the
session were generally on the side of the decline. Prominent
among the recessions were Armour Illinois pref., 3 points
to 53; Bethlehem Steel pref., 3 points to 62; Jones & Laughlin
pref., 4 points to 66; Loose Wiles pref. (7), 2 points to 118;
/
United States Industrial Alcohol, 21 3 points to 5934; United
States Steel pref., 2 points to 88, and Worthington Pump,
2 points to 22
Prices were generally higher as the market closed on
Thursday though, on the whole, trading was quiet and the
gains did not rise much beyond 2 points with a large part
listed among the fractions. Miscellaneous industrials,
metals and chemical stocks were the most active though
some modest gains were recorded by the motors and railroad
equipment shares. As the day progressed pivotal issues lost
a part of their early gains, but the undertone continued strong
until the market closed. American Woolen pref. was one of
the outstanding strong stocks and broke through its old 1933
top. Other shares showing strength were American Can pref.
(7) which advanced I34 points to 124%; Allied Chemical
%
& Dye, 33 points to 150; Auburn Auto, 23, points to 57;
Bucyrus-Erie pref., 53 points to 58; Norfolk & Western,
2 points to 163; United States Industrial Alcohol, 23- points
to 613 ; United States Smelting & Refining, 3H points to
%
4
893, and Wilson & Co. pref., 23 poinds to 55.
Trading in the New York stock market simmered down
to the minimum on Friday as many leading issues fell back
under selling pressure. The losses ranged up to 2 or more
points and extended to practically every active group on the
list. Railroad shares made an effort to move forward but
did not get very far. There were occasional exceptions to
the downward trend but,for the most part, these stocks were
among the slow movers. The principal changes were on the
side of the decline and included among others such trading
4
favorites as Allied Chemical & Dye, 234 points to 1473 ;
American Beet Sugar pref., 23 points to 553/2; American
4
Sugar (2), 334 points to 4934; Endicott-Johnson pref., 43
points to 120; International Business Machine (6), 2 points
%
to 1453 ; Louisville & Nashville, 25 points to 50; Public
4
Service of N. J. pref. (7), 3 points to 87; Tide Water Oil
pref. (6), 234 points to 6534; United Fruit, 2 points to 62,
and Wright Aero, 2 points to 15. The market was fairly
steady at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Week Ended
Dec. 15 1933.
Railroad
State.
Stocks,
Number of and Miscall. Municipal Sc
For'n Bonds.
Bonds.
Shares.
1,070,210
2,452,830
1,650,102
1,333,374
1,556,125
1,173,022
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntn1
nO 255 Ron
Sales at
New York Stock
Ezchange.
24,688,000
9.475,000
9,060,000
8,213,000
7,773,000
7,340,000
148 A4,
1
non
21,560,000
2,672,000
2,692,500
2.890,500
3,179,000
2,891,000
Sin RAS
Week Ended Dec. 15.
1933.
1932„
Stooks—No, of shares- a9.235.663
5,251.810
Bonds.
Government bonds --- $11,659,000 211,880,000
State & foreign bonds. 15,885,000 16,540,000
Railroad& misc. bonds 46,549,000 30,980,500
Total
Bond
Sales.
United
States
Bonds.
2920,000
2,810.000
1,289,000
2,369,000
1,495,000
2,776,000
ono 211
RAO 000
$7.168,000
14,957.000
13.041,500
13,472,500
12,447,000
13,007,000
274.093.000
Jan. 1 to Dec. 15.
1933.
1932.
W337,469,131
413,941.154
$483,577,050
739,070,500
2,017,416.400
2553,142,050
722.167,100
1,566.261,500
$74,093,000 259,400,500 23,240.063,950 22,841,570,650
Total
a Official volume for Friday, Dec. 8. was 1.324,870. Consequently 24.870 shares
have been included in the total.
4314
Financial Chronicle
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Dec. 15 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
19,069
49,544
27,366
25,226
24,962
5,231
$2,000
5,000
6,300
8,000
2,000
14,000
5,939
14,837
16,963
10,527
10,827
3,742
151,398
$37,300
62,835
142 550
c,,, non
)
c7
250
$1,600
2,000
1,000
2,000
3,000
1,275
1,694
6,842
1,548
2,474
1,907
11,000
5,200
18,600
1,900
18,500
76,000
39,000
15,740
$121,200
Ann
7 557
545 500
SlA
THE CURB EXCHANGE.
Small and irregular price changes characterized the trading
on the Curb Exchange during most of the present week.
There were occasional exceptions where some special offering
attracted considerable speculative buying, but the list as
a whole was dull and the volume of dealings was below the
average. Industrial shares were the leaders during the forepart of the week, hut these were superseded later on by the
public utilities and oil stocks.
On Saturday the market was unusually dull during the
opening hour but turned sharply upward as the day progressed. Trading interest centered to a large extent in the
oil shares as a result of the announcement of the 3 for 1 splitup in Humble Oil. Public utilities were quiet but generally
managed to hold most of the gains of the previous day. Gold
mining stocks showed little change, though the dealings in
these shares indicated an increased turnover following the
declaration by Hollinger Gold of the regular dividend of
five cents and an extra dividend of an equal amount payable
Dec. 30. Other metal issues were inclined to ease off.
Liquor stocks were heavy during the first hour, but later in
the day moved slowly upward under the guidance of Hiram
Walker and Krueger Brewing Co., both of which registered
good advances. In the miscellaneous industrials, some
sizeable gains were recorded by Aluminum Co. of America,
Jones & Laughlin Steel, Singer Manufacturing Co. and A.0.
Smith. Other strong stocks included Celanese 1st pref.,
which jumped 43/, points to 106 at its top for the day and
fractional gains were recorded by Swifts International and
Pioneer Mining.
Firm prices and moderate dealings were the outstanding
features of the trading on Monday. Oil stocks were popular
in the day's transactions, particularly Humble Oil, which
sold at its top for the year. Gulf Oil of Pennsylvania
attracted some buyers and sold up about a point. The industrial issues were steady and made some small gains such as
Great Atlantic & Pacific Tea Co., 1 point to 138. Metal
shares were irregular, Newmont advancing fractionally
while Lake Shore Mines sold off on the day. Wet stocks
moved within a narrow channel and public utilities were
somewhat mixed.
The curb list reacted downward on Tuesday though there
were afew stocks that maintained their earlystrength throughout the session. This was true of the public utilities, and
while there were some issues that slipped back a point or
more, such shares as American Gas & Elec. corn. and pref.,
Columbia Gas & Elec. pref., Commonwealth Edison and
Consolidated Gas of Baltimore recorded small gains. Electric Bond & Share, on the other hand, was fractionally down
on the day. Aluminum Co. of America eased off to 81M
and Insurance Co. of North America was about 2 points
lower. In the wet group, Distillers Seagram was easier
and so was Hiram Walker. Mining shares were practically
unchanged.
Trading on the Curb Exchange was dull and movements
narrow on Wednesday. Opening prices were lower all along
the line, but the list rallied later in the day and some moderate recoveries were recorded among the market leaders.
Public utilities were lower, Electric Bond & Share showing a
moderate loss, and Consolidated Gas of Baltimore dropped
about 2 points. Mining shares were irregular, Lake Shore
showing a slight gain while Newmont was off about 2 points
on the day. The industrial group, including such stocks as
Aluminum Co. of America and Cord Corp., was below its
best. In the wet stocks, Hiram Walker regained its previous losses, but Distillers Seagram eased off 34-point to
213.. Specialties were moderately firm though there were
some fractional recessions from the best levels of the day.
The tone of the market showed marked improvement on
Thursday, though the turnover continued on a small scale.
The metal shares were the outstanding strong features, stocks
like Newmont Mining and Lake Shore showing small gains
and Pioneer Gold improved fractionally. Oil issues like
Dec. 16 1933
Standard Oil of Indiana and Humble Oil showed improvement, but Gulf Oil sold off. Public utilities were inclined to
ease off though the tone, on the whole, was stronger. Industrial shares were represented on the upside by Aluminum
Co. of America, Cord Corp. and A. 0. Smith, the gains
ranging up to 2 points.
Prices were mixed and trading was unusually quiet on
Friday, most of the changes being within a comparatively
narrow channel. Some pressure was apparent but it was
extremely light and did not affect the trend of the market
to any appreciable extent. Gold mining stocks and metal
issues were practically at a standstill and oil shares were
without noteworthy movement. Public utilities were mixed
some of the more active shares showing moderate declines,
while others equally popular recorded fractional gains.
Liquor issues were moderately firm with Hiram Walker
holding its fractional advance. The range of prices for the
week leaned slightly toward the downside, the recessions including among others such trading favorites as Aluminum
Co. of America 80 to 77, Commonwealth Edison, 37 to
306; Cord Corp. 7314 to 53; Electric Bond & Share, 13%
to 13; Ford of Canada A,15 to 1434; Gulf Oil of Pennsylvania,
%
583 to 553/s; Humble Oil, 10434 to 1013 ; International
4
Petroleum, 21% to 20; New Jersey Zinc, 633/i to 62; Parker
2
Rust Proof, 5634 to 56; Pennroad Corp., 2% to 234; Standard Oil of Indiana, 323 to 323.'; Swift & Co., 15 to 133/s,
%
and United Gas Corp. 2% to 23i.
A complete record of Curb Exchange transactions for the.
'
week will be found on page 4347.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Dec. 15 1933.
Stocks
(Number
of
Shares).
DOnle4114.
$112,000
175,000
128,000
188,000
166,000
111,000
$92,000 $1,762,000
96,000 3,256,000
143,000 3,340,000
179,000 3,165,000
150,000 3,187,000
105,000 3,244,000
1,517,568 $16,309,000
$880,000
3765,000 $17,954,000
Week Ended Dec. 15.
Sales at
New York Curb
Exchange.
1933.
Jan. 1 to Dec. 15.
1932.
Stocks
-No. of shares_
1,517,568
969,920
Bonds.
Domestic
$16,309,000 317,981,000
Foreign government
924,000
880,000
Foreign corporate
765,000
1,087,000
Total
Total.
116,245 $1,558,000
342,634 2,985,000
266,953 3,069,000
265,910 2,798,000
271,717 2,871,000
254,109 3,028,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Government. Corporate.
$17,954,000 $19,992,000
1933.
1982.
97,073,849
54,525,876
$833,536,000
41,013,000
39,329,000
$822,105,100
31,313,000
57,246,000
$913,878,000
$910,664,100
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a decrease as compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Dec. 16) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 5.5% below those for the corresponding
week last year. Our preliminary total stands at $4,560,737,620, against $4,824,422,239 for the same week in 1932.
At this center there is a loss for the five days ended Friday
of 6.0%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Dec. 16.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore _
New Orleans
1933.
1932.
Per
Cent.
32.325,775,388 $2,473,139,034
-6.0
157.629,632
141,904,046 +11.1
213,000,000
246,000,000 -13.4
152,000,000
-3.2
157,000,000
46,367.764
43,433,171
+6.8
46,300,000
-8.0
50,300,000
82,180,000
80,900.000
+1.6
No longer will re port clearings.
64,972,169
67,556,665 +12.9
42,729,458
42,554,556
+0.4
41,216,786
51,631,819 -20.2
34,676.163
42,762,310 -18.9
22,217,000
23,114,125
-3.9
Twelve cities, five days
Other cities, live days
$3,229,064,360
488.216,990
$3,410,295,725
489,638,810
-5.3
-0.3
Total all cities, five days
All cities, one day
$3.717,281,350
843,456,270
$3,899,934,535
924,487.704
-4.7
-8.8
• Total all cities for week
S4.560.737
54 524 422 250
-5.5
R211
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Dec. 9. For
that week there is an increase of 6.9%, the aggregate of
clearings for the whole country being $4,511,927,246, against
$4,220,747,243 in the same week in 1932.
Outside of this city there is a decrease of 6.6%, the bank
clearings at this center having recorded a gain of 7.1%.
We group the cities according to the Federal Reserve districts in which they are located and from this it appears
that in the New York Reserve District, including this city,
the totals record an increase of 7.0% and in the Boston
Reserve District of 9.5%, but in the Philadelphia Reserve
District the totals show a decrease of 12.9%. The Cleveland Reserve District has a gain of 6.1% and the Atlanta
Reserve District of 22.8%, but the Richmond Reserve
District has a loss of 9.9%. In the Chicago Reserve District
the totals are larger by 10.6%, in the St. Louis Reserve
District by 27.1%, and in the Minneapolis Reserve District
by 14.6%. In the Kansas City Reserve District the incr 3/1.30
is 14.2%, in the Dallas Reserve District, 30.2%, and in
the San Francisco Reserve District, 11.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 9 1933.
1932.
1933.
111 cities
Total
Outside N Y. City
1931.
1932.
4,511,927,246 4,220,747,243 +6.9 5,516,229,412 8,783,633,504
1,628,137,822 1,527,474,246 +6.6 2,077,350,135 3,086,708,304
22 AtAiPA
144 814 612
981 AM All -4-11 A
. AAR Ito
1,f1
21A Cal 0.
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Dec. 9.
Clearings at
1933.
1932.
Inc. or
Dec.
$
$
%
-BostonFirst Federal Reserve Dist net
469,379 +18.0
553,778
Maine-Bangor..
1,504,211
2,045,098 -26.4
Portland
Mass,
-Boston.. 177,184,239 159,342,113 +11.2
559,479 -6.5
523,390
Fall River.-246,553 +17.6
289,853
Lowell
586.581 +5.7
619,878
New Bedford
2,658,042 -7.5
2,458,785
Springfield
1,830,999 -30.0
1,280,871
Worcester
6,071,361 +18.4
7,189,344
-Hartford.
Conn.
3,064,955 +1.3
3,104,326
New Haven...
7,477,000 -3.5
7,211,700
R.I.-Providence
447,971 + 12.1
502,262
N. H.-Manch'er
Total(12 cities)
202,422,637
184,799,531
+9.5
1931.
$
1930.
$
544,414
2,848,305
236,000,000
944,023
465,997
861,591
3,912,138
2,563,467
8,766,184
5,533,126
10,332,700
637.420
1,043,475
3,487,918
379,930.228
1.192,831
657,807
1,034,000
4.495,752
3,114,044
12,474,552
6,818,984
12,906,500
694.149
273,409,365
York
+30.3
4,711,476
5,632,317
+16.2
747,755 • 1,255,428
+15.3
29,208,306
41,785.707
+9.1
732,011
1,143,240
-37.3
662,392
1,024,562
+7.1 3,438,879,277 5,696,925,200
9,043,887
+0.7
10,089,196
-7.7
3,950,266
4,552,761
-26.4
3,249,344
2,867,915
-17.4
730,795
727,351
-7.8
24,739,409
35,978,825
+12.7
31,610,470
40,452,511
Total(12 cities) 2,968,862,700 2,773,520,562
+7.0 3,547,883,959 5,842,816,442
Third Federal Reserve Dist rict-Philad elphia587,009
Pa.
-Altoona....
311,699 +88.3
626,347
c
c
Bethlehem_ _ _ _
c
c
280,816
272,102 +3.2
Chester
623,383
687,624
891,477 -22.9
Lancaster
1,904,372
Philadelphia.- 228,000,000 261,000,000 -12.6 276,000.000
1,093,001
1,701,159 -35.7
Reading
2,718,045
1,801,463
2,514,927 -28.4
Scranton
3,689,798
1.496,734
WIlkee-Barre1,729,233 -13.4
2,480,701
950,611
908,774 +4.6
York
1.559,224
2,381,000
-Trenton_
3,209,000 -25.8
N.J.
3,738,000
Total(9 glow_ 237,278,258 272.538,371 -12.9 293,339,870
1,225,353
1,1341,183
1,723,298
401,000,000
3,091.824
4,765,535
2,892,864
2,181,181
3,490.000
421,411,238
c
c
44,780,335
71,126,313
9,279.100
1,000,000
c
92,469.561
c
c
62,810,973
109,969,191
14,295,000
1,315,228
c
178.742.730
+6.1
218,655,309
367,133,122
Fifth Federal Reserve Dist rict-Richm ond347,502 -74.2
89,650
W.Va.-Hunt'on
3,340,000
3,749,000 -10.9
Va.-Norfolk...
28,975,187
29,000,589 -0.1
Richmond _ _:
897,930
711,921 +26.1
.8. C.-Charlea'n
41,367,829
47.255,533 -12.5
Md.-Baltimore_
14,560,071
18,001,141 -19.1
C.-Wash'ton
D.
546,042
3,823,479
31,919,480
1,395,570
62.396,777
22.048,212
1,131,894
5,548,249
45,438,000
2,011,012
94,205,459
26.649,625
Total(5 cities)
169,879,691
99,065,686
-9.9
122,129.560
174,984,239
Sixth Federal Reserve Dist rict-Atlant a 3,380,164
1,983,208 +70.4
-Knoxville
Tenn.
8,458,029 +15.3
9,730,059
1.• Nashville
23,400,000 +42.7
Ga.-Atlanta- 33,400,000
686,737 +28.1
879,938
Augusta
345,579 +93.8
689.889
Macon
8,153,154 +27.4
10.390,000
Fla.-Jacks'nville
Ala.-Birm'ham
. 11,652,106 . 7,851.321 +48.4
917,144
833,429 +10.0
Mobile
c
c
c
Miss.
-Jackson111,629 +28.3
143,212
Vicksburg
24.969,312 -7.3
23,147,091
La.-NewOrleans
3,283,819
10,131,514
31,400,000
1,263,063
554,225
10,774,785
9,912,850
1,056,956
c
166,060
31.621,416
2,500.000
17,537,037
38,635,798
1.778,678
1,212,437
13,535.389
17.143,379
1,846,072
c
207,780
42,970,627
76,792.398 +22.8
100,164,688
137,367.197
Total(6 cities).
,
Total(10 cities)
89,230,667
160,142,556
94,309,603
1933.
1932.
Inc. or
Dec.
1931.
1930.
$
$
SeventhFeder al Reserve D istrIct-C h i cago
55,425
92,223 -39.9
183,380
Mich.
-Adrian -726,249
482,586
563,706 -14.4
Ann Arbor..._
78.953,795
50,650,769
50.282,462 +0.7
Detroit
3.285,369
1,335,192
1,999,845 -33.2
Grand Rapids.
1,865,373
606,560
421,200 +44.0
Lansing
599,251
820,518 -27.0
1,503,010
Ind.-Ft. Wayne
13,244,000
10,278,000 -5.6
Indianapolis_
9,703,000
1,637,272
550,381
1.049.404 -47.6
South Bend_ _
3,292,430
3,140,963
2,805,881 +11.9
Terre Haute_
19,972,509
15,366,938
13,684,888 +12.3
WIL-Milwaukee
895.334
603,469 -63.8
218,753
Iowa-Ced. Rap.
5,345.048
4,331,379 +45.6
Des Moines
6,305,406
3.546,886
1,991,760
Sioux City
1,927,306
• c
Waterloo
1,138,103
974,551 -57.8
411,578
HI.
-Bloomington
179,411,595 153,847,011 +16.6 264,469,107
Chicago
722,137
.393.548 +9.8
432,140
Decatur
2,520,645
2,120,415
2,141,750 -1.0
Peoria
1,158,254
526,418
483,046 +9.0
Rockford
1,754,027
1,492,563 -46.0
805.796
Springfield..._
1,505,086
425,383,255
1,094,193
3,612,083
2,617,667
2.465,140
216,140
862,088
136.658,952
5,140.981
2,803,804
2,939,892
19,297,000
2,581.233
4,491,249
25,073,338
2,875,666
7,642.032
3,588,650
248,257,204 +10.6
406,212,928
650,846,449
Eighth Feder at Reserve D istrict-St. Louis
Ind.
-Evansville_
48,100.000 +23.9
Mo.-St. Louis..
59.600,000
16,578.920 +23.8
20,521,934
Ky.-Louisville...
16,215,711
10,907,761 +48.7
Tenn.
-Memphis
Ill.-Jacksonville
407,945 -33.1
Quincy
273,000
69,600,000
19,320,784
12,844,794
99,700,000
23,738,920
15.645,743
671.044
618.919
75,994,626 +27.1
102.436,622
139,703,582
Ninth Federal Reserve Din trIct-MI n n eapolis
2,464,439 +1.1
2,492,137
Minn.-Duluth42,471,555 +13.7
Minneapolls
48,307,199
St. Paul
13,851,470 +23.0
17,041,535
N. Dak.-Fargo_
1,521,701 +5.0
1,597,503
S. D.
525,218 -15.1
-Aberdeen
445,673
Mont.
-Billings
327,864 +4.0
341,106
Helena
1,943,970 +8.9
2,117,529
2,827,678
57,555,171
18,618.965
2,025,343
690.581
547,740
2,642,862
4.487,673
73,277.233
22,915,672
2,288.760
1,119,290
739,103
3.205,780
63,106,217 +14.6
84.908.340
108,013,511.
Tenth Federal Reserve Dia trict-K a n as City
Neb.-Fremont...60,633
115,587 -47.5
Hastings
Lincoln
1.588.852 +8.6
1,725,786
Omaha
21.564,995
17,980,423 +19.9
Kan.
-Topeka
1.831,294
1,666.548 +9.9
Wichita
1,705.379
3,159,912 -46.0
Mo.-Kan. City.
57,618,774
49,277,896 +16.9
St. Joseph_
2,620,864
2,344.796 +11.8
Colo.
-Col. Spgs.
464,327
483,301
Pueblo
461,316
501,281 -8.0
207.901
314,439
2,697,304
26.994,647
2,338.087
4,193,363
70.179,432
3,274,406
1,193,548
933,545
3,235,310
39,177,214
3,249.354
6,610,826
106,339,647
5.236,422
1,285,914
1,454,830
77,118,596 +14.2
112,012,233
166,903.956
Eleventh Fede ral Reserve District
-Da Iles
-Texas-Austin...
682,324
707,510 -3.6
Dallas
33,683,067
24,925,717 +35.1
Fort Worth
5,079,864 +29.7
6,588,542
Galveston
2,500,000
2,111,000 +18.4
La."
-Shreveport.
1,964,025
2,071,623 -5.2
978,759
29.623,418
7,043,039
2,387.000
2,566,311
1,603.896
38,324,484
9.599,532
2,676.000
3,539,294
42,598.527
55.743,206
Total(4 cities)_
Total(7 cities).
274,650,472
96,610,645
72.342,682
427,830,240
Second Feder at Reserve D istrict-New
4,019,862
5,238,512
-Albany
N. Y.
739,189
636,292
Binghamton...
22,960,126
19,913,054
Buffalo
495,649
540,640
Elmira
Jamestown....
443,310
706,753
2,883,789,424 2,693,272,997
New York
5,956,422
Rochester
5,914,843
2,884,989
Syracuse
3,125,965
-Stamford
2,190,690
Conn.
2,977.263
*450,000
N. J.
-Montclair
545,000
16,026,031
Newark
17,375,809
Northern N. J_
24,537,275
27,643,367
Fourth Feder at Reserve D istrIct--Clev elandc
c
c
-Ohio-Akron.
c
c
c
Canton
33,251,263 +12.6
Cincinnati - 37,437,364
.
46,401,956
50,992,567 -9.0
Cleveland
7.291.300
6.654.300 +9.6
Columbus
912,554
768,227 +18.8
Mansfield
c
c
c
Youngstown
77,836,517
68,476,199 +13.7
pa.-P1ttsburgh
Week Ended Dec. 9.
Clearings at
Total(19 cities)
Ine.or
Dec.
$
$
$
Federal Reserve Din.
%
$
202,422,637
184,799,53 +9.5
273,409,365
427,830,240
.
1st Boston_ _ _12 cities
2,968,862,700 2,773,520,56 +7.0 3,547,883,959 5,842,816,442
2nd New York_ _12 "
237,278,258
272
4538,37 -12.9
293,339,870
421,411,238
3rd Philadelpla 9 "
169,879,691
160,142,556 +6.1
218,655,309
367,133,122
4th Cleveland__ 5 "
89,230,667
99,065,686 -9.9
122,129,560
174,984,239
5th Richmond.6 "
54,309,603
76,792,39 +22.8
-10 "
100,164,688
137,367,197
6th Atlanta...
274,650,472
248,257,204 +10.6
406,212,929
650,846,449
7th Chicago _ - -19 "
96,610,645
75,994,626 +27.1
102,436,6;2
139,703,582
8th St.LouLs_- 4 "
72.342,682
63,106,21 +14.6
84,908,340
108,013,511
9th Minneapolis 7 "
88,053,368
77,118,596 +14.2
112,012,233
166,903,956
10th Kansas City 9 "
45,417,958
34,895,71 +30.2
5 "
42,598,527
55,743,206
11th Dallas
172,868,565
154,515,78 +11.9
212,478,011
290,880,322
12th San Fran 13 "
C•eneela
4315
Financial Chronicle
Volume 137
Total(9 cities)_
Total(5 calm).
88,053,368
45,417,958
34.895,714 +30.2
Twelfth Feder al Reserve D istrict-San Franci sco-Wash.
24.093.505
-Seattle
20,459,128
19,985.814 +2.4
Spokane
7,317.000
6,610,000
4,592,000 +43.9
665,405
Yakima
487,104
367,405 +32.6
22,054,374
Ore.
-Portland.
14,472,709 +23.3
17,840,083
Utah-S. L. City
13,184,216
11,387,622
9,828,677 +15.9
Calif
.-Long Bch
5,012.905
3,171.279 +0.5
3,185.580
Los Angeles.... No longer will report elearin gs.
4,486,760
2,951).721 -4.0
Pasadena
2,833,903
8,783,815
Sacramento...
3,545,617
7,639.343 -53.6
San Diego
No longer will report clearin gs.
San Francisco. 101,058.665
86,354,875 +17.0 118,974,082
2,905,202
San Jose
2.055,523 -10.5
1,839,449
1,811,194
Santa Barbara_
1,546,557
1,000,000 +54.7
1,558,123
882,626 +1.4
Santa Monica.
894,831
1,631,430
1,214,810 -2.9
Stockton
1,180,026
35,149,635
10.859.000
1,259,154
29,760,537
16,641.415
7,823.167
5,902.595
7,346,844
165,158,059
3,426.458
3,276,892
2,310,868
1,965,700
Total(13 cities) 172,868,565 154,515,782 +11.9 212,478,011 290.880,322
Grand total (111
4 511,927,246 4,220,747,243 +6.9 5,516,229,412 8,783,633,504
cities)
Outside New York 1,628,137,822 1,527,474,246
+6.6 2,077.350,135 3,086,708,304
Week Ended Dec. 7.
Clearings al
1933.
Canada
125,884,694
Montreal
107,530,912
Toronto
47,919,184
Winnipeg
Vancouver
15,471,294
Ottawa
4,297.419
Quebec
4,785,366
Halifax
2,342,347
Hamilton
3,981.545
Calgary
5,131,913
St. John
1,789.946
Victoria
1,658,977
London
2,539,573
Edmonton
4,461,686
Regina
3,775.969
Brandon
354,555
Lethbridge
439.506
Saskatoon
1,488,217
Moose Jaw
560,665
Brantford
882,138
Fort William..
682,454
New Westminster
490,231
Medicine Hat_
249,139
Peterborough614,297
Sherbrooke
635,073
Kitchener
1,036.523
Windsor
2,004,687
Prince Albert....
292,232
Moncton
788,853
Kingston
613,918
Chatham
469,383
Sarnia
460,895
Sudbury
586,221
Total(32 cities)
344,019,812
1932.
76,122,756
84,260,026
42,448,196
13,110,914
4,352,738
4,036,251
2,422,837
3,792,990
5,429,554
1,482,311
1,416,019
2,467,773
4,314,500
3,204,614
335,084
400,532
1,493,823
609,510
832,968
648,285
453,074
213.975
567.025
475,371
860,341
2,237,696
295,056
745,497
577,806
524,630
418.509
470,150
Inc. or
Dec.
1931.
1930.
$
$
+65.1 123,670,357 112,940,975
+27.6
82,910,448 101,425,294
+12.9
44,659,811
39,684,634
+18.0
14,841,649
16,581,454
---1.3
6,319.547
6,691.146
+18.6
4,688,287
6,600,967
-44.6
2,878,378
3,431,640
+5.0
4,295,630
5,146,046
6,175,154
8,490,391
+20.8
2,008,312
2,186,158
+17.2
1,642,105
2,193,569
2,656,429
+2.9
2,932,045
+3.4
5,385,540
5,838,390
+17.8
4,210,490
4,618,131
425,307
+5.8
478,480
409,605
+9.7
677,650
1,861.719
-o.
2,217,505
674,736
-8.0
928,432
+5.
912,164
1,15.5,518
+5.
728,702
982,040
+8.
507,875
771,296
+16.
292,429
298,054
+8.
674,123
931,429
+33.
626,495
805,884
+20.
941,934
1,283.722
-10.
2.667,012
3,066,301
409.662
417,718
+5.
863,751
759,216
+6.
721.351
740,683
-10.
737,243
557,040
+10.
612,588
549,388
+24.7
939,494
580,459
261,020,811 +31.8
320,668,742
336,641,240
* Estimated. b No clearings available. c Clearing House not functioning at
present.
Financial Chronicle
4316
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 29 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £190,538,434 on the 22d inst. as compared with £190.538.388 on the previous
Wednesday.
Purchases of bar gold to the total of £99,938 were announced by the
Bank during the week.
Large amounts of gold have been available in the open market and
have been taken for the Continent and destinations not disclosed. Demand
has been keen and a premium over franc parity nas been maintained,
although this has shown rather wide variations.
Quotations during the week:
Equivalent Value
of £ Sterling.
Per Fine
Ounce.
13s. 6.25d.
Nov.23
125s. 8d.
Nov.24
13s. 5.71d.
126s. Id.
135. 5.18d.
Nov.25
126s. 6d.
135. 6.73d.
Nov.27
125s. 3 .5d.
13s. 6.46d.
Nov.28
125s. 6d.
135. 6.46d.
Nov.29
1255. 6d.
135. 6.13d.
Average
125s. 9.08d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Exports.
Imports.
Germany
Netherlands
Belgium
France
Switzerland
Austria
Persia
Other countries
Germany
£32.881
7,113
Netherlands
Belgium
59.824
France
2,490,182
Switzerland
52,999
United States of America 210,504
11,212
Cuba
British South Africa
1,182,706
British India
270.866
254.455
China
Hong Kong
74,279
British Malaya
31,267
389,283
Australia
New Zealand
65,449
Jamaica & Dependencies..
55,706
Other countries
17,233
£1,310
3,778
1,000
18,178
18,229
10,325
780,500
410
£5,205,959
£833.730
The SS. Viceroy of India, wnich sailed from Bombay on Nov. 25, carries
gold to the value of £370,000 consigned to London.
SILVER.
The market has presented no special feature during the past week, a
quietly steady tone being maintained and prices showing only small daily
fluctuations. There has been some support from China, offsetting moderate
offerings from the Continent and resales by toe Indian bazaars; the latter
quarter has also been inclined to buy at the lower rates.
In the afternoons America has worked both ways, but business with
New York was rendered somewhat difficult owing to the wide fluctuations
in the dollar exchange seen during the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
Imports.
Exports.
Germany
Netherlands
France
Japan
British West Africa
British India
Australia
New Zealand
Other countries
£25,859
17.218
6,695
2,915
3,573
27,115
23,232
1,515
954
Germany
Norway
Belgium
France
Syria
Persia
Other countries
£1,340
2,001
62,981
1,349
10,512
147,478
2.795
£109,076
Quotations during the week:
IN LONDON.
-EarSilver per Oz.Std.Cash Deliv. 2 Mos.' Del.
£228,456
IN NEW YORK.
(Per Ounce .999 Fine.)
1830.
Nov.22
44 11-16c.
Nov.23___1834d.
Nov. 23
183id.
43%c.
Nov.24_--18 7-16d.
Nov.24
Nov.25-18%d.
18 7-16d.
43 7-16c.
Nov.25
433ic.
Nov.27_ __18,
18 7-16d.
3
4d.
Nov. 27
18%d.
42)ic.
Nov.28...18 5-16d.
18;id.
Nov.28
43X c.
Nov.29__18 5-16d.
18.417d.
Average__ -18.344d.
The highest rate of exchange on New York recorded during the period
from the 23d inst. to the 29th inst. was $5.41 and the lowest $5.0455.
INDIAN CURRENCY RETURNS.
Nov. 15.
(In Lacs of Rupees)Nov. 22.
Nov. 7.
17,949
Notes in circulation
17,946
17,960
10.311
10.309
10,322
Silver coin and bullion in India
3,005
2,995
2,979
Gold coin and bullion in India
4.643
4,659
Securities (Indian Government)
4.632
The stocks in Shanghai on the 25th inst. consisted of about 158,900,000
ounces in sycee, 310,000,000 dollars and 8,740 silver bars, as compared
with about 158.900,000 ounces in sycee, 310,000,000 dollars and 7,600
silver bars on the 18th inst.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sal.,
Mon.,
Dec. 9. Dec. 11.
Silver, per oz__ 1830.
18%d.
Gold, p. fine oz.1268. 6d. 1278.
Consols,234%. 7334
7394
British 334%
War Loan__10034
10044
British 4%,
1960-90
11034
11034
French Rentes
(in Paris)
3% __Jr. 56.70
French War L'n
(in Paris)5%
---1920 amort
Thurs.,
Frt.,
Wed.,
Dec. 13. Dec. 14. Dec. 15.
18 9-16d. 1844d.
18 11-16(b
1268.430. 126s. Id. 126s. Id. 1268. Id.
7334
74
74
7334
2`ues.,
Dec. 12.
1834cl.
10034
10034
100.
8
4
10034
11044
11034
11034
111
87.30
58.10
67.50
67.60
68.00
107.10
108.00
107.20
106.50
108.50
The price of silver in New York on the same days has been:
Silver in N. Y..
per oz. (eta.) 4334
4334
4234
4234
4334
4334
Dec. 16 1933
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:
Dec. 9
1933.
Francs.
Bank of France
11,400
Banque de Paris et Pays Bad._ 1,460
Banque d'Union Parisienne____
278
Canadian Pacific
225
Canal de Suez
20,095
Cie Distr d'Electricitie
2,500
Cie Generale d'Electricitie
2,060
Cie Generale Transatlantique __
44
Citroen B
498
Comptoir Nationale d'Escompte 1,020
Coty Inc
200
Courrieres
319
Credit Commercial de France__
740
Credlt Foncier de France
4,560
Credit Lyonnais
2,100
Distribution d'Electricitie la Par 2,520
Eaux Lyonnais
2,770
Energie Electrique du Nord _ ___
714
Energie Electrique du Littoral._
952
French Line
37
Galeries Lafayette
88
Gas le Bon
1,010
Kuhlmann
640
L'Air Liquide
770
Lyon (P L M)
895
Mines de Courrieres
310
Mines des Lens
410
Nord KY
1,270
Orleans Ry
833
Paris. France
900
Pathe Capital
66
Pechiney
1.140
Rentes 3%
66.60
Rental 5% 1920
106.30
Rentes 4% 1917
75.50
Rentes 434% 1932 A
83.90
Royal Dutch
1,820
Saint Gobain C dc 0
1,339
Schneider & Cie
1,620
Societe Andre Citroen
490
Societe Francais° Ford
60
Societe Generale Fonciere
105
Societe Lyonnaise
2,765
Societe Marseillaise
535
Suez
20,100
Tubize Artificial Silk prof
153
Union d'Electricitie
810
Union des Mines
Wagon-Lits
99
Dec. 11
1933.
Francs.
11,600
1,480
271
231
19,850
2,540
2,060
38
494
1,040
200
320
751
4,650
2,140
2,540
2,790
718
954
38
88
990
650
780
875
320
420
1.290
822
900
67
1,150
67.30
107.10
76.20
82.80
1,820
1.307
1,610
490
60
107
2,795
535
19,900
156
830
170
97
Dec. 12
1933.
Francs.
11,500
1,490
269
234
19,750
2,540
2,090
40
498
1.030
200
322
740
4,670
2,140
2,550
2,770
712
953
40
88
1,030
650
780
890
320
420
1,320
835
890
68
1,150
68.10
108.00
77.10
84.40
1,830
1,305
1,608
500
62
109
2,775
535
19,800
155
820
170
97
Dec. 13 Dec. 14
1933.
1933.
Francs. Francs.
11,400 11,400
1,464
1.460
285
271
227
228
19,800 19,840
2,495
2,560
2,040 2,050
41
40
492
496
1,030 1,032
198
200
318
320
735
745
4,860 4,670
2,000 2,090
2,490 2,500
2,710
2,730
707
713
944
954
41
41
88
88
1,001
1,010
638
640
757
760
875
880
310
320
410
410
1,284
1,280
821
830
882
880
65
67
1,150
1,110
67.60 67.65
106.50 106.45
76.30
76.40
83.50 83.60
1,810 1,800
1,293
1,301
1,610
1,607
490
490
61
60
105
105
2,740
2,770
535
535
19.800 19,800
150
150
804
800
170
160
96
96
Dee. 15
1933.
Francs.
11,400
1,460
'Hi
2:656
1 655
;
200
4,a •E)
- ,
2,100
2,480
2,750
41
88
1,010
640
760
-51(1
410
1,280
"875
1:ii&
68.00
106.50
76.70
83.80
1,810
-495
59
105
19: 5E0
i
"i15
170
_.._
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Dec. Dec. Dec. Dec. Dec.
9.
11.
12.
14.
13.
Per Cent of Par
162
165
160
163
164
Reichsbank (12%)
Berliner Handels-Gesellschaft (5%)
84
84
83
84
84
Common -nod Privet Bank A G
44
44
44
44
44
Deutsche Bank nod Disconto-Gesellschaft__ 47
49
47
48
50
Dresdner Bank
55
55
5.5
55
55
Deutsche Reichsbahn(Gem Rys) prof(7%)-106
106
106
106
106
Allgemelne Elektrizitaets-Gesell(A E G)___ 23
24
23
24
24
Berliner Kraft u Licht(10%)
110
116
116
118
117
Dessauer Gas (7%)
109
105
105
109
111
Gesfuerel(5%)
83
81
81
84
84
Hamburg Elektr-Werke (8%)
103
104
103
104
104
Siemens & Halske(7%)
139
139
137
139
138
10 Farbenindustrie(7%)
122
121
119
122
124
Salzdetfurth (734%)
150
148 148
146
148
Rheinische Braunkohle (12%)
188
_._
193
193
193
Deutsches Erdoel(4%)
100
99
98
101
101
Mannesmann Roehren
59
57
58
60
61
Hapag
28
26
27
27
27
Norddeutscher Lloyd
28
30
29
29
29
x New shares.
Dec.
15.
162
84
43
49
55
107
24
116
108
83
103
142
123
iii
101
69
26
28
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Dec. 15 1933:
Btd
Anhalt 78 to 1946
133
Argentine 5%. 1945, 8100
74
pieces
Antioquia 8%, 1946
/24
Austrian Defaulted Coupons 1100
Bank of Colombia. 7%,'47 115
Bank of Colombia, 7%,'48 flb
Bavaria 6348 to 1945
142
Bavarian Palatinate Cons.
Cit. 7% to 1945
/30
Bogota(Colombia)634,'47 122
Bolivia 6%,1940
'5
Buenos Aires scrip
110
Brandenburg Elec. 13a, 1953 /48
Brazil funding 5%,'31-51 34
British Hungarian Bank
7348, 1962
/51
Brown Coal Ind. Corp.
1334e, 1953
181
Call (Colombia) 7%. 1947 11312
Callao (Peru) 734%, 1944 '3
Ceara (Brazil) 8%, 1947_ '4
Columbia scrip
'5
CostaRica funding 5%.'51 8712
Costa Rica scrip
13712
City Savings Bank, Buda/4012
pest, 78, 1953
Deutsche Bk 6% '32 unst'd 173
Dortmund Hun UM 88,'48 f4112
Duisberg 7% to 1945
130
Duesseldorf 78 to 1945...- /30
East Prussian Pr. 135, 1953. /43
European Mortgage as In143
vestment 734s, 1968_
French Govt. 534s, 1937._ 145
French Nat. Mail SS.018,'52 125
Frankfurt is to 1945
/31
German All Cable 75, 1945 /45
German Building & Landbank 634%,1948
/40
German defaulted coupons.. /71
Haiti 8% 1953
65
Hamb-Am Line 630 to '40 /70
Hanover Harz Water Wks.
6%. 1957
133
Housing & Real Imp is,'48 140
Hungarian Cent Mut 78.'37 133
Hungarian Dbmount & Exchange Bank 7s. 1963... 131
I Flat prime
Ask
37
Ask
Bid
Hungarian defaulted COUPS f85
Hungarian Ital Bk 734s,'32 173
Jugoslavia 5s, 1956
26
18
27 Koholyt 834s. 1943
/4212 4512
Land M Bk, Warsaw 88,'41 60
85
19 Leipzig Oland Pr. 634s,'48 /112
65
19 Leipzig Trade Fair 78, 1953 13012 3312
45 Luneberg Power, Light &
Water 7%, 1948
83
160
33 Mannheim & Paiat 7s. 1941 130
54
24 Munich 7s to 1945
14212 4512
8 Munic 13k, Hessen,78 to'45 133
36
20 Municipal Gas & Elea Corp
60
45
Recklinghausen, is. 1947 141
3512 Nassau Landbank 6345,'38 147
52
Natl. Bank Panama 0 2%
,
54
42
140
1948-9
Nat Central Savings Bk of
64
55
Hungary 730, 1962
- 152
1512 National Hungarian dc Ind.
6
14612 4812
Mtge.7%,1948
7 Oberpfalz Elec.7%,1946
41
- 138
15 Oldenburg-Free State 7%
37
133
to 1945
19
Porto Alegre 7%, 1968___ /18
ProtestantChurch (Ger4212
43
/41
many), is, 1946
58
Prov Bk Westphalia 113, 33 155
56
Proy Bk Westphalia 68,'36 152
32 Rhine Westph Eleo 7%.'35 151
54
34 Rio de Janeiro 6%, 1933_ 124
27
65
413 Rom Cath Church 6348,'40 162
42
R C Church Welfare 78,'46 j'40
46 Saarbruecken M Bk 68,'47 70
75
155 Salvador 7%, 1957
11712 19
130 Santa Catharine (Brazil).
34
/1912 2012
8%. 1947
48 Santander(Colom)is, 1948 f9
1012
22
Sao Paulo (Brazil) 68, 1947 120
44 Saxon Pub. Works 5%,'32 (35
73 Saxon State Mtge. 68, 1947 /58
82
75 Siam & Halske deb (38, 2930 /245
285
45
70 Stettin Pub CBI is, 1946
- 142
23
Tucuman City is, 1951._ /21
38
35 Tucuman Prey. 75, 1950_
42
38
44 Vesten Elect Ity 78, 1947- /36
88 Wurtemberg 7s to 1945.... .(43
46
33
Financial Chronicle
Volume 137
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for November
1933 and 1932, and the five months of the fiscal years 19331934 and 1932-1933:
General Funds.
—Month of
Receipts—
1933.
nternal revenue:
$
Income tax
18,963,998
MLscell. internal revenue
97,818,794
Processing tax on farm prod. 29,169,233
Customs
26..565,090
Miscellaneous receipts:
Proceeds of Govt.
-owned sec.
Principal—foreign oblig__
Interest—foreign obit
1,030
All other
30,776,934
Panama Canal tolls, &c....... 2,120,187
Other miscellaneous
3,446,010
Total receipts
November—
1932.
$
14,712.180
66,628,902
24,050,946
179,595
11,189,093
36,255,563
9,290,730
20,599,354
9,496.165
8,008,812
28,678,623
208,861,276 114.010,384 1,136,504,402
680,894,151
239,696
1,785,352
6,593,308
Expenditures—
General:
Departmental (note 1)
32,946,856
Public bldg. construction &
sites. Treas. Dept. (note 1) 7,256,822 196,036,229
River & harbor work (note 1) 7.728.416
National defense (note 1)__
38,743,743
Veterans' Admin.(note 1).... 39.892,040
Adjusted-service ctf. fund_
Agricultural Adjustment Administration (note 1)
28,141,721
Farm Credit Administration (note 1)
27,051.369
Agricultural marketing fund
(note 2)
3.913,211
Distribution of wheat and
cotton for relief
3,568.713
Refunds of receipts:
Customs
1,261,621
1.030.035
Internal revenue
6,122,943
5,919,022
Postal deficiency
5,000.000
Panama Canal
382,909
558,360
Subscription to stock of
Federal land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share).
Dist. of Col.(Govt.share)
.
Interest on the public debt
11.190.381 19.407,163
Public debt retirements:
Sinking fund
5,187,000
Purchases and retirements
from foreign repayments
Received from foreign governments under debt
settlements
Estate taxes, forfeitures,
gifts.
Total
July ifs Nov. 291933.
1932.
$
192,022,035 202,488,157
629,744,915 314.499.258
87,155,534
150,067,583 117,723,136
152.126,863
42,478,472
39.032,476
191,606,849
222.437,919
50,000,000
990,642,169
51,356,290
54,678,950
4,385.501
4,687,678
28.637,926
45,078,598
4,482,315
a191,000
20,850,000
292,700
5.700,000
246,606,420
416.000
7.775,000
232,023.237
5,187,000
3,500
7,000
131,473,024
1,842,440
28,700,219
40,000,000
119.759,867
354,022,451
769.095
400,674,077
$821,953,630.00
44% Fourth Liberty Loan of 1933-38 (called
and uncalled)
Treasury bonds:
44% bonds of 1947-52
4% bonds of 1944-54
34% bonds of 1946-56
34% bonds of 1943-47
34% bonds of 1940-43
34% bonds of 1941-43
34% bonds of 1946-49
3% bonds of 1051-55
334% bonds of 1941
44-34% bonds of 1943-45
$1,933,211,900.00
5,423.180,900.00
758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,915,050.00
819,097,000.00
755.844,200.00
834,474.100.00
1,344,767,200.00
7,356,392,300.00
7,391,131,600.00
Total bonds
Treasury Notes
3% Series A-1934. maturing May 2 1934
• % Series 11-1934, maturing Aug. 1 1934._
3% Series A-1935, maturing June 15 1935._
14% Series B-1935, maturing Aug. 1 1935._
34% Series 4-1936, maturing Aug. I 1936...
• % Series B-1936, maturing Dec. 15 1936._
23.4% Series 0-1936, maturing April 15 1936._
34% Series A-I937, maturing Sept. 15 1937
3% Series B-1937, maturing April 15 1937_
24% Series A-1938, maturing Feb. 1 1938._
24% Series 13-1938. maturing June 15 1938._
$15,569,477,530.00
$244,234,600.00
345,292,600.00
416,602,800.00
353,865,000.00
365,138,000.00
360,533,200.00
572.419,200.00
834,401.500.00
508,328,900.00
277,516,600.00
623,911,800.00
4% Civil Service Retirement Fund, Series 84,902,244.200.00
1934 to 1938
241,700,000.00
4% Foreign Service Retirement Fund. Series
1934 to 1938
2,475,000.00
4% Canal Zone Retirement Fund, Series 1936
to 1938
2,221,000.00
5,148,640,200.00
Certificates of Indebtedness—
%% Series TD-1933, maturing Dec.15 1933_
_
$254,364,5C0.00
434% Series TD2-1933, maturing Dec. 15 1933
473,328,000.00
% Series TM-1934, maturing March 15 1934
460,099,000.00
4% Series TJ-1934, maturing June 15 1934._
174,905,500.00
$1,362,697,000.00
4% Adjusted Service Certificate Fund
Series.
maturing Jan. 1 1934
129,100,000.00
Treasury Bills (Maturity Value)—
Series maturing Dec. 6 1933
75,039,000.00
Series maturing Dec. 20 1933
100,015,000.00
Series maturing Dec. 27 1933
75,082.000.00
Series maturing Jan. 3 1934
100,050,000.00
Series maturing Jan. 10 1934
75,020,000.00
Series maturing Jan. 17 1934
75,523,000.00
Series maturing Jan. 24 1934
80,034,000.00
Series maturing Jan. 31 1934
60,180,000.00
Series maturing Feb. 7 1934
75,335,000.00
Series maturing Feb. 14 1934
75,295,000.00
Series maturing Feb. 21 1934
60,063,000.00
Series maturing Feb. 28 1934
99,877,000.00
1.491,797.000.00
951,513,000.00
15,894,530
365,178
Total
293,514,400 36,821,417 692,826,804 400,674,077
Total expenditures (note 4)-499.420.221 272,254,150
1,908,969,977 1.832,879,671
Excess of receipts
Excess of expenditures(note 4)290,558,945 158,243,767
772,465,575 1,151,985,519
Summary.
Excess of expenditures
290.558.945 158,243.767 772,465.575 1.151,985.519
Lass public debt reorements 5,187,000
5.190,500
7,000
Excess of expenditures (excl.
public debt retirements)—.285,371,945 158,243,767
767.275.075 1,151.978,519
Trust and contributed funds,
excess of recipts (—) or
expenditures(+)
+322,500 +229,680 —16,952.545
—5,499,453
Total excess of expenditures235,694,445 158.473,447 750,322,530
1,146,479,066
Increase (+) or decrease (—)
in general fund balance._ +198,164,609-165000995 +245.120,682
+172,532,326
Increase (+) or decrease (—)
+483,859,054 —6,527,548 +995,443,212 +1319011392
In the public debt
Trust and Contributed
Funds.(Note 5.)
10,631,994 10,496,236
Receipts
65,530,894
63,358.896
Expenditures
10,954.494 10,725,916
48,578,349
57.859,443
Excess of receipts or credits_
16.952,545
5,499,453
Excess of expenditures
322.500
229.680
a Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
Year 1934 are included under emergency expenditures, the classification of which
Will be shown in the statement of classified receipts and expenditures appearing on
1). 4 of the daily Treasury statement for the 15th of each month.
Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and interest thereon, are reflected as
credits
in the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditures is not available for comparison with emergency
expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance corporation expenditures appeared on D. 3.
Note 5.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1934 is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under general and special funds for the fiscal year 1933.
$599,724,050.00
48.954,180.00
25,947,900.00
49,800,000.00
28,894.500.00
68,633,500.00
First Liberty Loan of 1932-47:
• % bonds
$1,392,227.350.00
4% bonds (converted)._
5,002.450.00
• % bonds (converted)
535,982,100.00
al00,880
20,850,000
205,905,821 235,432.733 1,216.143.173 1.432,205,594
Emergency (note 3):
Federal Emergency Administration of Public Works
37,307,600
Administration for Industrial Recovery
533,856
Agricultural Adjustment Administration
7.603,868
Farm Credit Administration
Administrationof Emergency
Conservation Work
27.056.093
Reconstruction Finance Corporation
217,738,142 36,821,417
Tennessee Valley Authority_
330.747
Federal land banks (subscriptions to paid-in surplus, &e.)
2,652,659
Federal Deposit Insurance
Corporation (subscriptions
stock)
to
291.435
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
24% Postal Savings bonds (6th to 45th series)
100,000,000
144,802,455
4,690,109
23,894,233
12,002,999
3,265,888
4317
Preliminary Debt Statement of the United States
Nov. 30 1933.
The preliminary statement of the public debt of the United
States Nov. 30 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 44% Second Liberty Loan
bonds of
1927-42
44% Third Liberty Loan bonds of 1928
34% Victory Notes of 1922-23
44% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of Indebtedness, at various int. rates_
Treasury bills
Treasury Savings Certificates
Debt Bearing No Interest—
United States notes
Less gold reserve
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ __
Thrift and Treasury savings stamps, unclassified sales. &c
$23,161,427,730.00
$1,505,420.26
2,276,700.00
3,676,100.00
11.150.00
896,350.00
3,039,600.00
32,871,600.00
23,828.000.00
509,025.00
68,613,945.26
$346,681,016.00
156,039,088.03
3190,641,927.97
108.068,075.50
2,038.657.08
3,325,435.71
304,074,096.26
Total gross debt
523,534.115,771.52
COMPARATIVE PUBLIC DEBT STATEMENT
.
(On the basis of daily Treasury statements.)
Aug. 31 1919
March 31 1917
When War Debt
Nov. 30 1932
Pre-iVar Debt,
Was Al Its Peak.
a Year Apo.
51.282,044.346.28 $26,596,701,648.01 $20,806,013,8
36,26
74,216,460.05
1,118,109,534.76
589,729,503.99
Gross debt less net bal. ,
in general fund
31,207,827,886.23 $25,478,592,113.25 $20,216,284,3
32.27
Oct. 31 1933
Last Month,
Nov. 30 1933,
Gross debt
523,050,256,717.27 523,534,115.771.52
Net balance in general fund
909,161,293.61
1,107,325,902.46
Gross debt less net balance In gen.
fund___$22,141,095,423.66 322,426.789,869.06
Gross debt
Net bal. in general fund
Public Debt of the United
States—Complete Returns
Showing Net Debt as of Sept. 30
1933.
The statement of the public debt and
Treasury cash holdings of the United States, as officially
issued Sept. 30 1933,
delayed in publication, has now been
received, and as interest
attaches to the details of available cash
and the gross and
net debt on that date, we append a summary
thereof, making
comparison with the same date in 1932:
Dec. 16 1933
Financial Chronicle
4318
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Sept. 30 1933. Sept. 30 1932.
$
862,119.223
1,145,554,763
Balance end of month by daily statements. Arc
Add or Deduct—Excess or deficiency of receipts over
—5,046,896
+4,687,525
or under disbursements on belated items
1,150,242,288
857,072,327
29,444,496
92,133,959
4,100,560
1,264,046
25,822,222
88,294,136
4,337,945
1,022.603
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers checks
Discount secured on War Savings Certificates
Settlement on warrant checks
126,943,061
119,476,906
+1,023,299,227
Balance, deficit(—)or surplus(+)
-BEARING DEBT OUTSTANDING.
INTEREST
Interest Sept. 30 1933.
8
Payable.
Title of Loan—
Q 4. 599,724,050
2. Consols of 1930
48,954,180
-F.
Q.
2s of 1916-1936
25,947.400
-F.
Q.
2s of 1918-1938
49,800,000
-M.
Q.
as of 1961
28,894,500
-J.
Q.
3s convertible bonds of 1946-1947
J -S. 1,494,697,000
Certificates of indebtedness
24. 1,392,227,350
3348 First Liberty Loan, 1932-1947
5,002.450
-D.
J.
-1947
45 First Liberty Loan, converted 1932
-D. 532,489,950
4(ls First Liberty Loan, converted 1932-1947 J.
3,492,150
-D.
-1947.-J.
Loan, 2d cony., 1932
44:0 First Liberty
A.-0. 5,268,094,150
4)4s Fourth Liberty Loan of 1933-1938
758,983,300
434s Treasury bonds of 1947-1952
1,036,834,500
4s Treasury bonds of 1944-1954
489,087,100
344s Treasury bonds of 1946-1956
454,135,200
bonds of 1943-1947
3348 Treasury
352,993,950
334s Treasury bonds of 1990-1943
544,915,050
334s Treasury bonds of 1941-1943
819.497,000
334s Treasury bonds of 1946-1949
759.494,200
3s Treasury bonds of 1951-1955
835,043,100
35/s Treasury bonds of 1941
68,633,500
25/s Postal Savings bonds
5,151,087,200
Treasury notes
Treasury bills, series maturingc100,010,000
1933—Oct. 4
c75,453,000
Oct. 11
c75,172,000
Oct. 18
c80,122,000
Oct. 25
c60,096,000
Nov. 1
c75,143,000
Nov. 8
c75,100,000
Nov. 15
c60,200,000
Nov.22
c100,296,000
Nov.29
c75,039,000
Dec. 6
c100,015,000
Dec. 20
c75,082,000
Dec. 27
1932—Oct. 11
Oct. 19
Oct. 26
Nov. 9
Nov. 16
Nov.23
Nov.30
Dec. 23
+737.595,421
Total
Sept. 301932.
a
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
2,384,862,150
1.392,227,850
5,002,450
532,491,150
3,492,150
6,268,099,450
758,983,300
1,036,834,500
489,087.100
454,135,200
352,994,450
544,916,050
821,402,000
800,418,000
43,453,360
3,031,084,700
c50,278,000
c75,923,000
c83.317,000
c75,217,000
c75,016,000
c62,350,000
c100,500,000
c100,665,006
22,671.755,280 20.296,069,990
260,212,878
308,576,026
54,958,145
70.422,640
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
a23,050.753,946 20,611,241,013
+1,023,299,227 +737,595,421
b22,027,454,719 19,873,645,592
Net debt
a Total gross debt Sept. 30 1933 on the basis of daily Treasury statements was
$23,050,754,554.51, and the net amount of public debt redemptions and receipts
In transit, &c., was $608.25.
b No reduction is made on account of obligations of foreign Governments or
other investments.
c Maturity value.
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of September,
October, November and December 1933:
Holdings in U. S. Treasury Sept. 1 1933. Oct. 1 1933.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin, J‘c
Total cash in Treasury_
Less gold reserve fund_ _ _ _
$
214,088,786
68,278,069
3,274,755
21,110,177
19,501,011
492.943
10,264,645
8,199,144
345,209,530
156,039,088
Assets—
Gold coin
Gold bullion
Not. 1 1933. Dec. 11933.
$
224,025,275
65,584,992
2,466,421
21,949,918
17,759,070
981,793
9,943,392
8,036,413
$
232,244,750
65,989.791
3,518.289
21,306,811
17.672.310
1,557,122
10.308,860
7,831,236
350,747,274
156,039,088
360.429,169 .379,460,598
156,039,088 156,039,088
Cash balance in Treas'y 189,170,442 194,708,186
Dep. In spool depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,125,195,000 1,123,756,000
45,170,948
60,335,423
Dep. in Fed. Res. bank
Dep. in National banks—
7,636,462
7,599,721
To credit Treas. U. S.
20,868,224
18,930,434
To credit disb. officers_
1,403,508
1,281,180
Cash in Philippine Islands
2,339,106
2,454,254
Deposits in foreign depts.
Dep. In Fed. Land banks_
204,390,081
$
260,364,348
61,853,099
2,481,049
18.742,572
16,860,665
1,524,534
10.450,945
7,183,386
GOLD.
$
. Liabilities-S
806,629,626.48 Gold ctfs. outstanding__1,162,180,629.00
Gold fund, Fed. Reserve
2 394.493,016.37
Board (Act of Dec. 23
1913, as amended
1,778,577,665.79
June 21 1917)
156,039,088.03
Gold reserve
Gold in general fund__.._ 104,325,260.03
3,201,122,642.85
3,201,122,642.851 Total
Total
Note.—Reserve against 3346,681,016 o U. S. notes and 31,195,674 of Treasury
notes of 1890 outstanding. Treasury notes 01 1890 are also secured by silver dollars
In the Treasury.
GENERAL FUND.
I Liabilities
Assets—
104,325,260.03 Treasurer's checks outGold (see above)
483,826.73
standing
Silver dollars (see above) 24,896,717.00
Depos. of Gov't officers:
2,481,049.
United States notes_ _
4,184,627.62
Post Office Dept
16,860,665.00
Federal Reserve notes
Board of trustees,
1,524,534.00
Fed.Res. bank notes_
Postal Savings Sys18,742,572.00
National bank notes
tem10,450,945.37
Subsidiary silver coin.. _
5% reserve, law5,297,977.07
Minor coin
59,303,439.99
ful money
36,956,381.68
Silver bullion
47,161,920.76
Other deposits_
Unclassified—
Postmasters, clerks of
1,885,408.79
Collections. ea
courts, disbursing
Deposits in:
108,688,584.02
officers, Ac
Federal Reserve banks 118,611,923.04
Deposits for:
Special depositaries
Redemption of Fedacct. sales of Treas.
eral Reserve notes
bonds, Treas. notes,
40.887,616.73
(5% fund, gold)
and ctfs. of indebt.1,048,247,000.00
Redemption of Fed.
Nat. and other bank
Res. bank notes(5%
depositaries:
fund, lawful money) 11,089,100.00
To credit of TreasRedemption of Nat.
urer U. S
7,463,356.39
bank notes (5%
To credit of other
fund,lawful money) 38,337,178.61
Govt. officers
20,977,342.63
Retirement of adell
Foreign depositaries:
circulating notes.
To credit of Treas1,350.00
Act of May 30 1908
urer U. S
1,468,120.47
Uncollected items, exTo credit of other
3,891,058.08
changes, Sec
Govt. officers_
1,230,549.63
Philippine treasury:
314,928,702.54
To credit of Treas1107.325.902.46
834,802.90 Net balance
urer U. S
1 422,254,605 00
Total
1,422,254,605.00
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
3661,913.783.96.
Under the Acts of July 14 1890. and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made.
under the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was $108,068,075.50.
51,313.035 in Federal Reserve notes, $1.524,534 in Federal Reserve bank notes,
and $18,651,642 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds.
CknntrcerctaiandPaisceilantonsReins
Bank Notes—Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation
Afloat on—
Amount Bonds
on Deposit to
Secure Circula
Hon for National
Bank Notes.
Nov. 30 1933
Oct. 31 1933
Sept.30 1933
Aug. 31 1933
July 31 1933
June 30 1933
day 31 1933
Apr. 30 1933
Bar.31 1933
Feb. 28 1933
fan. 31 1933
Dec. 31 1932
lov. 30 1932
Bonds.
859.736,430
852,631,430
857,210,430
855,781,930
852,529,890
856,394,230
897,952,290
899,410.240
885,871,740
806,026,070
796,069,670
796,908,870
812.590.590
$
853,937,995
849,453,595
852,464,810
851.509.995
848.207.263
853,935,968
864.590,423
893,199.238
875.820,165
800,885,900
788,034,870
786,734,150
796.032.621
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Nov. 30 1933:
Bonds on D8POSil
Dec. 1 1933.
7,354,344
20,872,095
1,286,730
2,568,497
7,463,356
20,977.343
834,803
2,698,670
CURRENT ASSETS AND LIABILITIES.
SILVER DOLLARS.
Liabilities—
506,880,116.00 Silver ctfs. outstanding_ 480,787,725.00
Treasury notes of 1890
1,195,674.00
outstanding
24,896,717.00
Silver dolls, in gen. fund
506,880,116.00
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
$
28, U. S. Consols of 1930
28, U. S. Panama of 1936
25, U. S. Panama of 1038
as, U. S. Treasury of 1951-1955
3)4e, U. S. Treasury of 1048-1999
Ths, U. S. Treasury of 1941-1943
3345, U. S. Treasury of 1940-1943
35/s. U.S. Treasury of 1943-1947
Is. U. B. Panama Canal of 1961
38, U. S. convertible of 1946-1947
33's, U. S. Treasury of 1933-1911
Totals
Total
$
961,271,287
961.548.135
962,998,545
965.932,095
966,634,173
970,601,088
980,663,403
982,031.393
966,660,540
894,321,055
881,146,010
881,330,848
875.880.908
32,524,683 Federal Reserve bank notes outstand ng Dec. 1 1933. secured by
awful money, against $2,694,012 on Dec. 1 1932.
911.159,000 1,048,247,000
46,157.433 118,611,923
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Nov. 29 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Nov. 29 1933.
505,880,116.00
Total.
U. S. Bonds Held Nov. 30 1933.
Available cash balance_ 1.199.515.473 1.145.554.763 909,161,294 1.107.325.902
• Includes Dec. 1 $36,956,382 silver bullion and $5,297,977 minor, &c.. coin
.
not included in statement "Stock of Money:
Total
$
107,333,292
112,094,540
110,533,735
114,422,100
118,426,910
116,665,120
116,072,980
88,832,155
90,840,375
93,435,155
95,111,140
94,596,698
79.848.287
223,421,510
Net cash in Treasury
1,404,966,454 1,395,882,434 1,193.788.180 1,422,254,605
and in banks
Deduct current liabilities_ 205,450,981 250,327,671 284,626,886 314,928,703
Assets—
Silver dollars
Legal
Tenders.
Total
Held.
566,321,950
42,514,880
20,663,200
52,118,500
45.679,150
37,470,400
17,823.150
27,599,500
1,000
1,020,000
48,524.700
566,321,950
42.514,880
20,663,200
52,118,500
45,679,150
37,470,400
17,823,150
27,599,500
1,000
1,020,000
48,524,700
859,736,430
859,736,430
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Nov. 1 1933
and Dec. 1 1933 and their increase or decrease during the
month of November.
National Bank Notes—Total Afloat—
Amount afloat Nov. 1 1933
Net decrease during November
Amount of bank notes afloat Dec. 1
Legal Tender Notes—
Amount deposited to redeem National bank notes Nov. 1
Net amount of bank notes redeemed in November
Amount on deposit to redeem National bank notes Dec. 1 1933
5961,548,135
276.848
5961,271,287
5112,094,540
4,761,248
$107,333,292
Financial Chronicle
Volume 137
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Dec. 9 to Dec. 15, both inelusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
* 20
Allen Industries pref
*
Apex Electrical Mfg
Chase Br & Cop pf ser A100 8655
*
City Ice & Fuel
Cleve Builders Supply._.5
Cleve Flee 111 6% pref _100 100
100
Cleve Ry eta dep
%
Cleve Securities P L pref_*
Cleve Worsted Mills com_*
Corr MeKin SU vtg com100
100
loNon-vtg corn
*
Dow Chemical corn
Faultless Rubber corn_ __.5 _ r
Federal Shut Mills cony_ *
Firestone T & R 6% pf _100 71
General T & R 6% pref
100 71
Ser A
•
Geometric Stamping
Great Lakes Towing pfd100
Greif Bros Cooper cl A...°
8
10
Halle Bros Co
Interlake Steamship com_*
10
Kaynee cum
8
Kelley Island L & Tr corn *
*
Lamson Sessions
*
Medusa Cement
Metropolitan Pav Brick—
•
Common
•
Mohawk Rubber com_
Murray Ohio Manfg corn.*
5
National Refining corn_25
100
Preferred
*
National Tile corn
134
Nestle-LeMur cl A
•
134
Nineteen Hund Corp CIA_*
*
Ohio Brass B
•
434
Packer Corp corn
•
Richman Bros corn
Robbins & Myers v t ear 1•
Vteser 2
*
Yi.
2
25
Preferred v t e
255
Seiberling Rubber corn_ _ _•
100
Preferred
* 21
Selby Shoe corn
Sherwin-Williams com_ _25 45
100 99
AA pref
Trumbull-Cliffs Fur p1.100
1
Van Dorn Iron Works cum*
*
Viehek Tool
Youngstown 5 & T pref 100
Range Since Jan. 1.
Low.
20
5
8655
1734
5
9955
38
%
10
10
10
74
25
3355
6954
20
534
8655
1734
5
101
38
35
1034
1034
1036
75
26
3455
71
55
135
50
200
10
89
350
341
282
140
111
75
140
400
115
6
4
65
955
3
9534
29
%
4
334
255
30
1735
26
4734
71
1
3935
2055
8
2036
6
8
4
6
71
1
3955
2055
8
21
6
8
4
6
15
150
10
25
90
215
100
46
35
100
29
%
30
8
4
14
3
655
134
6
2
234
4
5
45
134
1
2134
1034
454
43
34
%
2
255
15
20
4434
9734
72
%
235
35
2
274
4
534
45
134
134
2134
11
434
447-4
34
%
2
3
15
21
45
99
72
1
235
37
25
601
50
595
35
40
716
110
260
60
342
50
10
100
400
35
305
245
113
300
1.225
100
110
High.
Jan 20
Feb
755
Apr 90
Apr 25
June
6
Mar 110
Apr 4955
Feb
%
Jan 15
Jan 24
Feb 25
Jan 78
Jan 26
Mar 3455
Apr 7434
2
1
3
3
30
1
54
2036
534
2
2234
Dec
July
Oct
July
Sept
Jan
July
May
June
July
July
July
Dec
June
June
Feb
Oct
Feb
Mar
Mar
Feb
Mar
Apr
Feb
Feb
80
4
3955
25
12
29
6
16
635
20
July
July
Dec
Aug
Aug
July
July
July
July
July
Apr
Mar
May
Apr
May
Jan
Apr
Mar
Jan
Feb
Apr
ii Sept
% Aug
1
Jan
1
Mar
10
Apr
Jan
10
1335 Feb
70
Mar
Jan
60
% Dec
134 Mar
1734 Feb
655
7%
10
9
58
436
3
24
20
7
53
55
31
254
7
25
21
45
99
75
345
434
53
June
July
July
July
July
June
June
Jan
July
Apr
July
Dec
Aug
Oct
June
June
Dec
Dec
Nov
Aug
May
July
June
•No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Dec. 9 to Dec. 15, both
inclusive, compiled from official sales lists:
Stocks—
awes
I' may
Last Week's Range for
Week.
of Prices.
Sale
Par Price, Low. High. Shares.
Aluminum Industries
*
834 835
1134 12
Amer Laundry Mach_ _ _20 1134
•
254
Amer Products corn
236
Amer Rolling Mill
25
19
2034
Carey (Philip).com_ _ -100
48
48
Central Brass
54
34
* 13
13
13
Cin Adver l'roducts
CNO&TPpref
100 82
81
82
100 67
663.4 68
On Gas & Elea pref
434 5
Cincinnati Street
50
Cincinnati Telephone_ __50 6355 63
6334
•
City Ice & Fuel
1734 1734
Crosby Radio A
•
936 934
Dow Drug
*
2
2
234
Eagle-Picher Lead
20
5
5
5
Formica
•
11
11
Gerrard (S A)
''
%
%
34
Gibson Art corn
•
8
8
8
*
Gruen Watch
55
1
Hatfield Camp. pref- -100
1234 1234
Hobart
*
18
1834
Julian &Kokenge
•
8
8
10
Kahn A
40
10
Kroger common
•
2534 2555
100
98
98
Lazarus pref
a
g
Lunkentrelmer
9
9
*
335
334 355
Meteor Motor
100 15
15
15
Nash (A)
* 4034 40
Procter & Gamble
4134
•
10
Randall A
10
*
234 294
B
•
10
Richardson common
10
10 17
17
18
U 5 play Card
*
234 255
U 5 Print common
ITS Print & Lith mut_ _ _50
6
6
6
25
610
300
313
4
100
6
32
212
612
232
15
125
220
475
1
25
40
143
12
35
40
10
1
50
40
140
10
167
25
70
60
727
20
10
Range Since Jan. 1.
Low.
3
634
134
634
25
34
10
75
62
4
5754
1034
234
184
236
5
%
7
55
934
10
4
10
1534
85
8
33.4
10
1934
4
234
4
9
1
3
Mar
Mar
Oct
Feb
Apr
Dec
Apr
June
Sept
Nov
May
Mar
Mar
Apr
Feb
Jan
Dec
Apr
Dec
May
Mar
Sept
Mar
Feb
Apr
Feb
Dec
Apr
Mar
Feb
Dec
Jan
Mar
Apr
Anr
High.
16
June
19
July
314 June
3055 July
60
Aug
34 Dec
30 June
85
Sept
93
Jan
9
May
7536 July
2434 July
15 June
655 July
855 July
2134 June
1
Apr
14
June
5 June
14
July
27
June
10
May
12
June
35
July
98
Dec
1034 July
9 June
30
May
465 July
%
1255 July
4
Aug
1334 July
2734 July
634 July
11
Ana
• No par value.
St. Louis Stock Exchange.—Deo. 9 to Dec. 15:
Stocks—
Arthte
_ ._
......_
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
8
8
American Credit Indem_10
51
*
Brown Shoe corn
10
*
Burkart Mfg pref
10
Coca-Cola Bottling com__1
334
354
Columbia Brewing com--5
10
•
Elder Mfg corn
14
Ely & Walk D Gds com_25 14
100 90
90
1st preferred
100
70
2d preferred
1
434
Falstaff corn
336
331
Hamiltn-Brn Shoe corn_ _25
.
1
Ilussmann-Ligonier corn 5
•
236
Huttig S dr D corn
4535
Shoe com__• 46
International
14
20
Laclede Steel corn
41
•
McQuay-Norris corn
834
Mo Portland Cem corn-.25
• 1534
1534
Natl Candy cum
250
Nich Beaziey Airpl corn_.5
1
Pedigo-Lake Shoe com___•
9
835
Rice-Stix Dry Gds coin...*
100
80
2d preferred
1
•
Scullin Steel prof
Southwesn Bell Tel pref 100 11855 118
834
&ix Baer & Fuller cony...*
83-4
50
Sc
St Louis Pub Serv com__*
Wagner Electric com___ _15 1155 1036
Pram-rad
95
100
No par value.
8
51
10
10
354
10
14
90
70
554
334
1
255
47
14
41
834
1534
250
1
9
80
1
11835
836
50
1134
97
Range Since Jan. 1.
Low.
High.
100
5
May
934 July
85 29
Apr 5334 July
51
4
Mar 10
Dec
28
655 May 1234 June
70
335 Dec
534 Sept
25
4
Mar 10
Dec
20
6
Mar 18
June
30 67
Mar 95
July
4 55
May 75
Nov
345
43-4 Feb
9
Oct
230
236 Feb
5
July
250
1
Dec
436 June
140
254 Dee
234 Dec
243 26
Mar 55
July
40
9
Jan 20
July
4 2455 Mar 4434 July
89
434 Feb 1355 June
30
July
534 Mar 22
1.700 25o Dec 400 Nov
50
1
Dec
334 July
280
3
Feb
10
June
20 50
Apr 80
Dec
125
1
Dec
434 June
95 10936 Apr 11834 Dec
177
554 Feb 1234 June
300
50 Dec
5c Dec
434 Apr 1234 July
935
6 75
Mar 97
Dec
4319
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Dec. 2—The Branchville National Bank, Branchville, N.J___ _
$50,000
President, Charles J. McCloskey; Cashier, John K.
Showers. Will succeed No.7,364,the First National
Bank of Branchville.
100,000
Dec 2—City National Bank in Dixon, Dixon, Ill
President, Z. W. Moss; Cashier, Clyde H. Lenox.
Will succeed No. 3.294, the City National Bank of
Dixon.
Dec. 2—National Bank of Hastings, Hastings, Mich
50.000
President, John C. Ketcham; Cashier, Warren E.
Carter. Will succeed No. 1,745, the Hastings National Bank.
Dec. 4—The Central National Bank at Battle Creek. Battle
Creek, Mich
910,000
Capital stock consists of $360,000 common stock and
$550,000 preferred stock. President. Frank G.
Evans;Cashier,P.J. Ross. Willsucceed No.7,013,
Central National Bank & Trust Co. of Battle Creek.
50,000
Dec. 5—The Union National Bank of Oxford, Oxford, N.C
President, J. S. King; Cashier, J. P. Harris. ConverP-1 -11 j
sion of the Union Bank & Trust Co.
100,000
Dec. 6—The Crafton National Bank, Crafton, Pa
President, L. P. Myers; Cashier, J. W. Giffin. Will
succeed No. 6,010, the First National Bank of
Craton,Pa.
Dec. 6—The New Public National Bank of Rochester, Roches100,000
ter, N. H
President, William M. Lord; Cashier, Percival H.
Safford. Will succeed No. 11,893, the Public National Bank of Rochester.
50,000
Dec. 6—The First National Bank at Swayzee, Swayzee,Ind--Capital stock consists of $25,000 preferred stock and
825,000 common stock. President, William J.
Milnes; Cashier, Charles W. Hamer. Will succeed
No.8,820,the First National Bank of Swzyzee.
50.000
Dec. 7—Strausstown National Bank. Strausstown, Pa
President, H. W. Anthony; Cashier. 11. M. Oberholtzer. Will succeed No. 10,452, the.Strausstown
National Bank.
Dec. 7—The First National Bank of Mount Vernon. Mount
100.000
Vernon, Ill
President, R. 0. Kaufman; Cashier, Marlin Rich.
Will succeed No. 5,689, the Third National Bank of
Mount Vernon.
50.000
Dec. 7—National Bank of Monticello, Monticello, Ill
President, W.13. Porterfield; Cashier, Herbert Mohler.
Will
No. 4,826, the First National Bank of
Monticello.
150,000
Dec. 8—First National Bank of Braddock, Braddock,Pa
President, H. J. Wagner; Cashier. Thos. M. Watt.
Will succeed No. 2,799, the First National Bank of
Braddock, Pa.
50.000
Dec. 8—The First National Bank in Parkton,Parkton,Md
President, John Mays Little; Cashier, H.Ernest Krout.
Will succeed No. 9,444, the First National Bank of
Parkton, Md.
VOLUNTARY LIQUIDATIONS.
100.000
Dec. 1—The Dennison National Bank, Dennisson, Ohio
Effective Nov. 29 1933. Liq. Agent, M. M.Keepers,
Dennison, Ohio.
.
Succeg
ch
by the 0 . t National Bank of Dennison,
8 2
13 Firs
ed No.
er
Dec. 1—Fidelity Nat'l Bank & Trust Co. of Kansas City, Mo_ A.000,000
Effective Nov. 24 1933. Liq. Committee: Herbert V.
Jones, Howard McCutcheon and Harry E. Minty,
care of tile liquidating bank. Succeeded by Union
137ional Bank in Kansas City, Mo.. Chaster No.
Nat 6
3
Dec. 2—The Stockgrowers' National Bank of Ashland, Ran_
Effective Nov. 27 1933. Lig, Agent, D. C. Rhodes,
Ashland, Ran. Succeeded by the Stockgrowers
State Bank of Ashland, Kan.
Dec. 5—The Hico National Bank, Hico, Texas
Effective Dec. 1 1933. Liq. Agent, H. F. Sellers,
Hico. Texas. Absorbed by the First National
Bank of Hico, Texas, Charter No. 4.366.
Dec. 8—The First National Bank of Ronceverte, W. Va_ _
Effective Nov. 28 1933. Liq. Committee, P. A.
George, Wm. B. Blake Jr. and C. E. Boone, care of
the liquidating bank. Succeeded by "First National
Bank in Ronceverte," W. Va., Charter No, 13,830.
Dec. 8—The Paintsville National Bank, Paintsviile. Ky
Effective Dec. 4 1933. Liq. Committee, Jas. W.
Turner, R.C.Lyon and Z. Wells, all of Paintsville,
Ky. Succeeded by the First National Bank of
Paintsville, Ky., Charter No. 13.763.
50,000
60,000
75,000
200.000
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:
$ per Share.
Shares.
Stocks.
$3 lot
100 First National Copper Co.(Nevada). par $5
$7 lot
500 Colonial Syndicate, Ltd. (Del.), no par
$26 lot
100 13onwit Teller & Co.(N. Y.), cum. cony. pref., temp. cti.. no par
529 Bush Service Co. units (Del.), each unit consisting of 1 sh. of pref. stock,
$50 lot
$100 par value, and 1 sh. of common stock. $100 par value
$6 lot
800 Packard Bridgeport Motors Inc. (Conn.), pref., par $100
formerly owned by Broadway
Certificate of beneficial interest in certain Banta
& Plaza Trust Co., issued pursuant to merger agreement dated Jan. 27 1931,
between Hibernia Trust Co. and Broadway & Plaza Trust Co.. certificate
No. 445. for 390-67,500th shares; certificate of beneficial interest in certain
assets formerly owned by Plaza Trust Co., issued pursuant to merger agreement dated July 5 1930, between Plaza Trust Co., the Broadway National
Bank & Trust Co.of New York and Park Row Trust Co.,certificate No.424.
for 260-20,000ths share
$85 lot
$15 lot
50 Eighty-three Water Street Corp.(N. Y.), no par
17 Georgian Restaurant, Inc.(N. V.) prof.. no par, and 51 common, no Par $ lot
48
Certificate of indebtedness of 21 West Street Corp.(N. Y.) in the face amount
$25 lot
of $25,000
200 Aircraft Products Corp. of America (Mich.) common, no par; 20 pref., par
$100. and 302nd pref., par $10
$15 lot
4,500 Bagdad Copper Corp. (Del.). par $1
$550 lot
30 Foreman State National Bank of Chicago, par $100
$11 lot
76 Hotel Governor Clinton,Inc.(N.Y.), corn., no par, and 10 pref., par $50 $16 lot
15 Canterbury School, Inc. (Del.), par $100
$600 lot
1 Links Holding Corp. (N. Y.), no par, and $1,000 5% deb. note, dated
Feb. 1 1918
$50 lot
20 North American Reassurance Co.(N. Y.), par $100
$95 lot
112 Public Industrials Corp.(Del.), class B prof.. no par
$20 lot
65 The Rymer Combustion Co., Bridgeport, Conn., common, no par
$4 lot
2 The Coastal Oil Corp., St. Petersburg. Fla., no par
$I lot
300 Kolo Products Co., Inc. (Del.). common, no par
$2 lot
25 Chase Rights Corp. (Pa.), no par
$2 lot
U.S. Patent No. 1.710.990 (oil separators), date of issue April 30 1929; U. S.
Patent No. 1,748,669 (refrigerating machines), date of issue Feb. 25 1930:
U. S. Patent No. 1.777,495 (packing boxes of refrigerating apparatus), date
of issue Oct. 7 1930: U. S. Patent No. 1,812,034 (pumps), date of issue
June 30 1931; U. S. Patent No. 1,889,247 (compressor valve assemblies),
date of issue Nov. 29 1932: Dominion of Canada Patent No. 291,582 (com$15 lot
pressor valve assembly), date of issue July 23 1929
$6 lot
50 Chicago Joint-Stock Land Bank of Chicago, Ill., par $100
205 Saul-Mel Realty Corp.(N. V.). Par $100
--$55 lo
4320
Financial Chronicle
Shares. Stocks.
$ per Share.
300 Louis Friedman Realty Co., Inc. (Del.), common, no par
$15 lot
150 American ctfs. representing deposited participating debentures of Kreuger
& Toll Co., Stockholm, Sweden, par 20 Swedish crowns
$5 lot
20 850 Seventh Avenue Corp.(N.Y.). no par
810 lot
15-1250ths Depositary receipt and certificate of participation of Federal
Leather Co
$1,500 lot
10-1250 The depositary receipt and certificate of participation of Federal
Leather Co
$1,000 lot
20 Birmingham Athletic Club, Inc., Birmingham, Ala., no par; and $530,000
Birmingham Third Avenue Corp., Birmingham. Ala., note and mortgage
dated June 15 1928
572,500 lot
20 Dexter & Carpenter, Inc. (Del.). par $100
$10 lot
25 Edgemere Homes Inc. (N. Y.), common, par $100
85 lot
Certificate of deposit for 100 shares International Match Corp. (Del.), participating preferred, par $35
$2 lot
250 M. B. C. Operating Corp.(N. Y.), preferred, par $100
$10 lot
Interest in the following Philadelphia Building & Loan Assn. Homeseekers,
Book No. 3,702 and Ctf. No. 49, 20 ohs.. payments made 52.880; Emblem,
Book No. 2,512 & 2,906, 35 shares, payments made $4,525, less outstanding
loan 81,900; Book No. 119, 10 shares payments made $1,250; Nook No. 106,
10 shares, payments made 51.260; Book No. 1.004, 10 shares, payments
made $1,290
$110 lot
30,000 Schulte Real Estate Co., Inc. (Del.), preferred, par 3100
81,000 lot
260 Market
$3 lot
-13th St. Realty Corp. (Pa.). common, no par
3 notes of Market
$6 lot
-13th St. Realty Corp. (Pa.) aggregating $92,000
Second mtge. affecting N. W. cor. of Market and 13th St., Phila., Pa., upon
which there is unpaid $165,000: obligor on bond has been released
$16 lot
402 Huyler's Luncheonettes of Delaware. Inc. (Del.). preferred, par $100_ _5200 lot
310 Kreuger Sr Toll Co. (American certificates)
$2 lot
200 Kreuger & Toll Co. (American certificates)
$2 lot
100 Lucey Manufacturing Co.(N. Y.), class A, par $50
$3 lot
30 The Delsim Corp.(N. Y.). Common, no par, and 30 preferred
$1 lot
34 General Theatres Equip., Inc. (Del.), cony. $3 pref. v. t. c., and 67 common v. t. c
$15 lot
23 Knox Hat Co., Inc.(N. Y.), class A common, and 38 common
$21 lot
30 Lalance & Grosjean Mfg. Co.(N. Y.), preferred, par $100
550 lot
4.4 The Erink Corp. (Del.), prior lien preferred, no par, and 16 corn., no par_ _$23 lot
315 Pittsburgh Terminal Warehouse & Transfer Co. (Pa.), par $100
$51 lot
66 Consolidated Equities, Inc. (Mass.) (formerly Incorporated Investors
Equities), no par
$90 lot
10 244 North Bay Shore Drive. Inc.(N. Y.), preferred, par MOO
$15 lot
10 244 North Bay Shore Drive, Inc.(N. Y.), common, no par
$5 lot
20 Fred F. French Operators (N. Y.). preferred, par 5100
$275 lot
2
6 Fred F. French Operators(N. Y.), common, no par
10 17 Park Avenue,Inc.(N.Y.), pref.(20% paid thereon), par $100
$100 lot
10 17 l'ark Avenue. Inc.(N. Y.), common, no par
$5 lot
87 Bon Air Realty Co., Inc
$3 lot
100 Sirian Lamp Co. (Del.), pref., par $100, and 500 common, no par
$70 lot
50 World Bestos Corp. (Del.), preferred, par $100, and 500 common, no par $10 lot
10 Manufacturers l'roperties Corp.(N. Y.), no par
$10 lot
200 Baker, Kellogg & Co.. Inc. (N. Y.), pref.. 75% paid, par $100. and 200
$4 lot
class B, no par
1 Harrison-Rye Realty Corp.(N. Y.), par $100
$145 lot
100 World Bestos Corp. (Del.), pref.. par $100, and 200 common, no par_ _815 lot
41 Independence Indemnity Co. (Pa.). par $5, with scrip elf. for 600-1000th
share attached
$6 lot
Per Cent.
Bonds$39.100 Kings County Castings Co., Inc. (N. Y.) 1st mtge. 7% serial gold
MOO lot
bonds, with Nov. 1928 and subsequent coupons on
$20.000 National Properties Co. American Railways (Del.) 4%-6% secured
gold bonds, due Jan. 1 1946, July 1920 and subsequent coupons attached_.$430 lot
$5,000 The Cleveland Alliance & Mahoning Valley RR. Co. (Ohio) 20-year
5% 1st mtge. gold bonds, due April 1 1931. April 1921 and subsequent
coupons attached
$20 lot
$5,000 National Rys. of Mexico prior lien 454% 50-yr. s. 1. redeemable gold
bonds, due July 1 1957. July I 1923 and subsequent coupons attached $80 lot
510.000 whippoorwill corp. (N. Y.) 5-yr. 6% gold debs.. registered. due
Dec. 15 1933
$26 lot
•
510,000 Whippoorwill Corp.(N. Y.) 5-yr.6% gold debs., reg., due Dec. 15'33 $46 lot
One ctf. of deposit for income ctfs. representing 810,000 20-yr. 1st mtge.
gold bonds, due June I 1943, of Beattie Sugar Co
$130 lot
$2,000 Daniel Boone Apartments 1st mtge. 64.5% bonds, represented by deposit receipt of City Bank-Farmers Trust Co
$200 lot
$1,000 Mayfair Manor Apts.(N. Y.) 1st mtge.6% bonds, due Jan. 1 1939_ _$300 lot
51,000 Roland Apt. 1st mtge. 6% bond, covered by deposit receipt of Title
Guarantee & Trust Co.. Los Angeles, Calif
$60 lot
By Adrian H. Muller & Son, Jersey City, N. J.
Per Share.
Shares. Stocks.
1,230 Heat Resisting Alloys Co., Inc. (N. Y.), "13," prefd.: 5 Heat Resisting
Alloys Co., Inc. (N. Y.), "A." prefd.; 88 Residuum Reclamation Corp.
(Del.), corn. V. T. C.; 10 Dahlberg & Co., Inc. (Del.), com.; 116 Dahlberg
$3 lot
& Co. (Del.), corn. V. T. C
$3 lot
500 Cuban National Syndicate (Del.). no Par
$5 lot
133 The Minnesota Corporation (Del.). no par
rg 25c. per sh.
3.945 Price Bros. & Co. Ltd.. corn., par $100
Note of Moody-Seagraves Co. and endorsed by Moody Third Corporation,
dated December 29, 1931, payable three mos. after date, for $98,511.22,
$250 lot
with int. at 6%. No int. has been paid
1,000 International Match Corp. (Del.), cum. partic. $2.60 pfd.. par $35---.110 lot
$5 lot
400 International Match Corporation (Del.), parte. prefd., par 535
$2 lot
100 International Match Corporation (Del.), panic. prefd, par 535
65 National City Bank of New Rochelle (N. Y.), par $20; 75 Central National
Bank of New Rochelle(N. Y., par $20; 10 American Woman's Realty Corp.
(N. Y.), prefd.. par $100; 10 American Woman's Realty Corp.(N. Y.), com.
par 550; 200 First Mtge. Guar. & Title Co. (N. Y.). com., par 5100; 500
Pine Tree Products Co., Inc. (New Hampshire), no par; 125 Compagnie
$150 lot
Re-Naltre, Inc. (N. Y.), no par
$10 lot
2.000 The Sodamat Corporation (Del.), no par
10c. per sh.
250 Highland Holding Corporation (N. Y.), corn.. par $100
10c. per sh.
150 Highland llolding Corporation (N. Y.), corn., par $100
10c. per sh.
100 Highland Holding Corporation (N. Y .), com., par $100
$11 lot
1,775 Alexander Industries, corn., no par
55 lot
500 Kreuger & Toll, American ctfs
$5 lot
600 Landay Bros., "A," no par
$16 lot
100 Macmillan Petroleum, par $25
$51 lot
1,000 United Itys. & Elec. of Balt., corn., par $50
$11 lot
750 Fashion Park., pfd., par $100
$10 lot
1,600 Alexander Industries, com., no par
$10 lot
1,600 Alexander Industries, corn., no Par
$5 lot
800 Alexander Industries, corn., no par
$5 lot
60 North Jersey Title Insurance Co.(N. J.), par $25
54 lot
400 Seaboard Public Service Co. (Del.). $6 pfd., no par
100 National Elec. Power Co. (Maine), 7% pfd, par $100. With warrants
$5 lot
attached for 100 sits, class "B," corn., no par
5W.F. Ardis, Inc. (Del.), 7% cum. phi., par $100; SW.F. Ardis, Inc. (Del.)
$1 lot
corn., DO par
10 Benedict Stone Corp.(N. Y.), 7% cum. pfd., par $100; 78 Benedict Stone
$16 lot
Corp.(N. Y.), corn., no par
800 International Automatic Supply Co.. Inc. (Del.). 7% Pfd., class "A," par
$10: 1,000 International Automatic Supply Co.. Inc. (Del.), corn., class
$7 lot
"13," no par
$I lot
8 Guaranty Cattle Loan Co. (NIo.). par $100
$16 lot
1 Seavlew Golf Club (N. J.), par 5100
$3 lot
1,500 Dunham Creameries, Ltd. (Quebec), corn., par $10
no bid
7,500 Colombia Syndicate (Del.), Par Si
$20 lot
210 Emerson-Brantingham Corp. (Ill.). $3.50 class "A," no par
$3 lot
200 Poole Mfg. Co., Inc.(N. Y., 7% pfd., par $100
$3 lot
300 International Match Corp. (Del.). panic. pfd., par $35
$7 lot
300 Schulte United Sc. to $1. Stores, Inc. (Del.), pfd., par $100
$85 lot
1,115 Penn Petroleum Co. (Del.), convt. pfd., par $30
$40 lot
100 Knox Hat Co.. Inc.(N. Y., corn., no par
$20 lot
40 Erskine Danforth Corp.(N. Y.), corn., no par
$12 lot
4,350 Family Products Corp. (Del.), class "A," 'raffle.. no Par
25 Steel Furnaces Corp.(Del.), pfd., par $100; 125 Steel Furnaces Corp.(Del.),
$5 lot
com., no par
$5 lot
20 Do Free Laboratories (Mich.). no par
$6 lot
30 National Drying Machine Co.(N. J.). par $50
$5 lot
200 Southwest Gas Utilities (Del.), corn., no par
50 Remington Automatic Quotation Board (Del.), corn. Temp. ctf., no par $4 lot
51 lot
16 Perpetual Winding Watch Corp. (Del.), com., par 51
American Certificates representing 100 American Shares Deposited Partici$1 lot
pating Debentures of Kreuger & Toll Co., Stockholm, Sweden
$2 lot
1 L. & M. Rubber Co. (Ohio). corn., par $100
Dec. 16 1933
Shares. Stocks.
$ Per Share.
25 Milk Dealers Crate Corp. (Del.), corn., no par; 25 Milk Dealers Craze
Corp. (Del.), pfd., par $100
$I lot
1 Montreal Motor Truck Ltd. (Quebec), pfd., par $100
$1 lot
6 L. R. Steel Co., Inc. (Del.), pfd., par $100; 3 L. R. Steel Co., Inc. (Del..
corn., no par
$1 lot
3 Steel Realty Development Corp. (Del.), corn., no par
$1 lot
4,902 Thiele's Inc., Fresno, Calif.. com., par 81; 5,120 Thiele's Inc., Fresno.
Calif., pfd., par $1
$2 lot
8 Bakersfield Community Hotel Corporation (Calif.), corn., par 8100; 16
$2 lot
Bakersfield Community Hotel Corp. (Calif.), pfd., par $100
100 California Associated Raisin Co., Fresno, Calif., par $1
$1 lot
2 General Grant Park Telephone Co. (Calif.), par $50
$1 lot
$8 lot
30 Sun Maid Raisin Growers Assn., (Del.) pfd., par $100
$2 lot
254 California Peach Growers Trust Certificate par $40
50 87th Street and East End Ave. Corp.(N.Y.), pfd., par $100; 25 87th St. and
East End Ave. Corp.(N. Y.), com., no par
$4 lot
1,000 International Match Corp. l'artic. pfd. elf, of dep, par $35
$3 lot
5,000 American Certificates representing deposited participating debentures
of Kreuger & Toll Co.. Stockholm. Sweden
11,812 Pacific Eastern Corp. (Del.), par. 51
51% per sh.
2,666 Pacific Eastern Corp. (Del.). par. $1
51% per sh.
1,000 Mtge.
-Bond & Title Corp. (Del.), corn
$20101
250 Fry Holding Corp. (Del.), no Par
51 lot
15 Ancira Lock & Seal Corp. (N. Y.), pfd., par $100; 60 Ancira Lock & Seal
$5 lot
Corp. (N. Y.), com., no par
1,000 American Republics Corp. (Del.), corn., no par
$1,575 lot
100 Direct Control Valve Co. (Del.), class "A," no par
$3 lot
200 Safe Guard Corp. (Del.), no par
$11 lot
$5,000 Commonwealth Gas Corp. 6% Income Deb., due 1948; 750 Commonwealth Gas Corp. V. T. C., par 51
$80 lot
Demand Note for $1,693.50 dated June 3 1929
54 lot
50 Alaska Copper Corp. (Del.), par. 55; 310 The Bramley Gold Placer Co.
(Ariz.), pfd., par. $5; 310 The Bramley Gold Placer Co. (Ariz.), corn., par.
$5; 33 The It. B. Claflin Co., 2nd pfd., 6% (N. J.), par $100; 105 International Sanitary Telephone Co. (N. Y.), par $10; 75 The 0. S. W. Corp.
(Me.), com. trust ctf., par $100; 25 The O.S.W. Corp.(Me.), pfd.. trust ctf.
par 5100; 5 The Tuxedo School Co.(N. Y.), par $100
$28 lot
Per Cent.
Bonds.
$300 Sands Point Bath Corporation (N. Y.), 5% 1st mtge. g. r. bond, due
April 11 1946
$39 lot
$100 Green Meadow Country Club. Inc., 5% income deb. bond
$3 lot
Certificate of Deposit for 55,000 gen'l mtge. g. notes of the Illinois Coal
Corporation (I11.), 6% ser. due July 1 1926; Certificate of Deposit for
$8,750. gen'l mtge. g. notes of the Illinois Coal Corporation (III.), 6% ser.
due July 1 1927; Certificate of Deposit for $11,250, gen'l mtge. g. notes
of the Illinois Coal Corporation (III.), 6% ser. due July 1 1928; Certificate
of Deposit for 512.500, gen'l mtge. g, notes of the Illinois Coal Corporation
(III.), 2nd 7% ser., due July 1 1930; Trust Certificate for 6254 ohs, Illinois
Coal Corporation (III.), corn., par 5100
57 lot
$500 The Connecticut State Agricultural Society, 7% mtge. coupon bonds..
due Feb. 1945, Aug. 1929 and subsequent coupons attached
$8 lot
$4,000 Castlereagh Manor (Me.). 6400 Delmar Blvd., University; City, Mo..
6% 1st mtge. bonds ($1,000, due May 15 1934, $1,000 due May 15, 1938,
$2,000 due May 15 1940), November 1931 and subsequent coupons attached.
$750 lot
$200 Broadway Temple Building Corp.(N. Y.), 2nd mtge. 5% g. bonds, due
Jan. 1 1975
$6 lot
$60,000 Barclay Park Corp. 7% g. notes, due June 1 1940, Trustee's ctfs.
stamped, June 1 1932 and subsequent coupons attached
$29 lot
$5,000 The Tribune Co. of Tampa, Florida, 6% deb., due Oct. I 1935, Apr.
1934 and subsequent coupons attached
$500 lot
By R. L. Day & Co., Boston:
$ Per Shares
Shares.
Stocks.
12o.
500 Atlantic National Bank, Boston, par $10
150 Atlantic National Bank, Boston. par 510
55c.
85o.
35 Second National Bank, Boston. par $25
200 Atlantic National Bank. Boston, par $10
305.
1
100 Old Colony Silk Mills Corp., par 8100
200 Kreuger &Toll, par 100 Kr
$1 lot
10 New England Southern Corp
$1 lot
135 Public Indemnity Co., Newark, N. J.. par $245
$40 lot
239 Anglo National Corp. common
3%
100 Nantasket Beach Steamboat Co., par $100
517 lot
50 Canadian Mead Morrison Co., Ltd., pref., and 25 common
$11 lot
$1,000 Empire Public Service Corp. 13s. Jan. 1950 elf. dep. w. w.: 100 National
Public Service Corp.common A;56 A m.Cornmonwealths Power Corp.com. A;
'200 Detroit & Canada Tunnel Co. common
$11 lot
50 Thomas l'roducts Inc. Common A. and 100 preferred, par $25
$1 lot
50 Thomas Products Inc. common A: 100 Thomas Products Inc. preferred,
par $25; 100 United Cigar Stores Co. of America. par $1
52 lot
10 Insurance Building Corp., pref., par $100; 3 Insurance Building Corp. common; 10 The Worcester Investment Trust pref., par $100; 3 The Worcester
Investment Trust common; 25 Business Building Inc. pref., par $100;
$40 lot
10 Business Building Inc. common
50 International Match Corp. preferred, par $35
30c. lot
$1 lot
800 Kreuger & Toll American certificates, par 100 Kt
$3 lot
1.000 International Match Corp. preferred. Par $3
5
$2 lot
225 Kreuger & Toll, par 100 Kr
$1.25 lot
100 Ajax Rubber Co
20 Asbestos Textile preferred, par $100; 10 Fort Dodge Des Moines & Southern
RR. pref., par $100; $1,000 Great Lakes Laundries 6.455, 1937, ctf. dep.;
12 Sawyer Bros. pref.. par $100; 18 Shepard Stores Inc. common;54 Shepard
$21 lot
Stores Inc. class A
10
100 New Bedford Storage Warehouse Co., par $100
6 Southern Surety Co. elf, dep.. par 51%; 6 Southern Holding & Securities
Corp.; 20 Missouri State Life Ins. Co., par 510. 20 Atlantic National
$16 lot
Bank, par 510
50c. lot
18 Kreuger &Toll, par 100 Kr
$2 lot
2,060 Kreuger & Toll, par 100 Kr.
5100 lot
9,000 Crystal Copper, par 55
53% lot
200 Kreuger & Toll., par 100 Kr
30 International Match Corp. pref., par $35; 81.000 International Match
Corp. 5s, Jan. 1941 ctf. dep.; $1,000 Puget Sound Electric Ry. 58 ctf. dep.;
$125 Robert Gait' Co. 6s, April 1972; 10 Robert Gair Co. pref. temp. ctf.;
10 Robert Gair Co. common temp. ctf.; 5 Reed Prentice Corp. common;
5105 lot
5 Reed Prentice Corp. preferred. par 550
$5 lot
40 Northern Texas Electric Co. preferred, par 5100
531 lot
250 Rolls-Royce of America. Inc.. pref., par $100, and 20 common
$8 lot
50 Rolls-Royce of America Inc.. pref., par 5100, and 10 common
81 lot
100 Kreuger & Toll, par 100 Kr
51 lot
100 International Match Corp. preferred, par $35
500 C. G. Howes Co. preferred. par 5100; 500 2nd preferred, par $100; 400
$15 lot
common. par $100
50c. lot
25 Ware Radio Corp. common temp. ctf
54 Middlewest Utilities Co. ctf. dep.; $2,000 United Public Service 6458 ctf.
$21 lot
dep.; $2,000 Empire I'ublic Service 6s, 1956, ctf. dep
$30 lot
439 Pure Cheese Corp.; $500 Alladin Chem. Co. 1st mtge. 65, 1937
$10 lot
1.800 Buck Creek Oil Co., par $1
$3 lot
20 Nantasket Beach Steamboat Co., par $100
Per Cent.
Bonds
825 lot
$2,000 Electric Public Service Co. 6s, Apr. 1937 ctf. den
106 & int.
$5,000 Kittery Water District A. 1945
31,000 Central Industrial Real Estate Trust 1st mtge.(1s, April 1949, Coupon
595 lot
April 1933 and subsequent on
$1.000 St. Lawrence Pulp &Lumber Corp. 68, Feb. 1933. Coupon Feb. 1924
$11 lot
and subsequent on, ctf. deposit
$1,000 Worcester Building Trust 58, Sept, 1937 (5500 pieces)
51,000 Wor ter Building Trust 5s. Dec. 1938
ces
32..
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
29 Philadelphia National Bank, par 820
25 Northwestern National Bank & Trust Co.. par 820
280 Real Estate-Land Title & Trust Co., par 510
25,Girard Must Co., par $10
20,.Girard Trust Co.. par 510
355Pennsylvania Trust Co.. Reading. Pa
40 Automatic Musical Instrument Co., common
26 Lit Brothers, preferred
10 American Women's Realty Corp., preferred
20 ArnerIcan Yvette Co.. Inc., common
20 Case Investment Co
$ per Share.
43Y‘.
$22 lot
645
69%
6945
515 lot
5
18
$1 lot
$1 lot
51101
$ Per Share.
Shares.
Stocks.
$25 lot
100 Midland Utilities 6% cum. pref. A
$1 lot
205 National Bancservice Corp
$1 lot
100 New York United Hotels, Inc., preferred
$I lot
50 Delaware Montgomery Counties Co. for Guar. Mtges., common
$11 lot
90 Delaware Montgomery Counties Co. for Guar. Mtges., common
$9 lot
20 units Aronimink Syndicate
$25 lot
850 Solid Carbonic Corn
Per C6718.
Bonds—
$1,000 No. 1512 Spruce Street, Philadelphia, Pa., 6% 1st mtge., due 1943,
15
certificate of deposit
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
200 Erie Equity Owners, Inc., 7%% cony. pref., with warrants
200 Erie Equity Owners, Inc., common
10 Laube Electric Corp
$ per Share.
$40 lot
$10 lot
$15 lot
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
Share. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
$3 Jan. 1 Holders of rec. Dec. 20
Allegheny & Western
81% Feb. 1 Holders of rec. Dec. 29
Canada Southern (8.-a.)
-a.)
$1.20 Jan. 2 Holders of rec. Dec. 20
Cayuga & Susquehanna (s.
51% Jan. 2 Holders of rec. Dec. 20
Joliet & Chicago. guaranteed
52% Jan. 2 Holders of rec. Dec. 15
New London Northern (guar.)
86% Feb. 1 Holders of rec. Jan. 19
Mahoning Coal,corn.(guar.)
51% Jan. 2 Holders of rec. Dec. 22
Preferred (s.
-a.)
$2 Jan. 2 Holders of rec. Dec. 15
Norwich & Worcester,8% pref.(guar.).
51% Feb. 1 Holders of rec. Dec. 29
Pittsburgh & Lake Erie (s.
-a.)
Public Utilities.
American District Telegraph of N. J.—
Common (guar.)
Preferred (guar.)
Amer.Superpower Corp., 1st prof.(qu.)_
Appalachian Eleo.Pow., pref.(guar.)._
Arkansas Pow.& Lt.Co.,$7 pref.(gu.)._
$6 preferred (guar.)
Calgary Power Co.,corn.(guar.)
Carolina Pow.& Light Co.,$7 pref.(qu.)
$6 preferred (guar.)
Cincinnati Gas & Elec.,5% pref.(guar.)
Cln. Gas & Transport.5% pref.(arm.)
Series A (annual)
Series B (annual)
Cleveland Elec. Ilium. Co.(guar.)
Columbus Ry., Pr.& Lt., 1st p1. A (qu.)
Preferred B (guar.)
Commonwealth Water & Lt.,$7 p1.(qu.)
56 preferred (guar.)
Compania-Illspano Amer. de Elect.—
Series A, B & C (s.
-a.)
Ser. D,E,& Am.dep.reo.for ser E(8-a)
Cyclops Gas Syndicate (guar.)
Emporia Telep., 7% pref. (guar.)
General Water, Gas & Elec., 53 pf.(qu.)
Gold & Stook Teleg.(guar.)
Houston Natural Gas,7% pref.(guar.).
Indiana Mich. Elec.. 7% pref. (guar.)._
8% preferred (guar.)
International Hydro-Elew System
53% cony. pref. (guar.)
Keystone Public Service,$2.80 pret.(qu.)
Mississippi River Power, pro!. (guar.)._
Mountain States Tel. & Tel.(guar.).__ _
New England Power, 6% pref. (guar.).
New Haven Water (semi-ann.)
New Jersey Water 7% pref.(guar.)
Ottawa Light, Heat & Power (quar.)
Preferred (quar.)
Pacific Gas & Elec.,common (quar.)
$7 preferred (guar.)
7% Preferred (guar.)
Pacific Lighting Corp. 58 pref. (guar.)._
Panama Power bv Light, pref. (guar.)._
Peninsular Telep. Co., common (guar.).
Pennsylvania Power & Light 57 pret.(gu)
$6 preferred (quar.)
$5 Preferred (guar.)
Peoples Natural Gas, 5% 'pref. (guar.).
Plainfield Union Water (guar.)
Public Service of Oklahoma,6% pf.(qu.)
7% preferred (quar.)
Puerto Rico Power Prof.(guar.)
Richmond Water Wks. Corp.8% pf.(qu)
Rockville Willimantic Lighting
7% preferred (guar.)
6% preferred (guar.)
Scranton Electric $6 pref. (guar.)
Southern Indiana Ga8 ac El.7% pt.(qu.)
6% preferred (guar.)
6.0% preferred (quar.)
6% preferred (semi-ann.)
Southwestern Light & Power Co.6% pf.
Standard Gas Sr Eleo.56 pref.(guar.)._
57 preference (guar.)
Standard Pow.& Lt. Corp. pref. (qear.)
Union Elec. Lt.& Pow.of Ill.6% pf.(qu)
Union Traction of Philadelphia
Western Power, 7% pref. (guar.)
$1
51%
51%
Sl%
59e
50c
51%
87e
750
51%
55
510
$5
50c
51%
$1.62
51%
5158
Jan. 15 Holders of rec. Dec. 15
Jan. 15 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 11
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dee. 15
Dec. 30 Holders of rec. Dec. 16
Dec. 30 Holders of rec. Dec. 16
Dew 30 Holders of rec. Dec. 16
Jan, 1 Holders of rec. Dec. 20
Jan. 2 Holders of roe. Dec. 15
Feb. 1 Holders of rec. Jan. 15
Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
8
8
30
51%
75c
51%
87%o
51%
51%
Dec. 20
Dec. 20
Dee. 15 Holders of roe. Dec. 14
Dec. 30 Holders of rec. Dec. 23
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 30
Dec. 30 Holders of rec. Doe. 20
Jan. 2 Holders 01 rec. D.II
Jan. 2 Holders of rec. Dec. 11
87%o
700
51%
52
51%
52
51%
51%
51%
3755c
51%
51%
51%
Sl%
250
51%
51%
SI%
62%0
51%
81%
51%
51%
51%
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15 Holders of rec. Dec. 26
2 Holders of rec. Dew 15
2 Holders of rec. Dec. 15
15 Holders of rec. Dec. 30
2 Holders of rec. Dec. 11
2 Holders of rec. Dew 21
2 Holders of rec. Dec. 20
1 Holders of rec. Dec. 15
1 Holders of rec. Dec. 15
15 Holders of roe. Dec. 31
2 Holders of rec. Dec. 20
2 Holders of rec. Dec. 20
15 Holders of rec. Dee. 30
2 Holders of rec. Dec. 26
1 Holders or rm. Dee. 15
2 Holders of rec. Dec. 12
2 Holders of rec. Dee. 12
2 Holders of rec. Dec. 12
2 Holders of rec. Dec. 15
2 Holders of rec. Jan. 2
2 Holders of roe. Dec. 20
2 Holders of rec. Dec. 20
2 Holders of rec. Doe. 15
1 Holders of me. Dec. 20
51%
51%
51%
1%%
1%%
1.65%
3%
500
45e
alic
5234e
8154
37o
51%
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
2 Holders of rec. Dee. 15
2 Holders of rec. Dec. 15
2 Holders of rec. Doe. 11
1 Holders of rec. Dec. 20
1 Holders of roe. Dec. 20
1 Holders of me. Dec. 20
1 Holders of roe. Dew 20
2 Holders of rec. Doe. 15
25 Holders of rec. Doe. 31
25 Holders of rec. Dee. 31
1 Holders of roe. Jan. 15
2 Holders of rec. Dee. 15
2 Holders Of rec. Dec. 15
2 Holders of rec. Dec. 26
Banks and Trust Companies.
$3%
Bank of New York Jr Trust (guar.)
450
Chemical Bank Sc Trust Co. (quar.)....__
50c
Nat. Trust & Say.Bank (guar.)
Citizens
525
First National Bank of N. Y. (guar.)._
50c
Merchants Bank of New York
50c
New Rochelle Trust (N. Y.) (quar.).__
Public National Bank & Trust Co.(qu.) 37%c
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
2 Holders of roe. Dec. 22
2 Holders of rec. Dec. 19
2 Holders of rec. Dec. 20
2 Holders of roe. Dec. 20
3 Holders of roe. Dm. 20
2 Holders Of roe. Dec. 15
2 Holders of rm. Dec. 20
Fire Insurance Companies.
40e Jan. 1 Holders of rec. Dee. 11
Aetna Fire Insurance Co. (guar.)
54.21 Jan. 2 Holders of rec. Dec. 20
Boston Insurance Co
54.21 Apr. 2 Holders of rec. Mar.20
ditto
40c Jan. 2 Holders of rec. Dec. 18
Hanover Fire Insurance CO.(guar.).— —
50e Jan. 2 Holders of rm. Dec. 15
Hartford Fire Insurance Co.(quar.)._
31 Jan. 2 Holders of rec. Dec. 21
Federal Insurance (Jersey City)
51 Jan. 15 Holders of rec. Dec. 30
Co. of North America (s.
(8.-a)Insurce -a.).
Northwestern National Ins. Co. (guar.) 51% Dew 30 Holders of rec. Dec. 18
20e Dec. 27 Holders of rec. Dec. 14
Providence Washington Ins. CO. (guar.)
20e Dec. 27 Holders of see. Dee. 14
Extra
Miscellaneous.
25o Jan. 2 Holders of rec. Dec. 20
Acme Steel Co. (quar.)
12%c Jan. 2 Holders of rec. Dec. 20
Special
500 Dee. 27 Holders of rec. Dec. 22
Ainsworth Mfg. Co., corn. (special).._
75e Jan. 15 Holdres of roe. Dee. 30
Air Reduction Co. (quar.)
141% Jan. 2 Holders of roe. Dee. 20
Aloe (A. L.), 7% preferred
Aluminum Co. of America, pref. (quar.) 37%c Jan. 2 Holders of roe. Dec. 15
10o Jan. 1 Holders of rec. Dec. 24
Aluminum Goods Mtg. Co. (guar.)._
60e Jan. 1
Amer. Motorist Ins. of Chi. (quar.).__
4321
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable,
Books Closed
Days Inclusive.
Miscellaneous (Continued).
150 Dec. 30 Holders of rec. Dec. 22
(qu.)
Amer. Brake Shoe & Fdy.Co.,corn.
% Dec. 30 Holders of rec. Dec. 22
Preferred (guar.)
750 Jan. 1 Holders of rec. Dec. 22
Amer. Glanzstoff Corp., pref. (guar.)._
Preferred (guar.)
51% Jan. 1 Holders of rec. Dee. 22
500 Dec. 30 Holders of ere. Dec. 15
American Steel Foundries, 7% pref._
be Jan. 2 Holdree of rec. Dec. 15
Angostura-Wupperman Corp.(quar.)
$1 Doe. 20 Holders of rec. Dec. 15
Anheuser-Busch (s.
-a.)
25e Jan. 2 Holders of rec. Dec. 15
Assoc. Breweries of Can., own. (guar.).
51% Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
10o Dec. 20 Holders of rec. Dec. 5
Backstay Welt Co.(special)
53 Dm. 28 Holders of rec. Dec. 18
Bancarnerim-Blair Corp.(special)
18e Jan. 2 Holders of rec. Dec. 20
BaneOhio Corp. (quay.)
30c Doe. 31 Holders of rec. Dec. 15
Bankers Investment Trust of Am.(3.-a.)
5.5834c Doe. 30
Basic Industries Shares
Bayuk Cigars, Inc., 1st pref. (guar.)._ 51% Jan. 15 Holders of rec. Dec. 31
$1 Dee. 31 Holders of rec. Dec. 14
Bon Ami Co., com. A (extra)
50c Dec. 31 Holders of rec. Dew 14
Common B (extra)
16e Dec. 30 Holders of rec. Dee. 20
Boston Personal Prop. Tr. (guar.)
h$2 Dm. 15 Holders of rec. Dec. 10
Boyd-Richardson,8% pref
Brantford Cordage Co., 1st pref.(guar.) 750e Jan. 15 Holders of rec. Dec. 20
10e Jan. 15 Holders of rec. Dec. 30
Brewers & Distillers of Vancouver
h$1 Jan. 2 Holders of rec. Dec. 20
Bridgeport Machine Co.. prof
20e Jan. 1 Holders of rec. Dec. 18
Broad Street Investing
h51% Jan. 2 Holders of me Dee. 27
Buffalo National Corp., 7% prof
25e Jan. 2 Holders of rec. Dew 20
Building Products, A (guar.)
$1 Jan. 2 Holders of rec. Dec. 15
Burger Bros. Co., pref. (guar.)
50c Jan. 2 Holders of rec. Dec. 15
Burt (F. N.) dr Co., corn. (guar.)
51% Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
10c Jan. 15
Canada Wineries, Ltd. (s.
-a.)
Chase Brass & Copper,6% pref. (guar.) 51% Dee. 30 Holders of rec. Dec. 20
Chicago Daily News, $7 pref. (guar.)._ 51% Jan. 2 Holders of roe. Dec. 30
26 6-19c Dec. 30 Holders of rec. Dec. 20
Chicago Flexible Shaft (guar.)
$1% Jan. 2 Holders of rec. Dec. 21
Chicago Towel, pref. (guar.)
40e Dec. 30 Holders of rec. Dec. 14
Cincinnati Union Stock Yards (guar.)._
250 Jan. 2 Holders of rec. Dec. 15
Coca-Cola Bottling, A (guar.)
Dec. 30 Holders of rec. Dec. 12
$2
Collateral Loan (guar.)
51% Mar. 1
(guar.)._
Congolewn Nairn, lot pref.
6% Jan. 15 Holders of rec. Dec. 30
Consol. Mining & Smelting Co. of Can
2Holders of rec. Doe. 15
50e Jan.
Continental Assurance (guar.)
19.218 Doe. 30
Corporate Trust Shares, orlg. series
16.4831 Dec. 30
Accumulative Shares
16.4914 Dew 30
Series AA
4.429 Doe. 30
$1 accumulative series
SI Series AA
4 4287 Dm. 30
Cream of Wheat Corp. (guar.)
50e Jan. 2 Holders of rec. Dec. 20
100 Jan. 5 Holders of rec. Dec. SO
Crum & Forster (guar.)
8% preferred (guar.)
$2 Mar. 31 Holders of rec. Mar. 21
Davenport Hosiery Mills, common
25e Jan. 2 Holders of rec. Dec. 21
De Haviland Aircraft Co.—
Holders of rec. Dee. 14
Amer. deposit receipts for ord. reg___x ta%%
Detroit Motorbus (liquidating div.)____ 12%e Doe. 20 Holders of rec. Dec. 12
Diamond Shoe Corp. common (guar.)._
15c Jan. 2 Holders of rec. Dec. 18
81% Jan. 2 Holders of rec. Doe. 18
634% preferred (quar.)
30e Jan. 2 Holders of rec. Doe. 18
6% 2d preferred (guar.)
Dictaphone Corp
25e Dec. 21 Holders of rec. Doe. 11
Draper Corp.(guar.)
600 Jan. 1 Holders of rec. Doe. 16
Jan. 1 Holders of me. Dm. 21
Driver-Harris Co.7% pref.(guar.)
Duplan Silk Corp. 8% pref. (quar.)._
$2 Jan. 2 Holders of rec. Dm. 21
Eagle Warehouse & Storage (guar.)._
$1 Jan. 2 Holders of rec. Dec. 26
Eastern Magnesia Talcum (guar.)
50c Dec. 31 Holders of me. Dec. 20
Eastern Steel Products, 7%pret. (guar.) 51% Jan. 2 Holders of rec. Dec. lb
Econ-Cunningham Drug Stores
6% preferred (semi-ann.)
$3 Jan. 1 Holders of rec. Dec. 30
Ecuadorian Corp., Ltd., pref. (5.
-an.).- 53% Jan. 1 Holders of me. Doe. 11
Empire Safe Deposit Co.(guar.)
2% Dec. 30 Holders of rec. Dec. 23
Eureka Ltd. Consol. Mining (quar.)
3c Dec. 23 Holders of rec. Dec. 14
Family Loan Society 53% pref.(guar.)._ 87%e Jan. 2 Holders of rec. Dec. 11
Extra
37%e Jan. 2 Holders of rm. Dec. 11
Common (guar.)
250 Jan. 2 Holders of rec. Dec. 11
50c Dm. 15 Holders of rec. Dec. 5
Fear (Fred.)(guar.)
Fisher Flouring Mills,7% pref.(quar.)._ $1% Jan. 2 Holders of rm. Dec. 16
Fishman(M. H.) Co. pref. A Jr B.(qu.) 51% Jan. 15 Holders of rec. Doe. 30
Five-year Fixed Trust Shares(coupon)
6.3983c Dee. 30
Fixed Trust Shares, A
40.9774e Dec. 30
Series B
12.5315c Dee. 30
Franklin Process
26.30956 Jan. 2 Holders of rec. Dec. 22
51% Jan. 2 Holders of rec. Dee. 15
Freeman (A. J.), 6% pref. (guar.)
3c Jan. 1 Holders of rec. Dec. 12
Fundamental Investors, Inc
Furness, Withy Jr Co., common—Interi m dly. postponed.
Gallard Mercantile Laundry corn.
87%c Jan. 1 Holders of rec. Dec. 15
51% Jan. 2 Holders of rec. Dm. 15
Gan Co., Inc.,$6 pref.(guar.)
SIM Jan. 2 Holders of me. Dec. 15
Gannett 56 pref. (guar.)
Goodyear Tire Jr Rubb.Co.of Canada
al% Jan. 2 Holders of rm. Doe. 15
7% preferred (guar.)
Common (guar.)
$1 Jan. 2 Holders of rec. Dec. 15
Gorten Pew Fisheries (quar.)
50e Dec. 29 Holders of rec. Dec. 20
Gottfried Baking Co., Inc., pref.(qu.)... 1%% Apr. 2 Holders of rec. Mar.20
Preferred (guar.)
% July 2 Holders of rec. June 20
% Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Preferred (guar.)
i%% Jan2'35 Holders of rec. Dec. 20
100 Doe. 30 Holders of rec. Dec. 20
Grand Rapids Varnish (guar.)
Great Western Sugar CO
(P)
Curd (Chas.) 7% pref.(guar.)
51% Jan. 2 Holders of rec. Dee. 15
87%e Jan. 2 Holders of roe. Dec. 18
Hall Baking,7% pref (guar.)
35e Doe. 15 Holders of rec. Nov.29
Harriman Investors Fund (Inv.ohs.).
Hanes(P. H.) Knitting Co.,7% pf.(qu.) 51% Jan. 2 Holders of rec. Dec. 20
Hershey Creamery 7% pref.
53% Jan. 2 Holders of rec. Dec. 15
1% Doe. 30 Holders of rec. Dee. 15
Hollinger Consol. Gold Mines (monthly)
1% Dew 30 Holders of rec. Dec. 15
Extra
Honitor Mills(Mo.),6% pref
1Q%% Dew 15 Holders of rec. Dec. 12
25e Dec. 29 Holders of rec. Doe. 24
Honolulu Oil Corp
81% Dm. 30 Holders of rec. Doe. 21
Horn-Hardart Baking (guar.)
Huylers of Del. 7% pref.(guar.)
$1 Jan. 2 Holders of rec. Dec. 18
$1 Jan. 2 Holders of rec. Dec. 18
7% preferred unstamped (quar.)
51% Jan. 2 Holders of rec. Dec. 11
Indiana General Service6% pref.(qu.)...
Intercolonlal Coal, prof.(s-a)
54 Jan. 2 Holders of rec. Doe. 21
50c Jan. 2 Holders of me. Dec. 21
Semi-annual
$3 Jan. 2 Holders of rec. Dec. 15
Intertype,6% 2d prof.(s-a)
38c Jan. 15 Holders of roe. Dec. 30
Investment Foundation, pref.(guar.).
5150 Jan. 15 Holders of rec. Dec. 30
Preferred
Island Creek Coal Co.common (guar.)._
50o Jan. 2 Holders of me Dec. 21
Preferred (guar.)
51% Jan. 2 Holders of rec. Dec. 21
Kahn's(E.)Sons Co. lot pref.(quar.)
51% Jan. 2 Holders of rec. Dec. 20
Kaynee Co. preferred (guar.)
51% Jar. 1 Holders of rec. Dec. 20
Keystone Custodian Funds,ser.D
34.685c Dee. 15
Series G-1
4.79e Dec. 15
Series H
6.600 Dec. 15
Kingsbury Brewing (guar.)
15c Jan. 1 Holders of rec. Dec. 21
Klein (D. Emil) Co. common (quar.)_ _ _
25e Jan. 1 Holders of rec. Dec. 20
Long Island Safe Deposit (8-a)
$1 Jan. 2 Holders of rec. Dec. 20
Loomis-Sayles Mutual Fund (guar.) _
50c Jan. 2 Holders of rec. Dec. 15
Lyman Milk
250 Dec. 20 Holders of rec. D.11
Manufacturers Finance,7% pref.(guar.) 21%c Dee. 30 Holders of rec. Dec. 16
Marlin-Rockwell Corp., div. action post poned.
Mascot Oil (guar.)
le Dec. 25 Holders of rec. Dec. 15
McColl-Frontenac 011 Co., pref.(guar.) _ 51% Jan. 15 Holders of rec. Dee. 20
McQuay-Norris Mfg. Co., corn. (guar.)
75e Jan. 1 Holders of rec. Dew 22
Mead Johnson .4 Co., common (guar.)._
75e Jan. 2 Holders of tee. Doe. 15
Preferred (s.-a.)
35e Jan. 2 Holders of me. Dec. 15
Merchants Jr Miners Transportation Co.
40c Dec. 30 Holders of rec. Dec. 15
Merchants Exchange (San Francisco)
$1 Dee. 20 Holders of rec. Dec. 11
Metal & Thermit, 7% prof.(guar.)
514 Jan. 2 Holders of rec. Dee. 20
Midland Grocery, pref.(8-a)
$3 Jan. 1 Holders of rec. Dm. 20
Mock, Judson, Voehringer, pref. (guar.) 51% Jan,. 1 Holders of rec. Doe. 15
Moniteau Mills, 6% preferred
1O%% Dec. 15 Holders of rec. Dec. 12
Morris(Philip)& Co.(guar.)
25c Jan. 15 Holders of rec. Jan. 3
15e Jan. 2 Holders of rec. Dec. 15a
Mountain Producers Corp
C.) Co..8% pref.(guar.)._
$2 Jan. 2 Holders of rec. Dec. 22
Murphy (G.
Murray (J. W.),8% prof.(guar.)
52 Jan. 2 Holders of rec. Dec. 20
125e Dew 15 Holders of rec. Nov.29
National Bond & Share Corp
51,1 Dec. 30 Holders of rec. Dec. 15
14 atonal Casket Co.,prof.(guar.)
4322
Name of Company.
Financial Chronicle
Per
When
Share. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
National Finance Corp.,8% pt.(quar.)_
200 Jan. 2 Holders of rec. Doe. 23
Clas A & B (guar.)
200 Jan. 2 Holders of rec. Dec. 23
National Gypsum, 7% pref.(quar.).
$154 Dec. 27 Holders of rec. Dec. 16
National Licorice,6% pref.(quar.)
$135 Dec. 30 Holders of rec. Dec. 15
National Standards (guar.)
300 Jan. 3 Holders of rec. Dec. 22
National Standard Co. (quar.)
300 Jan. 3 Holders of rec. Dec. 22
N.Y.& Honduras Rosario Mining Co.—
(Special)
500 Dec. 29 Holders of roe. Dec. 19
1932 Trust Fund
80 Dec. 15 Holders of rec. Dec. 12
New York State Realty & Terminal
$6 Jan. 2 Holders of rec. Dec. 26
Northwestern Nat. Life Ins. Co.(qu.)__ $134 Dec. 30 Holders of rec. Dec. 18
Northwestern Yeast (guar.)
$3 Dec. 15 Holders of rec. Dec. 12
Onomea Sugar.extra
800 Dec. 20 Holders of roe. Doe. 10
Ontario Mfg. Co., corn. div. omitted.
Preference (quar.)
3135 Dec. 30 Holders of rec. Dee. 20
Pacific Southern Invtors,$3 pref
h750 Jan. 1 Holders of roe. Dee. 15
Paraffin° Cos
50e Dec. 27 Holders 01 rec. Dee. 18
Penns Conley Tank Car,8% pt.(guar.)_
$2 Dec. 30 Holders of rec. Doe. 20
Perfect Circle Co.(quar.)
50c Jan. 1 Holders of roe. Dec. 22
Phoenix Finance,8% prof.(guar.)
50c Jan. 10 Holders of rec. Dee. 31
Pie Bakeries, Inc., 7% pre/. (gtutr.)
S135 Jan. 2 Holders of rec. Dec. 20
7% preferred
h$335 Jan. 2 Holders of rec. Dec. 20
Procter & Gamble Co.,8% pref.(guar.)$2 Jan. 15 Holders of rec. Dec. 22
Rand Mince, Ltd.,corn.(Una!)
356d
Rath Packing Co., corn. (guar.)
50e Jan. 1 Holders of roe. Dec. 20
Real Estate Loan (Canada) (s.
$235 Jan. 2 Holders of rec. Dec. 15
-a.)
Rice-Stix Dry Goods, let & 2d pf.(qui _ - $134 Jan. 1 Holders of rec. Dec. 15
Richardson Co
200 Dec. 22 Holders of rec. Dee. 18
Rike-Kumler Co., 7% pref. (quar.)-- $134 Jan. 2 Holders of rec. Dec. 23
Ryerson (Jos.T.)dr Sons,corn
250 Dec. 28 Holders of roe. Dec. 21
Sabin Robbins Paper Co
h$135 Dec. 18 Holders of roe. Dec. 15
Safety Car Heating & Lighting
$1 Dec. 23 Holders of rec. Dec. 15
St. Paul Union Stockyards (quar.)
750 Jan. 2 Holders of rec. Dec. 9
Shaffer Stores,7% pref.(quar.)
$134 Dec. 23 Holders of rec. Dec. 20
Singer Mfg. Co.(quar.)
$134 Dec. 30 Holders of rec. Dec. 9
South West Penn Pipe Lines (qua?.)
$1 Dec. 27 Holders of rec. Dec. 15
Spencer Trask Fund (quar.)
1235o Dec. 30 Holders of roe. Dec. 15
Staley (H. E.) Mfg., 7% pref. (s.
-a.)--- $3)4 Dec. 21 Holders of rec. Dec. 11
State Theatre Co., pref.(guar.)
$2 Jan. 2 Holders of roe. Dee. 23
12)40 Jan. 15 Holders of roe. Jan. 5
Superheater Co.(guar.)
Supersilk Hosiery Mills,7% prat
$134 Jan. 2 Holders 01 rec. Dee. 16
Textile Banking Co.(guar./
50e Jan. 2 Holders of rec. Dec. 23
$1 Dec. 23 Holders of rec. Dec. 15
Tide Water Oil Co.(guar.)
50 Dec. 23 Holders of rec. Dec. 14
Tintic Standard Mining (guar.)
$1)4 Jan. 2 Holders of roe. Dec. 15
Toronto Mortgage(guar.)
$1)4 Jan. 2 Holders of rec. Dec. 23
Towle Mtg.(quar.)
Trumbull Cliffs Furnace,6% pref.(a01.)- $134 Jan. 2 Holders of roe. Dec. 15
Twin City Bldg. dr Loan Assn.—
$135 Dec. 31 Holders of rec. Doe. 20
-a.)
Class A, B and C (s.
United Fixed Shares, series Y (reg.).-_ 20.923e Dec. 15 Holders of roe. Nov. 29
500 Jan. 15 Holders of rec. Doe. 21
United Fruit Co.(quar.)
United N.Y. Bank Trust Shares—
11.5275 c Jan. 1 Holders of rec. Dec. 11
Series 03,registered
11.5275 c Jan. 1
Series 03, bearer
United Piece Dye Works., pref.—Div.ac tion dot erred.
United Shoe Mach. Corp., corn.(quar.) 62350 Jan. 5 Holders of roe. Dec. 19
$235 Jan. 5 Holders of rec. Doe. 19
Special
37)5o Jan. 5 Holders of rec. Dee. 19
Preferred (guar.)
500 Feb. 1 Holders of roe. Jan. 17
Universal Leaf Tobacco, common (an.).
Preferred (guar.)
$2 Jan. 2 Holders of roe. Dee. 22
Wooden & Co.(quar.)
500 Dec. 31 Holders of roe. Dec. 20
West Exploration (quar.)
2350 Dec. 20 Holders of rec. Dec. 15
Weston Elect.Instrument,class A
500 Jan. 2 Holders of rec. Doe. 26
White Rock Min.Springs Co.,corn.(qu.)
50c Jan. 2 Holders of rec. Dec. 23
2d preferred (guar.)
2234 Jan. 2 Holders of rec. Dec. 23
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
Per
When
Share. Payable.
Railroads (Steam).
Alabama Great Southern, common_.
$2
Preferred
1)4
Albany & Susquehanna(s-a)
$414
Atch.Top.& Santa Fe,5% pref
$3.30
Atlanta. Birmingham & Coast, pt.(s.
-a.) $2)4
Avon, Geneeeo & Mount Morris (5.
-a.)- $1.45
Bangor & Aroostook. common
50e
Preferred
144%
Beech Creek (quar.)
50o
Boston dr Albany
$2)i
Boston & Providence (guar.)
$2.125
Carolina Clinchfield dr Ohio (guar.)
$1
Guaranteed &Ss. (guar.)
Chesapeake & Ohio, corn. (quar.)
700
Preferred (5.-a.)
$335
Chicago Burlington & Quincy
$3
Cin New Orleans dr Texas Pacific. corn
$s
Cinn. Union Terminal Co..5% pf.
Cloarfiold & Mahoning (s.
-a.)
$15.6
Dayton & Michigan ,8% pref. (qua?,)..
Delaware
$1
)
Dot. Hillsdale & Southwestern( .
$2
8 -a.)Elmira & Williamsport. pref. (s.
-a.)- - $1.61
Georgia RR. & Banking (guar.)
$235
Grand Rapids & Indiana (8.-a.)
$2
Green (semi-annual)
$3
Greene (semi-annual)
$3
Illinois Central, leased lines (s -a.)
$2
Lackawanna RR.of N.J.. 4% gtd.(qr.)
$1
Mobile & Birmingham.4% pref. (5.-a.)$2
Morris & F.ssex
2.125
Nashville & Decatur.735% gtd.(s.
93350
-a.)
New York dr Harlem (s.
$215
-a.)
Preferred (s.
-a.)
$235
N.Y..Lackawanna dr West.,5% gtd.(q.) $135
Norfolk & Western, corn.(quar.)
$2
North Central (8-a)
$2
Old Colony (guar.)
$1)4
Phlladel phis Baltimore & Washington— $134
Phi%& Trenton (guar.)
$2)4
Pittsburgh Fort Wayne & Chicago (qu.)
%
7 Preferred (qua?.)
%
%
Pittsburgh McKeesport & Tough
$134
Reading
2d preferred (guar.)
50e.
Rensselaer drBaratoga(s-a)
Co.,
$4
Rochester dr Genesee Valley (s.
-a.)
:a
St. Joseph & Grand Island, lot pref
-$s
2d preferred
$4
Sussex (semi-annual)
500.
Tunnell RR. of St. Louis (8.-a.)
$3
Union Pacific. common (quer.)
$114
United New Jersey RR.& Canal (guar.). $234
valley RR.of N. Y.(semi-annual)
$214
Wane River, guar. (s.
-a.)
$3)4
west Jersey & Seashore. ann.(s.
-a.)___
$114
West N.Y.& Penna (s-a)
$1)5
Preferred (s
-a)
$1)i
Books Closed
Days Inclusive.
Dec. 30 Holders of rec. Doe. 18
Doe. 30 Holders of roe. Dec. 18
Jan. 2 Holders of roe. Dec. 15
Feb. 1 Holders of rec. Dec. 29
Jan. 2 Holders of rec. Dec. 12
Jan. 1 Holders of rec. Dec. 26
Jan. 1 Holden of roe. Doe. 2
Jan. 1 Holders of roe. Dec. 2
Jan. 2 Holders of roe. Dec. 15
Dec. 30 Holders of roe. Nov. 29
Jan. 2 Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 11
Jan. 10 Holders of rec. Doe. 31
Jan. 1 Holders of roe. Dec. 8
Jan. 1 Holders of roe. Dec. 8
Doe. 26 Holders of rec. Deo. I50
Doe. 26 Holders of reo. Dec. 6
Jan. 2 Holders of roe. Dec. 21
Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of roe. Doe. 15
Jan. 1 Holders of roe. Dec. 15
Jan. 5 Holders of rec. Dec. 20
Jan. 2 Holders of roe. Doe. 20
Jan. 15 Holders of roe. Dee. 30
Dec. 20 Holders of rec. Dec. 9
Dec. 19 Holders of Tee. Doe. 14
Doe. 19 Holders of roe. Dee. 15
Jan. 2 Holders of roe. Dee. 11
Jan. 2 Holden of roe. Dee. 5
Jan. 2 Holders of roe. Dec. 1
Jan. 2 Holders of rec. Dee. 5
Jan. 1 Holders of roe. Dec. 20
Jan. 2 Holders of roe. Dee. 16
Jan. 2 Holders Of roe. Doe. 15
Jan. 2 Holders of rec. Dec. 5
Dec. 19 Holders of roe. Nov. 29
Jan. 15 Holders of roe. Dec. 30
Jan. 2 Holders of roe. Dec. 9
Dec. 31 Holders of roe. Dec. 16
Jan. 10 Holders of roe. Dec. 30
Jan. 2 Holders of rec. Dec. 11
Jan. 2 Holders of roe. Dec. 11
Jan. 2 Holders of rec. Dec. 15
Jan. 11 Holders of roe. Dee. 21
Jan. 2 Holders of rec. Doe. 15
Jan. 1 Holders of rec. Jan. 1
Dec. 28 Holders of roe. Dec. 21
Dec. 28 Holders of recs. Dee. 21
Jan. 2 Holders of rec. Dee. 16
Jan. 2 Holders of roe. Dec. 18
Jan. 2 Holders of rec. Dec. 1
Jan. 10 Holders of rec. Deo. 20
Jan. 2 Holders of roe. Dee. 18
Jan. 2 Holders of roe. Doe. 31
Jan. 2 Holders of roe. Dec. is
Jan. 2 Holders of rec. Dec. 30
Jan. 2 Holders of roe. Dec. 30
Public Utilities.
Alabama Power Co.,$7 prof.(quar.)_
.
$134 Jan. 2 Holders of roe. Dec. 15
$1)4 Jan. 2 Holders of roe. Dee. 15
$o preferred (guar.)
Amer. Gas & Elect. Co.(guar.)
25e Jan. 2 Holders of roe. Dee. 8
-a.)
Common (s.
/2% Jan. 2 Holders in rec. Dee. 8
American Power & Lt. Co.$6 pf.(qu.)__ 37)4o Jan. 2 Holders of roe. Dec. 15
$5 preferred (guar.)
31)io Jan. 2 Holders of roe. Doe. 15
American Tel. & Tel.(guar.)
$2)1 Jan. 15 Holders of rec. Dec. 15
Name of Company.
Dec. 16 1933
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Amer. Water Works & Elec. Co. of Del.
$6 series let preferred (guar.)
5134 Jan. 2 Holders of roe. Dec. 8
Atlantic & Ocean Tel. (guar.)
$134 Jan. 2 Holders of rec. Dee. 17
Atlantic& Ohio Tel.(qua?.)
$134 Jan. 2 Holders of rec. Dec. 17
Bangor Hydro-Elec., 7% pref. (quar.)-- 5134 Jan, 1 Holders of roe. Dec. 11
6% preferred (qua?.)
$134 Jan. 1 Holders of roe. Dec. 11
Battle Creek Gas.6% prof.(Qum.)
$134 Jan. 1 Holders of reo. Dec. 20
Bell Telephone of Canada (qua?.)
r$134 Jan. 15 Holders of roe. Dec. 22
BellTelep. of Pa.,634% pref.(quer.).-- $134 Jan. 15 Holders or roe. Dee. 20
Boeton Elevated By.,corn.(quar.)
$134 Jan. 2 Holders of roe. Dec. 9
Brazilian Tract. Lt. dc Pow.6% pf.(gu.) 5135 Jan. 2 Holders of roe. Dee. 15
British Columbia Pow.,class A (quar.)..
870 Jan. 15 Holders of reo. Dec. 31
Brooklyn dr Queens Transit Corp.—
Preferred (guar.)
5134 Jan. 2 Holders of roe. Dee. 15
Brooklyn Union Gas Co.(guar.)
3134 Jan. 2 Holders of rec. Dec. 1
Buffalo Niagara & Eastern Pow. Corp.—
$134 Feb. 1 Holders of roe. Jan. 15
$5 1st preferred (guar.)
Preferred (quar.)
400 Jan. 2 Holders of rec. Dec. 15
Calif. Elec. Generating,6% pref.(quar.) $134 Jan. 2 Holders of roe. Dee. 5
Canada Northern Pow.. corn.(qua?.)...
20e Jan, 25 Holders of roe. Dec. 30
Extra
100 Jan. 25 Holders of rec. Dec. 30
Preferred (qua?.)
$134 Jan. 15 Holders of rec. Doe. 30
Carolina Tel. & Tel (quar.)
$235 Dee. 30 Holders of reo. Dec. 22
Central Illinois Light Co.,7% pref.(qu.) 135% Jan. 2 Holders of rec. Dee. 15
6% preferred (guar.)
134% Jan. 2 Holders of roe. Doe. 16
Central Kan Pow..7% pref.(quar.).... $134 Jan. 15 Holders of roe Dec. 31
$114 Jan. 16 Holders Of reo Dec. 31
9% Preferred (qua?.)
Cincinnati & Sub. Bell Telep.(qui
$1.12 Jan. 2 Holders of roe. Dec. 20
Citizens Wat.(Pa.) 7% prof. (quar.)
$134 Jan. 25 Holders of roe. Doe. 30
Com'w'th & Soutlfn Corp.. $43 pf.(qu.). $134 Jan. 2 Holders of roe. Dec. 8
Commonwealth Villa.. 7% pref. A (qu.). $154 Jan. 2 Holders of roc. Dec. 15
6% preferred B (quar.)
$134 Jan. 2 Holders of rec. Dec. 15
Connecticut Elec. Service, corn. (qua?.)
250 Jan. 1 Holders of rec. Dee. 15
Consolidated Gas,Elec. Lt.& Pow.Co.
Common (guar.)
90o Jan, 2 Holders of reo. Dee. 15
Series A,5% preferred (quar.)
$134 Jan. 2 Holders of re°. Deo. 15
Series D.6% preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 15
Series E,535% preferred (guar.)
5135 Jan. 2 Holders of roe. Dec. 15
Consolidated Gas of N. V.5% pt.(au). $134 Feb. 1 Holders of roe. Doe. 29
Consumers Gas of Toronto (quar.)--$235 Jan. 2 Holders of rec. Dec. 15
Consumers Power Co., $5 Prof. (guar.). 5134 Jan 2 Holders of roe. Dee. 16
6% preferred (guar.)
$135 Jan. 2 Holders of rec. Dec. 15
8.6% preferred (guar.)
$1.65 Jan. 2 Holders of roe. Dee. 15
7% preferred (guar.)
$134 Jan. 2 Holders of rec. Dee. 15
8% preferred (monthly)
50e Jan. 2 Holders of rec. Doe. 15
6% preferred (monthly)
550 Jan. 2 Holders of reo. Doe. 15
Cont. Gas & Elec.. pref.(guar.)
$134 Jan. 2 Holders of roe. Doe. 12
Continental Passenger By,(s-a)
$235 Doe, 30 Holders of roe. Doe. 1
Dayton Pow. Br Lt. Co.,6% prof.(Mo.).
50o Jan. 2 Holders of roe. Dec. 20
Diamond State Tel.,634% pf.(quar.)--- $154 Jan. 15 Holders of roe. Doe. 20
Duke Power Co., corn. (guar.)
1% Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
134% Jan. 2 Holders of rec. Doe. 15
East Tenn.Tel.(s
$1.44 Jan. 2 Holders of rec. Dee. 17
-a)
Eastern N. J. Pow..6% pref. (qua?.). —
5134 Jan, 2 Holders of rec. Dec. 15
Eastern Township Telephone
180 Apr. 15 Holders of rec. Dee. 31
Elizabethtown Coneol. Gee quarterly...
$1 Jan. 2 Holders of rec. Doe. 26
Empire Power Corp.. $6 pref. (guar.).- 3134 Jan, 1 Holders of rec. Dec. 15
Escanaba Pow. & Trac.6% prof. (au.).... 134% Feb. 1 Holders of roe. Jan. 27
Georgia Power Co..$6 pref.(quar.)
$1 54 Jan. 2 Holders of roe. Doe. 15
$135 Jan. 2 Holders of reo. Deo. 15
$5 preferred (guar.)
Gold Stock Tel.(guar.)
5134 Jan. 2 Holders of rec. Dec. 31
Greenwich Wat.& Gas Sys. 13% pt.(qui $134 Jan. 2 Holders of rec. Doe. 20
Hackensack Water. pref., el. A.(quar.). 4334o. Dec. 31 Holders of rec. Doe. 16
Honolulu Gas (monthly)
150 Dec. 31 Holders of roe. Dee. 16
Illinois Bell Telep. Co.(gust.)
$2
Dec. 30 Holders of roe. Doe. 20
Indianap. Pow.& Lt.634% pf.(qu.)... $144 Jan. 1 Holders of ree. Doe. 5
6% preferred (qua?.)
$134 Jan. 1 Holders of rec. Doe. 5
Indianapolis Water Co.5% pref.(qu.).... $1.)( Jan. 1 Holders of roe. Dec. 12
International Ocean Teieg.(quar.)
$1 14 Jan. 2 Holders of roe. Dee, 31
Interstate Pow.Co.$6 pref.(guar.).- - - h48o Doe. 20 Holders of roe. Dec. 8
$7 preferred (guar.)
h560 Dee. 20 Holders of roe. Dec. 8
Jamaica Public Service, corn.(qua?.)..25o Jan. 2 Holders of rec. Dee. 15
Preferred (quar.)
$134 Jan. 2 Holders of rec. Dee. 15
Jersey Cent. Pow.& Lt.Co.7% Pt.(qtr.) $154 Jan. 1 Holders of rec. Dec. 11
6% preferred (guar.)
$134 Jan. 1 Holders of roe. Doe. 11
% preferred (quar.)
$144 Jan. 1 Holders of roe. Doe. 11
Kings County Lighting Co.. corn. (qu.) $114 Jan. 2 Holders of rec. Doe. 18
$134 Jan. 2 Holders of rec. Doe. 18
7% Preferred (qua?.)
$134 Jan. 2 Holders of rec. Dec. 18
5% preferred (qua?.)
6% preferred (quar.)
$114 Jan. 2 Holders of rec. Dee. 18
Kansas City Power dr Light—
Series B preferred (quar.)
$134 Jan. 1 Holders of rec. Dee. 14
Kansas Elect. Pow.,7% pref.(guar.).
- $134 Jan. 2 Holders of roe. Doe. 15
6% prior pref.(guar.)
$134 Jan. 2 Holders of roe. Doe. 15
$134 Jan. 2 Holders of roe. Dec. 18
Kansas Gas dr Elect., 7% pref. (quar.)__
$6 preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 18
Lone Star Gas Corp., corn.(qua?.)
Me Doe. 30 Holders of rec. Doe, 12
6% preferred (quar.)
$134 Dee. 30 Holders of roe. Dee. 12
6% preferred (guar.)
$135 Jan. 1 Holders of rec. Nov.23
Long Island Lighting Co.—
135% Jan. 1 Holders of roe. Doe. 15
Series A 7% preferred (guar.)
134% Jan. 1 Holders of roe. Dec. 15
Series 13 6% preferred (quar.)
Louisville Gas & Elec., A & B.
(guar.)— 4335o Dee. 24 Holders of rec. Nov. 29
Lynchburg & Abingdon Tel.(s-a)
$3 Jan. 2 Holders of rec. Dee. 15
Memphis Natural Gas. $7 pref. (guar.). $134 Jan. 1 Holders of roe. Dee. 20
Memphis Pow. dr Lt., 86 pref.(quar.)- -- $135 Jan. 2 Holders of roe. Doe. 16
$7 preferred (quar.)
$135 Jan. 2 Holders of roe. Doe. 16
Metropolitan Edison,$7 prof.(quar.) _
$134 Jan. 1 Holders of reo. Nov.29
$6 preferred (quar.)
$134 Jan. 1 Holders of rec. Nov.29
$5 preferred (quar.)
$1 54 Jan. 1 Holders of reo. Nov.29
Middlesex Water, 7% prefrred
$315 Jan. 2 Holders of roe. Dee. 22
Minn. Power & Lt. Co. $8 pref.(qu.)... 8750 Jan. 2 Holders of roe. Doe. 11
7% preferred (guar.)
8880 Jan, 2 Holders of roe. Dee. 11
Mississippi Valley Public Service Co
6% preferred service B (quar.)
$134 Jan. 1 Holders of roe. Doe. 22
Monongahela West Penn Public Service
7% preferred (guar.)
4354o. Jan. 2 Holders of roe. Dec. 15
Mutual Telep.(Hawaii)(mo.)
130 Doe. 20 Holders of roe. Doe. 11
Nassau & Suffolk Lighting Co.
7% preferred (guar.)
134% Jan. 1 Holders of roe. Dee. 15
New England Gas & Elec. Assoc.—
$534 preferred (guar.)
$1,4 Jan. 2 Holders of rec. Nov. 29
New England Power Assoc., COCO.(qIL)50o
. 15 Holde of rec. Dee. 30
2 Holders
$6 preferred (quar.)
$1)4 Jan. 2 Holders of reo. Dee. 11
$2 preferred (quar.)
.
. pe ,. 1
.
50o Jan. 20 Holdersof ree Def 19
o
New EnglandTel. & Tel
8154 Dec.
New Jersey P.& L.,$8 pref.(gear.).... $1)4 Jan. 1 Holders of roe. Nov.29
$5 preferred (guar.)
$1)( Jan. 2 Holders of re0. Nov.29
. 1
New York Mutual Tel.(s-a)
750 Jan. 2 Holders of roe. Dec. 31
New York Steam Corp., $6 pref.(qu.)-_ $154 Jan. 2 Holders of rec. Dec. 15
87 preferred (qua?.)
$155
28 Holders of rec. Dec. 15
New York Telep. Co., 634% prof. (au.) $155 Jan. 15 Holders of roe. Dec. 20
New York Transportation Co. (quar.)....
Holders of roe. Dee. 15
50o. Dec.
Newport Elect. Corp.,6% pref.(qua?.). $134 Jan. 2 Holders of roe. Dee. 15
North Shore Gas Co., prof.(guar.)
550 Jan. 2 Holders of roe. Dec. 9
Northern Ontario Power Co.,own.(qr.).
500. Jan. 25 Holders of roc. Dec. 30
Preferred (qua?.)
$135 Jan. 25 Holders of roe. Dec. 30
Northwestern Teleg.(s-a)
Holders
. 2 Holde of rev. Dee. 16
$114
Nova Scotia Light dr Pow.(quar.)
750 Jan.
Holdall of rec. Dec. 18
Ohio Edison Co.. $5 pref. (qua?.)
$1)i Jan. 2 Holders of roe. Doe. 15
86 preferred (qua?.)
$1)i Jan. 2 Holders of roe. Doe. 15
$6.60 preferred (quar.)
$1.65 Jan. 2 Holders of roe. Doe, 15
$7 preferred (quar.)
$1)4 Jan. 2 Holders of roe. Dec. 15
87.20 preferred (guar.)
$1.80 Jan. 2 Holders of rec. Doe. 15
Ohio Pub. Service Co.,7% pref.(mo.)_ 58 1-30 Jan. 2 Holders of reo. Dec. 15
6% preferred (monthly)
50o Jan. 2 Holders of roe. Dee. 15
5% preferred (monthly)
41 2-30 Jan. 2 Holders of roe. Dee. 15
Paolile & Atlantic Tel.(s-a)
$114 San. 2 Holders oi roe. Dee. 15
Pacific Tel. & Tel., common (qua?.)...
$134 Deo, 30 Holders of roe. Dec. 20
Preferred (guar.)
$1)4 Jan. 15 Holders of roe. Doe. 341
Peninsular Telep. Co., 7% pref. (qua?.) 134% Feb. 15 Holders of roe. Feb. 5
Name of Company
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities—(Concluded).
813( Jan. 1 Holders of rec. Dee. 11
Penn:Central Lt. & Pow.5% pref. (qr.)_
70c. Jan. 1 Holders of roe. Dec. 11
$2.80 preferred (guar.)
Pa. G. Sr:E. Corp. (Del.), 7% pref. (qu.) $134 Jan. 2 Holders of rec. Dec. 20
$134 Jan. 2 Holders of rec. Dee. 20
$7..preferred (quar.)
Pennsylvania Telep. Co.6% pref.(q11.)- $134 Jan. 2 Holders of rec. Dec. 15
750 Jan. 2 Holders of rec. Dec. 15
Pennsylvania Water & Pow.,corn.(qu.)
$1% Jan. 2 Holders of rec. Dee. 15
Preferred(quar.)
4
$15 Jan. 2 Holders of rec. Dec. 20
Peoria Water Works. 7% Pref. (quar.)
5134 Jan. 2 Holders ot rec. Dec. 1
Philadelphia Co.. $6 pref. (quar.)
51% Jan. 2floldersofrec.Dec. 1
$5 preferred (quar.)
500. Jan. 1 Holders of rec. Dec. 5
Philadelphia Elec. Pow. Co.8% pt. (qr.)
$1.% Jan. 2 Holders of rec. Dec. 15
Ponce Elect., 7% pief. (quar.)
258 Jan. 2 Holders of rec. Dec. 11
Providence Gas Co. (quar.)
$134 Dec. 20 Holders of rec. Nov. 29
Public Service Corp., 7% pref.(quar.)
51)4 Dec. 20 Holders of rec. Nov. 29
834% preferred (quar.)
$134 Dec. 20 Holders of rec. Nov. 29
6% preferred (guar.)
Public Service Elec. & Gas Co.
5
$14 Dec. 30 Holders of rec. Dec. 1
7% preferred (quar.)
51% Dec. 30 Holders of rec. Dec. 1
$5 preferred (quar.)
Public Service Co.of Colo.7% pf.(mo.)_ 58 1-3c Jan. 2 Holders of rec. Dec. 15
50c Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
41 2-3c Jan. 2 Holders of rec. Dec. 15
5% preferred (monthly)
70c Dec. 30 Holders of rec. Dec. 1
Public Service of N. J., corn. (qu.)
$2
Dec. 30 Holders of rec. Dec. 1
8% preferred (quar.)
$1% Dec. 30 Holders of rec. Dec. 1
7% preferred (guar.)
51% Dec. 30 Holders of rec. Dec. 1
$5 preferred (quar.)
50c Dec. 30 Holders of rec. Dec. 1
6% preferred (monthly)
Queensborough Gas & Elec., $6 pt. (qu.) 8134 Jan. 1 Holders of roe. Dec. 15
5134 Jan. 2 Holders of rec. Dec. 20
Rochester Telep. Corp., corn. (quar.)_
% 1st Preferred (
51% Jan. 2 Holders of rec. Dec. 20
q
uar )
'
5134 Jan
2 Holders of roe. Dee. 20
5% preferred (quar.)
$3 Jan. 2 Holders of rec. Dec. 15
St Louis Bridge, lot prof.(s-a)
$135 Jan. 2 Holders of rec. Dec. 15
2d preferred(s-a)
$2 Jan. 2 Holders of roe. Dec. 8
Savannah Elec.& Pow., prof. A (guar.).
$134 Jan. 2 Holders of rec. Des. 8
Preferred series B (quar.)
5134 Jan. 2 Holders of rec. Dec. 8
Preferred series C (quar.)
5134 Jan. 2 Holders of rec. Dec. 8
Preferred series D (quar.)
South Carolina Pow. Co.. $6 pref. (qu.) $134 Jan. 1 Holders of rec. Dec. 15
2% Jan. 15 Holders of rec. Dec. 20
Southern California Edison Co., orig. pf.
1)4% Jan. 15 Holders of rec. Dec. 20
534% preferred. series C
Southern Canada Power.6% pref. (qr.)_ 1)4% Jan. 15 Holders of rec. Dee, 20
51% Jan. 2 Holders of rec. Dee. 20
Southwestern Bell Telep., pref. (quar.)
$2 Jan. 2 Holders of roe. Dec. 15
Southwestern Gas & Elec.,8% p1.(qu.)_
51% Jan. 2 Holders of rec. Dee. 15
7% preferred (quar.)
75e Jan. 2
Springfield Rys. Cos., pref
50c Jan. 2 Holders of rec. Dec. 20
Tampa Gas Co.(quar.)
20c Jan. 1 Holders of rec. Dec. 20
Telephone Investors Corp.(monthly)
Tennessee Elec.Pow.Co.,5% prof.(qu.) 514 Jan. 2 Holders of ree. Dec. 15
51% Jan. 2 Holders of rec. Dec. 15
6% preferred (quar.)
$14 Jan. 2 Holders of roe. Dec. 15
7% preferred (quar.)
$1.80 Jan. 2 Holders of roe. Dee. 15
7.2% preferred (quar.)
50c Jan. 2 Holders of roe. Dee. 15
6% preferred (monthly)
60e Jan. 2 Holders of roe. Dee. 15
7.2% preferred (monthly)
58 1-3c Jan. 2 Holders of rec. Dec. 15
Toledo Edison Co.7% pref.(monthly)
50c Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
412-3c Jan. 2 Holders of rec. Dec. 15
5% preferred 'monthly)
5134 Jan. 1 Holders of rec. Dec. 16
Tri-Continental Corp. 56 pref.(quar.)
Twin State Gas Sr
pref. (quar.)-. 5134 Jan. 2 Holders of rec. Dec. 15
Union Elec. Lt. & Pow.(Mo.) pref. (au.) $131 Jan. 2 Holders of rec. Dec. 15
Elec..
84 Jan. 1 Holders of rec. Dec. 15
Union Passenger Ry. Co.(senal-ann.)
.
750 Jan. 2 Holders of rec. Dec. 1
United Corp., $3 pref. (guar.)
pref.(quar.)_ 14% Jan. 1 Holders of rec. Dee. 15
United Gas Jr Elec.
30e Dec. 30 Holders of rec. Nov. 29
Corp..
United Gas Improvement, corn. (quar.)
314 Dec. 30 Holders of roe. Nov. 29
Preferred (quar.)
United Lt.& Rys.(Del.),7% pf.(mo.) 58 1-30 Jan. 2 Holders of roe. Dec. 15
530 Jan. 2 Holders of roe. Dec. 15
6.38% preferred (monthly)
50c Jan. 2 Holders of roe. Dern 15
6% preferred (montIhY)
Virginia Elect.& Pow.Co.,$6 pref.(qu.) 514 Dec. 20 Holders of rec. Nov. 29
Virginia Pub. Serv. Co., 7% pref.(qu.)- 51% Jan. 1 Holders of rec. Dec. 11
51% Jan. 1 Holders of rec. Dec. 1
6% preferred (quar.)
$134 Dec. 30 Holders of rec. Dec. 18
West Penn Elec. Co.,class A (quar.)
West Phila. Passenger Ry.(semi-ann.)
.
54% Jan. 2 Holders of rec. Dec. 15
8135 Jan. 2 Holders of roe. Deo. 20
Westmoreland Water, $6 prof. (quar.)
Wisconsin Public Service. 7% Pf. (qu.)_ $134 Dec. 20 Holders of roe. Nov. 29
04% preferred (quar.)
$134 Doe. 20 Holders of ree. Nov. 29
6% preferred (Qum.)
51% Dee. 20 Holders of rec. Nov. 29
$134
Wisconsin Telephone,common (quar.)
514
Preferred (guar.)
Bank and Trust Companies.
50c Jan. 2 Holders of rec. Dee. 15a
Bank of the Manhattan Co.(quar.) _ _
74% Jan. 2 Holders of rec. Dec. 15
Bankers Trust Co. (guar.)
Central Hanover Bank & Trust(quar.)-- $135 Jan. 2 Holders of rec. Dee. 20
Extra
$1 Jan. 2 Holders of rec. Dee. 20
35e Jan. 2 Holders of rec. Dec. 9
Chase National Bank, N. Y. (quar.)
50e Jan. 2 Holders of roe. Dec. 15
Clinton Trust (quar.)
Me Jan. 2 Holders of rec. Dec. 15
Extra
200 Jan. 1 Holders of rec. Dee. 15
Continental Bank & Trust(guar.)
56 Jan. 2 Holders of rec. Dec. 31
Fifth Avenue Bank (quar.)
55 Dec. 30 Holders of roe. Dec. 15
Guaranty Trust Co.(quar.)
25e Jan. 2 Holders of roe. Dec. 5
Irving Trust Co. (quay.)
25e Jan. 2 Holders of rec. Dec. 15
Manufacturers Trust Co.(quar.)
30e Dee, 30 Holders of rec. Dee. 20
Manufacturers & Traders Trust (guar.)
515 Jan. 2 Holders of roe. Dec. 21
United States Trust Co.(guar.)
Fire Insurance Companies.
Halifax Fire Insurance (s..a.)
(qu.)
Phoenix Ins. Co.(Hartford, Conn.)
450 Jan,
50o Jan.
2 Holders of rec. Dec. 9
1 Holders of rec. Dee. 14
Miscellaneous.
500 Jan. 3 Holders of rec. Dec. 18
Abbott Laboratories (quar.)
30e Doe. 30 Holders of rec. Dee, 21
Abraham & Straus, Inc., com.(guar.)._
15o Deo, 30 Holders of rec. Dec. 21
Extra
2134 Dec. 30 Holders of rec. Dec. 15
Adams Express Co., pref. ((suar.)
5o Jan. 1 Holders of roe. Dec. 15
Affiliated Products, Inc. (mo.)
Agnew-Surpass Shoe Stores, pref. (qu.)_ $14 Jan. 2 Holders of rec. Doe. 15
50e Dee. 20 Holders of roe. Dee. 15
Alexander & Baldwin (monthly)
51 Dee. 20 Holders of rec. Dee. 15
Extra
Allied Chemical & Dye Corp.. Prof.(qu.) 514 Jan. 2 Holders of rec. Dec. 11
50e Dec. 31 Holders of rec. Dec. 15
Aluminum Mfg., Inc.. corn.(guar.)
$134 Dee. 31 Holders of rec. Dec. 15
Preferred (quar.)
American Bakeries, 7% pref. (guar.)... $14 Jan. 2 Holders of rec. Dee. 15
75e Jan. 2 Holders of rec. Dec. 11
American Bank Note Co.(guar.)
% Jan. 2 Holders of reo. Dee. 15a
American Can Co.. prof. (Quar.)
5750 Dee, 28 Holders of rec. Dec. 18
American Capital Corp. 83 pref
50e Jan. 2 Holders of roe. Dec. 12
Chicle Co.(quar.)
American
25e Jan. 2 Holders of roe. Dec. 12
Extra
$134 Jan. 1 Holders of roe. Dee. 15
American Cigar Co.. pref.(quar.)
$134 Jan. 2 Holders of rec. Dec. 22
American Express Co.(quar.)
$2 Jan. 2 Holders of rec. Dec. 18
American Hard Rubber, 8% pref. (qu.)
25e Jan. 1 Holders of me. Dec. 16
American Hardware ((Mar.)
250 Dec. 30 Holders of rec. Dec. 9
American Hawaiian Steamship Co..(qu.)
200 Jan. 2 Holders of roe. Dec. 14a
American Home Products (mo.)
$134 Dec. 31 Holders of rec. Dec. 15
American Mfg. Co., prof. (quar.)
20%
American Mutual Liability Ins. Co
$134 Jan. 1 Holders of roe. Dee. 16
_
American Optical Co., 7% prof.
75e Dee. 20 Holders of roe. Dee. 8
American Safety Razor ((Mar.)
75e Jan. 2 Holders of rec. Doe, 13
American Snuff, common (guar.)
25e Jan. 2 Holders of rec. Dec. 13
Extra
$134 Jan. 2 Holders of roe. Dec. 13
Preferred (quar.)
500 Dec. 30 Holders of ree. Dee. 15
American Steel Foundries. pref
50o Jan. 1 Holders of roe. Dec. 15
American Stores Co. quarterly
50c Jan. 2 Holders of roe. Dee. 5
American Sugar Refining, corn. (guar.).
$14 Jan. 2 Holders of rec. Dee. 5
Preferred (quar.)
5% Jan. 1 Holders of rec. Nov.30a
American Thread Co., pref. (5.-a.)
$14 Jan. 2 Holders of rec. Dec. 9
American Tobacco Co.. prof. (quar.)
6234e Jan. 2 Holders of roe. Dee. 15
American Wringer (quar.)
15e Jan. 2 Holders of roe. Doe. 20
Anchor Cap Corp., corn. (quar.)
$14 Jan. 2 Holders of roe. Dec. 20
Preferred (guar.)
$134 Jan. 1 Holders of rec. Dee. 9
Armour & Co.of Del., pref.(quar.)
50c Dee. 22 Holders of rec. Dec. 15
Associated Oil CO
4323
Financial Chronicle
Volume 137
A
Name of Company.
When
Per
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
$1 Dee. 30 Holders of rec. Dec. 20
Associates Investments Co. (quar.)____
500 Jan. 2 Holders of rec. Dec. 21
Auburn Automobile Co.(guar.)
25%
Austin Motors, Ltd., ordinary
75%
Bonus
20%
Preferred
80e Jan. 2 Holders of rec. Dec. 15
Axton-Fisher Tobacco common A (quay.)
40e Jan. 2 Holders of rec. Dec. 15
Common B (quar.)
514 Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
25c Jan. 2 Holders of rec. Dec. 20
Babcock Jr Wilcox Co.((suar.)
50 Dee. 20 Holders of rec. Nov.29
Bandini Petroleum (monthly)
Barber(W.H.)& Co.,7% pref (quar.)_ $134 Jan. 2 Holders of rec. Dec. 20
Beatrice Creamery ((suar.), 7% pt. (qu.) 514 Jan. 2 Holders of rec. Dec. 14
758 Jan. 2 Holders ot rec. Dec. 12
Beech-Nut Packing Co., corn. (quar.)
$1 Feb. 1 Holders of rec. Jan. 15
Belding Corticelli, Ltd., corn. (quar.)
12340 Jan. 2
Bird Jr Sort (quar.)
$134 Dec. 31 Holders of rec. Dec. 25
Bloch Bros., Tobacco, pref.((suar.). _
500 Dec. 27 Holders of rec. Dec. 12
Bohn Aluminum & Brass Co., corn.(qu.)
250 Dec. 18 Holders of rec. Dec. 6
Borg-Warner (special)
$134 Jan. 1 Holders of rec. Dec. 15
Preferred (quer.)
250 Jan. 12 Holders of rec. Jan. 12
Bornot, Inc., class A
2134 Dec. 31
Boston Storage Jr Warehouse (quar.)_
314 Dec. 30 Holders of rec. Dec. 1
Boston Wharf Co.(s.
-a.)
75e Dm. 25 Holders of rec. Dec. 20
Brewer Jr Co.(monthly)
25c Jan. 2 Holders of rec. Dec. 20
Briggs Jr Stratton Corp.(guar.)
15c Jan. 2 Holders of rec. Dec. 15
Brlllo Mfg, Co., Inc., common (quar.)
50e Jan. 2 Holders of rec. Dec. 15
Class A ((suar.)
$1
Bristol Brass
$1 34
Preferred (quar.)
r20 Jan. 2 Holders of rec. Dec. 16
British American Oil Co.. Ltd.(quar,)__
20e Jan, 1 Holders of rec. Dec. 18
Broad Street Investing Co., Inc
725e Jan. 15 Holders of rec. Dec. 15
Bruck Silk Mills
50e Jan. 2 Holdefs of rec. Dec. 15
Bucyrus Erie Co., 7% prof. (quar.)
40c Jan. 2 Holders of rec. Dec. 20
Bucyrus-Monighan. Class B
45c Jan. 2 Holders of rec. Dec. 20
Class A (guar.)
5450 Jan. 2 Holders of rec. Dec. 20
Class A
50 Feb. 15
Buffalo Ankerite Gold MIMS (s a.)
400 Jan. 2 Holders of rec. Dec. 15
Calarnba Sugar Estates, corn.(quar.)_ _ _
She Jan. 2 Holders of rec. Dec. 15
7% preferred(quen)
$1 Jan. 2 Holders of rec. Dec. 26
Calhoun Mills
25e Jan. 16 Holders of rec. Jan. 2
Canada Dry Ginger Ale. Inc. (quar.)
Dec. 15
Canada Permanent Mortgage (quar.)-•
$ Jan. 2 Holders of me.
2
r50 Jan. 2 Holders of rec. Dec. 15
Canadian Canners, Ltd., 2d pt. (qu.)
rlOe Jan, 2 Holders of rec. Dec. 15
Bonus
lot preferred (quar.)
rSl34 Jan. 2 Holders of rec. Dec. 15
$134 Dec. 31 Holders of rec. Dee. 16
Canadian Celanese, Ltd.,7% pf.(qu.)
5$154 Dec. 31 Holders of rec. Dec. 16
Preferred
250 Jan. 2 Holders of rec. Dec. 15
Canadian Foreign Investment
$2 Jan. 2 Holders of rec. Dec. 15
Preferred ((suar.)
Canadian General Elec. Co., Ltd.—
r75c Jan. 1 Holders of rec. Dec. 15
Common (quar.)
r87340 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Canadian Oil Cos.. Ltd., pref. (quar.)
$2 Jan. 1 Holders of rec. Dec. 20
18750o Jan. 1 Holders of rec. Dee. 20
frs
Canadian Westinghouse (quay.)
Canal de Suez, Interim
75e Jan. 1 Holders of rec. Dec. 18
Capital Administration Co., pref. ser. A.
Carnation Co..7% pref.((suar.)
$1% Jan. 1
Carreras, Ltd., A Sr B ord. reg. (final)-- zw20% Dec. 19
Amer. dep. rec. for ord. reg., A Sr B_ _ rw20% Dec. 24
8734e. Jan. 31 Holders of rec. Jan. 14
Cartier, Inc.. 7% pref
31 Jan. 1 Holders of rec. Dec. 12
Case (J. I.) Co.. 7% prof.(quar.)
$14 Jan. 1 Holders of rec. Dec. 16
Celanese Corp. of Am.7% pref. (quar.)_
7% cum. 1st preferred
533-4 Dec. 31 Holders of rec. Dec. 16
Champion Coated Paper, 7% pref. (qu.) $134 Jan. 1 Holders 01 100. Dec. 20
7% special preferred ((stian)
5134 Jan. 1 Holders of rec. Dec. 20
Champion Fiber, 7% preferred ((soar,). $134 Jan. 1 Holders of rec. Dec. 20
51 Dec. 30 Holders of rm. Dec. 8
Chesebrough Mtg.(quar.)
Extra
$1 Dec. 30 Holders of rec. Dec. 8
63e Jan. 1 Holders of rec. Dec. 8
Chesapeake Corp.(quar.)
Chicago Jct. Ry.Jr Union Stk. Yds.((su.) $234 Jan. 2 Holders of rec. Dec. 15
6% preferred (quar.)
3134 Jan. 2 Holders of rec. Dec. 15
Christiania Securities Co., 7% pf. (qu.) $134 Jan. 2 Holders of rec. Dee. 20
50c Jan, 2 Holders of rec. Dec. 15
Church House Corp
50c Jan. 1 Holders of rec. Dec. 15
Churchill House Corp., A
50o Dec. 30 Holders of rm. Dec. 1
Chyrsler Corp.(quar.)
Cincinnati Wholesale Grocery, pt.(au). $14 Jan. 2 Holders of rm. Dec. 15
50e Dee. 30 Holders of rec. Dee, 15
City Ice Jr Fuel Co.(quay.)
15c Dec. 4 Holders of rec. Dee. 1
City Jr Suburban Homes (s.
-a.)
25c Dec. 28 Holders of roe. Dec. 15
Clark Equipment Co
500 Jan. 1 Holders of roe. Dec. 20
Clorox Chemical Co..al. A ((suar.)
Cluett,Peabody Jr Co., Inc., prof.(qu.)
$134 Jan. 2 Holders of rec. Dec. 21
$135 Jan. 2 Holders of rec. Dec. 12
Coca-Cola Co.,corn.(guar.)
3134 Jan. 2 Holders ot tee. Dec. 12
Class A (semi-annual)
53 Jan. 2 Holders of rec. Dec. 12
Coca-Cola Internat. Corp., corn. (5.-a.).
83 Jan. 2 Holders of rec. Dec. 12
Class A (semi annual)
Colgate-Palmolive-Peet Co., pr.(mil__ - $134 Jan. 1 Holders of rec. Dm. 11
25e Dec. 30 Holders of rec. Dee. 2
Colts Patent Fire Arms Mtg.(quar.).._
25c Dec. 30 Holders of rec. Dec. 2
Extra
Commercial Credit Co..034% Pf.(qua- $134 Dec. 30 Holders of me. Dec. 11
514 Dee. 30 Holders of rm. Dec. 11
7% 1st preferred ((suar.)
$2 Dec. 30 Holders of rec. Dec. 11
8% class B preferred ((suar.)
750 Dec. 30 Holders of rec. Dec. 11
Class A cony. preferred (quar.)
h75c Dee. 30 Holders of me. Doe. 11
Class A cony. preferred
Commercial invest. Trust Corp., pf.(qu) 51-52ofl Jan. 1 Holders of rec. Dec. 5
Commercial Solvents Corp., corn. (s.
-a.) 130c Dec. 30 Holders of rec. Dec. 1
51 Dec. 31 Holders of Fee. Dee. 25
Confederation Life Assoc. ((suar.)
250 Dee. 30 Holders of rec. Dee. 14
Congress Cigar Co., corn. (guar.)
Consol. Gold Fields(S. Africa). ord.final 2s. 3d.
Consolidated Paper, 7% pref. ((suar.)__ 17340 Jan. 2 Holders of rm. Dec. 20
$1 Jan. 1 Holders of rec. Dec. 180
Continental Baking Corp., 8% pf. (qu.)
Cottrell(C.B.) dr Sons Co., 6% pt.(au.) 134% Jan. 1 .
$2 Dee. 30 Holders of roe. Dee. 20
Crum & Forster Ins., 8% mt.(quar.).
Daily League Co-operative Corp.. 7%
$14 Dee, 20 Holders of rec. Dec. 1
pref. (5.-a.)
Deposited Bank Shares, N. Y., series A
234% Jan. 2 Holders of rec. Nov. 15
(semi-annual)
Deposited Bond Ctf.s., ser. 1938 (liq.)_ _9 .51010c
Devoe & Raynolds Co., Inc.:
25c Jan, 2 Holders of rec. Dec. 20
Common A and 13 ((suar.)
258 Jan. 2 Holders of rec. Dec. 20
Common A and B extra
134 Jan, 2 Holders of rec. Dec. 20
1st and 2d preferred (quar.)
Dominion Glass Co.. Ltd., Com.((so.).. $134 Jan. 2 Holders of rec. Dec. 15
Preferred ((suar.)
$134 Jan. 2 Holders of roe. Dee. 15
300 Jan. 2 Holders of rec. Dec. 15
Dominion Stores, Ltd., corn. ((suar.)Jan. 2 Holders of roe. Dec. 15
Dominion Textile Co., common (quar.)
$14 Jan. 15 Holders of rec. Dec. 30
Preferred (quar.)
E. I. du Pont de Nemours & Co.—
$134 Jan. 25 Holders of rec. Jan. 10
Debenture (quar.)
258 Dec. 30 Holders of rec. Dec. 20
Early Jr Daniel Co.((suar.)
Preferred (quar.)
$134 Dec. 30 Holders of rec. Dec. 20
Eastern Gas & Fuel Assn., prof.((suar.). $1.125 Jan. 1 Holders of rec. Dec. 15
6% preferred ((suar.)
5134 Jan. 1 Holders of rec. Dec. 15
Eastman Kodak Co., common (quar.)
75e Jan. 2 Holders of rec. Dec. 5
Preferred (quar.)
314 Jan. 2 Holders of rec. Dee. 5
Eastern Steamship Line, pref. ((suar.)
8734c Jan, 2 Holders of rec. Dec. 15
First preferred (guar.)
5134 Jan. 2 Holders of rec. Dec. 15
Electrlc Auto-Lite Co., 7% prof. (qu.)-- 5134 Jan. 2 Holders of rec. Dec. 15
Electric Storage Battery, C0111. (quar.)
50c Jan. 2 Holders of rec. Dec. 11
Preferred (quar.)
500 Jan. 2 Holders of rec. Dec. 11
75e Jan. 1 Holders of rec. Dec. 18
Endicott-Johnson Corp.. corn. ((suar.)._
Preferred (quar.)
5134 Jan, 1 Holders of rec. Dec. 18
250 Jan. 2 Holders of rec. Dec. 15
Equitable Office Building Corp
Ewa Plantation Co. (special)
$10 Dee. 28 Holders of rec. Dec. 9
Fanny Farmer Candy, Corn. (quar.)_....
25c Dec. 30 Holders of rec. Dee. 15
600 Dec. 30 Holders of rec. Dec. 15
Preferred (guar.)
Farmers & Traders Life Ins. Co. (Syracuse. N.Y.)
$24 Jan. 1 Holders of rec. Deo. 11
Quarterly
$234 Apr, 1 Holders of roe. Mar. 11
500 Jan. 2 Holders of rec. Doe. 15
Faultless Rubber Co..common (qUar.)
150 Jan. 2 Holders of ree. Dee. 21
Federated Dept. Stores, Inc. (guar.)._
10e Jan. 2 Holders of rec. Dec. 21
Extra
10e Dee. 20 Holders of roe. Dec. 10
Ferro Enamel Corp., corn
4324
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Fifth Ave. Bus Securities, (guar.)
16c Dec. 29 Holders of rec. Dec. 15
Filene's(Wm.)Sons Co., corn.(quar.)_ _
200 Dec. 30 Holders of rec. Dec. 20
Extra
10c Dec. 30 Holders of rec. Dec. 20
Preferred (guar.)
51X Jan. 2 Holders of roe. Dec. 20
Finance Co. of Pennsylvania (quar.).._
$255 Jan. 2 Holders of rec. Dec. 16
First Bank Stock Corp.(guar.)
Sc Jan. 1 Holders of rec. Dec. 16
First National Stores, Inc., corn.(qu.)_. 62150 Jan. 2 Holders of rec. Dec. 11
7% preferred (guar.)
$131 Jan. 2 Holders of rec. Dec. 11
8% preferred (guar.)
20e Jan. 2 Holders of rec. Dec. 11
Florsheim Shoe Co.. 6% pref. (guar.).- 5115 Jan. 2 Holders of rec. Dec. 16
Foote
-Burt Co., common
25e Dec. 23 Holders of rec. Dec. 13
Ford Motor Co. of Canada, class A & B_
r$1 Dec. 21 Holders of rec. Dec. 4
Freeport Texas Co., preferred (Oiler.)
$155 Feb. 1 Holders of rec. Jan. 15
Geist (C. H.),5% pref. A (guar.)
$1 31 Jan. 1 Holders of rec. Dec. 12
General Amer. Investors, pref. (guar.). 5115 Jan. 2 Holders of rec. Dec. 20
General American Transportation,
Common (5.-a.)
50c Jan. 1 Holders of rec. Dec. 11
General Baking Co., com. (guar.)
25c Jan. 2 Holders of rec. Dec. 16
Preferred (quar.)
$2 Jan. 2 Holders of rec. Dec. 16
General Electric Co.. common (quar.)-10e Jan. 25 Holders of rec. Dee. 29
Special stock (guar.)
15e Jan. 25 Holders of rec. Dec. 29
General Mills, Inc. 6% pref.(guar.).-- $134 Jan. 2 Holders of rec. Dec. 14a
General Motors Corp.. pref. (guar.)._
$131 Feb. I Holders of ree. Jan. 8
General Printing Ink Co., com.(Interim)
15c Dec. 22 Holders of rec. Dec. 8
Preferred (guar.)
$1 X Jan. 2 Holders of rec. Dee. 15
General sty. Signal Co., corn. (quar.)..
260 Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
$131 Jan. 2 Holders of rec. Dec. 11
General Tire & Rubber, pref. (quar.).
$13-I Dec. 30 Holders of rec. Dec. 20
Gillette Safety Razor (quar.)
1.2 6 30-95c Dec. 29 Holders of rec. Dec. 4
$5 preferred (guar.)
$131 Feb. 1 Holders of rec. Jan. 2
Glidden Co. common
25c Dec. 30 Holders of roe. Dec. 14
Prior preferred (guar.)
$114 Jan
2 Holders of rec. Dee. 14
Gold Dust Corp., pref. (guar.)
$1 X Dec. 30 Holders of rec. Dec. 16
Gold Fields of South Africa, ord. reg.-- 2s 3d. Dec. 21
Goldblatt Bros., Inc., corn. (guar.).--- 3715c Jan. 2 Holders of rec. Dec. 9
Goodyear Tire &Rubber Co.. 1st pf.(qu)
50e Jan. 2 Holders of roe. I)ec. 1
Gottfried Baking Co., Inc.. pref.(guar.)
% Jan. 2 Holders of rec. Dec. 20
Grace(W.R.)& Co.6% pref. (s.-a.)-- 3% Dec. 29 Holders of rec. Dee. 27
Granite City Steel Co.(guar.)
250 Dec. 30 Holders of rec. Dee. 16
Grant (W. T.) Co., common (guar.)...
250 Jan. I Holders of rec. Dec. 12
Great Western Electro-Chemical1st preferred (guar.)
5155 Jan. 1 Holders of roe. Dee. 21
6% preferred (quur.)
$155 Jan. 2 Holders of rec. Doe. 20
Great Western Sugar Co., corn. (guar.).
60c Jan. 2 Holders of rec. Dec. 15
$1 34 Jan
Preferred (guar.)
2 Holders of rec. Dec. 15
Greif Bros. Cooperage. common A
/25c Dee. 20 Holders of rec. Dec. 15
25e Dec. 18 Holders of rec. Dec. 6
Griesedieck-Western Brewery (I11.)
Group No. 1 Oil (quar.)
$100 Jan. 2 Holders of rec. Dec. 12
Rabid Co., com.(quar.)
25e Jan. 2 Holders of rec. Dec. 15
250 Jan. 2 Holders of rec. Dec. 15
Extra
7% preferred (guar.)
8131 Jan. 2 Holders M. rec. Dee. 15
Hamilton United Theatres. 7% pf.(qu.)- $131 Dee. 30 Holders of rec. Nov. 30
Hammermill Paper Co., pref. (quar.)
$131 Jan. 2 Ilolders of rec. Dec. 15
Hanna(M. A.) Co.. prof.(guar.)
$134 Dee. 20 Holders of rec. Dee. 5
Harbauer Co.. 7% pref.(guar.)
131% Jan. 1 Holders of rec. Dee. 21
Hazel Atlas Glass Co.(guar.)
Si Jan. 2 Holders of rec. Dec. 16
Extra
$1 Jan, 2 Holders of rec. Dee. 16
Heath (D. C.) & Co., pref.(guar.)
$131 Dec. 30 Holders of rec. Dec. 28
Ilelme(Geo. W.)Co.,common (guar.)._ 3131 Jan. 2 Holders of rec. Dec. 16
Extra
52 Jan. 2 Holders of rec. Dec. 16
Preferred (quar.)
5131 Jan. 2 Holders of rec. Dec. 16
Hercules Powder Co., common (guar.)— 3755e Deo, 22 Holders of rec. Dec. 11
Extra
75c Dec. 22 Holders of rec. Dec. 11
Heyden Chemical Corp., pref. (guar.).- $154 Jan. 2 Holders of rec. Dec. 20
Hibbard, Spencer, Bartlett & Co.(mo.)_
100 Dee. 29 Holders of rec. Dee. 22
Homestake Mining Co.(monthly)
$I Dec. 23 Holders of rec. Dec. 20
Extra
$1 Dec. 23 Holders of rec. Dec. 20
Howes Bros.7% pref.& lot prof.(guar.) $131 Dec. 31 Holders of rec. Dee. 20
6% preferred (guar.)
$155 Dec. 31 Holders of rec. Dec. 20
Humble Oil & Refining Co. (quar.)---50c Jan. 1 Holders of rec. Dec. 2
Huron & Erie Mortgage. (guar.)
$131 Jan. 2 Holders of rec. Dec. 15
HYgrade Sylvania common (guar.)
500 Jan. 2 Holders of rec. Dee. 9
$631 preferred (guar.)
$131 Jan. 2 Holders of rec. Dee. 9
Idaho-Maryland Consol. Mines
3c Dec. 20 Holders of rec. Deo. 4
Imperial Tobacco Co. of Canada—
Ordinary shares (guar.)
r114% Dee. 30 Holders of rec. Nov. 29
Ingersoll-Rand Co.. pref. (s.
-a.)
$3 Jan. 2 Holders of rec. Dec. 6
Internat. Business Mach. Corp. (quar.)- $155 Jan. 10 Holders of rec. Dee, 22a
Sc Jan. 2 Holders of rec. Dec. 18
International Carriers (guar.)
150 Jan. 15 Holders of rec. Dec. 20
International Harvester, corn. (guar.)._
11.4 Feb. 1 Holders of rec. Jan. 2
Internat. Nickel Co. of Can., pref. (qu.)
International Salt Co. (guar.)
37 55c Jan. 2 Holders of rec. Dec. 15
International Shoe (guar.)
50c Jan. 1 Holders of rec. Dec. 15
International Silver Co. $7 preferred- El Jan. 1 Holders of rec. Dee. 13
Intertype Corp., pref. (guar.)
$2 Jan. 2 Holders of rec. Dec. 15
Investors Corp. of R. I., $6 1st pf. (qu.) $1 31 Jan. 2 Holders of rec. Dec. 20
Investors Royalty Co., pref. (guar.).
50c Dec. 30 Holders of rec. Dec. 20
Jewel Tea Co., Inc.. common (quar.)
75e Jan. 15 Holders of rec. Dee. 30
Johns-Manville Corp.. 7% pref. (quar.)- $154 Jan. 1 Holders of rec. Dec. 11
Kahuku Plantation
60c Dec. 23 Holders of rec. Dec. 12
Katz Drug Co., pref.(quar.)
$131 Jan. 2 Holders of rec. Dec. 15
Kaufmann Dept. Stores, prof. (guar.).- $1 31 Jan. 2 Holders of rec. Dec. 11
Eraynee Co., 7% prof. (guar.)
$134 Jan. 2 Holders of rec. Dec. 20
Kekoha Sugar(monthly)
10c Jan. 2 Holders of rec. Dec. 25
Kelvinator Corp
113hao Jan. 15 Holders of rec. Dee. 22
Kimberly Clark Corp.. pref.(guar.)$131 Jan. 1 Holders of rec. Dee. 12
Klein (D. Emil) Co., common (guar.)—
250 Jan. 1 Holders of rec. Dee. 20
$154 Feb. 1 Holders of ree. Jan. 20
Preferred (guar.)
Koppers Gas & Coke, pref. (guar.)
$134 Jan. 2 Holders of rec. Dee. 12
Kresge (S. S.) Co., common
20c Jan. 2 'holders of rec. Dec. 11
Preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 11
Kroger Grocery & Bak. 1st pref.(quar.)_
$115 Jan. 2 Holders of rec. Dee. 20
2d preferred (guar.)
$154 Feb. 1 Holders of rec. Jan. 19
750 Jan. 2 Holders of rec. Dec. 18
Lambert Co., common (guar.)
Landers Frary & Clark (quar.)
37310 Dec. 31 Holders of rec. Dec. 21
10c Dec. 30 Holders of rec. Dec. 20
Lazarus(F.& R.) Co., corn.(quar.)_
Sc Dec. 30 Holders of rec. Dec. 20
Extra
$115 Feb. 1 Holders of rec. Jan. 20
6% preferred (guar.)
Lehigh Portland Cement Co.. pref. (qu.) 87150 Jan. 2 Holders of rec. Dec. 14
600 Jan. 5 Holders of rec. Dec. 22
Lehman Corp.(guar.)
Liggett & Myers Tobacco, pref.(quar.)- $114 Jan. I Holders of rec. Dec. 11
Linde Air Products, pref. (guar.)
$155 Jan. 1 Holders of rec. Dec. 20
Lindsay Light Co. pref. (guar.)
17150 Dee. 18 Holders of rec. Dec. 9
Link Belt Co., preferred (guar.)
$155 Jan. 2 Holders of rec. Dec. 15
25c Feb. 1 Holders of rec. Jan. 20
Liquid Carbonic Corp., com. (quar.)-Special
25o Feb. 1 Holders of rec. Jan. 20
Lock Joint Pipe Co.(monthly)
340 Dec. 31 Holders of roe. Dee. 31
Loew's, Inc., common (guar.)
25c Dec. 30 Holders of rec. Dec. 16
Loose-Wiles Biscuit Co.pref.(quar.)
$131 Jan. 1 Holders of rec. Dec. 180
Lord & Taylor, com. (quar.)
$231 Jan. 2 Holders of rec. Dec. 16
Lorillard (P.)& Co.,corn.(guar.)
30c Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
$154 Jan. 2 Holders of rec. Dee. 15
Loudon Packing Co. (quar.)
250 Jan. 2 Holders of rec. Dec. 20
Extra
25c Jan. 2 Holders of rec. Dec. 20
Lunkenheimer Co., corn
12550 Dec. 21 Holders of rec. Dec. 11
Preferred (guar.)
$155 Jan. 2 Holders of rec. Dec. 22
M.J. M,& M.Consolidated 011 Co
140 Dee. 20 Holders of rec. Dee, 15
Mack Trucks, Inc., common (guar.)._
25c Dec. 30 Holders of rec. Dec. 15
Manischewitz (B.). 7% Pref.(quar.)
$1% Jan. 2 Holders of rec. Dee. 20
Mapes Consolidated Mfg.(guar.)
750 Jan. 2 Holders of roe. Dee. 15
Quarterly
76c Apr. 2 Holders of reo. Mar. 15
Quarterly
750 July 2 Holders of roe. June 15
Marine Midland Corp.(quar.)
100 Jan. 2 Holders of rec. Dec. 15
Mathieson Alkali Works, Inc.—
Common (guar.)
37150 Jan. 2 Holders of rec. Doe. 8
Preferred (guar.)
$131 Jan. 2 Holders of rec. Dec. 8
McBryde Sugar Co., Ltd
25e Dec. 30 Holders of rec. Dec. 18
McKeesport Tin Plate Co., corn.(guar.)
$1 Jan. 2 Holders of rect. Dee. 15
25e Dee. 30 Holders of rec. Dec. 23
Merchants Refrigerating (guar.)
pref (guar.)
Merck
$2 Jan. 2 Holders of rec. Dee. 16
Corp..
4e Jan. 2 Holders of ree. Nov. 30
Mercury Oils, Ltd., com
Name of Company.
Dec. 16 1933
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Mesta Machine Co., common (quar.)___
25c Jan. 1 Holders of rec. Doe. 16
Preferred (guar.)
$134 Jan. 1 Holders of rec. Dec. 16
Metal Package (quar.)
$1
Jan. 2 Holders of rec. Dec. 15
Metropolitan Coal 7% pref. (quar.)
$114 Dec. 30 Holders of rec. Dee. 23
Midland Loan & Savings (semi-ann.)._ _
54 Jan. 2 Holders of rec. Dec. 15
Minn.
-Honey well Regulator,6% pf.
(qr.) $115 Jan. 1 Holders of rec. Dec. 20
Mitchell (J. S.) & Co.. pref. (quar.)........ $134 Jan. 2 Holders of rec. Dec. 16
Monroe Chemical prof. (guar.)
8715c Jan. 2 Holders of rec. Dec. 15
Monsanto Chemical Co. (qrier.)
3114,3 Dec. 29 Holders of rec. Dec. 9
Extra
75e Dec. 29 Holders of rec. Doe. 9
Moore (Wm.) Dry Goods (guar.)
$131 Jan. 1 Holders of rec. Dec. 26
Morris(F.) Co.,series A (guar.)
$115 Dec. 20 Holders of rec. Dec. 20
Series B (guar.)
27550 Dec. 30 Holders of roe. Dec. 20
$114 Dec. 30 Holders of reo. Dec. 20
7% Preferred (quar.)
Morris (Philip). Consul, el A (quar.).... 4354e Jan. 2 Holders of rec. Dec. 19
Morris 5e.& 100.10 $1 Sts.. 7% pi.(au.) 134% Jan
2
Mosser (J. K.) Leather Corp.—
Common (initial)
50c Jan. 2 Holders of rec. Dec. 11
Mutual Chemical Co. of Amer., pt.(qu.) $155 Dec. 28 Holders of ree. Dec. 21
Myers(F. E.)& Bro., common (guar.).25e Dec. 3() Holders of rec. Dec. 15
Preferred (guar.)
$115 Dee. 30 Holders of rec. Dee. 15
Nashua Gummed & Coated Paper
7% preferred (quar.)
3154 Jan. 2 Holders of rec. Dr .3. 21
National Battery Co., pref. (guar.).—
55c Jan, 2 Holders of rec. Dee. 15
National Breweries, Ltd., corn. (quar.)_
r40c Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
r43c Jan. 2 Holders of rec. Dec. 15
Nat. Candy Co., corn.(guar.)
260 Jan. 1 Holders of rec. Dec. 12
1st & 2nd preferred (guar.)
$131 Jan. 1 Holders of rec. Dec. 12
National Dairy Products Co., com.(qu.)
30c Jan. 2 Holders of rec. Dec. 4
Class A & B preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 4
Nat. Finance Corp.of Am.6% pt.(qu.)_
15o Jan. 1 Holders of roe. Dee. 11
Common (guar.)
15e Jan. 1 Holders of roe. Dee. 11
Extra
15e Jan. 1 Holders of roe. Dec. 11
National Lead Co., com. (guar.)
$114 Dee. 30 Holders of rec. Dee. 15
Class B preferred (guar.)
$1 34 Feb. 1 Holders of rec. Jan. 19
National Sugar Refining Co.(quar.).--I 52.63e Jan. 2 Holders of rec. Dee. 1
National Tea Co., corn.(guar.)
150 Jan. 2 Holders of rec. Dee. 14
Natomas CO (guar.)
5134 Jan. 2 Holders of rec. Dec. 20
N.Y.Ship Bldg. Corp., part.(guar.).
10c Jan. 2 Holders of rec. Dec. 19
Founders (guar.)
10c Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
5154 Jan. 2 Holders of rec. Dec. 19
Newberry (J.J.) Co.(quar.)
15e Jan. 1 Holders of roe. Dec. 15
Niagara Share Corp. of Md.—
Class A $6 preferred (guar.)
5155 Jan. 2 Holders of rec. Doe. 15
Noblitt-Sparks Industries (guar.)
50e Jan. 2 Holders of rec. Dec. 20
Noranda Mines, Ltd. (interim)
$1 Dec. 30 Holders of rec. Dec. 18
North American Co.,corn.(quar.)
f2% Jan. 2 Holders of roe. Dee. 5
Preferred (guar.)
750 Jan. 2 Holders of roe. Dee. 5
North Central Texas 011. pref.(quar.)
$131 Jan. 2 Holders of rec. Dee. 11
Northern Pipe Line Co.(semi-annual)_
25e Jan. 2 Holders of rec. Dec. 8
Norwalk Tire & Rubber Co. prof. (qu.) 8715c Jan, 1 Holders of rec. Dec. 21
Novadel Agene Corp.(quar.)
$134 Jan. 2 Holders of rec. Dec. 15
Omnibus Corp. prof.(guar.)
$2 Jan, 2 Holders of reo. Dee. 15
Ontario Loan eZDebenture(guar.)
$134 Jan. 2 Holders of rec. Dee. 15
Pacific Finance Corp.,corn.(guar.)
Sc Jan. 2 Holders of rec. Dee. 15
20c Feb. 1 Holders of roe. Jan. 15
Preferred A (quar.)
1614c Feb. 1 Holders of roe. Jan. 15
Preferred C(guar.)
17550 Feb. 1 Holders of rec. Jan. 15
Preferred D (guar.)
75c Jan. 2 Holders of rec. Dec. 20
Page-Hersey Tubes, corn. (guar.)
5131 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
30c Dec. 30 Holders of rec. Dec. 18
Penney (J. C.) Co., com.(guar.)
$115 Dee. 30 Holders of rec. Dec. 18
Preferred (guar.)
25e Jan. 2 Holders of rec. Dec. 8
Peoples Drug Stores. corn.(guar.)
31.5780 Dec. 31 Holders of rec. Dee. 20
Perfection Stove Co., Inc.(guar.)
25e 1)eo. 24 Holders of rec. Dec. 5
Pet Milk Co., common (guar.)
$131 Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
r15c Jan. 2 Holders of rec. Deo. 8
Pioneer Gold Mining, corn. (guar.).—
25e Jan. 2 Holders of roe. Dec. 9
Pittsburgh Plate Glass Co. (guar.)
1715c Dec. 31 Holders of rec. Dec. 11
Pittsburgh Thrift Corp.(guar.)
be Dec. 31 Holders of rec. Dec. 11
Extra
7% preferred (guar.)
$151 Dec. 31 Holders of rec. Dec. 11
25c Doe. 31 Holders of rec. Dec. 7
Plymouth Oil Co. (guar.)
$134 Jan. 2 Holders of roe. Dec. 20
Powdrell& Alexander, Inc., pref.(qu.)
Pratt & Lambert, Inc., com.(guar.).— 1210 Jan. 2 Holders of roe. Dec. 15
1255e Jan. 2 Holders of roe. Dee. 15
Extra
r3c Jan. 15 Holders of rec. Dee. 19
Premier Gold Mining (quar.)
$115 Jan. 15 Holders of rec. Dec. 30
Prudential Investors, $6 pref. (quar.)
Publication Corp.. 7% orig. prof. (guar.) $134 Jan. 2 Holders of rec. Dee. 20
$1 Jan. 15 Holders of rec. Dec. 30
Quaker Oats Co., com.(guar.)
$115 Feb. 28 Holders of rec. Feb 1
6% preferred (guar.)
10o Jan, 15 Holders of rec. Jan. 1
Railways Corp.(quar.)
Reliance Mfg. Co. of Ill., pref.(boar.)_
$134 Jan. 2 Holders of rec. Dec. 20
75,3 Jan. 2 Holders of roe. Dec. 18
Reynolds (Rh)Tobacco, com. (quar.)..
75e Jan. 2 holders of rec. Dee. 18
Common B (guar.)
$131 Dec. 30 Holders of rec. Dec. 15
Rich's, Inc.,615% Preferred (guar-)25e Jan. 2'holders of rec. Dec. 15
Riverside Silk Mills, class A (guar.).
25e Jan. 2 Holders of rec. Dee. 4
Royal Baking Powder (guar.)
5131 Jan. 2 Holders of roe. Dec. 4
6% preferred (guar.)
50c. Dec. 20 Holden, of rec. Dee. 5
Royalite 011 Co., Ltd.. com
75e Jan, 1 Holders of rec. Dec. 19
Safeway Stores, common (guar.)
6% preferred (guar.)
$155 Jan. 1 Holders of rec. Dec. 19
7% preferred (guar.)
$154 Jan. 1 'holders of recs. Dee. 19
37550 Dee, Si Holders of rec. Dee. 16
Scott Paper Co., corn.(guar.)
250 Deo, 31 Holders of roe. Dee. 16
Extra
Scottish Type Investors, Inc—
165-150 Dec. 30 Holders of roe. Nov.30
Class A & B stock (guar.)
Second International Securities
6% 1st preferred (qUar.)
50e Jan. 2 Holders of rec. Dee. 15
Selected Ind., Inc. $515 prior stk.(qu.). $156 Jan. 1 Holders of rev. Dec. 16
Shattuck (F. G.) Co.. corn. (guar.)._
70 Jan. 10 Holders of rec. Doe. 20
Siscol Gold Mines, (guar.)
30 Dec. 30 Holders of roe. Dec. 16
Extra
2e Deo, 30 Holders of rec. Dee. 15
South Penn Oil Co. (guar.)
25e Dec. 30 Holders of reo. Dee. 15
South Porto Rico Sugar (quarterly)---600 Jan. 2 Holders of roe. Dee, 9
Preferred (guar.)
$2 Jan. 2 Holders of tee. Dec. 9
Southwest Penn.Pipe Lines (guar.)
$1 Dee. 27 Holders of rec. Dec. 15
Spencer Kellogg & Sons,Inc.,com.(qu.)_
250 Doe. 30 Holders of rec. Dee. 15
Standard Brands, Inc., corn.(quar.)_
25e Jan. 2 Holders of rec. Dec. 4
$7 preferred, series A (guar.)
$131 Jan. 2 Holders of roe. Dee. 4
Standard Coosa-Thatcher (guar.)
12150 Jan. 1 Holders of rec. Dee. 20
7% preferred (guar.)
$IX Jan. 1 Holders of rec. Dee. 20
Standard 011 Export, prof.(s-a)
$215 Dee. 30 Holders of rec. Dee. 12
Standard Oil of Kansas(guar.)
500 Jan. 31 Holders of roe. Jan. 2
Standard OH of Nebraska (guar.)
25e. Dee. 20 Holders of reo. Nov. 27
Standard 01100.(0.)5% pref. (quar.)... $114 Jan. 15 Holders of roe. Dee. 30
Starrett (L. S.). pref. (guar.)
$131 Dec. 30 Holders of rec. Dec. 18
Stein (A.)& Co., pref.(guar.)
El% Jan, 2 Holders of roe. Dee. 15
Sterling Pacific Oil
5231 Dee. 22 Holders of rec. Dee. 11
Swift & Co.(guar.)
12550 Jan. 1 Holders of roe. Dee. 9
Tacony-Palmyra Bridge Co., com.(qu.)
250 Doe. 30 Holders of rce .Dec. 10
Class A (guar.)
25e Dec. 30 Holders of roe. Doe. 10
Taylor Milling Corp., corn.(guar.)
25e Jan. 2 Holders of roe. Dec. 9
Texas Corp.(guar.)
250 Jan. 1 Holders of roe. Dec. la
Texas Gulf Producing
e214% Dee, 23 Holders of rec. Nov. 24
Texon 011 & Land Co
150 Jan. 2 Holders 01 roe. Dee. 12
Tide Water Assoc., 6% pref
h$155 Dec. 23 Holders of roe. Dec. 15
Tobacco Securities Trust Co.—
zw14% Dee. 21 Holders of roe. Nov. 27
Amer. dep. roe. for ord. cog
Todd Shipyard Corp.(guar.)
25e Dec. 20 Holders of rec. Dee. 6
Toronto Elevators. 7% pref.(guar.)
$154 Jan, 15 Holders of roe. Jan. 2
75c Jan. 2 Holders of rea. Dee. 15
Torrington Co. (guar.)
62150 Jan. 2 Holders of roe. Dec. 11
Trico Products Corp. (guar.)
25c. Dee. 30 Holders of roe. Dee. 12
Underwood-Elliott-Fisher Co. corn.(gr.)
$114 Dee. 30 Holders of rec. Dec. 12
Preferred (guar.)
25c Jan. 1 Holders of roe. Dee. 1
Union Carbide & Carbon Corp.(guar.).
40o Jan. 2 Holders of roe. Dec. 13
United Carbon Co. Corn. (guar.)
7% preferred (3.-a.)
$355 Jan. 2 Holders of roe. Dee. 13
United Dyewood, prof. (guar.)
5134 Jan. 2 Holders of rec. Dee. 20
1 26.316e Dec. 23 Holders of roe. Dec. 6
United Elastic Corp.(guar.)
50 Jan. 15 Holders of rec. Jan. 1
United Gold Equities of Canada
United Grain Growers
$1
Financial Chronicle
Volume 137
Per
When
Share. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U.S. Foil Co., class A & B corn.(guar.) _
10c Jan. 2 Holders of rec. Dec. 15a
•Preferred (quar.)
$I 3. Jan. 2 Holders of rec. Dec. 15a
25e. Jan. 2 Holders of rec. Dee. 15
United States Gypsum Co., corn. (qr.)
51
Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
U.S. Pipe & Foundry Co.,corn. (quar.)_ 12350. Jan. 20 Holders of roe. Dec. 30
1st preferred (quar.)
30e. Jan. 20 Holders of rec. Dec. 30
25c Jan. 1 Holders of rec. Dee. 21
United States Playing Card (quar.)
United States Tobacco, corn. (guar.)... $1.10 Jan. 2 Holders of rec. Dec. 18
$5 Jan. 2 Holders of rec. Dec. 18
Special
Preferred (guar.)
$151 Jan. 2 Holders of rec. Dee. 18
Victor Monaghan. 7% pref. (guar.) _
51,4 Jan. 2
12He Jan. 2 Holders of rec. Dec. 15
Vortex Cup Co., corn. (quar.)
62580 Jan. 2 Holders of rec. Dec. 15
Class A (guar.)
51U Jan. 1 Holders of rec. Dec. 20
Wagner Elec. Co., pref. (quar.)
$194 Jan. 1 Holders of rec. Dec. 20
prof. (guar.)
Walgreen, 6
50c Jan. 2 Holders of rec. Dec. 15
Ward Baking Corp.. 7% pref
Waukeska Motor Co.(guar.)
30c Jan. 1 Holders of rec. Dec. 15
6 5.4 c Dec. 30 Holders of ree.. Dec. 15
Weibel Brewing Co.(quar.)
Wesson Oil & Snowdrift Co.corn. ((pl.)._ 113.158 Jan. 2 Holders of rec. Dec. 15
$I Jan. 2 Holders of rec. Dec. 15
West Point Mtg. Co. (quar.)
51 Jan. 2 Holders of rec. Dec. 15
Extra
$1Si Jan. 15 Holders of rec. Dec. 20
Western Grocers, Ltd.. pref. (guar.).—
$I Dec. 21 Holders of rec. Dec. 15
West.Tablet & Stat. Corp.,corn.(qu.)_ _
25c Jan. 31 Holders of rec. Dec. 30
Westinghouse Air Brake Co.(quar.)_ _ _ _
Westmoreland. Inc.(quar.)
30e Jan. 2 Holders of rec. Dec. 15
Westvaco Chlorine Prod. Corp. pf. (qu.) $1% Jan. 2 Holders of rec. Dee. 15
625
0 Dec. 30 Holders of rec. Dec. 20
,
Wilcox & Rich Corp..cl. A (attar.)
h$1,ki Jan. 2 Holders of rec. Dec. 16
Wilson & Co.,7% pref.(quar.)
25e Jan. 2 Holders of rec. Dec. 12
Wiser Oil (quar.)
r5c Jan. 2 Holders of rec. Dec. 9
Wright Hargreaves Mines(quar.)
TIC Jan. 2 Holders of rec. Dec. 9
Extra
Wrigley(Wm.)Jr. Co., cap. stk. (mo.)-1 2630-95 Jan. 2 Holders of rec. Dee. 20
150 Jan. 2 Holders of rec. Dec. 11
Yale & Towne Mfg. Co. (quar.)
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New Yore 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.
IPayable in common stock. g Payable In scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
1 Subject to the 5% NIRA tax.
m Commercial Invest. Tr. pays div. on convertible preference stock, optional
series of 1929. at the rate of 1-52 of 1 share of common stock, or, at the option
of the holder, in cash at the rate of $1.50.
n The Blue Ridge Corp. has declared a quarterly dividend at the rate of 1-32
of 1 share of the common stock of the corporation for each share of such preference
stock, or at the option of such holders (providing written notice thereof is received
by the corporation on or before Nov. 18 1933) at the rate of 75c. per share In cash.
o A dividend on the cony. pref. stock, optional series of 1929, of Commercial
Investment Trust Corp., has been declared payable In common stock of the corporation at the rate of 1-52 of 1 share of common stock per share of cony. pref. stock.
or at the option of the holder,In cash at the rate of $1.50 for each share of cons'. pref.
stock held.
P Great Western Sugar Co. is paying one-fifth sh. of cap. stk. of the Cache La
Pondre Co.—Ex-distribution Dec. 18 1933.
o 20 gold pesetas.
r Payable In Canadian funds, and in the case of non-residents of Canada. a
deduction of a tax of 5% of the amount of such dividend will be made.
s Four gold pesetas.
I American Cities Power & Light pay a div. of 1-32 share of class B stock on
the cony. class A optional series, or 75e. in cash.
u Payable in U. S. funds.
e A unit.
to Less depositary expenses.
o Less tax.
it A deduction has been made for expenses.
4325
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, DEC.9 1933.
Clearing House
Members.
.Surplus and
Undivided
ProfUs.
•Capital.
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co.._
National City Bank_. _ _
Chemical Bk.& Tr. Co_
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr.Co.
Corn Exch. Bk. Tr. Co._
First National Bank....
Irving Trust Co
Continental Bk.& Tr. Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Tr. Co
Marine Midland Tr. Co_
New York Trust Co_
Comil Nat. Bk. dr Tr. Co
Pub. Nat. Bk.& Tr. Co_
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
12,500,000
7,000,000
8.250,000
Tntnla
Time
Deposits,
Average.
$
81,677,000
257,926,000
(7852,280,000
245,175,000
8844,485,000
198,894,000
467,544,000
170,690.000
302,138,000
287,617,000
$
9,155,000
31,464,000
157,587,000
27,529,000
57,142,000
98,228,000
50,361,000
21,779,000
30,214,000
41,962,000
4,587,000
26,610,000
60,000,200 c1,073,964,000
3,198,700
41,500,000
63,285,500 0473,805,000
10,060,800
24,492,000
5,269,900
10,602,000
184,344,000
22,204,200
7,904,300
43,887,000
4,686,800
40,269,000
$
6,000,000
20,000,000
124,000,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
Net Demand
Deposits,
Average.
1,518,000
96,536,000
2,796,000
50,039,000
288,000
9,589,000
14,976,000
2,373,000
30,831.000
S
9,595,000
31,931,700
44,272,400
47,147,400
177,963,600
20,297,500
61,203,500
17,567,700
75,366,000
62,320.200
Alet 14g (WM
790 2619 inn
0 5107 2.10
nnn
790 207
nnn
• As per official reports: National, Oct. 25 1933: State, Sept. 30 1933; trust
companies, Sept. 30 1933.
Includes deposits in foreign branches: a $213,296,000; b $70,344,000: c $73,762,000: 0123,106,000,
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Dec. 8:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, DEC. 8 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Manhattan—
Grate National
Trade Bank
Cash.
Res. Dep., Dep. 0:5er
N. P. and Banks and
Elsewhere. TrUS, CO3.
$
20,036,800
2,712,397
$
135,700
82,930
$
1,423,700
673,454
inn non
20000
311 non
Gross
Deposits.
$
s
2,277,800 19.347,300
383,690 3,199.566
Brooklyn—
Pronlo'R Nntinnal
0
R5 900
4 R29 000
TRUST COMPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Loans,
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County....
United States
Brooklyn—
Brooklyn
Wino, CInnnto
Cash.
Res. Dep.
N. P. and
Elsewhere.
Dep. Other
Banks and
Trust Cos.
Gross
Deposits.
5
$
s
52,474,300 .2,985,500 9,433,400
373,712
6,251,554
64,297
*543,701
389,818
8.635,052
367,000
16,958,700 .2,138,800
27,639,200 *4,501,000
894,700
68,493,385 6,710,383 15,346,306
5
S
2,146,000 56,627,400
833,903 5,936,590
562,080 8,617,136
346,900 15,266,300
30,961,000
62.280,801
2,780,000 18,315,000
1 021 9411
5 395 714
253,000 93,949,000
25.349.916
88,290,000
two MR
90
•Includes amount with Federal Reserve as follows: Empire, 62,037,800; Fiduciary, S323,396; Fulton, $2,028,600; Lawyers County, $3,782,500.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Dec.13 1933,in
comparison with the previous week and the corresponding date last year:
Resources—
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Dec. 13 1933. Dec. 6 1933. Dec. 14 1932.
$
$
563,706,000 523,706,000 607,444,000
11,400,000
11,532,000
3,634,000
Gold held exclusively Mat. F. R. notes
575,100,000
535,238,000
611,078,000
Gold settlement fund with P. R. Board__
Gold and gold certificates held by bank_
157,742,000
188,890,000
131,285,000
188.070,000
130,764,000
270,111,000
921,738,000
Resources (Concluded)—
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
All other assets
Dec. 13 1933. Dec. 6 1933. Dec. 14 1932.
5
$
s
946,000
1.294,000
1,292,000
3,738,000
3,957,000
4,016,000
94.147,000 120,297,000
111,506,000
14,817,000
12,818,000
12,818,000
22,270.000
29,779,000
30,762,000
854,593,000 1,011,953,000
Total gold reserves
Other cash*
53,021,000
50.219,000
79,132,000
Total gold reserves and other cash_._
971,359,000
Redemption fund—F. It. banknotes....
13111s discounted:
Secured by U. S. Govt. obligations___
Other bills discounted
2,907,000
3,198,000
18,131,000
26,879,000
15,870.000
27,239,000
33,127,000
29,820,000
45,010,000
43,109,000
62,947,000
13,241,000
24,063,000
9,971,000
170,046,000
361,879,000
299,756,000
170,046.000
361,879,000
299,756,000
187,204,000
144,137,000
401,951,000
831,681,000
831,681,000
733,292.000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities__
Other securities (see note)
Total bills and securities (see note)____
904,812,000 1,091,085,000
992,000
992.000
3,942,000
890,924,000
899,845,000
810,152,000
Total assets
Liabilities—
F. R. notes in actual circulation
F. R. bank notes in actual circulation__
Deposits: Member bank—reserve account
Government
Foreign bank (see note)
Special deposits—Member bank
Non-member bank
Other deposits __________
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total gold reserve & other ca.sh•
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
2,029,584,000 1,949,850,000 2,063,305,000
644,113,000
52,914,000
964,741,000
42,302,000
11,697,000
5,072,000
1,528,000
41,892,000
652.733,000 577,724,000
53,168,000
905,897,000 1,206,979,000
2,117,000
29,575,000
3,351.000
6,661,000
5,048,000
1.562,000
12,052,000
46.218,000
1,067,232,000
104,677,000
58,437,000
85,058,000
17,153,000
994,961,000 1,224,499,000
89,824,000 110,465,000
58,443,000
58,619,000
85,058,000
75,077,000
15.663.000
16,921,000
2,029,584,000 1.949,850,000 2,063,305,000
57.0%
54.9%
60.5%
968,000
967,000
11,506,000
•"Other cash" does not Include F. R. notes or a bank's own F. R. bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925. two new items were added in order to show separately the amount o balances held abroad and amounts due
to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to
a more accurate description of the total of the
"Other securities," and the caption, "Total earnings assets" to "Total bills and securities." The latter term was adopted
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. which it was stated are the only Items included therein.
Financial Chronicle
4326
Dec. 16 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec.14,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 13 1933.
Dec. 13 1933. Dec. 6 1933. Nov. 29 1933. Nov. 22 1933. Nov. 15 1933. Nov. 8 1933. Nov. 1 1933. Oct. 25 1933. Dec. 141932.
S
$
$
$
$
$
3
$
$
2,617,934,000 2,611,864,000 2,618,254,000 2,627.779,000 2.630.254.000 2,637.126,000 2,638,561,000 2,675,331,000 2,288,899,000
38,931,000
40,888,000
42.479.000
37.313,000
37.313,000
38.518,000
39,266.000
44,292,000
38.185,000
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S. Trees
Gold held exclusively 0581. F. R. notes 2,662,226,000 2,654,343,000 2.659,142,000 2.666,297,000 2.668,439.000 2,676,392,000 2,675.874,000 2,712,644,000 2,327,830,000
Gold settlement fund with F. It. Board
628,665,000 639.190.000 673,403,000 668,409,000 668,019.000 661.187,000 666.190.000 629,632,000 370,791,000
Gold and gold certificates held by banks_ 280,714,000 279.318.000 240,693,000 241,074,000 240,695.000 240.710,000 240,841.000 248,512,000 394,716,000
3,571,605,000 3,572,851,000 3,573,238,000 3,575,780,000 3,577,153,000 3,578,289.000 3,587.905,000 3.590.788.000 3,093,337,000
a
a
a
a
a
aa
a
216,680,000 206,530,000 204,583,000 227.086,000 225,820,000 214,007,000 226.491.000 238.012,000 260,219,000
Total gold reserves
Reserves other than gold
Other cash•
Total gold reserves and other cash.- 3.788,285,000 3.779,381,000 3,777,821,000 3,802,866.000 3.802,973,000 3,792,296,000 3.814.396,000 3.828.800,000 3,353,556,000
Non-reserve cash
a
a
a
a
aa
a
a
11.990,000
Redemption fund-F. R. batik notes
12,447,000
11.858.000
13,527,000
11,248,000
11,365.000
11,457,000
11,693,000
Bills discounted:
87.953,000
36.959,000
Secured by U. S. Govt. obligations33.244,000
28,464,000
25,825,000
24,994,000
38,458,000
26,457,000
26,298,000
82,082.000
82,317,000
83,688,000
88,768,000 196,520,000
79,726,000
Other bills discounted
91,513,000
84,980.000
85,963,000
Total bills discounted
Bills bought In open market
U. S. Government securities
-Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
118,184,000 115.561,000 119,041,000 112,152,000 111,437,000 112.261.000 116,507,000
23.866,000
61.284,000
20,294,000
116,158,000
15,180,000
6,644,000
6,737,000
442,713.000 442,172,000 442,675,000 442.212,000 442.691,000 441.210,000 442,891.000
1,055,300,000 1.055,300,000 1,034.003,000 1,030.473,000 1,021,001,000 1,020,979.000 1,007.587,000
Total U. S. Government securities
Other securities
Foreign loans on gold
2.431,608,000 2,431,057,000 2,431,637,000 2,431,094.000 2,431.602,000 2,430,101,000 2.419,775,000 2,400.156,000 1,850,726,000
5,378,000
1,599,000
1,585,000
1.580,000
1,580,000
1.559.000
1.569,000
1.559,000
1.559.000
933,595,000
933,585,000
954,059,000
958,409,000
967,910,000
967.912,000
969,297,000
114,593,000
6,523,000
441,262,000
994,098,000
284,473,000
33,769,000
420,669,000
357,448,000
964,796.000 1,072,609,000
Total bills and securities
2,667,535,000 2.609,501,000 2,576,124,000 2,565,120,000 2,559,788.000 2,550.658,000 2,544,485,000 2,522,831,000 2,174,346,000
Gold held abroad
2,781,000
3,523,000
3,517.000
Due from foreign banks
3,519.000
3,579,000
3.610,000
3,615.000
3,732.000
3.700.000
13,455,000
15,434,000
Federal Reserve notes of other banks.-14,730,000
16,658.000
19,575,000
15,043,000
17.833.000
16,242,000
16,084,000
431,482,000 381,643,000 375,332,000 396,168,000 526,891,000 341.876,000 426.364.000 385,196,000 407,925,000
Uncollected items
58,211,000
54.732,000
Bank premises
54,794,000
54,732,000
54,639.000
54,804,000
54,732,000
54,643.000
54.730.000
42,889,000
50,442,000
50,784,000
48,872.000
53,639,000
All other resources
49,689,000
48.822,000
49,198,000
50.676.000
7,027,832,000 6,908,799,000 6.865,398,000 6.900,670,000 7,024,974,000 6.819,781,000 6,923,377,000 6,874,888,000 6,053,163,000
Total resources
LIABILITIES.
F. It. notes In actual circulation
3,038,172,000 3,042,725.000 3.030.329,000 2,970,210,000 2,973,040,000 2.982.997,000 2.907.302.0002.960,748.000 2,713,935,000
F. R. bank notes In actual circulation_ _ 208,853.000 208.740,000 205,394.000 200.697.000 194,950.000 193,678,000 188.840,000 180.363,000
-reserve mei_ 2,637,936,000 2.561,180,000 2,572,942,000 2,687.291,000 2,645.232.000 2,577,552,000 2,590,551,000 2,693.121,000 2,424,532,000
Deposits
-Member banks
81.519,000
23,700,000
Government
27,758,000
93,914,000
98.400.000
31.216,000
90,926,000 115.597,000
64,220.000
• 14,478,000
5,324,000
10,293.000
Foreign banks
9.442,000
17,797,000
8,824,000
15.381,000
10.682.000
7,532,000
53,931,000
55,006,000
-Member bank
Special deposits
55,101,000
68,884,000
67,495,000
57,269,000
65.210,000
65.529,000
10,264.000
14,331,000
10,134,000
Non-member bank
14,237,000
14,193,000
13.958,000
14.954,000
14,593,000
26,349,000
67.352,000
Other deposits
81,085,000
81,183,000
69,128,000
66.088.000
80,962.000
69,800,000
75.425.000
2,891,608,000 2.815,440,000 2,796,474.000 2.867.686.000 2.872.531.000 2.829.124.000 2.884.179,000 2,887,885,000 2,484,874,000
425,430,000 379,850,000 373.730,000 402,536,000 525,942,000 354.583.000 424.910.000 385.779.000 396,850,000
145,300,000 145,300,000 145,194.000 145,152,000 145.100,000 145,301,000 145,456.000 145.527,000 151,415,000
278,599,000 278,599,000 278,599,000 278,599,000 278,599.000 278.599.000 278.599.000 278,599,000 259,421,000
39,870,000
47,103,000
35,678.000
36.145.000
35,987,000
34,091.000
35,790,000
35,4911.000
34.812,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
7,027,832,000 6,906,799,000 6,865,398.000 6,900,670,000 7,024.974,000 6.819.781.000 6.923,377,000 6.874,888,000 6,053,163,000
Ratio of gold reserve to deposits and
F. It. note liabilities combined
60.2%
61.9%
61.3%
59.5%
61.3%
61.2%
61.3%
61.5%
61.1%
Ratio of total reserve to deposits and
F. R. note liabilities combined
63.1%
Ratio of total gold reserve & 0th. cash5 to
deposit & F.R. note liabilities combined
63.9%
64.5%
64.5%
64.8%
65.2%
65.1%
65.2%
65.5%
65.1%
Contingent liability on bills purchased
2,894,000
for foreign correspondence
35,911,000
2.894,000
2.893,000
30.750.000
10.700,000
33,798,000
3.218,000
3,896,000
s
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
s
$
$
s
$
3
$
$
90,302,000
7,455,000
8,453,000
9,350,000
2,624,000
89,236,000
8,105,000
7,770,000
7,904,000
2,546,000
91,804,000
9,584,000
8,507,000
7,856,000
1,290,000
83,502.000
12,031,000
8,881,000
6,527.000
1.211.000
80,979.000
9.986.000
12,449.000
6,444.000
1.579,000
80,877,000
7.951,000
15,445,000
6,534.000
1.454,000
87.037.000
9.217,000
13.796,000
5,133,000
1,324,000
84,056,000
8.268,000
15,061,000
6,028,000
1.180.000
198,229,000
22,969,000
32,119,000
19,724,000
11,432,000
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
31-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
118.184,000
35.240,000
9,231,000
30,647,000
40.516,000
524,000
115,561,000
27.832,000
8,308,000
5,565,000
19,309,000
270,000
119,041,000
5,623,000
4,687,000
4,775,000
8.700,000
81,000
112,152,000
3,511.000
5.170,000
5,287.000
6,176.000
150.000
111,437,000
499,000
5,156.000
4,491.000
4.887.000
147,000
112,261,000
293.000
616.000
1.045.000
4.783.000
116,507,000
639.000
325,000
863,000
4.817,000
114,593,000
285,000
737,000
899.000
4.602,000
284,473,000
4,074,000
2,766,000
1,923,000
25,006,000
Total bills bought in open market__ _ _
1-15 days U. S. certificates and bills16-30 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
116,158,000
280,274,000
79,500,000
98,711,000
144,904,000
330.206,000
61,284,000
230,429,000
97,095,000
118,251,000
118,230,000
369,580,000
23,866.000
66.092.000
274.882.000
146.698.000
88.714.000
378.573.000
20,294,000
121,149,000
233.928,000
170.443,000
82.083,000
350.806,000
15,180,000
106,070.000
246,179,000
174.245.000
94,711,000
342,705.000
8,737.000
75,620.000
121,099,000
329,026,000
101,251,000
340.916,000
6,644.000
69.747.000
106.070,000
322,773,000
140.698.000
330,009.000
6,523,000
64,017.000
59.820.000
329,681,000
164,443,000
346.805,000
33,769,000
63,000,000
58,356,000
177.733.000
143,550,000
629,970,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
933,595,000
1,439,000
47,000
63,000
36.000
933,585,000
1,453,000
27.000
83,000
36,000
954.959.000
1,486.000
14.000
80,000
958.409.000
1.486,000
14,000
69.000
11,000
967,910,000
1.449,000
37.000
50,000
33.000
967,912.000
1,439,000
47,000
31,000
42,000
969,297.000
1.439.000
47,000
31,000
42,000
964.796.000 1,072,609,000
3,951,000
1,449,000
1,139,000
288,000
51,000
59,000
1,585,000
1.599,000
1.580,000
1.580,000
1,569,000
1,559,000
1,559.000
Total municipal warrants
1,559,000
5,378.000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent-- 3,314,462,000 3,301,981,000 3,264,891,000 3,235,008,000 3,240,601,000 3.239,532,000 3,230,352,000 3,239,636,000 2.960,303,000
Held by Federal Reserve Bank
276,290,000 259,256,000 234,562,000 264,798.000 267,561,000 256,535,000 263,050.000 278,888.000 246,368,000
In actual circulation
3,038,172,000 3,042,725.000 3.030,329.000 2,970,210,000 2,973,040,000 2,982,997,000 2,967,302,000 2.960,748.000 2,713,935,000
Collateral Held by Agent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
1,475.189,000 1,475,189,000 1,513,078,000 1,513,604.000 1,514,579,000 1,513,951,000 1,517,456.000 1,520,226.000 1,125.479,000
1.142,745,000 1,136,675,000 1.105,176,000 1,114,175.000 1,115.675.000 1,123,175,000 1,121.105.000 1,155.105,000 1,163,420,000
78.405,000
84,610,000
96,276,000
188,900,000 131.210,000
71,089,000
71,637.000 268,735,000
74.491,000
585,000,000 616,000,000 597,600,000 573.600.000 562,600.000 580.000,000 572.000,000 558,200,000 426,300,000
Total
'2 sat RS4 sons . .n 074 nnn 3 312 130 000 3.255.959.000 3.271 259 000 3.288.215.000 3.285 052 ono 3 707.168.000 2.983.934.000
1,•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes. a Now Included in "other cash." b Revised.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC 13 1933
Two Ciphers (00) Omitted.
Federal Reserve Bank ofChicago. St. Louis Minneap. Kan.City. Dallas. San Fran.
Total.
Boston. New York. Phtla. Cleveland. Richmond Atlanta.
RESOURCES.
$
5
Gold with Fed. Res. Agents____ 2,617,934,0 191,172,0
Gold red,fund with U.S.Treas.
44.292,0 2,126,0
s
S
s
$
5
563,706,0 172.000.0214,770,0 131,475,0 90,880,0
11,400,0 4,354,0 4,932,0 1.801,0 3.383,0
737,972,0 125,578,0 67,254,0 97,290,0 44,074,0 181.763,0
1,395,0 1.635,0 1,241,0
5,078,0
904,0 6,043,0
Gold held excl. agst. F.R.notes 2,662,226,0 193,298,0
Gold settlem't fund with F.R.Bd 628,665,0 22,268,0
Gold & gold Ws. held by banks_ 280,714,0 21,840,0
575,106,0 176,354,0 219,702,0 133,278,0 94,263.0
157,742,0 20,510,0 53,322,0 30,088,0 11.698,0
188,890,0 11,857,0 4,833,0 1,100,0 2,357,0
743,050,0 126.973,0 68,889,0 98,531,0 44,978,0 187,806,0
169,449.0 36,178,0 14,138,0 28,879,0 43.380,0 41,013,0
3,189,0
313,0
564,0 10,921,0 3,725,0 31,125,0
J41,1 8,1/ .10.1.61,0
J10,000,t,
.0( 1,011J,U L61,400.V
',GO,.11 104,`104,0 1US,o1a,u
s
s
s
s
00,0J1.l) I30.001,11
s
1.0..0,V 40J,J94.1.)
s
4327
Financial Chronicle
Volume 137
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES(Conduded)Other cash*
New York.
Boston.
Cleveland. Richmond Atlanta.
Phila.
216,680,0 17,782,0
53,621.0 28,920,0 15,984,0 10,218,0 12,812,0
Total gold res. dr other cash-- 3,788,285,0 255,188,0
Redem.fund-F.R. bank notes_
13,527,0 1,250,0
Bills discounted:
See. by U.S. Govt. obligations
38,458,0 4,183,0
Other bills discounted
79,726,0 2,412,0
975,359,0 237,641,0 293,841,0 174,682,0 121,130,0
2,907,0 1,260,0 1,458,0
2390 1,158,0
Total bills discounted
Bills bought In open market_ _
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
118,184,0 6,595,0
116,158,0 28,049,0
Dallas. Son Frass
Chicago. Si. Louis. Mituseap. ICan
28,126,0 11,173,0
8,327,0
9,572,0
8,225,0 13,920,0
943,814,0 174,637,0 91,918,0 147,903,0 98,308.0 273.864,0
2,281,0
732,0
403.0
397,0
568,0
874,0
4,136,0
6,818,0
727,0
4,828,0
1,729,0
5,690,0
2,943,0
3,310,0
634,0
760,0
76,0
2,194,0
116,0
1,991,0
45.010,0 25.530,0 10,954,0
13.241,0 8.726,0 11,756,0
5,555,0
5,034,0
7,419,0
5,245,0
6,253,0
13,044,0
1,394.0
5,051,0
2,270,0
4,209,0
2,107,0
5,510,0
18,131,0 6,180,0
26,879,0 20,350,0
442,713,0 24,390.0
1 055,300,0 71,113,0
170,046,0 28,068,0 32,162,0 11,860,0 10,813,0
361,879,0 74,207,0 96,501,0 35,589,0 32,257,0
454,0
529.0
149,0
3,965,0
983,0 4,114,0
4,186,0 12,107,0
76,950,0 14,492,0 16,287,0 14,009,0 18,525,0 25,111,0
177,537,0 41,994.0 26,298,0 36,992,0 25,584,0 75,349,0
933,595,0 62,168,0
299,756,0 64,845,0 84,361,0 31,114,0 28,201,0
182,856,0 36,714,0 23,003,0 32,340,0 22,366.0 65.871,0
Total U.S. Govt.securities_ 2,431,608,0 157,671,0
Other securities
1,585,0
Bills discounted for, or with
(-). other F. R. banks
831,681,0 167.120,0 213,024,0 78,563,0 71,271,0
510,0
992,0
437,343,0 93,200,0 65,588,0 83,341,0 66,475,0 166,331.0
83,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
890,924,0 201,886,0 235,734.0 89,152.0 83,935,0
349,0
388,0
1,292,0
138,0
123,0
4,016,0
787,0 1,180,0 1,171.0
385,0
111,506,0 38,825,0 40.768,0 37,267,0 13,259,0
12,818,0 3,841,0 6,932,0 3,238,0 2,422,0
30.762,0 6,129,0 2,084,0 3,214,0 3,774.0
456,640,0 99,645,0 72,150,0 90,958.0 71,644,0 182,552,0
247,0
102,0
102,0
15,0
481.0
10.0
290,0 1,673,0
637,0 1,336,0
771,0
2,460,0
51,602,0 19.356.0 10,157,0 23,252,0 16,398,0 23,019.0
7,609,0 3,285,0 1,747,0 3.571.0 1,797,0 4,264,0
926,0
549,0 1,460,0 1,483,0 1,149,0
1,688.0
Total resources
2.667,535,0 192,315,0
270,0
3,517.0
15,043,0
337.0
431,482,0 46,073,0
64,804.0 3,280,0
421,0
53,639,0
7,027,832,0 499,134,0 2.029,584.0 490,355,0 581,953.0 309,110,0 226,972,0 1.466,575,0 298.661,0 178,476,0 269,173,0 190,562,0 487,277.0
LIABILITIES.
F.R. notes In actual circulation_ 3,038.172,0 227,468,0
F. R. bank notes in act'l circurn 208,853,0 20,087,0
Deposits:
Member bank reserve account 2,637,936,0 170,167,0
Government
93,914,0
653,0
Foreign bank
305,0
14,478,0
Special-Member bank
53,931,0
576,0
Non-member bank
10,264,0
Other deposits
81,085,0 1,662.0
Total liabilities
768,571,0 143.730,0 90,930,0 105.965,0 41,547.0 213,322,0
29,695,0 6,482,0 6,516.0 9,633,0 12,467,0 13,439,0
964,741.0 134,599,0 170,691,0 82,113,0 60,123,0
43,302,0 3,425,0 5,672,0 4,026,0 1,579,0
413,
439,0
11,697,0
163,0
146,0
5,072,0 7,496,0 5,818,0 1,782,0 2,351,0
163,
1,528,0 1,751,0
700,0
266,0
695,0 1,554,
41,892,0
3,967,0 4,681,0
509,713,0 96,581,0 54,775,0 113.023,0 102,072,0 179,338.0
913,0 1,413,0 5,113,0
25,809,0 1,032,0 1,977,0
292,0
121,0
121,0
96,0
142,0
543,0
340,0 2,955.0
20,158,0 3,907,0 1,081,0 2,395,0
732,0
45,0
306,
3,0 4,770,0
440,0 1,251.0 16.452,0
1,231,0 5.819,0 1,441,
2,891,608,0 173,363,0 1,067,232,0 148,405,0 184,311.0 92,751.0 69,146,0
425,430,0 45,842,0 104,677,0 37,355,0 40,163,0 36,754,0 12,055,0
.58,437,0 15,918,0 12.356,0 4,933,0 4,423,0
145,300,0 10,869,0
278,599,0 20,460,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
987,0 2,874,0
17,153.0 3,046,0 3,071,0
39,870,0 1,045,0
Total deposits
Deferred availability items
Capital paid in
Surplus
AB other liabilities
644,113,0 234,682,0 287.832,0 157,480,0 122,532,0
52,914,0 21,707,0 25,926,0 4,589,0 5,398,0
557.457,0 112,251.0 59,676,0 116,937,0 105,197,0 204,882.0
53,257.0 20,850,0 10,218,0 22.996,0 17.901,0 23,362,0
12,901,0 3,998,0 2,876,0 4,230,0 3.726,0 10,633,0
39.497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
5,197,0 1,164,0 1,241,0 1,149,0 1,005,0 1,938,0
7.027,832,0 499,134,0 2,029,584,0 490,355,0 581,953,0 309,110,0 226,972,0 1,466.575,0 298.661,0 178,476,0 269,173,0 190,562,0 487.277,0
Memoranda.
Ratio of total gold reserves and
other cash* to deposit Sr F. R
note liabilities combined
62.2
63.2
69.8
62.0
57.0
63.9
63.7
Contingent liability on bills purchased for for'n correspondents
113,0
286,0
304,0
101,0
968,0
211.0
2,894,0
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserv bank notes.
71.2
68.2
61.0
66.4
67.0
65.5
376.0
98,0
66,0
84,0
84,0
203,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) Omitted.
s
s
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt 3,314,462,0 248,291,0
Held by Fed'I Reserve Bank_ 276,290,0 20,823.0
In actual circulation
3,038.172,0 227,468,0
Collateral held by Agent as security for notes Issued to bits:
Gold and gold certificates
1,475.189,0 74,555,0
Gold fund-F. R. Board
1,142,745,0 116,617.0
Eligible paper
188,900,0 33,213,0
U.S. Government securities
585,000,0 27,000,0
Trani nnilataral
/ /01 WU. 0901 2200
Phila.
Cleveland. Richmond Atlanta.
s
s
Chicago, Si. Louts. Minneap. Kan.City. Dallas. San Frau.
s
$
$
$
s
s
$
$
$
727,705,0 250.568,0 308,717.0 164,941,0 143,487,0
83,592,0 15,886,0 20,885,0 7,461,0 20,955,0
807,273,0 150,867,0 95,837,0 113,970,0 47,042,0 255,764,0
38,702,0 7,137,0 4,907,0 8,005,0 5,495.0 42,442.0
644,113,0 234,682,0 287,832,0 157,480,0 122,532.0
768,571,0 143.730,0 90,930,0 105,965,0 41,547,0 213.322,0
483,606,0 101,610,0 107,270,0 52,100,0 21,880,0
80,100,0 70,390,0 107,500,0 79,375,0 69,000,0
42,836,0 19,156,0 20,510.0 8.849,0 9,744,0
140,000,0 60,000,0 80,000,0 26,000.0 48,000.0
445.972,0 28,378,0 29,754,0 18,490,0 20,574,0 91,000,0
292,000,0 97,200,0 37.500,0 78,800,0 23,500,0 90.763,0
16,227,0 5,988,0 5,394.0 6,760,0 4,926,0 15,297.0
70,000,0
70,000.0 21.000,0 27,000,0 16,000,0
IAA 0190901 100 0 /10 900 A 100 29111110 001 n
QOA 11141 A IKO 0000
00 040 A Ion nut n
ACI 000 02117
nann
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two CIphers (00) Omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outetdg.):
Held by Feri'l Reserve Bank_
5
Boston. New York.
S
Phila.
Cleveland. Richmond Atlanta.
$
$
$
$
Chicago. St. Louis. liftnneap. Kan.City
$
t
Dallas. San Fran.
$
$
$
8
i
Total collateral
64,141,0 24,130,0 27,198.0
11,227,0 2,423,0 1,272,0
4,589,0
5,798,0
400,0
30,901,0
1,206,0
6.683,0
201,0
7,132.0
616.0
9,868.0 13,669,0 14,342.0
903,0
235,0 1,202.0
208,853,0 20,087,0
52,914,0 21,707,0 25,926,0
4,689,0
5,398,0
29,695,0
6,482,0
6,516,0
9,633,0 12,467,0 13,439.0
2,046,0
254,274,0 30,000,0
1,608,0
64,274,0 25,000,0 30,000,0
5,000,0
266,0
7,000,0
36,000,0
172.0
8,000,0
8,000,0 10,000.0 16,000,0 15,000,0
256 3211 n an noo 0
In actual circulation
Collat. pledged agst. outst. notes
Discounted & purchased bills_
U. S. Government securities__
231,499,0 23,048,0
22,646,0 2,961,0
114 2740
s nem A
79440
n
ga nnn n
a
a AAA 0
20
nnn n al
AAR
n
1720
10 (111(1 11
18.000.0 15.000.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
with the
statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
Beginning
all real estate mortgages and mortgage loans held by the hank. Previously acceptances of other banks and bills sold with endorsement were included with loans. and some
of the banks included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured DY commercial
paper,only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was omitted In the weeks from March 1 to May 10. but a su nmary
of them is to be found In the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS DEC. 6 1933 (In Millions of Dollars).
Federal ROHM DistrictLoans and investments-total
Loans
-total
On securities
All other
-total
Investments
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
. .
B
Total.
Boston. New York
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.Clty. Dallas. San Fran.
$
1,037
1,105
336
341
1,491
485
325
512
393
1,706
3.903
508
452
174
192
836
242
176
206
213
896
1,857
2,046
236
272
222
230
59
115
58
134
396
440
92
150
48
128
55
151
59
154
221
675
492
3,775
529
653
162
149
655
243
149
306
180
810
314
178
2.419
1,356
289
240
454
199
115
47
100
49
397
258
143
100
93
56
197
109
125
55
490
320
109
35
716
363
82
89
149
777
52
5,588
1,138
374
106
1,171
74
13
573
303
67
71
147
83
18
521
428
45
57
124
34
11
193
127
7
62
74
25
6
148
129
30
47
59
404
50
1,218
461
45
232
324
61
10
304
157
22
63
102
30
4
199
117
3
58
75
67
12
353
165 •
10
108
171
58
9
256
121
26
90
123
102
16
584
858
75
140
141
$
1,191
$
7,678
8,497
699
3,556
4,941
253
446
8.103
5,136
2,967
1,824
236
10,653
4,367
786
1,123
2,660
Od
Phila.
s
$
16,600
10
s
01
s
s
A
s
$
$
$
$
4328
Financial Chronicle
Ore
sgummtrriza
Sinttnrial
(ghttrittrie
Dec. 16 1933
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Dec. 15.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
100
100tat
99933
1001232
10093:
9799,2
991233
Apr. 15 1936._
June 15 1938___
May 2 1934....
June 15 1935___
Apr. 15 1937._
Aug. 1 1936....
Sept.15 1937.—
Int.
Rate.
Bid.
Asked.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
6.75
11.50
South and Central America, Spain, Mexico and Cuba_-- 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(seml-annually)
BANK AND QUOTATION RECORD
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The subscription price of the Bank and Quotation Record and the
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$5.00 per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
Transient display matter per agate line
Contract anti Card rates
WILLIAM B. DANA COMPANY, Publishers
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert:
Business Manager. William D. Riggs:
Treas., William Dana Seibert: Sec., Herbert D.Seibert. Addresses of all, Office of Co.
TVall Street, Friday Night, Dec. 15 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 4313.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
Railroads—
Par Shares.
Beech Creek RR___50
20
Chic Ind & Lou pref 100
100
Det & Mackinac pref100
50
Common
100
10
Duluth S S & Atl_ _100
300
Preferred
100
100
Hudson & Math p1..100
200
I R T °Us
•
100
Market St Ry
100
40
Preferred
100
20
Norfolk & West pref 100
30
Pac Coast 2d pref
100
80
Phila Rapid Transit_50
40
Preferred
20
50
Texas & Pacific_ _100 2,600
Wabash RR pref 13.100
100
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ NT share. I $ per share. $ per share.S per share.
Feb 33
Dec 12 26
Sept
28 Dec 12; 28
May 25
July
7 Dec 15: 7 Dec 15 6
13 Dec 13 16 Dee 14 135 Nov 16 IDec
May 735 Dec
734 Dec 16 734 Dec 16 3
% Feb 235 July
% Dec 12
% Dec 12:
% Feb 334 July
Dec 11
1
Dec 111 1
1834 Dec 111 203% Dec 13 1834 Dec 5134 July
Aug 834 Sept
7 Dec 111 7 DC 11 5
34 Feb 334 July
3% Dec 12, % Dec 12
Jan 434 June
2 Dec 12: 2 Dec 12 1
May 8715 Sept
8434 Dec 14 8434 Dec 14 74
,
Feb 7
2 Dec 15 2 Dec 15 1
July
2 Dec 111 2 Dec 11 2 June 534 July
Dec 10
4 Dec 13; 4 Dec 13 4
July
Apr 43
July
2034 Dec 141 2434 Dec 9 15
Jan 6 June
234 Dec 13 234 Dec 13 1
Indus. & Miscell.—
Amer Express
60 114 Dec 14114 Dec 14 105
100
Amer Radiator & Stand
Sanitary pref _ _100
10 10934 Dec 9 10934 Dec 9 81%
Art Metal Construct 10
150 434 Dec 9 434 Dec 9 3%
Austin Nichols prior A •
120 37 Dec 9 3934 Dec 13 13
Beneficial Ind Loan_ __• 4,600 1335 Dec 13 1434 Dec 11 a13
Bloomingdale 7% pr 100
70 78 Dec 14 78 Dec 14 53
Dec 12 1
Burns Bros class A_ _-•
Dec 12 1
200 1
Class B
•
100 234 Dec 14 234 Dec 14 1
Bush TerminalBidgs
pref ctts
60 7 Dec 9 8 Dec 12 6
100
City Stores class A_ _ __•
400 4 Dec 12 434 Dec 12 134
Class A ctfs
200 334 Dec 12 3% Dec 12
•
34
% Dec 14 1% Dec 12
Certificates
2,900
Collins & Aikman p1100
50 7834 Dec 13 71334 Dec 13 63%
Col Fuel & Sr pref__100
80 1334 Dec 13 15 Dec 14 13
Col Gas & Elec pf B 100
50 50 Dec 12 50 Dec 12 40
Comm Cred pref (7).25
30 2234 Dec 12 23 Dec 12 1835
Como'Cigar pref (7)100
50 37 Dec 12 37% Dec 12 33
Prior pref X-war's100
160 46 Dec 11 46% Dec 14 3834
Crown W'mette 1st pf_•
100 48 Dec 14 48 Dec 14 17
Aug 114
Dec
Apr 119
Feb 9%
Feb 3934
Nov 1434
Jan 78
Dec 834
May 3.%
Oct
July
Dec
Nov
Dec
July
June
Dec
Jan
Nov
Mar
May
Nov
May
Mar
Apr
Apr
May
Dec
July
July
July
Sept
June
June
Sept
July
July
Aug
8
81.5
534
234
85
54
74%
25
60
62%
54
Deere & Co
•
DurhamHosMills p1100
Gen Baking Co pref •
Gen Refractories ctfs *
Gold & Stock Teleg_ 100
Guantanamo Sug pf 100
Hazel-Atlas Co
25
Heime (G W) pref_100
Kresge Dept Stores*
Preferred
100
Life Savers
5
MacAnd & Forbes pf100
Marancha Corp
5
Martin-Parry Corp_ •
MathAlkall Wks pf 100
Maytag Co pref X-w •
Mexican Petroleum 100
Milw Elec Ry P & Lt100
Outlet Co
•
21,300 3034 Dec 12 3334 Dec 11 2434
20 15 Dec 11 15 Dec 11 934
1010434 Dec 1110434 Dec 11 9931
100 1034 Dec 15 1034 Dec 15 734
50 7834 Dec 15 7834 Dec 15 66
20 834 Dec 11 1) Dec 14 5
5,000 90 Dec 15 9734 Dec 11 65
10 130 Dec 15 130 Dec 15 11634
130 23% Dec 12 334 Dec 11! 1
40 14 Dec 13 14 Dec 131 10
1,900 1634 Dec 12 17 Dec 12 1534
30 95 Dec 15 9535 Dec 11J 74
14,100 431 Dec 9 534 Dec 12 434
4.5001 434 Dec 12 734 Dec 15
%
10,107 Dec 13 107 Dec 13 10034
40 8 Dec 12 8 Dec 12 8
Dec 12 55
22 61
Dec 12 61
Dec 15 51
Dec 15 51
48 51
40 28 Dec 9 30 Dec 14 22
July 49
Feb 19%
Mar 108%
Sept 18
May 90
Feb 37%
July, 97%
Mar 132%
Mar 7%
Jan,Oct22%
Apr 96
Nov 5%
Jan 7
Jan:1121x
Dec: 11
Apr 72
Dec 6535
Apr 42
July
June
Sept
June •
Sept
July
Dec
Nov
June
May
Sept
Nov
Nov
Dec
Oct
Dec
July
Aug
Jan
Pac Tel & Tel pref_100
Pac Western 011
•
Panhandle P & R pf 100
Peoples Drug Stores...'
Penn Coal & Coke_..50
Phoenix Hosiery 91_100
Prairie 011 & Gas_ _25
Revere Cop & Br pf_ 100
RhineWestphEl&Pw_.•
ItoanAntel Coal Mines 1
Schenley Dist Prod 5
Sterling Products____10
United Am Bosch
*
United Drug
*
United Dyewood pf_100
US Distrib pre1__100
Univ Leaf Tob pref 100
Union Pipe & Had 91100
Utah Copper- ---.-10
5
Vick Chemical
& C_I00
Virginia Ir
Walgreen Co pref-100
Wheeling Steel pref_100
10 10234 Dec 1310234 Dec 13
500 73-4 Dec 11 835 Dec 11
220 113% Dec 9 12 Dec 14
100 2134 Dec 13 2134 Dec 13
900 234 Dec 9 234 Dec 13
20 70 Dec 9 72 Dec 9
200 12 Dec 11 12 Dec 11
20 50 Dec 12 50 Dec 12
Dec 15
Dec 15 21
100 21
1,900 2434 Dec 13 2534 Dec 15
Dec 9 3134 Dec 11
31,500 28
Dec 12 5434 Dec 9
12,400 51
100 9 Dec 9 9 Dec 9
31,800 634 Dec 9 934 Dec 14
10 57 Dec 15 57 Dec 15
300 4 Dec 11 5 Dec 11
10114 Dec 11 114 Dec 11
10 634 Dec 9 634 Dec 9
10 60 Dec 14 60 Dec 14
2,800 2534 Dec 14 2734 Dec 9
210 534 Dec 15 734 Dec 13
70 843% Dec 13 85 Dec 11
100 40 Dec 11 40 Dec 11
Nov 11135
Oct 935
Jan 20
Jan 32
Feb 954
Mar 72
Mar 1534
Feb 60
May 2234
Nov 2634
Nov 4534
Oct sog
Mar 1734
Dcc, 12
Jan: 70
Dec 20
Apr 12034
Apr 1834
Mar: 83
Dec, 31
Feb: 16
Apr 9034
Feb: 57
Sept
Sept
June
July
July
Dec
July
July
Nov
Nov
Aug
Sept
Aug
Sept
Sept
June
June
July
June
Sept
May
Sept
July
•No par value.
34% 99‘ett
,
34% 100 ,,
134% 988032
234% 100333
234% 100,
32
234% 971932
234% 99433
234% 995032 995I33
214% 973032 989si
3%
1002432 1003,3:
3%
101
101933
3%
99"s1 9924n
3 A % 1001032 10013,2
334% 993432 100
U. S. Treasury Bills—Friday, Dec. 15.
Rates quoted are for discount at purchase.
Bid.
Dec. 20 1933
Dec. 27 1933
Jan. 3 1934
Jan. 101034
Jan. 17 1934
Jan. 24 1934
Asked.
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
Bid.
Jan. 31 1934
Feb. 7 1934
Feb. 14 1934
Feb. 21 1934
Feb. 28 1934
Mar. 7 1934
Asked.
0.60%
0.60%
0.60%
0.65%
0.65%
0.75%
0.35%
0.35%
0.35%
0.35%
0.35%
0.50%
45 cents
On request
Canso() OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orrics—Edwards & Smith, 1 Drapers' Gardena, London, E.0
STOCKS.
j Week Ending Dec. 15.
June 15 1934.-Mar.15 1934...
Aug. 1 1935.-Aug. 1 1934...
Dec. 1,5 1934....
Feb. 1 1938._
Dec. 15 1936.--
9934
634
53-4
1034
%
25
53-4
7
14
2334
24
4934
3
634
283%
4
96
4
35
2534
234
75
15
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Dec. 9 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15
First Liberty Loan
High
335% bonds 01 1032-47.._ Low..
(First 334s)
Close
Total sales in $1,000 units—
Converted 4% bonds otrgh
1932-47 (First
ose
Total sates in 51,000 units__ Converted 434% bonds{HIgh
of 1932-37 (First 434s)
(Low
Close
Total sales in $1.000 unUs _ __
Second converted 434 %{$11gh
bonds of 1932-47 (First Low_
Second 43/s)
Total sales in $1,000 units__ _
Fourth Liberty Loan
High
434% bonds of 1933-38_ _ Low_
(Fourth 434s)
Close
Total sales in $1,000 units-Fourth Liberty LoanHigh
{
434% bonds (called)__
Low_
Close
Total sales in $1,000 units_ __
Treasury
{High
41is 1947-52
Low.
Close
Total sales in $1,000 units__ (High
4 Us9-3he, 1943-45
Low_
Close
Total sales in 51,000 units__
(High
4e. 1944-54
i Low_
IClose
Total sales in 51,000 units__
(High
39i5, 1946-56
Low.
Close
Total sales in $1,000 units___
High
{
Low_
334s„ 1943-47
Close
Total sales in $1,000 units__
(High
3s, 1951-55
Low_
Close
Total sales in $1,000 units__
(High
314s, 1940-43
,
Low_
Close
Total sales in $1,000 units_ __
(High
390, 1941-43
Low_
Close
Total sales in $1,000 units___
{High
334s, 1946-49
Low_
Close
Total sales in $1,000 units....
illIgh
Low_
334s. 1941
Close
Total sales in $1.000 units___
100
100 33 100311 100113 100931 100931
,
999932 9999.1 100932 1002st 100432 100:32
993931 100431 100932 100'32 100432 100432
52
53
70
78
203
31
----------------101
101933 1014,2 101433 101913 101432
100n33 100:
033 101
101312 101 32 101 933
,
101
101332 101332 101933 101,
n 101933
8
9
19
21
10
41
-----_
____
--__
——
------------------ -----101.12
101",,
1011132
38
101432
101332
101332
13
1053432
105.31
1052,
12
65
983031
981433
989432
82
102",,
102433
102sw
64
1002434
1001,33
1091034
188
99
981934
981 33
14
94
933033
931033
25
99
98,3
94
983932
25
98"n
981332
98",,
14
953,3
95
9541
64
Non
98432
981 2
262
-------------.—
101.13 1011431 101903s 101"32 101 2132
1011131
101",,
1011
'31
10117
,,
101",,
1011332
58
101432
101332
101933
61
106933
1059432
1053033
109
99
98,432
982732
625
1023082
102932
102341
137
101
100"n
1009932
55
983932
983133
989432
78
9429,2
939732
941232
208
99
9890n
99
193
98"33
981933
1011,13
81
101432
101 113
101332
53
106
1059443
106
65
983833
98"ss
981412
285
1029732
102"s2
10221 ,,
.
150
100.3s
100"32
100"ss
80
983,
33
9892,2
98 132
51
94,
432
945 2
94,93s
98
99333
98243s
98o,,
57
98.13
98"22
983133
80
9534,,
95932
95",,
98
9820 1
,
98"ss
98",,
135
1011332
213
101431
101333
101933
60
106"n
1069ss
1062033
136
99932
98"32
99931
710
103432
102993,
10381,
124
101r/33
34
101932
101333
101333
39
106"s2
106932
1061432
56
99912
982939
99
573
103.11
103431
103 33
,
17
1011332
190
101432
101334
101333
68
106"12
106"n
1061233
18
99932
98"33
999a3
1278
103"33
103432
103932
126
101 1233
101",,
101",,
083031
309
95232g
95933
9521 1
,
223
9831s,
98412
9899,2
534
1014,2 101.92 101"s2
101"32 101,9ss 101,432
2
84
14
99934
9919,1 99'31
9894s3 99
99
99h2
99412
99932
69
75
56
95
9410,2 9426,1
94"ss 9499,2 94,4,3
95
94243s 941902
165
113
67
991 32 991032 9910k,
984032 9993i
99'In
99142
991631 99432
43
132
89
991 33 991232 99932
,
99
989932 99
99 232 00'31
99's'
145
62
221
99
96
96
951733 952332 953313
96
96
96
136
68
101
3 9822n
9810., 9829,
983113 983311 98"11
982731 9894n 989433
407
332
364
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
50 1st 330
9 4th 43.4s (uncalled)
6 4th 431s (called)
6 Treasury 43/s, 1934
5 Treasury Is
3 Treasury ”is, 1940-1943
1009n to 100332
101932 to 1011112
100",,to 101
983982 to 983932
941032 to 941,12
99331 to 00'13
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.0934 @)5.14
for checks and 5.10©5.15 for cables. Commercial on banks; Sight, 5.1034;
60 days, 5.1034;90 days, 5.10; and documents for payment,60 days, 5.105%.
Cotton for payment 5.1034.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.0834(4
6.177' for short. Amsterdam bankers' guilders were 62.64063.29.
Exchange for Paris on London, 83.45; week's range, 83.90 francs high
and 83.45 francs low.
Cables.
Sterling Actual—
Checks.
FIlgh for the week
5.1734
5.17
Low for the week
5.03
5.02%
Paris Bankers' Francs—
High for the week
6.20
6.1934
Low for the week
5.9934
5.99
German Bankers' Marks—
High for the week
37.80
37.79
36.68
Low for the week
36.67
Amsterdam Bankers' Guilders—
63.52
High for the week
63.48
Low for the week
61.55
61.51
4329
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
or FOR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dee. 12.
Wednesday
Dec. 13.
Thursday
Dec. 14.
$ per share S per share $ per share $ per share $ per share
5313 554 50 4 574 5514 577
8 5514 5718 553 5714
,
8
733
7478 75
8 74
4 73
7214 723
76
75
753
4
4314 4012 42
3912 4112 423 4412 41
4
4114 43
244 2514 253 2614 2518 264 244 2512 2453 2512
8
8 2618 2612 25
264 267
26
25
2614 2512 2614
373 38
3812 403
4
38
37
8 3814 39 4 3812 3913
,
.95
98 .95
98
*95
98
98
98
95
95 8
,
•1212 1312 1312 1312 133 14
*1212 14
4
1212 12 2
,
14 514
*43
4 55
8
5
514 5 2
53
4 54
,
514 54
*385 45
*38
8
45
*35
•38
45
45
*35
45
3 2912 303
283 283
8
8
4 304 314 307 323
8 3013 314
*69
693 70
71
8
70
71
71
71
7212 7212
Friday
Dec. 15.
$ per share
5514 5718
74
75
393 42
4
2414 25
25
2534
3912 40
98
.95
*1212 1313
54 54
45
*35
3014 31
.713 77
4
Sales
for
The
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Shares.
41,300
2,700
9,700
38,400
7,100
6,900
30
400
3,500
Railroads
Par $ per share $ per share $ per share $ per share
Atch Topeka & Santa Fe__100 343 Feb 25 8012 July 7
8
1773 June 94
Jan
Preferred
100 50 Apr 3 793
4June 3
35 July 86
Jan
Atlantic Coast Line RR._ _ _100 1612 Feb 25 59 July 19
93 May 44 Sept
4
Baltimore & Ohio
814 Feb 27 374 July 7
100
4
33 June 2138 Jan
Preferred
100
6 June 4112 Jan
9, Apr .5 3914 July7
2
Bangor & Aroostook
912 June 353 Aug
50 20 Jan 5 4114 Aug 29
4
Preferred
8
50 June 91 Sept
100 683 Jan 4 110 Aug 30
Boston & Maine
6 Apr 19 30 July 1
4 July
100
193 Sept
4
Brooklyn & Queens Tr_No par
312 Mar 29
93
8July 8
27 July
8
1014 Mar
Preferred
No par 353 Apr 19 60'* July18
4
2314 June 58 Mar
29,800 Bklyn Manh Transit _ _ _No Par 213 Feb 25 4114 July 12
4
1118 June 5014 Mar
1,100
136 preferred series A_No par 64 Mar 2 8312June 13
3112 June 783 Mar
8
Brunswick Ter & Ry SecNo par
12 Apr
414July 10
218 Aug
12 Jan 11
2
lira -173-1- "1313 138 "13r4 1157 -1127 -113- 13 1314 -127 -111- -8 . 8
8
4 31;i55 Canadian Pacific
712 Apr 3 207 July 7
8
714 May 2053 Mar
25
e
•_ _ _ _ 72 *._ _ _ 72 •_ __ 72 *60 72 •____ 72
- 72
Caro Clinch & Ohlo stpd__100 5014 Apr 4 7913July 19
39 July
70 Feb
72
71
*50
72
.50
7212 •50
7212 .58
7212 .5S
200 Central RR of New Jersey.
7212
25 June 101 Sept
_100 38 Apr 4 122 July 6
397 4012 40
3
8 40 8 41
393 403
8
8
404 393 40 2 39
4
,
394 23,900 Chesapeake & Ohio
93 July 3113 Jan
4
8
25 245 Feb 28 4914 Aug 29
.118 212 *14 212 *118 212 *118 212
1
1
14
17
8 1,100 Chic,& East Ill Ry Co
1
12 Apr 18
8 July 10
12 July
100
33 Aug
4
2'y
*2
214 2,
15
8 15
4
8 •13
4 2
13
4 14
15
8 13
6% preferred
4 1,200
813 July 10
12 May
100
5 Aug
12 Apr 5
33
8 38
3
314 312
318 3 4
314 314 •34 314 1,900 Chicago Great Western_ _ _100
314 314
,
13 Apr 6
8
8July 8
114 June
73
53 Aug
8
4 81, .7 3 8
8
84 *73
8
84
,
Vs 84
*74 74 3.400
,
Preferred
212 Apr 5 147 July 6
213 May
100
1512 Jan
518 514
54 53
3
5 4 54
,
,
54 512
47
514 5 2
8 5
3 June
3,300 Chic Milw St P & Pao_ _No pa
4
4
1 Apr 6 113 July 19
412 Aug
8513 9
812 87
3
84 94
87
8 912
812 84
718 812 25,400
Preferred
118 May
112 Feb 28 18'4 July 20
8 Aug
100
812 9
813 84
8
83
4 93
814 83
8,
2 94
4
73
4 8 4 22,700 Chicago & North Western_ 100
,
2 May
1413 Aug
114 Apr 5 16 July 7
8
1414 15
15 16
167 17
163 UN
4
14
143
14
4 13
3,700
Preferred
4July 6
4 Dec 31
2 Apr 5 343
100
Jan
314
33
318 33
8 *3
33
4 2,800 Chicago Rock Isl & Pacillo_100
312 312
4 3o
33
33
4 33
4
112 May
1638 Jan
1O' July 7
2 Apr
514 53
8
5
5,
4 514
54 514
5
514 5 2
5
5
,
1,900
7% preferred
•
314 Dec2712 Jan
312 Apr 10 1912July 7
100
4
41
4
412 412 *4
41s
414
4
4
8 1,200
6% preferred
37
8 37
2 May
2412 Jan
15 July 7
27 Apr 11
8
100
32
4 35
3412 3518 363
35
36
3712 33
3412 .32
38
350 Colorado & Southern
412 Jun
2912 Sept
100 1514 Feb 24 51 July 13
.204 25
22
22
22
2134 213
22
4 223 223
4
4
4 223 223
4
4% 1st preferred
90
8 Ma
100 1212 Apr 10 423 July 19
4
30 Sept
22 22
22
*15
•20
25
20 .20
20
25 .20
4% 2d preferred
50
2212
100 10 Mar 2 30 July 21
5 Mar 18 Sept
*27
8 3
3
24 278 *23
3
8 273 •212 3
.23
3 3
500 Consol RR of Cuba pref _100
8June 12
1 Dec
. .
1112 Jan
114 Feb 24 103
*4
*4
7
7
*4
7
7
.4
*4
4
7
7
Cuba RR 6% pref
100
218 Dec 20 Aug
212 Jan 6 16 June 7
55
563
4 5712 6112 5814 6012 563 5913 5712 60
4
58
14,700 Delaware & Hudson
56
100 375 Feb 25 933
4July 7
32 July 9212 Sept
8
2518 2612 263 277
8
8 2614 27 2 253 2673 26
4
8
2634 2412 263 55,900 Delaware Lack & Western_50 1714 Feb 25 46 July 6
,
812 June 457 Sept
8
5
5
5
55
8
53
4 64
53
4 6
512 54
514 512 3.800 Denv & RIO Or West pre 100
Jan
112 May
2 Feb 28 194 July19
9
1512 16
1614 17
1614 167
8 16
1614 1614 1612 16
163
8 9,700 Erie
100
2 May
113 Sept
33 Apr 4 253
4
4
4July 20
1612 173
4 1814 1812 184 183
4 1712 18
4,000
1814 1814 *1713 18
First preferred
100
23 May
157 Aug
412 Apr 4 2912July 5
8
8
124 13
1318 1312 .1112 13
.12
14 .1318 14
1314 1314
Second preferred
1,100
2 May
100
212 Apr 4 2314 July 19
1012 Aug
2114 22
22 227
8 2112 223
8 21
2214 213 223
8
3 204 2153 28,200 Great Northern pref7 512 May
10
25
44 Apr 5 3334 July
Jan
*6
7
612 712 *7
8.
*7
712
712 *7
7
700 Gulf Mobile & Northern.100
714
2 May
10 Sept
154 Mar 31
1112July 7
*15
16
•15
16
1612 .16
1612 *1512 1612 .1512 161
1612
Preferred
200
po
co No l0
212 Dec 1513 Sept
212 Mar 31 2312July 19
*3
4
114
*3
8
114
.8 114
3
3
4
*3
300 Havana Electric Ry
4 14
8
.
14 Oct
5ri
114
NJune 3
4June 8
13 Oct
3
23
•914
912 912
9
9 18
914 10
9
9
74 9
2,900 Hudson & Manhattan
10
8 May
303 Jan
4
19 June 13
612July 21
31
8
8 313 33
323
8 3212 3412 3212 337
3213 333
4 3114 321 38.600 Illinois Central
100
813 Apr 5 5024 July20
8
43 June 247 Sept
4
*37
42 .37
42 .38
42 .37
40 .38
41
*3618 40
f se s
10
146% preff loeries A
16 Mar 31 604 July 20
918 July
38 Sept
.16
521_ *46
5212 .48
5212 .48
5212 4812 4812 *46
521
10
100 31 Mar 3 60 July 19
1513 June 45 Aug
17
19
17
19
19
1812 1812 •18
19
19
19
191
RRISec ctIs series A._1000
270
1412 Jan
4 May
412 Apr 18 34 July 19
93 10
4
10
1112 11
1018 11
117
8 11
113
8 103 11
4
16,100 Interboro Rapid Tran v t 0.100
4
418 Feb 27 114 Dec 13
214 June 143 Mar
1212 121
13
13
131
133
4 13
13
*13
131
13
13
2,900 Kansas City Southern
100
612 Feb 27 247
8July 18
214 June 1514 Sept
17
183 181
183 19 .17
8
17
4
181 .17
18
173 18
3
1,500
Preferred
100 212 Mar 31 3414 July19
5 June 2514 Sept
1478 151
1512 164 1514 153
15
4 15
15
153
8 1412 15
11,000 Lehigh Valley
50
85 Feb 24 2734July 5
8
5 June 2914 Sept
4914 501
51
5314 51
523
4 51
517
5214 53
52
50
6,600 Louisville & Nashville__ _ _100 2114 Jan 3 6712July 18
712 May 3814 Sept
221 •19
*19
19
2312 •
2312 *1918 241 .19
2312 .19
2312
Manhattan Ry 7% guar_ _100 12 Mar 16 28 Oct 11
9 Sept 4638 Mar
173 18
1814 19
4
1812 194 1818 19'4
183 183
8
4 18
18 2 11,100 Manh Ry Co mod 5% guar.100
,
4 June 2034 Mar
6 Jan 3 20 Oct 11
,
. 2 51
3,
,
*312 5 4 .,
3 2 5 4 *312 51
*312 514 *313 514
Market St Ry prior pref.__100
9
17 Mar 3
8
Jan
218 Dec
8 June 9
7
8
.3
8
8
*4
N
N
5
300 Minneapolis St St Louis_ _100
Is
.
4
7
8
18 Jan
214 July 7
4 Aug
18 Jan 23
*114 2
14
114
114 •118 2
114
1,
4
1,
4 •114 2
800 Minn St Paul dc SS Marle_100
12 Dec
12 Mar 20
43 Sept
8
54 July 8
24 23
4 •114
2
*114 3 4
2
,
2
*2
314 *24 314
300
7% preferred
34 May
6 Sept
100
812July 8
3 Apr 11
4
*33
34 37
4 5
8
37
37
8 4
3
*3
4
4
.312 5
4% leased line ctfs
150
100
5 Dec 2012 Sept
33 Oct 25 1412July 8
4
9
914
8
914 93
4
83
4 9,
83
4 9
813 812 8.100 Mo-Kan-Texas RR____No par
812 83
4
114 May
13 Sept
53 Jan 3 1718 July 7
4
*1918 1914 1918 197
8 19
20 .
18
19
19
19 • 4 1812 2,500
173
Preferred series A
100 1112 Jan 3 37's July 7
314 June 24 Sept
37
8 4
4 2,000 Missouri Pacific
312 33
33
4 34
33
4 37
s
37
312 33
8 34
4
113 May
11
100
Jan
1 18 Apr 1
1014July 8
5
5
5
53
8
47
8 518
43
4 53
8
45
8 43
412 434 4,600
4
Cony preferred
1514 July 7
Jan
212 May
26
15 Apr 1
8
100
4
*343 39
•36
3812 3514 35 4 •
36
,
39 •37
3812 3512 3512
20 Nashville Chatt & St Louis 100 13 Jan 5 57 July 7
3
712 May 307 Sept
•
42
•12 jl
l's
•12 1,
3
*
02 14
Nat Rys of Meg 181 4% pf _100
*12 1 18
•12 118
14 May
7 Sept
is Mar 16
8
312June 27
12
*3
8
•3
2
12
12
"a
12
*313
*3
3
2d preferred
200
12
18 Feb
8June 8
4 Sept
100
13
18 Jan 3
36, 37 2 373 383
3
3
,
4 3612 3814 357 373
8
8 36
3718 35
8
363 111.100 New York Central
4
8
100 14 Feb 25 58'! July 7
83 June 365 Jan
16 4 16 4 17
,
,
17
167 177
8
8 1612 1612 1612 1612 16
16
1.300 NY Chic & St Louis Co_ _ _100
8
112 May
218 Jan 25 273 Aug 28
93 Sept
4
1912 204 19
1818 19
1912 1812 1918 *1813 1914 1812 1812 3,600
Preferred series A
2 June 1518 Jan
23 Apr II 3414July 20
3
100
4
1153 1153 114 116
4
11312 115
113 114 x112 112
11112 112
180 N Yi&jlIarlem
4June 13
50 100 Mar 31 1583
8214 May 12712 Aug
1738 1818 18 19 1733 1814 1714 18 1738 18 1638 1738 32.700 NY N H & Hartford
8July 19
6 May 315 Jan
8
100 1118 Feb 27 347
2512 27,
2812 2713 2914 273 2812 273 28 4 2714 271
4 27
8
4
7.600
Cony preferred
,
4
783 Jan
100 18 Apr 4 56 July 6
117 July
8
912 93
94 97
912
*9
4
9,3 914
9
9
87
8 84 2,200 N Y Ontario & Western._100
34 July
153 Sept
7 8 Jan 4 15 July 7
3
4
•15
8 2
*13
4 2
17
8 2
17
8
178 *13
4 2
•15
8 2
900 NY Railways pref
No par
13 Dec
1
18 Mar 15
Feb
312July 7
14
13
8 .114 2
*114 2
13
4
.114
Southern14 Dec
15
8
153
114
300 Norfolk
1,
4
334 Sept
8July 10
12 Apr 4
100
47
1614 1603 1607 161 161
160
1617
8
4
160
8
161 163
162 162
1,100 Norfolk & Western
57 June 135 Sept
100 11112 Mar 2 177 July 7
25
26
25
257
2353 243
8 2414 2512 2418 251
2413 25
19,000 Northern Pacific
513 May
938 Apr 5 347 July7
100
253 Sept
8
2
2
2
2
4
*112 3,
.2
314 *2
3
.2
3
100 Pacific Coast
1 Mar
312 Sept
1 Jan 25
100
7 July 11
3
2914 301
304 31,
313
8 30
2 303 3112 30
313
8 3013 314 66,100 Pennsylvania
612 June 233 Jan
8
50 133 Jan 3 4214 July 7
4
*312 4
4
41
413 413
43
3 43
8
414 43
414 414 1,200 Peoria & Eastern
7 May
8
514 Sept
9 July 11
7 Feb 17
8
100
1912 191 •1814 22
21
.19
*1814 20
1814 1814 1811 1812
300 Pere Marquette
37 Mar 3 37 July 13
4
8
100
13 June
18 Aug
24
•19
21
*19
25 .20
.22
23
21
21
20
2014
400
Prior preferred
312 June 26 Aug
100
6 Jan 3 4412 July 7
213 .18
20
*18
1812 19 .19
21
•16
211 •18
2112
300
Preferred
212 June 24 Aug
412 Feb 28 3812July 7
100
21
.17
•17
21
21
•17
20
•15
•1712 20
•1712 20
Pittsburgh & West Virginia 100
612 Apr 19 3534 July 7
6 Dec 2112 Aug
4613 461
4618 47
46
4718 471 .
4612 461
471
4518 4714
1,300 Reading
912 Jun
524 Sept
50 2312 Apr 5 8212July 6
32
32
*31
32 .31
32
.31
35
*31
35
•31
35
100
1st preferred
50 25 Apr 2
15 July
33
38 July 12
Jan
*2812 30
30
30
30
29
307 .2913 307 .30
•
307
100
8
2d'preferred
37 July 6
50 2312 Mar 3
15 May
38 Sept
,
4 712 12
•7Z2 12
•712 12
.712 12
*713 12
8
8
1.200 Rutland RR 7% pref
3 May
1006 Jan 6 1812July 3
1412 Sept
23
8
214
214 212
2
21
24 2,
4
2
21
2
2 18 4,200 St Louis-San Francisco_ 100
3 May
3
933July 7
63 Jan
7 Jan 30
8
8
212 23
24 23
8
4
212 21
212 212
213 23
213 212 2,100
lot preferred
1 May
100
93 Jan
1 Apr 17
4
9'4 July8
141 *11
1412 *10 .141
*9
1412 •12
.9
•12
121
1214
Louis Southwestern _ _ _ _100
Perred
3 May
514 Mar 15 22 July 14
137 Sept
8
•13
35
*13
35 .13
35 .13
35
13
35 .
.
13
35
StPreferred
100 12 June
85 Dec 2013 Jan
3
2633July 18
11
1
1
1
1
11
1
14
14
1
1
Ps 4,000 Seaboard Air Line
No par
lg Jan
14 Jan 3
3 July 7
1 Sept
13
8
15
3 15
13
4
8
112
8
112 .114
13
4
*15
112 *114
112
900
Preferred
3 Mar 25
8
100
14 Jan
47
8July 7
15 Sept
8
4/
205 2138 207 217
8
8
197 2114 214 2212 207 22
8
8 20
2114 71,000 Southern Pacific Co
114 Feb 25 383
June 375 Jan
100
4July 7
612
8
8 2618 2712 2512 263
4 2558 2714 25
263
4 284 277
25
2614 53,400 Southern Rallway
100
212 May
418 Mar 2 36 July 19
1812 Sept
3118 2912 30 4 294 3012 2914 32
3
27
2912 3018
293 314 22,800
3
Preferred
100
57 Jan 3 49 July 17
8
3 July 233 Sept
4
34 .28
4
393 .293 393 *293 393
4
393 *29
•25
4
393 .30
4
4
4
Mobile & Ohio stk tr ctfs 100
8 Jan 5 4014 July 10
312 June 25 Feb
*63
4 712
7
7
8
7
.7
8
*7
734 *7
8
1,400 Third Avenue
100
378 May
413 Feb 25 1218June 3
14 Mar
112 *118
1
1
.1
112
112
1
1
•1
*1
13
8
200 Twin City Rapid Trans No par
1 Dec 12
4June 8
1 13 Dec
43
412 June
453 44 .43
5
5
8 5
*43
8 5
*45
8 5
438 434
2S0
Preferred
100
412 Dec 8 15 June 8
7 June 2413 Jan
4
4
4
113 1143 1143 1163 113 11513 11312 11512 11412 115
11312 hl3'z 7.600 Union Pacific
100 6114 Apr 5 132 July 7
2753 July 9412 Feb
7312 *73
71
7314 7314 .71
71
731
703 703
723 7313
4
4
700
Preferred
100 56 Apr 6 7513July 12
40 May
7153 Aug
2
2 34
212 21
214 214
212 21z
3
*214 23
213 212 1,800 Wabash
100
112 Jan 4
712July 10
7 Jun
S
414 Aug
3
3 33
3
,
3
318 3
23
4 27
8
23
4 23
4 27
4
8 '2,300
23
Preferred A
100
118 Apr 6
9 7 July 7
8
1 June
6
Jan
9.5, 10,
4
978 101
97 10
8
93
8 934
93 10
4
933 93
4
4 5,300 Western Maryland
100
4 Feb 27 16 July 13
112 May
113 Sept
3
1212 1212 12
13
12
.11
13
13 .11
•123 13
4
13
400
2d preferred
100
55 Jan 12 1912July 7
8
2 May
1114 Sept
3
314
23
8 3
23
4 23
3 4 33
,
8
3
4 .25
3
8 23
4 3,800 Western Pacific
100
1 Apr 22
912July 3
12 Jun
43 Aug
4
53
8 53
8 *512 .53
54 57
4
54 5 2
8
,
538 53
3 2,000
514 514
Preferred
100
17 Mar 2 16 July 8
8
3 May
4
87 Aug
8
.2912
35
*34
37 .32
353 •33
8
35
40 .30
37
.32
35
778 8,4
818 814
,
83
3 82
,
8
814 8 2
83
8
818 838
•70
.71
•693 6934 693 70
4
4
4
4
693 693 *693
4
Industrial & Miscellaneous
100 Abraham & Straus
Vo par
9,20 Adams Express
"Jo par
10
Preferred
100
•1391 and asked prices no sales on this day. a Optional sale. a Sold 15 days.
x Ex-dividend.
y Ex-rights.
134 Feb 23
3 Feb 28
39 Apr 11
4012July 20
1314 July 7
71 June 20
10 June
153 May
22 June
245 Aug
3
912 Sept
73 Sept
New York Stock Record-Continued-Page 2
4330
Dec. 16 1933
tar FOR SALES DURING THEIWEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
$ per share
1914 20
0814 85
8
*52 2 64
*63
4 7
9912 10112
*2
214
2114 22
612
*6
35
8 37
8
712 712
718 74
7
7
1712 1712
14612 1493
4
0120 122
194 2018
*1412 1518
418 418
0255 30
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share
193 2018
4
814 812
628 618
7
7 18
102 10312
218 2 8
3
21
22
*6
614
34 4
3
712 8
5
7 4 78
,
8 73
8
7 3
18
18
148 15112
121 121
19 4 2012
3
1414 1412
*418 412
*2558 2912
Tuesday
Dec. 12.
1Vednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
Lowest.
$ per share $ per share $ per share
4
1914 1912 183 194 19
19
818 83
812 812 *814 83
8
8
*512 6
*5
6
*512 6
x634 634
7
7
*63
4 7
102 103
10012 1025 101 10278
8
*2
23
8
211 214 *218 238
2012 214 205 2112 213 2214
8
8
6
6
6
6 14 0512 612
38 4
,
33
4 37
8
33
4 37
8
712
718
712
7
7.8
3
7 12
4 8
0 4 714
63
*63
63
4 63
4
724
7
*612 714 *6
7
*173 19
8
173 1712 *1612 19
8
148 152
147 14912 146 148
122 122 *122 123
123 123
2018 183 193
4
8 19
19
1912
1414 1414 1414 1414 14
1414
*418 43
412
4
418 418 *4
*255 2912 *2512 294 *255 28
8
8
4314 457
8 45 4512 4412 4512 447 453
8
4
2414 243
4 23
24
4 2314 2418
223 233
8
15 8 1614 1512 16
,
1514 1512
143 15
4
39
40
*39
40 18 4018 40 40
40
1018
1012 10
103 107
4
1018 10
8 10
56
60
58
58
*553 573 *553 60
4
4
4
2612 28
28
28
2712 283
4 29
3012
90
9212
90
91
*88
924 91
90
99 10012 973 994 9712 983
4
4
8
4 973 997
12412 125 .12512 127 *125 127 21243 1243
4
4
24
25
244 2612 2518 2612 2614 2712
4312 43
43
4112 45
38
363 38
4
*47
8 54
53
8 54 •44 53
8
514 53
8
*16
173
8 1718 1718 1612 1612 *1012 16
*4958 52
4938 495 *4912 5012 *4912 503
8
8
*258 3
*23
8 3
4 3
*27
8 314 *27
53
55% 5114 544 51
52 2 523 5312
,
4
8
212
212 0214 212
2 8 25
3
238 212
4
54 53
512 512 *53
4
53
4 53
8 53
4
94 1024
8
94 10
94 10
94 103
205 205
2012 2114 *2012 22
8
8
2012 22
12
12
8 1212 123
12 3 124 1214 123
8
4
15
145 15 8 15
8
3
1512 154 1512 15
$ per share Shares Indus. & MisceII. (Con.) Par
No pa
1812 1812 1,300 Adams MIIlls
1,100 Address Multigr Corp_ _No pa
8
8
300 Advance Rumely
*512 6
No par
658 7
3,100 Affiliated Products Inc _No par
101 102
7,500 Air Reduction Inc
No par
214
400 Air Way Elec Appliance No par
214
215 2214 36,900 Alaska Juneau Gold Min_ __10
8
*514 57
8
400 A P W Paper Co
No par
No par
35
8 33
4 9,100 Alleghany Corp
Fret A with $30 warr___100
4,100
8 7
65
Fret A with $40 warr___100
612 612 1,100
Fret A without warr_100
500
*612 7
330 Allegheny Steel Co
No par
*1612 19
14712 15014 18,800 Allied Chemical & Dye_No par
400 Preferred
122 122
100
4
1812 183 10,800 Allis-Chalmers Mfg__ __No par
8
8 1,600 Alpha Portland Cement No par
*137 145
500 Amalgam Leather Co__No par
4
418
254 254
100
100
7% preferred
44
44
447e 13,700 Amerada Corp
44
No par
2414 2434
4,800 Amer Agric Chem (Del) No par
2312 24
155 1614
8
1518 1510 5,700 American Bank Note
10
180
*38
Preferred
40
40
40
50
103 1012
8
8 97
8 2,100 American Beet Sugar_No par
95
5512 5512
530
100
55
7% preferred
5512
28
28
4 4,000 Am Brake Shoe & Fdy_No par
2914 293
Preferred
190
100
*88
90
91
91
8
25
983 100
4
964 983 35,900 American Can
Preferred
700
*12412 128
100
1243 1243
4
4
2212 2414
257 2718 27,400 American Car & Fdy__ _No Par
8
Preferred
35
4212 4212 3,000
100
3512
400 American Chain
No par
*47
8 512
53
4
05
7% preferred
*1012 16
200
•10
100
173
4
500 American Chicle
No par
4914 5018
*4912 504
Amer Colortype Co
*23
10
4 314
.
24 3
!
487 527
8
8
8
5112 535 30,100 Am Comm. Alcohol Corp_20
212 212
212 25
8 1,800 Amer Encaustic Tiling_No par
*43
4 531
6
6
1,000 Amer European Sec's_No par
8
914 93 27,300 Amer & For'n Power_ No par
914 97
8
Preferred
1,200
No par
2012 2012
205 21
8
No par
12
2nd preferred
12
12
1218 2,200
No par
$6 preferred
3,600
147 147
8
*1414 15
8
3,200 Amer Hawaiian S S Co____10
19
19
19
19
19
183 19
8
4
183 187
4
8 187 19i8 19
*8
812
8
8 18 *73
7 2 1,300 Amer Hide & Leather_No par
,
4 814
7
74 77
8
73
4 73
4
Preferred
100
*3418 37
4 355 353 *3114 333
200
031
8
36
35
8
36
*3114 353
4
2912 *2918 293
*2912 3012 30
303 *29
8
2918 1,400 Amer Home Products__No par
303
4 30
4 29
No par
3,900 American Ice
67
8 7
714
7
7'2
7
712 73
714
4
73
8
7 4 77
3
s
200
100
6% non-cum prof
8
8
*385 40
8
*385 393
8
*4034 4212 403 403 *385 43
8
4 385 385
4
4
8
83
8
83
818 7,100 Amer Internal Corp_ __No par
8 83
4
814 83
83
8
4
8
8
84
8
7
8
7
8
7
8
7
8
7
8
034
.34
7
8
78
7
8
1,800 Am L France & Foamite No par
"
34 1
100
Preferred
4
4
4
5
430
4
*4
37
8 37
*4
5
4 33
4
8
33
4
293 3034 2912 2912 6,700 American Locomotive_No par
29
28
3114 2912 30
283
4 2912 30
100
Preferred
2,800
*41
4412 4412 46
49
47
51
48
48 12 51
4512 48
*1414 143
143 15
4
4 5,500 Amer Mach & Fdry CO_No par
1414 15
133 144 145 154 143 15
4
4
8
*334 4
100 Amer Mach & Metals__No par
4
033
*33
4 4
*33
4 4
4 4
*33
4
4 4
1858 1914 1812 19
6,800 Amer Metal Co Ltd___No par
195 193
8
4 1914 197
8 1818 1912 1812 19
100
6% cony preferred
75
75
75
*71
*71
*7012 77
75
75
*71
*71
*73
10 Amer News Co Ino____No par
4
*2118 25
8 2312 2312
4
*214 233 *2118 233 *2118 233 *2312 253
4
26,500 Amer Power & Light _No par
714
65
8 7
7
8 78
73
8
5
7
718 712
612 63
4
67
15
15
No par
1712 1512 163
$8 preferred
1412 1612 164 1712 17
1712 217
4 8,350
1212 1212 123 1414 1312 143
No par
$5 preferred
4 133 143 21414 15
133 1414 8,100
4
8
4
4
4
15
154 143 153
79,900 Am Rad & Stand San'y No par
8
147 1512 15
4
8
8 143 151s 145 1514 14
194 41,300 American Rolling Mill
203
8 1914 2018 19
4 1958 205
25
187 2014 20
8
8 1918 197
600 American Safety Razor No par
3712 374 *37
*3714 3712 3712 38
37
37
37
3712 37
412 455
418
4
414 45
4 18
.8
37
8 418
4
418 418 2,300 American Seating v t o_No par
118
118
118
*118
118
114
1
1
1,200 Amer Ship & Comm_ __No par
1
1
1
1
1934 1812 19
1714 1714 18
1912 1912 1824 1812 *18
280 Amer Shipbulidlng Co_No par
1912
5
4 425 443
8
4312 4314 4412 4213 445 45,100 Amer Smelting & Retg_No par
8
4 4214 43 8 42
4314 443
9312 9312 94
100
9212 9212 9212 93
Preferred
94
9512 1,100
94
943 *94
4
400
*59
100
2nd preferred 6% cum
64
6514 6514
64 64
6514 *6614 68
*643 68
65
4
51
5114 x50
1,200 American Snuff
51
25
51
51
51
51
50
5014 4914 50
*108
100
Preferred
*108
_ *10612 . _ *108
_ *108
_ *108
8 193 if
183 -4
4 194 1914 1971934 i078 2078 1238 2038 2112 21,500 Amer Steel Foundries_No par
100
55
Preferred
55
55
55 14 55 8 63
530
3
64
62 623 263
4
*6018 65
No par
38
500 American Stores
38
4
*3712 3812
3712 3812 383 383 *38
383 *3712 38
4
4
100
5112 54
5312 5312 54
5212 5314 5212 5212 4812 5112 1,700 Amer Sugar Refining
54
100
Preferred
10712 108 *10714 111
500
106 106
10712 10712 10714 10714 *10514 10714
16
163
4 167 173
8
4 1612 1714 16
4
1712 1612 163 11,100 Am Sumatra Tobacco__No par
17
16
100
11814 1193 1197 1213 1193 12114 1194 12012 x1154 1183 11314 11512 50,000 Amer Telep & Teleg
4
8
4
8
4
25
73
733
4 74
745
8 73
7014 5,200 American Tobacco
727
733
8 70
4 7312 7312 70
25
Common class B
19,800
75
73
753
4 7512 767
8 743 753
4
4 743 7512 7214 7518 72
4
100
Preferred
500
*106 109 *10614 109 *1064 109
8
108 109
10914 10914 1084 1087
600 Am Type Founders__ __No par
*514 512
514 514
5
5
5
5
458 458 *412 5
100
Preferred
440
83
4 83
4
83
4 9
73
4 734
73
4 83
4
818 814
818 814
1818 183
4 1812 2 8 193 2
8 1812 1912 43,200 Am Water Wks & Elec_No par
03
,
03
8 04 194 2 8 19 2 203
..
Common vol tr etfs_No par
No par
1st preferred
600
'55
57
57
50
53
57
*50
*55
57
58
*55
63
30,400 American Woolen__ _No par
125 1338 13
8
135
8 1238 133
1438 1318 14
8 1212 127
8 13
100
Preferred
6112 6378 6214 6412 615 64
67 4 645 6712 24,700
,
8
8
6112 633
4 63
Ara Writing Paper etts_No par
0118 112 *118
112
112 *118 112 *14
112 .14
112 *Ps
Preferred certificates No par
0514 7
30
*51 1 6
6
6
*514 7
*514 7
0514 7
6,
4 614
8 1,200 Amer Zino Lead & Snaelt___1
618 64
*614 6 2
,
63
8 63
6
614
618 64
25
Preferred
300
39
39
*3912 40
*3918 4212 *3912 40
*383 45
8
*39
40
8
143 46,100 Anaconda Copper Mining_50
1412 1418 1412 14
1412 15
143 1514 1414 143
4
4 14
400 Anaconda Wire & CableNo par
.918 10
9
9
9
9
*9
*9
10
912
9
9
No par
700 Anchor Cal)
217
8
*20
21
*20
21
21
2134 2012 2012 194 20
*20
$6.50 cony preferred_No par
70
897 90
8
8
8
8 897 897 *8812 8912 8912 8912
897 897 *8812 897
8
8
12 7
100 Andes Copper Mining_No par
0
612 7
612 6, '6 2 7
*612 7
2
,
.612 7
"6
8 1.000 Archer Daniels Mic1I'd_No par
4 2858 285
8 28
*2812 283
28
285
8 28
2712 277
28
28
100
7% preferred
110
107 107 .10512 110
.110 114 *110 1143 110 110 *107 110
4
1.200 Armour & Co (Del) pref 100
77
*74
77
77
77
76
77
7512 7512 7512 77
75
418
418 412 53,600 Armour of Illinois class A__25
4
418 45
8
44 43
4
4
412 4 8
7
438
25
Class B
214
212 11,200
23
8
ass 278
214
214 258
23
4 278
214 214
100
Preferred
8
5312 6124 58
64
545 6058 514 5534 5412 5612 5514 583 81,000
8
4 1,200 Arnold Constable Corp.No par
33
4 33
4 8 *34 418
,
37
8 34
4
35
8 44 *34 418 *33
No par
Artioom Corp
*4
5
5
*4
*4
5
*35
*35
8 5
8 5
*33
8 5
300 Associated Apparel End No par
4
•112 13
4
112
112 *112
13
4 *112 134 *112 13
13
4
13
4
1
1318 1314 2,100 Associated Dry Goods
14
1314 1314 14
1414 1314
144 1414 1412 14
100
6% 1st preferred
400
4
*48
4 503 503
4
5012 503
58
58
*5018 57
*48
58
*50
100
7% 2d preferred
900
49
4912 4912 49
4912 4912 4912 4912 *453 51
8
*4512 51
25
30 Associated Oil
*29
29
3412 *29
29
29
*2812 3412 2812 2812
3412 29
At G & W 1 SS Lines_No par
*12
1812 *12
1812 .12
1812 •12
1812 *12
18
*12
1812
100
Preferred
100
255
8
*22
29
254 *21
*22
22
26
*21
*22
25 8 22
5
25
26,300 Atlantic Refining
30
3038 3014 3114 3014 303
4
4 2914 304 283 3014 2818 29
No par
6,000 Atlas Powder
35
35
36
363 3712 3614 37
8
8
3412 3612 335 3514 34
100
Preferred
160
*79
81
4
79
*793 8012 *793 8012
4
80
80 12 8012 80 80
No par
4
317 3214 3214 3312 327 333
8
343 41,900 Atlas Tack Corp
8 33
4 3318 337
8
8 323 333
4
5914 86,900 Auburn Automobile_ _ No par
8
8 5614 5914 5412 5712 54
507 567
553
4 5512 5812 56
No par
7
73
8
612 612 2,800 Austin Nichols
712 712
7
*612 7
*612
7
7
7 8 8,8
3
778 814
4
734 8
8
73
8 73 22,200 Aviation Corp of Del (The)__5
712 73
4
712 77
1112 12
4
1218 123 62,100 Baldwin Loco Works No par
12
1212 1214 13
1238 117 1212 12
8
100
Preferred
4,500
2912 32
39
3314 35 4 36
4014 39
3
37
3714 38
37
60 Bamberger (L)& Co pref..100
*86
90
90
*84
*86
90
86
86
*86
90
*86
90
No par
650 Barker Brothers
.23
4 3
3
314 314
4
34
312 33
312
3
3 12
38
3
130
61. % cony preforred__-100
1618 16,
8 18
18
*164 1812 *1618 1812 *1618 1812 *1618 1812
5
85
8 914 9,200 Barnsdall Corp
914
9'8 93
9
94 94
.3
918 93
8
83
4 918
No par
34
32
1,200 Bayuk Cigars me
.29
34
343 *30
*30
4
36
34
34
*293 34
8
100
1st preferred
91
90
.82
8712 *82
8714 *82
8912 *85
89
8712 8712 90
50
8
10 4 10 4 107 1118 1112 113
11
3
1012 107
3
1112 11
8 2,200 Beatrice Creamery
4 11
100
Preferred
100
6612 *637 7018 *637 663 *5814 65
8
8
*60
8
8
585 585 05814 6418
4
20
300 Beech-Nut Peeking Co
6212
*60
644 *60
6614 *5912 6614 *5912 6712 62
*63
63
2,300 Belding Hemlnway Co_No par
9
9
914 914
9 4 93
,
4
914 914
9
9
9 14 912
700 Belgian Nat Rys part pref._
8
4
93
9418 914
9512 9512 0933 9512 923 923 090
4
95
93
•Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
v Et-rIghts. c Cash sa le.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highes .
$ per share $ per share $ per share $ per share
8 Apr 7 215
8July 12
12 June 303 Mar
8
518 Apr 15 1212June 19
812 Dec 14 Sept
93 July 7
13 Feb 21
114 June
4
47 Aug
8
8July 21
I13
4May 1
414 May
1612 Mar
55
4712 Feb 25 112 Sept 25
307 July 6312 Sept
8
12 June
4 May 23
312 Sept
12 Feb 28
8
1118 Jan 14 33 Aug 29
7 4 June 165 Jan
3
7 Dec
8
4 Mar
95o July 13
1 Jan 5
5 May
8
35 Sept
814July 7
8
7 Apr 4
8
1 Apr 5 217
8July 7
8 4 Sept
,
54 May
118 Apr 17 21 July 7
5 June
8
8 Sept
3 June
4
8 Sept
114 Mar 30 20 July 7
5 Mar 30 26 July 19
5 May
15 Sept
4212 June 8814 Sept
70 4 Feb 27 152 Dec 14
3
115 Apr 21 125 Oct 26
964 Apr 120 Dec
s
6 Feb 27 263 July 8
4 June
154 Sept
53 Jan 10 24 July 17
4
10
Jan
412 July
218 Sept
914July 19
5 Feb 21
8
, Apr
4
5 Feb 23 40 July 19
4 Dec 10 Mar
4
1812 Mar 2 475 Nov 17
Jan 223 Sept
8
12
312 June 1512 Sept
714 Mar 1 35 July 18
8 Mar 2 2812July 13
5 May 2212 Sept
34 Apr 7 497
28 June 47 Feb
8June 2
1 Jan 30 163
27 Aug
8
4July 18
14 Apr
1
23 Jan 5 64 Sept 22
4
Apr
93 Aug
4
8
918 Mar 3 4212July 7
612 June 177 Sept
60 Mar 28 106 Aug 1
40 July 90 Feb
8
4912 Feb 25 10012 Dec 5
295 June 737 Mar
8
112 Feb 27 134 July 19
9312 June 129 Mar
318 June 17 Sept
618 Jan 23 3924 July17
15 Dec 50 Aug
4July 3
15 Feb 28 593
15 Mar 31 14 July 11
17 Apr
8
8
7'4 Sept
Jan
312 Mar 1 3112July 18
7 June 26
34 Mar 2 51'4 July7
18 June 38 Nov
2 Feb 24
814 Sept
618June 7
2 July
11 May 27 Sept
8July 18
13 Feb 27 897
5
Jan
1 Jan 5
6 June 20
3 Dec
4
4
4
37 Apr I 13 July 3
23 Apr 153 Sept
8
15 Sept
8June 12
2 May
37 Feb 27 193
8
714 Apr 4 447
8June 13
5 May 3812 Jan
43 Apr 4 27,
23 May 21 24 Aug
8
4
4June 12
64 Apr 4 353
8June 13
33 June 33 Jan
4
2113 July 17
3 May
612 Aug
418 Jan 5
8
212 Mar 2 16 June 6
67 Sept
1 May
27 Sept
8
1312 Feb 14 5712June 13
47 May
8
29 Oct 20 4212May 31
25 June 513 Mar
8
3 4 Feb 24 1712June 29
3
33 Dec 215 Mar
8
25 Feb 15 577
8June 29
35 Dec 68 Mar
414 Feb 27 1518July 3
212 June 12 Sept
14 Apr 21
3 2June 28
,
14 Jan
3 Aug
4
114 Jan 3 12 June 28
1 July
414 Aug
1514 Aug
57 Jan 3 3918 July 3
3 5 July
8
8
173 Jan 3 63 July 7
1718 Dec 49 Sept
4
83 Feb 27 224 July 3
712 June 2214 Jan
4
33 Mar
6 June 2
4
1 Jan 27
1 June
8July 18
112 June
9,4 Aug
318 Feb 24 235
612 June 32 Aug
8
1512 Jan 4 757 Nov 15
14 July 33
Jan
17 Jan 20 3012July 8
4 Feb 27 197 July 13
3 June 1714 Sept
Jan
97 Apr 5 414 July 17
1514 June 58
8
4
10 July 493 Jan
9 Apr 1 35 July 13
1214 Sept
45 Feb 27 19 July 7
318 June
8
3 May
4
1812 Sept
8July 11
53 Mar 2 317
133 June 22914 Mar
8
2018 Apr 6 4734 July 13
7 Mar 20
8
718July 13
3 June
4
3 4 Sept
5
7 Sept
8
18 Apr
412June 20
18 Apr 8
1112 Mar 3 363
10 June 2518 Jan
4June 19
518 May 2714 Sept
103 Feb 25 5312 Sept 19
4
Jan
22 June 85
31 Jan 10 904 Dec 14
2012 Jan 2 73 July 6
15 July 55 Feb
3212 Jan 10 5114 Sept 9
213 June 3612 Aug
4
Jan 106 Sept
90
10218 Jan 9 112 July 25
1518 Sept
3 May
45 Feb 28 27 July 7
8
34 July 80 Feb
375 Mar 28 85 July 10
8
4
20 May 363 Mar
30 Feb 27 477 July 7
13 June 3914 Jan
2112 Jan 19 74 July 13
45 May 90 Aug
80 Jan 19 11214July 15
6 Jan 13 26 July 18
23 Apr 1014 Aug
4
8
4July 13
8612 Apr 18 1343
693 July 1373 Feb
4
49 Feb 23 1107 July 1
4
4012 June 863 Mar
s
4
4
503 Feb 25 043 July 7
44 June 893 Mar
4
1023 Mar 1 120 July 18
4
9514 June 11812 Oct
33 Oct 5 25 July 5
4 June 25 Jan
4
Jan
7 Oct 5 377
1012 July
70
8July 18
11 May
8
3412 Mar
107 Apr 7 4314July 13
31 Mar
8Juae 12
912 Apr 4 357
11 May
Jan
35 Mar 24 80 June 13
26 June 75
10 Sept
312 Mar 2 17 July 5
1 May
225 Feb 16 6712 Deo 15
8
8
1512 Jan 397 Sent
214 Aug
3 Feb 8
8
418June 27
14 May
8 Aug
2 July
4July 8
3 Feb 17 143
4
67 Sept
8
114 May
8July 10
214 Feb 28 107
20 Feb 24 66 July 17
10 June 35 Aug
s
8
5 Feb 28 227 July19
3 June 193 Sept
418 Jan 6 1512June 8
3 Apr 15 Sept
1712 Mar
8 Jan 20 3914July 18
54 May
6212 Jan 11 90 June 18
40 May 75 Sept
9 Sept
23 Feb 7 1412June 3
8
13 May
8
4
93 Mar 3 2914July 20
7 Apr 1512 Sept
95 Feb 23 115 July 18
85 Apr 10014 Oct
41 Jan 3 90 July 15
24 May 61 Aug
5 June
8
23 Sept
4
118 Feb 28
73
41une 6
3 Feb 20
4
2 Sept
5 July 14
3 June
8
157 Aug
8
7 Feb 27 93 July 14
312 May
35 Aug
8
7 July 17
118 Jan 19
1 May
2 Mar 27
53 Sept
912June 24
4
15 Dec
8
514June 6
3 Apr 17
4
3 Aug
5 June
8
312 Feb 20 20 July 17
11 Sept
3 May
18 Feb 23 6112July 18
183 Dee 42 Sept
4
15 Jan 19 513
1212 Dee 35 Mar
4July 17
63 Mar 24 35'2 July 14
612 July
4
1612 Aug
412 Mar 22 26 July 19
43 Dec 1214 Aug
8
412 Apr 11 337
4
8July 17
53 Dec 1512 Jan
123 Feb 28 3212 Nov 17
85 Feb 217 Sept
8
8
8
9 Feb 14 39's July 5
7 Dec 2512 Feb
60 Apr 5 8358 Sept 12
4512 June 79, Jan
2
4
1 July
112 Feb 27 343 Dec 15
37 Aug
8
31 Oct 21 844 July 13
283 May 1513 Jan
4
4
12 Feb17 Sept
7 Feb 2 9% July 18
8
8
8July 17
512 Feb 27 163
112 June
87 Dee
8
8July 7
2 May
312 Apr 12 175
12 Aug
8 May 3718 Aug
912 Apr 4 60 July 18
8
62 July 99 Feb
68 4 Feb 28 997 Aug 7
,
714June 20
3 Jan 4
8
12 Apr
312 Aug
7 Dec 30
518 Apr 19 2414July 18
Jan
3 8 June
3
3 Mar 2 11 July 7
7 Sept
2 Dec 13 Feb
314 Jan 6 5212 Julyd3
30 Dec 59
27 Jan 18 100 July 10
Jan
1012 Nov 4312 Jan
7 Mar 2 27 June 29
62 Dec 05
45 Feb 24 85 May 25
Jan
2914 May 453 Dec
45 Jan 5 7012June 27
4
25 Jan
8
312 Feb 20 1212July 6
84 Sept
573 June 624 Dec
8
62, Apr 7 10114 Nov 15
4
.....
m u_
New York Stock Record-Continued-Page 3
or FOR
-PER SHARE, NOT PER CENT.
HIGHEANIALOW SALE PRICES
Saturday
Dec. 9.
4331
SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
Monday
Dec. 11.
Tuesday I 1Vednesday
Dec. 12. 1 Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
S per share $ per share $ Per share $ per share $ Per share S per share
163
1712 165 1718 16
4 1614 1718 16
165
8
17
163
8 17
2812 2812 2812 29
2814 29
2418 284
2812 29
28
28
8 3612 3734 3558 363
4
4
3514 3614 3618 3718 3614 3712 353 367
6412 617 644 62 6218
8
5
612 .5712 6114 6212 6214 6514 62
2412 25
2312 24
231
247 247
8
8 25
23
25
23 23
12
1112 1112 1112 1218 1112 115
8 12
8
8
113 1212 117 125
4
__ .17
1914 1914 194
_ _
4
.16
164 163 164 18
4 55% 523 _4 5413
543
8 5212 5312 5218 5414 .18533 x53
515 54
*74
78 .76
78 .76
75
78
.7014 7318 7318 7318 75
215
8 21
215
8 21
4 21
2114 207 2114
8
8 2114 213
295 213
8
8 1914 2018
20o 1912 2014 1914 203* 19% 203
8 20
197 203
8
3
4
3
4
*3
4
7
8
7
o
7
8
118
1
1
5
8
.3
4
5
8
1114
1014 107
8
103 107
8 1014 1012 105* 11
1012 1118 11
27
273
4 2612 2712 2714 28
2714 2712
.28
2812 274 28
65
6518 65
8 647 65
8
645 647
8
65
633* 647
64
*63
51
51
51
*5014 5112
513* 513* 51
5013 51
.50
50
9h, 0814 9
8
9
812
814 814
914
*9
73
4 814
77
s 814
712 73
712 7 1
4
3
712 8
77
814 84
77
8
1114 1114 1112 107 107
1114 1214 114 114 11
8
8
1014 11
Sales
for
the
lireek.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares.
33,800
3,000
58,000
5,100
510
5,000
130
10,100
200
17,700
16,800
800
19,900
2,900
1,900
700
1,600
3,300
5,000
Indus. & MIscell. (Con.) Par
5
Bendix Aviation
No par
Best & Co
Bethlehem Steel CorpNo par
100
7% preferred
Bigelow-San:Carpet Inc No par
No par
Blaw-Knox Co
Bloomingdale Brothers_ No par
Bohn Aluminum dr 13r.No par
No pa
Bon Ami class A
,
Borden Co (The)
25
Borg-Warner Corp
10
Botany Cons Mills class A 50
Brlggs ManufacturIng_No par
Bristol-Myers Co
5
Brooklyn Union Gas___No par
No par
Brown Shoe Co
Bruns-Balke-Collender_No par
Bucyrus-Erie Co
10
5
Preferred
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
5014
5
.21
3
*3
812
163
8
24
*212
Highest.
•111d and askel prices, no sales on this day. a Optional sale. s Ex-dividend. c Cash sale.
Ex-rIghts.
LOZOCit.
Highest.
$ per share $ per share $ per share $ per share
413 May
183 Jan
4
818 Feb 27 21 14July 17
9 Mar 2 3318 Aug 25
53 June 2478 Feb
4
8
1018 Mar 2 4914 July7
714 June 295 Sept
74 Jan
1614 July
2514 Feb 28 82 July 3
618 Apr 5 2912June 30
612 Dec 1512 Aug
3% June 10 Aug
313 Feb 28 1914July 19
614 June 14 Feb
65* Feb 28 21 July 18
912 Mar 2 55% Dec 14
47 June 2214 Jan
8
31 June 55 Nov
52 Feb 23 75 Dec 12
20 July 4318 Mar
18 Feb 27 373 July 3
1414 Sept
33 May
8
512 Feb 28 2128 July5
114 Sept
412July 5
5 Apr 27
8
14 Apr
4
8
25 Feb 24 145 July IS
27 June 113 Mar
8
8
2612 Dec 13 3S'.Sept 23
46 June 8913 Mar
61 Nov I 8812June 12
23 July
36 Feb
2812 Mar 3 53* July 18
1•18 July
413 Sept
13 Mar 3 1812June 26
4
112 June
714 Sept
8.1une 20
2 Feb 27 127
212 May
1018 Sept
8June 20
4
23 Feb 23 195
35 June 80 Sept
2012 Mar 31 72 June 26
13 Apr
318 Sept
8July 3
97
4
3 Apr 15
14
Jan
312 July
3 Mar 16 35 July 3
534 July5
413 Jan
1 Feb 8
5 May
8
313 Jan
5 June 29
118 Apr
7 Mar 2
s
218 May
8 Sept
212 Feb 17 1314 July3
614 June 1314 Aug
8July 3
618 Feb 14 207
4
3 Dec 2l3 Mar
8 June 8
1 Apr 1
7 Dec 65 Mar
912June 1
1 Apr 3
1214 July 85 Jan
614 Oct 4 2312 Jan 5
12 July
17 Sept
g
8June 2
27
1 Feb 10
2 Sept
12 Apr
414June 2
12 Mar 31
8
13 June
58 Sept
712June 13
114 Apr 10
7 May 2458 Sept
812 Feb 25 431 July18
3514 May 69 Sept
3018 Mar 2 80 July 18
19 Sept
414 June
4July 17
73 Mar 2 343
4
1,8 Sept
le June
214June 5
14 Jan 19
77 Sept
112 May
8June 2
93
2 Feb 7
93* Aug
212 June
2 Feb 28 16'4 July15
6 June 15 Sept
712 Feb 25 4112July 19
4
10,8 June 233 Sept
14 Feb 2 3512July 18
012 Sept
218 Apr
414 Oct 17 1212July 13
19 June 32 Aug
2518 Jan 18 3512July 13
4
16% June 653 Sept
3012 Feb 27 10312July 17
30 May 75 Jan
41 Feb 27 86 July 19
8
43 June 15 Jan
4July 7
512 Mar 2 293
1258 Sept
114 June
8Ju1y 3
418 Feb 27 587
57 July 3
33 Jan
8
7 Aug
8
12 Mar 15
214 Feb
5 Dec
8
43
8July 5
Feb 4
3
8
712 Mar
1 18 Dec
4July 5
112 Jan 5 123
73* June 2012 Sept
14 Jan 3 41 July 17
614 Jan
23 June
8
2 Apr 19 11%July 19
Jan
55 Dec 85
52 Feb 27 95 June 20
1512 Sept
57 Jan 4 443 Sept 19
312 Jun
4
77 July3
5 Dec3% Feb
8
1 Jan (I
458 Dec18 Aug
53
4 Mar 27 3014July 18
Oct2812 Feb
11
718 Mar 3 25 June 29
8
433 Nov68 Jan
45 Apr 7 72 July 17
1612 Aug 303* Sept
712 Mar 23 2313 Oct 5
47 June 3204 Sept
8
147 Jan 3 5213 July 7
4
63 Jan
I May
8July 20
123
218 Mar 31
20
213 June 1214 Sept
512 Feb 28 2514June
6 Dec 14 Mar
8May 31
6% Jan 4 223
5 June 1212 Sept
5 Mar 2 34 July 18
8 Sept
113 June
2 Feb 28 10's July 5
5 Dec 16 Sept
8 Apr 4 2112July 18
5 June 21% Sept
73 Mar 3 533 Dec 11
4
g12 Jan
14 July
358July 7
14 Feb 28
83 Jan
4
314 July
5 Mar 24 1414June 22
10 Apr 22 Mar
Jan 27 4112July 17
10
90 June 96 Feb
90 Jan 4 100 June 2
6812 Dec 120 Mar
7312 Jan 3 105 July 17
50 Mar
413* July
44 Apr 19 50 Nov 15
10, Dec 3112 Mar
4
7 Mar 30 22%July 19
65 June 95 Mar
Apr 3 84 Aug 18
49
108 Mar
4
23 May
3 Apr 4 26 Sept 11
1212 Oct
9 Jan
514May 10 12 Jan 4
Ws Sept
27 July
8July 7
312 Apr 4 175
1312 May 418 Mar
2318 Feb 27 7112July 3
147 Aug
414 May
Mar 27 24 Nov 23
65*
4% June 21 Sept
28% July 19
9 Mar 31
g
0 Apr 797 Aug
5014 Dec 5 83 June 12
3 8 June 11 Mar
7
Sept 18
4 Feb 27 19
28 Sept
113 July
4
16 Feb 27 3913 Aug 31
1012 June 21 Sept
1818 Mar 21 2518 Sept 14
40 June 75 Nov
8
70 NIar 21 957 Sept 1
107 June 277 Mar
8
18 Mar 3 4312July 3
5512 June 82 Nov
84 Jan 4 977 Jan 31
133 Sept
4
312 May
9 Feb 25 5714July 18
65 .58
*56
65
65
5312 .58
*54
100
7% preferred
100
53 .5312 65
5
5% 614 32,700 Budd (HG) Mfg
No par
6'4
5
57
5
514
51/1
558
51u
2212 2213 2212 23
2714
22
22
540
100
2712 26
22
7% preferred
22
314 314
7,300 Budd Wheel
Na par
33* 33*
3% 4
33* 4%
3 18
314 314
312 .27
3
3
200 Bulova Watch
No par
28 312
312 *27
312 *3
312 .
4
83
8 858 2,300 Bullard Co
812 83
8,
2 84
No par
83
4 84
9
9,
8
8%
8 154 16% 16
1618 167
1614 153 1614 13,900 Burroughs Add Mach No par
8
167
8 1612 17
2
234
214 214 *218 213
8
2
2 18
900 Bush Term
23
4
No par
258 25
*212 6
3
214 212 *2'4 3
*2
.213 6
500
100
Debenture
8
30 Bush Term 131dgs gu pref 100
1 2 1,400 Butte & Superior Mining__10
-5-12 01T2
14
3I T2 1
-12
ii2 1
•113 13
4
218 218
2
*218 214
2
214 214
214
218 218
600 Butte Copper & Zino
*2
5
258 25
8
214 2%
8
218 218
214 258
2.
18 25
800 Butterick Co
No pa
.23
8 3
293
8 27
2818 2712 287
297
8 28
8 2712 2758 15,300 Byers Co (A M)
No pa
28
293
8 29
*5318 62
53
*5318 5912 53% 5318
120
*5318 59
53
100
Preferred
.5118 53
22% 217 2218 2114 21% 21% 2112 2018 203
8
4 2.400 California
,
_ __No pa
2214 2212 22
7
8
7
8
7
8
78
7
8
7
8 1,300 Callahan Zino-Lead
78
7
8
78
7
8
*7
8 1
Packing10
413 438 2,800 Calumet dr Hecla Cons Cop_25
458 412
438 434 *43* 41_
413 45
414 412
94 914
900 Campbell W & C Fdy__No par
93
4
98 .
5
9
87
87
o 9
9
9
*812 93
4
8 2818 29
273 2814 2712 27% 27
8
2712 5,200 Canada Dry Ginger Ale____5
2812 2914 2818 293
297 .29
297
8 29
29
1.800 Cannon Mills
8
2918 2914 2014 2912 303 .28
No par
.28
7
*534 6
*512 6
300 Capital Admtnis cl A
6% 65 *612 7% .6
6
68
5
No par
27
29 .21
*21
27
29
20 .23
*21
Preferred A
*24
29
.22
50
72
74
6914 723 22,500 Case (J 1) Co
71
7214 713* 73
4
4
100
7113 7318 723 75
Preferred certificates
8 68 68
6812 6712 687
68 7 68% 695 693
910
4
8
8
100
.66
677 .66
8
2512 234 25
18,200 Caterpillar Tractor___No par
2614 243 2558 25
4
4
2518 253* 253 2614 25
42
43% 4412 435 45
44
66,900 Celanese Corp of Am__No pa
5
463
8 45 8 4718 4312 46
45
2
2,400 Celotex Corp
2
No pa
212 212
212 212
213 27
8 *212 23
2
2 12
2
1,600
2
Certificates
.113 2
.113 2
23
8 23* *112 2
No pa
112 2
Preferred
690
100
7% 712
414 812
8
714 714
8
6
87
612 7
32
3113 3218 31
32
3113 1,700 Central Aguirre Asso__No par
32
3112 3113 30
32
32
400 Century Ribbon MIlls_No par
73
4
812 81
Ks
712 713 .7
.818 83
813 812
4
81s
Preferred
87
20
100
87
87
87
87 .85
.87
91
91
*87
91
*87
353 33,400 Corrode Pasco Copper_No par
8
3358 3514 34
3414 325 34
8 34
355* 33
353* 357
4
4
4
378 4
1.800 Certain-Teed Products_No par
4
4
4
4
4
37
8 37
24
24 .15
7% preferred
24
•15
24
24 .13
*15
100
*10
*10
24
4 1712 174 3,600 City Ice & Fuel
No par
8 1712 173
4 1712 17'2 1713 1818 *1712 173
1712 175
210
Preferred
68
6712 673
4 67
6714 881
100
*66
6612 6612 6612 67 67
1812 167 1678 .1613 1812
100 Checker Cab Mfg Corn
0165* 1812 .165 18% *16
181 .15
8
5
9,800 Chesapeake Corp
8 35% 36
35% 3612 3512 353
No par
4 3513 363
34
343
4 343 363
4
77
8
8
73
4 814
8
814
73
4 73
4 3.400 Chicago Pneurnat Tool_No par
7 4 812
3
8
18
1838 973 1814 1,200
1713 18
4
Cony preferred
18
No par
1812 IS
18
18
18
1212 *113 121_
8
100 Chicago Yellow Cab
0113 14 .12
8
8
8
No par
.113 1212 123 123 .113 14
8
8
19
1012 1018 19
4 19
19
900 Chickasha Cotton Oil
193 193
4
20
19
10
10
19
57
8 57
8
612 73
4
7% 8
73
8 73
4
73
8 77,
712 8
11,000 Childs Co
No par
4
*13
54 14 .123 14
14
14 .124 14 .12
20 Chile Copper Co
*13
13
13
25
4
8
8 503 523* 517 5318 513 523 323,400 Chrysler Corp
8
515 533
4
5112 525
5014 53
5
114
1
118
1
1
118
114
1
118
*1
4,600 City Stores
1
1
No par
09
9
10
9
912 *9
250 Clark Equipment
2914 10
.9
912
912
9
No par
.2813 2912 2912 3014 30
3012 30
30 .30
30
3014 .29
900 Cluett Peabody & Co _No par
.
7
957
95
957 *95
95 .90
957 .95
8
20
.90
Preferred
95 .90
957
100
05
96
9613 2,900 Coca-Cola Co (The)___No par
9614 *9612 97
9812 9812 x97, 9812 9612 97
2
.485 5018 4914 4914 4914 4914 .4913 50
8
*4913 50
200
Class A
*5018 5112
No par
11
1112 103 1114 1014 103
4 103 1012 1012 103 12,700 Colgate-Palmolive-Peet No par
8
4
4
10% 1118
6814 69
320
6712 68
*67
7018
.6718 70% .6714 703* *6414 69
6% preferred
100
2013 21
1934 20% 4,900 Collins dr Alkman
2012 21
2018 201
21
2112 215* 22
No par
714 06
714
6
6 14 .6
67
8
GOO Colonial Beacon 011 Co.No par
*6
8
*6
712 *8
47
45
8 43
43
4
*413
413
8 1,400 Colorado Fuel & Iron No par
412 45* *414 43
43* 458
63
62
6214 63
9,000 Columbian Carbon v t c No par
65
64
634 62
6212 6412 6412 66
8
8
8 2,300 Columb Pict Corp v t c_No par
26
2612 263 2658 263 27'2 26
8
263 .26
8
2612 263 263
8 1218 123
4 114 1218 108,100 Columbia Gas & Elec No par
8 1214 128 1214 127
1114 113
4 1112 127
52
515 52'2 5212 5314 52
524 523
8
517 5214 4,500
4 52% 53
8
Preferred series A
100
1718 173
17% 1714 1758 16,600 Commercial Credit ____No par
4 17
167 17
8
174 163 1718 17
4
035
37
3513 3512 3513 36
035
37 .35
36
600
.3412 37
Class A
50
233 233 .2314 24
8
8
.2314 24
2314 2314 *2314 24 .2314 24
GO
Preferred B
25
.90 8 93
4
3
92
91
9014 9014 913 913
92
92
160
92
92
6)4% first preferred____100
8 353* 3614 3512 3618 7,400 Comm Invest Trust ___No par
361s 3634 35% 363
36
3631 3613 37
91
91
*9013 913 *903 98
98
4
91
*91
9212 91
4
SOO
.91
Cony preferred
No par
32
3318 3113 32% 3212 333* 32
8 3212 337
335 100,600 Commercial Solvents No par
8
313* 325
15*
17
8
13
4
15
8
15
13
4
818June 12
13
4
15
4
13 107,800 Commonwlth & Sou_ No par
4
15*
15
8 13
13 Apr 1
s
8
$8 preferred serles
2314 2312 225 2512 2312 2313 2318 235* 2318 24
22
2312 3,400
No par 21 Apr 4 6012June 7
57
57
*512 57
8 0513 57
8 .534 57
300 Conde Nast Pubile'ns.No par
3 Apr 4 11 June 13
.53
4 53*
554 534
2514 245* 2518 2414 25
2418 245 16,000 Congoleum-Nairn Inc No par
8
4 24
2312 23 233
8July 18
23
3
7 8 Jan 31 275
97
9% .912 10
8
.93
8 97
07
8 07
8 *914 97
8 *93 10
200 Congress Cigar
612 Feb 24 18 June 7
No par
s
4June 7
8 83
8
814
3,100 Consolidated Clgar
77
83
8,
8
312 Apr 6 193
634 77
83
4 87
No par
8
8 14
*4613 48
.4612 48 .4612 48
*4613 48
4612 4612
10
Prior preferred
.4612 48
100 31 Apr 5 65 June 8
025
8 3
023
4 3
4May 29
4 *23
.213 23
4 1,100 Consol Film Indus
53
214 23
23
4 3
1
4 3
13 Jan 4
4
93* 93*
4May 29
9 4 10
3
914 103
*
9
54 9%
143
3,300
918
Vs
Preferred
57 Mar 21
2
No par
95* 10
8 3812 397
38% 385
8 38
8
4 375 3912 383* 393
387 88,600 Consolidated Gas Co. No par a3038 Nov 20 6418June 13
8
367 373
8
*8312 84
8318 4318 833* 84
83
3,500
83% 835
8 83
85
No par a80 Apr 24 99 Jan 3
Preferred
*83
218
2
2
214
2'g .2
2
21 1 214
218
1,300 Consul Laundries Corp_No par
512 Jan 10
2 Oct 19
.2% 214
111s 115
8
8 114 11'2 11.
1113 1218
1112 64,600 Consul 011 Corp
4July 6
5 Mar 3 153
8 115 1214
No par
1114 117
105 105
105 105 .100 109 .105 10712
105 105
500
8% preferred
100 9513 Mar 1 108 Oct 9
.100 109
314 July5
1
1%
118
1
114
.1
118 2,700 Consolidated Textlle___No par
118
114
I's
14 Mar 1
I%
1 14
*718 712
718 75*
71
800 Container Corp class A
712 *7
4 "
7
*7
712
714 73
20
118 Jan 10 1014July 18
2
2 18
2
2
214 214 .218 214
1,400
8
214 23
412June 12
Class B
No par
Ii Feb 15
,
218 2 4
1814 July11
9
9
812 9
*812 9
8
,2 812
S
814 2,800 Continental Bak class A No par
3 Mar 1
81's 9
s
112
8 112 1,500
13
13
8
113
112 .13
112 .13
Class B
12 Jan 5
114
312July 11
No par
2
112 1,
4
4
61
*5912 61
300
5912 5912 593 593 *5912 61 .60
Preferred
100 36 Jan 3 64 July 10
59
59
76% 78% 7513 7712 23.700 Continental Can Inc
75
757
8 75
8
763
4 757 773* 755 77
20 3514 Feb 23 74:18 Dec 14
85
814 *8
8 834
83
814
4 918 .
900 Cont'l Diamond Fibre
8
854 9
85
4 84 .
8July 7
5
312 Feb 25 17,
2518 2512 24
8
25
253
8,100 Continental Insurance....--2.50 1012 Mar 28 3612 July 7
2418 24% 24
25 8 2512 253 26
3
lis
1,
4
I% 114
118
1,
4
1,
8
114
118
118 7,100 Continental Motors___No par
1 Mar 27
4 June 8
114 114
8 1818 185* 1818 1812 175 1812 56,600 Continental Oil of Del.No par
8
47 Mar 3 19% Sept 18
8
18% 185 1914 1814 187
18
7714 77
78
76
7512 77
773* 76
20,800 Corn Products Refining___ _25 45% Feb 25 905 Aug 25
8
743* 7612 7512 77
30
Preferred
4
100 11712 Mar 15 1453 Jan 21
.13212 13612 0136 13532 136 136 *135 13612 13613 13612 .13212 13613
4
4
4
414
4
4
4
43*
2,100 CotY Inc
4
712June 13
No par a2 Mar 24
4
4
4
28
28
2814 3,500 Cream of Wheat cite_ No par 23 Feb 25 39'2 July 10
2814 28
8 28
285
285* 28
2812 2812 28
81 1 9
8
812 3,100 Crosby Radio Corp
014 91
No pa
912 012
4June 8
214 Mar 28 143
9% 97
*34 9
3334 3418 323 34
3312 34
43414 3514 3412 3614 333 35
4
4
5.600 Crown Cork & Seai_No par
1414 Feb 27 65 July 13
03512 361 .36
36
3612 36
36
36
300
$2.70 preferred
36
No par 2413 Feb 27 3812July 14
36
36
.35
412 412
414 412 2,100 Crown Zellerback v t c_No par
412 41
43
8 45
8
43
43
1 Apr 10
412 444
812July 17
2134 227
8 2112 2234 5,200 Crucible Steel of America__100
22
4 22
8 2214 233
9 Mar 2 3713July 19
204 2238 2212 233
43
44
44
*43
44
593
4 43
44
42
500
Preferred
100 16 Feb 27 603
8July 19
6012 42
*V
78
7
7,
4,900 Cuba Co (The)
No par
7
8
7
8
3
4
78
54
1
3*
12 Feb 21
43
8June 7
1
1
33
438
48
3
4
4
4
412 412
3,400 Cuban-American Sugar _ ___10
412 412
43
1 18 Jan 16 1112May 29
412
24 .2012 23
4
*2012 213 ' 100
•20
2413 25
100 10 Jan 9 88 June 5
Preferred
25
25
.2334 26
3912 4.700 Cudahy Packing
401
3914 3914 38
407
8 39
8 40
417
50 20% Feb 21
5912June 8
8 41
3912 417
153
8 1512 1738 16
15
1634 7,900 Curtis Pub Co (The)-__No par
4
143 15
612 Mar 3 3214Jurie 12
8
8 145 15
1412 147
443 473
4 47
4414 461
48
3,300
44
43
No par 30 Feb 23 66 June 12
Preferred
9112 4112 4218 44
212 25
8
212 22p 25,000 Curtiss-Wright
25
8 24
4
1
112 Feb 23
43
8July 12
25* 23
8 2%
25
2% 24
53
's 53* 9,800
5% 534
618
51
5% 53
518 51 1
1
Class A
2 Mar 30
53* 534
8 July 13
8
600 Cutler-Hammer inc___No par
414 Jan 6 21 July 14
8 1212 1212 12% 1238 •1112 1212 1238 123
4
123 124 123 127
4
300 Davega Stores Corp
7,8
Vs • 8 7% *57
57
5
s
8* July14
618 63* .63
158 Feb 23
,
718 *67
8 74
.6%
iii, ii, *iT,
PER SHARE
Range for Previous
Year 1932.
518 Aug
1% June
273 June 6812 Mar
8
12 Sept
5 May
613 June 1214 Sept
4 May
11 Sept
8
35 Dec 2412 Jan
17 June 60 Mar
52 Jan
1 June
4
28 June 113 Mar
3112 June 683 Mar
7212 June 9918 Dec
.2
4 Dec 107 Jan
9 Aug
4 June
79 Feb 101 Sept
158 Aug
14 Mar
213 Feb
% June
I% Jan
14 May
27 May
8
8 Sept
128 Aug
12 Apr
247 Juno 475 Mar
175 Juno 41 Mar
8
3 Apr813 Sept
6% May 2514 Aug
33 Sept
52 May
9% Sept
35* June
8
243 July 553 Sept
4
9912 June 140 Oct
8
73 Sept
112 May
1312 June 2612 Oct
714 Sept
214 May
8
x77 May 237 Dec
8
173* June 3012 Nov
3 Aug
12 June
6 May 2314 Jan
14 Dec 497 Jan
312 Sept
12 June
3 May
8
37 Aug
312 May
26 Aug
3513 Mar
20 May
Jan
7 June 31
373 Dec 86 Jan
4
314 Sept
7 May
2
43 Sept
112 Mar
12 Sept
312 May
73 Sept
214 Oct
4332
New York Stock Record-Continued-Page 4
Dec. 16 1933
3N FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
IIICH AND LOW SALE PRICES-PERPHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dec. 12.
Wednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
Sales
for
the
Week.
STOCK
NEW 'YORK STOCK
EXCHANGE.
Lowey.
$ Per share $ Per share $ per share $ per share $ per share
.2le 33
3 .213 3 4 *218 317 *210 3
3
*218 212
11
11
11 8 12
5
1178 1178 .1112 1178 1168 12
*5812 59
59 14 5914 60
6014 60 6018 6018 6010
.30
31
31
3112 *3012 313
4 3112 3112 31
31
273 28
4
273 2818 275 28
4
8
275 28
8
2712 2712
2912 2978 29
29
*283 297 *29
4
8
297
8 29
29
33
337
0 313 323
3353 33
3212 3358
4
4 313 33
4
*2212 2312 2212 23
2212 2212 2218 2212 22214 2214
143 15
4
1412 143
4 1414 1412 1412 1412 1414 143
8
914 914 *912 10
10
4
10
1014 1153 113 12
*43
4 512
518 512 *5 4 612
3
63
/1
67
6
8 67
8
$ per share Shares. Indus. & Mlscell. (Con.) Par
218
100 Debenham Securities
21s
1178 12
2,700 Deere & Co pref
20
3,000 Detroit Edison
60
60
100
*30
600 Devoe & Raynolds A__No par
3112
2712 2712 2,000 Diamond Match
No par
500
8
*2814 297
Participating preferred__25
3234 34
19,200 Dome Mines Ltd
No par
1,000 Dominion Stores Ltd No par
22
22
14
141 4 3,400 Douglas Aircraft Co Inc No par
*1112 117
8 1,500 Dresser(SR)Mfg cony A No par
7
Convertible class 11 No par
1,400
7
Drug Inc
10
6 *658 6 4i4 - 12 i614 6
Dunhill International__No par
61 ;67 3
4 12
153 15 4 *16
4
3
1712 *16
1712 16
16
153 153 *153 17
4
4
4
300 Duplan Silk
No par
88
88
90
90
90
91
91
90
*88
*89
40 Duquesne Light 1st pref__100
91
*88
5
57
8
53
4 6
6
512 53
6 13
0 •510 57
8
512 512 3,700 Eastern Rolling Mills No par
83 8312 823 8414 823 8312 8012 8214 8114 8314 8112 823
4.
4
4 6,400 Eastman Kodak (N J)_No par
*122 1253 *122 1253 *124 1253 *124 1253 *125 1253 *125 1253
4
4
4
4
6% cum preferred
4
4
100
13
1314 1312 143
8 1312 14
1312 14
8
1312 1418 1312 143 22,000 Eaton Mfg Co
No par
901s 9212 913 93 8 90 4 92
8
3
3
8910 9112 9018 9214 8912 9212 83,000 E I du Pont de Nemours____20
*1087 110
8
110 110
11012 11012 *11112 112
112 112 •11112 114
500
6% non-voting deh
100
117 15
112
112
18 18
,
8
,
15
8
1 8 15
,
112 112 2,900 Eitingon Schild
153
No par
*22
26
*2312 25
200
2414 2414 .2553 2712 *2412 2512 2414 2414
8 A % cony 1st prof
100
19
2018 2018 203
4 1918 203
4
0 183 20
1914 2014 1812 1912 41,100 Mee Auto-Lite (The)
5
79
79
*81
*7912 88
Preferred
88
•8018 88
*8118 88
20
*8018 88
100
4
4 1s
418 4 8
3
414 43
8
414 414
410 414 3,400 Electric Boat
414 414
3
5
3 8 33
4
353 33
4
312 353
312 312
312 313 10,900 Elec & Mus Ind Am shares__
312 353
47
8 518
5
512
518 53 20,100 Electric Power & Light No par
5'8 512
8
4
512 53
518 5 4
3
918 912
912 103
1012 1114 10
4
7
97 1012
3
1112
Preferred
9 g 1014 9,200
No par
818 812
9
9
812 912
10
912
914 914 4,900
912 10
$6 preferred
No par
45 457
8 4553 4618 4518 4518 *44
457
8 4414 4514 4514 4534 2,200 Elec Storage Battery _ No par
.7
2 1
.7
8 1
*7
2 1
4.2
8
1
100 Elk Horn Coal Corp
7
8
7
8
*3
No par
4 1
•112 13
4
112 112 .112 13 .
15
8 158 *112 153
18
4
4
300
138
6% part preferred
50
*51
*51
52
52
52
5018 51
52
51
*48
5014 51
800 Endlcott-Johnson Corp.._ 50
*116 120 *117 120 *118 120 *119 120 *118 120
120 120
10
Preferred
100
4
414
414 453
412 412
418 412
412 412 1.500 Engineers Public Serv__No par
412 5
1314 1314 1318 16
1418 1412 14
1414 15
15
1412 1,700
15
$5 cony preferred____No par
1312 1353 14
16
16
15
1618 15
1412 15
4,500
1553 15
No par
$.5I4 preferred
143 15
1718 *16
4
163 163 *16
16
4
163
4 153 153
17
4
4
$6 preferred
4 1,200
No par
1012 1112 107 1114 1012 11
8
103 103 x1014 1014 1018 1010 5,800 Equitable Office Bldg No par
44
8
83
*8
4 914
87
s
*8
83
4 9
88
7
87
8 *8
712 8
900 Eureka Vacuum Clean_No par
83
83
4 910
4 9
8
814 812
83
4 83
83
3
4
818 812 5,500 Evans Products Co
5
*512 6
512 512 *5
6 I 67
512 512
7
7 •____
130 Exchange Buffet Corp_No par
*3
*12 15/1
*12 15
Fairbanks Co
8
*12 152
"
12 152
*3
8 15
18
,
2'
*212 612 *212 612 *212 612 .____
612 •212 612 *212 612
Preferred
100
8
712 71 2
712 7 4
83
4 2.300 Fairbanks Morse & Co_No par
4 7
3
73
4 73
8
8
8
373 373
4
3912 39
4 3712 3712 36
Preferred
3912 3612 3812 353 38
240
4
100
Fashion Park Asso
No par
7% preferred
_
100
---- - -- ---- - - ---- ---- ---- ---- ---- - -- ---- _ - ___
100 Federal Light S, Trac
*71s 814
*718 i
15
*
012 814 *718 3
s *7
8
81s
14
*35
44
44
44
*35
*35
*35
*35
44
44
*35
44
Preferred
No par
*75
00
90
*75
*75
90
00
*75
*75
Federal Min & Smelt Co-100
00
*75
90
63
4 8
7
73
8
7
7 8 733
3
712 8,
714
7,800 Federal Motor Truck_ _No par
4
63
4 7
214 212 *218 212 *214 238 .214 212 *214 212 1,800 Federal Screw Works __No par
2
218
2
218
17
*13
3 218
4 2
2
2
17
8
17
Ps
8 2.900 Federal Water Serv A__No par
13
4
2312 2412 2512 243 243 5227 2412 *2212 2412 2212 2212
2312
8
4
4
800 Federated Dept Stores_No par
25
2538 24
25344 25
25
25
2512 24
243
4 24
2414 5,900 Fidel Phen Fire Ins N Y__2.50
2112 22
2012 213
4 19 4 21
3
2014 203
4 201s 203
4 1953 2014 12,600 Firestone Tire & Rubber___10
693 693
4
4 697 70
*697 72 *697 71
*697 71
8
0
0
6978 6978
8
500
Preferred series A
100
5612 553 57
56
4
5614 5614 5514 56
5512 563
4 54
5512 5,200 First National Stores__No par
•1318 14
14
14 .1212 1412 *1312 1412 *1312 1412 *1312 1412
200 Florsheim Shoe class A_No par
•106 110 *106 110 .100 110 *100 110 *100 110 *100 110
6% preferred
100
10
103
8 1012 1012 *10
1014 *914 10
*912 10
*912 10
400 Follansbee Bros
No par
92
1212 12
*113 1212 .1112 1212 *1112 12
4
12
1212 1212
300 Food Machinery Corp_No par
16
1814 1512 16
17 „US
1612 16
1412 1512 1412 15
4,200 Foster-Wheeler
No par
1514 165
8 1512 163
4 1518 1512 1412 153
4 1514 1514 *1438 1518 3,500 Foundation CO
No par
1912 1912 1934 1912 1912 2,000 Fourth Nat Invest w w
19
19
2014 *1914 2014 1912 20
1
14
135 14
8
1412 1438 1512 *1412 1514 *1418 15
1414 143
4 4,000 Fox Film class A new__No par
40 40
*3514 40
35 35
*3514 40
*3514 40
*3514 40
50 Fkin Simon & Co Inc 7% pf100
4 47
463 4753 4712 473
4
477 r 47
8
4718 463 4718 4412 46
4
8,900 Freeport Texas Co
10
•140 165 *145 165 *140 15912 *109 159 *109 159 *138 159
6% cony preferred
100
*1212 107
0 15
197 *1312 197 *15
17
8
*13
8
s
197
197 *14
8
40 Fuller (G A) prior pref _No par
718 712
*712 11
*712 1012
*712 10
712 712 *63 11
8
110 $8 2,1 pref
No par
*23
.253 3
0 3
.2 4 27
3
8 *23
4 27
s
27
8 27
8
23
4 23
4
300 Gabriel Co (The) el A No par
1218 1112 1112 *113 1312 1112 1212
12
1214 1214 113 12
4
4
340 Gamewell Co (The)
No par
8
8
814 83
8
838
8 14
753 77
4 8
44
73
73
4 818 4,800 Gen Amer Investors_ No par
75
*68
75
4
*68
,
6934 69 4 693 *68
*68
75
*68
75
100 Preferred
No par
33
0 32
32 327
31
8 3218 3412 3314 343 18,800 Gen Amer Trans Corp
323
4 3214 333
8
5
0
s 1653 167
17
0 1638 1712 1612 17
1810 177 1812 167 177
0
10.400 General Asphalt
No par
,
13
x13
127 1318 123 1314 13 4 1314 13
13
8
8
127 13
8
3,200 General Baking
5
614 614
8
6
6
69 614
61 4 63
53
6
4 612
6
2,000 General Bronze
5
312 3 8
,
*33
33
4 4
4 4
4 *738 712
33
4 334 1,400 General Cable
33
4 33
No par
71s 718 *7
*718 8
*7
8
200 Class A
712 .
718 717
712 712
No par
21
*1612 21
*1512 21
*16
*1414 21
21
16
*17
1612
200 7% cum preferred
100
2834 2918 29
2914 28544 291s 2
2,600 General Cigar Inc
853 2
8
838 283 2812 *2814 29
No par
1013 1013 *9912 102
102 102 .9912 102
*98 102
4
4
*9912 102
170 7% preferred
100
203 21 10 207 2112 2014 21 1s 20
2
8
8
4
8
038 197 2012 193 2018 140,600 General Electric
No par
113 1112 113 1112 113 1112 12.600 Special
8
8
8
115 1153 1112 113
8
4 1112 11511
10
3614 367s 3614 3612 36
3614 10,100 General Foods
4
8
3634 365 37
No par
363 37
36
3
3,200 Gen'l Gas dt Elec A
No par
7
8
4
3
4
34
34
3
4
7
8
3
4
54
53
3
4
84
912 *7
912
Cony pref series A__No par
933 *83
912 *712 912 *7
8 *8
4 07
*8
*778 13
.83 13
8
4
*77 13
*83 15
*83 15
4
$7 pre class A
4
4
.82 15
No par
*83 17
*85 17
20
4
4
$8 pref class A
No par
912 912 *912 17
*9 2 17
*912 17
,
100 Gen Ital Edison Elec Corp___
8
*533 5412 *5318 .5412 .____ 5412 *5112 5412 *523 5412 5238 5238
8
6418 6414 65
65
65
4
2.600 General Mills
6412 643
647
s 6414 643 *64
4 64
No par
8
Preferred
8
1,000
•1033 10512 *103 10512 *1033 1047 x10212 10212 10112 10112 101 10114
8
100
8 34
343
4 3353 3412 256.000 General Motors Corp
34
333 343
4
347
8 3353 343
4 3412 35
10
92
92
1,600
9218 9214 92
$5 preferred
4 92
No par
923 933
*9012 9112 91 18 92
4
5918 103
4 10
800 Gen Outdoor Adv A
10
10
No par
.918 10
.91s 12
1018 1018 10
Common
8 4
*37
*37
*37
.37
8 4
3 4
8 4
37
No par
8 414 1,900
s
37
8 37
14
*13
420 General PrintIng 1nk
14
1412 .13
1412 *13
13
1312 *13
No par
•1212 13
76
76
$6 preferred
*75
*75
79
79
No par
*75
*75
*75
79
79
*75
No par
8 2 8 2,300 Gen Public Service
23
23
,
4 3
4 234
4
23
23
23
*23
4 23
4 23
4 3
4
5,300 Gen Railway Signal
3414 35
3412 3412 36
No par
3212 327
345s 33
0 33
34
34
2
213
11,700 Gen Realty & Utilities
2
2
2
218 218
2
1
13
4
17
13
0 218
4
$6 preferred
1518 1518 1,700
1512 *1518 17
No par
155 1553 15
8
15
3
15 12 15 4 15
4
1,400 General Refractoties
No par
8
1112 1112 12
4 1153 1212 113 12
1214 1214 115 113
12
*2212 38
110 Gen Steel Castings pref No par
28
26
25
•17
26
26
2212 2212 *2212 25
10
103
1038 10
8
9114
93 10
97 10
4
8
9 8 29,400 Gillette Safety Razor No par
7
1038 10
52
Cony preferred
100
No par
4
8 52
.521 4 5333 *5218 537 .52'38 537 .5212 537 *523 537
8
8
s
514 512 13,900 Gimble Brothers
No par
55
8 6
512 553
4
53
4 53
5 4 61s
3
53
4 618
21
Preferred
*19
2.400
207 21
21
22
8
100
213 213
22
8
22
8 2138 23
No par
8
163 10,300 Glidden Co (The)
15
4
4 16
4 163 163
x1612 163
1553 1578 1612 1638 17
10
Prior preferred
85
2
*8214 85
*84
100
867 *8214 887
8614 .84
8614 *84
2 85
714 '713
714 712
612 67
No par
0 6,800 Gobel (Adolf)
63
4 7
714
67
7
8 718
18
1818 1734 1818 177 177
0 7,100 Gold Dust Corp v t o. No par
183
8 1818 1838 1818 1814 18
8
.94
97
*94
86 cony preferred___No pa
9612 •9212 9612 *9212 9612
97
*94
*94
97
143 1453 1453 15
8
No pa
145
1412 14
8 1312 1414 9,500 Goodrich CO (II F)
143 147
8
8 14
Preferred
8 2,400
*3612 39
100
3614 367
37
36
*3614 37
,
3712 36 0 3638 36
373 34
8
3714 38
367
8 3512 3612 20,200 Goodyear Tire & Rubb_No pa
4 36
8 353 363
8
3638 377
1st preferred
2,400
No pa
67
.60
6212 6112 6312 6312 65
66
67
66
65
67
9
9
No pa
9
914
Vs 8 8 3,800 Gotham Silk Hose
8
818 812
812 83
,
814
4
Preferred
4
*50
100
5934
593 *50
593 *50
4
593 *50
593 *50
4
4
5934 *50
238 3
3
1
314
23
4 318
3
8 3
3 18
23
4 27 15,700 Graham-Palge Motors
27
s
.
9
912
942 912
9,2
9
872 9
9
*842 9
1,600 Granby Cons M Sm & Pr__100
938
412 53
8
518 5 8
4 7,700 Grand Union Co tr etfs.No par
3
43
4 43
518 514
47
47
8 5
s 513
27
Cony pref series
28
1,100
No par
2738 28
2714
*2712 28
*2712 2812 2712 2738 *26
*2013 24 .2018 24 8 *2018 243 *2112 243 *2112 243
.205 25
Granite City Steel
8
8
18
No par
8
8
3
4
4,400 Grant (W T)
35
4
35
4 3412 35
No par
343 347
4
4
331 1 343 x343 35
8 343 343
97 10ls
1014 1012 10 8 1058 1018 105
3
8 1018 1114 1053 1114 13,500 Gt Nor fr9n Ore Prop No par
37
x3558 3612 343 3512 19,800 Great Western Sugar No par
8
8 3714 3838 3612 37'8 38
363 383
4
Preferred
20
105 105 .103 105 .103 105 .103 10414 *103 10112
100
*103 105
No par
12 --__
3
8
12
53
•aT, i .614
•Bid and asked prices, no s des on thls day. a Optional sale. r Ex-dividend.
PER SHARE
Range Since Jan.
On basis of 100
-share lots.
g Ex-rights.
Highest.
$ per share $ per share
112May 20
5 June 12
614 Feb 24 1838June 22
48 Apr 3 9112July 10
10 Mar 1 337 Aug 9
8
1712 Feb 28 2912July 7
2618 Feb 27 31 July 19
12 Feb 28 3912 Sept 19
8July 18
1012 Feb 27 263
1014 Feb 14 1814 July17
63 Feb 27 18 June 12
4
218 Mar 1 103
4June 2
29 Mar 31 6312June 29
4
7 Apr 10 143 July19
8
912 Apr 22 283
8June 30
85 Nov 28 1021sJune 13
Us Mar 30 10 July 3
46 Apr 4 893
4July 14
110 May 2 130 Mar 20
318 Mar 2 16 July 17
321s Mar 2 933 Dee 11
8
9712 Apr 20 117 July 7
514July 14
3 Feb 4
8
4 Mar 29 2414 Dec 12
10 Apr 4 2712July 13
75 Oct 26 8812July 18
814 July 3
I Jan 3
I Feb 14
414July 15
318 Feb 27 15 8June 13
3
712 Apr 4 3612June 12
614 Apr 5 323
4June 13
21 Feb 16 54 July 10
4 June 19
18 Jan 4
ss Apr 29
6 June 7
26 Feb 27 627
0July 18
107 Feb 17 123 Oct 4
4June 12
4 Feb 23 143
13 Dec 7 47 June 13
13 12 Dec 9 497
8June 12
143 Dec 9 55 June 13
4
612 Mar 27 133 July 7
s
3 Apr 4 1814 July 7
7 Mar 1 10 Nov 27
8
312 Nov 28 1112July 19
253June 8
7
44May 17
1 Feb 23
814June 13
212 Mar 23 1114June 2
10 Feb 25 4212 Nov 13
5 Jan 26
8
3 June 8
3 Feb 23 11 June 2
4
43 Apr 6 1412June 12
38 Apr 20 5912July 20
15 Mar 31 103 Sept 19
4
3 Mar 16 113 July 10
4
47 July7
3 Feb 27
4
4June 12
63
153 Feb 25
712 Feb 27 30 July 18
1014 Afar 27 36 July 6
910 Apr 4 3112July 18
42 Mar 3 75 June 7
43 Mar 3 703
4July 7
712 Feb 7 18 July 6
80 Apr 19 101 Sept 5
212 Feb 28 19 June 7
612 Apr 19 16 July 13
412 Feb 28 23 July 7
2 Feb 27 23 July17
1353 Mar 1 2814June 13
12 Oct 21
19 Sept 14
12 Jan 24 50 Aug 15
1618 Feb 28 4938 Nov 22
97 Apr19 16018 Nov 21
9 Jan 9 31 June 13
4 Jan 19 23 June 13
1 Feb 27
514 Aug 18
612 Jan 20 207 Aug 25
8
238 Feb 28 12 June 20
42 Feb 23 85 July 7
133 Feb 28 4314July 19
4
45 Mar 3 27 July 18
8
1112July 21 207 July 10
8
218 Feb 6 1012July 7
1112June 9
Ill Mar 31
214 Feb 27 23 June 9
612 Mar 30 46 June 9
283 Dec 14 48 8June 23
,
8
90 July 28 112 Jan 25
1012 Feb 21 30'4 July8
107 Apr 26 1214July 24
8
21 Feb 24 397 Sept 18
8
se Apr 1
27
8June 6
318 Apr 3 1612June 6
7 Apr 20 1812JUne 20
5 Apr 6 20 June 10
2414 Jan 9 553 Nov 16
4
3512 Mar 3 71 June 28
9212 Mar 28 10612 Sept 19
10 Feb 27 353 Sept 14
4
6512 Mar 3 95 July 15
51s Jan 9 24 June 13
212 Mar 1
101sJune 12
314 Jan 4 17 June 10
31 Mar 18 82 Aug 3
2 Apr 6
814June 12
1314 Jan 3 4912July 6
3 Feb 16
8
4 8June 24
,
512 Jan 19 223
4june 26
212 Feb 27 193
4July 6
8
93 Feb 17 3913 July 14
918 Dec 15 2014 Jac 14
473 Apr 10 75 Jan 0
4
3 Feb 9
4
3
7 8June 27
514 Mar
33 July 7
33 Mar 2 20 July18
4
48 Apr 22 9112 Aug I
3 Feb 1f3
16 July13
12 Feb 27 273 July 18
8
97 Oct 17 105 July21
3 Mar 2 2112 July18
9 Feb 24 63 July13
914 Feb 27 4712 July17
273 Mar 2 8014 July6
4
612 094 20 1712Junel2
41 Apr 3 73 July 3
1 Apr 3
53
8July12
37 Mar 2 1538June13
8
338 Mar 2 1038June26
20 Sept 30 363
8July 3
11 18 Mar 24 30 8 Julyll
,
153 Feb 28 363
4
8July 7
51s Feb 27 163 July 11
4
67 Jan 19 41/ Sept22
8
8
7212 Jan 3 110 Sept 6
3 Dec 8
8
43 July13
0
PF.R SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
1 June
23 Dec
8
614 June 1514 Jan
54 July 122 Jan
7 May
163 Oct
4
12 Apr 1918 Sept
2012 May 263 Dec
4
8
712 Jan 127 Dee
1114 June 1812 Sept
5 June 185 Sept
0
5 July 23 Feb
15 Dec 1212 Feb
8
23 May 57 Feb
312 Sept
5 Dec
8
512 June 15 Sept
87 May 1011 Nov
'8
612 Sept
1 June
3514 July 87 4 Jan
,
99 Jan 125 Oct
97 Sept
8
3 June
22 July 593 Feb
4
803 June 10518 Aug
4
ls June
218 Sept
214 May 1212 Jan
4
812 June 323 Mar
61 June 1001 4 Feb
42 June
212 Jan
4 Jan
7 June
8
16 Sept
23 July
4
1014 July 64 Jan
878 July 5512 Jan
123 June 3314 Mar
8
3 Aug
4
18 Jan
1 Sept
18 Jan
16 July 3714 Sept
98 May 115 Nov
4 June 25 Feb
16 July 51 Feb
18 July 57 Mar
4
25 June 613 Mar
1012 Dec 19 Jan
714 Mar
2 June
212 Sept
12 May
1134 Jan
93 Jan
4
13 Sept
4
1 Sept
4 Aug
1 June
618 Aug
214 Dec
4
10 Dec 473 Mar
17 Sept
8
12 June
8
77 Jan
112 July
814 Dec 22 Jan
30 June 64 Mar
13 June 35 Sept
3 0 Feb
5
112 May
12 May
2 8 Aug
3
0
214 Dec 103 Mar
4
612 June 153 Sept
6 May 273 Jan
4
1012 June 187 Aug
8
45 July 68 Aug
35 July 5412 Dec
414 Apr 10 Feb
63 July 99 Nov
814 Sept
2 June
1014 Feb
33 May
4
3 May 157 Sept
8
1 July
714 Aug
1014 June 2218 Sept
15
10
Oct 7212 Jan
May z283 Nov
8
Oct
218 May 26
3 June 32 Feb
312 Sept
14 June
Jan
512 Dec 17
512 Sept
12 June
26 June 71 Sept
4
912 June 353 Mar
43 June 1512 Jan
4
0
1012 June 193 Mar
5 Aug
12 June
5 Sept
14 May
1112 Sept
112 May
33 June 2534 Sept
4
8
20 June 383 Mar
75 June 106 Dec
812 May 2618 Jan
117 Sept
8
103 July
8
19 8 May 4012 Mar
,
3, July
8
234 Feb
3 June 2454 Jan
514 July 30 Aug
514 July 40 Feb
1818 Apr 25 Mar
28 May 4812 Sept
76 July 9612 Dec
753 June 2453 Jan
5614 July 8714 Mar
9 Feb
4 June
4 Jan
238 Nov
Jan
14
212 July
2712 June 60 Feb
718 Aug
I May
6 18 July 2838 Jan
21 4 Sept
14 May
4
5 June 163 Sept
8
13 June 153 Sept
4
8 Mar 27 Aug
103 Jan 2414 Mar
0
45 June 7212 Aug
33 Aug
4
%June
Jan
63 Dec 31
8
8
310 June 103 Sept
35 Apr 76 Sept
8 Aug
25 May
8
814 May 2038 Sept
70 July 101 12 Dee
1218 Sept
214 May
7 May 3314 Sept
4
512 May 293 Aug
19 4 June 6912 Aug
,
4
714 Jan 303 Sept
7012 Oct
5014 Jan
418 Jan
1 May
8
0
23 June 115 Sept
93 Mar
4
June
314
22 June 3514 Mar
17 Sept
6 4 June
,
1412 May 3038 Mar
1338 Jan
5 June
314 Apr 12 Aug
48 June 83 Aug
12 Apr
23 Sept
4
New York Stock Record-Continued-Page 5
4333
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dec. 12.
$ per share
.13
8 112
*21
25
*3812 48
*20
22
*263 271 i
4
.57
8 618
27
27
3
8
*3 4 37
*35
8 6
25
*15
83
*82
153 16
8
$ per share
114
114
•23
24
*45
48
22
*20
*263 2714
4
6
6 18
27 27
*37
s 4
*352 6
20
20
83
*82
16
1614
---- ----
$ Per share
*118
13
8
23
23
48
48
*20
22
*263 2714
4
8
58 6,
263 27
4
8
37
8 37
*35
8 512
*15
20
.82
83
1614
16
-_-- --
Wednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
114
114 *118
112
114
114
500 Guantanamo Sugar____No par
412May 18
14 Jan 23
18 Mar
1 Sept
23
23
2312 2312 *23
24
400 Gulf States Steel
No par
63 Feb 27 38 July 13
4
212 June 2118 Sept
*45
48
*45
48
*45
48
Preferred
10
100 1614 Jan 16 64 June 12
12 July 40
Oct
*20
22
*20
22
*2012 22
Hackensack Water
25 15 Mar 18 2512July 17
15 May 23 Jan
.263 2714 *25
4
2714 *25
7% preferred class A.__25 25 Apr 8 287 Jan 12
2714
19 May 28 Apr
8
558 57
2
512 53
4
8,800 Hahn Dept Stores____No par
513 55
93 July 6
118 Feb 28
5 July
8
414 Aug
*263 2714 .2618 2612 253 26
4
8
700
Preferred
9 Apr 1 35 July 17
100
712 July 28 Aug
8 *33
*33
4 4
37
4 4
8 37
300 Hall Printing
318 Feb 27 1012 July 7
10
312 July
1118 Jan
*35
8 5
.35
8 5
*35
8 47
8
Hamilton Watch Co._No par
212 Apr 5
9 July 14
2 June 12 Feb
20
20
*20
25
*20
25
100
Preferred
100 15 Feb 11 35 July 17
20
Oct 30 Mar
.82
83
82 82
*80
83
10 Hanna (h1 A) Co $7 pf_No par 4512 Jan 4 85 Aug 28
33 May 70
Jan
1512 1512 1578 1612 155 155
8
8 3,300 Harbison-Walk Refrac_No par
7 May
18 Sept
612 Feb 25 2512July 11
---- ---- ____ ____ _______ ______ Hartman Corp class B_No par
4June 6
18 Dec
13
ls Apr 3
2 Sept
_ ____ _
_ ____ __ _ ___
Class A
214June 6
14 Mar 18
No par
4 Mar
5 June
8
i
i
31
--- 4 112 .214 1
12
2 2 - -78
,
3
3% - -312 Dec
3 4 1,610 Hat Corp of America cl A_ _1
712Ju0e 21
7 Mar 16
8
3 Aug
*14
*1412 17
*1412 18
18
*1412 18
*1612 18
1412 18
90
5 Aug 20 Sept
100
63.8% preferred
518 Apr 5 30 June 21
.13
134
8 112
112
112
13
8 13
8
1 14
8 112
158 1,900 Hayes Body Corp
112 *13
54 Feb 27
No par
312 Sept
14 June
32July 17
10412 10412 105 105 *10518 10512 z102 10214 *9914 10212
1033 104
4
900 Helme (G W)
25 6912 Jan 16 105 Dec 12
50 June 8153 Sept
9
*7
918 918 *5
9
*7
9
*7
9
*7
100 Hercules Motors
9
43 June
No par
4
812 Jan
3 Mar 20 17 July 6
64
6412 6512 6614 68
6412 627 627
6514 *6212 633
4 64
8
8 3,300 Hercules Powder
137 Aug 2912 Sept
8
No par 15 Feb 27 635 Dec 7
8
*108 10812 10812 10812 1093 1093 110 110 *109 112 *109 112
4
4
90
$7 cum preferred
7012 June 95 Jan
100 85 Apr 5 11018 Dec 7
*5018 51
51
*503 5114 5018 51
51
5012 50% 503 51
4
4
1,200 Hershey Chocolate____No par 35 8 Mar 29 72 July 18
4312 July 83 Mar
,
87
87 87
*86
*86
*86
88
88
88
88
*86
88
400
Cony preferred
57 June 83 Mar
4
Vo par 643 Apr 5 90 July 18
53
53
*552 5 2
4 6
4 .57
8
7
.53
4 6
57
a 57
8 *512 5 8 1,800 Holland Furnace
5
314 Dec 1212 Aug
No par
312 Jan 4 1012June 20
*A 612
6
6
*53
8 612 .558 63
2 *55
8 63
8
53
4 53
4
200 Hollander & Sons(A)No par
23 Dec 10% Mar
4
214 Mar 2 1012June 7
310 310
310 310
30818 30818 31018 315 315 315
308 308
1.100 Homestake Mining
100 145 Jan 16 373 Oct 5 110 Feb 163 Dec
1012 1012 *1118 1218 *11
11
4 11
*1012 1218 103 103
4
1218
300 Houdaille-Hershey cl A No par
712 Nov
418 Apr 7 15 June 8
6 Dec
418 418
45
8
4
4
418 45
4 14
2
4
43
2
37
8 4
8,800
Class B
1 May
4June 9
412 Sept
1 Mar 2
No par
63
*43
43 *4212 4412 *425 4412
4312 43
44 2 *4312 4412 43
,
8
400 Household Finance part pt _So 43 Nov 29 5114 Jan 12
4214 June 5718 Jan
25
25
8 243 2512 2418 2434 25
243 263
4
2514 24
4
243
4 3,400 Houston 01101 Tex tern ctf2100
83 May 2814 Sept
4
814 Mar 13 38 July 17
418 412 *4
s 414
414 414
418
4
453 42
4
1,700
Voting trust Ws new____25
118 May
558 Sept
17 Feb 28
7 2July 7
3
8
32
*31
.3212 3314 3212 3253 32
3214 32
3214 3212 3212
800 Howe Sound v t c
47 Dec 1612 Jan
8
512 Jan 3 347 Nov 22
8
25
1412 143
133 145$ 1412 15
4
4 137 1412 1418 1412 1352 1412 23,300 Hudson Motor Car
2
27 May 113 Jan
4
2July 17
8
3 Feb 28 163
Vo par
14
4
4
412 414
73 July 13
4
418 414
4
4
4,
4
8
4
4 18 10,900 Hupp Motor Car Corp
112 May
558 Jan
15 Mar 3
8
10
. ____ ____ -__
3g June
__ --- _ __ _ _ __ Indian Motocycle
218 Sept
2 8June 6
3
No par
14 Mar 16
*ii., iis *212 3
3
3
3 -*212 318
3
318 312 _2,000 Indian Refining
Apr
412June 21
4
1
23 Nov
10
118 April
83
85
8 82
3
815 8312 8014 82
8214 843
8
8112 83 4 84
12,700 Industrial Rayon
712 June 40 Sept
No par 24 Apr 4 85 Dec 11
61
62
6412 62
*61
6112 6012 62
64
6312 6312 64
1,800 Ingersoll Rand
143 Apr 447 Sept
4
8
1914 Feb 27 78 July 18
No par
39
4
3912 3914 40
*383 39
371s 3814 39
39
3812 3914 2,600 Inland Steel
10 June 277 Sept
8
No par 12 Feb 27 457 July 7
414 45
412 412
43
43
*43
4 43
4 5
4 6
8 *414 412
4
900 Inspiration Cons Copper_ _20
3 May
4
73 Sept
2 Feb 25
4
912June 2
212 212 *212 253
37 Jan
212 212
212 212
2,
2 *23
2'1
8 212 1,500 Insuranshares Ctrs Inc _No par
1 June
8June 8
114 Mar 29
37
14
•112 153 •114
4
800 Insuranshares Corp of Del_ -_1
118
114 112 •112 13
112 112
112
8% Sept
314 July
412 Jan 10
1, Dec 15
8
*23
8 212
212 212
214 214
218 2%
800 Intercont'l Rubber__No par
214 2 4 *214 23
8
,
318 Aug'
412July 18
5 Mar 21
s
14 Apr
51
512
534 6
6
6
614
4
6
714 Sept
63
614 63
8 652 3,400 Interlake Iron
15 JUly
No par
8
212 Mar 1 12 July 13
*214 21
214 214 *214 212
25
212 212
8 25
212 212
8
400 Internet Agricul
14 Apr
No par
312 Aug
3 Feb 17
Ss July18
8
*11
1312 *12
4
1312 *123 1312 1312 1312 *103 1212 1212 1212
500
Prior preferred
33 Apr 15 Aug
4
5 Jan 3 2712July 19
100
14412 146
146 1473 1463 1404 145 146
4
4
146 1473 14534 14614 2,000 lot Business Machlnes_No par 7534 Feb 28 15314July 18
4
212 July 117 Mar
6
553
x53
6
4 6
6
5 8 614
,
53
514
4 612
6
5,200 Internet Carriers Ltd
512 Jan
114 May
8July 7
278 Jan 16 107
1
3114 313
31
323
8 30
2 3012 317
305 31% 313 3214 5,600 International Cement__No par
4 32
8
4
4
,
3 8 June 183 Jan
618 Mar 2 40 July 17
8 4114 43
4112 4212 4214 433
41
42% 41
4158 4018 4138 21,600 Internet Harvester____No par 13 8 Feb 28 45 July 17
10 8 July 3412 Aug
3
5
1157 116
116 116
8
116 116% 11618 11618 116 116
116 116
4,400
Preferred
4
100 80 Jan 5 11918 Aug 15
633 June 108 Jan
514 534 12,500 lot Hydro-El Sys cl A_ _No par
534 618
53
553 53
4 6
4
54 6
,
514 5
'
258 June 115 Mar
8
219 Apr 4 137 July 19
8
3
3
3
3
318
3
312 312
27
3
3
3
2,500 lot Mercantile Marine_No par
7 June
8
414 Aug
8June 20
114 Jan 4
67
215 22
8
2138 22 60,000 Int Nickel of Canada__No par
213 2214 213 22
4
4
207 213
8
4 2114 22
1212 Sept
312 May
63 Feb 27 2314 Nov 22
4
*110 112
__ •111 11518 11112 11112 111 111 *111 113
Preferred
200
50 June 86 Mar
100 72 Jan 11 11112 Dec 13
103 12 .1114
1418 1418 *1214 15
*12
*12
*12 15
15
15
140 Internet Paper 7% pref.. _ _100
13 June 12 Sept
2
4July 11
212 Jan 4 213
378 41g
312 4
4
.3 4 4
378 4
3
4
2,200 Inter Pap & Pow el A__No par
312 37
45 Aug
8
12 June
12 Apr 21 10 July 10
2% 21
17
8 2'8
4 218 *2
214 214 *218 214
13
218 1,800
Class B
14 May
2 Auz
No par
14 Apr 1
3
5 4July 10
8 *112 2
15
8 Ds
13
2
4 17
112 17
2
15
8 15
8 3.700
Class C
112 Sept
No par
14 Apr
4 July 11
14 Jan 6
8 1218 133
12
1212 13% 1212 1314 1218 125
10
8
4 1318 137 12.700
Preferred
13 Dec 12% Sept
4
100
2 Apr 5 2212July 11
10 .10
10
10
.10
101
1012 1012 1014 1014 10
1014
600 lot Printing Ink Corp.No par
834 Mar
3 Dec
312 Feb 28 14 Oct 10
6814 6814 *6814 70
*681.1 70
*6814 70
10
*6814 70
*6814 70
Preferred
4
100 35 Apr 18 71 Aug 23 1243 Jan 45 Nov
24 12112 2112 .213 2312
*22
4
23
23 24
*23
23
24
200 International Salt
No par 133 Mar 28 273
93 June 2312 Feb
4
4Ju1y 5
4
8
4614 1457 457
8 4412 4514 1,800 Internatlonal Shoe
46
47 47
47
4612 47
47
No par 24 8 Jan 3 56%July 17
2014 July 443 Jan
8
3
*35
.36
33 *35
38
38
3812 3812 38
*3812 40
373
4
200 International Silver
100
26 Sept
93 Feb 25 5912July 17
712 July
4
62
62
*60
6212 63 16112 62
.5212 63
62
61
62
260
7% preferred
8July 17 26 May 65 Feb
100 2412 Mar 2 717
14
s 1412 13
123 13% 1312 1414 1312 144 1378 147
4
143 170,000 Inter Telep & Teleg__No par
4
25 May
8
153 Sept
4
518 Feb 28 2134July 14
414
*4
414 41
*4
414 41
*414 412
5
4
412 1,400 Interstate Dept Stores_No par
11
112 May
Jan
112 Mar 2
88 July7
24
2412 243 243 •23
241 *23
2412
22
2553 *23
8
8
720
24'2
Preferred
8July 12 18 June 5212 Jan
100 12 Apr 7 405
514 51
*514 5
*5
*5
*514 6
6
6
*5
6
212 Dec
7 Apr
No par
17 Jan 24 1114July 7
100 InfertYPe Corp
8
28
*27
28
28
4 27 27
*26
*263 273
4
27
*253 27
4
300 Island Creek Coal
1
11 Feb 27 32 July 15 1014 Apr 2012 Aug
3412 34
347
8 34
3452 345
341 *3218 341
8 34
*34
3418
900 Jewel Tea Inc
3.5 Feb
No par 23 Feb 27 45 July 7 1518 May
4
62
8
604 593 62
6312 604 63
5814 60
605 6218 59
52,600 Johns-Manville
No par 1214 Mar 2 6312 Dec 9 10 May 33% Sept
100 101
*98 100
100 101
8
*98 100
100 100
.967 100
180
Preferred
4
100 42 Apr 5 10614July 11 45 July 993 Jan
697 *65
8
*62
657
66
697
2 65 65
70
2 66
65
*60
90 Jones & Laugh Steel pref _100 35 Feb 1 91 July 18 30 July 84
Jan
04 63
63
4 6%
4
4
618 618 1,100 Kaufmann Dept Stores $12.50
614 614
63
4 63
612 612
914 Mar
3 May
8June 9
252 Star 15
93
1414 14
143
8 14
14
1352 135 *133 1414 133 14
4
•14
8
4
1,800 Kayser (2) & Co
1458 Sept
43 July
4
25
67 Feb 27 1912July 5
8
212 258
2 4 234
*212 254
3
23
23
212 212
8 23
8 25
8
8 1,900 Kelly-Springfield Tire
5
7 Mar 2
8
612July 13 ____ ____ ____ ____
*1212 15
1212 1212 *10
*1212 14
1312 *10
1212
1212 *10
100
6% preferred
No par
6 Feb 28 3118June 2 ____ ____ _ _ .:_ _ __ _
314 312 *35
*3
412 *312 412 *312 418
418 418
8 418
300 Kelsey Hayes Wheel conv.c1A1
8 May 12 ____ ____ ___ ____
2 Feb 27
17
8
17
212 212
212 212
4 *212 3 8
23
4 23
,
700
212 212
Class 11
4June 26 ____ ____ ____ _
1
1 12 Dec 5
63
103 11% I 112 1112 11
4
1114 113
1114
8 1114 113
8 11
1114 11,900 Kelvinator Corp
23 May 103 8 Feb
4
No par
318 Feb 28 15% Sept 14
*60
62 ' 61
'
1
62
62
67
62
*65
*61
67
63
65
30 Kendall Co pt pf ser A_No par 30 Jan 10 73 July 8 17 July 38 Feb
14 207
2014 207
8 2012 21
2 2014 203
20
8
4 2012 205 51,700 Kennecott Copper
2 104 203
47 June 1914 Sept
8
No par
73 Feb 28 26 Sept 19
2
*9
12
..1)
12
*10
12
*9
12
*9 8 12
5
400 Kimberley-Clark
9 4 10
3
612 Dec 1912 Jan
2July 7
No par
57 Apr 6 253
8
3
3
3
*27
3 18
8 3
3
3
*27
8 318 *Vs 318
500 Kinney Co
5 Sept
12 Apr
1 Apr 3
No par
614June 7
*1212 15
*1212 15
*1212 15
*1018 15
*1212 15
*1212 15
Preferred
3 June 19 Aug
45 Feb 14 30 July 7
8
No par
1338 1418 14
1414 137 1414
133 14
8
8
1338 14
13
1378 19,700 Kresge (S 8) Co
19 Jan
658 July
2July 8
10
512 Mar 2 167
*9834 103
4
*983 102
4
4
*983 102 .99 102
4
*983 103 .983 103
7% preferred
88 May 110 Mar
100 88 Apr 4 105 June 14
*3418 3718 .3212 367
39
8 3553 3518 3412 3412 *31
*33
35
200 Kress (S II) & Co
18 June 37 Jan
No par 27 Jan 17 441g July 3
8
25
8 247 2514 24
24
247
8 2314 24
2312 2414 10,600 Kroger Groc & Balc
2414 247
1872 Mar
10 May
2July 11
No par
1412 Feb 28 355
8 2814 2814 275 2814 x267 273
2814 287
8
83
2812 2853 28
'2 2 4
2
8 5.400 Lambert Co (The)
25 May 563 Jan
4
No par 2218 Mar 2 4118July 17
4 .5
*5
6
63
63
4 *5
.5
6
*5
6
*5
6
Lane Bryant
7% Aug
2 May
3 Feb 8 1012June 28
No par
8
812 812
8
8'4 853
.73
4 8
8
8
8 14 83
8 1,800 Lee Rubber ,k Tire
13 Apr
4
818 Sept
8July 19
5
33 Mar 2 123
4
14
14
14
1414 *1212 14
14
1214 14
*13
13
13
900 Lehigh Portland Cement_50
35 Apr 11 Aug
8
5 8 Jan 5 27 June 20
7
*69
75 •68% 75 .6818 75
75
*69
77
75
75
.69
50
7% preterred
40 Dec 75 Jan
100 34 Feb 9 78 Sept 5
212 23
4
23
8 23
8 258
8
23
8 212
25
25
4
8 238 2,700 Lehigh Valley Coal_ _ __No par
23
4 23
1 May
43 Aug
1 Jan 13
612July 14
4
6
6
*6
6% 612
63
4
53
4 6
4
53
4 53
*53
4 6
700
Preferred
1112 Aug
114 July
212 Apr 10 12 June 19
50
*69is 7012 70
7012 7014 707
8 6912 6958 6812 69
6818 6812 3.700 Lehman Corp (The)___No par 3712 Feb 28 793
8July 7
3012 June 517 Sent
8
4 183 101 183 183
183 183
4
4
4
4 185 187
8
8 19
19
4
*183 19
2,000 Lehn & Fink Prod Co
2414 Mar
6 May
5 14 Feb 27 2314June 6
3414 3512 34
3478 345 3512 34
8
8
8 347 36
353 60,600 Libby Owens Ford Glass No par
2
4
333 355
93 Sept
33 May
8
8July 18
4
43 Mar 1 373
4
85
8512 *84
855 *8214 85
8
*8212 84
300 Liggett & Myers Tobacco__25 49 Feb 16 98 Sept 18
*833 8512 *8418 88
4
32 June 6512 Oct
86
834 86
863
4 8614 87
85 2 8612 845 855
8
5
8 8414 8514 8.400
Series B
3418 May 6714 Sept
8
25 4914 Feb 16 993 Sept 15
3
130 4 130 4 *128 130 4 .128 129 *128 129
3
3
12812 12812
200
•128 131
Preferred
Oct
100 121 Mar 22 14018Sept 18 100 May 132
1514 1514 1512 157
8 1612 1612 163 173
4
4 173 177 .1614 1712 1.800 Lily Tulip Cup Corp__No par 13 Apr 6 2112May 16
4
8
14 June 21 Mar
28
273 273
4
*253 2614 2614 2612 27
4
4 2712 2878 28
2914 3.800 Lima Locomot Works__No par 10 Jan 17 313
193 Aug
2
812 Apr
4July 3
8
13
1314 13
13
•125 13
13
*1218 13
13
13
1,100 Link Belt CO
8
125
64 Apr 17 193
3
612 June 14 Mar
No pa
4July 5
3018 2912 307
31
29
4
8 2838 293 13,700 Liquid Carbonic
4
2814 2914 293 311 1 30
9 May 22 Mar
No par 1014 Feb 25 50 July 18
331, 3153 3212 132
3278 313 3214 21,100 Loew's Incorporated-No
8
4 3238 3314 32
313 323
4
373 Sept
1314 May
4
Pa
812 Mar 22 3612 Sept 18
72
72
7212 73
*71
717
2 72
*73
7412
500
Preferred
7012 71
*7012
No par 35 Apr 4 7818July 19
39 July 80 Sept
218 218
218 214
218 218 2.400 Loft Incorporated
218 214
212 214
218 214
5 Sept
,
No par
414June 8
1 8 June
13 Feb 24
4
4
134
134 *112 17
8
112 112 *112 13
112 112
112
600 Long Bell Lumber A_No par
114
12 Feb 28
14 May
27 Aug
8
512June 19
443 *4312 44
443
4
4 44
4318 4334 2.200 Loose-Wiles Biscuit
43
8
4353 433 4412 .44
16, July 363 Feb
8
8
25 1914 Feb 27 443 Dec 13
4
118 118 *11714 120 *11512 120
60
7% 1st preferred
120 120 *118 120 .113 120
100 11312May 9 120 Jan 14
Oct
96 July 118
8
8
i7I, 1712 1712 175
8 175 1814 x173 177
8 1712 177
8 1714 177 13,600 Lorillard (P) Co
8
No par 16 Feb 16 2514July 6
183 Sept
12
8
9 Slay
1053 105 4 *-- 10612 .104 10612
4
3
4
600
4
7% preferred
__ 1053 1053 106 *100 115
100 8712 Feb 23 106 Nov 25
7318 Jan 10818 Sept
*112 134
13
4 *112 2
4
114
13
4
112
300 Louisiana Oil
13
8 is •112 13
No par
5 Jan 5
8
214 July
4 July 12
12 Jan
.918 12
12
12
*915 12
*918 12
*918 13
100
Preferred
.918 13
100
312 Feb 24 29 July 21
3 Dec 18 Jan
1512 1388 15t2 16% 155 16
8
8
1512 1614 157 1614 1512 1512 4.200 Louisville Gas de El A_No par 137 Apr 8 25 4June 13
8
812 June 2338 Nlar
3
16
2
4 163 17
1614 163
1618 8,300 Ludlum Steel
173
1814 17
4
1538 1714 17
1
4 Feb 28 2012July 11
112 Jan
1158 Sept
*87
90
94 .85
95
*80 90
200
9512 9512 .87
Cony preferred
82
No par
143 Mar 28 9512 Dec 11
8
82
612 Jan 26 Sept
*28
29
29
293 *28
4
*2814 29
4 29
8
295 293
700 MacAndrews dc Forbes
26
10
•25
912 Feb 18 293 Dec 11
4
912 Aug 1514 Feb
3712 363 38
8
8 3612 3734 3614 3712 x37
385
12,400 Mack Trucks Inc
3712
No Par 1312 Feb 27 463 July 7
3614 38
2
10 June 2834 Sept
15.300 Macy (R II) Co Ine
No par 2414 Feb 25 653
5812 5612 58
5734 57
5612 56'4 58'2 57
4July 7
5314 5 4 55
13
17 June 6012 Jan
314
314 314
318 314 2,300 Madison Sq Gard vi c_No par
314 31
3
3
3
3
3
152 Mar 30
7 June 26
412 Sept
218 Jan
1412 1412 1413 15
8
8
4
800 Magma Copper
143 143 145 145
4
143 143
4
No par
4
538 Mar 2 193
•143 15
4
3July 19
412 Apr 133 Sept
412
4
17,
112 134 .15
8 •15
8
15
8 13
8 15
8 17
4 *15
500 Mallinson (II R)& Co_No par
8 13
4
7 Feb 15
8
51aune 29
12 Jan
4 Sept
5
9% 9 8
9
9
9
3
9
*712 1012
7% preferred
2
100
3 Feb 10 263 July6
4
*53 1019 •712 10,
8
4 Aug012 Sept
8
400 Menial Sugar
138 13
8 2
2
13
.113 2 8 13
2
8 *13
2
2
100
, Jan 4
4
214 Sept
53
4July 10
18 Ma
*212 3
2% 3
37
8
7
90
3 8 *3
07 July 19
3 s *3
7
Preferred
100
3 Jan 6
8
8 *3
*27
8 37
14 AP
3'4 Sept
35
8 614
8 614
,
8 •35
.3 8 63
.3 8 6
5
8 6
Mandel Bros
*38
8 514 .35
112 Jan 3
No par
4
43 Sept
Dec
1
8June 10
95
1314 13
133
8 1314 1312 13
131 *13
1318 2.100 Manhattan Shirt
25
512 Apr 1 23 July 18
1212 123 13
9 Aug
312 June
.188
17
3
178
152 15
8
8
600 Maracaibo 011 Explor_No par
15
8 13
15
8
15
8
112 112
12 Jan 18
4 June 12
1 12 Aug
158
3 Jun
s
.1 1618 63
8
612 614 5,700 Marine SlIdland Corp
6'3 65
614 63
8
2
514 Mar 31
618 63
10
6IzJune 143 Aug
1112 Jan 9
2
_ 614 63s
Sold 15 days. z Ex-dividend. y Ex-rights.
•Bid Old asked prices, no sales on this day. a Optional sale. c Cash sale.
•
New York Stock Record-Continued-Page 6
4334
Dec. 16 1933
rirFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dec. 12.
Wednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
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 $ Per share $ Per share $ per share $ per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share 5 per share
167 171
8
, 17
17
1612 17
17
18
18
20
19
1912 6,000 Marlin-Rockwell
No par
6 Feb 27 2014June 3
Marmon Motor Car_ No par
218June 6
14May 5
15
1512 143 - 1514 137 8 1134 15,600 Marshall Field & C,o
8June 3
4 154 144 -15
143 1458 1414 8
No par
414 Jan 30 183
3912 40
3912 4012 384 393
3738 14,400 Mathieson Alkali WorksNo par 14 Feb 27 464 Nov 22
4 3614 3814 3612 3738 36
2734 28
28
30
2958 30
2858 297
2912 8,600 May Department Stores___25
2934 29
8 29
93 Feb 24 33 Sept 18
4
*4
412 *418 412
4
4 14
*378 414
414
414
414 414
700 Maytag Co
No par
118 Apr 10
812July 10
*1014 1012 "1012 11
*1014 11
11
11
11
11
400
Preferred
*1014 11
No par
318 Apr 4 1514 Aug 28
*4812 50
48
48
49
49
48
49
*4812 50
50
*4812 50
Prior preferred
No par 15 Apr 5 58 Oct 14
27
27
*2514 27
*2514 27
*2512 26
26
26
2512 2512
300 McCall Corp
No par 13 Mar 3 303 Sept 15
4
114
114 *114 13
114
500 McCrory Stores class A No par
8
114
114
13
8
3 Apr 15
8
4 8June 8
7
114
114
114 *114
13
4 13
4 *112 13
4
15
8 15
8 *112 13
C11199 B
6 Jan 5
600
No par
4 *112 134 *112 134
114 Jan 13
7
7
*63
638 612
700
8 78
3
714 7 8
3
Cony preferred
100
212 Mar 17 21 Jan 9
3
7 8 7 8 *634 714
3
*418 5
414 414 *44 5
4
*4
5
44 418
4
800 McGraw-Hill Pub Co_No par
3 Apr 4
818June 12
385 3914 373 3912 3612 377
8
4
8
8 37
39
38
4014 3812 4014 33,400 McIntyre Porcupine Mines_5 18 Mar 16 483 Oct 25
*8412 8912 88
600 McKeesport Tin Plate_No par 444 Jan 4 953 Aug 28
88
4
884 89
89 14 8914 58812 8812 *8614 8812
538 9,200 McKesson & Robbins
54 53
13 Mar 2 1312July 3
4
4
53
4 57
8
512 53
4
54 53
5
4
514 512
5
1312 13 8 1412 15
5
Cony pref series A
*1412 15
1412 1412 137 137
8
8 1312 1312 1,600
35 Mar 3 25 July 1
8
50
114 114
14
114 2,800 McLellan Stores
13
8 13
P4 18
14 114
3 8 July 11
3
No par
5
14 14
14 Feb 24
123 14
4
13
8July 11
1412 1518 134 14
1212 1212
360
8% cony pref ser A
13
1312 13
100
24 Jan 16 227
*29
2912 *25
26
2514
300 Melville Shoe
4
*2512 26
2512 26
*25
2512 *24
No par
83 Feb 27 283 Oct 10
4
*818 812
8
8
1,500 Mengel Co (The)
88 9
7
*818 812
814 814
1
2 Mar 1 20 July 19
812 84
40
37
37
160
7% preferred
39
393 *37
4
3838 3914 *387 40
8
100 22 Jan 28 57 July 18
37
39
1612 18
2,000 Mesta Machine Co
173 1712 17
8
1714 *1612 1714 5163 163 *1614 17
4
4
5
7 Feb 24 21 Sept 12
*193 2012 *20
4
1814 193
4
300 Metro-Goldwyn Pict pref __27 1312 Mar 1 22 Sept 1
2012 20 20
*193 203 *193 20
4
s
4
4June 2
414 414
418 44
414 414
4
414 1,700 Miami Copper
93
*412 43
4 *414 412
5
15 Mar 3
8
13
1338 13
8 1214 1212 10,800 Mid-Continent Petrol_No par
133
4 127 13
8
33 Mar 2 16 July 7
4
1212 124 1212 125
137
8 5,400 Midland Steel Prod____No par
13
134 14
143
4 1312 147
8 1314 14
1334 143
8 13
4July 7
3 Mar 2 173
8% cum 1st pref
*62
70
*65
70
*65
70
"60
70 "65
70
*65
70
100 26 Mar 3 72 Sept 6
4
264 27
334 3318 4,100 Minn-Honeywell Regu_No par 13 Apr 4 34 Dec 14
27
2912 31
32
32
3214 313 34
53 July 18
238 212
24 212
23
8 212
214 2 8
3
2
2 14
2
7 Feb 3
8
2's 9,100 Mhm Moline Pow Impl No par
*1618 197 *15
*15
19 "1612 187 *1612 187 *1612 1818
8
Preferred
8
19
8
No par
6 Feb 7 30 July 18
8
600 Mohawk Carpet Mills_No par
14
14
14
*1212 14
*1212 14
*127 137
8
8 127 13
14
7 Jan 23 22 July 17
78
8112 81
4 8118 8218 2,800 Monsanto Chem Wks No par 25 Mar 3 83 Dec 11
83
8118 8118 823
813 8214 81
4
2358 2438 24
2334 23
237
8 2214 2312 91,400 Mont Ward & Co Inc-No par
24 8 2312 2414 23
5
85 Feb 25 287s July 7
8
1,000 Morrel (J) & Co
38
38
36
36
38
38
"37
39
37 37
No par 25 Jan 6 56 July 3
*37
38
5
8 9,300 Mother Lode CoalitIon_No par
18 Jan 9
218June 22
5
8
12
*5
8
3
4
5
8
5
8
4 4
3
4
4
3
4
7 4 812 137,500 Moto Meter Gauge & Eq No par
3
614 65
8
712 87
8
7 8 85
5
8
14 Jan 5
87 Dec 13
8
64 714
714 84
8
2778 2914 2912 305
8
283 2834 4,500 Motor Products Corp No par
734 Mar 1 363 Sept 14
4
8 2914 293
4 2814 2812 285 30
94 10,900 Motor Wheel
9
No par
112 Mar 1 113
8July 10
83
4 9
9
9 3
4
914 9 8
3
94 93
8
918 94
614 614 2,000 Mullins Mfg Co
*612 7
112 Mar 21 103
4July 18
4 *614 7
No par
63
4 718 *612 63
612 64
1514 14
1478
180
Cony preferred
15
157
8 15
15
1418 1518 1412 1412 15
No par
5 Mar 21 25 June 9
14
14
1,000 Munsingwear Inc
"14
15
133 14
8
8June 27
*15
15
No par
5 Mar 30 183
1518 15
154 "14
612 64
612 67
8
63
8 612 11,500 Murray Corp of Amer
10
15 Feb 25 1112July 17
8
8
614 67
4
63
4 74
63
4 67
200 Myers F & E Bros
4
4
15
15
*1314 1512 *1314 1512 *133 1512 *133 1512 *133 1512
4
No par
8 Jan 25 2052 July 10
2412 2514 24
25
36,800 Nash Motors CO
1118 Apr 12 27 July 10
244 2512 247 253
8 2412 25
No par
8
4 2414 247
*45
8 5
*43
4 5
10
118 Feb 28
7 4July 7
3
*43
4 5
434 5
5
5
*414 45
8
800 National Acme
97 July 18
300 National Hellas Hess pref__100
434 47
"418 5
*418 5
*418 5
*418 5
114 Jan 27
3 *418 5
8June 28
4 475 4812 4814 49
8
10 3112 Feb 25 605
4812 493
4812 493
4714 483 14,900 National Biscuit
4
4 4812 50
7% cum prof
100 118 Mar 3 145 Aug 18
•131 1343 *131 134 "131 134 *131 133 '12918 132 *12912 132
4
54 Mar 2 235
8July 19
.
8
16
173
4 175 187
8
8 1738 183
4 1718 174 1712 1818 1718 183 43,000 Nat Cash Register A_ _No par
4July 19
No par 1012 Feb 27 253
8 1318 1312 13
133
8 13
1314 41,600 Nat Dairy Prod
1314 1312 133 133
4 1314 137
8
212June 26
2,500 Nat Department Stores No par
18 Mar 15
*3
4 1
114
114
1
3
4 112
*3
4
*14
3
4
3
4
3
4
100
114 Feb 23 10 June 6
512
490
Preferred
*212 33
4 *3
34
3
312 5
514 5 4 *5
3
512 *5
4
8
26
275
8 263 2812 264 274 25 4 2614 257 2718 2512 2614 116,000 Nati Distil Prod new___No par 233 Nov 23 334 Nov 9
4
3
$2.50 preferred
40 24 Feb 8 115 June 28
-_ - - _ - _ - _ -__
__ ----- ----- --- _
-_-_ ---19
1818 1818 18
ii 2,500 Nat Enam 4, Stamping_No par 5 Feb 2 1938 Dec 11
194 ----1852 - 1512 -- -12 1814 18
135 135
300 National Lead
100 4314 Feb 23 140 Nov 20
*130 13812 *135 13812 *135 137 *135 137 x136 136
122 123 *120 12518 *120 12518 *120 1254 "120 12518
200
Preferred A
100 101 Mar 1 1284 Nov 1
*120 122
400
Preferred B
100 75 Feb 23 1094 July 19
1003 1003 10014 10014 10112 10112 102 102 *100 102 *100 102
8
8
9 4 104
3
9 8 10
5
94 912 22,800 National Pow & Lt____No par
67 Apr 1 2012 July 13
8
93 10
4
94 1014
94 912
48
4912 4818 493
49
50
4 4812 4914 22,600 National Steel Corp_ __No par 15 Feb 27 5518July 7
473 495
4
8 4914 51
4 Apr 6 285
8June 12
*14
15
14
14
1,200 National Supply of Del____50
15
15
154 16
*1412 153
4 14
14
37
35
36
34
35
170
*3712 4112 36
Preferred
3712 373
4 3712 38
100 17 Feb 23 6014June 3
3
3
212 24
812 Jan 6
3
24 212
114May 3
3
318
3
212 212 3,100 National Surety
10
8
51714 1712 1718 174 17
1814 1812 173 185
8 173 18
1718 4,000 National Tea Co
4
No par
64 Jan 4 27 July 18
6
*512 6
"5
7
6
6
*5
6
600 Neisner Bros
112 Jan 16 1218June 26
614 614 "6
No par
8June 2
--- -- - - - -_
-_
_ _
Nevada Consol Copper_No par
4 Feb 28 113
- - --- - - - -4July 5
E78 --58 6i8 8i8 - ;i6o Newport Industries
6
9
13 Mar 29 113
8
612 *4 112 4E8 I
*8
612 Ws I
1412 1312 1312 143 16
143
4 14
4
153 16
4
3,300 N Y Air Brake
818 -Apr 4 2312July 7
*13
143 *13
4
No par
8June 23
*4
5
*4
43
4 *4
117
5
5
43
4 *4
80 New York Dock
*4
5
100
312 Oct 21
43
4
290
94 "83
4 912
812 83
4
938 94
Preferred
8 Oct 19 22 June 23
100
94 912 *9
212 912
4June 12
23
8 5,500 N Y Investors Inc
12 Apr 3
5
8
12
5
8
5
8
4
4
5
No par
12
12
12
4
12
4 115 1214 1178 1238 1112 123
8
1338 1214 123
8 8,500 NY Shipbldg Corp part stk__1
11
117
8 12
13 Jan 4 2212 Aug 9
4
*66
70
*68
70
6912 70
70
70
70
80
7% preferred
74
*66
100 31 Jan 9 90 June 19
*66
85
*81
*80
85 '81
85
*76
85
10 N Y Steam $6 pref
8
85
*80
No par 70 Nov 24 1017 Aug 8
81
81
88
"89
88
95
*8912 95
*90
95
20
57 1st preferred
95 '8712 95
No par 83 Nov 24 110 Jan 11
*88
35
3512 53312 3414 8,500 Noranda Mines Lid
8
35 8 344 3518 3412 35
3
3514 3512 35
No Par 174 Jan 14 387 Sept 20
153 1514 1518 16
8
1512 16
145 1514 90,400 North American Co
8
4
1412 147
8 143 16
No par 13 4 Nov 18 3612July 13
3
3414 3418 3412 34
34
1,100
34
344 344 344 34
Preferred
50 32 Feb 28 46 Jan 12
*33 .34
53
8
5
514
5
5
9 July 17
514 10,100 North Amer Aviation
54
3
54 512
5
4 Feb 27
512 53
4
512
47
48
4712 4712 1,700 No Amer Edison pref_No par 39 Nov 20 79 July 13
4614 4614 4612 47
8
*45
47
457 46
4
4 14 *4
414
4
418
4
700 North German Lloyd
4
4
3 8 Oct 16 10 June 7
3
33
4 33
*33
4 44
*34
38
*35 . 37
*3212 37
180 Northwestern Telegraph___50 263 Apr 27 43 June 5
36
36
35
36
4
34
34
8 3
23
4 23
4
25
8 258 '25
23
4 23
4
800 Norwalk Tire & Rubber No par
5 8July 18
7
8 3
118 Feb 23
23
4 23
4 *25
8 137 1418 133 137 19,200 Ohio Oil Co
8
4
8
8 1414 143
8
8 1414 145
8July 6
No par
143
4 143 147
43 Feb 27 175
4
1412
412
44 414
4
37
8 4
4,800 Oliver Farm Equip_ __ _No par
43
8 412
4
14 Feb 27
83
4July 7
4 8 43
3
43
8 412
1518
15
*1418 15 '14
700
15 '14
Preferred A
1512 15
No par
4June 9
314 Feb 28 303
*1418 1512 15
44 5
900 Omnibus Corp(The)vte No par
514 55s
8
514
4 *54 512 *47
13 Mar 2
4
84 July18
53
512 54 *5
912
9
9
9
9
9
2,000 Oppenheim Coll & Co No par
8
8 95
93
212 Feb 28 15 June 2
8
912 95
914 94
_
_
--__
_ -_ ___ Orpheum Circuit Inc pref.100
138 Jan 30
7 June 9
15 8 15 - -33
16 4 155 163 24:000 Otis Elevator
8
8
-1614 15
No par 1018 Feb 27 2514July 18
15'2 16
95
95
*76
95
*75
Preferred
"71
100 9312 Apr 5 106 July 19
"71
98
*71
98
__ 96
44 2,400 Otis Steel
44 454
4
414 414
No par
914June 13
418 418
414 414
154 Mar 1
4
4
8 *8
1012
500
"10
11
*9
107
Prior preferred
11
100
214 Feb 28 213
4100e 13
"83
8 97
8
97
8 97
8 10
82
83
80
5,800 Owens-Illinois Glass Co____25 3112 Mar 3 961i July 13
83 8514 8118 8312 83
85
853
4 8514 86
8
8
8
25 1638 Nov 18 32 July 12
165 163
8
4 167 173
8
4 1758 1818 177 1835 173 1814 1714 177 12,200 Pacific Gas & Electric
2418 2452 2418 2412 8,600 Pacific Ltg Corp
No par 224 Dec 8 433 Jan 11
8
2214 23
23
234 23 4 2414 2418 25
3
25
25
25
1,600 Pacific Mills
2412 2412 24
100
6 Feb 21 29 July 5
2434 243
4 243 2518 *2412 25
4
76
76
570 Pacific Telep & Teleg
4
100 65 Mar 3 943 July 14
3
7512 753 76
8 753 75 4 75
4
*73
7514 75
755
134 Mar 24
4
4 14
4
4 18
4
44 25,800 Packard Motor Car___No par
67
8July 14
418 414
4
418
4
414
113
8 11
1112
800 Pan-Amer Petr & Trans new.5
4
8 June 2 14 July 10
103 1114 "11
137 '10 4 13
8
3
•103 137 '11
4
8
24
2412 24
700 Park-Tilford Inc
8
No par
6 Jan 20 363 Oct 9
8
23
23 8 23 4 2412 *2318 2412 *2312 247 '24
5
3
1
1
500 Parmelee Transporta'n.No par
118 118
4 Mar 21
1
3 July 1
14
1
14 *1
•1
118 *1
15
8
300 Panhandle Prod & Ref _No par
15
8 *114 112 *154
3 Apr 18
8
414June 21
8 *114
8
112 15
112 112 *112 15
14 2 61,100 Paramount Publix °Us
2
2 18
10
18 Apr 5
17
8 218
212June 6
4
15
8 24
15
8 15
8
112 13
454 July 18
8 23
4 2.700 Park Utah C M
1
25
8 23
4
25
3 Jan 9
4
234 2 4
3
212 2 8
5
234 23
4
*2
54 278
8
No par
212 July10
13
4 17 13,000 Path(' Exchange
14 Jan 4
14 17
8
14 14
2
214
178 2
24 218
123
4 8,400
114 Jan 25
Preferred class A__ No par
144 Dec 11
4
1314 1334 13
1414 1214 1314 113 1212 1214 1212 12
5 8 Jan 16 25 Nov 18
3
4 20
2012 15.500 Patin° Mines & Enterpr No par
22 223
4 2112 2258 2014 2118 194 2012 2014 203
4,100 Peerless Motor Car
17
8 2
3
2
2 18
3 Feb 16
4
238
2
2 18
94July 17
2
23
8 28
3
23
8 238
No par 52512 Feb 27 604 Dec 13
4
3
8 593 60 4 5912 6012 5814 5914 4,200 Penick ez Ford
59
595
8 59 5912 5912 595
No par 1214 Mar 2 56 Dec 14
5533 5514 18.800 Penney (J C)
4
5414 56
8
547
5412 54
5312 5412 5312 543
4 54
100 90 Jan 4 108 Aug I
Preferred
*105112 _ _- '106 10712 5 106 10712 *108 10712'106 10712'106 10712
'
$ Jan 25
4
43
4 47
*414 44 2.500 Penn-Dixie Cement___No par
43
4 5
912June 19
434 47
8
44 412
43 8 5
100
418 Mar 2 32 July 5
100
Preferred series A
8
8
14
"143 155 *1318 155
4
•1314 165 "1418 1658 "1418 1658 14
8
5,200 People's G L & C (Chic)-100 a2618 Nov 22 78 Jan 9
2718 2718 27
305
8 2914 3012 3014 3114 3012 3114 2918 30
No par
612 Feb 2 1514June 8
4 1,600 Pet Milk
8 103 103
4
8
•1012 107
8 103 10 4 103 168 *10
3
103
8 103 107
4
3
8
45 Jan 3 15 July 3
8
1018 7,400 Petroleum Corp of Am_No par
1012 103
4 10
4 103 114 1012 114 103 103
4
8
8 1018 108
25
412 Jan 4 184Sept 19
143 157 10,300 Phelpe-Dodge Corp
4
8
163 167
4
8 16
5
167
8 15 8 1614 15 8 1618 1512 16
5
50 2152 Nov 22 36 July 7
*25
26
700 Philadelphia Co 6% pref
*2518 26
2334 24
254 25
25
244 2412 *25
No par 3814 Dec 13 62 July 8
5112
*41
600
$6 preferred
40
40
*3714 42
*39
42
39
395
8 3814 39
5,100 Phila & Read C & I_ No par
212 Feb 27
*33
4 4
912July 14
4
4
4
418
4
458
4
4
33
4 4
.AO 8
Feb 23 147
400 Phillip Morris & Co Ltd..
8June 7
*1218 1212 1218 124 *124 123
4 1218 1218 1213 1218 1218 1218
3 Feb 8 163
Phillips Jones Corp__ __No par
4July 18
*8
1112 *818 13
*8
13
"8
13
*83 13
4
"8
13
No par
48 Jan 4 183
4
8
8
4Sept 18
4 157 163 22,100 Philips Petroleum
1612 163
4 163 174 163 17
4
8 1614 163
4
164 163
5
15 Mar 15 173 Dec 6
8
4
1312 14
1312 144 1414 1412 143 1514 1412 1412 1,800 Phoenix Hosiery
4
1418 15
312 Deo 2
*312 4
300 Pierce-Arrow Mot Car Co new 5
712 Nov 2
*37
8 4
312 35
8
4
4
*33
4 4
*37
8 4
25
14 Jan 3
15
8July 12
54 2.400 Pierce Oil Corp
Si
3
4
5
8
7
8
7
8
3
4
7
8
3
4
3
4
3
4
3
4
3
100
Vs Feb 27 1314Ju1y 12
Preferred
4 8 8 1,000
5
712 712
3
73
4 7 4 *63
7
74
3
7 4 74
3
712 7 8 *7
5 Jan 23
8
112
112 6,000 Pierce Petroleum
No par
23
4June 21
112 112
8 15
8
15
8 13
4
112 14
14
13
13
8
No par
93 Feb 24 267
8
204 2,037 Pillsbury Flour Mills
8June 7
4
1912 20
2
0
2012 20
014 2014 20, 2014 20
23
08 2
8
Pirelli Cool Italy Amer shares 333 Apr 4 75 Nov 16
8
"683 7014 *_--- 7014 .66
8
*677 6812 *6614 694
6918
*6918 7012
100
4 Feb 25 23 July 18
200 Pittsburgh Coal of Pa
1214 '10
117
8 12
12 '1014 1212 *1014 1212
1212 '11
*11
100 17 Jan 25 48 July 14
Preferred
40
*30
374
39 "32
3618 '33
3818 *30
39 .32
*30
ia -16-i, 1512
•Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days
z Ex-dividend. e Cash sale. o Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
53 May 133 Sept
4
4
12 Apr
312 Sept
3 July
1312 Jan
9 June 207 Mar
8
Jan
912 June 20
1 July
6 Aug
3 Apr 1012 Sept
2218 Dec 3514 Jan
Jan
10 May 21
612 Dec 16 Apr
Jan
5 Dec 19
20 Dec 62 Feb
712 Jan
212 May
8
13 May 215 Dec
28 June 8214 Feb
612 Sept
118 June
318 May 23 Feb
4 Mar
38 July
7 Dec 36 Mar
Jan
18
77 Dec
8
5 Aug
1 July
Jan
20 May 38
194 Jan
514 May
14 June 2214 Jan
64 Sept
14 June
87 Sept
8
33 Apr
4
8
2 June 123 Sept
25 June 65 Sept
11 June 2312 Jan
58 June
33 Aug
8
8
4 Dec 145 Aug
512 June 14 Sept
1338 May 3034 Mar
1612 Sept
312 May
20 May 3514 Mar
4 May
34 Aug
114 Sept
14 Apr
8
7 8 June 293 Sept
3
65 Sept
8
2 June
8
2 June 133 Jan
5 June 2712 Sept
7 Aug 1518 Sept
97 Mar
8
218 July
74 June 19 Feb
193 Sept
4
8 May
53 Sept
4
114 May
6 Sept
4 May
8
2014 July 467 Mar
101 May 14214 Oct
4
z614 Dec 183 Sept
8
143 June 313 Mar
8
24 Aug
14 June
114 Dec 10 Aug
2018 May
3 8 July
3
45 July
87 July
61 July
65 June
8
1312 July
312 June
1312 May
412 July
312 May
112 Apr
212 May
112 June
414 June
318 Dec
20 Apr
12 June
158 Dec
20 June
70 May
90 June
103 May
4
133 June
4
2512 July
114 May
49 July
25 June
8
15 June
5 Feb
4
Jan
5
12 Apr
212 May
112 Jan
3 June
314 June
9 May
90 May
114 May
34 May
12 June
167 June
8
203 June
4
314 May
58 June
112 July
-----Apr
2 14 June
14 Dec
____
-58 71.pr
14 may
14 June
318 July
8 June
4
16 June
3212 Feb
818 Sept
92
Jan
125 Mar
105
Jan
203 Sept
8
334 Sept
13 Sent
394 Aug
194 Aug
104 Aug
512 Jan
1014 Sept
33 Sept
4
1412 Sept
10 Sept
30 Aug
33 Aug
4
614 Feb
57 Mar
100
Oct
10918 Mar
8
213 Sept
4314 Sept
z48 Sept
65 Dec
8
88 Sept
Jan
8
33 Aug
212 Aug
11 Aug
4 Aug
1014 Aug
434 Mar
97 Jan
8
15 Sept
2212 Jan
106 Nov
914 Sept
204 Sept
4214 Nov
37 Feb
4712 Aug
14 Aug
1043 Mar
4
54 Jan
---- m--10 Sept
Jan
2
14 Jan
-- - i ileni
14 Aug
4
53 Feb
912 Sept
4
43 Apr
324 Mar
13 May 3412 Mar
80 June 91 Mar
212 Aug
4 Apr
8 Sept
3 Nov
Jan
39 July 121
5 Dec 1212 Jan
8
73 Sept
23 May
4
8
3 8 June 115 Sept
7
18 June 41 Mar
48 June 76 Sept
74 Sept
2 June
7 June 13 Aug
4
312 Apr 123 Sept
818 Sept
2 June
918 Aug
2 Nov
---- ---- -,---3- Sept
4
54 Jan
9 Aug
312 Jan
12 may
15 Sept
8
912 Dec 2212 Jan
4
21 June 313 Mar
8
115 Sept
3 May
Jan
17 Dec 40
New York Stock Record-Continued-Page 7
4335
tgr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dec. 12.
Wednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
1 Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ perishare $ per share $ per share $ Per share $ per share Shams. Indus. & MIscell. (Con.) Par
8
312 7.700 Pittsburgh Screw & Bolt No par
818 9
77
8 9
8 4 83
,
4
74 8
3114 31 14 3412 34 2 *3114 34 2 3412 3412 3412 3412
,
170 Pitts Steel 7% cum pref. __100
,
8 3
8 2
17
8
178
17
8 •17
178 *13
200 Pitts Term Coal Corp_ _No par
•13
4 3
9
9
814 8 4
*8
8
10
8
280
,
•8
6% preferred
10
100
8 37
8 *214 37s .23
*214 37
8 3
s *214 37
Pittsburgh United
s *23
25
8 4012 40 2 4012 4012 393 394 3912 393
39
403
8
270
,
Preferred
100
8
27
8 .2
.2
212 •
2
2
2
212
300 Pittston Co (The)
*118 214
No par
1458 15
15
15
143 15
4
1412 147 17,100 Plymouth 011 Co
153
8
8
153
4
5
8 1018 1012 1014 10,
104 103
11
2,100 Poor St Co class B
2 1012 1118 *10
No par
33
8 4
34 3 4
,
*3
1,000 Porto Ric
34
3
314
,
-Am Tob ci A_No par
312 3 2 •3
4 *13
*112 13
8
13
4 14 *112 17
13
4 13
8 13
4
4
200
Class B
Vo par
243
2414 257
8 2358 25
23
8 2314 2412 55,000 Postal Tel & Cable 7% prof 100
, 2412 263
1812
4
1812 •I612 1812 •16
*17
183 *17
Prairie Pipe Line
4
183 •17
25
2
2
23
8 28
2
3
212
214
24
,
214 3,000 Pressed Steel Car
212
No par
7 8 *7
5
7
64 64
Preferred
714 712
100
7,
2
63
4 6 4 1,900
,
40
4112 40
407
4018 4112 4014 403 10,200 Procter & Gamble
8 4012 41
4
No par
108 108 .1053 10912 10812 10812
108 108
10814 109
4
150
5% pref (ser of Feb 1 '29)100
12
8
2
,
2
28,800 Producers & Refiners Corp_ _50
12
,
2
313
3
s
3
3 12
*312 4
3
3
212 24 1,400
33
4 34
3
Preferred
50
3414 364 35
36
3514 37
36
3718 3514 36
23,637 Pub Ser Corp of N J_ _ _No par
65
65
*6514 677
66
8 6412 66
6612 65
$5 preferred
654 1,200
No par
76
77
*7612 79
76,
77
2 77
773
2,100
4 7614 77
100
6% Preferred
8818 887 90
4
8712 8712 873 88
88
881
8
1,600
87
7% preferred
100
8
10018 10018 *101 104 *1015 104
1025 1025 10212 1021
8
8
300
8% preferred
100
*843 87 .85
8
*837 87
8
90 .8518 893 .85
100 Pub Ser El & Gas pt $5_No par
4
90,
8
475 487
8
493
4 4812 503
8 48
4
4 503 5178 5012 521 35.500 Pullman Inc
No par
2 113 1218 115 117
117 125
8
8
4
8 115 12
8
1114 115 17,700 Pure 011 (The)
8
No par
8 6012 605
4 614 613 .605 613
8
60, 61,
s
8
370
8 6012 61,
8% cony preferred
4
100
143 143
8
8
1414 1312 14
s 1418 1414 14
4 143 145
5,000 Purity Bakeries
No par
7 8 818
5
73
8 77
8
74 74
7
,
7 5 270,200 Radio Corp of Amer _No par
3
8
712 77
8
2612 2612 2512 2712 .25
27
263 27
4
2612 28
1,900
Preferred
50
4
16 8 174 163 18 8 1714 18
,
173 1914 1714 1814 60.400
8
,
Preferred B
No pa
218 23
212 25
8 *214 212
214 212
4
214 212 6,300 Radio-Keith-Orph
No pa
1634 1718 167 167
8 153 1614 153 1614 16
8
1614 2,200 Raybestos Manhattan_No pa
4
4
912 •85
10
10
10
10
600 Real Silk Hosiery
8 912
,
9 2 9 2 *9
,
10
*35
4912 *35
4912 .
35
4912 *35
4912
4912 .35
Preferred
100
28 24
212 27
8
,
•218 212
25
8 258
5,100 Reis (Robt) de Co____No par
3
4 3
23
1012 11,
155
1312 1512 2,230
8 1412 1512 1312 15
8 11
1st preferred
100
74 8
3
712 7 8
7.8 7 4
3
5
73
4 8
3
74 712 7.700 Remington-Rand
1
*33
,
3712 33
35
36
*33
37 8 3514 36
1.200
343
4
1st preferred
100
4
35
4 3512 353 .317 357 *317 354
8
8
8
353
4 353 353
220
4
2d preferred
100
318 314 11,600 Reo Motor Car
8
34 33
314 33
8
34 3 4
,
,
314 33
8
5
167 1712 17
175
8
8 165 1714 17
8
173
47,400 Republic Steel Corp___No par
4 1612 17
3912 4112 3812 4012 39
41
383 40
38
4
39
10,700
6% cony preferred
100
.43
*43
*5
4 6
6
8 6
100 Revere Copper & Brass_No par
4 54
5 4 5 4 *45
,
,
,
•10
*1012 18
18
18
•I0
18 '10
18 .10
Class A
No par
153 153
4
8
4 1514 15 4 1514 1512 1512 15 4 155 153
,
,
4 1,200 Reynolds Metal Co
No pa
*718
7i2 *7
7
7
712 1,000 Reynolds Spring
712 *714 712 *7
No pa
8 4818 4812 48
4818 487
484 475 49
x453 47
8
24,500 Reynolds (R J) Tob class B.1
8
10
60
Class A
60 .60
607 •
s 60
604
607 .60
8
607 .60
s
10
_
Richfield Oil of Calif. _ _No pa
_
9
2
-io" 10 . -1111- *9 -11312 •9 9 12 -;9- 922 *9 1012 200 Ritter Dental Mfg
No pa
414 414
412
412 412
412
*4
414
700 Ross's, Insurance Co
4,
4 4 4 *414 43
4
,
3638 364
8
37
4
4 375 375
900 Royal Dutch Co (N Y shares)
*365 373
8
8 3714 3714 *353 3612 •36
2614 4,300 St Joseph Lead
27
273 273
8
26
27
2614 27
28
27
27
4 27
10
4 453 47
4618 4612 4714 464 463
8
5,100 Safeway Stores
45
45 2 4614 4514 46
,
No par
837 84
8
8
8312 8312 837 837 *8212 85
843 843
4
8
4 8478 85
300
6% preferred
100
97 9712 9712 99
96
997 9972
8
96
250
9612 96 2 97 9712
7% preferred
,
100
*812 63
4 .64 63
653 65
8
'200 Savage Arms Corp____No par
7
7
8 •614 63
4 *614 63
4
3 8 35
5
35
8 35
8
3
8
314 314
3 14 2,300 Schulte Retail Stores__No par
8
312 35
3 2 37
,
8
8
134 13 4 135 1334 1312 1312
1314 16
100
*133 163
Preferred
15 .
,
4
4 15
100
4212 4212 427 43 .403 4212 •403 4212
8
8
220 Scott Paper Co
417 42
8
.11
8
42
No pa
3412 3234 3412 8.000 Seaboard 011 Coot Del_No pa
4
,
3314 3412 3312 357
8 3414 34 2 333 344 34
*212 3
25
8 25
*212 3
8 *212 3
8
25
8 25
200 Seagrave Corp
•
212 3
No par
8 4212 4312 427 434 4218 4314 56.100 Sears, Roebuck & Co No pa
4518 434 443
8
4314 44,
2 44
218 218
2
17
2 18 *218 21_
8 218 *13
17
8
17
8 1,300 Second Nat Investors
4 23
373
8 3018 3018 30
31
30
30,
31
4 30
.3018 374 *31
800
Preferred
1
114
1l3
114
1,
118
4
114
118
114
114
14 *118 114
900 Seneca Copper
No par
412 45
412 43
8
412 43
8
412 45
8
8
8
412 45
8 7,700 Servel Inc
412 45
1
814
8
712 77
718 714 6,400 Shattuck (F G)
8
718 714
718 7
,
74 8
,
No par
812 812
8
512 57
*5
6 4 *512 614
,
512 512
600 Sharon Steel Hoop
5
4 6
No par
47
8 47
47
47
8 5
8 478 2,300 Sharpe & Dohme
*47
412 45
8 5
412 45
8
8
No par
381
.37
,
383 384 3812 3812 *37
38, .
8
4 3712 383 *37
3812
200
Cony preferred ser A_No par
812 812
14
818 814
8
11,700 Shell Union Oil
8
,
814 83
814 8 8
s
73
4 8'8
No par
58
07
58
58
57
5812 59
583 587
581
4
58
597
8 1,500
Cony preferred
100
1612 185
187
167 171
8 1712 18
8
8 18
17
17
18
1712 12,800 Simmons Co
No par
10
.5 1018 2,800 Simms Petroleum
98
.9 8 10
10
10,
5
4 10
1018
4
10
.93 10
10
85
8 918
834 83
4
87
8 91
83
4 83
87
8 9
88 9
7
3,700 Skelly 011 Co
25
55
.54
55
55
*54
55
55
551 *54
*54
55
55
200
Preferred
100
.1212 20
*154 20
•1418 20 .14
*1412 19
20 .1412 19
Sloss-Sheff Steel & Iron 100
22
3
24
23
22
215 22
8
25
2212 2212 21
21
190
7% preferred
100
718 73
8
7 8 84
5
7
8
67
8
8 71
718 77 15,400 Snider Packing CorpNo par
7'4 7
,
16
8 16
164 1618 165
16
8
1612 157 163 90,600 Socony Vacuum Corp
8
16.4 1578 161
25
92
.85 104, •87 100, .87
4
92 .88
•87
•88
92
90
2
Solvay Am Invt Tr pref__100
8 37
3812 387
3814 37
37
35
3714 36
353 36
8
3512 5,300 So Porto Rico Sugar___No par
118 118 •112 118 .112 118 •112 118 •112 118
.112 118
10
Preferred
100
4
1618 1612 16, 165
155 154 1.53 1614
8
4
4
8 9,200 Southern Calif Edison
8 1612 163
4 153 163
25
418 *3
418 •3
*3
44 *3
418 *3
418 •3
Southern Dairies cl B.. No par
•812 8
▪
8
7
7
.512 75
8 *614 7
100 Spalding (AG)& Bros_No par
"14 38 I
7
•3518 40 .
40
3518 38 .3518 38 .37
*35
38
38
10
1st preferred
100
*4
11
11
.2
*4
11
11
*4
11
•4
11
Spang Chalfant dr Co Inc No par
3018 30,
45
8 3018 30, .304 40 .31
8
35 .31
.30
35
20
Preferred
100
412
4
414 414
418
44
,
414 43
8
418 43
414 4 4
4 9,800 Sparks WithIngton____No par
,
*13
4 234 •13
4 23
8 *13
4 23
4 23
4 •13
4 •I3
4 24 *13
8
4 25
Spear & Co
No par
*1718 18
18
•17
1712 18
xI714 18
18
*17
.17
600 Spencer Kellogg & Sons No par
173
,
64 65
63
s 612
8
6 4 63
,
8
64 65
8
Vs 6
'2
63
8 612 34,500 Sperry Corp (The) vi c
1
.65
8 9
.65
8 9
.658 9
•64 9
.65
8 9
•65
8 9
Spicer Mfg Co
No par
•1818 23
18
•18
20
20
20
19
•17
.18
23
20
90
Cony preferred A_ No par
21
20
20
2012 21
4 21114 2112 21
20
2014 20,
204 2,700 Spiegel-May-Stern Co_No par
23
237
8 224 234 23
23 8 2312 24
233
5
8 224 2318 41,900 Standard Brands
23
No par
4
3
4
4
4
4
.1203 1213 •120 4 12112 .1203 12112 •1203 12112 .1203 12112 12112 12112
100
Preferred
No par
5
43
4 5
5
43
4 43
4 *414 5
5
.4
800 Stand Comm Tobacco_No par
43
4 43
1
pl.
sip
85
8 94
,
812 9 s
,
8
8 4 85 17,800 Standard Gas & El Co_No par
,
812
8
814 83
4
93
8 93
87
8 97
8
94 94
,
4
3
914 93
9
9
9
Preferred
9 4 8,100
,
No par
1912 21
195 20
8
19 4 19 4 19
,
19 •18
,
20
.1914 21
900
56 cum prior pref
No par
2212 24
24
2212 23 4 2212 2212 22
,
2212 2,700
2212 22,
2 23
$7 cum prior pref
No par
8
•114
8
13
114
13
114
114 .114
13
8
600 Stand Investing Corp No par
Ps
•114
8
0812 9812 .97, 99, .
9712
2 9518 9712 *9518 9712 9712 9712 *96
'200 Standard 011 Export pref.._100
4
8 4214 4318 4114 4214 29,100 Standard 011 of Calif.No par
4 4214 423
4 413 425
8
2 417 423
8
413 423
383 3912 3 4 39,2 3812 3812 3912 3934 38
4
3978 5,800 Standard Oli of Kansas ____10
8
39
39
4612 47,
4618 47
4 4618 474 464 47
53,800 Standard OH of New Jersey _25
4618 46,
2 4614 47
•13
8
•6
*6
8
8
.612 8
64 7
200 Starrett Co (The) I. S__No pa
*6
7
4
112
15
8 158
112
13
8
13
13
8 •112 13
8
500 Sterling Securities Cl A_No par
112 •Ity
112
312 3 8
5
312 312
33
8 312
•33. 4,
4 *312 4
8 4,
900
Preferred
4 *35
No par
*2812 35 .2812 35
•2812 35
•2812 35
2812 35
Convertible preferred_ _ __50
.2812 35 .
4 8,700 Stewart-Warner Corp
612 83
612 7
63
8 612
(15
8
612 67
8
6
6 38
10
84
8
3
73
8 7
8
74 8,
712 77
71s 73 20,800 Stone & Webster
74 8
,
No pa
7
Vs
8
8 434
412 43
43
4 47
4
45
8 45
45
8 7,800 Studebaker Corp (The) No pa
47
8 5
458 47
8
2412 21
4
22
8 213 213
2112 .203 215
8
8
2312 24
720
Preferred
22
23
100
8 5212 5314 .5112 0212
5112 515
5112 53
52 .
600 Sun Oil
No pa
.52
53 2 52
,
9912 100
997 100
8
*99 100
100 100
140
Preferred
100 100 .99 100
100
171 *1612 17,2 15
1812 .15
1512
600 Superheater Co (The)__No pa
.1512 1812 •18I* 181_ •15
178 2
218
218 218 *2
2
13
4 17
2,
4
8 5,700 Superior 011
No pa
218 24
14
115 115
8
113 1218 12
8 7.000 Superior Steel
4
125
8
12
4 1112
117 121
100
8
4 124 123
4
.311 4
4
4 *312 4
33
4 33
300 Sweets Co of Amer (The).__50
33
4 3
*312 4
4
8 11
114 114
1 12 112 *13
*1
1,
2
700 Symington Co
No pa
1,
4
.
1
14
1
12
4
378 418
4
37
8 378 3,600
*312 334
312 37
8
Class A
No pa
*314 312
1212 123
123 13
4
4 1,600 Telautograph Corp...... No pa
8
8 127 131
123 127
4
4
4
•12
1212 123 123
5
4 5
5
8
44 5
1,500 Tennessee Corp
43
4 47
*43
No pa
.45
8 5
5
5
2512 26
254 26
8
8 253 261
25.700 Texas Corp (The)
8
25
8
253 26,
4
4 257 264 257 265
8 41
s 4214 435
424 14,700 Texan Gulf Sulphur_ __No pa
8
s 4218 4312 4214 427
435 443
4134 44
314
314
31 4 314
314 34 1,800 Texas Pacific Coal & OH _ _ _1
314 33
8 *314 312
*3
33
8
7
738
7
7 18 6,400 Texas Pacific Land Trust.__
7
7'1
714
718
s 77
8
73
73
8
$ per share
7 s 73
,
4
31
34
.4 3
13
*812 11
*3
37
8
403
8
.38
.2
3
1412 1518
*912 1012
3
3
.8 2
13
2114 227
8
*1614 183
*12
8 2
612 612
403 42
4
1097 1097
8
8
12
3
8
*3121 4
3314 351
65.
64
76, 774
4
87 1
87
*983 10014
8
837 837
8
8
463 4712
4
115 12
8
60 8 6012
3
14
14,
4
612 7 4
,
24
2412
143 1614
8
2
24
163 163
8
4
912 912
4912
*35
218 21s
97 10
8
7 2 73
,
4
35
35
35
35
3
314
1618 17
38
38%
.45
8 6
*1012 18
14
15,4 15
.2 7
6,
473 48
4
61
*60
•Bid and asked prices, no sales on this day. a Optional sale. jEx-dividend.
PER SIIARE
Range Since Jan. 1
On basis of 100
-share to's.
y Ex-rights.
r Cash sale.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ Per share $ per share
per share $ per share
17 Feb 15 113
8
4July 6
2 Apr
47 Aug
8
1014 Jan 6 383
4May 26
91 2 June 2434 Sept
.
12 Feb 8
67
8July '8
212 Aug
12 July
4 Jan 18 2312July 20
5 Dec 1212 Mar
8'2 July 18
3 Feb 6
4
3 4 Sept
3
5 Dec
8
153 Feb 27 64 July 19
4
14 May 44 Sept
12 Dec
3 Apr 1
8
7 June 19
3 Sept
4
8July 7
63 Feb 24 175
83 Nov 1212 Sept
8
13 Apr 3 133
4
112 May
4July 7
65 Sept
8
15 Mar 23
8
114 May
8 June 6
65 Sept
8
4 May 17
5 Feb 27
8
5 May
8
23 Aug
4
4 Feb 27 403
1712 Sept
13 July
4
4June 7
7 Mar 22 22 July 6
512 June 1214 Sept
512june 8
5 Jan 21
8
4 Aug
4
3 June
3 Jan 27 18 June 7
25 June 17 Sept
8
4
197 June 423 Jan
8
195 Feb 28 4712July 18
8
3
97 Apr 18 110 4 Nov 27
81 July 10312 Dec
24June 21
15 Mar
8
4 May
14 Jan 3
2 Nov 1
1 May
9 4 Mar
3
13 June 21
28 July 60 Mar
325 Nov 15 5718June 13
8
June 907 Sept
Nov 15 8812 Jan 31
8
62
597
8
7112 June 10218 Aug
75 Dec 5 1013 Jan 24
8
9212 May 114 Mar
8412 Nov 24 11212 Jan 2
99 Nov 22 125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
837 Dee 7 10312 Jan 11
8
1012 June 28 Sept
812 Jan 4 5818July 7
212 Mar 2 153 Sept 20
612 Aug
27 June
8
8
Jan 80 Aug
50
30 Mar 3 697 Sept 19
8
43 May
8
154 Mar
8July 11
57 Feb 24 253
8
212 May
1312 Sept
3 Feb 23 1214 July8
8
10 June 327 Jan
1314 Feb 28 40 May 31
8
338 May 235 Sept
612 Feb 28 27 July 8
73 Sept
4
4June 8
112 June
1 Mar 31
53
43 July x123 Aug
8
4
8
5 Feb 23 205 Sept 14
812 Feb 27 207
812 Sept
218 July
8June 12
7 June 30 Sept
25 Jan 4 60 May 16
41'July 18
112 Sept
Is Apr
4 Jan 3
75 Sept
8
el Dec
118 Jan 3 1812June 22
1 May
712 Aug
212 Feb 23 1114July 17
4 June 29 Aug
753 Feb 27 3712July 19
5 June 3112 Aug
4
8 Feb 27 353 Dec II
112 Apr
8June 7
34 Sep
63
13 Feb 28
8
17 June 137 Sept
8
8
4 Feb 27 23 July 13
5 June 284 Sept'
9 Feb 28 5412July 13
614 Sept
1 July
114 Jan 10 12 June 2
1212 Aug
2 Dec
214 Mar 2 25 June 2
117 Sept
8
54 July
6 Feb 27 2112June 27
127 Sept
8
3 Feb
112 Feb 28 154July 12
2612 June 4014 Jan
2612 Jan 3 35414 Sept 15
71 18 June
64 May
60 Jan 5 623 Jan 24
4
13 July
8
14 June
3 June 8
3 Feb 21
4
Oct
12
4 July
4June 29
612 Feb 25 163
112 May
912 Aug
8June 8
2 Apr 8 107
4
1218 Apr 2334 Sept
175 Mar 2 30 Nov 16
8
173 Sept
4
45 July
8
618 Feb 27 3134 Sept 19
5914 Mar
3018 July
28 Mar
623 July 17
8
Oct
60 May 90
9412 July 13
72 Apr
Oct
69 June 09
105 Sept 12
80, Feb 1
4
73 Feb
8
114 July
12 July 1
214 Apr
Jan
4
12 Dec
1014July 11
1 Mar
s
4
5 Oct30 Jan
34 Apr 25 353 July 12
8July 19
18 May 42 Feb
28 Jan 24 447
8
65 Apr 203 Dec
8
15 Feb 13 433 Sept 26
8
Apr
23 Jan
4
1
44 July 13
118 Feb 25
8
97 June 373 Jan
8
1212 Feb 25 47 July 17
3 Aug
5 June 7
2
114 Feb 28
, July
2114 June 3618 Aug
24 Feb 24 48 July 6
Is May
1 Aug
8June 2
35
18 Mar 28
53 Jan
8
112 June
112 Feb 4
712July 18
4
5 May 123 Mar
53 Apr 8 1314 July 8
4
112 Feb 23 12 July 14
7 4 Sept
3
112 July
7 Sept
17 June
s
212 Feb 27
8June 28
85
1112 July 3053 Jan
2114 Mar 2 417
8July 13
83 Sept
4
212 Apr
312 Feb 17 118 July7
18 May 6514 Sept
2812 Mar 28 61 July 7
8
23 June 133 Sept
4
43 Feb 28 31 July 19
8
314 Apr
712 Aug
8June 2
478 Feb 28 123
4
53 Sept
212 Feb
8June 2
97
3 Feb 20
Jan 3312 Sept
12
22 Feb 28 5712July 20
4
33 June 193 Sept
4
7 Jan 3 35 July 14
6 July 2912 Sept
8 4 Feb 7 42 July 15
,
4July 13
712 Sept
17 Dec
8
58 Mar 31
93
514 May
1214 Sept
6 Mar 23 17 Nov 17
35 June 67 Sept
58 Feb 25 92 July 3
412 Apr 1834 Sept
157 Jan 12 4S8 July17
8
8612 May 11212 Dec
112 Jan 4 132 July 14
153 June 324 Feb
4
141s Nov 18 28 Jan 11
3 Feb
114 May
73
4June 10
114 Feb 28
12
Jan
412 July
8July 14
4 Jan 18 11,
Jan
25 Dec 95
2518 Mar 28 61 June 27
4
93 Mar
83 Mar
4
412 Feb 18 1512July 19
15 Nov 4812 Jan
1712 Feb 9 50 June 13
1 May
5 Sept
8 June 12
3 Feb 28
4
4
512June 20
13 Apr
12 July
12 Jan 10
8 May
11 Sept
712 Apr 10 22 July 19
218May 3
712July 18
87 Sept
8
3 Dec
5 Jan 3 16 June 12
912 June 18 Sept
1134 Mar 21 3212June 12
5 May
8
5 Aug
1 Feb 28 21 12 Dec 11
83 June 174 Aug
8
133 Mar 2 375
8July 18
4
120 July 11 124 May 4 110 June 123 Dec
Jan
2
7 July
3
8
1 Jan 3
93 Aug 28
8
75 June 3414 Mar
518 Mar 31 2212June 13
914 June 4114 Jan
8June 13
8 Nov 20 257
21 July 6212 Aug
17 Apr 4 61 June 13
Jan
28 June 75
20 Apr 4 66 June 13
24 Aug
8June 2
14 June
27
12 Mar 31
9212 Mar 3 1023 Sept 15 x81 June 10012 Dec
4
8
1518 June 317 Sept
19' Mar 3 45 Nov 17
1612 Aug
7 Apr
123 Apr 4 397 Dec 15
8
4
197 Apr 374 Sept
8
223 Mar 3 4712 Nov 17
4
83 Sept
4
3 July
4 Feb 16 1112June 14
18 May
214 Sept
37
8June 13
5 Jan 11
s
112 Feb 10
4 Sept
5 July
8
4June 13
73
20 Mar 2 3614 July 3
1312 June 26 Aug
212 Feb 24 1112 July 19
812 Sept
17 May
8
53 Feb 27 19'4 July13
4
73 Sept
8
45 July
8
112 Mar 20
212 May
133 Sept
4
83
8June 5
9 Apr 3 3818June 5
8
30 Nov 1047 Mar
35 Feb 25 59 Nov 22
243 Apr 397 Oct
4
8
89 Mar 16 103 July 26
68 July 92 Dec
712 Feb 17 27 July 19
7 June 1418 Sept
3 Jan 4
4
4 12July 13
2 Sept
14 Jan
2 Feb 28 223 July 13
8
214 May
914 Sept
1 Mar 22 10 July 19
Jan
11
15 July
8
12 Apr 6
3 June 7
1 Sept
14 Mar
14 Apr 11
12 May
284 Aug
.S's July3
84 Feb 17 163
8July 7
4
6 July
133 Mar
714 Aug 10
133 Feb 28
43 Sept
8
1 May
1034 Feb 28 3018 Sept 18
4
053 June 18, Sept
1514 Feb 20 4514 Nov 20
4
12 July 263 Feb
13 Mar 3
8
612klay 29
4 Aug
112 Apr
312 Mar 31
1118June 12
212 June
812 Sept
New York Stock Record-Concluded-Page 8
4336
Dec. 16 1933
re- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Dec. 9.
Monday
Dec. 11.
Tuesday
Dec. 12.
Wednesday
Dec. 13.
Thursday
Dec. 14.
Friday
Dec. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On baste of 100
-share lots.
PER SHARE
Range Jo Previous
Year 1932.
Highest.
Lowest.
Lowest.
Highest.
$ per share $ Per share $ Per share $ per share $ per share 5 per share Shares. Indus. & Miscell.(Cond.) Par $ per share
$ per share $ per share 8 per share
12
1214 13
13
1212 1212 12
12
.11
12
11
700 Thatcher Mfg
11 14
No par
5 Feb 15 2218 July 19
2 Apr 10 Nov
*39
44
*39
44
*39
44 .39
44
43 .39
*39
43
83.60 cony pref.___No par 275 Feb 6 44 July 18
8
2218 Apr 32 Dee
*518 5 4 *514 6
3
4
*514 6
512 53
53
8 538 .512 53
300 The Fair
4
No par
23 Mar 31 1212May 31
8
212 Dec
8 4 Sept
,
*493 55 .50 65
4
.50
65 .50
65 .45
65
*45
65
7% preferred
100 33 Feb 28 70 July 5
38 July 85 Jan
63
4 7
65
8 7
65
8 7
612 65
8
612 653
614 68 4,800 Thermoid Co
No par
1 Feb 28 1012July 17
7 June
8
4 Sept
1412 1412 1412 1412 148 1412 1412 1412 1412 1412 *1414 1412 1.500 Third Nat
8
Investors
1
10 Mar 1 2114 July 18
10 May
1713 Dec
5
. 8 7%
75
7
Vs
73
4 74
3
718 718 *7
500 Thompson (J R)
712
7
7
25
612 Oct 20 1512June 2
712 Nov 161 Mar
1414 147
8 14 8 153
3
8 14
15
14
1413 1414 14% 1412 143 10,300 Thompson Products Inc No par
4
5% Jan 6 2014 Sept 14
23 June 10 Feb
4
37
2
41
4
35
4
414
43* 43
3 8 18.400 Thompson-Starrett Co_No par
35
5
3 414
38 4
12 Mar 3
912June 19
3 June
8
214 Aug
.2014 21
*2014 22 .2014 22
•2014 22
*2014 22
*2014 22
53.50 cum prof
No par
12 Jan 10 30 Juno 19
12 June 1712 Sept
1018 1058 1018 1012 1018 103
97 29,800 Tidewater Assoc Oil_ No par
97
8 10
1018
98 10,8
318 Jan 13 113
4Sept 26
2 Apr
55 Sept
8
6212 63
6258 63
62 8 63
5
6318 6312 x63
63
63
6514 2,700
Preferred
100 2312 Apr 6 6514 Nov 28
20 Feb 60 Sept
.15
35 .20
35 .20
40 .20
40 .25
40
*25
40
Tide Water Oil
No par
914 Apr 20 2418 Nov 18
5 June 10 Aug
.76
80
77
77 .77
80 .7712 80 .78
80 .78
100
80
Preferred
100 45 Feb 2 77 Nov 1
30 Feb 62 Sept
41
412 47
43* 4%
4% 412
414
412 43
414 45* 4,300 Timken Detroit Axle
4
10
112 Mar 22
814June 20
2 July
63 Sept
4
207 31
3012 31 12 3014 31
2912 31
2914 31
2914 29% 16,800 Timken Roller BearIng_No par
133 Feb 23 3512 July 7
4
7 3 July 23 Jan
4
14 63
6% 63
8
614 6%
6
8
61s 63
8
612 63
4
8
614 65 21,200 Transamerica Corp_ ___No par
25 Mar 2
8
912July 13
218 Jan
713 Sept
912 1012 10
•914 97
105
8 4,200 Transue & Williams St'l No par
93 103
4
8 *012 10
912 97
27 Mar 21 1712 July 19
214 July
812 Sept
45
8 47
8
48 5
7
43
4 47
8
412 48
453 4%
412 45
8,000 Tr -Continental Corp__No par
23 Feb 27
4
4July 7
112 May
83
512 Sept
•5514 65
*555 70
8
*553 69 .55 8 6714 .5514 84
8
3
200
555* 5538
6% preferred
No par 41 Apr 8 x75 May 16
42 Jan 72 Sept
*333 3414 335 333
4
8
4 3331 333
4 34
34
3514 3514 35% 35% 1,000 Trio° Products Corp_ No par 2018 Feb 25 387 July 17
198 May 3112 Mar
15
•112 2
1%
.13
4 2
.112 2
P8
214 212
17
600 Truax Traer Coal
8
No par
514 July 15
12 Apr 4
14 May
318 Jan
513 53
4
6
68
53
4 614
55
5 8 57 10,100 Truscon Steel
5
8 53
8
4
53
4 6
10
2 Mar 3 123
4June 12
2 Apr
714 Aug
25* 3
3
31 1
3
313 *27
3
28 27
27
8 27
8 4,000 then & Co
No par
3 Jan 16
4
12 May
3% Aug
614June 19
3
36
x3618 364 36
36
348
355 36
3
4 3514 3614 4,100 Under Elliott Fisher Co No par
3558 353
914 Feb 24 3912 July 7
7% July 24% Sept
4212 4412 4312 4518 45
4914 4912 51
52
50
49
50
20,100 Union Bag & Pap Corp_No par
512 Jan 13 60 July 18
8
5 2 June 115 Aug
,
46
4713 4614 4712 45% 4684 457 467
* 4614 478 453 471z 52,100 Union Carbide & Carb_No par 193 Feb 24 517 July 18
8
8
8
1512 May 363 Mar
195 20
8
194 203
8 193 20
4
1918 198 191 20
193 197 13,400 Union OH California
8
8
25
812 Mar 2 233 July 7
8
8 July
153 Sept
8
15 8 1512 155 16
3
8
157 16'3 1512 15'z 1538 155
8
153 1512 3,000 Union Tank Car
8
No par
1012 Feb 21 223
4June 2
113 June 1914 Jan
4
33% 3412 3418 3514 3312 341
32 8 33
5
7
327 337
8
327* 331 77,000 United Aircraft & Tran_No par 1612 Mar 2 467 July 17
612 May 345 Sept
6214 625
8 6212 6212 625 63
7
8
4
623 62 s 6234 62 .6212 623
4 2,300
6% pref series A
50 5112 Mar 1 68 June 18
3014 May 58 Dec
23
233
8 2318 2312 2212 2312 233 2312 23% 24
8
2312 24
4,300 United Biscuit
100 1312 Feb 24 275 July 10
8
11 July 2812 Mar
•107 112
11112
110 110 *107 120
110 110 *107 1111 .107
30
Preferred
100 92 May 2 x11012 Nov 29
75 July 103 Mar
36
36% 3612 36% 2347 353
s
3412 352 343 35% 9,800 United Carbon
4 335 343
8
4
No par 1014 Feb 25 373 Dec 5
4
65 June 18 Sept
8
47
5
5
558
513 558
5
57*
55*
57* 57*
57* 98,700 United Corp
No par
43 Nov 18
4
141aline 13
312 June 14 Sept
2612 255* 263
2534 26
26
8 25 8 263
3
4 2618 265* 263 265 10,900
3
8
Preferred
No par 22% Nov 17 407
8June 13
8
20 June 393 Sept
53
314 354
3% 37* *3
3
3
312 *314 312
3 12
70 United Dyewood Corp_ _ _100
3 Feb 17
4
% Apr
318 Sept
67
8June 21
4
43
8 43
418
41.1 414 *33
8
4 418
4
4
*33
4 4%
900 United Electric Coal_ _ _No par
1 Mar 31
24 July
87 July 14
8
67 Aug
8
65
647
6514 6412 6512 64
8 64
64
64
6412 613 62
4
7.200 United Fruit
No par 2314 Jan 3 68 Aug 31
1014 June 324 Aug
147 15
8
144 155
8 1514 157
8
155* 16% 1512 16
1518 154 39,300 United Gas Improve
No par 14 Mar 31 25 July 13
914 June 22 Sept
.8112 85
83
83
8312 8312 *
88 .
83
200
83
*8318 88
88
Preferred
No par 83 Dec 11 100 Jan 9
70 June 99 Dec
*112 28 .112 218 •112 218 *112 218 *112 2
.112 2
United Paperboard
100
12 Jan 23
12 Dec
512July 13
3 Aug
4
8
918 93
912
8
4
918 *712 8
75
8 8
.73
4 83
4 2,000 United Piece Dye Wks_No par
312 Mar 3 2178 July 19
358 June 11% Sept
.45
60 .46
45 .41
45
60
44
44
44
43
43
100
100 43 Dec 15 85 July 13
6i.% preferred
6412 June 9312 Jan
234 23
2 4 23
3
25
4
8 258
258 25
4
25
8 23
4
212 25
8 3,800 United Stores class A__No par
3 Feb 28
4
54 May
3 Jan
714 July 6
•49
55
*49
55 •4912 54 .4912 54
*4912 5412 .4912 5412
Preferred class A_ __ _No par 45 Mar 21 66 July 20
27 Jan 4814 Mar
4858 47
46
4612 *4412 4612 .45
46 .45
46
45
45
600 Universal Leaf Tobacco No par 2112 Apr 1 5112July 17
11 May 31 Sep:
20
16
*15
16
15
15
*1514 20
155 155 *153 20
8
4
70 Universal Pictures 181 pfd..100 10 Apr 24 35 June 13
104 Dec 50 Jan
.112 153 *112 15
8 •112 15
8
18
8
13
4
10
4 13
4 .112 15
8 1,100 Universal Pipe & Rad__No par
14 Apr 4
3 8July 13
3
21s Aug
12 Apr
197 203
8 1918 195* 1914 1953 19
4 194 207
8
8 195 203
193 17,500 US Pipe & Foundry
20
618 Mar 1 2218 July 5
714 June 1818 Sept
17
1718 164 17 .1612 1712 *1612 164 *1612 163 *1612 1712
4
800
1st preferred
No par 123 Apr 10 19 May 26
4
8
1112 June 163 Aug
114 .13* 212 .1% 21. .138 212 *138 212
114
114
114
400 US Distrib Corp
No par
1 Oct 24
6 June 13
2 June
518 Dee
7
8
.3
7
8
5
.53
*5
8
7
8
5
8
58
400 U S Express
5
8
54
7
8
*5
8
100
218June 8
.5* Jan 30
114 Sept
14 JaIl
20
2114 2112 2112 22
21
*2014 2112 2112 213
4 21
1,900 U 8 Freight
21
No par
7 Feb 16 2953July 7
312 May
153 Sept
.1
83 83
84 912
4
954 91z
O's 9'2
9 2 912
,
8
914 6,400 U S & Foreign Secur_ _ _No pa
318 Feb 23 173
4July 8
6, Sept
4
13* June
84
64
60 60
6412 6412 64
*6314 64
64
.6312 66
400
Preferred
No par 3612 Mar 28 84 July 19
26 June 64 Sept
4814 4712 473
463 477
4
4 48
8 47
4712 x463 47
4
4614 475
8 5.700 U S Gypsum
20 18 Feb 25 5312 July 8
1012 June 27 Sept
•112 11512 112 113
1104 111
11512 11512 *1103 116
116 116
3
210
7% preferred
100 10114 Jan 0 121 Sept 20
8
847 June 105 Oct
412
412 412
412 .412 5
47* 5
518 68
514 4,000 U S Hoff Mach Corp__No par
514
13 Apr 3 117
3
8June 8
ki Apr
6 Sept
6112 611 1 613
603* 6214 6214 6414 6012 6212 59
4 5912 6138 12,000 US Industrial Alcohol_No par 1312 Feb 28 94 July 17
1314 June 3614 Sept
914 914
.
9% 93
8% 9
912 912
4
84 918
1,100 US Leathery IC
98 93
No par
1 14 May
1714 July 18
23* Mar 1
714 Sept
18
18
18
1812 .1718 1712 17
18
1612 173
4 17
17
3,300
Class A v t e
No pa
414 Feb 25 273 July 18
314 June 16 Sept
4
*8612 7612 6612 6612 66
66
65
65
*63
65
64
64
500
Prior preferred v t c
100 30 Feb 23 7814 Sept 20
4414 June 7018 Sept
813 914
95* 1058
95* 10
91s
0
83
8
814 83 21,200 U S Realty & Impt___No par
Vs
3
212 Feb 28 1412 July 7
2 June 114 Sept
1718 175
8 1714 18
163 1712 1618 163
4 165 1718 163 163 18,600 U S Rubber
4
8
8
4
No par
2741 Feb 27 25 July 18
114 June 1014 Aug
28
29
29
2812 2914 28
267 28
2714 2814 27
2714 4,800
1st preferred
100
512 Feb 23 437 July 18
318 June 204 Aug
9414 9512 9014 9512 8812 91 12 8814 9014 8912 94
9112 95
18,700 US Smelting Ref & M1n___5
1312 Jan 3 10558 Sept 19
10 June 223 Aug
4
*55
5514 543 5558 5
4
412 5412 5412 545
547 547
8 5412 5412
900
Preferred
50 3912 Jan 4 58 Sept 20
31 July 457 Aug
45 4 4712 473 485* 4714 48% 463 473
3
8
4 4714 483
8 4613 4712 141,800 US Steel Corp
8
100 233 Mar 2 6712July 18
8
2114 June 525 Feb
8414 8558 8614 873 88 883
4 86
88
87
88
87
873
4 6,100
Preferred
100 53 Mar 2 10512July 17
51 13 June 113 Feb
10712 108
10812 109
10812 109
109 109
10912 10912 x104 104
1,700 U S Tobacco
No par 59 Jan 9 10912 Dec 14
55 June 66 Apr
23
4 27
234 33
3
3
3%
314
3
3
27
8 3
8,200 Utilities Pow & Lt A _ _ _No par
*
17 Apr 18
3
87
8June 13
112 May 101 Jan
1
1
1
118
1.
1
1
1
l's
I
1
1
3,400 Vadseo Sales
No par
3 Jan 6
8
118 Sept
318July 19
14 Ma
22
•22
23
22
23 .22
*2112 2418 .714 2212 *7% 2212
100
Preferred
100 1518 Jan 11 247 Sept 28
8
12 June 20 Jan
2212 24
8 2312 247
2312 245
8 23 237
8 2312 2412 225 234 22,300 Vanadium Corp of Am..No par
*
75 Mar 2 3614 July 19
514 May 234 Sept
57
53
4 7
53
4 718
612
612 .6
513 512
534 57
1,980 Van Raalte Co Inc
No par
15
8May 5 10 July 6
2 Dec
7 Feb
.36
48 .36
4012 4012 4012 .38
48 .3114 4012 *3114 4012
10
7% lot pref stamped_ __100 147
8May41 43 Nov 14
35* 35
*35 314
8 .314 358
8
3% 35
3% 3%
3
314 3,600 Virginia-Carolina Chem No par
53 Feb 23
7 8 July 19
3
25 Aug
8
12 Mar
.14
145 1512 153 1612 *1512 17
15
8
4
163 163 .1512 1712 1,200
4
4
6% preferred
100
3 8 Mar 2 2612July 18
3
318 Feb 1114 Aug
*5814 60
60 .58
.58
60
*584 60
5714 5814 .5712 60
300
7% preferred
100 35 8 Mar 31 6312July 18
3
20 Apr 69 4 Nov
3
.6612 68
*6612 68
6612 6612 64
657* 65
6612 6612 6612
130 Virginia El & Pow $6 pf No par 64 Dee 13 855 Jan 25
8
60 June 90 Sept
55
57
5612 55 5514 55
5612 5712 56
55
56
557
430 Vulcan Detinning
100 123 Feb 25 677
4
8June 8
714 July 317 Aug
8
63
4 63
6
64 64
63 7
614 614
6
614 614 1,200 Waldorf System
No par
514 Nov 16 12 July 5
718 May 19 Jan
14 312
12 312
312 312
.
4
314 33
3
3
312 3 2
33
4 33
,
4 1,100 Walworth Co
No par
78 Apr 5
83
sJune 27
4% Aug
3 June
4
*65
8
8 812
712 77
7 4 74
3
812 912 *914 912 1,500 Ward Baking class A No par
1
814
8
218 Mar 15 20 July 11
214 May 1014 Jan
4
23
212 27*
8 28
284 278 3,200
8
212 21 .212 23
212 27
Class 13
55 July 10
No par
5 Apr 13
8
25 Jan
8
ki May
.2814 29
29
;
2914 291 2912 2918 2912 .2912 30
3012 1,700
30
Preferred
100 1112 Apr 17 447 July 11
8
12 May 4012 Mar
57
8
614
612
6
614
6
65
6% 614
6
53
4 6
46,700 Warner Bros Pictures
5
1 Feb 25
918 Sept 15
12 June
412 Sept
99 4 2014 .14
3
8
2014 51517, 197 •1512 197 *1512 19% .1512 19%
4
5
8
$3.85 cony pref
No par
414 Feb 7 2412 Oct 6
4 June 20 Feb
•13
4 2
13
4 13
4
4 *153 13
13
4 13
8 13
4 *15
4
15
8 I%
500 Warner Quinlan
No par
53 Mar 21
47
8June 10
214 Aug
12 May
12
8 107 12
11% 123
13
8
1112 113
17,600 Warren Bros
4 1058 11
97 12
8
No par
, 223
8June 10
213 Feb 2
114 May
83 Sept
8
1914 21
1912 20
2012 2312 213 22
4
2lIj 1,250
19
*18
20
Convertible pref
No par
8June 17
712 Fob 14 355
2 June 1712 Jan
2758 2914 2712 2812 2618 27% 2614 263
27
4 26
2714 26
15,600 Warren Fdy & Pipe
No par
5 Feb 20 2014 Dec 9
714 May 144 Sept
5
514
53
8 614
*55
8 6
6
6
612 *53
6
4 6
3,500 Webster Eisenlohr
No par
8 July 8
1 Jan 16
5 May
8
2 Jan
*3
4 1
7
8
7
8
.7
8
1
.78
1
*3
4 1
*3
4 1
2C Wells Fargo & Co
1
18 Apr 11
312June 9
14 July
132 Sept
19
1914 1812 1912 18
1812 165 18
s
x1.75 177
8
8
8 173 18
7,000 Wesson Oil & Snowdrift No par
7 Mar 3 3712 July 18
8% July 20 Sept
55
55
*54
55
55
55
5512 55
5514 5514 .53
55
500
Cony preferred
No par 40 Mar 3 63 July 18
423 July 5812 Sept
4
575* 605* 5518 573 57.500 Western Union Telegraph_ 100 1714 Feb 25 7714 July 18
4
56 2 577
,
573 804 585 6013 5818 597
4
123
0une 50 Feb
2734 28
2712 28
2712 2818 275 283
8
3 2812 3018 2818 29, 11,600 Westingh'se Air Brake_No par
4
113 Jan 3 355 July 7
914 Apr 1818 Sept
395 42
413
8
8 39
41 18 4212 40% 413
40
4
53,200 Westinghouse El & Mfg___50 10% Feb 25 583
4 393 41% 40
41u1y 14
155 June 4312 Sept
8
82
82 .8218 85
82 .8112. 82
82 8212 82
8112 82
430
1st preferred
50 6012 Feb 2 96 July 18
5212 June 82 Sept
8% 814
*73
*714 814 *73
814
4 814
300 Weston Elec Instrunft_No par
712 712 *Vs 3
312 Feb 27 1314 July 8
914 Feb
212 Apr
•1334 16
.133 16
4
16
.15
16
167 19 '16___
17
8
500
Class A
No par .10 Mar 31 2214 July 20
1314 Apr 19 .
1,111
.43 4 45
45
,
45
4812 46
4712 4712 .45
46 .4314 - 4
493
30 West Penn Elec class A_No par 30 Apr22 73 June 14
25 May 80 SW.
.5318 54
52
52
53 •52
5318 5418 52
52
52
54
340
Preferred
100 37 Apr 4 773
4June 14
Jan
22 Juno 76
.43
4212
463* 43
42
43,8 4114 43
4114 43
660
4112 42
8% preferred
100 3312 Apr 6 6012July 14
Jan
20 June 70
.94
95
95 95 7 .94
96 .94
8
94
90 West Penn Power pref_....100 92 Apr 13 1103 Jan 19
96
9412 .93
9412
Oct
8
80 June 111
.80
83
81
8 83
*8312 85
827 827
81
8
85
80
8312 •82
6% preferred
100 80 Dec 7 101 Jan 11
6612 June 10154 Mar
318
*3
318 33
8
338 33
318 314
800 West Dairy Prod cl A__No par
3% 318
314 314
212 Apr 5 113
1612 Mar
4June 12
32 Nov
13
*1.3
3 1 12
15
118 •118
1 13 13
1%
138
1
700
118
43 Mar
Class B v t c
7 Mar 31
s
Na Par
1 June
411June 12
.16
17
1612 1612 1618 163* 153 157
4
1614 1614 .157 1614 1,000 Westvaco Chlorine Prod No par
8
5 Mar 3 2012 July 13
8
3 June 125 Slur
.20
24
2014 21
400 Wheeling Steel Corp
2112 .20
1912 1912
21
2012 2012 •20
No par
712 Jan 4 35 July 3
15 Sept
5 June
1618 1613 1612 1612 1618 1618 .1612 1818 .1612 1818 *1612 18%
140 White Motor
50 14 Jan 25 2812 July 13
8
67 June 277* Sept
265* 263
4 263 27% 26% 27's 26
2,100 WhiteRkMinSpr etfnewNo par 23 Oct 31 29 Oct 13
4
2612 2812 2812 2512 26
•1% 2
•
1% 2
*15* 2
.15
2
200 White Sewing Nfachine_No par
15*
155
155 I%
12 Jan 20
434 July 6
214 Aug
% Apr
5
51
51
4 514
518 518 *518 514
518 518
518 518
600
Cony preferred
No par
118 Jan 14 1012 July 6
23 Sept '
4
3 Apr
4
37
37
*4
418
4
4
4
4
378 43
4
414 5,500 Wilcox Oil & Gas
5
2 Mar 2
4
23 May
814 Aug
512June 2
•2412 25
25 25
*25
_
4525
__ *25 _ __ .25
100 Wilcox-Rich el A conv_No par 16 Mar
__
1312 June 2012 Mar
2714 Sept 13
5,2 57
512 6
51
518
514 _518 _518 3,200 Wilson & CO Inc
518 5 .513
7 Jan 3 11 June 7
3
No par
5 June
8
13 Mar
4
1438 147
8 1412 15
1312 1334 1314 14
1318 14
6,400
133 141
4
Class A
47g Sept
No par
4 Jan 3 22 June 6
1% May
56
57
567 58
8
571
54
53
54
55
54
1,000
x55
54
Preferred
100 19 Mar 2 7212July 15
11 June 31 Mar
427 437
423 44
8
4218 45,000 Woolworth (F W) Co
4258 433
4212 41
4114 4313 41
10 2518 Apr, 8 50% July 8
8
22 June 455 Mar
24
2412 2414 25
2412 2417 2212 2212 .2312 2412 2312 2312 1,600 Worthington P & W
100
8 Mar 2 397 July 7
5 May 24 Sept
.30
4212 .30
41
*30
41
41
•30
4014 *30
41 .30
Preferred A
100 14 Mar 15 51 June 7
1412 June 41
Jall
.27
3114 3114 3114 30
30
30
400
30 •3012 3114 3012 3012
Preferred B
12 May 31 Sept
100 14 Feb 28 47 June 6
.15
1612 .15
17
15
15
30 Wright Aeronautical __No par
*15
1612 *15
167 17
17
8
372 Apr 1812 Sept
6 Apr 5 24 May 27
5812 563
4
4 563 57
56
57
5612 5614 563
56
5612 5612 2,900 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 5714 Dec 6
25, June 57
4
Jan
.1418 15
15
15 .1418 1512 .1418 1512 .1418 15
*1418 15
300 Yale & Towne Mfg Co_ ...25
15 Sept
612 July
7 Jan 20 23 June 17
43
8
412 47
458 45
8
412
412 43
438 4%
414 412 5,500 Yellow Truck & Coach elB.10
13 June
218 Mar 2
73 Sept
73 July 7
4
4
2512 2512 26
2824 2612 2612 .25
.25
29
26
2912
26
140
Preferred
12 May 4018 Sept
100 18 Mar 2 42 July 10
1518 15
15 .1412 1434
15
1334 1418 143 143
4 1412 1412 1,500 Young Spring & Wire.No par
.4
312 Mar 30 1918 July 19
3 June 1173 Sept
2212 23% 23 8 243
5
2318 2412 2318 2334 2312 2414 23
24
22,400 Youngstown Sheet & T _No par
712 Feb 28 375 July 18
8
4 May 2712 Sept
43
37
8 47
4
8
4 12
3
4
312 312
312
4 7.800 Zenith Radio Corp____No par
33
4 33
Jan
12 May
2
5 Dec 8
12 Feb 27
755
64 718
714
7
77*
63
4
137
65
8
8 654 2.800 Zoolte Products Corp
97 Mar
8
65
8 67
1
35 Feb 28
4 Dec
8
812 July 8
•Bid and asked prices, no salee on thls day. a Optional sale. s Sold seven days. x Ex-dividend. y Ex-rIghts.
P
"
P -
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
d
4337
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—ercept for income and defaulted bonds.
.
o
BONDS
"Tsprice
N. Y. STOCK EXCHANGE t
Friday
t
Week Ended Dec. 15.
...,2., Dec. 15.
Week's
Range or
Last Sale.
.g
r,.'-'
.
°
re ,,i'
'
—
Bid
Ask Low
High No,
D 100%, Sale 99222,1008n 510
D ---_ ____ 1012°,, Oct'33 ____
,
D 101 ,, Sale 10023,11013,, 157
,,
D 10128, 101, 102 Aug'33 --0 101"31 Sale 10111,11012%, 653
1011 1 Sale 10111, 10133, 297
,
, 442
0 10612,, Sale 10522,110620
Since
Since
Jan. 1.
11 o
BONDS
Price
Week's
"
,
N. Y. STOCK EXCHANGE
r,
Friday
Range or '
0,...T.
Week Ended Dec 15.
..9 a Dec. 15. Last Sale. co t5i
—
Deutsche Bk Am part ctf 65_1932
Bid
Ask Low
High NO.
7212
Stamped extd to Sept. 1 1935_ _ ___
6
72
7112 75
Dominican Rep Cust Ad 54s '42 M 5 42 Sale 41
39
42
1st ser 515s of 1926
1940 A 0 363 3812 37
8
6
31
26 series sink fund 515s
1940 A 0 3614 40
23
3712
40
Dresden (City) external 7s 1945 MN 43 Sale 43
45
10
Dutch East Indies extl 63_1947 J J 1483 Sale 14412 151
42
8
22
July 1934 coupon on
____
14612 Sale 14612 148
_
40
1962 ni g 14712 Sale 145
-year external es
148
44
30
-year extl 5%s____Nov 1953 MN 1483 14612 14318
8
6
144
30-year ext 534s____Mar 1953 M 5 144 Sale 14014
9
144
El Salvador (Republic) 881A-1948 J J
3
41
35
4812 38
Certificates of deposit
355s 39
35
J J
37
14 15
Estonia (Republic of) 7s____1967 J J 5212 62
6
55
55
Finland (Republic) ext 6s___1945 M S 78
787 7914 Dec'33 ---_
8
External sinking fund 7s__1950 M S 84 Sale 84
8514 45
External sink fund 630_1956 M 5 767 Sale 765
8
783
4 20
8
External sink fund 5348_1958 F A
74
7412
7612 17
76
Finnish Mun Loan 615s A1954 A 0 7212 ____ 75
2
76
External 615s serial B____1954 A 0 75 Sale 75
4
76
8
3712 49
Frankfort(City of) s f 6 34s....1953 M N 3414 Sale 305
French Republic ext1 7;5s_1941 J D 153 Sale 150
142
155
120
160
External 7s of 1921
1949 J D 15912 Sale 156
German Government Internetional 35-yr .5358 of 1930_ ,j965.3 D 503 Sale 4914
5112 1042
4
German Republic call 7s
7714 251
1919 A 0 7412 Sale 73
German Prov & Communal Ms
123
44
(Cons Agric Loan)635s A_1958 J D 37 Sale 3612
Graz (Municipality) 8s
4
56
5518
5614 57
1954 M N
Gt Brit & Ire(UK of) 534s_1937 F A 117 Sale 11512 12012 24
Registered
F A --------120 Nov'33 ---44% fund loan .£ opt 1960_1990 M N a113 Sale al107 a11414 786
8
Greek Governments f ser 73_1961 MN
2912 Nov'33 ._
17
29
.5
203
8
23
Sinking fund sec fis
1968 F A
2012 21
August 1933 coupon
------------18 Nov'33 --__
Range
Since
Jan. 1.
U. S. Government.
Low
High
Low
High
First Liberty Loan-3% of '32-47 J
99 10320,,
60
85
Cony 4% of 1932-47
101 10222,,
.1
40
62
Cony 434% of 1932-47
J
99",, 103 1,
,
3518 59
26 cony 4 q % of 1932-47
1011,
1,102
J
a3414 56
Fourth Lib Loan 414% of '33-38 A
100,2,1103"n
27 6512
434% (called)
101
102 ,,
,
93 153 :
1031.'2111 1n
Treasury 434*
1947-1952 A
14512 151
Treasury 434s to Oct 15 1934,
8
93% 1527
1943-45 A 0 992,1 Sale 9811,, 9923, 3675 982,1 1013a,
thereafter 334%
9212 140
,
,
1944-1954 .1 D 10321, Sale 102 ,, 103", 618 992%11071,n
Treasury 48
913 14(112 1
4
1946-1956 M S 101",,Sale 1001,2,1011, 426 9814,1105"n
n
Treasury 334e
26
64
.1 D 992,, gale 981, 99103 339 97 2,1022,
1943-1947
Treasury 335s
,
,,
s,
32% 55 '
Treasury 3s___Sept 15 1951-1955 M S 94",, Sale 9327,, 9420, 661 93",, 9913,s
4212 55
Treasury 3/s June 15 1940-1943 J D 9911:, Sale 9824, 991, 663 98 102",s
5812 793 ^
4
Treasury 335s Mar 15 1941-1943 M S 9930, Sale 98111s, 9912,, 692 9614,21022,n
5918 86
Sale 95
96
641 94"s:10021n
Treasury 336s June 15 1946-1949 .1 D 96
57
8012
Treasury 314s
Aug 1 1941 F A 982, Sale 98 s, 9820 1619 973%11012,s,
,
a,
,
54
77
State & City—See note below.
557 77
8
Foreign Govt. & MunicIpals.
55
78
1718 3714
1
20
24
Agric Mtge Bank s f 6s
1947 F A 20
20
,
201 51
19
_
2112 2014
Feb 1 1934 subseq coupon__
20
25
5
2014
118 170
1718 363
I
2218
2218
8
_—
Sinking fund es A_ _Apr 15 1948 A0 2218 26
311212 173
20% Dec'33 --__
With Apr 15 1034 coupon__
2012 28
- ____ 29
PA N 6412 6514 6418
Akershus (Dept) ext Es
1963 -63
7812
9
6512
3514 6414
7
814
934 29
20 8
,
814 Sale
Antioquia (Dept) coil 7a A 1945 J J
533 863
8
4
618 2012
814
912 13
814 Sale
External s 1 is ser B
1945.3 J
5 207
External s t 7s ser C
1945.1 J
85* 93
4 912
6
2
912
s
2612 5512
914 14
85 Sale
8
6
External s 1 7e ser D
207
8
1945.3 i
85*
45
64
6
13
8
738 812 714
1957 A 0
171
External e 1 78 1st ser
1013 1247
4
s
712
External sec a 1 75 2d ser 1957 A 0
5
6
712
712 Sale
18
8
10514 1215
6
738
78
3
73 Sale
8
External sec s f 7s 3d ser 1957 A 0
45 187
8
8
a72 12314
Antwerp (City) external 5s_ _1958 J D 755 Sale 753
71
28
78
91%
al8
297
8
36
8
57
Argentine Govt Pub Wks 68_1960 A 0 51 Sale 487
41
7512
14% 237
s
41
755*
575 281
8
Argentine es of June 1925...1959 J D 5112 Sale 4812
15
20
Est!s 1 es of Oct. 1925
1959 A 0 4914 Sale 49
4012 75
73
58
External s f Os series A_
I957 M 5 5112 Sale 49
573 167 a4018 7512 Haiti (Republic) s t 6s ser A_1952 A 0 71 Sale 71
4
67
14
7214
7818
4
50 a403 7554 Hamburg (State) 6s
58
External es series B_- Dec 1958.3 D 5214 Sale 483
4
25
59
4618 29
1946 A 0 40 Sale 40
4
5712 38
Esti 8 t 611 of May 1928.,,._1960 M N 49 Sale 483
403 755 Heidelberg(German)extl 7355 50 J J
8
8
23
17
60
36
357 3512
8
30
8
575 114 04018 75
8
External 5!6s (State Ry)_1960 M 5 5012 Sale 485
47
1
72
HelsIngtors (City) ext 6%s_ _1960 A 0 72
73
75
72
4014 75 8 Hungarian Munic Loan 73'4s 1945 J J
573
4 64
3
Esti es Sanitary
_ _1961 F A 4834 Sale 4812
14
15 4 31
3
8
28
273 Sale 273
8
Extl es pub wke May 1927 1961 MN 51 Sale 4918
41
17
57
Works75'8
2018 23
Unmatured coups attached__ J J
23 June'33 _-__
25
20
8
533
4 87
Public Worlis extl 5355.-1962 F A 473 Sale 465
38
6912
4
3
19
295
8
r33
External a 178 (coup)_ _1946 J .1
2918 40 r33
Argentine TrMsury 5, L. _1945 NI S 79 Sale 77
497 92
8
17
79
Unmatured coups attached _ J J ____ 30
1612 May'33 ---165* 165*
7114 90
347
88
Australia 30-yr 55---JulY- 1955 J J 8514 Sale 8514
15
Hungarian Land NI Inst 7355 '61 M N 30
24
41
3311 32 Dec'33 --__
External 5,01 1927.-Sept 1957 M 5 86 Sale 86
7214 90
8812 127
Sinking fund 7%s ser 13_ _ _1961 MN 3018 3278 32 Dec'33 ---2312 41
8214 301
7912 Sale 7912
6818 8312 Hungary (King of) e 1 7348_1944 F A
External g 435s of 1928_ _ _1956 MN
3104 45
36 Dec'33 --3214 37
Austrian (Govt) a f 7s
8312 100
9014 102
1943 J D 88 Sale 8712
Irish Free State esti s f 5s_ _ _1960 NI N 1143 Sale 1143
• 21
7618 120,2
115
4
4
IS 342
50
Internal sinking fund 7s 1957.1 .1 86
647 Italy (Kingdom of) est! 7s 1951 J D a983 Sale 9812
4
86% 463
s
9912 122 /MN 1043
8
4
Bavaria (Free State) 6359.._ _1945 F A 433 Sale 43
4712 34
4
30
69
Italian Cred Consortium 7s A '37 M S 9118 Sale 9118
25
893 101
4
95
Belgium 25-yr esti 6%e
8812 10212
9534 63
4
External sec a f 7s ser B_ _ _1947 M 5 9258 93
4
1949 M 5 953 Sale 923
97
82
13
93
9212
Externals I es__ _ _.,
Italian Public Utility esti 75_1952 J J 86 Sale 86
8612 98
953
4 86
1955 .1 J 9514 Sale 9212
20 a7212 9512
88
9758 46
External 30-year 8 f 7s_ _ _ _1955 .1 D 9712 Sale 963
923 10812 Japanese Govt 30-yr a 163.0_1951 F A
4
8
122
4514 905
86
8512 Sale 8412
24
96
Stabilization loan 7s
3512 81
91 10712
95
95
98
Esti sinking fund 535s_ _ _ _1965 MN
1956 NI N
72
73
73 Sale 70
Bergen (Norway) Os- _Oct 15 1949 A 0 643 713 74 Nov'33 _--65
887 Jugoslavia (State Mtge Bank)—
.8
4
8
External slaking fund Os.,J960 M 5 6112 667 67
63
905*
1
67
13
Secured s 1g 7s
36
12
195 F O 343
, A A
7
38 4
Berlin (Germany)51635, 1950 A 0 3414 Sale 34
31
40
2512 60
Leipzig (Germany)*1 75_ _ _
4112 13
2938 64
7
36
5
3
Sale 3812
3612 19
3778 3112
External ,f 65..—June 15 1958 1 D 33
2418 57
Lower Austria (Prov) 7%s...1950 .1 0 53
4914 6012
2
523
4
523
4
59
15
2312 Dec'33 ____
30
24
Lyons (City of) 15-year 6s...1934 NI N 1527 Sale 1483
1945 A 0 23
Bogota(City) extl 518s
8 68 al01 161,
4
4 1527
t,
Bolivia (Republic of) eat! 8s-1917 M N
4
15
73
4 41
Marseilles (City of) 15-yr 6s_1934 NI N 15212 Sale 148
612
611 Sale
15212 49 al0114 161
le
312 1312 Medellin (Colombia) 6128_1951 J D
514 Sale
External secured 7s (flat)_1958 J J
7
514
912 19
854
83 Bale
4
75 23
8
314 1314 Mexican Irrig Asstng 4358_1943 MN
514
634 61
External a 1 7s (flat)
514 Sale
1969 M S
218 611
514 41 Nov'33 ---2
15212 53 10114 161, Mexico (US) esti 5s of 1899 £'45 Q _1 --------4 Sept'33 -___
Bordeaux (City of) 15-yr 68_1934 MN 15212 Salo 148
4
4
4
Brazil(U S of) external 8,_,.l941 J D 2312 Sale 2314
16% 43
96
27
714 18
Assenting 5s o11899
318 105*
7
7 Sale
1945 _ _ _
23
External,1634, of 1926 1957 A 0 201 Sale 20
128
153 39
Assenting 5s large
5
7
57
8 85*
7
7 Sale
97
25
External,1634,of 1927_ _1957 A 0 2114 Sale 2014
1414 39
Assenting 4s or 1904
214 8
6
4
33
4
4
3
233
8 54
78 (Central Ry)
1952 J D 20 Sale 20
1212 3612
Assenting 4s 01 1910
414 Nov'33 ---4's 5
5218 5012
5318 82
Bremen (State of) extl 7s1935 M 5 49
3412 7212
Assenting 48 of 1910 large_
2
4%
25
8 8
418
4
41
____
7012
Brisbane (City) If 5s
5
7012
6412 75
1957 PA 9 ---- 71
Assenting 4s of 1910 small_ _ _ _ _ _
414
414 11
51
214 8
2
7112 12
Sinking fund gold Os
1958 F A ____ 7112 69
637 75
s
*
*
Trees es of'13 assent(large)'33 I—J
20
-year s I es
22
798
83
81
1950 J D 79
7018 84
r
Small
•
•
Budapest (City) extl 51 es
241s 351s Milan (City, Italy) esti 634s 1952 A 0 84 Sale 8314
323
4 13
-1962,D 3204 Sale 3214
8512 35
74
90
5112 74
Buenos Aires(City) 63482 B 1955 J .1 46 Sale 46
37
64
Minas Geraes (State) Brazil—
External If es aer C-2___ _1960 A 0 44 Sale 44
47
26
36
5712
External s 1 634s
12
36
1912 26
1958 M S 18 Sale 18
External s 16s ser C-3_ _ 1960 A 0 44 Sale 44
3
44
3412 64
Ext sec 634s series A
2
1112 36
20
201 1914
1959 NI 5 18
_ 3112
3112
1
Buenos Aires (Prov) extl 6s_1961 m g 3034
16
4211 Montevideo (City of) 7s
46
1258 4212
42
1952 J D 4112 Sale 4014
2712
283
2 20
4
2012 417
Stpd (Sep 1 '33 coup on)1961 m g 273
8
Externals I 6s series A
11
3314 25
3304
3314 Sale 3214
1959 Ni N
External e 1634,
3214
1961 F A 3214 Sale 32
4
7112 8812
17% 39 4 New So Wales (State) extl 5,1957 F A 817 Sale 817
3
52
84
8
8
Stpd (Aug 1'33 coup 00)1961 F A
287
28 Sale 28
8 25
21
413
4
External s 1 5s
82
71
883
8
75
84
Apr 195 z A 0 813 84
,
4
Bulgaria (Kingdom) a f 7s_ _ _1967 J J
2014 22
1912 Sale 16
14
2318 Norway 20
8112 947
s
9012 17
-year ext es
4
1913 F A 893 Sale 8912
Stabil'n a f 735e_ _Nov 15 1968 MN
2412 Sale 23
2412 20
187 27 2
8
,
20
8118 9814
8912 11
-year external (is
1914 F A 8912 Sale 89
Caldaa Dept of(Colombia)735s'46 J J 1214 Sale 12
11
6
1214
24
30-year external es
4
87,4 71 a80% 96%
4
1952 A 0 863 Sale 853
Canada (Dom'n or) 30-yr 4a_1960 A 0 911s Sale 9114
917 124
8
79
925*
40
833
4 31 37412 9414
-year a 1 515s
1965.3 D 833 Sale 8112
4
4
10312 126
55
1952 M N 10234 gale 1022
9018 10518
8
85 07212 925
81
External s I 5s_ _ _Mar 15 1963 M S 7914 81
7918
435s
8
1936 F A 1005 Sale 10014
1005
8 86
7414 894
93% 10212
17
79
Municipal Bank mai s t 5s_1967 J D
7818
80
78
Carlsbad (City) a 1 8s
1954 J J 69 Sale 69
69
6418 86
2
88
Municipal Bank esti st5s_1970 1 D 82
8612 8714 Nov'33 ---- a75
Cauca Val (Dept) Colons 730'46 A 0 11 Sale 11
11
812 217 Nuremburg (City) extl es...._1952 F A ____ 3712 3712
6
s
40
24
6
5212
Cent Agric Bank (Ger)
_1950 M S 67 Sale 62
3914 75
105
69
35
72
6612 42
Oriental Bevel guar 6s
1953 M S 655* Sale 6412
6614 155
Farm Loans!es_ _July 15 1960 2 .1 05204 Sale 49
7s_3212 67
74
65
Esti deb 535s
31is 71
8
1958 NI N 637 Sale 63
Farm Loan s 1 es__Oct 15 1960 A 0 3112 Sale 4812
55
261
32, 667
2
,
Farm Loan Os ser A Apr 15 1938 A 0 59 Sale 563
4
613 110
4
35% 7512 Oslo (City) 30
73
91
20
76
-year s f 6s_,,1955 M N 76 Sale 74
818
Chile (Rep)—Ext1,f 7s
1942 NI N
838 15
87 Sale
8
53 21
4
Panama (Rep) extl 534s
85 1023
4
7
95
1953 J D 95 Sale 94
External sinking fund 68_ _1960 A 0
7 Sale
58
7
8
1712
293
4 61
Esti s 1 5s sec A_ _ _May 15 1963 M N
1814 46
"
29 Sale 2712
Ext sinking fund ea__Feb 1961_ F A
7 Sale
7
8
29
1002 12
47 1714 Pernambuco (State of) extl 7,'47 PA El
8
634 21
9
97 Sale
8
47 17 4 Peru (Rep of) external 7s
Ry ref ext s 1 6s
Jan 1961 J J
7
7 Sale
73
4 48
,
8% 14
a5
1959 M 5
1612
7 4 814 8
3
73
Ext sinking fund tis_ _Sept 1961 M 5
7 Sale
7
5
1714
41
Nat Loan extls t es 1st ser 1960.3 0
55
8
63
312 145* •
8 76
5 8 Sale
7
External sinking fund 65_ _1962 M S
8
7
34
5
714 7
1712
48
Nat loan calls 1 65 2d ser_1961 A 0
334 1414 .
53
4
6
578 Sale
External sinking fund 6s.1963 M N
7 Sale
7
712 56
5
17
Poland (Rep of) gold 6s
8
60
7
4
1940 A 0 5914 613 593
525* 6212
Chile Mtge 11k 635s June 30 1957 .1 D
912 Sale
918
912 15
714 18
8614 193
Stabilization loans 1 7s.,,1917 A 0 85 Sale 84
5114 87
103
4
10
11
1158 29
S f 6. of 1926—June 39 1961 1 D
1
411
912 2012
External sink fund g 8s
7414 ,
6612 154 a 59
1950 J J 655* Sale 6514
918 Sale
Apr 30 1961 A 43
Guar a f 68
87
95* 45
8
612 173, Porto Alegre (City of) 8s
1912 Dec'33 ---,
912 30
17
20
1961 J D
1962 NI N
918 Sale
Guar s f (is
83
4
904 31
612 163
8
Extl guar sink fund 7348_1966 J J
17
83 30 2
4
,
9
19,2
1912 1914
1960 NI 5
6 Sale
Chilean Cons Muni° 7s
6
418 153 Prague(Greater City) 7348.1952 NI N 8318 95
67
8 23
8
7714 993 '
4
9
83
8312
Chinese(Hukuang By) 5s.._ _1951 J 13 --------25
25
5
12 r3114 Prussia (Free State) esti 635s '51 NI 5 423 Sale 413
28
4
4714 107
8
63%
2312 29
Coupon No 35 due Dec 15.1928 ____
18
18
1
19
2012
277
47
External a f 6s
25
1952 A 0 41 Sale 41
6112
_
_
_ _ _ _ 25 Nov'33 ____
Coupon No 36 due June 15'29
25
25
Queensland (State) extl e f 781941 A 0 9718 100
88 103
10012 18
97
Christiania (Oslo) 20-yr s f es '54 NI '5 iliis __--- 755 Nov'33 _-_,
'
75
90
25
-year external 6s
9212 Sale 92
78
95
9212 25
1947 F A
Cologne(City)Germany 63481950 NI 5 35 Sale 347
s
39
9
2214 573 Rhine-Main-Danube 7s A _ _ _1950 Si 5 5132 Sale 5012
3
533
8 5
35% 7112
0
Colombia(Rep)68 of'28_ _Oct'61
Rio Grande do Sul esti s 1 8s_1946 A 0 18
9
21
233
22
12
34
25
27
22
Oct 1 1933 and sub coupon,on. A 0 ____ 26
1612 49
External sinking fund es_1968 J D
818 31
39
22
1612 Sale 1612
2618 46
Apr 1 1934 and sub coup's on --------2512 2412
2412 3612
9
31
External s f 75 of 1926_ _ _ _1966 NI N
17 Sale 1612
225* 13
26
26'
4
'33 coup on)'61 .1 j 26
2614
2
Ester 6s (July 1
1614 4912
External s 1 7s munic loan_1967 .1 D
225 Dec'33 ---8
16
19
814 3014
25
_
267 25
8
2612 14
With Jan 1 1934 coupon on__
25
4014 Rio de Janeiro 25-year s f 8s_1946 A 0 1712 Sale 1618
183
8 41
9
2612
_-14
Colombia Mtge Bank 6%e or 1917 A0 14 Sale 14
6
14
36
External s f 615s
1812 15
63 26
8
1614 Sale 16
1953 F A
1312 Sale 13
135
8 11
Sinking fund 7801 1926_ _ _1946 M N
12
3712 Rome (City) call 6358
8
1952 A 0 86 Sale 8514
7812 927
8712 51
1212 17
1512 Nov'33 ____
1947 F A
Sinking fund 7s of l927
1512 3714 Rotterdam (City) esti es__ _1964 MN 10712 Sale 10112 10712 35 aSS12 116% ,
1952 J D 0613 Sale 613
4
4
64
Copenhagen (City) Os
11
59
7312 Roumania (Monopolies) 7s 1959 F A
6
2812 45
3312
27
8
3312 307
1953 M N 6014 Sale 60
607
8 25 a55% 691 Saarbruecken (City) 6s
25
-year g 4 34s
6534 20
1953 J J 6514 66
6514
7212 '
14 gale 1212
_1957 F A
143
4 46
Cordoba (City) ext1 s f
103 233 Sao Paulo(City) e t 8s__Mar 1952 NI N
4
4
8
2414
1018 25
241s Sale 2418
3212 3414 34 Dec'33 ____
7s_External Si 78_ __ _Nov 15 1937 Si N
243 40
4
External s f 6%s of 1927_ _1957 PA N
714 2412
2312 12
1834 21
21
3512
Cordoba(Prov) Argentina 731942 J J 355* 40
353
4
243 56
4
9
San Paulo (State) extl s f 8E1_1936 3 J
13
20
4
4
1418 32'4
183 Sale 183
Costa Rica(Republic)—
External sees 1 8s
1950 .1 J 15 Sale 143
1212 27%
4
1514 le
20
22
304 Dec'33
2312 30 4
7, Nov 1 1932 coupon on_1951 SIN
,
External s 1 7s Water L'n_1956 131 S 1212 1512 1312
15
,
3 all
267s ,
20 Sale 20
20
1
May 1 1936 coupon on..1951 ____
14
70
23
External s 1 6s
1988.3 J
8
1312 43
1318 Sale 125
918 281s '
4
4
5
7312
Cuba (Republic) 5s of 1904_ _1944 M 5 723 7512 723
68% 98 2
,
Secured s 1 75
5014 7414
1940 A 0 613 Sale 61 •
47
63
4
9214
8 a7914 9314 Santa Fe (Prov Arg Rep) 78_1942 NI S 183 1912 183
External 5s of 1914 ser A_1949 F A 92 Sale 92
1912 20
123 3014
8
4
4
6812 a70
4
1919 F A 683 74
45 a615 90
8
External loan 415s
Saxon Pub Wks(Germany)7,
'45 F A
6412 93
573 Sale 54
4
3812 773
79
76
7912 77
23
61
Sinking fund 534s Jan 15 1953 J J
8312
Gen ref guar 634s
1951 M N 473 Sale 4612
4
5212 56
3
,
05* 69 1
315s 88
Public wks 5155 June 30 1945.3 D 2718 Sale 27
27
6914 Saxon State Mtge Inst 7s
1945 J D 6312 Sale 6118
6512 24
52
7412
12
11 Sale 11
18
1959 MN
101s 223
Cundinamarca 034s
4
Sinking fund g 6%s_ _Dec 19462 D ____ 591 60
52
68
11
8
62
8614 30
773 9914 Serbs Croats & Slovenes 8s 1962 M N
4
Czechoslovakia (Rep of) 8s 1951 A 0 84 Sale 84
21 Sale 21
24
22
13% 267
s
8512 17
1952 A 0 84 Sale 82
77 100
Sinking fund 8s ser It
External sec 7$ ser 13
19.11* Sale 185
1962 M N
8
2014 26
1212 2412
4
87
97
75
Denmark 20
-year (nal es._ _ _1912 .1 .1 /285 Sale 833
93
All unmatured coupons on__ __ - ____ _-__ 1712 Dec 33 ____
1712 2212
8
85
87
1955 F A 8112 Sale 813
653 88
4
External gold 53.5s
Silesia (Prov of) WI 78
1958 .1
4912 Sale 49
40 a5014
503
4 70
8
6914 136
5814 77% Silesian Landowners Assn 68 1917 F A
External g 4 %s__Apr 15 1962 A 0 683 Sale 6812
38
41
39
4114 31
25 4 5012
,
rCash sale. a Deterred delivery. t Accrued interest payable at exchange rate of $4.8665. •Look under list of Matured Bonds on page 4342.
NOTE.—State and City Securities.—Sales of State and City securities occur very rarely on the New York Stock Exchange and usual y only at long Intervals, dealings
In such securities beIng almost entirely at private sale over the counter. 1316 and asked quotations, however, by active dealers in these securities will be found on a subsequent page under the general head of "Quotations for Unlisted Securities."
i- g1,
it
New York Bond Record-Continued-Page 2
4338
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 15.
.4.
11
Price
Friday
Dec. 15.
Week's
Range or
Last Sale.
541,
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dee. 15.
Dec. 16 1933
Price
Friday
Dec. 15.
Week's
Range or
Last Sale.
c4A
Range
Since
Jan. 1.
Bid
Foreign Govt. & Municipals.
Ask Low
High
High No. Low
High No. Low
Bid
Ask Low
High
Soissons (City of) met' 6s___1936 MN 140 151 141
142
2 100 15412 Chicago dr East III 1st 13s___1934 A 0 50
Oct'33
71
58
32
58
Styria (Prov) external 7s___1946 F A 52
5718 C dr E III Ry (new co) gen 58_1951 MN 101 : Sale 104
524 Dec'33
54
45
21
81
12
le
8
33 20
4
Unmatured coups attached__ F A
4218 May'33
912
4
424 424
_
Certificates of deposit
9
9 12
Sweden external loan 5148_1954 M N 1651 gale 10912 110
2
88 110
117
Chicago & Erie 1st gold 5s_ __1982 MN 92 Sale 391
923 1108
3714 1
2
8212 99
Switzerland Govt extl 6M8__1946 A 0 156 Sale 1537
15612 71 $1024 170
Chicago Great West 1st 48_1959 M S 3412 Sale 34
20
504
Sydney (City)s 530
1955 F A 78 Sale 78
Chic Ind de Loulsv ref 6s--_ _1947 J J 43
80
7
1 28
66
8214
__ 45 Dec'33 _ _
604
Talwan*Elec Pow s f 510_1971 J .7 615 63% 6312
8
Refunding gold 5s
6312
2
334 a70
1
40
1947 5 3 40 -49
40
39
53
Tokyo City 55 loan of 1912_1952 M S 72 Sale 7114
72
74
Refunding 49 series C
12
26
19473 1 34
3912 55 Auer 33
33 57
Externals t 5 Ms guar_ _1961 A 0 61% Sale 604
1st & gen 58 series A
634 48
2512 21
3312 73
1966 MN 2512 Sale 245
9
48
Tolima (Dept of) eat' 78_ __ _1947 MN
8% 14
812
1St & gen 6s series 13.May 1966.1 3 2614 30
87
s
5
8
18
12
54
2512
2512
5
Trondhjem (City) 1st 534s_1957 M N 6314 7812 68 Dec'33
81
844 Chic Ind & Sou 50
Oct'33
-year 4s
1956 1 J 68
70
80
8112 7811
Upper Austria (Prov) 7s
1945 3 D 6014 --__ 6012
6114 11
454 6212 Chic L 5 dr East ist 4 Ms_
1969 1 D 87
99 993 Nov'33
941$ 10314
4812
Externals!6 Ms_June 15 1957 J D
50
Chi M de St P gen 45 ser A 1989 J J 58 Sale 55
3
4112 r56
58
28
38
73
36
36 Sale 36
2 2113 5018
Gen g 334s ser B_May 1989 5 .1 54 Sale 54
Uruguay (Republic) cal 88_1946 F A
54 18
5
35
64
Feb 1 1934 dr subs coup att-3312 36
35
36
Gen 4 Ms ser C
6
297 36
61
102
May 19893 5 5912 Sale 5812
40
7712
34% 19
1513 404
External f 68
3318 Sale 3018
Gen 4 Ms ser E
1960 W1
8 51
May 1989 5 J 594 Sale 5814
603
40
77
3018 Sale 3018
May 1934 coupon on__ _1960
Gen 455ser F
32
37
26
36
May 1989 J J ____ 6478 65 Nov'33 ____
79
38
External s f 68_ __ _May 1 1964 M N 3318 Sale 334
3412 44
163 404 Chic Milw SIP & Pac 5s A__1975 F A 3718 Sale 37
4
11
5912
May 1934 coupon on
304 Sale 3034
1984
32
3212
Cony ad) 58
16
28
Jan 1 2000 A 0 $133 Sale 133
39'4 121°
15
673
4
314 313
4
Venetian Prov Mtge Bank ,7s '52 A 0 11012 Sale 11012 11012
94 11012 Chic dr No West gen g 3348A987 MN 53 Sale 52
2
5312 18
62
34
Vienna (City of) eat'8 t 6s.._1952 M N
General 45
565 Sale 56%
8
574 10
525 6818
8
1987 M N
5712 Sale 564
5712 38
30
7012
45
45
Unmatured coupons attached_ M N
Stpd 45 non-p Fed inc tax '87 M N
1
434 534
5714
6
_ 5614
69
38
Warsaw (City) external 78_1958 F A 5114 Sale 51
5212 33
35
5212
Gen 433s stpd Fed Inc tax.1987 MN 61
Oct'33
57--14 68
66
47
73
8
Yokohama (City) extl 6s
1961 J D 3667 Sale 66
Gen 5s stpd Fed Inc tax..., 1987 MN 704 Sale 674
68 2 19
,
357 74
71
24
40
824
4 Ms stamped
1987 MN -------- 56 Sept'33 ---56
56
16-year secured it 8Ms
Railroad.
7713 74
1936 M 5 73
435 923
s
4
90
86 Dec'33 _
Ala Gt Sou 1st cons A 58.„1943 J D 83
1st ref g 55
75
9412
May 2037 J D 4412 Sale 44
56
15
_ _
74 Nov'33 _--1st cons 48 ser B
let & ref 410 stpd May 20373 D 393 Sale 39 . 46712 365
1943.1 D 77
8
12
60
83
472
15
4712
87 - 85
-3
Alb dr Susq let guar 3%23_1946 A 0 87
4
85
1
1st & ref 4 Ms ser C May 20375 D 387 Salo 387
78
9014
4212 40
8
8
48
15
7812 62 Dec'33
Alleg de West 1st gu 4s
1994 A 0 63
a62
7712
Cony 4 Ms series A
44 444
1949 MN 303 Sale 30
32 663
4
Alleg Val gen guar g 4$
9618 964
961s
1942 m S 96
4
89
987
8
44
324 Dec'33
Ann Arbor 1st g 4s_ _ __July 1995 Q .7 31
Chic R I dr P Ry gen 48
224 45
49
48
5012 87
1988 1 J 46
42
7012
Atch Top & Fe--Gen g 48_1995 A 0 9212 Sale 91
93 -2/0
A 0 19 Sale 1834
823 9718
4
2112 383
39
16
85 Dec'33
A 0
Refun°19ggold4s_ ___
Cert111cates of deposit----------18
Registered
8412 94
2012 20
2012
6
16
25
855 --io' 37412 89
8
Adjustment gold 48__July 1995 Nov -85E8 Elie 8312
Secured 4 Ms series A
1952 ,
2212 109
38
2114 Sale 21
16
8
8512 17 37518 90
Stamped
July 1995 m N 8412 Sale 837
Certificates of deposit
1914
2
15
.., 194 __ _ 1914
19'4
M N --- --- 85 Nov'33
Registered
Cony g 435s
90 Salo
83% 85
1 114 237
6
28
1960 1 - N
•1
912
Cony gold 4s of 1909-__1955 3 D ____ 7912 8014
8014
Ch St L & N 0 5s__June 15 1951 .1 D 72
1
73
84
72
90
83 83
83
1
8012 18
Cony 43 of 1905
1955J D 8014 Sale 8014
Gold 310
72
86
1931 1 D 58
June 15
634
6312 Sept'33
63
80 Dec'33 ____
Cony g 4e issue of 1910
73
1960 J D 7812 81
81
Memphis Div let g 48____1951 J D 59
3
.
4
59
46
7214
Cony deb 43s
96
1948 .1 D 953 Sale 94
Chic T H & So East 1st 58..1960 5 0 54
58 079 102
58
55
38
7314
84 8114 Dec'33 ____
78
Rocky Mtn Div 1st 4s_ _ _1965 J .1
87
Inc gu 55
Dec 1 1960 1.1 5 4412 S xle 4112
59
29
46
55
116
3
14% 64%
4
94
Trans
-Con Short L 1st 48_1958 .1 J 9312 Sale 903
20
89
9912 ChM Un Sta'n let gu 4348 A_1963 J 3 101 Sale 9814
102
47
91 102
Cal-Aria 1st & ref 414s A_1962 M S 92 Sale 897
92
let 58 series B
11
8714 99
1963.1 J 10412 ____ 104
104
5
95 1064
80 1051 10312 Feb'31 ___
ALI Knox & Nor lst g 58_1946
9714
557
8 35
Guaranteed g 5s
1944 J D 9714 Sal
92% 10312
75
91
9114 Nov'33
AU& Cheri AL lst 4 Ms A_ _1944 J J
1st guar 6Ms series C_ _ _1983. 1 111 11314 111
914
-ii- - 17
8
11212
9 1033 114
let 30
Chic &West Ind con 4s
-year 5s series B_ _1944 J .1 87 Sale 87
8712 6712 98
"
7312 33
1952 .1 .1 7212 Sue 7114
59% 804
7412 Oct'33
55
Atlantic City lst1cons 4s_ _1951 J J 6512 75
754
let ref 510 series A
1962 M S 87% Sal) 8312
873
4 18
6612 95
Atl Coast Line let cons 45 July'52 M S 81 Sale 80%
8214 "i5 66 913 Choc Okla & Gulf cons 5s_1952 M N 44 Sale 41
"
44
25
40
83
1964 J D 7314 Sale 7118
General unified 45s A
743
4 38
8212 Cin II dr D 2d gold 4 Ms
51
1937 1 J 9012 ___ 905 Aug'33
8
90%
85
73
L N coil gold 48____Oct 1952 MN 6812 Sale 68
52
45
7434 C I St L & C 1st g 48_ _Aug 2 1936 Q F
9712
92
9818
7
99%
39
Atl & Dan 1st g 48
19483 J 371 39 39
3
134 52
Registered
August 2 19313 @ F.. 88% Au t 33
8 c 94
.
_
oerr:3 3
94% 94%
33
33
33
2d 4s
.1 30
13
3
50
1948
Cln Leb &Nor let con gu 48_1942 MN
75
88
82
47
37 Dec'33 ___
ALI & Yad let guar 48
1949 A 0 40
CM Union Term 1st 434s_2020 J .1 101 Sale 10012 101
53
4
20
93 102
78
75 Nov'33-Austin dr NW let gu g 58_ _1941 J J
let rntge 58 series B
844
2020.1 1 1017 10412 10414
8
105
7
75
9612 107%
Bait & Ohio let g 48.__July 1948 A 0 87 Sale 864
87% -112
lst mtge g 58 series C
1957 MN 1040 Sala 10418
1040
54
74
923
4
9614 107
86
803 Nov'33 ____
Registered
Clearfield & Mali 1st gu 58_1913 1 J 76
July 1948 Q .7 _
__ _ 7812 Oct'33
86
72
72
784
4
69
Refund & gen 5s series A.1995 J D 873 Sale 66
133
75
28
334 7612 Cleve Cin Chi & St L gen 45_1993 1 D 72 511) 72
85
(35
1st gold 58
July 1948 A 0 9718 Sale 95
General 5s series B
Oct'33 __ _ _
1993 1 D _ ___ 93 93
9711 156 3794 101
85
96
7812 112
Ref dr gen es series C
19953 D 76 Sale 7312
Ref dr (rapt Os ser C
7712 25
3712 83
1911 J J 7718 S113 7314
82
49
P LE dr W Va Sys ref 48_1941 M N 83 Sale 8214
83
Ref &!mot 5s ser D
13
70%
6
6112 sna
1963 1 1 69 Sib 69
47
8212
Sale 81
1950 J J 81 S
Southwest Div let 5s
83
101
Ref & inapt 4 Ms ser E_
66
91
55
89
1977 .1 J 62 Sala 62
37
7712
67 Sale 6618
Tol & CM Div let ref 48 A.1959 J
6812 35
Cairo Div 1st gold 4s
91
1
4512 74
1939J . 88
7
85
95
93, 91
4
Ref & gen 58 series D_ _2000 M S 671e Sale 65
1
6812 51
3434 75
Cin W & M Div 1st g 48_1991 .1 1 644 68
65
65
58
77
Cony 4 Ms
1960 F A 5614 Sale 56
St L Div let coil tr g48_ _1990 NI N 69
5 , 398
82
71
15
71
6812
2512 67
66
80
68
Ref & gen M 58'ser F
1996 M S 66 Sale 64
Spr & Col Div 1st g 4s
89 Dec'33 _ _ _ _
259
54
1910 3.1 S 88
94
694
8.5
93
10212
Bangor dr Aroostook let 5s 1943 J J 102 Sale 102
9
W W Val Div 1st g 45___ _1910 5 1 5818 737 7312 Sept'33 _ _ _
88 10212
8
72
76
60 75
75
Con ref 4s
1951 J
4
8
85
C C C& I gen cons g 8s
8
100
7
84
1031 1 J 997 10074 a997
964 101%
Battle Crk & Star let gu 35_1989 J D ___ 90 60
Cleveland & Mahon Val g 5s 1938 1 .1 87
99
87 Nov'33 ___ _
82
60
804 90
88
9212 90 Nov'33--Nov'33 ___-_
Beech Creek 1st gu g 4s.._ _1936 J
M N
Clev & Mar 1st go g 4 Ms_ _1935
99 Nov'33
93
80
97
99
8912 Sept'33 --2d guar g 58
19363 J
A 0 100
98 June'33
894 9212 Clev de P gen go 4345 ser B_
9814 98
70 Sept'33 _--:
Beech Creek ext let g 3Ms 1951 A 0 6614
Series B 3348
Jan'33
194/ A 0 8814 --- 88
71
66
86
86
94
Belvidere Del cons gu 33.s..1943 J J
100 A04: 3
8114 De 3
3
Series A 4 348
2
18 8 :1
1 11
96 10113
91 Dec'33
Big Sandy let 4s guar
1944 J D 85
-ii 9712
.
4
Series C 334s
85
84
91
-------- 83
Boston dr Maine let 58 A C_1967 M S 69 Sale 67
6912 86
Series D 3)48
Oct'32
53
83
1977 F A
9 0
5
70
__
lst M 5s series II
1955 M N 70 Sale 87
91 Sept'33 -- -oi" 91
Gen 410 ser A
8
8 ;
78 8
32
44
5
1st g 4yis ser JJ
1981A 0 66 Sale 6313
68
Cleve Sho Line let gu 410_1961 A 0 -73- ---- 75
82
2976
75
11
7087
Boston & N Y Air Line lst 491955 F A 532e Sale 52
533
8 11
8
8812 Cleve Union Term 1st 534s_1972 A 0 8434 Sale 843
8612 25
52
8012 90
893
843 9412
Bruas & West 1st ICU g 4s 1938 J J ____ 887
let s 1 55 series B
1973 A 0 8412 S tie 8012
85
63
' - _54
8612
Buff Roch dr Pitts gen gs5s._1937 M S 955 98 98 12 Nov'33 ____
1st s f guar 434s series 0.1977 A 0 7518 Sal) 7318
76
85 10012
42
4914 773
4
333 6758 Coal River BY 18t go 4.9
Consul 4 Ms
60
56
1935 1 D 88
1957 M N 5818 Sale 58
____ 9212 Oct'33
8812 934
797 162
Burl C R dr Nor 1st dr coll 58_1934 A 0 36 Sale 36
38
25
2634 7013 Cob & South ref & ext 4145.1935 M N 7812 Sale 7812
4
6712 943
_ _ 29 Nov'33 ___
General mtge 434s ser A-1980 M N 6214 Sale 6213
Certificates'of deposit
29
35
64
60
47
77
887
7878 97
Col & H V 1st ext g 45
Canada Sou cons gu 5$ A___1962 A 0 88 Sale 8614
e 51
1918 A 0 943 ____ 954 Nov'33 ____
4
8518 97
9313 ____ 93 Dec'33 ____
8
8
98% 36
1955 F A
Canadian Nat guar 4 Ms_ _ _1954 MS 983 Sale 977
7914 10014 Col & Toilet ext 4s
90
95
3 10112 Conn & Passum Riv 1st 45_1943 A 0
9818 Sale 9778991468
30
-year gold guar 4 Ms_ _1957 J
79
-__ 77 June'33 ____
77
77
Como'Ry non-conv deb 48_1951 1 J 5040
8
45
Guaranteed gold 4 Ms__ _ _1988 J D 993 Sale 9812 100% 79
4418
793 105
4418 15
38
6014
104%
Non-cony deb 4s
10614
1955 1 J
Guaranteed g 53
72 38412 103%
July 19693 3 10514 S.1.10
Aug'33 __ _ _
62
40
Non-cony deb 4s
1955 A 0 --------5350
10614 122
____
84 1043
4
4612 Sept'32 _
Guaranteed g 5s
Oct 1969 A 0 10518 Sale 1047
4 108
Non-cony deb 45
1958 1 3 _- 48
Guaranteed g Ers
1970 F A 10514 Sale 1043
17 3843 104%
497g S3'
s
504 Oct'33 ___
10314 62
8
1942 1 D 2418 Sib 2014
Guar gold 44‘s__june 15 1955J D 10214 Sale 102
80 4 1055 Cuba Nor Ry let 5345
3
2418 24
41
10
Cuba RR 1st 50
-year 5s g_1952 J 3 2012 Sale 20
8
Guar g 4 Ms
10112 151
80 103
1956 F A 9912 Sala 993
21
31 3134 41%
let ref 7345 series A
4 1015 173
8
798 10512
1936 5 0 20 Sale 20
Guar g 449
Sept 1951 M S 100 Sale 993
23
8
1318 41
let lien & ref Os ser B
4
10534 71
1936 5 0 16
Canadian North deb sI 75..1940 3 D 1043 Sale 10414
963 107
4
22
23 Dec'33 _ _ _ _
34
11
44
9112 112
109
25
-year s f deb 6 Ms
1946J .1 1087 Sale 108
e
4
1024 38
90 10314 Del & Hudson 1st de ref 43._1913 MN 784 79
10-yr gold 4 Ms_ _Feb 15 1935 J J 102 1023 1017
79
67
8912
5s
623 188
59 Sale 5812
4
49 r70
1935 A 0 9418 953 9413 Nov0 __4
Canadian Pam Ry 4% deb stock4
8 33
'
_!
91
99 2
,
Gold 5148
78
7612 Sale 7612
38 a55
8312
Coll tr 4348
1937 M N 9212 95
92
1946
9712
923
4
4
79
D RR & Bridge 1st gu g 48_1938 F A 9614 ____ 96
8
9912 77
513 equip tr ctfs
19443 J 99 Sale 987
8012 100
.. _ _
96
96
8612 85
1936 1 J 44% Sale 40 Sept'33- 121 32811 66
Coll tr g 58
l934J D 79 Sale 79
5812 9012 Den & 12 GI 1st cons g 4s
Dec 1
4718
Consol gold 434e
723
8 80
71 Sala 71
5312 8012
1938 1 J 46 Sala 427
Collateral trust 4 Ms__ _1960 S J
47
:38
27
6712
Den dr HG West gen 5s Aug 1955 F A
22
22
1
15
22
2212 35
Car Cent 1st cons g 45
1949
84 52
194 Sal) 1912
213 312
5
9612
Ref & impt 55 ser B._Apr 1978 A 0 267 Sale 2612
5
D 9512 973 9513
80 10034
8
Caro Clinch &01st 30-yr 55_1938
60
8
283
4 71
11
99
Dos M & Ft D let go 4s__ _1935
9212 91
9212
5
88
lst&consg6sserA_Decl5'52J D 91
Oct'33
68
1384
Certificates of deposit
Cart & Ad 1st gu g 48
53
1 5
19813 D 6014 75
2% 7
25
4
1
33
4
234
31
2
Des Plaines Val lst gen 410.1947 M 5 60
24
60
69%
Cent Branch U P 1st g 4s_ _1948 3 D 2912 Sale 2812
45
65
68
Oct'33
4518 12
32
64
Del & Mae let lien g 48
4218 42
Central of Ga 1st g',58__Nov 1945 F A 42
1955 J D
33
4014
37 Sept'33 __ __
2218 14
Second gold 4s
N
2214 20
3. 4118
4
Consul gold 55
20
9
1995 1 D
___ 2818 30 July'33
30
1945 M
25
Detroit River Tunnel 430_1961 M N -75
1114
143
4 82
3
28
Ref & gen 5Ms series B 1959 A 0 1418 15
91
8412
1
75
85
8412
14
95
212 273 Dul Missabe & Nor gen 58_1941 1 J 1023 _- - 10314 10314
8
Rel. & gen 5s series C__ _ _1959 A 0 13 Sale 11
2 1011s 104
4
Dul de Iron Range let Ss__ _1937 A 0 1o238 Sale 102
15
33
1712 Nov'33 ____
Chatt Div per money g 48_1951 3 D 18
30
99 1057
8
10212 12
Dul Sou Shore & Atl g 5.1._1937 3 J 24
35 July'33 ____
35 35
Mac & Nor Div 1st g 58_1946
39
J
12
27
233
4
233
1
28
28
Mid Ga dr At! Div pur m 55'413 J "iii Ii" 28 July'33 ___
East Ry Minn Nor Div 1st 48'48_ A 0 ____ 91
Oct'33 ____
24
35
28
28
84
93
Mobile Div lstg5s
19463 J
91
Dec'33
7412 East T Va dc Ga Div let 58..1956 51 N 8412 87
55
98
Cent New Engi 1st gu 4s__ _ _1961 3 J 61
60 Nov'33 ____
66
Dec'33 _ _
. 65
81
4912 Dec'33 ____
663 Elgin Joliet & East 1st g 53....19, 1 M N 90% 9412 90
8
Cent RR & Bkg of Ga coil 5.1 1937 M N 46
52
25
1
783 98%
4
90
3
9218
72
92
3
82 1024 El Paso & SW let 55
Central of N J gen g 58
8
61
1987.1 J 925 93
1965 A 0 65
Feb'33
_ _ _ 61
91
750 914 Erie & Pitts g gu 3348 ser B_ _1910 J .1 873 - _ _ - 90 A0t:33
90
General 4s
1987.1 J
5434 777 8512 Oct'33 ____
81
Oc8 33
4
8312 8312
series c 3SO
Cent Pac 1st ref gu g 4e___1949 F A 74 Sale 74
7612 114
881 90
8
1940 J 1 873
4
Erie RR 1st cons g 48 prior_1996 1 J 75 dile
70
15
6312 87
6712 85
Through Short L lst gu 4(3_195 A 0 69 Sale 69
4
61
45
80
Registered
66
7814 7814
Guaranteed g 5s
1980 F A 65 Sale 63
07 2 71
73
'
-0
0 78:11
. -6_ 38 80
5 _5_ 80 848 Aug513 -71
__
lst consol gen lien g O....19 9 15
4013 74
10414 111 June'31 ___ ___
Charleston & Sav'h 1st 76_1936 J J
99
6
106
44 al00% 1071
41
57
Ches & Ohio 1st con g 5.9._ _1939 MN 10514 Sale 105
- ;
Registered
Penn coil trust gold 48_1 9 6 5 A -9
99 100
Registered
10314 Oct'33 ____ 10112 105
3
1989 M N
9
1951 F 5 -6- . --1- 99 5uo 9:33 -_-_-_-_
9 2 57 N nv 3
9
8758 10414
50-year cony 4s series A......1953 A 0 6012 Sale 583
10012 140
304 68
General gold 410
604 21
1992 M S 9914 Sale 93
4
Series B
19
Registered
9012 9812
30% 67
m S
9812 Oct'33
61
1953 A 0 6012 Sale 59
40%
Gen cony 48 series D
40
89% 13
80
Ref dr'mot 4 Ms
9534
1993 A 0 8812 Sale 8822
1953 A 0 _ __ 61
40 Mar'33
20% 87%
Ref dr impt 4 Ms-rfer B._ 1995 J .1 8812 8914 8712
79
96
Ref & Rapt 5801 1927
313
897
8 82
60
8
1967 M N 50l4 Sale 573
2012 87%
Craig Valley 1st-5s_May 1940 J .3 25
90 100
Ref & impt 5501 1930
4
98
993 Dec'33 ____
4
1975 A 0 570 Sal) 5734
694 540
SI 10212
Potts Creek Branch 1st 48_1946 J J 80-- 85 Nov'33 ____
81
89
Erie &Jersey 1st s 1 Os_ 1953 J 1 92
9412 26
9413 9234
75 102
R & A Div 1st'con g 48_1989 J J 89 160 92
2
843 100
4
Genessee River Isle t 65..1957 J J 9314 9512 9213 Dec'33 -9212
15
40
2d consul gold 4s
5
Oct'33 ____
83
9012 Fla Cent & Pen 1st cone 5 5s 1913 .1 J 2514 3914 297
8
30
1989 J .7 8418 87
88
93 93
Florida East Coast let 410.1959 J D 4834
3
3412 63
Warm Spring V 1st g 5a_ _1941 m S _ _ 9913 93 May'33 ____
48
48
3
15
103
88
21%
49
30
584
let & ref 58 series A
Chic & Alton RR ref g 3.1_1919 A 0 ig
51
4814
-1974 M S 11 (411e
2
21
Chlo Burl dr Q-III Div 3348.1994 J J 8912 Sale 8734
8912 38 .80
91
Certificates of deposit ______ ____
1114 12
94
812
1352
12
9613 51
8712 9914 Fonda Johns & Glov 1st 4 Ms 1952
Illinois Division 48
1949 J .1 96 Sale 94
4%
General 4s
1958 M 5 907 Sale 904
78
Proof of claim filed by owner- M N
8
9134 68
9534
434 912 64 Nov'33
913
1977 F A 85 Sale 83
68
9214
8512 94
(Amended) let cons2-48..1982
lst & ref 4 Ms ser B
4
5
1971 F A 94 Sale 914
57
7614 10012
Proof of claim tiled by owner MN
94
34 312 4 Dec'331
Ist dr ref 5s ser A
-- -_1942
7
.7
r Cash sale. a Deferred delivery. •Look under list of Matured Bonds on page 4342.
New York Bond Record-Continued-Page 3
. .i V
BONDS
N. Y. STOCK EXCHANGE
t
Week Ended Dec. 15.
....z..
Price
Friday
Dec. 15.
Week'sRange
Range or
.
g
Since
Last Sale.
ej
Jan. 1.
Ski
Ask Low
High No. Low
High
Fort St U D Co let g 1 Ns__1941 1 J --------87 Nov'32 ___ ____
_ _
Ft W de Den C 1st g 530-1961 .1 0 964 Sale 9614
9614
2
88 - 99
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 15.
Price
Friday
N ,... Dec. 15.
Rid
Ask
Milw & State Line lit 330._1941 1 . 60
1
71
Nlinn & St Louis lit cons 53_1934
CHB of deposit
1934 SI N
13 Sale
4
lit dc refunding gold 43
1949 M S
23 Sale
4
Ref & ext 50-yr 5s ser A
114
1962 Q F
4
Certificates of deposit
Q F
13 Sale
4
M St P & SS NI con g 45 lot gu '38 J J
33 Sale
1938.1 . 32 Sale
1st cons 58
1
1st cons 58 gu as to Int
1938 J 1 4112 Sale
lit & ref Is series A
1946 1 1 1618 2778
25-year 5348
1949 M S 163 20
4
1st ref 534s ser 13
197 J . 58
8
1
61
1941 MN
lit Chicago Term it 48
8012 ____
Mississippi Central 1st 5s
1949 J -1
75 ____
Ga & Ala Ry lit cons 58 Oct 1945.1 1
11
1314 10 Dec'33 ____
518 27
Ga Caro & Nor lit gu g 581929Extended at 6% to July 1 1934 .1 -1 18
287 2618 July'33 ____
8
18
2618
Georgia Midland let 3s_ __ _1946 A 0 35
46
39 Nov'33 ____
2312 50
Gouv & Oswegatchte let 5s__1942 J D --------100
Jan'31 __ _
. ---_
Gr R & I ext Mau g 4343_1941 J J
93 Nov'33 ____
84
_--4
963
Grand Trunk of Can deb 7s_1940 A 0 10412 Sale 10412 10514 62
963 10612
4
1936 M 5 1015 Sale 1015
15-year if 6s
8
8
10212 59
933 10412
4
Grays Point Term lit 5s.....1947 J D
96 Nov'30 --__
_
Great Northern gen 78 serA _1936 J .1
833 Sale 823
4
4
853 150 ------4
4514 9014
7412 Sale 7414
196I J J
lit & ref 4 N 8 series A
753
8 91
683 87
4
1952 J J
General 5 Ns series B
7514 Sale 7414
76
46
39
83,
2
1973 1 J 69 Sale 68
General 5s series C
4012 773 Mo-Ill RR 1st Ss ser A
7118 26
1959 1 J
General 4348 series D__1976 .7 1 6512 6818 654
693
4 58
37
74
Mo Kan & Tex lit gold 4s_ _1990 1 D
1977.1 1 6814 Sale 6518
General 434s series E
70
98
34
74
Mo-K-T RR pr lien 55 ser A_1962 J J
Green Bay & West deb ctfs A____ Feb 2318 _ __ 30
Oct'33 ____
29
32
40
-year 48 series Il
1962 1 J
Feb
Debentures ctfs B
512 8
6 Nov'33 _
314 10
Prior lien 43s ser D
1973 1 .1
Greenbrier Ry Ist gu 4s
1940 SIN
89
_-__ 90 Sept'33 ____
884 90
Cum adjust Si ser A_Jan 1967 A 0
Gulf Slob & Nor lit 5 Ns 73.1950 A 0 637 Sale 62
8
2212 68
Mo Pac 1st & ref 55 ser A_1965 F A
6512 19
1950 A 0 593 Sale 58
1st mtge 5s series C
4
617
8
7
23
661
Certificates of deposit
61
55
55
Gulf & S I let ref & ter 5sFeb 1952 J .1
55
3
42N 55
General 43
1975 M S
Stamped (July 1'33 coupon on) 1 2 55
___ 55
55
2
4014 56
lit & ref 58 series F
1977 M 13
Certificates of deposit,_-_
95
Hocking Val lit cons g 4348_1999 J 1 9612 99
84 10012
lit de ref Ss ser G
9712 26
1978 Fq -N
Housatonic Ry cons g 58
1937 NI N
71
85
85 Nov'33 ____
75
90
Cony gold 55s
1919 M N
H & T C 1st g Is lot guar_
l937 J 1 965 100
8
9714
9714
9
8512 9714
1st ref g Is series H
1980 A 0
Houston Belt &'rerm 1st 5s_1937 J 1 90
95
91 Nov'33 ____
78 100
lit & ref 58 ser I
1981 F A
Hurl & Nfanhat lit Riser A 1957 F A
73 Sale 6512
7318 71
63 4 887 Mo Pac 3d 78 ext at4% July 1938 MN
3
8
Adjustment Income 58 Feb 1957 A 0 313 Sale 314
4
27
5934 Mob & 13ir prior lien g 53_1945 i 1
3312 119
Small
J 1
Illinois Central 1st gold 48_1951 1 .1
9214 100
92
1
7812 92
92
1st 51 gold 45
1945.1 1
7938
1951 J .1
1st gold 35s
785
8
7858
2
7612 30
Small
1 1
1951 A 0 7918 ____ 78 Nov'33 ____
Extended lit gold 3 yis
72
80
Mobile & Ohio gen gold 431938 M 5
1st gold 38 sterling
1951 M 9 66
____ 73 Niar'30 ____ ____
___
Montgomery Div 1st g 53_1947 F A
1952 A 0 67 Bale 67
Collateral trust old 4s
69
52
50 78
Ref de Inapt 43s
1977 M 5
1955 SIN
Refunding 48
7112 Sale 673
4
7112 104
45
80
Sec 5% notes
1938 M 5
1952.1 J _ __ 6234 59
P
Purchased lines 3 Ns
es
55
60
59
8
Mob & Mal lit au gold 4s_ _ _1991 NI 5
Collateral trust gold 43.-.1953 M N
64 Sale 627
37
40
6918 Mont C lit gu Os
8
65
1
1937 J RefundIng 58
1955 M N
7313 78
74
5218 88
7512 39
1st guar gold 58
1937.1 1
15-year secured 6 Ns g__ _ .19362 J 863 89
8
86
86
1
8018 9414 Morris de Essex lit gu 333_2000 J 0
62 sale 5912
40-year 4 N s
Aug 1 1966 F A
6214 149
30
73
Constr NI 53 ser A
1955 M N
78
1950 J D
Cairo Bridge gold 4s
78 Nov'33 _
5012 85
Constr NI 4348 ser 13
1955 MN
Litchfield Div let gold 33_1951 i --------7358 Aug'33 __ _
58
733
8
Loulsy Div & Term g 3Ns 1953 J J
s
70
70
IS 58 73 Nash Chatt & St L 438er A...1978 F A
Omaha Div lit gold 3s___ _1951 F A ______ 63 Nov'33 ____
8818 N Fla & S 1st gu g Ss
58
1937 F A
St Louis Div & Term g 33_1951 .1 J
7058 62 Nov'33 ____
53
7012 Nat Ry of Mex or lien 4 Ns_1957 J 1
Gold 33s
1951 -I .1
_ 80
65
1 62 74
65
Assent cash war rct No 4 on - _2
Springfield Div 1st g 3343_1951 J J 65
75 Aug'33 ____
75
75
Guar 48 Apr '14 coupon 1977 A 0
Wtern Lines 1st g 48_ _1951 F A
Wes
66
W3 80 se/A.33 ____
4
853
4
Assent cash war rct No 5 on ---III Cent and Chic St L de N- 0
Nat RR Mex pr lien 4 Ns Oct '26
Joint 1st ref Si series A
1963 J D 6718 Sale 66
69
77
387 7412
8
Assent cash war rct No 4 mil- r
lit & ref 4343 series C
1983 J D 62 Sale 61N
37
69
1st consol 4s
72
64
1951,A -0
Assent cash war rct No 4 mit- Ind l m &West let ext 48 1940 A 0 71
___ 8912 Oct'33 ____
8913 9278 Naugatuck RR lit g 48
1951 M N
Ind III & Iowa lit g 4s
1950 J .1 57 80
72 Nov'33 ____
72
85
New England RR cons 53
1945 J 1
Ind dc Louisville lit gu 4s__ _1956 .1 .1
3812 42
5478
40
40
10
27
Consol guar 45
1945.1 1
Ind Union Ity gen 5s ser A 1965 J .1 9612 100
9812 Dec'33 ____
N J Junction RR guar 1st 4s 1988 P A
85 101
Gen & ref Si series 13
1965 1 .1 --------100
85 100
NO & NE lit ref&Impt 4345 A '52 . J
Oct'33 ____
1
Int & Grt Nor 1st 68 ser A
lot
1952 .1 J 31 Sale 31
327 110
184 5412 New Orleans Term 1st 4s
8
1953 J J
Adjustment 68 ser A_July 1952 A 0 103 Sale
4
25
1114 229
3
84
NO Tex & Mex n-c Inc Ss 1935 A 0
1st Is series 13
1956.1 J
27 Sale 2512
28
49
16
50
1st 55 series B
1954 A 0
lit g 5s series C
1956 J J '267 Sale 264
8
28
34
16
4912
1st 5s series C
1958 F A
lot itys Cent Amer 1st 5s B 1972_ M N 50 Sale 50
505
8 12
334 6512
1st 4 Ns series D
1956 F A
lit coll trust 6% g notes 1941 M N 497 51
8
50
5118 10
37
6118
1st 5348 series A
1954 A 0
lit lien & ref 634s
1947 F A 437 50
8
4378 Dec'33 ____
25
55
N & C Bdge gen guar 4 348 1945 J J
Iowa Central lit gold 521._1938
N Y B & M 13 1st con g 5s 1935 A 0
Certificates of deposit
J D
4
43
4 35
38
5
1
2
10
1st & ref g 48
134 Sale
1951 M S
13
4
13
4
4
1
6
N Y Cent RR cone deb 68._1935 M N
Consol 4s series A
1998 F A
J81119139 Frank & Clear lit 48_1959 J D 6612 681 683
4
683
4
1
60
75
Ref & Impt 4348 series A 2013 A 0
Kal A & G R lit gu g 5s
1938 J -1 -- - --- 103 Mar'31 ___ ____
__
Ref & inlet Ss series C
2013 A 0
Ran & NI lit gu g 4s
1990 A 0 66 75
73
73
4
60 -76
NY Cent & Hud Illy M 33431997 J J
K C Ft 9 & NI fly ref g 43_1936 A 0 3412 Sale 34
3013 6112
3512 83
Registered
1997 J J
Certificates of deposit__ _---- A 0 3314 35
30
333
4 52
29
5712
Debenture gold 43
1934 M N
Kan City Sou let gold 3sIOlO A 0 61 Sale 60
623
4 93 a48
6712
30-year debenture 4s
1942 J J
Ref & Impt 513
Apr 1950 J J 65 Sale 6418
6612 34
47
80
Ref & Impt 434s ser A_ _2013
Kansas City Term lit 48_ __1960 J .1 9114 Sale 00
92
85
83
96
Lake Shore coil gold 3343.1998 ,--A
F
Kentucky Central gold 4s _1987 .1 -1 8814 Sale 88
8814
2
7414 93
Registered
1998 F A
Kentucky & Ind Term 4343_1961 J J 65
80
84 Aug'31 ____ _ _
_
Mich Cent coil gold 3348 1998 F A
Stamped
1961 J J 65
80
75 June'33 _
ii i
1998 F A
Registered
Plain
1961 1 J --------89 Apr'30 ___ ____ ____ N Y Chic de St List g
43
1937 A 0
Refunding 5343 series A 1974 A 0
Lake Erie & West 1st g 58
1937 .1 J
75
85
77
80
3
58
93
Ref 4 Ns series C
1978 M 5
2d gold 513
1911 .1 J
55
743t 51
61
11
55
7813
3-yr 6% gold notes
1935 A 0
Lake Sh & Mich So g 3.10_ _1997 J I
80 Sale 793
4
81
23
713 874 NY Connect 1st Cu 4348 A_1953 F A
4
Registered
1997 J I --------82 Nov'33 ____
7212 83
lit guar Si series B
1953 F A
Lehigh & N Y 1st an a 4s_ _ _1945 Si S 5513 57
54 Dec'33 .......
46
7034 NY Erie 1st ext gold 43_ _1947 M N
Leh Val Harbor Term gu 53,1954 F A ____ 82
79 Nov'33 ____
79
90
3d extended 414s
1938 M S
Left Val N Y let gu g 4 jis__ _1940 J J
765 80
8
7613
7612
1
597 87
8
NY Greenwood L gu g 5s._1946 M N
Lehigh Val(Pa) cons g 4s
2003 M N
4634 Sale 4612
4818 117
25
82
NY & Harlem gold 3 Ns__ _2000 M N
Registered
M N --------40 Dec'33 ____
28
45
NY Lack de W ref 4343 B.. _1973 M N
General cons 4348
2003 M N
5018 Sale 4912
5112 35
3214 8412 NY & Long Branch gen 43_1941 M 5
General cons 55
2003 M N 553 597 553
4
4
5312 12
33
6812 NY & NE Bost Term 45 .1939 A 0
Lou V Term lty lit gu g 58 1941 A 0 925 95
8
917
8
95
9
89 10018 NY NI!de H n-c deb 48
1947 M S
Lox de East let 50-yr 5s gu_ J965 A 0 894 93
8914 Dec'33 ____
79 10012
Non-cony debenture 3343_1947 M 5
Little Miami gen 48 series A_1962 SI N ____ 1001 8112 Sept'33 __ - 8112 8112
Non-cone debenture 3348.1954 A 0
1935 A 0 9812 99
Long Dock corm'g 6s
98
a9818
6
9012 101
Non-cony debenture 48_ _1955 J 1
Long IslandNon-cone debenture 48
1956 M N
General gold 4s
1938 .1 13 98
99's 9914
9912
3
9512 993
4
Cony debenture 330
1956 1 J
.1949 M 9 91 Sale 903
Unified gold 421
4
91
6
82 r9913
Cony debenture 6s
1948 J J
1934 .8 D 1004 102 10012 Nov'33 ____
Debenture gold 58
97 10112
Registered
J J
20
-year p In deb 53
1937 M N
9814 93 Dec'33
90 100
Collateral trust 6s
1940 A 0
1949 M S 90 Sale 08812
Guar ref gold 45
91
17
76
95
Debenture 43
1957 M N
Louisiana & Ark ist 53 ser A.I969 J .1 4512 Sale 45
48
82
20
57
1st & ref 4 Ns ser of 1927_.1967 J D
Louis j Jeff lidge Co ad g 4s 1945 M S 80
e
81
79
79
1
70
85
Harlem it & Pt Ches 1st 431954 Si N
1937 M N 103 104(4 10314
Louisville & Nashville 58_
10314 10
903 104
4
N Y 0& W ref g 4s__ __June 1992 SI S
1940 J J
9412 Sale 944
943
Unified gold 45
85
8112 98
General 4s
1955.8 D
J J --------82
Registered
Apr'33
77
85
NY Providence & Boston 4s1942 A 0
1st refund 5303 series A ___2003 A 0 93 Sale 93
947
8 20
6512 99
N Y & Putnam 1st con gu 4s_1993 A 0
2003 A 0 88
89
87
1st de ref 58 series 13
89
27
6313 9212 N Y SUSCI & West let ref 524_1937 J J
2003 A 0 82 Sale 8112
1st & ref 4348 series C
8214 27
5978 90
2d gold 4348
1937 F A
1941 A 0 925 95 10214 Dec'33 __
8
Gold 53
87 10258
General gold Si
1940 F A
8614 65 June'33 ____
Paducah & Mom Div 48_1946 F A 60
56
70
Terminal 1st gold 58
1943 M N
61
St Louis Div 2,1 gold 3s. 1930 M 9 61 Sale 5912
3
43
6234 NY Westch & B lit set I 434s'46.1 J
__ _ a93 Nov'33 ____
Slob & Monti; let g 4348 1945 M S 94
82
9312
8
677
8
South Ity joint Monon 43_1952 J 1 677 Sale 62
6
40
73
Nord Ry ext sInk fund 6343_1950 A 0
4
853
8
Atl Knoxv & CM Div 48_ _1955 M N 823 87
85 8
3
4
75
9214 Norfolk South let & ref A 53_1961 F A
Certificates of deposit
1934 J .1 10014 ___- 100 Nov'33 ____
Mahon Coal RR 1st 58
9514 10114 Norfolk & South let gold 53_1941 MN
60
60
Manila RR (South Lines) 48_1939 M N 5714 60
1 0494 60
Noll& West RR Imp de ext 631934 F A
1959 M N --------5814
61
9
lit ext 4s
50
61
N de W Ry lit cons g 48._1996 A 0
100
1
Manitoba SW Coloniza'n Si 1934 J D 100 Sale 100
70 100
Registered
1968 A 0
man GB & NW 1st 334s.._ _1941 1 J 48
60
50
Oct'33 __-_
47
50
Div'l 1st lien & gen g 413_1944 J J
218 7 Sept.32 ____ ____ ____
1977 M S ___
Mex Internet 1st 4s asstd
Pocah C & C joint 4s
1941 J D
Michigan Central Detroit & Bay
North Cent gen & ref Ss A1974 M S
1940 J .1 ____ 9858 9514 Oct'33 ____
(Sty Air Line 48
9314 9514
Gen & ref 434s series A
1974 Si 5
1951 NI S --------70 May'26 ____
Jack Lana & Sag 334s
__ North Ohlo lit guar g 53_1945 A 0
8753 a89 Nov'33 ____ ____-1952 M N 79
90
1st gold 334s
North Pacific prior lien 4s 1997 Q J
1979 J J
T151- 72
4
70 Nov'33 ____
Ref & Impt 4348 ser C
61
75
Regtstered
Q J
64
1940 A 0 62
71
Slid of N J 1st ext 55
64
3
40
753
4
Gen Ilen ry & Id g 3s Jan 2047 Q F
____ 70 Nov'33 --__
Mil & Nor lit ext 4348(1880)1934 J D 69
50
76
Ref & impt 4348 series A.
.20473 J
1934 .1 D 6778 Sale 6512
Cons ext 4348(1884)
3
6214 70
6758
Ref & 1mpt 65 series B__.2047 J .1
56
54
54
SIII Spar de NW 1st Cu 4s1947 M S 54
2
3412 68
Ref & impt Ss series C__2017 J J
Ref &'mot 5s series D____2047 J J
Nor Ry of Calif guar g 5s._ 1938 A 0
5, ____
r
t
r Cash sales. a Deferred del very
z Optional sale Sept. 21 at 83
4339
'6,3
a
t
Week 8
Range or
Last Sale.
Low
60
13
4
25
8
314
13
4
3613
31
40
23
201
61
90
75
4_
F...F,
. ,
, Z
4
Range
Since
Jan. 1.
High N o. Low
Oct'33 ___40
High
6012
2
IN
234 17
Aug'33 ---13
4
5
38
4
34
15
42
21
Dec'33 ---Dec'33 ---61
1
July'33 ---July'33 ----
13
4
12
118
112
24
16
2812
912
0812
37
90
65
818
612
11
45
8
48
3912
5412
34
31N
71
90
85
1514
76
70
563
4
60
8
415
245
8
18
22
78
6
725
8 44
62
42
11
64
45
32
2514 49
25
3
113 Sale 1118
4
13
305
2414 Sale 2414
2514 211
____ ____ 23 Nov'33 ---2414 Sale 244
4 93
253
9 Sale
914 264
84
2514 79
2414 Sale 2414
2412 Sale 2114
251 303
4
96
727 7418 Oct'33 ---8
46 June'33 ---91
44 Aug'33 ---. 75
43 1612 Oct'33 --__
Oct'33 _ - __
55
65
98
9
9912 975
8
99
16
20
144 Dec'33 ---912 30
9
94 Sitle
813 913 9N
1014 12
69
74
75 Sept'33 ____
3
aS812 Sale aS812 a8312
82 Dec'33 ____
82
90
733
4 40
733 Sale 71
4
77
2
70
80
77
75
3
704 75
747
5
12
6758
5414
51
55
03212
1812
25
7
18
23
1812
3
1812
1814
5058
46
367
8
46
44
28
7
414
414
82
87
7914
70
67 8
7
60
32
8812
8714
73
77 2
,
6512
44
25
2412
44
2812
4412
24
44
4414
7458
46
60
4612
65
99
37
213
s
25
75 4
3
94
9358
8058
864
82
1
80
80
923 Nov:33 _-__
4
18 July'28 -....158 -212 2
2
-4
-------- 123 July'31 ____
____
312 2
2
34
60
85
---14
_--1
8618
97
- -4
-- r4
-34
16
76
7212
6114
61
45
2478
76
90
Sale
Sale
Sale
Sale
Sale
Sale
Sale
90
100
---- ----------2 Sale
____ 83
___
72
615 8 70
70
82
58
55
5918 67
1818
187 Sale
8
1912 20
1712 19
19 Sale
_ ____
10114 ____
24
22
2
7112
7712
685
8
92
55
588
171
1714
164
19
1718
9313
1013
4
Oct'331
5
Apr'28 ____. __ _ _ _
4
2
31
i B
oo
Nov'32 ____ _--_1
-Nov'33 _
68 13
685 79
8
Nov'33 ____
Nov'30
55
70
55
i
81
6
49
75
1214 35
183
4 25
14
20
91
35 2
,
1414 36
21
18
197
8 11
14's 36
2014
72
1412 3612
Aug'33 ____
90
9312
98 102
Oct'33 ____
82
70
593
4
65
783
8
87
7814
84
32
Sale 70
7158 92
613
4 98
Sale 5912
Sale 644
6612 314
Sale 78
7858 35
7512 77 Sept'33 ____
8512 Sale 89
8612 296
725 Sale 713
8
73
61
59N Sale 59
813 252
4
68
14
68 Sale 67
--------6912 Sept'33 ____
24
67
69
66
-------- 69 July'33 ____
iy Sale 7912
8I3
55
5714 195
55 Sale 55
50
507
4812 Sale 47
49 Sale 463
4
52
194
97
23
963 96
4
9912
100 1013 99
5
4
8712 ____ 95 Nov'33 ____
-------- 9512 Dec'33 ____
Oct'33 ____
63
5614 65
8412 86
853 Dec'33 ____
--------96
Oct'33 ____
-------- 76 June'33 ____
____
___ 9512 July'29 _ _ _
____ 55
85
Oct'33 ____
50
_
49
5
50
- - 493
507
4
493
4
1
____ 55
5214
54
14
51
531 52
5313 16
47 Sale 47
47
4
7512 Sale 74
7712 142
____ ____ 90 Aug'33 ____
75 Sale 747
8
91
76
453 Sale 4358
4
46
26
53 Sale 5712
59
94
80
85
83 Dec'33 ____
58
60
5614
583
4 59
50 Sale 4814
51
25
8018 90
8118 Nov'33 ____
67
70
6614 Nov'33 ____
5014 5312 4718
5312 41
____ 40
44 Nov'33 ____
30
40
37
37
I
715 98
8
75
Oct'33 ____
44 Sale 43,
2
443
4 85
46
92
5712 8418
3412 74
39
80
683 837
4
8
70
774
60
933
4
64
8612
34N 74
60
77
68
71
78
65
69
57
913
66
14
6712
12
5634
514 67
87 100
89 10318
86
95
95
9512
515 65
8314 88
85
96
76
76
---- _ --45
70
44
65
44 a65
45
71
45
71
,
43
60
9912
57
,
80
90
59
95
347 65
45
753
8
823 9012
4
504 67
43
61 8
,
8118 8118
64
78
2313 65
33
41
1612 52
64
75
60
31
121
983 1344
4
•
4
13
28N
6
101 10412
87 100 2
,
94
94,
8
9312 1013
4
8913 100
98 10058
88
93
17
45,
8
73
89 2
,
7412 85
43
62
50 87812
60
9212
5918 84
5614 83
a99 100
125 123
124
28
*
•
63
4 812 812
812
4
.51
1214 25 0 4 015 4
,
5
100 102 10112 Dec'33 ____
9818 Sale 963
4
993 135
8
---- ---- 94 Dec'33
10114 1024 10014
10114 47
93 Sale 977
8
98
10
100
____ 98
Oct'33 ____
90 Sale 90
90
1
3518 36
3514
36
3
827 Sale 823g
8
8412 38
---- 78
833 Aug'33 ____
4
60 Sale 5814
60
69
677 6912 6614
8
58
74
a8438 Sale 8312
8512 167
7114 80
67 Dec'33 ____
7114 7812 7412
7614
6
____ ____ 899 Nov'33 ____
• Look under llst of Matured Bonds on page 4342.
_
-
,-
New York Bond Record-Continued-Page 4
4340
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 15.
•§_ ''',
't
..., a-
Price
Friday
Dec. 15.
Dec. 16 1933
,..4 11
Week's
..1 ....
Price
Range
BONDS
Week's
Range
since
1:9.
Range or
Range or
g.:-.7.,
Since
N. Y. STOCK EXCHANGE
Friday
4 i.., Dec. 15. Last Sale. to t% Jan. 1.
Last Sale.
O50
Jan. 1.
1
Week Ended Dec. 15.
.
Bid
High N 0• Low
Ask Low
Bid
Ask Low
High No. Low
High
High
1
4713
Og & L Chem 1st gu g4s.._ _ _1948 .1 .3 4512 49
4712
8414 121
8
3812 5814 Southern Ry 1st cons g 53__1091 J J 833 Sale 8212
55
904
Ohlo Connecting Ry 1st 4s__1943 M S 89_. 07 Mar'32 _--- ___
__
Registered
, 5312 85
85 July'33 -,.r
.1 J ---- 84
Oleto River RR 1st g_58
1936i D 85 100 90 Aug'33 ---Devel & gen 4s series A _ __DM A 0 554 Sale 54
80 -90
563 233
4
17
643
4
General gold 58
1937 A 0 8412
7514 148
Devel & gets 6s
91
87 Nov'33 1956 A 0 74 Sale 7012
70
20
85
Oregon RR & Nay corn g 49_1946 J D 89 Sale 8712
8314 98
53
79
Devei & gen 6 As
89
240
1956 A 0 7612 Sale 7612
204 90
Ore Short Line 1st cons g 53_1946 .1 .3 104 10512 10318 10612
814
72
Mem Div 1st g 58
99 10712
8
37
72 Sale 70
40
1996.1 J
11
Guar stpd cons 53
1948.1 .4 106 Sale 106
61
107
61
9t Louis Div let g 4s
994 10712
1
1951 J J ____ 64
36
78
Ore-Wash RR & Nay 4s_ _ _1961 J J 83 Sale 82
90
60
2
91
East Tenn reorg lien g 53_1938 M S 77
75
51
84
91
91
84
Mobile & Ohlo coll tr 4s__ _1938 M S 51 Sale 51
55
19
20
863
8
Pan RR of Mo 1st ext g 4s_ _1938 F A 8712 Sale 82
8912 39
il
7312 9378 Spokane Internet let g 5s_ _ _1955 J J
7
10
107 1014
8
83 30
4
2d extended gold 53
1938.1 J ____ 90
8714 Nov'33 ---,
75
90 Staten Island Ity 1st 4143_1943 J D --------60 May'32 ---- ___
__
Paducah & Ills let s f g 410_1955 J J 94 Sale 937
8
94
9412 Sunbury & Lewlston 1st 4s..19365 .3 ---- 100 100
Oct'33 ---i
93
983 100
4 -Paris-Orleans RR ext 53.3s_1968 M S 113
all, 11618 1127 09612 12412
Paullsta Ry 1st ref s f 7s_ _J942 NI S 48
49
53
- - 49
Tenn Cent 1st 65 A or B____1947 A 0 473 Sale 4612
1
4
4814 23
38
54
25
58
Pa Ohio & Det 1st & ref 4 As A'77 A 0 85 Sale 85
8512 13
71
9313 Term Aeon of St List g 4;45_1939 A 0 10012 Sale 10012 101
11
06 10212
Pennsylvania RR cons g•As_ _1943 MN 1004 Sale 10018 10018
I
1st cons gold 5s
95 4 1013
3
8
1
9113 103
1944 F A 10114 ____ 10118 1014
22
Consol gold 4s
08
9112
1918 M N 100 Sale 9812 100
26
Gen refund s f g 45
8
82
91 10112
1953 1 J 80 Sale 795
4s sterl stpd dollar May 11948 MN 99 Sale 98
44
100
8818
22
59
74
90 10112 Texarkana dr Ft 81st 510 A 1930 F A 74 Sale 71
Consol sinking fund 4 Ms_ J960 0' A 103 Sale 101
9412 105
1033
8 52
Tex & N 0con gold 5s
Oct'33 --1943.1 J --------65
60
65
General 414s series A
7318 947 Texas & Pac let gold 55
8
87
250
1965 J D 85 Sale 85
8
56
87
82 10012
2000.3 D 867 Sale 8512
Gereral 5s series B
1988.1 D 9613 Sale 94
974 109
2(1 Inc 5s(Mar'28cp on)Dec2000 Mar --------95 Mar'29 --,- ____
78 1003
4
__
15-year secured 6145
1936 F A 10214 Sale 1015
8 103
170
95 10538
Gen & ref 53 series B
1977 A 0 61 Sale 6012
613
4 21
4212 -75
40-year secured gold 5s_ __1964 MN 90 Sale 893
73
98
9012 29
4
Gen & ref 58 series C
62
49
1979 A 0 6112 Sale 5612
43 4 764
,
198
50
8814
Deb g 4148
1970 A 0 77 Sale 75
7712
Gen & ref 53 series D
62
1980 .1 D 61 Sale 57
26
43
75
117
General 434s series D
1981 A 0 7914 Sale 7914
83
70
71
Oct'33 ---9012 Tex Pac-Mo Pac Ter 514s A.1964 M 5 62
88
50
73
Peoria & Eastern 151 cons 48_1940 A 0 543 Sale 543
4
Tot & Ohio Cent 1st gu 5s__ _1935 J J 94
85
973
4
4
3
543
72
96 a95
a95
4
5
30
85 Sale
8
13 1012
4
Income 48
April 1990 Apr
818
103
4 27
Western Div 1st g 5s
95 Nov'33 ---1935 A 0 ---_ 98
80
98,
2
Peoria & Pekin Un let 5 Ms_ _1974 F A 8513 88 88
88
92
1
83 Nov'33 ---893 903
4
1935 J D 83
73
93
4
General gold 51
Pere Marquette 1st ser A 55 1956.1 J 63 Sale 6114
Tot 9t L& W 50
633
4 19
2834 76
-year g 49_1950 A 0 63
65
6314
647
8
3
44
71
5012 26
1st 48 series B
1956 J .1 50 Sale 48
Tol W V &0gu 48 ser C_ _ _1942 MS 85_ 964 Apr'31 --- 28
63
5334 34
28
6812 Toronto Ham & Buff 1st8491946 J D 60 -let g 41 series C
43
1980 M S 53 Sale 52
es
90 80 Feb'33 ---, ____-- _80 803
4
Phlia Bait & Wash let g 48_1943 M N 100 101 100
10014
7
94 10114 Union Pac RR let & id gr 4s 1947.1 J 997 Sale 993
8
8
097 162
8
937 1017
8
8
987
8
General 5s series 13
1974 F A 98 100
99
3
Registered
9612 95 Dec'3393 10212
J J 95
a9112 994
General g 434s series C__ _1977 J .1 8812 9312 8912
1st Lien & ref 4s
90
7
96
81
9313
June 2008 M 9 8812 Sale 8712
89,
4 i5 a78
8
237
Philippine fly let 30-yr s f 48 1937 J J 2218 233 2214
8
Gold 414s
9
8712 76 a75
19
353
8
1967.1 J 87 Sale 8612
95
1st lien & ref 55
103
10
95 10714
June 2008 M S 103 Sale 102
19 a933 1023
101
102
PC C & St L gu 4145 A
1940 A 0 101
40-year gold 4s
4
29 a693 a89,
4
81
1968 1 D 8012 Sale 8014
4
2
1
8
102
Series B 4145 guar
1942 A 0 101 1027 102
4
101
94 1027 U N J RR & Can gen 48
8
1944 M 9 99 1003 10034
3
96 1015
8
Series C 4345 guar
1942 MN 9918 10214 01 Nov'33 --3
85 Apr'33 ---093 1027 Vandalla cons g 4s series A__I955 F A 91
4
85 85
__ 98 Nov'33 --- - 09418 9858
9312
Series D 4e guar
1945 MN 9814
85
Cons 3 I 4s series B
9112 96
3
9312
9312
1957 MN
Series E 414s guar gold_ _1949 F A 9213 ____ 8911 Aug'33 ---8912 8912 Vera Cruz & P east 4 As_ _ _ _1933 J .1
15
8 23
4 218 Sept'33 ---13
8 5
9618 9718 Virginia Midland gets 55._ _ _1936 M N 96 102
Series F 4s guar gold
1953.1 D 98 ____ 974 Aug'33 _-_
96 Dec'33 ---80 100
1957 M N 984 ____ 98 ' Nov'33 ---Series G 4s guar
Va & Southwest 1st gu 59_2003 J .4
_
78 Sept'33 --- 92
94
60
85
98
Nov'33 -_-_
954 9814
Series II cons guar 4s
1960 F A 98
1st cons 5s
64
683q 62
19513 A 0 70-85
6
3812 70
Series Icons guar 4143____1963 F A 994 _ _ 02 Nov'33 ---Virginia fly 1st 59 series A 1962 M N 99 Sale 96
9118 103
9912 103
84 1011 2
Series J COOS guar 414s___ _1964 M N 100 101
- -12 9914 Dec'33 - -,„.
1st mtge 4145 series B_ _ _1962 M N 84 • 94
9412 10212
8412 Nov'33 ---78
9414
General M 5.9 series A_ ___1970 J D 91 Sale 89
91
29
76 10018
Gen mtge guar 5s ser B__ _1975 A 0 90 Sale 00
9012
8
784 9934 Wabash RR 1st gold 5s
1939 MN 71 Salo 86
7118 108
43
85
8
09
93
Gen 4143 series C •
-1 83 Sale 827
8314 100
2d gold 59
1977
1939 F A 54 Sale 50
54
70
33
70
Pitts McK & Y 2d gu 65_...,.1934JJ --------101 Sept'33 ---Deb Os series 13 registered_1939 J J -------- 9818 May'29
995 1014
8
Pitts Sh& LE ist g 58
1940 A 0 100
_ _ r10412 r10412
1
9712102
lst Ilen 50-year g term 48_1954 J .1 --,- 70
3712 Apr'33 ---3712 3712
78 10114 100 Mar'33 --- - 100 10012
1st consol gold 59
.1
- Dot & Chic Ext 1st 5s_ __ _1941 J J 13712 9818 70 Nov'33 ---1943
62
76
Pitts Va & Char 1st 4e
1943 MN 9158 ____94
Des Moines Div 1st g 4s._1939 .1 .1 ---- 60
55
Oct'33 ---Oct'33---35
55
94
94
D ____58 60 Nov'33 ___.
Pitts dr W Va let 43as ser A_1958
30
697
8
Omaha Div lot g 3143_ _1941 A 0 35
46
39 Dec'33 ---2712 47
1950 A 0 ____ 55
let M 414s series B
544
Toledo & Chic Div g 4s__1941 M S --------56 Aug'33 ---5714 24
8
41
56
695
30
1st M 44s series C
1960 A 0 55 Sale 55
57
3
163 239
8
.)
53 32
4
30
7012 Wabash Ry ref & gen 514s A.1975 M 9 15 Sale 14
Pitts Y & Ash 181 48 ser A,.,.19d8 5 D 90
1412 15
14
_ 923 Nov'33 _ -4
923 95
4
Ref & gets 5s(Feb'32 coup) 11'76 F A
512 32
3
16
. , ._8
1962 F A 95 li 105 Sept'33 ---- 105 105
3212
455
4
lst gen 58 series B
46
Ref & gen 414s series C_ _ _1978 A 0 1412 Sale 14
1614 74
Providence Secur deb 48_ __ _1957 MN 35_ 713 July'31 ____ _
4
_
_ Ref & gets 5s series D
,
43 32
8
1980 A 0 14 2 Sale 1412
Providence Term let 48
1956 M S 79 - 4 80 June'33 ---0
io ici" Warren 1st ref gu g 3,10_ _2000 F A --------50 Feb'33 ---- 50 50
_
.
52 Feb'33 ---- a513 52
Washington Cent 1st gold- 1948 Q M _ _ _ 79
4
4s
9214
8018
2
66
86
Reading Co JerseY Cent coll 42'51 A 0 8018 Sale 7812
9018 Wash Term 1st gu 3143
90
86 Nov'33 ---1945 F A 86
Gen & ref 4149 series A _ _1997
J 8512 Sale 8412
86
753 95
4
1st 40-year guar 45
167
95 Nov'33 ---1915 F A 914
9212 97
Gen & ref 4141) series B_ _ _1997
J 86 Sale 85
Western Maryland let 4s
3
86
95
7214 135
74
12
78
A 0 71 Sale 70 4
53
1952
Rensselaer & Saratoga 6s_ __1941 MN --------113
Oct'30 ---- ____ _ _ _ _
1st & ref 5143 series A_ __ _1977 J J
78 Sale 757
8
130
78
52
84 2
,
1948 M N--------40 July'33 - -West N Y & Pa let g 5s
Rich & Merch let g 48
38
40
1937.3 J 10218 10212 1024
10212 37
9914 1034
Mehra Term fly 1st gu 5s_ _ _1952 J J 99
____ 100
100
General gold 4s
5
9712 101
82
2
78
93
1913 A 0 --------82
____ 78 Nov'33 __ _
63
Rio Grande June let gu 5s_ _1939 J D 75
85
Western Pac 1st 55 ser A_ _ _1948 M S 353 Sale 34
8
38
123
2012 58
1
____
Rio Grande Sou 1st gold 4s_ _1949 J J
114 Oct'33 _--114
114 West Shore 1st 48 guar
2361 J J 70 Sale 69
73
104
80
854
0
Guar 4s (Jan 1922 coupon)194 J J
213
314 July'33 ____
1
314
Registered
66
21
2361 J J 6518 Sale 6412
63
80
Rio Grande West let gold 43.1939 .1 J
71 Sale 66
55
87
71
48
Wheel & L E ref 414s ser A_1966 M S __- 93 83 Nov'33 ---65
85
473 4734
let con & coll trust 45 A_1949 A 0 41
4
4778 15, 2513 8418
____ 82 Nov'33 ---Refunding 53 series B
1966 M S 84
6213 84
RI Ark & Louis let 414s_ _ _1934 NI S 1514 1638 13
163
4 77
RR let consol 4s
11
387
8
1949 M S 8612 Sale 8612
8612
1
70
91
Rut-Canada 1st gu g Cs__ _ _1949 J J 454 513 47
4
47
397 37
8
1
1942 J D 37
38
5
355 5712 Wilk & East 1st gu g .5s
8
183 45
4
Rutland 1st con 414s
1941 J .3 54 Sale 53
54
3
39
64
Will & SF let gold Is
___ 86 Sept'33 ---85
87
1938 .1 D
8518 87
87 Dec'33 --- Winston-Salem 9 13 1st 4s_ _ _1960 J J 86783 92
4
St Jos dr Grand lald let 48._ _1947 J J 753 88 89 Nov'33 ---4
167 13
8
Wls Cent 50-yr let gets 43_1949 J J
12
14
70
93
26
83 2714
4
St Lawr & Adr lst g 5s
1996.1 J -------- 65 Dec'33 ..-Sup & Dul dly & term 1st 4s'38 MN
714 914 8 2
64
65
,
1014 10
6
2112
2d gold 65
1996 A 0 ---- 80
70 June'33 ---Wor & Conn East 1st 4149_ _1943 J J --------8514 Sept'31 --- ____ _ __ _
68
70
St Louis Iron Mt & Sou1933 MN
•
•
•
INDUSTRIALS.
Riv dt G DIY let g 4s
•
St L Poor & N W 1st gu 5s_ _1948 J .1 50
59
Abitibi Power dr Paper let 551953 1 D
584
•
583
4
1
2812 65
18 Sale 173
4
2014 234
St L-San Fran pr lien 4s A_ _1950 J J
8
3012 Abraham & Straus deb 5149_1943
4
Certificates of deposit.-- --- - 163 Sale 183
4
1912 107
With warrants
A 0 90
9412 94
812 30
99
80
9514 13
21
4
5312 73
Prior lien 5s series B
1951 J J
1814 Sale 18
72
Adams Express coil tr g 43-1948 M 5 64 Salo 64
6412
10
33
197
8 38
Certificates of deposit__-_,- --- 18 Sale 16
953
8
94 3034 Adriatic Elec Co eat' 7s
1952 A 0 9514 100
964 16
92 11412
1978 M S 13 Sale 13
163 388
8
244 5012
Con M 4148 series A
a638 2912 Albany Perfor Wrap Pap 63_1948 A 0 5612 Sale 5418
7
5613
1618 355
5513 339
Ctfs of depos stamped___-- 14 Sale 13
814 2612 Allegany Corp toll tr 53
1944 F A 53 Sale 5212
2512 69
MN 6113 Sale 567
6112 24
Coll & cony Is
St L S W let g 48 bond ctfs_ _1989 --8
8
49
7212
1919 J D 473 Salo 47
4914 299 a1913 60
25g 48 Inc bond etts_ _Nov 1989 J J 403 46
8
4212
4212
Coll & cony 5s
1
1950 A 0 2812 Sale 28
31
107
49
334 5314
5
1st terminal & unifying 5s_1952 1 J 473 Sale 4418
4
49
86
19
8714 Allis-Chalmers Mfg deb 5s_ _1937 M N 8912 Salo 893
8
90
15
65
9411
Gen & ref g 5s ser A
1990.1 .4 37 Sale 37
3818 32
12
66
Alpine-Montan Steel 1st 73_ _1955 M 9 5313 Sale 5313
5413
7
60
62
41-,
St Paul & K C So List 410_1941 F A 25
28
25
28
20
St P & Duluth let con g 4s_ _1968 .3 D ____ 90
75 June'33 ---St Paul E Gr Trk let 4143_1947 .1 J --------45 Nov'33 ---St Paul Minn & ManitobaCons M 53 ext to July 1 1943-, - __, 96 Sale 96
97
40
8
9112
Mont eat 1st gold 41)
1937 1 -" 9012 Sale 9012
Pacific ext gu 48(sterling).1940 J .1 8712 ___ 87
87
10
St Paul Un Den 1st & ref 58_1972 J .1 10012 10212 0012 101
9
S A & Ar Pass 1st gu g 4s,,
1943 S J
Santa Fe Pres & Phen 1st 53_1942 M 5
Say Fla & West 1st g Os
1934 A 0
let gold 55
1934 A 0
Scioto V & N E let gu 4s._ __1989 Si N
Seaboard Air Line let g 45_1950 A 0
Gold 45 stamped
1950 A 0
Certifs of deposit stamped-- A 0
Adjustment 55
Oct 1949 F A
Refunding 4s
1959 A 0
Certificates of deposit__ ---- ,,-.....
1st & cons 6s series A
1945 M 5
Certificates of deposit__---- --Atl & Illrni 30-yr let g 45_1933 M S
Seaboard All Fla let gu 65 A_1935
Certificates of deposit
-A 0
Series B
-1555
Certificates of deposit.-- r - F A
So & No Ala cons gu g 5s_ _ __1936 F A
Gen cons guar 50
-year 53__1963 A 0
So Pac colt 4s(Cent Pac coll) 1949 J D
let 414» (Oregon Lines) A_1977 M 9
20
-year cony 53
1934 J D
Gold 41413
1968 M S
Gold 414s with warrants_ _1969 M N
Gold 4158
1981 MN
San Fran Term let 4s_ _ _ _1950 A 0
So Pac of Cal 1st con gu g 53_1937 SIN
So Pac Coast let gu g 4s_ _ _1937 J ./
1955.3 J
So Par RR let ref 4s
Stamped (Federal tax)
1955 J J
.
i
60 Sale
96 Sale
100 Sale
100
963 Sale
4
•
*
12 Sale
5 Sale
•
8
53
8 67
9 Sale
8 Sale
•
4
Sale
60
109
06
2
100
6
100
4
963
4
8
563
8
96
100
100
95
•
12
5
14
6
2
25
*
'2
6
83
8
73
4
7
7
94 247
83
4 76
314
47 103
8
412 16
33
4 414 313
1
10114
1003 103 10114
4
893 92
3
89 Dec'33 ____
5738 Sale 63
573
8 42
63 Sale 63
6512 113
93 Dec'33 ____
9012 93
557
8 60
5412 Sale 5312
5514 184
5314 Sale 5212
534 Sale 5212
55
275
83 Sale 823
4
8418 58
100 ____ 10112 Nov'33 ____
96
____ 953 Nov'33 ____
8
131
71
70 Sale 6714
--------9212 May'30 ___
634 Amer Beet Sug cony deb 69_1935 F A
8012 American Chain 5-yr 83___ _1938 A 0
Amer Cyanamid deb 53
58
1912 A 0
Am & Foreign Pow deb 5s.._ _2030 M 9
American Ice s 1 deb 5s
1953 J D
924 100
75
96
Amer 10 Chem cony 5143_1949 M N
70
9018 Am Internet Corp cony 51.4s 1949 J J
Amer Mach tic Fdy of Os_ ___1939 A 0
89 104
Amer Metal 514% notes_ _1934 A 0
54
8012 AM Rolling Mill cony 5&__j933 M N
Am Sm & It let 30-yr IsserA '47_ A 0
82 100
Amer Sug Ref 5-year 6s
1937 J J
95 101
Am Telep & Teleg cony 49_1938 M B
94 100
30-year colt tr Is
98
90
1916 J D
*
35
-years I deb 58
1960 .1 J
20
-year If 514s
•
1943 MN
Cony deb 414s
3
2314
1939.1 J
4
Debenture 5s
12 113
1965 F A
Am Type Found deb (is
•
1940 A 0
1413 Am \Vat Wks & El colt tr 53_1934 A 0
2
Deb g 65 series A
23 1712
4
1975 MN
13 18
4
•
Am Writing Paper 1st g Os..,1947 1 J
AngleChilean Nitrate 73_1945 M N
1
93 Ark & Mom Bridge & Ter 58_1981 M 9
4
Armour dc CO (III) 1st 4 As_ _1939 1 D
712 Armour & Co of Del 514s_ _1943 J .1
1
99 102
Armstrong Cork cony deb 5s 1910 .1 D
Associated 0116% g notes__ _1935 M S
98
76
Atlanta Gas List 55
40
71
118175 D
53
80
AU Gulf & WI 88 cocoiltr 53_1059 .1 J
6714 9312 Atlantic Refining deb 59.___1937 J J
3814 74
3714 7412 Baldwin Loco Works 1st 59_1910 MN
3614 7212 Betel/Jan Petr guar deb 048_1942 J J
0703 95
4
Belding-Hemlnway 6s
1936 J J
9718 10212 Bell Telep of Pa Is series 13_1918 J J
95 953
8
1st & ref 55 eerier) C
1960 A 0
60
84
Beneficial Indus Loan deb Os 1916 M 9
____ ____ Berlin City Else Co deb 614s 1951'S D
Deb sinking fund 6149._ _ _1939 F A
Debentures 63
1955 A 0
Berlin Else El & Underg 6491956 A 0
Beth Steel let & ref 5s-guar A '42 M N
30
-year p m & Inept s f 58_1936 J J
20
70
45
r Cash sale. a Deferred delivery. z Cash sale Dec 12 at 104. •Look under list of Matured Bonds on page 4: 13.
7214 73
724 Dec'33 ___
6
594
6018 70
5912
89
01
89
19
89
3514 Salo 3514
39
449
6718 Sale 674
68
14
84 Sale 83
85
100
683
4 42
6812 Sale 68
103 105 103 Nov'33 --984 Sale 9712
9813 103
96 Sale 96
116
99
983 Salo 98
4
100
128
104 Sale 104
105
19
1007 1013 lO07
8
2
4
8
101
105 Sale 104
105
113
1027 Sale 1023
8
4 10312 83
1055 Sale 10512 106
8
161
107 Sale 107
1083
4 25
103 Sale l024 1033 114
8
33 Sale 23
10
24
9612 Salo 9514
977 337
8
107
647 Sale 6018
8
67
2614 85
5812 604
4
7012 043
235 58 3
8
,
52
72
80
84
6812 864
10214 10018
60
993
4
99
87
78 1004
1023 106,
8
2
a9812r105
100 107 2
,
03 107 2
,
0912 1094
99 119
9212 107,
4
67
21
7418 9814
8918
49
16
39
3712 Sale 36
37
414
5
5 Sale
_ _ _ _ _ . 79 Sept'33 ____
.
_
85 Sale 85
8512 90
8412 73
84 Sale 813
4
6
8914 04
8918
8918
3
103 Sale 0212 103
--------9612 Nov'33 ____
543
4
9
525
854
5312
10312 18
10312 Sale 103
02114 5818
218 1418
7818 85
75
023
4
7118 00
65
94,
2
10112 10412
96'2 9 4
83
35
68
07 1043
4
9812 Nov'33 ___
98 100
10114 52
10114 Salo 100
96 10014 a9912 Dec'3310512 Sale 10512 10612 27
7
10518 10718 10512 10718
14
87
8614 86
86
5634 84
49 Sale 49
5512 • 58
4912 Sale 474
51
88
465 Sale 4512
8
4812 27
44
4514 444
43
96
06 Sale 9512
9813 51
0812 Sale 97
7018 104
9014 10212
83 100
101 111
10013 1113
8
75
9312
33
7012
6912
32
2818 6412
a28
63 s
7
71 1043
4
79 10012
New York Bond Record-Continued-Page 5
ri3T
,
BONDS
N. Y. STOCK EXCHANGE. ''.7
4
Week Ended Dee. 15.
4,:-.
-
Bing & Bing deb 64s
1950 M S
Botany Cons Mills 6)4s__1934 A 0
Certificates of deposit
A 0
Bowman-hilt Hotels lot 7s__1934
Stmp as to Pay of $435 pt red_ M S
B'way & 7th Ave let cons 58_1943 J D
Brooklyn City RR lot 5s._ 19412 J
Bklyn Edison Inc gen 5s A__1949 J J
1952 J J
Gen mtge 5s series E
Bklyn-Manh R T sec 6s
1968 J .1
Bklyn Qu Co & Sub con gtd 5s'41 MN
let bs stamped
1941 J 2
Bklyn Union El lot g 5s___ _1950 F A
Bklyn Un Gas let cons g 55_1945 M N
1st lien & ref Os series A 1917 M N
1936 J 2
Cony deb g 545
Debenture gold bs
1950 1 D
1957 MN
let lien & ref series B
Buff Gen El 4340 Belies B 1981 F A
Bush Terminal lot 40
1952 A 0
19552 J
Consol bs
Bush Term Bldgs bs gu tax ex '30 A 0
1945 MN
By-Prod Coke lot 5303 A
Cal G & E Corp unf & ref 53_1937 Si N
Cal Pack cony deb 5s
19402 J
Cal Petroleum cony deb a 1 5s.39 F A
Cony deb s fa 5345
1933 MN
Camaguey Sugar ctfa of deposit
for let 75
1942 _
Canada SS L lot & gen 65 1911 A 0
Cent DLst Tel lot 30-yr 5s_ _1943 .1 D
Cent Hudson G & E 5s_Jan 1957 M El
Cent Ill Elec & Gas let 5s
1951 F A
Central Steel lot g s 1 8.9_ _ _ _1941 M N
Certain-teed Prod 514e A.._1918 M 5
Chesap Corp cony 55 May 15 '17 M N
Ch G L & Coke let gu g 58. _1917 J J
Chicago Railways lot 58 stpd
F A
Aug 1 1933 25% part pd
Childs Co deb bs
1943 A 0
Chile Copper Co deb 5a
1947 J J
Cin G & E let IQ 48 A
1968 A 0
Clearfield Bit Coal let 4s
1940 .1 .1
Small serles 13
1940 J .1
Colon 011 cony deb 68
19382 .1
Colo Fuel & Tr Co gen of 56_1943 F A
Col Indus let & coil be gu
1934 F A
Columbia G & E deb ba May 1952 M N
Debenture bs
Apr 15 1952 A 0
Debenture 55
Jan 15 1961 1 .1
Columbus Ry P& L lot 434s 1957 J 1
Secured cony g 53,4s
1942 A 0
Commercial Credlt s 540_1935 J J
Comml Inveat Tr deb 543_1940 F A
Computing-Tab-Sac of 65_1941 J 1
Conn Ry& L lst & ref g 434*1951 J J
Stamped guar 4 Ms
1951 1 .1
Consolidated Hydro-Elec Works
of Upper Wuerternberc 78_1956 .1 J
Cons Coal of Md lat & ref 58_1950 J D
Consol Gas(NY)deb 534._.1045 F A
Debenture 4441
1951 J D
Debenture bs
1957 J .1
Consumers Gas of Chic gu 5219362 D
Consumers Power lot ba C_ A952 131 N
Container Corp 1st 65
1946 J D
16-year deb 5s with warr_1943 .2 D
Copenhagen Telep be Feb 15 1951 F A
Corn Prod Refg lot 25-yr s f 5s'34 M N
Crown Cork & Seal o f 6s.. _1947 J D
Crown Willamette Paper 68_1951 J J
Crown Zellerbach deb Sow w 1940 M S
Cuban Cane Prod deb 6s
1950 .1 J
Cumb T & T lot dr gen 58__ _1937 J
Price
Friday
Dec. 15.
Week's
;
Range or
...9:1
Last Sale.
S.ji
Bid
Ask Low
High No. Low
30
34
32 Dec'33 ____
8
12 Sale 113
8
1212 47
5
612 1112 113
8
1112
3
418
High
32
2712
2012
--------413 May'33 ____
*
72
76
73
75
7
10112 Sale 10414
6
105
10412 Sale 104
10412 21
91 Sale 8812
9134 213
____ 58
59 Aug'33 ----- - - -- -- 50 Nov'32 ---_
78 Sale 7612
78
6
10512 106 10512
1063
4
6
1073 11112 10812 10812
3
_ 160 158 Feb'33 97
98
963
4
97
8
1023 101 103
8
104
4
9812 Sale 9712
9812 30
431
243 Dec'33 14
1218 137 13
8
1518 29
4618 Sale 453
73
4
51
60
62
5812
63
18
4
44
•
6512 76
1003 108
4
100 108
844 96
57
60
____
___
7212 87
1013 112
4
1043 11718
4
158 158
93 105
977
81'1073
4
9612 10512
39
6712
5
3314
19
6412
37
747
8
10338
873
4
963
8
9918
104
Sale
Sale
____
100 1063
4
623 9212
4
a81 09712
a83 10018
2
1512
1043
8
103
46
10014
53
95
9812
47
8 27 Dec'33 --8
1812 1612
1612
1
___ 10112
1
10412
Sale 103
I
103
Sale 45
4712 37
Sale 10014
10012
9
Sale 5134
55
83
Sale 9412
375
97
9812 13
Sale 97
1033
8
87
963
8
994
10312
88
963
8
9912
4
21
7
12
•
*
4113 Sale 3612
4434 43
55 Sale 55
32
57
9014 Sale 9014
913
4 41
--------38 Apr'33 -__
69
3014
183
4
70
69
693
4
80
92
Sale
35
Sale
Sale
7012
Sale
82
Sale
69
33
1834
69
69
683
4
80
91
6912 21
3514
11
2014 50
37
71
3
7012
704 214
81
4
9234 29
10112 Sale 10114
10112
3
100 Sale 100
1003
4 25
105 10612 al0518Dee'33 ____
-- -- 101
983 Nov'33 ____
8
9612 100
97 Dec'33 --__
43 Sale 43
11 Sale 107
s
4
1023 Sale 10212
9114 Sale 9114
973 Sale 9714
8
100 10212 100
100 Sale 100
6812 Sale 6812
52 Sale 5112
72
7512 7518
101 10112 101
9914 Sale 984
8012 82
8114
74 Sale a72
•
•
104 10412 104
50
16
1218 29
103
107
9314 97
9814 90
100
2
10012 18
6978 24
5412 31
7518
1
101
3
100
9
8112 12
71
8
104
2
Del Power & Llght lot 4348_1971 J J
94
95
9934 Dec'33 ____
let & ref 440
1969 J
---- 90
90
9012
3
let mortgage 434s
9514
1969 J
- 95 Dec'33 ____
Den Gas & El List & ref a f5s'51 M N 85 87
86 Dec'33 ___
Stamped as to Penna. tax 1951 M N
85
90
86
87
2
Detroit Edison 5s ser A
1949 A 0 9712 Sale 9618
9712
5
Gen & ref 58 series 13
1955 J 1) 9414 Sale 9414
95
18
Gen & ref 6a series C
1962 F A 9612 Sale 9612
98
8
Gen & ref 434s series D 1961 F A
8778 Sale 877
8
13
89
Gen & ref 55 serseriesE
1952 A 0 95 Sale 941 2
9514 34
Dodge Bros cony deb 6s
1940 off N 98 Sale 9714
08
153
Cold (Jacob) Pack lot 68_1912 NI N
78
-- 80
80
1
Donner Steel lot ref 78
90 100
1942
-93
93
2
Duke-Price Pow let(34; aer A_1906 MN 74 Sale 7114
7412 56
Duquesne Light 1st 430 A. 1967 A 0 10112 Sale 10114
10214 24
1957 zo s 10134 Sale 1013
let M g 434e Series 13
4
10212 15
*
, East Cuba Sug 15-yr of g 7)48'37 M 5
*
.19392 J 903 10114 100
w Ed El III Ilklyn lot cons 4s.
4
100
8
Ed Elec(NY) lot cons g 458_1995 .1' J 109 Sale 10818
12
109
El Pow Corp (Germany) 834s '50 M 5 50 Sale 4912
52
82
1953 A 0 5112 Sale 49
lot sinking fund 64e
52
52
Ernesto Breda Co 1st Al 70_ _1951
With stock purchase warrants_ F A
80
84
82
8212
4
1912 M
Federal Light & Tr 151 5s
lot lien s 1 55 stamped_1942 M
1912 M
lot lien 6s stamped
30-year deb 65 series 11._1954 J
1939 J
Federated Metals a f 7a
1946 J
Flat deb of g 70
Framerican Ind Ocv 20-yr 7 3.4s'42 J
Francisco Sug lot of 7348_1942 M
Range
Slnce
Jan. I.
5 60
64
60
60
1
5 60
62
60
60
4
S 62 Sale 60
62
11
D 52
54
52
54
2
D 101 10112 10012 Nov'33 ____
.1 1003 10012 1003 Dec'33 _ _ _
8
8
J 9712 100
9812
99
30
N
1112 224 224
23
7
14
103
4
102
100
43
7012
26
6312
97
BONDS
N. Y STOCK EXCHANGE
.
Week Ended Dec. 15.
Price
Week's
;
Range
13•2
t
Friday
Range or,.%
-s....4.
Since
41;4 Dec. 15,
Last Sale.
.i.; s.,
,
Jan. 1.
Bid
Ask Low
High No. Low
High
Hansa SS Lines6s with warr_1939 A 0 4012 Sale 375
8
45
36
29
61
Harpen MInIng 68 with warr _1949 J J 56
53
5412
5718
9
39
7212
Havana Elec consol g 5s____1952 F A
25
32
3213
3212
1
18
4014
Deb 5360 Belles of 1928-1951 M S
7
1212 74
714 15
314 15
a
Hoe(R)& Co 1st64s ser A_1934 A 0
•
•
Holland-Amer Line Gs (flat)_1917 MN
42
39 Dec'33 ---177 45
8
Houston 011sink fund 5),s__1940 MN -70
72
70
70
12
38
73
Hudson Coal lot of .5s ser A.1962 1 D 42 Sale 41
4214 113
2712 64
Hudson Co Gas let g 5s____1949 M N 104 Sale 104
1 1014 10814
104
Humble 011 & Refining 59-1937 A 0 10318 1033 103
4
1037
8 14 1003 10112
8
Illinois Bell Telephone bs___1956 - D 10512 Sale 105
1
10534 81
Illinois Steel deb 436s
1940 A 0 1035e Sale 103%
10438 32
Ilseder Steel Corp mtge 6s._1948 F A 1812 Sale 474
51
43
Ind Nat Gas & thirst 544_ 4 _1936 M N
947 June'33 _-__
8
Inland Steel let 445
1978 A 0 8418 86
85%
87
17
lot M s t 434s ser B
1981 F A 8512 Sale 8112
8512 46
Interboro Rap Tran lot 55._1966 1 .
1 633 Sale 633
4
658
65
8
10-year Os
1932 A 0
•
Certlflcates of deposit
,,-,_. 28 Sale 3512
2812 33
o
10
-year cony 7% notes1932 m 5
•
Certificates of deposit
---.67 4 6812 663
3
4
6812 78
Interlake Iron lot 58 B
1951 -N 5812 Sale 5712
613
4 28
Int Agric Corp let & coil tr 55--Stamped extended to 1942____ MN 62
74
62 Dec'33 --__
Int Cement cony deb 5&.,_1948 MN 80 Sale 7912
8018 70
Internet Hydro El deb 6s
1941 A 0 123 Sale 403
4
8
4312 152
Inter Mere Marine €1 6s
1941 A 0 4413 Sale 44
4714 13
Internal Paper Is ser A & B.1947 J J 55 Sale 54
27
55
Ref of 6s serles A
8
1955 M S 417 Sale 394
42
57
lot Telep & Teleg deb g 434s 1952 1 J 4612 Sale 4112
4314 210
Cony deb iSis
1939 J .1 5512 Sale 513
4
5312 577
Debenture 5s
1955 F A 4914 Sale 4512
5012 426
Investors Equity deb 5s A..1917 J D 82
83
82
8
83
Deb 5s ser 13 with warr_1948 A 0 82
82 Dec'33 ____
83
Without warrants
8213 Dec'33 ____
90
1948 A 0 82
1314
27
108
107
75
105
5712
110
1057 K C Pow & Lt lot 4 Ms ser B 1957 1 J 935 100
8
8
9811
101 mtge 434s
1961 F A
993 Sale 984
4
•
Kansas Gas & Electric 448.1980 1 D
7712 Sale 77
5512 Karstadt (Rudolph) lot 68_1943 M N
25
1578 Sale 1512
27
713
4
Certificates of deposit
,,-. a1534Sale 134
877 100
8
Keith (B F) Corp lot Os.
.__1946 m s 50
543 47
4
38 38
Kelly-Springfield Tire 6a___19.12 A 0 5112 Sale 50
- Kendall Co 548 with warr__1948 M S 7112 75
7418
a32
71
Keystone Telep Co lot 5s___1935 J 1 733 ____ 713
4
4
33
6818 Kings County El L & P 5s__1937 A 0 104
__ 104
17
58
Purchase money Cs
1997 A 0 12018 110 12018
5012 893 Kings County Elev let g 45_1949 F A 72
8
7212 71
6014 89
Kinis Co Lighting 1st 5s
1951 J 1 100 10312 10312
58
877
8
First and ref 634s
1954 J J 10618 130 10512
7912000 Kinney(OR)& Co 734% notes'36 J 0 8112 Sale 8112
91 106
Kresge Found'n coil tr 68
1936 1 D 80 Sale 78
Kreuger & Toll class A ctfs of dep
96 10214
for sec of g 5a
1959 M S 1238 Sale 123
8
9512 10478
104 1084 Lackawanna Steel lot bs A 1950 M S 973 Sale 9712
4
8818 10112 Laclede G-L ref & ext 5s
1934 A 0 8118 sale 8334
95 102
Coll & ref 534s series C
1993 F A
52 Sale 52
Coll At ref 534/1 series D
1960 F A
52 Sale 513
4
304 66
Lautaro Nitrate Co Ltd 65 1954. 1
1
53 Sale
8
5
64 3012 Lehigh C & NOV If 43413A 1954 J J
7712 sale 7712
9812 1074
Cons sink fund 44s aer C_1954 J J :7512 8234 80
8
8712 1017 Lehigh Val Coal 1st & ref a f 5s'44 F A
78
_- 753
4
93 10512
lit & ref s f 5s
1954 F A
40 15
39
97 1053
4
lot & ref s t 56
1964 F A
37
42
39
97 107
lot & ref a t 55
1974 F A
36
40
39
35
7614
Secured 6% gold notes_1938 1 J
813 8514 82
4
163 6312 Liggett &'Myers Tobacco 78_1944 A 0 123 Sale 120
4
a65
8014
50
1951 F A 106 108 105
10012 10412 Loew's Inc deb s 1 (le
1941 A 0 82 Sale 8014
79 10012 Lombard Elec 70 ser A
1952 J 0 9118 92
91
56
83
Lorillard (P) Co deb 741
1914 A 0 112 116 111
36
7514
5s
1951 F A 1003 Sale 10012
4
Louisville Gas dr El(Ky)55_1952 M N
93 Sale 91
100 107
Lower Austria Hydro El 63451944 F A
5212 Sale 9212
937 10212
8
893 99
4
93 1021s
8912 100
86 1963
4
8518 104
863 103
4
8418 10312
75 100
84 103
703 99
4
85
803
4
57
93
43
8112
9718 1054
96 107
•
95 10412
106 120
311s 683
4
30
68
72
8312
60
75
50
723
8
5912 7712
4614 6912
81 101
93 10012
94 102
1012 53
100s8 10778
95 105 8
3
263 5312
4
944 9712
66
90
65
90
47
70
•
14
3012
•
52
7314
32
70
3812
a50
2414
a2912
39
10
1712
2018
18
75
80
75
85
84
59
5812
68
49
55
67
593
4
923
8
92
9210
Dec'33 ____
9612 105
96 1053
993
4
4 26
70 4 95
3
78
35
16
27
133 4114
4
1578 43
13
183
4
50
10
994 61
8412
32
52
26
55
79
75
9
2
644 75
713
4
1 101 108
104
4
Dec'33 ____ 1153 135
72
4
66
774
1
99 106
10312
Dec'33 ____ 210512 11412
I 442
96
8112
314 8312
8114 40
123
4
89
10
184
75 1013
4
11
98
8412 13
7918 9714
48
70
5212 55
48
69
5278 22
212 147
8
44
6
7712
1
7712 9112
Dec'33 ____
91
78
45
763
4 16
763
4
3
20
41
55
40
11
1612 65
22
50
40
7
57
Nov'33 ____
82
10 117 12612
123
20 102 111
106
824 58
48
89
744 92
36
92
11312 35 al0212 120
19
90 10534
101
9318 28
86 10612
51
18
42
51
McCrory Stores Corp deb 530'11
Proof of claim filed by owner__ ,.,
57
40
1
4612 63
58
57
McKesson & Robbins deb 640'50 M 234 6512
N 60 Sale 5312
607 132
8
Manatl Sugar let a f 734.__1942 A 0
*
*
Certificates of deposit
15 Aug'33 --310 35
._7
103 19
s
Stamped Oct 1931 coupon 1942 ---1-1
•
*
A
Certificates of deposit
2712
8 97 2712 July'33 ---3
33
Manhat Ry(NY)cons g 48 1990 A 0 433 Sale 40
29
4412
44
170
4
Certificates of deposit
38 Sale 35
3
223 4012
-.- _,..
8
38
22 43
2013 2 -L, 3012 35
32 Nov'33 ____
174 34
Manila Elec RR & Lt s f 58_1953 M S 72
98
043 Sept'33 ---8
873 943
4
4
Mfrs Tr Co ctfs of partic in
A I Names & Son 1st 68_1913 1 0 60 Sale 80
3
40
75
60
Marion Steam Shovel of 6s_1947 A 0 4312 43
433
8
46
16
2514 59
Market St Ry 706er A _April 1940 Q J 68 Sale 673
4
69
21
57
754
Mead Corp let Co with warr_1945 M N 56
53
19
5712
30 a67
58
Merldionale Elea let 70 A_1957 A 0 9114 9812 a96 Dec'33 ---_
87 1204
Metr Ed lot & ref 5s aer C 1953 1 J__ 851 78
1
_
78
99
78
lot g 43,40 series D
1968 M 5 7212 753 7412
7412
3
67
90
4
Metrop Wat Sew & Dr 549_1950 A 0 7712 Sale 7712
6518 81
8034 18
Met West Side El (Chic) 13_1938 F A
1214 Sale 1214
2
1214
11
19
Miag Mill Mach 181 a f 7s
___
1956 1 D 4318 60
30
07's
45 Dec'33.
Midvale St & 0 coll tr a f 55_1036 M S 9612 Sale 9512
9612 105
80
904
13111w El Ry & Lt lot be B
1961 J I3 69 Sale 6614
69
107
63
874
1st mtge be
1971 1 . 67 Sale 653
1.
62
4
85
6834 19
Montana Power 1st be A
1943 J .
1 77 Sale 77
93
80
37
60
Deb 55 series A
1962 11 D 5112 5612 5012
29
45
78
53
Montecatini Min & AgrlcDeb g 70
1937 .1 J 9618 98
9612
87 a994
9612 11
Montreal Tram lot & ref 58_1941 J 1 95 4 Sale 953
3
4
7834 9934
9612 20
Gen & lets f 58 series A 1955 A 0 723 737 704 Nov'33 --__
4
8
5914 7412
Gen & lets f 58 series B_.1955 A 0 723 75
4
723 Oct'33 ---4
684 747
s
Gen & ref of 43,4s series C_1955 A 0 653
4
. 573 6818
68 Nov'334
Gen & ref s f Us series D 1955 A 0 7234 4
8
85
663 747
703 Nov'33 --__
4
Morris & Co let of 44s
1939 J 1 8334 843 83
8
78
9114
833
8
4
Mortgage-Bond Co 48 ser 2_1968 A 0 2014 40
404 Dec'32 ---- _-_-Murray Body let 634s
1934 J D 833 90
2
83 Dec'33 _-__
69 -94
Mutual Fuel Gas lst inig 5s_1947 SIN
82
90
97
Oct'33 ---94 8 1074
5
Mut Un Tel gtd Been at 5% 1941 MN 85
75
934
3
8912
98
8912
77 ---- 76 Dec'33 ____
Gannett Co. deb 68 son A._1943 F A
66
80
____ 10338 Oct'33 ___ 103 105
3
Gas& El of Berg Co cone g 551949 1 1 101
Gelsenkirchen Mining 6s _ _1931 M S 65 Sale 61
6612 49
3512 75
827 80
8
Gen Amer Investore deb 5sA1952 F A 80
81
3
7312 87
1017
Gen Baking Sobs!549__1940 A 0 10112 Sale 101
8 24
97 1033
4
5612 59
1947 J J
55
5878 42
Gen Cable let a t 53413 A
38
7512
Electric deb g 3340_ _1942 F A 9712 98 a97 Dec'33 ___.
Gen
98 10214 Names(A I) & Son.
.See Mfrs Tr
Gen Elec(Germany) 7e Jan 15'15 .1 J 4018 Sale 49
5018 32
2914 824 Nassau Elec gu g 40 etpd
1951 1 J
1940 J D 4712 Sale 4712
50
St deb 81411
26
9812 5712 Nat Acme let 8 t Os
19422 0
1948 M N 47 Sale 4512
47
-year s 1 deb 65
57
25
20
557 Nat Dairy Prod deb 53is
8
1918 F A
101
Gen Petrol let sink f'd 55_1940 F A 10312 101 103
18 101 105
Nat Steel lot coll 5s
1956 A 0
4
8084 10
19392 .1 803 Sale 7934
deb 5348
711 89
/
4
Gen Pub Serv
Newark Consol Gas cons 55.19482 D
6178 18
Gen Steel Cast b Yie with warr '40 J J 63 Sale 6012
47
85
Newberry (22) Co 534% notes '40 A 0
•
Gen Theatres Equip deb 68_1940 A 0
•
New Eug Tel & Tel 58 A...1952 1 D
234 Sale
234
Certificates of deposit
312 16
1
74
3
1st g 4348 series B
1961 M N
6512
5412 48
Good Hope Steel dt Ir see 71_1945 A 0 5618 58
37
6518 NJ Pow & Light let 4345._1960 A 0
Co 11048-1947 .1 J 9214 Sale 92
93
33
Goodrich(B F)
62
97
New Orl Pub Serv 101 55 A 1952 A 0
72 Sale 7112
1945 1 D
Cony deb Os
176 a3312 75 4
73
3
First & ref 5s series l3
1955 J D
8912 103
Goodyear Tiro & Rubb let bs 1957 M N 89 Sale 88
68
913 N Y Dock lot gold 40
4
1951 F A
89
89'4 88 Dec'33 -Gotham Silk Hosiery deb 68.1036
7412 8912
Serial 5% notes
1938 A 0
1940 F A
•
Gould Coupler let of 6s
•
NY Edison 1st & ref 64s A.1941 A 0
Pow (Japan) 70...1944 F' A 6734 Sale 673
4
6912 26
Gt Cons El
37% 75
let lien dr ref 58 series B 1944 A 0
19502 J 67 Sale 6614
let & gen e t 64s
674 39
31
70
1st lien & ref 5s series C_1951 A 0
7012 16
Gulf States Steel deb 534E1_1942 .1 D 6812 Sale 65
42
82
NY Gas El Lt It ex Pow g 53 1918 J 0
9612 9614
9612
Hackensack Water lot 4s_ _1952 .1 J 94
7
923 993
8
4
Purchase money gold 45_1949 F A
NY L E dr W Coal & RR 542'42 M N
NY L E & W Dock & Imp 58'43 J 4.1
AD
r Cash sale. a Deferred delivery, z Option sale Nov. 15 at 102. •Look under list of Matured Bonds on page 4342
4341
54
553
8
53
70
80 Sale
9012 Sale
10318 ____
874 Sale
1057 Sale
8
1004 Sale
713 Sale
4
4412 Sale
43 Sale
467 Sale
8
32 Sale
1093 Sale
4
10412 Sale
1043 Sale
4
107 Sale
100 Sale
7412 85
-_ 87
55
5512
2
70
1
70
793
8
82
279
9012 119
897
8
10312 Nov'33 ___873
15
88
10514
1057
8 43
10012
10114 173
713
4
7312
9
4212
4412 47
4212
4334 67
4418
464 55
3012
32
24
1003
4
1103
8 87
10414
1043
8 81
1043
3 10512 41
10714 35
105
983
4
45
100
75 May'33 ....100 June'31 ----
51
594
53
70
774 96
69
954
10112 10714
65
883
4
100 1113
8
964 10712
69
95
41
6412
39
65
4112 63
26
4712
1063 115
4
10114 1083
8
101 10814
1017 1124
8
09314 103
75
75
---- ----
1
New York Bond Record-Concluded-Page 6
4342
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 15.
T1 as
Vis
Price
Friday
Dec. 15.
Week's
Range or
Last Sale.
rxA
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. is,
r,
Dec. 16 1933
Price
Friday
Dec. 15.
Week's
Range or
Last Sale.
Since
Since
Jan, 1.
Bid
Ask Low
High go, Low
Bid
High
High No. Low
Ask Low
High
N Y Rys Corp Inc es___Jan 1965 Apr
8 Sale
812 103
8
2 1014 Studebaker Corp 6% g notes 1942 J D
8
Prior lien es series A
68
1965.7 J 68 Sale 67
14
36
32
63
37
3712 36
Certificates of deposit
31
45
N Y & R1chm Gas 1st es A1951 MN 955 100. 98 Dec'33
8
2 103 11014
96 10514 Syracuse Ltg Co. 1st g 5s_ _ _1951 JD 103 Sale 103
10318
NY State Rya 4 As A etre_ _1962
4
13
4 414 13
4
2
5
1
412 Tenn Coal Iron & RR gen 55_1951 S i 104
10414
_ 104
97 105
6 As series B certificates...J962 _ _
24
4
23
8
25
8
112 412 Tenn Copp & Chem deb es B 1944 MS 65
__-8 70 Dec'33
697
50
76
N Y Steam es series A
30
1947 M N 10214 106 104
106
Tenn Elec Pow let 6s
98 109
55 1004
6214 57
1947 J D 60 Sale 59
let mortgage 58
15
1951 M N 974 Sale 9614
98
90 10412 Texas Corp cony deb Sc.__ _1944 AO 973 Sale 97
8
7714 9912
973 147
4
let mortgage 5s
1956 M N
98
983 9512
4
9778 41
18
Third Ave Ry let ref 45
45
8
90 104
36
5512
1960 .7.7 435 Sale 4212
N Y Telep 1st & gen s f 4 As 1939 MN 10314 Sale 103
104
101
4
Ad1inc 5s tax-ex N Y_Jan 1960 AO 233 Sale 2238
9812 106
247 183
205 37
8
8
N Y Trap Rock 1st es
.51
33
1946.7 D 5014 Sale 50
387 67 4 Third Ave RR let g Sc
9
86 12
8
83
9412
1937 ii 864 Sale 86
,
N ag Lock &0Pow 1st 58 A 1955 A 0 94
95
9414 23
923
4
131
MN 101 Sale 10014
Tobacco Prods (N .7) 634s._2022
101
91 105
89 10212
Niagara Share deb 5 As
5518 38
1950 M N 5312 Sale 4912
Toho Elea Power 1st 7s
4914 74
54
41
80
80 Sale 7812
81
1955 M
Norddeutsche Lloyd 20-yr816(3'47 M N
4218 Sale 4012
441
78
Tokyo Elec Light Co Ltd
2818 60
Nor Amer Cem deb 6 As A_1940 M S 20
247 23 Nov'33
8
1st es dollar series
8
643 193
1018 32
30
4
68
1953 J D 6412 Sale 633
North Amer Co deb 5s
6918 162
1961 F A 6818 Sale 67
Trenton Ci & El let g 5s
89
60
102 10614
1949 MS 10214
- 02 Nov'33
No Am Edison deb 55 ser A_I957 M S 64 Sale 62
15 a55
64
8
39
Truax-Traer Coal cony 630_1943 MN 39 Sale 38
87
1513 48
Deb 6345 ser B___Aug 15 1963 F A 67 Sale 62 4
67
105
3
23
56
83
89 s Trumbull Steel let 81 es_ __ _1940 MN 83 Sale 81
3
3912 833
4
Deb 55 ser C
Nov 15 1969 M N 61 Sale 60
623
4 65
28 Aug'33
54
847 Twenty-third St Ry ref 5s 1962 J J 28
8
15
28
Nor Ohio Tree & Light es_ _1947 M S
2
78
82
12
78 10714 Tyrol Hydro-Elec Pow 7348_1955 MN 473 Sale 4512
48
4
4512 6312
Nor States Pow 25-yr 5s A_ _1941 A 0 9212 Sale 913
4
9212 11
Guar sec s f 7s
89 1043
20
4
4318 6214
45
1952 FA 45 Sale 434
let dc ref 6-yr ea ser B_ _ _1941 A 0 98 Sale 9614
21
99
93 10612
North WT let fd g 4 As gtd_1934
100 Nov'33
Ujigawa Elea Powers f 7s_ _ _1945 MS 7312 Sale 73
86 a100
.1
3712 78
7412 22
Norweg Hydro-El Nit 534s_1957 M N 77 Sale 7512
7814 26
6314 8112 Union Elec Lt & Pr (Mo)Gen mtge gold 58
38
94 1047
98
8
1957 A0 98 Sale 97
Ohio Public Service 714s A_..1946 A 0 9112 Sale 91
923
4
3
90 105
,
26
101
Un E & P (11I) 1st g 5 As A 1954'.7 101 Sale 0014
9914 105
1st & ref 713 series B
87 81 Dec'33 ---1947F A 82
Union Elev Ry (Chic) 5s.._ _ _1945 AO
81 104
145 20
1214 -- - 17 Nov'33
8
Old Ben Coal let es
15
1
16
17
14
17
1944 F A
35
Union 011 311-yr es A_ _May 1942 FA 107 Sale 055
3
8 107
993 109
4
15
Ontario Power N F let 55_1943 F A al01 Sale 101
102
10
934 10418
1st lien a f 5s set C__ _Feb 1935 AO 1005 10118 10012 101
8
9812 102
Ontario Transmission 1st 5s..1945 M N 101-- 101
101
22
Deb 55 with warr_ __ _Apr 1945 S D 94 Sale
94
5
897 10212
8
99
75
2
Oslo Gas & El Wks exti 15s_ _1963 M S 7412 Sale 70
7412 14
64
United Biscuit of Am deb es 1942 MN 10214 Sale 10214
84
10212 16
9512 103
912 46
Otis Steel let mtge es ser A.1941 M S 28 Sale 2218
293 130
4
94
United Drug Co(Del)5a____1953 MB 5612 Sale 5614
43
59
7112
United Rya St List g 4s._.1934 j
25
174 Sale 1714
14
18
2214
Pacific Coast Co 1st g 5s__ _1946 J D 20
30
31
31
23
38
U S Rubber lat St ref 58 ser A 1947• J 673 Sale 6614
4
6914 105
2914 75
4 1023
Pacific Gas& El gen & ref 513A '42 J .1 102 Sale 1013
4 84
9914 107
United S S Co 15-year 13s__1937 MN 91
91 Nov'33
95
75
9514
Pacific Pub Serv 5% notes_ 1936 M S 6618 71
6618 Nov'33
60% 8812 Un Steel Works Corp6 As A _1951 J D 48 Sale 4312
4812 172
2612 6014
Pacific Tel & Tel 1st 5s_ _1937 J .7 105 Sale 10412 10514 13 101 10734
Sec. t 6 As series C
70
4
48
2512 60
1951 J D 48 Sale 433
105 4 Sale 10514
Ref mtge 5s series A
3
106
Sink fund deb 6 As ser A _ _1947 .1
4612 Sale 4212
1952 M N
10012 1083
4
23% 5912
494 120
Pan-Am Pet Co(of Cal)cony es'40.7 D
•
Un Steel Works(Burbach)7s 1951 AO 10714 108 10612 Dec'33
9314 r110
26
273 20
4
6
Certificates of deposit
2614
25
3878 Universal Pipe & Rad deb es 1936 S D 10
1478 27 Aug'33
10
32
31
Paramount-B'way let 530_1951 J J 31 Sale 29
2
4812
Unterelbe Power & Light 138_1953 AO 4812 Sale 4712
13
25 r42
30
eels
30 Sale 30
30
Certificates of deposit
Utah Lt & Trite let & ref 5E1_1944 AO 643 Sale 59%
8
5
2712 38
64% 47
50% 73
Paramount Fam's Lasky 68_1947
Utah Power & Light 1st 5s 1944 FA
71 Sale 65
553 79
4
713 125
4
Proof of claim filed by owners_
•
100 105
UticaElecL&PletsfgCs 1950 .1 .1 98 10514 100 May'33
3018 68
Certificates of deposit
D 28 Sale 2312
Iola 3412 Utica Gas & Elec ref St ext 5s 1957 J J 100 103 100 Dec'33
994 108%
Paramount Publlx Corp 634s 1950 F A
UriI Power & Light 5 As_ __ _1947 J D 25 Sale 24
112
26
1318 41
•
Proof of claim filed by owner
•
2212 Sale 2114
Deb 58 with warrants__ 1959 FA
2312 167
12
37
28 Sale 2412
3012 83
Certificates of deposit......
712 35
1818 25
Deb Se without wan__ _1959 FA
24 Nov'33
5
14% 25 8
9 Sale
Park-Lea 634s ctts
9
9
1953
7
8
18
2014
Parmelee Trans deb es
3
Vanadium Corp of Am cony 58'41 AO 64 Sale 61
1944,A 0 2014 Sale 2014
44
64
4
343 81
6% 35
Pat & Passaic G & E cons 5s 1949 M S 100 10412 102
102
2 101 10614 Vertientes Sugar 7s cris____1942
414 Sale
112 1814
33
4
414 18
4
Pathe Exch deb 75 with warr 1937 M N 813 Sale 813
2
1118 13
4
Victor Fuel 1st Sf55
1
13
813
4
13
4712 87
1953
1012 21
Pa Cogu 334a coil tr A reg_ _1937 M S 90
9514 9514 Oct'33
_
99
2
9914
943 9514 Va Elec & Pow cony 5;0_1942 MS _ 98
4
95 105%
Guar 3As coll trust ser 11_1941 F A 85
8518
8518
2
1
50
65
50
75
473 65
8
8512 Va Iron Coal & Coke 1st g 5s 1949 MS 50
8412 ____ 8512 Nov'33 _
Guar 334s trust ctfs C_ __ _1942 J
4
993
4 31
73
9712 103
8512 Va Ry & Pow 1st & ref 5s.._ _1934 sr .1 9912 993 9914
- 86 Dec'33
18 Sept'33
Guar 3 As trust eta D
1944 J D
18
Walworth deb 6348 with warr '35 A0 10
78
86
10
35
847 853
8
Guar 48 ser E trust Ms- _ _1952 M N 8312- - 843
4
1
4
843
21 July'33
21
Without warrants
AO
4
98
1614 25
80
4
24
Secured gold 4345
87
213
1st sinking fund es ser A__1945 A0 2312 24
812 43
4
1963 M N 8612 Sale 843
2414 27
743 95
4
Penn-Dixie Cement 1st es A 1941 M S 6612 Sale 635
8
67
30
4212 238
3412 753 Warner Bros Pict deb 13/3_ _1939 MS 41 Sale 40
12
48
4
Pennsylvania P & List 4 As 1981 A 0 82 Sale 81
13%
2
14
14
10
3018
8314 101
4
753 9612 Warner Co 1st es with warr_1944 A0 12
Peep Gas L & C 1st cons 68_1943 A 0 10018 101 100
1015
8 31 100 114
16
Oct'33
16
Without warrants
A0 12
125 40
8
Refunding gold 55
8312 14
3112 37
1947 M S 8118 Sale 814
13% 384
80 10712 Warner-Quinlan Co deb 68_1939 MB 31 Sale 3012
Warner Sugar Refin 1st 7s...1941 3D 10514 106 10512 Dec'33
102% 106
Phila Co sec 55 series A
78
4
Warren Bros Co deb es
1967 JO 68 Sale 6612
693 109
51
4
•S 473 Sale 443
4
30
7514
6114 91
1941
Phila. Elec Co let & re/ 434s 1967 MN 10114 1023 1013
4
4 10218
6
10
4 100
993 106
4
100 Sale 993
97 10512 Wash Water Power s f 55 ...,J939 J
1st & ref 48
923 Sale 9112
4
933
8 69
1971 FA
8
Westchester Ltg Sc stpd gtd 1950 J O 1037 Sale 10312 103% 17 102 11012
893 100
8
Phila & Reading C dc I ref 561973 J
5214 Sale 52
53
46
4 10018 108
7478 West Penn Power ser A 513_1946 MS 10414 Sale 10414
48
10414
Cony deb es
89
41
1949 MS 4012 Sale 38%
let Sc series E
4
3212 6912
4 20 10014 10918
1963 MS 1033 10438 10312 1033
Phillips Petrol deb 53/8_ _ _1939 JD 91 Sale 90%
1st sec 5s series G
913
4 58
9
104
6718 91%
9912 107
1956 J D 10318 104 10318
Pillsbury Flour Mills 20-yr es '43 AO 10412 105
043
8 105
7
Western Electric deb 5s
20
97
4
95 107
81 102
1914 AO 963 Sale 96
Pirelli Co (Italy) cony 7s
1952 MN 100 10112 01 Dec'33 _
15
91
a995 10212 Western Union cell trust 55_1938'.7 90 Sale 8912
8
9314
52
Pocab Con Collieries 1st s f be'57 ii 6512 7414 el
_
Oct'33
Fundirg er real oat g 4348_1950 MN 763 Sale 763
21
4
3712 84
4
79
60
7014
Port Arthur Can & Dk es A.1953 FA 673 Sale 6712
4
69
7
15
-year 6345
50
73
55 100
963
4 47
1936 FA 95 Sale 95
1st mtge es series B
69
66 Nov'33
1953 FA
25
-year gold 5s
73
66
3612 88 4
1951 J O 7814 Sale 7824
8112 41
,
Port Gen Elec 1st 434s ger C 1960 M 5 43 Sale 3812
30
-year 55
4314 167
8012 45
374 703
4
363 8712
4
1960 MS 79 Sale 78
Portland Gen Elec 1st Ss_ _ _1935 J J 80% Sale 78
8012
8
5012 Sale 48
2312 5712
75 10118 Westphalia Un El Power 68_1953 J
53 4 424
,
Porto Rican Am Tob cony es 1942 J
3412 Sale 3212
10
35
793 Sale 7818
4
Wheeling Steel Corp 1st 534e 1948
81
86
19
18
52
52
Postal Teleg & Cable coil 513_1953.7, 47 Sale 4112
5112 860
1st & ref 434e series B__ _ _1953 AO 70 Sale 69
71
41% 75
1618 57
28
Pressed Steel Car cony g 58_1933 .1 .7
White Sew Mach (is woth warr'36• J 481
_ - a4212 Oct'33
45
a27
Pub Serv El & G 1st & ref4 As'e7 JD 1003 Sale 0018
4
10212 22
4714 Dec'33
2'.7 4518 50
Without warrants
97 1057
8
2212 50
1st & ref 4345
2
2
4 101
35
Partin f deb es
4812 Dec'33
1970 FA 993 1007 993
1940 MN 4518
97 105%
2214 50
1st & ref 45
2
1971 AO 923 Sale 9158
923
4 26
8814 10012 Wickwire Spencer Sri 1st 78_1935
Pure 011 s t 534% notes__ 1937 FA 91 Sale 893
4
5
8
9118 30
Ctf dep Chase Nat Bank_ _ _
4%
5
_
118 le
683 93
4
22
s 5%% notes
is(Nov 1927 coupon) Jan 1935
4
1940 MS 883 Sale 88
6312 90
883
4 47
Purity Bakeries 5 f deb 65_1948 J
412
81 Sale 8012
5
412 Sale
MN
13
Ctf den Chase Nat Bank _ _
81
74 144
55
8512
9
Willys-Overland s f es A_ _..1941 M S
•
Radio Keith-Orpheum9812 963
Wilson St Co. let sf es A_ _ _1941 AO 98
2
84
9912
98
27
Debenture gold es
Youngstown Sheet & Tube Sc '78 .1 .7 733 Sale 73%
8
1941 J D
•
52
85 4
3
7514 72
Remington Arms 181 f 6&A937 M N 9512 Sale 9512
8
lat mtge s f 5/1 ger 13
8
96
58 10018
1970 AO 733 Sale 73%
524 85
7512 83
Rem Rand deb 5 As with warr'47 MN 7612 Sale 7612
79
66 a414 79
Repub I & S 10-30-yr 5s a L1940 A 0 8514 90 847
8
10
92
85
55
Ref & gen 5348 series A 1953 J .7 704 71% 71
30
76
73
16
Revere Cop & Brass fis ger A 1948 M S 78
81
77
3
493 90
4
77
Rhelnelbe Union a 1 7s
4
104
1946 J .7 523 Sale 51
55
2812 6618
(Negotiability Impaired by Maturity)
Rhine-Ruhr Water series 6...1953 J .7 46 Sale 4318
2213 574
4914 97
Rhine-Westphalia El Pr 7s.-1950 M N 65 Sale 6412
17 a42
77
68
Direct mtge es
i
1952 M N 55 Sale 52
31
MATURED BONDS.
7012
5614 155
Price
Week'sRange
Cons mtge es of 1928
1953 F A a5412 Sale 52
106
303 7014 N. Y. STOCK EXCHANGE 0 Friday
56
4
Since
Range or
1*,
Cons M es of 1930 with warr'55 A 0 56 Sale 51%
70
Week Ended Dec. 15.
32
563 132
4
Jan. 1.
...a. Dec. 15,
Last Sale.
to0
1
Richfield 011 of Calif es_ _ _ _1944 M N
•
•
M N 22 Sale 22
Certificates of deposit
13
1912 32
22
Foreign Govt. & Municipals.
Bid
Ask Low
High
High No.Low
Rims Steel islet 7s
3712 56
5318
7
Megloo Trees es assent large '33 1 J
1955 F A 5318 Sale 5318
6
7
10 Sept'33 --33 1114
4
Roch G&E gen M 5345 ser C '48 M S 10018 102 100 Dec'33
96 107
Small
J .1 ____ __
618 Oct'33 _-34 1012
Gen mtge 434s series D I977 M S
9014 Nov'33
89% 993
4
Gen mtge 68 series E_ _1962 M S 9514 Sale 95
8912 10514
954 18
Railroad.
Roch St Pitts CS:I pm 58_ _1946 MN 73
a5712 May'33
a5712 a5712 Norfolk South 1st & ref 53 A.1961 F A
918 Sale
9
1014 58
212 le
Royal Dutch 45 with warr_1945 A 0 10014 gale 9912 .10014 110
83 1023 St Louis Iron Mt & Southern
4
Ruhr Chemical a f es
Rh &(1 Div 1st g 4s
,
52
5 2333 62
4
1948 A 0 52 Sale 51
1933 M N 485 Sale 4812
8
91
35 8 6112
3
49
Matured Bonds
St Joseph Lead deb 530_1941 MN
St Jos Ry Lt Ht St Pr 1st 58_1937 MN
St L Rocky Mt & P55 stpd_1955 J
St Paul City Cable cons 58_1937 J J
Guaranteed 58
1937 .1 J
San Antonio Pub Serv let ea 1952 .1
Schulco Co guar 6345
1946.7 .1
Stamped (July 1933 coup on)
A
Guar a f As series
1946 -0
Stamped
Sharon Steel Hoop s f 634s..1948 F A
shell Pipe Line if deb 5s...1952 M N
Shell Union 0118 f deb 58_1947 M N
Deb 58 with warrants_ _ _1949 A 0
Shtnyetau El Pow 1st 630_1952 J
Siemens & Halske a f 75_..1935 J .7
Debenture sr 6 As
1951 MS
Sierra & San Fran Power 58_1949 F A
Silesla Elec Corp s t As_ _ _1946 F A
Silesian-Am Corp coil tr 78_1941 F A
Sinclair Cons 011 15-yr 7a._ _1937 M S
1st lien 634s series B
D
1938
Skelly 011 deb 5345
1939 M 111
Solvay Am Invest 58 ser A_1942 M
South Bell Tel dr Tel 1st s t 58'41 J
S'west Bell Tel 15t & ref 58_1954 F A
Southern Colo Power es A1947 J J
Stand 011 of N J deb 5a Dec 15'46 F A
Stand 011 of NY deb 434s._1951 J ii
Stevens Hotel 1st es series A 1945
113 114
7018 78
37
43
4514 48
4514 497
8
743 Sale
4
2612 41
27
40
30 100
30
58
35
38
8912 Sale
89 Sale
89 Sale
6418 Sale
74% Sale
5612 Sale
9014 9212
4312 Sale
41 Sale
10212 Sale
8
1013 Sale
85 Sale
9718 100
105 Sale
105 Sale
7478
65
10458 Sale
100 Sale
•
11314
11418
73 Dec'33
37
3712
45 Dec'33
52 Sept'33
7512
4
743
40 July'33
27
Dec'33
29 Nov'33
35
Oct'33
38
Dec'33
8818
90
8812
89
8812
89
64
654
745
8
7518
54
59
91
91
43
46
40
413
4
0218 102%
01
1013
s
85
8712
99
99
8
1055
8
043
10512
05
8112
65
0418
105
9914
10012
•
24
12
______
78
49
88
32
29
82
3
35
38
46
22
32
2
29
19
8
119
151
81 Ile
93
70
307 50
8
51
42
50
61
744 92
25
50
2012 50
28
50
35
58%
16
56%
93
69
65
9214
6312 9214
28
657
8
• 70% 95
46
8212
89 102
5912
26
4612
32
9014 10312
8812 102
59% 8712
87
9912
99 107
100 10712
59
81
100 10512
8814 102
•
Seaboard Air Line let g 48_1950 A 0
Gold 48 stamped
1950 A 0
Refunding 4s
1959 A 0
Ati & Birm 30-yr 1st 948_1933 M S
13
34
31 Sept'33 ---13
183 15 Nov'33 __4
67
s 83
914 98
8 63
4
1312 18
121
6
1212
Industrials.
Abitibi Pow & Paper 1st 58...1953 1 D
B-way et 7th Ave let cons 50_1943 J 13
Chic Rys 5s stpd 25% part paid__ F A
Cuban Cane Prod deb es_ _1950 J J
East Cuba Sug 15-yr 8 f g 7348'37 M S
Gen Theatre/3 Equip deb 65_1940 A 0
Gould Coupler 1st 51 6s_._1940 F A
Hoe(R)& Co 1st 614s gerA.1934 A 0
Interboro Rap Tran (is
1932 A 0
10-year 7% notes
1932 M 5
183 Sale
4
958-.
47
493
-4
212 Sale
712 Sale
3 Sale
914 1312
25
28
29 Sale
708 Sale
Manati Sugar 1 a f 7;0_1942 A 0 1012 Bale
Stmpd Oct 1931 coupon 1942 A 0
612 15
Pan-Am Pet Co (Cal) cony ea '40
D 27 Sale
Paramount Fam Lasky 68_1947
Proof of claim filed by owner__
13 285 Sale
8
Paramount Public Corp 5148 1950
Proof of claim tiled by owner__ F A 287 Sale
8
Pressed Steel Car cony g iSs_ _1933 1 J 50
52
Radio-Keith Orpheum ea _ 1941
D
le
21
Richfield 011 of Calif es
1944 M N 2112 Sale
Stevens Hotels series A
1945 3 1 1812 22
Studebaker Corp 6% •otee._1942J O 37 Bale
Nillys-Overland a f 8 As_ -.1933 M S --------
,Cash sale. a Deferred delivery. z Oprional sale July 8. SI 000 at 304. • Look under list of Matured Bonds on this page.
1838
958
48%
212
4
63
3
13
2414
2612
69
30
20
3
9s
8
4812
2
312 123
734 22
65
4
2
13
2
25'2
2912 173
58
71
2
1012
1012
1514 Oct'33 ____
20
27
28
54
2512
30
2512
50
15
2112
1812
353
4
24
3018 108
50
e
1
15
224 50
22
22
3712 48
8
25
14
54
13
8
5
31
2612
164
31
10%
2
4534
3
4
258
1
47
2
127
12
5112
3314
11
70
13
3312
914
20
32
334
75
34
5
297
2
254 397
4
223 34
8
224
35
%
812
21
10
204
24
35
55
30
323
4
2812
4
624
7958
Volume 137
4343
Financial Chronicle
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Dec. 9 to Dec. 15, both inelusive, compiled from official sales lists:
Friday
Salts
Last Week's Range for
of Prices.
Week.
Sale
-Par Price. Low. High. Shares.
stocks (Concluded)
23%
Chicago Corp Common __•
244
22
Preferred -----------22
Sales
Friday
944
Chic Flexible Shaft com__5
Range Since Jan. 1.
Last Week's Range for
1744
Chicago Mall Order com_o 1734
Week.
of Prices
Sale
Chic N Sb & Mil
Low.
High.
Par Price. Low. High. Shares.
Stocks1
Prior lien
1
100
Chi & N W Ry com
844
100
83%
Railroad65
July Chicago Towel cony pref_*
161 80
113 117
Jan 121
100 114
Boston & Albany
11%
Feb Chicago Yellow Cab Inc_ _•
70
100 5634 5644 5844
429 5334 MAY
Boston Elevated
(wee Service Co com___•
134
lu
Boston & MaineJuly Club Alum Uten Co
406 17
Feb 57
44
29
44
27
100 28
•
Prior pref stpd
734
11
Feb
13
191
6
734
293% July Coleman L P & Stove corn •
Class A 1st pref stpd_100
July Commonwealth Edison 100 353% 3534
13
13
25
8
Apr 30
Class C lot pref stpd_100
40
19
Dec 49
July Congress Hotel Co corn 100
31 12
19
Class D lot pref stpd.100
Consumers Co
Chicago Jct Ry & Union
134
May 903% Aug
111 75
87
87
6c junior pref A_ _ _100
Stock Yards pref. _110
535
10
July Cord Corp
6
2
Feb
6
20
6
53%
East Mass St Ry lot pf..100
47
g Jan 8 July Crane Co common
2
2
100
25
734
734
Preferred B
Preferred
39
3
July
229 20c
Jan
1
1
100 45
Common
2
2
Apr
1
134
4
June Curtis Lighting Inc com__•
194 17c
100
Adjustment
5
8
8
July Curtis Mfg Co corn
•
50
5
334 Mar 13
5
Maine Central corn
444
Dexter Co (The) oom_ _5
1734 19
788 113% Feb 343% July
NY N Haven& Hartford 100
273%
July Dlamond Match Co corn.*
20 73
7944 84
Mar 95
100
Old Colony RR
5
1,880 133% Jan 423% July Eddy Paper Corp (The)_•
60 303% 293% 313%
Pennsylvania RR
5
El Household CBI Corp_..5
9
Gen Household Util com_•
Miscellaneous834
9
531
100
43% 5
631 July Godchaux Sugar Inc cl B_•
3
Mar
American Continental •
9
934
103% Dec Goldblatt Bros Inc com__• 20
264
1
Apr
20
Amer Pneu Service Pref-50
June Great Lakes Alrcratt A__..5
34
25
120
5
25
134
73% Feb 25
lot preferred
331
334
1,385 250. Mar
334
19
25
354 Dec Great Lakes D & D__...• 19
Common
6
1011 114
Amer Tel & Tel
11334 12134 2.829 863% Apr 1343% July Greyhound Corp new com •
134 Feb
11
July Grigsby Grunow Co com_•
230
31
•
64
34
Amoskeag Man Co
63% 634
25
365
6
Feb 30 June Hall Printing rommon_ _10
331
243% 23
3%
Bigelow Sanford Carpet_ __
934 934
July Harnischfeger Corp com__.
200
63%
63.4 Apr14
Boston Pers l'rop Trust_ _•
•
5
5
July Hart-Carter Co cony pf__*
444 5
14
74
144 Jan
Brown Co
23
Bibb Spene 13artlett corn 25
.
East Gas & Fuel Assn33%
Nov Hotalanle-Hersney Cl B__•
780
344 Apr 14
6
334
83%
Common
July
213 353% Apr 69
Class A
4234 48
11
100 46
• 11
6% cum pref
OCt 69
Dec IIupp Motor Car coin_ __10
435
5734
102 53
56
444% prior preferred 100 56
17
July Illinois Brick Co
5
Jan
434
300
8
25
83%
Eastern Steamship corn_ •
Jan 10534 Aug Illinois North Utll pref _100
4434
55 82
100 100
100
lot preferred
43
Oct Indep Pneum Tool v t c__• 13
13
43
50 2744 Apr 46
100
l'referred
Jan Interstate Power $6 pref__•
Dec 183
120 126
744
100 123
1.936 122
Edison Ewe ilium
Jan
5
267
103% June Iron Fireman Mfg v tc___•
7
734
Employers Group
7
744
734
July Jefferson Elee Co com_
11
310 1334 Mar 28
•
173% 20
General Capital Corp_-_• 1934
Oct Kalamazoo Stove com_ •
Mar
3
2
22
2
75
1
Georgian Inc pref class A20
2
•
5
June Katz Drug Co corn
7
134 May
43% 5
90
203%
Gilchrist Corp
1
203% Jan Kellogg Switchboard comb°
928
3
Gillette Safety Razor
93% Apr
93% 103%
July Ken-RadTube &L'pcomA •
Feb 29
23
234
64 12
2344
I Iygrade-Syl vania Lam p..•
150
23% Apr
International Hydro-Elee •
54 6
133% July Keystone St & Wire
Jan
Common
10
5 Slay8
944
•
634 634
Loess's Boston Threates_
Preferred
334 June
134 Apr
65
1,530
234 23i
100
Mass Utilities Assoc v t c..•
243 1534 Feb 3444 June Kingsbury Brew Co cap_ _1
734
Nfergentbnier Linotype_ __• 224 2134 2234
734
34
Jan La Salle Ext linty com___5
17
34 Dec
4
500 500
NE Public Service com_ •
July Leath & Co cumul pref_ _ _•
June 102
434
220 67
43%
8844 90
.
New Eng Tel & TeL __ 100 89
947
531 Mar 293% July Libby McNeill & Libby_10
2534
334
3
100 2594 24
PacIfic Mills
7
7
335
64 Jan
54
103% July Lindsay-Nunn Pub $2 pt *
Shawmut Assn tr Mts. •
54
•
1.428
7
53-4
•
53% Feb193% July Lion Oil Ref Co corn
834
Stone & Webster
491
•
7
14
Feb2441 July Loudon Packing com
1534
1734
25 14
Swift & Co
Apr 4834 Dec Lynch Coro corn
823 22
4834
• 48
46
Torrington Co
5 3234
3234
July
3
44 Apr
437
34
United Founders corn--- -•
36
34
61
4,927 33
Dec NieGraw Electric com_•
55
Jan 61
25 60
3
4
U Shoe Mach Corp
34
Dec McWilliams Dredging Co_• 133%
33
224 3034 Jan 34
25 33
1334
Preferred
25
44 June
234 234
4
Oct Mapes Cars Mfg cap stk_ *
Venezuela llolding Corp_ _•
323%
ti4
631
834 Sept Marshall Field common__• 14
390 MSc Mar
Venezuela Max Oil Corp.15
63-4
133%
133-f June Meadows mtg co COM- -•
505
535 Feb
•
Waldorf System Inc
576 7
50
11 29
50
Apr 50
June SlIckelb Food l'rod com_l
Waltham Watch pr pref 100
3
234
• 103%
23% Feb223% June /Midland United Co
10
123% 3,304
warren Bros Co.
85
4
May
10
13
July
Common
34
107-4
•
*
Warren (S D)& Co
%
Convertible preferred_ •
MiningMiddle West Utll new--•
34
34
70
43% 434
144 Jan
25
Calumet & Hecht
$6 cony pref A
%
•
93% July
34
7
Jan
312
1% Apr
3
Midland CBI
334
25
Copper Range
50 14
6% prior lien
Jan 374 Dec
1
3734 373%
1
Island Creek Coal
100
3
July
135
134
100
67 preferred A
34 Jan
Island ROYA10 Copper...25
100
34
13 June
344
570
3
Nov
3
344
7% pr.or lien
1
25
Mohawk Mining
1
100
234 231
Jan
110 850
231
331 July Miller & Hart Inc cony pf•
5
Nipissing Mines
6
731
Jan
320 38e
14 June Mohawk Rubber common*
1,255 200
2 50 38c
North Butte
234
150 400 Apr
500 540
1% June Nlonroe Chemical Co com •
25
Old Dominion Co
234
11
114
1734 June Muskegon Mot spec Cl A.•
350
931 Jan
10
I'd Creek & Pocahontas__•
25
114
434 June Nat113attery Co pref
1,320 30c Feb
134
Quincy Mining
* x2444 2234
134
Jan
200 310
44
5
34
Utah Apex Mining
13-4 June National El Pow A com •
441
j1• 2,845 251
Jan
134 Sept National Leather com___10
93c
90c
1
1
Utah Metal & Tunnel__ _ _1
Natl Rep Invest Inc compf•
144
134
BondsNatl Secur Invest Co corn 1
1
1
66
Feb 6834 July National Standard corn...* 20
6634 59,000 31
Amoskeag Mig Co 68_1948
20
2,000 17
33
33
1941
Mar 45
44
June National Union Radio coml
Brown Co 5440
24
Noblitt-Sparks Ind emu_ •
Chicago Jet Ity & Union
93
93
8,000 90
Nov 10131 Aug No American Car corn_ __•
334
Stock Yards 5s... _1940
14,000 24
38
38
Dec 45
Aug . No Amer Lt & Pow corn_•
15-4
E Mass St Ity ser A4 340'48 38
194
38
38
1948
3,250 25
Jan 46
July Northwest Bancorp corn__•
334
Series B 5s
334
102 102
1.000 95
Feb 10734 May Northwest Eng Co com_ __•
43-4
435
I'd Creek Pocahontas 7035
N'West CBI pr lien pf _ _100
231
• No par value. x Ex-dividend.
Omnibus Corp v to corn_ •
534
34
l'eabody Coal Co cl
-Record of transactions at Penn Gas & Elea A B com • 744 734
Chicago Stock Exchange.
corn_*
Chicago Stock Exchange, Dec. 9 to Dec. 15, both in- Perfect Circle(The)Co• 23
23
Pines Winterfront coin_ -5
15-4
elusive, compiled from official sales lists:
334
Potter Co(The)corn
431
•
Prima Co common
Sales
Friday
834
•
894
234
Last IVeek's Range for
Range Since Jan. 1.
•
l'rocess Corp corn
234
Week.
Public Service of Nor IIIof Prices.
Sale
15
High. Shares.
Par Price. Low.
Common
Low.
• 15
High.
StocksCommon
163.4
100
100 2144 Jan 42
6% preferred
Dec
3734
100
403% 42
Abbott Laboratories com_•
29
5110
10
43
26
Feb
25
7% preferred
399-4 July
100
Acme Steel Co
214 244
150
244 Dec
544 July Quaker Oats Co
Advanced Alum Castings 5
Common
100
• 120
634 Sept
734 8
120
1031 June
Ainsworth Mfg Corp com10
1134 12
250
Preferred
4
May 2434 June
112
•
100 113
Allied Products Corp el A.
134 Dec
30
144
144
33% Sept Rath Packing Co corn _10
2336
Martilldg p1100
AmerFurn
334 4
50
244 Apr
_100
1334 June Raytheon Mfg Co
Amer Pub Sery pref
244
1,200
344
Common v t 0
2
Aur
7% June
.
500
334 33-6
Site Co corn _ ... i
Asbestos
44
44
550
13%
6% prof v t c
44 Oct
144 June
5
Assoc Tel TRH Co corn_ •
3
344
Nov Reliance Mfg Co
110
3
3
Dec
5
Automatic Products com.5
10 15
Common
23
23
Aug
Feb
1544
30
10
pref. _ -100
Balaban & Katz
Feb
1531 June Ryerson & Sons Inc com_ •
1,550
3
12
714 844
73-4
Haatlan-Bleissing CO 00111 •
Oct Sears. Roebuck & Co corn •
50 109-f Oct 14
4334
103% 103%
Beatrice Creamery com_25
•
634 Feb 2134 July Shaler Co (The) CIA
834
1534 175-4 6,250
lienaix A vlatiou COW_--• 16
1,550
831 Oct
8
834 9
1834 June Signode Steel Strata pref _30
834
Berttboff Brewing Co__-1
210
1
Apr
13-4
41
134
8 June So'west Gas & El 7% p1100
class A conv•
Milks Mfg Co
11,350
1
1
21
53-4 Feb 213% July Standard Dredge corn__ _•
19
Borg-Warner Corp 0=1_10 1954
•
3
40 70
Cony preferred
Dec
Jan 95
9331 95
234
100
7% preferred
50
344 Apr 10 June Storkline Fur cony pret__25
744
434
73-4
Israeli & Sons(E J) com_.•
100
1
Jan
53%
444 May Sutherland Paper com _10
2
2
Isrown Fence & W Ire cl 13_*
lb 28
2734
1,550
114 Feb
4
434
634 June SWIlt International
10
4
Butler Brothers
25 1431
14
390
244 244
331 June Swift & Co
234
134 Apr
•
Canal Const Co cony pref.
333% Jan Thompson (J K) com _25
140 144 Mae
7%
174( 18%
• 1841
Central Ill 1' t3 pref... .
1
34
June 20 Wacker Drive 56 pref •
450
44 Mar
34
-44
Central l'ub Sore Corp _1
20 x4644 4834
June U S Gypsum com
44 Feb
1
550
Si
34
34
•
Central Pub Util A
Utah Radio Prod coM.--•
13%
31 Jan
176
% Mar
160
%
1
44
Si
V t c common
1%11 & Ind Corp
34
34
•
Cent S W U Ill244
2
Convertible preferred •
5
May
44 Dec
44 2,050
•
4
4
Common
June Viking Pump Co corn_ _ _.
.
174
1.34
380
334 Dec 24
4
•
334 4
Preferred
Vortex Cup Co
305-4 July
190
•
5
5
Nov
5
6
Prior lien pref
•
Common
83.4
% Slay
44 Jan
100
4
li
Chic City & Con Ity coin_•
• x26
26
Class A
234 May
1
June
50
1
1
Certificates of del)
r
Range Since Jan. 1.
Low.
I
High.
244
22%
1034
1734
3,750
1,200
1,300
200
1
Feb
1234 Apr
334 May
10
Oct
5
3444
1244
22
June
July
July
July
1
934
65
12
2
.44
8
3934
45
40
2,160
10
150
4,500
600
250
1,800
40
4
134
5834
6
13%
44
554
323%
36
Jan
Apr
Sept
Apr
Dec
Feb
Oct
Nov
Nov
1
16
6734
22
63%
144
8
82
45
Aug
July
July
June
May
May
July
Jan
Sept
70
134
834 38,800
834 2,700
880
47
90
2
90
5
210
43%
100
273%
100
5
500
934
1,650
10
100
5.4
50
20
13% 14,500
203% 5.600
7
1.500
4 8,200
900
435
100
634
100
5
10
23
434 2,500
300
1134
10
434
200
5
20
4444
300
13
10
744
100
731
100
113%
1,050
24
.50
203%
200
344
100
23%
134
44
3
15
2
4
2
23
134
3
734
34
1034
%
634
544
34
34
244
344
21
1
33%
434
334
4434
63%
63%
3
334
4
1734
%
1%
Apr
Jan
Feb
Feb
Dec
Mar
Jan
Sept
Feb
Feb
Nov
Star
Mar
Feb
Feb
Nov
Dec
Mar
Star
Jan
Jan
Feb
Mar
Dec
Jan
Dec
Apr
Nov
Feb
Nfar
Feb
Mar
Apr
Feb
6
153%
113%
59
1034
103%
814
273%
15
1344
234
1434
2744
2
203%
73%
434
934
10
831
23
634
143%
434
8
6644
16
73%
835
15
373%
2734
7
434
July
July
July
July
July
July
July
Dec
July
June
July
July
June
June
Dec
Nov
July
July
July
June
Dec
June
June
Dec
Slay
Feb
June
Dec
July
Aug
June
June
May
June
1034
65
8
34
43-4
344
144
53%
1735
3534
400
40
200
180
10
1,300
200
100
10
3,000
4
25
734
%
4
134
31
134
10
8
Mar
51ar
NOV
Feb
Oct
Feb
Dec
Feb
Mar
Feb
1634
65
1814
144
434
734
644
83%
18
44
July
Dec
July
June
Dec
June
Apr
July
June
Sept
4
14
323%
1544
200
250
10
5,300
30
650
1.44
7
30
444
31
13-4
Apr
Jan
May
Feb
Jan
Nov
6
1634
36
18
134
734
June
May
Sept
JUPA
June
Juno
44 May
44 Nov
34 Jai
34 Feb
234
531
Si
334
June
June
May
May
4
334
34 1,20
10
%
31 42.050
600
%
1
34
14
734
294
234
10
2434
%
1
134
1
21
%
25
334
194
434
5
231
534
54
714
23
135
45-4
94
25-4
20
20
200
200
100
10
350
80
50
1,400
100
50
150
500
750
50
50
1,100
150
10
200
100
50
150
50
600
150
150
1
44
1
5
23%
2
134
14
%
44
44
44
10
%
93%
234
134
33%
234
2
334
54
5
16
1
%
8
1
Nov
Nov
Nov
Jan
Dec
Apr
Apr
Apr
Feb
Star
Mar
Mar
Feb
May
Mar
Apr
Apr
Nov
Jan
Nov
Dec
Dec
May
Jan
Feb
May
Nov
Apr
% June
2.44 July
8 June
2134 June
July
8
444 Slay
1034 Dec
Sept
25
June
1
3 May
134 July
234 June
25 June
3 June
2934 July
May
8
734 June
14
June
June
10
Feb
12
534 May
% Dec
10 June
2794 June
July
5
43% Dec
344 July
644 May
1654
1635
41
43
600
50
100
160
14
1434
3734
40
Nov
Nov
Apr
Apr
48
47
85
95
Jan
Jan
Jan
Jan
160 63
70 106
100 1544
Feb 145
Apr 120
Jan 27
July
Oct
May
244
144
350
400
May
OCt
8
Oct634 June
153%
13
44
834
8
42
1
3
434
514
2944
1554
7%
%
4844
254
%
234
174
200
100
150
100
90
100
200
250
50
120
1,350
8.350
650
50
6,500
5,000
850
300
100
6
734
1344
531
4
40
34
34
3
23%
1234
7
6%
44
18
44
%
134
174
9
2634
1,050
400
454 Feb
Mar
17
123
113
233-6
1
34
1C14
P b
Mar 20
Feb 47
834
July
Feb936
Oct 80
Mar
4
Mar
531
July
8
May
9
Feb 3234
Feb 243%
Mar 153%
44
Dec
Mar 5244
3%
Jan
Feb
314
7
Mar
634
Dee
June
May
July
Dec
Aug
June
May
Slay
May
Sept
June
July
June
Feb
July
Sept
June
June
June
1034 May
273% July
4344
Financial Chronicle
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Wahl Co common
•
Walgreen Co common__ •
634% preferred
100
Ward (Montin & Cool A_•
Wayne Pump Co
Cony preferred
•
Wieboldt Stores Inc com _ _•
Pits Bankshares corn
•
Yates
-Amer Mach fat pfd_•
Zenith Radio Corp corn •
17%
85
86
134
1%
1734 1834
85
88
85% 88
1
934
231
35
3
1134
34
Bonds
Chic City Rys Is etts A927
Chicago Railways 5s
Certificates of deposit_ _
Grigsby Grunow 6s__1936 20
Metrop West Side El 48'48 1234
• No par value. z Ex-dividend
134
034
234
34
50
1,200
60
310
Range Stn.; Jan. 1.
High.
Low.
Jan
Feb
May
Feb
Mar
Dec
Apr
4
231 Dec
34 Jan
35 Mar
34
11%
7535
4734
34
250
50
250
300
9,000
3934 4154 817,000
3734 Dec
4734 4734
20
19
1234 123,4
45
19
12
1,000
2,000
1,000
Dec
Dec
Oct
3
2134
88
92
2%
6
1434
10
3%
5
July
July
Dec
Dec
June
June
June
Jan
July
Dec
61
July
6734 July
July
42
1834 June
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Dec. 9 to Dec. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
for
Last Week's Range
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
770
1.00
1.35
Abitibi Pr & Paper corn •
15
5
5
6% preferred
100
40
2% 334
Alberta Pacific Grain A_
5
15
15
Preferred
100
33
15
15
15
Barcelona
30
8
9
Beatty Bros corn
•
25
65
68
Preferred
100
3% 3%
204
Beauttarnois Power corn_ _•
233
Bell Telephone
100 114% 113 115
16
2% 2%
Blue Ribbon Corp corn__ _•
46
23
23
50 23
63.4% preferred
6,634
10% 11%
Brazilian T, L & Pr corn_ _* 11
2.85 18,000
2.65
Brewers & Distillers com_• 2.75
40
2% 234
234
BC Packers corn
•
50
12
13
Preferred
100
310
21% 2134
B C Power, A
•
434
360
434
13
16% 1634
96
Building Products A
73
Burt(F N) Co cona
25 2834 2834 29
Range Since Jan. 1.
Low.
High.
4
Si Mar
1
10
Jan
Oct 10
Dec 40
15
10
Apr 17
15
33.4 Jan
Apr 72
53
334 Dec
7
Apr 118
80
1
Apr
6
10
Feb 23
73e Mar 19
Jan 3.85
She
1
Apr
7
6
Jan 21
1434 Apr 28
3% Feb
6%
1034 Apr 21
20
,
Feb 3834
July
July
July
July
July
July
Sept
July
July
June
Dec
July
July
July
July
July
June
July
July
475
3% 335
Canada Bread corn
48
10 30
48
1st preferred
100
7
2%
6% 7% 4,189
Canada Cement corn
33% 29
118 13
34
Preferred
2%
20
235 234
Canada Steamship pref _10C
11
5
105
11
Canadian Bakeries pref 100
2%
6% 6%
500
Canadian Canners corn_ _ _•
10
3
10
380
10%
Convertible preferred_
20 46
77
79
lot preferred
100 77
3
4%
670
5
4
Canadian Car & Fdy corn_*
10
235
9
Preferred
1034
25
20
442 10
Can Dredge & Dock corn_• 20
2035
105 105
5 85
Preferred
100
59
217 51
Can General Mee pref___50
6035
15
134
Canadian Ind Alcohol A..* 18
1834 20,959
1734
13
425
13
• 1734
fer
11
455
12
Canadian Oil corn
634
•
6,154
9
Canadian Pacific
_ _25 12% 12% 13%
125
3%
735
Cockshutt Plow corn
73.4 7%
•
272
731 834
2
Consolidated 13akeries .
1
1%
134
1,620
Consolidated industries..'
34
127% 131%
447 54
Cons Mining & Smelting 25 128
170 172
Consumers Gas
52 161
100
8
345
8
2
Cosmos Imperial Mills_ _ _"
9% July
Mar
Nov 76% July
Feb 10% July
Apr 45% July
934 May
Mar
May 11
Dec
Mar 10% July
Apr 14
July
Apr 80
Nov
Apr 11% July
Nov 20
July
Mar 2234 July
Sept 105
Dec
Mar 60% Nov
Mar 40
July
Mar 3834 July
Apr 2035 July
Apr 21% July
153g June
,
Feb
Jan
1634 July
5
Apr
July
Mar 140
Sept
Dec 190
July
Apr 10
July
2134
Feb 2734 July
Dec 70
Aug
Dec 14
July
4
Dec
July
Feb 16
July
15
Jan
July
Apr 21
July
Mar
6% June
Apr 10734 Sept
3 June
Jan
734 June
Feb
Dominion Stores eorn____.
Eastern Theatres pref..100
Easters Steel Prod corn_ _.•
Easy Washing Mach corn.*
Economic Invest Trust_ _50
Fanny Farmer corn
•
Ford Co of Canada A._ _.•
General Steel Wares corn •
Goodyear T & R prel_ _100
Great West Saddlery COM.*
Gypsum,Lime & Alabast _*
14
4
21% 22%
65
65
5% 5%
1
1
10% 10%
11% 1134
14
15
234 3
106 10734
1
1
435
4
632
5
20
05
25
100
4,826
135
110
40
1,095
12%
65
5
1
7
834
6
%
80
34
14(
534 534
234
534,
Ffinde & Dauche Paper_ _ _ •
950
97
International Mill 1st pf100
97
10 95
International Nickel com..• 21.40 21.10 21.80 10,017 8.15
1%
International Utilities B..*
134 1%
5
34
Laura Secord Candy com •
49% 51
211 36
1,299 10%
Loblaw Groceterlas A_ __ -• 1434 1434 14%
14% 1435
243 1034
•
234 2%
2
Maple Leaf Milling corn. •
200
4% 4%
434
2%
2,006
Massey-Harris corn
•
11% 12
5
Moore Corp corn
285
•
95
96
A
55 65
100
110 110
15 70
100
134 2
34
150
uirheads Cafeterias corn •
National Sewer Pipe A_._'
Orange Crush com
•
Page-Hersey Tubes com •
Photo Engravers & Elec..'
Porto Rico preferred_..100
Pressed Metals corn
•
Riverside Silk Mills A._ _*
Simpson's, Ltd, pref..._100
Stand Chemical corn
•
Stand Steel Cons corn....'
Preferred
Steel of Canada corn
Preferred
25
Tip Top Tailors pref. 100
Traymore, Ltd, corn
*
Union Gas Co corn
Walker, Hiram, corn
Preferred
Western Can Flour corn_
Weston, Ltd (Geo) com
.•
•
•
•
Banks-.
Commerce100
Dominion
100
Imperial
100
Montreal
100
Nova Scotia
100
100
Royal
Toronto
100
l•-•1
Loan and Trust
Canada Permanent__ 100
Huron dr Erie Mtge_ __ _100
•
20% paid
Toronto General Trusts 100
Toronto Mortgage
• No par value.
34
60
16
19%
19
36
1035
30
2734
34
3%
4434
15%
45
Mar
Dec
Mar
Nov
Jan
Apr
Mar
Nov
Mar
Mar
Apr
Apr
Feb
8
105
3.25
4
51
2134
21
17
1134
17%
107
125
4
July
July
July
July
Dec
July
July
July
June
July
July
July
July
16
31
58
15
55
1734
18
16%
35
60
17
55
20%
19
25
240
35
595
10
705
75
14
34
40
8
55
8
7
Apr
Dec
Apr
Apr
Dec
Apr
Mar
22
234
70
16%
60
26
19
Aug
Juno
July
July
Deo
July
Dec
35
5
1034
30
27%
31
7134
%
38
5
12
30
28%
31
7134
87
10
5,731
1
331
58
11
600
6
4
1
30
14%
25
35
34
Mar
Apr
Jan
Dec
Feb
Mar
May
Dec
52
13%
19%
30
33
34
72
234
July
July
July
Dec
July
July
Nov
Sept
665
3% 4
2%. May
:
45% 34,693 (4
43
Mar
14% 15% 3,795 ;934 Mar
6% 8
4
103
Feb
45
46
30 1834 Mar
7%
66
18
18
59%
July
July
July
July
Sept
133
138
144
165
267%
132
132
159% 157
135
142
145
170
27034
136
159%
123
125
75
12
105
98
134
140
123
75
12
105
98
178
42
33
116
15
88
43
120
124
123
161
228
12335
152
62 120
12 75
4 12
31 105
4 90
175
175
185
220
285
183
215
July
July
July
July
July
July
July
167
Dec 102
Dec 18
Dec 167
Mar 100
July
Jan
July
Jan
Sept
Apr
Apr
Apr
Apr
Apr
Apr
Apr
May
Dec. 16 1933
Toronto Curb.
-Record of transactions at the Toronto
Curb, Dec. 9 to Dec. 15, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sala
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
high.
Beath & Son W D "A-___•
4
4
3
•
8
Biltmore Hata corn
8
8
131ssell Co T E corn
*
2
2
Bewing Corp corn
5%
•
5
63-4
Preferred
• 1434
1434 1634
Canada Bud Brew corn_ _ _•
7% 7%
9
Canada Malting com
• 27% 2734 28
Canada Vinegars com
• 213.4 21
2134
•
8
Canadian Wineries
634 834
Can Wire Bound Boxes A * 15
15
17
Cosgrave Export Brew_ _10
5
5
Distillers Seagrams
• 2134
2034 233,4
Dominion Bridge
*
22
2434
Dorn Motors of Canada.10 60c
134
60c
Dorn Tar & Chem corn_ •
234 234
English Elec of Can A_
•
12
12
Goodyear Tire & Rub corn* 9334 90
94
Hamilton Bridge corn__ _ •
.
534 6
6
Preferred
100
35
35
Honey Dew pref
•
7%
7% 7%
Humberstone Shoe com_ •
2434 2434
Imperial Tobacco ord.._ _5
1034 1034
Montreal L It & P Cons..' 3334 32
3334
National Breweries corn •
24% 2434
National Grocers pref__100
93
93
National Steel Car Corp..'
14
14
OntarloSilknit com
•
434 435
Power Corp of Can corn..'
8
734 8
Preferred
•
52% 52%
Rogers Majestic
•
434 534
Service Stations corn A_ _.*
6
6
6
Preferred
100
30
30
Shawinigan Water Jr Pow • 1634
16
1635
Stand Pav & Marls com_ •
2% 234
Stop & Shop corn
•
4
4
Toronto Elevators pref_100 863.4 85
87
United Fuel Invest pref 100
9
9
Waterloo Mfg A
*
2
2
59
15
20
2,213
2,547
2,590
471
165
5,442
1,710
145
5,555
1,206
2,063
30
10
377
95
20
25
5
575
166
20
5
25
3
50
10
900
25
100
240
25
19
25
10
20
3
Dec
7
July
33,4 Jan
93,4 June
Dec
2
5
July
34 Jan
934 July
July
4 Mar 19
July
534 Apr 18
1334 Mar 40
July
1334 Jan 26
July
1% Jan
9% July
334 Mar 17
Dec
8
July
1% Jan
Feb 5134 July
4
July
1436 Feb 33
534 July
600 Dec
Apr
1
6% July
Feb
July
5
19
Mar 114% July
40
2% Apr 1134 July
20
Nov 40
July
5
Sept 17
July
Nov
1434 Jan 25
7
Feb
1134 Sept
2635 Apr 42
July
1634 Mar 2834 July
Aug 100
July
85
535 Mar 1835 July
,
July
4 June
9
6
Jan 1534 July
May 60
July
38
34 Mar
535 Dec
2% Apr 11
July
Apr 48
July
16
9% Feb 2144 July
July
.34 Apr
6
4
Dec 1034 July
Dec 96
Sept
85
434 May
173.4 June
8 June
134 Feb
Oils
British American 011
Crown Dominion 011
Imperial 011 Ltd
International Petroleum_ _*
McColl Frontenac 011 com•
Preferred
100
North Star 011 pref
5
Supertest Petroleum ord_ _•
Common
•
Preferred A
100
3,699
100
7,579
1,480
370
10
, 15
90
20
10
7%
134
734
1034
734
543(
1%
1134
1134
93
134
13
20
11
234
133-4
2%
1234
20
11
7234
14
2%
1334
2134
113-4
7334
2% 234
1634 17
16
1634
100 100
Jan
16
Apr
634
Apr 16
Mar 22%
Mar 15
Apr 80
435
Apr
Mar 2234
Feb
19
Jan 100
July
July
July
Nov
July
June
July
July
Aug
Dec
• No par value.
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, Dec. 9 to Dec. 15, both
inclusive, compiled from official sales lists.
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Agnew Surpass Shoe pref..*
•
Alberta Pac Gr A
Bathurst l'ow & Pa A_
•
Bell Telephone
100
Brazilian '1' L & P
*
Brit Columbia Packers_ _ •
.
Brit Col Power Corp A_ _ _•
B
•
Bruck Silk Mills
•
Building Products A
*
•
Canada Cement
Preferred
100
Canada Forgings el A.._'
Can North Pow Corp_ _ _•
.
Canada Steamship
•
Can Wire & Cable el A_ _ _•
Canadian Bronze
•
Canadian Car & Fary _ _ _ _•
Preferred
25
Canadian Celanese
•
Preferred 7%
IGO
Canadian Cottons
100
Canadian GeneralElec pf50
Candn Hydro-Elec prof 100
Candn Indus Alcohol....'
Class B
•
Canadian Pacific Ry_ __ _25
Cockshutt Plow
•
Con Mining & Smelting_25
Dominion Bridge
•
Dominion Glass
100
Dominion Steel & Coal B 25
Dominion Textile
•
Dryden Paper
•
Eastern Dairies
•
General Steel Wares
•
Goodyear '1' pf Inc 1927 100
Gun!(Charles)
•
Gypsum Lime & Alabas_ •
.
Hamilton Bridge
•
Hollinger Gold Mines_ _ _ _5
Howard Smith Paper M •
Intl Nickel of Canada__ _ _ •
Intl Power prof
100
Jamaica PS Co Ltd pref100
Lake of the Woods
•
Lindsay (C W)pref._..100
MacKinnon Steel Corp.._'
Massey-Harris
•
MeColl-Frontenac 011_ .._ _*
Montreal Cottons
100
Preferred
100
Mont L H & 1' Cons
•
Montreal Telegraph__ _40
Montreal Tramways_100
National Breweries
•
Preferred
25
Natl Steel Car Corp
•
Niagara Wire & Weavg pf •
Ogilvie Flour:31111s
•
Preferred
100
Ontario Steel Products_•
Ottawa L II & Power__ _100
Power Corp of Canada_ _ _•
Quebec Power
•
St Lawrence Corp
•
A preferred
50
St Law Flour Mills prof 100
St Lawrence Paper pref _100
Shawinigan W & Power..'
Sherwin Williams of Can_•
63
3
115
11
235
22
434
1634
16%
7
33
600
20
434
11
18
105
38
5434
18
17
1234
7%
127
2334
134
63
434
2%
4
534
11.35
21.00
15
97
113,4
36
435
11
3334
110
2434
13
170
125
7%
1434
2
5
11
163-4
Range Since Jan. 1.
Low.
5 62 mi Oct
63
3
35
234 Oct
25
3
1
Jan
115
249 80
Feb
4,403
113
4
734 Feb
450
23.4
1
Jan
450 14
22
Feb
965
4%
3
Jan
16%
3
940
Mar
17
20 1034 Mar
4,226
73-4
254 Jan
307 13
33
Apr
4
75
2
Feb
190 12
17
Feb
75c
340 500 Dec
20
25 20
Dec
17
10
8
Jan
5
1.076
3
Apr
11
1,020
9
Nov
19
240
634 Mar
108
42 7134 Mar
140 1934 May
39
61
31 50
Mar
55
85 36
Feb
134 Jan
1834 14.976
1735
1
6.233
Jan
4,332
9
1334
Apr
7% 734
100
Jan
3
127 132
2.086 543.4 Feb
3,798 1334 Feb
2034 2434
83
83
168 37
Apr
134
135
755 50c Feb
232 40
6434
63
Apr
4
5
665 75c Feb
334 334
10
2
May
234 3
1,130 700 Jan
25 98
107 107
May
00
6
4
634
Mar
4
434
510
134 Mar
234 Jan
65
535 535
11.25 11.85
2,295 6.10 Jan
45
5
135 Mar
5
21.00 21.75 6.449
8% Feb
15
15
25 10
May
97
98
14 78
May
11
40
1134
5
Feb
35 25
35
36
Mar
10
10
50
May
2
434 5
298
23.4 Feb
1034 11%
1,160
734 Feb
17
17
21 18
May
65
65
20 50
May
6,762 2634 Apr
323-4 3434
1 40
48
48
May
18 70
105 110
Apr
1,681
2434
24
1434 Feb
3134 32
17 27% Jan
1434
12
4,130
5% Feb
24
24
50 16
May
70 100
170 180
Feb
125 125
70 112
Apr
0
0
5
5 May
80
10 80
80
Nov
7% 8
477
6
Jan
1434 15
175 11
July
2
234
425 150 Mar
434 535
50
1
Feb
93
93
10 92
Apr
11
11
90
24 Jan
16
17
2,757
9% Feb
11
11
3a
4
Mar
63
3
3
114
1034
2%
2034
435
16
1634
63.4
2934
4
1634
500
20
17
434
10
18
105
38
5934
53
15
1334
1234
High.
66
Sept
10 June
8 June
120% July
1834 July
8
July
2734 July
6% July
Sept
24
1935 July
1034 July
35
July
July
8
18
Nov
334 July
30
July
25
July
1134 July
1934 July
2834 Sept
112
Sept
49
Aug
61
Dec
6335 July
90
July
39
July
2134 July
1434 June
14334 Sept
34
July
90
May
6
July
6934 July
73-4 Aug
7
May
6
July
108
July
1634 July
7% July
113-4 July
12.40 1)ec
934 July
22.75 July
23
July
98
Dee
1834 July
36
Dec
10
Dec
12 June
15
July
2334 July
65
Aug
42% July
48
Dec
110
Nov
2934 July
32
Oct
18% July
24
Dee
210
July
125 'Dec
9 !Dec
90
July
1531 July
24
July
5
July
1214 July
100
Sept
25
July
2234 July
18
Jul3
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Simon (II) & Sons
*
Southern Canada Power_ _*
Steel Co of Canada
•
25
Preferred
Twin City
•
•
V iau Biscuit
•
Wabasso Cotton
•
Western Grocers Ltd
Windsor Hotel pret_ _100
*
Winnipeg Electric
100
Preferred
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
Toronto
6
10
27%
30
13.4
2
14%
30
5
134
4
Range Since Jan. 1.
Low.
7%
12
28
31
134
2
14%
30
5
2
434
135
2,800
260
338
35
10
53
15
10
200
15
4
10
14%
25
lei
2
4
8
5
134
3%
May
Dec
Feb
Feb
Mar
Mar
Apr
Apr
Oct
Nov
Apr
140 143
100
100 134% 133 135%
100 171
166% 172
100
273 273
100 133
132 135
100
157 157
110
250
230
162
35
6
127%
119
150
230
124
155
Apr
Apr
Apr
May
Apr
May
12
30
14%
30
1.%
High.
8%
19%
32
3334
4
7
183.4
30
5
5
10
155
176
221
285
183
170
June
Aug
July
July
June
June
July
Nov
Oct
July
July
Aug
July
July
Nov
July
Jan
•No par value.
4345
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Penna Salt Mfg
50
Philo, Elec of Pa $5 pref_ •
Phi' Elec Pow pret
s,
25
Phila Rapid Transit__ _ _50
7% preferred
50
Phila & Rd Coal & Iron. "
Philadelphia Traction_ 50
Reliance Insurance
10
Scott Pap ser B 6% pref 100
Tacony-Palmyra Bridge_
Tonopah-Belmont Devel_l
Tonopah Mining
1
Union Traction
50
United Gas Imp corn____•
Preferred
92
2934
lei
4
1736
5
15%
BondsElec & Peoples Or ctfs 45'45
Phila Elec (Pa) lst 58_1966
56
91e%
29%
1%
3%
33.4
1734
431
98%
20
Ill
501
5
14%
84
57
92%
30%
2%
4
4%
17%
5
98%
20
el,
ei
534
1634
84%
1634 17
107 107
125
312
801
300
450
60
200
600
25
20
300
600
600
9,400
190
Range Since Jan. I.
High.
Low.
2534
89
28%
lei
3
234
15
3%
92
1834
51i
34
3%
14
83%
Dec
Mar 57
Sept 103% Jan
Apr 33
Jan
July
6
Slay
97 July
%
Feb
Feb
9% July
Mar 23% June
July
Apr
7
Apr 98% Oct
June 30% Jan
% Oct
Jan
Jan
194 Sept
Mar 12% Jan
Mar 243.1 July
Dec 9934 Jan
Apr 2334 June
58,000 15
1,000 10234 Mar 11034 Feb
• No par value.
Montreal Curb Market.
-Record of transactions at the
Baltimore Stock Exchange.
-Record of transactions at
Montreal Curb Exchange, Dec. 9 to Dec. 15, both inclusive, Baltimore Stock Exchange, Dec. 9 to Dec. 15, both incompiled from official sales lists:
clusive, compiled from official sales lists:
1.29
39.25
1.75
3834
7.25
260
700
8.50
Unlisted Mines
Arno Mines Ltd
• 43.40 4340 434e
1,000
20
Cent Patricia Gd Mines_ _1 480
48e 480
700 183.40
McVittle Graham Si Ltd_ 1
1.08
1.05 1.12 8,050 19c
Parkhill Gd Mines Ltd_ _1 41e
330 420 49,025 He
Pioneer Gold Mines of B Cl
113.4 12
700
4.55
1.50
San Ant Gold Mines Ltd_l
1.40 1.50 1,550 860
Sherritt-Gordon M Ltd_ _1 870
850 90e
2,260 39e4
Stadacona Rouyn Mines_• 9ei c
90 1034c 8,200
9e
Sylvanite Gd Mines Ltd_ _1
1.16 1.16
100 800
Aug
Apr
Jan
Jan
Feb
Jan
Jan
Dec
Mar
80 Sept
71c Sept
1.12 Dec
460
Oct
16.25 June
1.55 Sept
1.90 July
153.4 Oct
1.40 July
Unlisted
*
Abitibi Pow & Pap Co_
1
lei
Cum preferred 6% ___100
534 534
2.70
Brewers & Distill of Van...*
2.70 2.80
Brewing Corp of Can Ltd_•
534 634
53.4
• 1431
Preferred
1454 1634
2634 273.4
Canada Malting Co Ltd '
8
9
834
Canada Bud Breweries...*
117 117
Can Industries Ltd II_ _ _ _ • 117
40e 500
Claude Neon Gen Ad Ltd.. 400
2
2
Como' Paper Corp Ltd_'
234
1
1
Dominion Motors Ltd_ _10
1434 15
Ford Mot Cool Can Ltd A• 1434
1451 1434
Loblaw Groceterias Ltd A *
100 50e
450 500
Price Bros Co Ltd
100
3
334
Preferred
Mar
334
Mar
9
May
3.75
May
12
July
1734
Mar 40
Apr 16
May 117
Mar
1.60
June
6%
Dec
134
Feb
1934
Feb
1934
Oct
334
Nov
8
870
60
3,960
1.854
1.813
245
405
3
890
2,182
100
269
20
585
106
150
1
1.25
1
834
1334
534
90
20c
1.70
1
6
11
40c
2.11
Oct
Sept
Feb
Feb
June
June
July
Sept
July
July
July
July
July
May
July
Dec
May
July
Dec
July
July
July
July
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Dec. 9 to Dec. 15, both
from official sales lists:
inclusive, compiled
Stocks
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
111 ei 11311
Bell Tel Co of Pa pref__100 113
6
5%, (lei
•
Budd (E G) Mfg Co
334 4%
"
354
Budd Wheel Co
24
20
100
Con Tract of N J
45
45
Electric Storage Battery100
10 3234 3234 3234
Fire Association
1634 1634
Horn & Hard (NY)corn..'
Insurance Coot N A__ _10 3834 3734 3854"
554 6
.5%
Lehigh Coal & Navigation.
50
15% 1534
Lehigh Valley
1
1
Mitten Bk Sec Corp pret 25
2% 3
2%
•
Pennroad Corp v t c
29% 31%
50
Pennsylvania RR
Range Since Jan. 1.
Low.
Sept
July
July
Deo
July
July
June
July
July
July
July
July
July
14
834
5.4
8e4
214
%
834
yi
8
214
%
9
13.1
sx
234
a
.001
.00
.
0
C0r . ba
.0.41
.00.0-4.0wwWWM0 WW.O.WWW0W004 00
00 000000
0=0000
,
00 000000
0wA ..00.0NWWW0 0.000.W00.4.0000
,
100
95
95
95
0334
80
83-4
8
39
lei
1234
50c
33
Sc
5%
834
11634
24%
2434
2434
70
107
102
29
15
39%
June
July
Dec
July
July
Feb
Oct
Oct
Oct
June
Jan
Jan
July
June
July
7%
334
1
9%
334
5
30
173.4
134
1734
60
160
7
75
July
Sept
Feb
Feb
Dec
June
Oct
July
Apr
Jan
Jan
Oct
June
June
100
10234
102
101
9734
91
123.4
8
55
Dec
Feb
Feb
Feb
Oct
Jan
Jan
Dec
Jan
Jan
3
1434 Jun(
134 Jar
1434 Jun(
July
5
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Dec. 9 to Dec. 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
TWeek.
Par Price, Low. High. Shares.
Allegheny Steel
"
Amer Window Glass p1,100
Armstrong Cork Co corn_•
Blaw-Knox Co
•
Carnegie Metals Co_ __ _10
Clark (D L) Candy Co_ •
Columbia Gas & Elec.- •
Duquesne Brewing
5
Class A
5
Fort Pittsburgh Brewing.1
Harbison Walker Refrac.•
Koppers Gas ,k. Coke pf 100
Lone Star Gas
•
Phoenix 011
25
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Coal Co pf_100
Pittsburgh Forging Co-- •
Pittsburgh Plate Glass...25
Pittsburgh Screw & Bolt_'
Pittsburgh Steel Fdry_100
Plymouth Oil Co
5
Renner Co
1
San Toy Mining
I
Shamrock Oil & Gas
•
United Eng & Fdry
•
Westinghouse Air Brake..'
\Vesting Elea & Mfg___50
Western Pub Serv v t c_..•
1735
133.4
16
1234
134
4
1234
3
5
2
16
60
634
50
4
35
32
3
35%
834
4
15
13-4
4e
2
16
30
4134
434
80
50
1,215
476
1,000
200
1,126
381
106
2,310
1,100
10
3,597
4,000
155
310
67
30
48
5,070
870
200
1.300
2.500
70
255
1,230
549
334
Unlisted
Gulf Oil Corp
25
Lone Star Gas 6% pret_100
60
60
6434 64e4
100
40
BondsIndepend Brew 6s...._..1955
Pittsburgh Brewing 6a1040
58
89
High.
150 106% Mar 116
1,700
% Mar
11.14
200
34 Mar
5%
80 17
May 24
100 21% Feb 53%
50 18
May 38
100 16
Oct 25%
1,000 25
Mar 45%
1,100
5% Mar 13%
500
8% Feb 27%
300
27
31 Feb
%
7,800
6%
134 Mar
5,100 13% Jan 42
8e4
8
39
100
94
95
95
9334
80
834
8
39
734
wm
w
W.0Ww
Jan
Jan
Jan
Sept
Mar
Feb
Dec
Jan
4%
2%
800
734
334
13-1
2834
1234
6e
934
4834
9c
37-1
66
High.
6
Ere° 13.V48,t nttg
PPw4-4
240
19.75
1.25
140
3.75
150
Mc
3.75
Bonds
Baltimore City
434s Sewer Serial_ .. _1952
4s Sewerage impt___1961
48 Water loan
1958
45 Annex impt
1951
4s Engine House.... _1957
234s
1980
Maryland El Sty 6348 1957
58 Ctts (flat)
1957
North Ave Market 6s_1940
United Sty & El fund as
(flat)
1936
1st 138 (flat)
1949
Income 4s (Hat)_ _ 1949
1st 4s (fiat)
1949
Wash B & Annan Is 111) '41
• No par value.
934
47
90
334
66,
4%
234
790
734
3
134
283.4
1234
6e
934
47
70
334
66
434
234
Low.
NC
Macassa Mines Ltd
1 820
780 820
2,950
Noranda Mines Ltd
• 33.30 33.30 35.25 1,661
Siscoe Gold Mines Ltd_ _ _1
1.50
1.45 1.52 11,660
Sullivan Gold Mines Ltd..! 26c
260 29c 24,400
Teck-Hughes Gd Si Ltd 1
5.65 5.95
650
Towagniae Explor Co Ltd 1 320
32e 320
100
Wayside Con Gd M Ltd 50c 35e
31c 350
3,000
Wright Hargreaves M Ltd*
1,490
634 634
Houston 011 pref
100
Insurance Shares/31d ars _•
Mfrs Finance corn v t_ _25
1st preferred
25
Second preferred
25
Maryland Cas Co
2
Merch & Miners Transp_ •
Monon W Pa P S 7% pfd 25
Mort Bond & Title
•
New Amsterdam Cas_ _ _10
Penna Water & Power.. _ _•
United Rys & Elec
50
U S Fidelity & Guar_ _ _ _10
West Md Dairy Corp pfd.._
7c
213/4
sc
434
534
11534
1734
2334
23
49
100
94
1834
1134
22
W
525
834 July
334 Oct
44 7134 Feb 9334 Nov
119
9
Dec 12
Nov
225
6
Dec 10
July
60
3
Dec 1334 June
575 75e Dec
434 July
42 27
May 62
July
66 70
Feb 83
July
2,650 330
Oct 480 Nov
900 28c Dec Mc Nov
475 15.50 July 24.60 Nov
5,000
lc Mar 3340
Jan
1,000 'Ac Nov
4c Feb
10
1.95 Feb
4.55 July
310 30.75 Mar 52.00 Oct
1,600 12e Nov
15e
Oct
Appalachian Corp
•
70
Arundel Corporation
21
• 21
Baltimore Trust Co
50
•
Baltimore Tube corn_ _100
434
•
5
Black & Decker corn
5
Ches & P T of Balt ptd_100 11534 115
Commercial Cred Corp tom
1734
Preferred B
.23
25
7% Preferred
25
2234
Consol Gas EL & Pow_ •
47
5e4% pre w I ser E_..100 100
100
5% preferred
100 9234 0234
Emerson 13romo Seitz A •
1734
Fidelity & Guar F Corp_10 1134
934
Fidelity & Deposit
50 2034
2034
,veagiitttvaa timlw3ivatt
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Nov
Dec
Nov
July
July
July
July
July
July
Dec
July
July
Onn<MM‘rWWW
000000=[-.
00
lc
15
1.10
2
16
21
934
834
9
734
5234
2534
26%
534
2634
4.15
16
II%
18
2234
27
14
18
574
14
30
4.10
68
18
01
7534
28c
Mar
Jan
Nov
Jan
Feb
May
Jan
Mar
Jan
Mar
Apr
Feb
Mar
Feb
Mar
Apr
Feb
Sept
Feb
Oct
Oct
Mar
Mar
May
May
Nov
Mar
Jan
Range Since Jan. 1.
er0
3
75e
334 334
9034 9234
9
9
6
6
3
334
750
1.00
523.4 5234
7534 76
350 40e
280 280
2034 2034
134c 13.4c
lc
it
3.45 3.45
433.4 45
12340 1234c
334
Sc
1.00
734
11
2
134
50c
134
4
9
14
1
5
350
734
734
17
1036
534
6
2
50c
734
21
3.25
4
934
Stocks-
N.
334
0
490
925
19
1,395
10
275
345
100
370
4,795
125
261
10
15
1,624
5,235
379
275
2,470
930
300
270
10
50
15
6,420
2,080
.516
High.
*
Public Utilityleettuharnois Pow Corp_ _ _•
C No Pow Corp Ltd pfd 100
City Gas & Elec Corp Ltd•
Ilydro-Elee Sec Corp_
"
Inter Util Corp class A__•
Class B
Pow Corp Can cum pfd 100
Sou Can P Co Ltd pret _100
Big Missouri Mines Corp_l
Ii It X Gold Mines Ltd_500
Bulolo Gold Dredging Ltd 5
Cartier-MalarticGdMLtd 1
Don Rouyn Gd Mines Ltd 1
Palconbdg Nickel hi Ltd_*
Lake Shore Mines Ltd___1
Lebel Oro Mines Ltd_ __1
93/' 10
2I0 26c
2
2
1334 14
20
20
7
9
7
8
3
3
5
534
2334
21
20
20
2134 2234
234
234
1234 1234
1.54 1.72
1234 1334
1034 10%
17
17
2034 2134
9% 1034
734
634
534 7
234 2%
1134 1134
24
24
3.95 4.10
43
453.4
15
1531
Low.
Friday
Sates
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
oo
C0M..WerWmat.-.WOM
•14
Assd Breweries of Can___* 10
Assd oil & Gas Co Ltd__* 210
2
Bathurst Pow & Paper B.*
British Amer 011 Co Ltd__. 1334
can Dredge & Dk Co Ltd..
Can Foreign Inv Corp__ •
Canadian Wineries Ltd'
734
Commercial Alcohols Ltd.*
Cosgrave Exp Brew Ltd_ 10
I Astillers Corp SeagmLtd • 2134
Dominion Eng Works Ltd*
•
Dominion Stores Ltd_
Dom Tar & Chem Co Ltd.*
100 1234
Cum. preferred
•
1.65
Home Oil Co Ltd
• 1234
Imperial Oil Ltd
Imp Tob Co of Can Ltd 5 10e4
Inter City Bak Co Ltd 100
I ntl'etroleum Co Ltd_ _ _ _• 2036
Melchers Dist Ltd A_ __.*10%
* 7
B
Mitchell SC Co Ltd (Robt)
•
Regent Knitting Mills Ltd"
Thirft Stores Ltd
*
25
Cum prof 654%
Walkerville Brew Ltd_ _ _ _• 4.00
Walker Gooderhm&Worts" 4434
• 15
Preferred
Range Since Jan. 1.
g 0000
0
00000
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
15
134
3
134
534
34
35S4
8
134
3c
134
16
1734
1334
15
1134
134
4
1134
234
5
lei
1534
60
534
Sc
4
35
32
3
35
734
4
15
134
30
134
1534
27%
3934
434
58
89
51,000
scion
Range Since Jan. 1.
Low.
554
7%
434
4
134
3
934
2
434
lei
634
45
5
50
334
1674
1634
lei
13
134
4
634
1
le
1
10
1234
1934
436
Apr
July
Feb
Feb
Dec
May
klar
Sept
Nov
Dec
Feb
Mar
Mar
May
Oct
Jan
Jan
Jan
Mar
Feb
Nov
Feb
Oct
Feb
Feb
Feb
Jan
Feb
Oct
High.
22
15
23
19
lei
11
28
7
8%
10
2534
67
1234
25o
10
44
44
53.4
3934
1134
10
1734
234
6c
334
24
3534
5834
10
July
Oct
July
July
Nov
July
July
June
July
Mar
July
June
June
June
Mar
Aug
Aug
Jan
Jun(
July
July
May
June
June
July
June
July
July
June
2634 Jan
6434 Dec
July
61
9134 June
35
AR
58
tel
Mar
Ninr
• No par value.
Cleveland Stock Exchange.
-See page 4319.
Cincinnati Stock Exchange.
-See page 4319.
St. Louis Stock Exchange.
-See page 4319.
Be
J191
4346
Financial Chronicle
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Dec. 9 to Dec. 15,
both inclusive, compiled from official sales lists:
;IL
Stocks-
Prim
sates
Last Week's Range for
of Prices.
Sale
1.Week.
Par Price. Low. High. Shares.
Alaska Juneau Gold Min__
Anglo Calif Natl Bk of S F
Bank of Calif N A
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar corn
7% preferred
California Copper
Calif Cotton Mills corn_ __ _
Calif Ink Co Acorn
Calif Ore Power 7% pref.__
Calif Packing Corp
Calif Water Service pref.__
Calif West Sts Life IDS cap.
Voting pl
Caterpillar Tractor
Clorox Chemical Co
Coast Cos G & E6% 1st pf_
Cons Chem Indus A
Crown Zellerbach v t c
Preferred A
Preferred B
Emporium Capwell Corp..
Firemans Fund Indemnity_
Firemans Fund Insurance_
First Natl Corp of Ptld_ _ _ _
Food Mach Corp corn
Foster & Kleiser corn
General Paint Corp A corn_
B common
Golden State Co Ltd
Haiku Pine Co Ltd coin_
Preferred
Hale Bros Stores Inc
Hawaiian C & S Ltd
Honolulu Oil Corp Ltd_ __ _
___ _ __
8
331
21%
______
30
2031
1631
2431
______
______
______
Range Since Jan. 1.
Low.
High.
110 11%
8
4,605
28 101
1%
275
1
329
8
1,065
250 11
1,000
Si
31
110
175 12
30 30
3,010
831
10 61
50 13
25 15
4,879
531
100 13
25 57
232 11
2,059
1
7%
139
7
30
231
325
11 1231
110 3431
150 1031
655
5%
1
125
240
3%
%
100
274
33.3
30
%
90 .131
100
433
10 2731
180
831
Jan 3231
Dec 20
Feb 160
Feb
531
6%
Mar
Mar 24%
Mar 2031
1
Jan
Jan 16
Mar 2231
Nov 85
Mar 34%
Dec 7331
Apr 3131
June 31
Feb 2931
May 2131
May 79
Mar 28
8%
Feb
Mar 4331
Mar 43
831
Feb
Apr 25
Mar 61
Apr 16
Jan
1631
4
Jan
May
9
3
May
Apr 1031
Mar
3%
Apr
633
Apr13
Jan 4931
Feb
1631
Aug
Jan
July
July
July
Oct
Oct
July
July
July
Jan
July
July
Jan
Jan
July
June
Jan
July
July
July
July
July
July
July
July
July
July
July
July
July
June
June
July
Sept
July
29
240
695
834
375
60
1,750
200
820
30
20
505
135
7,022
5,917
1,138
2,347
212
1,145
2,450
140
47
2,354
250
150
70
530
215
2%
2
433
3%
1133
78
%
33-3
15
2
733
333
Si
1631
1931
1731
2231
7031
Si
2
67
9931
833
31
33
23i
133
6
9
Mar
Apr
7%
Feb 1431
631
June
Feb 27
Nov 98%
Mar
1
10
Feb
Feb 7831
Feb
8
Apr 27
Apr
9%
5%
Feb
Nov 32
Dec2531
Dec2331
Nov 43
NoV 9333
Mar
2%
Apr
8
Apr 943-3
Apr 111
Feb 29
2%
Oct
Feb
Si
June
4
Nov
4
Jan 2031
July
June
July
July
July
Jan
June
July
Oct
July
July
Oct
July
July
Jan
Jar
Jon
Jar
Jun(
Jun(
July
July
July
July
Jar
Juno
July
Oci •
Dec 97
Dec
5
Feb 1131
Dec 66
Feb 17
Feb 38%
8%
Jan
Feb 4431
Apr 32
433
June
Feb
1131
Mar 65
931
Mar
Feb 46
Feb 2331
Mar
7%
Dec 165-3
Apr 220
17
Feb
231
Dec
Jar
July
July
July
Nor
July
July
No'
Aur
July
Sep
No
,
Jul;
Jul;
Jul;
Jul,
De
Jul
Jul
Jul
22
8%
126
4%
3%
22
20
31
6%
20
30
23
61
1631
1631
26
20
62
2331
433
3433
34
6
1931
50
16
1231
2
7
1
5
%
5
1031
46
1331
6
5
Investors Assoc(The)
Jantzen Knitting Mills__ _ _
6
533 6
Langendorf Utd Bak A__
1331 14
B
3% 3%
23% 2233 2331
Leslie Calif Salt Co
7933
Los Ang Gas & El Corp pt. 79
79
Magnavox Co Ltd
%
11
%
6
6
6%
(I) Magnin & Co com
63
Natomas Co
6031 60
5
5
No Amer Inv corn
5
No Amer Inv 531% pref_.... 16
18
16
No Amer Oil Cons
7%
7% 831
Oliver United Filters D.__ __ __13i 1%
.
1731 17
Pacific G & E com
1831
1931 1931
6% 1st pref
1931
1733 1733
5Si% pref
1731
Pacific Lighting Corp corn_
2431 2233 2431
Pacific Lighting Corp 6% pi 73
75
73
Pac Pub Ser non-vot com
Si
%
%
Non-voting pref
2% 233
2%
Pac Tel & Tel com
76
7631
6% preferred
10231 10033 10231
Paraffine Cos corn
28%
2731 27
Pign Whistle pref
33
Si
Railway Equip & Realty A31
31
Series 1
2% 2%,
Series 2
233 231
Rainier Pulp & Paper Co
17
______
17
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange, Dec. 9 to Dec. 15,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Sc
Alaska Mexican
5c
5
Alaska United
Sc
5c
5
American Factors
27%
20
Amer Tel & Tel
100 114% 114%
Amer Toll Bridge Del___1
24c
24e
Anglo Nat Corp
• 3.35 3.10
Argonaut Mining
5 4.20 4.20
Cal Pao Trading wet_
3.25
•
Chrysler Corp
5 5131 50%
Cities Service
1%
Claude Neon Lts
550
I
Crown Will 1st pref
46
• 46
2d preferred
20
• 20
Dominguez 011
19
*
Foster & Kleiser pref _ _100 36% 36%
General Motors
10 33% 33%
Sc
5c
2731
122
250
3.35
4.50
3.25
Hawaiian Sugar
Holland Land
Idaho Maryland
Italo Petroleum
Preferred
Kleiber Motors
Lincoln Petroleum
Marine Bancorp
NI J & M & NI Cons 011
Montgomery Ward
Nat Auto Fibres A
0. Preferred
Occidental Petroleum_
O'Connor Moffatt
Pac Eastern Corp
Pac Mutual Life
Pac Western 011
Pineapple Holding
Pioneer Mill Ltd
Radio Corp
Republic Pete
32
6
3.30
12c
500
21c
50c
9
4e
23%
3.50
55
530
2.50
133
2233
8
6%
22%
8
4.10
20
25
1
•
•
10
1
12c
490
1
•
• 3.00
• 55
1
50e
•
1
134
10
•
20
6
20
•
7%
10 4.10
32
6
2.95
12c
470
210
50c
9
4c
23%
3.00
55
48c
2.50
1%
22%
8
6
22%
8%
4.10
52%
2
62c
47
20
19
38%
34%
Range Since Jan. 1.
Low.
50
100
Sc
1.500
200 24
587 88%
980 21c
3
598
1,000 1.75
50 1.75
1,100 36%
1%
518
655 300
200 14%
70 20
100 11
10 24
3,373 10
50
10
1,860
200
2,320
100
2,000
20
1,000
120
3,140
10
5,520
5
765
100
100
375
100
2.075
20
20%
6
1.75
60
34o
200
200
8%
20
13%
500
55
370
2.50
1%
19%
3
1.25
10%
3
1.20
High.
Dec 36c
Dec 1.50
Apr 30
Apr 134%
Feb 480
9%
Apr
5
Sept
4
Apr
Oct 52%
6
Dec
2
Apr
Apr 52%
June 35%
Mar 22
Jan 36%
Mar 35%
Aug
July
Sept
July
June
June
Sept
Oct
Dec
May
June
July
July
Sept
Nov
Sept
July
Jan 35
May
6
May
Mar 4.50 Aug
May 400 June
Apr 1.10 June
Dec 60c May
Nov 500 Dec
15
Feb
July
70 June
Feb
Jan 28
July
9
Apr
July
Dec 15
Feb
Apr 90c June
5
Dec
Aug
5 June
Oct
Apr 30
July
9% Sept
Feb
Apr 10
July
Jan 22% Oct
Feb
12% July
Apr
5% Oct
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Schumacher Wallboard_
Preferred
•
Shasta Water com
•
So Calif Edison
25
% preferred
25
6% preferred
25
7% preferred
25
So Calif Gas 6% preL_25
So Count Gas 631% pf_100
Super Portl Cement A_ •
U S Petroleum
1
Universal Cons Oil
10
73%
38 70
336
131
233
4
831 2,519
46
145 45
140
6%
1631
2231 8,545 1131
4%
200
6
4231
5,915 20
25 2231
30
3%
100
2%
10%
600
3%
63
138 24
43-3
6% 39,27
35Si 2,462 17
__
933
2031
4
%
900
163i
100 12
190
90 165
II%
370
531
110
231
233
22
8
126
4%
3%
2131
20
SI
6
20
30
2031
61
16
1831
24
20
62
2331
4%
33
34
6
1931
49
1531
1131
2
7
1
5
%
5
1031
46
13%
San Joaq L & P7% pr pf
7231 70
Schlesinger & Sons 13 F pf
131
231
Shell Union 011 com
8
8
Sierra Pac Elec 6% pre
46
45
Socony Vacuum Corp
1631
1631
Southern Pacific Co
2031 2031
So Pac Golden Gate A
6
Stand Oil Co of Calif
41
41
Telephone Inv Corp
30
Thomas Alice Corp A
3%
Tide Water Mod Oil cora
______
10%
6% preferred
8231
Transamerica Corp
631
834
United Aircraft
32
32
Un Oil Co of Calif
19% 19%
Un Sugar Co com
4
United Air Wts
1634
Wells Fargo Bk & U Tr_ _ ______ 186
.
.
Western Pipe it Steel Co_
______
11
Yellow Choker Cab Co A
______
2Sh
Stocks (Concluded)
Dec. 16 1933
Additional Sales
Bishop Oil
1.25
3.30
18
16
16%
17% 17%
20%
19%
75
18%
320
3.20
5 1.30
Informal Session Sales
General Electric
Consolidated Gas
Niagara Hudson new
Pennsylvania RR
Westinghouse Electric_
International Tel dr Tel__
National Cash
K 11 Macy
1.30
1.25
3.30
18
16%
16%
18
21
19%
75
1834
320
3.20
1.30
19%
37
5
30%
40
14%, 1431
17% 17%,
57
57
19%
37
5
30%
40
17%
57
Range Since Jan. 1.
Low.
100 250
150 3.00
8%
15
262 1431
110 15%
210 16%
50 2033
50 19%
10 75
50 13
100 290
2
30
5,000 1.30
High.
Apr 1.30
May 4.50
18
Jan
Nov 27%
Nov 22%
Nov 24%
Nov 27
Dec 24%
Dec 87%
Apr 26
Dec 650
8
Mar
Nov
July
Dec
Jan
Jan
Jan
Jan
Feb
Mar
Jan
May
Aug
Dec 1.30
Dec
25
20
10
100
50
100
100
15
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Dori. 9 to Dec. 15,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Alaska Juneau Gold Min 10 2131 2131 2233
Assoc Gas & Elec A
M
M
M
1
Barnsdall Corp corn_ .. _ _5
.
9% 9 Yg
Boise Chica 011A
10
3%
3
Broadway Dept St pfd_100 5033 5031 51
Central Invest Corp...100
1%
133
Chrysler Corp
5 51% 51% 523-3
Citizens Natl Bank
20
21
21
Claude Neon Elec Prod_.•
733 8
Consolidated 011 Corp_ _ _• 11
11
1234
Farm & Merely Natl Bk 100 278
278 278
Goodyear Textile Mills
Preferred (Calif) _ _ _100
9034 903-3
Goodyear T & It (Akron)
Common
• 353-3
3531 3531
Hancock Oil com A
633 831
•
633
Los Angeles G & El pfd 100 79
79
78
Los Angeles Invest Co_ _10
1% 1%
133
Lockheed Aircraft Corp_ _1
13-3
133
1%
331
Mortgage Guar Co.. _ ...100
3
3
Pacific Fin Corp com_ _ _10
7% 8
8
Pacific Gas & El corn_ _ _25 1734
173-3 18
0% 1st pref
25 1931
193-1 1931
300 14
34
100
200
334
133
400
65 3233
1
212
9%
600
150 21
6
400
1,000
531
10 265
1.50
1.200
87
1,800
1,900
80
300
500
200
2531
334
70
1
1%
3
4
1631
1931
Oct
Feb
Nov
Jan
Nov
Dec
Mar
Nov
Dec
42%
1234
98
53.3
133
23
113-3
3031
25%
Pacific Lighting corn
•
l'ac Mutual Life Insur_10
Pacific Western 011 Corp...
Republic Petrol Co Ltd..10
San Joaquin L & P 7%
prior pref
100
Security First Natl Bk of
LA
25
Shell Un Oil Corp com.. _°
-•
Signal Oil & Gas A
•
Socony Vacuum Corp_ _25
.
So Calif Edison Ltd com_25
25
Orig Preferred
25
7% pref A
6% pref It
25
5%% pref C
25
Southern Pacific Co.. _100
.
Standard Oil of Calif
•
Title Ins St Trust Co_._ _25
•
Transmerica Corp
05
600
450
1,000
2,600
2231
19
23i
1%
Dec
Mar
Mar
Feb
Jar
43
3031 July
933 Sepi
Oci
6
Apr
98
Nov
Mar
Mar
Nov
Nov
Nov
Nov
Nov
Nov
Feb
Feb
Apr
Apr
nth
4531
1131
6
1634
2733
4031
2731
2431
2233
383.3
4433
31
931;
23
22
433
2433
23
22
2234
733 831
431
43.3
76
76
25
76
2534
2%
16
15%
31
2033
1734
18%
2033
4131
21
6
10te
233
1633
1633
31
2033
18
1631
2234
4233
21
6%
2n ix
83.1 8%
233
16
16
31
173%
16%
4134
21
63-3
101%
25
603-3 Feb
odd lot 2 78
2,250
400
100
1,200
1.800
10
700
1,500
2,400
1,700
2.600
30
9.300
2.200
Apr 3233
Dec
233
Mar 11
534
Jan
Apr 5631
Oct
6
Mar 5231
Dec 38
133%
Jan
Jan
153-3
Feb 310
25
43.3
133
1234
1434
29
20%
16%
15%
1131
20
20
434
II SL
90
Aug
June
Sept
July
Oct
July
Dec
Jan
July
July
June
Aug
July
July
Jan
June
Nov
June
July
July
Jan
Jar
Jar
July
July
Nol
Jar
Jar
Fel
„la!
Jai
Jul;
No,
July
Jul!
Jul,
* No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the Now York
Produce Exchange Securities Market, Dec. 9 to Dec. 15,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
of Prices.
Sale
Week.
Par Price. Low, High. Shares.
Abitibi Power
•
Aetna Brew
1
Allied Brew
1
American Republics
•
Angostura Wuppermann.1
Arizona Comstock
1
Bancamerica Blair
1
Betz & Son
1
Brewers & Distillers v t c.•
Bulolo Gold (Did Del).....5
Cache La Poudre w i...._20
Carnegie Metals
1
Croft Brew
1
Davison Chemical
•
Distilled Liquors
Distillers & Brewers
5
Eagle Bird Mine
1
Elizabeth Brew
1
Fads Radio
1
}lock Brew
2
Fuhrmann & Schmidt_ _1
General Electronics
1
Golden Cycle
10
Grigsby-Grunow
•
Hamilton Mfg A
10
Harvard Brew
1
Hendrick Ranch
•
Humble Oil & Rig w 1
Indian Motor
•
Ironrite Ironer
•
Jetter Brew
1
Kildun Mining
1
Kuebler Brew
1
Macassa Mines
1
Mathieson Alkali rts w 1_ _
Natomas Co
Newton Steel
•
Paramount Publix
10
1
Paterson Brew
l'etroleum Conversion_ .._1
Railways Corp N
1
1
Rayon Industries A
Rhodesian Se lee Tr
5
•
Richfield 011
131
231
3
533
331
2%
21
21
1.25
30c
14
1134
134
1
1
233
234
3
25e
4%
331
2%
20%
2031
1.15
I%
30c
13
11
1.25
1
1
1%
800
1%
500
2%
600
2%
100
3%
1,300
27o
2,500
5% 3,200
3%
400
3
10,000
21
150
2134
750
1.25
200
1% 7,200
400
300
14%
1,100
11%
2,700
1.25
100
133 2,600
2,100
1
131
,
800
100
3-3
300
300
5,800
100
1,400
600
100
50
100
600
1,700
1,100
500
2.100
10
2,300
31,000
200
7,400
3,100
9,900
200
2,000
34
2% 2%
37o
2%
3-1
80c
634
134
1
33.3
6%
27c
19%
370
8
2%
9-3
34%
3%
34
S1
2%
2%
80c
1%
80
8
1%
1
34
3
6%
233
270
19%
50c
8
2%
33
,
34%
3%
Si
I
2%
231
80o
2%
60
7%
2
I
1
3%
6%
2%
300
Range Since Jan. 1.
Low.
High.
1
23.4
134
231
25c
1%
3
131
15
20%
1.00
1
15c
11%
11
1.00
1
%
1
%
Oct
Oct
Dec
June
Oct
Nov
July
Nov
July
Aug
Dec
Oct
July
Slay
Nov
Dec
Nov
Nov
Dec
Nov
Dec
3
3
II%
3%
331
3%
631
333
3%
25
2193
1.74
2%
2%
18%
11%
3%
4%
334
5%
3%
July
June
July
June
Nov
Nov
Nov
Dec
July
Nov
Nov
Nov
July
June
Oct
Dec
July
Juno
May
June
July
2%
8%
370
8
2
31
34%
2%
20o
34
I
2%
19c
13
,
1
56
2
120
1
380
%
4%
I
27c
Dec
Mar
Dec
Nov
Nov
June
Doc
July
Dec
Dec
Mar
Nov
Jan
Dec
Oct
May
Mar
Nov
Apr
Apr
July
Jan
Nov
4
203-6
50e
13
3
134
34%
4%
34
3%
5
3%
1.30
3
79
10%
231,
5
131
5
631
4
1
May
Nov
Dec
July
Dec
Nov
Dec
Oct
Oct
July
July
Aug
Oct
Dec
Oct
July
July
Juno
Feb
Oct
Sept
Sept
June
31
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued)
-Par Price. Low. High Shares.
Rossville Union Sitl...5.50
*
Rustless Iron
Shamrock 011 & Gas
•
1
Simon Brew
1
Slscoe Gold
Squibb Pattison hr pr_ __ _1
•
Standard Steel
1
Sylvanite Gold
•
Sylvestre UM B
*
Texas Gulf Producing_
134
134
234
17
1834
254
234
1%
134
1
134
1.60 1.60
334
234
1134 1134
1.15 1.18
%
34
474 5%
500
500
200
2,000
100
1,100
200
200
500
2,600
Range Since Jan. 1.
Low.
1
I%
134
1
1.01
234
1134
95c
54
3.34
High.
Jan
Nov
Dec
Nov
Mar
Dec
Dec
July
Dec
Jan
32
334
134
134
1.80
634
15
1.45
1
6%
July
July
1),)
Oct
July
Oct
Oct
June
Jan
Nov
4347
Last Week's Range for
Sale
Week.
of Prices.
-Par Price. Low. High. Shares
Stocks (Concluded)
Tobacco Products (Del)_10
United Cigar N w I
5
Utah Metals
1
Van Sweringen
•
Vollmer Brew
1
1
West Indies Sugar
Willys-Overland
5
100
Preferred
734
150
134
234
1
5
5%
50
734
754
100
500
1.00 1.00
150 170
1,000
134 3.100
'4
xv, 234
200
11,100
50 15c
1
300
131
Range Since Jan. 1.
High.
Low.
5.
7
350
12c
34
234
Sc
34
Dec
Sept
Feb
Jan
Dec
Dec
Dec
Aug
20
834
1.50
131
234
234
%
5
June
July
July
July
Aug
Dec
June
May
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following ex tens ye list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Dec.9 1933) and ending the present Friday, (Dec. 15, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended Dec. 15.
Stocks-
Indus. & Miscellaneous.
Adams-Millis7% pret_ _100
•
134
Aero Supply class B
8
10
Ainsworth Mfg com
Air Investors corn warrants
Alabama Great Southern 50
Allied Internat'l Invest__ *
•
8
Allied MIlls Inc
A lumlnum Co common_ • 77
100 6734
6% preference
• 28
Aluminum Ltd corn
100 43
6% preferred
Series C warrants
Series D warrants
American Beverage new_ _ I
American Book Co. __100
34
Amer Brit & Continental _*
Amer Capital•
8534 prior preferred_
American Corp corn
Ili
*
Amer Cyanamid Class 13_ _• 14
Amer Dept Stores
•
34
Amer Founders Corp__ _ _1
Isn
6% 1st preferred D _ .._50 10
1
Amer Investors cons
.
Amer Laundry Mach __20 1196
Amer Meter Co
•
Amer Pneumatic Service50
6% Id preferred
Anchor Post Fence
•
134
Arcturus Radio Tube_ _1
Armstrong Cork oom _ _ _• 15
Art Metal Works com_ ...5
Associated Flee IndustriesCl
436
Amer Sep rcts
334
Atlantic Coast Fisheries_ _•
• 1134
Atlas Corp 0019
•
23 preference A
Warrants
496
•
Atlas Plywood Corp
334
•
3
Auto-Voting Mach
Axton Fisher Tobacco A_10
Baldwin Loco WorksWarrants
Benson & 'ledges pref. __ _•
4
13ickfords Inc
•
Blue Ridge CorpCommon
1
136
• 32
6% opt cony prof
Boston & Maine 7% pref100
Botany Cons Mills
*
I iridgeport Machine
Brill Corp A
Class 13
•
Brillo Mfg
•
British Amer Tobacco Ltd
Amer Sop rcts for bearer_
Britlah Celanese LtdAm Sep rcts reg abs _ _.
334
Brown Forman Distillery_• 1534
Bulova Watch Collie.
8334 cony preferred _ _ _*
Buren Inc warrants
lllllll
lllllllllllllllllllllllegal
Butler Brothers
73
234
834
%
4034
54
834
83
70
3134
43
7
8
1%
4234
,s
56
In3
1234
14
34
834
234
1134
534
50
56
500
II
1496 51,500
1,000
.34
4.900
h
10
300
3
700
1154
1,650
340
7
High.
Low.
60
14
I%
34
8
34
3
3734
37
,1334
20
li 2
i2
ff 134
t34
%
ill.
1,3031
I
1, 334
%
34
8
2
631
5
Apr
Feb
Feb
Jan
Jan
Dec
Apr
Feb
Mar
Mar
Feb
Apr
Apr
Dec
Mar
Jan
80
4%
1034
1
55
r 1 34
1534
9534
7734
5334
65
2434
2434
I%
55
1
June
June
June
June
July
Aug
Aug
June
July
June
July
July
July
Nov
July
June
56
Ma
Dec34
Feb1534
Jan
134
231
Apr
Dec 20
Apr
6
Feb 1834
May 20
Dec
June
June
June
June
June
June
June
July
3% 334
134
134
34
34
15
1831
1%
136
100
2,900
400
1,100
200
334
34
34
44
94
Dec
Fen
Feb
Mar
Mar
5%
3
2%
24
4,91
Nov
Sept
July
July
Slay
496 496
334 33-4
11
HU
3536 39
496 5
334
334
3
3%
62
6334
1,200
200
5,000
1,300
1,800
500
1,000
125
296
1
534
33
236
1%
134
2534
Apr
Jan
Apr
Mar
Feb
Apr
June
Feb
534
4
18%
4336
10
634
334
65
July
July
June
May
June
June
June
June
834 934
4
4
534 534
1,40
100
200
134
134
3134 3254
2534 2534
31
34
%
%
1%
134
134
134
591 634
4,800
500
20
100
1,700
NO
700
500
2854 2834
500
63-4 Oct
Dec
4
4
May
11
Aug
8
May
734 June
136
213,4
22%
36
34
%
h
534
Nov
Mar
Jan
Dee
Mar
Feb
Jan
Oct
4%
3736
40
131
134
534
434
1134
16
Nov
30% Nov
7
3% 3% 6,700
15% 1634 14,900
•pr
1
153 Dec
4
434 June
17
Dec
17
12%
34
136
1%
May
May
Feb
Feb
2034 Oct
34 July
3% July
636 June
234 May
734 July
Feb
4
3834 July
34
July
17
July
1734
34
'14
336 331
4
434
Can Indust Alcohol A_....• 1734
1434
Class B non- voting_ _• 1734
1334
Carrier Corp
•
631
6%
AmerCelanese Corp of
7% let partici prof _ _100
105
Celluloid Corp coin
15
16
2
,
45
E7 dB preferred
Centrifugal Pipe Corp_ _ _.•
534
434
Chicago Corp*
18
Ccnv preferred
100
15
Childs Co pref
131
194
Cities Service common...•
•
1136
Preferred
•
1
1
l'referred B
Preferred B B
*
934
934
11
City Auto Stamping Co_.*
1
Claude Neon Lights
34
1034 1034
Comp° Shoe Mach etre_ I
Consolidated Aircraft_
•
734
734
-c..•
lir
'ii
Copse] Auto Merch v t
8334 stamped
h
•
1%
Consol Retail Stores
•
236
Continental Securities
•
Cooper-Bessemer
"
3%
Common
5 594 5%
Cord Corp
Carman & Reynolds1
Common
13-4
11
$6 preferred series A__ •
Courtaulds LtdAmer deposit rcts ord__ lll..... 1034
534
534
Crocker Wheeler Klee_ __•
Crown Zellerbach Corp3334
•
86 cony prof A
5
Cuban Tobacco v t e__ •
_ _ _10 1636
1634
Cuneo Press com
11
lll l
Davenport hosiery llllIs_• 11
34
he
Detroit Aircraft Corp_ __ _•
Distillers Co Ltd2036
2034
Amer deposit rcts
Distillers Corp Seagrams_• 2134 20%
•
334
3
Doehler Die Casting
• 73
73
Dow Chemical
10
14
Driver-lIarris corn
100 5494 52
7% preferred
36
Dubller Condenser corn...!
.•
50
4,400
900
100
150
100
1,800
2,500
350
300
100
9
24
1,800
800
200
73
134
734
%
4034
34
8
77
6734
28
43
6
6
134
41
%
Range Since Jan. 1.
600
400
500
400
1834 12,500
1734 3,700
7
900
106
1734
45
53-6
June
June
Sept
July
June
July
July
Apr
Apr 110
27
2
Apr 2634
20 Slay 5831
24 Jan
53;
27'
600
25
9,200
18
20
1931
430
2
30,700
1134
700
1
200
2)10
10
1434
1.000
300
34
700
1134
834
700
'u 2,50
20
h
134
25
236
47
July
Oct
Oct
Dec
Mar 32
Nov 30
Nov
631
Mar 30
Apr
334
Apr25
May
18
Apr
2
Oct
1334
Mar 12
Jan
Si
May
1
Jan
296
6
Jan
July
July
May
May
June
May
June
June
Oct
July
June
June
June
July
1334
536
154
1034
1
5
5
%
1034
I
Its
',4
1,.
136
4
300
834 31,300
1
Mar
436 Feb
11
July
1536 July
134
11
900
200
1034
5%
200
1,200
434 Mar
234 Feb
3334
5
1636
11
31
100
100
100
100
1,800
10
Apr
5
Dec
934 Apr
6
Apr
A Jan
3914
15
1635
1274
Ills
July
Jan
Sept
Sept
Dec
1791
15
134
30
334
48
fie
2236
4934
5
78
2634
67
2636
Dec
July
June
July
July
June
July
34
6
2234 4.00t
2334 10,100
700
334
1,300
7454
100
14
30
59%
10
36
-
Apr
Star
July
July
Feb
Mar
Feb
Dec
Feb
4
20
July
July
1154 Nov
11
July
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Duval Texas Sulphur_
•
Easy Wash Mach LI
•
Eisler Eland°Corp
•
Elea Power Assoc com
1
Class A
1
Electric Shareholding
Common
•
SO cony pref w w
•
Emerson Bromo Selzer
New class A
2.50
Equity Coop corn
10c
Ex-Cell-0 Air craft& Tool•
1
Fairchild Aviation
Fajardo Sugar
100
Falstaff Brewing
1
•
FE D Corporation
Ferro Enamel coin
•
Flat An, Sep rcts
Mello Brewery
1
Fisk Rubber Corp
1
$6 preferred
100
Flintokote Co CIA
•
Ford atotor Co Ltd
Amer Sep rcts ord reg-fl
Ford Motor of Can CI A •
Class 13
•
Ford Motors of France
Amer Sep rcts bearer_
Foremost Dairy Products
Common
•
*
Foundation Company
Foreign shares
•
7%
134
434
231
334
635
1%
434
4%
8
1%
4%
4,34
500
5.500
3,200
2,000
1,300
231 2%
3534 36
700
400
8%
Range Since Jan. 1.
Low.
34
134
%
234
234
High.
Feb
Jan
Apr
Apr
Apr
2% Nov
35
Apr
734
64
4%
1634
1%
434
534
6934
434
7
9%
1834
1
734
60
4
1834
134
796
6434
434
125
3,300
500
1.800
100
3,000
400
100
100
4,200
4,300
600
606
536
14
1634
534 591
14
1534
16
1634
2,100
5,300
150
241 Feb
414 Feb
934 Feb
3
134
034
7
9%
1834
18
2
434
634
0934
.534
8
9%
1634
1%
134
234
22
496
374
8%
9
1
%
18
135
Dec
Nov
Feb
June
Max
Dec
Feb
Nov
Mar
Dec
Apr
Jan
Feb
Mar
334
334
1,300
54
34
100
34 Dec
9%
9%
800
234 Mar
Garlock Packing
•
12
12
General Alloys Co
231
2
•
2%
General Aviation Corp_ I
536
534 53-4
General Capital corn
*
20
20
Gen Elec Ltd Am den rcts • 1034
1034 10%
Gen Fireproofing com_ _*
63.4 634
Gen Investments Corp
Common
34
h
5
34
Gen Theatres Eq uipment•
3i
.
I,.
h
$3 cony preferred
General Tire & Rubber _25 75
74
.
77
6% preferred A
100
70
70
Gilbert(A C) coin
•
2
234
Glen Alden Coal
• 1134 1134 1334
Globe Underwriters Exch_•
734
734
Godchaux Sugars c113____.
534
554
Gold Seal Electrical
714
MI
M
1
Gorham Inc A corn
•
134
134
Gorham Mfg corn v t c__.• 18
18
20
Gray Tel l'ay Station_ _ _•
.
1434 1435
Gt Alt & Pao TeaNon-vol corn stock ___• 135
13.5 139
7% let preferred____100 12036 120 123
(Ireenfk Id Tap & Die _ _ _•
.
531 534
534
Greyhound Corp new_ _ __3
7
634 7
Grocery Store Prodh
34
h
Common v t c
25e
34
34
Happiness Candy
•
Hazeltine Corp
•
234
334
33.4
•
34
%
34
Helena Rubenstein
Heyden Chemical
10 19
18 36 19
Hires(C El class A com_ _• 19%
1834 1934
Horn & Harden com_
17
17
•
7% preferred
100
9234 9234
6
oi
Hydro Elec Securities_
•
Hygrade Food Prof
334 3%
334
5
Imperial Tobacco of Can..5
1034 1036
Imperial Tob of Gt Britain
& Ire Am Sep Ms_ ___41 2834 2834 2934
34
u
Industrial Finance v t c_ 10
Insurance Coot No Am_10 3734 3734 3936
Internet Cigar Machine._.
2034 2034
134
I
International Products_ __•
134
Internet Safety Razor 13.._.
3
2
Interstate Equities
h
31
1
16
Interstate Hosiery Mills_ _•
1634
Irving Air Chute
334 334
334
1
100
3,600
400
50
1,500
100
Jonas 1g Naumburg
•
Jones & Laughlin Steel_100
Kingsbury Breweries
_1
Kleinert Rubber
10
Knott Corp
1
Koppers G & C 6% prof 100
Kress (Sit)special prof 100
Kreuger Brewing
1
Fdy & Mach
•
Langendorf Un Bakeries
Class A
•
Lehigh Coal & Navigation
.
Lerner Stores corn
•
Libby McNeil & libby_10
Louisiana Land S. Explor-•
Lynch Corp corn
5
Marion Stearn Shovel_ _ _ _•
Mengel Stores corn
•
Massey Ilarris Co corn_..•
Mavis Bottling class A-1
Stay Hosiery Mills
8.4 preferred w w
*
Michigan Sugar
•
Preferred
10
Midland Royalty
•
82 cony preferred
Midland Steel Prod
•
SIinn-lloneywell pref _ _100
Molybdenum Corp v t c.. _I
Montgomery Ward & GoClass A
•
9%
200
1,100
925
75
300
5,300
300
200
1,800
1,000
600
50
4
36
234
20
634
24
8
9
2
1234
1134
Aug
Sept
July
June
June
934 June
59.35 June
18
234
634
634
80
831
834
1534
2234
491
9%
6434
7%
Dec
Aug
July
July
July
Oct
July
July
Nov
Aug
July
Dec
June
696 July
1934 July
26
June
5% July
136
May
9% Dec
Mar 1434
Mar
414
Jan 1034
Dec26
Jac II%
Feb 10
July
July
July
July
Nov
July
34 Nov234 July
1,
4
34 Feb
Apr 140
23
May 90
51
I% Feb 234
534 Apr 2431
i'eb
7%
4
2% Apr 15
134
h Jan
5
I% Nov
6
Jan
2931
8% Apr 29
June
July
July
June
July
Dec
July
June
June
Aug
July
90 12434 Oct 181% May
Mar 127
Oct
80 118
July
6
134 Apr
100
Nov
596 Nov
1,200
8
3 June
% June
634 July
In June
19
Aug
24 June
2531 June
95
July
934 July
July
9
1134 Nov
soo
100
600
400
20
200
100
10
300
600
100
54
34
134
34
8
17
17
83%
334
234
634
Dec
Mar
Mar
Star
Apr
Apr
Dec
Sept
Mar
Mar
Feb
1,300
100
1,300
lel.
525
500
400
900
200
15
34
25
15
34
I%
96
734
334
Feb 30% 'Nov
Julie
3
APr
Mar 453.4 MulY
Mar 28
June
4 June
Feb
Aug
Star
4
Jan
174 July
Jan
17
June
Dec834 May
100
800
400
300
100
200
100
4,900
200
34
19
734
5
1
45
10
835
34
Feb2%
Jan 80
991
Dec
De
934
May
634
Star 67
Sept 11
Dec 2354
136
Jan
June
July
Nov
July
Nov
June
Mar
June
May
600
1334 143.4
5% 634 4,800
13% 14
200
3
331 1,600
1% 2% 10,000
200
3436 35
3
3
200
1
134
1,000
431 454 1,100
194 32,400
134
10
534
4
131
"i•
30
34
1
3
34
14
14
1634
836
234
4234
834
134
1036
234
Nov
June
Sept
June
May
Sept
June
June
July
July
31
31
134 154
334 334
200
100
800
20
June
134 Oct
23.4 Oct
3234 Nov
334 July
731 JulY
85
434
634 634
7% 834
83% 85
454
33-4
200
400
160
2,800
334 May
134 Apr
Apr
59
231 Oct
7
12
85
6
Nov
June
Dec
July
8634
8534 88
Feb
88
Dec
60
1234
536
13%
3
2
3
436
134
134
711
35%
734
5
496
60
10
10
34
'It
4234
8%
534
496
60
10
12%
34
30
4634
Oct
Apr
Jan
Feb
Apr
Oct
Feb
Dec
Oct
Jan
,
Financial Chronicle
4348
Stocks (Continued)
Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Dec. 16 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Mar 28
S Playing Card
July
8
135 Julie
150
Nat American Co
17% 18
% Jan
735
•
10
11
3.4
35
31,5 July
National Aviation
1% May
1315 Sept U S Radiator corn
435 Apr
•
200
155
9% 9%
155
500
•
115
4
Natl Belles Hess com_1
July
435 July U S Rubber Reclaiming_ _•
200
1
35 Jan
I
2
23g
,
2% 10,100
3.5 May
435 June
National Investors com 1
1% Apr
4 June Utility Equities Corp....'
154 155
1
300
Feb
131 154
135
300
1%
535% preferred
Apr 5035 June
July
Priority stock
15 25
Apr 48
37
1
25 24
3755
3655 3655
3% June
Dec
55 Apr
231 June Utility & Indus corn
300
Warrants
500
;74
•
.4
34
3.4
35
%
735 Juno
135 Apr
2% May
Nat Service common
Cony preferred
34 Mar
500
2
1
2
2
•
75 6,900
34
735 July
35 Feb
2
14% June Vogt Mfg Corp
200
Nat Steel warrants
Feb
7
7
855 1,400
331 315
Nat Sugar & Refin
Waco Aircraft Co
Aug 1435 Nov
8
12
4,500
14
36
37
900 22% Feb 45% July
•
•
7% Jail
Nat Union Radio
100
335 335
1
235 July
235 June Waitt & Bond el-A
,
•
55
35 Jan
35 2,100
34
4
July
Class B
Nehl Corp common
155 July
100
•
600
34 Mar
•
51
%
he
74
35 Sept
July
Neisner Bros 7% pref_ _100
18
Feb 4055 June Walgreen Co common_
9
20% 25
50
1854 1,200 11% Feb 21
•
Nelson (Herman) Corp_ 5
235 Mar
615 July Hiram Walker-Goodertram
3
100
3
& Worts Ltd cora
3)5 Feb 6435 July
1% July
New Mex & Ariz Land_1
1
44% 43
35 Jan
700
1
4655 22,500
Cumulative pre
N Y Shipbuilding Corp
15
755 Feb 17% July
1534 3,000
• 1555
1
Sept
Founders Shares
Dec
135 Jan 20% Aug Watson (J W)Co
500
10
12
400
1
34
%
35
231 May
9 June Wayne Pump Co
Niagara Share class B____5
Apr
3
335 1,400
600
3
335
PA Mar
35
55
July
Niles-Bement Pond
12% 1355
Nov 17
700 1.0
455 Apr 17% June Western Air Express____10 12%
•
600
10% 11
Western Auto Supply
Nitrate Corp of Chile
Aug
19
Common class A
931 Jan 21
'is Jan
200
19
Ctfe for ord B shares-- -----800
•
% June
54
35 Mar
2% July West Maryland RyNoma Elect Corn
500
'
157
July
54 Mar
44
7% 1st preferred_ _100
20 35
Oct 60
45
North & South Amer A.. 5
'le Dec
300
3.5
3.5
7
1035 1135
Apr 11% Dec
2
6
200
Northwest Engineering •
6
Jan 10 June Western Tablet & Staty_ •
100
4
11
Mar 1635 July
700
1331
Novadel-Agene Corp_- • 5635
5435 5834 2,200 3434 Feb 58% Aug Williams (It C)& CO
,
•
Feb
3
8% Nov Woolworth (F W) Ltd
2,300
011stock Ltd com
831 834
5
8)4
2635 Nov
Am dep rots ord she
243g 24%
,
200 11% Jan
Outboard Motors
155 June
B common
200
3-5 Jan
•
34
34
Public Utilities
155
7,100
155 Dec
135
431 June
Pacific Eastern Corp____1
Nov 6535 Jan
48% 5055
80 29
Feb 5855 Aug Alabama Power $7 pref__• 3435 3411 3635
800 20
Pan-American Airways.10
Parke, Davis & Co
25% 25
2555 2,300 1214 Mar 27% June Am Cities Pow & Lt
Common class A
500 2455 Nov 3635 Juno
25% 26
275 2055 Mar 69% Sept
Parker Rust
56
56
5754
25
-Proof
13% June
New class B
135 Nov
835 July
135 235 4,600
135 Mar
I
2% 215 29,800
Pennroad Corp v t o_____1
235
23-4
1334 June
235 Apr
1,900
631 7
140 26% Feb 8235 Oct Amer & Foreign Pow warn.
Pepperell Mfg
78
100 78
634
7855
Amer Gas & Elec cora • 2134
19% 2235 41,900 17% Mar 50 June
135 Feb
300
Philip Morris Inc
234 2%
434 July
10
Preferred
6254 7055 2,000 5755 Dec 9135 Jan
• 70
Phoenix Securities
11s Mar
335 June Amer L & Tr com
Common
300
25 1135 11
1255 4,200 1055 Nov 2635 June
1
134 135
July
6% preferred
Jan
18
Apr 22
615 June
100 18
3% 3%
100
o5 18
18
Pie Bakeries v t c
•
9% June
Am Superpower Corp oom•
254 Dec
215 235 74,500
Pitney-Bowes Postage
23-4
7515 June
1st preferred
2
Feb
5054 x5134
Nov
1,600
535 June
200 48
355
3%
315
•
Meter
•
Feb 39% July
Preferred
Dec 50 June
400 14
• 1435 14
15
Pittsburgh Plate Glass--25 36
35
36% 2,300 13
2% Nov Assoc Ga. & Elec2
2% 2,100
235
36 Mar
Potrero Sugar
5
3% June
New common
55 Nov
Mar 27
Sept
100
600
20
1
55
20
Powdrell & Alexander- •
55
2% July
Class A new
55 Nov
535 Aug
93,5 Dec
100
1
55
Prentle-Hall com
5,
5 7,200
34
93.5 935
85 preferred
July
155 Deo 1055 June
4
810
2%
135 2
155
Propper McCallum Mills..
255 235 1,900
55 May
54 June
Warrants
1,1
3
Feb 10% July
700
ill Apr
535 6
Prudential Inventors
Is1 25,400
•
14
Nov 1835 Jan
July Assoc Telep 51.50 pref...'
Mar 79
100 57
14
100 13
60
60
$6 preferred
155 June
Assoc Telep Util cum_
;5 Oct
2 May
400
3
400
3%
5% June
•
Pyrene Manufacturing._10
Si
31
July
Mar 140
10 54
123 123
Quaker Oats ma
•
225 70
Feb 11654 Deo
111 113
Mar 117
Aug Bell Telep Co of Can. .100 11315 11355 115
30 109
6% preferred
100 113
1734 July
Feb
6
400
1% Juno Brazilian Tr L & P ord._• 1134 1135 1131
100
3-5 Apr
Rainbow Luminus A
1635 16%
800 1535 June 22% Jan
June Buff Nbsg & East Pow__25
Feb
%
100
Class B
51)
135 24
500
435 June Cables dr Wireless Ltd
134 Feb
Reliance Intermit A
2%
•
Am dep rcts A ord
135
1% July
1
600
Isis Apr
3;5 July
1% 115 1,100
.£1
Reybarn Co Inc
10
34 Jan
15 July
Am dep rote 19 ord
lie
'Hi Feb
35 0,400
'is
155 July
Reynolds Investing
54 Mar
1
34
3.5
3i 4,900
435 July
235 Feb
335 3%
Am dep rcts pref shs__El
444
834 Dec
6
835 835
100
May
Rice Stlx Dry Goods
•
30
20 30 Slay 3935 Sept
30
44
Mar 5255 July Carolina P & L $6 pref_ •
4435
150 25
Richman Brothers
•
14 July Central Ilutbion Gas & El
400
Richmond Radiator
36 Apr
74
•
36
Dec
Dec 09
25 99
99
6% preferred
99
100
Rolls-Royce Ltd
Sept
1
9
Dec
I
20
1
Dee Cent Ind Pow 7% pref_100
100
18
755 San 18
18
Amer deposit rcts
354 July Cent & Sowest UtilJan
1,000
1•
Roosevelt Field Inc
3-4
5
Dec 2735 June
4
20
4
4
$7 prior lien pre!
1% June
Mar
•
Russia International
35 2,700
Nov
1
435 June
1% 1% 4,600
135
May Cent States Elec corn ...1
755 Mar 18
100
Ryerson (Jos T & Son) * 1335 134 1335
June
4% Dec 22
75
Cony pref op ser '29_100
4% 455
431
42
150 1655 Feb 80
41
July
SafetyCarlieating& Ltg100
May
9% Mar 26
50
1054 1051
135 Mar
8% July Cities Service P & L $6 pfd'
2
2% 27,400
St Regis Paper coin
235
10
July
500 2034 Apr 37
June Cleveland Elec ilium corn* 2535 2355 2555
90 12% Mar 56
7% preferred
100 2354 23% 25
Jan
6% preferred
Nov
10 9935 May 110
100 100
35
200
1% June
51•
Seaboard Utilities Shares_ I
100
35
235 May Columbia Gas & ElecDec
1,400
Schulte Real Estate
ha
35
July
Apr 138
1,650 68
71
Cony 5% prof
955 Feb 24
23
May
75%
23
100
100 71
Scoville Mfg Co
25 23
Nov 8255 Jan
2,100 31
37
Jan 40
Sept Commonwealth Edlson_100 3635 3535 39
200 26
37
Seeman Brothers
135 June Common & Southern Corp.
35
135 9,200
55 Jan
Segal Lock & Ilardware •
13-5
131 June
Warrants
66,700
'Is Dec
Apr
235 2%
200
7% July
Ins
Sleberling Rubber corn_ •
13 June
4% Nov
100
435 4%
934 Apr 20% June Community P & L $6 pref•
19
600
20
Selby Shoe corn
•
liii
235 June
35 Dec
600
Community Water Serv __I
Selected Industries Inc
3-5
Feb
11.1 4,600
454 June Consol E L&P Bait Corn • 4834 4655 49% 3,800 43% Apr 7015 June
Common
1
134
134
4335 45
Mar 65
July
200 33
$5.50 prior stock
25 44
July
25 37
42
42
July Duke Power Co_ __ ._ 100 42
1,000 26% Mar 70
45
Sent 76
Allotment certificates. - 43% 41
East Gas & Fuel Aram
155 Apr 1436 July
7
855 1,600
Seton Leather Co
7%
•
Mar 1254 June
4
6% 634 1,000
,
Common
Shenandoah Corp
July
44
May 68
50
300 39
6% preferred
1
1% 154
Nov
900
100 50
5 June
Common
1
434 June
1
1
Nov
800
114
200 12% May
2631 July East States Pow corn B_ •
1734 17%
25
$3 cony pref
631 Dec 30 June
50
$7 pref series A
635 6%
Sherwin Williams com 25 45% 44% 45% 1,725 1215 Mar 4515 Deo
•
July
7
150
Dec 25
7
755
May 99
SO pref series B
20 80
97% 98
Oct
•
6% preferred A A_ _100
15
1,535
• 15
151) 13% Apr 2834 July
120 90
Mar 17555 July East Util Assoc corn
Singer Mfg
100 160 z156 160
13
14% 81,800 10
Feb 4155 June
155 Jan
100
311, June Elea Bond & Share e001...5 13
355
355
Singer Mfg Am dep rcts_
3055 3255 1,300 2235 Apr 59% June
$5 oumul preferred....'
2955 26% 32% 2,800 11% Feb 52% June
Smith (A 0) Corp corn__
33
3555 3,000 25
Apr 66. June
• 34
$6 preferred
3% Nov
3
Oct
700
3
355
Sonotone Corp
435 Feb 29 June
850
8
934
Elec P & L 2d pref A_
•
2% May
Jan
155 155
200
Southern Corp corn
135
254 3%
1% Feb
915 July
300
Option warrants
Spanish & General
155 July Empire Gas & Fuel
'is Nov
800
Amer dep rcts ord bear__
55
31
May
1231 1235
6
75
Apr 21
6% preferred
100
800
155 July
'Is Jan
ris
Amer dep rcts reg____£1
55
34
13% 13)%
73' Apr 26 June
150
7% preferred
100 1335
Spiegel May Stern
June
1555 1535
Mar 25
50 10
,
8% preferred
100
Apr 61
Dec
250 15
,
634% preferred
100 5955 56 , 61
5
Nov 1535 June
5
400
555
June Empire l'ower part stk.."
234 Apr 14
100
5% 5%
Stahl-Meyer
Sept European Electric, Corp
3
35 Nov
1%
1%
100
Standard Brewing
•
10
235 Mar 11% Nov
600
11
Claes A
10
July
1335 15
Feb 28
6
100
Stand Investing $53.4 pref •
55 Apr
1% July
1
500
1;5
Option warrants
135
2% June
35 Apr
700
Starrett Corporation
55
1
%
250 1055 Nov 33% Jail
10% 1135
"is AD
6 June Florida P & L 87 pret____•
135 1%
1%
800
6% preferred
10
July
15
3
Apr
855 8%
100
Mar Gen & E cony pre B. •
Jan 80
20 70
80
80
Stein (A) 614% pret __100 80
25
120 1855 Mar 6231 June
25
3% July Gen Pub Serv 86 pret____•
% Feb
3 ' 13.5
4
1,200
Stein Cosmetics com
35
4455 46
Georgia Power $6 pref ___•
575 35
Nov 70% Jon
July
20
8% Jun
25
931 sy,
Stetson (John B)
•
Nov
74 Apr
2
2
400
2
2
Stinnes (Hugo) Corp
•
ug 143400 1055 Dec 3434 Jan
•
July Illinois P & L $6 pref
5% Dec 20
200
551 515
Stutz Motor Car
12% July Internet ifydro-Elec-4% Ma
100
Sullivan Machine Co
755 8
755
*
July
Pref $3.50 series
Nov 27
900 16
50 1935
187-4 20
135 Feb
5 June
3
3
300
Sun Invest Co corn
•
Feb 37
Sent Internatl Utility35
35
400 21
•
$3 cony preferred
June
234 3
CiassA
3
300
235 Dec 11
•
Feb 24% July
7
13% 1554 8,900
Swift & Co
23 1315
354 June
4i 1
Class B
2,400
'4 Dec
1
3231 June
1,300 12% Fe
Swift Internacional
15 2855 2855 29%
Iii
Dee
Warrants new
1ia34 1,100
115 Dec
% Apr
53; Juno
400
155 1%
155
Taggart Corp corn
10
535 Mar 23.35 JULIO
10%
550
55 Apr
2% July Interstate l'ower $7 pref.. •
3,900
1%
1
13.4
Tastyeast Inc class A..__•
3 Juno
136 135
135
35 Feb
700
14
Oct Italian Superpower A____•
255 Feb
6,600
Technicolor Inc corn
834 9%
955
•
Juno
;5 May
35
1
35 2,100
Warrants
135 Juno
3,.5 Jan
400
Tobacco Prod Export
55
%
*
Dec Long Island ug
May 47
100 30
47
47
Torrington Co
•
3% Nov 7
14 June
6
454 1,900
4
Common
4
•
635 May
900
235 Oct
2% 3
Transcont Air Trans
215
•
335 Fe )
4754 475/
Nov 824‘ Beplt
50 38
7% preferred
50
Trans Lux Piet Screen
34
Dec
36
275 32
6% B pref
100
335 June
135 Ma
1,000
1% 2
Common
1
234 235 7,300
254
Marconi Wirel Tot Can_l
31 Apr
455 July
155 1% 5,000
TM-Continental warrants__ -----35 Apr
jn
u
6
34e ua
235 2;5
2%
1% May
Mass UM' Assoc v t c___•
400
Triplex Safety Glass
4
4
2;e Feb
500
5
535 Feb 20% Nov Memphis Na;Gas
600
1855 19
Amer dep rcts ord reg..£1
18%
Jan
47
Dec 73
48
60 47
Apr 28% June Met Edison $6 pref
2
Tubize Chatillon Corp
13% 12% 13% 3,500
1
Se May
34 Nov
35
'le 15,300
3-5
8% Mar 4635 June Middle Wert OBI oom •
700
25
30
Class A
1
335 June
35, Apr
200
66 cony pref A w w__ •
35
35
9% June
14 Jan
300
3% 354
Tung-Sol Lamp Wks
354
•
Feb
50
Dec 85
50
75 50
June Mohawk & Ilud Pr 15t pf_•
735 Jan 20
200
12% 12%
$3 cony preferred
•
25
25
Dec 65
250 25
•
2d preferred
July
22
Ma
300 11
Union Amer Investing_ •
17
17
33
j ll Y
Ju y
34
550 2135 Apr 36
% June Montreal L H & I' Cons...* 34
'is May
Union Tobacco
55
•
35 2,300
35
10454 10455
20 8035 Apr 10835 Sept
Mountain Ste Tel & Tel 100
United Aircraft & Transp
38
41
Apr 7255 June
800 $4
Nov National P & L $6 prof..' 38
16
Jun
9
1,500
Warrants
1535 14% 16
7
Aug
7
19
Dec 9
26
6
Sept New On Pub Serv pref_ •
8
1% Fe
300
United Carr Fastener..._•
6
635
2: 69
7035 7035
Nov
pref.. _100
334 June NYP&L
Mar
1,700
1
1%
United Dry Docks
34
•
1%
Jan
Dec 45
300 26
• 2754 26
2735
Dec 20% June NY Steam Corp com
175 15
United Engine & Fdry_ •
15
15
July
11415 115%
150 10934 Apr 119
Y Telep AA% pref-I06
3
July
55 Apt
United Founders
1
34
3-4 19,000
34
Niagara Hod PowUnited Molasses Co
Nov 1635 Jan
5
5
55.5 10,400
554
15
Common
534 July
1% Feb
355 351 15,500
Am dep rem ord ref __£1
315
"re
'is Apr
34 2,70
Class A opt warrant......
254 June
55 Mar
600
*
511
15
Ire
United Profit Sharing
235 June
Dec
t
Ire
I
35 26,200
ClassC opt warr
811
1,350 30% Mar 56% Sept
55% 6135
United Shoe Mown com_25 x5734
8 June
Apr
2
2
4
2
2
2 June Nor Amer Lt & Pr cora...*
1,200
3.5 Jan
•
31
United Stores v t o
Oct 13% June
4
4
4
25
•
$6 preferred
2% Julie
35 Nov
100
•
35
34
U S Dairy Prod B
Jan
2054 22
2034 Dee 54
pref __100
% Feb
755 July Nor Ind P
400
1% 115
•
135
U s Finishing
July
1855 20
2,500 1835 Dec
235 Apr 11% June Nor States Pow com A_100 18%
800
6
1
655
U S Foil cl B
2535
Nov
19
1951 3,400 19
Pacific 0 & E 6% let pt 25 19
U S & Internatl SecurNov 2335 Jan
535% 1st preferred___25 1755 1735 17% 1,300 17
355 July
ris Jan
300
135
•
13.4
Common
9
Jan
July
6
100
655 655
•
July Pa Gas & Elec class A
1,600 1774 Mar 65
52% 56
5235
lot pref w1t5 warr ---
.„
11
Financial Chronicle
Volume 137
Friloy
Sales
Last Week's Range for
Pubtitles Utilities
ofPrices.
Sale
Peet.
Par Price. Law. High. Shares.
(Continued)Pa Water & Power
•
Puget Sound P & L$5 preferred
•
•
$6 preferred
•
Ry & Light Secur com_
Shawinigan wat & Pow_ _•
Sou Calif Edison
25
Preferred A
25
6% pref series B
54% preferred C__-_25
•
Southern Natural Gas_
Southern Union Gas
So'West Bell Telephone
100
7% preferred
Standard P & L
•
Common class B
•
Preferred
•
Swim Amer El pref
•
Tampa Elec Co corn
Toledo Edison 6% pref_100
.
Union Gas of Canada
United Corp warrants
United nee Serv Am shs_
United Gas Corp com____1
•
Pre non-voting
Option warrants
United Lt & Pow corn A__•
•
$6 cony let pre
U S Elec Pow with warr 1
1911 Pow & Lt now com I
1
V t c class B
100
7% preferred
46
46
10%
7
8
1134
534 7
434 636
1634 16%
760
420
75
300
20%
1734
16
204 20%
174 1731
16
1634
31
31
31
34
100
1,200
800
80
100
47
117% 117%
200
•
Friday
Sales
Last Week's Range for
Mining Stocks
of Prices.
Sale
TWeek.
(Concluded)
Par Price. Low. High. Shares.
Range Since Jon. 1.
Low.
39
74
54
434
8
High.
Apr
60
Dec
Dec
Dec
Feb
28
2376
144
2036
2034 Nov
16
Dec
154 Nov
Mar
76 May
100 111
Jan
June
June
June
July
27
Jan
2431 Jan
2276 Jan
1
June
114 May
Apr 117% Dec
100
235
100
2031
100
36
300
25
57
10
600
335
,
2,600
2
100
234
234 14,700
700
22
4,500
36
23
% 12,000
11
7,700
35 4,700
% 2,000
2
200
8%
150
234
16
1834
1976
53
131
14
1%
176
13
34
2
83.4
34
34
2
534
May 1531
Apr 50
Mar 45
Apr 32
May 70
Apr
734
Dec64
Apr
234
,
Feb
634
Feb 45
Feb
134
9%
Mar
Apr 4134
Dec
114
Nov
234
Nov
434
Apr 2736
June
July
Oct
June
Feb
July
June
Sept
July
July
June
June
June
June
Aug
July
June
Former Standard Oil
Subsidiaries25
126 127
Chesebrough Mfg
150
25 1014 10134 10536 9,600
Humble Oil& Ref
34% 33% 3536
5,100
New w I
Imperial 011 Wan)couP-.• 124 12% 1436 12,30
10
5
5
Indiana Pipe Line
400
834
8
National Transit _ _ _ _12.50
200
86
88
700
Ohio 011 Co 6% pret___100 87
1
3% 34
500
Penn Mex Fuel coin
25
South Penn 011
600
x1831 1934
33,700
Standard 011(Indiana) 25 3294 32% 33
10 14%
1434 15% 1,500
Standard 011 (Kr)
25 14
14
200
Standard 011(N E 11)
1431
24
25%
Standard Oil (Ohio) corn 25 24
400
100
7634 754
200
5% preferred
71
40
3334
814
334
535
70%
136,
11
17
8%
11
154
60
Aug 129
Mar 1054
Dec 3534
Mar 1514
Feb
8
Apr 10
Apr 88
Feb
4
Fen
2234
Mar 34
Mar
194
Apr 2036
Mar
41
Apr 88
Dec
Dec
Dec
Nov
June
May
Dec
June
July
Sept
July
July
July
June
lei
134
sl
634
36
%
• fi
1
MaT
235
Feb534
Mar
4
Feb 1534
Feb
736
Feb
4
Apr
276
Jan
234
July
June
June
Nov
July
July
June
May
2
434
34
43-4
34
24
Oct
May
Feb
Aug
Mar
Mar
334
12
136
8
254
62
Nov
Nov
July
Oct
June
July
134
a814
34
4
134
434
4
2
1
Apr
Feb
Jan
Apr
Apr
Apr
Mar
Feb
Feb
7
2334
2
134
934
114
7
5
64
June
Nov
June
June
July
June
Aug
Apr
Sept
36
31
234
10
34
318
76
Jan
4
Jan
134
Jan
636
Feb20
Jan
234
De
34
Mar
334
'sr
3is
21
31
36
Jan
Ma)
Apr
Apr
Jan
44
134
67
134
234
June
June
June
May
Dec
Sept
July
June
June
Sept
July
June
7-4
334
34
3t•
3
336
4
634
3
34
134
June
May
Feb
Dec
Feb
Feb
Jan
Apr
Aug
Jan
Mar
14
8
431
34
94
636
134
1331
834
136
334
June
July
June
Nov
June
June
June
Slay
Sept
June
July
1436
Jan
51%
Oct
34 Dan
1%
234
36 Apr
Jan 140
55
Jan
34
36 Jan
134
434 Apr
7.
3
//
% Fe
134
235 Fe
634
its Apr
ell
1318
' Fan
2
4 jeb
834
634 Jan
1234
264 Jan
12%
7% Aug 13
234 Aug
554
36 Jan
134
an
36
4
..
1
2534 M
5134
134 Apr
234
264 Mar 6554
114 Mar 67%
734 Feb 33
1
Jan
Its Jan
34
3
Jan 17
835 Nov 15%
trs Apr
134
Ill Jan
34
76 Feb
435
234
73
%
2
jc
On
a
54
Feb
41. Feb
34
$
73(
4 Mar
1%
June
June
Sept
June
June
July
June
Oct
June
July
June
Dec
July
Nov
Sept
June
Feb
Nov
July
Sept
Sept
Nov
July
June
Dee
July
June
June
June
July
Nov
Apr
July
Sept
236
336
234
711
236
10
36
76
24
2034
36
24
57
336
136
234
24
2136
36
234
9
3-6
94
2
8
Other 011 Stocks
1
Amer Maracaibo Co
7,100
7/5
1
•
Arkansas Nat Gas corn
136
136
600
Common clam A
•
1
1
1% 1,950
British Am 011 Coupon_ * 1334
1331 1331
800
335
25e
Carib Syndicate
334 431
7,300
•
Ix
Colon 011 Corp corn
134 1%
1,800
Columbia 0114 Gas vt13 •
31
31
1
4,600
Consol Royalty 011
10
14 2
600
Coaden Oil Co
400
New common
I
234
1134 12,700
b 104 10
Creole Petroleum
1
Crown Cent Petroleum
131 6,200
134
1
54 6% 2,500
531
Darby Petroleum
5
14 134
Derby Oil & Ref corn_
200
•
Gulf 011Coro of Penna__25 5674 564 60% 12,200
Indian Ter Ilium Oil
3
3
200
Non-voting class A. •
21% 7,80
x20
International Petroleum_• x20
134 1,30
•
1
1
Kirby Petroleum
Leonard 00 Develop_ _25
8,50
Lion 011 Refining
•
535 535
536
60
•
6
Lone Star Gas Corp
536 64 1,80
Margay Oil Corp
•
534
531
10
Mexico-Ohio Oil Co
*
2
20
24
Michigan Gas & 011
44
•
4
60
Middle States PetrolClassAvto
*
,
136 136
500
•
36
ClassBytc
34
500
%
Mountain Producers_ _ __10
431 434
434
1,700
National Fuel Gas
•
1334 14
1,600
New Bradford 011Co___2T,
2
2
234 1,900
Nor European Oil corn_ •
Its
300
'le
Pantepec Oil of Venez___•
14
134 136 7,200
Petroleum Corp of Amer
ril
Stock purchase warr____
10,300
Producers Royalty
1
1,700
4
54
31
Pure Oil Co 6% Dref__-100 45
45
45
100
•
31
1
Reiter Foster Oil
1
1,400
Richfield 011 Prof
25
800
4
36
Root RefiningCommon
1
14
1
10
Cony prior pref
10
7
7
200
134 134
Ryan Consol Petroleum__•
134
70
ii
1
1,80
Salt Creek Consol 011
36
534 635 2,00
6
Salt Creek Prod Assn_10
5
Southland Royalty Co_ _5
531 1,20
5
40
311.
Sunray 011
7
73
,
4
60
Tenon Oil& Land Co__ •
10
Venezuela Nies 011
635 734 2,10
734
Venezuela l'etrol
5
34
35
4 4,800
3
3
1
Woodley Petroleum
200
Mining
Bunker 11111 & Sullivan...10
Dwane NVICubwa Copper
1
AMOY shares
Consol Copper Nilues___ _5
Consol Min St Smelt Ltd 25
Cresson Consol0 M
Cue Mexican Mining. 50c
20
Eagle Pleher Lead
Evans Wallower Lead__ •
100
7% preferred
1
Falcon Lead Mines
Goldfield Consol Minea_10
25
Hotta Mining Co
Hollinger Control G M....5
html Bay Min &
Internal Mining Corp_ _1
Warrants
4
Herr Lake Mines
1
Kirkland Lake Gold
1
Lake Shore Mines Ltd
•
Mining Corp of Can
25
New Jersey Zinc
Newmont Mining Corp_10
N Y & Honduras Rosarlo10
______5
NiptasIng
1
Ohio Copper Co
Pacific Tin Spec Stock_ •
Pioneer Gold Mines Ltd...1
Premier Gold Mining__ 1
St Anthony Gold 131ines_l
5
Shattuck Denn Mlning
Silver King Coalition_ _.5
So Amer Gold & l'iatt newl
Standard Silver Lead...,J
1
Tack-Hughes Mines
Tonopah Mining
44
34
"to
36
44
3,4
5%
11%
9
3-5
43%
62
47
2%
1236
44
5ie
535
4635
550
1
1
3,300
%
34
1,500
129 129
60
900
34
uto
34
1
3,300
5
5
100
900
he
31
44 435
200
4
34
100
34
800
36
54 536
400
114 1131 1,900
834
934 7,500
936 931
700
334 334
1,200
700
94
34
31
100
31
42
454 8,900
134
134
200
604 64
2,200
47
1,400
5034
32
30
200
234 234 2,100
rig
34
1,900
17
17
100
1134 1234 54,200
1
1
5,10
1,10
III
II,
234
235
60
731 731
100
431 43-4 9,60
34
3,20
si
7,000
5% 6
36
36
100
4349
United Verde Extension bOo
Utah Apex Mining
5
Wooden Copper NI ining_.1
Wright-Hargreaves Ltd..•
3
31
6%
Bonds
Alabama Power Co
1st & ref bs
1946 6634
1st & ref Es
1951
57%
lot & ref Os
1956 67
let & ref 5s
1968 5234
1st & ref 434s
1967 4734
Aluminum Cost deb 5a '5
Aluminum Ltd deb 55_1948 7235
Amer & Com'wealths Pow
Cony deb 6s
1
1940
1
1953
53,4s
Am Comm Pow 536s_1953
334
Am El Pow Corp deb 8s 57 1431
Amer U dr El deb 55..2028 7336
Am Gas & Pow deb 65_1939 17
Secured deb Is
1953 1534
Am Pow & Lt deb 6a 2016 4431
Am Radial deb 44s...1947 10054
Am Roll Mill deb 5a 1948 70%
1434% notes_ __Nov 1933 102
Amer Seating cony 68_1936
Appalachian El Pr 58_19543 78
Appalachian Pow 5s__1941 9931
Deb Os
2024
Arkansas Pr & Lt Ii. 1956 6036
Associated Elea 445.-1953 2734
Associated Gas & El Co
Cony deb 5348
1938
Registered
434s
1948 1031
Cony deb 434s
1949 1034
Cony deb be
1950 1236
Debtor
190 1236
Registered
Cony deb 5348
,
1977 1434
Maroc Rayon 5s
1950
Assoc Tel 5s A
1965
Aasoc T & T deb 5%a A '55 44
Assoc Telep Util 5348_1944 104
Certificates of deposit_..
934
6% notes
1933
Certificates of deposit... -----Atlas Plywood 53-4s._1943
Baldwin Loco Works
65 with warr
1938 10534
6s without warr
1938 7034
Bell Telep of Canada
1st Si Is series A
1958 10136
1st M 5* aeries I3
1957 10176
1st 131 56 ser C
1980 10134
Bethlehem Steel 68...1998
Birmingham Flee 434s 1985 53
Birmingham Gas 5s___1959 40
Broad River Pow te__1954 3431
Buffalo Gen Elec 5s__1939
Canadian Nat Ry 7s__1935
Canada Northern Pr 5s '53
Canadian Pee Ry 6s_. 1942
Capital Admin 5s A 1953
Without warrants
Carolina Pr & Lt Se...1956
Caterpillar Tractor 58_1935
Cedar Rapids M & P6a '53
Cent Arizona Lt & Pr 5s 60
Cent Germant Pow Gs 1934
Cent Illinois Lt 5s
_1943
Central III Pub Service
58 series E
1958
1st & ref 4 Yis aer P.1967
feseriea(1
1968
446 series 11
1981
Cent Ohio Lt & Pow 5s '50
Cent Power baser D__1957
Cent Pow & Lt let 58_1956
Cent States Elea bs___1948
Deb 536s Sept lb 1954
With warrants
Without warrants
Cent States P & L 63-4163
Chic Dist Elec Gen 436s70
Deb 530--Oct 1 1935
Chic l'neu Tool 5476_1942
Chic Rye Sa otfs
1927
Cincinnati Street Ry5345 series A
1952
6s series B
1955
Cities Service 58
1966
Cony deb be
1950
Cities Service Gas 534s '42
Cities Service Gas Pipe
Line 6s
1943
Cities Serv P & L 64a 1952
534s
1949
Cleve Elec III let 6e...1939
5s series A
1954
tetteries B 1961
Commers rind Privet
Bank 54e
1937
Commonwealth Edison
1st M bs series A
1953
1st 131 ba series B
1954
let 434s series C...1966
434s series D
1957
.115 aeries E
1960
1st M 4s series F
1981
5348 series G
1962
Com'wealth Subeld 548'48
Community Pr & Lt 5a 1957
Connecticut Light & Power
534s serles 13
1954
58 series I)
1962
Conn River Pow Is A 1952
Consol 0,E L & P 4348 '35
Consol Gas El Lt &P (Belt)
434s series G
1969
43.4s series H
1970
let ref 14*
1981
Consol Gas Util Colit & coil 6s ear A 1943
Cony deb 634s w w_1943
Consumers Pow 434s._ 1968
lat & ref 68
1936
Cont'l (la* & El bs
1958
Continental 011 536s. 1937
Crane Co bs____Aug 1 1940
Crucible Steel 5s____1940
Cuban Telep 74s___1941
Cudahy Pack deb 5%81937
Sinking fund ba. __1948
Cumb Co P & L 4%s_ 1956
Dallas Pow & Lt Gs A.1949
5s series C
1952
Dayton Pow & Lt 5s 1941
234
34
:4
6
66
56
56
52
47
95
71
2,100
33-6
34
100
316 3.400
634 46,300
Range Since Jan. 1.
Low.
High.
134 Mar
31 Jan
In Jan
834 Jan
6
134
316
854
June
June
June
Sept
50,000
27,000
5,000
14,000
63,000
26,000
28,000
66
5434
55
473.4
4434
80
4734
Nov 10054 Jan
Jan
Nov 97
Dec 95
Jan
Nov 8936 Jan
Nov 8134 Jan
Apr 99
Jan
Mar 80 June
1
1
3,000
134 11,000
1
334 34 5,000
1431 154 18,00
7434 231,000
72
17
20
10.000
15
1631 76,000
4134 46 184,000
10031 101% 30,000
6931 72
71.000
10131 10234 100,00
47
4934 9,00
7436 78 101,00
9934 9934 7,00
6334 634 3,00
59% 61
53,00
2731 29% 132,00
51
3
1234
64
13
11
324
83
83
45
22
64
94
63
58
2036
531
Apr
534
Apr
Mar e8
Apr 40
Nov 92
Apr 42
Apr 3
7%
Apr 734
Apr 102
Apr 81
Apr 105
Apr
51
Nov 974
Apr 10534
Apr 8534
No
90%
474
No
July
July
Jan
July
Jan
July
July
Ally
Oct
July
July
July
Jan
Nov
Feb
Jan
Jan
26%
2534
27
2634
28
27
25
354
52
8934
48
244
16
5334
16
5331
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Nov
Jan
Nov
Jan
Nov
Dec
1331
13%
104
10
1231
12
1134
14
4931
78
44
1035
936
15
154
5331
67
59
57
53
4835
9635
74
1434 28,000
13%
1,000
1134 39,000
11 290,000
1231 214,000
12% 254,000
1,000
1134
1434 59,00
504 10,000
5,000
78
59,000
45
1034 46,000
1034 42,000
1534 3,000
1531 3,000
5331 2,000
10336 107 260,000
7231 174,000
70
100
10034
10036
105
4934
40
31
10434
10151
101%
10135
106
53
41
3431
10434
124
134
104
10
12
12
114
1331
33
75
15
Nov
De
Dec
Dec
Nov
Dec
Dec
Dec
Apr
Mar
Feb
Mar
935 Dec
Apr
11
1331 Nov
Mar
27
96
67
87
100,00
72,000 854
87
51,00
6,00
99
49
14,00
4,00
40
17,00
2736
2,00 101
Oct 117% Aug
Nov 82% Aug
Feb
Apr
Mar
May
Nov
Feb
Apr
Feb
1054
10534
106
112
80
66
4831
10734
101% 1007-4102
23,00
-Si
3,00
7934 81
10033 10034 10234 55,000
98
AP
59
Ma
704 Mar
6734 65
6736
5236 5236 54
1004 10031 10054
10434 10334 104%
7334 7234 7431
45
50
99
99
Dec 80
65
Nov
49
7934
msi
884 Mar 100%
88
10834
7236 Dec 93%
3331 Sept 64%
984 June 105
MOO
8,30
36,000
51,000
4.000
12,000
4,000
Nov
Nov
Nov
June
Jan
July
Jan
Jan
10234 Oct
83% Nov
1134 July
July
July
Nov
Nov
Apr
Jan
Jan
July
80
7434 July
Jan
78
Jan
73
Jan
76
Jan
75
Jan
67
July
56
46
4534
28
564
514
5534
5134
58
4331
44
28
60
53
5634
52%
59
48
4535
30
20,000
67,000
24,00
10,000
3,00
27,00
101,00
44,00
50
454
49
46
5331
3734
3736
264
Nov
Nov
Nov
Nov
Apr
Nov
Nov
Nov
2831
28
37
6834
82
5431
46
28
28
363-4
6631
82
5434
46
3031 143,00
2,000
28
31,000
38
29,000
69
1,000
82
55u, 11,000
12,000
48
2534
2734
2334
584
74
23%
45
Nov 5634
Nov 5336
Apr 54
Apr 8434
Apr r94
Jan 6534
6634
De
July
July
July
Jan
Jan
July
July
504
52
31
3134
47
4831
4935
31
3134
4631
5031
53
31%
3234
48
17,000
16,000
32,000
376,000
46,000
404
47
2434
24%
42
Sept
Oct
Mar
Mar
Feb
65
65
46
4534
87
June
June
May
May
July
59
2931
29%
104
10436 10434
106
106
61
30
3034
10534
105
106%
22,00
Jan 7834
54
179,000 25
Apr 4334
44,000 2534 Apr 4334
14,000 10134 Mar e107%
5,000 10134 Nov 10834
8,000 102
Apr 110
June
June
June
Mar
Jan
Jan
5131
5635
59
29%
3035
5334
5334 56
9234
91
8136
9036
88
8134
82
8131
7135
9335
5931
37
72
9431
5934
37
94
94
8134
83
8134
7336
9634
62
3831
67,000
30,00
15,000
3,000
7,000
2,000
139,000
52,000
66,000
26,000
464 June
864
864
8034
7931
80
694
93
544
3334
684
Jan
Nov 10634
Nov 10534
Nov 1024
Nov 10134
Nov101
Nov 9334
Nov1063
1
Nov8734
Nov69
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
10431 104
10334 10334
9335 9134
10134
10534 6,000 102% Mar 11036 Jan
10334 12,000 9735 may 10734 Feb
9335 12,000 874 Nov 10034 Sept
10135
1,000 9934 Nlar 105
Sept
104
most 100
9334 92
104% 3,000
100% 62,000
9336 51,000
34
Apr 106
Jan
98
954 May 10736 Jan
884 Nov 100
Aug
34
34
73,000 21
934 10
8,000
4
9334 9436 15,000 88
1024 10131 102% 36,000 100
3934 3734 40 223,000 33
10134 102
24,000 92
84
84
84
17,000 65
73
73
3,00
25
6434 7334 25,00
53
98
9734 9834 25,000 87
103 103% 13,000 993.4
74
75
2,00
65
10331 1044 13,000 100
964 97
3,000 94
1024 10234 103
17,000 09
Jan
Apr
Nov
Mar
Nov
Mar
Apr
Apr
Nov
Mar
Mar
Nov
Apr
Nov
Apr
484 July
16
July
10454
Jan
108
6534
102
92
814
81
10034
105
9131
10834
10334
1064
Jan
June
Nov
June
July
July
July
June
Feb
Jan
Aug
Jan
Financial Chronicle
4350
Bonds (Continued)
Delaware El Pow 534s_ _'59
Denver Gas & Else 5s_1949
Derby Gas dr Elec be_ _1946
Del City Gas Cs ear A 1947
1960
15s 1st aeries B
Detroit Internet' Bridge
Aug 1 1952
645_.
Certificates of deposit..
1952
is
7s etfs of dep
1952
Dixie Gulf Gas 8 Me 1937W ith warrants
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
68
86
334
2
34
Range Since!an • 1.
66
9431
614
78%
714
6934 8,000
2,000
95
6334 10,000
42,000
86
7134 1,000
60
93
80
75
674
331
2
34
31
331 12,000
234 4,000
36 24,000
34 33,000
34
%
34
31
7931 8031
8,000
High.
Low.
70
Apr 8534 June
Nov 10234 Jan
July
May 83
Mar 9834 Jan
Jan
Nov 91
Mar
Dec
Dec
Dec
Apr
44
8
434
3
June
July
June
June
9434 July
Eastern Util Investing
12
1231 15,000
5s series A w w____1954
Edison Elec Ill (Boston)
1934 10034 10031 10134 13,000
2
-year be
1004 101% 58,000
5% notes
1935 101
Else Power & Light 56.2030 27
264 294 08,000
584 6034 10,000
Elmira Nat L & ItR be '56
El Paso Nat Gas 6%e1943
5,000
62
66
With warrants
Empire Dist El 6e__.1952 474 4734 4831 26,000
Empire Oil & Ref 534e 1942 48
474 4834 32,000
Ercole Marelli Elec Mfg
72% 7234 11,000
1953
64s ser A w w
1,000
8034 80.34
1967
Erie Lighting 55
European Eleo 64s_ 1985
35,000
79
7534 79
Without warrants...
18,000
31
30
European Mtge Inv 79(767
59
6134 24,000
Fairbanks Morse 58
1942 60
60
23
46
Mar
Apr
Apr
80
Sept
3934 Aug
724 July
204
2,000
41
41
2034 2235 36,000
24
18
Mar
Apr
4534 Aug
43
July
73
90
93
58%
5634
72%
8934
9234
57
5435
Farmers Nat Mtge 7s.1963
Federal Water dery 540'54
Finland Residential Mtge
1961
Banks Cs
Firestone Cot Mills ba_'48
Firestone Tire & Rub be '42
Fla Power Corp 546_1979
Florida Power & Lt be 1954
73
90%
94
58%
5834
22,000
52,000
14,000
33,000
162,000
3134 3431 31,000
Gary El & Gas 5s ser A 1934
Gatineau Power let bs 1958 7734 764 77% 150,000
69
6934 22,000
Deb gold 65 June 15 1941
13,000
Deb 135 series B__ _ _1941 67% 6/34 68
18,000
59
56
General Bronze fie__ _ _1940
General Motors Acceptance
1004 101
26,000
1934
5% serial notes
1935 1024 1024 10231 9,000
5% serial notes
1034 10334 13,000
1936
5% serial notes
10,000
71
70
Gen Public Service 5s_1953 71
29
32% 40,000
Gen Pub CHI 64e A.1926 29
40
31,000
46
1933 46
2-yr cony 6345
97 100% 139,000
Gen Refractories 69_ _ _1938 99
40% 44
22,000
Gen Wet Wks & El 51943 43
5934 63 254,000
Georgia Power ref ba _ _ 1967 60
4631 48
8,000
Georgia Pow & Lt 5s_ _1978
1953 56% 53% 5635 14,000
Gesture' deb Os
96
9634 8,000
Gliette Safety Razor be '40
554 84,000
Glen Alden Coal 4&_1965 .54% 54
944 96
42,000
1935 06
Glidden Co 534e
Globel (Adolf) 6349 1935
814 82% 15,000
With warrants
95
95
5,000
Godchaux Sugar 7148_1941
.12
16
12,000
Grand (F W) Prop 68_1948
12
14,0(10
16
Certificates of deposit_ -Grand Trunk Sty 63481936 1004 100 100% 20,000
69
12,000
70
Grand Trunk West 4e_ 1950 70
94
9434 5,000
Great Nor I'ow 55_ _ _1935 94
95
95% 11,000
Greet Western Power 58'48
32
3,000
35
Guardian Investors 5s 1948
1937 1013i 100% 10134 44,000
Gulf Oil of ea fe
1947 9834 9834 9934 34,000
5s
674 71
60,000
1950 70
Gulf States UM be
4,000
62
60
1961 61
4.34s series B
Hackensack Water 56_1938
1977
5s series A
flail Printing 5346.-1947
hamburg Electric 78._1935
Hamburg El & Und 534e'38
1934
Hanna 65
1936
Hood Rubber 7s
5349 cony votes_ _1936
Houston Gulf Gas 6.8_1943
1943
Deb 634sww
Hous 1. & P let 4348 lEl 19811
let & ref 434e ser 13_1978
1953
5s series A
.Hudson Bay NI & S 6s 1935
Hydraulic Power-1951
Ref dk imp 5s
1947
Idaho Power 5s
Illinois Central Illt 434t'34
III Northern FBI 56. _1957
ill Pow & L 1st ge ser A '53
let & ref 5345 ser 13_1954
let & ref be ser C___ 1966
S f deb 534s..May 1957
Independ't Oil& Gas Os '39
Indiana Electric Corn6e series A
1947
1953
634s series 13
1951
Ss series C
Indiana Hydro-Eleo be '58
Indiana & Mich Electric
1955
1st & ref 56
1957
be
Indiana Service 5s.._.1960
1963
lot lien & ref Is
Indianapolis Gas 56 A 1952
P & L be ser A '57
Intercontinents Power
6s with warrants_1948
International Power See
Secured 634s ser C 1955
1957
7s series E
75 series F
1952
international Salt 68_1951
International See its. _1947
Interstate Sr & Steel 5348'46
Interstate Power be__ _1957
Debenture 13s
1952
Interstate Publio Service-58 series D
1956
434s series F
1968
lowa-Neb L & P 56.....1957
5s series B
1961
Iowa Pow dr Lt 434s..1958
Iowa Pub dery be. _ 1957
7e
'Berm Hydro-Eleo - 1952
Italian Superpower of Del
Delos 65 without war '63
Jacksonville Gas 5s__1942
Jamaica Water 545_1955
Jereey C P & L be 11_-1947
1961
445 series C
Jones & Laughlin 58_1939
2022
Kansas G & K 65
1014 10134 2.000
98
1,000
98
65
6834 6,000
77
7834 8,000
76
64
9,000
76
10034 100% 6,000
76% 5,000
75
66
3,000
66
6,000
4331 4331 44
44
45
18,000
84
1,000
84
84
1,000
84
84
9334 9434 2,000
22,000
108 108
65
10134 10134
1,000
91%
77
89
5935
554
52%
434
1014
13,000
232,000
2,000
118,000
48,000
136,000
39,00
5,000
89
764 7034
89
58
59
54% 54%
Si
Si
4334 42
10134
5831
6134
514
.5831
61
50
52
5834 2,000
62% 11,000
554 16,000
2,000
54
26
26
8134
90
26
25%
694
74%
814
90
27%
26%
70
77%
7434
24
91
8334
49
4234
31
4931
464
65
634
65
1,000
1,000
13,000
11.000
11,000
80,000
931 Feb
Jan
9934 Apr 103% Jan
9534 Apr 10334 Jan
Apr 59
July
21
Nov 88
Jan
55
Apr
40
Apr
37
2834 Apr
Dec
66
July
67
5834 July
63 June 84
8034 Dec 104
Jan
38
Mar
88
Apr
71
Apr
44
4434 Nov
Oct
Jan
73%
904
94
74
704
Dec
Dec
Dec
July
July
314
5931
39
39
z4334
Dec
Apr
Mar
Mar
Apr
72
8334
7331
73
74
Jan
July
Nov
July
Aug
10031
10031
100
64
12
174
90
384
54%
40
Mar
Mar
Mar
Oct
Mar
Mar
Oct
Mar
Nov
Apr
June
Apr
Apr
Apr
1033-4
103%
104%
75
38
48
10834
CO
904
7031
694
102
714
96
Aug
Aug
July
Jan
June
June
Aug
May
Jan
July
Jan
Feb
July
Dec
3134
89
45
75
55
77
7
6%
94
50
89
93
2634
92
92
50
53
Apr
Feb
Apr
Oct
Apr
Apr
Apr
May
Apr
Apr
Mar
Apr
Apr
9334
100
16
16
102
753.4
1014
106%
50
10234
102%
82
78%
July
July
Dec
Dec
July
Sept
Sept
Jan
June
July
Aug
Jan
Aug
96
9031
49
62%
40
92
44
314
31%
21%
7934
7834
88
77
Mar
Apr
Mar
Apr
Sept
Jan
Feb
Mar
Mar
Mar
Apr
Apr
May
Apr
10434
103%
7234
364
76
1013-4
78
68
Cl
52
9634
9634
104
120
Sept
Aug
July
Jan
Dec
July
July
July
July
July
Jan
Jan
Jan
July
Jan
98
May 106
8534
33
85
48
46
4234
34
8434
May 1023-4 Jan
Apr 8534 July
May 100% Feb
Nov 77% July
Nov 74
July
Nov 71
Jan
Nov 604 Jan
Mar 101% Sept
Apr 91
57
Feb
Dec 91
Jan
61
48% Apr 6784 Jan
May 76
49
Jan
80
884
14
1234
65
73
Apr 99
Jan
Dec 105
Jan
Apr 44
July
Apr 40g July
Apr 83% Jan
Nov 9534 Jan
234 10,000
14
Jan
10
86%
91%
84
85
49
63
45
33
5,000
10,00
6,000
4,000
17,000
13,000
107,000
36,000
74
70
45
74%
40
21
37
2034
July
May
Apr
Mar
Mar
Apr
Nov
Apr
9234
9631
854
904
614
6734
64
5334
Nov
Oct
Oct
Oct
July
June
July
July
4834
46
6334
65
7234
634
80%
52
49.34
65%
65%
7234
67
804
36,000
56,00
14,000
17,000
2,000
14,000
6,000
4634
45
56
5634
72
csog
71
Apr
Apr
Nov
Nov
Dec
Apr
Apr
7834 Jan
72
Jan
84% Jan
8434 Jan
924 Aug
834 July
86% Feb
65
67
24,000
3734
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
Kansas Power dr Light
Go series A
82
82
1,000 82
1955
be series 1i
7234 724
1,000 70
1957
Kentucky Utilities Co
1st mtge 5s
50% 40,000 46
1961 4834 46
634s series D
1,000 55
1948 6034 604 60%
534s series F
7,000 51
1955 5234 524 53
5s series 1
46
5034 23,000 454
1969
KolVere 0 & C deb be 1947 80
29,000 70
79.4 81
Sink fund deb 5348_1950 8334 82
834 9,000 72
Kresge (S ST Co 59_ _ _1945 91
89
5,000 77
91
Certificates of deposit
90
3,000 6631
90
I.aclede Gas Lt 534s_1935
Larutan Gas 634s
56
584 9,000 47
1935 56
Lehigh Pow Recur 61,211211
a9134 a91%
1,000 58
Lexington UV'56
63% 110,000 56
61
1952 61
Libby Mehl & Libby he '42
563i 58
9,000 55
Lone Star Gas 5s
684 26,000 4634
1942 67% 65
Long Island Ltg 65_ _1945
8234 824 2,000 8234
Los Angeles Gas & Elea
71% 37,000 69
70
65
7,000 100
1942
10031 101
5345 series F
1943
9631 96% 1,000 96%
be
1,000 874
1961
90% 9031
53.4s series I
2,000 96
1949 97
96% 97
Louisiana Pow & 1.t 5s 1957 714 7034 72% 56,000 63
Louisville G & El 448_19(11 82
82
80
19,000 79
6s
93
93
8,000 91
1937
Manitoba Power 5 45.1951 3334 32% 34
45,000 20
Mansfield MinA Sm 7s '41
With warrants
6134 61% 61%
2,000 47
Without warrants
61% 61
5,000 4734
6134
Mass Gas Co
Sink fund deb 5(1_1955 7431
74
7434 18,000 70
5)4a
81
82% 13,000 75
-1946 81
McCord Red & kffg36
Deb 6s w w
3,000
36
1943 a36
8%
Melbourne Elec Sup7.4s'46 101
101
101
6,000 92
Metropolitan Edison
43 series E
67
69
1971 68
13,000 63
55 series F
82
20,000 75
1962 8034 79
Middle States Petro1634s'45
554 56
Middle West Utilities
5s ctfs of dep
534 7
7
1932
5s ctfs of deposit_
5
631
1933
Is ctfs of deposit_ _1934
734
5
55 ctfs of deposit.....1935
631
6
Midland Valley 58_1943 59
59
60
944
Milwaukee Gas Lt 434s '67 9434 93
Minneap Gan Lt 448_1950 72
71
72
Minn Gen Elm 5s
101
101
1934
Minn P & L 5s
834 64
1955 64
1st & ref 4345
1978 554 5534 5631
Mississippi Pow 5e
41
1955 4035 38
Miss Pow dr Lt Ss__ _ _1957 48% 47
5031
Miss River Pow 1st 56 1951 98
98
9934
72
Missouri Pow & Lt 534s '55
7334
Missouri Public Serv 56 '47 38% 3831 404
Monongahela West Penn
l'ub Sem/ 5 %seer B_1953 6734 6431 68
Montreal L H & P Con
let de ref be ser A_....1951 10431 104 106
104% 105
be series B
1970
Munson d Line 646_1937
With warrants
8.% 9%
831
Narragansett Elm 5e A '57
55 series 13
1957
Nat Pow & Lt 6s A-2028
Deb bs series B _ _ _2030
Nat Public Service 5s 1978
Certificates of deposit
National Tea 5s
1935
Nebraska Power 4346_1981
65
2022
Neisner Bros Realty 6s '48
Nevada-Calif Floc 58.1956
New Amsterdam Gas 55 '48
N E Gas & El Assn 66_19471
Cony deb ba
1948'
Cony deb 58
1960
New Eng Pow Assn be_1948
Debenture 5i4e_ 1954
New Or' Pub Serv 44a '35
fis series A
1949
N Y Cent Elec 545-1950
N V dr Foreign Investing
535s with warr
1948
N Y Penne & Ohio 4346'35
N Y P&L Corp let 43.4e '67
N Y State G dr E 4 413_1980
NY & westch'r Ltg 55 2004
Debenture Is
1954
964
544
45
7%
9134
76
4131
6134
38%
384
38%
5334
564
3734
97%
76%
68%
3,000
Dec
Dec
9534 June
904 Aug
Dec
Nov
Nov
Nov
Apr
Mar
Aug
Mar
7734
93
82
80
84
8734
96
93
June
Feb
June
July
Aug
July
Jan
July
Mar
Jan
Apr
Nov
Mar
Dec
Dec
Mar
Dec
Nov
Nov
Nov
Dec
Nov
Apr
804
06
8834
74
77
07
100
105
103%
103%
10634
94%
102
10234
53
July
Aug
Jan
July
June
Mar
Jan
July
Aug
Jan
Jan
Jan
Feb
Jan
July
Apr
Apr
63
63
Nov
Nov
Nov
Apr
9434
99
Jan
Jan
July
Apr 47
Jan 10234 Nov
Nov
Nov
27% Mar
11,000
334
15,000
334
33,000
334
11,000
334
3,000 37
11,000 90
6,000 87
3,000 100
20,000 5814
32,000 55
23,000 35%
76,000 40
9,000 97.34
11,000 72
22,000 33
86
9734
Jan
Feb
GO
July
July
18
Nov
July
18
Nov
July
Mar 18
July
Nov 18
Feb 6034 Oct
Dec 102% Aug
Jan
Dec 90
Mar 103% Feb
Jan
Dec 87
Jan
Nov 81
Nov 7314 Jan
RR
Jan
Nov
Nov 10514 Jan
Dec 93% Sept
Jan
Nov 65
15,000
48
Apr
76
Jan
92,000
37,000
84
82
Feb 110
Feb 109
Nov
Nov
Feb
July
47,000
8
9614
9534
5434
45
97
9634
56%
49
50,000
10,000
129,0(10
124,000
91%
9334
60
41
Aug
Nov 104
Nov e103% Aug
Jan
Mar 85
Jan
Mar 74
736
9734
89
7011
40
CO
8934
3734
3734
374
5234
5635
3634
254
70
834
974
914
76
43
6234
00
3834
384
384
544
584
38%
2634
71
67,000
10.000
23,000
11,000
18,000
143.000
2,000
62,000
76,000
80,000
98,000
44,000
39,000
7,000
3.000
734
835
83
7034
17
474
89
34
33%
33%
35%
40
354
2531
56
Dec 23% Jan
Jan 98% July
Nov 10231 July
Dec 9834 Jan
July
Apr 50
Apr 764 July
Apr 10234 Jars
Nov 594 June
Jan
Nov 60
Nov 694 Jan
Mar 684 June
Mar 7234 June
Jan
Nov 65
Dec 4934 Jan
Jan
Sept 82
61%
96
7631
67
8331
98
65
974
78
71
8311
99
12,000
34,000
134,000
53,000
6,000
4,000
55
88
74
584
81
96
Nov 7834
Apr 994
Nov 99
Nov 9134
Nov 974
June 105
Niagara Falls Pow 68_1950
104 106
Nippon Elm Pow 6;011953 65% 65
66%
No American Lt & Pow5% notes
1934 10034 100% 10034
54% notes
844 844
1936
434a series A
36
33
19bp 33
Nor Cent Utll 64e...1948 21% 214 2335
Northern Indiana P E354
55 series C
5734
1966 56
54
55 series D
1969 54
57
54s series E
4934 53%
1970 50
No Ohio P & L 5343_1951
70% 73%
Nor Ohlo Trao & Lt be '56 65
65
65
No States Pr ref 445_1961 7631 764 79%
714 724
535% notes
1940
North'n Texas Util 7s_1935
Without warrants
98
93
N'western Elect 6s.. _ _1035 6554 654 6534
N'western l'ow Os A__1960
15
15
N'weetern Pub dery be 1957 56.31 5434 564
31
Mar
Sept
Jan
Jan
Jan
Feb
9,000 1014 Mar 10854 Jan
38,000 35% Feb 7034 Nov
22,000
3,000
61,00
18,00
8634 Apr 100% Sept
68
May 9231 Sept
2134 Apr 4734, July
July
20
Nov 43
19,000
50,000
64,000
45,000
1,000
65,000
5,000
54
5334
4934
7034
65
734
69
2,000
8,000
4,00
9,00
Dec .30% Feb
Feb
Nov 91
Deo 8614 Jan
Deo 103.4 Jan
Dec 10035 Jan
Nov 974 Jan
July
Dec 06
8331 June
Nov
63
84 Oct
4734 Nov
994 July
Jan
93
Juno
18
75% July
June
86
87
83%
844
48
614
414
31
2
3634' 38% 20,000 3034
1,000 964
9934 9934
84% 844 87
15,000 77
7634 7434 77
44.000 7034
103 103% 3,000 101
65
6134 65
8,000 614
3634
23
Bonds (Continued)
-
Dec. 16 1933
Apr
72
Aug
Apr 534 July
Nov 1024 Sept
Nov 101% Jan
Nov 96% Jan
Apr 104
Oct
Dec 854 Jan
Ogden Gas .55
1945
Onlo Edison let 58_ _ 1960
Ohio Power 1st 56 B.._1952
1st & ref 4346 ear D 1956
Ohio Public Service Coils series C
1953
5s series D
1954
54e series E
1961
Okla Gaa & Eleo Be_ - _1950
Os series A
1940
Okla Power & Water 5s '48
Oswego Falls as
1941
67%
974
86
7234
62
77
6735
42
7334
67
9334
86
78
4,00
7034 65,00
9735 21,00
20,00
88
73%
65
88
81
Dec 10134 Feb
Jan
Nov 98
Nov 10434 Jan
Apr 9934 Jan
71
6034
67
7234
66%
4034
51
724
66
67
77
6831
42
51%
71
6034
67
684
63
35
36
Dec
Dec
Deo
Nov
Mar
Mar
Apr
0,000
8,00
1,000
60,000
11,000
74,00
12,00
Pacific Coast I'ow 59_ _1940 71
Nov
71
3,000 65
7335
Pacific Gas dr El CoMar
ln Os series B
1941 104% 103% 1044 34,000 10
let & ref baser C.__ 1952 98% 9731 98% 10.00
954 No v
9534 ,
Nov
59 series D
3,00
1955
94% 95
let & ret 446 E_ _1957 884 87% 8834 14,00
p
1st & ref 454e F._1960 8834 87
624: Nov
84
32
8
, A,r
8834 28.00
l'ac Investing 59
12,00
1948 70% 704 71
Pacific Pow & Ltg 5s_ _1955 3934 374 40 107,00
Pacific Western Oil €3345 '43
With warrants
57% Apr
79
78% 80
34,00
Penn Cent LA P4346 1977 60
(154 11,00
60
5830 Nov
Penn Electric 4s F._ _ _1971 604 5534 6035 14,000 5134 Apr
954
89%
90
914
8335
63
5934
Jan
Jan
Jan
Jan
July
July
July
93
Feb
1124 Jan
s0634 Jan
1054 Jan
10114 Jan
10134 Jars
81
July
July
73
July
81
80% Feb
74% Jan
Financial Chronicle
Volume 137
Bonds (Continued)-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
g
Price. Low. High.
Range Since Jan. 1.
Bonds (Concluded)-
high.
Low.
Penn Ohio Edison4714 34,000 44
1950 47
44
Jan
Dec 82
Deb 6s x-warr
31,000 4055 Nov 754 Jan
4015 43
Deb 530 series B_ _1959 42
7915 82
29,000 74
Dec 1034 Feb
Penn-Ohio P & L 614e 1954 8035
96
964 14,000 9231 Nov 104
1956
Feb
Penn Power 5.9
754 7754 7,000 6611 Dec 100
Jan
1947
Penn Pub Serv 6s C
64
64
2,000 60
1954
Dec 9554 Sept
5s series D
8835
3,000 874 Dec 9751 Feb
SS
Penn Telephone 55C-1960 8855
10451 105
11.000 094 Am 10334 Aug
Penn V. at& Pow 58_1940 105
1968 9634 9551 9634 6,000 89
Jan
Nov 101
4558 series B
Peoples Oas I.t & Coke.
5,000 49
94
94
Dec 10015 Jan
434% serial notes 1935
6211 19,000 61
1961 61
61
Dec 16$14 Jan
ils series B
1957 71
Nov 1041 4 Ian
71
744 106,000 71
65. serica C
251 26,000
z54 Apr
1979
2
835 May
Peoples Lt de Pr 5s
while blectrio Co b -.i96, 107
6,000 1024 Mar 11054 Jan
10634 108
40,000 100
lab
Nov 108
Piffle Elea Pow 550.,1972 10435 102 105
Phila Suburban Counties
_1957 9915
9555 May 10434 Jan
9934 9954 9,00
Gas & Flee 455s
954 9534 4,000 9551 Mar 10434 Jan
Phila Suburban Wet 53 '55
Piedmont Hydro El Co10,000 65
7355 75
Jan 804 Nov
let de ref 6148 cl A 1960
1,000 6054 Apr 8355 JalY
7115 7134
Piedmont & Nor 58. _1954
1949 96
934 96
13,000 82
Apr 96
Pittsburgh Coal 6s
Dec
84
Pittsburgh Steel 6s_ _ _1948 85
8534 28,000 6334 Feb 8555 Dec
4511
Pomerania Elea 68_._1953 4194 40
1939
80
80
Poor & Co 6s
85
82
Portland Gas & Coke 58'40 85
7354 744
74
Potomac Edison 55 .- 19.56
1961 69
6834 70
4358 series F
1936 1014 1014 10135
Potomac Flee Pr 5s
1947
22
22
Potrero Sugar 76
59 6211 6251 63
Power Corp(Can)455s B.
Power Corp of N Y1942 71
71
72
650 series A
1947 52
52
53
535a
1949
Power Securities 68
974 484
American series
105 10534
Procter di Gamble 4158 '47
1954 484 48
Prussian Elec 68
52
Pub Serv of N J pet Otis_ 10335 103 10411
Pub Serv of Nor Illinois69
6911
1956
1st & ref 58
1066
664 67
5s series C
1978 594 59
6034
410 series D
1980 5935 594 6134
4154 series E
1st & ref 450 ser P.1981 59% 5911 6134
1937 81
81
8334
655s series G
1952
7534 76
6.50 series II
Pub Serv of Oklahoma1961 644 6015 65
5s series C
1957 6455 58
644
5s series 1)
45
l'ub Serv Subsid 510_1949
49
Puget Sound P de L 655s '413 4134 404 43
181k ref laser C_... 1950 40% 3855 4011
let & ref 455sser D_1950 3831 36
3955
. 1968
Quebec Power
89
Queens Bor G & E510 '52
bs.6155
1945
Redubilc Gas 65
1515
Cestlflcates of deposit3094
Rochester Cent Pow be '53 31
Rochester Ity & Lt 58_1954 10255 101
4755
Ruhr Gas Corp 650_ _ 1963 53
40
Ruhr Housing 654s. - -1958
90
Ryerson (J T)& Sons 5543 90
25,000 28
1,000 41
13,000 82
17,000 733.4
5.000 65
6,000 101
1,000
831
10,000 28
May 5915
Apr 92
May 100
Nov914
May 8631
Nov 10634
Feb 22
Apr 64
14,000
8,000
Nov
Nov
70
Tennessee Elea Pow be 1956
Tenn Public Service Is 1970
Tend Hydro Elea 610 1953
8
Texas Cities Gas bs___104
Tema Else Service 55_1960
Texas Gas CHI (33_ _ _1946
Texas Power & Lt 66-.1966
1937
Se
Tbermoid Cow w 68_1934
Tide Water Power 61_1979
1962
Toledo Edison 55
5415
74
69
17
7414
92
53
.54
8694
9914 Feb
Aug
65
July
Oct
Jan
Jan
8,000 4134
12,000 984
26,000 3615
16,000 102
Nov 67
May 106
Sept 70
Nov 119
10,000
7,000
12,000
12,000
59.000
92.000
8,000
6531
61
59
5735
6634
78
7034
Nov 10055
Apr 98
Dec 9055
Nov 914
Nov 93
Nov 1074
Nov Illi.
7.000
12,000
8.000
138,000
130,000
85,000
524
54
42
275.5
3654
333.4
Aug
Apr78
July
Apr 81
Apr 8055 Jan
Nov 674 Jan
Jan
Nov 86
Jan
Nov 63
9311 45,00
62
4,000
AprOR
71
6115 Dec87
17
4,000 13
32
62,000 2255
10255
2,000 100
5631 87,000 32
45
22,000 234
2.000 SO%
90
5,000 90
Safe Harbor Wat Pr 4 55s 79 96% 964 9635
St Louis Gas & Coke fie '47
5
44 514 13,000
451
San Antonio Public Service
5s series 13
1058
6515 6711 6,000 64
San Joaquin Lt & l'ow68 series 11
1052 91
91
2,000 91
91 •
Is series D
1957
8031 804 3,000 7731
Sande Falls Is
1955
10255 103
6,000 9755
Saxon Public Wks 6s__1937 6015 59
63
62,000 3655
Script)(E W)Co 5550_1943
7151 7215 14,000 5555
Seattle Lighting 58...1949 274 27
284 22,000 2534
Servel Inc 5s
1948 70
70
70
5,000 4914
Shawinigan W & P 450'67 7335
7234 7534 130.000 49
410 serleri B
1968 7334 724 7.555 71,000 50
5a series C
1st
1970 81
81
844 52,000 57
1st 4348 sertee D
1970 7315
7215 7515 100,000 4831
Sheffield Steel 5.10_ _1948
84
84
1,000 65
Sou Carolina Pow 58..1957 51% 50
514 5,000 41.
Southeast P & L 63.-202a
Without warrants
45% 43
4655 152,000 43
Sou Calif Edison be__ _1951 9514 994 9534 69.000 92
Refunding be
. 1952
9451 9434 15,000 93
Refunding 5a JUI10 11954 9515 944 9514 14,00
904
Oen & ref be
1939 102
102 103
68.00 100
Sou Calif Gas Co 449_1961
81
4,000 7851
81
1st ref 55
1957 88
88
8815 2.000 80
5558 series B
1952
96
96
6,000 94
Sou Calif Gas Corp 55_1937 863-4
Sou Indiana G & El 510'57 10115
Sou Indiana Ity 4s_ __ _1951 54
Southern Natural Gas 6844
Unstamped
5735
S'westerti Assoc Tel Is 1961
southwestO&E58A..1957 65
1957
5s series II
Sou'west Lt & Pow 68_1957
Sou'west Nat Gas 65_1945 3355
So'West l'ow & Lt 6s_2022 3854
So'West Pub Serv Gs A 1945
Stand Gas & Elea 68_1936 484
1935 48
Cony 65
1961 35
Debenture 68
Debenture thi_Dee 1 1966 36
Standard investing1939
510
1937
5 ex-warrants
Stand Pow & Lt68-1957 3215
Stand Telephone 530_1943 16
smiles (Hugo) Corp78 without warr Oct 1 '36 48
is without warr__ _1946 42%
1946
78 stamped
1939 102
Sun Oil deb 655a
1940 10055
emu Pipe Line 58
Super Power of III 446-'68 6355
1970 624
let 448
1961
lot mtge 65
Swift & Co 1st me f 68_1944
6% notes__ .... _ _ 1940 98
Syracuse Ltg 65 ser B_1957 9915
Jan
July
Jan
Aug
July
Feb
Dec
July
8635 864 17.000
100% 10155 3,000
51
54
14,000
54
45
6051
61
47
3314
3855
56
45
4514
34
34
5735
46
65
65
50
35
4354
5955
4815
4815
364
3731
6715
65
3015
16
6715 2,000
2,000
65
33 138.000
16.15 10,000
37,000
6,000
16,000
6,000
6,000
16,000
19,000
5.000
78,000
55,000
91,000
48,000
Jan
Jan
Jan
Jan
Jan
Jan
r'eb
July
Jan
Apr 2451 June
Nov48
Jan
Mar 10831 Feb
Sept67
Jan
May 604 Jan
July
Mar 96
Jan
Apr103
Dec1655 Jan
Nov844 July
Dec107
May 98
Mar 105
Sept 6734
Apr 74
Nov 54
Jan 7635
Apr 8035
Apr 8035
Mar 87
Mar 81
Apr 92
Nov
7315
Nov
Nov
Nov
Nov
Nov
Nov
May
Slay
8235
10535
1054
10594
106
95
9951
103
Jan
Jan
Jail
Jan
Oct
July
Sept
July
July
July
July
Sept
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
72
May 93
Sept
9651 Nov 1054 Jan
34
Apr 64
July
39
35
60
62
,164
26
32
55
36
35
'284
2855
Apr
Slur
Apr
Apr
Dec
mar
Apr
Oct
Mar
Apr
Apr
Apr
63
Apr
63
Apr
264 Apr
10
Apr
75
59
8255
82
7894
43
6855
7151
77
77
62
6034
July
July
Jan
Jan
Aug
Slay
July
July
July
July
June
July
79
Aug
79
Aug
59
June
3214 Jan
49%
48
424 45%
40
40
102 1024
10015 1024
5934 6394
5994 6215
72
72
10235 103
9534 98
9914 994
9,000
27,000
1.000
14.000
12,000
18 000
.
7,000
1.000
6,000
45,000
11,000
3034
29
40
9911
954
59
594
70
9655
87
96
July
July
Dec
Apr
June
Man
Dec
Nov
Apr
Mar
Mar
57
49
7455
50
70
17
75
9415
57
54
8834
14,000
3.000
18,000
13,000
16.000
.5,000
96,000
13.000
20,000
13,000
38,000
48
4835
69
46
63
114
65
87
2634
4455
79
Nov 954 Jan
Dec 04
Jan
Jan 86
Oct
Feb 60
July
Nov 90
Jan
Feb 33
Aug
Nov 92
Jan
Nov 104
Jan
Apr 674 July
Apr 69
Jan
Nov 9934 Jae
543.4
4835
72
10
6754
16
7015
92
524
5154
86
65
6935
40
1094
10254
84
834
9351
10515
100%
10615
Jan
Jan
Dec
Sept
Oct
Jan
Jan
Jan
July
July
Jan
4351
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
$
Twin City Rao Tr 550 '52 2255 2255 234 35,000
Ulen Co deb es
11.44 39
37
39
25,000
Union Flee Lt & Power
1957
92
450
9434 24,000
95
95
1907 95
1,000
58 series 13
Uri Gull Corp ba.July 150 10035 10014 101
36,000
United Flee (NJ) 413_ 1949 9711 9731 9734
1,000
Vu te. Flee Flory 78_1966
4.000
781.4 7951
56
United Industrial 6158 1941 61
61
37,000
1945 5715 5411 5715 101,000
lot 85
United Lt & Pow 68.-1975
1974
deb g 64s
tin Lt ft RY 510
1952
65 series A
1952
6s series A
1973
U 8 Rubber68
1936
634% serial notes_1934
655% serial notes_ _1935
615% serial notes___1936
64% serial notes __1937
5
6140 serial noiea_ _1938
655% serial notes__1939
655% serial notes _ _1940
Utah l'ow & Lt 450_1944
Deb 6s series A____2022
Valvoline 011 7s
1937
Vamma Wat Pow 5158 '57
V a Eiec de Power 58_1955
Va Public Serv 650 A 1946
1st ref 543ser B
1950
68
1946
Waldorf-Astoria Corp
78 with warrants
1954
Ctfs of deposit
Ward B .king 6s
1937
Wash Gas Light 58_19613
West Penn Elec 5s _ _ _2030
\Vest Penn Pow 4s___1961
West Penn Tr Is
1960
West Tessa URI 5s A _ 1957
Western Newspaper Union
6s
1944
Western United Gaa de Elec
let 530 ser A.
... 1955
WLsc-Minn Lt & Pow Is '44
Wise Pow & Lt 58 F___1958
Is series E
1956
Wise Public Sem 68
,
1052
Yadkin River Pow 5s_1941
Foreign Government
And Municipalities
Agric Mtge 1313 (Colombia)
75 with coupon____1946
is with coupon
1947
Baden ext.! 78
1951
Buenos Aires (ProviExternal 7558
1947
734s stamped
1947
7 stamped
1952
Cauca Valley 7e
1948
Cent Bk of German State &
Prov Benito 6s 13_ - _1961
6s series A
1962
Danish 5s
1953
5358
1955
Danzig Port & Waterways
25
-year 655s
1052
German Cons Munn)713_'47
Secured 65
1947
Hanover (City) 7s.__1939
Hanover(Prov)ti 30._ 1949
Indus Mtge Bk (Finland)let mtge eoll a I 74_1944
Lima(City) Peru 6413_1958
NIaranhao (State) 713_1958
Medellin Municipal 78 1951
Mendoza 734s
1951
755s stamped
1951
Mtge Bank of Bogota
78 issue of '27
1947
Mtge 13k of Chill 6s...1931
Mtge Bk of Denmark 55'72
Parama (State) 7s__1958
Rio de Jauemo(34a_ -_1969
Russian Govt
610 cortificates_-_1919
515e
1921
535s certincates____1921
Saar Basin 75
1935
Saarbruecken 7s
1935
Santa Fe 78
1945
Santiago is
1961
Range Since Jan. 1.
Low.
High.
344 May
Jul)
43
19
15
Sept
Jill
6754
9235
96
95
67
35
3534
Apr 9934 Sept
Jan
Apr 106
Apr 103
Feb
Jan
Mar 103
Nov
July 84
Jan
May 66
May 68
Jan
30
34
3435
59
2954
2811
3131
3415
59
29
3155
3515
3555
5934
2955
63,000
15,000
128,000
33.000
22,000
26
2634
31
55
25
Nov
Nov
Nov
Nov
Nov
9035
9911
9014
9911
87
72
694
68
6711
70
60
48
9014
9934
87
73
70
70
7055
70
6834
49
5,000
22,000
6,000
12,000
7,000
9,000
27,000
5,000
31,000
10,000
8955
604
294
27
25
27
27
25
524
45
Sept 9414 June
Apr 100
Dec
Feb 90
July
Feb 81
July
Apr 804 July
Feb 8034 July
Feb 83
July
July
Feb 80
Nov
70
June
Apr 6734 July
75
80
89
544
5251
4714
75
1,000
2.000
8034
9015 10,000
21,000
58
19,000
54
4,000
50
53
68
86
49
45
43
Dec
Feb 75
July
Jan 88
Jan
Nov 101
Nov 77
Jan
Nov
7134 Jan
July
Apr 71
24
215
9051
76
4434
9034
60
354
Feb 2115
Feb
1654
Apr 9715
Nov 9455
May 71
Nov 101
May 764
Apr 67
Dec
Dec
Aug
Feb
June
Jan
Aug
July
Feb35
June
7235
68
6815
67
89
58
54
484
2134
15
1111 1631
96
96
80
78
80
524 5314
53
100 r101
6035 604
4754 464 45
1815
66,000
78.000
10,000
11,000
16.000
2,000
1.000
87,000
8,000 :22
60
65
61
834
55
June
July
July
July
June
25
2534
68
66
5855
59
82
6515
66
5715
5714
81
74
46,000
68
1,000
66
5934 44,000
24,000
59
2,000
82
7,000
75
224
2151
35
204 2215 3,000
2,000
21%
21
35
4031 18,000
20
20
21
32%
2815
28
32% 3434 9,000
2831 2935 3,000
2754 2815 14,00
Mar
1934 July
.56
40
64
7355
55
3955
63
72
5831 55,000
4054 33,000
64
6,000
7315 13,000
3614 May
22
Sept
57
Jan
Jan
57
66
Jan
Jan
55
7415 Sept
7815 Nov
40
39%
46
40
39
23,000
48
4655 159,000
434 162.000
3634 Oct54
Jan
264 June 624 Jan
May 6155 Jan
26
38
40
36
38
39
42
8.51
9
14,000
Apr
Re
Dec
61
51
Nov
Nov
52
80
Oct
7255 Oct
6955 Feb
91
Feb
8934 Jan
89
Jan
Jan
97
9055 Aug
Nov
Nov
Sept
2234 Dec
2715 Nov
5715 Jan
2511 Jan
2755 Dec
254 Nov
July
44
4334 July
454 July
7
9,000 z3455 Nov
24,000 28
May
61
Mar
644 Jail
87
87
434 44
7,000
1.000
59
4
Mar
Feb
9234 July
July
11
15
121.1
28
26
5,000
3,000
6,000
3,000
64 Jan
104 Mar
Nov
17
uct
25
July
22
July
23
.994 July
,
354 Oct
914
66%
134 134 2,000
9% 74.000
9
13,000
6631 68
134 Dec
754 Sept
5751 Apr
.1.1v
35
1514 June
July
75
1554
815 834
1515 1531
Jan
Jan
169-4 July
224 July
14
2734
135
14
11
2734
2555
134 211
115 255
155 251
108 108
10354 10334
1715
14
555 555
1,000
1,000
5
7
155
61,000
154
90;000
51,000
114
4,000 9494
1,000 10315
11,000 13
44
5.000
Nov
74
84
Dec
74
Apr
Nov 108
Jan 10315
Apr 26
1234
Jan
July
July
July
Dec
Nov
May
June
• No par value. a Deferred del very. c o d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. d See note below. m Mort
gage a Sold under the rule. n-v Non-voting stock. r Sold for cash. v t c Voting
trust certtficates.
z Ex-dividend.
w w With warrants.
w 1 When issued.
z w without warrants
a See alphabetical Hat below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing . pref., Feb. 7, 30 at 4334.
Arkansas Natural (tee, corn.,class A. March 15, 40n at 14
Associated Gas & Elec 434s 948 regis May 22, $1,000 at 12: May 27. $2,000 at 16.
Gen, Bronze Corp. tle. 1940- low, Apr 10. 37,000 at 43.
Hanover (City) 78 1939, Oct. 30, 17,000 at 3154.
Indiana Electric 58, series C, 1951, Feb. 1, 17,000 at 80.
International Petroleum, Feb. 2, 200 at 814.
Jersey Central Pow & Light 515% pref.. may 29. 25 at 8.
Lefeourt Realty Corp., pref. Apri 4, 100 at 234
Niagara-Hudson Power class B option warrants March 21, 100 at 155.
Pacific Ltg & Pow 55 1942, Oct. 30, $2,000 at 110.
Peoples Light & l'ower 58, 1979, April 18. 62,000 at 54.
Syracuse Lighting 630, 1954, Feb. 1, $1,000 at 10914.
Union American Investment 58 w. w. 1948, April 12, $1,000 at 72.
Valvoline Oil 78, 1937, July 10, 31,000 at 6014•
Western Newspaper Union (93, 1944. March 16, 81,000 at 21.
e Sae alphabetical list below for "Under the rule" sales affecting the range for
the year:
Agriculture Mtge 13k 78 1947 with coupon, Nov. 9, 61,000 at 274.
Associated Telephone $1.50 preferred. Feb. 9, 100 at 194
American Community Power 530, 1953, June 16, $1,000 at 10.
Chicago District Electric 54a, 1935, Feb. 2, $7,000 at 954.
Cleveland Electric Illuminating be 1939. June 1, 51,000 at 10734,
Hygrade Food Product/3 6s, series B, 1949, July 25, $1,000 at 6214.
Narragansett Electric Sc, series B. 1957, Jan, 17. $1,000 at 104
New York & Westcbeater Ltg Si 1954, Mar, 27, 35,000 at 10034.
Singer Mfg. Co. Am dep. rcts., July 6. 12 at 354.
Tennessee Putille Serviee be. 1970. Jan. 13. $1,000 at 954•
United states Rubber 85 1613 Maw 19. 68.00055 I04)34
Financial Chronicle
4352
Dec. 16 1933
-79
Quotations for Unlisted Securities-Friday Dec. 15
Public Utility Bonds.
Port of New York Authority Bonds.
Bid
AM
Bid
Bayonne Bridge 4s series C
J&J 3 70
1938-53
70
80
Inland Terminal 43.5s sec D
M&S 63
Geo. Washington Bridge
1936-60
4s series B 1936-50_ _ _J&D 05.75 5.25 Holland Tunnel 43ts series E
M&S 85.15
41.5s ser B 1939-63 M&N 85.75 5.25
1934-60
Arthur Kill Bridges 435s
series A 1934-46
M&S
Ask
82
70
4.75
U S. Insular Bonds.
Philippine Government
-B141 Ask
4s 1934
97 100
48 1946
90 94
430 Oct 1959
92
95
435s July 1952
92
95
58 AprIl 1955
95 100
5s Feb 1952
95 100
53.s Aug 1941
101 104
Hawaii 434s Oct 1956
99 102
Ask
Bid
08 103
Honolulu 58
U S Panama 38 June 1 196L 10012 102
8
9914 997
25 Aug 1 1936
9914 997
8
2e Nov 1 1938
Govt of Puerto Rico
97 101
435s July 1958
99 103
58 July 1948
Federal Land Bank Bonds.
Bid
43 1957 optional 1937_M&N 7914
48 1958 optional 1938_M&N 7614
432s 1956 opt 1936____J&J 80
43.2s 1957 opt 1937____J&I 80
43e 1958 opt 1938_31&N 80
65 1941 optional 1931_M&N 933
4
4358 1942 opt 1932_31,1LN 933
4
Ask 1
80 435s
80 435s
80 4, 43..5s
3
803 435s
41
80 41 43213
3
94141 45is
94141
1943
1953
1955
1956
1953
1954
opt
opt
opt
opt
opt
opt
New York State Bonds.
AM
Bid
Canal & Highway
5s Jan & Mar 1033 to 1935 83.25
6s Jan 414 Mar 1936 to 1945 83.50
Os Jan & Mar 1946 to 1971 03.90
World War Bonus
435s April 1933 to 1930_
414s April 1040 to 1949_
Institution Building
4s Sept 1933 to 1940
48 Sept 1941 to 1976
Highway Improvement
45 Mar de Sept 1958 to '67
Canal Imp 4s J & J '60 to'67
Barge C T 4s Jan 1942 to'46
Highway Imp 435s Sept '63 109
Canal Imp 43(s Jan 1964.... 109
Can &Imp High 43is 1965_ 106
Ask
8714
83
83
83
87
87
Bid
1933____J&J
1933----J&J
1935____J&J
1936___J&J
1933____J&J
1934____J&J
Bid
863
4
8212
8212
8212
8614
8614
Ask
03.25
83.80
83.25
83.80
102
102
101
New York City Bonds.
Bid
Bid Ask
8012
90 4 92 a4110 June 1974
3
03s May 1935
8012
76 a4342 Feb 15 1978
74
113 SO May 1954
8012
76 a43.is Jan 1977
74
a3SO Nov 1954
8012
78 a4328 Nov 15 1978
76
a4s Nov 1955 & 1956
8012
a4s Of & N 1957 to 1959... 7712 7912 a4328 March 1981
83
7812 a435s M & N 1957
77
a4s May 1977
7812 a4 SO July 1967
83
77
048 Oct 1980
83
r43'.is Feb 15 1933 to 1940_ 7.00 6.00 a435s Dec 15 1974
83
8014 8112 a435s Dec 1 1979
a43is March 1960
.1
8012 813
a432e Sept 1960
9614
4
a41.2e March 1962 & 1964- 8012 813 a6s Jan 25 1935
9614
4
8012 813 als Jan 25 1936
a432s April 1966
9614
4
8012 813 068 Jan 25 1937
a4326 April 15 1972
a Interchangeable. b Basis. s Registered coupon (serial). dCoupon.
AM
813
4
813
4
813
4
813
4
80 4
3
8412
8412
8412
8412
9714
9714
9714
New York Bank Stocks.
Par Bid I
Bank of Manhattan Co__10 2318
Bank of Yorktown
100 20
Bensonhurst Natl
100 27
Par Bid Ask
26
63
4 93
4
25
50 20
25 3314 2612
4
25
8
Chase
20
Citizens Bank of Bklyn_100
20
City (National)
Comml Nat Bank de Tr_100
25
100
25
Ask
251s Lafayette National
30 Nat Bronx Bank
35 National Exchange
Nat Safety Bank & Tr
8
1838 193
_ 95 Penn Exchange
1814 193 Peoples National
4
11612 12612 Public Nat Bk & Tr
100 895 945 Sterling Nat Bank & Tr .25
Fifth Avenue
First National of N Y _-100 1160 1210
Trade Bank
100
100 31
Flatbush National
20
100 10
Fort Greene
55
Yorkville(Nat Bank 01)_100
Kingsboro Nat Bank_ _ _ _100
5
8
80
233
8
12
15
20
25
30
40
Bid
15
220
253
1314
1800
30
Ask
1612
250
258
143
4
1900
32
Trust Companies.
Par Bid Ask
Bence Comm Banana__ 100 143
_Bank of New York & Tr_100 286 296
12
20 10
Bank of Sicily Trust
8
8
10 497 517
Bankers_
6
9
20
Bronx County
84
100 79
Brooklyn
4
20 1143
Central Hanover
4
Chemical Bank & Trust 10 313
Clinton Trust
50 40
4
Colonial Trust
100
93
3
Continental Bk & Tr
10 10 4
8
Corn Exch Bk & Trust
20 435
1183
2
333
4
50
123
4
1214
455
8
Empire
Fulton
Guaranty
Irving Trust
Kings county
Lawyers County
Par
20
100
100
10
100
25
20
Manufacturers
25
New York
Title Guarantee & Trust_20
Underwriters Trust
United States
1538 167
8
79, 8218
8
912 11
100 50
100 1525
60
1575
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Iludson)..100
100
Allegheny & Western (Buff Rock & Pitts)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
Caro Clinchfield & Ohio(L & N A CL)4%___100
100
Common 6% stamped
Chic Cleve Ms& St Louis pref(NY Cent)
100
50
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
25
Delaware (Pennsylvania)
Georgia RR & Banking(L & N, A C L)
100
Lackawanna RR of NJ(Del Lack & Western)_100
100
Michigan Central (New York Central)
Morris & F.ssex (Del Lack & Western)
60
New York Lackawanna & Western(D L & W)-100
Northern Central (Pennsylvania)
50
100
Old Colony (N Y N H & Stanford)
60
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bess & Lake Erie(US Steel)
50
Preferred
100
Pittsburgh Fort Wayne & Chicago (Penn)
Preferred_
100
Rensselaer & Saratoga (Delaware & Hudson)
-10
0
St Louis Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Fenian)
100
Utica Chenango & Susquehanna (I) L & W) 100
Valley (Delaware Lackawanna & Western)__ 100
vieksburg Shreveport & Pacific (III Cent)
100
Preferred
100
60
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
d Last reported market.
• No par value.
Bid.
Ask.
70
75
165
175
81
85
29
31
113
118
135
45
50
60
64
69
73
70
75
61
64
35
38
33
37
135
140
59
63
600
-65
57
80
75
76
73
85
80
54
59
27
31
55
60
125
117
145
140
103
100
111
107
55
52
111
107
205
202
77
72
75
65
60
60
65
43
38
63
58
I Ex-eoupon.
e Defaul ed.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.60
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
3.00
Bid Ask
Amer S PS 55.55 1948.31&N
35
3813
Atlanta G L as 1947 __J&D 967
s
Central Gas & Elec1st lien coil tr 6355'46J&D 32
3512
1st lien coil tr Os '46_M&S 3314 3714
Fed P S 1st 13s 1947___J&0 81712 2212
Federated Util 5 355 '57 M&S 25
29
Ill Wat Ser let 5e 1952_J&J 72
75
Iowa So UV' 514s 1950..J&J 3912 4114
Keystone Telephone 53-5s '55 65
67
Louis Light 1515s 1953_A&O 10012 105
Newp N & Ham 55 '44 ..I&J 75
78
N Y Wat Ser 68 1951_M&N
Non & Portsmouth Tr 5s '36
Old Dom Pow 6s_May 1551
Parr Shoals P55 1952_ _A&O
Pennsylvania Elco 53 1962__
1941 J&J
Peoples L & 55
Public Serv of Cob (is 1961_
Roanoke W W Se 1950_J&J
Sierra AL San Fran 2d B 5849
United Wet Gee & E 581041
Virginia Power 53 1942
Western P 5 5345 1960_ F&A
Bid Ask
4
703 723
4
4
9714 993
4212
38
55
50
64 66
333 353t
4
7112_ 7312
6012 6312
7314
70
7912 82
9814 100
43 4 4614
3
Public Utility Stocks.
Par
Alabama Power $7 pref _100
Arizona Power pret____100
Arkansas Pr & Lt $7 pref__*
Assoc Gas & El orig pret__•
•
$6.50 preferred
•
$7 preferred
Atlantic City Elec $6 pref..•
Bangor Hydro-El 7% 0_100
Birmingham Elea $7 pref •
Broad River Pow pf___ _100
Buff Niag & East pr pref_25
Carolina Pr & Lt $7 pref *
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% pf_100
$7 preferred
100
Cent Pr & Lt
pref_ _100
Cent Pub Fiery Corp pref-•
Cleve Flee III $6 pref._ _100
Columbus By, Pr & Lt
1st $6 preferred
100
$6.50 preferred B
100
Consol Traction (N J)._100
Consumers Pow 5% pref_•
6% preferred.
100
6.60% preferred
100
Continental Gas & El
$7 preferred
100
Dallas Pow & Lt 7% pref 100
Dayton Pr & Lt $6 pref_100
Derby Gas & Elec $7 pref.'
Essex-Hudson Gas
100
Foreign Lt & Pow units_
Gas & Elec of Bergen
100
Hudson County Gas__.100
Bid
34
Ask
36
2714 283
4
It 812
1
1
2
1
2
7512 8112
95
99
21
23
24
18
1618 1612
3012 3214
42
47
54
58
64
68
1314 1514
14 1
9812 10112
6412
55
20
24912
25514
623
4
68
60
23
513
4
58
6512
3012
9012
73
38
139
70
91
139
34
9312
77
4312
78
97
_
Ask
Par Bid
• 50
62
100 60
1313
Illinois Pr & Lt 1st prel___. 12
22
,
lnland prefe7Lt pref .A00
7% Pow
Interstate Power $7 pref..*
612 8
48
Jamaica Water Supply pf.50 46
61
Jersey Cent P & L $7 pf_ 100 57
Is
Kansas CityPub Serv corn_•
ref
112
•
64
Kansas Gas & El 7% 0 100 62
1
83
Kings Co Ltg 7% pref ___100 75
47
Memphis Pr & Lt 7% pref..* 44
Metro Edison $7 pref 1.1._ • 56
4612 49
8% preferred ser C
Mississippi P & L $6 pref
1812 2012
7112
Miss River Power pref__100 68
8
5
Mo Public Sery pref_100
32
,
Mountain States Pr cona
•
512 10
$7 preferred
100
44
Nassau & Suffolk Ltg Of 100 240
82
Nebraska I'ower $7 pref_100 79
96
Newark Consol Gas.
...100 92
60
New Jersey Pow & Lt $6 pf• 52
NY & Queens EL & P pf1011 98, 05
2
Northern States Pr $7 pf 100 4812 52
37
Philadelphia Co $5 prof. 50 32
78
Somerset Un Md Lt
100 70
4312
South Jersey Gas & Elec_100 135
33
Tenn Elec Pow 6% pref _100 x30
United GI & E(N J) pref 100 3312 37
Wash Ry & Elec com
100 280 325
88
5% preferred
100 85
Western Power 7% prof_100 6512 6912
Idaho Power 6% pref
Investment Trusts.
Ask
Par Bid
Low Priced Shares
47
s --Major Shares Corp
•
218 -_ _
Mass Investors Trust
• 17.64 19.17
Mutual Invest Trust
1.12 1.23
National Wide Securities Co 3.11 .._
Voting trust certificates__ zi.29
N Y Bank ds Trust Shares.. 2.45 -_ _
No Amer Bond trust ctfs___
743 775
8
8
No Amer Trust Sluires_1953 1.83
2.35
Series 1955
2.35 __ _
Series 1956
.47 .55
Northern Securities
100
23
Pacific Southern Invest pt• 19
•
3
5
Class A
•
38
1
Class B
1.37 1.47
Quarterly Inc Shares
Representative Trust Shame 8.48 9.23
Royalties Management.___
14
3
4
Second Internal Sec Cl A._•
12 112
•
is 1
Class B common
24
6% preferred
50 20
Selected Amer Shares Inc__
1.23 1.31
Selected American Shares_ 2.56 Selected Cumulative She... x6.59 --Selected Tricome Shares_ _ __ 3.38 3.88
Selected Man Trustees She.
5
512
1614 1718
Spencer Trust Fund
Standard Amer Trust Shares 2.95 3.15
Standard Utilities Inc
.61 .66
State Street Inv Corp
• 63.03 68.12
Super Corp of Am Tr She A 2.95 AA
2.12 --B
3.10 -Deposited Bank She ser A__ 1.89 2.10
BB
2.12 --Deposited Insur 812s A
2.70 3.00
C
5.65 --Diversified Tristee She B_
D
73 .
8
5.66 --C
3.00 3.30 Supervised Shares
1.29 1.41
D
43
4 514
Dividend Shares
1.19
Trust Fund Shares
314 33
4
Trust Shares of America
25
8 Ps
...quity Corp. cv. pf
20
25 Trustee Stand Investment C 2.11 2.45
z.quity Trust Shares A
D
2.06 2.40
2.70 3.05
ridelity Fund Inc
• 47.75 51.45 Trustee Standard Oil She A
514 --i'lve-year Fixed Tr Shane_
B
5
55
8
4.14
31xed Trust Shares A
• 8.69 ___ Truetee Amer Bank She A__ 1.66 --B
.76 .87
• 7.28
Series B
5undamental Tr Shares A__
418 45 Trusteed NY Bank Shares_ 1.10 1.25
8
Shares B
•
4
_ 20th Century orig series__ 1.75 --11indamental Investors Inc. 2.02 2.22
2.65 3.05
Series B
1612 18
Two-year Trust Shares
ieneral Investors Trust _ • 4.14 4.60 United Bank Trust
314 414
Mardian Invest pref w war
9
10 4 United Gold Equities (Can)
3
Euroti Holding Corp
1 1.97 2.19
.15 .25
Standard Shares
8
218 27
United Fixed Shame ser Y__
ncorporated investors.....' 17.67 19.19 United Insurance Trust....
15s 218
ndependence Tr Shares __• 1.98 2.26 U 8 & British International
•
5
9
[Awl & Power Security...' 1118 127
8
Preferred
1014 --Sternal Security COrp(Am)
U 8 Elec Lt & Pow Shares A
1.81 -634% preferred
9
13
B
100
.08
6% preferred
100
9
13
Voting trust Ws
a veetment Fund of N J__•
12 112 Un NY Bank Trust Cs... 3.20 3.60
F.!. ITn Tn• Tr One ann. V
n vestent Trmat nf TY V •
rn
45.
1.65
Ask
Par Bid
kdministered Fund
1 15.30 16.03
kmer Business Shares
1.03 1.13
kmer Composite Tr Shares_
x358 414
kmer dr Continental Corp__
414 514
km Founders Corp 6% pf 50
12
9
7% preferred
12
9
50
kmer & General Sec cl A....•
8
4
•
18
1
Class Beam
$3 preferred
• 35
45
kmer Ineuranstocks Corp.."
4 212
13
514 53
kssoc Standard Oil Shares.4
Bancamerica-Blair Corp _ _ _
2214 2 3
3
Bancshares. Ltd95c 1.20
Participating shares __50C
Basic Industry Shares
• 3.30 British Type Invest A __I
.45 .70
Bullock Fund Ltd
1114 ___
Danadlan Inv Fund Ltd
3.15 3.30
Dentral Nat Corp claw A_
2014 2214
Claim B
12 212
Dentury Trust Shares.___• 143 16
4
Dorporate Trust Shares____ 2.21 ___
Series AA
2.12 ___
Accumulative series
2.12 ___
Series AA mod
2.31 2.33
Series ACC mod
2.31 2.38
Drum & Foster Ins Shares10 13
16
Common B
7% Preferred
100 77
Drum & Foster In com_ • 14
17
8% preferred
86
___
:Stimulative Trust Shares__• 4.04 --
Telephone and Telegraph Stocks.
Par
Amer Dist Toldg(N J) corn •
Cincin dr Sub Bell Telep-50
Cuban Telep 7% pref...100
Empire & Bay State Tel.100
Franklin Teleg $2.50_100
Int Ocean Tales 6%....100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New York Mutual Tel..100
Par
Ask
Bid
262
66
New England Tel St Tel_100
x62
6412 Northw Bell Tel pf 6)4%100
19
25 Pao & Atl Teleg US l%.25
37__ . Roch Telep $6.50 let pf-100
:
301s -- So & Atl Tales $1.25....25
•
65
73 Tr! States Tel & Tel EL10
Preferred
90
10314 1053 Wisconsin Telep 7% pref100
4
1512 20
AM
Bid
8812 0012
10512 107
14
163
4
9412
17
15
100
8
104 10612
Sugar Stocks.
Fajardo Sugar
HayUan Corp Amer
S Ex-stock dividends.
Par Bid
100 66
•
1
Par Bid Ask
Ask
• 87
92
731, Savannah Sugar Ref
100 9212 98
7% preferred
13
4
34
United Porto Rican etre _-_•
153
Preferred etre
I, Ex-dividend
Quotations for Unlisted Securities-Friday Dec. 15-Concluded
Chain Store Stocks.
Aeronautical Stocks.
Ask
Par Bid
Ask
Par Bid
17
• 14
Melville Shoe pref
100 89
Bohack (H C) corn
.-4
100 7212 793 Miller (I) & Sone pref_ _100
7% preferred
14
212 MockJuds&VoehrIngerpt 100 AO
1
100
66
Butler(James)corn
100
314 714 Murphy(0 C)8% pref _100 90
Preferred
9512
___
100 51
Diamond Shoe pref
•
1
212
70 Nat Shirt Shops(Del)
Edison Bros Stares pref-106 60
Preferred
100 15
Fan Farmer Candy Sh pf_ _• 22314__25
0
712 Newberry (J J) 7% pref_100 78
84
Fishman(M H)Stores_ ___•
100 58
70 NY Merchandise let pt_100 80
Preferred
21
Kobacker Stores pret___100 18
8
•
412 --97 107 Piggly-Wiggly Corp
8
10
Kress (811)6% prof
100 47
55 Reeves(Daniel) prat_ __ _100 95
_= _
Lerner Stores pref
100 7112 7I
14
100 100 120 Schiff Co pref
Lord & Taylor
100 7812 --- Silver (Isaac) & Bros PL 100 1112let preferred 6%
U S Stores pref
100 7812
-94
Sec preferred 8%
100
Ask
Par Bid
Par Bid
Ask
Alexander Indus 8% pf-100 - _ 10 Southern Air Transport__..'
.5
2
1 3 Swallow Airplane
Aviation Sec Corp (N E)__*
United Aircraft Transport
•
Preferred x warr
3
1
Central Airport
57
.54
%inner Airplane & Mot_ _1
Warner Aircraft Engine_ _•
12 3
.
12 3
Industrial Stocks.
Ask
Par Bid
Ask
Par Bid
_Macfadden Public'ne pt._ _• 19
22
Alpha Portl Cement pf__100 70__
4
• 1114 133 Merck Corp $8 pref
100 2103 106
American Arch $1
100 4012 4412 National Licorice com_100 20
25
American Book 54
412 National Paper & Type_100 ---- 9
2
Amer Dry Ice Corp_.__
4 __. Now Haven Clock prof _ _100 12
60 123
17
Bliss(E W)let pref
10
212 __ New Jersey Worsted pt_ 100 40
2d prat B
• 22
4
25
Bohn Refrigerator pf_--100 163 25 Ohio Leather
• 3312 3714 Okonite Co $7 pref
100 15
25
Bon And Co 13 corn
Brunew-Balke-Col pref_ 100 4614 48
Publication Corp corn
814 12
•
_
.
57 1st preferred
100 78
Burden Iron prat
. 20
100-• x18
-- Riverside Silk Mille
Canadian Celaneee com___• 18
11
Rockwood &Co
100 199 102
• 10
Preferred
-:Preferred
15 12
• 14
100 4112 40
Carnation Co corn
__- Rolls-Royce of America--100 94
____ --Preferred $7
Preferred
Chestnut dc Smith cora __.•
100 ---7 -s.
412 10 Rosy Theatres units
100
l'referred
s i.
Common
5
•
Color PicturesInc4
__
38
Preferred A
•
Columbia Baking com __•
14 1
4 Ruberold Co
23s •
30
100 27
1st preferred
Ps
•
Standard Screw
100 40
45
2d preferred
100 ---_ ___
__ Standard Textile Pro
8
Congoleum-Nairn $7 pf 100 1047
• 1714 2014
Class A
Crowell Pub Co 81 oom
100 ---- --100 84 89
Class B
100
$7 preferred
De Forest Phonofilm Corp-12 114 Stetson (J B) corn
73 1014
4
"
• 22
Doehler Die Cast pref
14
Preferred
25 10
Preferred
15
$50 par 12
,.,,
. Taylor Milling Corp
Eiseman Magneto corn_ _ _• _ ..
•
0% 14 2
;
Preferred
-812 1112 Taylor Wharton Ir&St com•
100
114 :.t2'4
Flour Mills of America_ _--•
Preferred
100
s
Ds 27
514-...45 Tenn Products Corp pref _50
Gen Fireproofing $7 pf _ _100 35
13
4 e'4
•
412 TubizeChatillon eupt
2
Graton & Knight corn
4
100 553 63
10
22 Unexcelled Mtg. Co
Preferred
100 18
138 213
Herring-Hail-Mary Sate_100 1112 16
White Rock MM Spring
Howe Seale
1
2
57 let preferred
100 9312 100
100
100
512 812
$1025 prat
Preferred
100 135_
___ 4 Woodward Iron
Industrial Accept com___ _•
100
1
i
32 34 Worcester Salt
100 53
100 50
Pre erred
f
334 534 Young (IS) Co corn_ _100 5712 _-Locomotive Firebox Co.....•
2 e 314
3
7% preferred
100 83
Nlacfadden Publicene com_5
_---
Industrial and Railroad Bonds.
Adams Express 4a '47_J&D
American Meter fle 1946___
Amer Tobacco 4s 1951 F&A
Am Type Fdre Os 1937 M&N
Debenture 8a 1939_ PA&N
Am Wire Feb 75'42M&S
Bear Mountain-Hudson
River Bridge 78 1963 A&O
Chicago Stock Yde 158 _1961
Coraaol Mach Tool 78_1942
Coneol Tobacco 45 l951___
Consolidation Coal 414s '34_
Equit Office Bldg be 1952__
Haytian Corp 8a 1938
Hoboken Ferry be 1946
International Salt 5s...1951
Journal of Comm 8548_1937
Rtills City Pub Sera' 65 1951
Bid
6012
65
98
20
20
70
Ask
62
75
___
30
30
7712
Bid
Loew's New Brd Propere 1945
J&D
Merchants Refrig (te 1937_ _
N 0 Or No RR be '83 _FICA
N Y & Hob Ferr be '48 J&D
N Y Shipbdg be 1940_M&N
75
75
___
55
55
___
Piedmont &Nor By 5s_1954 0412
Pierce Butler & P 830 1942 elle
8512
Prudence Co Guar Coll
683 11 4
-34
534e. 1981
43
9712__ Realty
12
16
Assoc Sea 6a'37_J&J e28
61 Broadway 534s '60..A&O 58
47
50 Stand Text Pr 630'42 M&S 12
e'er% 171, Struthers Wells Titusville.
54
69
634e 1943
37
Tol Term RR 448'57_1%102N 81
Ward Baking let 6s _ _ _ _1937 9512
84
87
59
70 Witherbee Sherman 85 1944
512
22
2412 Woodward Iron be 1952..J&J e2612
71
Par
Par Bid Ask
Bid Ask
Hartford Steam Boiler__ _10 4114 4414
Aetna Casualty dr Surety_10 45
47
Aetna Fire
4
.5 163 1814
10 2918 3118 Home
Aetna Life
114 214
10
4
4
10 143 163 Home Fire Security
87
8 93
10
Agricultural
25 4814 5314 Homestead Fire
s
American Alliance
10
3
10 1338 15 8 Hudson Insurance
718 -- American Colony
15
6
41* 612 Importers dr Exp. of N Y_25 13
American Equitable
4
4
5
5 133 163 Knickerbocker
53
4 74
3
American Home
6 Lincoln Fire new
5
3
312
10
4
American of Newark__ __2.34
2
lls 218
67
8 77 Maryland Casualty
8
American Re
12
25 10
-Insurance-10 3312 3612 Mass Bonding & Ins
American Reserve
812 1012 Merchants Fire Assur eom212 2612 3012
10
4
American Surety
4
25 133 153 Merch & Mfrs Fire Newark 5
412 612
12
10
Automobile_
Missouri States Life
21
10 19
Baltimore Amer
8
43
s 53
10
238 338 National Casualty
238
Bankers & Shippers
42
49 National Fire
10 40
25 39
Boston_
.5
4
2
100 395 420 National Liberty
Camden Fire
59
20 53
123 1414 National Union Fire
4
Carolina
8
93 113
8
5
10 1312 1512 New Amsterdam Cas
City of New York
10 1618 181s
100 118 128 New Brunswick Fire
14
9
10
Connecticut General Life_10 2412 2612 New England Fire
10 3312 3612
3
Consolidated Indemnity_ __5
Pe 2 8 New Hampshire Fire
8
20 1814 215
Continental Casualty
91e We New Jersey
5
12
9
Cosmopolitan Fire
New York Fire
5
17
10 14
Eagle Fire
52
12.50 47
13
4 214 Northern
212
4
2.50 1.53 1754
Employers Re-Insurance_10 20
22 North River
Exoese
82
718 818 Northwestern National_25 79
5
Federal
54
10 49
Fidelity & Deposit of Md_20 21
49
25 39
23 Pacific Fire
10 483 503
Firemen's of Newark
4
4
s 538 Phoenix
43
5
Franklin Fire
912 1112
5
8
8
S 157 173 Preferred Accident
General Alliance
8
8
612 812 Providence-Washington_10 207 227
*
Georgia Horne
18
10 14
10 1212 1812 Rochester American
Glens Falb Fire
8
8
5 263 283 St Paul Fire & Marine_25 112 117
Globe & Republic
3
s
10 203 223
12 Security New Haven
9
6
Globe J2 Rutgers Fire____25 37
10 1114 1314
47 Southern Fire
Great American
s
4
5 143 1614 Springfield Fire & Marine_25 757 807s
Great Amer Indemnity5
4
10
614
1
_ Stuyvesant
Halifax Fire100 400 450
- 12
8
10 1412 1. Sun Life Aur
esance
Hamilton Fire
100 332 347
35 Travelers
25 25
Hanover Fire
314 414
10 2312 2512 U S Fidelity & Guar Co__ _2
Harmonia
7
4 307 328
10 Ms 1818 U S Fire
s
0.50 173 193
Hartford Fire
4
10 39
4
Westchester Fire
41
Realty, Surety and Mortgage Companies.
Par Bid
Bond & Mortgage Guar__20
3
8
Empire Title & Guar.-100 22
Guaranty Title & Mortgage_
50
Home Title Insurance_ -25 ____
Ask
13
8
50
80
412
Par Bid
20
38
Lawyers Mortgage
era
Lawyers Title & Guar_ _100
National Title Guaranty 100
N Y Title & Mtge
10 ---3
s
Ask
11s
41s
134
3s
New York Real Estate Securities Exchange
Bonds and Stocks.
Ask
71
85
52
50
82
Insurance Companies.
Active Issues.
Bid
Home Loan BondsHome Owners Loan Corp
'
4.9 w 1
1951
70
412
46
30
62
16
42
84
98
712
3112
Chicago Bank Stocks.
Par Bid
AO
Par Bid
Ask
80 First National
A mer Nat Bank dt Trust_100 70
100 00
63
100
4
214 23 Harris Trust & Savings_100 190 195
Central Republic
20 4 Northern Trust Co
3
Continental 11111k & Tr_100 20
100 263 268
,
Bond
Allerton 55th St Corp 512e '45
Butler Hall 8s
1939
Central Zone Bldg Ws
Cevanna Apt Bldg W stock
Chrysler Bldg 6e
1948
Dorset (The) Os etre
11 Park Place Corp 48_1948
502 Park Ave Bldg ctfe
40 Wall St Bldg Os
1958
62d St & Lexington Ave
Bldg 634e
1945
Fox Theatre & Office Bldg
Certificates of deposit__ __
Harriman Bldg Corp 68_1951
Hearst Brisbane Prop 6e '42
Hotel St George 53113_1943
Lincoln Bldg Certificates_
London Terrace Apts Os '40_
Merchants' National Prop
65 ww
1958
Mortgage Bond(NY)53.55..
Murray Hill A pts 638'8_1934
Active Issues.
Ask
8412 8514
20 . _
3312
29
28
___
2412_
45 52
23
20
25__
1312 1512
40
35
27
22
10
6
10
6
52
50
5212 5712
27
32
38__
1.512 1812
-
Bid
Bonds (Concluded)
New Weston Hotel Annex
1940 19
13e
N Y Athletic Club 6s_1946 20
_
Oliver Cromwell Hotel Ws_
47
1 Park Ave Bldg 68_1939 --185 B'way Bldg 5As. _1951 52
Park Central Hotel ctfe____
1612
Park Chambers Bldg es '38 4812
14
Pennsylvania Bldg etre_ _ _
Penny (IC)Corp 514e_ _1950 97
,9
1943 77
Posturn Bldg 012
Savoy Plaza Corp Os etre'45
9
79 Madison Aar Bldg es '40 20
616 Madison Av Ilidg6 Ses'38
18
1412
666 West End Ave Aptsee'41
_ _1939 3912
60 Broad St Bldg
6s_Trinity Bldgs Corp 510_1939 94
9
2124-34 Bway Bldg ars_ __
West End Ave & 104th St
1939 16
Bldg Os
Stocks
Beaux Arts Apt Inc units__
17
___ 39 Broadway Bldg Units_
3012 34 City & Suburban Homes_
45
___ French (1' I') Investing _ _ _ _
Ask
_
23
-.12
19
_
if
19 12
-....
___
1712
4312
_
lilt
19
812
5
10
15
212 512
114 212
Other Over-the-Counter Securities-Friday Dec. 15
Short Term Securities.
Bid
Allia-Chal Mfg be May 1937 8912
Moor Metal 554e 1934_A&O 98
Amer Wat Wks 5e 1934 A&O 9612
Ask
Bid
Ask
90
Mae Pet 434* Feb 15 '34-'3.5 1001
_
9812 Union 011 be 1935____F&A 10(11101
4-97,
4
Water Bonds,
Bid
Alton Water be 1958__A&O 90
Ark Wat 1st be A 19515..A&O 84
Ashtabula W W 521'58_A&O 79
Atlantis Co Wat 5e '68 M&S 77
Birm WW 1st 5%s A'54A.40
1st m be 195 1 ser 13.._J&D
let be 1957 series C__ F&A
Butler Water be 1957__Ad20
City of Newcastle Wat be'41
City W (Chat) 58 B '54 J&D
1st ba 1957 series C_M&N
Commonwealth WaterF&A
1st se 1956 B
let m be 1957 ser C F&A
Davenport W be 1981....J&J
ES L & lot W 55'42_ _ J&J
1st m fle 1942 der Ii__J&J
let Ss 1960 ser D._ F&A
93
88
88
78
89
93
93
93
92
83
68
75
85
Ask
Bid
Ask
92 Hunt'ton W let 6e'54__M&S 95
98
let m 56 1954 ear B__M&S 85
86
___
81
be 1982
83
79 Joplin W Wbe'57 ser AIVI&S
_
Kokomo W W be 19581&D 80.79
82
96
Monm Con W let 58'56 J&D 72
75
___ Monon Val W 5).4e '150_J&J 83
86
__ Richt]] W W 1st Se'57.M&N 83 86
81 St Joseph Wet Se 1941_A&0 94
97
91 South Pitts Water Co___
let be 1955
F&A 9912
1st & ref be 80 ser A..J&J 94
___
_ -1st & ref 55'60 ser B_J&J 93
-95 Terre H'te WW 65'49A J&D 94
98
___
let m 55 1958 ser B_ _J&D 82 86 Texarkana W let 5s'58 F&A 65
70
70 Wichita Wat let 6a '49 M&S 99
_ __
78
1st m be '58 ser 13_ _ F&A 87
___
151 m be 1960 ter 6_111<W 86
-
Railroad Equipments.
Bid
Atlantic Coast Line 63
4.90
Equipment 634*
4.60
Baltimore & Ohio 63
5.00
Equipment 434s &
_ _ 5.00
Buff Roch & Pitts equip 86. 5.00
58Canadian Pacific 438e & Cie 5.50
Central RR of NJ Eis
4.20
Chesapeake & Ohlo 85
4.50
Equipment 61.0
4.50
Equipment 5*
4.50
Chicago St North West 85
8.00
Equipment 834*
8.00
Chic RI & Pao 43i5 & be-11.00
Equipment Oti
11.00
Colorado & Southern 65
5.50
Delaware & Hudson 65
4.75
Erie 4545 55
6.50
Equipment es
6.50
Great Northern Os
5.25
Equipment 55
5.25
Hocking Valley 55
4.60
4.60
Equipment (is
Illinois Central 44e & be5.50
5.50
Equipment 68
Equipment 75 & 834s
5.50
Ask
4.50
4.00
4.00
4.00
4.20
4.50
3.75
4.00
4.00
4.00
6.50
6.50
8.00
8.00
5.00
4.00
5.50
5.50
5.00
5.00
4.25
4.23
5.00
5.00
5.00
Kanawha & Michigan 6s_-_
Kansas City Southern blia.
Louisville & Naahvele(isEquipment 654e
Minn St P & SS NI 434s & be
Equipment ”Za & 7s____
Missouri Pacific 63$11
Equipment 85
Mobile & Oldo 5s
New York Central 434* & be
Equipment Os
Equipment 7s
Norfolk & Western 4 As_ __ _
Northern Pacific 75
Pacific Fruit Express 7s
Pennsylvania RR equip be
Pittsburgh & Lake Erie 634s
Reading Co 41.8e & be
St Louts & San Fran 55
Southern Pacific Co 4%..
Equipment 7s
Southern Ry 434s & be
Equipment 88
Toledo & Ohio Central OsUnion Pacific 78
• No par value. d Last reported market.
Bid
5.50
6.00
4.75
4.75
12.00
12.00
12.00
12.00
12.00
5.50
5.50
5.50
4.00
4.75
4.00
4.25
6.00
4.40
12.00
5.25
5.25
5.75
5.75
8.00
4.00
Ask
4.50
5.00
4.25
4.25
8.00
8.00
8.00
8.00
8.50
5.00
5.00
5.00
3.00
4.00
3.00
4.00
5.00
4.00
8.00
500
5.00
5.00
5.00
5.00
3.00
e Defaulted. s Ex-dividend.
4354
Financial Chronicle
Dec. 16 1933
Current Earnings-Monthly, Quarterly, Half Yearly
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Previous Inc.(+) or
Year.
Dec.(-).
$
$
2.892,563 +106,301
+49,000
2,363,000
16,692
+5,308
149.581
-19,993
1,794,546
-42,823
-3,241
220,541
-29,652
254,478
Current
Year.
$
2,998,864
2.412,000
22,000
129,588
1,751,723
217,300
224,826
Period
Covered.
Canadian National
let wk of Dec
Canadian Pacific
1st wk of Dec
4th wk of Nov
Georgia St Florida
Minneapolis & St Louis...._lst wk of Dec
Southern
1st wk of Dec
St Louis Southwestern
lst wk of Dec
Western Maryland
1st wk of Dec
Name-
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Length of Road.
Gross Earnings.
Month.
1932.
1933.
January
February
March
April
May
June
July
August
September
October
Inc.(+) or
Dec.(-).
$
228,889.421
185.897,862
219,857,606
227,300,543
257.963,036
281,353,909
297,185,484
300,520,299
295,506.009
297.690.747
274,890,197 -46,000,776
231,978,621 -46,080.759
69,022,941
288,880,547 40,180,139
267.480,682 +3,584,364
254,378,672
245,869,626 +35,484,283
237,493.700 +59,691,784
251,782,311 +48,737,988
272,059.765 +23,446.244
-393,640
298,084,387
Net Earnings.
Month.
January
February
March
April
May
June
July
August
September
October
1933.
1932.
Miles.
Miles.
241,881 241,991
241,189 241,467
240,911 241,489
241,680 242,160
241,484 242,143
241,455 242,333
241,345 241,906
241,166 242,358
240.992 239,904
240,858 242,177
Inc.(+)or Dec.(-).
1933.
1932.
Amount.
Per Cent.
8
45,603,287
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
$
45,964,987
58,187,664
68,356,042
56,261,840
47.416,270
47,018,729
46.148,017
62.553,029
83,092,822
98,337.561
$
-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
-0.79
-26.21
-36.94
-6.55
+57,85
+100.87
+117.74
+53.64
+13.39
-7.46
Net Earnings Monthly to Latest Dates.
Alton1932.
1931.
1930.
1933.
NovemberGross from railway.-- 51,073,969 51,045,460 $1,264,848 $1,766,499
295932
171,080
160,518
Net from railway
19,203
82,812
-70.797 -168,855
Net after rents
From Jan. 1
12,366,113 13.059.954 17.538,989 22,634,823
Gross from railway
3,234,100 3,448,145 3,736,543
Net from railway
451,333
718,731
1,501,148
353.162
Net after rents
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission:
Indiana Harbor Belt RR.
-Month of October- -10 Mos.End. Oct. 311932.
1932.
1933.
1933.
$720,224 86,454,966 $6,134,348
$768,817
366,993 3,787,157 3.874.162
440,806
Railway oper. revenues_
Railway oper. expenses_
$2,260,185
452,045
339
548,411
Net rev,from ry. oper.
Railway tax accruals.-Uncollect. ry. revenues_
Equip. & joint fac. rents
$328,010
63.699
20
41,589
$353,231 $2,667,808
56,489
505,716
64
533,480
83.255
Total
Net ry. oper. income,.,...
Misc. & non-oper. inc.-
$105,308
222,702
2.403
$139,744 $1,039,260 $1,000,796
1,259,388
213,486 1,628,548
37.470
1,991
27.764
Gross income
Deduct, from gross inc.
$225,105
41,412
$215,478 51,656,312 51,296.859
422,486
428,618
43,687
(The) Philippine Ry. Co.
1931.
1932.
1933.
531,497
$37,679
833,643
34,606
31,459
30,911
1930.
$40,930
40,624
$2,731
28,497
$38
28.497
S.3.073
28,496
$306
28,496
Net deficit
$25,765
Income appropriated for
invest.in phys.propO.1
Balance
-Dr
$26,765
12 Mos.End.Sept.30
Gross oper. revenue... $579,739
Oper. expenses & tax_
422,112
$28.458
$25,423
$28,190
$28,458
$25,423
$28,190
$576,623
412,990
$614,334
445,636
$741,415
538,758
r Net revenue
Int. on funded debt
$157,627
341,960
$163,632
341,960
$168,698
341.960
$202,657
341,960
Net deficit
Income appropriated for
Invest.in phys. prop
5184.333
$178,328
$173,261
$139,302
9,202
24,954
53,687
58,699
$226,949
8203.282
1193,535
-Dr
Balance
larLast complete annual report in Financial Chronicle May 18
$198,002
p. 3335
Net revenue
Int. on funded debt_.
Mexican Currency
-Month of October--10 Mos.End. Oct.311932.
1932.
1933.
1933.
Railway oper. revenues_ 6,866,065 5,865,575 66,621,379 61,367,253
Railway oper. expenses- 6,248,988 6,128,722 59,322,856 57,523.186
Net oper. revenue_ _ _ _ $617,077 def$263.146 $7,298,522 $3,844,067
Percentage, exps. to rev..
89
93
91
104
Tax accruals & uncollect.
revenue (deduction)1,766
5,514
8.841
Non-operating income.._
470,077
420.690
100,832
35,070
Deductions, items 536541 (I. C. C.)
458,086 2,139,503 4,407.427
208.514
Balance
Kilometers operated-
509,394 -687.928 5,623,581 -151.510
11,290.019 11,368.719 11,290,019 11,368,719
(The) New York Central RR.
(Including All Leased Lines)
-Month of October--10 Mos.End.Oct.311932.
1932.
1933.
1933.
Railway oper. revenues_526,275,243 525,966,9015237,653,1865246,929.577
Railway oper. expenses- 19,341,138 18,891,992 172,043.213 191,204,058
Net rev.from ry. oper. $6,934,105 $7,074,909 $65,609.973 855,725.519
Railway tax accruals,.,. 2,016,322 2,321,730 23,475,368 26,315,376
Uncollect. ry. revenues_
79,741
4,041
91,794
28,423
Equip. & joint fac. rents 1,452,547 1.173.752 12,820,202 12,395,873 •
Total
Net ry. oper. income
Misc. & non-oper. inc
83,497,293 $3,499,524 836,387,365 $38.790,992
3.436,811 3.575,385 29,222,607 16,934,527
1,767,607 1,769.527 18,090.704 19,700,088
Gross income
$5.204,418 35.344,913 547,313,312 $36,634,515
Deduct, from gross inc_ 5,003,209 5,299,197 50,997,934 52,041.110
Net income
$201,209
145.716 83.684.621 $15,406,495
iZrLast complete annual report in Financial Chronicle June 3 1933, p. 3898
(The) Pittsburgh & Lake Erie RR.
-Month of October--10 Mos.End. Oct.311933.
1932.
1932.
1933.
Railway oper. revenues_ 31,269.536 $1.189,848 $12,229,857 $10,319.008
Railway oper. expenses. 1,091,600 1,013,944 9,844,640 9,387,701
Net rev,from ry. oper.
Railway tax accruals,.,.Uncollect. ry. revenues_
Equip. St joint fac. rents
*129,027
Total
Net ry. oper. income,.,.,.
Misc. & non-oper. inc
*$40,415
218,351
65.595
Gross income
Deduct, from gross inc_
$283,947
91,244
$177,036
88,612
'$175,903 $2.385,216
100,065
933,368
17
45
120.271 *1,106,624
$20,188
196.092
56,017
3173,210
2,558,427
656,736
5931,306
895,338
1,393
1,208,619
$311,887
1,243,194
661,958
$252,109 $3,215,164 $1,905,152
94,555 1,090,867
913.539
Net income
5192,702
5991,613
8157.553 52,124,296
*Credit balance.
IMPLast complete annual report in Financial Chronicle May 27 '33, p. 3712
Rutland RR.
-Month of October--10 Mos.End. Oct.311933.
1932.
1932.
1933.
Railway oper. revenues_ $308.123
5336.685 82.874,756 $3.316,959
Railway oper. expenses_
264,121
286,598 2,527,233 2,854,656
Net rev,from ry.oper.
Railway tax accruals_ _ _
Uncollect, ry. revenues_
Equip. & joint fac. rents
344.001
20,971
Total
Net ry. oper. Income__ _
Misc. & non-oper. inc,.,.
Grossincome
Deduct, from gross inc.
*10,683
$50,087
22,157
9
7,127
5347.522
203,062
213
*115,925
$462,302
215,098
752
38,682
$10,287
33,714
5,498
$15,039
35,047
6,768
$87,350
260,172
57.350
$177,168
285,134
73,816
$39,212
35,189
$441,816
35,746
$317,522
354,935
$358,951
363,802
Net income
$44,023
$4,851
$6,070
$37,412
*Credit balance.
rjrLast complete annual report in Financial Chronicle May 13 '33, p. 3335
INDUSTRIAL AND MISCELLANEOUS CO's.
American Power & Light Co.
(And Subsidiaries)
12 Months Ended Oct. 31Subsidiaries
Operating revenues
Operating expenses, including taxes
1932.
1933.
$72,634,598 $75,542,100
36,203,518 35,728,009
Net revenues from operation
Other income
$868,240
5171.791 $1,233.825
$183,693
Net income
"Last complete annual report in Financial Chronicle June 3 1933, p.8900
Month of September
Gross oper. revenue_ Oper.expenses & taxes..,.
National Rys. of Mexico.
$36,431.080 $39,814,091
704.'738
281.983
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Property retirement reserve appropriations
$36,713,063 $40,418,826
16,545.472 16.621.360
Or85,567 Cr223,396
4,897.697 4,460,123
Balance
$15,355,461 $19,660.742
Preferred dividends to public (full dividend require-.
ments applicable to respective 12 month periods
whether earned or unearned)
7,163,928 7,120,933
85,568
Portion applicable to minority interest
116,801
Net equity of American Power & Light Co. In
income of subsidiaries
58,105,965 $12,423,008
American Power ee Light Co.
Net equity of American Power & Light Co. in
Income of subsidiaries (as shown above)
$8.105.965 $12,423,008
Other income
194.732 1,002,958
Total income
Expenses, including taxes
Interest to public and other deductions
$8,300,697 $13,425,966
170.748
223,897
3,105,285 3.107,722
Balance carried to consolidated earned surplus- $5,024,664 $10,094,347
rat:Test complete annual report in Financial Chronicle Aug.26
p. 1634
4355
Financial Chronicle
Volume 137
Bangor Hydro-Electric Co.
-Month of October- -12 Mos.End. Oct. 311932.
1933.
1932.
1933.
$173,874 $1.996,980 $2.069,629
Gross earnings
$175.878
911,706
891,095
72,934
80,859
Operating exp. and taxes
Gross income
Interest. &c
$95,019
27,776
Net income
Preferred stock dividend
$100.940 $1.105,885 $1.157,923
301.460
316,574
25,594
$67.243
$789,311
307.689
Balance
Depreciation
$856,463
307.709
$481,622
126,888
$75,346
$548,754
138,934
$409,820
$354,734
Balance
''Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1373
(A. M.) Byers Co.
(And Subsidiary)
3 Months Ended Sept. 30
Loss after expenses and taxes
Other income
1933.
$449,216
39,673
1932.
$172,557
12,669
Loss
Patent amortization
Depreciation
Prov. to cover decline in market value of securities
$9.543
22.727
135,292
5159,888
22,727
136,931
31,402
$350,948
$167,562
Net loss
rirLast complete annual report in Financial Chronicle Jan. 21 '33, p. 497
Community Power & Light Co.
(And Controlled Companies)
-Month of October- -12 Mos.End. Oct.311932.
1932.
1933.
1933.
$324.948 $3,729,877 $4,024,468
Congo!. gross revenue__ $314,594
188,288 2,218,764 2.345,626
196,229
Oper.exps.,incl. taxes__
•
$136,659 $1,511,113 $1,678,841
$118,365
Balance_ x
x Available for interest, amortization, depreciation, Federal income
surplus.
taxes, dividends and
PEPLast complete annual report in Financial Chronicle May 6'33 p. 3157
Continental Gas & Electric Corp.
(And Subsidiaries)
1933.
1932.
12 Months Ended Oct. 31Gross operating earnings of subsidiary companies
$29,708,101 $330,220.793
(after eliminating inter-company transfers)
11,087.551 11,157,404
Operating expenses
1,384,854 1.536.752
Maintenance,charged to operation
Taxes, general and income
3,108,337 2.694,106
Depreciation
4,159,744 3,928,313
Erie Lighting Co.
12 Months Ended Sept. 30Electric revenues
Steam heating revenues
1932.
1933.
$1,353,701 $1,602,953
188,274
176.941
$1,530,642 $1.791,227
Total operating revenues
723,446
629,266
Operating expenses
91.443
91,712
Maintenance
212.393
145,448
-renewals & replacements
Provision for retirement
114.267
88,981
Taxes
Operating income
Other income
$575.234
391
$649,677
3.657
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expense
Interest during construction (credit)
$575,626
246,493
5,499
13,480
Crl
$653,335
244,454
29,855
23.591
Cr2.866
$358,301
$310,154
Net income
lOrLast complete annual report in Financial Chronicle May 6 '33, p. 3158
Federal Light & Traction Co.
(And Subsidiaries)
Earnings for Year Ending June 30 1933.
56.983.897
Gross operating revenue
Operating expenses, maintenance and taxes (including $69,134
3,931.372
provision for estimated Federal income tax)
$33,052,525
121,719
Net operating revenue
Other income
53.174.244
• Total income
423,874
Interest, discount and other charges of subsidiary companies_ -.
190.679
Preferred dividends of subsidiary companies
$2,559.689
Balance
Proportion of net loss of a subsidiary company applicable to
2,959
minority interest
$2,562,649
Balance
Interest, discount and other charges of Federal Light & Traction
841,097
Co., less $108,285 interest debited development companies
507.077
Provision for depreciation as determined by companies
$1,214,475
Net income
4.277.893
Consolidated earned surplus at June 30 1932
36.142
Minority interest in deficit of a sub, company at June 30 1932
of depreciation reserve
Transfer by a subsidiary company
500.000
accrued in prior years
Dr65,319
Other adjustments
55.963.192
266,244
258,378
155,027
Total surplus
Preferred dividends
Common dividends Paid in cash
Paid in stock
Net earnings from operations ofsubs.cos
$9.967,615 $10,904,218
Non-operating income of subsidiary companies__ -714.039
569,709
$5,283,542
Consolidated earned surplus at June 30 1933
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1374
Total income of subsidiary companies
$10,537,324 $11,618,256
Interest, amortization and preferred dividends of
subsidiary companies
3.961,620 3,559.318
Interest on bonds, notes,&c
347,592
324.280
Amort, of bond and stock discount and expense_
1.068.717 1,065.351
Dividends on preferred stocks
1932.
1933.
3 Months Ended Oct. 31Profit before deprec., deplet.,taxes & year end lay$236,627 loss$87.326
offs
C'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1724
$5,159,396 $6,669.308
Balance
Proportion of earnings attributable to minority
11,347
common stock
13,162
Equity of Continental Gas & Electirc Corp. In
earnings of subsidiary companies
$5,148,049 56,656,145
Earnings of Continental Gas & Electric Corp
39.058
50,248
Balance
Expenses of Continental Gas & Electric Corp
$5,187,107 $6,706,393
137,775
136,743
Gross income of Continental Gas & Electric Corp.$5,049,331 $6,569,650
Holding company deductions
Interest on debentures
.
2,600,000 2,600,000
892
Other interest
14.465
Amortization of debenture discount and expense
164,172
164,180
Balance
Dividends on prior preference stock
$2,284,267 $3,791,005
1.320.053 1,320,053
Balance for common stock
$964.214 $2,470.952
Earnings per share
$11.52
$4.50
arLast complete annual report in Financial Chronicle April 15'33, p.2604
Greyhound Corp.
(And Subsidiaries and Affiliated Cos)
1932.
1933.
9 Months Ended Sept. 30$178,287
$184,117
Net profit earned by corporation only
608,027
577,423
Dividends & interest received by corporation
Net profit earned & accrued from operations of
256.230
co. & subs. & affil. cos, applicable to corn. stk-- 1,385.634
$0.56
$3.04
Earns, per sh. on 455.985 shares common stock_ _ _
"Last complete annual report in Financial Chronicle June 10'33, p.4097
International Telephone & Telegraph Corp.
(And Associated Companies)
1930.
1931.
1932.
1933.
.
9 Mos End.Sept.30-Gross revenue
$52,416,203 $51,904,958 569,395,388 576,695.748
Exps.,taxes & deprec_ _ _ 44,049,427 44,662,288 55,434.549 57.889.443
Operating profit
$88,366,775 $7,242,671 $13.960.838 518.806,304
Charges assoc. cos, and
4,278.686 4,295.307 3,041,548 4.512,259
general interest
4.327,312 4.327,312 4,327,312 y4.028.701
Deben. bond interest
Net income
Dividends
Detroit Edison Co.
(And Subsidiary Utility Companies)
1933.
12 Months Ended Nov. 301932.
$339.360.542 $42,114,324
Electric revenue
1,716,814
Steam revenue
1,918,601
381,329
439,611
Gas revenue
Miscellaneous revenue
4,321
Dr.3.509
Total operating revenue
Non-operating revenue
$41,463,007 $44,469,028
174,678
73,998
Total revenue
Operating & non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$41,637,686 $44.543,027
28.449,382 31,407,603
6.517,573 5,958.438
204,737
186,066
5,095
57.113
$6.460,899 $6,933,806
Net income
tarLast complete annual report in Financial Chronicle Jan. 21 '33, p. 484
Empire Gas and Electric Co.
(And Subsidiary Company)
19:33.
1932.
12 Months Ended Sept. 30$2,206,346 $2,281,011
Electric revenues
802,127
908,677
Gas revenues
$3,008,473 $33,189,689
Total operating revenues
1,624,894
1,691,859
Operating expenses
272,691
285,461
Maintenance
-renewals & replacements
240,627
259,512
Provision for retirement
257,519
257.111
Taxes
Operating income
Other income
$612,741
6,452
$695,746
5,847
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expense
Interest during construction (credit)
$619,193
268,990
95,143
26,393
8,715
$701,593
269,040
170,501
26.393
14.952
Net income
Dividends on preferred stock
$237.383
174,441
$250,611
177.286
$73,325
$62.943
Balance
rirLastIcomplete:annual report in Financial Chronicle May 6 '33, p. 3158
Federal Mining & Smelting Co.
def$239,223def$1379,949 z$6,591,978 $10,265,345
8,003.598 x9,547.377
$717.968
$239,223def$1379,949def$1411,620
Deficit
x Includes $223 interest on 4;4% bonds converted into stock in 1930 and
1929. y Exclusive of interest on bonds converted into stock
$474.703 in
during year, such interest being deducted from surplus. z Equivalent to
$1.03 per share on the stock outstanding in hands of public ate nd of period
as compared with $1.55 per share the previous year.
de Espana (Spanish Tele-The Compania Telefonica
Note.
phone Co.) as heretofore, is not treated as an associated company. Its
income, therefore, is included above only to the extent of interest and
dividends received which were fully earned.
fairLaet complete annual report in Financial Chronicle May 27 '33, p. 3715
National Power & Light Co.
(And Subsidiaries)
12 Months Ended Oct. 31Subsidiaries
Operating revenues
Operating expenses, including taxes
$68,429.192 $71,753.982
35,716,374 37.641,455
Net revenues from operation
Other income
$32,712,818 $34,112,527
397.498
129,975
Gross corporate income
Interest to public & other deductions
Interest charged to construction
Property retirement reserve appropriations
532.842.793 $34,510,025
12.866,596 12.886.330
Cr34,444
Cr4,118
5,545.289
5.438.411
1933.
1932.
Balance
514.541.904 516,112.850
Pref. divs. to public (full div. requirements applic.
to respective 12
-month periods whether earned
unearned)
6.056,312 6,035,142
Portion applicable to minority interest
41,718
24.111
Net equity of Nat.Pow.& Lt. Co. in inc. ofsubs $88,461,481 510.035.990
National Power & Light Co.
Net equity of National Power & Light Co. in
income of subsidiaries (as shown above)
56.461.481 $10,035,990
354,580
Other income
166,794
Total income
Expenses, including taxes
Interest to public & other deductions
$8,628,275 510,390.570
134,904
126,721
1,356.647
1,356,609
Balance carried to consolidated earned surplus-- $7.144.945 58,899,019
larLast complete annual report in Financial Chronicle Aug.26 '33, p. 1573
4356
Financial Chronicle
Dec. 16 1933
Lake Shore Mines, Ltd.
(The) Pullman Company.
Earnings for 3 Months Ended Sept. 30 1933.
Net income after depreciation and other charges
82,011.623
Earnings per share on 2,000,000 shares
$1.01
UrLast complete annual report in Financial Chronicle Dec. 2 '33, p. 4020
(Revenue and Expenses of Car and Auxiliary Operations)
-Month of October- -10 Mos. End. Oct. 31
Sleeping Car Oper.1933.
1932.
1932.
1933.
Berth revenue
$3,183,253 $2,761,715 $28,131,433 $32,105,153
Seat revenue
3,838,955
3,031,020
331,508
315,170
Charter of cars
581,675
71.179
82.731
737.825
Miscellaneous revenue
5,629
5,113
145
336
Car mileage revenue_ __ 1.878,830
1.437.328
124,271
186,331
Contract revenue
1,396,623
1,051.976
161,861
-Dr
241.724
Manila Electric Co.
12 Months Ended Sept. 30Electric revenues
Transportation revenues
Ice revenues
1932.
1933.
$3,724,525 $3,830,230
1,413,460
1,098,533
18,728
16,919
Total operating revenues
$4,839,977 $5.262,419
Operating expenses
1,982,511
1,777,036
Maintenance
420.466
419,305
Provision for retirement,renewals and replacements
391,911
329,079
All taxes
164,559
141,008
Deductions from income-Interest on funded debt
87,406
143,238
Interest on unfunded debt
1,460,940
1.145.543
Amortization of suspense
36,000
36,000
Net earnings of acquired properties prior to date of
acquisition
26,176
Interest during construction
Cr37,541
Cr12,920
Net income
$861,688
$729,990
New York Central Electric Corp.
12 Months Ended Sept. 30-Electric revenues
Gas revenues
Steam heating revenues
1932.
1933.
$1,615.772 $1.639,712
116,918
90.638
43,440
46.016
Total operating revenues
$1,776,130 $1,776,365
Operating expenses
908,551
954,666
.Maintenance
125,374
91,778
Provision for retirement
-renewals & replacements
61.294
84.479
Taxes
98,966
125,313
Operating income
$581,945
$520,128
Other income
66,311
78,771
Gross income
$648,257
$598,900
Interest on funded debt
238,297
211.995
Interest on unfunded debt
116,591
237,255
Amortization of debt discount & expense
18,316
16.408
Interest during construction
Cr7,578
Cr11,714
Netincome
$282,631
$144,955
Note.
-The above statement does not as yet reflect the full effect of a
reduction in rates made effective March I 1933. In addition, beginning
Sept. 1 1933, the corporation was required to absorb the 3% electrical
energy tax.
tarLast complete annual report in Financial Chronicle May 27 '33, p. 3721
Pacific Telephone & Telegraph Co.
-Month of October- -10 Mos.End, Oct.311933.
1932.
1933.
1932.
Operating revenues
$4,365.310 $4,496,072 $42,555,955 $46,838,089
Uncoil. oper. revenues
22,400
48,100
404.365
518.500
r Operating revenues__ _ 54.387,710 $4,544,172 $42,960,320 $47.356,589
Operating expenses
2,989,480
3,020.596 29.652,021 32,299,978
r Net operating revs
$1.398,230 $1,523,576 $13,308,299 $15,056,611
Rent from lease of oper.
property
70(V
70
704
704
Operating taxes
475,477
535.667
4,833,191
5,151,241
Net operating income_
$922,823
$987.979 38,475,812 $9,906,074
'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
Pennsylvania Electric Co.
(And Subsidiary Companies)
12 Months Ended Sept. 30-1933.
Electric revenues
$7,902,048
Gas revenues
635,482
Steam heatingrevenues
324.342
Total operating revenues
$8,861,871
Operating expenses
3,772,747
Maintenance
539,263
Provision for retirement
-renewals & replacements
465,110
Taxes
437,382
Operating income
$3.647,369
Other income
130,665
Gross income
$3,778,034
Interest on funded debt
1,871,910
Interest on convertible notes
194.142
Interest on unfunded debt
172,010
Amortization of debt discount & expense
137,537
Interest during construction
Cr199
Netincome
$1,402.633
1932.
$8,807,815
685,327
341,499
$218,205 $2,098,891
Oper. income (or loss)
def$9,325 def$35,689
491,790
def85,609
1,333,534
187,499
$21,328
1,021,761
1,885.664
$174.156 def$273.109 def$841,743 def$863.903
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
-Month of November- -2 Mos. End. Nov.301932.
1932.
1933.
1933.
5375.043
$367,159
$188,691
$187,265
126.976
64,402
131.397
65,573
Net earnings
5246,067
5235,762
5124.289
$121,692
larLast complete annual report in Financial Chronicle Dec. 9 '33, p. 4190
Thrift Stores, Ltd.
Six Months Ended Oct. 311932.
1933.
Sales
42,402,975 $2,239,801
Net income after all charges
24,487
33.453
Earnings per share on common
$0.45
$0.90
-Last complete annual report in Financial Chronicle Sept. 16 '33, p. 2120
ICU
United Light & Power Co.
(And Subsidiaries)
12 Months Ended Oct. 311932.
1933.
Gross operating earnings of subsidiary & controlled
companies (after eliminating inter-co. transfers) $71,660.315 $77,332,608
Operating expenses
31,025,951 32,784.109
Maintenance, charged to operation
3,853,991
4,211.912
Taxes, general and income
7,876,030
7,899.227
Depreciation
7,611,928
6,931,763
Net earns, from oper. of sub. & controlled co's_321.972,579 $24,825,431
Non-oper. income of subsidiary & controlled co's_ 1,444.272
3,088,210
Total income of subsidiary & controlled co's __ _523,416,851 $27,913,641
Interest, amortization and preferred dividends of
subsidiary and controlled companies:
Interest on bonds, notes, &c
11,545,749 11,289,426
Amortization of bond & stock disc. & expense
735,056
760,219
Dividends on preferred stocks
4,255,881
4,370.505
Balance
$6,880.164 $11,493,491
Proportion of earns, attributable to min. corn. stk. 2.172,027
3,052,252
Equity of United Light & Power Co. In earnings
of subsidiary and controlled companies
$4,708,136 $8,441,238
Earnings of United Light & l'ower Co
54.239
27,687
$4,118,297
391.963
Balance
$6 cumulative convertible 1st pref. dividends
$4,510,261
1,652.770
348,150
365,216
166,439
Cr16,455
Deficit
$1,687,288sur$1749,951
Deficit per share
$0.49 profit$0.50
x Includes 82.100,000 accrued but not declared. y Accrued but not
declared.
arLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2599
$1.912,712 $5,349,951
y3,600,000 x3,600,000
$1,994,142
United Light & Railways Co.
$2,468,245
Postal Telegraph & Cable Corp.
(Including Associated Companies)
9 Mos.End.Sept.311932.
1933.
1930.
1931.
Earnings
$90.702,765 521.267,841 $26,086,659 $28,671,674
Oper. gen. exps., taxes &
depreciation
19,715.835 20,492.845 25,397.040 26,290,023
Gen. int. & chgs. of assoc. '
companies
248,647
262,455
37,162
168,707
Int. on coll. tr. 5% gold
bonds
1.880,362
1,839,412
1.900.133
1.900,133
Net loss
$1,142,079 $1,233.123 $1,247,675 sur$219.063
Div, on 7% non-cum.
preferred stock
1,602,799
Balance, deficit
$1,142,079 $1.233,123 $1,247,675 $1.383,736
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2069
1 -
Net revenue(or deficit) def52.880
Total net rev. (or def.)_
285,327
Taxes accrued
111,171
Balance
4,735.823 38,495,478
Expenses of United Light & Power Co
128,064
201.153
Holding company deductions: Int, on funded debt 2,315.153
2,610,282
Other interest
120.120
43.896
Amortization of bond discount and expense__ -287,060
262.908
(Includes Land Lines Only)
--Month of October- -10 Mos. End. Oct. 311933.
1932.
1933.
1932.
Tel. & cable oper. rev__ $1,776,950 $1,732,797 $17,320,603 $18,170,772
Repairs
109.896
79.844
976,842
984,201
All other maintenance
262,7:30
219,987
2,323.232
2,245,037
Conducting operations
1,314,951 12,746,473 14,021,996
1,358,620
General & misc. expenses
63,536
59,931
607,109
637,294
Total telegraph & cable
oper. expenses
1.794,781
1,674,714 16.653,656 17,888,528
Net telegraph & cable
oper. revenue.;
def$17,832
$58,083
$666,947
$282,244
Uncol ect. oper.revenues
20,000
20,000
195,500
157,500
Taxes assign, to oper__ _
45,000
45,000
449,500
480,000
Operating deficit
$83.332
$6.917 prof321,947
$355.256
Non-operating income
1,658
2.940
20,357
47,001
Gross deficit
$81.674
$3,977 prof$42,305
$308,255
Deduct, from gross inc_
212,932
214,228
2,141,196
2,159,990
$294.606
Total expenses
$3,237,889 $3,203,243 $31,607,114 $336,169,339
Net revenue (or deficit) $288,208 def$76,284
$527,479 31,000.432
Auxiliary Operations
Total revenues
705,313
713,666
60,901
78,531
Total expenses
683.984
749,356
70,227
81,412
$9,834,641
4,113,815
528,939
614,432
459,157
Postal Telegraph-Cable Co.
Net deficit
Total revenues
$3,526.098 53,126.959 $32,134,594 $37,169,771
Maintenance of cars_ __ _ 1,508.508
1,529.826 15,435,963 17,027,719
All other maintenance
340,988
326.471
31,603
35,678
Conducting car oper
1,431,230 13,599,623 16.480,991
1,464,028
General expenses
2,319,639
2.245,055
210.582
229,674
(And Subsidiaries)
12 Months Ended Oct. 311932.
1933.
Gross oper. earns, ofsub. and controlled companies
(after eliminating inter-company transfers)-___$64,066,589 $68,166,905
Operating expenses
27.473,258 28.438.188
Maintenance, charged to operation
3,679,483
3,403.119
Taxes, general and income
7,601.899
7,741.411
Depreciation
6,784,438
6.122,651
Net earns, from oper. of sub. & controlled cos- -$19,326,150 $21,662,897
Non-oper. income ofsub. & controlled companies__ 1,425,461
2.416,955
Total income of sub, and controlled compan'es -520,751,611 324,079,853
Int. amortlz. & pref. divs. of sub. & contr. cos.:
Interest on bonds, notes, &c
9,986,011
10,213,315
Amortization of bond and stock disct. & expense
669,279
686.258
Dividends on preferred stocks
3,026,618 3,131.829
Balance
$6.825.420 $10,292,732
Proper. of earnings attributable to min. corn, stock 2.179,128
3,057,521
Equity of United Lt. & Rys. Co. in earnings of
subsidiary and controlled companies
$4,646,292 $7,235,211
Earnings of United Light & Railways Co
299,717
12,021
Balance
Expenses of United Light & Railways Co
$4,658,313 $7,534,928
35,508
120.238
Gross income of United Light & Railways Co_ _ _ $4,538,075 $7,499,419
Holding company deductions:
Interest on 53'% debentures, due 1952
1,375,000
1,375,000
Other interest
3,611
93,679
Amortization of debenture discount & expense
104,611
62,298
Balance
Prior preferred stock dividends:
7% prior preferred-First series
6.36% prior preferred-Series of 1925
6% prior preferred-Series of 1928
33,097.166 $5,926.128
275.098
346,982
621,523
283,232
356,326
614,360
Balance for common stock
$1,853,563 $4,672,210
rifrEast complete annual report in Financial Chronicle April 15 '33, p. 2610
4357
Financial Chronicle
Volume 137
FINANCIAL REPORTS.
Universal Pipe & Radiator
Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after deprec.,in$657,486
terest, &c
$105,294
$172,593
$470,218
larLast complete annual report in Financial Chronicle April 29 '33, p. 2991
Vadsco Sales Corp.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net loss after taxes,
$19,771
839,333
$152,709
depreciation, &c
616,881
10 Last complete annual report in Financial Chronicle May 13 '33 p. 3363
-
Western Union Telegraph Co., Inc.
-Month of October
-10 Mos.End. Oct. 311932.
1932.
1933.
1933.
Teleg.& cable oper. revs. 66,885,672 66,496,589 $68,399,910 $70,219,286
425,443 4.682,121
5,054,467
Repairs
435,112
All other maintenance
818,682
869,684
7,486,251
8,499,777
Conducting operations
4,263.167
4.170,900 40,741.813 44,700,612
Gen. & miscell. expense_
315,460
352,938
3.096,738
3,790,759
Total teleg. and cable
operating expense._
5,832,422
5,818,965 56,006,923 62.045,615
Net telegraph & cable
operating revenues.. $1,053,250
48,199
Uncoil. oper. revenues
Taxes assignable to oper_
296,533
$677,625 $12,392,987 $8,173,671
29,235
478.799
315.987
2,926,666
292,666
2,962,633
Operating income
Non-operating income
$708,518
177.780
$355,724 $8,951,555 $4,931,018
177.342
2,482,083
1,353,701
Gross income
Deducts,from gross inc-
$886,297
700,215
$533,066 $11,433,638 $6,284,719
706,311
7,0.58,731
7,133.063
Net income
6186,083 defS173,245 84.374,907 def$848,344
Income balance transf,
6186,083 def$173,245 $4,374,907 def$848.344
to profit and loss_ _ _
larLast complete annual report in Financial Chronicle April 1 '33, p. 2230
Zenith Radio Corp.
6 Months Ended Oct. 31Operating profit
Expenses
Depreciation
1933.
$289.527
121,185
36,601
1932.
627,103
181,036
48,040
Profit before Federal taxes
$131.741 loss$201,973
The corporation reports for the quarter ended Oct. 31 1933. profit of
$123,405 after expenses, depreciation, &e., but before Federal taxes.
against profit before Federal taxes of $8,336 in the preceding quarter and
net loss of 6126,131 in October quarter of 1932.
OarLast complete annual report in Financial Chronicle July 1 '33, p. 160
•
Metro Goldwyn Pictures Corp.
-Year Ended Aug. 31 1933.)
(Annual Report
-YEARS ENDED AUG. 31.
INCOME ACCOUNT
(Including wholly owned subsidiary corporations.)
1930.
1932.
1931.
1933.
Operating profit
$25,507,508 $30,297,405 $33,551,326 $34,492,858
834,401
802,125
1,248,632
637,268
Miscellaneous income
Total income
$26,144,776 $31,099,529 $34,799,958 $35,327,259
Amortization of negative
24,020,287 27,560.375 27,395,872 23,872,048
and positive cost
476,885
514,831
468,027
543,741
Depreciation
1,053,457
58,349
678,060
253,920
Federal taxes
Net income
Previous surplus
$1,326,827 $2,965,974 $6.257,999 $9,924,869
4,989,554 20,382,590
5,936,723
7,470,152
Total surplus
68,796,979 $8,902,698 S1 ,247,553 $30,307,460
Divs. paid and declared
317,905
310,830
303,759
296.689
on preferred stock.__ _
5,000,000 25,000,000
Common dividends
Adjust. of value of prod.
in suspense books and
1,128,787
rights, &c
Profit and loss surplus $8,500,290 $7,470,152 $5,936,722 64,989,554
Shs. pref. stk. outstand165,395
161,654
157,913
ing (par $27)
154,173
$60.00
$38.71
$18.78
Earns, per share on pref_
$8.60
COMPARATIVE CONSOLIDATED BALANCE SHEET AUG. 31.
1933.
1932.
1932.
1933.
Liabiffzies-Assets
Preferred stock__ 4,162.681 4,263,661
x Land, bldgs.,eq't
and leaseholds__10,676,386 11,090,266 Y C011117101)stock__ 3,100,000 3,100,000
Cash
1,981,437 1,250,031 Mtge.of sub. corp. 1,557,200 1,557,200
Accts receivable 1,216,442 1,695,828 Due to Loew's, Ine19,222,000 22,000,000
55,212 Accounts payable_ 3,024,789 2,790,375
Notes receivable
38,400
114,967
ed'i income taxes 307,925
Due from affiliated
74,614
72,846
Dividend payable_
corps. (less than
76,331
51,471
5,804 Notes pay.(curr.)_
100% owned)
2,897
Inventories
22,167,271 22,558,097 Advances from af35,596
filiated corp____
Adv.to producers_ 850,749 1,122,809
Inv.in atilt. corps_ 2,144,383 2,148,183 Notes pay. (long31,675
term)
Deposits on leases
328,206
and contracts
226,163
217,034 Deferred credits__ .593,897
8,500,290 7,470,152
Misc. investments
46,237
104,066 Surplus
Prepd.& def. chgs. 1,267,591 1.570,588
40,617,960 41,817,918
Total
Total
40,617,960 41,817,918
x After deducting $6,095.280 reserve for depreciation in 1933 and $5.596,361 in 1932. y Represented by 620,000 shares, all owned by Loew's.
Inc.
-V. 137. p. 1591.
General, Corporate and Investment News
STEAM RAILROADS.
Matters Covered in the "Chronicle" of Dec. 9.-(a) L-S. C. Commission
encourages railroads to help themselves-Small lot shipping facilities
-S. C. Commission directs railroads serving
helpful to public, p. 4060;(b) I.
newsprint mills to revise freight rates on paper, p. 4124;(c) Railroads of the
United States earn at the rate of 1.77% per annum on the basis of the
earnings for the 10 months ended Oct. 31, p. 4128; (e) Erie RIt. cited in
complaint to 1-S. 0. Commission on store-door service
-New York Dock
Ry. charges discrimination-others roads establish new service, p. 4130:
(e) Canadian rail workers accept 15% wage cut
-35,000 employees affected
by one-year agreement, p. 4130; (f) selected income and balance sheet
items of class I steam railways for September, p. 4130.
Boston & Maine RR.-PWA Loan.
Harold L. Ickes, Public Works Administrator, has announced work
creating allotments of $6.000,000 for loans to two additional railroads:
65,500,000 was granted the Boston & Maine for reconditioning locomotives,
freight cars, passenger cars and buildings, and to purchase now equipment,
and maintenance of ways and structures.
The Central of Georgia (receiver) was allotted $500,000 to purchase 200
-V. 137. p. 2630.
new coal cars.
Central of Georgia Ry.-RFC Loans in Default.
-
According to a Washington dispatch, Dec. 14, Jesse 11. Jones, Chairman,
disclosed that the Reconstruction Corporation holds $51,780,500 of railroad
loans which are classed as being in default. The loans are by seven railroads
which in most instances are now in the hands of receivers. Two of the
roads are still payin interest on the notes which have not been renewed.
The roads classed as in default are:
Central of Georgia Railway
$2,894,000
Chicago & Eastern Illinois
5,760,000
Chicago, North Shore & Milwaukee
1,150.000
Chicago, Rock Island & Pacific
13,632.000
Pacific Railroad
Missouri
23.134.000
St Louis-San Francisco
5,190,000
Wrightsville & TennilleRailroad
22,500
Despite the fact that the Chicago & Eastern Illinois and the Rock Island
are in the hands of trustees and the notes are listed as In default, interest
payments on those two loans have been kept up, Mr. Jones said.
-See Boston & Maine RR. above.
P1V A Loan.
-V. 137,
p. 3323.
Chesapeake & Ohio Ry.-Four Roads Get $36,307,500
to Buy Equipment-Public Works Administration Mak,es
Advances.
-
Equipment and work loans to four railroads amounting to $36,307,500
were approved Dee. 9 by the Public Works Administration as part of the
Administration's effort to relieve unemployment by stimulating activity
in capital goods industries. The allotments were made as follows:
Chesapeake & Ohio Ry
$18,065,000
11,964,000
Erie RR
New York Chicago & St. Louis RR (Nickel Plate)
5,028,500
1,250,000
Northern Pacific ity
roads plan to use the money to buy a total of 12,775 freight
The four
cars, 167 passenger cars and 30 locomotives.
"These loans," said Harold L. Ickes, Public Works Administrator. "will
create a great amount of employment in a branch of the heavy industries
that has been prostrated by the depression. The widespread regenerative
effect that will be felt can be judged by the fact that on Oct. 31. the 170
Class I railroads had orders in for only 127 new freight cars, 7 passenger
cars and one locomotive: and by the further fact that in the 10 months
ending with Oct. 31 they had put into service only 1,872 new freight cars,
57 passenger cars and one new locomotive."
Actual labor costs in fabricating and assembling the equipment to be
bought by the Erie RR. has been estimated at $8,375,000 of the total loan
of $11,964,000. Nearly $12,645,500 out of the $18,065.000 alloted to the
Chesapeake & Ohio will be paid out for labor, and approximately $5,419,500 will be spent for materials originating in 20 states.
Expenditures for labor will take almost $3,520,000 of the $5,028,500 loan
to the Nickel Plato, and the balance will oe spent for materials originating
in 20 States.
The 81,250,000 loan to the Northern Pacific is estimated to provide
approximately 300.000 man-hours of direct employment in locomotive
manufacturing plants and at least twice as much indirect and industrial
employment in producing the materials to be used.
All of the loans will be backed by equipment trust notes bearing 4%
Interest and maturing in 15 years, with semi-annual amortization. No
interest will be charged the first year.
-V.137, p. 4187.
Chicago & Eastern Illinois RR. Defaults RFC Loan.
See Central of Georgia Ry. above.
-V. 137, p. 4009.
Chicago Indianapolis & Louisville Ry.-Asks $500,000
RFC Loan.
The company has apmied to the I.
-S. C. Commission for authority-to
oorrow 6500,000 from the Reconstruction Finance Corporation the proceeds
to be used to provide funds to pay fixed interest obligations. Company
Las
offered its 1st & gen. mtge. bonds of both 5% and 6% interest rates,
security for the loan.
-V. 137, p. 3324.
-Bonds
Chicago Milwaukee St. Paul & Pacific RR.
Authorized-Discussion as to Capitalization of Expenditures
by Bond Issues and by Stock.
The 5.-S. C. Commission on Dec. 5 authorized the company to procure
the authentication and delivery of not exceeding $9.866.000 of 1st & ref.
mtge. 6% bonds, series A, and to pledge and repledge them from time to
time as collateral security for any loan or loans granted to the company
by the Reconstruction Finance Corporation or the Railroad Credit Corporation, or' both.
The report of the Commission states in part:
The proposed bonds are to be issued in reimbursement of moneys expended
for capital purposes. Of these, an expenditure of $848.159 was made during
the period June 1 1925, to Dec. 31 1929, for additions and betterments to
the property and to pay notes of the Chicago Terre Haute & Southeastern
Ry., which issued to the applicant $1,315,000 of 1st & ref. mtge. bonds
pursuant to the orders of the Commission, dated Nov. 2 1928. and Jan. 21
1931. These bonds have been deposited with the corporate trustee of the
applicant's 1st & ref. mtge. The remainder of the net expenditure, $9,691,238, was made during the period Jan. 14 1928, to Feb. 28 1933.for additions
and betterments to the applicant's property.
The applicant states that due to depressed business conditions now
prevailing, its greatly decreased earnings for the year 1932 and the first
quarter of 1933, and the low market price of its general mortgage bonds,
a closed issue in the principal amount of $150,000,000 and constituting a
first lien ahead of the 1st & ref. mtge. on approximately 60% of its lines, it
is unable to secure necessary funds on reasonable terms through the sale
of its 1st & ref. mtge. bonds, or otherwise. It therefore proposed to borrow
funds for its requirements to Dec. 31 1933, from the RFC and the RCC.
Since the filing of the application (May 6 1933) the RCC has discontinued
making loans, and owing to improvement in the applicant's earnings it is
unnecessary to obtain a loan from the RFC, and the application for a loan
has been withdrawn.
While the expenditures submitted would support an issue of bonds in the
amount stated, there are other factors to be considered in disposing of this
application. We have held that we should authorize the capitalization by a
carrier of only those assets that have been provided, and that are intended.
for continuing productive use in the service of transportation, referring to
such assets as "capitalizable assets." Securities of Louisville & Nashville
RR., 76 I.C.C. 718. 720. We consider this a fundamental principle of
sound financing; in its application we must, where a carrier, as in the case
under consideration, seeks to issue securities to capitalize expenditures for
additions and betterments, first determine whether the applicant's capitalizable assets as a whole will exceed its capital liabilities, after the proposed
issue.
The applicant's capital liabilities, including $136,802,684 of no par
common stock. $302,000 of funded debt matured unpaid, and 811.212,000
of bonds pledged with the RFC, but excluding $8,000,000, the amount of
the loan secured by these bonds, and 658,000 of bonds pledged under the
applicant's first and refunding mortgage, aggregate $740,644,656, or
$23,850,859 more than the amount of the capitalizable assets.
In the case last cited we were dealing with capitalization consisting
entirely of securities having a par value, in such case the par value of the
common stock represents a contribution by the stockholder's for investment
4358
Financial Chronicle
in capitalizable assets. In the case under consideration, theThasisTfrom
which we must start in our determination is entirely different.
The applicant was organized in Wisconsin, March 31 1927. Section
182.14 of the statutes of Wisconsin at that time provided that'any corporation might, if so provided in its articles of incorporation or in any
amendment thereof, issue shares of stock without nominal or par value,
and that such stock might be issued by the corporation, from time to
time, for such consideration as might be fixed,by the board of directors
thereof, pursuant to authority conferred in the articles of incorporation
or lacking such authority, by the consent of the holders of two-thirds of
each class of stock then outstanding and entitled to vote. On July 20 1927,
prior to the issue of any securities by the applicant, section 182.14 was
amended to authorize the issue of no par stock from time to time for such
consideration of money or of property or services valued in terms of money,
as might be fixed from time to time by the board of directors thereof, pursuant to authority in the articles of incorporation, or by the organizers
prior to the first meeting of the stockholders and election of directors, or if
the articles failed to authorize the directors to fix the price, for such consideration as should be determined by the consent of the holders of twothirds of each class of stock then outstanding and entitled to vote. The
section was further amended to provide, among other things, that:
"The amount of all moneys and the money value of any service or property paid for shareeewithout par value as fixed at the time of the issuance of
the shares therefor by the organizers, the directors, or the stockholders, . .
shall constitute the capital applicable to such shares, which capital may not
be diminished by the payment of dividends."
On Jan. 14 1928, when the applicant commenced operationTfolloivinl
the acquisition of the properties of Chicago Milwaukee & St. Paul By.
pursuant to our certificate and order issued Jan. 4 1928, in Chicago Milwaukee & St. Paul Reorganization, 131 I.C.C. 673. an opening entry was
made on its books transferring from the books of the receivers of the old
company the investment in road and equipment as carried on their books,
less depreciation of equipment. After a review of other assets and an
adjustment for amounts which it was estimated could not be collected, or
collected only in part, these assets likewise were transferred to the books
of the applicant at the figure carried on the books of the receivers, less such
adjustments. In the same manner,liabilities of the receivers assumed by the
applicant were transferred to its books with such adjustments as in the
light of the information then available appeared necessary to state them
correctly. The capital liabilities outstanding in the hands of the public and
these authorized by us, with the exception of the no par stock, were set up
at par. The amount of the liability for the no par stock was then derived
as a balancing figure between the assets and liabilities set up in the manner
described.
A •
Our accounting classification provides that Account 751, "Capital
Stock," shall include the total value as therein provided of certificates or
receipts issued to represent permanent interests in the accounting company.
or interests which, if terminable, are so only at the option of the company;
and that when such certificates or receipts have no par value they shall be
included in this account at the amount corresponding to the cash received,
or the cash equivalent if the consideration is other than cash. The consideration received by the applicant for its no par stock was the equity of
those receiving that stock in the properties of the old company transferred
to the applicant. The cash equivalent of this equity was determined by
taking the book value of the assets of the old company transferred to the
applicant and deducting therefrom the amount of liabilities assumed and
new securities. other than no par stock,issued by the applicant. The opening
entry recording the amount of the liability for the no par stock was submitted to our Bureau of Accounts, which tentatively accepted it
It thus appears that under the Wisconsin statutes the money!value of the
property received for the no par stock, and accounted for as stated, constituted the capital applicable to the no par shares, and that this capital
can not, under those statutes, be lawfully diminished by the payment of
dividends. Assuming that the applicant correctly stated the cash equivalent
of the property received for no par stock, the accounting was done in accordance with the requirements of our accounting classification. If the cash
equivalent of the property as determined by the applicant is too great,
requiring a reduction in the amount of assets as stated in the opening
entry, it would be necessary to make a corresponding reduction in the
amount stated as the liability for the no par stock.
The balancing figure used as the amount of liability for the no par stock
represented the contribution of the common stockholders of their equity
in the properties of the old company. These properties consisted in part of
capitalizable assets and in part of assets that cannot properly be so classified.
Both classes of assets under the Wisconsin statutes and under our accounting
requirements constitute a part of the applicant's stated capital that can
not be diminished by the payment of dividends.
10 The applicant's balance sheet as of Jan. 14 1928, shows total assets in
the amount of $749,324,593, of which $696,839,163 may be classified as
capitalizable, and $52,485,430 cannot properly be so treated. Capital
liabilities, other than no par stock, totaled $568,593,589. Assuming that
these liabilities have a first claim on the capitalizable assets there would
remain only $128.245,574 of such assets to support the liability for no par
stock, shown on the balance sheet as $141,434,517, leaving $13,188,943 of
the liability to be supported only by assets that cannot properly be classified
as capitalizable. This last figure is a minimum, as the total amount of
assets of the class last mentioned was $52,485,430 and the equity of the
holders of no par stock was their equity in all the applicant's assets. There
appears to be no good reason why a new company organized to take over
the assets of another corporation should not be permitted to set up on its
books as its stated capital only the capitalizable assets as representing the
contribution of the holders of no par stock to fixed capital, treating the
remainder of the assets contributed as capital surplus to be used for any
legitimate corporate purpose other than the payment of dividends,including
investment in capital assets to be used later as a basis for additional capital
Issues such as here proposed, or why our accounting requirements should
not be modified to authorize such accounting. The Wisconsin statutes
provide that in case of the issue of no par shares in exchange for shares
of an existing business then having a surplus, such surplus may be retained
as a surplus available for the payment of dividends, or In case no par shares
are sold by a corporation which has accumulated a surplus, such portion
of the price as shall bear the same proportion/to the total price as the
surplus bears to the total of capital and surplus of the corporation, may, by
resolution of the board of directors adopted prior to the sale of such stock,
be treated as surplus available for dividends.
Having required the applicant to set up on its balance sheet as the
liability for its no par stock a figure that necessarily reflects investment in
both classes of assets, we can not now exclude assets of either class in
determining whether the applicant should be permitted to issue its bonds
as proposed. The no par stock must be treated as representing the equity
of its holders in all the applicant's assets. The balance sheet as of March 31
1933, shows total assets in the amount of $782,153,855 and depreciation of
equipment $30,840,830. leaving net assets of $751,313,025. Total capital
liabilities, including the liability for no par stock, as stated above, amount
to $740,644,656, leavingian excesslof $10,668,369 of assets over capital
liabilities.
1. While the balancing figure as of mid-night of Jan. 13 1928, heretofore
explained, has been referred to as the liabilitylor no par stock, it should be
remembered that by its very nature no par stock does not represent a fixed
liability. No par stock is merely a participation certificate. It entities the
holder not to a fixed amount but only to his proportionate share of the
residual assets after the preferred stock and the various classes of bonds
have been legally satisfied.
1. Under section 20a (9) carriers are authorized to issue short term notes
not in excess of "5% of the par value of the securities of the carrier then
outstanding. In the case of securities having no par value, the par value
for the purposes of this paragraph shall be the fair market value as of the
date of issue."
To illustrate, If the applicant had issued short term notes on Nov. 23
1933, the 1,174,060 shares of no par stock would have entered into the
measure of the outstanding securities to the extent of $5,870,300, because
on that day 300 shares of this stock were sold on the New York Stock
Exchange at $5 per share. The shrinkage in "the fair market value" of
the no par stock has obviously reduced the aggregate of short term notes
which the applicant would be permitted to issue to a corresponding extent.
It will be remembered that the "balancing figure" as of Jan. 14 1928, was
$136.802,684: but that figure is of no effect here. In the exercise of our
judgment in the consideration of a particular case before us we may depart
from or modify a previous ruling relating to the accounting as the difference
fjo pertinent facts or circumstances may warrant.
In Valuation Docket No. 1072, the Commission, by Division 1, issued
a tentative valuation in which the value for rate-making purposes of the
properties of the Chicago Milwaukee & St. Paul By. (the predecessor
company) was reported to be $558,914,672 as of June 30 1918. If there be
Dec. 16 1933
deducted from this amount $14,300,000 allowed for working capital, the
remainder is $544,614,672, and if there be added thereto the net increase
in investment in road and equipment from June 30 1918, to March 31
1933,$158,421,840, and other assets shown in the balance sheet of March 31
1933, amounting to $58,701.159. the total becomes $761,737,671. The
total capital liabilities, as stated above, aggregate $740,644,656, or $21.093,015 less than the aggregate amount of assets based on valuation.
Considering no par stock as representing the equity of the holders thereof
in the applicant's assets of both classes, both the balance sheet and the
amount of assets based on our valuation indicate adequate support for the
issue of additional bonds as proposed.
The applicant's balance sheet as of March 31 1933. shows under deferred
liabilities an item of $26,973.870 representing in part interest accrued on
the adjustment mortgage bonds. The accrual of these deferred liabilities
accounts in large measure for the deficit of $39,267,938 in the applicant's
corporate su7lus. The applicant's income failed to cover its fixed charges
by $4,669,07 in 1931,and $14,125.992 in 1932.
While we can not close our eyes to these results, we must not lose sight
of the fact that they reflect a world-wide condition due to an unprecedented
depression in business activity, The applicant represents that the present
net income should not be taken as the measure for the future, for the probabilities of the future cannot be determined by the present. From 1922 to
1931, inclusive, it is shown that the net income of the applicant and its
predecessor available for interest averaged $18,630,781, and that if the
year 1931 be omitted the average is $19,679,700. The annual interest on the
funded debt outstanding is $13,830,759, excluding $9,143,685 annual
Interest on adjustment mortgage bonds.
The applicant represents that it has made extraordinary efforts to reduce
Its expenses, particularly transportation expenses, and as a result substantial savings have been effected in station, yard, and freight train
service expenses. Other savings have been made by the consolidation and
centralization of accounting and timekeeping forces and through improved
methods and practices in the maintenance of way and structures, and the
maintenance of equipment,and also by the construction of new and modern
shop facilities.
We find that the procurement of authentication and delivery by the
Chicago Milwaukee St. Paul and Pacific RR. Co. of not exceeding $9,866,000 of 1st & ref. mtge.6% bonds, series A (a) is for a lawful object within
Its corporate purposes, and compatible with the public interest, which is
necessary and appropriate for and consistent with the proper performance
by it of service to the public as a common carrier, and which will not
impair its ability to perform that service, and (b) is reasonably necessary
and appropriate for such purpose.
Commissioner Mahaffie concurring states:
I concur in the action taken, but not in all of the discussion in the report.
The Milwaukee was reorganized in 1928. We approved. In that reorganization the mortgage under which these bonds are to be issued was
provided for as a vital part of the plan. It was given precedence over all
obligations of the company issued to effect reorganization. It is a first
lien on a large mileage. It was designed to permit the financing of necessary
future additions and betterments to the property. Holders, not only of the
stocks, but of the bonds issued in the reorganization knew of the mortgage
and the use to be made of it. They assented to its senior position as against
their securities because they depended on it to enable the new company to
take care of its obligations and so to assist in maintaining the values of
its securities. The value of the junior securities is, in great measure, dependent on financing the needs of the property by means of this mortgage.
The expenditures necessary to justify issuing bonds under the terms of the
mortgage have been made. The issue not only is appropriate, but is necessary if the corporation is to continue its public service functions in a normal
manner.
Under these circumstances, I see no occasion for elaborate consideration
of the capitalizable status of various other items in the balance sheet, nor
for troubling about the exact figure at which the non par common stock is
carried on the applicant's books.
Commissioner Porter, dissenting states in part:
The time has fully come, when, in the public interest, we must proceed
with added care and caution in the authorization of any increase in the
fixed charges of any railroad. The railroads are no longer an expanding
Industry. Under such circumstances, we should look more and more to the
capitalization of expenditures by stock issues rather than bonds.
I am unable to join in the decision of the majority for these reasons and
others hereinafter more fully stated. The applicant's capital structure is
already top heavy with funded debt and that condition ought not to be
aggravated by the issue of more bonds. The report shows total capital
liabilities at $740,644,656. If there be deducted from this amount the sum
of the stated value for the no par common stock, $136,802,683, preferred
stock $119,296,300 and governmental grants $85,309, or $256,184.292.
there remains $484,460,364 of funded debt constituting slightly more than
65% of the total capital liabilities. lam aware that included in the amount
of funded debt is $182,873,693 of adjustment mortgage oonds the cumulative yearly interest on which is $9,143,685 payable under certain conditions as the applicant's income will permit the payment thereof. These
bonds are secured by a mortgage junior in lien to the let & ref, mtge, and
while they may not be enforced until their maturity on Jan. 1,2000, at that
time the principal of the bonds and any cumulated and unpaid interest
thereon would be a charge against the property covered by the adjustment mortgage.
Any revision which may be made In the stated value of the no par common stock by transferring a portion thereof to surplus as suggested in the
report would increase the ratio of funded debt to capital liabilities plus
surplus as it would effect a reduction in the total base figures because of the
existing deficit in corporate surplus of $39,267,938, as shown by the March
31 1933, general balance sheet.
While we may consider the results ofsavings and forecasts of earnings, we
cannot ignore the actual record of past and present earnings. The applicant
has not satisfactorily shown its ability to earn operating expenses and its
fixed and contingent interest charges on its present funded debt. From the
incursions made in the past few years by other modes of transportation
upon the traffic and revenues of railroads, an uncertainty exists as to when,
if ever, the growth of our population and industries will be such as to produce increased traffic sufficient to cause railroad revenues to roach the high
levels previously attained and for the railroads to have the prosperity
heretofore enjoyed. While the present conditions prevail, a railroad, unless
It can convincingly show the ability to earn the interest on its present and
proposed funded debt, should finance its needs through some other means
than by the issue of further interest
-bearing long term obligations. The
applicant has not made the requisite showing as to its ability to earn the
interest on its existent and proposed funded debt, therefore, the application should be denied.—V. 137, p. 3495.
Chicago & North Western Ry.—Asks Extension of
Loans.—
The company has asked for authority to extend for three years the
maturity date of five RFC loans aggregating $16,498,933, falling due as
follows: $4,282,583 on April 13 1934, $4,755,000 Oct. 13 1934, $4,619,891
Oct. 31 1934, $1,565,465 Nov. 30 1934 and $1.275.994 Dec. 31 1934.—
V. 137, p. 4009.
Chicago Rock Island & Pacific Ry.—Defaults RFC
Loan.—See Central of Georgia Ry. above.—V. 137, p. 4009.
Colorado & Southern Ry.—Application to Dispose of
Narrow-Gauge Lines Denied.—See Denver Intermountain &
Summit Ry. below.—V. 137, p. 2631.
Delaware Lackawanna & Western RR.—New Vice-Pres.
The company has announced the appointment of George J. Ray VicePresident and General Manager, to succeed Edwin M. Rine, who last
week made known his Intention to retire Jan. 1.—V. 137, p. 4187.
Denver Intermountain & Summit Ry.—Proposed
Acquisition of Narrow-Gauge Lines of Colorado cfc Southern
Ry. Denied by I. C. Commission.—
-S.
The I.
-S. C. Commission on Nov. 29 denied the company's application
for authority to acquire and operating the lines of railroad in Denver,
Arapahoe, Jefferson, Douglas, Park, Summit, and Lake counties, Colo.
The Commission denied the application of the Denver Leadville &
Alma RR. to operate, under trackage rights, over a line of railroad, and
Volume 137
Financial Chronicle
to acquire and operate the lines of railroad,in the above-mentioned counties.
The report of the Commission states In part:
The Denver Intermountain & Summit By. on July 29 1932 applied for
authority to acquire and operate certain narrow-gauge lines of the Colorado
& Southern By. extending from South Park Junction in the City of Denver
to Leadville, together with branches, a total of 215.7 miles of railroad.
in Denver, Arapahoe, Jefferson, Douglas,Park,Summit, and Lake counties,
Cob. On Aug. 11 1932 the Denver Leadville & Alma RR. applied for
Col
authority (1) to operate, under trackage rights, over the line of the C. & S.
between Denver and Sheridan Junctibn, 4.97 miles, and (2) to acquire and
operate the narrow-gauge line of the C. & S. extending from Sheridan
Junction to Leadville, 144.82 miles, together with 67.03 miles of branches,
a total of 211.85 miles of railroad, in the counties previously mentioned.
Our report in the proceedings upon toe C. & 8.'s application, Colorado
& Southern Ry, Co. Abandonment, 166 I. C. C. 470, contains a full description of the railroad, the country traversed, and the industries served.
It states that every effort apparently had been made to keep the cost of
operation low, but suggested further economies in operation and the
possibility of securing reductions in taxes. In our conclusions we said:
"The record before us, so far as it relates to existing operations, would
justify the issuance of the certificate sought. It shows continuing losses
in large amounts for many years from the operation of the line in question.
Operations at the cost of so serious a burden upon inter-State commerce
can not be expected to be continued indefinitely. We must, however.
consider the needs of the communities and interests served and their
showing as to future prospects of traffic for the railroad. Although,
as indicated herein, the testimony as to those prospects is conflicting, we
are sufficiently impressed with the representations of the protestants to
afford an opportunity to test their predictions."
Accordingly. on June 2 1930, the application was denied, but without
prejudice to its renewal after 36 months if the C. & S. could then snow
that the situation with respect to earnings had not materially improved.
The C. & S. ext. & ref. mortgage, covering the entire system, secures
$28,000.000 of bonds which mature in 1935. In its original offer the
C. & S. proposed to procure the release of the lines wnicid it desired to
abandon from the lien of this mortgage, stating on brief that it had assurance from the trustee that this would be arranged if abandonment were
authorized and the company's offer to other interests accepted. After
the lapse of three years the C. & S. finds itself unable to discharge the
mortgage or give any assurance that toe trustee will release it as to the
lines in question, but promises to try to obtain such a release. The C.& S.
hopes that a release can be obtained because it would be relieved of losses
from operation of the lines.
The D. I. & S. was incorporated Nov. 15 1930 with an authorized
capital stock of $3,000,000 for the purpose of taking the South Park lines
over for operation. It is stated that all this stock, except directors'
qualifying shares, has been issued to the W. C. Johnstone Investment Co.,
in return for which the latter is obligated to acquire the lines for the
D. I. & S., and that the investment company has paid all moneys for
service and cruising, as well as incorporation and organization expenses,
and has paid and will pay all expenses incident to the acquisition of the
railroad properties for toe D. I. & S. The stock was issued without
authority from us under Section 20a of the Inter-State Commerce Act
and is therefore void.
It was testified that since July 1928 toe investment company has spent
about $67,000 in investigating the possibilities of the lines and the resources
of the territory which they serve. On March 12 1929 Johnstone obtained
-claim deed to the lines from
from the C. & S. a written offer of a quit
Waterton to Leadville, with branches,subject to the action of the trustees.
The deed would include equipment and the C.& S. further agreed to grant
trackage rights from Waterton to South Park Junction on stated terms.
The offer was made subject to certain conditions precedent intended to
assure the new company available capital of $500,000, of which $200,000
in cash was to be deposited in escrow before the company was organized
and the remainder might be raised by a bond issue. It was further stipulated
that Johnstone and his associates must develop an operating program and
a financial showing approved by the principal interests that had opposed
abandonment of the lines, and satisfactory to the C. & S. The offer was
subject also to approval by public authorities and was to hold good only
until April 1 1929 unless extended.
After obtaining this offer, Johnstone applied to Peabody, Houghteling
& Co. for a loan of $750.000, which was to be used to put the road in
Condition. By the time the report in the abandonment case was made,
it is stated, it had become impossible to accomplish such financing; but
estimates of traffic and earnings made in connection with the efforts to
obtain the loan have been submitted in the record as bearing upon the
results that may be expected under independent operation.
The D. I. & S. now relies on much new traffic expected to be produced
by affiliated corporations organized by Johnstone to exploit the resources
of the Iterritory. The Park County Coal & Development Co.. a subsidiary'of the investment company, has obtained options, without cost,
on 76,000 acres of mineral and agricultural land. In this field 72,000,000
tons of coal has been proved by drilling and the company expects to mine
4,000 tons a day near Como. The quantity of minable coal does not
appear. The development company would also exploit the timber and
silica resources of the territory and manufacture fertilizer. A sawmill
and a fertilizer factory would be established at Como, which would become
the gentre of the development company's industries. It is estimated
that the industries to be established at once would give the railroad in the
first year of independent operation about 5,000 cars of coal, 800 cars of
lumber, and 500 cars of cross-ties. yielding additional revenue of about
$372,000. It is claimed that this additional traffic could be doubled each
Year for the succeeding five years until the industries reach their maximum production. For the first year gross revenues and operating expenses
are estimated at $700,000 and $371,000, respectively.
All the projects discussed appear to depend on Johnstone alone. Control
of the railroad is the keystone of his plan. He holds that, as an independent line, the railroad would require no new financing, and he is unwilling to accept a certificate conditioned on his proving ability to finance
it, or otherwise. He expects a clear title. Johnstone now expects to
finance his several development projects through loans from Governmental
agencies.
The D. I. & S. submits a proposed contract under which it would take
over the lines covered by its application and the equipment to operate
them. This proposed contract, which was drawn in the course of negotiations with the C. & S., but was never executed, would convey substantially all the road and equipment covered by an agreement between
the 0. & S. and Victor A. Miller, mentioned later, together with the line
between Sheridan Junction and South Park. about three miles.
On Dec. 16 1929 Miller, a lawyer of Denver without previous railroad
experience, was appointed receiver of the Rio Grande Southern Ky. His
success in keeping the R. G. S. properties In operation, and his belief
in the economy of operating the South Park lines as an independent railroad,
led him to negotiate a contract to acquire these lines from the C. & S.
for the D. L. S.L A., subsequently organized. This contract, dated July 14
1932, expresses the offer of the 0. & S. reduced to concrete form, and
would be the basis of its agreement with any other applicant to whom
we might grant a certificate, although minor changes might be considered.
The protestants suggest that, as now drawn, the contract would make
the grantee liable for payment of the 0. & 8. bonds, but both parties to
the agreement state that this is not intended. In view of the conclusions
herein reached, further discussion of the contract is unnecessary.
Pursuant to its provisions Miller organized the D. L. & A. with an
authorized capital stock consisting of 10,000 no par shares, of which 9,000
shares are to be issued to Miller and 600 to members of his family. No
investment would be made except by Miller. No stock has been issued
by this corporation and the necessary application under Section 20a has
not been filed with us. On receipt of a certificate. Miller would turn over
to the D. L. & A. $25,000 in cash, or its equivalent, for working capital,
and provide funds for necessary capital expenditures, now estimated at
at Como. This small initial
$17904 including $4,000 for repair shops would be sufficient; that the
capital is defended on the ground that it
be a close corporation, with the backing of the Miller
D. L. & A. would
Estate, a partnership, which will lend Miller personally amounts necessary
to his project; and that it is impossible to sell securities now except on
ruinous terms. The applicant estimates that it will spend $175,000 for
additions to road and equipment during the first five years of operation.
Miller offers to furnish a bond of $100,000, executed by himself and some
members of his family, and by the Miller Estate, to insure operation of
the line for five years unless prevented by one of a number of specified
contingencies. Miller believes that the South Park lines will be released
from the 0. & S. mortgage because it would be in the interest of the bondholders to release them and because the O.& S. has a legal right to demand
a release and has promised to do so. He is willing for us to prescribe any
conditions we see fit with respect to the mortgage and to have our cer-
4359
tificate require that he must provide the necessary equipment to operate
the railroad, whatever it may cost.—V. 131, p. 3706.
Denver Leadville & Alma RR.—Acquisition of Road
Denied.—See Denver Intermountain & Summit Ry.—
V. 135, p. 1326.
Denver Pacific RR.—Construction of Line Denied.—
The I.
-S. C. Commission on Nov. 28 dismissed the company's application for autnority to construct a line of railroad in Denver, Jefferson,
Clearcreek, Summit, Eagle, Garfield, and Mesa counties, Colo., Grand
and San Juan counties, Utah, Coconino and Mohave counties, Ariz., and
San Bernardino and Los Angeles counties. Calif.. a distance of approximately 800 miles.
The applicant was incorporated in Delaware in September 1931. with
an authorized capital stock of $1,500,000.
The assigned purposes of toe proposed line were to open up new territory
and shorten the rail distances from the East to Los Angeles and the Orient.
—V.134, p. 502.
Erie RR.—To Receive $11,964,000 from PWA.—See
Chesapeake & Ohio Ry.above.—V. 137, p. 4187.
Missouri-Kansas Belt Ry. & Terminal Co.—Plans
122-Mile Line.—
-S. C. Commission
This company, a new concern, applied to the I.
Dec. 13 for permission to construct a new railroad from Kansas City, Mo.,
to Valley Falls, Kan., with branches from Leavenworth to McLuth. Kan.,
and from Oskaloosa, Kan., to Topeka, Kan. The company asked permission to construct a total of 122.5 miles of track. The main line from
Kansas; City to Valley Falls would be 65.3 miles long; the branch from
Leavenworth to McLuth 22.8 miles and that from Oskaloosa to Topeka
26.9 miles. There also would be 7.5 miles of sidings.
The company wishes to finance its operations by issuing 150 shares of
6% preferred stock (par $EM;49 units shares of common stock without
par value, and 51 block shares without par value. In addition $3,500,000
-year bonds, secured by a first mortgage, would be issued.
of 5% 50
Missouri Pacific RR.—To Pay Equip. Rental and Interest.
The trustees have been authorized by Federal Judge Faris to pay semiannual rental of $41,604 and the annual principal of $693,400 due Jan. 15
on the:6% equipment trust notes, series 41. After this instalment is met
there will be only one more annual payment of $693,400 necessary to
liquidate this series.
Another order of the Court sanctions payment of $64.325 of semi-annual
interest due Jan. 1 on the $2,573,000 2d mtge. 5% bonds of Pacific RR.
of Missouri.
All disbursements will be made from funds in hands of trustees and
without recourse to borrowing.
Defaults RFC Loan,—See Central of Georgia Ry. above.—
V. 137, p. 4187.
New York Chicago & St. Louis RR.—To Receive Loan of
$5,028,500 from PWA.—See Chesapeake & Ohio Ry. above.
—V. 137, p. 3495.
Northern Pacific Ry.—To Receive Loan of $1,250,000
from PWA.—See Chesapeake & Ohio Ry. above.—V. 137,
p. 2804.
Oregon Short Line RR.—Abandonment of Branch.—
The 1.-S. C. Commission on Nov. 29 issued a certificate permitting
abandonment of regular operation effective after 30 days, and abandonment effective after 15 Months, by the company of its Talbot branch,
extending from Talbot Junction southwesterly to Talbot, 9.053 miles, all
in Teton County, Idaho.—V. 133, p. 688.
Middletown & Unionville RR.—Bonds Extended.—
-year adj. mtge. 6% inc. gold
The company is notifying holders of its 20
bonds due Nov. 1 1933, that the I.
-S. C. Commission has autoorized the
extension of these bonds to Nov. 1 1943 and fixed the rate of interest at
4% per annum. The bonds and the signed extension agreement should be
forwarded to Bankers Trust Co., 16 Wall 8t., N. Y. City, on or before
Jan. 1 1934.—V. 137, p. 3839.
Midland Continental RR.—Application for Loan Withdrawn.—
-S. C. Commission
The company has withdrawn its application to the I.
for the approval of a loan of $60,000 for the Public Works Administration,
Which it proposed to use for the purcaase of equipment.—V. 137, p.3839.
New York New Haven & Hartford RR.—Asks $3,500,000 Note Issue Permit Incident to Borrowing that Amount
from PWA for Maintenance.—
-S. C. Commission to issue
The company has asked the approval of the I.
$3.500,000 promissory notes Incident to borrowing this amount from the
Public Works Administration for financing maintenance work on its equipment. The New Haven will spend $300,000 of the funds in air-conditioning
142 steel passenger cars which will be operated in through service between
New York and Boston and New York and Springfield, Mass. An equal
amount also will be spent for repairing and painting _210 all-steel multiple
unit coaches which are used regularly between New York and New Haven.
The carrier purposes to spend $2.400,000 for general overhauling and reconditioning of about 900 cars. Aside from reconditioning some of this
equipment, the carrier proposes to install certain minor improvements in
the passenger cars.—V. 137. p. 4187.
Pennroad Corp.—Answers Suit.—
In an answer filed in Chancery Court at Wilmington, Del.. on Dec. 13
to an action brought by Joseph W. and Julia A. Perrino of Philadelphia
to have the voting trust agreement set aside, the corporation denies allegations that the Pennsylvania RR. caused it to be formed in 1929 to serve
the railroad's interest and declares the corporation is wholly independent
of and uninfluenced by the railroad.
The corporation denies that the voting trust agreement has been manipulated or operated for the sole benefit of the railroad or any interests hostile
to the corporation. It is also denied that by means of the voting trust
agreement or otherwise the railroad has caused Pennroad to purchase or
acquire any securities.
It is admitted railroad securities have been acquired at a cost of $115.000.000 but denies they were acquired at exorbitant prices or at prices which
bore no true relation to their real or investment value.
That the voting trustees have been guilty of any dereliction of trust or
are under the domination and control of the railroad is also denied.—
V. 137, p. 1761.
Pennsylvania RR.—Places Further Orders.—
Supplementing the recent award of contracts for 100,000 tons of new
steel rails, the company on Dec. 14 announced that further contracts have
been made for approximately 51,000 tons of angle bars, tie plates and
spikes necessary to lay this amount of rail and for general maintenance.
This material, including the new rail, which is to be delivered on or
before July 1 1934 represent an expenditure of slightly over $6,000,000.—
V. 137, p. 4187.
Pittsburgh & Lake Erie RR.—New Director.—
L. N. Murray, Vice-President of the Mellon National Bank, has been
elected a director to fill a vacancy caused by the resignation of Richard K.
Mellon.—V. 136, p. 3712.
Port Angeles Western RR.—Application for RFC Loan
Withdrawn.—
The company has withdrawn its application for a loan of $300,000 from
the Reconstruction Finance Corporation filed June 28 last, and amended
Aug. 7—V. 136, p. 4455.
St. Louis-San Francisco Ry.—Defaults RFC Loan.—
See Central of Georgia Ry. above.—V. 137, p. 4188.
4360
Financial Chronicle
Dec. 16 1933
Southern Pacific RR.
-Company and Workers Adopt N.Arkansas Power & Light Co.-Preferred Dividends.The directors have declared dividends of 59 cents per share on -the $7
Procedurefor Settlement.
An agreement on procedure for settling the dispute between the management of the Southern Pacific Lines in Texas & Louisiana and railroad
brotherhood employees was reached- Dec. 14, according to a dispatch
from Houston, Tex. The dispatch states:
"Acceptance by both sides of the method of settlement proposed by
President Roosevelt's fact-finding board, which has been in session here
more than two weeks, was regarded as virtually ending the threat of a
strike.
"Under the agreement, testimony on three of the 108 points at issue
will be heard by the President's board, five will be referred to the Southwestern train service board for adjustment, three employees involved in
discipline cases would be reinstated without prejudice, and the remaining
questions will be submitted to arbitration."
-V.137, p. 4011.
Tallulah Falls Ry.-Abandonment of Line.
-
The I.
-S. C. Commission on Nov. 28 issued a certificate permitting the
company to abandon its entire line of railroad extending in a general northwesterly direction from a connection with the main line of the Southern
Railway at Cornelia, Ga., to Franklin, N. C., approximately 57.10 miles,
all in Habersham and Rabun Counties, Ga., and Macon County, N. 0.
The entire capital stock of the company is owned by the Southern Railway and the line in question is operated in conjunction with the latter's
railway system.
-V. 120, P. 270.
Wabash Ry.-Final Valuation.
The I.-S. C. Commission announces that it has placed a final valuation
for rate-making purposes of $111.655,000 on the owned used properties,
$613,154 on the owned but not used properties, and 812,147,012 on the
used but not owned properties of the Wabash Ry., all as of June 30 1919.
The owned and used properties of the New Jersey, Indiana & Illinois RR.,
a subsidiary, were valued at $253,050 as of June 30 1916.-V. 137, p. 4188.
Wrightsville & TenniIle RR.
-Defaults RFC Loan.
See Central of Georgia By. above.
-V. 134, p. 3820.
Yazoo & Mississippi Valley RR.
-Abandonment.
The I.
-S. C. Commission on Dec. 1 issued a certificate permitting (a)
the Baton Rouge Hammond & Eastern RR. to abandon a part of its line
of railroad extending from IIammond to Covington, 20.94 miles, and (b)
to the Yazoo & Mississippi Valley to abandon the operation thereof: all
in Tangipahoa and St. Tammany parishes, La. Permission was also
granted the Y. & M. V. to abandon the operation, under trackage rights,
of approximately 1.5 miles of the line of the New Orleans Great Northern
RR.In Covington, La.
-V. 137, P. 3840.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Dec. 9.-(a) Production of electricity
declined (luring week ended Dec. 2 1933, p. 4075; (b) Electric output in
October 1933 increased 6% over same months in 1032, p. 4977.
---- Altoona & Logan Valley Electric Ry.-LBondholders'
Protective Committee Announces Amendment to Plan of Reorganization Dated June 15 1933-Elimination of Proposed
Holding Company.
i
r
cum. pref. stock, no par value, and 50 cents per share on the $6 cum.
pref. stock, no par value, both payable Jan. 2 1934 to holders of record
Dec. 15 1933. Dividends of 58 cents per share on the 37 pref. and 50 cents
per share on the $6 pref. stock were paid on April 1, July 1 and Oct. 2 last,
as compared with $1.75 per share on the $7 pref. and $1.50 per share on
the $6 pref. stock previously paid each quarter.
-V. 137. p. 2271.
Associated Gas & Electric Co.
-Production.
Not electric output of 229,425,977 units (kwh.) is reported for the month
of November by the Associated System which is an increase of 6.1% above
the same month last year. For the 12 months ended Nov.30. output totaled
2,612,833,978 units, an increase of 3.8% above the previous 12 months
period.
For the two weeks ended Dec. 2, net output was 102,421.586 units, an
Increase of 4.5% over the comparable period of last year. The comparison
of the two weeks period is made because the Thanksgiving holiday fell in
different weeks this year and last.
Gas output, at 1,512,404.700 cubic feet for November; was 1.2% above
November of 1932. For the year ended Nov. 30, gas sendout was 16,595,371.700 cubic feet, which is less than 1% below the previous 12 months
period.
For the two weeks ended Dec,2, gas output totaled 703,748,900 cubic
feet. a decrease of 1.5% below the corresponding period of last year.
Associated Reports Output of 53,936,739 Units.
For the week ended Dec. 9 1933, net electric output of 53,936.739 units
(kwh) is reported by Associated Gas & Electric System. This is an increase
of 7.3% over the same week of last year.
Gas output for the week ended Dec. 9 1933, amounting to 350,009,400
cubic feet, was less than 1% above the same week last year.
More Than 40,000 Debenture Holders Have Deposited Under
Company's Capital Plan.
In a letter to holders of its convertible obligations, the company stated
that more than 40.000 debenture holders have deposited in excess of
$80,000,000 of their securities under the company's plan for rearrangement
of debt capitalization. The letter criticizes "obstructionists" to the plan
and states that holders who understood the company's problems realize
the necessity for adopting it. Taxes, encouragement of municipal power
enterprises and rate reduction orders, coupled with an attempt to raise
commodity prices make it necessary to rearrange the capital structure in
order to keep the company intact and to build up its credit, it was is stated.
The debenture holders are asked to co-operate with the
n7emeit in
such efforts.
-V. 137, p. 4188.
Carolina Power 8c Light Co.
-Preferred Dividends,The directors have declared a dividend of 87 cents per share otitthe $7
cum. pref. stock, no par value, and a dividend of 75 cents per share on the
$6 cum. pref. stock, no par value, both payable Jan. 2 to holders of record
Dec. 15. Like amounts were paid on July 1 last, while on April 1 and on
Oct. 2 a dividend of 88 cents per share on the $7 pref. and 75 cents per share
on the $6 pref. stock were paid. The last regular quarterly payments on
these issues were made on Jan. 3 1933.-V. 137, P. 3325.
entral & South West Utilities Co. 3a-Chrtnve-Por-.--4
The stockholders will vote Dec. 29 on approving a proposal to change the
. 00.009 rhorized common shares of no par value into shares of $1
ei
par value. On Dec. 31 1932, the stated value of 3,373,889 outstanding
common arcs was $7.18 a share.
-V. 137. p. 3406.
The committee fo the consolidated mortgage 434% gold bonds, due
Aug. 15 1933 (J. C. Neff, Chairman), in a letter dated Dec. 12, announces
-Committee Opposed to
that on Dec. 8 1933 the committee was a successful bidder under the plan "Central West Public Service Co.
of reorganization dated June 15 1933 (V. 137, p. 1762) for the properties
Receivership.
and assets of the company at foreclosure [purchase price reported at $800,The committ 3 of which Max McGraw Is Chairman under date of Decem0001. The committee's letter further states:
ber 12, writes:
Committee has also contractecrto purchase, out of funds on hand,for the
"Publicity has recently appeared regarding receivership proceedings
sum of $30,000 in cash all of the capital stock and outstanding securities
against Centrhl West Public Service Co. Receivers were appointed in
of Logan Valley Bus Co. operating a bus transportation system in and about
Texas and Nebraska without notice to the company and before the company
the territory served by the street railway company. While Logan Valley
had an opportunity to deny charges made in the pleadings or to contest
Bus Co. has not been operating at a profit, nevertheless it is possessed of a
the matter in any way. These proceedings are being vigorously contested
certificate of necessity and convenience authorizing it to operate a bus
at the present time and, after consulting counsel, the company believes
transportation system in the territory served. It also acts as a feeder to
the receivership orders will be vacated at an early date."
-V. 137, p.4188.
the street railway system and has been operated for years by and in conjunction with the street railway company. Therefore committee deems
Chesapeake & Potomac Telephone Co. of Baltimore.
it to the best interest of bondholders that the capital stock and outstanding
securities of the bus company be acquired as above indicated and that the
-Fights Rate Reductions.
plan of reorganization dated June 15 1933 be modified accordingly.
Judge William C. Coleman held a preliminary hearing on a petition filed
Upon the urgent recommendation of the receivers and their counsel who
by this company in the U. S. District Court at Baltimore,
The comare familiar with local conditions and after informal conferences with the
pany sought to obtain an injunction to restrain the Maryland P. S. ComMd.
Pennsylvania P. S. Commission, it has been determined to further modify
mission from enforcing its order for a 81.200.000 reduction in the rates
the plan by the elimination of the proposed holding company to act as a
of the company. The Commission ordered the reduction to he made
vehicle of reorganization to the end that the reorganization securities will
effective Jan. 1 next.
be issued by the reorganized street railway company, which, in turn, will
The Commission intends to request that the Federal Court place the
own the capital stock and lease of Home Electric Light & Steam Heating
company under bonds to hold the amount represented by the decrease
Co. and the capital stock of Logan Valley Bus Co. As the reorganized
in the rate in escrow for the subscribers. Should the Court agree In this
street railway company will be an operating public service corporation,
request the company would be in a position to reimburse its subscribers for
the reorganization and the issuance of the securities thereunder will be
the amount of the reduction ordered by the Commission from Jan. 1 on,
subject to the approval of the P. S. Commission. While the committee
in the event that it should lose its case.
doss not anticipate that this will require any further variation from the
An extended hearing has been requested for a later date at which time
plan other than outlined above, nevertheless the committee will require
the company will contend that the rate reduction order is unjust, unreasonfull authority to comply with any order of the P.S. Commission in the premable and confiscatory.
-V. 137, p. 4011.
ises after having completed purchase of the properties at foreclosure and
having surrendered the deposited bonds in payment therefor.
Chicago North Shore & Milwaukee Ry.-Defaults
Therefore the committee, pursuant to the provisions of the bondholders'
RFC Loan.-See Central of Georgia By. under "Railroads"
protective agreement dated as of Aug. 15 1932 and the deposit agreement
dated Aug. 11 1932. respectively, under which the committee is acting,
above.-V. 137, P. 3147.
has modified and amended the plan of reorganization dated June 15 1933
as follows:
"Cleveland Electric Illuminating Co.
-Again Increases
1. The new company contemplated by the plan will acquire all of the
Dividend Rate.
-The directors on Dec. 14 declared a quarterly
capital stock of Logan Valley Bus Co. at a cost of $30,000 cash.
2. The reorganized railway company will be used as a vehicle of reorganidividend of 50 cents per share on the common stock, no
zation and will be the new company described in the plan, instead of the
par value, payable Jan. 1 1934 to holders of record Dec. 20
holding company originally contemplated therein, and will issue the reorganization securities provided in the plan.
1933. This compares with 40 cents per share paid on
3. The 1st lien & collat. trust 4% bonds provided in the plan will conthis issue on July 1 and Oct. 1 last, 30 cents per share on
stitute a first lien upon (a).the physical properties of the reorganized street
railway company:(b) the lease dated July 1 1903 of Home Electric Light &
April 1 1933 and 40 cents per share previously each quarter:
Steam Heating Co. and the capital stock thereof, and (c) the capital stock
V. 137, p. 3496.
of Logan Valley Bus Co.
4. The plan of reorganization and the issuance of the now securities conCommonwealth Edison Co.
-Stockholders Charge Divertemplated thereby will be subject to the approval of the P. S. Commission
and the committee and the new company will have full power and authorsion of Funds.
ity, without further submission or notification to depositors, to comply with
According to Chicago dispatches two stockholders have filed suit to
any order or certificate of the P. S. Commission in the premises and, pendtrace $14,000,000 earnings of this company. The stockholders according
ing the consummation of the plan, to apply deposited bonds, or the proto the dispatches contend the company has paid $5,000,000 a year since
ceeds thereof, to the purchase of the properties at foreclosure.
1929 as rental on the equipment of two other Insult operating units and
In view of the modifications and amendments to the original plan, deargue that this constitutes diversion of the Commonwealth Edison earnings.
positing bondholders are given until Jan. 2 1934 to file with any of the deInsull "dominated the affairs of the companies," the bill said, when this
positaries of the committee dissent in writing from the plan, as modified
financial arrangement was set up.
and amended, and to withdraw their deposited bonds therefrom upon payThe bill said the rentals went to the Public Service Co. of Northern
eria nt of their pro rata share of the costs and expenses of the committee as
Illinois and the Northern Indiana Public Service Co. The system was set
-,provided in the bondholdof protective agreement.
up, it is claimed, because the two companies had been overexpanded and
found their plants "unduly burdensome."
Removed from List.
The stockholders contended Commonwealth EdIson's directors knew
The New York Produce xchange has removed from the list the conthe obligations might prove heavy and went beyond their power in assuming
solidated 1st mtge. gold 44s due in 933.-V. 137, p. 4011.
them. George A. Bates and Owen B. Jones were the complainants.
-V.
American Power & Light Co.
-Earnings.
137, p. 3676.
For income statement for 12 months ended Oct. 31 see "Earnings DeConsolidated Gas Co. of New York.-Effective Date of
partment" on a preceding page.
-V. 137, P. 4188.
American Water Works & Electric Co., Inc.
-- Rate Cut Postponed.
-Output.
The effective date of the emergency rates for the Consolidated Gas
Output of electric energy of the company's electric properties for the
System has been deferred until Dec. 20. The postponement was authorized
week ended Dec. 9 1933 totaled 32,793,000 kwh., an increase of -13% over
by Milo R. Maltbie, Chairman of the NoW York P. S. Commission, at the
the output of 29,113,000 kwh. for the corresponding period of 1932.
request of Supreme Court Justice Schenck. The rates were scheduled to
Comparative table of weekly output of electric energy for the last five
have gone into effect at midnight on Dec. 13.
years follows:
Previously Justice Schenck had denied the petition of the Commission
Week EndedNov. 18.
Nov. 25.
Dec. 9.
Dec. 2.
to vacate the Consolidated Gas Co.'s show cause order against. the Com1933
33,065,000 33,231,000 x30,030,000 32,793,000
mission and also to vacate its certiorari order in the company's rate appeal
1932
28,584,000 x28,336,000 28,720,000 29,113,000
case.
-V. 137, p. 4012.
1931
30.177,000 3E28,313,000 29,454,000 31.237,000
1930
34.384.000 34,094,000 x32,322.00033,932,000
Continental Gas & Electric Corp.
-Earnings.
-1929
37,490,000 39.131,000 x36,781,000 38,712,000
For income statement for 12 months ended Oct. 31 see "Earnings Departx Includes Thanksgiving Day.
-V. 137, p. 4188.
ment" on a preceding page.
-V.137, p. 4188.
/
•
Financial Chronicle
Volume 137
Dedham (Mass.) Water Co.
-Stock Issue Approved.
The Massachusetts Department of Public Utilities has approved the
issuance by this company of 2,000 shares of capital stock at par ($100 per
share), the proceeds to be applied to the payment of an equal amount of
notes.
-V. 100, p. 1440.
-Earnings.
Detroit Edison Co.
For income statement for 12 months ended Nov. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 3676.
-Collateral Sold.
East Coast Utilities Co.
All collateral securing the first mortgage collateral 5;4% and 5% bonds
of the company was sold for $480,100 in Chicago on Dec. 12 ay the Central
Republic Trust Co. as trustee, and was acquired for the bondholders' protective committee.
54The committee is preparing a letter to bondholders extending the time in
which they may deposit their bonds and indicating that the distributive
share of the proceeds of sale to non-depositing bondholders will amount to
about $200 a $1,000 bond less expenses. Assenting bondholders will receive $1,000 first lien and collateral trust 4% bonds and 10 voting trust
-V. 137. p. 863, 684.
certificates for common shares for each $1,000 bond.
Electric Bond & Share Co.
-Output of Affiliates.
Electric output for three major affiliates of Electric Bond & Share System
for the week ended Dec. 7 compares as follows with the corresponding
1932 period (in kilowatt hours):
1933.
1932.
% Inc.
75,716,000 68,968,000
American Power & Light Co
9.8
33,115,000 31,796,000
Electric Power & Light
4.2
National Power Sc Light
53,852,000 58,657,000
x8.2
x Decrease.
-V.137, p. 4012.
-Earnings.
Empire Gas & Electric Co.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1937.
-Earnings.
Erie Lighting Co.
Balance Sheet Sept. 30 (Parent Company only)
Sept.30'33.
Sept.30'33. Sept. 30'32.
Liabilities
Stocks & bonds_184,239,610 191,642,991 Preferred stock_ 30,333.900
Common stock_x79,907,540
Loans& advances:
To subs. co's_ 24,826,449 27,537,499 Common scrip__ x379,320
To others.... 2,092,868 1,963.941 Div. payable in
common stock 1,598,042
Acc'ts receivable:
5% debentures,
From subsid.&
due Feb. 1 '61 25,000,000
203 7
affiliated cos
673,324
989 718
:5
Deposits of subs.
From others..
19,379
Cash
3,481,195 1,589,026 & affil. cos,for
bond interest.. 1,058.491
U.S. Gov't scour 1,542,270
Due to subs. cos
25,343
Shortterm invest 3,743,721
Acc'ts payable__
42,424
Disc't & expense
on debentures 1,531,723 1,587,762 Accrued interest
on debentures
208,333
Office furniture
8,217
& miscl. prop_
1
1 Accrued taxes__
Accrued dlv. on
preferred stock
455,009
Divs. unclaimed
25,041
Res. for conting 42,431,817
Other reserves__ 1,004,117
Capital surplus_
Undiv'd profits_ 39,672,948
4361
Sept.30'32.
30,333.900
73,171,770
309,260
1,829,124
25,000,000
868,387
2,774,369
40,896
208,333
455.009
25.067
12,000.000
588,943
35,280,957
42,445,281
Total
222,150,542 225,331,295
Total
222,150,542 225.331,295
x Represented by 8,028,686 shares.
-Company has a contingent obligation with respect to underwriting
Note.
offerings to common stockholders of North American Light & Power Co.
of common stock of that company to an amount not exceeding $6,000,000
in three annual instalments of $2,000,000 each from April 1 1934 to April 1
1936 inclusive.
-V.137, p. 3842.
-Earnings.
New York Central Electric Corp.
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 137. p. 2273.
Department" on a preceding Page.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137. P. 1937.
-Earnings.
Federal Light & Traction Co.
-New Securities
Oklahoma Natural Gas Co. (Del.).
-See Oklahoma Natural Gas
Now Ready for Distribution.
Corp. below.
"Earnings
-V.137, p. 3842.
A. E. Bradshaw is President of the company.
-Reorganization Plan
-- s-•Oklahoma Natural Gas Corp.
"
Declared Operative.
-
For income statement for 12 months ended June 30 see
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1933.
1932.
Liabilities
Assets$
$
x Preferred stock__ 4,387,400
Plant, prop., fran43,501,253140,906,027 Com.stk.(par $15) 7,873,612
chises, &o
Cent. Ark. P. S.
Inv. in securities
Corp., preferred
h of other coo.... 2,641,993f
New Mexico Pow.
Cash (incl. special
Co. preferred___ 2,724,710
671,659
444,606
deposits)
Notes & accts. rec. 1,139,562 1,197,588 Springfield Gas Sc
Elec. Co. prof__
616,976
Malls & supplies- 531,433
Tucson II. T. Co.,
Other accounts and
54,907
common
26,443
notes receivable
51,252
65.012 Fed. Lt.& T.Co.
Prepayments
let lien 58. 1942. 2,623,500
Unamort. dt. disc.
1,268,282 1,313,918
Stamped 1st lien
and expenses
3,382,500
605,934
5s, 1942
Unad.. debit items 2,015,622
1st lien stamped
138, 1942
3,409,500
30-yr. deb.ser B
Os, 1954
2,500,000
Bonds of sub. cos 7,414,100
Notes payable_ ___ 2,874,960
Accounts payable_ 225,381
Accr. int. & taxes_ 780,745
Customers' depos_ 397,688
Accounts payable,
not current_ _ _ _
220,522
Tickets outstand'g
13,269
Retirement & sundry reserves_ ___ 5,688,520
Capital surplus___ 1,822,517
Earned surplus___ 5,283,542
4,387,400
7,718,568
1,487.900
24,000
1,248,000
29,403
2,742.500
3,355,500
3,472,000
2,500,000
7,000,100
3,902.000
325,911
886,786
422,122
5,734,724
1,816.161
4,314,035
51,648,912 51,377,112
Total
Total
51,648,912 51,377,112
x Represented by 44,374 (no par) shares.
-V.136, p. 2240.
-,-Stock Dividend.
fr General Water, Gas & Electric Co.
The directors have declared a dividend of 75 cents per share on the $3
cum. pref.stock, no par value, payable in $3 pref. stock on Jan. 2 to holders
of record Dec. 18. A similar payment was made on this issue on Oct. 2
-V. 137, P. 2461.
last.
Illinois Northern Utilities Co.-Rates Reduced.The Illinois Commerce Commission, over the protest of the City of
Geneseo, Ill., has authorized this company to reduce its rates in that
municipality about 16%, to meet municipal competition. The municipal
plant rates are about 10% under the company's former rates.
The Commission refused to order the company to remove its property
from the City streets, and pointed out that the State Courts are open for
the settlement of this controversy. Counsel for the City indicated he would
seek Court action for such removal.
ee"The Commission has repeatedly held that it will not attempt to compel
compliance by utilities with local municipal ordinances, and one effect
of entertaining the objections of the city would be to bring about an effective
enforcement of the ordinance of Sept 12," said Irvin Rooks, general
-V. 136, p. 2240.
counsel for the Commission.
International Telephone & Telegraph
p For income statement for nine months ended Sept. Corp.-Earns.
30 see "Earnings
Department" on a preceding page.
-V. 137. p. 2807.
-Tenders.
Los Angeles Ry. Corp.
The Security-First National Bank of Los Angeles, trustee, Los Angeles,
Calif., will until 10 a. m.on Dec. 21 receive bids for the sale to it of 1st and
1940
ref. mtge. 5% bonds, due Dec. 1 -V. to an amount sufficient to absorb
136, p. 4266.
$119,081 now in the sinking fund.
-Earnings.
Manila Electric Co.
For income statement for 12 months ended Sept. 30 see "Earnings De-V. 137, p. 1579.
partment" on a preceding page.
-Larger Distribution.
Mutual Telephone Co. (Hawaii).
A monthly dividend of 12 cents per share has been declared on the capital
stock, payable Dec. 20 to holders of record Dec. 6. This compares with
eight cents per share previously paid each month.
National Power & Light Co.-Earnings.
Delivery of New Securities.
The series A notes, series B notes, preferred stock and common stock
of Oklahoma Natural Gas Co. (Del.), which has acquired the properties
and assets formerly owned by Oklahoma Natural Gas Corp., will be ready
for distribution on and after Dec. 18. The plan is being carried out, and
the securities are being issued, under the supervision of the U. S. District
Court for the Northern District of Oklahoma.
Holders of certificates of deposit for preferred stock of Oklahoma Natural
Gas Corp. and holders of stock certificates for such preferred stock stamped
as assenting to the plan, to obtain the new securities to which they are
entitled under the plan, should surrender their certificates in negotiable
form to the depositary which issued and-or stamped the same,in accordance
with directions contained in a letter sent to security holders.
Holders of stock certificates for preferred stock of Oklahoma Natural
Gas Corp. not stamped as assenting to ,the plan may obtain the new securities offered under the plan by surrendering their certificates in negotiable
form, prior to June 301934.to one of the depositaries: First National Bank
& Trust Co., 325 South Main St., Tulsa, Okla., or Bank of New York &
Trust Co., 48 Wall St. New York.
All holders of stock certificates or of certificates of deposit for preferred
stock of Oklahoma Natural Gas Corp. not stamped to indicate customerownership who claim to be customer-owners, as said term is used in the
plan, and who desire to receive the treatment accorded to customer-owners
under the plan, must, on or before Dec. 31 1933, surrender such stock
certificates or certificates of deposit, in negotiable.form, to one of the
depositaries, and must qualify as customer-owners in the manner stated
in the plan.
-V. 137. p. 3497
-Rate Cut Held Up.
Pacific Gas & Electric Co.
Federal Judge Harold Louderback at San Francisco, Calif., on Dec. 14
granted to the company a temporary restraining order preventing the
California RR. Commission from enforcing its order of Nov. 13 reducing
rates by $2,100,000 annually for the company's sales of natural gas. A
hearing on the temporary injunction was fixed for Dec. 22.
The City of San Francisco, as an intervenor, will oppose the making of
the injunction permanent. The temporary injunction will remain in force
until the case is tried on its merits.
The suit is based on the Fourteenth Amendment to the Federal Constitution, which, it is alleged, has been violated by the Commission. The case
may be taken eventually to the U.S. Supreme Court. This is the first time
the company has resisted an order of the State's rate-making authority.
(New York "Times")
.-V. 137, p. 3677.
Pennsylvania Electric Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2637.
-To Pay Underlier
Philadelphia Rapid Transit Co.
Rental in Instalments.
-
812.047307 819,062,891
636,662
785,084
1.250.000 1.250.000
4,093
397,193
56,038
56.038
The company will again meet its rental payments to underlying companies
of the system in stalments. The company has informed the Union Traction
Co. that the rentals falling due in December, January and February will be
paid one-half on the due date in each instance and that the company hopes
to be able to pay the remainder in March 1934.
This is the same procedure which the company adopted in June and in
September.
Rentals falling due between Dec. 19 and Feb. 28 amount to $1,452,712.
Approximately one-half, or 5726.300, will be paid as the rentals come due,
and the remainder paid probably in a lump sum in March 1934.
Eighteen underlier companies will receive the deferred rentals during
the next three months. They are as follows: 13th & 15th Streets Passenger
Ry., Green & Coates Streets Passenger Ry., Continental Passenger Ry..
2nd & 3rd Streets Passenger Ry., Union Passenger Ry., Empire Passenger
Ry.. Citizens Passenger Ry., Frankford & Southwark. Hestonville, Mantua
& Fairmount, Philadelphia City Passenger Ry.. Philadelphia & Darby
Ry., Philadelphia & Grays Ferry passenger Ry., West Philadelphia Passenger Ry., Union Traction Co., Fairmount Park & Haddington Passenger Ry., Peoples Passenger Ry., Ridge Avenue Passenger Ry., and
Germantown Passenger Ry.
$10,100,612 $16,574,574
Balance for dividends and surplus
x Includes stock dividends received from non-subsidiary companies
taken up at amount not in excess of charge in respect thereof to surplus
of Issuing company: 1932-$804,613; 1933-None.
The directors of the Union Traction Co.at their meeting held on Dec. 13.
when the action on the semi-annual dividend is usually taken, decided to
postpone consideration of the dividend until the first week in January.
The directors based their decision on a letter from the Philadelphia Rapid
For income statement for 12 months ended Oct. 31 see "Earnings Depart
-V. 137, n. 3497. 3149.
ent"
&I on a preceding Page.
N
orth American Co.-Listing-of-Ad411-Ootnitron-Stuct-
The New York Stock Exchange has authorized the listings or after
additional shares
on
J .2 1934 of 162,954 stock dividend of(no par) common stock . official
2% payable Jan. 2 1
notice of issuance as a
Income Statement 12 Months Ended Sept.30 (Parent Company only)
1933.
1932.
$1,009,291 $2,851,740
Gross income: Interest received & accrued
x10,407,115 x15,335.185
Dividends
391,094
Profits realized on investments
631.000
484,870
Other credits
•
The reorganization committee announced Dec. 15 that the reorganization
Wan (F. 137. p. 2807) had been declared operative. George T. Purves is
Chairman of the committee and the other members are A. E. Bradshaw,
E. C. Brelsford, Lloyd 5.• Gilmour and Summers Hardy.
The plan, which was modified under an agreement dated Sept. 21 1933.
provides for the sale of the properties to a new corporation-Oklahoma
Natural Gas Co.
-which will issue new securities without disturbing the
status of the present first mortgage bonds which will be assumed by the
new corporation.
Holders of customer-owned preferred stock of the old company may
obtain securities of the new company under any one of three optional
offers,receiving for each $100 par value of preferred stock of the old company
new securities as follows:
(1) $75 principal amount of new series A notes and 4 share of new $50
par value preferred stock, or
(2) $75 of series A notes and one share of common stock.
(3) One share of preferred and one share of common stock.
Holders of non-customer-owned preferred stock of the old company are
entitled to receive one share of new preferred and one share of new common
stock for each share of 634% preferred stock of the old company: and one
share of new preferred and 1.1 shares of new common stock for each share
of 7% preferred stock of the old company.
Expenses and taxes
Interest on debentures
Other interest paid and accrued
Amortization of discount and expense of debentures
Union Traction Postpones Dividend Action.
-
4362
Financial Chronicle
Transit Co. advising them that the latter will make its rental payments
in instalments.
It was understood to be likely that the payments by the Philadelphia
Rapid Transit as well as the dividends by Union Traction would be made
in the same way as was done last June, when one-half was paid on the due
date and one-half two months later. Following that precedent, the Union
Traction Co. would declare a dividend equal to one-half of the 75 cents a
share semi-annual dividend, due ordinarily on Jan. 1 and in March declare
the balance. (Philadelphia 'Financial Journal.")
-V. 137, p. 4189.
Postal Telegraph & Cable Corp.
-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2274.
Power Gas & Water Securities Corp.
-New President.
NI.
Howard
Erskine has been elected President to succeed C. T. Chenery.
John M. Greene has been elected a Vice-President. Mr. Greene and
Lawrence Riker were added to the board of directors. Mr. Erskine was
Vice-President of the company.
Partial Retirement of 5% Bonds Effected.
Successful consummation of the plan whereby retirement and cancellation
of a portion of the corporation's collateral trust 5% gold bonds was to be
effected, also was announced. See also V. 137. p. 3327.
Rapid Transit in N. Y. City.-$23,160,000 Allotted to
City by PWA for Completion of Eighth Avenue Subway.
Secretary Ickes announced on Dec. 12 the allotment of a loan and grant
totaling $23,160,000 to New York City, to be employed on the Eighth
Avenue subway project which it is estimated will put some 6,700 men to
work for 22 months.
The money will be available "on or before Feb. 1 1934," on the condidition that on or before that date the City of New York shall either be
able to furnish good security in the judgment of the Administrator or satisfactory assurance that its budget will be balanced at an early date. Of
the sum obtained, $17.670,000 will Je a direct loan secured by the corporate
stock of New York City and $5,490,000 will oe in the form of a grant on
30% of the cost of labor and materials in accordance with usual PWA
practice. The estimated cost of labor and materials is $18,300,000. The
loan is to be repaid serially by 1963.-V. 137, p. 4190.
-50
-Cent Pref. Div.
Southwestern Light & Power Co.
The directors on Dec. 14 declared a dividend of 50 cents per share on
the $6 cum, pref. stock, no par value, payable Jan. 2 1934 to holders of
record Dec. 15 1933. A similar distribution was made on this issue on
Oct. 2 last. Six months ago the qiarterly payment was decreased to 75
znts from $1.50 per share.
-V. 137, P. 3150.
„,..„..
-„,..
Standard Gas & Electric Co.-Smaller Dividends Declared on Prior Preference Stocks.-The directors on Dec. 12
declared a quarterly dividend of 45 cents per share on the
$6 cum. prior preference stock and 523/ cents per share on
the $7 cum. prior preference stock, both payable Jan. 25
1934 to holders of record Dec. 31 1933. This declaration,
compares with the last regular quarterly dividend of $1.50
a share on the $6 prior preference stock and $1.75 a share on
the $7 prior preference stock, paid on Oct. 25 last.
While current net earnings for the company are considerably in excess of the present rate of dividend disbursements on the prior preference stock, nevertheless the directors deemed it desirable to reduce dividends at this time to
provide funds for the retirement of current indebtedness and
for additional working capital, according to President
-V. 137, p. 2637.
John J. O'Brien.
Standard Power & Light Corp.
-Dividend Decreased on
Preferred Stock.
-The directors on Dec. 12 declared a dividend of 52 cents per share on the $7 cum. pref. stock for
the quarter ending Jan. 31 1934, payable Feb. 1 1934 to
holders of record Jan. 15 1934. Previously the company
paid regular quarterly dividends of $1.75 per share on this
issue.-V. 137, p. 687.
Tokyo Electric Light Co., Ltd. (Tokyo Dento Kabushiki Kaisha).-Dec. 1 Interest Paid in Dollars to American Bondholders.
It was announced on Dec. 6 that the Committee on Stock List of the
New York Stock Exchange has been advised by counsel for this company,
the successor by merger to Shinyetsu Denryoku Kabushiki Kaisha (Shinyetsu Electric Power Co., Ltd.) that the Dec. 1 1933 coupons of Shinyetsu
Electric Power Co., Ltd., 1st mtge.04% sinking fund bonds, due Dec. 1
1952, are being paid to American holders only in dollars at the face dollar
amount thereof.
Foreign holders presenting Dec. 1 1933 coupons in London are being
paid the face amount of the coupons in sterling, upon furnishing evidence
satisfactory to the company that on Dec. 1 1933 the holder was neither a
citizen of the United States of America nor a resident therein, and that on
such date he was the bona fide owner of the bonds from which the coupons
are presented.
-V. 137, p. 4015.
Toledo Edison Co.-Public Ownership Rejected.
The voters of Defiance, 0., at a special election rejected a proposal to
build a $343,000 municipal electric light plant to replace the service given
by the Toledo Edison Co. Ten days before the election this company
-V. 137,
offered new rates approximately 25% lower than those in effect.
p.4190.
Union Traction Co. of Phila.-Postpones Div. Action.
-V. 137, p. 315.
See Philadelphi Rapid Transit Co. above.
-Electric Produ'ction.United Gas Improvement Co.
Week Ended Dec. 9Electric output of U. G.I. System (kwh.)
-V. 137, p. 4190, 3677.
1933.
- 1932.
71,489,323 66,857,067
-Earnings.
United Light & Power Co.
For income statement for 12 months ended Oct.31 see "Earnings Department" on a preceding page.
-V.137. p. 4190.
-Earnings.
United Light & Railways Co.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V.137, 13. 3677.
Dec. 16 1933
Chicago-Armour,Swift& Cudahy companies announce new scale averaging
-Copper
10% higher, p. 4080;(c) Lead sells in good volume at lower prices
and zinc unchanged, p. 4085; (d) Slab zinc shipments in November fell
below production for the first time since April-Inventories increase;
p. 4086: (e) Steel output somewhat behind schedules, averaging 27M %Prices higher-Large steel order placed, p. 4086; (f) Steel output off
sharply, p.4087;(g) Production of pig iron off 17.3% in November, p.4087:
(h) List of companies filing registration statements with Federal Trade
Commission under Federal Securities Act
-Readjustment of finances of
Atlantic City and Atlantic County, N.J.,included in list, p.4119;(i) Strikes
in last four months cost $24,000,000 wages, according to National Association of Manufacturers, p.4123.
A B C Brewing Corp. t. Louis.
-New President.,
Richard S. Hawes Jr. has Leen elected President of the corporation.
which is rehabilitating the plant of the old American Brewery Co. St.
Louis. It is expected the plant will be ready for production about Jan. 31.
'
The plant,it is said, will begin with a capacity of 165,000 barrels annually.
-V. 137, p. 490.
Acme Steel Co., Chicago.
-Special Dividend.-A special
dividend of 123/i cents per share was declared Dec. 14 on
the common stock, par $25, in addition to the usual quarterly dividend of 25 cents per share, both payable Jan. 2
1934 to holders of record Dec. 20 1933. Regular quarterly
distributions of 25 cents each have been made on this stock
since and incl. July 1 1932. (Compare V. 134, p. 4494.)V. 136, p. 1016.
Ainsworth Manufacturing Corp.
-Special Dividend.The directors have declared a special dividend of 50 cents per share On
the common stock, par $10, payable Dec. 27 to holders of record Dec. 22.
A special distribution of like amount was made on this issue on March 15
1932; none since.
-V. 137, p. 1053.
Allied-Distributors, Inc.
-Investment
Little Changed.
-
Trust
Average
Investment trust securities were irregular during the week ended Dec. 8.
The average for the common stocks of the five leading management trusts.
influenced by the leverage factor, as compiled by this corporation, stood at
12.66 as of that date,compared with 13.00 on Dec. 1. Thelow for the current
year to date was 8.22 onMarch 31
The average of the non-leverage stocks stood at 14.20 as of the close
Dec. 8, compared with 14.16 at the close on Dec. 1. The average of the
mutual funds closed at 10.80, compared with 10.60.-V. 137, p. 4191.
S.) Aloe Co.
-Preferred Dividend Resumed.
-
A dividend of 1%% has been declared on the 7% cum. pref. stock, par
9100. payable Jan. 1 1934 to holders of record Dec. 20. Regular quarterly
payments of like amount had been made on this issue to and incl. Jan. 2
1933; none since.
-V.136, p. 2246.
k
,
Aluminum Co. of America.
-Preferred Dividend.- '
The directors have declared a dividend of 37
cents per share on the
6% cum. pref. stock, par $100. payable Jan.2 to elders of record Dec. 15.
A similar distribution was made on April 1, Jul 1 and Oct. 1 last, as
against 75 cents per share in each of the four preceding quarters.
-V. 137,
P. 3677.
American Commercial Alcohol Corp.
-Issues 10,000
Shares-Acquires American Distilling Co.
The corporation has notified the New York Stock Exchange that of the
25,000 additional shares of common stock (par $20) approved for listing
last August (V. 137, p. 1053) arrangements have been made for the issuance of 10,000 of the shares to Knox B. Phagan, in exchange for the entire
capital stock (10,000 shares of common no par) of American Distilling Co.
of Md.
Angus W. McLean and Sanders, Childs, Bobb & Westcott, of Washington, D. C., after conference with members of the Securities Division of the
Federal Trade Commission, have submitted an opinion to the effect that
the issue by American Commercial Alcohol Corp. of.the 10,000 shares is
not required by the provisions of the Securities Act of 1933 to be registered
with the Federal Trade Commission.
.
American Distilling Co. was organized on July 29 1933, and has acquired
certain valuable formulae, processes, &c., for the manufacture of beverage
spirits; also a lease on a completely equipped distillery property located at
Pekin, Ill. Also sales contracts with and interests in certain distributing
companies organized for the purpose of the distribution of beverage spirits.
Since July 29 1933, American Distilling Co. has been in operation.
Results of Operations July 29 Through Oct. 31 1933 of American Distilling Co.
Operating profit
$203,341
Miscellaneous income
Cr.1,941
Expense
17,372
Gain to earned surplus
$187,910
Balance Sheet Oct. 31 1933 (American Distilling Co.)
AssetsLiabilities
Cash
$355,508
$4,308 Accounts payable
Notes receivable
465,000 Purchase contract payable_ - 80,000
Accounts receivable
177,845 Common stock (10,000 shares
Inventories
467.500
232.498
no par)
Investments
187,910
202,500 Earned surplus
Fixed assets
1,808
Deterred charges
4,902
Organization expense
2,055
Total
-V.137, p.3678.
81,090.918
$1,090,918
Total
merican Glanzstoff
he New York Produce Exchange has admitted to the list the 6% cum.
prlbr preyd stock, par $50, and removed fropi the list the 7% preferred.
par $100. V. 137, p. 2104.
American Products Co. (& Sbbs.).-Earnings.Years Ended Sept. 30
Net profit from operations
Previous surplus
Total surplus
Adjust,of market.secur.to market value end of yr.
Reserve for contingencies
Treasury stock purchased
Adj, of market. sec. to market val. Sept.30 1931-
1933.
$39,854
638,399
1932.
$68.013
622,906
$678,254
2,533
7,636
9,569
$690,919
26,520
26,000
INDUSTRIAL AND MISCELLANEOUS.
$638.399
Surplus end of year
$658,515
Consolidated Balance Sheet Sept. 30.
1932.
Assets
1933.
Liabilities
885.758
Cash
373,475
855,294 Accounts payable_ $117,128
5,394
4,100
aMarket securities 181,266
157,434 Accrued taxes_ .._ Accounts reedy_ _ _
67,939
mortgage 65
95,999 First
220,000
Inventories
321,240
282,636 (Realty Co.)... 200,000
2,363
10,000
Life insur. policies,
Reserves
198,896
Officers
36,385
41,098 bCapital stook._ _ 198,896
658,515
638,399
Land. bidgs., fixSurplus
tures, Sze
479,644
465,096
Other assets
14,077
19,632
Def. debit Items
30,453
17,781
$1,189,933 $1,149,517
Total
Total
$1,189,933 $1,149,517
a Market value. b Represented by 37,205 (38.415 in 1932) shares $2
pref. stock, and 79.950 (80,000 in 1932) shares common stock both of no
par value.
-V. 137. p. 1414.
Matters Covered in the "Chronicle" of Dec.9
.-(a)The new capitalflotations
in the United States during the month of November and for the 11 months
since Jan. 1, p.4062;(b) Meat packers raise wage.schedules at Omaha ani
The directors have declared a quarterly dividend of 60 cents per share,
payable Jan. 1 1934. This compares with 45 cents per share paid each
quarter from July 1 1931 to and Incl. Oct. 1l913.
Western Union Telegraph Co., Inc.
-Chief for Europe
Chosen.
Rear Admiral 0. P. R. Coode of London will become Vide-President
and General Manager of this company in charge of European operations,
it is announced. Admiral Coode will succeed Stanley J. Gooddard, VicePresident in charge of European operations, who retired recently at the
age of 70 years.
-V. 137, 13. 210 .
4
Wisconsin Hydro-Electric Co.
-Defers Dividend.
The directors have decided to defer the quarterly dividend due Jan. 2
1934 on the 6% cum. pref, stock, par $100. The last regular quarterly
distribution of
% was made on this issue on Oct. 2 1933.-V. 137, P.
2809.
-Div. Increased.
American Motorists Insurance Co.
Volume 137
Financial Chronicle
4363
Credit-Anstalt has made an offer, which is subject to revocation by it, to
This action increased the return from 6% to 8% annually.
purchase in Vienna. Austria, the underlying Austrian Shares at the reduced
Commenting on the factors which influenced directors of the company
par, namely 16 groschen (0.16 Austrian schilling) per Austrian share, or
to authorize increased dividend payments, President James S. Kemper said:
the equivalent of 1.28 Austrian schillings per American Share. The
"Last year was the best year in the history of the company and the
depositary has been advised of the receipt by the depositors of a cable from
results for the first 10 months of 1933 show an even higher ratio of earnings,
Austrian Credit-Anstalt stating.that it agrees to the conversion of said 1.28
In addition, the premium income has shown a derided upturn. In the third
Austrian schillings into United States currency at the rate of 17.75 cents
quarter of 1933 the company has had an increase in net premium income
per Austrian schilling, this rate being subject to change by it. The deover the same period of last year of 40.2% as compared with a reduction
positary has been further informed that the Austrian Credit-Anstalt has
for the first six months of 11%. The earnings of the company have justified
advised the depositors that it has permission from the Austrian National
a higher dividend for some time and our directors felt the increase being
Bank to transfer to the United States the proceeds of any sales of stock made
-V. 137, p. 2466.
warranted should be made."
to them by holders of American Shares. The payment for interests in full
-Meeting Postponed. or fractional shares under the foregoing offer will be made as soon as the
American Smelting & Refining Co.
dollar proceeds are received by the depositary,
(
The directors will meet Jan. 9 •nstead f 2 1934 to consider action on the
Holders of "American Shares" Certificates may avail themselves of the
preferred dividend. This postponement of a week in the day of meeting
offer with respect either to their full interest or to any excess fractional
directors to have before them the results of the
is due to the desire of the
interest, as referred to above,by executing the appropriate Form (A or B)
-V. 137, p. 2640.
Dec. 31 1933 inventory.
on the letter of transmittal and sending it immediately to the Guaranty
Trust Co. of New York, Trust Department, 140 Broadway, New York.
American Stores Co.
-November Sales.
N. Y., accompanied by the relative "American Shares" certificate(s).
5 Weeks Ended- -11 Mos. EndedIn acting in this connection the depositary will act solely for "American
Dec. 2 '33. Dec. 3 '32. Dec. 2 '33. Dec. 3 '32.
PeriodShare" holders and in their behalf, and the above statement of the offer by
Sales
$10,698,303 $10,551,153 $99,999,358 $106.203,066
Austrian Credit-Anstalt is not to be construed as constituting an offer of
-V. 137, p. 3499. 2810.
the depositary to buy or its solicitation of an offer to sell. Holders who do
not on or before Dec. 28 1933 either accept the above offer of purchase or
Anheuser-Busch, Inc.
-Stock Dividend.-=
surrender their "American Shares" certificates for the purpose of receiving
The directors have declared a dividend of one share of Borden Co. cornthe underlying Austrian shares to which they are entitled, will be entitled
mon stock for each 20 shares of Anheuser-Busch, Inc.,common stock held,
thereafter to receive only any new full shares which are then deliverable
payable Dec. is.
(Austrian Credit-Anstalt will not issue fractional shares) and (or) the pro
The New York "Evening Post" on Dec. 13 stated:
rata portion of any proceeds of sale of new underlying stock, which in the
"Anheuser Busch Inc. has declared the regular quarterly dividend of
latter case will be payable in dollars only if the proceeds of sale in Austria
$1 a share on its common stock, plus one share of the Borden Co. common
are permitted to be converted into dollars.
stock for each 20 shares of Anheuser Busch stock held. A similar disburseAttention is called to the provision in Article Tenth of the Deposit
ment was made earlier in the year.
Agreement that, after the expiration of six months from the date specified
"Some time ago the brewing company obtained 36,000 shares of Borden
common through the sale of its ice cream plants to the latter company. - above for termination thereof, Dec. 28 1933, the depositary may sell the
underlying shares of the Austrian company then held by it, in such manner
V. 136, p. 1553.
as it may determine, and may thereafter hold the net proceeds of any such
•
Anglo-American Corp. of So. Africa, Ltd.-Earnings.- sale on deposit, without liability for any interest thereon, for the pro rata
benefit of the registered owners of certificates for "American Shares • which
Results of operations for the month of November 1933:
have not theretofore been surrendered for cancellation.
Tons
-South African CurrencyIn recognition of the circumstances of the above termination, the
Profit.
Milled. Total Rev.
Costs.
Companydepositary has agreed on any exchange as above to waive the charges proBrakpan Mines, Ltd
122,500 £240,518 £120,537 £119,981
vided for under Articles Sixth and Tenth of the Deposit Agreement aforeDaggafontein Mines, Ltd
63,400
142,469
78,992
63,477
mentioned. However, the depositary has received assurances as to the
Springs Mines, Ltd
89,436
136,573
84,500
226,009
payment by others than certificate holders on a fee basis for mechanical
West Springs, Ltd
.
services performed, or to be performed, in connection with the termination
Note.
-Revenue has been calculated on the bails of £6 58. Od• Per ounce
of the agreement and other incidental duties, but the amount thereof that
fine.
-V. 137, p. 3678.
Guaranty Trust Co. of New York will receive for its services is not deter.
minable at the present time.
Angostura-Wuppermann Corp.
-Dividend ATO. 2."American Shares" certificates when surrendered should be properly
The directors have declared the usual quarterly dividend of 5 cents
endorsed by the registered holder with signature witnessed and guaranteed
per share, payable Jan. 2 to holders of record Dec. 15 1933. An initial
by a bank or trust company having an office or correspondent in the City
dividend of like amount was paid on Oct. 1.-V. 137, p. 3678.
of New York, or by a firm of brokers having membership in the New York
.v:„...siii p. 6n0e
Stock
rmour 8c Co. (I11.).-Reorganization to Be Discussed.- .. 37E:ccha9g. or Clearing House of the New York Curb Exchange.
The following is taken from the "Wall Street Journal" of Dec. 14:
The process of formulating a new plan of capital reorganization and
ackstay Welt Co.-Special Common Dividend.
adjustment of fixed asset valuation of Armour &
ois has been
. of
The directors have declared a special dividend of 10 cents per share on
speeded up and next week should see the company busy outlining tentative
the common stock, no par value, payable Dec. 20 to holders of record
ideas on this complicated subject, with the probability that important
Dec. 5. Quarterly distributions of 25 cents per share were made on this
stockholder groups, including the F. H. Prince committee, will be called
issue on April 1 and July 11931; none since.
--V. 137, p. 141.
upon for suggestions.
That the company would call upon important groups of stockholders has
Baldwin Locomotive Works.
-Orders Up-Shipments
been a foregone conclusion in conection with the working out of a new plan.
These committees remained in existence since the defeat last August of the
Also Higher.,
original plan for capital reorganization. Most important is the stockholders'
Business booked by the Baldwin Locomotive Works and affiliated cornadvisory committee, backed by Frederick H. Prince of BoSton, now a
panies for the month of November on a consolidated basis ambunted to
substantial stockholder in Armour, and the major interest in the Chicago
$1,092,000 as compared with $988,000 for October and with $736.000 for
Union Stockyards Co.
November 1932. This brought bookings for the first 11 months of 1933
Frederick H.Prince, Boston banker, who arrived in New York on Dec. 13
to $9.594,000, or a gain of nearly 50% over the meager orders for the like
from abroad on the S. S. Europa, will confer with officials of Armour & CO.
period of 1932, which amounted to $6,603,000. Bookings for December
In Chicago.
will be influenced in an important way by the tentative Northern Pacific
Mr. Prince has recently acquired a substantial interest in both the cornRy.order for 10 locomotives valued at $1,250,000. If the order is confirmed
mon and preferred stocks of this company,sufficient to include him as one
this will make December bookings the largest for any month since Novemof the company's largest stockholders.
bar 1931, when they amounted to $2,126,000. and will bring consolidated
Mr.Prince refused to comment on the possibilities of an early reorganizebookings for the calendar year to between $11,250,000 and $11,750,000.
tion of the capital structure of Armour which might permit resumption of
while if the Northern Pacific order Is not included in this month's business
preferred dividends, although admitting that in view of his substantial
the total will be between $10,000,000 and $10,500,000.
stockholdings he would probably sit in on any conferences regarding a new
Consolidated shipments for November amounted to $994,000 as cornplan.-V. 137, p. 2641.
.241 int4ared with $894,000 for October and with $756,000 for November 1932.
'Consolidated shipments for the 11 months' cumulative period amounted to
\
'"Associated Breweries of Canada, Ltd.-Dividend 2.. $7,795,000 as compared with $10,451,000 in like period of 1932. Thus.
A quarterly dividend of 25 cents per share has been declared ii the
i
i
while bookings for the year to date have exceeded the corresponding period
common stock, no par value, in addition to the regular quarterly di dend
of 1932, shipments this year have been somewhat less, with a resulting
of $1.75 per share on the pref. stock, both payable Jan. 2 1934 to holders
increase in backlog which company will carry over into 1934. Unfilled
of record Dec. 15 1933. A quarterly distribution of 15 cents per share was
orders as of Nov. 30 amounted to $4,393,000 as compared with $2,627,000
made on the common stock on Dec. 31 1932; none sInce.-V. 137, p. 869.
at Jan. 1 1933 and with $2 958 000 at Nov 30 1932 Consolidated shipments for the calendar year will approximate $8,500,000, which would comtlantic Seaboard Airways, Inc.-Removed from List.
pare with shipments on comparable basis of $11,218,000 for 1932.
..tftt New York Produce Exchange as removed from the list the comm
he
Upon.confirmation the Baldwin company will prooably start work on
s k (no par).
the 10 locomotives for the Northern Pacific in February or March, and will
-V. 130, p. 139.
complete shipments by July 1 so that this business will figure in results for
-.." --....Atlas Tack Corp.
-May Split Up Stock.the first half of 1934 (Philadelphia "Financial Journal")
.-V. 137, .31 .
The directors have been called to a special meeting on Jan. 10 to consider
a three-for-one split in the capital stock of the corporation and a change---Special
-.Bancamerica-Blair Corp.
from no par to a stated value. The proposed change would raise the
The directors have declared a special dividend of $3 per share on the
authorized capitalization to 450,000 shares. If approved, a special meeting
capital stock, par $1, payable Dec. 28 1933 to holders of record Dec. 18
of stockholders will be called -V.137, p. 4191.
eiclisuirisemsentatir to be a distribution of funds in excess of working
.
l9p
l
Austrian Credit-Anstalt (Oesterreichische Credit- ca3Llr
An initial dividend of $1.50 per share was paid this week'(Dec. 15).
Anstalt fur Handel und Gewerbe), Vienna, Austria.Outstanding stock of Bancamerica-Blair Corp., after provision for divi$4.50 a
Termination of Deposit Agreement Creating American Shares.- death of value of share,aaggregating $6,563,952 recently declared, had a
net asset
$3.92 share as of Dec. 9 last, as compared with $3.85
The report of the Austrian Credit-Anstalt (Oesterreichische Creditrporation.June 30 1932, states George N. Arrosby, Chairman of the
share o
,
Anstalt fur Handel und Gewerbe) furnished by it for the fiscal years 1931
corporation.
and 1932 and presented to the 76th general meeting of shareholders held
"American"The capital of Bancamerica-Blair Corp. will still consist of 1,458.656
July 22 1933 has been forwarded to the registered holder of
shares of capital stock of the par value of $1," Mr. Armsby said. "SurShares" certificates representing capital bearer shares of the company
plus will be in excess of $2,500,000 and net worth in excess of $5,700,000.
in accordance with the agreement pursuant to which the "American
o.3 hich cash. stocks and bonds will represent over $3,000,000."-V. 137,
pf w 4 .
83
Shares" certificates are issued. Attention is also called to the information
heretofore received from Austrian Credit-Anstalt and transmitted to the
registered holders under date of July 7 1933. to the effect that pursuant to
-Loans Expand.Beneficial Industrial Loan Corp.
Austrian law the par value of the Austrian Credit-Anstalt capital bearer
Credit for the industrial worker and average salaried employee as reshares has been reduced to 16 groschen (i.e. 0.16 Austrian schilling) per
fleeted in loan applications approved by this corporation expanded during
share and that 3,125 shares so reduced have been combined into one new
October and November after maintaining a steady rate for six months,
participating deferred ordinary share of 500 Austrian schillings par value.
bearing out the National Administration's announcement that payrolls ran
The Austrian Credit-Anstalt has informed the depositary, Guaranty Trust
contrary to general business during the fall.
Co. that the necessary exchange of old shares for new shares on the above
The company's monthly volume of loans, which showed a sharp increase
basis will expire in Austria Dec. 31 1933.
after the bank holidays of last March, maintained a fairly steady, though
The depositors have advised the Guaranty Trust Co. of the receipt of the
slightly rising plateau for the following six months, or from April 1 to
consent to the termination of the deposit agreement of holders of record of
Sept. 39. In October the number of loans made showed a gain of 11.23%
more than 75% in interest of the "American Shares" certificates outstandover the April-September average for the previous six months, and November
big, and in view of the receipt of said consents and the small number of new
bec showed a net gain of 15.71% over the same period. The dollar volume
Austrian shares to be represented by the outstanding "American Shares'.
of loans corresponds v
very closely, increasing by 11.91% and 15.8% in Odom a result of the above described recapitalization of Austrian Creditbar and November. Compared with a year ago dollar volume is also higher.
Anstalt, said depositors have directed the depositary to terminate the
October showed an 11.6% gain over the same month of 1932 and November
agreement and to withdraw all of its certificates from circulation,
deposit
a gains' 16.82% over the corresponding month.
-V. 137. p. 3330.
_.
allin accordance with Article Tenth of the Agreement. Consequently, the
depositary hereby gives notice to all registered holders of "American Shares" ----..,
enguet Consolidated Mining Co.-51:1-Gt,,,,t Dividenct.
agreement will terminate at the close of business
that the said deposit
The company has declared a dividend of 50 cents a share on the 2.000.000
Dec. 28 1933. Accordingly, holders of "American Shares" should surrender
on tending shares of capital stock, par $1 for the fourth quarter. This
their certificates to the depositary on or before said termination date
makes a total of $2,300,000 paid in di
(accompanied by letter of transmittal properly filled out). The letter or
ends for the current year.
V. 137, P. 2466.
transmittal contains two forms, Form A and Form B, one of which should
be filled out according to the election made by the American shareholders.s----.. tierghoff Bros. Brewery, Inc., Fort Wayne, Id.
n Form A is for those holders who wish to receive, in exchange for their
Stilek-ryf
tnid ...present "American Shares" any full 500-sc'iilling participating deferred
ordinary share (s) of the Austrian Credit-Anstalt to which they are entitled,
(An issue of 50,000 shares of common stock is being offered locally by
and to avail with respect to any fractional interest, of the offer of Austrian
Central Securities Co., Fort Wayne, Ind., at $5.50 per share A circular
Credit-Anstalt to purchase the same. Form B is for use by holders of
shows:
"
"American Shares who wish to avail of said otter by Austrian Credit.
To Be 1 1
Anstalt with respect to all their interest in Austrian Shares represented by
CapitalizationAuthorized. Outstanding.
their "American Shares," instead of merely any excess fractional interest.
Common stock ($5 par)
100,000 ails. 100,000 shs.
Only a holder in the amount of at least 390.625 "American Shares" will
Company.-Incorv. March 22-1933 17Indiana. Brewery
.
be entitled to receive a 500-schilling share of Austrian Credit-Anstalt in
process of construction and will have an annual capacity of apnroximately
view of the foregoing reduction in capital of the said company. The
100,000 barrels according to the engineer's reports.
depositary has been informed that in recognition of this situation .Austrian
7
4364
Financial Chronicle
Dec. 16 1933
Company holds Indiana State Permit No. 21, licensing it to manufacture
being taken on for increased production are many of those who walked
alcoholic malt beverages at Fort Wayne, Ind. It was granted a very broad
out last month.
charter which includes the operation of restaurants and inns, as well as
"Still further expansion of both employment and payroll figures is exthe manufacture of'all grades of beer, ale and fermented liquors.
pected at the plant as many new automobile body models go into production.
Officers.
-Gustave A. Berghoff, Pres.; Wm. M. Griffin, Vice-Pres.;
"One of the contracts recently received represented more than $300,000
Norbert G. Berghoff, Sec.; John A. Berghoff, Treas.; Leon J. Baker,
of work involving the Budd process of stainless steel construction.
Auditor.
"The fact that 3,700 of the men now employed at the plant have been
Directors.
-Gustave A. Berghoff, John A. Berghoff,Wm. M. Griffin,
continuously on the payroll since before the strike refutes erroneous claims
Norbert G. Berghoff, H.0. Bruggeman, B. H. Ziehler, Walter E. Berghoff,
made by strike leaders."
-V. 137, p. 3679.
Edward H. Berghoff, Leon J. Baker.
All of the officers and directors have purchased their stock at par and ---Bush Terminal Buildings Co.
-Removed from List.
have paid cash for same The balance of the $250,000 already subscribed
The New York Stock Exchange kemoved from the list Dec. 11, t 7%
is owned by Berghoff Properties, Inc.. in return for cash and property owned
cum. guaranteed preferred stock.
by it at its actual appraised value on the basis of $5 per share.
While the Exchange has removed the 7% preferred stock from the list,
Pro-Forma Statement of Financial Conditions as at Sept. 23 1933.
certificates of deposit on shares deposited with the protective committee
Assetsare retained. Elimination of the shares from listing is to avoid any comLiabilities
Cash in bank
plications with respect to purchases of the stock in view of the fact that the
$89,144 Cap. stock-Corn.-auth.
Plant and equipment
U. S. District Court has ruled that Dec. 15 is the last day on which creditors
400,398 issued: 100.000 shs. of par
Prepaid & deferred Items
$500,000
of Bush Terminal Co.(in receivership) can file their claims. Bush Terminal
10,458
value $5 per share
Building Co. 7% preferred stock is guaranteed by Bush Terminal Co. as
Total
to maintenance of dividends. Stockholders to protect their rights, it is
$500,000
$500,000 Total
indicated, must either file their claims direct with the receivers for the
Berghoff Properties, Inc., original y purchased and paid for the entire
company or have the protective committee do so for them.
block of 50,000 shares having a par value of $250,000, which it paid for
The stockholders' protective committee will file with the receivers for
with $54,601 in cash and $195,398 in property. It thereupon sold for cash.
Bush Terminal Co. formal claim for guaranteed dividends on the Building
shares to the following persons at the following prices: Gustave A. Berghoff,
Co. shares deposited with them.
-V. 137, p. 3679.
2,000 shares at $10,000; John A. Berghoff, 1,000 shares at $15,000; Walter
E. Berghoff, 1,000 shares at $5.000; Edward H. Berghoff, 1,000 shares at
$5.000; Norbert G. Berghoff, 1,000 share at $5.000; Leona E. Bergholf,
(A. M.) Byers Co.-Earnings.
1,000 hares at $5,000; Marie T. Suelzer, 1,000 shares at $5,000; and Leon
For income statement for 3 months ended Sept. 30 see "Earnings D
J. Baker, 1,000 shares at $5,000.
partment" on a preceding page.
-V. 137, p. 2467.
,
Bethlehem Steel Corp.
-Bonus Suit.
-
Chain Belt Co.
-Obituary.
-
Vice-Chancellor Vivian Lewis of Paterson, N. J., was designated on
Clifford F. Messinger, President, died at Milwaukee. Wis., on Dec. 12
Dec. 12 to hear a suit brought against Charles M. Schwab, Chairman of
the board of the corporation; Eugene G. Grace, President, and others ."*--...,.... ' . p. 4465.
,
for the return of alleged illegal bonuses amounting to more than 55,000,000.
(.hicago Flexible Shaft Co.-Ditricterrdf-Resumed
The designation was made by Chancellor Luther A. Campbell at the request
he directo
ave declared a dividend of 26 6-19 cents per share on the
of Samuel Doan of Paterson. representing the Standard Investment Co.,
co mon stock, ax $5, Payable Dec. 30 to holders of record Dec. 20.
holder of 150 shares of preferred stock. Wildron M. Ward of Newark,
Following d
tion of the 5% Federal tax, this is equivalent to 25 cents
representing the steel company, and Merritt Lane, appearing for Mr.
Per share. The last quarterly payment of 15 cents per share was made on
Schwab and Mr. Grace, agreed to the designation.
-V. 137, p. 3151.
Oct. 1 1931;as compared with 30 cents per share paid each quarter from
Bishop Realty Corp., Montreal.
-Bondholders Meeting
- Oct. 1 1929 to and incl. July 1 1931.-V. 137, p. 692.
The holders of the 7% 1st mtge. (leasehold) 20
-year sinking fund gold
-Christmann Brewing Co. Admitted to List.
bonds will meet Dec. 15 for the following purpose: To consider what ---preferred
The New York Produce Exchange as admitted to the list
action it is possible or desirable fur the bondholders to take for the protecstock (Par $1.50).-V. 137, P. 1056.
tion of their security in view of the fat that the executors of the late e on.
Robert MacKay, owners of the lands leased by the company and on which
the company's building is erected, have served notice of intention to cancel
-Earnings.
Cleveland Tractor Co. (& Subs.).
the company's lease if arrears of taxes and ground rent amounting to ap1930.
Years Ended Sept.301931.
1932.
1933.
proximately $40,000 are not paid on or before Dec. 30 1933.
Operating profit
loss$49,431 loss$590,093
$13,150 $1,057,116
118,327
The company is not in a position at the present time to pay more than a
98.386
Other income
37,611
37,347
comparatively small portion of such arrears, and the time limit fixed by
the notice of cancellation makes it imperative for the bondholders to take
$111,536 $1,175,443
Total income
loss$12,084 loss$552,482
immediate action, as cancellation and forfeiture of the company's lease
3g 7
:H
5
Depreciation
411 17
: 6
1
410,788
181.375
will destroy the security of the bondholders.
Other charges
-V. 136, P. 496.
162,111
Inventory adjust. (net).
373,515
28.213
Bon Ami Co.
-Extra Dividends.
Provision for uncoil. &
The directors on Dec. 11 declared extra dividends of $1 per share on the no
150,000
doubtful red
211,521
21,500
83,766
par class A stock and 50 cents per share on the no par class B stock, both
Provision for Fed. taxes_
payable Dec. 31 to holders of record Dec. 14.
The last regular quarterly dividend of 50 cents per share on the class B
$634,557 prof$670371
51.548.305
Net loses
$243,171
stock, was paid on Oct. 1 1933. and the last regular quarterly dividend of
Earns, per sh.on 220,000
$3.04
Nil
$1 per share on the class A stock on Oct. 30 1933.
• Nil
Nil
she. com. stk.(no par)
An extra of $1 per share was paid on the A stock on July 30 and Nov. 13
Balance Sheet Sept. 30.
1929, on July 31 1930 on July 31 1931 and on Dec. 31 1932. An extra of
1933.
e 1932.
Assets
50 cents per share was paid on the B stock in January of each year from
1933.
e 1932.
1927 to and incl. 1933. in July and November 1929, in July 1930 and 1931.
$293,077 $338,246 Accounts payable_ $342,026 $173,287
Cash
and in December 1932.-V. 137, p. 3152.
Accrued Federal &
Due from U. S.
43,601
county taxes_ _ _ f 51,128
198,898
Gov't
86,504
29,804
20,246
Boston Insurance Co.
a Notes, accept.,
Cus. credits & dep.
-Dividends.,=
The directors have declared a semi-annual dividend of $8.42 per share,
accts., rec., &e
271,334
230,352 Unpaid wages &
17,558
28,562
commissions_ __
b Inventory
payable $4.21 per share on Jan. 2 1934 to holders of record Dec. 20 1933 and
831,640
867,898
3,646
9,866
40,679 Deferred income_ _
Other assets
$4.21 per share on April 2 1934 to holders of record March 20 1934. After
57,482
Reserve for gen.
Real est. not used
deduction of the Federal tax of 5%, amounting to 42 cents per share, this
100,880
173,820
will be equivalent to the same rate as previously paid on the stock.
112,533 contingencies_ _ _
in operations_ _ _ 112,533
-V.
d Land, bidgs.,
136, p. 2428.
c Capital stock.. 1,100,000 1,100,000
Capital surplus.. 1,156,349 1,156,349
mach., equip.,
Bond & Mortgage Guarantee Co.
844.908
914,734 Profit rk loss,deficit 243,171
Arc
-Contract Upheld. ,
-Prepd. exps., inThe contract between Bond & Mortgage Guarantee Co. and Title
Guarantee & Trust Co. which was negotiated by Superintendent of Insurventory of sup28,953
34,180
ance, George S. Van Schaick, just prior to the entry of the order of rehabiplies,&c
litation whereby Bond & Mortgage Guarantee Co. received $1,500,000 free
$2,838,826 $2,625,125
Total
Total
$2,638,826 $2,625,125
from any claim of lien by Title Guarantee & Trust Co. has been upheld
by Justice John B. Johnston in the Supreme court, Kings County.
a After reserves of $74,641 in 1933 and $83,858 in 1932. b After reserve
Martha Blumenberg, a single certificate holder, who was represented by
of $174,474 in 1933 and $198,485 in 1932. c Represented by 220,000 no
Edward Endehnan, an attorney of 299 Broadway, asked to have the conpar shares. d At depreciated value in use based upon valuation determined
tract between Bond & Mortgage Guarantee Co. and Title Guarantee &
by independent engineering survey. e Pro-forma oalance sheet adjusted
Trust Co. set aside on the ground of fraud. The motion was opposed by
to give effect to the proposed reduction in stated capital from $3,329.100
Hughes, Schuman &• Dwight, on behalf of the Superintendent of Insurto $1,100,000 and the elimination of the profit and loss deficit account.
ance, representing all creditors and certificate holders, who urged that the
-V. 136, p. 162.
I Accrued county and corporate taxes.
contract made with the Title company was beneficial to all of the creditors
of Bond & Mortgage Guarantee Co. and pointed out that it was negotiated
Colonial Steamships, Ltd.
-Purchases Mathews SS. Co.
by the Superintendent of Insurance's representative and that contrary to
See Mathews Steamship Co., Ltd. below.
Miss Blurnenberg's contention there was no fraud or coercion in the matter.
After the argument of the motion, Mr. Endelman withdrew his applicaCongoleum-Nairn, Inc.-To Retire Bonds and Preferred
tion to set aside the contract and asked for the appointment of a referee to
Stock.
take testimont to establish that there was nothing in the transaction
which could be criticized. Judge Johnston, however, decided the whole
The directors on Dec. 12 approved the retirement on March 1 next'of
matter himself and upheld the action of the Superintendent in approving
the $952,700 par value 1st mtge. 7% bonds of the Farr & Bailey Manuthe contract.
-V. 137, p. 1244.
facturing Co., a subsidiary, and the $1,002,600 par value of its 7% 1st
pref. stock. The redemption price of the bonds is 106Y6 and of the pref.
oyd-Richardson Co., St. Louis.-Preferred-D4v stock, 107, making a cash outlay of $2,087,407.
A dividend of $2 per share has been declay on account of accumula"The company has, a large investment in U. S. Government and shortti ns on the 8% cum. 1st pref, stpck, par $100 payable Dec. 15 to holders
term State and municipal bonds." a statement by the company read, "and
of record Dec. 10. A similar distribution w made on Sept. 15 last.
it lathe opinion that the redemption, representing an average yield of 6.06%
After payment of the above, accruals will amount to $8 per share.
after amortization of the premium, is not only in the company's best
-V.
137, p. 1939.
interest but will assist in the Government program of placing money in the
......,......
Np e of the bu3ing public."
it ids
t
-V. 137, p. 3679.
- - - - - e3
,
Brewers & Distillers of Vancouver, Ltd.
-Resumes Div.
The directors have declared a dividend of 10 cents per share on the
capital stock, no par value, payable in Canadian funds on Jan. 15 1934 to
holders of record Dec. 30 1933. In the case of non-residents of Canada a
tax of 5% is deducted. A distribution of five gents per share was made on
the stock on July 15 1929; none since.
-V. 137, p. 870.
ridgeport (Conn.) Machine Co.-keetenrrrtrartf fhinThe directors have declared a dividend of Si pe/hare on *count of
mulations on the 7% cuni. pref. stock, par $100 payable Jan. 2 1934
to holders of record Dec. 20 1933. A similar dis
ution was made on
Oct. 10 last.
Following the above payment,accruals on the preferred tido& will amount
to $8.50 per share.
-V. 137, p. 2467.
Brown-Forman Distill/ Co. (Del.).
-Admitted to List
The New York Curb Exchange as admitted to the list 200,000 shared
common stock (par $1),on a "when/as and if issued" basis.-V.137, p. 41E1.
(Edward G.) Budd Mfg. Co.
-Unfilled Orders.
-
An authoritative announcement follows:
"Largely as a result of many new orders received during the past few
months, the company's plant in Philadelphia has nqw under construction
more than $5,000,000 worth of current work. Because of seasonal expansion, the plant is now employing more than 5,000 men regularly, and is
running a weekly payroll of over $135,000.
"Records for the year will show a total payroll of approximately $4,440,000. a jump of more than half a million dollars over the payroll total
for 1932.
"Of the 5,000 workers now employed at the Philadelphia plant, more
than 3,700 were on the payroll long before a group of employees walked
out last month. The average daily employment before the strike was
called was 4,400. The lowest day's attendance since then was 3,700.
Employment has increased steadily during the past two weeks because
of new business, as evidenced by present figures, and among the workers
onsolidated Mining 8c Smelting Co. of Canada, Ltd.
-To Resume Cash Dividends.-The directors on Dec. 12
declared a cash dividend of 6% ($1.50 per share) on the
cdpital stock, par $25, payable Jan. 15 1934 to holders of
record Dec.301933. Semi-annual cash divs.of 5% were paid
on the stock to and incl. Jan. 15 1932; none since. A 5%
stock distribution was also made on the latter date and one
of 10% on March 11933.
In a ttatement accompanying the declaration the directors said that a
preliminary estimate "indicates that profits for the current year will provide a surplus of about $1,000,000, after provision for depreciation and
depletion, compared with a deficit last year of $265,371 before depreciation
and depletion."
-V. 137, p. 2812.
Consolidation
Coal
Co.
-Listing of
Certificates.-'
The New York Stock Exchange has authorized the listing of certificates
of deposit representing 518,733,000 1st & ref. mtge. 40
-year 5% sinking
fund gold bonds. due Dec. 11950.
As of Oct. 14 1933, 58.885,000 of the bonds were already on deposit with
Baltimore Trust Co., Baltimore; Guaranty Trust Co., New York and Old
Colony Trust Co., Boston, depositaries.
The protective committee for the bonds consists of Howard Bruce,
Chairman; Bertram Cutler, George C. Cutler, Frederick H. Eckel', J.
Edward Johnston, Acosta Nichols and S. P. Shaw Jr.
-V. 137, P. 3679.
Continental Baking Corp.
-161 Preferred Dividend.
The directors on Dec. 7 declared a dividend of $1 per share on the 8%
cum. pref. stock, par $100, payable Jan. 1 1934 to holders of record Dec. 18
1933. A like amount was paid in each of the four preceding quarters as
compared with $1.50 per share on July 1 and Oct. 1 1932 and regular
quarterly distributions of $2 per share previously.
-V. 137, p. 3153.
Volume 137
Financial Chronicle
Continental Sugar Co.—Reorganization Plan.—
The committee representing holders of the first mortgage 15
-year 7%
sinking fund gold bonds announces that it is accepting deposits under the
plan. The U. S. District Court for the Northern District of Ohio has set
Dec. 18 as the date for the sale of the company's properties. In order
that tne committee may be in position to make the best possible bid for
these properties in the interests of the bondholders, the announcement
states that deposits of bonds must be received not later than Dec. 16.
The committee consists of Josiah Macy, Arthur G. Deane, Frederick
H. Hornby, Darragh A. Park and Henry S. Parker. Counsel are Cotton,
Franklin, Wright & Gordon, 63 Wall St., N. Y. City, with F. A. Grien,
Secretary. 30 Broad St., N. Y. City. The depositary is Continental Bank
& Trust Co., 30 Broad St., N. Y. City.
An introductory statement to the plan states in part:
This plan is based upon an agreement dated Nov. 16 1933 between the
committee and Haystone Securities Corp. (the underwriters).
Since Feb. 20 1930 the properties of the old company have been in the
hands of receivers appointed by the U. S. District Court.
Certain plants have been operated at a profit for the past three years
through a lessee corporation in which the interests of the bondholders were
not represented. The operation for 1931 included only two plants (one
belonging to the old company and the other to a former affiliate), an was
started late in the season, but nevertheless resulted in a net profit to the
lessee corporation of approximately $296,000 before depreciation and
payment of additional rental (representing the share of the operating profits
payable to the receivers), but after an amount equal to Federal taxes on
such net profit. The 1932 operation included two plants of the old company and one plant of a former affiliate, and such operation resulted in a
net profit, on the same assumed basis, of approximately $633,000. The
1933 operation, which is only partially completed, includes all three plants
of the old company, and an estimate received by the committee shows that
such operation will result in a net profit, on the same assumed basis, of
approximately $676,000, taking the average tonnage and average sugar
content of beets sliced to date and taking all sugar sold or unsold at a net
return to the lessee corporation of $4.20 per 100 pounds.
The plan contemplates that the new company is to acquire the Blissfield (Mich.) plant and to the extent believed practicable by the committee and the underwriters the plants located at Fremont and Findlay,
Ohio, and other assets of the old company. The purhcase of such assets
by the new company will be subject to the existing lease made by the receivers, which will terminate on March 31 1934. The new company is
also to be entitled to the rights of assenting bonds to share in any distributions by the receivers or the trustee.
There are outstanding $1,080,000 bonds of which a substantial majority
have been deposited under the protective agreement.
The plan contemplates that the foreclosure prpceedings will be completed and title vested in the new company at the earliest practicable date,
In order that the new company may make the necessary contracts with
the beet growers and take the other steps which must be taken early in
1934.
The underwriting agreement stipulates that the plan shall be put into
effect not later than April 1 1934 and that the committee must have at
least $700,000 of bonds on deposit unless the underwriters shall waive such
requirements.
Capitalization of the New Compan0 upon Consummation of Plan.
Authorfted.
Outstanding.
8,640 shs.
First preferred stock
10,000 shs.
Second preferred stock
8,100 shs.
8,100 shs.
Common stock
10,000 shs.
8,640 shs.
The amounts shown above are upon the basis of assent to the plan and
exercise of all subscription rights by holders of all of the bonds.
Treatment of Bonds.
Cash and Second Preferred Stock.—Each holder of bonds or certificates of
deposit therefor who assents to the plan will be entitled to receive, upon
consummation of the plan and without further payment, in exchange for
each $1,000 principal amount of bonds or certificates of deposit: (a) $500
in cash; and b) 7Si shares ofsecond preferred stock (entitled to $750 preference on liquidation).
Right to Subscribe.—In addition to the right to receive cash and second
preferred stock, each assenting bondholder will also be entitled, with respect
to each $1,000 principal amount of bonds or certificates of deposit therefor,
to subscribe for 8 shares of first preferred stock and 8 shares of common
stock of the new company at the price of $95 plus accrued div, for each
share of first preferred stock and $5 for each share of common stock (the
same price which the underwriters agree to pay for first preferred stock and
common stock). The right to subscribe may be exercised In whole or in
part, but neither first preferred stock nor common stock can be subscribed
for separately, but only in the ratio of one share of first preferred stock for
each share of common stock.
4365
Cord Corp.—Business of Subsidiary Increased.—
The L. G. S. Devices Corp., a division of the Cord Corp., increased its
business volume 42% in dollars and cents for the fiscal year ended Nov. 30,
as compared with 1932, according to President W. Carleton Starkey.
Free wheeling units supplied to various automobile manufacturers during
the fiscal year just ended totalled 571,781 as compared with 430,742 units
in 1932.—V. 137, p. 1942.
Cosden Oil Co.—Coupon Paying Agent.—
The Manufacturers Trust Co. has been appointed coupon paying agent
•
for $1,740,000 1st mtge.6% serial'bonds datedMay 151933, V-137,p.694.
Crestshire Corp.—Report to Bondholders.—
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman) in a letter ta depositors of 1st mortgage 6%% bonds of Bellmore Apartment Co., secured
by the Crestshire (Germantown Manor) Apartments, Philadelphia, states
in part:
Depositors have previously been informed that Crestshire Corp.. a
corporation organized by the committee, was the successful bidder for the
Crestshire (Germantown Manor) Apartments at the foreclosure sale, and
acquired title to the property as of March 311932.
The property has now been placed in good condition and is 77% rented.
The Crestshire Corp. has paid $12,750 of the principal of and $4,785 of
Interest on the loans aggregating $65.700 antained by the corporation in
order to enaale It to pay the charges against the property prior to the bonds
at the time it acquired title to the property. The unpaid balance of the
principal of such loans now amounts to $52,950.—V. 135, p. 3861.
Cuban Cane Products Co., Inc.—Auction Sale.—
The Primary Court of Colon, Cuba, has set Jan. 30 1934 as the date
for auction of the properties of the company under foreclosure suit filed
by New York banks. This is the third date set for auction by the court.
Two previous offerings of properties attracted no bidders. Under the laws
of Cuba minimum prices must be set by the court for two successive auctions.
If they are not bid the sale is postponed twice, but no minimums are set
for the third sale.—V. 137, p. 2468.
Curtiss-Wright Corp.—To Close Big Airport.—
The Curtiss-Wright Airport, built at Valley Stream, Long Island, N. Y.,
in 1929 at a cost of about $2,000,000, will be closed temporarily Jan. 1.
it was announced on Dec. 14. Hangar lessees at the field have been notified
of the closing by mail. Officials of the Curtiss-Wright Airports Corp., a
division of the parent company, said the closing of this field would have
no bearing on the operations of the other fields controlled by them. The
school and servicing hangars, it was said, would remain in operation.
It is understood revenue from the field in the last two years had not justified
the cost of maintaining it. (New York "Times.")
.—V. 137, p. 3500.
Davenport Hosiery Mills, Inc.—Smaller Payment.—
A dividend of 25 cents per share has been declared on the common
stock, no par value. payable Jan. 2 to holders of record Dec. 21. This
compares with 50 cents per share paid on Oct. 2 last, and 121i cents per
share paid on April 1 and July 1 1933 and 25 cents per share in each of
the three preceding quarters.—V. 137, p. 2107.
e Forest Radio Co.—RTed from List.
The New York Produce Exchange as removed from
6% convertible notes, due in 1933.
. 137. p. 695.
-year
e list the 3
(The) De Haviland Aircraft Co., Ltd. (England).—
Increases Dividend.—
The company has declared a dividend for the year ended Sept 30 1933
of 734%, less British income tax of 25% and deduction of expenses of
depositary, on the American depositary receipts for ordinary shares.
payable to holders of record Dec. 14. This compares with a dividend of
• % declared for the year ended Sept. 30 1932.—V. 130, p. 628, 140.
Detroit Motor Bus Co.
A
-121 -Cent Liquidating Dividend.
The directors have declared a liquidating dividend of 1214 cents per
share on the capital stock, payable Dec. 20 to holders of record Dec. 12.
Two other liquidating dividends have been paid, viz: $1 per share in
February 1932 and 40 cents per share in December 1932.—V. 134, p. 1758.
Dominion Motors, Ltd.—President Retires, &c.—
The retirement of Roy D. Kerby as President and General Manager of
this company was formally announced on Dec. 8, to take effect on Dec. 31.
It was announced also that on Jan. 1 the Reo Motor.Co. of Canada, Ltd.,
would commence to function independently and not as a division of Dominion Motors, Ltd.—t, 135', p. 3362.
Creditors' and Stockholders' Rights to Subscribe.
"
------Dominion Steel & Coal Corp., Ltd.—Plan Approved—
Creditors.—First preferred stock and common stock not subscribed for
Pi-ete-Offwers...—
assenting bondholders will be offered for subscription to creditors of
by
Debenture holders on Dec. 11 approved a plan whereby interestpayments
the old company assenting to the plan, at the price of $95 plus div. for each
due March 1 1933, and those due up to and including Sept. 1 1935, are
share of first preferred stock and $5 for each share of common stock. Each
postponed, payments
account of such interert payments to be made
creditor assenting to the plan shall be offered the right to subscribe for one
May 31 and Nov. 30 1934, and each year thereafter. on condition such
share of first preferred stock and one share of common stock for each $100
payment does not reduce working capital below $3,000,000 and no payof claims, subject to reduction pro rata in the event that sufficient shares
ment of less than 1% be made on any of new interest dates. Sinking fund
of first preferred stock and common stock are not left unsubscribed for by
obligations for 1933. 1934 and 1935 are to be waived under the plan. For
bondholders. The right to subscribe may be exercised in whole or in part,
these concessions the corporation is to pay interest on denentures at rate
first preferred stock nor common stock can be subscribed for
but neither
of 7% instead of criginal 6%•
separately but only in the ratio of one share of first preferred stock for each
share of common stock.
D. W. Fraser, Vice-President of the American Locomotive Co. and
It is understood that the claims against the old company,other than those
Colonel A. N. Jones, of Halifax, have been elected directors.—V. 137,
represented by the bonds, have not been determined in the receivership
P.3332.
proceedings; and the committee shall have power to determine the amounts
Dominion Stores, Ltd.—Sales.—
of such claims for the purpose of offering subscript'on rights to creditors
-1932.
on such basis as it may in its discretion deem adv sable.
-1932. 1933-48 Wks.
Period End. Dec.2—
1933-4 Wks,
Stockholders—First preferred stock and common stock not subscribed
Sales
$1,499,915 $1,676,627 $18,092.958 $20,866,939
for by bondholders and creditors as above provided, will be offered for
The company operated 31 fewer stores in the 1933 period than in the
subscription to the stockholders of the old company assenting to the plan,
preceding year.—V. 137, p. 3680.
at the price of $95 plus div. for each share of first preferred stock and $5
(E. I.) du Pont de Nemours & Co.—Patent Litigation Is
for each share of common stock. Each stockholder of the old company
assenting to the plan shall have the right to subscribe for one-sixth of a
Settled.—
share of first preferred stock and one-sixth of a share of common stock for
The Patent litigation between Glidden Co. and du Pont Co., relative to
each share of stock of the old company, subject to reduction pro rata in
the manufacture of Duco type of lacquers, has beet!' settled out of court
the event that sufficient shares of first preferred stock and common stock
according to a Cleveland press dispatch, which adds: Du Pont has granted
are not left unsubscribed for by bondholders and creditors. The right to
the Glidden Co. a license to manufacture all lacquers covered by the Duco
subscribe may be exercised in whole or In part but neither first preferred
patents.—V. 137, p. 4115.
stock nor common stock can be subscribed for separately but only in the
one share of first preferred stock for each share of common stock.
ratio of
Ecuadorian Corp., Ltd.—Quarterly Preferred Dividend.—
Underwriting.
The directors have declared a semi-annual dividend of 3M % on the 7%
cum,pref.stock, par $100, payable In United States currency on Jan. 1 1934
The total cash to be required by the new company to carry out the plan
to holders of record Dec. 11 1933. Thls payment will cover the six months
is estimated not to exceed $864,000, excluding dead season expenses and
ended Dec.31
certain other amounts to be loaned by the underwriters. Provision is made
On July 1 last only a payment of 2% was made on account of the semifor this amount through the offering of the first preferred stock and comannual dividend due at that time, the balance of 1%% being p 'd on
mon stock to assenting bondholders, creditors and stockholders as above
provided. The underwriting agreement provides that the underwriters
Nov. 15 1933. See V. 137. p. 3333.
plus env. for each share of first preferred stock an
will purchase, at $95
cr"--Emerson's Bromo Seltzk,Inc.—Admitted to List.
a
$5 for each share of common stock (the same price at which the first preferred stock and common stock are to be offered to securityholders of the
The New York Curb Exchang as admitted to the list the ne
ass A
common (non-voting) stock, p
old company), sufficient amounts of the first preferred stock and conunon
2.50, and new class B common stock,
par $2.50, issuable in exchange for old class A common (non-voting) stock
stock to provide, with the subscriptions by bondholders, creditors and
or such lesser amount as may be deemed by the comstockholders, /5864,000
(no par) and old class B common stock (no Por)•
mittee and the underwriters sufficient to meet such cash requirements.
The Committee on Securities rules that deliveries against transactions
in the new class A common and new class B common stock must be in the
Shares so purchased will be in the ratio of one share of first preferred stock
form of certificates bearing a stamp to indicate the change in par to $2.50
for each share of common stock.
per share.—V. 137. p. 4195.
In order to meet the operating expenses of the new company during the
dead season, that is. February' to September, 1934, the underwriting agreeFalconbridge Nickel Mines, Ltd.—Smaller Distribution.
ment further provides that the underwriters will extend to the new comA dividend of 5 cents per share. or $159,752, on the 3,195,055 issued
pany a credit up to $360,000, the amount of such credit to be subject to
shares has been declared on the capital stock. payable Dec. 29 to holders
reduction in case the new company does not acquire all three plants, and
of record Dec. 15. This is the third declaration of the year, and brings the
to be subject to withdrawal by the new company during the dead season.
total distribution to 25 cents per share as the company paid 10 cents per
Withdrawals under such credit will bear interest at the rate of 6% per
share on Jan. 20 and 10 cents on June 30.
annum, will be secured by pledge of a percentage of the sugar after the slicThe present declaration brings payments for the year
-to $798,764. and
ing season begins, and will be repaid within 12 months from the date of the
means added revenue for the Ventures and Sudbury Basin companies.
first withdrawal. The underwriters also agree to advance certain other
Ventures is directly interested in Falconbridge to the extent of 1,547.520
sums upon the conditions mentioned in the underwriting agreement.
shares, and it holdings in Sudbury Basin represent an equity of 593.000
For the underwriting of the first preferred stock and common stock and
shares of Falconbridge, bringing total holdings to 2,140,520 shares. Th3
the agreement to provide funds for the dead season expenses and for other
latest Falconbridge dividend adds $107,026 to $426,104 already received by
(making up an aggregate maximum commitment of $1,284,000),
Purposes
Ventures this year, a total of $535,130. Sudbury Basin Mines holds
the underwriting agreement provides for a commission of $50,000 to the
1,188,042 shares in Falconbridge Mines and the current payment represents
underwriters—V.137, p. 419(1.
4366
Financial Chronicle
$59,402, which, added to previous payments during the year, brings
revenue from Falconbriclge to $297,010. (Toronto "Globe").
-V. 137, P.
3500.
Family Loan Society, Inc.
-Extra Dividend.=
An extra dividend of 37X cents per share has been declared on the $3.50
cum. & partic. pref. stock, no par value, in addition to the usual quarterly
dividend of 87M cents per share, both payable Jan. 2 1934 to holders of
record Dec. 11 1933. Like amounts were paid on this issue on Oct. I last.
-V. 137, p. 2278.
Federal Mining & Smelting Co.
-Earnings.- •
For income statement for 3 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 2278.
Film Securities Corp.
-Auction Delayed.-/
The auction sale of 660,900 shares of common stock of Loew's, Inc.. set
for Dec. 12. was postponed to Dec. 19 by the trustees at the request of the
noteholders.
-V. 137, p. 3680.
Mortgage Co. of Philadelphia.
-Receivership.
Judge George A. Welsh of the U. S. District Court at Philadelphia has
appointed Frank Felton, Boyd T. Bernard and Ruby R. Vale receivers
In equity after the company had filed an answer to a suit entered two
weeks ago, consenting to a receivership.
-V. 137, P. 4195.
First National Stores Inc.
-Sales Higher.Period EndedSales
-1932.
1933- -4 Wks.
2
1933-34 Wks.
-1932.
$7,996.130 $7.870,443 $68,709,424 $67,220,870
Removed from List.
The New York Produce Exchange has removed from the list the first
mortgage 5% bonds due 1952.-V. 137. P. 3846.
514 West End Avenue Apartment Building.
-Report to
Depositors.
The Real Estate Bondholders Protective Committee (George E. Roosevelt, Chairman) in a report to the depositors of 1st mtge. 0.6% coupon
serial gold bonds states in part:
To date, approximately 40.8% in principal amount of the outstanding
issue of $442.500 have been deposited.
The Continental Bank & 'Itist Co. of New York, trustee under the
mortgage, went into possession of the property as of March 1 1933, and
has been collecting all income since that time. The committee has been
Informed by the trustee that real estate taxes for the year 1932 have been
fully paid by the trustee, together with accrued interest penalties, and that
real estate taxes for the full year 1933 have also been paid.
r The monthly operating statements and the cash position for the period
Feb. 1 1933 through Oct. 311933.furnished to the committee by the trustee
and the managing agent of the property are as follows:
Cash turned over to trustee, $16,048; cash receipts in period, $42,213;
total cash, $58,262. Operating disbursements, $17,643; balance. $40,618.
Trustee's disbursements: 1932 real estate taxes, plus penalties, $18,109;
1933 real estate taxes. $13,850; miscellaneous fees, $350; cash on hand
with trustee at end of period. $8,309.
Bondholders are urged to deposit their bonds at once with the depositary,
Continental Bank & Trust Co., 30 Broad St., New York City.
-V. 136.
P:1024.
Food Machinery Corp.
-Earnings.
Years End. Sept. 301933.
1931.
1930.
1932.
Net sales
a$2,590,774 $2,944,443 $5,737,609 $7,428,917
Cost of sales & oper.exp. 2,626,605
2,641,346
4,785,929
6,200,135
Depreciation
271.265
268,722
423,086
255.648
Develop. & experiment.
cost written off
79.663
59,951
111,696
131,327
Net operating profit.._def$386,759
Miscellaneous income__ _
117.683
Gross rev, from leased
raach'y & processes__ _
500,217
Total income
Interest charges
Provision for Federal tax
Proportion of loss of
subs, not consol. since
date of acquisition_ _ _
Extraordinary provision
for bad debts
Addl res.for Fed.inc.tax
Net income
Previous earned surplus_
Disc,on bonds purchased
& retired during year_
Total surplus
Preferred dividends__ _ _
Common dividends
$231,142
93,333
$25,576
188.191
$162,614
94,380
8.730
$841,807
a185,488
$573,167 $1,027,295
94,380
94,380
32,190
106,619
18,029
75,000
2,000
$146.898
156,270
75,000
$52,078 def$24,794
988,722
868,030
$446,597
912,670
$826.296
550,296
13,576
$933,685
48,750
$963.928 $1.359,267 $1,376,592
48,750
48,750
48,750
415.171
47.147
321,795
Balance Sept. 30
$868,030
$988.722
$884,935
Com.shs. outst.(no par)
190,571
190.797
190,797
Nil
Earnings per share
$0.02
a Including revenue from leased machinery and processes.
$912,670
190,088
$4.09
Dec. 16 1933
The first mortgage bonds were secured oy a first mortgage on the theatre
and other properties of the old company, dated as of Aug. 1 1928.
The debentures were secured by a 2nd mtge. on the foregoing property
subject to the lien of the 1st mtge.
$3,326,000 of the 1st mtge. bonds included in the above aggregate of the
1st mtge. bonds outstanding, together with the sum of $166,877 representing (a) interest at the rate of 5% per annum paid thereon on Feb.1;
and Aug. 1 1932, and (b) bank interest allowed thereon to Feb. 9 1933,
were held by Guaranty Trust Co. of New York as corporate trustee under
the 2nd mtge. as additional security for the debentures.
The old Company defaulted in the payment of interest and sinking fund
instalments due on the 1st mtge. bonds and debentures, and in the payment of real estate taxes and other charges which it is obligated to pay in
accordance with the provisions of the mortgages.
On Feb. 10 1933, the properties of the old company were placed in the
hands of Thomas J. Spellacy and Samuel Spring, as receivers.
Real estate taxes together with interest and penalties which were a lien
on the properties prior to the liens of the mortgages, were due and unpaid
as of May 31 1933 in the sum of $395,092.
Halsey, Stuart & Co., Inc., as agent for the holders of the debentures who
deposited under the plan bid at the sale of the $3,326,000 of 1st mtge.
bonds and cash in the amount of $166,877, held by Guaranty Trust Co. of
New York as corporate trustee (V. 137. p. 2982) and deposited 1st mtge.
bonds and cash under the plan. After obtaining the necessary authority to
make such deposit by further amendment to the plan of Feb. 29 1932.
Sylvester Z. Poli, who owned or controlled the balance of the 1st mtge.
bonds outstanding, agreed with the agent for the holders of the debentures
and with the reorganization managers, in the event that the agent was the
successful 'Adder at a price approved by the reorganization managers at the
sale of the $3,326,000 1st mtge. bonds, to deposit under this plan all of the
1st mtge. bonds owned or controlled by him and which were not pledged as
collateral security for loans and agreed to use his best efforts to obtain
agreements from all those who held any of the bonds as such collateral to
deposit under this plan all of the bonds so held.
The plan of reorganization was conditioned upon the acquisition of the
properties at the foreclosure sales by or on behalf of the reorganization
managers and the performance by the underwriters of their obligations
under the underwriting agreement. (Properties sold Oct. 20 1933, V. 137.
p. 3154)
The bid of the reorganization managers having been accepted, the reorganization managers caused the new company to be vested with title to
the properties of the old company.
Pursuant to the plan, the liens of the present 1st and 2nd mtges. of the
old company will extinguished.
No provision was made in the plan for any stock of the old company.
Capitalization of the New Company.
1st mortgage 5% bonds, due 1958
$7.6,4,206
General mortgage 5% income bonds, due 1983
7,074,200
5% unsecured income notes, due 1958
600,000
Common stock (no par value)
.
5,000 shs
The aaove tabulation of the funded debt of the new company is based on
the assumption that all outstanding 1st mtge. bonds will be deposited under
the plan.
Table Showing Proposed Unit Disposition of Securities.
Will Receive
Existing Securities- Outstanding. 1st Mtge.55 Oen. Mtge. 55
Cash.
jet mtge. 58
x$10,526,500 $5,263,250 $5,263,250
Each $1,000
500
500
% cony.debs
3,621,900
1.810,950
$166,877
1,810,950
Each $1,000
500
500
y46.07
x Not including $3,326,000 deposited as additional security for debs.
y Pro-rata distribution of $166,877 in cash held by Guaranty Trust Co. of
New York as corporate trustee as part of the security for debentures and
representing interest paid Feb. 1 and Aug. 1 1932 on $3,326,000 1st mtge.
bonds and bank interest allowed thereon to Feb. 9 1933.
Note. No provision is made in the plan for any stock of the old
company. The capital stock and the 5% unsecured income notes of the new
company are to be issued in accordance with the terms of the plan to provide
cash on account of the necessary funds with which to make payment on
account of real estate taxes which will be due and payable upon the properties on the closing date together with the expenses and charges of reorganization and working capital for the new company.
The amount of 1st mtge. bonds and general mtge. bonds of the new
company proposed to be initially outstanding shall be reduced by the
amount of bonds not needed for distribution to such of the holders of the
debentures as may have failed to deposit their debentures under the plan.
Unsecured Income Notes.
-The new company will issue its 5% unsecured
income notes in the principal amount of $600,000 to be dated as of the dates
to be borne by the new 1st mtge. and by the general mtge., which notes
will be payable 25 years from date, subject to prior retirement.
Common Stock.
-New company will issue 5.000 shares of common stock
without par value.
Underwriting Agreement.
-The reorganization managers have entered
into an underwriting agreement, pursuant to which the underwriters have
agreed to provide cash funds in an amount which, with liabilities to be
assumed by the new company in an amount not exceeding $200,000 and the
net amount of cash available to the new company from the receivers,
should be sufficient to provide among other things, for (a) the completion
of the purchase of the properties at the sales in the proceedings for the foreclosure of the 1st mtge.; (b) the payment of real estate taxes with interest
and penalties accrued which will be due and payable and also accrued but
not due and payable at the time of the acquisition of the properties by the
new company; (c) the expenses and charges of the reorganization; and (d)
working capital for the new company.
The new company will deliver to the underwriters in consideration of the
payment of the foregoing cash requirements, all of the 5% unsecured
income notes and all of the common stock to be issued under the plan.
V. 137, p. 4195.
Consolidated Balance Sheet Sept. 30.
1932.
Assets1933.
1932.
Liabilities-1933.
Cash
$449,651 $256,474 Accounts payable
y Customers' notes
and accrued exand contr. and
penses
$269,000 s240,057Frontenac Breweries Ltd.-Defaults on Obligations.accts. receivable 2,056,831 2,034,492 Provision for
The Frontenac Breweries, dd., controlled by National Breweries, failed
Sundry accounts
Federal income
to meet interest payments due Dec. 1 on its 6% first mortgage bonds.
14,326
rec. & advances
12.729
tax
91,650
90,113
Under the terms of the trust deed the company has 6 months grace in which
Surrender value
Dividends on comto make good on the default.
3,004
life Ins. policies_ 105.938
mon stock
3,004
90,678
The company also failed to provide for sinking fund payments as called
Inventories
1 685,669 1,782,485 Reserve for addifor in the trust deed securing the issue.
-V.136, p.4468.
tional purchase
Prepaid expense__
81,125
87,126
Inv. In and adv. to
price of business
Frontenac Corp.
-Holders of Frontenac Trust Shares to
15,000
15,000
affiliated cos_ _ _
157,874
158,613
acquired
Receive Liquidating Dividend.
Misc. investments 111,901
116,621 10-year convertiDetails of final liquidation of FrontenaA Trust Shares have been comble debentures 1,500,000 1,573,000
Mach'y leased to
pleted and Its affairs are to be wound up within a few weeks, according to
28,750
31.250
- others, less deer. 134,077
165,641 Mortgage payable
a St. Paul, Minn.. dispatch.
750,000
750,000
ue stockholders
Preferred stock
The apprecdmately 300,000 shareholders will receive between $9 and
of predeces'r co's
60.957
76,962 x Common stock._ 2.673,318 2,673,318
$10 a share for their holdings or the equivalent in other securities under
358,169
358,169
Treasury stock.
Paid-in surplus_ _ _
39,341
47,640
the plan as arranged. Two principal securities to be offered shareholders
868,030
Plants not used.. 124,184
125,030 Earned surplus_ _ _ 884,935
are those of State Street Investment Corp. and Incorporated Investors,
Property, plant &
both of Boston.
equip., less deer. 1,395.705 1,494,278
The Minnesota Securities Commission has approved an application
Patents, trade
of the State Street Investment Corp. for qualification of 2,000.000 admarks & good-w.
1
1
ditional shares in Minnesota. the application being made, it was explained,
because shares of the corporation qualified in this State under previous
$6,494,900 $6,526,155
Total
Total
$6,494,906 $6,526.155
permits were running low.
x Represented by 190,797 no par shares. y After reserve for bad debts
Liquidation of Frontenac Trust, officials said, was made necessary
of $249.746 in 1933 and $206,425 in 1932.-V. 137, D. 2469.
because of restrictions of the 1933 banking law and Securities Act.
V. 133. p. 1132.
-.... '-Fox-New England Theatres, Inc.
"
-Reorganization Plan
Anew company Poll
-New England Theatres. Inc., has been organized (with
A.0.Blumenthal of N.Y as President) and will acquire the properties of the
Fox-New England Theatres. Inc., recently sold at foreclosure (V. 137. la.
3154) in accordance with the reorganization plan (outlined below),
Holders of the 6;.6% debentures who failed to deposit their oonds on or
before Nov. 18 last with the depositary Halsey, Stuart & Co., Inc., will
receive their distributive share of the amount realized from the sale of the
properties amounting to $221.0297 for each $1,000 bond (as stated in V.
137, p. 4195). Debenture holders who deposited their bonds with the
depositary will receive securities in the new company as outlined below.
It is expected that the new securities will be ready for delivery shortly
after,Jan. 1 next.
Securities of phi Company
tstanding.
1st mortgage 5% gold bonds
y$13,852.500
convertiblesinking fund gold debentures
x3.621.900
of debentures held in the treasury of the old comExclusive
xusi
pany. y Including $3,326,000 deposited as security for the debentures.
611
Furness, Withy & Co., Ltd., London, England.
Defers Dividend.
The company has decided to postpone the payment of the interim common dividend ordinarily payable on Dec. 31 until accounts for the year
-V. 136, D. 3171.
ending April 30 1934 become available.
General Investors Trust, Boston, Mass.-Par Value
Fixed at $1 Per Share.
The amendments to the declaration of trust which were voted by the
trustees on Sept. 26 1933 were approved at the shareholders' meeting on
Oct. 9 1933. Acting on the authority given in Article II, Section 2, as
amended, the trustees on Oct. 10 1933 fixed the par value of each share of
General investors' rrust at $1 and have carried the difference between this
par value and the book value of the shares to capital surplus. This does
not affect the liquidating value of the shares, which on Oct. 10 1933 was
-'V. 137. p. 698.
$4.30 a share.
Financial Chronicle
Volume 137
General Motors Corp.
-Resignation.
-
Edward R. Stettinius Jr., has resigned as Vice-President of General
Motors Corp. to become Vice-Chairman of the Finance Committee of the
United States Steel Corp.
-V. 137, P. 4195.
General Wines & Spirits Corp.
-Formed-Contracts
Signed with 17 Leading Foreign and Three Domestic Producers
for Exclusive Distribution in This Country of Their Products-
4367
Fuller, Cruttenden & Co., jointly, the exclusive right to purchase, but
without obligation so to do, 83,000 shares of capital stock at $10 per share
net to the company, of which 330 shares have been purchased by directors
of the company and 82,670 shares constitute this offering.
(b) That option which grants the underwriters and the Nowak Milling
Corp., jointly, the exclusive right to purchase at $12.50 per share prior to
Nov. 15 1935, and at $15 per share thereafter and prior to Nov. 15 1937.
such unissued stock as may be authorized and deemed necessary for sale
by the board of directors to provide for further capital requirements for '
the benefit of the company.
(c) That option which grants the underwriters the first right to and the
refusal of any public financing which the company or any subsidiary might
undertake within five years.
Principal underwriters of this issue are Paul W. Cleveland & Co., Inc..
and Fuller. Cruttenden & Co., Chicago.
Announcement was made Dec. 13 of the formation of this company,
which has just closed contracts with 17 foreign and three domestic companies for the exclusive distribution in this country of a wide variety of
their wines and liquors. The company's distributive facilities, it is said,
will blanket the wet States of the United States. No public offering of
securities is contemplated. The company has been privately financed.
An announcement covering the election of officers will be made later."1(P. H.) Hanes Knitting Coe-Resumes Dividends.
-In behalf of the new corporation, the following statement is made:
The directors have declared a dividend of 30 cents Decer share on the
"Corporation is fully equipped at the start to offer a complete line of
common and class B common stocks, par $5, payable Dl 5 to holders
imported and domestic wines and liquors to this countfy. Exclusive disof record Nov. 25. The company paid quarterly dividends of 15 cents
tribution contracts have been signed with long-established producing
per share on these issues from June 1 1928 to and incl. Dec. 1 1930; none
companies in this field, many of them tracing their history back for a
since.
-V. 136. p. 3172.
century or more.
"Contracts have been made with both foreign and domestic companies
Harmony Mills.
-Sells Mill.
for the following products: Champagne, Ernest Irroy; Cognac, DenisThis company's Mill No. 2 at Cohoes_N. Y., has been sold to Beaunit
Mounie & Cie.; Bordeaux wines, Hanappier, Peyrelongue & Cie.; Burgundy
Mills, Inc., of New York City, it is reported. The latter operates a knit
wines, R. Bruninghaus; Rhine and Moselle wines, Alfred Rothschild;
Piece factory in Jersey City, N. J., and an underwear mill in Fort Plain,
Alsation wines, F. E. Hugel; port wines, Companhia dos Vinhos, A. J.
N. Y.
-V. 137, p. 3156.
da Silva;sherry wines, Hijos de Augustin Blazquez; rhum St. James, Societe
Anonyme des Establissementa Metropolitains Ernest Lambert & Cie.;
-Extra Div.
Hollinger Consolidated Gold Mines, Ltd.
Usher's Green Stripe Scotch, J. & G. 'Stewart, Ltd.; rye whiskey, Hunter
The directors have declared an extra dividend of 5 cents Per share In
Baltimore Rye Corp.; Shamrock Irish whiskey, Mitchell Brothers & Co..
addition to the regular monthly dividend of like amount, both payable
Ltd.; imported gin, James Burrough, Ltd.; Madeira wines, Perestrelle &
Dec. 30 to holders of record Dec. 15. Similar distributions were made on
Cia.; domestic rum, Felton & Son, Inc.; Cuban rums, Joseph Arechabala,
Nov. 4 last.
-V. 137. p. 2984.
S.A.'Barbados rum,V.Parravicino;Guinness's foreign extra stout and Bass's
ale. J.P.O'Brien & Co., Ltd.; Anjou wines, Chateau de LaLorie,S. A.R.L.;
-Cent Dividend.
Honolulu Oil Corp., Ltd.-25
Valencia wines, Algerian wines, Malaga wines and Tarragona wines,
A dividend of 25 cents per share has been declared on the capital stock,
C. Auguste Egli & Cie.; Italian wines and vermouth, Venicola Adriatica.
no par value, payable Dec. 29 to holders of record Dec. 14. The corpora8. A.; and South African wines, Portal, Dingwall & Norris.
tion on Jan. 15 of this year paid a dividend of like amount on thisIssue;
"In addition to the above, the company also announces the signing of
none since.
-V.138, p. 1895.
contracts with American Medicinal Spirits. Inc. (National Distillers
Products Corp.) and the Penn Maryland Co., Inc.. which is owned jointly
-Acquired by Bowery Savings
Hotel White, N. Y. City.
by National Distillers Products Corp. and U. S. Industrial Alcohol Co.,
for the exclusive distribution in this country of the following rye and
Bank.
bourbon whiskies: Sunnybrook, Franklin, Annapolis, Elk Run, Spring
The Hotel White, a 15
-story building at the northeast corner of Lexington
Hill, Kentucky Club and Belle of Marion.
Avenue and 37th Street, N. Y. City, was bought at auction Dec. 8 on a
"The list of exclusive agencies of General Wines & Spirits Corp. also
single bid of $1,000,000 by the Bowery Savings Bank, plaintiff in'a foreincludes vintners of a wide number of domestic wines.
closure action involving a lien of $1,574.473. William Kennelly was the
"Thetas associations now give to General Wines & Spirits Corp. a comauctioneer.
pletely rounded line of products. The company will maintain its headThe action was brought against the Morris White Properties Corp.
quarters in New York City, with regional branch offices in Philadelphia
and others. Back taxes amounted to $77.000. The hotel was erected about
and Chicago, and established dealer outlets in the remaining markets of
eight years ago.
-V. 137, p. 2110.
the country."
Humble Oil & Refining Co. -for-1 Split-Up, &c.'
-3
Glidden Co.
-Patent Litigation Settled.
The stockholders will vote Dec. 19 on approving a proposal to change the
E. I. du Pont de Nemours & Co. above.
-V. 137. p. 4195.
par value of the capital stock from $25 per share to shares of no par value
increase the
Goodyear Tire & Rubber Co. of Canada, Ltd.
-In- and toshares of nonumber of authorized shares from 3,000.000 to 9.000,000.
Three
par shtock are to be issued in lieu of each share of the
creases Dividend Rate.
-The directors on Dec. 11 declared a present stock.
The Standard 011 Co. (New Jersey) owns about 72% of the 2.974,645
quarterly dividend of $1 per share on the common stock, no outstanding shares of Humble 011 stock.
-V. 137. p. 4196.
par value, payable in Canadian funds on Jan. 2 1934 to
holders of record Dec. 15 1933. This compares with 60
cents per share paid on April 3, July 3 and Oct. 2 last, and
$1.25 per share previously each quarter.
In the case of non-residents of Canada, a tax of 5% will
be deducted from the current payment.
-V. 137, p. 2643.
Great Atlantic & Pacific Tea Co.-Sales.
PeriodFive weeks end. Apr. 1
Four weeks end. Apr. 29
Four weeks end. May 27
Five weeks end. July 1
Four weeks end. July 29
Five weeks end. Sept. 2
Four weeks end. Sept.30
Four weeks end. Oct. 28
Five weeks end. Dec. 2
Total, 40 weeks
-V. 137, p. 3501
Sales1932.
1933.
$74,981,144 $88,923,239
72,368,706
61,055,824
61,524,707
72,447,440
79,503,203
86.061,988
63,444,884
84,239,189
79,323,824
78,004,958
80,661,478 63,634,883
63,856,015
66,529,706
77,630,688
78,623,741
Tonnage Sales
1933.
1932.
495,192 520,262
405,660 422,714
397,498 437,775
507,381 531,082
382.751 397,471
458,806 490.530
357,638 391,865
376,069 415.654
460,525 494,043
$61P.662,901 $672.152,896 3.841.300 4.101.396
Great Western Sugar Co.-Stock Dividend Ruling.
-
The Committee on Securities of the New York Stock Exchange has ruled
that transactions in the common stock of the above company on Dec. 18
1933, shall be ex the stock distribution of 1-5th share of the Cache La
Poudre Co. All due-bills must be redeemed on Dec. 18 1933.-V. 137.
p. 4196,
Greyhound Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings De,,,..,. ewtment" on a preceding page.
1
-V. 137. p. 4198.
rigsby-Grunow
he New York Stock Exchange removed fromIthe list on Dec. 12 the
on capital took (no par). The Produce Exchange admitted the
stock to
V. 137. p. 4196.
Hammon (Ind.) Distilleries, Inc.
-Stock Offering.
An issue of 82,670 shares of capital stock is being offered and
subscription received at $12.50 per share by Paul W. Cleveland & Co., Inc., and Fuller, Cruttenden & Co. Chicago.
CapitalizationAuthorized. TrBe Otastand'g.
Capital stock (par $10 per share)
140,000 shs.
*100.000 shs.
•Of this amount 17,330 shame are now outstanding.
A 6% mortgage of $39,650, due March 11936,is to be retired upon completion of this financing.
A prospectus describing the company affords the following:
Company and History.-Incorp. in Indiana Oct. 19 1933 and has acquired
the property formerly owned by the Hammond Distilling Co. to manufacture and sell spirits, alcohol, denatured alcohol, whisky, gin, brandies,
vinous liquors, blends, compounds, liqueurs and by-products and to sell
and deal in malt and malt products and to act as warehouseman and maintain and operate bonded and free warehouses.
After the advent of prohibition the Hammond Distilling Co. discontinued
the manufacture of distilled liquors. The property was later purchased by
the Nowak Milling Corp.(N. Y.), which has since operated a feed milling
business in the plant. Hammond Distilleries, Inc., has acquired all right,
title and interest in the land, buildings and certain adaptable equipment,
which are appraised at a net sound value of $299,423 from the Nowak,
Milling Corp. for 17,000 shares of capital stock.
Equipment to be installed will be of the most modern and efficient type,
Permitting operation of the plant on a favorable unit cost basis in comparison
with existing operating distilleries. Three whisky aging warehouses have
a capacity of 20,000 barrels, equivalent to 1,000,000 gallons. Ample
ground is available for the erection of additional buildings and warehouses.
-The proceeds available upon completion of this
Purpose of Financing.
financing, amounting to $830.000 (net), will be used approximately as
follows; Building improvements and erection of slop reclamation building,
$63,000; new equipment, $399,000: engineering and supervisory fees.
$45,000; payment of mortgage, $39,650; organization expenses, $10.000;
tax advance, $120,000: fuel and supplies, $10,000; grain, $20,000; working
capital, (cash) $123,350.
Officers and Directors.-Marivell M. Nowak (Pres.), Raymond E. Daly,
Bruce Vernon, Chicago; Arthur J. Weiss (Sec.-Treas.), Hammond, Ind.;
Julius F. Smietanka, Paul W. Cleveland, William A. Fuller, Chicago.
-There are three options outstanding and no others to be created
Options.
in connection with this financing. Options now outstanding are as follows:
(a) That option which grants to Paul W. Cleveland & Co., Inc., and
India Tire & Rubber Co.
-Would Sell Plant.
Paul Weick,receiver for the company, has submitted a report to Common
Pleas Judge L. S. Pardee, Akron. 0., recommending the sale of the assets
of the corporation to the General Tire & Rubber Co. for $550,000, the offer
already having been approved by seven-elevenths of the creditors. The
court has set Dec. 18 for the hearing for confirmation of the sale, at which
time objections will be heard.
-V. 137. p. 2470.
Insuranshares Certificates, Inc.
-No Connection With
Insuranshares Corp. (of Del.).
-
J. F. Schoelikopf Jr., chairman of the board of Insuranshares Certificates, Inc., when asked about the suit against Julius H. Barnes and other
directors of Insuranshares Corp. of Del., advised that there was no connection whatsoever between these two companies.
He further stated that Insuranshares Certificates, Inc. has retained
virtually all its holdings of high grade insurance company stocks and its
portfolio to-day has a value in the neighborhood of $3,500.000. or the
equivalent of about 13.75 per share. Stockholders of Insuranshares Certificates, he said, should not confuse their company with the Delaware corporation of similar name.
-V.137. p.2984.
Insuranshares Corp. of Del.-Suits Against Officers.
Suits demanding an accounting, and charging that assets of the companies were wasted were filed Dec. 12 in New York County Supreme
Court by stockholders of Insuranshares Corp. and North & South American
Corp. Among those named in the complaints, which are directed against
all the officers and directors of the corporations, are Julius H. Barnes,
former President of the Chamber of Commerce of the United States;
Carl Sherman, former New York State Attorney-General, and Frank
Cohen. The plaintiffs demand an accounting and allege that the assets
of the companies were wasted after Messrs. Barnes, Cohen and Sherman
acquired control. The plaintiffs also allege that thc value of their stocks
were reduced through the loss of the chief assets of the companies, and ask
that the transactions under which these losses are alleged to have occurred
be set aside.
One action is brought by Carolyn Benedict and other stockholders of
the Insuranshares Corp. against Barnes, Sherman, Cohen and Louis H.
Seagrave. George E. Devendorf. E. Stanley Olives, Chase Donaldson,
Hobart B. Brown. Kenneth H. Gayle, Franklin Berwin, Edward Goodman,
Esmond P. O'Brien and Victor W. Sincere.
In another action. Sidney W. Caulfield, a stockholder of the North &
South American Corp.. sues the American Founders Corp. the Insurance
Equities Corp.. Barnes, Sherman, Cohen, Devendorf, Berwin. O'Brien,
Erwin Ranken, and others.
A third suit by Mr. Caulfield also names Lewis H. Pounds, Charles S.
Culpeper. Edwin D. Belknap, S. Osgood Andrews and Franklin H. Baker.
who are alleged to have been directors of the North & South American Corp.
and to have been subservient to the wishes of Barnes, Sherman and Cohen.
The action by Carolyn Benedict and others in behalf of the stockholders
of the insuranshares Corp. alleges that Devendorf. Seagrove and Clive,
were officers and directors of the American Founders Corp., which controlled
the majority of voting stock of Insuransharos, of which they were also
directors. Devendorf is asserted to have sold a substantial part of the assets
of the company and by control of Insuranshares to have forced the resignations of the directors in March 1932, and to have arranged with the National City Bank for a loan of $300,000 to the corporation to be secured
by most of the remaining assets.
This transaction is alleged to have given control of Insuranshares to
Barnes, Sherman and Cohen through the purchase by them of the Insurance
Equities Corp. from the American Founders Corp. The stock is asserted
to have been paid for in part with the assets of Insuranshares. The plaintiffs
charge that Oils constituted "squandering and misapplication" of the assets
at a time when the company was a prosperous investment trust.
In Mr. Caulfield's suit against the American Founders Corp. and others
for an accounting of the assets of the North & South American Corp.,
he alleges that the company was organized to acquire equity investments
in the United States and in foreign countries, and to aid investment companies and financial institutions in the management of their portfolios.
A series of acts by which the stockholders were alleged to have lost
much of the value of their shares is set forth.
-V. 132. ro• 3159.
International Harvester Co.-President Elected.
-
Addis E. AicKinstry, 1st Vice-President, has been elected President to
succeed the late Alexander Legge.
-V. 137. p. 4196.
International Nickel Co. of Canada, Ltd.
The members of the Montreal Stock Exchange at a special meeting
reduced the minimum commission on shares of International Nickel Co.
stock, selling at $10 and above, to 15 cents a share.
-V. 137. p. 3682.
Investment Foundation, Ltd., Montreal.
-Accrued
Dividend.
A dividend of 38 cents per share (being at the rate of 3% per annum)
and a further dividend of 12 cents per share (on account of arrears) have
4368
Financial Chronicle
been declared on the 6% cumul. cony. pref. stock, par $50, both payable
in Canadian funds on Jan. 15 to holders of record Dec. 30. Three months
ago the company paid on this Issue a quarterly dividend of 37 cents per
share and a further dividend of 13 cents per share on account of accumulations.
-V. 137, p. 2280.
Island Creek Coal Co.
-Production...Coal Output (Tons)1933
January
February
March
April
May
June
July
August
September
October
November
December
Year's total
-V. 137, p. 3502.
1932.
285,245
274.145
327,707
244,243
246,172
224,635
228,989
286,321
319,195
427,664
323,917
296,390
1931.
375,078
285,901
332,220
300,349
336,362
372,228
374,349
393,015
419,101
461,061
343,055
336,404
3,484,623
,
279,116
292,116
249,143
215,856
315.919
334,352
396,209
417,208
376,352
362,803
232,460
4,329,023
(Minor C.) Keith, Inc.
-Sale of Collateral.-The collateral securing the 5
-year 5% secured notes due Dec. 1 1931 was
sold at auction on Dec.4 at the following prices:
15,000 shs. United Fruit Co., capital stock
$958,125
380,000 shs. Premier Gold Mining Co., Ltd., capital stock
376,200
10,448 shs. International Products Corp., preferred
208,960
70,463 shs. International Products Corp.,common
79,623
14,540 shs. St. Andrews Bay Lumber Co., common stock or
common stock trust certificates therefor
14,540
1,000 shs. Keith Realty Corp., capital stock
$1,888,253.44 Promissory note of Minor C. Keith, dated Sept.
13 1928, due Dec. 1 1931
135,000
Total
-V. 137. P. 4019.
$1,772,448
Kellogg Co. of Delaware.-Larger Distribution.A dividend of $4 per share was recently declared on the common stock,
no par value, payable Nov. 1 1933 to holders of record Oct. 25. This compares with $2 per share paid Aug. 311933.
A total of $10 per share has been declared and paid to stockholders of
the common stock in this company during the year 1933, it is announced.
-V.137, p. 2645.
Kilburn Mills.-Dividend Dates.The initial dividend of $1 per share which was recently declared on the
capital stock, par $75, became payable Dec. 1 1933 to holders of record
Nov. 20.-V. 137, p. 4019, 3848.
Lake Shore Mines, Ltd.-Earnings.
For income statement for 3 months ended Sept. 30 1933 see "Earnings
preceding page.
-V. 137. P. 4020.
Department" on a
Libbey-Owens-Ford Glass Co.-Issues Additional Stock
Under Stock Purchase Plan.The company has issued 5,050 additional shares of common stock under
Its employees stock purchase plan. This brings the outstanding common
stock to 2,551,042 shares. The company's charter authorizes 3,500,000
shares.
-V, 137, p. 3682.
-""*"••••• (Louis K.) Liggett Co.
-id for Chain Invited.
-United
Drug, Inc. Offers $7,300,000 Cash Plus Assumption of All
Balanct Sheet Liabilities of Bankruptcy -Trustees as qf Dec. 31
1933.y
United Drug, Inc., has submitted to trustees in bankruptcy (Roy A.
Heymann, Chandler Hovey and Thomas H. McInnerney) of Louis K.
Liggett Co. an offer to purchase the entire chain of 399 stores of the Liggett
company for $7,300.000 in cash plus assumption of all balance sheet liabilities of the trustees in bankruptcy as of Dec. 31 1933. The trustees
Invite any other interested parties to submit bids prior to 2:30 p. m. on
Dec.211933, when a special meeting ofcreditors to consider bids will be held.
Assets of the Liggett company consist in the main of a chain of 399 retail
drug stores located in 34 States and the District of Columbia. Only five
stores are operated in properties owned in fee by the bankrupt estate.
Written leases capable of assignment with respect to the majority of the
stores are held by the trustees and oral agreements, being now reduced to
writing, have been made in respect to nearly all others. Six stores are leased
from United Drug Co. Certain other leases not yet executed will not, it
Is believed, be assignable without the consent of the landlord.
The call for bids is made by order of the United States District Court
for the Southern District of New York.
-V. 136, p. 2807.
-Final Liquidating Dividend.Lyman (Cotton) Mills.
The directors have declared a final distribution in liquidation of 25 cents
per share, payable Dec. 20 to holders of record Dec. 11. This will bring
total payments in liquidation to $220.25 per share. The last payment,
amounting to $5 per share, was made on Feb.8 1929, See V. 128. p. 569.
Marlin-Rockwell Corp.-Postpones Dividend'Action.The directors at their meeting on Dec. 11 decided to postpone action
on the dividend until a meeting to be called early in January.
From April 1 1932 to and incl. Oct. 2 1933 the company paid a special
dividend of 25 cents per share each quarter on the comMon stock, no
-V.
, p. 3502.
par value, as against 50 cents per share previously.
' -Maryland Casualty Co..-Admitted to List.
--The New York Curb Exchange as admitted to the list t new common
.
stock, par $1, issuable in exchan for old capital stock, pa
The Committee on Securities rules that deliveries against transactions
in the new common stock must be in the form of certificates bearing a
-V. 137, p. 4198.
stamp to indicate the change in par to $1 per share.
Masonite Corp.-Earnings.Earnings for Year Ended Aug. 31
1933.
Net loss for year
Previous surplus
$88,509
367,990
$279,481
Balance, surplus
Condensed Balance Sheet Aug. 31 1933.
Assetsy Plant and equipment
$1,798,640
,
Cash
531,516
Receivables
Inventories
656,690
,
Prepaid insurance,&c
Stock purch. agreements, &c_ _
42,043
Intangibles
172,455
Unamort. note disct. & exp.__
14,830
Ltabilfites$1,347,700
7% preferred stock
627,785
x Common stock
20,000
Notes payable
46,150
Trade creditors
86,034
Accounts payable
Accrued wages,taxes, Int., &c. 105,623
Current install. of 8% serial
150.000
gold notes
700,000
Funded debt
279,481
Earned surplus
Total
$3,362,773
Total
83.362.773
X Represented by 266,689 no par shares. y Alter depreciation reserve
of $714,291.-V. 135, p. 3866.
Dec. 16 1933
Under the Sarnia Steamships'offer, a new company, Colonial Steamships,
Ltd., will be incorporated with the following capitalization:
6% 5
-year first lien bonds
$275,000
6% 20
-year first mortgage bonds
*1,190,000
6% 10
-year unsecured notes
100,000
Common stock
30,000 shs.
*Interest payable semi-annually in lawful money of Canada. Sinking
fund of $50,000 annually to start in five years.
Mathews' bondholders are entitled to receive in exchange for their bonds
6% general mortgage 20
-year sinking fund bonds, dated Jan. 1 1934, of
Colonial Steamships, Ltd., in interim or definitive form, and no par value
common shares in the capital stock of Colonial Steamships, Ltd., on the
basis of $700 in 6% general mortgage 20
-year sinking fund bonds and
7 no par value common shares in exchange for each $1,000 of bonds of
Mathews.
Offering of Approximately $275,000 6% 7-Year Prior Lien Bonds of Colonial
Steamships, Ltd.
Holders of the P% 15
-year 1st mtge. serial gold bonds, series "A," of
Mathews Steamship Co. have the right exercisable on or before Jan. 5 1934
to subscribe for 6% 7
-year prior lien bonds, dated Jan. 1 1934, of Colonial
Steamships, Ltd., as provided for in the offer to purchase at par and int.
to date of payment (Toronto funds) on the following basis, namely, that
bondholders will be respectively entitled to purchase prior lien bonds in
amounts proportionate to their respective holdings of 1st mtge. bonds of
Mathews, provided that subscriptions from any bondholders in excess of
such proportionate amounts will be accepted in whole or in part to the extent that additional prior lien bonds are available for sale by reason of
non-subscription from other bondholders. As $100 is the lowest denomination in which the prior lien bonds will be issued, holders of the present
1st mtge. bonds of Mathews will be permitted to purchase prior lien bonds
of Colonial for the nearest $100 principal amount which they are entitled
to subscribe for and purchase on the basis above mentioned. Default in
payment of purchase price will render the subscription liable to cancellation.
It is a provision of the offer to purchase that the unsubscribed portion
of prior lien bonds will be purchased by Sarnia Steamships, Ltd.
-V 137.
P. 3502.
Mavis Bottling Co. of
Operate Bonded Warehouse.-
America
-New
Contract
-To
President J. M. Elliott, Dec. 12, in a letter to the stockholders, says in
substance:
Since April 4 1933, the management has been concentrating its activities
and efforts towards putting the financial affairs of the company in such
shape as to take advantage of the Repeal of the Eighteenth Amendment.
As a result of these efforts, the present condition of your company has been
considerably improved.
Immediately upon the modification of the Prohibition Law permitting the
sale of 3.2 beer, we arranged to handle the same: (a) By the purchase, sale
and distribution of local beers-and through (b) the distribution of Schlitz
(Milwaukee) beer, under a contract obtained from the manufacturers of
that product. (c) We have recently signed a two year contract for exclusive
representation in the five boroughs of New York with the Genesee Brewing
Co. of Rochester, N. Y., featuring Genesee Liebotschaner Beer, Genesee
Twelve Horse Ale and Genesee Old Stock Ale.
The sales of beer have increased each month with a resultant profit to
your company. In view of these successful operations, your management
has contracted for the purchase of a 90% interest in a brewery in proximity
to the City of New York. This was done to obtain, among other things,
the following: A manufacturing profit and a distributing profit as well as
to assure the company of a supply of a popular priced beer for its customers.
We still retain our distributing contract of &blitz beer.
For the peat several years we have transacted business with many leading
hotels, restaurants, railroad dining car services and steamship lines.
together with many other accounts, numbering as high as 16,000.
Realizing that your company was in a position to offer its facilities with
a profit to itself in the distribution of fine whiskies, wines, cordials, champagnes, gins and other liquors (when permitted to do so upon the repeal of
the 18th Amendment) activitiee were commenced months ago contracting
distributors, processors and the agents of brands well-known throughout the
world. As a result we have been requested to take for distribution some
brands for the entire United States. We have accepted and will accept
only those which will give us a full line of well-known and popular brands.
In addition to local permits now held, application has been made for a
permit to operate a general bonded warehouse in a part of the plant of the
company located in Long Island City, N. Y. Contracts for whiskies to be
placed in the bonded warehouse are on hand and will be accepted when the
permit has been granted.
Also, in our Long Island premises a rectifying plant is to be installed for
the purpose of manufacturing gin, which will enable your company to
become the distributors of its own trade mark brand, thus participating in
the manufacturing profit.-V. 137, p. 2114.
Mayflower Hotel Co., Washington, D. C.-Makes Distribution Made to Bondholders.Holders of certificates of deposit representing 1st mtge. 6% bonds now
may receive a 6% cash distribution from funds accumulated by the receivers,
as ordered by the Supreme Court of the District of Columbia, upon surrender of the certificates for stamping. The three committees representing
the 1st mtge. bondholders have reached an agreement on a plan of reorganization which they expect to recommend to bondholders as soon as
the requirements of the Federal Securities Act and other delays will permit.
A communication to the bondholders by the committee says that, oecause
of the Federal Securities Act, they "do not, at the time, solicit the deposit
of bonds or give advice with respect thereto." The aforementioned distribution will amount to 1146,580.-V. 137, p. 4199.
May Hosiery Mills, Inc.
-Earnings.Years Ended Aug. 311931.
1933.
1932.
Profits from operations
$390,012
0431,284 x$235,505
Provision for depreciation
140,122
124,642
110,029
Interest
14,876
22,991
16,580
Income taxes
47,878
20,320
44,627
Other deductions
49,567
Net profit for period
$178,840
$212,365
$73,962
Preferred dividends
58,085
169,952
70,834
Balance, surplus
$120,755
$42,413
$3,128
x Includes other income of $13,567. y Includes other income of $9,360.
Balance Sheet Aug. 31.
1932.
Assets
1933.
Liabilities1932.
1933.
$71,665 8344,627 Accounts payable
Cash
337,654 & accrued wages $46,923
Accts. receivable_ _ 454,184
325,370
505,306
213,508 Reserve for InInventories
Investments
207,171
117,661
come and other
I Property & Plant 1,178,590 1,232,016
taxes
39,110
73,549
Advances to offic'rs
Deferred liabilities 200,000
200,000
29,136
26,055 y Capital and capand employees_ _
3,304
Rai surplus
Cash in closed bks.
1,188,747 1,188,746
Group insur.-Due
Earned surplus_
964.103
843,089
4,033
from employees.
3,788
Prep'd expenses &
19,932
21,004
accrued income.
1
1
Trade marks
32,473,322 $2,296,316
Total
Total
$2,473,322 82,296,316
X Less reserve for depreciation, $645,193 in 1933 and $505,071 in 1932.
y Represented by 41,238 shares $4 cum. preference stock (no par). 80.000
shares class A common stock (no par) and 43,000 shares class B common
-V. 137. P. 3848.
stock (no par).
Massachusetts Investors Trust.
-21-Cent Dividend.-
.Merchants Exchange, Inc., San Francisco.
-Dividend
Resumed.-
The trustees on Dec. 11 declared a quarterly dividend of 21 cents per
share. payable Dec. 30 to holders of record Dec. 15. This compares with
19 cents per share paid on June 30 and Sept. 30 last, and 20 cents per share
on March 311933.-V. 137, p. 2471.
A dividend of $1 per share has been declared on the capital stock par
$100. payable Dec. 20 to holders of record Dec. 11. Semi-annual distributions of $2 per share were made from Jan. 2 1932 to nd ncl. an. 2
-V. 137, p. 1063.
1933; none since.
.sh
"-Merchants & Miners Transporta son
Mathews Steamship Co., Ltd.
-Accepts Sarnia's Offer.- --Holders of the $1,700,000 6% bonds, due 1942, on Nov. 28 approved
Sarnia Steamship's proposal to purchase the assets pledged under the trust
deed, consisting chiefly of 13 ships. The sale is expected to be completed
about Jan. 15 1934.
o.
The directors have declared a quarterly dividend of 4ltents per share
on the no par common stock, payable Dec. 30 to holders ofLIecord Dec. 15.
This is the same as paid on Sept. 30 last, prior to which quarterly distributions of 3734 cents per share were made.
-V. 137, p. 2114.
Financial Chronicle
Volume 137
1Mock, Judson, Voehringer, Inc.-'Preft-DittoidenI.-,e
6
A dividend of 1A % on account of accumulations on the 7% cum. pref.
s k, par $100, has been declared, payable Jan. 1 to holders of record
Dec. 15. A similar distribution was made on this issue on Oct. 2 last,
the first payment made since Oct 1 1932 when a like amount was also.
distributed.
-V. 137, p. 2282.
oniteau Mills, Inc. (Mo.).-Accamouittted-Rivittral7be directors have declared a div end of 1
% on account of accumulations on the 6% cum. pref. stock payable Dec. 15 to holders of record
Dec. 12.
"rountain Producers Corp.-15-Cent Dividend.-
The directors have declared a quarterly dividend of 15 cents per .hare
t3.
payable Jan. 2 to holders of record Dec. 15, of which 14 cents is out
earnings and one cent is from capital depletion. A similar distribution
was made on the stock on Oct. 2 last, while from Jan. 2 1932 to and incl.
July 1 1933 quarterly payments of 20 cents per share were made.
-V. 137.
p. 1948.
'-,Mount Diablo Oil, Mining &
Special Dividend.
-
Development
Co.
-Pays
The directors recently declared a special dividend of A of 1% in addition
to the regular quarterly dividend of like amount on the capital stock. par $1,
both payable Dec. 1 to holders of record Nov. 24.-V. 137, p.2115.
---Mullins Mfg. Corp.
-Stock Reduced.
The stockholders on Sept. 25 voted to decrease the authorized preferred
stock to 28,775 shares from 30.000 shares.
-V.137, p. 2986.
Myelvaron Apartments (Florida).
-To Be Sold at Foreclosure.
The real estate bondholders' protective committee. George E. Roosevelt,
Chairman, announces that the committee has requested First Trust & Savings Bank. Miami, Fla. the successor trustee, to institute proceedings to
foreclose the mortgage '
securing the 1st mtge. sinking fund 6A % coupon
Fold bonds, secured by Myelvaron Apartments (The Embassy), Tampa,
Fla. It is expected that the proceedings will shortly be instituted and that
the sale will be held early next year. The committee, which already represents a substantial majority in principal amount of these bonds, plans to
bid for the property at the foreclosure sale. If the committee is the successful bidder, non-depositing bondholders will not be entitled to share in
the benefits of the purchase, but will be entitled only to their proportionate
share of the price at which the property is sold at such sale, after deduction therefrom of the amount of all prior charges.
The committee urges bondholders to deposit their bonds at once with
the depositary, Central Hanover Bank & Trust Co., 70 Broadway, New
York, N. Y.
National Bond & Share Corp.
-Asset Value Lower.
At the close of ousiness Nov. 30 1933, on which date the third quarter
of the current fiscal year ended, the assets of this corproation taken at
market values were distributed as follows: Cash and
S. Government
securities. 24.3%; bonds and preferred stocks, 14.1%, and common stocks,
RI.
61.6%.
After providing for taxes and for the dividend of 25 cents per share
payable Dec. 15, the net asset value at the close of business Nov. 30 1933
of the 187,000 shares of capital stock then outstanding was $40.49 per share,
as against $44.24 per share as of Aug. 31 1933.-V. 137, p. 2116.
National Cash Register Co. (Md.).-Foreign Sales Gain
Substantially.
Substantial gains were reported in foreign sales of the company bir
E. A. Deeds, Chairman, and S. C. Allyn. Executive Vice-President.
Mr. Deeds stated that in England sales for October and November
were $76,600 compared with $359,900 in the same period last year. German
sales for the two months were $442,900 against $224,550 in 1932.
At the end of November France reported sales 32% above its year's
quota, Denmark 20% above; Holiand 5% and Spain 11%. Broad gains
also were reported in South America, New Zealand, Australia, South
Africa and numerous other countries.
-V. 137, p. 3849.
National Grocers & Co., Ltd.
-Pays Part of Accumulated Dividends on 2nd Pref. Stock.
The directors have declared a dividend of $2.61 per share on account
of accumulations on the 7% ctunul. pref. stock, par $100, payable in
Canadian funds in December 1933. In the case of non-residents of Canada
a 5% tax will be deducted.
• After payment of the above, accruals on the 2nd pref. stock will amount
to $42.89 per share. Distributions of $1.75 per share were made on this
issue on Jan. 1 and July 1 last.
-V. 137, p. 3849.
...."--National Surety Co.-Court Upholds Approval of Insurance Department's Rehabilitation Plan.
The plan under which the company was taken over for rehabilitation by
Superintendent of Insurance George S. Van Schaick on April 29 1933 was
upheld Dec. 8 by the Appellate Division of the New York Supreme Court
in a unanimous decision. The opinion was written by Justice Francis
Martin and concurred in by Presiding Justice Edward Ft. Finch and Justices Edgar S. K. Merrell. James O'Malley and Irwin Untermyer.
The effect of the decision, according to Superintendent an Schaick.
Is not only to ratify the plan which had been originally approved by Justice
Alfred Frankenthaler ofthe New York Supreme Court, but also to assure
continuance of the rehabilitation program which has been under way since
last April. The creation of the National Surety Corp. as an important phase
of the rehabilitation program is thus approved by the Appellate Division.
The Kenlon Coal Co.. Inc., had appealed from an order entered by the
Supreme Court denying its application for an order to modify the rehabilitation order. The appellant particularly sought to have stricken from the
order the authority given the Superintendent of Insurance to adopt the
plan, to enjoin the execution thereof and to require the reconveyance of all
assets transferred in connection with the organization of the National
Surety Corp. The questions before the Appellate Division, according to
the opinion, were whether the plan should be allowed to operate subject to
certain reservations in the form of protective modifications in detail or
whether the operation of the plan should be enjoined and the National
Surety Co. thrown into liquidation.
After pointing out that the Superintendent of Insurance has had for years
the right to rehabilitate insurance companies under Section 63 of the Insurance Law, which was repealed in 1932 when the present Article XI of
the Insurance Law, relating to rehabilitation and liquidation of insurance
companies, was enacted, the Court held the present rehabilitation provisions
to be constitutional.
It was stated that the Legislature had the power to permit the Superintendent of Insurance to liquidate or rehabilitate insurance companies,
but the extent to which that power shall be used must be supervised by the
courts.
"Rehabilitation under the direction of the Court may not be set aside,"
the opinion declared, "unless there is proof of abuse a discretion or gross
Inequity. Much of the recent Federal and State legislation and administrative Acts, such as the Recosntruction Finance Corporation to assist
banks, mortgage loans institutions and other classes of financial and commercial organizations, and the Home Loan Act, have all been designed to
prevent liquidation, thereby mitigating the rigors of the depression.
"The Superintendent of Insurance chose to rehabilitate the old National
Surety Co. by approving the organization of the new corporation and by
exercising his powers as its statuory receiver in so far as its frozen assets
were concerned. He acted under Article XI, Insurance Law, and Chapter
40, Laws of 1933, which are valid enactments. It is well settled that the
legislature may enact astatute in broad outline, leaving to the executive
to arrange the details."
The Court stated that "while it is true that one creditor or a few creditors
may not be entirely satisfied, numerous other creditors and those dealing
with the National Surety Co. will most likely be saved millions of dollars
by the method of rehabilitation proposed by the Superintendent of Insuarance. The Plan suggested seems feasible and to be for the benefit of
all concerned, especially the creditors." Judge Martin said that in order to
safeguard the rights of the creditors, the formation of a new company may
have been required so that a very valuable good will and profitable business
might be saved from ruin.
It was pointed out that in most cases of rehabilitation the Court must
rely to a great extent on the Superintendent of Insurance, who has the
4369
facilities to acquire information with reference to details. By a wide
exercise of the power granted by the Statute, the Court continued, the
Superintendent may remove many of the conditions which brought about
the necessity for rehabilitation as well as the people responsible therefor.
The salaries and other remuneration may be properly regulated and the
assets of the company otherwise safeguarded.
-V. 137, p. 3849.
National Surety Corp.
-New Secretary.
Ballard McCall, associated with the old National Surety Co. from its
organization in 1897, has been appointed Secretary of the National Surety
Corp., succeeding Hubert J. Hewitt, deceased.
-V. 137. p. 2646, 1253.
National Tea Co., Chicago.-November Sales Up.
Period End, Dec. 21933-4 Wks.
-1932. 1933-48 Wks.
-1932.
Sales (consolidated)- -- - $4,695,523 $4,557,968 $57,673,773 $60,174,702
The number of stores in operation declined from 1,408 to 1,306 as of
Dec. 2 1933, which is a decrease in number of stores in operation of 7%•
-V. 137, p. 3849.
National Uniq&Radio Corp.-217=Zre-Report
2
, ,
in Capitalization
Change
Sylvester W. M downey, Chairman of the board in his remarks to
stockholders stated in part:
-Corporation has outstanding $2,000,000
Changes in Capital Structure.
five-year 5% notes due Aug. 23 1934, held by Radio Corp. of America.
An agreement has been negotiated and confirmed with it whereby, $1,000.000 of these notes will be surrendered in exchange for 10,000 snares, without
par value, of preferred stock, entitled to dividends at the rate of $5 per snare
per annum, non-cumulative prior to May I 1935 and cumulative thereafter,
redeemable at and preferred on dissolution to the extent of $105 per share
and accrued dividends. [Stockholders later approved an amendment
to the certificate of incorporation increasing the autnorized capital stock
by 10.000 shares of preferred stock.] Of the consideration for such preferred
stock. $500,000 is being credited to capital and the balance to surplus.
Options.
-Since the organization of the corporation in August 1929. it
has been found advantageous for the corporation to grant options for the
purchase of its common stock in connection with tile obtaining of loans
and other arrangements. The present status of options now outstanding
is as follows:
(a) On Aug. 24 1929 the corporation obtained a loan of $2,000,000
from Radio Corp. of America and at the same time granted to that company
an option for the purchase of 50,000 shares of common stock at $40 per
share, expiring Aug. 23 1934. At tne present time, as a result of Me
operation of dilution provisions contained in the option, the number of
shares of common stock covered by the option nas been increased to 51,921
shares at the price of $38.52 per snare.
(b) On Sept. 4 1931 the corporation, in consideration of services by
Lehman Brothers, granted to that f.rm (one of the members of which is a
member of the board of directors of the corporation) an option for the
purchase of 25,000 shares of common stock, one-third at $5 per share, onethird at $7.50 per share, and one-third at $10 per share, expiring Sept. 3
1934. During the year 1931 Sears. Roebuck & Co. became one of the
(
c)
largest customers of toe corporation's products, and on Dec. 30 1931 tne
corporation granted to that company an option for the purchase of 50,000
shares of common stock at $5 per share, expiring Feb. 28 1935.
(d) Prior to Dec. 1 1932 the corporation was Indebted to Lehman Corp.
(one of tile directors of which is a member of the board of d rectors of the
corporation) in an amount which originally was $100,000 and which was
reduced from time to time by payments: and, on Dec. 1 1932, the corporation delivered to that company a demand note for 525,000, representing
the then unpaid balance, convertible into common stock at $1.50 per share,
and providing, If paid In cash without conversion, for the granting to
that company of an option for the period of one year after the date of such
payment to purchase, at a price equal to the conversion rate specified
In the note, the same number of shares which might have been acquired
by conversion at tile time of such payment.
Up to the present time no stock has been purchased under any of such
etefrteihgtheerprateieaner;ftereieig
the
Options.
igex
ofogtiorTatgy occur will, of
with
additional working capital.
Consolidated Income Account for Years Ended April 30.
1932.
1933.
Gross profit
9
3
$640,058
$9 01
13 ,892
$393.500
Selling, adminis. & general expenses_ _
lling,
433,406
620.984
380,224
en
115,167
Interest
112,960
109,630
168.423
Depreciation
105,662
16:9
104 624
51,892
Expenses of non-operating properties_
Net loss
511,970
5217,960
Pro Forma Deficit Account.x
Capital surplus at April 30 1932
Capital surplus arising from proposed issuance of10.000 shares of
preferred stock of no par value and the credit to capital
surplus as In footnote x
Capital surplus at April 30 1933
Operating deficit at April 30 1932
Loss for year ended April 30 1933 (as above)
525,573
51.753.770
500,000
$2,253,770
2,165,869
217.961
5130,059
Net deficit April 30 1933
:See footnote d under balance sheet.
Consolidated Balance Sheet April 30.
1933.d
1922
LiabilitiesAssets--.
$75,000
Cash
$145,598 $104,$75 Notes payable_ ___ $25,000
49,143
32,841
U. S. Treas. Ws
100,000 Accounts payable_
Notes and accounts
Accr. wages, royal85,996
63,801
receivable
145,485
220,320
ties, interest, arc
Inventories
401,366
370,784 Real estate mtges.
a Land. buildings,
& mtge. instalroach.,& equip_ 1,180,222 1,283,55.5
)
ments due within
7,000
86,373 one year
7,500
Deferred charges
55,242
Res. for conting_
.
11,500
12,230
G'd-will contracts
and license
154,618
154,618 Loan payable, due
Aug. 23 l934.._ 1,000,000 2,000,000
Real estate mtges_ 115,000
122,000
Preferred stock __ _ 500.000
Common stock_ _ _ c418,953 b418,953
130,059
412,099
Deficit
Total
$2,082,532 $2,320,225
$2,082,532 $2,320,225
Total
a After reserve for depreciation of 5586,597 in 1933 and 5487.503 in
1932. b Represented by 418,954 no par shares. c Represented by shares
of $1 par value. d After giving effect to the (a) proposed authorizat'on of
10.000 shares of preferred stock of no par value (redeemable at the option
of the corporation at $105 per snare plus accrued dividends), (b) Proposed
issuance of all of said preferred stock in exchange for the surrender of $1,000,000 of the 5% notes of the corporation due Aug. 23 1934, (c) proposed
credit of $500,000 of the consideration for tne issuance of said preferred
stock to capital and the balance of $500,000 to capital surplus, and (d)
application to the deficit account of the capital surplus arising from the
foregoing transaction.
-V. 137. p. 1423.
Natomas Co. (Calif.).
-Extra Dividend.
-
The directors have declared an extra dividend of $1.25 per share in
addition to the regular quarterly dividend of 51.25 per share (previously
declared), payable Jan. 2 to holders of record Dec. 20. An initial distribution of $1.25 per share was made on the stock on Oct. 10 last.
The Chase National Bank of the City of New York has been appointed
transfer agent for the common stock.
-V. 137. p. 4023.
New England Southern Corp.-Pelzer Manufacturing
Stock Distributed to Noteholders.
Deposit agreements for 5% notes and scrip of New England Southern
Corp. and for 7% notes of New England Southern Mills (assumed by the
corporation) having terminated on Dec. 1, the noteholders' committees are ready to distribute to noteholders, shares in Pelzer Manufacturing Co. formerly securing the notes. The shares will be distributed on
the following basis: 20 shares for each $1,000 7% note and 73j shares for
each $1,000 5% note.
anove
4370
Financial Chronicle
Following the distribution, the Pelzer Manufacturing Co. will have outstanding 72,955 shares of stock. The company has three mills, one with
136,356 spindles making grey goods and wide sheetings at Pelzer, S. C.;
another with 71,904 spindles making grey goods and crash toweling at
Tucapau,S. C.,and a third with 32,716 spindles making yarn at Lisbon, Me.
In the year ended Sept. 30 1933, the company had a net loss after all
charges of $84,419, but with $289,194 of depreciation unexpended, there
was a gain in net current assets from operations of $204,775. Current
assets on Sept. 30 totaled $2,164.945 and current liabilities $447,370.V. 137, P. 2818
.
New York Evening Post, Inc.
-New Ownership.-.
Announcement of the sale of The New York "Evening Post" to J. David
Stern, editor and publisher of the Philadelphia "Record" and the Camden
(N. J.) "Courier" and "Post," was made Dec. 7. The terms of the purchase by Mr. Stern were not made public but the publisher said that he
had bought all of the 10.000 shares of the common stock of the New York
Evening Post, Inc., from the Curtis-Martin Newspapers, Inc., and that
the Evening Post Building and plant at 75 West St., N.Y.City, which was
erected in 1926, was included in the purchase agreement. The building
was bought from the estate of Cyrus H. K. Curtis, the late publisher, who
assumed control of the "Post" in 1924 for $1,620,000-V. 107. p. 1197. ,
New York & Honduras Rosario Mining Co.
-Special
Dividend.-The directors on Dec. 12 declared a special dividend of 5% on the capital stock, par $10, payable Dec. 29
to holders of record Dec. 19. The company on Oct. 30 last
paid an extra dividend of 73. % in addition to the regular
quarterly dividend of 2
See V. 137, p. 2818.
New York Title & Mtge. Co.-Meeting Deferred.
The annual meeting of the stockholders of the parent concern, New York
Title & Mortgage Corp.(New Jersey), scheduled for Dec. 11, was adjourned
until Dec. 20 because of lack of a quorum.
Frederic J. Fuller, President, said the West Side Manhattan properties
of the company were not about 92% rented and that collection of interest
on mortgaged properties had improved to about 65% for November,
against 50% in October.
-V. 137, p. 3684.
Nineteen
-Larger
Thirty
-Two Trust Fund (Mass.).
Distribution.
A dividend of 8 cents per share has been declared on the certificates of
beneficial interest, no par value, payable Dec. 15 to holders of record Dec.
12. An initial dividend of 734 cents per share was paid on Feb. 17 last;
none since.
-V. 136, P. 1553.
German Lloyd (Norddeutscher Lloyd, Bremen).
-Readjustment Plan.
-In a letter to holders of its 20-year
6% sinking fund gold bonds the company announces a
proposed plan of readjustment which contemplates the
reduction of the company's existing fixed interest charges
(on the basis of current exchange rates) by approximately
RM 4,365,000 for at least five years from the date the plan
becomes operative. In view of its critical financial situation,
necessitating the adoption of the plan, the company feels
that the only apparent alternative is a forced reorganization,
the processes of which would involve impairment of business
and destruction of values to the detriment of all concerned.
Dec. 16 1933
Ostermoor & Co., Inc., N. Y. City.-Changes Hands.
Acquisition of the 80
-year old business of Ostermoor & Co., Inc. was
announced on Dec. 12 by S. G. Krupka, President of S. G. Krupka Co..
Inc., Bridgeport, Coma. The purchase was negotiated through William B.
Nichols & Co. of New York City.
The manufacture of quality mattresses will be continued under the name
of Ostermoor & Co., with main officers at 1 Park Avenue, N. Y. City.
Sales will be co-ordinated with those of S. G. Krupka & Co., manufacturers
of upholstered furniture and mattresses.
Pacific Fruit Express Co.
-Pays Larger Dividend.
The company has paid a total of 47% in dividends for the first 11 months
this year, compared with a total of 40% in the 12 months of 1932.
The payments since July have been made on a monthly bais. No meet
fill has been scheduled definitely this month the next regular board meeting
ng set for Jan. .
The distridution of 47% is in addition to the so-called dividends paid
to the owning carriers annually on the basis of participation in the business
of the refrigerator line under the contract with this company.
The dividend amounts to $5,640,000 apiece for Union Pacific RR. and
and Southern Pacific Co. who each own one-half of the 240,000 shares of
Pacific Fruit outstanding. This compares with $4,800,000 apiece from the
same source in 1932 and $3,600,000 in 1931.
Since the two roads act as bankers for the Express company by holding
its cash in equal amounts the dividends are paid by a reduction in the item
of"non-negotiable debt to affiliated companies" on the books of the owners.
The increased dividend last year was substantially all paid out of surplus
earnings of previous years, and the increase this year is understood to have
been similarly out of surplus.
Southern Pacific's holdings are pledged with the Reconstruction Finance
Corporation as security for loans. (New York "Sun.")
-V. 136, Is• 3919
Pacific Southern Investors, Inc.
-Pays Accum.
A dividend of 75 cents per share has been declared on the $3 cumul.
pref.stock, no par value, on account of accumulations, payable Jan. 1 1934
to holders of record Dec. 15 1933. This covers the disbursement due
April 1 1933.
A similar distribution was made on the above issue on Aug. 5, Sept. 1
and Oct. 2 last. Accruals after the Jan. 1 payment will amount to $2.25
per s are.- . 137, p. 2285.
Paraffine Companies, Inc.-Resumes Dividend.
A dividend of 50 cents per share has been declared on the common stock,
no par value, payable Dec. 27 to holders of record Dec. 18. A similar
distribution was made on this issue on March 27 1932; none since. The
latter payment compared with 75 cents per share made on Dec. 28 1931
and $1 per share previously each quarter.
-V. 137, p. 4024.
Patterson-Sargent Co.
-Earnings.
Years Ended Oct. 311933.
1932.
1931.
a Operating profit
$509,880
$280,600
$165,732
Other deductions (net)_
24,933
6,470
Cr14,748
Prov. for Federal taxes_
34,250
18,500
62,000
Net profit
$221,416
Previous surplus
2,693,303
Adj. pr. yrs. Fed. taxes
$140,763
2,809,963
2,185
$462,628
2,776,951
617
1930.
$829,041
3,388
93.000
$732,652
2,534.356
4,815
Total surplus
$2,914,719 $2,952,911 $3,240,196 $3,271,823
Divs. on 2d pref. stock_
47,372
34,608
34.608
30,233
Common dividends_ _ _
400,000
100,000
225,000
400,000
Prem.on pref.stk.retired
12,500
Provision for conting_
35,000
Balance, surplus
$2,780,111 $2,693,303 52.809,963 52,776,951
Under the plan, holders of the 20
-year bonds are asked to assent to a
Earns, per sh. on 200,000
change in the annual interest rate on their bonds from 6% in fixed interest
shs, corn. stk. (no par)
33.42
$2.16
$0.53
$0.93
to 4% in fixed interest and 2% in contingent interest, thus contributing
a After deducting cost of sales, selling, administrative and general
less than RM 865.000 annually to the reduction in fixed interest charges
expenses.
on the basis of current exchange rates.
Balance Sheet Oct. 31.
The contingent interest is payable, ahead of dividends on stock of the
1932.
Assets1933.
1933.
company, in the discretion of the board for five years. Contingent interest
1932.
LiabilitiesCash
not paid during the first five years is later payable, together with contingent
$468,311 $1,003,496 Accounts payable_ $153,685 $112,095
U. S. Gov. secure_ 1,019,823
59,608
59,608
interest for the remaining life of the bonds on the basis of the earnings
622,775 Dividends payable
47,291
Customers'notes
of the company.
60,613
Accrued taxes__
354,210
accept's payable 556,237
Upon the deposit of bonds with Chemical Bank & Trust Co.,as depositary,
563.557 Res. for conting__ 349,186
Inventory
494,400
bondholders are to receive in dollars $20 per $1,000 bond, representing
845,478
571,635 2d pref. stock_ __ _ 494,460
Sun.secure. owned
300,000
x Common stock_ 300,000
interest at the fixed rate of 4% from May 1 1933 to Nov. 1 1933. The
miscell. accts.
Profit and loss surcompany has defaulted in the payment of the 6% interest due Nov. 1 1933
2,780,111 2,693,303
receivable,
58,215
plus
67,964
and no provision is made in the plan for bondholders who do not deposit.
Dep. in closed bk_
43,600
The plan contains important concessions on the part of the company
Land, bkigs., maand its other creditors to compensate the bondholders for changing 2%
chinery, equip.,
of their fixed interest into 2% contingent interest. Thus, the plan contains
Sec
1,167,907 1,226,136
a letter from German governmental authorities recognizing that the new
Uncap. ins, prem.
arrangement for servicing interest on the bonds out of the American dollar
prepaid taxes_ _
28,283
15,092
revenues of the company is not to be subject to German transfer or other
governmental restrictions. The plan further provides for the subordination
14,197,603.34,060,907
Total
$4,197,603 $4,060,907
Total
to the bonds of the principal of RM 50,000,000 of other debt of the company, so that the bonds will represent about 46% instead of about 307
c,............ Represented by 200,000 (no par) shares.
-V. 135, p. 4395.
of the outstanding debt of the company (apart from current accounts
Pennsylvania Glass Sand Corp.
-Bonds Called.
payable and possible contingent liabilities) now outstanding and ranking
equal with the bonds. The plan further provides for the delivery to bondThere have been called for redemption as of Jan. 1 1934 a total of $67.000
holders of warrants to purchase stock of the company at 105% of par and
of 1st mtge. 6% s. f. bonds, due July 1 1952. Payment will be made at
permits bondholders to turn in their bonds at their full principal amount
105 and int. at the offices of Brown Brothers Harriman & Co. in Philapaent for the stock.
ym
delphia, New York and Boston.
-V. 137, p. 2472. dip
in According to the letter, Kuhn. Loeb & Co. and Guaranty Co. of New
York, who originally sponsored the bonds in this country, have advised
People's Drug Stores, Inc.
-November Sales.the company that, on the basis of information furnished them, they believe
-1932.
Decrease.
1933- Nov.
1933-11 Mos.-1932. Decrease.
the plan, under all the circumstances, is in the interest of the bondholders.
$1,228,854 $1,248,610
$659,407
$19,756 I $13,827,238 $14,486,645
plan is the net result of weeks of negotiations
It is understood that the
-V.137,9.3685,3504.
between the American bankers and the company and represents from the
point of view of the bankers the culmination of their efforts to obtain the
Peoria Life Insurance Co.
-To Become Mutual.best possible deal for the American bondholders and at the same time
Court
Mutualization of the company was approved Dec. 14 by
permit the company to readjust its debt structure in accordance with its Judge John M. Niehaus, at Peoria, Ill., who ordered GeorgeCircuit
A. Shurtleff,
financial requirements.
co-receiver, to proceed with the reorganization. Judge Niehaus rejected
From the German side this is probably the initial major attempt to
the bid of the 'Life & Casualty Co. of Chicago, which had presented a
obtain through voluntary reorganizations rather than German decrees,
-V.1137,
plan for taking over the assets and liabilities of the company.
the reductions which the Germans feel are essential not only in view of
p. 3685.
the financial condition of many of their largest business enterprises but
of the foreign exchange position of Germany as a
from the point of view
Pie Bakeries, Inc. Preferred Dividend.
whole.
-V. 137, p. 3850.
The directors have declared a dividend of 33 % on account of accumulations in addition to the regular quarterly dividend of 1 3 % on the 7%
-Suit Against Officers.
North & South American Corp.
cum. pref. stock, par $100, both payable Jan. 2 1934 to holders of record
-V. 136, P. 3175.
See Insuranshares Corp. of N. Y. above.
Dec. 20 1933. This clears up all accruals on the stock.
On Oct. 2 1933, the company made a payment of 1 % on account of
-Extra Dividend.-'
Onomea Sugar Co. Hawaii.
accumulated dividends in addition to the usual quarterly distribution of
The directors have declared an extra dividend of 60 cents per share in
like amount.
-V.137, p. 2285.
addition to the regular monthly dividend of 20 cents per share, both payable
Poli-New England Theatres Inc. Organized-To Succeed
Dec. 20 to holders of record Dec. 10, subject to the Hawaiian unemployment_
relief tax of M of 1% and the 5% NRA tax.
-V.137, p. 1424.
Fox-New England Theatres, Inc.-See latter company above. .
" -..Ontario Manufacturing Co.
-Dividend Omitted.
The directors have decided to omit the quarterly dividend ordinarily
payable about Jan. 1 on the no par value common stock. Quarterly distributions of 12;4 cents per share were made on this issue on July 1 and
Sept. 30 last. (See V. 136, p. 4285.)-V. 137, p. 1949.
Otis Co.
-Earnings.
Years End.Sept.301932.
1931.
1933.
1930.
Net sales
$2,916,744 $2,130,139 .*3,875,178 35,664,413
Loss after all charges__ _
131,463
572.451
336,104
109,229
Comparative Balance Sheet.
Assetsb Oct. 7'33. a On. 132. Liabilitiesb Oct. 733. a Oct. 132.
Cash, time dep., dr
Accounts payable_ 331,219
$31,936
short-term notesS1,054.158 $1,512,541 Accrued items and
Accts.rec.(less res.) 436,131
240,345
res. for taxes,&c. 258,890
158,139
Invent. (less res.)_ 899,427 c371,847 d Capital stock__ 2,831.352 2,908,632
Prepaid items_ _ _
85,499
2,109,872 2,189,688
96,597 Surplus_ __ .
51.834
Investments
49,834
Plant(less deprec.) 2,704,283 3,017,230
35.231,333 $5,288,396
$5,231,333 $5,288,396
Total
Total
a Not yet audited. b Taken from audited report. c The reserve deducted amounted to $425,000. d Represented by shares of $80 par value.
-V. 135. p. 4045.
Pond Creek Pocahontas Co. Production.
Month ofNov. 1933. Oct. 1933.
Coal mined (no.of tons)
91,539
106,091
-v. 137, p• 3504, 2820.
Producers & Refiners Corp. Termination
-
Nov. 1932.
156,077
of Protective
Agreement.
The holders of certificates of deposit issued under the protective agreement, dated Aug. 1 1932, for cumulative convertible 7% preferred stock
have been notified by the protective committee that the protective agreement has been terminated as of Dec. 15.
Holders of certificates of deposit for cumulative convertible 7% Preferred
stock, upon surrender in negotiable form of their respective certificates
of deposit to the depositary, Central Hanover Bank & Trust Co.,70 Broadway, N. Y. City, and upon payment to the depositary of their pro rata
shares of the indebtedness, obligations and liabilities of the committee,
namely, at the rate of $.35 per share, and upon compliance with the conditions of the protective agreement, are entitled to receive preferred stock
certificates to the amount represented by the certificates of deposit so
surrendered.
-V. 137, p. 4200.
Providence Washington Insurance Co.
-Extra Div.
An extra dividend of 2% was declared Dec. 12 on the capital stock, par
$10, in addition to the regular usual dividend of 2%, both payable Dec. 27
Volume 137
Financial Chronicle
to holders of record Dec. 14. Regular quarterly distributions of 2% have
been made on the stock since and incl. Dec. 28 1932, as against 14% on
Sept. 30 1932.
Former Congressman Richard S. Aldrich was recently elected a director of
this company and the Anchor Insurance Co. of Providence, R. I., to
succeed the late C. Prescott Knight.
Mr. Aldrich's term as a director of the Providence Washington company
expires in January 1936, and his term on the Anchor Insurance Co. board
expires in January 1937.-V. 136, p. 2258.
(The) Pyle-National Co., Chicago.-$1 Pref. Dividend.
A dividend of $1 per share has been declared on the 8% cumul. pref.
stock, par $100, payable Dec. 20 to holders of record Dec. 10. Following
this payment accumulations on the pref. stock will amount to $9 Per share.
Real Estate Trust Co., Phila.-Changes in Capitalization
Approved-New Directors.
The stockholders on Dec. 12 approved the proposed change in the capital
structure by which surplus was increased to $3,500,000 from $2,000.000.
capital reduced to $1.500,000 from $3,000,000 and the par value of the
capital stock reduced to $50 from $100.
The change was effected because of the provision in the new Banking
code of Pennsylvania which restricts dividend payments of banks to only
50% of net earnings as long as surplus is less than the capital stock account.
George L. Morrison, President of the General Cold Storage Co., and of
the General Warehouse Co. both of Philadelphia and Vice-President of the
Harborside Warehouse Co. of Jersey City, N. J., was elected a director to
'
fill the vacancy created by the resignation of Gustavus W. Cook.
Four directors whose terms expired were reelected. They were Thomas
W.Synnott, Edgar D.Hilleary, Samuel F. Houston and Melville M.Parker.
-V. 136, P. 2988.
Republic Steel Corp.
-New General Manager
R. J. Wysor, Vice-President, announced on Dec. 11 the appointment of
John H. Nelson of Negaunee. Mich., as General Manager of the company's
Lake Superior district at Duluth. Mr. Nelson, who was General Superintendent for the company's Marquette Range properties, succeeds F. J.
Weob, who died last week -V. 137. p. 3160.
Richardson Co., Cincinnati.-20-Cent Dividend.
A dividend of 20 cents per share has been declared on the no par value
common stock, payable Dec. 22 to holders of record Dec. 18. A distribution of five cents per share was made on this issue on Dec. 30 1932;
none since. The latter payment was the first distributed since Nov. 15
1930 when a quarterly dividend of 40 cents per share was paid.
-V. 137.
P. 4024.
Robbins & Myers, Inc.
-Earnings.
Earnings for Year Ended Aug. 311933.
Loss from operations
Depreciation
Maintenance
Net loss
Previous deficit
$3,897
82,787
29,358
$116,042
971,203
Total deficit
$1.087,245
31 1933
Deficit appearing on balance sheet of combined cos., May
written off (as shown below)
1.125,837
Reduction in reserve to reduce net assets of Canadian sub., excl.
of permanent assets & °Wig. payable in U. S. funds to rate of
exchange prevailing Aug.31 1933
11,675
Profit and loss surplus Aug. 31
Capital Surplus Account Aug. 311933.
Surplus arising from change in par value of preferred stock
Reserve for contingencies written-off
150,267
4371
Schonbrunn Brewing Co., Inc.,
.-Stock Offering
Zaiser & Zaiser, Indianapolis, are offering 50.000 shares of
capital stock at $1.25 per share.
Capitalization
Authorized. Outstanding.
Common stock (par value $1)
125,000 abs. 125,000 shs.
Listing.
-Application has been made to list this stock on Chicago Curb
Exchange.
Data from Letter of Robert E. Seiter, President of the Company.
History of Business.
-Company was incorp. in Illinois Sept. 6 1933 to
brew and sell beer and other cereal beverages, and has been licensed to
do business in the State of Wisconsin. Company acquired the property
of a brewery originally founded in 1878 which was in continual operation
until the advent of prohibition. After prohibition became effective.
Company manufactured near beer, for several years, and for a while part
of the factory was used for manufacturing ice cream. The land, buildings
and equipment of the former company were acquired in June 1933 by
Robert E. Setter, John A. Orgel and Ralph L. Gronwall from the owners
of a defaulted bond issue at a bargain price of $10,500, as it then stood.
and subject to accrued taxes of $781. They then spent approximately
$18,720 in rehabilitating the property. This rehabilitated property was
apprais.d by Lloyd-Thomas Co., appraisal engineers, of Chicago. on
July 18 1933 at a replacement value of $113.673 and net sound value of
$75,858. This rehabilitated property, together with further rehabilitations for which the owners paid an additional $1.718 was transferred to
the corporation upon organization in excnange for 75,000 shares of its
Si per share par value common stock issued to said owners equally, and
the company assumed 8640 of the rehabilitation expense, making a total
valuation of $76,937 upon the property exchanged for $75,000 par value
stock.
It is estimated by Lloyd-Thomas Co. that the brewery will have an
annual capacity of 30,000 barrels upon completion of the installation
of additional equipment and necessary rehabilitation, as specified.
Options. &c.
-There are no options outstanding or to be created in
connection with this issue excepting an option which grants to the underwriter the exclusive right to acquire, for public sale, 40,000 shares of the
50,000 shares of unissued capital common stock at $1.06 34 net to the
corporation. The underwriter is obligated to purchase the other 10.000
shares from the corporation at 51.0634 per share, net. This stock shall
not be offered to any other person at a price varying from that of the
public offering.
Under an agreement certain holders of the company's common stock
have agreed to transfer 12,500 shares of their common stock to the underwriter, Raiser & Raiser, Inc., without cash consideration, this common
stock to be taken up pro rata with the sale of the above 40.000 shares.
Purpose.
-The proceeds will be used for rehabilitation of plant, installation of additional equipment and working capital.
Officers are: Robert E Seiter, Pres., Sturgeon Bay, Wis.; John A.
Orgel, Vice-Pros., Midlothian, Ill.; Ralph L. Gronwall, Sec. & Treas.,
Blue Island, Ill.
Selected American Shares, Inc.
-Investments.
-
As of Nov. 20 1933, the assets, were invested approximately as follows:
Industrial stocks, 80.2%; railroad stocks, 10.8%; public utility stocks,
7.1%; cash, 1.9%. The distribution of the 80.2% in the industrial stocks
is approximately as follows:
Automobile
8.4%Medicine and drug
0.9%
Chemical
16.6%
Metal
2.8%
equipment
3.6%
Metal container
6.4%
Food
8.2
Oil
8.29'
3.9
Household products
3.6
Railroad equipment
2.5
Kodak and film
1.2
Tobacco
4.2%
Machinery
Construction
0.1%
Merchandising
11.3%
Total assets on Nov. 20 1933, exceeded 53,500,000.-V. 137, p. 4025.
$1,649.059
50,000
Servel, Inc.-To Vote on Stock Option-Swedish Interests
to Acquire Control.
-
Total surplus
$1,699,059
Investments written-off
33,831
Reduction of treasury stock
5.907
Deficit appearing in bal. sheet of combined cos. May 31 1933
written-off
1.125,837
Capital surplus, Aug. 31
$533,483
Consolidated Balance Sheet Aug. 31.
-Issas1933.
1932.
Ltgbtlfttes1933.
1932.
5102.187 $165.617 Notes payable_ _ _ 810,C06
Cash
$5,000
C.S. & Can. Govt.
Accts. payable, &c 154,392
48,582
securities
160,707
161.807 Reserves for consflustomers' notes,
tingencies, &c__
4.770
50,688
accept. & accts.
6% pref.stock_ _ _x1,009,200 2,523,000
receivable
220,178
140,058 y Common stock_ 128,505
256,419
Inventories
775,065
735,992 Capital surplus..
523,483
Other assets
22,104
72,049 Profit and loss__ __
50.267 det971,20
Permanent assets_ 598.990
616.441
Patents & licenses.
10,000
Unexp.ins prems.,
supplies, &c___.
11,384
10,521
Swedish interests, who are large stockholders in Servel. Inc.. will assume
control of the corporation early next year if stockholders agree to proposals
of the present management, according to letters sent on Dec. 8 to Serve'
shareholders by President If. H. Springford.
A special meeting of the stockholders has been called for Jan. 5 to approve
the proposal to elect Axel Wenner-Gren of Stockholm as Chairman of the
board for at least one year and the sale to a corporation controlled by Mr.
Wenner-Gren of 100,000 shares of Serval common stock at $4.50 a share.
It is further proposed to grant the corporation controlled by Mr. WennerGren a three-year option to purchase 100,000 additional shares of common
stock at $5 a share during 1934. $6 during 1935 and $7 during 1936.
Mr. Wenner-Gren is Chairman of the board of A. B.Electrolux, a Swedish
corporation which has a substantial stock interest in Servel. Inc., and which
controls the world rights except to the extent controlled by Served, Inc..
to the patents under which the Electrolux refrigerator is manufactured and
sold. The contract by which Mr. Wenner-Gren would be made Chairman
of the board provides that he shall serve without salary.
-V.137. p. 1594.
Total
51,890,617 91,912,486
Total
$1,890,617 $1,912.486
x Represented by 100,920 no par shares. y Represented by 128,505
shares no par value in 1933 and 126,075 in 1932. z After allowance for
doubtful, &c., of $29,437 in 1933 and $27,438 in 1932.-V. 137, p. 704.
(Sabin) Robbins Paper Co.
-Preferred Dividend.
-
1
A dividend of 14% has been declared on the 77. cum. pref. stock, par
si00, on account of accumulations, payable Dec. 18 to holders of record
Dec. 15. A similar distribution was made on this issue on Jan. 3, July 3
and Oct. 2 last, the April 1 1933 payment having been deferred.
-V. 137,
p. 2475.
Theatres Corp.
-Court Continues Receivership.
-
hawmut Corp. of Boston.
-Reduces Capital.
-
The stockholders have approved a reduction in common stock from 15,000
to 10,000 shares f $100 par value, The reduction is to be effected by the
,
surrender of 5,000 shares for retirement, without any reduction in existing
assets of the corporation.
Silesian-American Corp.
-Changes in Collateral.
Re this corporation's 15 year 7% collateral trust sinking fund gold bonds,
due Aug. 11941, notice has been received by the New York Stock Exchange
from the Guaranty Trust Co. of New York that on Nov. 11933. they, as
trustee, canceled on account of the sinking fund payment due Nov. 1
1933 $150,000 principal amount of Bergwerks-ges.11schaft Georg von
GlescheS Erben 84% sinking fund mortgage gold bonds, due Nov. 1
1945. held as collateral under the above indenture; that as a result of this
transaction they now hold as collateral under this indenture $3,600,000
principal amount of the aforesaid bonds.
-V.135, p.3369.
Sinclair Refining Co.
-Sales Increased.
The receivership under Howard S. Cullman was extended for another
This company, marketing subsidiary of the Consolidated Oil Corp..
six months by Federal Judge Francis G. Carey on Dec. 12.
reports for the first eight months of 1933, an increase in sales of all products
Mr. Cullman reported a net operating profit of almost $16.000 from
of 300,000,000 gallons over the corresponding period in 1932. An important
Dec.7, and a net operating profit of$18,521 in the 25 weeks ended
Nov.9 to
factor in this gain is the company's increased lubricatingoil sales, the comDec. 7, as against a net operating loss of $229,526 for the 25 weeks ended
pany stated on Dec. 14. Sales of all products in November of this year
Dec. 8 1932. The operating profit was figured before deductions for int.
were 14% greater than the corresponding month last year.
or deprec at on.
-V.137. p.1068.
Alfted L. Rose of Proskauer, Rose & Paskus, counsel to the receiver
.."Skouras Bros. Enterprise Inc.
-Schedule Filed in
told the Court that the receiver had on hand in cash approximately $128,000:
and had no operating bills payable. If the Court permits, he said, the
Bankruptcy Shows Assets Valued at $1,694,195
-Debt Listed
receiver will use 00,000 of this to pay back city taxes in order to save the
at $5,008,419.10% charge that will become effective on Jan. 1. Taxes in arrears, dating
•
back before the receivership, total $218,000.-V. 137. p. 4024.
Liabilities totaling $5,008,419 are shown in schedules filed in U. S.
District Court at St. Louis by this company, which recently filed a voluntary
(The) Rowntree Co., Ltd. (Canada).-Bonds Called.
bankruptcy petition. The company listed assets at $1,694.195.
The principal debt listed is $4,050,000 in bonds which were issued by
The company announced yesterday that it has drawn for redemption
Central Properties Corp. in 1925. They were secured by a deed of trust
-year sinking fund gold
at a premium of 11A% a block of its 1st mtge.6% 10
on the Ambassador Building and were guaranteed by the now bankrupt
series A. The bonds called will be payable Feb. 21, at the Manubonds,
holding company and two Skouras brothers, Spyros P. and Charles
facturers Trust Co. in New York City, or at the chief offices of the Canadian
P.,
who founded the company.
-V. 124. p. 659.
Bank of Commerce in Toronto and Montreal.
The bonds are in default and last spring a bondholders' protective committee headed by Thomas
(Joseph T.) Ryerson & Son Inc.
-Resumes Dividend.- payment of $2.600,000 N. Dysart filed suit in Federal Court to enforce
of the bonds deposited with the
A dividend of 25 cents per share has teen declared on the capital stock,
Other liabilities listed include $52.854 deficiency taxcommittee.
due the Governpayable Dec. 28 to holders of record Dec. 21. Quarterly distributions
ment for 1920. 1921 and 1928; $18,313 real estate and franchise taxes due
made on this issue on Aug. 1 and Nov. 1 1931;
of 30 cents per share were
the city and State. and $24 wages. Secured claims ace given as $6,728,
-V. 136, p. 1733.
none since.
representing a mortgage On the West End Lyric Theater. Unsecured
claims aggregate $5.008,418.
Safety Car Heating & Lighting Co.--$1 Dividend.
Besides the bonds, other unsecured claims are $58,750 owed for rent
dividend of $1 per share has been declared on the capital stock. payable
A
to the Empress Amusement Co. on the Midtown Theater; $20,000 to the
Dec. 23 to holders of record Dec. 15. A similar distribution was made on
Middletown Realty Co. for rent on the West End Skydome; $79,522 to
May 15 and Sept. 15 last. (Compare V. 137, p. 1427.)-V. 137, IL 1779.
Standard Building Co.. Kansas City, for rental of properties in Kansas
City; $4,007 taxes on Kansas City property, $96,946 advanced to the
Safeway Stores, Inc.-Sales.
holding company since 1928 by Warner Brothers Pictures, Inc., New
-4 Weeks Wnded- -48 Weeks EndedYork, and $272,020 advanced by Central Properties Corp. since 1928.
Dec. 2 '33. Dec. 3 '32. Dec. 2 '33. Dec. 3 '32.
PeriodOther unsecured claims are $423,750 interest due the bondholders since
$17,210,537 516.328,9785201.882,7155210.412,546
Sales of system
April 20 1932.
now in operation, 3,292, compared with 3,386 last year.
Stores
-V. 137.
The assets include real estate consisting of the West End Lyric Theater
P. 3686. 2989.
building and ground, $98.700; cash, $7; bills, promissory notes and securi-
4372
Financial Chronicle
ties. $68,737; debts due on open accounts, $9,461; stocks and negotiable
bonds. $1,516,824; insurance policies, $66, and $255 deposits in banks.
The chief items of assets are 10,000 shares of capital stock of Central
Properties Corp. which is listed as carried on the holding company's
books at $1,153,600, and 12,421 shares of capital stock "A" and 13,929
capital stock "B" of St. Louis Amusement Co., carried on the books at
$312,361. The latter company operates a chain of neighborhood movie
houses.
Other assets listed include a note executed by Twelfth Street Amusement
Co., Kansas City, in 1923 for $23,650 and a note executed by Edward L.
Butler in 1929 for $1,450, both of which are listed as "worthless." Another
unsecured note listed is that of St. Louis Amusement Co., dated 1929,
and given in the amount of $68,737.
Included in the assets are: $628 said to be due on an open account from
Gene Rodemich, New York; $4,727 alleged to have been advanced to
Buland Amusement Co., and $4,085 balance due on account of St. Louis
Amusement Co.
-V. 137, p. 1428.
---.. "
--Socony-Vacuum Corp.-Merger of Far Eastern Marketing
Properties Approved.
The stockholders on Dec. 14 approved the sale and conveyance by this
corporation to Standard-Vacuum Oil Co.,a Delaware corporation, pursuant
to an agreement dated Aug. 30 1933 between this corporation and Standard
.
Oil Co. (New Jersey) of the property, rights, privileges and franchises of
'
this corporation in the area described in said agreement as the "Far East,
including this cbrporation's shares of stock in its Far Eastern subsidiary and
affiliated companies. The principal countries and territories in the "Far
East," as this term is used in said agreement, are India, China, Japan,
Dutch East Indies, Philippine Islands, Australia, New Zealand and South
Africa. The capital stock of Standard-Vacuum Oil Co. will be owned in
equal amounts by Socony-Vacuum Corp. and Standard Oil Co. (New
Jersey). See also V. 137. p.4025.
Dec. 16 1933
parts of the world. Our Canadian subsidiary, the Studebaker Corp. of
Canada, Ltd., at Walkerville, Ont., reports the best November business
in its entire 22 years of existence. Sales of the Studebaker Pierce
-Arrow
Export Corp. during November were 480% of November of last year;
shipments for November were the largest for any month since June 1929.
fourth quarter sales will double those for the third quarter
of this year and will triple the sales for the fourth quarter of 1932. -V• 137.
p.4203, 4025.
un Oil Co. bieting-of-Additional- Common Stock,
The New York Stock Exchange has authorized the listing r or after
e o
. 15 of 143,200 additional sharesof common stock (no par n official
notice of issuance, as a stock dividend, making the total am nt applied
for 1,747,159 shares.
The directors on Nov. 14 declared a stock dividend on the common stock
at the rate of nine shares per 100 shares held, payable Dec. 15, to holders
of record Nov. 25. Stock, when issued, will be charged against the earned
surplus of the company at the rate of $33.87646 per share.
-V.137, p. 3687.
(The K.) Taylor Distilling Co., Inc.-Stock Offered.
Public offering is being made of 225,000 shares of capital
stock by F. S. Yantis & Co., Inc., New York and Chicago,
who have been appointed selling agents. Initial offering
price is $2.50 a share. Stock offered as a speculation.
Transfer agent, The New York Trust Co.;registrar, Chase National Bank.
New York.
Capital Stock.
-Company is authorized to issue 500,000 shares of capital
stock (par $1). 125,000 shares of such stock have been issued and are
outstanding, all of which are fully paid and non-assessable. The total
capital and paid-in surplus in respect of those shares is $125,000.
After the sale of all of the shares now to be issued, there will be issued
and outstanding 350,000 shares of such stock.
10.000 shares of the authorized but unissued capital stock of the comSovereign Wines & Spirits, Ltd., New York.-Registrar.
pany are subject to an option given to Colonel Kenner Taylor as part
The Chase National Bank of the City of New York has been appointed
consideration for his agreement to act in an executive capacity for the
registrar of the $1 par value capital stock.
Company for a period of five years,and to permit the use of his name in the
name of the company and for advertising and labeling purposes. Colonel
-Receives Large Orders.
Sperry Corp.
Taylor's option may be exercised as to all or a part of those shares at any
The Sperry Gyroscope G 0.. a subsidiary, has received orders from the
time within five years by the payment of $2.50 for each share as to which
U. S. Navy amounting to $743,000.
the option is exercised, and any of the authorized but unissued capital stock
-inch, high intensity 350,000,000 beam
Of the total, $291,000 is for 36
of the company may be applied thereto. It is not limited to shares incandle power searchlights, to be installed on the Navy ships now under
cluded in this issue.
part of the National Recovery program.
construction as
There are no other options outstanding or to be created in connection
The remaining $452,000 is for gyro-compasses, which will be installed
with this issue.
on the cruisers, aircraft carriers, gun boats, destroyers, and submarines.
The company has extended to its present stockholders the privilege of
received from the U. S.
The orders are in addition to a $2,015,900 order
purchasing, on the same terms as purchases shall be made by the public,
-V.137, p. 1594.
Army last week for searchlights.
2 shares of the stock now to be issued in respect of each Ili shares of the
stock of the company now held by them. Such privilege is to be exercised
-Tank Farm Tax Valuation within such reasonable time as the company may designate. Any stock
Stanolind Oil & Gas Co.
purchased pursuant to such privilege will be sold by or through F. S. Yantis
Raised in Wyoming.
& Co., Inc., in the same manner, on the same terms and for the same
The Board of Equalization of Wyoming has ordered the advance of the
commission as any of the other stock now to be issued.
of the company's Clayton tank farm to $8,896,698 from
tax valuation
Organization.
-Company was organized Aug. 23 1933 in Delaware.
$3,775,064.
Company was organized by F. S. Yantis & Co., Inc., New York, one of
The State claims the tank farm has been undervalued for several years
its promoters. The other promoters thereof were: J. blunter Byrd, Lexingvaluation rather than the former, but
and that taxes are due on the larger
ton, Ky.; Arthur J. Conlon, Belmont, Mass.; Edward L. Davis, Midway,
the State does not expect to attempt to make the new order retroactive.
KY.. and Samuel S. Yantis, Lexington, Ky.
It is expected that the company will take the matter to the Circuit Court.
Company has purchased 24.2 acres, more or less, of land and the build-V. 137, p. 4202.
ings, structures and equipment thereon, consisting of the part of the property at Forks of Elkhorn near Frankfort, Franklin County, Ky., formerly
-Earnings.State Theatre Co., Boston.
owned by Frankfort Distillery, Inc., which had been operated by the
1931.
1930.
1932.
1933.
Years End. Aug. 31latter as a distillery.
$247,715
$246,600
$241,800
$123,430
Net profit
On July 8 1933 J. Hunter Byrd was given an option to purchase such
84,053
87,712
89,964
89,717
Depreciation
property by J. C. Noel. the then owner thereof, for $30,000: on Aug.4 1933
Amort. of bond discount
he assigned his option to Samuel S. Yantis, individually and(or) as attorney
17,666
17,666
17,666
17,666
and expense
for Mr. Byrd: on Aug. 5 1933 Samuel S.Yantis, individually and as attorney
17,828 '
17,840
17,838
Preferred dividends_ - - _
17,848
for Mr. Byrd, assigned the option to F. S. Yantis & Co., Inc., and, at the
direction of the latter, the option was exercised. Title, subject only to a
$124,499
$127,053
def$2,047
$116,577
Balance, surplus
lien for 1933 real estate taxes, was taken in the name of Samuel S. Yantis,
456,604
328,567
581,103
Previous surplus
697,680
the nominee of F. S. Yantis & Co., Inc.
984
Adj.of taxes prior years_
On Aug. 25 1933 the company accepted the offer of F. S. Yantis & Co.,
Inc. to sell the property and paid $45,000 in non-interest bearing notes,
$456.604
5697,680
$581,103
Balance, surplus
$695,633
'
due Sept. 25 1933, to F. S. Yantis & Co., Inc., and issued an aggregate
Earns, per eh. on 86,358
of 50,000 shares of its capital stock, 40,000 shares to F. S. Yantis & Co..
shs. no par coin. stock
Inc., and 10,000 shares to Arthur J. Conlon, as consideration therefor.
Nil
$1.48
$1.35
$1.44
outstanding
The notes for $45,000 have been paid. Mr. Conlon was interested in the
property to the extent that he had assisted in financing its purchase by
Balance Sheet Aug. 31.
F. S. Yantis & Co., Inc. F. S. Yantis & Co., Inc., paid $30,000 for the
1933.
1932. •
Liabilities
1933.
1932.
Assets-property according to the terms of the option and an aggregate of $15,000
x Fixed assets_ _ _ _$2,142,704 $2,223,822 Preferred stock__ _ $230,600 $230,600
to Samuel S. Yantis and Byrd for the option and for their services in con863,580
106,381 y Common stock _ _ 863,580
268,140
Cash
nection with the negotiation of the sale of the property. $1,500 of that
7,154
3,976 6% gold bonds.,. 1,065,000 1,134,500
Accts. receivable_
amount was paid by Samuel S. Yantis and Byrd to Edward L. Davis for
1,920
4,020
405,805 Dep. on leases_
U.S. Gov. seeur_ _ 260,000
S.
his services in aiding in the negotiations.
698
2,091
6,945 Notes payable_ _
Int. acer. thereon_
History.
-So far the business of the company has been essentially pre11,970
11.017
86,805 Accts. payable_ _ _
56,625
Treasury bonds_
in preparation for
20.790
21.700 liminary to and in the manufacture the manufacture of whiskey and it has
Accrued interest_ _
for
Sinking fund
not yet engaged
of whiskey. Company has no affiliates
42,968
46,505
64.835 Real estate taxes_ _
83,000
preferred stock _
or subsidiaries and does not control or is not controlled by any person or
2,520
18,926
190,117 Fed. income tax_ _
167,727
Deferred charges_
entity participating in the distribution of the shares now to be issued or
4,462
4,460
Dividends payable
any other person or entity.
48,000
55,000
Sink, fund paym't
Property.
-A number of the buildings that were used by the Frankfort
695,633
697,680
Surplus
Distillery, Inc., when it operated a distillery on the property, remain.
They can and will be put in good serviceable condition. According to the
$2,987,443 $33,088,686
Total
$2,987,443 $3,088,686
Total
report to the company of Ford, Bacon & Davis, Inc., dated Aug. 22 1933.
x After deducting $730,743 ($640,780 in 1932) reserve for depreciation.
the property, including land, before improvements and repairs are made,
-V. 135, p. 4047.
has a reproduction value new of $152,948 and a reproduction value, less
y Represented by 86,358 shares of no par value.
depreciation. of $95,275. It estimates that a maximum expenditure of
Sterling Products (Inc.).-Transfer Agent.
$19,390 will put all present buildings and property in good operating condition.
The company will maintain its own transfer office at 170 Varick St.,
Ford, Bacon & Davis, Inc., estimate that the rehabilitation work, new
N. Y. City, on and after Dec. 16 1933, it is announced. Arrangements will
construction and installation of equipment will cost approximately $336,950.
be made with the registrar, Bank of The Manhattan Co.. both to receive
-V. 137.
It is expected that the distillery when completed as planned, by operating
and redeliver at its office all certificates presented for transfer.
ten hours daily, will have a production capacity of 120 barrels of distilled
p. 3508, 1781.
whiskey a day, which, based on 200 days of operation a year. would indicate
-New Director, etc.
-Warner Corp.
Stewart
an annual capacity of 24,000 barrels, or 1,200,000 gallons.
Important changes in the executive personnel of this corporation were
Application of Proceeds.
-P. S. Yantis & Co., Inc., s selling agent, has
Vice-President, was
announced on Dec. 13. Joseph E. Otis Jr., Executive
guaranteed that the company will receive $2 from ale sale of each share
of this issue sold. If entire issue is sold, company will receive an aggregate
elected a director to fill the vacancy caused some months ago by the resigformer President. Mr. Otis also has been elected
of $450,000. Approximately $20,224 of that amount will be applied to
nation of C. R. Smith,
the payment of expenses incurred since the organization of the company
a member of the executive committee.
and related to this issue. The remaining $429,776 will be used for rehabiliV. R. Bucklin, Vice-President, Treasurer and a member of the executive
the board and at
committee,and L. H.LaChance, formerly Chairman of
tation, new construction, the purchase of equipment and materials, conpresent the President of Stewart Die Casting Co., a subsidiary, have
tingencies and other corporate purposes.
resigned all of their official positions excepting their directorships, wi b
Management -Colonel Kenner Taylor, Frankfort, Ky., President and
-V. 137, p. 4025.
-Warner Corp. and subsidiaries.
the Stewart
director; A. Carter Thompson, Forks of Elkhorn, Franklin County, KY..
Secretary, Asst. Trees. & director; Harry Hartwell, Mountain Lakes, N. J..
Induslies, Inc.-Admitted to List.
Hugo) Stinnes
Treas. & director; William B. Hassett, Clayton, Mo., director; Samuel S.
-year
Yantis, Lexington, Ky., director.
The New York Curb Exchang has admitted to the list the 20
-V. 137, p. 3161.
Oct. 1 1946. The interest coupon ue
sinking gold fund debentures d
Thrift Stores, Ltd.-Earnings.
Oct. 1 1933. has been paid at the decreased rate. The Committee on SecurFor income statement for 6 month,. ended Oct. 31 see "Earnings Departities rules that until further notice the stamped debentures shall be dealt
-V. 137, p..3508.
ment" on a preceding page.
in "and interest" computed at the reduced interest rate.
-V. 137, p. 3161.
-Sales Increase.
Stop & Shop, Ltd.
-1932.
1933-40 Wks.
-1932.
Period Ended Dec. 1- 1933-4 Wks.
$464,394 $4,604,588 $4,424,920
Sales
$492,637
-V. 137, p. 3340, 2475.
Studebaker Corp.-Increase in Business Reported.
Describing Studebaker's November domestic business as the best for
November in eight years, and export business in November as the best of
any month since June 1929, Paul G. Hoffman, President of the Studebaker
Sales Corp. of America, on Dec. 6 predicted that total Studebaker sales for
the fourth quarter of this year would be three times'those in the fourth
quarter of 1932.
"In spite of the fact that sales generally drop off in November as compared
with October, we shipped 8,105 units during the month just ended as
against 6.342 in October," Mr. Hoffman said. This represents a gain of
27.8%.
"Although our plants are now closed for a brief inventory period, they
have been working at top speed on day and night shifts since late September
and will go back on this same schedule within the next few days.
"Our Canadian and foreign divisions have also been making remarkable
strides since the introduction of our new line of "Speedway and Skyway"
models which have captured the approval of the motoring public in all
Title Guarantee & Trust Co., N. Y.-Contract Upheld.
See Bond & Mortgage Guarantee Co.
-V. 137, p. 3340.
Tooke Brothers, Ltd.
-Earnings.
-
Years End. June 301933.
1932.
Trading profit
loss$139,216 loss$110,791
Bond interest
15,975
1.6,008
Income tax reserve
Depreciation
Loss due to inventory adj
1931.
$40,319
17,472
489
9,000
54,935
Deficit
Preferred dividends
1930.
$163,185
18,106
9,798
16,597
$155,191
$126,799
$41,578 sur$118.684
68,950
68,950
Deficit
$155,191
Previous surplus _____ _ _
117,387
Surp. on purch. of let
mtg. bonds & refund of
income tax
8,994
Prov,for depr. in invest. Dr.13,664
$126,799
258,936
$110,528 sur$49,734
337,231
386,964
Profit & loss surplus
def$42,474
Dr.14,750
Dr.17,500
$117,387
$258,936
$386,965
Financial Chronicle
Volume 137
AssetsCash
Accts. receivable
Inventory
Investments
Deferred charges__
Sinking fund
Property
Good-will
Balance Sheet June 30.
1933,
1932.
Liabilities1933.
$13,475
$52.411 Accounts payable_ $49,345
275,440
204,013 Accrued bond int_
3,961
384,985
567,552 Unclaimed divs._ _
157
22,751
31,600 Bonds
235,800
4,821
6,179 Deprec., reserve
225,849
20,100
18,900 Preferred stock___ 985,000
658,522
659,977 Common stock__ 246,250
323,784
323.784 Surplus
def42,473
$1,703,890 $1,863,417
Total
-V. 137, p. 2822.
Total.
1932.
$37,166
4,006
159
247,600
225,849
985,000
246,250
117,387
$1,703,890 51.863,417
Trustees System Service Corp.
-Referee Asks Court to
Declare System Bankrupt.
A report recommending that the corporation be declared bankrupt
was filed before Federal Judge James H. Wilkerson on Dec. 9 by Garfield
Charles, referee in bankruptcy.
The referee found that the liabilities of the company, which has been
in receivership since Oct. 29 1932, exceeded its assets by $2.500,000. The
liabilities of the concern were placed at $4,600,000. with indirect liabilities
of 25,200,000 through guaranteed notes of its subsidiaries.
The corporation was organized in 1918 as a Virginia corporation to do
a general loan business, and it in turn organized 29 subsidiaries.
Since the appointment of a receiver his auditors have written off $18.146,000 of so-called book assets, including $2,600,000 listed as good will
and $4,100,000 in stock appreciation.
The referee reports that the company failed to write off its bad debts,
stating that if it had done so the books would have shown a deficit of $15.000,000. He further sets forth that the expenses of selling stock of the
subsidiaries, which amounted to 63% of the cost of the stock, was not
shown on the books of the subsidiaries. Presumably the omission was
Intended to show better book balances and to qualify the stocks under
the blue-sky laws of the various States, it is said.
Detailing the cost of selling stock, the referee reported the corporation
sold to the general public $11,800.000 in stocks and $7,026,000 in gold
notes with sale expenses of 211,900,000.-V. 137, p. 1257.
Chatillon Corp.
-Bond Issue Approved.
The stockholders at a special meeting approved an issue of $5,000,000
bonds to be issued in series from time to time in the discretion of the directors, who also are to name the interest rate and maturity date.
Initial series of $2,000.000 of the bonds will be issued to meet maturities
of a like amount of a subsidiary company, which fall due at the close of the
year.
Acquires Janome Rayon Corp.
President John E. Bassill announces the _purchase by this corporation
of the machinery, and equipment of the Janome Rayon Corp., mannfacturers'of tubular knit underwear cloth located at 56 Bogart St.,'Brooklyn.
New York.
The acquisition of the Janome machinery and equipment places the
Tubize Chatillon Corp. in a dominant position in the tubular rayon cloth
business, giving it an annual output of approximately 8.000.000 pounds of
knitted cloth.
The machinery and equipment is being moved to the company's plant
at Hopewell. Va.-V. 137, p. 3510.
-Subsidiary ,to
United Aircraft & Transport Corp.
Establish a New Service on Dec. 17.
-
4373
Investors Corp. to the management and includes all salaries and fees of the
officers and directors of United Investors Corp.
Officers and directors of United Investors Corp. are: Luther L. Hill
(Pres.); D. J. McMurray (Vice-Pres. & Treas.) and S. M. Lorenz (Sec.).
Office, 214 Sixth Ave.. Des Moines. Ia.
Capitalization.
-Authorized capital stock consists of 1,000.000 shares
(par $1). According to present plans 883,617 shares of its capital stock are
to be offered under the Registration Statement filed with the Federal Trade
Commission and the estimated net proceeds to be raised by the sale of such
shares are $1,131,000. There are outstanding 116,383 shares.
Underwriters.
-McMurray Hill & Co., 214 Sixth Ave., Des Moines, Ia..
has the exclusive right to sell the shares. A commission of 10% of the
offering price to the public is paid to the underwriters as full compensation
for their services in effecting sucti sales. United Investors Corp. receives
the entire liquidating value. All of the outstanding common stock of
McMurray Hill & Co. is owned by McMurray Hill Investment Corp.
Price.-United Investors Corp. shares are offered to investors at liquidating value plus 10% of the offering price (namely 100190 of liquidating value).
In the event of odd factions the offering price is adjusted to the nearest cent.
The offering price is computed each day except Sundays and legal holidays
immediately after the close of the New York Stock Exchange and such
price continues effective until the close of the New York Stock Exchange on
the next succeeding trading day.
Repurchase -The directors authorized the treasurer to repurchase, out
of surplus, shares of the company at liquidating value less 2%, which is the
price the investor will receive at the present time if he is forced to sell his
stock to the company.
Dividends.
-Dividends have been paid every three months since the
corporation has been engaged in business. Per share dividend payments
have been as follows: Oct. 1 1932, 2jic. per share; Jan. 1 1933. 254c. per
share; April 1 1933, 23.c. per share and July 1 1933, 3Sic. per share.
The number of shares outstanding on the above dividend dates were as
follows: Oct. 1 1932. 20.260 shares; Jan. 1 1933. 35,920 shares; April
11933. 63.928 shares: July 1 1933, 98,348 shares.
Comparative Income and Expenditure Account.
8 Mos. End. 6 Mos.End.
•
Aug. 31'33. Dec. 31'32.
Dividends received
$1,031
$183
Interest received
414
17
Net profit securities sold
19.918
1.742
Total
Management fees
Insurance and fidelity bonds
Miscellaneous expenses
Interest paid
Organization expenses
Federal taxes
221,362
1.586
400
601
435
1,508
2,500
$1,941
300
Surplus for period
Dividends paid
$14,331
5.040
$1.338
1.404
Profit
29,290
Comparative Balance Sheet Aug. 31.
Assets
1933.
1933.
LtabUUfes1932.
Cash at banks__
$508
$22,992
$2,194 management fees_
Brokers accounts.
2.500
7.195
5,499 Federal taxes
Bond investm'ts at
Capital stock issued 116,383
cost
25,325 Paid-in-surplus_ _ _
17,316
Stock investmla at
9,225
Undivided profit_
cost
.115,747
5,087
Accrued int., &c_
122
Organization exps_
358
118
184
def$66
1932.
$300
184
35,920
2,245
def66
Effective Dec. 17, the United Air Lines, a subsidiary, will establish a
Total
$145,933
$38,584
Total
$145,933
238,684
new service between Chicago and Philadelphia, via Cleveland and Allen* The market value of these securities was $122,822 as at Aug. 31 1933.
town. The service will act as a feeder for the company's transcontinental
-V. 137. p
route and will connect with the through service at Chicago.
3688.
-------United Molasses Co., Ltd.
-Capital Reduction Approved.
,
The stockholders have passed a resolution accepting the proposed reUnited Drug Inc.-Offers to Purchase Liggett.duction in the company's capital. F. Kielberg, Chairman of the Board.
-V. 137, P. 2476.
N....47 Louis K. Liggett Co. above.
stated that improvement in the company's business continues and if
maintained should enable the payment of dividends on preference and corn.
-Recapitalization Plan Ratified.nited Dyewood Co.
stock for the fiscal year ending September 1934.-V. 137, p. 2991; V. 136.
p. 3179.
The stockholders on Dec. 7 approved a plan providing for (a) the redimtion of the par value of the common stock from $100 to $10 per share;
(b) the reduction of the capital represented by 139,183 shares of common..
--United Piece Dye Works.-Defers Pref. Dividend.-The
.
stock from $13,918,300 to $1,391,830, the 45,000 shares of preferred stock
directors on Dec. 12 voted to defer the quarterly dividend
par $100, remaining the same, and (c) the application of the $12,526.470
thereby created to the setting up of reserves for contingencies
due Jan. 2 on the 63/% cum. pref. stock, par $100. Quarcapital surplus
as the directors may deem advisable and to the writing down of the present
terly distributions of $1.62 per share have been made on
$17,846,303 book value of the company's investment in the stocks of its
this issue to and incl. Oct. 2 1933.-V. 137, p. 1257.
suusidiaries.-V. 137, p. 2822.
-Earnings.United Grain Growers, Ltd.
---Year Ended July 31
11 Mos.End.
1931. July 31 '30
$993,101 loss$139,713
25,492
468.536
259,300
249,644
14,194
1933.
$363,529
268,499
230,365
6,228
1932.
$917.245
466,552
242,437
28,043
Net profit
loss$141,563
Common dividend
126.644
Dominion taxes
Amt. written off invest.
in stocks and bonds_
$180,213
160.044
$251,070 loss$414,850
190.834
159,656
29,291
$20,169
808,388
$27,689 lossS634.975
780,699
1.345,674
Period
Operating profit
Depreciation
Int. on bonds & mtges_ _
Prov. for Inc. taxes
Surplus for year
Previous surplus
Book value of timber
limits, &c., previously
written off
$268,207
828.558
63,725
See under "Indications of Business Activity" on a preceding page.
70.000
Total surplus
$560,350
$828,557
$808,388
Consolidated Balance Sheet July 31.
1933.
1932.
1933.
Assets
Liabilities$
$
Capital stock
Real est., bldgs.,
3.146,850
furls. & equip... 7,358,351 7,663,728 1st mtge. bonds_ _ 3.829,000
88,165
218,370 Mortgages
387,390
Cash
268,157
261,440 Bond de mtge. int.
Bonds
570,462
accrued
General accts. Pay. 335.101
41,613
6,983,914
Stocks of grain, &o. 8,599,331 2,145,759 Bank loans
340,579 Accts. & bills Pay- 644.371
Misc. accruals, &c. 320,038
Shareholders dive_ 151,473
Exchange member118,306
114,881 General reserve... 1,710,282
ships
Surplus
560.350
Invest, in stocks &
20,900 Cap. surp. arising
16,500
bonds
from forfeiture of
Original margins on
capital stock_
75,000
37,167
exchange
Adv. on construct.
239,576
costs
Invest, in mtges. &
107,238
73,887
agree. for sale
17.492,412 11,443,357
Total
-V. 137, p. 1953.
Total
-Status.
United Investors Corp.
$780.698
1932.
$
3,201.061
3,989,500
493,917
47,664
986,276
186,099
1,710,282
828,558
17,492,412 11,443,357
A prospectus filed with the Federal Trade Commission affords the
following:
Corporation, an investment corporation holding a diversified list of securi.
ties was organized in June 1932 in Iowa and has since July 1 1932, been
continuously engaged in business. Corporation was formed for the purpose
of providing investors with the means of acquiring in a single security an
Interest in a diversified and supervised list of securities. The assets of the
company consist entirely of securities and cash.
Corporation is under the active management of McMurray Hill Investment Corp. As compensation for its services McMurray Hill Investment
Corp. shall receive a quarterly fee at the close of each quarter, not exceeding h of 1% of the net value of the assets of United Investors Corp.. as of
the close of business on March 31. June 30, Sept. 30 and Dec. 31 of each
year. The above management fee is the only compensation paid by United
United Shoe Machinery Corp.
-Extra Distribution.
The directors on Dec. 13 declared an extra dividend of
$2.50 per share in addition to the usual quarterly dividend
of 62 cents per share on the common stock, Par $25,
payable Jan. 5 1934 to holders of record Dec. 19 1933.
An extra dividend of $I per share was paid on this issue
on Oct. 5 1931; none since. A similar extra distribution
was made during the years from 1925 to and incl. 1930.
In addition, a 20% stock dividend was paid in November
1927.-V. 136, p. 3713.
United States Steel Corp.
-Shipments.
New Vice-Chairman of Finance Committee-Other Changes.
Edward R. Stettinius has been elected Vice-Chairman of the Finance
Committee of the United States Steel Corp., effective April 11934,succeeding to the vacancy arising from the advancement of William J. Filbert to
the Chairmanship.
F. W. Waterman, President of the Natidnal Tube Co.. a subsidiary, will
retire Jan. 1 under the pension plan. .
The finance committee has recommended that B. F. Harris, President
of the Oil Well Supply Co. be elected to succeed Mr. Waterman.
-V. 137.
p.4204.
United States Tobacco Co.
-Correction-Special Dividend of $5 Declared.
-The directors on Dec. 6 declared a
special dividend of $5 per share (not $3 as erroneously stated
last week) in addition to the usual quarterly dividend 'of
$1.10 per share on the no par common stock, both payable
Jan. 2 1934 to holders of record Dec. 18 1933. Regular
quarterly distributions of $1.10 per share have been made
on this issue since and incl. April 1 1931.-V. 136, p. 119.3
United Verde Extension Mining Co.
-Output.
Copper (Lbs.)- 1933
1932.
1931.
1930.
January
3 014,232 3,043,930 2,824,696 4,447,540
February
2 710,020 3,031,459 3.221.198 3,737,914
March
3,013.188 3.049,976 3,236$82 3,362,598
April
2 977,420 3,019,072 3,074.758 4,094.740
May
3,006,300 3,020,100 3,369.080 4,013,796
June
2,673,7M 3,007.702 3,284,984 3,580,772
July
2 745,556 3,008,902
a
3,898,170
August
2 610,580 3,038,998
a
4,028,442
September
2 682,440 2
.969.6223.771,274
October
2 536,902 2,909,008
a
3,404,000
November
2,586.920 2.913,886 2,784,000 3,800,000
December
2,908,322 2,917,000 2,473,000
a Operations suspended.
-V. 137. P. 3341, 3688.
Universal Pipe & Radiator Co.
-Earnings.
-
1929.
4.675,640
4,047,610
5.207,946
5,364.570
5,465.350
5,020,000
4,470.336
4.593.462
5,140,000
6,038,000
4,776,000
4,742,000
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 4205.
4374
Financial Chronicle
Upressit Metal Cap Corp.
-No Dividend Action.Tne directors have taken no action on toe quarterly dividend ordinarily
payable about Jan. 1 on the 8% cum. pref. stock, par $100. On July 1
and Oct. 1 last a distribution of 2% was made as compared with 1% each
on April I 1933. The company has never paid more than 1% in April in
any year since inauguration of dividends, but in other quarters the amount
has fluctuated.
Consolidated Balance Sheet Dec. 31.
Assets1931.
1932.
1931.
1932.
LiabilitiesMach'y,tools & fixt's_ $23,121 $24.919 Preferred stock
$336,200 $389,500
Pats., trade-mks.. &c. 289,751 301,342 Common stock
40,000 40,000
Invest. in Can. Co__, 50,000 50,000 Accounts payable_ _ _ 8,315
5,867
.
Mfg.& selling rights__ 10.000 10,000 Accrued items
6,563
2,677
Cash and marketable
. 1,512
1,140
Dividends payable_ _
securities
53,016 19,571
56,169 54,250 Surplus
Notes & acc'ts receiv. 8,459 11,514
6.358
Inventories
6.942
Deferred assets
371
1,164
Total
$445.607 $458,756
-V. 136, p. 1570.
Total
$445,607 $458.756
Vadsco Sales Corp.
-Earnings.'--.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
••,,,,, ,.
, Zpartment" on a preceding page.
-V.137. p. 2824.
(The) Valspar Corp.
-Protective Committee.
-1 -;
0 -1-1-e-"?..
The members of the protective committee for the 10-year 6% convertible
gold debentures due Feb. 1 1940 consists of Edward T. Herndon, Chairman,
F. Murray Forbes,Philip H. Garner, John M.Taylor and Stevens Woodruff
with George M. Braila, Sec., 386 4th Avenue., New York, N. Y., and
Sullivan & Cromwell, counsel. The depositary is Bank of New York &
Trust Co., 48 Wall St., New York.
The reorganization plan is not yet ready for distribution.
-V.137. p.2991.
Walgreen Co.
-New Director.
A. S. Bowes has been elected a director, replacing A. C. Thorsen, deceased.
-V. 137, p. 4205.
-Earnings.
-Wamsutta Mills.
1931.
1930.
1932.
Years End.Sept.30-1933.
Gross income
$1.366,714 $1,157.702 $2,143,052 83,535,325
2,314,801
3,590,408
1,424,652
Operating expenses__ --- 1,214,833
166,699
174,680
147,637
Depreciation
40,335
99,985
Taxes
Reduct. of valuation of
378,564
296,517
58,582
cotton,inv.,&c
Bonds and Stock Stricken from List.
The first mortgage 6;i% sinking fund gold coupon bonds, due Sept.
1933. have been stricken from the New York Stock Exchange list.
The New York Produce Exchange has removed the common stock
($5 par) from dealings.
-V. 137, p. 4026.
Wilson-Jones Co.
-Earnings.
-Years Ended Aug 31.
1932.
1933.
Net sales
$2,460,869 $2.990.822
Net operating loss
294,212
63,064
x Total loss after deduction
372.186
155,781
x After other income of
77,974
92,717
Balance Shed Aug. 31 1933.
Assets
Cash
$511,885 Capital stock
23,000,000
Accounts receivable
229,994
595,386 Accounts Payable
Merchandise
877,662 General reserves & surplus_ _. 1,040.221
Land, bider.. & equipment_ __ _ 2,151,139
Other assets
134,143
Total
-V. 133. p. 3538.
$4,270.215
Total
$4.270,215
Winn & Lovett Grocery Co.
-Sales:
-
Period End.Not,25- 1933-4 Weeks-1932. 1933-47 Weeks-1932.
Sales
$417,947
$392.612 $4.421,179 $4,580 938
V. 137, p. 3689.
•
$717.013
prof$52,963
3717•013
$
329•
747 %. ---Woods
"
rothers Cprp., Lincoln, Neb.-Bondholders'
Balance Sheet Sept. 30.
Committee.
Liabilities1933.
1932.
1932.
1933.
AssetsFormatio f a committee to represent holders of the 10
-year 6% collaCapital stock
25,593,400 $5,593,400
teral trust s king fund bonds, with A. Perry Osborn,of Redmond & Co., as
Land,bldgs.,&c
86,322,034 $6,396,888 Notes & accts. pay 871,867 1,052,833
Machinery
chairman, was announced Dec. 15. Other members of the committee are
Deprec.& surplus_ 951,977
930,117
Charles A. Collins, of Collins, Breed & Co., Boston; J. G. Gosling, of Otis
Mdse., materials &
678.882
& Co., Cleveland and H. Kenyon Pope, Chicago.
stock in process_ 496,996
500,580
The committee announces that it intends to make a prompt study of all
Cash & accts. rec. 598,213
the conditions affecting the bonds and will make an early report to bond$7,417,244 87,576,350
$7,417,244 87,5711,3501 Total
holders. Although no call for the deposit of bonds is being made now, the
Total
committee proposes to call for their deposit in due course if the results of
-V.137, p. 2122.
its study seem to warrant such action. In the meantime bondholders are
advised to communicate with the secretary of the committee, B. R. Gordon.
Warren Brothers Co., Boston.-Contracts.
48 Wall 8t., New York. Osborn, Fleming & Whittlesey are counsel for the
This company and its licensees secured paving contracts amounting to
committee.
-V. 134. la• 3304•
approximately $3,000,000 in the three months ended Nov. 30, it is announced. In the previous nine months ended Aug.,31 contracts secured
Zenith Radio Corp.
-Earnings.
aggregated $1,886,152.-V. 137, p. 3162.
For income statement for 3 and 6 months ended Oct. 31 see "Earnings
Department" on a preceding page.
-V.'137, p 2992.
Warner Bros. Pictures, Inc.-Board_Re-elected.The stockholders on Dec. 11 re-elected all directors whose terms expire
this year, acting after a vigorous defense of the board by John P. Laffey of
CURRENT NOTICES.
Wilmington, Del. The latter, who was elected to the board • last year "to
find out if there were any grounds for charges of mismanagement and irregularities," told the stockholders that he had found none. The charges
-Announcement has been made that the recently organized New York
had been made at last year's annual meeting.
Stock Exchange firm of Riter & Co.started business as of Monday, Dec. 11.
Samuel Carlisle, Comptroller, answering questions, said that the three
Warner brothers are now drawing $5,000 weekly as joint salary, waiving
The firm will maintain offices at Nassau and Liberty Streets, New York
their right to $10,000 under their contract. He estimated that the firrt
City, with branches in Chicago, Philadelphia and Boston, and representaquarter of next year will show a net profit of at least $100,000 compared
tives in other of the larger cities in the East and Middle West. In addition
with a loss of more than $1,250.000 the past first quarter.
to the Stock Exchange business, the firm will do a general investment
The six directors re-elected are Waddill Catching's, Henry A. Rudkin
and Abel Cary Thomas, all of New York, and the three Warner brothers,
securities business. The partners of the firm are Henry G. Biter 3d.
-V. 137. p. 3673.
Albert, Harry M. and Jack L.
Frank II. Davis, John F. Donoho, Carl J. Easterberg, Alfred R. Hunter,
-Obituary.
William T. Reid Jr.. Thomas F. Troxell, Aubrey S. Whiteley, floor member
Warner Sugar Corp.
of the firm, and Robert 1s4. Littlejohn, limited partner.
Grove Emerick Warner, for many years Vice-President and a director of
this corporation, died at Greenwich, Conn., on Dec. 1.-V. 135, p. 3707.
Announcement is made of the formation of a new partnership, with
-membership on the New York Stock Exchange and other principal exWelsbach Co., Phila.-Light Contract Renewed.
Welsbach Street Lighting Co.of America states that Baltimore, Md.,
changes, to be known as Wayne Hummer & Co., and to consist of the same
The
has awarded the American Street Lighting Co., a subsidiary, the renewal
partners as formed the predecessor firm of Wayne Hummer & Co., Chicago,
of the three-year contract for maintaining 17,000 incandescent gas lamps
with the exception of Benjamin E. Minturn, who is retiring, and the addi646.
-V. 135. p.
in that city.
tion of two
joining the firm. These
-To Wind Up Express Business.
- J. Goodwinnew partners who areWathier. Other partnerstwo partners are
`---...Westcott Express Co.
Hall and Lionel J.
include Wayne
Activities of the company and the New York Transfer Co. will be disHummer, Geo. E. Barnes, R. Edw. Cam. Geo. E. Hachtmann, Arch C.
continued on Jan. 1 and the transfer business formerly handled by these
Doty and Harry A. Baum.
Baggage Transfer Corp. will be taken over by the
companies through the
railroads through the Railway Express Agency, Inc.
-Albert Frank-Guenther Law, Inc., has been retained to handle newsThe Westcott Express Co., which served the Grand Central Station,
paper and magazine advertising by the General Wines & Spirits Corp.,
and the New York Transfer Co.. which served the Pennsylvania Station,
according to announcement by the corporation. The General Wines &
combined in 1932 to form the Baggage Transfer Corp of which about
80% is held by Westcott Express.
Spirits Corp. has closed contracts with 20 leading producers of spirits and
The contract between the railroads and the Baggage Transfer Corp.
vintages, of whom 17 are foreign, for the exclusive distribution in the United
was due to expire on Jan. 1 unless renewed, and the railroads have decided
States of many of their best known products.
-V. 135. p. 3179.
not to renew It.
prepared
-Resumes Div.
- of-Hanson & Hanson,25 Broadway, New York. havediscussionan analysis
Weston Electrical Instrument Corp.
Pantepec 011 Co. of Venezuela, together with a
of the oil
A dividend of 50 cents per share has been declared on the $2 cum. and
industry and the meaning of current developments to the South American
to holders of record
partic. class A stock, no par value, payable Jan. 2 1934
companies.
Dec. 26. A regular quarterly payment of like amount was made on this
issue on Jan. 2 1933; none ince.-V. 137, P. 3853.
-Johnson & Logan, 120 Broadway, New York. have issued a booklet
Westport Hotel Operating Co., Kansas City, Mo.- giving quotations on a large number of unlisted securities, including municipal, public utility, real estate and industrial bonds and preferred stock.
Distribution.-Holt, Rose & Treater announce that Harry Shaer has become assoHolders of the 1st mtge. 6% real estate gold notes dated June 1 1925,
ciated with the firm in charge of its Canadian bond department, and William
who did not deposit their notes with Mercantile-Commerce Bank & Trust
Co., as agent under the deposit agreement dated Dec. 5 1932, are notifibd
Hazen in charge of its public utility and railroad bond department.
that, pursuant to the provisions of a decree of foreclosure entered in the
Tyler, Buttrick & Co.. Inc., 75 Federal Street, Boston, have prepared
U. S. District Court for the Western Division of the Western District of
the property covered by the indenture securing
a booklet containing the financial statistics of Massachusetts. including
Missouri on July 15 1933.
the notes has been sold by Frank J. Dean, special commissioner and the
State, counties, cities, towns and districts.
proceeds of such foreclosure sale payable to holders of such gold notes not
-James Talcott, Inc., has been appointed factor for Shurite Hosiery
deposited together with the rents from the property to which holders of
such gold notes are entitled under the order of distribution, are now disMills, Inc., Hickory, N. C., and National Fabric Co. and Empire Fabrics
holders of such gold notes. Mercantile-Commerce
tributable to such
Co., New York City, manufacturers of knitted fabrics.
Bank & Trust Co., St. Louis, has been designated by the Court as the agent
After Jan. 1 next, the Montreal office of Jenks, Gvrynne & Co. will
of the special commissioner for the purpose of making the payment.
Mercantile-Commerce Bank & Trust
Upon delivery of such gold notes to
be under the management of Charles A. Ashton of that city, who has been
Co., St. Louis, for endorsement of payment thereon, note holders will be
with the firm for over 20 years.
entitled to receive the distributive share due at the rate of $511.13 for each
$1,000 of such gold notes held provided the interest coupons pertaining
-Fenner, Beane & Ungerleider, members of the New York Stock Exto such notes and due Dec. 1 1932, and thereafter, are presented therewith.
change and other exchanges, announce the opening of a branch office in
Any such interest coupons due Dec. 11932. or June 1 1933, and presented
the Circle Tower. Indianapolis.
by owners or holders other than the owners or holders of the respective
notes to which they pertained will be entitled to receive their proportionate
-R. W. Pressprich & Co. announce that William Barrett Brown, for-V. 123, p. 394.
part of the distributive shares of such notes.
merly with Bankers Trust Co., has become associated with them.
Willys-Overland Co.
-Bond Payments in Peril Because of
-Walter McNally has been elected Vice-President of It. C. Spiller & Co.,
Ohio Laws on a Mortgage Lien.
Inc., with headquarters at the Now York office, 79 Wall Street.
G. Cushing, Chairman of the protective committee for holders
Charles
_Harker & Hamlin, Inc., Chicago, announce the opening of a municipa
of the 1st mtge.6)•6 % bonds, has written the bondholders that "unexpected
bond department under the direction of Ralph B. MacHarg.
egal difficulties have arisen because of peculiarities of the Ohio laws,
Net loss
•
Dec. 16 1933
which present a question as to the lien of a mortgage on assets acquired
after the date of execution of the mortgage, even though the mortgage may
specifically have stated that such 'after acquired assets' are to be pledged
thereunder."
"Such 'after-acquired' property, in the case of the Willys-Overland Co.,"
Mr. Cushing continues, "appears to represent a substantial percentage of
the total present market value of the company's equipment. Other creditors are now most actively opposing the claim of the bondholders to a prior
lien on the 'after-acquired' properties, and if the validity of the mortgage
on such assets is not sustained, the bondholders' prospects of successfully
liquidating their investment will be greatly impaired."
Mr. Cushing succeeded George Lindsay as a member of the committee
and was elected Chairman in place of G. Munro Hubbard, who remains
on the committee. Clifford B. Reeves of 37 Wall St. is Secretary, and the
City Bank Farmers Trust Co. is depository.
The Federal Court in Toledo, Ohio. set Dec. 15 as the final date for
filing proofs of claim against the receivership estate. The committee urges
unified action by bondholders, both regarding the pending litigation and
the public auction of the mortgaged properties.
Volume
4375
Financial Chronicle
137
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Dec. 15 1933.
COFFEE futures on the 9th inst. advanced 4 to 10 points
on a moderate demand stimulated by the decline in Brazilian
exchange. The strength in securities and train markets
also helped. The spot market continued dull. On tne
11th inst. Santos contract closed 3 points lower to 1.7p=it
higher and Rio uncnanged to 3 points higher. It was
announced that the next Government coffee sale will be
held in the first 10 days of January. Spot coffee was quiet.
On the 12th inst. futures closed 9 to 12 points lower on
Santos contract with sales of 9,000 bags and 8 points lower
to 2 points higher on Rio contract with sales of 4,500 bags.
On the 13th inst. futures closed 1 point higher to 2 points
lower on Santos contract with sales of 10,000 bags and
7 points lower to 2 points higher on Rio contracts with sales
of 5,000 bags. Brazilian interests were buying. Futures
on the 14th inst. ended 7 to 10 points higher on Santos
contract with sales of 12,250 bags 6 to 7 points higher on
Rio contracts with sales of 4,250 bags. To-day futures
closed 4 points lower to 1 point higher on Rio contracts
and 1 to 3 points higher on Santos.
Rio coffee prices closed as follows:
May
Spot(unofficial)83i
5.981nom.1July
December
6.17 6.18 September
March
Santos coffee prices closed as follows:
Spot (unofficial)
.Agnom.
December
March
31U.'
8
9
8.70© 8.711September
6.311 6.32
6.41 nom.
6.51 nom.
1:88inc;M:
9.25
_COCOA.
-On the:9th inst. sales were exceptionally light
but the closing was at net gains of ft points. December
ended at 3.890.; January at 3.910.; March at 4.08c.; May
at;4.23e., and September at 4.540. On the 11th inst.,
futures closed with Santos contracts 3 points lower to 1
point higher and Rio contracts unchanged to 3 points lower.
Sales were 17,750 bags. On the 12th inst., trading was
rather small but prices disregarded the trend in other commodities and ended 3 to 7c. higher; sales, 978 tons. January
closed at 3.92c.; March at 4.08e.; May at 4.23c.; July at
4.38c.; September at 4.54e., and October at 4.64c. Futures
on the 13th inst. were rather quiet and after an early decline
of 3 to 4 points rallied a little and ended unchanged to 2
points lower; sales 442 tons. January ended at 3.92c.;
March at 4.08c.; May at 4.23e., and July at 4.38c. Futures
on the 14th inst., advanced 22 to 25 points with sales of
1,648 tons. The better outlook for trade and the general
strength in outside caused buying. The Gold Coast crop was
estimated at 188,000 tons for the 1933-34 season against
239,000 tons in the previous season. December closed at
4.130.; January at 4.16e.; March at 4.31c.; May at 4.47c.;
September at 4.76c., and October at 4.84e. To-day futures
closed 1 to 5 points lower with sales of 123 lots. December
closed at 4.12c.; January at 4.140.; March at 4.29e.; May
at 4.44c.; July at 4.58e., and October at 4.12c. Warehouse stocks to-day were 930,112 bags against 922,259 a
month ago and 672,207 a year ago.
were reported to have sold at 3.100., a decline of 4 points.
To
-day prices closed 1 to 2 points higher.
Closing quotations follow:
Spot (unofficial)
May
1.19
December
1.16 nom. July
1E1'jai
January
March
1.16
1.21
1.17 September
1.22
1.37
1.38
LARD futures on the 9th inst. were unchanged. It was
a featureless market with trading very small. Exports
were 359,290 lbs. to Rotterdam. Hogs were unchanged to
10c.. lower with the top $3.50. Cash lard steady; in tierces
5.55 to 5.650.; refined to Continent, 53% to 53/2c.; South
America, 53/i to 534c. On the 11th inst., futures ignored
bearish hog news and ended unchanged to 5 points lower.
Trade interests were fair buyers. Exports were 932,255 lbs.
to London and Hamburg. Hogs ended Sc. lower owing to
heavy receipts at Western points which totaled 124,700
against 102,200 on the same day last year. Cash lard steady;
in tierces, 5.05c.; refined to Continent, 53% to 53'c.; South
America, 57/i to 53 0. On the 12th inst., futures declined
/
15 to 22 points on liquidation inspired by the heavy run of
hogs. Demand was rather small. Export business was
disappointing. Exports of lard were 1,380,871 lbs. to London, Liverpool, Southampton, Bremen, Rotterdam and
Copenhagen. Hogs were 10 to 15c. lower. Cash lard was
easier; in tierces, 4.850.; refined to Continent, 53/i to 53.c.;
South America, 5% to 53/ic. Futures on the 13th inst.
closed unchanged to 18 points lower on general liquidation
influenced by the weakness in grains. Bulls were discouraged
by the continued heavy receipts for hogs and the lack of
export demand at present low levels. Cash lard was dull
with in tierces, 4.75e.; refined to Continent, 5 to 53.c.;
South American.5% to 53'c. On the 14th inst., the market
appeared to be sold out and a moderate demand caused an
advance and prices ended 5 to 13 points higher. Hedge
sales were uncovered on the upturn. Export sales were
large, totaling 760,250 lbs. to Manchester, Belfast, Glasgow,
Avonmouth, Hamburg and Bremen. Cash lard firmer; in
tierces, 4.80e.; refined to Continent,5 to 53/sc.; South America, 53 to 5/sc. To-day prices closed unchanged to 8 points
3
lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
December
4.42
4.42
4.25
4.25
4.30
4.30
January
5.10
5.10
4.87
4.72
4.77
4.70
May
5.40
5.45
5.30
5.02
5.15
5.07
Season's High and When Made.
Season's Low and When Made.
December _ -.8.87
July 19 1933 December---.3.90
Oct. 16 1933
January
9.95
January
4.70
Dec. 15 1933
May
Nov. 14 1933 May
6.72
5.02
Dec. 13 1933
PORK steady; mess, $17; family, $20.50; fat backs, $413
to $17. Beef, steady; mess, nominal; packet, nominal;
family, $11 to $12, nominal; extra India mess, nominal.
Cut meats, firm; pickled hams, 4 to 6 lbs., 7e.; 6 to 8 lbs.,
63 c.; 8 to 10 lbs., 63,c.; 14 to 16 lbs., 103c.; 18 to 20
%
lbs., 93/e.; 22 to 24 lbs., 9c.; pickled bellies, 6 to 8 lbs.,
8
103 c.; 8 to 10 lbs., 10%c.; 10 to 12 lbs., 103/8e.; bellies,
%
clear, dry salted, boxed, N. Y., 14 to 30 lbs., 6%c. Butter,
creamery, firsts to higher score than extras, 15 to 20c.
Cheese, flats, 113 to 213,e. Eggs, mixed colors, checks
%
to special packs, 163 to 25c.
OILS.
-Linseed was quiet with some firms holding steady
at 8.7e., while others were quoting 8.5e. Cocoanut, Manila,
tanks, spot, 2/sc.; tanks, New York, spot, 2%c. Corn,
5
crude, tanks, f. o. b. Western mills, 33, to 39/c. China
8
wood, N. Y., drums, delivered, 7.2c.; tanks, spot, 6.6 to
6.7e. Olive, denatured, spot Greek, 72 to 730.; Spanish,
74 to 750.; shipment carlots, new crop, Greek, 72 to 73c.;
Spanish, 74 to 75e. Soya bean, tank cars, f.
futures on the 9th inst. closed 2 to 3 points mills, 5% to 53c.; ears, N. Y.,6.7c.; L.C.L.,o. b. Western
SUGAR
7.1c. Edible
higher, but it was a very dull session with sales of only olive, $1.75 to $2. Lard, prime, 93.c.; extra strained
1,900 tons. Raws were dull and unchanged. On the winter, Sc. Cod, Newfoundland, 35c. Turpentine, 46%
11th inst. futures closed unchanged to 1 point lower with to 50e. Rosin, $4.70 to $5.90.
COTTONSEED OIL sales to-day, including switches, 82
sales of 6,100 tons. A sale of raws was reported at 3.32c.,
contracts. Crude, S. E., 33/s to 33c. Prices closed as
a decline of 7 points. Beet refiners cut refined 10 points follows:
tp 4.20e. Private estimates put the beet crop at 1,450,000 Spot
April
.
4.604.75
December
4.30%id
May
tons, an increase of 17,000 tons over the previous estimates January
4.74(54.78
4.33 4.37 June
4.75(54.90
and 244,000 tons over 1932. On the 12th inst. the market February
4.35(54.50 July
4.95(54.97
March
4.56(54.58
was quiet and closed 1 to 3 points lower. Sales were only
PETROLEUM.
-The
4,200 tons. Eastern refiners followed the lead of beet formerly appearing here summary and tables of prices
regarding
refiners and cut prices 10 points to 4.40e., retroactive to an earlier page in our department petroleum will be found on
the 13th inst. futures were dull and the in the article entitled "Petroleum of "Business Indications,"
last Friday. On
.
and Its Products."
closing was irregular, 1 point lower to 1 point higher; sales
RUBBER futures on the 9th inst. closed 13 to 19 points
3,800 tons. Raws were quiet. On the 14th inst. futures higher with sales of only 1,700 tons. Spot ribbed smoked
closed unchanged to 2 points lower owing to the weakness sheets advanced 25 points. London and Singapore were
of raws. Sales amounted to 11,050 tons. Cuban raws steady. December closed at 8.65e., March at 8.97c., May
4376
Financial Chronicle
at 9.18 to 9.21c., July at 9.40c. and Sept. at 9.60c. On
the 11th inst. futures closed at a net advance of 7 to 12
points, with sales of 3,080 tons. The spot price was also
higher. Dec. ended at 8.72c., March at 9.04 to 9.06c.,
May at 9.30c., July at 9.50 to 9.52c. and Sept. at 9.70c.
On the 12th inst. futures declined 20 to 27 points with
sales of 2,420 tons. The spot price was lower. Dec. closed
at 8.45 to 8.51e., March at 8.84 to 8.85c., May at 9.07c.,
July at 9.28c. and Sept. at 9.40c. On the 13th inst. futures,
after an irregular opening, moved within a narrow range
and closed 1 to 10 points lower with sales of 2,450 tons.
The spot price was slightly lower. Dec. ended at 8.44 to
8.460., Jan. at 8.53 to 8.56c., March at 8.76 to 8.78e.,
May at 9.00 to 9.01c., July at 9.190. and Sept. at 9.39c.
Futures on the 14th inst. closed 16 to 25 points higher,
with sales of 1,850 tons. Spot rubber was higher. March
closed at 8.95 to 9.00c.; May at 9.21 to 9.22c. and July
at 9.42c.'To-day futures closed 6 to 10 points higher with
Dec. 8.70c., Jan. 8.80c., March 9.05c., May 9.27c., July
9.49c. and Sept. 9.69c.
HIDES were rather quiet on the 9th inst., but ended 15
to 36 points higher with sales of 11 contracts. March closed
at 10.50c.; June at 10.91c., and September at 11.15c. On
the 11th inst. futures were quiet and ended 12 to 25 points
lower; sales 400,000 lbs. June ended at 10.75 to 10.80c.
'
On the 12th inst., futures closed unchanged to 45 points
lower with sales of 560,000 lbs. Weakness in the spot market
together with the downward trend in securities and other
commodity markets contributed to the weakness in futures.
Sales of some 21,000 packer hides were reported on a basis
of 10c. for light native steers. Futures closed with December
at 9.25 to 9.60c.• March at 9.80 to 10.00c.; June at 10.40
to 10.45c., and September at 10.70c. Futures on the 13th
inst. were more active with sales of 1,640,000 lbs. but closed
25 to 45 points lower. Spot business was nil. March ended
at 9.85c.;June at 10.02c., and September at 10.25c. On the
14th inst. futures closed 5 to 17 points lower with sales of
1,240,000 lbs. March ended at 9.40 to 9.50c.; June at 9.85
'
to 9.90c., and September at 10.20c. To-day futures closed
unchanged to 10 points higher with sales of 17 lots. March
closed at 9.41 to 9.45e. and June at 9.93c.
OCEAN FREIGHTS were in smaller demand.
CHARTERS included: Booked, 4 loads New York, heavy grain,
Hamburg, Sc.; 7 loads. New York, prompt to Sweden, 12c.: 10 loads December-January, New York-Copenhagen, 10c. Trip across: South Atlantic to
United Kingdom. redelivery. 65c.
COAL was in better demand owing to the recently cold
weather. Bituminous car loaded output in the Dec. 9 week
stood at 6,600,000 tons against 6,828,000 tons a year ago.
The putput for three weeks is now 20,007,000 tons against
20,121,000 tons a year ago; the weekly average being 6,669,000 tons and 6,707,000 tons respectively.
,SILVER futures on the 9th inst. closed 35 to 40 points
higher with sales of only 1,750,000 ounces. The bar price
rose to 437 c. but the spot price at London dropped to
4
183'd. Here December ended at 44.15c., Jan. at 44.35c.,
Mar. at 44.75c. and May at 45.30c. On the 11th inst.
futures closed 62 to 65 points lower with sales of 3,625,000
ounces. The bar price fell 3/R to 434e. December was
43.50 to 43.60c.; Jan., 43.70c.; Mar., 44.11 to 44.15e.; May,
44.65c. and June, 44.90c. On the 12th inst. futures closed
E2 to 75 points lower wit} sales of 6,075,000 ounces. The
i
bar price fell 4 to 423tr Dec. ended at 42.85c., Jan. at
/
3
43.05 to 43.10c., Mar. at 43.50c., May at 44.01 to 44.05c.
and July at 44.40c. On the 13th inst. futures closed 18 to
35 points lower with sales of 3,275,000 ounces. The bar
price dropped Yi to 423'
2c. Dec. ended at 43.10e., Jan. at
43.25c., Mar. at 43.70 to 43.75c., May at 44.25e. and Oct.
at 45.50c. Silver in storage in official depositories of the
Exchange stood at 81.245 035 ounces, a decrease of 112,615
ounces for the day. Receipts amounted to 149,514 ounces
and withdrawals 262,129 ounces. On the 14th inst. futures
closed 25 to 40 points higher after some early irregularity.
Sales amounted to 5,675,000 ounces. The bar price was
raised 34 to 4314c. Dec. closed at 43.35c. Jan. at 43.60c.,
Feb. at 43.85c., May at 44.10 to 44.15e. and July at 45.10c.
To-day futures closed 15 points lower to 10 points higher
with Dec. at 43.45c., Jan. at 43.60c., Mar. at 44.15c., April
at 44.38c., May at 44.60c. and July at 45.00c.
COPPER was firm at 8c. for domestic delivery and 7.75
to 7.90c. for export. There was a better feeling in the trade
and with it more inquiry. Futures trading was quiet, with
sales on the 1411 inst consisting of only 4 lots. The market
closed on that day unchanged to 8 points higher. In London,
on the 14th inst., standard copper rose 6s. 3d. to £31 6s. 3d.
for spot and £31 8s. 9d. for futures; sales 50 tons of spot and
950 torts of futures; electrolytic bid was 15s. higher at £34
5s. and the asked price was up 5s. to £34 15s.; at the second
London session on that day, standard copper fell 2s. 6d. on
sales of 500 tons of futures.
TIN, was up to 523/c. to 53c. for spot Straits on the 14th
8
inst., owing to a rise in sterling exchange. Business, however, was small. English refined was selling at Mc. under
Straits tin. Tin plate operations declined to 75% of capacity
as against 95% for several months. The outlook for tin,
however, was considered promising. There was no trading
in futures here on the 14th inst., buttthe market closed 40
points higher. In London on the 14t1iinst.., all descriptions
dropped 15s.; standard spot was £2281,5.s.; futures, £228 7s.
Dec. 16 1933
6d.; sales, 30 tons of spot and 100 tons of futures; spot
Straits, £232 15s. Eastern c. i. f. London was up 10s.
to £232 15s.; at the second London session, spot standard
was unchanged but futures advanced 2s. 6d. on sales of 30
tons of spot and 5 tons of futures.
LEAD was in fair demand and steady at 4.15c. New York
and 4.05c. East St. Louis. Sales for December shipment
totaled 21,000 tons and about 15,000 tons have been sold
for January, with battery makers and sheet lead and lead
pipe manufacturers the principal buyers. In London on
the 14th inst., spot was unchanged at £11 12s. 6d.; futures
up is. 3d. to £11 17s. 6d.; sales, 50 tons of spot and 150
tons of futures; at the second session futures fell is. 3d.
tons of futures; at the second session futures fell Is. 3d. with
sales of 50 tons of spot and 350 tons of futures.
ZINC was steady at 4.50c. East St. Louis, but demand
was rather small. The firmness in other metals helped
zinc. In London on the 14th inst. prices declined is. 3d.
to £14 15s. for spot and £15 is. 3d. for futures; sales, 300
tons of spot and 100 tons of futures.
STEEL.
-Scrap rose sharply during the week. In the
Pittsburgh district heavy melting steel was advanced $1.50
to $12.50 to $13 by three mills. Structural steel sales
increased. Production held fairly even at an average ingot
output of 27% in the Pittsburgh district. In the Chicago
area an improvement in automotive demand resulted in an
increase to a little below 28% in ingot output as contrasted
with about 25% last week. The increase in demand was
attributed largely to the public .works program.
PIG IRON.
-Shipments have been made to foundries at
a greater rate than consumption owing to the fact that all
iron contracted for at pre-code prices must all be delivered
by Jan. 1 or cancelled. As a result of this situation fresh
buying during the first half of the next quarter is not expected to show any increase. Inquiries for first quarter are
better in the Middle West than in the East. In the Chicago
district forward inquiry and purchasing was more active
on the belief that prices are to be advanced still further.
Imports of Dutch and Indian pig iron into the United States
this year were estimated at 130,000 tons and from Canada,
United Kingdom, Norway, Germany, &c., about 170,000
tons. Foundries making automobile castings in the West
reported an increase in orders and expect the demand to
improve over the next few weeks.
WOOL.
-Boston wired a Government report on Dec. 9th
saying: "The wool market in Boston was mostly very slow
during the past week. A few lines had calls from occasional
buyers. Average to short French combing 64s and finer
territory wools were the most active, but the demand for
these wools was not very broad and the volume of sales was
rather moderate. Prices on actual sales were firm to stronger,
while nominal quotations on inactive lines were firm." Boston wired another Government report on Dec. 12th which
said: "Trade is very slow in the wool market and not many
inquiries are being received. Current transactions consist
almost entirely of small lots of various descriptions for filling-in purposes. Nominal quotations are firm despite the
lack of sizable sales. Fine Ohio delaine wools and strictly
combing 58s, 60s, half-blood Ohio fleeces are quoted uncharged from last week at 35-36e. in the grease. Strictly
combing medium fleeces, graded, are firmly quoted at 4243e. in the PTease for 56s three-quarter blood, and at 41c.
or slightly higher for 48s, 50s, one-quarter blood." In Liverpool on Dec. 11th the carpet wool auctions opened; medium
wools were 10% higher.
-On the 11th inst. futures closed 4 to 53 c. higher
SILK.
,
with sales of 630 bales. December was $1.383/ to $1.393';
January, $1.39; February, $1.40 to $1.41; March, $1.41,
and May, June and July, $1.41 32. On the 12th inst.
futures in slow trading closed 1M to 2Mc. lower. Sales were
only 680 bales. December ended at $1.36 to $1.37; January
at $1.373/ to $1.39; March at $1.38 to $1.40; April at
$1.39 to $1.40; May, $1.40; June, $1.39 to $1.4032 and
July at $i.393/ to $1.403/2. On the 13th inst., futures closed
2 to 3 points lower with sales of 830 bales. January ended
at $1.35 to $1.36; February at $1.36 to $1.37; March at
$1.363/ to $1.373/2; May, June and July at $1.37 to $1.373/i.
On the 14th inst., futures closed M to 1 Mc. higher in small
trading. Sales were only 800 bales. January closed at
$1.353/ to $1.36; February at $1.37 to $1.38, and March,
April, May, June and July, $1.38. To-day prices closed
unchanged to 2c. higher with sales of 106 lots. January
ended at $1.363/i; March at $1.38 to $1.39; May at $1.39;
July at $1.393/ and December at $1.3632.
COTTON
Friday Night, Dec. 15 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have
reached 177,899 bales, against 218,332 bales last week and
266,062 bales the previous week, making the total receipts
since Aug. 11933, 5,070,202 bales, against 5,400,845 bales
for the same period of 1932, showing a decrease since Aug. 1
1933 of 336,643 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
7,734 10,495
5,711 69,977
6,869 6,869
5,425 9,382 14,557 58,307
72
316
49 2.104
1,908
-- -- 1,908
4,656 2,068
979 28,482
457 2,223
161
236
____
120
120
-_-_
205
294
195 1,475
------------1,011
81
160
692 1,827
-_-_
- -Lake -_ 1,155 1,155
438
90
65
82
134
340
175 1,342
661
661
Galveston
13,181 9.047 23,809
Texas City
Houston
6,740 10,410 11,793
532
806
329
Corpus Christi
Beaumont
New Orleans_ _ _ _ 5,049 6,211 9.519
450
Mobile
795
124
____
____
---_
Jacksonville
212
303
Savannah
266
1,011
Brunswick
412
Charleston
306
176
-___
Charles_ _ _
___--- 46
48
107
Wilmington
153
299
241
Norfolk
Baltimore
Totals this week_ 27,156 27,187 48,032 18,558 25,264 31,702 177,899
The following table shows the week's total receipts, the
total since Aug. 1 1933 and thestocks to-night, compared
with last year.
1932.
1933.
Receipts to
Dec. 15.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Galveston
Texas City
Houston-- -Corpus Christi
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Char1esWilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
2,223
120
1,475
1,011
1,827
1,155
438
1,342
101,004
89,094
11,026
137,443
22,187
100,264
88,545
15.548
27.924
661
1933.
1932.
70,149 1,339,548 887,467 922.337
10,178 147,232
65,198
76,098
71,021 1,861,992 1.569,1041.792.572
2,190 267,306
90,487
87,633
22.714
2,513
26,024
11,242
73,555 1,010,402 844,350 1,070,777
606
16,619 175,275 119.085 151.266
5,764
91,708
35,515
31,804
7,842
20,215
191
6,893
2,605 107,450 135,801 181,312
28,654
2,338 117,463
56,596
78.490
58.030
82,276
1,416 130,943
1,773
35,109
19,489
31,527
1,159
36,963
24,666
58,443
8,689
102,726 201,828
11,567
17,464
593
8,588
2.357
2,050
69,977 1,408,508
6,869 143,686
58,307 1,748,957
2,104 304,238
1,908
8,235
28,482 849,430
14,113
177,899 5,070.202 262,064 5,400,8454,038,668 4,831.660
Totals
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1933.
Receipts at-
1932.
1931.
1930.
1929.
1928.
70,149
71.021
73,555
16,619
2,605
65,234
81.083
87,850
17,758
3,423
36,839
61,300
55,350
22.924
17,909
63,609
98,764
41,848
15,834
13.248
72,501
82,945
57,038
9,547
9,054
2,338
1,773
1,159
1,707
993
1.227
4.779
1,110
3,906
6,191
4.781
8,720
4,950
7,571
9,211
Galveston-Houston
New Orleans_
Mobile
Savannah _ __ _
Brunswick _ _ _
Charleston_ _ _
Wilmington _ _
Norfolk
Newport News
All others_ _ _ -
69,977
58.307
28,482
2,223
1,475
1,011
1,827
438
1,342
12,817
22.845
24,042
6.747
7,777
12,963
Total this wk_
177.899
262.064
283,317
210,864
260,772
265,780
Ial...,... A...., 1
CA7A ono K
Ann
12,1A K 771 009 A kOK QM A .21K 04AR
win ,,C
The exports for the week ending this evening reach a total
of 162,376 bales, of which 35,905 were to Great Britain,
33,630 to France, 31,824 to Germany, 6,724 to Italy, nil to
Russia, 32,392 to Japan and China, and 21,901 to other
destinations. In the corresponding week last year total exports were 211,533 bales. For the season to date aggregate
exports have been 3,745,856 bales, against 3,701,618 bales
in the same period of the previous season. Below are the
exports for the week:
Exported to
-
Week Ended
(MTDec. lb nme. Great
Exportsfrom- Britain. France. many.
1,895
Charleston
Norfolk
Los Angeles_Total
Total 1832
Total 1931
From
I
Japan&
Italy. Russia. China. Other.
10,178 4,079 5,820
____ 19817 6,720
-------- ---12,847
3,083 17,487 19,526
__ _ _
347
------------4,222
459
____
2,039
745
__ _ _
_ _ __
725
200
--------678
100
23,132 3,135
------------4,247
465
_
_
_ __
-----------22
;Iii 6,196
4,672
____
462
2,032
--------------------100
Galveston
Houston
Corpus Christi_ _
Texas City
Beaumont
.
New Orleans_
Lake Charles_ _ _
Mobile
Savannah
Brunswick
106
___ _
---------------298
----------------3,400
_ __ _
Total.
46,614
52,923
5,028
3,509
978
30,979
788
12,706
2,132
- 298
3,500
35,905 33,630 31,824 6,724
_ _ _ _ 32,392 21,901 162,376
-39,776 23,489 35,507 19,777
_ _ __ 67,189 25,795 211,533
19.946 10,874 43,640 37,146
_ _ _ _ 115,096 27,997 254,699
Exported to
-
AIN. 1 1933 to
Gerj Great
Dec. 15 1933
Exports from Britain. France. many.
I
Japan cti
Italy. 'Russia China. I Other.
Total.
299,601 146,098 916,381
Galveston. _ - 127,572 144,000 122,126 76,984
364,039 172,075 1,260,351
Houston _ - 147,480 184.855 247,532 144,370
22,781 17,397
86,916 50,600
121,268 32,820 331,782
Corp. Christ
23,282 1,390
1,222 11,582 63,787
8,674 17,637
Texas City-1,100
1.528
2,781 4,000
954
10,913
Beaumont__ _
Orleans_ 122,237 61,198 119,737 87,699 21,274 115.329 59,160 589,634
New
14,544 2,200 8,950
17,128 10,702
6,262 13,639
73,425
Lake Cheri
49,617 7,5391
__
11,903 5,424 101,984
22,772 4,729
Mobile
5.704
366
7,088
1,018
Jacksonville
19,291 11,703
,
6,750 1,063
55,686
15,820 1- 06
Pensacola _ _
11,341
2,500
300 33,082
183
18,7581
City
Panama
46.377
3021 _ __
12,248 4,842 103,655
100
39.686
Savannah _ _ _
1,371
25
_
22,187
16,791
Brunswick_ _
1.234
39,571
379
76,713
35,529
Charleston
800
6.655
7,455
Wil ington-798
306
3,53
9,735
24
5,075
Norfolk
1,448 3.505
2,390
15,577
8,193
New York
1.087
4
1,197
50
15
Boston
44,573 1,098
49,707
181
1,800
2,055
Los Angeles.
16,110 1,484
18,437
750
93
San Francisco
80
80
Seattle
Total
4377
Financial Chronicle
Volume 137
667,727482,834
743,546350,175 30,224 1,016,445 455,105 3,745,856
Total 1932_ 632,765478,098 892,446332,369
Total 1931... 528,618159.397 733,944302.388
917,591 450,349 3,701,618
_ _
__
1.447,861 395,6073.567,815
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
GetOther CoastGreat
Dec. 15 at- Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleon_
Mobile
Norfolk
Other ports*
Total.
Leaving
Stock.
5,000 63,500 823,967
3,315 38,518 805,832
135,801
o56,596
i____
-333__3i4A
114,516
71ao_ii
2,
2,
24,666
-530 60,000 1,910.703
3,000 2,000 3 500 51,000
.
9,000
6,045
4,500
4,827
8,000 37,000
6,877 17.454
Total 1933_ _ 20,214 11,441 18,377 107.706 8,849 166,587 3,872.081
Total 1932_
39,099 17,786 28,059 103,379 8.555 196.8784,634.782
Total 193134,080 12,705 20,902 109.506 15,419 192,612 4,454.311
*Estimated.
SPECULATION in cotton for future delivery continued
small on the 9th inst., and after moving within a very narrow
range prices wound up 8 to 10 points net higher, owing to
the strength of securities and better Liverpool cables than
expected. The demand for spot cotton was small. Mills
bought in only a limited way, owing to the inactivity in
textile markets. The action of dollar exchange, it is generally believed, will continue to be the dominating influence,
and consequently all eyes have been focused on the foreign
exchange market. Traders also have been scanning the
news for any new developments in Washington on the
monetary situation. On the 11th inst. the market was a
little more active, and prices ended 3 to 6 points net higher
on buying by Wall Street, the trade, and foreign interests,
based on the better outlook for general trade; part of an
early advance of 6 to 12 points was lost on profit-taking.
The South sold moderately. Southern reports said that
offerings from the interior continued small and the spot
basis firm. Sentiment was still affected by the action of
the dollar and the uncertainties regarding the monetary situation, but traders gave considerable attention to reports
indicating an improvement in general business throughout
the country. Spot demand was slow. Farmers were still
holding their cotton for higher prices.
On the 12th inst., in very small trading, prices, after moderate early gains on better Liverpool cables than expected,
reacted on selling influenced by an advance in dollar exchange. The ending was 2 to 9 points net lower. Demand
seemed to taper off around the 10c. mark, and many attribute this to the fact that the Government is willing to
loan farmers 10c. on their unsold cotton. On the other
hand, country offerings were small, and the spot basis
firm, and there was more attention being given to increasing reports of business improvement. The action of
the dollar however, undermined sentiment and led to renewed liquidation. Other factors which helped to depress
prices were the late reaction in stocks and grain and the
poor demand for spot cotton. Finished goods were less
active. Southern spot markets were officially 4 to 10
points lower.
On the 13th inst. the market was quiet but steady.
Prices moved within narrow range and were easily influenced by small orders either way. The ending was
at net gains of 3 to 8 points owing to buying by spot houses
and short covering. Trading was light because most traders
continued to hold aloof awaiting monetary and other
developments at Washington. There was a little liquidation in January and some hedge selling which was absorbed
by domestic and Continental mill buying to fix prices.
Washington announced that loans to farmers totaled $40,000,000 indicating that farmers have obtained loans on
approximately 800,000 bales. Worth Street reported that
all goods in second hands had been cleaned up and that
the demand was better.
On the 14th inst. prices ended 3 to 5 points lower. The
price movement continued small and trading was light
consisting largely of liquidation in January or switching
from that month to later deliveries. There was also some
selling of October by interests influenced by the reported
slowness with which farmers are signing up for acreage
reduction next year. The trade was the best buyer and
offerings were readily absorbed. The Census Bureau put
the consumption for November at 475,000 bales against
504.000 in October and 696,000 in 'June. Liverpool cables
said that British spinners will vote on curtailment Monday.
Worth Street on the other hand reported a better business
and a better holiday trade was indicated throughout the
country. Farmers in the south still held their cotton and
many are said to have taken advantage of the Government
10c. loan. Spot demand was slow with mill buying limited.
To-day prices again fluctuated within very narrow limits
in a quiet market. There was an initial upswing of 8 to
10 points on buying inspired by better cables than due, an
easier dollar rate and Wasbington reports denying stabilization rumors but January liquidation and selling by the
south caused a setback and about half of the early advance
was lost. Later on trade price fixing and a moderate
demand from Wall Street steadied the market and the
ending was at net gains of 3 to 6 points. Final prices
show a rise for the week of 10 to 17 points. Spot cotton
ended at 10.20c: for middling a rise for the week of 10
points.
Financial Chronicle
4378
Staple Premiums
80% of average of
six markets quoting
for deliveries on
Dec. 21 1933.
15-16
inch.
1-inch &
longer.
.11
.11
.11
.11
.11
.11
.11
.33
.33
.33
.33
.30
.27
.25
.33
.30
.27
.10
.10
.09
.10
.10
.10
.26
.26
.26
.09
.25
.09
.25
.09
.09
.28
.26
Differences between grades established
for deliveries on contract Dec. 21 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.6800
Middling Fair
White
.55
Strict Good Middling-- do
.43
do
Good Middling
.30
do
Strict Middling
Basis
Middling
do
.33 off
Strict Low Middling....._ do
.72
do
Low Middling
1.20
*Strict Good Ordinary__ do
1.61
do
'Good Ordinary
.44 on
Extra White
Good Middling
.30
do do
Strict Middling
.01
do do
Middling
31 off
Strict Low Middling-- do do
67
do do
Low Middling
.2700
Spotted
Good Middling
Even
do
Strict Middling
33 off
do
Middling
.72
*Strict Low Middling.- do
1.20
do
*Low Middling
.02 off
Strict Good Middling-Yellow Tinged
.25 off
do do
Good Middling
.40
do do
Strict Middling
.73
do do
'Middling
1.18
do do
*Strict Low Middling...
1.61
do do
*Low Middling
Light Yellow Stained- .39 off
Good Middling
do __ .73
do
do
*Strict Middling
do ._1.18
do
do
*Middling
.72 off
Yellow Stained
Good Middling
1.17
do do
*Strict Middling
1.61
do do
*Middling
.2.5 off
Gray
Good Middling
.49
do
Strict Middling
.78
do
'Middling
.73 off
Blue Stained
*Good Middling
1.18
do do
*Strict Middling
1 61
do do
*Middling
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
*Not deliverable on future contract.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
10.20
Dec. 9 to Dec. 15Middling upland
Mon. Tues. Wed. Thurs. Fri.
10.20 10.15 10.20 10.15 10.20
NEW YORK QUOTATIONS FOR 32 YEARS.
10.20c. 1925
6.20c. 1924
6.20c. 1923
9.45c. 1922
17.20c. 1921
20.35c. 1920
19.25c. 1919
12.85c. 1918
1933
1932
1931
1930
1929
1928
1927
1926
19.80c.
23.90c.
34.35c.
25.50c.
18.00c.
15.80c.
38.00c.
29.55c.
1917
1916
1915
1914
1913
1912
1911
1910
30.10c.
18.60c.
12.30c.
7.35c.
13.00c.
13.20c.
9.45c.
15.20c.
15.15c.
9.10c.
12.10c.
10.55c.
12.20c.
8.00c.
12.45c.
8.65c.
1909
1908
1907
1906
1905
1904
1903
1902
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _
Monday __ _
Tuesday .._ _
Wednesday_
Thursday _
Friday
Futures
Market
Closed.
Steady, 10 pts. adv. Steady
Steady, unchanged_ Steady
Steady. 5 pts. dec__ Barely steady.
Steady. 5 pts. adv_ _ Steady
Quiet 5 pts. dec... Steady
Steady, Spin. ad v -- Steady
Total week_
Since Aug. 1
SALES.
Spot.
Contr'ct
Totes.
800
800
1,453
200
200
1,453
1.453
1,000 2.453
38.273 106,100 144.373
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Dec. B.
Dec. 1933
(
)
Range._
Closing.
(1934)
.Jan.
Range__
Closing.
Monday,
Dec. 11.
Tuesday, 1Vednesday, Thursday,
Dec. 14.
Dec. 13.
Dec. 12.
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.
Dec. 15Stock at Liverpool
Stock at London
Stock at Manchester_ _
Total Continental stocks
Range_ _
Closing _ 10.05n
10.8C
10.04n
10.08n
10.02n
10.10(1
Mar.
Range__ 10.04-10.15 10.16-10.22 10.08-10.20 10.07-10.17 10.11-10.19 10.11 -10.19
10.13-10.14 10.1( 10.18
10.1710.10Closing 10.12-10.13 10.18AprtiRange__
10.24
10.23n
Closing 10.19n
10.160
10.17n
10.25n
May
Range _ 10.15-10.28 10.29-10.38 10.23-10.35 10.22-10.31 10.25-10.33 10.21 10.33
10.32-10.33 10.24-10.25 10.30-10.31 10.26-10.27 10.31 _
Closing _ 10.27June
Range
10.31
10.33n
10.37n
10.30n
10.38n
Closing 10.34n
JulyRange- 10.30-10.41 10.42-10.50 10.36-10.47 10.35-10.45 10.39-10.45 10.41 10.47
10.40-10.41 10.41
10.45- Closing.. 10.4110.4410.37 -.
Aug.
Range__
Closing
.
Sept.
Range._
Closing _
Oct.
Range__ 10.48-10.58 10.59-10.88 10.55-10.65 10.54-10.84 10.57-10.63 10.51 -10.66
10.61
10.83-10.64 10.60Closing _ 10.56-10.58 10.60-10.62 10.58 Nov.
Range __
Closing _
Nominal.
Range of future prices at New York for week ending
Dec. 15 1933 and since trading began on each option:
Option for
-
Range for Week.
Dec. 1933_ 9.89
Jan. 1934_ 9.89
Feb. 1934
Mar. 1934__ 10.04
Apr. 1934_
May 1934._ 10.15
June 1934
July 1934.. 10.30
Aug. 1934
Sept. 1934_
Oct. 1934._ 10.48
Dec. 9 10.07 Dec. 12 8.30 Feb. 6 1933 12.20
Dec. 9 10.07 Dec. 12 6.35 Feb. 6 1933 12.25
6.62 Feb. 24 1933 9.92
Dec. 9 10.22 Dec. 11 6.84 Mar. 28 1033 12.39
8.91 May 22 1933 10.43
Dec. 9 10.38 Dec. 11 9.13 Oct. 16 1933 12.52
Range Since Beg nning of Option.
July 18 1933
July 18 1933
Aug. 28 1933
July 18 1933
Nov. 17 1933
July 18 1933
Dec. 9 10.50 Dec. 11 9.27 Oct. 18 1933 11.78 July 27 1933
Dec. 9 10.68 Dec. 11 10.05 Nov. 6 1933 10.90 Nov. 16 1933
1931.
688,000
1930.
776,000
92.000
112,000
145,000
154,000
872,000
820,000
833.000
930,000
570,000
276.000
30,000
90,000
126,000
11,000
8.000
466,000
253,000
16.000
69,000
99,000
322.000
189,000
12,000
79,000
70,000
528,000
324,000
9.000
118.000
70,000
1,111,000
903,000
672,000 1,049.000
Total Continental stocks
1,983,000 1,723.000 1,505,000 1,979,000
India, cotton afloat for Europe_ _ _
48,000
54,000
45,000
93.000
American cotton afloat for Europe 497,000
589.000 528.000 475.000
Egypt,Brazil,1 c.,aiTtfor Europe
98,000
77,000
105,000
88,000
Stock In Alexandria, Egypt
438.000 569,000
748,000 684.000
Stock in Bombay,India
587.000 510.000374,000526,000
Stock in U. S. ports
4.038.6684,831,660 4,646,923 4,162,718
Stock in U.S.interior towns
2,203,417 2,260,614 2,214,853 1,811,062
11. S. exports to-day
40.203
9,203
100
62.395
Total visible supply
9,933,28810,623,47710,229,171 9,818,880
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
408,000 361.000 280,000 392,000
Manchester stock
47,000
63,000
59,000
72,000
Continental stock
1,028.000 850.000 603.000 928,000
American afloat for Europe
497.000 589,000 528,000 475,000
U. S. port stocks
4.038.668 4,831,660 4,646,923 4.162,718
U. S. interior stocks
2,203,417 2,260,614 2,214,853 1,811.062
U. S. exports to-day
40,203
9.203
62,395
100
Total American
East Indian Brasil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, etc., afloat
Stock in Alexandria. Egypt
Stock In Bombay, India
Total East India. &c
Total American
8,262.288 8.04,477 8,394,171 7,840,880
372,000
347,000
408,000
384.000
45,000
83.040
48,000
98.000
438,000
587,000
49,000
53,000
54,000
77,000
569.000
510.000
86,000
69,000
45,000
105,000
748.000
374,000
82,000
121,000
93,000
88,000
684,000
526.000
1 671,000 1.659,000 1.835.000 1,978,000
8 262,288 8,964,477 8,394,171 7,840.880
Total visible supply
9,933.28810,623,47710,229,171 9,818.880
Middling uplands, Liverpool_
5.25d.
5.200.
5.201.
5.32d.
Middling uplands, New York__ - 10.20c.
6.00c.
6.35c.
9.75c.
Egypt, good Sakel, Liverpool _ .
7.79d.
8.23d.
8.55d.
8.45d.
Broach, fine, Liverpool
4.07d.
4.97d,
4.84d.
4.10d.
Tinnevelly, good, Liverpool
4.79d.
5.10d.
5.17d.
5.000.
Continental imports for past week have been 125,000 bales.
The above figures for 1933 show a decrease from last
week of 35,632 bales, a loss of 690,189 from 1932, a
decrease of 295,883 bales from 1931. and a gain of 114,408
bales over 1930.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Dec. 15 1933.
Towns.
9.89- 9.99 9.98-10.06 9.92-10.07 9.90-10.01 9.93-10.01 9.913 10.01
10.0( 10.01
10.00-10.01 9.9510.02 --- 9.959.99-
1932.
708,000
1933.
bales.. 780,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Trieste and Me,stre
Stock at Venice
Fri U.
Dec 15.
.
9.85- 9.99 10.02-10.05 9.92-10.07 9.90- 9.93 9.93-10.00 9.95-10.00
991
10.04 - 9.95- 9.98n
9.93n
9.99-
Dec. 16 1933
Receipts.
Week. I Season.
I
Ship- Stocks
ments.! Dec.
1Veek.
15.
5301
Ala., Birming'm
22,390,
647 14,9561
198'
Eufaula
6,4341
99 6,222
2291 24,040 1.443 35,543
Montgomery
446, 35,306,
Selma
868 47,212
Ark.,Blytheville 5,609, 110,924 3,121 80,077
4471 16,7981
Forest City259 17,252
732
Helena
40,0811
624 33,788
7161 43,1711
Hope
694 20,441
2,674
Jonesboro_ _ _
27,798 1.744 17.306
1,681' 83.493 2,643 57,027
Little Rock._
1,263
26,606
Newport_
632 23.197
1,442
Pine Bluff_
87,497 1,645 50,343
Walnut Ridge 2,795
48,417 1,604 31,766
135
Ga., Albany_
10,194
383 6,071
23,045
Athens
500
500 54,985
6.457
53,111 2,149195,356
Atlanta
1,767 107,833 2,173146,165
Augusta
550
9,490
Columbus._
550 15,681
11.779
Macon
210
228 34,139
9,498
Rome
460
300 9,035
La., Shreveport 1,000
47,917 2,000 43,780
MIss.,Clarksdale 1,840 105,971 3,466 82,335
186
14,188
Columbus_
343 13,415
523 130,516 4,624 93,580
Greenwood_ _
24.178
128
Jackson
791 19,658
3,916
148
Natchez
80 5,129
718
17,335
Vicksburg_
710 11,542
59
26,832
Yazoo City
710 18,350
51o., St. Louis_ 6,656
96,128 6,656
629
3,854
352
N.C.,Greensb'ro
771 17,191
1
Oklahoma
15 towns•
27,312 867,394 31,024229,825
S.C., Greenville 5,770
76,666 5.059 96,035
Tenn.,Memphis 63,5421.054,861 58,024603,482
Texas. Abilene_
1,108
56,248 2,120 2,952
Austin
18,005
210
125 4,744
Brenham
91
25,939
7, 65
73
44
2,444
Dallas
81,601 3,878 19,175
Paris
749
49,046 1,547. 17,509
Robstown_
49
5,205
100 1,135
San Antonio_
100
9,735
410009
Texarkana_ _
353
9171 17,311
23,880
Waco
1.532
82,575 2,145 20,899
Movement to Dec. 161932.
Receipts.
Week.
Season.
2,488
23,2131
103
6,061
123
21,907
607
50.382
8,701 159,0571
1,512
19,7321
1,555
64,5621
772
43,659
1,4581
13,484
4,392
98.467
2,000
42,602,
3,2811
90,4291
3.6371 59,086
11
1,238
486, 17,168
3,498, 63,304
2,740
79,887,
-.-.12,306
3191
15,851
295
10,161
5112
66,817
1,747 103,016
1,172
12,233
3,536 111,513
502, 30,446
488
7,178
796
29,326
208
30,985
5,3961 79,651
2,718
9,374
Ship- 'Stocks
ments. Dec.
Week.
18.
1,863 11.501
107 6.861
221 50.968
2,699 60.914
8,199 89.973
1,173 25,259
1,839 51,303
2,343 30,880
718 8,228
4,340 69,726
2,000 30,211
3,545 72.402
2,446 22,609
5 3 118
580 49,220
8,128 143,675
1,410 117,572
26,458
218 40.935
100 13,387
3,488 81,047
5,161 81.157
173 14,155
4,946113,335
887 33.264
138 8,607
1,559 24,198
614 29,504
5,396
227
599 15.116
19,434 587,353 20.594224,440
7,8
.
2,233 84,867
72,6951,045,917 63 346513.17
1:317 2.792
3
5,5211
18
.
.858
- 3,727
2011
15,009
298 9,749
73,314 1,861 29,784
3,843
1,257, 42,978 2,672 17,847
12
6,257
45
857
10,039
78
172
722
717
35,090
599 28,109
61,803
691
914 18,813
Total, 56 towns 143,7003,419,731 147,9052203417 165,4053,390,574 160 9442260614
,
• Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 3,722 bales and are to-night
57,197 bales less than at the same period last year. The
Financial Chronicle
Volume 137
receipts at all the towns have been 21,696 bales less than
the same week last year.
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:
1933
Since
Week. Aug. 1.
6,656
95.739
4,653
69,426
676
539
5,962
3.661
72,055
26,800 197.788
Total to be deducted
441.646
29.351
315,774
661
372
4,012
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
1932
Since
Week. Aug. 1.
5.396
80.213
220
1,890
100
255
6.989
3.793
66,478
19,687 160,104
42,309
Dec. 15ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
14.108
5.359
87.917
593
249
1.513
8,578
3.854
75,200
5,045
107,384
2,355
87,632
Leaving total net overiand•--37.264
334,262
26,996
228.142
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 37,264 bales, against 26,996 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 106,120 bales.
1933
1932
Since
Since
Takings.
1Veek.
Aug. 1.
Week.
Aug. 1.
177.899 5,070,202 262,064 5,400,845
Receipts at ports to Dec.15
37.264
Net overland to Dec. 15
334,262
26,996
228,142
Southern consumption to Dec. 15_ 90,000 1,999,000
95.000 1,949,000
In Sight and Spinners'
305,163 7,403,464 384,060 7.577.987
Total marketed
.3.722
Interior stocks in excess
941,183
3,964
860.972
•
Excess of Southern mill takings
over consumption to Dec. 1188,755
233,442
Came into sight during week.--301,441
Total in sight Dec. 15
8.533,402
North. spinn's's takings to Dec.15 48,310
578,619
388,024
8.672,401
29,387
430,426
• Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1400,237 1931
209,231 1930
413,711 1929
Week1931-Dec. 19
-Dec. 20
1930
1929
-Dec. 21
Bales.
9,643,834
9,982,101
10,787,396
Outputs!
Output of
Area CinnedCoPn
Area GinnedCoen
(Mow). (Picuds).
(Mow).
(Picas).
1919
33,037,881 9,028,390 1929
33,811,255 7,587,021
1920
28,327,297 6,750,403 1930
37,593,012 8,809,567
1921
28,216,168 5,429,220 1931-1st estimate 35,468,352 6,793,241
1922
33,464,595 8,310,355
2d estimate 34,182,747 6,460,641
1923
29,554,053 7,144,642
Final est.
31,637,779 6,399,780
1924
28,771,577 7,808,882 1932-1st estimate 37,086,775 10,829,162
1925
28,121,027 7,534,351
2d estimate 37,079,835 8,094,863
1928
27,349,727 6,243,585
Final net.
37,099,800 8.105.637
1927
27,610,276 6,722,128 1933
-1st estimate 39,157,446 10,734,451
1928
31,926,311 8,839,274
26 estimate 39,684,369 9,838,286
When the first estimate was made there were prospects of a good cotton
crop, but the second estimate indicates that the aggregate production of
10,734,451 Nails has decreased to 9.838,286 pion's, with the average yield
per mow of 27.2 catties falling to 24.8 catties.
This setback was due to several causes. In Shantung a good crop was
destroyed by excessive rainfall in several hsien districts, and by the recent
Yellow River floods in the Tsao district; in Honan a serious drouth in and
after August ruined what promised to be a bountiful harvest; in Shensi
a large area of cotton field was inundated by the Han River, the damage
done being enormous, while in Kiangsu and Chekiang (especially the latter)
promising crops were affected first by the dry spell in July and then by two
typhoons in September. Although increases are seen in the output of Anhui,
Hupeh and Hopei, the aggregate is still below the level of the first estimate.
In regard to the area under cotton, an Increase of 526.923 mow is shown in
the second estimate, explained by the fact that fields where sowing had not
been finished while the first investigation was being carried on were excluded from the original estimate. On the other hand, many cultivated
areas in the provinces of Shantung, Shansi. Kiangsi and Klangsu were
abandoned, and if these fields are added the total would reach 40,259,460
mow, the highest figure recorded during the last two decades.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING NOVEMBER.
Under date of Dec. 14 1933 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of November 1933 and 1932.
Cotton consumed amounted to 475,368 bales of lint and
59,111 bales of linters, compared with 503,873 bales of
lint- and 66,838 bales of linters in October 1933 and 502,434
bales of lint and 56,963 bales of linters in November 1932.
It will be seen that there is a decrease under November in
1932 in the total lint and linters combined of 24,918 bales,
or 4.46%. The following is the statement:
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton in running bales, counting round as half bales, except foreign, which Is in
500
-pound bales.,
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
ileC. In.
Cotton Consumed
During-
aaturuuy. Inurtuuy. a uvacusg. preuclay. iitursa V. Priddy,
9.90
9.93
9.85
9.93
10.03
9.80
10.03
9.80
9.85
9.69
9.65
965
9.95
9.93
9.90
9.98
10.08
9.90
10.08
9.80
9.90
9.72
9.65
9.65
9.85
9.89
9.80
9.90
10.00
9.85
10.00
9.75
9.85
9.65
9.60
9.60
9.90
9.89
9.92
9.97
10.05
9.90
10.07
9.80
9.90
9.70
9.65
9.65
9.85
9.93
9.88
9.94
10.00
9.90
10.14
9.75
9.85
9.65
9.60
9.60
9.90
9.93
9.90
9.98
10.05
9.95
10.17
9.80
9.90
9.70
9.65
9.65
Nov.
((soles)
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,
Dec. 9.
Monday,
Dec. 11.
Tuesday, Wednesday, Thursday,
Dec. 12.
Dec. 13.
Dec. 14.
Cotton-growing States
New England States
All other States
Included Above
Egyptian Cotton
Other foreign cotton
Amer.
-Egyptian cotton
Not Included Above
Linters
NEW YORK WOOL TOP EXCHANGE.
-The Board of
Governors of the Wool Associates of the New York Cotton
Exchange, Inc., Dec. 12 elected to membership Edmund
H. Winterbottom. Mr. Winterbottom is Treasurer of
Winterbottom & Brown, Inc., wool top makers, 170 Summer
Street, Boston, Mass.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND, &c., in NOVEMBER.
Dec. 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications of
Business Activity."
SECOND CHINA COTTON ESTIMATE FOR 1933.
The Chinese Cotton Statistics Association of Shanghai has
published its second estimate of the domestic cotton crop
for 1933, which shows that the total area of cotton fields
amounted to 40,259,460 mow (including 575,091 mow of
abandoned area), with an anticipated yield of ginned cotton
amounting to 9,838,286 piculs.
The above figures are based on reports received from the 11 provinces
of Hopei, Shantung, Shansi, Honan, Shensi, Hupeh, Hunan, Klangsi.
Anhui, Kiangsu and Chekiang, and the two municipalities of Shanghai and
f 1933 475,368 2,067,297 1,573,744 1041149125.423,348
1 1932 502,434 1,901,566 1,454,305 10693717 24,368,478
1933 379,272 1,650,145 1,245,563 10050625 17,418,032
1932 420,263 1,582,514 1,185,274 10249618 17,018,672
1933 83,187 354,913 270,565 255.274 7,296,192
1932 67,863 265.378 224,228 238,777 6,653,516
62,239
1933 12,909
57,616 105.592
709,124
1932 14,308
53,674
696,290
44,803 205,322
1933
1932
1933
1932
1933
1932
9,020
7,908
3,613
3,779
920
2,104
39,031
28,487
16,385
16,220
4.090
7,186
25,850
30,791
21,951
13,133
5,425
4.697
19,338
28,165
4,356
3,723
3,129
10,261
I 1933 59,111
I 1932 56.963
285,671
234.228
265,620
295.677
37,706
66.595
Imports of Foreign Cotton (500-0. Bales).
Fr ay,
De, 15.
.
Dec.(1933) 9.93 Bid. 9.94 Bid. 9.89
9.93 Bid. 9.91 Bid. 9.9:
bid
Jan.(1934) 9.94- 9.95 9.98-10.00 9.90- 9.92 9.96 Bid. 9.93 Bid. 9.9 9.95
,
February _
10.07-10.08 10.13-10.14 10.11
March_ --- 10.10-10,1110.14
10.1 -10.12
April
10.25
10.29
10.22
10.28 Bid. 10.25
May
10.21 6-.27a
June
10.41 Bid. 10.35
10.37
10.42
July
10.40
10.41 10.41
August- - September
10.58 Bid. 10.56 Bid. 10.5
- 10.54 Bid. 10.57 13Id. 10.51
October
bid
November
Tone
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
St
Steady.
Steady_
Steady.
Steady
RC dy
Options__ - Steady.
United States
Cotton on Hand
Nov. 30-
,
Cotton
Four
In Con- In Public Spindles
Months suming
Storage
Active
Ending Establish- & at Com- During
Noy. 30 ',tents.
presses. November
(bales)
(bales)
(bales) (Number)
Year
Closing Quotations for Middling Cotton on-
Week Ended
Galveston
New Orleans - - Mobile
Savannah
Norfolk
Montgomery - - Augusta
Memphis
Houston
Little Rock_. Dallas
Fort Worth - - - -
4379
Tientsin. The figures represent conditions prevailing up to Sept. 25, with
allowances made for damage done to the crop prior to that date.
Comparisons of the area under cotton and output during the 12 years
ending 1930, together with two estimates for this year and three estimates
for 1931 and 1932, are as follows:
Country of Prodsalon.
Egypt
Peru
China
Mexico
British India
All other
Total
4 Mos. End. Nov. 30.
November.
1933.
1932.
10,759
462
147
45
1,655
68
5,044
858
2,655
13.136
1933.
1932.
17,537
2,753
5,886
68
29,460
2,281
1,588
155
9,014
133
8,973
42.631
27.172
348
842
154
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for 1.1nters).
Country to Which Exported.
November.
4 Mos. End. Nov. 30.
1933.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
Total
1932.
1933.
1932.
158,329
96,610
59,019
168,317
33,684
12,869
65,641
226,156
52.547
35,022
9,130
176,623
118,318
69,009
184,757
42,556
16,433
56,603
278,427
23,830
34,414
11,441
576,279
414,836
297.397
635,140
113.531
55,228
243,451
801,560
107,298
89,274
26,007
540,213
412,298
277,310
788,913
117,119
70,041
185,565
643,058
83,684
63.921
24.131
915,304 1,012,411 3,359,999 3,206,253
Note.
-Linters exported, not included above, were 17,908 bales during November
in 1933 and 7,097 bales in 1932; 48,802 bales for the four months ended Nov. 30
in 1933 and 52,164 bales in 1932. The distribution for November 1933 follows:
United Kingdom, 4,108; Netherlands, 1,267: Belgium, 521; France 2,521; Germany,
5,694; Italy, 600; Poland and Danzig, 73; Canada, 846; Japan, 1,689; Yerifiala. 5;
British West Indies, 1; South Africa, 583.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in
1932, as compiled from various sources, was 23,774,000 bales, counting American
In running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters in the United States) for the year ended July 31 1933,
was approximately 24,986,000 bales. The total number cf spinning cotton spindles.
both active and idle, is about 158,000,000.
4380
Financial Chronicle
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph 'this evening indicate that the weather
during the week in all of the cotton belt except the more
eastern sections, has been mostly dry and moderate. In
the eastern portion there have been rains and cold weather
and snow in some more northern parts. Freezing weather
in the eastern sections was reported as far south as Florida.
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
2 days 0.15 in.
2 days 0.08 in.
dry
1 day 0.02 in.
1 day 0.04 in.
dry
dry
dry
dry
2 days 0.29 in.
3 days 0.07 in.
1 day 0.28 in.
2 days 0.0810.
1 day 0.12 in.
1 day 0.02 in.
2 days 0.05 in.
1 day 0.08 in.
dry
dry
3 days 0.16 in.
2 days 0.22 in.
Galveston, Tex
Amarillo, Tex
Austin,Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Houston, Tex
Palestine, Tex
San Antonio. Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport. La
Meridian, Miss
Vicksburg. Miss
Mobile. Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa,Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N. C
Charlotte, N. C
Raleigh, N.C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville. Tenn
Thermometer
high 78 low 56 mean 67
high 80 low 30 mean 55
high 82 low 44 mean 63
high 80 low 30 mean 55
high 80 low 58 mean 69
high 80 low 56 mean 68
high 80 low 36 mean 58
high 84 low 42 mean 63
high 70 low 36 mean 53
mean 64
high 80 low 44 mean 62
high 82 low 48 mean 65
high 74 low 32 mean 53
high 74 low 32 mean 53
high 70 low 32 mean 51
high 82 low 52 mean 66
high 79 low 41 mean 60
high 76 low 30 mean 53
high 78 low 38 mean 58
high 77 low 38 mean 58
high 74 low 38 mean 56
high 76 low 42 mean 59
high 76 low 46 mean 61
high 76 low 56 mean 66
high 72 low 44 mean 58
high 76 low 48 mean 62
high 80 low 36 mean 58
high 64 low 50 mean 57
high 66 low 40 mean 53
high 72 low 44 mean 58
high 70 low 44 mean 57
high 70 low 32 mean 51
high 64 low 34 mean 49
high 62 low 30 mean 46
high 68 low 38 mean 53
high 72 low 32 mean 46
high 68 low 36 mean 52
high 56 low 30 mean 43
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:
Dec. 15 1933. Dec. 18 1932.
Feet.
Feet.
0.8
2.9
6.2
10.0
9.5
19.4
2.4
6.3
4.9
10.8
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ende
Receipts at Ports.
1933.
1932.
1931.
I
Stocks at Interior Towns. IReceiptsfrom PlaMations
1933.
1932.
1931. I 1933.
Dec. 16 1933
INDIA COTTON MOVEMENT FROM ALL PORTS.
Since
Aug. 1.
Week.
Bombay
51,000
Week.
309,000 38,000
Since
Aug. 1.
Since
Week. Aug. 1.
514,000 51,000
332,000
Since Aug. 1.
For the Week.
Exports
from
-
1931.
1932.
1933.
Dec. 14.
Receipts at
-
Great Conti- Japan&
Great
Britain.' neat. China. Total. Britain.
Conti- Japan &
China.
Total.
neat.
Bombay
1933
3.000 3,000 16,000 22,00
1932
5,000 19,000 24,000
1931
1:666 1,000 17,000 19,000
.
OtherIndia5,000 3,000
1933
8.000
1932
4,000 19,000
23,000
1931
1.000
1,000
54,000 133,000
33,000 122,000
37,000 96,000
Total all
1933
1932
1931
70,00 263,000 94,0001 427,000
41,000 219,000 214,000; 474.000
44,000 172.000 411,000! 627,000
8,000 6,000 16,000 30,000
4,000 24,000 19,000 47.000
1,000 2,000 17,000 20,000
16,000 130,000 94,000 240,000
8,000 97,000 214,000 319,000
7,000 76,000 411,000 494,000
187,000
155,000
133,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of.
13,000 bales. Exports from all India ports record a decrease
of 17,000 bales during the week, and since Aug. 1 show a
decrease of 47,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
Dec. 13.
1933.
1931.
360,000
4.433,212
Receipts (cantars)Wsweek
Since Aug. 1
1932.
230,000
2.744,208
225,000
4,080,823
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
To Liverpool
---- 123,347 -_-_ 42,346 14,000 99,375
To Manchester, &c__ _
---- 71,423 5,000 38,805
____ 65,487
To Continent and India_ 14.000227.541 19,000 187,643 13,000221,554
To America
2,000 27.318 2,000 14,285 2,000 8,641
Total Formats
16.000 449.629 26.000 282.070 20.000 205.0S7
Note.
-A cantar is 99 lbs Egyptian ha es weigh about 750 lbs
This statement shows that the receipts for the week ended Dec. 13 were
360,000 cantars and the foreign shipments 16,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yams is active and in cloths is quiet. There is talk of resorting to short time. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1932. 1931.
Sept
15_ 276.295 235,434 241,800 1,152.21 1,344,300 749,994 309,710 307.999,263,246
328.745 225,127 322.698 1,231,502 1,452,801 811,978 408,033356,228 384.682
29._ 406,645 322.464 445.906 1,366,58 1.571.911 945,683541,732 441,574 579,611
Oct.
401.8371311,264 517,721 1,502,76 1,695.492 1,141,662538,013 123,581 713,700
13._ 378.794 347,025 519,398 1,657.587 1.802.899 1,349,792 531,616454,432 727,528
20._ 376,859395,485 380,980 1,785,278 1.889,862 1.559,483504,550482,448 590,671
__ 348.464'387,507 453,232 1,881,9102,030,251 1,750.430 445,096 527.896 644.179
Nov.
3..313.111,404,069 903,664 1,986,737 2,133,2831.905,108 417,938 507,101 559,202
10._ 275.657;377.879 417,1182,081,239 2,201,601 2,052,038 370,160446,197564,084
17_,_ 257.1261425,222 402.382,151.379 2,248,9532,176,891 327.258472.574527.239
24_ 585,757308,468317,6282,186,5562,251,4772,200.307250,572310,992 341,044
Dec.
1
I__ 266,062 375,711 312,18 2,198,2902,246,716 2,209,002277,796 370.950320,878
8._ 218,332298,545 227,112 2,207,139 2,256,650 2,205,713227,181 257,542 223,823
15._ 177,899262,064 283,317 2,203,4172,260.614 2,214,853 174.177 266,028 292,457
1932.
1933.
834 Lbs. Skirt- Cotton
1334 Lbs. Shirt- Cotton
ings, Common ADM'
g
32a Cop inCs. Common Middeg 32s Cop
to Finest.
to Finest.
Twist.
LIPPds.
Gpeds. Twist.
d.
s. d.
s. d.
d.
d.
s. d.
s. d.
d.
Sept.
834(810
834(810
8%010
83 (8 8 5
84 O 8 6
84 O 8 6
6.47
8.42
6.60
95401014 83 @ 8 6
954011
83 @8
954010% 83 @ 8 6
5.88
0.07
5.73
834(810
8N0 934
834(8 934
8310 9%
84
84
84
84
@86
@8
•8 6
@86
5.44
5.44
5.51
5.54
944011
9 01045
831@ 1034
8%@1055
,
5.79
5.64
5.48
5.62
5.43
834014x 83 @8
Oct.
Nov
.-
8310 9% 84 @ 8
83 @8 6
83 •8 6
83 @ 8
83 @ 8 6
5.39
5.60
84 @ 8
5.31 834(81034 83 @ 8 6
10.--- 834010
5.61
5.13 9 010% 83 •8
8,40 954 84 @ 8
The above statement shows: (1) That the total receipts
5.44
5.09 834(81034 83 @8
8540 954 84 @ 8
from the plantations since Aug. 1 1933 are 6,002,766 bales; Dec.
5.30
5.15 834(81034 83 @86
86
8340 954 84
in 1932 were 6,205,573 bales and in 1931 were 7,133,482
5.04
5.25 8%010
83 0 8 6
8540 9% 84 (88 6
bales. (2) That, although the receipts at the outports the
6.26
5.25 844010% 83 0 8 6
8540 9% 84 @ 8 6
past week were 177,899 bales, the actual movement from
SHIPPING NEWS.
-As shown on a previous page, the
plantations was 174,177 bales, stock at interior towns
having decreased 3,722 bales during the week. Last year exports of cotton from the United States the past week have
receipts from the plantations for the week were 266,028 reached 162,376 bales. The shipments in detail, as made
bales and for 1931 they were 292,457 bales.
up from mail and telegraphic reports, are as follows:
Bales.
- GALVESTON-To Venice-Dec. 6-Maria, 1,410
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1,410
2,731
-Maria, 2,731
To Trieste-Dec.6
The following brief but comprehensive statement indicates
To Gydnia-Dec.7
-Tennessee, 750_ _ _Dec.9
-Toledo, 1,050;
world's supply of cotton for the weak and
at a glance the
Hamm, 800__ _Dec. 12-Neidentels, 100_ _ _Dec. 134,511
since Aug. 1 for the last two seasons from all sources from
Tysla, 1,811
-Toledo,
To Copenhagen-Dec. 7-Tennessee, 208_ Dec. 9
obtainable; also the takings or amounts
which statistics are
602
394
like period:
gone out of sight for the
-Norfolk
-Sanyo Maru. 1,858....Doc. 9
To Japan-Dec. 7
Cotton Takings,
Week and Season.
1933.
Week.
Season.
1932.
Week.
Season.
10,556,235
9,968,920
Visible supply Dec. 18
7,791,048
7,632,242
Visible supply Aug. 1
388,024 8,672,401
301,441 8,533,402
American in sight to Dec. 15_
38,000
514,000
309,000
51.000
Bombay receipts to Dec. 14
155.000
187,000
23,000
8,000
Other India ship'ts to Dec. 14
46,000
528,000
888.400
72,000
Alexandria receipts to Dec. 13
12.000
219,000
225,000
15.000
2_
Other supply to Dec. 13_5/ _
Total supply
Deduct
Visible supply Dec. 15
10.416,361 17,775,044 11,063,259 17,879,449
9,933.288 9,933,288 10,623.477 10,623.447
439,782 7,255,972
483,073 7,841,756
Total takings to Dec. 15_a_.
328,782 5,605.972
322,073 6,113,356
Of which American
111,000 1.650,000
161,000 1.728.400
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,999,000 bales in 1933 and 1,949,000 bales in 1932
takings not being available-and the aggregate amounts taken by Northern
spinners, 5,812,756 bales in 1933 and 5,306,972 bales in 1932.
and foreign
of which 4,114,35i bales and 3.656,972 bales American. b Estimated.
15,092
Maru, 6,912-... _Dec. 12-Atlantic City, 6,321
-Atlantic
To China-Dec. 7
-Sanyo Maru, 2,575_ _ _ Dec. 12
4,725
City, 2,150
9,728
To Havre
-Dec.9-Floride, 5,482; Labette, 4,246
450
To Dunkirk-Dec. 9-Floride, 450
651
To Gothenburg-Dec.9
-Toledo,651
158
To Oslo-Dec. 9
-Toledo, 158
To Bremen-Dec. 9
-Hamm, 1,679-- Dec. 12-Neidenfels,
5,758
4,079
798
To Rotterdam-Dec.9-Labette, 798
HOUSTON-To Gothenburg-Dec.8
-Toledo, 1,749_ _ _Dec. 141,799
Lagaholm, 50
1,669
-Ramon de Larrinaga, 1,669
To Liverpool
-Dec. 14
1,394
-Ramon de Larrinaga, 1,394
To Manchester-Dec. 14
288
To Oslo
-Dec.8
-Toledo, 242_ - _Dec. 14-Lagaholm, 46_ - - 3,880
To Dunkirk-Dec. 14-Lagaholm, 3,880
To Copenhagen-Dec. 8
-Toledo, 681___ Dec. 11-Tysla, 300
-Tennessee, 792_ _ _Dec. 14-Lagaholm, 300..- 2,073
_ _Dec. 8
-Toledo, 100; Tennessee, 200__ _Dec. 11To dydnia-Dec.8
6.610
Tysla, 4,841_ _ Dec. 14-Lagaholm, 1,469
-Hamm, 7,400.....Dec. 14-Ingram, 762;
To Bremen-Dec. 7
15,943
Waban, 7,775
-Ingram,
-Hamm, 1,444___ Dec. 14
To Hamburg-Dec. 7
3,583
2,139
-Chester
To Havre-Dec. 12-Labette, 6,223... _Dec. 14
13,607
Valley, 7,384
2,077
To Rotterdam-Dec. 12-Labette, 2,077
Financial Chronicle
Volume 137
NEW ORLEANS
-To Ghent
-Dec.6
-Phoenicia.300
•
To Havre
-Dec, 12-Floride, 2,035
To Panama-Nov.27-Atlantada, 5
To Dunkirk-Dec. 12-Floride, 1.100
To Colon-Nov.27-Atlantada, 10
To Antwerp-Dec. 12-Floride, 50
To Liverpool
-Dec.6-Scottsburg, 18,342
To Manchester-Dec. 6-Scottsburg, 801_ Dec. 8
-Patrician,3,989
To Barcelona-Dec.8
-Mar Negro, 100
To Japan-Dec. 12-Fernlane, 2.297
To China-Dec. 12-Fernlane. 1,950
-To Dunkirk-Dec. 9-Lagaholm, 347
CORPUS CHRISTI
To Gdynia-Dec.9-Lagaholm, 459
To Japan-Dec.10
-Volunteer,4,072
-Volunteer, 150
To China-Dec. 10
BEAUMONT-To Bremen-Dec. 9
-Ingram, 200
To Gdynia-Dec. 9
-Ingram, 100
-Atlantic City. 678
To Japan-Dec.9
SAVANNAH-To Liverpool-Dec. 15
-Tulsa,860
To Manchester-Dec. 15
-Tulsa. 1.172
-Tulsa, 100
To Rotterdam-Dec. 15
CHARLESTON-To Liverpool
-Dec. 13-Tulsa, 1,058
To Manchester-Dec. 13
-Tulsa, 837
To Hamburg-Dec. 13
-Tulsa, 15
-To Liverpool
-Nov. 28
MOBILE
-Musician. 2,238_ _ _Nov. 29Afoundria. 765
-Musician, 982__ _Nov. 29To Manchester-Nov. 28
Afoundria, 687
To Genoa-Nov. 27-Mongiola, 904
To Bremen-Nov. 27-Delfshaven, 1,553.._ _Nov. 29-Yaka,
4,615
-Nov.28-Delfshaven,444
To Havre
To Antwerp-Dec. 1-West Nevis,280
-Dec. 1-West Nevis, 107
To Ghent
-Nov.29-Yaka,28
To Hamburg
-West Madaket,75
To South Africa-Nov.23
-Volunteer, 28
To Japan-Nov. 28
-To Liverpool-Dec. 11-Tulsa, 500
BRUNSWICK
To Manchester-Dec. 11-Tulsa, 511
-To Liverpool-Dec. 9-Damsterdijk, 100
LOS ANGELES
-President Wilson, 3,400
To Japan-Dec. 9
NORFOLK
-City of Havre. 50
-To Bremen-Dec.(7)
-City of Havre, 248
To Hamburg-Dec.(7)
-Dec. 9-Floride, 653; Labette, 983
TEXAS CITY-To Havre
To Dunkirk-Dec.9-Floride,403
To Rotterdam-Dec.9-Labette. 725
-Hamm,388_ _ _Dec. 12-Neidenfels,357_
To Bremen-Dec.9
CHARLES
-To Bremen-Dec. 10-Nashaba, 362:
LAKE
Ingram, 403
-Ingram, 23
To Gdynia-Dec. 10
Total
Bales.
300
2,035
5
1,100
10
50
18,342
4,790
100
2,297
1,950
347
459
4,072
150
200
100
678
860
1,172
100
1.058
837
15
3.003
1,669
904
6,168
444
280
107
28
75
28
500
511
100
3.400
50
248
1,636
403
725
745
765
23
162,376
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
Stand
High
Nigh
Density. ard.
Density
Liverpool .250.
.25o. Trieste
50o
.50o.
Manchester.25o.
.250. Flume
Antwerp
.50o. Barcelona .35o.
35o.
•
.400. Japan
250
•
.500. Shanghai
Rotterdam .35o.
.55c. Bombay a .400.
.40o.
Genoa
.350.
.610. Bremen
46e.
O•lo
.57c. Hamburg .350.
Stockholm 42e.
*Rate Is open. a Only small lots
High
Stand
ard.
Density
.65c. Piraeus
.750.
.650. SaIonic&
.75c.
(t
ice
nh.
.50c , Venice gen..5 .
3
.
.
• Naples
400.
.550. Leghorn
40c.
Gothenberg 42r.
Standard
900
900.
:51.
61.
Havre
55e,
55c,
.570
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Nov. 24.
54,000
804.000
442,000
119,000
79.000
148,000
58.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 1.
65,000
792.000
427,000
55.000
13,000
201,000
118,000
Dec. 8. Dec. 15 •
57,000
60,000
810,000 780,00
0
431,000 408,000
65,000
35,00
0
12,000
34 000
238,000 248.000
139.000 162,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday,
Tuesday.
Market,
12:30 I
P. M.
Quiet.
Quiet.
Quiet.
5.204.
Mid.Uprds
?1
WUTM
Market
opened
Market.
4
P. ri,4,
Quiet.
2 pts.
decline,
5.334.
5.254.
Wednesday.' Thursday.
Moderate
demand.
Moderate
demand.
5.334.
5.32d.
Friday.
Quiet.
5.254.
Steady.
Steady,
Steady,
Steady.
Steady at
2 to 3 pts. 2 to 5 pts. 5 to 6 pts. 2 to 4 pts. 3 to 5 pto.
advance, advance, advance, advance.
decline.
Quiet but
Quiet but Quiet but Quiet but Quiet at
Steady.
stdy., 1 pt. 7 to 9 pts. steady, un- steady. 3 to steady. un- 8 to 9 pts.
adv. to 1
advance. ch•ged to 1 4 pts. adv. ch'ged to 1 decline.
pt. decline.
pt. adv.
pr. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
I
Dec.9
to
Dec. 15.
I
Mon.
I
Tues.
Wed., I Thurs. I
Fri.
12:00 12:0012:15 4:00112:15 4:0012:15 4:0012:15 4:00112:15, 4:00
p.m. p. m.p. m.p. m.Ip. m.p.m. p.m. p. m.lp. m,p. m.p. m.'p. m.
d.
d,
d. I d.
d.
d.
d.
d. I d.
d.
d.
New Cordraa. d.
5.01 5.05 5.08i 5.13 5.09 5.13 5.12 5.12 5.11 5.05 5.03
Dec. (1933).January (1934) __ _- 5.01 5.05 5.08 5.13 5.09 5.13 5.12 5.121 5.11 5.05 5.03
March
Slay
July
October
December
January (1935)
March
May
July
5.10 5.14 5.11 5.15 5.14 5.15 5.13 5.07 5.05
5.12 5.16 5.13 5.17 5.16 5.171 5.16 5.10 5.07
5.14 5.19 5.15 5.19 5.19 5.20 5.18 5.12 5.10
5.18
5.18
5.22
5.13
5.21
5.21
5.24
5.16
5,22...__ 5.26
5.22
5.25
5.17
5.26
5.25
5.29
5.21
5.29
5.29
5.33
5.24
5.32 _
5.36
_
5.36
5.24 _ _ _ 5 32
5.02 5.06
5.04 5.08
5.06 5.10
5.09 __ 5.12t..
BREADSTUFFS.
Friday Night, Dec. 15 1933.
FLOUR 41lowed little change (luring the week. Prices
were steady. Mills appear to be running steadily on old
orders.
WHEAT was in good demand on the 9th inst. and prices
advance1 l to 2%c. The strength in securities, unfavorable reports from the winter wheat belt and confirmation of'the sale of four cargoes of Argentine wheat to
4381
China caused ilea vy buying by Eastern and local interests
and some short covering. There was a better milling demand, overnight sales totaling 30,000 bushels. Cash prices
were 1 to 2c. higher. Some 505,000 bushels of Canadian
wheat were reported taken for export. Winnipeg closed
%c. higher but did not fully reflect the advance at Chicago.
On the 11th inst. heavy selling to take profits wiped
out an early advance of more that a cent and prices ended
only / to %c. net higher. Routine news was generally
1
4
bullish but had little effect on prices. The outside public
was not in the market. Domestic milling demand was slow.
Liverpool closed id. to 11 higher. Winnipeg was up %
/
4d.
to /
1
4c. Export sales of 700,000 bushels of Canadian wheat
were reported over the week-end. On the 12th inst. a decline
in sterling exchange and the easiness in stocks caused selling and prices ended lc. lower to / higher, with December
1
4c.
showing the most strength owing to buying of that delivery
by cash interests against sales of spot grain. The later
deliveries received poor support. Winnipeg ended / to /
1 1
4
4c.
lower. Liverpool declined 1% to 1%c.
On the 13th inst., after an early decline of 3 c., wheat
/
1
4
rallied moderately under covering by shorts late in the day,
and ended 1% to 2
/ lower. The market suffered more
1
4c.
from a lack of good support than anything else. Lower
cables and bearish estimates on the Argentine crop caused
selling, especially by Eastern interests. No damage was
reported from the recent cold wave in the winter wheat
belt, and no rain was reported. Cash wheat was lower, but
no sales were reported. Milling demand was quiet. Liverpool ended %(1. lower, and Winnipeg was off lc. Export
demand for Canadian wheat was light. Broomhall estimated that European importing countries would import
400,000,000 bushels of wheat this reason as against 486,000,000 bushels last year. Imports of the United Kingdom
were estimated at 224,000,000 bushels against 238.000,000
last year. On the 14th inst. prices advanced more than lc.
early, on the distant deliveries, but later on came a sharp
reaction, and the ending was % to 11 lower, or at about
/
4
c.
the low point of the day. Stronger cables and the advance
in stocks caused buying early in the session, but the failure
of corn to respond to the early advance in wheat and more
favorable reports from the winter wheat belt brought in
selling orders from the East and stop-loss orders were uncovered on the decline. The Kansas weekly crop report said
the subsoil moisture was sufficient to carry the crop well
into the winter. Milling demand continued small. Cash
wheat was quiet and unchanged. Liverpool was / higher.
1
4
(1.
Winnipeg, however, declined % to /
1
4c.
To-day prices ended % to 11 higher, on good buying
/
4c.
by commission houses and covering owing to better cables,
firmer sterling, reports of high winds and dust storms in
Kansas and Oklahoma, and a better foreign demand. Dry
weather and a forecast for continued fair and cold in the
Southwest and unfavorable Australian weather for harvest,
together with the strength of securities, also caused buying.
There was a reaction at one time on selling by discouraged
longs because of the failure of outside buying to respond
to renewed inflation talk. Covering was active, and the
belief in some quarters was that it weakened the technical
position. Final prices show a rise for the week of / to %C.
1
4
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
103% 103% 102% 101% 10134 101%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
December
85% 85% 8.5% 8334 81% 83
May
8734 87% 86% 85%
84% 85%
July
85% 853
85
8344 8334 8436
Season's High and When Made.
Season's Low and When Made.
December
124
July 18 1933 December
673-4 Oct. 17 1933
May
128% July 18 1933 May
7134 Oct. 17 1933
July
9434 Nov. 14 1933 July
70x Oct. 17 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
7
December
60% 61)4 6136 60% 59)4 50/s
May
64% 64% 64% 63% 62% 63%
July
65% 653-1 65% 6434 64
6434
INDIAN CORN,after some early weakness on the 9th inst.,
on scattered selling against purchases of wheat, rallied on
buying by Eastern interests and commission houses. Cash
markets were firmer and shipping demand was better. On
the advance,'however, country offerings to arrive increased
and receivers booked 88,000 bushels. On the 11th inst. prices
closed / to %c. higher. Disappointing cables caused sell1
4
ing, and an early decline, but when wheat rallied buying
increased and higher prices resulted. Country offerings to
arrive were small, with outside markets overbidding Chicago
in the country. Shipment sales were fairly large.
On the 12th inst. prices fell % to %c. on selling induced .
by an increase in country offerings to arrive. Commission
houses bought a little on the setbacks, but on the whole the
market showed little rallying power. On the 13th
prices declined 11 to 1%c., under general liquidation inst.
/
4
influenced by the weakness in wheat and larger country movement. Tile country booked 41,000 bushels to arrive overnight and sold 20,000 bushels for shipping. On the
inst. there was a further decline of %c., on selling 14th
to larger primary receipts and a smaller demand for due
feed
purposes, owing to the unfavorable price of livestock.
Reeel% ers booked 21,000 bushels overnight, and shipping sales
were small. Russian shipments for the week were 196,000
bushels. and Danubian 298.000 bushels. Argentine exports
were estimated at 5,079,000 bushels.
4382
Financial Chronicle
1
4c.
To-day prices ended %c. lower to / higher. At one
time the market was much weaker, owing to liquidation
influenced by liberal Southwest country offerings and the
continued large primary movement. Shipping demand was
fair and bookings from the country were rather small. Corn
followed wheat upward in the late dealings. Final prices
are 11 to 2c. lower than a week ago.
/
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
65% 65% 64% 63% 62% 62%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3
45% 45
44%
December
47% 47% 47
May
54% 54% 53% 52% 51% 51%
% 53% 52% 53
8
July
55% 55% 54
Season's Low and When Made.
Season's High and When Made.
Oct. 14 1933
December_ 77
July 17 1933 December.. 37%
Oct. 14 1933
43%
July 17 1933 May
May
82
Oct. 14 1933
46
July
Nov.14 1933 July
58%
OATS, on a good demand from commission houses and
/
1
locals, on the 9th bast., prices advanced % to 14c. Local
cash sales were 20,000 bushels and receipts were small. On
1
4
the 11th inst. prices advanced / to %c. on buying by commission houses and local traders. Receipts were small.
On the 12th inst. prices ended unchanged to %c. lower,
being influenced by the trend in other grain. On the 13th
Inst. prices fell 1% to 1%c. in sympathy with wheat. Liquidation was general. The East bought moderately on the
declines. Domestic shipping demand was small, and receipts continued light. On the 14th inst. trading was quiet,
and prices under December liquidation and a light demand
1
4c.
ended / lower to %c. higher. To-day prices closed un1
4c.
changed to / lower, being dominated by the action of
wheat and corn. Final prices show a decline for the week
of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
44% 44% 42% 42% 46%
44
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
36% 36% 34% 341 3434
36
December
38% 38% 38% 37% 37
3734
May
3534
36% 37% 36% 35% 358
July
Season's Low and When Made.
Season's High and When Made.
Oct. 17 1933
July 17 1933 December.._..25
December.- 5234
Oct. 17 1933
July 17 1933 May
283.4
5631
May
27%
Oct. 17 1933
Oct. 3 19331July
40%
July
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3031 30% 3034 29% 2934 29%
December
3334 3331 3334 32% 32% 32%
May
/
1c.
RYE advanced '% to 12 on the 9th inst. on covering of
shorts and buying by locals. On the 11th inst. reports of
further imports of Hungarian rye caused selling, and prices
ended / to %c. lower. A leading commission house was
1
4
said to be offering foreign rye at 3c. over Chicago December,
/
1
c.i.f. duty paid. On the 12th inst. prices declined 14 to
1%c. on moderate selling. There were very few supporting
orders. On the 13th inst. there was a poor demand, and
prices dropped 1% to 2%c., on selling influenced by the
weakness in wheat. On the 14th inst. rye showed strength
of its own, and under short covering and buying by commission houses prices ended unchanged to Ihc. higher. Pres1
4
sure was light. To-day prices closed / to %c. lower, under
general liquidation. Final prices are % to 1%c. lower for
the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
56% 56% 5431 52% 53
5334
December
6134 60% 59% 5734 57% 5831
May
62% 61% 60% 58% 5931 60
July
Season's High and When Made. I Season's Low and When Made.
Oct. 17193:3
July 19 1933 I December._ 44
December..._11134
Oct. 17 1933
41
July 19 1933 I May
116%
May
Oct. 17 1933
Nov. 21 1933 July
5234
70
July
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
41% 41% 41% 40g 40% 41
December
44% 4534 4431 4331 43% 44
May
BARLEY FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
42% 42%
44
44% 43% 43
December
47%
49% 5034 493.'4', 48% 48
May
4934 50% 4931 48% 48
47%
July
WINNIPEG.
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
34% 33 V 33%
3431 34% 35
December
3834 37% 324 32%
37% 38
May
Closing quotstitss were as follows:
GRAIN
Oats. New York
Wheat. New York46%
No. 2 white
domestic__,_101%
No.2 red. c.i.f.,
No. 3 white
4534
.
Manitoba No. I f.o.b. N.Y_ 70%
Rye,No.2,f.o.b.bond N.Y. 51
64%
Chicago. No. 2
Corn. New York6231 Barley
No.2 yellow, all rail
59%
N.Y..4734 lbs. malting_
6231
No.3 yellow.all rail
43-70
Chicago. cash
FLOUR.
$4 5544 80
:
Spring pats., high protein 4 6 6546.90 Rye flour patents
6.45- 6.75 Seminola, bbl.. Nos. 1-3 8.20- g.73
Spring patents
2.0
6 25- 6.50 Oats goods
Clears. first spring
1 90
Soft winter straights-- 5.65- 5 95 Corn flour
Hard winter straights-- 6 30- 6.50 Barley goods
4.00
6 55- 6.75
Coarse
Hard winter patents
6 00- 6.20 Fancy peari.Nos.2.4&7 6.00- 6.20
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
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:
Receipts at
-
Dec. 16 1933
Flour.
Corn.
Wheat.
Oats.
•
Rye.
Barley.
bbis.1961bsbush.60 lbs. bush.56 lbs. bush. 32 Ws.
168,000
Chicago
148,000
178,000 1,018,000
96,000
Minneapolis_
420,000
565,000
Duluth
51,000
319,000
541,000
24,000
223,000
10,000
Milwaukee264,000
8,000
Toledo
60,000
27,000
10,000
Detroit
10,000
15,000
56,000
344,000
Indianapolis_
24,000
St. Louis__ _ _
82,000
119,000
203,000
256.000
Peoria
34,000
211.000
37,000
19,000
18,0
Kansas City...
291,000
11,000
260,000
Omaha
18,000
293,000
119,000
St. Joseph.
88,000
120,000
32,000
Wichita
55,000
72,000
Sioux City
2,000
33,000
41.000
146,000
Buffalo
727,000
5,083,000
h.56155.bush.4810
6,000
90,00
17,000
174,00
20,000
6,000
' 140,000
2,000
7,000
30,000
9,000
20.000
40,000
Total wk.'33_
Same wk.'32_
Same wk.'31_
128,000 644.000
269,000 1,150.000
97,000 493,000
325,000 7,496,000
378,000, 6,416,000
360,0001 3,549,0001
801,000
641,000
812,000
4.327.000
4,322,000
2.804.000
67,000
3,000
141,000
Since Aug.11933
6.406,000128,367,0001 95.216,000 40,100,000 7,125,000 24,841.000
1932
7,410,000 198,915,000 92,686,000 48,101,000 5,685,000 21.831,000
1931
9,224,000 184,628.000 54.364,000 35,581,000 3,735.00019.049,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 9, follow:
Receipts at
New York_ .. _
Philadelphia__
Baltimore_ _
Newport News
New Orleans
Galveston_ ___
Montreal ____
St. John West
Boston
Quebec
Halifax
Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
bls.198lbs bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.581bs.bush.48lbs.
164,000
110,000
126,000 2,633,000
31,000
2,000
4,000
12,000
59,000
15,000
34.000
9,000
1,000
9,
27,000
69,000
24,000
21,000
384.s ii
28,000
19,000
3,000
26,000
17,000
1,000
2,000
341,000
301,000
13,000
Total wk.'33_
261,000 3,748,000
Since Jan.1'33 14,217,000 108,471,000
294,000
6,820,000
168,000
4,910,000
14,000
511,000,
887,000
1,000
90,000
544,000
109,000
8,282,000 12,268,000 11.498,000 8,511.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Week 1932_. 312,000 3,626,000
Since Jan.l '32 15,495,000 162,989,000
The exports from the several seaboard ports for the week
ending Saturday, Dec. 9 1933, are shown in the annexed
statement:
ExportsfromNew York
Boston
Baltimore
Newport News
New Orleans
Galveston
Montreal
St. John, West
Quebec
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barlett.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
51,000
4,498
766,000
2,000
2,000
40,000
1,000
6,000
7,000
6,000
8,000
384,000
28,000
19,000
3.000
26,000
301.000
13.000
Total week 1933_ 1,497,000
Same week 1932_ _ .... 1,981,000
77,000
99,000
68,498
47,630
25,000
14,000
13.000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
Dec. 9
1933.
Since
July 1
1933.
Wheat.
Week
Dec. 9
1933.
Since
July 1
1933.
Corn.
Week
Dec. 9
1933.
Since
July 1
1933.
Barrels. Barrels. Bushels.
Bushels. Bushels, Bushels.
392,000 27,489,000
213,000
United Kingdom_ 26,000 1,437,602
77,000
5,348
406,427 1,099,000 34,906,000
13,000
Continent
4,000
So. dc Cent. Amer.. 1,000
25,000
327,000
33,000
27,000
West Indies
410.000
2,000
22,000
Brit. No. Am. Col. 3,000
13,000
123,699
Other countries_ _ _
150
538,000
6;666
Total 1933
Total 1932
68,498 2,415,728 1,497,000 83,282,000
47.630 1.836.962 1.981.000 97.684.000
259,000
77,000
00.000 3.496.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 9, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
' afloat
Milwaukee
"
afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
GRAIN STOCKS,
Wheat,
Corn,
bush,
bush,
104,000
431,000
1,431,000
501,000
45,000
596,000
5,142,000
2,212,000
4,538,000
4,440,000
33,949,000
7,827,000
650,000
5,013,000
921.000
20,000
4.760,000
80,000
260,000
26,365,000
10,571,000
324,000
5,934,000
13,463.000
433,000
486,000
34.000
16,000
8,000
280,000
230.000
32,000
2,810,000
3,470,000
7,244,000
876,000
1.984,000
1,584,000
434,000
19,388,000
1,242,000
3,113,000
204,000
4,302,000
3,949,000
28,000
9,835,000
1,501,000
Oats,
bush,
4,000
281,000
34,000
100,000
70,000
Rye,
bush.
Barley,
bush.
1,000
19,000
27,000
53,000
14.000
52,000
4,000
2.000
71,000
1,000
639,000
18,000
6,000
69.000
20,000
636,000
82,000
81,000
665,000
84,900
177,000
2,795,000
20,000
7,000
490,000
22,000
157,000
518,000
805,000
9.000
340.000
4,268,000 3,869,000 1,387,000
1,564.000
777,000
30,000
3,259,000
17,436,000 3,326,000 8.733.000
11,028,000 2,647,000 1,993.000
36,000
20,000
10
0.000
875,000
1,637,000 2,077,000
92,000 1.118,000
323,000
Total Dec. 9 1933_ _129,547,000 63,463,000 45,453,000 13,954,000 15,361,000
Total Dec. 2 1933...133,338,000 61,720,000 46,145,000 14,139.000 15,656,000
Total Dec. 10 1932_168,786,000 27.610,000 24,825,000 7,933.000 7.743.000
Note.
-Bonded grain not included above: Wheat, New York, 3,056.000 bushels;
New York afloat, 1,899,000; Boston, 973,000; Baltimore, 16,000; Buffalo, 3,102,000;
Buffalo afloat, 5,093,000; Duluth, 41,000; Erie, 1,998,000; Newport News, 293.000;
total. 16,461,000 bushels, against 15,899,000 bushels in 1932.
Financial Chronicle
Volume 137
1Vheal,
Canadian—
bush.
Montreal
4,976,000
l't. William & Pt. Arthur_60,762,000
Other Canadian and other
water points
49.872,000
Corn,
bush.
OWs.
Barley,
Rye,
bush.
bush.
bush.
648.000
419,000
476.000
4,523,000 2,137,000 4.487.000
Total Dec. 9 1933_ _115,610,000
Total Dec. 2 1933_ _115,594,000
Total Dec. 10 1932___ 97,851,000
Summary—
American
129,547,000 63,463,000
Canadian
115,610,000
10,784,000 3,173,000 6.653.000
10,689,000 3.202,000 6,534,000
4,778.000 3,298,000 2,183,000
.
5,613,000
560,000 1.747,000
45,453,000 13.954.000 15,361.000
10,784,000 3,173.000 6,653,000
Total Dec. 9 1933_245,157,000 63,463,000 56,237,000 17,127,000 22,014,000
Total Dec. 2 1933_ _248.676,000 61,720,000 56,834,000 17,341,000 22,190,000
Total Dec. 10 1932_266,637.000 27,610,000 29,603,000 11,229,000 9,928,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Dec. 8, and since July 1 1933 and July 2
1932, are shown in the following:
Wheat.
Exports.
Week
Dee. 8
1933.
Since
July 1
1933.
Corn.
Since
July 1
1932.
Week
Dec 8
1933.
Since
Julu 1
1933.
Since
July 1
1932.
Bushels. I Bushels. I Bushels.
Bushels. i Bushels.
Bushels.
North Amer_ 4,005.000104,405,000162,440,000
30,000
286,000 3,770,000
992,000 23,075,000 15,584,000 306,0001 17,491,000 22,693,000
Black Sea _
590,000 48.691,000 18.212,000 4,22G,000, 95,990,000 117,540,000
Argentina._
1,125,000 36,889,000 37,278.000
1
Australia _
0th. eountr's 1.224,000 14,808,000 16,525.0001 519,000 4,237,000 17,727,000
Total
7,936.000227.872,000250,039,000I 5,075,000 118.004,000 181,730.000
WEATHER REPORT FOR THE WEEK ENDED
DEC. 13.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Dec. 13 ,follows:
Early in the week an irregular depression over the Eastern States, with
centers in the Northeast and central Gulf districts, brought cloudy unsettled weather to most localities east of the Missippi River. Rainfall
was moderately heavy in western Tennessee and some adjoining sections.
At the same time a marked depression passed eastward over the extreme
Northern States and southern Canadian Provinces, attended by higher
temperatures, but this was quickly succeeded by an extensive "high"
over the Northwest, accompanied by much colder weather. On the morning of the 8th sub zero temperatures were reported from eastern North
Dakota and northern Minnesota, and the following two days the minima
were below zero in the interior of the Northeastern States; Canton, N. Y.,
reported 10 deg. below on the morning of the 10th, while Doucet, Que.,
had 46 deg, below on the 9th, and 42 deg. below on the 10th.
Chart I. shows that the temperature for the week, as a whole, averaged
below normal from Virginia and the Ohio Valley northward and northwestward. The greatest minus departures occurred in the interior of the
Northeast, and in the western Lake region and extreme upper. Mississippi
Valley. Elsewhere the week was warmer than normal, the plus departures
from normal temperature ranging mostly from 3 deg. to 7 deg, in the South.
and from 6 deg. to as much as 14 deg, over most of the western half of the
country.
Chart I shows also the southern limit of freezing weather and of zero
temperatures reported during the week from first-order stations. The line
of freezing reached south-central Georgia, east-central Mississippi, extreme
southwestern Tennessee, south-central Arkansas, and northwestern Texas.
In Gulf districts the "laws" for the week ranged mostly in the 40's, but in
the Ohio Valley they were generally from 10 deg. to 20 deg. Zero weather
was confined to a rather small area in the northern portion of the country,
principally in localities between the Lake region and Rocky Mountains.
The lowest temperature reported from a first-order station was 20 deg.
below zero at Duluth, Minn. on the 11th.
Chart II shows that a considerable area south of the middle and lower
Ohio River received substantial rains, and that heavy precipitation occurred
in the extreme Northwest. In the former area the amounts ranged mostly
from about 0.5 inch to around 2.0 inches, while along the north Pacific
coast there were Ideal falls amounting to as much as 8.0 inches. Elsewhere
precipitation was mostly light, with a large area in the Southwest,comprising
more than one fourth of the country, having practically a rainless week.
The first part of the week had open, mild, and favorable weather for
seasonal outdoor operations, but the latter part was cold and disagreeable.
especially in the northern half of the country, which materially retarded
outside work. The cold wave terminated a long mild period, and was
hard on livestock in the Northern and more northwestern States, and at
the same time snow cover necessitated extensive yard feeding. In the
South temperatures were relatively milder and very little harm occurred
from cold weather, though local freezing in exposed places was reported
from as far south as Florida.
Precipitation brought improvement in soil moisture conditions from
Tennessee southward where moderate to fairly heavy rains were of decided
benefit: extreme western Florida had the beat rains since last August.
Additional falls were helpful also in Louisiana, but Texas needs moisture
rather generally, and the drouth is unrelieved in southeastern Virginia
and the Carolinas.
The Ohio Valley States still need precipitation and much of Missouri
remains dry. However, the rains of last week over the western Wheat Belt
resulted in material improvement, especially in Kansas where wheat now
has sufficient surface moisture to carry well into the winter; the subsoil
remains dry. The Pacific coast area had copious rains southward to central
California, but the southern part of that State needs moisture. The heavy
falls in north Pacific districts caused some overflow of lowlands, flooded
streams, and impeded traffic.
SMALL GRAINS.—The cold wave that overspread the central and
eastern parts of the Winter Wheat Belt at the close of the week, caused no
apparent injury, although the ground was generally bare of snow. In the
Ohio Valley the moisture deficiency continues in practically all parts, but
condition of winter wheat remains fair to good, although plants are small
locally. In Missouri wheat made only fair progress, but condition is fair
to good, while in Oklahoma growth and condition are mostly satisfactory,
though the crop needs rain in scattered central and western localities.
In the Southwest, including Texas, continued dryness was unfavorable,
with some deterioration.
In Kansas winter wheat improved, due to the rains of the previous week,
and the crop greened up and made some growth; there is sufficient soil
moisture in most parts to carry well into the winter but more wee' Ration
is needed to replenish the subsoil supply. The soil Is still dry in Ne
South Dakota, Wyoming, and the Great Basin, although progress and
-named State. RAin or snow
.
condition of winter wheat are fair in the first
in Montana favored winter grains, with the snow affording protection
from the severe cold. In Idaho and the Pacific Northwest precipitation
was helpful to cereals, except where it was locally heavy to excessive, and
considerable growth was made in parts, with plants becoming quite tender.
Moderate to heavy rains were very helpful in the Southeast, except southern
Alabama and southwestern Georgia, with winter grains fair to good, but
drought persists in the Carolinas and Virginia.
THE DRY GOODS TRADE
Now York, Friday Night, Dec. 15 1933.
With holiday buying entering its last stage, the volume
of retail business is reported to be slightly ahead of last
year, although conditions appear to vary considerably, with
best results shown in farming and industrial sections. At-
4383
tention of the buying public is centered in useful gifts in
the moderate or low price brackets, while higher-priced
articles are lagging. Continued downward adjustments of
prices by the retail merchants have helped to stmulate
sales. Preliminary figures on the value of department
store sales for November in comparison with a year ago
show an increase of 2%, which cuts the decline for the first
11 months of the current year to 6%. Stores in the New
York, Boston and Philadelphia districts reported the least
favorable results for November, with decreases of 1% each.
The best showing was made by the Atlanta and Dallas
districts, with increases of 15% and 13%, respectively.
While most stores were holding off with clearances and
special sales of gift wares prior to the holidays, it was
reported that this caused a part of the public to postpone
its own purchases in the hope of securing the expected price
concessions.
Conditions in the wholesale dry goods trade have undergone no pronounced change. Seasonal dulness is still the
prevailing feature, although more numerous filling-in orders
of holiday merchandise have instilled some life. Some initial post-holiday and spring orders have been placed, and
the comparatively large increase in the number of buyers
in the market appears to augur well for a revival of business following the holiday season, notwithstanding the fact
that the trend among merchants seems to be in the direction
of reducing inventories as much as possible. Trading in
silk goods is very quiet. A little more Interest in novelties
for spring is shown by converters, while the demand for
finished fabrics is largely confined to small lots for spot
delivery. If permission to cut production by 25%. as sought
by the Silk Code Authority, is given by the NRA, it is hoped
that the industry will be enabled to absorb existing surplus
stocks and gain a sounder basis for spring development. A
better undertone is reported from the rayon market. Weavers are more disposed to order for January and February
deliveries, presumably because the production curtailment
program adopted for the current month has improved basic
conditions in the industry. Holiday buying of rayon goods
is said to come fully up to expectations.
DOMESTIC COTTON GOODS.—Following a rather dull
opening, trading in the gray cloth market became very
active when indications multiplied that the current curtailment in production figures might be extended into the first
quarter of 1934. General Johnson's reference to the virtual
certainty of introduction into the next Congress of a 30
hour law also served to stir buyers into action. A substantial increase in sales was the result, with deliveries
extending as far as March and buying being scattered over
a wide range of users. A number of mills were following
a policy of selling only a moderate part of their future
output, in the belief that prices are likely to rise sharply
as soon as covering purchases for the first quarter become
more general. Carded broadcloths moved in better volume,
with the result that prices stiffened somewhat, while trading in narrow sheetings improved, without, however, affecting the price structure. Business in finished goods also
showed signs of improvement. Trading in fine goods was
stimulated appreciably by the possibility of a drastic curtailment in production during the first quarter of 1934 and
higher prices for some numbers were asked. Closing quotations in print cloths were as follows: 39
-inch 80's, 9c.:
39
-inch 72x76's, 814c.; 39-inch 68x72's, 7%c.; 38%-inch
64x60's, 6%c.; 38%-inch 60x48's, 5% to 5%c.
WOOLEN GOODS.—Talk of curtailment in production.
substantial Government orders, and a better movement of
winter apparel have all contributed to cause a better feeling
in dm wool piece goods market. Orders placed with mills
by clothing manufacturers are substantially ahead of last
year, although many potential buyers are withholding orders
because of the necessity of keeping year-end inventories low.
Although jobbers' surplus stocks have been greatly cut
down, some such offerings of the distress variety are still
appearing in the market. Men's wear retail sales were
helped by the cold spell during the larger part of the week,
but dealers seem reluctant to replenish their stocks, preferlug to wait until their heavy inventories ghow further reductions. Business in women's wear goods was reported to
show some improvement. The new lines of fabrics met with
keen interest on the part of buyers, and some fairly substantial sales were made. Chief interest was attracted by
tweeds, checks and plaids.
FOREIGN DRY GOODS.—While the outlook for next
year's season in linen suitings is still regarded as
promising.
actual trading continues to be handicapped by the violent
fluctuations of foreign exchanges, and very few requirements for the spring and summer season have so far been
covered. It is hoped that uncrushable dress numbers will
definitely make their appearance in the new 1934
lines. Gift items were again in fair demand, with spring
attention given to handkerchiefs in linen prints. A special
slightly
steadier tone characterized trading in burlaps. Prior fears
that the new compensatory tax might seriously
affect the
use of this material, having meanwhile lost
much of their
weight, buyers felt somewhat more inclined to cover deferred
requirements, with the result that a fair amount of business in spot and afloat goods was transacted. Domestically.
lightweights were quoted at 4.65 to 4.70c., heavies at 6.15
to 6.20c.
4384
Financial Chronicle
Dec. 16 1933
State and City Department
NEWS
ITEMS
Arkansas.—Plan Drafted for Debt Refunding.—A new
plan for meeting the State's bonded and accrued debt of
$155,374,180 was placed before Governor Futrell's bond
refunding committee on Dec. 12 by a sub-committee, which
will recommend an immediate special session of the Legislature if the program is accepted. The arrangements now
proposed for settlement of the State's bond difficulties were
worked out by a committee for the State, appointed by the
Governor, and a legal banking committee representing the
State of Arkansas bondholders' protective group, which was
organized shortly after the passage of the Ellis Road Bond
Refunding Bill by the Legislature. A Little Rock dispatch
to the New York "Journal of Commerce" gave the followoutline of the proposed plan:
Receiving the report of the sub-committee on a plan of refunding Arkansas highway obligations, which as of Dec. 31 will be $155,374,180,
Governor Futrell's committee and the special legislative committee transmitted the recommendation to the Chief Executive with suggestion that the
Legislature be convened in special session Monday to consider it.
The refunding plan includes the following features: To extend for 10
years maturities on the $81,500,000 direct highway and toll bridge bonds
and to evidence $3.544,000 past due interest thereon by bonds to mature
not earlier than 1949.
Fixes Interest Rates.
To pay 3%% interest on direct highway and toll bridge bonds for the
first two years. Then 4% for the third year and the contract interest rate
thereafter to maturity. The difference between the contract interest and
the amount paid during the next three years will be evidenced by bonds
maturing not earlier than 1949.
To refund $47,142,076 road improvement district bonds, the payment of
-year bonds.
which was assumed by the State in 1927 by issuance of 3% 25
During this period district bonds would be placed with the State Treasurer
as trustee under an escrow agreement to refund contractors' claims out-year 3% bonds.
standing in a total of $1,990,612 through Issuance of 25
Provides "Gas" Tax Rise.
As amended by the two committees the plan calls for a one cent increase
in gasoline tax, and the estimated $1,000,000 revenue therefrom would
permit payment of the county turnback fund, which represents one-sixth
of the present gasoline tax and also would eventually meet paving aid
certificates in full by agreement with the State of Arkansas Bondholders'
Protective Committee and the Road Improvement District Protective
Comm ttee. Approximately $1,500,000 now credited to the highway fund
will be used to retire current claims against the highway department, except
contractors' claims, and thus permit the State to begin the new plan with
a clean slate. Should a surplus remain it might be used for retirement of
contractors' claims up to 50%.
At the outset the sub-committee in its recommendation went into the
subject of revenue. It set for the total of $7,646,572 interest and $7,670.367 principal in default as of Jan. 1 next, an aggregate of $15,316,939.
Highway revenue under existing tax laws was estimated for 1934 at $7,100,000, from which deductions would be $3,224,407, leaving $3,875,593
for debt service. This compares with $7,225,758 as the total of interest
due on highway, toll bridge and road district bonds and certificates of
indebtedness, to make operative the plan proposed by the sub-committee,
an increase of $1,437,000 in revenue will be necessary. And its original
plan called for a one-half cent increase in gasoline tax to offset the reduction
in the Federal rate. This would add $500,000 annually. An increase of
automobile license fees to one-half the schedule effective prior to 1933 would
add $687,000 to the revenue, and impounding of one-fourth the county
turnback fund would make $250,000 available.
Exemptions now granted on gasoline for industrial and commercial
purposes would be withdrawn to add $250,000 from the gross revenue of
$8,537,000 thus secured, the deductions would be $2,829,300, and the
surplus thus remaining after payment of bond charges would be allotted a
sinking fund.
An Associated Press dispatch from St. Louis on Dec. 14
reported that the protective committee of St. Louis holders
of the roan improvement district bonds on that day deferred
decision as to whether they would accept the above outlined
refunding plan until three members of the committee conferred with the Governor's committee at Little Rock on
Dec. 15. It was stated by Governor Futrell on the 14th
that his decision on whether to call a special session of the
Legislature hinged on the St. Louis committee's decision.
California.—New Sales Tax Alleged Unconstitutional.—
Recent advices from Sacramento report that a large group
of Southern California merchants has filed a suit in the
Superior Court there alleging that the newly-enacted 23'%
sales tax is unconstitutional on the ground that the Legislature did not accord the Act the required two-thirds
majority vote, that it is discriminatory, and that it was
put in effect before the required 90-day waiting period
had elapsed. The suitors ask that a refund be made of
taxes paid under protest. It is the opinion of AttorneyGeneral Webb that the Act is constitutional and he feels'
certain that the courts will sustain his belief.
Idaho.—Mortgage Moratorium Law Held Unconstitutional.--In a communication dated Dec. 13 we are informed
by our Denver correspondent that Federal District Court
Judge C. C. Cavanah has held unconstitutional the mortgage
moratorium Act of this State, passed at the last regular
session, on the ground that it impairs the obligation of private
contracts and is not a proper exercise of the public power.
Suit Brought to Restrain Purchase of School District Notes.—
It is also stated by our correspondent that Franklin Girard,
Secretary of State, has instituted writ of prohibition proceedings in the State Supreme Court to enjoin Ben Diefenbach, State Commissioner of Public Investments, from buying school district tax anticipation notes.
Municipal Taxation Shows Downward Trend.—A
downward trend in municipal taxation, both actual and relative, is reflected in the analyses of comparative tax rates for
284 cities of the United States and Canada made annually
by C. E. Rightor, of the Detroit Bureau of Governmental
Research. The latest analysis in the series, furnished in the
current issue of "The National Municipal Review," shows
only a modest actual decline in tax burdens, but the recession is seen to be larger when due consideration is given to
population increases and debt factors. The actual tax rate
for 277 cities shows a reduction for 1933 of $1.10 per $1,000
of assessed valuation, and Mr. Rightor points out that this
decline becomes more impressive when the current trend
toward lower valuations is considered.
New Jersey.—Bills Signed by Governor Moore.—Legislation
designed to continue the limited suspension of mandatory
appropriations for municipalities, counties and school
districts, as authorized by the Legislature last winter, was
approved on Dec. 7 by Governor Moore, according to a
Trenton dispatch to the Jersey "Observer" of Dec. 8. The
purpose of the measures is to permit a reduction in next
year's tax rates by easing the burden of fixed expenditures
imposed by past Legislatures. The Governor signed
another municipal bill passed by the special session which
adjourned on Dec. 6, permitting municipalities to issue
bonds to Federal agencies for waterworks improvements,
pledging water revenues as security. Another bill to
receive approval will permit the issuance by counties and
municipalities of "baby bonds" in any denomination. A
measure creating a State Housing Authority to supervise
the building of low-cost apartment houses in slum areas
was also signed on that day.
New Jersey.—Summary Issued on Financial Condition of
Municipalities.—A special bulletin has been issued recently
by the Municipal Securities Service of Boston, containing
a review of the financial condition of municipalities in this
State. This review is stated to be based on analyses of the
cities, boroughs, towns, &c. having a population of 10,000
and over, and it refers to a Aatement of conditions made by
the Joint Legislative Committee on Taxation as a background for its conclusion that a great many of the municipalities studied are in a serious condition. The Municipal
Securities Service shows as the result of its analysis that the
municipalities in this group must collect $117,366,992 of
delinquent taxes and raise $16,671,069 in additional revenues
before they will be able to liquidate their current obligations
as of Dec. 31 1932. It goes on to say that the aggregate of
unpaid taxes for the prior three years as of Dec. 31 1932 is
equivalent to 59% of the aggregate tax levy for 1932, and
the total of delinquent taxes and revenues required (as noted
above) is equivalent to about 29% of the aggregate net debt
in 1932 of these municipalities.
In the survey of the financial conditions of the municipalities is presented tabulations showing the.operating surplus or deficit for the years 1931 and 1932; the aggregate
of uncollected taxes for the last three years; the taxes owed
to county, State and schools; assessed valuation for 1931,
1932 and 1933; the net debt, per capita net debt and population for 1931-1932, and the tax levies for 1931 and 1932.
New York State.—U. S. Supreme Court Upholds Franchise Tax on Corporation Income.—On Dec. 11 the United
States Supreme Court upheld the validity of the NewYork
State law levying a franchise tax upon the net income of
corporations derived from interest on Federal, State and
municipal bonds, according to a dispatch from Washington
to the New York "Journal of Commerce" of Dec. 12, which
continued as follows:
Denying a motion to dismiss the appeal of the Northern Finance Corp.
from a decision rendered by the lower court in favor of the Tax Commissioner of the State, the Supreme Court by order affirmed the judgment
of the lower court.
The decision of the Court of Appeals of New York was in favor of the
validity of the taxing statutes as applied to the realtor appellant, although
it had been claimed that the taxing statutes in question were contrary to
the Constitution on the ground that the entire net income upon which the
tax was based included interest upon bonds of the United States and dividends received from national banks and other affiliated corporations. It was
declared that the tax was in violation of the Acts of Congress declaring such
bonds and securities to be non-taxable and contrary to the restrictions
imposed by the Constitution and the Acts of Congress on taxation of
national banks by the States.
New York State.—Tax Relief Seen Possible as Budget
Inquiry Ends.—The State Budget Advisory Committee
wound up its inquiry into 1934 State costs on Dec. 11 and
prepared to hand Governor Herbert H. Lehman recommendations which, if adopted, will spare New Yorkers some
of the emergency taxes enacted last year, according to an
Associated Press dispatch from Albany on that day. The
committee is said to have declined to make public the
specific economies it proposes as a way of clipping several
million dollars from the $43,000,000 in "unavoidable increases" in the 1934 budget. It is reported that warm
discussion centered on the item of State aid to schools, which
this year is costing the State about $102,000,000. After
considerable discussion the committee* is said to have decided to recommend an increase of $25,610,000. We quote
in part as follows from the above mentioned dispatch:
"This is the result of the adoption last winter of the new policy of paying
State aid according to the fiscal year of the school district instead of the
State's fiscal year." the committee explained. "Since it was omitted
from the budget year 1933-34, for one year, it cannot be deferred further."
Volume 137
Financial Chronicle
Chairman G. William Magley said the committee had "about exhausted'
the possibilities of economies which would occur to the "intelligent layman."
"But we have likewise found, in the course of our studies, many places
in the State administration where study by competent investigators would
make possible further economies and improvements in service," he said.
The committee voted to ask for an additional $30,000 appropriation
for further economy investigations under supervision of Budget Director
Abraham S. Weber.
Effect on Taxes Discussed.
With sufficient economies, a committee spokesman said, Governor
Lehman may be able to recommend repeal of the 1% gross income tax
which was enacted to take effect next spring. Other emergency taxes
passed this year were the retail sales tax of 1%. continuation of the threecent gas tax, and the broadened inheritance tax.
Further "unavoidable increases" found necessary by the committee
were: $8,000,000 in increased debt service; $6,000,000 in additional
fuel, food and clothing costs for institutions, due to higher prices; $945,000
for old age security, partly to cover a deficit due to this year's cut in this
budget item: $670,000 for non-resident high school tuition: $400,000 aid
for physically-handicapped children; $875,000. the cost of the prohibition
repeal referendum; $370,000 for the State Liquor Board; $157,000 for
prior service pension deficiency, to make the State employees retirement
fund technically solvent.
New York City.—Citizens Budget Commission Assails
Pension System of City as Unsound.—The following statement
was issued from the offices of the Citizens Budget Commission of New York City on Dec. 3, repeating its demand that
the pension system of the city be reorganized on the ground
that its present laws permit of abuses and the payments
involved are a serious drain on public funds:
The secret appointment of former Magistrate Francis X. McQuade as an
Assistant Corporation Counsel for the sole purpose of assuring him of a
substantial pension from the city is a striking illustration of the pressing
need for thoroughly overhauling and reorganizing the city's pension laws.
declared Peter Grimm. Chairman of the Citizens Budget Commission.
"Tne Citizens Budget Commission has repeatedly demanded a complete
reorganization of the city's pension system to prevent just such abuses as
this which are clearly contrary to the spirit and intent of the pension laws.
"Many otner highly paid officials are about to transfer from public to
well paid private employment. The generous pensions received by them
have aroused the public to tne need for a vigorous survey to avoid similar
drains upon the public funds in the future. That need is even more emphasized by the breakdown of the police pension fund at the expense of small
pensioners who served the city faithfully under nazardous conditions.
Such abuses will continue until the carefully considered pension reform
program of the Citizens Budget Commission is given effect."
Mr. Grimm called attention to the fact that last Wednesday the city was
unable to give police pensioners their regular checks because of an existing
deficit of $760,000 in the police pension fund. "That deficit is partly due
to the unusually large number of policemen now retiring and partly to the
failure of the city to make sufficient appropriations to maintain that fund,"
he said.
"The present condition of that fund is a timely warning that unless all
of the city's pension funds are quickly put on a sound basis in order to
provide for adequate reserves to meet unexpected demands on them. the
city may not be able to meet the future demands of thousands of retiring
and retired city employees. The Citizens Budget Commission foresaw
that possibility more than a year and a half ago and has drafted legislation
to prevent its becoming a reality and thus bringing untold suffering to
thousands of faithful public servants.
"Pension funds were never intended to permit high salar'ed officials to
return to a life of ease while still possessed of great earning power. They
were set up to give a modest annuity to tne civil service employee at tne
end of a long and faithful career of public service.
"The whole theory of pension funds requires equal contributions by all
classes of the civil service for equal benefits, but we find tnat while most
city employees contribute from 5% to 7% of their salaries to their pension
funds, the police contribute 2%,employees of the Health Department 1%
and tne firemen nothing at all.
"It is interesting to note that the City of Newark, wnich faced a similar
situation, has had to consolidate its pension funds and place all civil
employees on an equal footing. We must do tne same thing and do it
without delay.
"Under the program of the Commission to close all unsound funds and
to consolidate them into two sound funds, the city will carry 55% of the
pension burden and the employees will carry 45%. At present, the city
bears 85% of the cost of the unsound funds and the employees contribute
only about 14%.
"These and other changes designed to bring order out of costly pension
chaos are included in the pension reform program which the Citizens
Budget Commission will present to the State Legislature at the 1934 session.
"The program is founded upon the comprehensive report of Professor
Paul Studenski and is vigorously supported by the Merchants Association
of New York, the Chamber of Commerce of the State of New York, the
Queensboro Chamber of Commerce, the Women's City Club and many
other civic organizations allied with the Commission.'
Board of Estimate Makes Grants to 471 Office Holders.—The
outgoing Tammany Board of Estimate on Dec.8 distributed
grants of pensions, appointments and extensions of service
to a total of 471 employees of the city, including Mayor
O'Brien and other high placed city officials. The Mayor,
who is now 60 years old, has been in the city service for 32
years, and his pension reserve, largely contributed by the
city, amounts to $144,000. He has elected a pensioh option
which will pay from $12,000 to $13,000 a year for life. The
New York 'Herald Tribune" of Dec. 9 commented in part
as follows on the action of the Board:
While civic workers looked on in dismay, the outgoing Tammany Board
of Estimate let fall yesterday a shower of pensions, appointments and
extensions of service to employees past the age of 70. In all, 471 jobholders, among them Mayor John P. O'Brien and many other high-placed
members of the outgoing administration, shared in the distribution.
One of the pension prizes went to Thomas F. Dwyer, of Queens. former
Commissioner of the Department of Markets, who was removed last year
by Joseph V. McKee, then Acting Mayor. Mr. Dwyer's application was
filed last June, but such a storm of protest developed that counselors of the
administration advised that nothing be done about it until after election.
The application was left to gather dust in the files of the committee of the
whole and had been all but forgotten until George U. Harvey, Borough
President of Q1100118, moved toward the close of the session to bring the
application out of committee and put it to a vote.
Mayor O'Brien, whose own application for retirement came up for action
a little later, was one of the most persuasive advocates of the granting of a
Pension to Mr. Dwyer. The Mayor rebuked critics who "have been trying
to make it appear that the retiring employees are getting something to which
they are not entitled." He was particularly severe on Peter Grimm,
chairman of the Citizens Budget Commission, who has been advocating a
thorough revamping of the pension system.
On Pay Roll for Year, at Least.
The effect of the board's action is to keep the aged employees, who
otherwise would have to retire this month, on the pay roll during at least
the first year of the incoming Fusion administration.
The extensions granted yesterday bring the total number approved during the last two weeks up to 456. The original recommendation contained
the names of 588.
The P02181011 list approved by the board contained the names of many
prominent officials be.ides Mayor O'Brien, but the names of John 11.
Delaney, chairman of the Board of Transportation. and Daniel L. Ryan, a
member of the board, were absent. The applications of these two officials
were exempted from the list when it was tentatively approved last week
with a resolution request ng Mr. Delaney and Mr. Ryan to reconsider.
Neither Mr. Ryan nor Mr. Delaney has given an indication of a change
of heart. If they insist, the board will have plenty of time to act on their
applications before the end of the year.
4385
Outgoing Officials Listed.
Among the outgoing officials were:
Charles F. Griffin, Deputy Commissioner of Sanitation.
William H. Rehoe, Assistant Corporation Counsel.
Robert H.Hibbard,Secretary to the Department of Plant and Structures.
Alexander J. Hahn, Assistant Corporation Counsel.
Emmett J. Murphy, Assistant Corporation Counsel,
John Guilfoyle, Commissioner of Board of Standards and Appeals.
Henry Hassenpflug, Under Sheriff, Brooklyn.
William H.Cox, Secretary to First Deputy Commissioner, Department of
Public Welfare.
James Driscoll Tucker,Secretary to Commissioner of Plant and Structures.
Bernard Rothberg, Superintendent of Parks,Brooklyn.
James A. McQuade, Sheriff of Brooklyn, breadwinner of the 34
McQuades.
Edward F. Cadley, Assistant to Sanitation Commissioner.
Alderman Louis J. Wronker.
Dr. Thomas Darlington, Sanitary Engineer, Department of Health.
Grand Sachem of Tammany Hall.
The application for retirement filed by former Magistrate Francis X.
McQuade was excepted from the list approved, the legality of the proposed
retirement having been challenged in the courts by the Citizens Budget
Commission. Mr. Wilmerding. who brought the suit for the commission,
said that Justice William T. Collins had postponed argument on a motion
for a restraining order until next Wednesday. Corporation Counsel Arthur
J. W. Hilly advised that the McQuade application be deferred a week until
the court had acted.
Mr. McQuade, who resigned from the bench when Samuel Seabury was
investigating his connection with the New York Giants and other business
enterprises, recently was appointed to the Corporation Counsel's staff in
order to qualify him for a pension. The pens.on laws require active service
as a condition of retirement.
Merchants' Association Backs Plan to Reopen City Budget.—'
According to an announcement made on Dec. 10 by Louis
K. Comstock, President of the Merchants' Association,
that body is prepared to join in any request to the State
Legislature, at its next session, for the reopening of the
city's budget to permit substantial reductions. The announcement reads as follows:
The adoption of a city budget which is $33,000,000 in excess of that
of last year and which is based on the vague promise of being able to raise
about $20,000,000 from sources, some of which are, at least, doubtful,
Is preposterous. To the thousands of owners threatened with the loss
of their homes because of high taxes and depleted incomes, to the thousands
of mortgage owners whose interest is in default, to the investors in real
estate with depleted returns, the failure to accomplish a reduction in
this year's budget is tragic.
Adoption of this high figure leaves no other way open to the new Mayor
when he assumes office on Jan. 1 but to seek from the Legislature the
power to reopen the budget and speedily to reduce the excessive items.
It is extremely desirable that this action be taken immediately after Jan. 1
and that the work be done forthwith. The amount of our taxation has
a direct bearing upon many of the problems which business is confronting
under the new deal and it is important, not only that the present extravagant figures should be cut, but that those who pay the taxes may learn
promptly how much they are to be cut so that they may know where
they stand.
The Merchants' Association wants to see $50,000,000 taken out of the
budget and believes that a figure very close to this amount can be attained. Useless jobs can be eliminated, salaries can be cut. We have
repeatedly said that our subways should be made self-sustaining. Reform
of the pension systems can be voted over night. The consolidation of
city departments which is planned in connection with charter revision will
take longer, but it ought to be put through as promptly as possible.
Mayor-elect LaGuardia has promised real reductions in the city budget.
His ability to accomplish them will depend upon not only a stern purpose
and effective backing in the Board of Estimate, but upon the enlistment
of public support behind every practicable measure that promises to give
relief. This fight for budget reduction has developed into a battle between the taxpayer and the tax eater. The taxpayer—and in this is
included every rent payer as well as the other owners of property—will
either win this battle or our municipal finances will collapse.
We believe that Mayor-elect LaGuardia meant what he said when
he promised to deal drastically with this situation. Let us make it plain
to him that in all appropriate feasible moves that he makes towards the
reduction of taxation he will have the support of every member of the
Merchants' Association, of every business man in New York City and
of every rent payer.
Pennsylvania.—Soldier Bonus Bills Passed by Legislature.—Harrisburg advices on Dec. 6 reported that on that
day the Legislature passed finally two bills to permit the
payment of a bonus to the State's veterans. The State is
authorized to issue bonds up to $50,000,000, as approved
by the voters at the general election on Nov. 7—V. 137,
p. 3699. Under the legislation soldiers who gave Pennsylvania addresses at the time of their enlistment for the Philippine insurrection, Boxer expedition, the Spanish-American
and World Wars are eligible to receive compensation. Payments would be computed at the rate of $10 for each month
of service, no veteran to receive more than $200. The bills
were forwarded to Governor Pinchot, who is said to have
favored the legislation.
Governor Signs Bill to Remit Fines on Delinquent Taxes.—
On Dec. 7 Governor Pinchot signed a bill mtroduced by
Senator Salus of Philadelphia remitting the penalties on
delinquent taxes in Philadelphia for 1931 or prior years.
It is provided in the bill that one-third of the taxes due prior
to 1932 are to be paid by Dec. 311933, one-third by Feb. 28
1934 and one-third by May 1 1934. The Philadelphia
"Record" of Dec. 8 carried the following on the new law:
Governor Pinchot yesterday signed the flatus bill lifting penalties on
delinquent taxes.
The measure, which was opposed by Mayor Moore, was supported by
City Comptroller S. Davis Wilson, who predicted that $20.000,000 in
delinquent taxes will be collected next year.
Wilson was present in the Executives offices at Harrisburg when Governor
Pinchot affixed his signature.
Back taxes due the city at the end of November totaled more than
$16,000.000. The total delinquencies are expected to reach $30,000,000
at the end of this year when unpaid current taxes become delinquent.
To Speed Payments.
Comptroller Wilson takes the view, which is shared by members of
Council, that abatement of penalties and interest will encourage citizens
to pay up. Mayor Moore had attacked the bill as causing a falling off in
payments during November and December.
State Senator Samuel W. Salus introduced the measure, now approved.
on Nov. 14. It authorizes City Council to abate penalties and
interest
now due on taxes of 1931 and previous years and to remit
penalties—but
not interest on 1932 taxes.
Delinquent taxes may be paid, under the terms of this bill, at the rate of
one-third before Jan. 1, one-third before March 1 and one-third before June.
Council Rushes Ordinance.
On receipt of word that the Salus bill had become law, an ordinance was
introduced in City Council by Bernard Samuel, Chairman of the Finance
Committee, to carry out the terms of the new law.
At a recess hearing of the Finance Committee the ordinance was favorably
reported and Council is expected to finally approve the measure under
suspension of the rules at a special meeting Monday.
4386
Financial Chronicle
The penalties on delinquent taxes will thus be lifted at the same time
that the 1934 budget and tax rate ordinances are passed. The city's financial
program, calling for a 73.i cent tax cut, depends largely on next year's
receipts from delinquent taxes.
Comptroller Wilson officially amended his estimate of revenue by certifying expectation of collection of $18,500,000 in delinquent taxes instead of
the $13,000,000 originally estimated.
South Dakota.
-Supreme Court Holds Portion of Gross
Income Tax Law Constitutional.
-An Associated Press dispatch from Pierre to the Des Moines "Register" of Dec. 2
reports as follows on the ruling of the State Supreme Court
adjudging one portion of the new gross income tax law to
be valid while it held unconstitutional another portion of
the law:
South Dakota's new gross income tax law, in so far as it applies to intraState commerce and occupational receipts, was upheld Friday by the
State Supreme Court.
The law, however, so far as it attempts to tax transactions in interState commerce and individual receipts as distinguished from occupational
income, was declared by the Court to be unconstitutional.
The new law placed taxes ranging from X of 1% to 2% on gross receipts
of virtually every sort.
BOND PROPOSALS AND NEGOTIATIONS
Dec. 16 1933
approximate cost of labor and material is put at $175,000, of which 30%
Is the PWA grant. The remainder is a loan secured by 4% revenue bonds.
-BONDS DEFEATED.BELLINGHAM, Whatcom County', Wash.
At the election on Dec.2-V. 137, p. 3174-the voters rejected the proposal
to issue $150,000 in light and power plant bonds, according to the City
Comptroller.
BERKS COUNTY(P.O. Reading), Pa.-PROPOSEDBOND ISSUE.
Consideration is being given to the sale of from $500,000 to $750,000 bonds
to cover deficiencies in the general cash working funds, according to report.
-RULING Gil/EN ON
BEXAlk. COUNTY (P. 0. San Antonio), Tex.
PUBLIC WORKS FUNDS.
-It is stated that Secretary Ickes ruled recently
that public works funds cannot be used in the purchase of right-of-way for
public works hignway projects. This decision is said to block the desire of
the county to sell $350,000 of road warrants to the Public Works Administration.
BEXAR COUNTY WATER CONTROL AND IMPROVEMENT
-FEDERAL FUND
DISTRICT NO. 1 (P. 0. San Antonio), Tex.
ALLOTMENT.
-The allotment of $115,000 to this district for the construction of a sewer project was announced recently by the Public Works Administration. The approximate cost of labor and material is set at $91.000.
of which 30% is the PWA grant. The remainder is a loan scruired by 4%
general obligation bonds.
BILLINGS SCHOOL DISTRICT NO. 2 (P. 0. Billings), Yellowstone County, Mont.
-BONDS VOTED.
-At the election held on Dec. 9
-V. 137, p. 3867
-the voters approved the issuance of the $400,000 in
4% school building bonds by a count of 862 to 272. It is stated by the
District Clerk that these bonds will be taken by the Public Works Administration under an allotment already made.
BIWABIK, St. Louis County, Minn.
-It is reported
-BONDS SOLD.
by the Town Clerk that the 863,000 4 X% semi-ann. town bonds voted on
Sept. 12-V. 137, IL 2488
-have been purchased by the State Board of
Investments.
-At
BLOOMINGTON, Bear Lake County, Ida.
-BONDS VOTED.
the election on Dec. 5-V. 137, p. 3867
-the voters approved the issuance
of the $25,000 in 4% water works plant bonds by a count of 91 to 33. Due
on the amortization plan in 20 years. A Public Works Administration
loan is expected on these bonds.
BLYTHEVILLE, Mississippi County, Ark.
-PROPOSED FEDERAL
LOAN.
-It is reported that the city is seeking a loan of $150,000 from the
Public Works Administration for the purchase of the local water system.
BOONE COUNTY (P. 0. Columbia), Mo.-BONDS DEFEATED.
At the election held on Dec.5-V. 137, p. 3867
-the voters are said to have
failed to give the required majority to the proposed issuance of $40,000
in jail bonds.
BOONE COUNTY (P.O. Boone), Iowa.
-The $23.000
-MATURITY.
issue of refunding bonds that was purchased by the Boone State Bank &
Trust Co. of Boone as 43 03 at par-V. 137, p. 3524
1
-is due on Dec. 1 as
follows: $3,000 in 1940, and $10,000 in 1942 and 1943.
-BOND ELECBOUNDARY COUNTY (P. 0. Bonners Ferry), Ida.
TION.
-It is reported that an election will be held on Dec. 28 in order to
have the voters pass on the issuance of $45,555 in court house bonds.
BOWMAN COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Buffalo
Springs), N. Dak.-CERTIFICATES NOT SOLD.
-The $1,200 certificates of indebtedness offered on Nov. 25-V. 137, p. 3700
-were not sold
as no bids were received, according to the District Clerk. Interest rate
not to exceed 7%. Due on Nov. 25 1934.
BRAINERD, Crow Wing County, Minn.
-It is
-BOND ELECTION.
reported that an election will be held on Dec. 28 in order to vote on the proposed issuance of $500,000 in bonds for an electric generating and heating
plant.
BRIDGEPORT, Harrison County, W. Va.-FEDERAL FUND
ALLOTMENT-The Public Works Administration announced recently
an allotment of $13,000 to this town for water works system improvements.
The usual PWA grant of 30% of the cost of labor and material was made on
this project,in this case being about $3,000. The remainder is a loan secured
by 4% revenue bonds.
BROADALBIN, MAYFIELD, PERTH AND PROVIDENCE CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Broadalbin), N. Y.
OBTAINS PWA ALLOTMENT-An allotment of $175,000 to the District
for the construction of school buildings has been made by the Public Works
Administration. his includes a grant of 30% of the estimate of $138,200 to
be used in the payment of labor and the purchase of materials. The
remainder is a loan, secured by 4% general obligation bonds. The District
rejected the bids submitted at an offering of $175,000 bonds in March 1932.
-BOND COUPONS CALLED.
ADAMS COUNTY(P.O. Council), Ida.
-It is stated by Mabel Martin, County Treasurer, that all interest coupons
due Jan. 1 1934. on county road and bridge bonds, series 1917 and 1920,
will be paid on presentation, either at the First National Bank of Idaho in
Weiser, or at her office.
ALBIA INDEPENDENT SCHOOL DISTRICT (P. 0. Albia), Monroe
-It
County, Iowa.
-PROPOSED FEDERAL PURCHASE OF BONDS.
is stated by the Secretary of the Board of Education that the District
expects to sell to the Federal Government at 4% the $28,300 school building
bonds approved by the voters on Oct. 21-V. 137, D• 3355.
ALHAMBRA SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
-An election will be held on Jan. 30,
County, Calif.
-BOND ELECTION.
according to report in order to have the voters pass on the proposed issuance
of $398,745 in school building repair bonds.
-PROPOSED BOND
ALLEGHENY COUNTY (P.O.Pittsburgh), Pa.
SALE.
-It is reported that the county plans to offer for sale shortly a
total of $6,806,000 bonds to supply funds for general improvements. Of
the total, $5.000,000 would be backed by taxes delinquent for the past three
years. The balance consists of $1,206,000 road bonds authorized in 1928.
-P WA FUNDS SOUGHT.
AMSTERDAM,Montgomery County, N.Y.
-The Public Works Administration will be asked to allot $300,000 to the
city for the construction of a water filtration plant. The money will be
sought on the basis of, a loan and grant. It is estimated that the city's
share of the expenditure will be approximately $218,000.
-BOND SALE POSTARKANSAS CITY, Cowley County, Kan.
PONED.
-It is stated by James F. Clough, City Clerk, that the sale of tne
$28,878.03 5% semi-annual refunding bonds scheduled for Dec. 11-V.
-was postponed until Dec. 18, because no quorum was present.
137, p.4036
,
The sale of these bonds had originally been set for Nov. 27 and it was
postponed at that time
-V. 137. p. 3866.
-FEDERAL FUND ALLOTMENT.
Grant County, Minn.
ASHBY,
The Public Works Administration is said to have recently made an allotment of $25,000 to this village for the construction of a water works system.
The customary grant of 30% of the cost of laaor and material was made by
the PWA on this project. The remainder is a loan secured by 4% general
obligation bonds.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
-PROTECTIVE
COMMITTEE FOR CITY AND COUNTY UNITS OUTLINES OBJECTIVES.
-The Bondholders' Protective Committee which submitted last
week to the Federal Trade Commission at Washington plans for the
readjustment of the outstanding indebtedness of both the county and city
-on Dec. 12 mailed to interested creditors a
governments
-V. 137. p. 4218
prospectus outlining in detail the progress already made and the ultimate
aims of the committee in effecting a solution of the municipal debt tangle.
The prospectus, consisting of 25 printed pages, is in the form required
by Section 10 of the Federal Securities Act of 1933. Holders of the obligations involved in the proposed readjustment are asked to deposit them with
the Bank of New York & Trust Co., New York, under an agreement dated
BROWNSVILLE NAVIGATION DISTRICT (P. 0. Brownsville)
Nov.9 1933. The committee states that its purpose in asking for the deposit
Cameron County, Tex.
-FEDERAL FUND ALLOTMENT-The Public
of the securities, prior to the working out of a definite plan of readjustment
Works Administration recently announced an allotment of $2,472,000 to
of the debt of the city and county, is in order to ascertain what support
this district for the construction of a ship channel. The approximate cost
it may expect in its endeavors to correct the situation.
of labor and material on this project is put at $1,682,000, of which the PWA
"Principal amount of Atlantic City bonds called for deposit is $26,925,000.
made its customary grant of 30%. The remainder is a loan secured by
Atlantic County bonds called for deposit with the committee total $4,general obligation bonds bearing
% interest, payable from unlimited
138,000. The city has been in default'since last February on principal and
ad valorem taxes (all interest above 4% to be refunded to the applicant),
securities, principal
interest of bonds except its temporary convention hall
secured also by a pledge of the net revenues from the project and by first
of which has been in default since March 1932. The county has been in
mortgage on land and improvements.
default since last June.
"Henry Bruere, President of the Bowery Savings Bank. is Chairman of
BUENA VISTA COUNTY (P. 0. Storm Lake), lowa.-BONDS
the committee which includes: Darwin R. James, President of the East
SOLD.
-It is stated by the County Auditor that the $20,000 poor fund bonds
River Savings Bank; Thomas F. Daly, New York Life Insurance Co.;
authorized in Sept--t. 137. p. 2136
-has since been sold to an undisclosed
James E. Gowen, President of the Western Saving Fund Society; Howell T.
purchaser.
Manson, President of the Dollar Savings Bank: Robert E. Miller, ViceBUFFALO, Erie County N. Y.
-PROPOSED BOND ISSUE.President of the Bank of New York & Trust Co.,and Gerald M.Swanstrom
Although the Common Council has authorized an issue of $1,000,000 home
'
of the Northwestern Mutual Life Insurance Co. Fred N. Oliver and
and work relief bonds, no date of sale has been decided on as yet according
Assistant
Robert W. Sparks, both of 110 East 42nd St., are Secretary and
to a recent statement by Prank V. Hanavan, Chief City Accountant.
Secretary, respectively, of the committee."
BUFFALO, Johnson County, Wyo.-BOND DISPOSAL REPORT.
-OBTAINS PWA FUNDS.
AURORA, Dearborn County, Ind.
It is stated by the City Clerk that the $43,000 issue of water system
$90,400 for the construction of a new high school
A loan and grant totaling
improvement bonds approved by the voters on Nov. 21-V. 137, p. 4219
building has been announced by the Public Works Administration. The
will be handled by Geo. W. Vallery & Co. of Denver.
grant in this instance will be a sum equal to 30% of the amount to be spent
for labor and materials on the project. Such expenditures are estimated at
-The
CALIFORNIA, State of (P. 0. Sacramento).
-BOND SALE.
$72.600. The balance of the money consists of a loan, secured by 4%
$293,000 issue of 4 X% semi-ann. park bonds offered for sale on Dec. 14general obligation bonds.
V. 137, p. 3867
-was jointly purchased by Blyth & Co., Inc., and Barr
Bros. & Co., both of New York, paying a premium of $1,228, equal to
-FEDERAL FUND ALLOTMENT.
AUSTIN, Travis County, Tex.
100.419, a basis of about 4.15%. Dated Jan. 2 1929. Due on Jan. 2 as
The Public Works Administration is said to have recently made an allotfollows: $171,000 in 1955, and $122,000 in 1956. No other bids were
ment of $400.000 to this city for water system improvement. The custoreceived.
mary grant of 30% of the cost of labor and material was made by the PWA
n this project. The remainder is a loan secured by 4% revenue bonds.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
-FEDERAL FUND ALLOTMM' It is reported that the state Treasurer will receive sealed bids on or about
BAKER, Baker County, Ore.
Feb. 1, for the purchase of a $6,000,000 issue of relief bonds. Interest rata
-In connection with the report given in V. 137, P•
STILL PENDING.
is not to exceed 43. %. Due $2,000,000 from 1941 to 1943.
4037, that the Public Works Administration had allotted $105,000 to this
city for the construction of a sewage disposal plant, it is stated by Mayor
ISSUE.
CAMBRIDGE, Dorch
D
County,
Harvey that the funds for the actual construction on this project will be
-The City is considering the issuance Md0700 serer
ns
BONDbo
e
$
4OOP E nds.
PR
4401 4 I
'
available in about 90 days.
CAMERON, Milam County, Tex.
-FEDERAL FUND ALLOTMENT
DETAILS.
-We are informed by the City Secretary that the $37,000
-Thomas G. Young, Tax
BALTIMORE, Md.-TAX DELINQUENCY.
allotment to the city by the Public Works Administration for sanitary and
Collector. recently stated that unpaid city and State taxes and water rents
storm sewer construction-V.137, p.4037
for 1933 amount to $6,149,372. Current taxes outstanding as of Nov. 30
-has not been put into operation
totaled approximately $4,000,000. As the budget was balanced on the
yet, as the project is still in the preparatory stage.
basis of collection of 87% of the tax levy, an additional $1,400,000 must be
-FEDERAL FUND
CANAJOHARIE, Montgomery County, N. Y.
collected during the remainder of this year.
ALLOTMENT.
-In alloting $55,000 to the cillage for the construction of
-FEDERAL FUND
a combined waste disposal and sewage treatment plant, the Public Works
BARNESVILLE, Belmont County, Ohio.
Administration included a grant of 30% of the amount to be used in the
ALLOTMENT-The Public Works Administration has allotted $114,000
to the Village for improvements to the water works system. This includes
payment of labor and the purchase of materials. Expenditures of that
a grant of 30% of the amount to be spent for labor and materials. Such
nature will be about $38,000. It is said. The balance of the money conexpenditures are estimated at $84,000. The balance consists of a loan,
sists of a loan, secured by 4% general obligation village bonds.
secured by 4% revenue bonds.
-OBTAINS PIVA GRANT.
CARLISLE, Cumberland County, Pa.
BATAVIA, Kane County, III.
-An • The Borough has obtained a grant of $51,000 from the Public Works
-OBTAINSPWA ALLOTMENT.
allotment of $100,000 to the city to finance the construction of sewage
Administration, to be applied to the cost of constructing a sewage disposal
plant. Previously, the PWA had made an allotment of a loan and grant
treatment plants has been made by tne Public Works Administration.
of $220,000 for the project, but the Borough asked that only the grant
This includes a grant of 30% of the amount to be spent for labor and
be made available.
materials. Such expenditures are estimated at $75,000. The balance
-V. 137, p. 3175.
consists of a loan, secured by 4% revenue bonds.
CASEY, Clark County, 111.
-At an election to
-BOND ELECTION.
BEAUMONT, Jefferson'County, Tex.
be held on Dec. 22 the voters will consider the question of issuing $75,000
-FEDERAL FUND ALLOTpark improvement bonds. It is planned to secure the necessary funds on
-The Public Works Administration recently announced an allotMENT.
the basis of a loan and grant from the Public Works Administration.
ment of 8218.000 to this city for water works system improvements. The
Volume 137
Financial Chronicle
4387
COFFEYVILLE SPECIAL CONSOLIDATED SCHOOL DISTRICT
-BOND OFFERING.
-It is
CEDAR RAPIDS, Linn County, Iowa.
(P.0. Coffeyville), Yalobusha County, Misr.
-BONDS DEFEATED.stated that both sealed and open bids will be received at 10 a. m.on Dec. 18,
At the election held on Dec. 9-V. 137, p. 3868
-the voters are stated to
by L. J. Storey, City Clerk, for the purchase of four issues of bonds aggrehave rejected the proposed issuance of $40.000 in school bonds by a small
gating $739,760, divided as follows:
margin.
4% sewer outlet and purifying plant bonds. Due from Jan. 1
$683,160
1937 to 1953. A loan and grant for this amount has already been
COLUMBUS, Franklin County, Ohio.
-BONDS AUTHORIZED.
-V. 137. p. 2667.
approved by the Public Works Administration
A series of ordinances adopted on Nov. 13 by the City Council provide for
15,600 grading bonds. Interest rate not to exceed 5%, payable I. & J.
the issuance of 810,352,0004% bonds, divided as follows:
Dues:en Jan. 1 as follows: 81,000. 1937 to 1950, and $1,600 in 1951.
83.377,600 relief sewer bonds. Dated not later than Dec. 15 1933. Due
26,000 river front impt. bonds. Interest rate not to exceed 5%, payable
Aug. 31 as follows: $169,600 in 1940; $169,000 from 1941 to
J. & J. Due on Jan. 1 as follows: $1,000 in 1937; $2,000, 1938;
1956 incl., and $168,000 from 1957 to 1959 incl.
!3,000, 1939 and 1940;'4.000, 1941 to 1943, and $5,0001n 1944.
2,720,000 sewage treatment plant bonds. Dated not later than Dec.
payable J. & J.
15,000 sewer bonds. Interest rate is not to exceed 5%,
15 1933. Due $136,000 annually on Aug.31 from 1940 to 1959
Due on Jan. 1 as follows: $1,000, 1937 to 1939; $2,000 from 1940
incl.
to 1943, and $1,000, 1944 to 1947, all incl.
1,429,600 intercepting sewer bonds. Dated not later than Dec. 15 1933.
Dated Jan. 1 1934. Bids will be received on the separate issues or colDue Aug. 31 as follows: $72,600 in 1940; $72,000 from 1941 to
lectively. Legal opinion of Chapman & Cutler, of Chicago.
1948 incl., and $71,000 from 1949 to 1959 incl.
-FEDERAL FUND ALLOTMENT.
CHADWICK,Carroll County,III.
1,080,000 Long Street bridge bonds. Dated not later than Jan. 1 1934.
-The PWA has allotted $6,000 to the Village for the construction of a
Due $54,000 on Aug. 31 from 1940 to 1959,incl.
water storage tank. This includes a grant of 30% of the approximately
824,000 municipal light plant bonds. Dated not later than Jan. 1 1934.
$5,000 to be used in the payment of labor and the purchase of materials.
Due Aug. 31 as follows: $83,000 from 1940 to 1943 incl., and
Remainder consists of a loan to the Village, secured by 4% revenue bonds.
$82,000 from 1944 to 1949 incl.
400,000 Main Street bridge bonds. Dated not later than Jan. 1 1934.
-BONDS
CHAMPION (P. 0. Carthage), Jefferson County, N. Y.
Due $20,000 on Aug. 31 from 1940 to 1959, incl.
VOTED.
-At an election held on Dec. 1 the voters approved of the issuance
358,000 city hall building bonds. Dated not later than Jan. 1 1934.
of $30,000 home and work relief bonds by a vote of 103 to 92. The issue
Due Aug. 31 as follows: $18,800 in 1940: $18,000 from 1941 to
is to bear interest at a rate of not more than 5% and mature $2,000 annually.
1957 incl., and $17,000 in 1958 and 1959.
No decision has been made as to when the bonds will be offered for sale.
162,000 incinerator plant bonds. Dated not later than Jan. 1 1934.
CHARDON,Geauga County,0.
-BOND ORDINANCE ADOPTED.
Due Aug. 31 as follows: $33,000 in 1940 and 1941 and $32,000
An ordinance providing for an issue of $7,000 6% water works impt. and
from 1942 to 1944 incl.
repair bonds was adopted recently by the Village Council. The issue will be
Principal and semi-annual interest on the above bonds will be payable
dated Dec. 1 1933 and mature $1,000 annually on Oct. 1 from 1935 to 1941
at the fiscal agency of the city in New York City.
incl. Denom. $1,000. Interest payable in A. & 0.
-OBTAINS PWA ALLOTCONCORD, Merrimack County, N. H.
CHARLOTTE, Mecklenburg County, N. C.
-FEDERAL FUND
MENT.
-In allotting $14,000 to the Town for the construction of storm
ALLOTMENTS.
-The Public Works Administration announced recently
water sewers, the Public Works Administration agreed to furnish as a
the following allotments to this city:
grant a sum equal to 30% of the amount to be expended for labor and
$36,000 for the installation of fire hydrants. The approximate cost of
materials. Such expenditures are estimated at $11,000. The balance of
labor and material is put at $27,700, of which 30% is the usual
the advance consists of a loan, secured by 4% general obligation bonds.
PWA grant. The remainder is a loan secured by 4% general
obligation bonds.
CORTLAND CENTRAL SCHOOL DISTRICT NO. 3 (P. 0. Mont31,000 for fire alarm system extension. The cost of labor and material
-No bids were
rose), Westchester County, N. Y.
-BONDS NOT SOLD.
on this project is put at $25,600, of which 30% is a grant. The
obtained at the offering on Dec. 7 of $25,000 not to exceed 6% interest
remainder is a loan secured as above stated.
coupon school bonds
Dated Nov. 1 1933 and due
-V. 137, p. 3701.
89,000 for the replacement of two sections of sewerage. The labor and
$5,000 annually on Nov. 1 from 1934 to 1938 inclusive.
material cost is set at about $62,000, of which 30% is a grant.
The remainder is a loan also secured as above.
CROTON-ON-THE-HUDSON, Westchester County, N. Y.-PWA
ALLOTS FUNDS.
130,000 for storm water sewer system extension. The cost of labor and
-The village has obtained $115,000 l'rom the Public
Works Administration to finance the enlargement of the water distribumaterial on this project is about $99,500, of which 30% is the usual
tion system. This advance was made on the usual loan and grant basis,
grant. The remaining loan is secured as above.
with the latter sum representing 30% of the approximately $77.000 to be
60,000 for water distribution system extension. The cost of labor and
expended for labor and materials. The balance of the money consists of
material is set at about $45,000, of which the usual 30% is a grant.
a loan, secured by 4% general obligation bonds.
The remaining loan is secured as above.
(The application for these loans was approved on Oct. 10-V. 137.
-It is reDEER CREEK, Grant County, Okla.
-BOND ELECTION.
P. 3005).
ported that a special election will be held on Dec. 19 in order to vote on
CHESTER, Randolph County, III.
the issuance of $17,600 in water system bonds.
-PLAN VOTE ON MUNICIPAL
UTILITY PROPOSAL.
-At an election to be held on Jan. 3 toe voters
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. 0. Transfer),
will be asked to sanction the issuance of$158.000 utility certificates to finance
Mercer County, Pa.
-The issue of $10.000 not to
-BONDS NOT SOLD.
the construction and equipping of a municipal light and power plant.
exceed 5% interest school bonds offered on Dec. 11-V.137, p.4220-failed
of sale, as no bids were obtained. Dated Jan. 1 1934 and due serially on
CHICAGO, Cook County, Ill.
-BANKS TO AID IN REFUNDING
Jan. 1 from 1937 to 1947 incl.
$15,008,000 BONDS.
-A group of five local institutions, comprising the
First National Bank, Continental Illinois National Bank & Trust Co.,
DELTA COUNTY (P. 0. Delta), Colo.
-WARRANTS CALLED.
City National Bank & Trust Co., Northern Trust Co.and the Harris Trust
It is reported that various county and school warrants are being called for
& Savings Bank, has agreed to aid the city in its endeavor to effect the
payment at the County Treasurer's office, interest to cease on Dec. 20.
exchange of 815.008,000 55.6% refunding bonds, due Jan. 1 1940, for a
like amount of 4 and 455% issues maturing on Jan. 1 1934. The refundings
DENMARK RURAL SCHOOL DISTRICT, Ohio.
-BOND OFFERare to be callable at any time prior to maturity at the option of the city.
ING.
-Harry W. Strock, Clerk of the Board of Education, will receive
The $2,920,000 interest due on the maturing bonds and other outstanding
sealed bids until 12 m. on Dec.30 for the purchase of $2.285.27 6% funding
issues, as well as the $2,174,798 bond principal and interest payable on
bonds. Dated Dec. 20 1933. One bond for $185.27, others for $140.
water certificates, will be met in cash, it is said. The banks will receive a
Due as follows: $140 June and Dec. 20 from 1934 to 1940 incl.; $140 June
1% service charge on the bonds which they are able to exchange for the
and $185.27 Dec. 20 1941. Interest is payable un J. & D. Bids for
refunding obligations. The city was obliged to provide for the retirement
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of $15,036,000 bonds which matured on Jan. 1 1933 through the sale to
of %, of 1%, will also be considered.
a local banking syndicate of a like amount of 6% refunding bonds at par.
DETROIT, Wayne County, Mich.
-REFUNDING COMMITTEE
-V. 137, p. 4038.
-The .BondANNOUNCES DISTRIBUTION OF INTEREST MONEY.
WARRANT SALE AUTHORIZED.
-The City Council recently adopted
holders' Refunding Committee, whose Chairman is B. A. Tompkins.
a resolution authorizing the sale of $3,900,000 corporate tax anticipation
Vice-President of the Bankers Trust Co. of New York, announced on Dec.
warrants of 1932 to the five Loop banks. Money will be used to provide
12 that it expected to distribute the full two-thirds of the interest which
two pay days for city employees before Christmas. The sale is conditioned
has matured since July 1 1933 on all of the bonds and notes of the city which
upon the issuance by the City of not more than $17,000.000 corporate
are deposited under the refunding plan on or before Dec. 15 1933. This
warrants against 1932 taxes to the public.
payment follows one of $1,118,730 which was made to depositors on Oct. 18
CHICAGO SANITARY DISTRICT, Cook County, III.
-OBTAINS
-V. 137, p. 3002. In connection with this latest disbursement, the fol$33,948,000 PWA ALLOTMENT.
-The Public Works Administration has
lowing statement was issued:
allotted $33,948,000 to the District for the construction of sewers and
"Practical assurance of the success of the city's refunding program is
sewage disposal facilities. This Includes a grant of 30% of the amount to be
indicated by the deposit with the committee, within a period of slightly
spent for labor and materials on the project. On the basis of the estimate of
more than four months, of $206,572,233 of the city's bonds and notes
the amount to be used for such expenditures, the grant will be approximately
to be refunded under the plan. This amount constitutes more than 7254%
$8,845,000, it is said. The balance of the advance consists of a loan, secured
of the obligations affected.
by general obligation bonds of the District, payable from ad valorem taxes
"The City of Detroit, fourth largest city in the country was obliged to
on all the taxable property therein. The allotment was made, it is said.
'
default on all of its bonds and notes with the exception of those issued for
contingent upon the District's fulfilling agreements to secure legislation
street railway purposes on Feb. 15 last, following the closing of the banks in
authorizing the fixing of charges for the treatment of trade wastes with the
the State of Michigan. Interest payments were resumed on the city's water
agreement to pledge revenues from such charges, as well as revenues from
bonds on July 1 of this year, and the interest to be distributed by the comthe sale of electric current, as security for the payment of the bonds. The
mittee applies only to the city's tax-supported debt, upon which no payments
allotment is also subject to an agreement that disbursements be made under
have been made since the default in February.
supervision of engineers appointed by the Government, and the treatthe
"Distribution of the interest at this time will be made only to bondment works will be constructed in accordance with the engineering survey
holders who have deposited their holdings with the committee, as the funds
made under Government supervision. The agreement is further that Should
which are to be distributed represent collections which the committee has
disbursements be made without the Government's approval, the District
effected for the account of its depositors. The committee desires to have all
will not be entitled to the grant. This allotment, is separate and distinct
bondholders participate in its distribution but it was pointed out that funds
from the previous allotment of $8,000,000 to the Chicago Sanitary District
which it has collected can be distributed only to those bondholders who,
for other work in its sewage disposal program.
through their assent to the city's refunding program, deposit their bonds and
thus enable the committee to act for them in presenting their interest claims
BOND INTEREST AVAILABLE.
-The District has announced that
upon the city. Under the committee's agreement with the city, all expenses
funds are available for the payment of bond interest coupons which matured
1933. Coupons should be presented for payment to the First
incidental to carrying out the plan are being paid by the City of Detroit,
May 1
and therefore no cost should be incurred by the bondholders in depositing
National Bank of Chicago.
CHILLICOTHE, Ross County, Ohio.
-BONDS AUTHORIZED.
- their bonds and having the committee act for them in the collection
of their interest payments as provided in the plan."
The City Council recently adopted an ordinance providing for the issuance
$10,000 4 % Yoctangee Park improvement bonds. Dated Dec. 10
of
-At the
DEVILS LAKE, Ramsey County, N. Dak.-BONDS VOTED.
1933. Denom. $1,000. Due $1,000 on Dec. 10 from 1935 to 1944, incl.
election held on Dec. 4-V. 137, p. 3702-the voters approved the issuance
Principal and semi-annual interest (J. & D. 10) are payable at the First
of the $400,000 in light plant construction bonds by a count of 1,310 to
National Bank, Chillicothe.
657,according to the City Auditor.
CLAY COUNTY COMMON SCHOOL DISTRICT NO. 109 (P. 0.
DEXTER, Stoddard County, Mo.-BONDS VOTED AND DE-BONDS SOLD.
-It is stated by the District Clerk that
Hawley), Minn.
FEATED.
-At an election held on Dec. 5 it is stated that the voters apthe $1,500 451% semi-ann. school bonds offered for sale without success
proved the issuance of $10,000 in water system extension bonds.
-have since been sold to the State of Minneon Sept. 15-V. 137. p. 2667
At the same time the voters are said to have rejected a proposed issue
sota.
of $30,000 in municipal auditorium bonds.
CLEVELAND,Pawnee County, Okla.
-BONDS VOTED.
-At the elec-BOND ELECTION.
DONALDSONVILLE, Ascension Parish, La.
tion held on Nov.28-V. 137, p.3701-the voters are said to have approved
It is stated by the Mayor that an election will be bald on Dec. 30 in order
the issuance of the 8150.000 in water supply bonds by a wide margin. It
to vote on the proposed issuance of $176,000 in fire alarm system bonds.
is expected that the Public Works Administration will make a 30% grant
DUBUQUE, Dubuque County, Iowa.
-BOND SALE.
-The $16,000
on this project.
issue of sewer bonds offered for sale on Dec. 4-V. 137, p. 4039
-was
CLEVELAND, Cuyahcora County, Ohio.
-GOVERNOR SIGNS LOAN
purchased by the White-Phillips Co. of Davenport, as 450. Dated Dec. 1
the measure by the State Legislature. Gov-Following approval of
BILL.
1933. Due from Dec. 1 1945 to 1947.
ernor George White on Dec. 12 signed a bill designed to aid the city during
DULUTH,St. Louis County, Minn.
-BONDS AUTHORIZED.
-At a
its "Immediate financial crisis." The legislation authorizes the municimeeting of the City Council on Dec. 4, the issuance of $150,000 in bonds to
pality to borrow 41300,000 from local banks, covered by notes to be issued
cover a loan from the State of Minnesota for the payment of the city's
In anticipation of the collection of $1,200,000 delinquent taxes. Mayor
share of the cost of 'permanent improvements. which was authorized some
Harry L. Davis was quoted recently as having declared the city "banktime ago, was formally approved. The Council directed the City Treasurer
rupt" due to its failure to collect sufficient taxes to provide for current
to apply to the State Bureau of Investments for the loan. The loan applioperating expenses.
cation is said to have been filed in St. Paul.
-BONDS VOTED.
-At an election
Witt County, III.
CLINTON, De
DUNN COUNTY (P. 0. Menomonie), Wis.-FEDERAL FUND
held on Dec. 5 a proposal to Issue $87,000 sewage disposal plant bonds
ALLOTMENT REJECTED.
-It is stated by L. Kingsley, County Clerk,
carried by a vote of 1,129 to 1,938. The Public Works Administration is
that the County Board turned down the project for building construction
stated to have already approved a grant of $40,000, making a total of $127,and additions to the State asylum, on which the Public Works Adminis000 available for tho project.
tration recently made an allotment of $50,000 to the county.
CLINTON INDEPENDENT SCHOOL DISTRICT (P. 0. Clinton),
r EAST ORANGE, Essex County, N. J.
-BOND SALE.-Tne $210,000 issue of school
-BOND OFFERING.-Aliee I.
Clinton County, Iowa.
Webster, City Clerk, will receive sealed bids until 8 p. m. on Dec. 26 for
-was purchased
building bonds that was voted on July 25-V. 137. p. 1088
the purchase of $231,000 43..4%, 5, 55.1,,5.5% or 6% coupon or regon Dec. 7 by the Carleton D. Bob Co, of Des Moines, according to the
istered bonds, divided as follows:
Secretary of the Board of Education.
4388
Financial Chronicle
$177,000 Series No. 8 sewer bonds. Due July 1 as follows: $8,000 from
1935 to 1940 incl.; $3,000 in 1943: $8,000 in 1944, 1946 and 1947:
$3,000 in 1948 and 1949; $8.000, 1950: $3,000, 1951: $8,000 from
1952 to 1957 incl.: $10.000 in 1958 and 1959: $8,000 in 1961 and
$9.000 in 1970.
54,000 Series No. 14 general impt. bonds. Due July 1 as follows: $3,000
In 1935: $5,000, 1953: $6,000 in 1954 and $10,000 from 1956 to
1959 incl.
Each issue is dated July I 1933. Denom. $1,000. Prin. and int
(J. & J.) are payable in lawful money of the United States at the City
Treasurer's office. A separate certified check for each issue bid for, in
amount of 2% of the bonds of such issue and payable to the order of the
city, must accompany each proposal.
(The above bonds are the remainder of an original total of $609.000 for
which no bids were received on Sept. 25. The remainder have been sold
privately as 6s. at par, either by Lehman Bros. of New York and associates,
which took the entire offering on option, or directly by the City Treasurer.)
EAST PROVIDENCE, Providence County, R. I.
-OBTAINS PWA
FUNDS.
-The Public Works Administration has allotted $275,928 to the
Town to be used as follows:
$101.423 for construction of additions to Platt School, 30% of the cost of
labor and material, which totals approximately $81,300, is a
grant. The balance is a loan secured by 4% general obligation
bonds.
174,500 for the construction of additions to the senior high school, 30%
of the cost of labor and material, which totals approximately
$136.850, is a grant. The balance is a loan secured by 4% general
obligation bonds.
EAST ROCKAWAY SCHOOL DISTRICT (P. 0. East Rockaway),
Nassau County, N. Y.
-BONDS VOTED.
-At the election held on Oct.30
-V. 137, p. 3006
-the voters approved the issuance of 295,000 school
construction bonds by a vote of 348 to 253. The Public Works Administration will be asked to finance the project, according to report.
EAU CLAIRE, Eau Claire County, Wis.-FEDERAL FUND RE
ALLOTMENT.
-The Public Works Administration announced recently a
loan and grant of $265,000, which is a re-allotment to this city for water
supply construction purposes. The approximate cost of labor and material
is put at $230,000,of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds. A previous allotment of $250,000 was
made to this city in September-V. 137, p. 2306. Due to an increase in
prices of pipe, the applicant requested an increase of $15,000 over the
$250,000. Therefore the original allotment has been canceled and in lieu
thereof an allotment of $265,000 was passed by the Special Board of the
PWA.
EDGEMONT, Fall River County, S. Dak.-BONDS VOTED.
-At
an election held on Nov. 21 the voters are said to have approved the issuance of $25,000 in 4% well bonds by a large majority.
ELSINORE, Riverside County, Calif.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of $14,000 to this city for the construction of a city hall building.
The customary grant of 30% of the cost of labor and material was made
by the PWA on this project. The remainder is a loan secured by 4%
general obligation bonds.
ELY, St. Louis County, Minn.
-BONDS DEFEATED.
-It is stated
by the City Clerk that at an election held on Dec. 5 the voters rejected a
proposal to issue $60,000 in 4% water and light plant bonds.
ELYRIA, Lorain County, Ohio.
-BOND OFFERING.
-A. C. Schilleman, City Auditor, will receive sealed bids until 12 m. on Dec. 20 for the
purchase of $63,750 not to exceed 6% interest refunding bonds, divided
as follows:
$28,750 water works bonds. Due Nov. 1 as follows: $1,750 in 1939 and
$3,000 from 1940 to 1948 incl.
27,000 general paving and sewage disposal bonds. Due $3,000 on Nov. 1
from 1938 to 1946 incl.
8,000 general paving and final grade crossing bonds. Due $1,000 on
Nov. 1 from 1940 to 1947 incl.
Each issue is dated Jan. 11934. One bond for $750, others for $1,000.
Interest is payable in M. & N. Some of the bonds to be refunded have
already matured. Proposals must be accompanied by a certified check
for $1,000, payable to the order of the city.
FARMERSVILLE, Collin County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of$51,000 to this city for the construction of a dam. The approximate
cost of labor and material on this project is set at $40,000, of which 30%
is the usual PWA grant. The remainder is a loan secured by 4% revenue
bonds.
FAYETTEVILLE-PERRY TOWNSHIP SCHOOL DISTRICT (P. 0.
Fayetteville), Brown County,Ohio.
-OBTAINSP WA ALLOTMENT.
The Public Works Administration has allotted $84,000 to the District
for the construction of the school buildings. This includes a grant of 30%
of the amount to be spent for labor and materials. Such expenditures
are estimated at $70,000. The remainder consists of a loan, secured by
4% general obligation bonds.
FLORENCE, Lauderdale County, Ala.
-PROPOSED PERMANENT
BONDHOLDERS' PROTECTIVE COMMITTEE.
-A meeting was held at
the Gibson Hotel in Cincinnati on Dec. 15 for the purpose of perfecting the
organization of a permanent bondholders' protective committee for the
above city. It is said that counsel for the committee also will be selected
to prepare for prompt action in Federal Court. The temporary secretary
is reported to be Ray J. Horan, Union Trust Bldg., Cincinnati.
FOND DU LAC, Fond du Lac County, Wis.-BONDS VOTED.
The City Clerk reports that at the election on Dec. 5-V. 137. p. 3525
the voters approved the issuance of the $185.000 in 4% municipal building
bonds.
FORT WAYNE, Allen County, Ind.
-BONDS NOT SOLD.
-The
Issue of '140,000 4).6% series U railrcad refunding bonds offered on
Dec. 5-V. 137, p. 3702
-failed of sale, as no bids were obtained. Dated
Oct. 10 1933 and due $7.000 annually on Oct. 10from 1935 to 1954 incl.
FRANKFORT, Benzie County, Mich.
-The pro-BONDS VOTED.
posal to issue $22,000 general obligation bonds for street paving purposes
was approved at the general election held on Dec. 2-V. 137, p. 3869.
FRANKLIN, Warren County, Ohio.
-BONDS AUTHORIZED.
The Village Council recently adopted an ordinance providing for the
issuance of $12,000 5% storm sewer construction bonds. Dated Dec. 1
1933. Denom. $1,000. Due $1,000 annually on Dec. 1 from 1935 to
1946 incl. Principal and interest (J. & D.) are payable at the Franklin
National Bank, Franklin.
FREMONT SCHOOL DISTRICT, Sandusky County, Ohio.
BOND SALE.
-C. F. Walton, Director of Schools, reports that the State
Teachers' Retirement System at Columbus has purchased at par the issue
of $47,066.85 5% funding bonds previously mentioned in V. 137, p. 3007.
The issue is dated Nov. 15 1933. One bond for $2,066.85, others for
$3,000. Due serially on May and Nov. 15 from 1935 to 1941 incl. Principal and semi-annual interest are payable at the office of the State Treasurer,
Columbus, Ohio.
GARDNER, Johnson County, Kan.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $37,000 to this city for water works construction purposes. The
approximate cost of labor and material is put at $30,000. of which 30%
Is the usual PWA grant. The remainder is a loan secured by 4% general
obligation bonds.
GILMORE CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
Gilmore City), Pocahontas County, Iowa.
-BONDS VOTED.
-At the
election held on Dec. 6-V. 137, p. 3869
-the voters approved the issuance
of the $19,000 in school building bonds by a very large margin.
GILPIN TOWNSHIP SCHOOL DISTRICT (P. 0. Leechburg),
Armstrong County, Pa.
-PROPOSED BOND ISSUE.
-The Board of
Education is contemplating issuing $22,000 funding bonds.
GLEN ROSE,Somervell County, Texas.
-FEDERAL FUND ALLOT-The allotment of $63,000 to this city for water works system
MENT.
construStion was announced recently by the Public Works Administration. The approximate cost of labor and material is put at $50,000, of
which 30% is the customary PWA grant. The remainder is a loan secured
by 4% revenue bonds.
Dec. 16 1933
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.Wilmot A. Reed, City Treasurer, on Dec. 13 awarded an issue of $200.000
current year revenue anticipation notes to the Cape Ann National Bank
at 1.53% discount basis. Dated Dec. 15 1933 and due on Feb. 9 1934.
Payable at the First National Bank of Boston or at the First of Boston
International Corp., N. Y. City. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston. Bids for the loan were as follows:
BidderDiscount Basis,
Cape Ann National Bank (purchaser)
1 53
Faxon, Gade & Co
1.65
Whiting, Weeks & Knowles and G. M.
-P. Murphy & Co.,jointly_ _ _2.04
Gloucester Safe Deposit & Trust Co
2.48%
-FEDERAL FUND ALLOTGRANBURY, Hood County, Texas.
MENT.
-The Public Works Administration recently announced an allotment of $6.000 to this city for water works improvement. The total cost
of labor and material is put at about $4,100, of which 30% is the PWA
grant. The remainder is a loan secured by 4% revenue bonds with mortgage provisions.
GRAND HAVEN, Ottawa County, Mich.-PWA ALLOTMENT
MADE.
-The city has obtained an allotment of $95,000 from the Public
Works Administration for use in the construction of additions to the
municipal power plant. This includes a grant of 30% of the amount to
be spent for labor and materials. These expenditures will total approximately $72,000. The balance consists of a loan, secured by a prior lien
on gross revenues of the power plant in amount of one-half cent per k wh.
on all current generated. The agreement provides that the loan be repaid
in five years.
-As
-BOND DEFAULTS.
GRAND RAPIDS, Kent County, Mich.
of Oct. 31 1933 the City was in default on $1,417,000 bond principal maturities, although interest coupons have been fully paid. A plan was submitted recently to the State Public Debt Commission providing for the
-V. 137. p. 4039
refunding of $4,583,800 outstanding bonds.
-FEDERAL FUND
GRANITE FALLS, Caldwell County, N. C.
ALLOTMENT.
-The allotting of $80,000 funds to this town for sewer
construction was announced recently by the Public Works Administration.
The cost of labor and material on this project is set at about $63,000, of
which 30% is a grant. The remainder of the allotment is a loan secured
by 4% general obligation bonds.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 114 (P. 0.
Montesano), Wash.
-BONDS OFFERED -Sealed bids are said to have
been received by Asa B. Wilson, County Treasurer, until 10 a. m. on
Dec. 16. for the purchase of a $2,050 issue of school bonds. Interest rate
not to exceed 6%, payable semi-annually. Prin. and int. payable at the
County Treasurer's office, the fiscal agency of the State of New York,
or at the office of the State Treasurer.
-FEDERAL LOANPENDING.
GREAT BEND,Barton County, Kan.
-It is reported by the City Clerk that the $30,000 issue of swimming pool
-has not as yet
bonds approved by the voters on Sept. 12-V. 137, p. 2306
been approved by the Federal Government.
-FEDERAL FUND ALLOTGREENVILLE,Greenville County,S. C.
MENT.
-The Public Works Administration recently announced allotmanta totaling $620000 for the construction of sewer systems of the Greater
Greenville Sewer District. They are divided as follows:
$205,000 to the Augusta Road. Water and Sewer Sub-District. Thirty
per cent of the cost of labor and material, put at about $160,000,
is the PWA grant. The remainder is a loan secured by 4%
general obligation bonds.
415,000 to the Parker Water and Sewer Sub-District. The customary
PWA grant of 30% of the cost of labor and material, set at about
$314,000. was made on this project. The remainder is a loan
secured by 4% general obligation bonds.
.-FEDERAL FUND ALLOTMENT
GUIN, Marion County, Ala.
The Public Works Administration announced recently an allotment of
$79,000 to this town for water works and sanitary sewer system completion. The approximate cost of labor and materials on this project,
set at $59,000, of which 30% is the PWA free grant. The remainder is
a loan secured by 47 revenue bonds. This application was presented to
the Reconstruction Finance Corporation on May 17, and was approved by
the Corporation on May 26 for a loan of$61,000,secured by revenue bonds
V. 136, P. 3940. This action was rescinded by the Corporation on or
applicant to complete the
about Nov. 1, because of the inability of the
project within the amount of loan.
-FUNDS AUTHORIZED.
HAMILTON, Butler County, Ohio.
Ordinances adopted by the City Council on Nov.29 provide for the issuance
of $645,000 bonds, divided as follows:
$620,000 4% water works repair bonds. Dated Jan. 1 1934. Denom.
$1,000. Due Oct. 1 as follows: $20,000 from 1935 to 1944 incl.
and $21.000 from 1945 to 1964 incl.
16,00043.1% storm sewer bonds. Dated Dec. 11933. Denom. $1,600.
Due $1,600 on Sept. 1 from 1935 to 1944 incl.
6,000 431% park impt. bonds. Dated Dec. 1 1933. Denom. $600.
Due $600 on Sept. 1 from 1935 to 1944 incl.
3.000 4Si% street impt. bonds. Dated Dec. 1 1933. Denom. $300.
Due $300 on Sept. 1 from 1935 to 1944 incl.
Principal and semi-annual interest are payable at the City Treasurer's
office.
-BONDS AUTHORIZED.'
HAMILTON, Butler County, Ohio.
An ordinance adopted recently by the City Council calls for an issue of
$425,000 4% city hall building construction bonds, to be'accepted by the
Public Works Administration in accordance with a loan and grant agree-V. 137, P. 3869. It is provided that the bonds bear
ment already made
date of Jan. 1 1934 and mature $17000 annually on Oct. 1 from 1935 to
1959 incl. Denom. $1,000. Principal and interest (A. & 0.) will be
payable at the City Treasurer's office or at such other place designated by
the PWA.
-OBTAINS PWA ALLOTMENT.
HAMMOND, Piatt County, III.
The Village has received a loan and grant of $34.000 from the Public
Administration to be used in the construction of a water works
Works
system. This includes a grant of 30% of the amount to be applied in the
payment of labor and the purchase of materials. These expenditures are
estimated at $26,000. The balance consists of a loan, secured by 4%
revenue bonds.
-FEDERAL LOAN APPLICATION
HARDY, Sharp County, Ark.
APPROVED.-The State Board of the Public Works Administration has
notified the city that it approves its application for a $67,500 loan to be
used for a water and sewerage system. It is stated that no bond issue
will be used on this loan, the PWA to make its usual 30% free grant and
the remainder will be secured by a lien on the plant and income from the
revenues derived. Of the amount requested, $32,500 would be used to
install the water system and $25,000 to install a sewerage system.
-FEDERAL FUND
HARRIS COUNTY (P. 0. Houston), Tex.
ALLOTMENT -The Public Works Administration announced recently
an allotment of $35.654 to this county for road improvement purposes.
The total cost of labor and material is put at $28,800 for this project, of
which 30% is the PWA grant. The remainder is a loan secured by county
road bonds.
-The electors
HENDERSON, Vance County, N. C.
-BONDS VOTED.
are said to have approved the issuance of $35,000 in electric light bonds at
a recent election.
-DEBTREFINANCING
HIDALGO COUNTY (P.O. Edinburg), Tex.
-The suit that was recently filed in the District Court
SUIT CONTINUED.
attacking the constitutionality of the contract to refinance the $12,000,000
-V. 137, p. 4221-has been continued until
Indebtedness of the county
Dec. 18. It was originally scheduled to come up for trial on Dec. 5.
HIGHLAND PARK,Middlesex County, N. J.
-FINANCIAL STATE.-In connection with the proposed award on Dec. 18 of $78,000
MENT
6% coupon or registered bonds, notice and description of which appeared
in V. 137, P. 4221, we have received the following:
Financial Statement.
$9,244,368
Assessed valuation real property, 1933
685,450
Assessed valuation personal property, 1933
Net assessed valuation taxable property, 1933
9.816,643
Bonded debt, including this issue
593,500
Water bonds not included in above
191,900
Estimated present population
9,000
Volume 137
Financial Chronicle
HIGHLAND TOWNSHIP (P. 0. Kane, R. F. D. No. 2), McLean
County, Pa.
-BOND SALE.-Tne issue of $5,000 6% coupon bonds
offered on Dec. 9-V. 137, p. 3869
-was awarded to the Ridgway National
Bank of Ridgway, the only bidder. Price paid not disclosed. Bonds bear
date of Nov. 11933.
HORNELL, Steuben County, N. Y.
-PROPOSED BOND ISSUE.
The city is contemplating the sale of $10,000 bonds to finance the cost of
materials in connection with its civil works program.
HOT SPRINGS, Fall River County, S. Dak.-BOND OFFERING
POSTPONED.
-It is stated by W. J. Beck, City Auditor, that the $32,200
Issue of sewage disposal plant bonds scheduled for sale on Dec. 4-V.
137, p. 4040, are being re-advertised for sale on Dec. 18. Interest rate not
to exceed 5%, payable semi-annually.
HUNTINGBURG, Dubois County, Ind.
-OBTAINS GRANT FROM
PWA.-The Public Works Administration has made a grant of $23,000 to
the City which will be applied in the construction of a water filtration plant.
This supplants a loan and grant of $84,750 made by the PWA on Sept. 12.
-V. 137. p..2307. The City requested that only the grant be provided,
which represents 30% of the estimated amount to be spent in the payment
of labor and the purchase of materials for the project.
HURON, Beadle County, S. Dak.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of
$107,000 to this city for street improvement purposes. The approximate
cost of labor and material on this project is put at $91,000, of which 30%
is the PWA grant. The remainder is a loan secured by 4% general obligation
bonds. (These bonds were unsuccessfully offered on Oct. 2.-V. 137.
p. 2839.)
IDAHO, State of (P. 0. Boise).
-WARRANTS CALLED.
-It is
announced by Myrtle P. Enking, State Treasurer, that State general
fund warrants Nos. 18338 to 19465. series of 1933-1934, were called for
payment at her office on Dec. 7. Interest to cease 10 days from that date.
IDAHO FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Idaho
Falls) Bonneville County, Ida.
-BOND ELECTION CONTEMPLATED.
-It is said that an election is to be held the first of next year in order to
vote on the plan advocated by the School Board for a bond issue of $98,000,
to be used for public school building purposes, with the help of the Public
Works Administration.
JACKSONVILLE, Duval County, Fla.
-BOND AWARD DEFERRED.
-Three bids were received from three different bidders on the $300,000
not exceeding 6% coupon semi-ann. refunding bonds offered on Dec. 6- V. 137. p. 3869. They are being considered by the City Commission.
The highest offer was the bid of the Pierce-Biese Corp. of Jacksonville,
a tender of 100.02 for 5%% bonds.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-BOND ISSUE
REJECTED.
-Stella M. Campbell, Clerk of the Board of County Commissioners, states that the issue of $112,998 6% poor relief bonds for which
no bids were obtained on Sept. 1-V. 137. p. 1968
-was later offered
to the State Industrial Commission,the State Teachers' Retinement System
and the State Director of Finance, all of which declined to purchase the
bonds. The State Relief Commission at Columbus has been advised of
this procedure and a reply from that body is awaited by the County. The
bonds bear date of Sept. 1 1933 and will mature serially on Sept. 1 from
1935 to 1942 incl.
JOHNSBURY, Vt.-RECEIVES PWA ALLOTMENT.
-The Public
Works Administration has allotted $128,000 to the Village for the purpose
of financing improvements to its water supply system. This includes a
grant of 30% of the approximately $99,000 to be spent for labor and
materials. The balance consists of a loan, secured by 4% general obligation
bonds, also by additional special revenue from the water system. It is
provided that the loan be repaid by 1948.
JOHNSON COUNTY (P. 0. Franklin), Ind.
-NOTE SALE.
-The
Merchants National Bank of Indianapolis has purchased an issue of $25,000
6% notes, due Dec. 27 1933, according to Zelia K. Webb, County Auditor.
JONESBORO, Craighead County, Ark.
-LOAN APPLICATION
-The City Council is reported to have given its approval to
APPROVED.
an application for a Federal fund allotment of $50,000, with which to erect
a city hall.
KENNEWICK, Benton County, Wash.
-BOND SALE.
-The $8,250
issue of 5% coupon semi-ann. emergency relief bonds offered for sale on
Dec. 8-V. 137. p. 3869
-was purchased by the State of Washington
at par. Due in from 2 to 20 years from date of issuance. No other bids
were received.
KENTON, Hardin County, Ohio.
-BOND DESCRIPTION.
-The
issue of 5442.900 municipal electric light and power plant revenue construction bonds mentioned in V. 137, p. 4040 is described is follows: Dated
Dec. 11933. Interest rate is 4%. Bonds are to mature serially on Dec. 1
as follows: $31,700, 1935; $31.600 in 1936 and 1937; $31,700, 1938;
$31;600 in 1939 and 1940; $31,700, 1941; $31,600 in 1942 and 1943; $31,700
in 1944; $31,600 in 1945 and 1946; $31,700 in 1947, and $31.600 in 1948.
Principal and annual interest (Dec. 1) will be payable in lawful money of
the United States at the City Treasurer's office. This issue is intended
for purchase by the Public Works Administration under a loan and grant
agreement.
KITSAP COUNTY (P. 0. Port Orchard), Wash.
-BOND SALE.
The $39,000 issue of county bonds offered for sale on Dec. 11-V. 137.
-was purchased by the State of Washington, as 5s at par. Dated
. 3869
an. 2 1934. Due in from 2 to 20 years. No other bids were received.
KNOX COUNTY (P. 0. Vincennes), Ind.
-PLAN REFUNDING
-Decision has been made by the County Commissioners to issue
ISSUE.
$470,000 refunding bonds.
KOKOMO SCHOOL CITY, Howard County, Ind.
-BOND OFFERIlya-Sealed bids will be received by the Board of School Trustees until
11 a.m. on Dec. 19 for the purchase of $42,500 not to exceed 5% interest
funding bonds. Dated Jan. 1 1934. Denoms. $1,000 and $500. Due as
follows: $2.000. July 1 1937; $2,000 Jan. and July 1 from 1938 to 1946
incl.; $2,000 Jan. and $2,500 July 11947. Principal and interest (J. & J.)
are payable at the Union Bank & Trust Co., Kokomo. Legal opinion as to
validity of the bonds will be ready for delivery on Dec. 19. Members of the
Board of Trustees are J. A. Kautz, President, Herbert M. Rhorer, Secretary, and Joseph C. Stone, Treasurer. Previous mention of this offering was
made in V. 137, p. 4040.
-FEDERAL FUND ALLOTLAKE FOREST, Lake County, 111.
-In allotting $338,000 to the city for water supply system improveMENT.
ments, the Public Works Administration agreed to furnish as a grant a sum
equal to 30% of the estimate of $293,000 to be spent for labor and materials
on the protect. The balance of the money consists of a loan, secured by
4% revenue bonds.
-REFUNDING BONDS APLANSING, Ingham County, Mich.
-The State Public Debt Commission has issued its certificate of
PROVED.
approval covering an issue of $189,000 43 % refunding bonds
-V. 137, p.
4040. Purpose of the issue is to assist in the payment of $378,000 bonds
maturing on Jan. 2 and May 15 1934, it is said.
LARIMORE SPECIAL SCHOOL DISTRICT (P. 0. Larimore)
Grand Forks County, N. Dak.-RE-ALLOTMENT OF FEDERAL
-A re-allotment of a loan and grant of $80.000 for high school
FUNDS.
building construction has been announced by the Public Works Administration. The approximate cost of labor and material is put at $66,000, of
which 30% is the customary PWA grant. The remainder is a loan secured
by 4% general obligation bonds. This project was presented to the Special
Board on Nov. 14 and an allotment was made for a loan, including a grant
in the amount of 560,000. The applicant has since requested this loan to be
increased as recommended.
-BOND SALE.
-James J.
LEXINGTON, Middlesex County, Mass.
Carroll, Town Treasurer, reports that an issue of $25,000 trunk line sewer
construction bonds was awarded on Dec. 12 to the Lee Higginson Corp. of
Boston, as 4s, at a price of 100.77. Dated Dec. 1 1933 and due serially from
1934 to 1943 incl.
-Sealed bids
LIBERAL, Barton County, Mo.-BOND OFFERING.
will be received until noon on Dec. 20, by E. A. Wilson, City Clerk, for the
purchase of a $22,000 issue of 5% coupon electric distribution system bonds.
D nom. $1,000. Dated March 1 1931. Due on March 1 as follows: $1.000,
19 to 1945. and $2,000, 1946 to 1951. Prin. and int.(M.& S.) payable
e
36
at the First National Bank in Kansas City. Legality approved by Bowersock, Fizzell & Rhodes of Kansas City. No certified check is required. (In
Y
4389
V. 137. p. 3703, we reported that al ike amount of ponds had been sold to
Alexander, McArthur & Co. of Kansas City.
LIMA, Allen County, Ohio.
-BOND OFFERING.
-C. H. Churchill.
City Auditor, will receive sealed bids until 12 m. on Dec. 29 for the purchase of $661,000 6% bonds, divided as follows:
$500,000 third series hospital bonds. Dated Oct. 1 1933. Due $20,000
annually on Oct. 1 from 1935 to 1959 incl. Int. is payable in
A. & 0. Bids for this issue must be accompanied by a certified
check for 85,000.
150,000 fourth series sewage disposal bonds. Dated Nov. 15 1933.
Due $6.000 annually on Nov. 15 from 1935 to 1959 incl. Int, is
payable in M. & N. A certified check for $1,500 is required.
11,000 second series poor relief bonds. Dated Sept. 15 1933. Due
Sept. 15 as follows: $3,000 in 1935 and $4,000 in 1936 and 1937.
Int. is payable in M.& S. A certified check for $160 is required.
Bids will also be considered for the above bonds to bear int. at a rate
other than 6%. Alternate rates, however, must be expressed in a multiple
of )( of 1%. Prin. and semi-ann. int. will be payable at the office of'
the Sinking Fund Trustees. Delivery of bonds outside of Lima will be
made at the successful bidder's expense. Certified checks should be made
payable to the order of the City Treasurer. Successful bidder to pay for the
legal opinion of Peck, Shaffer & Williams of Cincinnati.
BONDS NOT SOLD.
-The City failed to obtain a bid for the issue of
$90,666.05 6% deficiency bonds offered on Dec. 14-V. 137, p. 4040.
LINDSBORG, McPherson County, Kan.
-FEDERAL FUND
ALLOTMENT -The Public Works Administration recently announced
an allotment of $35,000 to this town for the construction of a sewage disposal plant. The approximate cost of labor and material on this project
is put at $28,000, of which 30% is the customary PWA grant. The remainder is a loan secured by 4% general obligation bonds.
LINN COUNTY UNION HIGH SCHOOL DISTRICT NO. 6 (P. 0.
Halsey) Ore.
-BOND ELECTION.
-It is reported that an election will be
held on Dec. 18 in order to have the voters pass on the issuance of $20,000
in school bonds. It is expected that these bonds will be taken by the PWA
and a grant will be solicited.
LITTLE RIVER DRAINAGE DISTRICT (P. 0. Cape Girardeau),
Mo.-INTEREST RATE ON RFC LOAN.
-In connection with the loan of
$2.189,914 to this district by the Reconstruction Finance Corporation, to
pay off some of its outstanding indebtedness
-V. 137, p. 4040, it is stated
by the District Secretary-Treasurer that the rate of interest will be 4%.
LOCKHART, Caldwell County, Tex.
-BONDS VOTED.
---It is said
that at an election held on Dec.8 the voters approved the issuance of $7,500
in park purchase bonds by a ratio of more than two to one.
LOS ANGELES COUNTY (P. 0. Los Angeles) Calif.
-FEDERAL
FUND ALLOTMENT-The Public Works Administration announced
recently an allotment of $2,115,200 to this county for the construction of a
county office building. The customary grant of 30% of the cost of labor and
material, which is set at approximately $1,845,000. was made by the
PWA on this project. The remainder is a loan at 4% secured by deeds to
the land and building, and by pledge of sufficient portion of annual tax
income to repurchase in 30 annual instalments.
LOWELL, Gaston County, N. C.
-BONDS AUTHORIZED.
-At a
meeting held recently the Town Commissioners are said to have passed an
ordinance providing for $40,000 in water works system bonds.
LOWELL,Wddlesex County, Mass.
-21,200,000 NOTES MATURING.
-In order to conserve its cash in order to meet at least part of the 81.200.000
notes which mature during the month, the City on Dec. 7 defaulted on the
weekly payroll amounting to $29,000, according to report. It is expected
that some of the notes may be renewed.
LUCAS COUNTY (P. 0. Toledo), Ohio
-BOND OFFERING.
-Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a.m. on Jan. 3 for the purchase of $338,300 bonds.
including $214,000 bearing interest at 4%% and $124,300 at 53.1 %. The
bonds will be dated Nov. 1 1933. Due Nov. 1 1948; optional Nov. 11938.
Interest is payable in M.. & N. Principal and semi-annual interest are payable at the City Treasurer's office. A certified check for 1% of the bonds
bid for must accompany each proposal.
(The above bonds are part of the total of $794.240 previously offered on
Nov. 27, at which time no bids were obtained.
-V. 137. p. 4040.)
McGEHEE, Desha County, Ark.
-At the election
-BONDS VOTED.
held on Dec. 5-V. 137, P. 3358
-the voters are stated to have approved
the issuance of the $30,000 in city hall bonds by a count of 62 to 4, to repay
a loan which will be sought from the Public Works Administration.
MANSFIELD CONSERVANCY DISTRICT, Richland County,
Ohio.
-BOND OFFERING.
-John W. Frankenberger, Secretary of the
Board of.Directors, will receive sealed bids until 1 p.m. on Dec. 26 for the
purchase of 8180,000 5% conservancy bonds. Dated Jan. 1 1934. Denom.
$1.000. Due serially on Nov. 1 from 1935 to 1943 incl. Interest is payable
In M. & N. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of ji of 1%. will also be considered. A resolution
authorizing this issue, which is for the purpose of paying the indebtedness
of the District, was passed on Nov. 29 1933. A certified check for 5% of
the amount bid for, payable to the order of the District Treasurer, must
accompany each proposal.
-BOND ISSUE DEMARINE CITY, Saint Clair County, Mich.
FEATED.
-The proposal to issue $82,341.64 (not $89,341.64) water filtration plant construction bonds was defeated for the second time at an
election held on Dec. 7-V. 137, p. 4041. The issue was previously turned
down by the voters on Nov. 1.
-The issue of
-BONDS NOT SOLD.
MARION, Grant County, Ind.
$10,000 not to exceed 6% interest street improvement bonds offered
on Dec. 11-V. 137, p. 4041-failed of sale, as no bids were obtained.
Dated Jan. 1 1934 and due semi-annually from 1935 to 1945 incl.
-Ray E. Norman, City Clerk, will receive
WARRANT OFFERING.
sealed bids until 10 a. m.; on Dec. 23 for the purchase of $30,000 time
warrants of $1,000 denoms.
-$8.500,000 BRIDGE PLAN DISAPPROVED.
MARYLAND (State of).
-The bill providing for the creation of the Chesapeake Bay Bridge Pualic
-V. 137,
Corporation and empowering it to issue up to $8,500,000 bonds
-has been reported unfavorably by the Senate Finance Committee
p. 4222
at Annapolis. The State Senate, itself, is expected to concur in this action.
ADVISORY BOARD APPROVES $8.500.000 PWA APPLICATION.
The State Advisory Board has approved the application of the Chesapeake
Bay Bridge Co. for an allotment of $8,500,000 from the Public Works
Administration to cover the cost of constructing a bridge across Chesapeake
Bay. The application provides for an outright grant of $2,600.000.
-OBTAINS PWA FUNDS.MASCOUTAH,Saint Clair County, 111.
A loan and grant totaling $100,000 has been allotted to the City, for water
works improvements, by the Public Works Administration. This includes
a grant of 30% of the approximately $73.000 to be spent in the payment of
labor and the purchase of materials. The balance is a loan, secured by
4% revenue bonds.
MASSACHUSETTS (State of).
-In allotting
-P WA ALLOTMENT.
$23.000 to the State for highway widening purposes, the Public Works Administration agreed to furnish as a grant a sum equal to 30% of the amount
spent for labor and materials. Such expenditures are estimated at 818,600.
The balance represents a loan, secured by 4% general obligation bonds.
MASSACHUSETTS (State W.
-OBTAINS $3.003,609 POOR RELIEFFUNDS.
-Harry Hopkins, Federal Emergency Relief Administrator, has
made an additional grant of $3,003,609 to the State for poor relief purposes.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
-FEDERAL FUND
ALLOTMENT -The Public Works Administration announced recently
an allotment of $104,500 to this county for road improvement purposes.
The customary grant of 30% of the cost of labor and material was made
by the PWA on this project. The remainder is a loan secured by 4%
general obligation bonds.
MEMPHIS, Shelby County, Tenn.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of 8100,000 to this city for paving, draining and street lighting purposes. The total cost oflabor and material is put at approximately $73.700.
of which 30% is the usual PWA grant. The remainder is a loan secured
by 4% general obligation bonds.
-BOND ISSUMECKLENBURG COUNTY (P. 0. Charlotte), N. C.
ANCE CONTEMPLATED.
-The Board of County Commissioners is said
4390
Financial Chronicle
to nave before them a resolution providing forlthe issuance of $438,200 in
school erection bonds. (In V. 137. p. 3704, we reported that the County
Board of Education on Nov. 6 voted to apply to the•Federal (lovernment
for a $450.000 loan to finance this construction.)
MEMPHIS, Shelby County, Tenn.
-FEDERAL FUIVD ALLOTMENT CONFIRMED.
-D, C. Miller, City Clerk, confirms the report
given in V. 137. p. 4041. that the Public Works Administration made an
allotment of $280,000 to this city for sanitary sewer improvements.
MERCER COUNTY (P. 0. Trenton), N. J.
-BONDS NOT SOLD.No bids were obtained at the offering on Dec. 12 of $300,000 not to exceed
6% interest coupon or registered road, bridge and county building bonds,
dated Dec. 15 1933 and due $15,000 annually from 1935 to 1954 incl.V. 137. p. 422.
MIDDLESBORO, Bell County, Ky.-FEDERAL FUND ALLOTMEN.T.-The Public Works Administration announced recently an allotment of $328.000 to this city for tne construction of an electric power
plant. Tne approximate cost of labor anti material is put at $263,000, of
which 30% is the PWA grant. The remainder is a loan secured by 4%
revenue bonds. (The issuance of these bonds was authorized on July 19
1932. V. 136. p. 1751.)
MILFORD, Oakland County, Mich.
-BOND ISSUE APPROVED.
Theodore 1. Fry, State Treasurer, has issued his certificate of approval
covering an issue of $35.000 bonds to finance the construction of a sewage
disposal plant in the village.
MILFORD, New Haven County, Conn.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has allotted $935,000
to the town for the construction of a complete sewerage system. This
Includes a grant of 30% of the approximately $670,000 to be spent for
labor and materials on the project. The balance consists of a loan, secured
by0
.4% general obligation bonds.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Sealed bids will be received until Jan. 12 by Chas. C. Swanson, City Clerk.
for the purchase of an issue of $1,000.000 sewage disposal bonds. In
connection with this offering we give the following official statement, issued
on Dec. 4:
Bonded Indebtedness as of Nov. 30 1933.
School bonds
$22,112,923.72
Poor relief bonds
bon
4,040.000.00
Water works bonds
3,482,000.00
Local street and park improvement bonds
11,422,695.85
Other general obligation bonds
23,103.576.28
Tax anticipation certificates
500,000.00
levy$64.661,195.85
eduction of amounts for which no future ad valorem
is required:
Water works bonds
$3.482,000.00
Assessments pledged to payment of local
Improvement bonds
8,940,515.34
Accumulated sinking funds--$6,237.898.97
Less water works sinking fund 137,385.03
6,100.513.94
Tax anticipation warrants
500,000.00
19,023,029.28
Dec. 16 1933
Of the finances of the municipalities following default on their debt service
charges.
NEWPORT, Newport County, R. I.
-RECEIVES PWA ALLOTMENT.
-In allotting $168,000 to the city for sewer system improvements,
the Public Works Administration included in the total a sum equal to 30%
of the amount to be spent for labor and materials, which represents the
PWA's grant toward the cost of the project. These expenditures will total
about $141,000. The balance of the money consists of a loan, secured by
4% general obligation bonds of the city.
NEWTON, Middlesex County, Mass.
-The city
-BORROWS $200,000.
recently sold an issue of $200.000 notes to the Boston Safe Deposit &
Trust Co. at 2.20% discount basis, plus a premium of $7. Due on Nov.6
1934. Bids submitted for the loan were as follows:
BidderDisct. Basis.
Bn Safe Deposit & Trust Co. (plus $7 preminm)
Corpst
2.20
Lee Higginson
2.39
Merchants National Bank
2.43
Newton Trust Co
us
2.58
Faxon, Gade & Co
2.59
G.M.-?. Murphy & Co
2.72%
NEW WILMINGTON, Lawrence County, Pa.
-RECEIVES PWA
FUNDS.
-The Borough has received an allotment of 15.000 from the
Public Works Administration for the construction of storm sewers. This
includes a grant of 30% of the amount to be used in the payment of labor
and the purchase of materials. The balance of the advance represents a
loan to the Borough, secured by 4% general obligation bonds.
NEW YORK,N.Y.-? WA ALLOTS$23.160,000 TOWARD CONSTRUCTION OF INDEPENDENTSUBWAY SYSTEM.
-Harold L. Ickes, Public
Works Administrator, on Dec. 12 announced that decision had been made
to advance 323.160,000 to the City on a loan and grant basis for the purpose
of financing the completion of the municipality's independent subway
system project. The total includes a direct grant of $5,490,000. representing 30% of the estimate of $18,300,000 to be expended for labor and
materials, with the balance of $17,670,000 constituting a loan to the City.
secured by corporate stock maturing serially to 1963. In announcing the
allotment, Mr. Ickes stated that "now that the voters of New York have
selected new leadership, we are willing to do everything possible to rehabilitate Greater New York." This remark was made with reference to
the success achieved by the Fusion Party in ousting the Tammany organization from control of the city administration at the general election Nov. 7.
In fact, the granting of the funds to the city is generally credited as being a
personal triumph for Fiorello H. LaGuarffla, who was elected Mayor on
the Fusion ticket and will assume office on Jan. 11934.
The money will
be available "on or before Feb. 1 1934" on the condition that on or before
that date the City shall furnish satisfactory security or assurance that its
budget will be balanced. The New York "Times" of Dec. 13 commented
in part as follows on the action of the PWA:
"The allotment was made 'to complete subway passenger stations,
including tile and other finish, plumbing, control, escalators, turnstiles and
other equipment and facilities on the Eighth Avenue Subway; for laying
trackage and third rails throughout the tunnels and inspection yard; installing cables and equipment for transmission and control of power and
light throughout all the project; constructing a power substation and
Installing the necessary mechanical and electrical equipment, and constructing and equipping a car inspection shed and storage yards.'
Gross indebtedness to be financed from current and future
1540,000.000 Already Spent.
debt levies
$45,638,166.57
Additional deductions permitted by Minnesota law
4,019,533.78
"It was explained that the city has already spent $540,000,000 on this
subway system-$400,000.000 on sections now in operation and $140.Net bonded indebtedness per Minnesota law
$41,618.632.79
000.000 on the section that is to be completed and equipped for operaGross permissible bonded aeot (10% of assessed valuation).. 48,580,771.30
tion with the money allotted to-day. When it is finished the city will
Margin as of Nov.30 1933 for additional issues
6.962,135.51
obtain a revenue from this latter sum,on which ills now getting no return,
to augment the earnings of the lines already in operation.
MINNESOTA, State of (P.O. St. Paul).
-TEMPORARY BORROW. andIt is
estimated that about a million people live within a half mile of
ING AUTHORIZED.
-It is said that Julius A. Schruahl, State Treasurer,
the lines to be completed, in the Boroughs of Manhattan, Queens and
has been authorized by the State Executive Council to borrow 32,000,000
Brooklyn, and to-day's allotment will make available to them much needed
from Alinneapolls and St. Paul banks to be used for State revenue purposes
rapid transit facilities. About 2,700 men will be directly employed for
until the property tax and other revenue-producing taxes have been col22 months and an average of 4.000 will obtahi indirect employment for
lected by the State. The loan will run for 120 days unless taken up by the
that period.
State before that time. In addition, the Executive Council voted to renew
"The city originally applied for an allotment of 125,500,000. Included in
$3.000,000 in drafts, now held by Minneapolis and S.. Paul k. mks, for
this amount was an item of $1,530.000 for building a connection with
90
-day period.
a
the Rockaway Division of the Long Island RR., and an Item of 31,790.000
VISSISSIPPI„ State of (P. 0. Jackson).
to cover interest during the period of construction. To-day's allotment
-BOND SALE CONTEMPLATEL.i.-It is reported that the state Bond Commission will offer
does not include funds for the Rockaway connection due to the fact the
$188,000 of an authorized State hospital Issue for payment on existing
city has not as yet acquired the necessary rights from the Long Island Ry.
construction contracts, in connection with the State's application to the
Co. The amount included in the city's interest estimate has been reduced
Public Works Administration for a loan of $600.000. plus a grant of 30%.
by $810,000."
to be used for unemployment relief. It is understood that this proposed
NEW YORK, N. Y.
-TEMPORARY DEBT MATURITY EXTENDED.
sale will be made in order to ...clear existing obligations, a specification
the
George MeAnenY. City Comptroller, announced that the holders ofhad
made by the PWA on loans.
158,500.000 53.1% corporate stock notes which matured on Dec. 11
MITCHELL, Davison County, S. Dak.-FEDERAL FUND ALLOTagreed to renew the maturity at a lower interest rate. This resulted in
IEIVT.-The Putsic Works Administration announced recently an allotthe exchange of new notes, bearing interest at 5% and due in nine months.
ment of $75,500 to this city for storm sewer construction. The cost of
The bulk of the obligations were held by the banks which are participating
labor and material is put at about *63,800, of which 30% is the customary
In the four-year credit agreement and the transaction was arranged without
PWA grant. The remainder is a loan secured by 4% general obligation
any delay or difficulty. Similar procedure will be followed in the case of
bonds.
the approximately $203,000,000 of outstanding revenue bills. However,
the plan provides that they be replaced by 4% revenue notes, due in three
MOORHEAD, Clay County, Minn.
-BONDS VOTED.
-It Is reyears. It is pointed out that corporate stock notes of the City represent
ported that at a recent election the voters apProved the issuance of $150.000
capital expenditures and are issued in anticipation of being retired from
inisewage disposal plant bonds.
the proceeds of a long-term bond sale. The City, however, because of
market conditions and credit difficulties, has been unable to negotiate any
p MOUND, Hennepin County, Minn.
-FEDERAL FUND ALLOTbond sales for that purpose during the past two years. The recent sale of
MENT.
-The Public Works Administration announced recently an allot370.000,000 4% bonds, for relief purposes, was arranged with the assistance
ment of $61.000 to this village for the construction of a water works system.
of local banks and insurance companies and constituted a private transThe approximate cost of labor and material is put at $47,000, of which
action.
-V. 137. p. 3871.
30% is the usual PWA grant. The remainder is a loan secured by 4%
-YEAR NOTES.
$203,321.000REVENUEBILLSEXCHANGED FOR 3
general obligation and special assessment bonds.
Comptroller McAneny announced on Dec. 14 that 3
-year 4% revenue
0
notes had been issued in exchange for virtually all of the $203,321,0 0
MOUNT MORRIS, Livingston County, N. Y.
-FEDERAL FUNDS
outstanding revenue bills which matured during this past week. Of the
ALLOTTED.
-The Public Works Administration has allotted $45,000 to
total revenue bills exchanged, $164.697,000 were held by members of the
the Village for the construction of a water filtration plant. This includes a
local banking group which are parties to the four-year credit plan, and
grant of 30% of the money to be spent in the payment of laaor and the
$14,700,000 by various city sinking funds. The notes are callable at
purchase of materials. It is estimated that such expenditures will amount
the option of the City and will be retired from delinquent tax collections.
to about $21,000. The balance of the advance represents a loan to the
Village, secured by 4% general obligation bonds.
NEW YORK (State of).
-It is expected
-PROPOSED FINANCING.
MOUNT MORRIS, Livingston County, N. Y.-tiECEIVES PWA
that State Comptroller Morris S. Trenudne will call for bids early in 1934
ALLOTMENT.
-A loan and grant totaling $15,000 has been made to the
for the purchase of part of the $60,000.000 poor relief bonds authorized by
Village by the Public Works Administration. The money will be used for
the voters at the general election on Nov. 7-V. 137, p. 3523. Temporary
sanitary sewer extension purposes. The PWA has agreed to furnish as a
financing may be resorted to during January, according to report. The
grant a sum equal to 30%of the approximately 3110)0 to be spent in the
most recent borrowing by the State comprised the award on Oct. 24 of
payment of labor and the purchase of materials. The balance consists of a
$29,500,000 permanent bonds, on a net interest cost basis of 13.437%, to
loan, secured by 4% general obligation bonds.
the City Company of New York and associates. An additional $20,000,000
was obtained in that month, on a short-term basis, through the sale of 1%
MOUNT RAINIER, Prince Georges County, Md.-FEDERAL FUND
notes, due June 8 1934, to the Bank of Manhattan Co. and Ladenburg,
ALLOTMENT RESCINDED.
-It is announced that the allotment of
Thalmann & Co.. both of New York, each having purchased a block of
333.000 to the Town by the Public Works Administration during October
for street paving purposes
$10,000.000-V. 137, P. 3528.
-has been rescinded because the
-V.137, p. 3178
municipality is unable to proceed with the work:owing to pending lawsuits
-It Is
NORFOLK Norfolk County Va.-PROPOSED BOND SALE.
and other technicalities.
reported that B. Gray Tunstall, City Treasurer, is offering for sale a
11,11111•1115
MUKWONAGO, Waukesha County, WI,.
total of $250,000 in 6% funding bonds.
-It is
-BONDS VOTED.
reported that the voters recently approved the issuance of $17.500 In
-BOND OFFERNORTHAMPTON COUNTY (P. 0. Easton), Pa.
improvement bonds by more than two to one.
ING.
-Elwood T. Bauman, County Treasurer, will receive sealed bids
until 10 a.m. on Dec. 18 for the purchase of $450,000 3%, 3x. 4, 4 or
NEWAR'-,Essex County, N. J.-$24.000,000 THREE-YEAR CREDIT
PLAN DELAYED.
4% coupon or registered bonds. Dated Dec. 15 1933. Denom• $1,000.
-Failure of the recent session of the State Legislature
to approve legislation permitting first-class cities to make credit contracts
Due Dec. 15 as follows: $10,000 in 1940; $15.000. 1941: 320,000 1942;
.
with banks, has temporarily delayed action on the plan announced recently
$25,000. 1943; 130,000. 1944; $35,000 in 1945 and 1946, and 340.000
(V. 137, p. 3871), whereunder local banks and insurance companies agreed
from 1947 to 1953 incl. Bidder to name a single interest rate for the
to establish a fund of $24,000,000 to provide for the City's temporary credit
entire issue Interest is payable in J. & D. Principal and interest will
needs during the next three years. This offer was made contingent upon
be payable without deduction for any tax or taxes except succession or
acceptance by the municipality of certain conditions, including a reduction
inheritance taxes, now or hereafter levied or assessed thereon, under any
of its budget and the stabilizing of the tax levy during the three-year period.
present or future law of the Commonwealth of Pennsylvania. all of which
taxes the County assumes and agrees to pay. A certified check for 2%
NEW JERSEY (State of).-COMM/SSION MAY REFINANCE
of the bonds bid for, payable to the order of the County Treasurer, must
DEBTS OF BRIGANTINE, FORT LEE AND
ANVILLE.-Walter
accompany each proposal.. Bonds are being issued subject to favorable
Darby, Chairman of the Municipal Finance Commission of the State,
opinion of Townsend, Elliott & Munson of Philadelphia, as to their legality.
which has assumed charge of the financial affairs of the City of Brigantine
and the Boroughs of Fort Lee and Manville, states that in anticipation of
NORTH BERGEN TOWNSHIP, N. J.
-SINKING FUND RETIRES
-The Sinking Fund Commission on Dec. 5 adopted
the preparation of a plan for the refinancing of the bond and note indebtedINDEBTEDNESS.
ness of the respective municipalities, public hearings will be held on the
resolutions providing for the retirement of $333,427.59 tax anticipation
subject in accordance with Chapter 340 of the Laws of 1931. The hearings
notes and $236.000 temporary improvement bonds held In its portfolio.
wil be held at the State Auditor's office at the State House, Trenton, N. J.
This procedure, characterized as nothing more than a bookkeeping transacon Dec. 11, in the case of Fort Lee and Manville, and on Dec. 18 with
tion, was taken with the approval of the State Finance Commission, it is
reference to the City of Brigantine. The State Commission assumed control
said. The action will serve to reduce the interest charges of the Township.
Volume 137
Financial Chronicle
4391
NORTH CAROLINA,State of(P.O. Raleigh).
-BONDS APPROVED.op tion of the holder, at any time, for a registered bond or bonds of the
-It is reported that the Local Government Commission has recently
sine maturity, and of the denom. of $100 or a multiple thereof, not exceedapproved the issuance of the following bonds: $200,000 water works bonds;
ing the aggregate principal amount of the coupon bond or bonds surrendered
$80,000 Davidson County school bonds; $40.000 Roxboro water bonds.
in exchange therefor. These bonds are part of the total of $5,000.000 authorized at an election held on April 26 1932-V. 134. p. 3321. Interest is
NORTHFIELD, Rice County, Minn.
-FEDERAL FUND ALLOTpayaole in J. & D. A certified check for 2% of the bonds bid for, payable
MENT.
-The Public Works Administration announced recently that it
to the order of the city, must accompany each proposal. Bidding forms
had allotted $107,000 of funds to this city for sewer construction purposes.
may be obtained upon application to the City Comptroller. The favorable
The cost of labor and material on this project is put at about $85,000, of
legal opinion of Reed, Smith, Shaw & McClay of Pittsburgh will be
'which 30% is the PWA grant. The remainder is a loan secured by 4%
furnished the successful bidder. The city reserves the right to issue temgeneral obligation bonds.
porary bonds pending the preparation of definitive certificates.
-BONDS VOTED.
-At the election
NOWATA, Nowata County, Okla.
ANALYSIS OF FUNDED AND FLOATING DEBT
held on Nov. 29-V. 137. P. 4041
-the voters approved the issuance of the
Nov. 30 1933.
$16.000 In water works impt. bonds by a count of 199 to 60. it is stated
The actual indebtedness of the City of Pittsburgh is as follows:
that these bonds are to be sold to the Federal Government or they will
Gross amount of indebtedness
$70,068,950.88
not be issued.
Bonded debt outstanding
$59,260,700.00
NUECES COUNTY NAVIGATION DISTRICT NO. 1 (P. 0. Corpus
Bonds authorized, not issued:
-The Public Works
-FEDERAL FUND ALLOTMENT.
Christi), Tex.
Subway bonds of 1919
$5,880,000.00
Administration announced recently an allotment of $200,000 to this district
Public Welfare Relief Bonds
for the construction of a ship canal. The total cost of labor and material
of 1932
1,700,000.00
is put at approximately $160.000, of which the PWA made a grant of 30%.
*Public Work Relief Bonds
The remainder is a loan secured by 4% revenue bonds.
-V.137, p. 4041.
of 1932
1,400.000.00
8,980,000.00
OCEAN SHORE IMPROVEMENT DISTRICT, Flagler and Volusia
Net floating debt
1,828.250.88
Counties, Fla.-REFUND/NU BONDS REPORTED APPitoVED BY
Beach dispatch
BONDBOLDERS.-The following is taken from a Daytona
$70.068,950.88
to the Jacksonville "Times
-Union" of Dec. 9. with regard to the nearly
Credit to be deducted from said gross indebtedness:
complete acceptance of a refunding plan on the bonds of the above District:
Bonds of said c ty included in said gross
"Holders of 90% of the bonds of the Ocean Shore improvement District
bonded debt which have been purchased
in Flagler and Volusia Counties have agreed to accept refunding bonds at
by the Sinking Fund Commission and are
lower rates of interest, in exchange for present securities, according to
held in the several Sinking Funds
$1,143,900.00
information received by the District trustees from Buil, Landis & WhiteCash held in said Sinking Funds for the rehair, attorneys for the board.
demption of the bonded debt of the city
"Validation of $1,712,000 of its bonds and certificates of indebtedness
last mentioned
892,197.98
has been decreed in Circuit Court but has been appealed to the Supreme
$2,036,097.98
Court. The refunding issue would substitute for b% bonds and 8% certificates of indebtedness, bonds bearing interest at 4% for five years, 5%
Net debt outstanding (which includes bonds authorized but
-year period and 6% thereafter, with first maturities in 1940."
for another 5
not issued)
$68,032,852.90
-OBTAINS P WA FUNDS.
OLDENBURG, Franklin County, Ind.
Bonds authorized but not issued:
-A loan and grant of $36,000 to the village for the com,iletion of a water
Question No.2, Subway Bonds (sanctioned
distrioution system has been made by the Public Worm Administration.
by electors July 8 1919)
$5.880,000.00
This include* a grant of 30% of the approximately $29.000 to be used in
Public Welfare Relief Bonds (sanctioned by
the payment of labor and the purchase of materials. The balance consists
1,700,000.00
electors April 28 1932)
of a loan to the village secured by 4% revenue bonds.
*Public Work Relief Bonds (sanctioned by
electors April 26 1932)
1,400,000.00
ORANGE SCHOOL DISTRICT (P. 0. Chagrin Falls), Cuyahoga
-BOND OFFERING.
-George Jones, Clerk of the Board
County, Ohio.
$8.980.000.00
of Education, will receive sealed bids until 12 m.(Eastern Standard Time)
Water Bonds outstanding (included in above bonds outst'g)-- $7.492,400.00
on Dec. 30 for the purchase of $7,000 6% funding bonds. Dated Dec. 1
Cash in Water Bond Sinking Fund
$173.156.09
1933. Due $500 on June and Dec. 1 from 1934 to 1940 incl. Principal
Bonds in Water Bond Sinking Fund
44.000.00
and interest (J. & D.) are payable at the office of the above-mentioned
217,156.09
(Included in above sinking funds.)
official. Bids for the bonds to bear interest at a rate other than 6%,
multiple of A of 1%, will also be considered. A certified
expressed in a
Net water debt
$7.275.243.91
check for 5% of the bonds bid for, payable to the order of Mr.Jones, must
Schools
accompany each proposal.
Gross bonded school debt. Nov.30 1933
$22,767,360.22
(The district failed to receive a bid at the offering on Septa. 30 of $6,000
Less Bond Retirement Fund
1.873.463.93
6% refunding bonds.
-V. 137, p. 2841.)
ORDWAY, Crowley County, Colo.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of 690,000 to this town for improvements to the water worss system.
This project calls for labor and material outlays of approximately $72.000.
of which 30% is the customary PWA grant. The remainder is a loan secured by 4% general obligation bonds.
OSAKIS, Douglas County Minn.
-BONDS VOTED.
-At the election
held on Dec.5-V.137. p.3871
-the voters are stated to have approved the
Issuance of the $12,000 water extension bonds by a large margin.
OTTUMWA, Wapello County, Iowa.
-BONDS OFFERED.-Blde
were received until 10 a. m.on Dec. 15, by Alvah C. Orvis, City Clerk, for
the purchase of a $25,000 issue of special levy sewer bonds, interest rate
not to exceed 5%, Payable J. & D. Due from June 15 1936 to 1938.
Printed bonds and the approving opinion of Harley H.Stipp,of Des Moines.
will befurnished.
OWOSSO, Shiaw
County, Mich.
-BONDS APPROVED.
-The
State Loan Board has approved the city's application forpermission to
issue $30,000 bonds in anticipation of the collection of delinquent taxes
for the fiscal year ending Jan. 30 1934.
PANAMA CITY, Bay County, Fla.
-LOAN APPLICATION APPROVED.
-The Public Works Administration is said to have given final
approval of a loan of $500.000 by this city to build extensions to municipal
piers in the harbor. Immediate construction on this project is said to be
expected.
It is reported that this city has also filed application for a PWA loan
of $94,000 on the construction of a municipal gas plant
PARIS, Bourbon County, Ky.-BONDS DEFEATED.
-At the general election on Nov. 7 it is reported that the voters rejected a proposal to
issue $75,000 in jail construction bonds.
PAWNEE,Pawnee County, Okla.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment to
this city for sewer construction purposes of $50,000. The total coat of
labor and material is put at approximately $37,400, of which 30% is the
usual PWA grant.
The remainder is a loan secured by 4%,..general
obligation bonds.
ADDITIONAL FUND ALLOTMENT.
-The Public Works Adminii
tion announced an allotment of $8,000 to this city for road improvement.
The approximate cost of labor and material is put at $6,500, of which 30%
is the usual grant. The remainder is a loan secured by 4% general obligation bonds.
PELHAM, Westchester County, N. Y.
-FEDERAL FUND ALLOT-The Public Works Administration has allotted $175.000 to the
MENT.
village to finance the construction of a water distribution system. This
of 30% of the approximately $118,000 to be spent for terror
Includes a grant
and materials. The balance consists of a loan secured by 4% general
obligation bonds.
PENNSYLVANIA (State of).
-FURTHER BOND FINANCING EX-The State, which awarded $25.000,000 351% bonds on Dec. 5
PECTED.
to Drexel & Co. of Philadelphia and associates, at 100.13 a basis of about
3 72%-v. 137, P. 4223
.
-is expected to indulge in additional long-term
financing during the early months of 1934. The amount of the loan is
estimated at about $40,000,000. The above issue of $25,000,000 represents
the initial amount sold oft he total of $85,000,000 bonds voted at the general
election on Nov.7.
PEORIA, Peoria County, 111.
-OBTAINS PUBLIC WORKS ALLOT-In allotting $920,000 to the city for the construction of sanitary
MENT.
and storm sewers in District No. 1, the Public Works Administration
included in the total a grant of 30% of the amount to be used for labor and
materials in connection with the work. Them expenditures, according to
estimates, will be approximately $730,000. The remainder of the money
represents a loan by the PWA,secured Dy 4% special assessment bonds.
-BONDS APPROVED.
PERSON COUNTY (P. 0. Roxboro), N. C.
-It was announced by the Local Government Commission on Nov. 29
that it had approved the issuance of 353,000 in refunding bonds.
-TAX RATE REDUCED.
PHILADELPHIA, Pa.
-Mayor Moore naa
signed the ordinance which was passed by the City Council on Dec. 11,
fixing the city tax rate for 1934 at $1.75 on each $100 of assessed valuation.
This, with the school tax of 92% cents, places the total tax rate for 1934
at$2.67 A Per $100, or a reduction of 10 centsfrom the 1933 levy of $2.77%.
The new rate for the city is the lowest since 1927, while the school tax is
the lowest since 1929,it is said.
-MATURITY.
-The
PIERCE COUNTY (P. 0. Tacoma), Wash.
$150,000 funding bonds that were purchased by the State of Washingtoh,
-are due in110 years. according to the Clerk
as 5s at par-V.137. p.4042
of the Board of County Commissioners.
PITTSBURGH, Allegheny County, Pa.
-BOND OFFERING.James P. Kerr, City Comptroller, will receive sealed bids until 11 a. m.
,
on Dec. 27, for the purchase of $1,400.000 435% scrim C. public work
relief bonds. Dated Dec. 1 1933. Due $70,000 annually on Dec. 1 from
1934 to 1953, Incl. Coupon bonds of $1,000 denoms., exchangeable at the
Net school debt
$20.893,896.29
Last assessed valuation of taxable property in the City of Pittsburgh
(about 85% of real valuation):
Valuation on land
$586,555,920.00
Valuation on buildings
625.383.280.00
$1.211,939,200.00
* Note.
-$1.400,000 of this issue offered at this sale.
Population, U. S. Census 1920. 594.277: U. S. Census 1930. 669.817.
TAX COLLECTION DATA.
Assessed
-TazRate per $1,000Budgets.
Valuations.
Land. Buildings.
$27,675.564.00
$1.164,663.760.00
1930
$26.00
$13.00
28.747,626.00
1,208,171,080.00
1931
12.75
25.50
25,057.088.00
1,208,266,120.00
1932
11.50
23.00
21,140.355.00
1.211,939,200.00
1933
20,60
10.30
School tax (Per $1.000). 1930 to 1933, incl., $11.75.11,Tax rate on land
and buildings reduced 20.77% since 1930.
Fiscal
Uncollected at End of
Uncollected Nov.301933.
Year.
Total Levy.
Year of Levy.
1.567%
$330,583.12
7.776%
1928-521.096,811.10 $1.640,370.37
430,974.28 2.01%
1929-- 21,431,431.58
1,825,801.77 8.52%
791.710.00 3.5%
1930-- 22,648,581.94
2,082.720.59 9.196
7.67
1,766,591.98
1931-- 22,954.595.65 3,093,010.32 13.474
4,193,885.98 20.307% 3.395,274.75 16.44
1932-- 20,651,587.09
5.097,075.36 27.52%
1933*- 18,519,649.47
* 1933 tax levy. $18.519,649.47; collected to Nov. 30 1933. $13.251.728.25 (71.55%). 1932 tax levy, $20,642.073.04; collected to Nov. 30
1932, $15.837,051.61 (76.72%)'
-FEDERALFUND ALLOTMENT.
PITTSBIJR_ ,G Camp County,Tex.
-The Public Works Administration announced recently an allotment of
$108,000 to this city for the replacement of certain existing water mains
and distribution services. The usual PWA grant of 30% of the cost of
labor and material, which was put at about $82,000, was made. The
remainder is a loan_secured by 4% revenue bonds with mortgage provisions.
-FEDERAL FUND ALLOTMENT.
PLAINVIEW, Hale County, Tex.
-The Public Works Administration announced recently an allotment of
$9.000 to this city for sewage system additions. The total cost of labor
and material on the project is put at approximately $7,000, of which 30%
is the customary..? WA grant. The remainder is a loan secured by 4%
revenue bonds.
-Mayor
-NOTE SALE.
POMPTON LAKES, Passaic County, N. J.
Stephen H. B. Jacobs on Dec. 7 arranged to borrow $54,075.59 on threeof Paterson. The proceeds will
year notes from the First National Bank
be used in the payment of $38,502.14 State and county taxes for 1932 and
$16.665 bond principal and interest charges on school obligations held by
the State Teachers' Pension Fund. Taxes due the boroughifor the years
1931, 1932 and 1933 total more than $100,000. it is said
-BOND ELECTION.
' PORT ALLEN,West Baton Rouge Parish,La.
It is stated that an election will be held on Dec. 28 in order to vote on the
proposed issuance of $30,000 in swimming pool bonds.
-The issue
-BOND SALE.
POTSDAM, St. Lawrence County, N. Y.
of $29,000 coupon bonds offered on Dec.7-V. 137. p. 4224
-was awarded
as 4s at a price of par to Bertrand H. Snell of Potsdam, the only bidder.
Dated Jan. 1 1934 and due Jan. 1 as follows: $2,000 from 1938 to 1944
incl., and $3,000 from 1945 to 1949 incl.
RAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Rake) Winnebago County, Minn.
-BOND ELECTION. It is reported that
an election will be held on Dec. 28 in order to vote on the proposed issuance
of $21,000 in school construction bonds. (This proposal was defeated at
an election on Nov. 1-V. 137, p. 3528.) The bonds will be issued only
in case the PWA free grant of 30% can be secured on this project.
d.ATHDRUM, Kootenai County, Ida.
-BOND ELECTION.
-An
election was held on Dec. 12, according to report, to pass on the proposed
issuance of $300.000 in electric plant bonds.
READING SCHOOL DISTRICT,Berks County,Pa.
-BOND arreERTAW.-Oscar Heim, Secretary of the board of directors, will receive sealed
bids until Jan. 4 for the purchase of $400,000 school bonds. Bidder to
name the rate of interest.
RECONSTRUCTION FINANCE CORPORATION.
-REPORT ON
LOANS TO DRAINAGE DISTRICTS AND IRRIGATION DISTRICT.
The following statement was made public by the Corporation on Dec. 12:
"Loans for refinancing seven drainage districts in Missouri. one in
Mississippi, and an irrigation district in Texas totaling $1,074.961.20.
have been authorized by the RFC, making a total of $14,499,628.14
authorized to date by the Corporation under the provisions of Section 36
of the Emergency Farm Mortgage Act for the refinancing of such districts.
4392
Financial Chronicle
"The nine districts are:
Wichita County Water Improvement District No. 2, Wichita
Falls. Tex
$580,000.00
Gentry County Drainage District. Stanberry, Mo
79,570.00
Grand River Drainage District, Stanberry, Mo
142,168.24
Stanberry Drainage District, Stanberry, Mo
23,917.21
Albany Drainage District, Albany. Mo
112,305.75
Worth County Drainage District, Albany, Mo
35,000.00
Middlefork Drainage District Albany Mo
12 000 00
Platte Valley Drainage District, Worth and Nodaway Counties.
Mo
40,000.00
Sledge Bayou Drainage District, Marks, Miss
50.000.00
(A previous report on loans of this character appeared in V. 137, P.4042.)
REHOBOTH BEACH, Sussex County, Del.
-PROPOSED BORROWING.
-A measure which would permit the City to hold an election at any
time on the question of borrowing $165,000 to finance the construction of a
sewer system and sewage treatment plant, was passed by the State Senate
on Dec. 4.
RED BANK,Monmouth County, N. J.
-PROPOSED BOND ISSUE.At an election to be held soon the voters will be asked to approve of the
issuance of $215,000 high school bldg. addition construction bonds. The
issue is intended for sale to the Public Works Administration, which will be
asked to finance the project on the basis of a loan and grant.
RICHLAND COUNTY (P. 0. Richland Center), Wis.-BONDS
AUTHORIZED.
-The County Board is stated to have approved the
issuance of $220,000 in highway surfacing bonds at a meeting on Dec. 5.
RICHLAND COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Sidney)
Mont.
-It is stated by
-OFFERING NOT CONTEMPLATED.
-BOND RE
the District Clerk that the $3.731.47 issue of funding bonds offered for sale
-will not be offered for sale
without success on Aug. 16-V. 137, p. 2309
again.
RICHMOND COUNTY (P. 0. Augusta), Ga.-FEDERAL FUND
. ALLOTMENT.
-The following report on a Federal fund allotment to this
county is taken from an Augusta dispatch to the Atlanta "Constitution" of
Dec. 11:
"Completion of an agreement between the Richmond County Board of
Education and the Federal Public Works Administration, under which
schools of this county will be granted a loan of $710,000 for new buildings,
was announced last night by Ben E. Pierce, attorney for the Board, in a
telegram from Washington.
"Pierce's telegram, addressed to his brother and associate, Wallace B.
Pierce, advised that the contract had been approved and signed by administration officials, and that he expected to leave Washington for Augusta
to-night with the first advance by the Government on the loan."
RIPLEY, .kakcson County, W. Va.-FEDERAL FUND ALLOTMENT.
-A loan and grant of $37,000 for the construction of a filtration
plant has been announced recently by the Public Works Administration.
Of the total cost of labor and material, set at approximately $29,000, the
PWA made its usual 30% grant. The remainder is a loan secured by 4%
revenue bonds. A condition of the allotment is prosecution to the Supreme
Court of West Virginia of a test case resulting favorably, a decision that
will be satisfactory to counsel for the Government and the municipal
bond counsel who will approve the legality of the bonds, upon all constitutional and legal questions affecting the validity of Chapter 26, Laws
of West Virginia, Extraordinary Session 1933, and interpretation of the
meaning of certain provisions in said chapter.
-BOND SALE NOT CONSUMRITTMAN, Wayne County, Ohio.
-The award on Sept. 9 of $16,704.70
MATED
-NEW BIDS SOLICITED.
6% coupon street impt. bonds to Ryan, Sutherland & Co. of Toledo at a
price of 100.12-V. 137, p. 2141-was not consummated. New bids for
the bonds are being solicited. They will be received until 12 m.on Dec. 30
and should be addressed to G. A. Ziegler, Village Clerk. The offering
Includes:
$11,543.66 property owners' portion bonds. One bond for $543.66:
others for $1,000. Due Oct. 1 as follows: $543.66 in 1935;
$1,000 in 1936 and 1937: $2,000, 1938; $1,000 from 1939 to
1943 inclusive, and $2,000 in 1944.
5,161.05.village's portion bonds. One bond for $161.05: others for
$500. Due Oct. 1 as follows: $161.05 in 1935: *500 from 1936
to 1938 incl.; $1,000 in 1939 and $500 from 1940 to 1944 incl.
The bonds are dated Oct. 1 1933. Interest payable in A. & 0. Bids
for the issues to bear interest at a rate other than 6%,expressed in a multiple of X of 19', will also be considered. Certified checks in amounts
of $200 and $100, payable to the order of the village, must accompany
each proposal.
-BONDS DEFEATED.
ROBBINSDALE, Hennepin County, Minn.
-the voters are stated
-At the election held on Dec. 5-V. 137, p. 3706
to have rejected the proposal to issue $210,000 in permanent impt. bond
by failing to give them the required majority.
ROCK COUNTY (P. 0. Janesville), Wis.-BONDS OFFERED.It is stated by Sylvia Fero, County Clerk, that the Chairman of the County
Board and the Finance Committee will receive sealed bids until noon on
Dec. 20 for the purchase of a $200,000 issue of county bonds.
ROME, Floyd County, Ga.-DETAILS ON FEDERAL FUND AL-In connection with the allotments by the Public Works
LOTMENTS.
Administration of $130,000 and $230,000 to this city for water works and
-V. 137, p. 4225
-it is stated by the City Secretary that
sanitary sewers
the application accepted is for a loan of $360,000, of which 30% is the
usual grant. He goes on to say that the issuance of bonds to secure this
loan is dependent upon a vote of the public. He also reports that public
sentiment in his city is not very much in favor of these bonds and there
is some doubt as to the outcome.
-BOND OFFERING.
-Lynn C. Butts,
ROME, Oneida County, N. Y.
City Treasurer, will receive sealed bids until 11 a.m. on Dec. 22 for the
purchase of $164.833.33 not to exceed 6% interest coupon or registered
bonds, divided as follows:
$72.833.33 refunding bonds. Dated Jan. 1 1934. One bond for $1,033.33,
others for 41,000 and $200. Due Jan. 1 as follows: $7,200
from 1935 to 1943, incl., and $8,033.33 in 1994. Interest
payable annually on Jan. 1.
57,000.00 public welfare bonds. Dated Dec. 1 1933. Denom. 41,000.
Due Dec. 1 as follows: $5,000 from 1f34 Is 1936. incl., and
$6.000 from 1937 to 1943, incl. Interest is payable semiannually in J. & D.
35,000.00 street impt. bonds. Dated Dec. 1 1933. Denom. $1,000.
Due $5,000 on Dec. 1 from 1934 to 1940, incl. Interest is
payable semi-annually in J. & D.
All of the bonds will be payable as to both principal and interest at the
Chase National Bank, New York. Bidder to name a single interest rate
for the entire offering, expressed in a multiple of y, or 1-10th of 1%. A
certified check for $3.000, payable tc the order of the city, must accompany
each proposal. The approving opinion of Clay. Dillon & Vandewater of
New York will ne furnished the successful bidder.
ROOSEVELT SCHOOL DISTRICT NO. 51 P. 0. Washburn)
-It is said that
McLean County, N. Dak.-CERTIFICATES OFFERED.
sealed bids were received until 2 p. m. on Dec. 15, by Martha Nelson,
District Clerk, for the purchase of a $10,000 issue of certificates of indebtedness. Due on June 2 1936.
-FEDERAL FUND ALLOTROSENBERG, Fort Bend County, Tex.
-The Public Works Administration announced recently an allotMENT.
ment of $35,000 to this city for water system extensions. The PWA made
its customary grant of 30% of the cost of labor and material on this project,
set at about $27,500. The remainder is a loan secured by 4% revenue bonds.
-DEPOSIT AGREEMENT
ROYAL OAK, Oakland County, Mich.
AMENDED-Holders of bonds and certificates of deposit of the city and
its school district are being advised by the Bondholders' Protective Committee of an amendment to the Deposit Agreement, dated Feb. 25 1932.
Copies of the amendment, which pertains to discretionary powers of the
committee in disposing of past due coupons, may be obtained from Richard
T. Purdy, Secretary. 1500 Buhl Bldg., Detroit. Other members of the
committee are Hugh J. Ferry, Henry Hart, Chairman. Norman H. F.
McLeod and Lawrence J. Toomey. The notice to creditors furtner states
as follows: "Money is now available to be pro-rated to the payment of past
due coupons from Royal Oak School District bonds, subject to the acceptance of this amendment by the depositors. Non-depositing bondholders
may participate in this distribution by depositing their bonds with the committee on or prior to Jan. 111934."
Dec. 16 1933
RUSSELLVILLE, Franklin County, Ala.
-MUNICIPAL OPERATION AUTHORIZED.
-By a count of 41)5 to 103, the voters of this city
endorsed municipal operation of a local power plant, and authorized an
application to the Public Works Administration for a loan of $65,000 to
erect such a plant to utilize electricity from Muscle Shoals, according to a
news dispatch from Russellville on Dec. 13.
-BOND
RUTHERFORD COUNTY (P. 0. Rutherfordton), N. C.
SALE DETAILS.
-In connection with the report given in V. 137, D. 4225,
that $180,000 school bonds were purchased by the Cliffside Mills. Inc., as
5s at par, we are informed ny the County Auditor that as of Oct. 1 1933
the county purchased a building from the said concern to be used as a school.
and in payment of the debt turned over the above bonds. They are dated
Oct. 1 1933 and mature in annual series over a 30-year period. Prin. and
int.(A. & 0.) payable at the Chase National Bank in New York City.
ST. LOUIS, Mo.-PROPOSED FEDERAL LOAN APPLICATION.
Mayor Dickman is said to have stated on Dec. 9 that application will
be made by the city for an allotment of approximately $2,000,000 from
the Public Works Administration to construct all the necessary approaches
to the municipal bridge, so that it may be fully accessible to the Terminal
Railroad Association,
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-FEDERAL FUND
ALLOT ENT CONTEMPLATED.
-On Dec. 7 the County Court is said
to have flied with the Public Works Administration a conditional application for a Federal grant of $3,923,891 to be used in connection with a
prospective $16,901,587 county-wide sewer system.
-BONDS DESAINT LOUIS PARK, Hennepin County, Minn.
-At an election held on Dec. 5 the voters defeated the proposed
FEATED.
issuance of bonds aggregating $60,000 by a count of 321 "for," to 853
"against." The issues are divided as follows: $20,000 road impt.; $20,000
municipal building, and $20,00 water supply bonds.
ST. LOUIS SCHOOL DISTRICT, Mo.-BOND ISSUANCE AU-At a meeting on Dec. 13 the Board of Education is stated
THORIZED.
to have authorized a program of $3,264,000, which will be financed up to
$2.000,000 by the sale of bonds. It is expected that the remainder will be
obtained from the Federal Government,
-BONDS DECLARED VALID BY
SALEM, Marion County, Ore.
-A recent decision of the Circuit Court is said to have
CIRCUIT COURT.
held valid the $2,500,000 issue of bonds voted by the city on Dec. 15 1931,
for the acquisition of the local water plant or the construction of a new
-V. 137, p. 180. In its decree it was declared by the court that the
plant
amendment to the charter is in all respects legal and binding, and it announced that the above election was legal in all respects.
SALEM, Harrison County W. Va.-FEDERAL FUND ALLOT-The Public Works Administration recently announced an allotMENT.
ment of $75,000 to this city for the construction of a sewage treatment
The approximate cost of labor and material on this project is put at
plant.
$57.000, of which 30% is the PWA grant. The remainder is a loan secured
by 4% revenue bonds.
SALEM CITY SCHOOL DISTRICT, Columbiana County, Ohio.
-BONDS NOT SOLD-The issue of $6,000 5% refunding bonds offered
-failed to attract a single bid. Dated Oct. 1
on Dec. 14-V. 137, p. 4042
1933 and due $1,000 on Oct. 1 from 1935 to 1940 incl.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-BOND SALE PLANS INDEFINITE.
Antonio), Boxer County, Tex.
It is stated by Paul H. Scholz, Secretary of the Board of Education, that no
official decision has as yet been reached regarding the sale of all or part of
-V. 137. p. 4043. It is
the $950,000 remaining unsold school bonds
planned to sell these bonds at par to the Federal Government if they are
issued.
-C. F.
-BONDS NOT SOLD.
SANDUSVY, Erie County, Ohio.
Breining, City Treasurer, reports that no bids were obtained at the offering
on Dec. 11 of $24,190 5% special assessment street improvement bonds,
including issues of $16,640 and $7,550-V. 137. p. 4225.
-BOND OFFERING.
SAN FRANCISCO (City and County) Calif.
It is reported that sealed bids will be received until Dec. 26, by J. S. Dunfor the purchase of a $600,000
nigan, Clerk of the Board of Supervisors,
semiissue of relief bonds. Interest rate is not to exceed 6%, payable
annually. Due $50.000 from 1936 to 1947 incl.
-OBTAINS PWA
SAULT STE MARIE, Chippewa County, Mich.
-In allotting $104,515 to the city on the usual loan and grant
FUNDS.
Public Works Administration stated that the funds would be
basis, the
expended as follows:
material.
$12,677 for street improvement, 30% of the cost of labor and
which totals approximately $10,000. is a grant. The balance is a
secured by 4% general obligation bonds.
loan
and material,
63,838 for street improvement, 309' of the cost of labor The balance is
which totals approximately245,300, is a grant.
by 4% general obligation bonds.
a loan secured
material,
28,000 for storm sewer construction, 30% of the cost oflabor and
which totals approximately $20,000, is a grant. The balance is a
obligation bonds.
loan secured by 4% general
-OBTAINS PWA ALLOTMENT.
SAVANNA, Carroll County, 111.
City for
Public Works Administration has allotted $72,000 to the approxi-The
reservoir improvements. This includes a grant of 30% of the a loan,
mately $55,000 to be spent for labor and materials. The balance is
secured by 4% revenue bonds.
-FEDERAL FUND ALLOTSHEFFIELD, Colbert County, Ala.
-It is stated by the City Clerk that the city is flow
MENT PENDING.
signature of the Governor on the authorization of the loan
awaiting the
an electricfrom the Public Works Administration for the installation of p.4043.
transmission line from Muscle Shoals, reported in full in V. 137.
-FEDERAL FUND
SHELBY COUNTY (P. 0. Memphis) Tenn.
-The Public Works Administration announced recently
ALLOTMENT.
adminisan allotment of $522,000 to this county for the construction of an
and
trative building. The customary grant of 30% of the cost of labor The
materials, set at $417,800 on this project, was made by the PWA.
remainder is a loan secured by 4% general obligation bonds.
SHERIDAN COUNTY (P. 0. McClusky) N. Dak.-CERTIFICATES
-We are informed by the County Auditor that the $38,000
NOT SOLD.
certificates of indebtedness offered on Dec. 5-V. 137, p 4225- were not
sold as no bids were received. The certificates are divided as follows:
$20,000 general fund; $10.000 road fund; $5,000 poor fund, and $3,000
insane fund certificates.
SILVER BOW COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Butte)
-In connection with the
-BOND ELECTION CONTEMPLATED.
Mont.
allotment of $800,000 to this district for school building construction,
-it is stated by the District
already announced by the PWA-V.137, p.4043
Clerk that the Board of Trustees expects to call a special election in the near
future to vote an issue of bonds for the project.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
-PROPOSED FEDERAL FUND ALLOTMENT. It is
City), Iowa.
stated by H. C. Roberts, Secretary and Business Agent, that the application
has been filed with the Public Works Administration for a loan to cover
the $385,000 school bonds approved by the voters on Nov. 13-V. 137.
p. 3873. He states that the application has not as yet been approved, but
it is hoped that it will be very soon.
SOMERSET, Somerset County, Pa.
-PROPOSED BOND ISSUE.
The Borough Clerk has been authorized to advertise for sale an issue of
$16,000 sewage disposal plant bonds.
-BONDS SOLD LOSOMERSET COUNTY (P. 0. Somerset), Pa.
-Writing in connection with the issue of $110,000 coupon or
CALLY.
registered bonds for which no bids were obtained on Dec. 4-V. 137. p.
4225. W. H. Kramer. Clerk of the Board of Commissioners, states that a
considerable portion of the loan, bearing 5% interest, has been sold overthe-counter at par, and anticipates that the entire issue will be sold in that
fashion, with little possibility of re-offering being made. In soliciting
competitive bids for the issue, the County requested that the interest rate
be named in the proposal. The $110,000 bonds mature serially on April 1
as follows: $20.000 from 1935 to 1939 incl. and $10,000 in 1940.
-OBTAINS PWA
SOMERSWORTH, Strafford County, N. H.
-In allotting 860.000 to the city for the construction of a
ALLOTMENT.
pump house, the Public Works Administration agreed to furnish as a grant
a sum equal to 30% of the approximately $45,000 to be spent in the payment
Volume 137
Financial Chronicle
of labor and the purchase of materials. The balance of the advance consists
of a loan, secured by 4% general obligation bonds.
SOUTH GREENSBURG SCHOOL DISTRICT (P. 0. Greensburg)
Westmoreland County, Pa.
-BOND OFFERINO.-Thomas Barnes,
District Secretary, will receive sealed bids until 7:30 p.m. on Jan. 2 for
the purchase of $8,000 5% school bonds. Dated Nov. 1 1933. Denom.
$500. Due May 1 1943: optional Nov. 1 1935. Principal and interest
(M. & N.) are payable at the Barclay-Westmoreland Trust Co.. Greensburg. A certified check for $800, payable to the order of John Black,
District Treasurer, must accompany each proposal. Bonds will be sold
subject to approval of issue by the Pennsylvania Department of Internal
Affairs,
SOUTH ORANGE, N. J.
-BOND ISSUE APPROVED.
-The Board of
Trustees on Dec. 4 adopted a resolution calling for the issuance of $250,000
tax revenue bonds.
SPOKANE COUNTY SCHOOL DISTRICT NO.202 (P. 0. Spokane)
Wash.
-MATURITY.
--The $16,000 school bonds that were purchased
by the State of Washington, as 5s at par-V.137, p. 3361-is due as follows:
$2,300 in 1935; $2,500. 1936; $2,600, 1937; $2,700. 1938; $2,900, 1939 and
$3,000 in 1940.
SPRINGFIELD, Greene County, Mo.--BONDS VOTED.
-At an
election held on Dec. 7 the voters are stated to have approved the issuance
of $1,000,000 in bonds for sanitary sewer, storm sewer and sewage disposal
plant construction purposes. An allotment for this amount has already been
announced by the Public Works Administration
-V. 137, p.3011.
STAFFORD, Tolland County, Conn.
-BOND SALE.
-Harold L.
Andrews, Town Treasurer, reports that the $50.000 4 Si% coupon funding
bonds offered on Dec. 14 were awarded to Putnam & Co. of Hartford at a
price of 102.259, a basis of about 4.125%. Dated Jan. 1 1934. Denom.
$1,000. Due $5.000 on Jan. 1 from 1936 to 1945 incl. The bonds will be
certified by the Hartford-Connecticut Trust Co., Hartford, and will be
approved as to legality by Day, Berry & Howard of Hartford. Bids for
the issue were as follows:
BidderRate Bid.
Putnam & Co. (purchaser)
102.259
Whaples, Viering & Co
101.71
Paine, Webber & Co
101.427
Day, Stoddard & Williams
101.124
Shaw, Aldrich & Co
101.021
Bancamerica-Blair Corp
100.874
R. L. Day & Co
100.79
Lincoln It. Young & Co
100.59
Stevenson, Gregory & Co
100.58
Conning & Co
100.13
Financial Statement (Dec. 11933).
Funded debt
$137,000.00
Demand loans
70,000.00
Demand note deposit fund
4,844.52
Demand note Standish fund
638.64
Grand List 1932.
Taxable
$6,532.154.00
Tax exempt real estate 1932 tax rate _
21 mills
STANISLAUS COUNTY (P. 0. Modesto) Calif.
-BOND ELECTION.
-It is stated that an election will be held on Dec. 19 in order to have the
voters pass on the proposed issuance of $497,000 in bonds, divided as
follows: $250,000 court house, and $247,000 county hospital bonds. An
application to the Public Works Administration has already been filed on
this project, according to report.
STEVENS COUNTY (P.O. Colville), Wash.
-WARRANTS CALLED.
-The County Treasurer is reported to have called for payment at his office
on Dec. 2 all current expense warrants up to and including warrant No.
28.496.
STILLWATER (P. 0. Stillwater), Saratoga County, N. Y.
-BOND
SALE.
-Lyman W. Smith, Town Clerk, reports that the issue of $11,000
5% bonds offered on Dec. 1 was awarded at a price of par to the Saratoga
National Bank of Saratoga, the only bidder. Dated Feb. 11934. Denom.
$1,000. Due Feb. 1 as follows: $2,000 from 1935 to 1939 incl. and $1,000
In 1940. Principal and interest (F. & A.) are payable at the Adirondack
Trust Co., Saratoga Springs.
STORY COUNTY (P. 0. Nevada), Iowa.
-It is
-BOND ,SALE.
reported by the County Auditor that the $10,000 refunding bonds authorized in August
-V. 137, p. 1450
-has been purchased by the State Bank
of Story City as 4Sig.
STREETER SCHOOL DISTRICT (P. 0. Streeter) Stutsman
County, N. Dak.-BONDS VOTED.
-The voters are reported to have
approved recently the issuance of $45,000 in school building bonds. It is
expected that the Public Works Administration will make a loan and grant
on this project.
STRENGTHFORD CONSOLIDATED SCHOOL DISTRICT (P. 0.
Waynesboro) Wayne County, Miss.
.
-BOND ELECTION.
-It is
reported that an election will be held on Dec. 28 in order to vote on the
Issuance of $8,000 in school bonds.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-NOTES AUTHORIZED.
The county has been authorized by the State to use $120,000 notes instead
of cash in meeting payrolls and other operating expenses. This increases
the total authorized to $240,000, which is the maximum allowed, being
90% of delinquent taxes, it is said.
SWAMPSCOTT, Essex County, Mass.
-TEMPORARY LOAN.
The Security Trust Co. of Lynn recently was awarded a $150,000 revenue
anticipation loan at 2.625% discount basis.. Due Nov. 10 1934. Bids
received by the Town were as follows:
Bidder
Discount Basis.
Security Trust Co.(purchaser)
2
.625%
Second National Bank of Boston
3%
Faxon, Gade & Co
3.23%
National Shawmut Bank
3.27%
Manufacturers' National Bank of Lynn
3.53
Central National Bank of Lynn
3.59
SWANTON, Saline County, Neb.-BONDS DEFEATED.
-At the
-the voters failed to give the
election held on Dec. 8-V. 137, P. 4225
required majority to the proposal to issue $11,300 in water works system
bonds.
SWANTON, Franklin County, Vt.-BOND SALE.
-The $45,000 5%
coupon refunding bonds offered on Dec. 13-V. 137, p. 4225
-were awarded
at par and accrued interest to the Lamoille County Savings Bank & Trust
Co.of Hyde Park. Dated Nov. 1 1933 and due $3,000 on Nov. 1 from 1934
to 1948, inclusive.
SYRACUSE, Onondaga County, N. Y.
-CERTIFICATE ISSUE
AWARDED. The Lincoln National Bank & Trust Co. of Syracuse purchased on Dec. 12 an issue of $700,000 4 Si% certificates of indebtedness
at a price of par. Dated Dec. 14 1933 and due on June 13 1934. Only
one bid was submitted for the issue. Proceeds of the sale will be used
for poor relief.
-BONDS AUTHORIZED.
TACOMA, Pierce County, Wash.
-At a
meeting held on Nov. 29, the City Council is reported to have passed an
ordinance providing for the issuance of $1,000,000 in water supply bonds.
(An allotment for this amount has been announced already by the PWA.V. 137. p. 4043.)
TEHACHAPI UNION HIGH SCHOOL DISTRICT (P. 0. Bakers-FEDERAL FUND ALLOTMENT.
field), Kern County, Calif.
The Public Works Administration announced recently an allotment of
$40,000 to this district for school construction purposes. The total cost
of labor and material is put at approximately $35,300, of which 30%
is the PWA grant. The balance is a loan secured at 4% by deed to property
with improvements thereon, with the privilege of purchase by applicant
through instalments within 20 years, or secured by general obligation
bonds authorized by voters.
-TEMPORARY LOAN.
TEMPLETON, Worcester County, Mass.
Jackson & Curtis of Boston recently purchased an issue of $25,000 revenue
anticipation notes at 4.75% discount basis. Due on Nov. 15 1934.
TEXAS, State of (P. 0. AUstin).-SINKING FUND COMMISSION
-The creation of a State
PROPOSED TO PASS ON NEW BOND ISSUES.
agency to be known as the Texas Sinking Fund Commission with power to
approve or disapprove the issuance of new obligations by all political subdivisions of the State is proposed by James C. Tucker .chief accountant
4393
of the State Board of County and District Road Indebtedness, according
to Austin advices. Mr. Tucker is reported to have charged that in many
instances laws have been violated in issuing municipal bonds in Texas.
He criticized the failure of some municipalities to fix a safe limitation on the
amount of indebtedness that they may incurr.
TEXAS, State of (P. 0. Austin).
-BOND OFFERING.
-It is stated
by Geo. H. Sheppard, Secretary of the Bond Commission, that the said
Commission will receive sealed bids at the office of the Comptroller of
Public Accounts, until 1:30 p. m. on Dec. 21 for the purchase of the $2.750,000 4% relief, first series bonds, unsuccessfully offered on Dec. 1V. 137, p. 4226. Denom. $1,000. Dated Oct. 15 1933. Due on Oct. 15
as follows: $250,000 in 1935; $262,000, 1936; $275,000. 1937; $288.000.
1938; $300,000, 1939; $312,000, 1940; $325,000. 1941; $350.000. 1942, and
$388.000 in 1943. Bonds maturing on and after Oct. 15 1939, may be
deemed on any interest-paying date on or after Oct. 15 1938 at par and
accrued interest, after 30 days' notice shall have been given as required
in the proceedings authorizing the bonds. The bonds are issued under
and in strict conformity with Article 3, Section 51-A of the Constitution
of Texas and the Enabling Act, designated Senate Bill No. 46, passed by
the 43d Legislature at its First Called Session.
Bids will be considered for all or any portion of the bonds, provided no
bids shall be considered for less than $1,000 par value of the bonds. The
law provides that the bonds sold shall mature over a period of nine years.
beginning with Oct. 15 1935. and shall mature in the same proportion as
set out in the maturity of the entire $2,750,000 worth of bonds hereby
advertised for sale. Under the Constitution and the law the bonds cannot
be sold for less than par and accrued interest and no form of commission
shall be allowed or paid in any transaction involving their sale. The
bonds are offered subject to the final approving opinions of John D. McCall,
Attorney-General, and Clay, Dillon & Vandewater of New York. The
approving opinions are to be furnished at tne expense of tne State. A
certified check for 1% of the par value of the bonds for which any bid
may be submitted, payable to the State Treasurer, is required. In connection with this offering we quote in part as follows from the Houston
"Post" of Dec. 3:
"Attorney-General James V. Allred. Chairman of the Texas Bond
Commission. said Saturday nignt the $20,000,000 in relief bonds authorized
at a special election last August, were 'perfectly legal' and that 'no special
session of the Legislature was necessary or desirable for alteration of the
law governing sale of the bonds.'
"He said that although the Legislature did not levy an ad valorem
tax to provide for interest and sinking fund on the bonds, the bonds were
made a lien against tne State and that provision for retirement of the bonds
could be made from the State's general fund.
"Allred said the State would proceed with plans to sell a $2,750,000 block
of the bonds to the Reconstruction Finance Corporation and attributed
the State's failure to obtain bids on that amount Friday to the general
unsettled condition of the bond market, not to any fault of the law providing for issuance or retirement of tne bonds."
-At the
-BONDS VOTED.
THIBODAUX, La Fourche Parish, La.
-the voters are stated to have
election held on Dec. 5-V. 137. p. 3530
approved the issuance of the $170,000 in water works impt. and sewerage
bonds.
-FEDERAL FUND ALLOTTHREE RIVERS,Live Oak County,Tex.
MENT.
-The Public Works Administration announced recently an allotment of $26,000 to this city for water works system improvements. The
cost of labor and material is put at approximately $21,000, of which 30%
is a grant. The remainder is a loan secured by 4% revenue bonds.
TIFTON SCHOOL DISTRICT (P. 0. Tifton), Tift County, Ga.-On Dec. 6 the voters are said
RFC LOAN APPLICATION APPROVED.
to have approved a proposition to borrow $10,000 from the Reconstruction
Finance Corporation for the purpose of building a school gymnasium. It
is expected that the project will be self-liquidating and will bring no additional tax on the taxpayers.
TIPTON, Moniteau County, Mo.-FEDERAL FUND ALLOTMENTS
-The Public Works Admin,
strat'on recently announced allotments totaling
$91,000 to this city, divided as follows:
$43,000 for the construction of a sanitary sewer system. The approximate
cost of labor and material is put at $34,000. of which 30% is the
PWA grant. The remainder is a loan secured by 4% general
obligation bonds.
48,000 for the construction of a water system. The cost of labor and
material on this project is set at about $39,000, the usual grant
being made. The remainder is a loan secured as above.
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio.
BOND EXCHANGE.
-May P. Foster, Clerk-Treasurer of the Board of
Education, writing recently in connection with the $352,000 refunding
bonds for which no bids were obtained on Sept. 5-V. 137. p. 1972-states
that exchange of the issue for maturing obligations has been proceeding
very satisfactorily, with only $83,000 still to be accepted by holders of the
original bonds. The offering included $327,000 bearing interest at 5%
and $25,000 at 6%. Due serially on Nov. 1 from 1935 to 1948 incl. Dated
Sept. 1 1933. Subject to call on Nov. 1 1938 or on any interest payment
date thereafter.
-ADDITREMONT SCHOOL DISTRICT, Tazewell County, III.
TIONAL INFORMATION -The issue of $3.000 5% high school building
bonds reported sold at par in V. 137. p. 3180, was purchased by the First
National Bank of Tremont. Due $1,000 on Nov. 1 from 1935 to 1937 incl.
TRIPOLI SCHOOL DISTRICT (P. 0. Tripoli) Bremer County,
-It is stated that bids were received until
lowa.-BONDS OFFERED.
2 p. m. on Dec. 12 by M. W. Bennett, Secretary of the Board of Education.
for the purchase of a $40,000 issue of 5% coupon school bonds. Denoms.
$1,000 and $500. Prin. and int. payable in Tripoli. Legal approval by
Chapman & Cutler of Chicago.
-Lawrence J.
-BOND OFFERING.
TROY, Rensselaer County, N. Y.
Collins, City Comptroller, will receive sealed bids until 11 a. m. on Dec. 19
for the purchase of $143,000 not to exceed 6% interest refunding bonds
of 1933, part of a total authorized issue of $363,000. The bonds offered will
bear date of Dec. 151933. Denom.$1,000. Due June 15 as follows: $23.000
in 1935 and $20,000 from 1936 to 1941 incl. Principal and interest (J. & D.
15) are payable in lawful money of the United States at the City Treasurer's
office. Bidder to name a single interest rate for the entire issue, expressed
in a multiple of si of 1%. A certified check for $3,000, payable to the order
of the City, must accompany each proposal. The approving opinion of
Cd y, Dillon & Vandewater of New York will be furnished the successful
bilader
•
TYLER COUNTY RURAL HIGH SCHOOL DISTRICT NO. 24
-An allotment
(P. 0. Warren), Tex.
-FEDERAL FUND ALLOTMENT.
of $40,800 to this district for school construction was announced recently
by the Public Works Administration. The approximate total cost of labor
and material on this project is put at $32,500, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation notes, which in
turn are secured by 5% general obligation bonds.
VALLEY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glasgow)
Mont.
-BOND OFFERING.
-It is reported that sealed bids will be received until 8 p. m. on Jan. 4, by A. B. Friediund, District Clerk, for the
purchase of a $41,808.95 issue of funding bonds.
VILLE PLATTE, Evangeline Parish, La.
-At the
-BONDS VOTED.
election held on Dec. 5-V. 137, p. 3530
-the voters are stated to have
approved the issuance of the $145,000 in sewerage system and gas plant
bonds.
VINCENNES, Knox County, Ind.
-PROPOSED BOND ISSUE.
Details are still to be arranged in connection with the intention to issue
$43,000 refunding bonds.
VOLUSIA COUNTY (P. 0. De Land) Fla.
-APPEAL ON FEDERAL
BORROWING BY COUNTY ON LEASE AGREEMENT.
-An opinion in
the case of John T. Herbert, acting as a taxpayer, in a suit against the
County Commission, was appealed when the County Circuit Court denied
application for an injunction against the county borrowing $52,500 from the
Public Works Administration for the construction of a county armory.
It was held by the State Supreme Court on Nov. 20 that counties have no
authority to borrow money from the PWA for the construction of public
improvements, unless taxpayers first approve the issuance of bonds for such
purpose
-V. 137. p. 4036. However, counties are empowered to sign a
lease or agreement provided the lease covers buildings already erected
and available, the Court held.
4394
Financial Chronicle
Dec. 16 1933
WARD COUNTY (P. 0. Minot) N. Dak.-CERTIFICATES NOT
CANADA, Its Provinces and Municipalities
-The $195,000 issue of certificates of indebtedness offered on Dec.8
SOLD.
-was not sold as there were no bids received, according
-V. 137, p. 4226
ALBERTA (Province of).
-BOARD APPOINTED TO STUDY TAXAto the County Auditor.
TION PROCEDURE.
-Announcement has been made of the appointment
of a group of five men, under the Chairmanship of J. F. Percival, Deputy
WARD COUNTY SCHOOL DISTRICT NO. 144 (P. 0. Surrey),
Provincial Treasurer, to investigate the provincial, rural and urban tax
N. Dak.-CERTIFICATES OFFERED.
-It is reported that sealed bids
procedure.
were received until 2 p. m. on Dec. 16, by C. 0. Ronnie. District Clerk,
for the purchase of $1,000 certificates of indebtedness. Interest rate not
-DEBT REFUNDING PROBRITISH COLUMBIA (Province of).
to exceed 7%. Due on Dec. 16 1935.
POSAL.
-The proposed refunding of the $166,998.000 of provincial
indebtedness will be undertaken in whole or in part in the London, England,
WASHINGTON COUNTY CONSOLIDATED SCHOOL DISTRICT
market,the new Minister of Finance. John Hart, is reported to have stated.
NO. 16(P. 0. Ramona), Okla.
-We are informed
-BONDS DEFEATED.
The "Financial Post" of Toronto of Dec. 2 discussed the matter further as
by the District Clerk that at an election held on Dec. 5 the voters defeated
follows:
the issuance of $65,000 in school bonds by a count of 71 "for" to 275
"The refunding scheme will allow the present bondholders to exchange
"against."
their bonds for bonds paying a lower rate of interest, and if they do not
WELD COUNTY SCHOOL DISTRICTS (P. 0. Greeley), Ohio.
wish to accept that, they will be paid 100 cents on the dollar for their
BONDS CALLED.
-The County Treasurer is reported to be calling for
holdings and they can place their investments elsewhere, said Mr. Hart.
payment on Jan. 6 1934 at his office various school district bonds.
It is the policy of the government that there shall be no repudiation under
any circumstances and that there shall be no default on payment of interest
-Sealed
-LOAN OFFERING.
WELLESLEY, Norfolk County, Mass.
until every possible remedy has been exhausted to prevent it.
bids addressed to the Town Treasurer will be received until 12.00 m. on
"Mr. Hart expressed himself as astonished by the condition of British
Dec. 18 for the purchase at discount basis of a $150.000 revenue anticipaColumbia's finances when he took office. Briefly, this is what he says he
tion loan, dated Dec. 18 1933 and due $50,000 May 1 and $100,000 July 1
found:
1934.
"Sinking funds short by over 63,000.000, a provincial debt totalling
-ADDITIONAL DEWELLSVILLE, Columbiana County, Ohio.
$166,998,000 or $7.000.000 more than the public realized; a $1.000,000
TAILS.
-The issue of864,060 refunding bonds mentioned in V.137, p.3708,
current overdraft, cheques to the amount of $314.000 held up in the finance
will be dated Jan. 1 1934, bear 6% interest and mature Oct. 1 as follows:
department because of lack of funds, among them $115,000 due to Van$5,060 in 1938, $5,000 in 1939 and $6,000 from 1940 to 1948 inclusive.
couver for relief; super-annuation and teachers' pensions funds exhausted
Interest is payable in A. & 0.
and spent for other purposes; nearly $1,500,000 borrowed for unemployment relief and spent elsewhere: 5317.000,000 needed to cover deficits and
-PROPOSED ELECTION
Wash.
WENATCHEE, Chelan County,
outstanding treasury bills; $1,000,000 required for current expenses before
INDEFINITE.
-It is reported by the City Clerk that nothing definite
the end of November.
has been done as yet regarding the proposed election to pass on the issuance
"To attempt to carry on with debt charges of nearly $12,000,000, is
of the $800,090 in water supply bonds.
unthinkable, according to the new minister. The refunding scheme, the
-FEDERAL FUND ALLOTlargest ever attempted by any Canadian province, is expected to bring
WESLACO, Hidalgo County, Tex.
about important savings, if effected."
-It is stated that the Public Works Administration has made an
MENT.
allotment of $50.000 to this city for the construction of a sewage disposal
-DEBT STATEMENT ANALYZED.
CANADA (Dominion of).
plant. The approximate cost of labor and material is said to be $40,000,
A comparative analysis of the Dominion's statement of public debt and
of which 30% is the PWA grant. The remainder is a loan secured by 4%
receipts and expenditures for the fiscal years ended March 31 1932 and 1933.
revenue bonds.
,
contained in the "Monetary Times" of Toronto of Dec. 8, shows that
advances to, and deficits of the Canadian National Rye., together with
WESTBURY SCHOOL DISTRICT (P. 0. Westbury), Nassau
-Although an issue of $350,000
County, N. Y.
-SEEKS PWA FUNDS.
advances to harbor commissions, constitute over 50% of the increase in the
4% school construction bonds was approved by a vote of 83 to 65 at an
net debt of the Government during the past fiscal year. Deficiencies in
election held on Nov. 27, disposal of same is contingent upon the advance
the administrative operating account were responsible for the remainder
and grant basis, by the Public Works
of the necessary funds, on a loan
of the net debt increase. We quote further from the summary as follows:
"As was generally expected the funded debt of Canada recorded an inAdministration,
crease of over $100,000,000 during the 1933 fiscal year, the total funded debt
-No
-LOAN NOT SOLD.
WESTFIELD, Hampden County, Mass.
now standing at $2,667,000,000. There was an increase of about $42,000,bids were obtained at the offering on Dec. 13 of $75,000 revenue anticipa000 in the funded debt payable in Canada, and an advance of 160,000,000
tion notes. dated Dec. 15 1933 and payable on May 15 1934.-V. 137,
In the debt payable in New York. There was no change in the debt payable
D. 4226.
In London. Temporary loans showed a $35,000,000 increase during the
-FEDERAL FUND ALLOTWEST WARWICK, Kent County, R. I.
1933 fiscal year, and the gross debt moved up by $169,000,000 over the
preceding fiscal year.
MENT.
-In allotting $600,000 to the town for sewer construction, the
"An increase of $220,634,653 was recorded in the net debt during the
Public Works Administration agreed to furnish as a grant. 30% of the
1933 fiscal year. the net debt now standing at $2,596,480,826. This inestimate of $469,000 to be used for labor and materials. The balance of
crease is nearly double that shown in the preceding year, when the net debt
the money consists of a loan, for which the town has issued 4% general
obligation bonds.
rose by $114,234,235. Of this amount $104,273,752 was the deficit on
administrative operating account; $53,422,661 was for the Canadian
-It is stated
WILCOX,Kearney County, Neb.-BOND ELECTION.
National, now charged directly to the consolidated account. Then railby the Village Clerk that an election will be held on Dec. 19 to vote on the
way advances from previous years, written off from active to non-active
issuance of $4,000 in water extension bonds.
assets, amounted to $41,121.216, while $21,817,023 was added to the debt
on account of harbor boards.
WILLACY COUNTY WATER CONTROL AND IMPROVEMENT
"Ordinary revenue for the 1933 fiscal year showed a slight decrease from
-FEDERAL FUND
DISTRICT NO. 1 (P. 0. Raymondville), Tex.
the preceding year, this being attributable to a $34,000,000 decline in cus-The Public Works Administration announced recently
ALLOTMENT.
toms duties and a $11,000,000 decrease in excise duties. On the other hand,
the allotment of $4,853,000 to this district to be used In the completion
the collection of excise taxes recorded a $23,000,000 increase over the preof an iregat'on system. Th's project rece'ved a grant of 30% of the cost
ceding year.
oflabor and material, with the balance of the money necessary for construc"Interest payments on the public debt again recorded an increase during
tion to be provided from local revenue.
the 1933 fiscal year, the total at the end of the year being $13,000.000 in
-BOND
WILLIAMSBURG SCHOOL DISTRICT, Blair County. Pa.
excess of a year ago. Ordinary expenditures for the 1933 fiscal year were
-J. 5, P. Reed, Secretary of the Board of Directors, will
OFFERING.
moderately lower than in the preceding year. but special expenditures and
receive sealed bids until 7:30 p. m. on Dec. 22 for the purchase of $16,000
loans and advances brought the total expenditures up to $531,000,000,
4. 43i or 5% coupon school bonds. Dated Jan. 15 1934. Denom. $500.
gain of $81,000,000 over the preceding year. The greater percentage of
Due $1,000 on Jan. 15 from 1939 to 1954 incl.: optional after Jan. 15 1944.
this increase was, of course, due to the $53,000.000 deficit on the operations
Bonds may be registered as to principal only. Bidder to name a single
of the Canadian National Rye."
Interest rate for the entire issue. A certified check for $300. payable to the
CANADA (Dominion of).- WESTERN PROVINCES PLAN REFUNDorder of the District, must accompany each proposal. District will pay
ING OF DEBTS.
-The Provinces of Manitoba, Saskatchewan, Alberta and
for the Printing of the bonds and for the approval of the issue by the PennsylBritish Columbia plan to request the Dominion Government to co-operate
vania Department of Internal Affairs.
with them in a plan providing for "refunding the whole or part of the respec-BOND OFFERING.-Arvilla
WILLOUGHBY, Lake County, Ohio.
tive provincial debts at lower rates of interest," according to the "Financial
Miller, Village Clerk, will receive sealed bids until 12 M.(Eastern Standard
Post" of Toronto of Dec. 9, which continued in part as follows:
Time) on Dec. 23 for the purchase of 1114.2256% refunding bonds. Dated
"The conference of the four western premiers, and the agitation for
Oct. 1 1933. Due as follows: $5,225 April and $5,000 Oct. 11939: $5,000
refunding, came initially from British Columbia, where the Pattullo Liberal
April and Oct. 1 in 1940 and 1941: and $6,000 April and Oct. 1 from 1942
Government was recently elected. The new Government found itself
to 1948 incl. Interest is payable in A. tz 0. Bids for the bonds to bear
facing a difficult financial situation. This could only have .yeen expected,
Interest at a rate other than 6%,expressed in a multiple of 31 of 1%, will
of course, in view of the struggle that the Tohnie Government had with the
also be considered. A certified check for 5% of the bonds bid for, payable
very same problems.
B. C. Financial Smoke.
to the order of the Village Treasurer, must accompany each proposal.
(Previous mention of this issue was made in V. 137. p. 4044.).
"Hon. John Hart, new B. C. finance minister, started raising financial
-RECEIVES PWA ALLOTMENT. smoke shortly after his selection for the cabinet. He implied that Ottawa
WILMETTE, Cook County, 111.
-The Public Works Administration has allotted $117,000 to the Village
would be asked to "underwrite" provincial financing, and that he would
for the construction of water supply facilities. This includes a grant of
attempt to refund most of the provincial debt.
30% of the amount to be expended for lam'and materials. Expenditures
"Financial interests began to take more than an academic interest in the
of that nature will e approximately $88,000. The balance of the advance
situation. In the West it began to be felt that any demand British Columbia
consists of a loan, secured by 4% general obligation bonds of the Village...
might make on Ottawa might develop into an agitation for refunding of all
the western provincial debts. Apparently Mr. Pattullo called his con-BORROWING AUTHORWILMINGTON, New Castle County, Del.
ference for this very Purpose: to get the West to present a united front.
IZED.
-Under suspension of the rules, both the House and Senate of the
"The underlying implications to Ottawa are: (1) that budgets cannot be
State Legislature on Nov. 29 passed Senator Glenn's substitute bill embalanced; (2) that financial assistance is needed; (3) that debt charges are
powering the Mayor and City Council to borrow up to $750.000 to finance
too heavy;(4) that Ottawa should continue to lend to the West or arrange
public works projects.
refunding of provincial debts; (5) that if this is not done some default May
-FEDERAL FUND
WINSTON-SALEM, Forsyth County, N. C.
occur,
-The Public Works Administration is reported to have
ALLOTMENT.
Financial Viewport.
announced an allotment of $250,000 to this city for sanitary sewer system
material is set at $189,000,
"Obstacles would be encountered, it is thought, in any scheme to refund
extension. The approximate cost of labor and
the debts of the western provinces. First, most of the oonds are payable
of which 30% is the PWA grant. The remainder is a loan secured by 4%
In both Canada and the United States, although a major part of the loans
general obligation bonds.
may be held in Canada. Second, most of the loans are not callable, and
Pe WOBURN, Middlesex County, Mass.-PWA ALLOTS FUNDS.
only a small portion matures in the immediate future.
purposes has
An allotment of $135,000 to the city for sewer construction
"Clearly there would be the implication of external compromise or
been made by the Public Works Administration. This includes a grant
default,if all American-payment loans were refunded. Even some Canadian
of 30% of the approximately $106.000 to be spent in the payment of labor
holders would perhaps have to be coerced into any refunding scheme. And
and the purchase of materials. The balance represents a loan, secured by
because of the prevalence of bearer bonds it would be difficult to sort out
4% general obligation bonds.
the Canadian from the American holders. Moreoever, if a refunding of
WOLCOTT, Lamoille County, Vt.-BOND OFFERING.
-Sealed bids
non-callable bonds were attempted, some measure of coercion would
will be received by Town officials until Dec. 20 for the purchase of $23,000
probably have to be resorted to before it would be completely successful."
5% refunding bonds, due serially from 1934 to 1953 incl.
-W. M. ForeCHATHAM, Ont.-LOCAL BOND SALE PLANNED.
WOODLAND CONSOLIDATED SCHOOL DISTRICT (P. 0. Woodman, City Clerk-Treasurer, states that upon final passage of the issue by
land), Chickasaw County, Miss.
-It is reported
-BOND ELECTION.
the City Council. the $18,000 water works bonds will be sold locally.
that an election will be held on Dec. 29 in order to have the voters pass
The amount was previously given as $17.000.-V. 137, p. 4226.
on the issuance of $10,000 in school building bonds.
-BOND SALE SCHEDULED. The
WOODSTOCK, McHenry County, Ill.-PWA ALLOTS FUNDS.NEW WESTMINSTER, B. C.
An allotment of $64,000 to the city for the construction of a water softening
City Council recently authorized the issuance of 155,000 sewer bonds.
plant has been made by the Public Works Administration. This includes a
NIAGARA FALLS, Ont.-DEC. 1 BOND PRINCIPAL UNPAID.
grant of 307 of the amount to be used for labor and materials on the
The city failed to make payment of the bond principal which came due on
project. Such expenditures are estimated at $49.000. The balance of the
Dec. 1 1933, according to news report from Toronto. The municipality,
advance consists of a loan. against which the PWA has agreed to accept
it is said, has a population of 19,000 and a Dec. 31 1932 the funded debt
4% revenue bonds of the city.
amounted to $3,364.000. The offer of the city to meet 25% of the amount
WORTHINGTON, Franklin County, Ohlo.-FEDERAL FUND
due was rejected by the bondholders.
ALLOTMENT.
-In allotting $18,000 to the village for the construction
NORTH YORK TOWNSHIP,Ont.-DEFAULTS DEC. 1 PRINCIPAL
of a water softening plant, the Public Works Administration included in
-Although payment was made of the interest due, the
MATURITY.
the total, as a grant, a sum equal to 30% of the estimate of $14,000 to be
Township failed to meet the bond principal which matured on Dec. 1 1933,
used for labor and materials in connection with the project. The balance
according to the "Financial Post" of Toronto of Dec. 9, which also noted
is a loan, secured by 4% revenue bonds.
as follows: "The township has a population of slightly over 13,000, and at
WYOMING TOWNSHIP (P. 0. Grandville), Kent County, Mich.
Dec. 31 1932, had gross debenture deot outstanding of $3,063,129. As a
REFUNDING ISSUES AUTHORIZED.
-The Township's application for
result of this default. Toronto is now practically surrounded with financially
authority to issue $56,150 refunding bonds, including $47,350 water and
embarrassed municipalities. These include the township of York, East
$8,800 fire prevention issues, has been approved by the State Debt ComYork. North York, Etobicoke and Scarborough, the towns of Mimico and
mission.
New Toronto, and the village of Long Branch.
YAiCIMA COUNTY SCHOOL DISTRICT No. 7 (P. 0. Yakima),
-BONDS DEFEATED.
Wash.
-It is stated by the District Secretary
TORONTO, Ont.-PROPOSED BOND ELECTION-The City is
that at the election held on Dec. 5-V. 137, p. 3874
-the voters defeated
contemplating holding an election on the question to issue 125,000.000
the proposal to issue $75,000 in school bonds by 857"for" to 1,281 "against."
sewer system construction bonds.
@FedFRASER