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Tlie.
onimerct31
Volume 137
finantial
lincouciv
New York, Saturday, December 2 1933.
Number 3571
The Financial Situation
HE policy of the United States in fixing the
price of gold continues the uppermost topic
of discussion, and protests against the same have
latterly been pouring in from almost every quarter,
including some of the most prominent commercial
organizations of the country as well as men eminent
in the economic and financial world. All dread a
continuation of the demoralization of the foreign
exchanges under which rates fluctuate so violently
from day to day, and, for that matter, from hour
to hour, that it is impossible for those engaged in
foreign trade to carry on daily business except at
tremendous risks, while in many cases the effect is
to prevent business altogether. All agree that to
eliminate these violent fluctuations and to give
stability to the dollar there must be a return to the
gold standard. But opinions differ as to how far
the Government ought to proceed in the process of
restoration and the means best adapted to that end.
Of most immediate concern, however, at the moment is the effect of this policy on Government
financing. Up to the present time the Government
has been able to.
conduct its financing with the
utmost ease—and this has reference both to shortterm borrowing and long-term borrowing, an illustration of the latter being found in the October
financing, when the United States Treasury was
able to float very readily $500,000,000 of Treasury
bonds running 10 to 12 years, which were offered
for cash. The subscriptions aggregated nearly
$2,000,000,000. At the same time it offered to exchange these same Treasury bonds for the Fourth
Liberty Loan 41 4s, and was successful in having a
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large number of the holders representing a considerable sum accept the exchange offer. The privilege
of exchange is to terminate with the close of business
to-day, and in giving notice on Tuesday, Nov. 28, of
the contemplated closing, Henry Morgenthau Jr.,
Acting Secretary of the Treasury, disclosed that
$890,000,000 of the 414% Liberty Loan bonds had
/
been turned in for conversion into the new Treasury
bonds.
Latterly, however, the Government bond market
has been at times severely depressed,as appears from
the fact that whereas the new Treasury bonds were
disposed of for cash in October at 10112 they have
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been selling on the Stock Exchange at below par.
The range during November was from 101 5/32
Nov.1 to 98 8/32 Nov. 10. There was some recovery
after that, but even yesterday they were still selling
below par, the close for the day having been 99 21/32.
Other United States Government obligations have
also been weak and lower.
T
The weakness has been largely due to the steady
depreciation of the American dollar in terms of
gold and lack of confidence in the country's gold
policy, which has as its direct aim the further depreciation of the dollar. Obviously no one is eager
to buy Government obligations, or, for that matter,
obligations of any kind, with the fact staring him
in the face that the dollar he now pays out is to
be greatly reduced before he gets it back. Of
course, also, the Washington Administration is all
the time adding to the volume of Government obligations outstanding, and is likely to be obliged to do
this for a considerable time to come. The downward
turn in market prices for Government securities
comes at a most unfortunate time, inasmuch as the
Treasury is obliged the middle of December to make
provision for $700,000,000 of maturing certificates
of indebtedness.
But the United States Treasury has many strings
to its bow. Last week, for instance (Nov. 22), Acting Secretary of the Treasury Morgenthau announced that support had been extended by the
Treasury Department to the Government bond market through the purchase of United States securities
during the few days preceding. While the amount
of Government bond purchases was not made public,
it was said that a considerable volume of cash is
available for this purpose from the Federal Deposit
Insurance Corporation, Public Debt Sinking Fund,
Postal Savings System and the Farm Credit Administration.
Apparently the worst that can happen is that the
financing will have to continue to be of a short-term
class, while the desire of course is to refund into
relatively long-term indebtedness. The Federal Reserve banks are also likely to assist in the endeavor
to float new Treasury issues, whether long-term or
short-term. In the first place, they unquestionably
hold a considerable volume of the maturing issues,
and these of course will be turned over and replaced
by the new issues, whatever form they may take, but
especially if they are of the short-term type. In the
next place the Reserve banks themselves can add to
their holdings of United States Government securities as they were doing until quite recently at
the
rate of $35,000,000 a week. For the week
ending
Wednesday night of the present week they show no
new acquisitions. What is the extent of the
various
funds which the Government has at its disposa
l is
not known, but the amount is believed to be
considerable. Mr. Morgenthau, when he assumed control of the Treasury last week and mentioned the
matter of the public funds at the disposal of the
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Financial Chronicle
Treasury, stated he would announce from week to
week the amount of the current purchases, and
accordingly on Monday he reported that the Treasury Department had purchased $8,748,000 of Government obligations last week for the account of
various funds under the control of the Treasury.
The acquisitions, he said, which constituted the sole
Government operations in the open market last week
had been made through the Federal Reserve Bank of
New York acting as the Treasury fiscal agent. At
that rate, of course, operations of that kind cannot
be considered as being on a very extensive scale,
though it is possible they may increase. What the
amount of such purchases has been the present week
will not, of course, be known until the coming Monday. The weekly reports will, of course, be watched
with considerable interest as they appear.
It is hardly needful to say that the course of
prices of Government securities for the immediate
future will depend very largely on the Treasury
policy with reference to the continued purchase of
gold. According to present indications the President is unlikely to change this policy in any material
respect, notwithstanding the protests that are coming to him from every side, and notwithstanding also
that the gold purchases are not serving to raise the
level of commodity values, which is their main
object. The foreign exchanges, however, are in a
very sensitive condition, and quick to reflect changes
or what appear to be changes, and the early part of
this week certain developments were looked upon as
suggesting that the President was not proving altogether deaf to the prayers and petitions that the
gold policy be abandoned, by reason of its disturbing effects. This view rested on the fact that the
Reconstruction Finance Corporation, after raising
its price for gold on Tuesday of last week 10c. an
ounce to $33.76, kept the price unchanged at that
figure, not only the whole of last week, but also on
Monday of this week. That was erroneously construed as meaning that a disposition now existed, at
least for the time being, not to press the gold policy
too intensively. The result was that a sharp recovery
in the price of the dollar ensued, and foreign exchange rates at all the leading foreign centers
sharply declined. The Government bond market
responded with a brisk recovery, and this recovery
was not entirely lost when the Reconstruction Finance Corporation on Tuesday marked its price for
gold up to $33.85 and has raised it still further on
each successive day since then, until yesterday, when
the quotation was marked up to $34.01. The foreign
exchanges showed a renewed rise against New York,
but the price of United States Government securities held its own.
The truth is, prices do not respond to changes in
the dollar rate, whether on the Stock Exchange or
in the commodity markets that they were wont to
do during the summer months, though occasionally
when the slump in the dollar, or its upward spurt,
are very pronounced immediate reflection of the
change appears, depending upon market conditions
and the frame of mind of those dealing in the same.
In like manner there appears to be no discernible
effect abroad of the action of the Reconstruction
Finance Corporation in raising its price for the
metal. The British price for gold continues to
follow an independent course, and has now for many
days ruled very much lower than the Reconstruction
Finance Corporation's price. The,British price
Dec. 2 1933
yesterday ruled $1.44 per ounce below the Reconstruction Finance Corporation price. Whether the
Reconstruction Finance Corporation .is actually
acquiring any gold abroad, even at its higher price,
is not known. London, according to all accounts,
is simply being deluged with new supplies of the
metal, the most of this coming from Paris, there
being a veritable flight from the franc. The whole
affair is shrouded hr great mystery, the only certain thing being that the gold policy of the United
States is a disturbing factor creating havoc all
around.
T N VIEW of the disturbing effects throughout the
I whole world occasioned by the American gold
policy, it is not surprising that the demand that this
policy shall be changed for the benefit not alone of
the United States, but for that of other leading
countries, should find such wide and universal expression almost everywhere. Business recovery is
not only being retarded, but a renewed setback is
threatened unless this deeply disturbing menace
shall be eliminated. The feeling of opposition is
rising almost to fever heat. The explanation of this
is very simple. Leaders in industrial circles are
recognizing what the President stands almost alone
in failing to recognize, namely, that the gold policy
with its pernicious ramifications is now the greatest
hindrance to a restoration of normal conditions in
the economic and industrial world.
It is to be regretted that at such a time there
is not the unanimity of opinion that there should
be as to the proper remedy to be applied. There is
close identity and accord as to the cause, but views
differ •as to the steps to be taken to remove the
cause. Opposition would be more effective if there
were agreement as to the best course to pursue in
that respect. To us it seems that the operation is
very simple—thatthe gold policy ought to be entirely
abandoned and the foreign exchange market be left
wholly under natural influences. The probabilities
are that in that event the dollar would qui'kly return to its old parity and there would be the additional advantage that the credit of the United
States, so badly impaired as the result of the events
of the present year, would be at once restored. Of
course that would not be to the liking of those who
want to see an advance in the level of commodity
values, and think that that end can be achieved by
persisting in the ill-fated gold policy.
Nothing would be lost, however, even in that respect if the policy should be abandoned, since that
policy has been entirely ineffective in reaching the
goal sought, though it has been supplemented by
other artificial devices. As far as basic commodities
are concerned the true method for raising prices is to
promote trade activity, and let this activity, through
the larger volume of business thereby created, do
the rest. The gold policy is now unquestionably
standing in the way of promoting such growth, and
that will continue to be the case for the simple reason that business men will not take the risk, and,
indeed, cannot afford to take it, while the standard
of values is a debatable proposition.
All of those in opposition are in favor of a return
to gold, but some would not object even if the gold
content of the dollar were reduced. Some, too, believe that no action should be taken except in conjunction with other countries, and particularly
Great Britain and France. Both would be a mistake
Volume 137
Financial Chronicle
in our estimation. The source of the trouble is right
here, and there appears no reason why we should
not ourselves proceed to remove it. As for waiting
for international agreement, we would simply be
repeating the experience of the London Monetary
and Economic Conference, agreement being out of
the question in view of the conflict of opinions
among the different nations. There is no good reason, we repeat, why we should not proceed independently to remove the thralldom which is holding
the whole world in check. Yet the 38 Columbia professors, in the joint statement that they have issued
the past week, recommend "an expeditious return
to the only standard which, by long experience and
tradition, enjoys general confidence—the gold standard," but take pains to add that "this does not
necessarily mean a return to the gold dollar of the
former weight and fineness, and they go on to suggest that the content of the gold dollar be determined by entering into negotiations with Great
Britain and other countries in order to arrive at an
agreement for a general return to gold, which in all
probability would end in nothing.
In like manner, James P. Warburg, in his reply to
Senator Borah, also argues in favor of a joint stabilization by Great Britain and the United States,
but would first stabilize the foreign exchanges and
then let time determine what was to be the eventual
revaluation on an international gold basis, which
"may take months or years," and possibly cover "a
period of trial and error." But according to our
way of thinking, Ralph West Robey, the financial
editor of the New York "Evening Post," takes the
correct view when in his article on Tuesday he
pointed out that "the worst of all the things that
could happen to those carOing on a campaign for a
return to sound principles of money and finance
would be to misjudge what constitutes victory. It
should recognize that this is not the time for compromises, but rather that we should have a fight to
the finish on the question of whether we are going
to come back to monetary and financial policies
which will be an aid to recovery."
The New York "Herald Tribune," in an editorial
article in its issue Wednesday, Nov. 29, argues to
much the same effect when it says: "It must be
noted that with this country it is not a case, as it
was with France, Italy and other post-war inflationist nations, of validating a new level for the currency which had become normal and natural as a
result of a new level of internal prices. As George
Bassett Roberts pointed out in these columns last
Saturday,'the price structure here, aside from a few
of the more speculative markets, is not yet adjusted
to the debased dollar.' So long as this remains the
case it will seem to many that no believer in sound
money can afford to accept a compromise so damaging to the prestige of the country as currency debasement." The article proceeds: "What program
is there, then,it will be asked, on which sound money
advocates can unite at the present time? The
answer is that 'sound money' does not mean establishing the gold value of the currency unit at any
given level, or at any given date. It means turning
to and adhering fearlessly to principles and practices which will insure the country a sound currency
at all hazards." The article then continued as
follows:
"In the present situation it means a reorientation
of the Arministration's monetary philosophy, a re-
3877
orientation which would make higher commodity
prices an incident in the return of general prosperity, not an objective to be attained at any cost
to the currency itself. This could be done by a forthright renunciation of the present gold buying policies and by a renunciation of currency tinkering in
any and every form, coupled with an announced
determination to return to the gold standard. But
this alone would not be enough. It would have to
be accomplished by an expressed determination to
bring the Government's expenditures into line with
income.
"What is needed at the present time, in other
words, is an abandonment of the New Deal's fetish
of prices and a re-embracing of the established principles of a sound currency. Here is, in fact, a constructive program. It will be time enough, once this
has been achieved, to talk about further plans."
Obviously enough, the foregoing is sound logic as
well as sound common sense.
HE Senate Banking and Currency Committee
has addressed questionnaires to a number of
the larger banks throughout the country—some 50,
it is stated—asking data respecting "street loans,"
secured loans, loans incident to the financing of
syndicate or pool operations in stocks, &c. The
information called for covers the period from 1929
to 1933, and calls for a comprehensive and allembracing array of statistics regarding pool and
syndicate operations which must have taken or will
take an interminable amount of labor and time to
prepare. We do not know what the Committee,
through Counsellor Ferdinand Pecora, who drew up
the questionnaire, hopes to accomplish by a study
and analysis of this comprehensive body of statistics, but it appears to us that statistics of that
kind might be put to profitable use if special study
were made of the speculative operations on the
Stock Exchange and on the commodity exchanges
which suffered such a serious collapse in July of
the present year. President Roosevelt in his radio
address on Sunday night, Oct. 22, when he announced his gold buying policy, made a reference to
it which certainly was not out of place. This speculative collapse dealt a blow at business revival from
which it has not recovered since then. Said the
President: "It is true that in July farm commodity
prices had been pushed up higher than they are
to-day, but that push came in part from pure speculation by people who could not tell you the difference
between wheat and rye, by people who had never
seen cotton growing, by people who did not know
that hogs were fed on corn—people who have no real
interest in the farmer and his problems."
The President did not exaggerate a bit in making
the foregoing statement. Mr. Roosevelt confined
his remarks to the agricultural situation, but they
apply with equal force to the speculation which at
the time had gained control of the Stock Exchange.
Speculation had simply run riot under the influence
largely of the policy advocated by the Washington
authorities of a general inflation of prevailing market values of all kinds. It would be difficult to say
where the speculative frenzy found its most reckless
manifestation, whether on the Stock Exchange or
in the commercial markets, but certainly it would
be hard to find a parallel in the past to the way in
which prices were boosted in the grain markets.
This speculation was carried on with borrowed
money,and the banks, of course, supplied the money.
Which ought to be the point of the inquiry. What
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3878
Financial Chronicle
banks furnished the funds and what losses did they
suffer, when the speculation, which they so freely
financed, collapsed? The inquiry is particularly
pertinent at tie present time, when, under the new
bankinglaw,a system for guaranteeing bank deposits
is to be inaugurated. The Chicago Board of Trade,
during the collapse, had to abandon trading for several days and to limit daily fluctuations. The
September option for wheat in Chicago, after the
prodigious advances in previous months, jumped
from 9514c. July 1 to $1.201 8 July 17, and in the
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/
great break on July 19 and July 20 tumbled back
to 90c. Pyramiding of the most flagrant description
was indulged in, and as indicating the extent to
which the pyramiding was carried with the aid of
loans from the banks it appeared that one single
individual had been pyramiding his holdings in most
reckless fashion. As one instance, Edward A. Crawford and the firm of E. A. Crawford & Co., who on
July 24 were suspended from all privileges of the
Chicago Board of Trade "for inability to meet obligations," were carrying huge lines of grain and
securities. The reports were that notwithstanding
the tremendous selling on July 19 and July 20, Crawford still held 13,400,000 bushels of corn, 4,250,000
bushels of wheat, 100,000 bushels of rye, and 122,000
bushels of flaxseed on Thursday night, July 20.
Now, what banks engaged in extending loans in this
process of pyramiding which eventuated so disastrously?
The Chicago Board of Trade took immediate steps
to reform its methods so as to eliminate for the
future shoe-string traders who pyramid their accounts from day to day until they eventually reach
gigantic proportions and lead to ruin and disaster.
The New York Stock Exchange co-operated to the
same end,and representatives of the grain exchanges,
in a report to the Agricultural Adjustment Administration, with which they had been conferring for
two days, agreed on July 25 on a regular exchange
of confidential information between the Business
Conduct Committees of the New York Stock Exchange and the Chicago Board of Trade and other
security and commodity markets regarding commitments of traders. It was stated to be the belief of
the grain exchange officials that in this way traders can be prevented from "getting in over their
heads" and precipitating breaks in prices for the
future such as had now been experienced.
But at the bottom the responsibility rested with
the banks that had furnished the funds with which
to finance the reckless speculation. An investigation to determine what banks had engaged in furnishing the means with which to carry on the speculation and what losses they sustained, might yield
fruitful results in guiding legislation designed to
prevent a recurrence of anything of the kind in the
future and serve as a protection for the banks themselves. Laws are now on the Federal statute book
compelling divorcement of security affiliates from
the banks themselves, but even more dangerous
than the evils that have grown out of the interlocking of the banks with such security affiliates is the
use of banking funds on a gigantic scale to carry on
speculation in the security and commodity exchanges. It will not be forgotten that in the autumn
of 1929 brokers' loans on the New York Stock Exchange alone aggregated over $8,500,000,000.
These suggestions appear especially pertinent in
view of the reforms proposed before the Banking and
Dec. 2 1933
Currency Committee of the Senate on Wednesday by
Winthrop W. Aldrich, Chairman of the Governing
Board and President of the Chase National Bank.
It is easy to see that Mr. Aldrich's whole nature has
turned against past happenings, as disclosed by the
Senate investigation. Accordingly, he urges legislation to prevent repetition of the "mistakes and
abuses" of recent years and to "reconstruct our
financial machinery" to assure a sound financial
basis for the future conduct of industry, trade and
agriculture.
Mr.Aldrich insists that every necessary legislative
step, through amendment of the Glass-Steagall
Banking Act of 1933 or otherwise, should 1?e taken
to eradicate a "spirit of speculation" from the management of commercial banks.
Commercial banks, he contends, should not be
allowed to underwrite securities except those of the
United States Government and of States, territories,
municipalities and certain other public bodies in
the United States. The divorcement of commercial
and investment banking should, by further legislation, be made mandatory and complete. He also
proposes amending the Glass-Steagall Act so as to
prohibit all executive officers of member banks of
the Federal Reserve System from participating or
having any interest whatever in syndicates, trading
accounts or pool operations in securities of every
kind, besides which, officers and directors of
the 12 Federal Reserve banks would be forbidden to
participate in similar syndicates, trading accounts
or pool transactions. Congress should not fail to
heed the advice of Mr. Aldrich, and in undertaking
new legislation it should not overlook the need of
imposing checks on reckless loaning in ordinary
speculation in stocks and commodities.
ENCOURAGING feature continues to be new
or increased dividend distributions by corporate entities, indicating that at least during the
summer months these great corporations did an improved business, even though business activity during the autumn months has been on a reduced scale.
Swift & Co. resumed dividend payments by declaring
1212c. a share on common; this will be the first dis/
tribution since July 1 1932, when a quarterly payment of 25c. a share was made. The Ford Motor Co.
of Canada declared a dividend of $1 a share on its
capital stock, this being the first payment since
June 20 1931, when a semi-annual dividend of 60c. a
share was paid. The Johns-Manville Corp. declared
a quarterly dividend of 134% on the 7% cumul.
/
pref. stock, payable Jan. 1 1934, along with the
April 1 and July 1 1933 quarterly dividends of 13
4%
each, these last payable on Dec. 15 1933. International Silver Co. declared a dividend of $1 a share
on the 7% cumul. pref. stock, payable Jan. 1 1934,
being the first payment since Jan.1 1933. The BorgWarner Corp. declared a special dividend of 25c. a
share on common, payable Dec. 18, being the first
distribution since April 1 1932. The Scott Paper
Co. declared an extra dividend of 25c. a share, in
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addition to the regular quarterly dividend of 371 2c.
a share on common, payable Dec. 31 1933. The Hercules Powder Co., Inc., declared an extra dividend
of 75c. a share on common,in addition to the regular
quarterly dividend of 371 2c. a share. The Monsanto
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Chemical Co. on Nov. 29 1933 declared an extra
dividend of 75c. a share on the common stock, in
addition to its usual quarterly dividend of 311 4c. a
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Volume 137
Financial Chronicle
share, both payable Dec. 29 1933. The South Penn
Oil Co. increased the quarterly dividend on its capital stock from 20c. a share to 25c. a share, and the
United Carbon Co. increased the quarterly dividend
on common from 25c. a share to 40c. a share.
HE condition statements of the Federal Reserve
'banks for the week ending Wednesday night
show that the Reserve authorities continued their
policy of not adding any further to their holdings
of United States Government securities, as is evident from the fact that these holdings for Nov. 29
are reported at $2,431,637,000, or substantially the
same as on Nov. 22, when the amount was given as
$2,431,094,000. The returns also show, however,
that the Reserve institutions were nevertheless able
to enlarge the amount of Reserve credit outstanding
in the sum of $19,000,000, inasmuch as member bank
borrowing, as represented by the discount holdings
of the 12 Reserve institutions, moved up during the
week from $112,152,000 to $119,041,000, while their
holdings of acceptances purchased in the open market rose from $20,294,000 to $23,866,000, besides
which other Reserve bank credit outstanding added
$7,000,000 to the total. Member bank reserve deposits were drawn down during the week from
$2,687,291,000 to $2,572,942,000, which explains why
borrowing by the member banks increased somewhat
during the week.
There was also quite a substantial increase in the
amount of Federal Reserve notes in circulation, due,
no doubt, to the holiday, requirements in connection
with Thanksgiving Day. The amount of Federal
Reserve notes in circulation rose during the week
from $2,970,210,000 to $3,030,329,000, and in addition the amount of Federal Reserve bank notes outstanding, and against which no cash reserves are
required, rose from $200,697,000 to $205,394,000,
making a combined increase in the two items of
over $65,000,000. Gold holdings again showed some
diminution, the total this week standing at $3,573,238,000 as against $3,575,780,000 last week. With
the gold holdings smaller and the cash reserves required against outstanding note circulation larger
because of the expansion in such circulation, reserve
ratios underwent slight further contraction, even
though reserve requirements against the deposits
were reduced. The total of the deposits fell from
$2,867,686,000 to $2,796,474,000, the main item in
the reduction being the decrease in member bank
reserve deposits during the week from $2,687,291,000
to $2,572,942,000. As against the loss in member
bank reserve deposits, however, there was an increase during the week in Government deposits from
$31,216,000 to $81,519,000. The result is that the
ratio of total gold reserves and other cash to deposit
and Federal Reserve note liabilities combined stands
at 64.8% this week as against 65.1% last week.
T
HE foreign trade of the United States increased
again last month, very slightly as to merchandise imports, while the gain in exports reflects, for
the fourth consecutive month, the much heavier
shipments abroad of raw cotton. The total value
of merchandise exports in October this year was
8194,000,000 and of imports $151,000,000. These
foreign shipments were the highest in value for any
month for about two years—as to exports since
October 1931. They compare with exports in September valued at $160,108,000, and for October
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1932 of $153,090,000. Imports in October this year
were valued at $151,000,000 gainst $146,652,000 in
September; $154,916,000-in August and $105,499,000
a year ago. With the exception of August of this
year, the value of merchandise imports last month
was also higher than for any month since December
1931. The variation, however, for the past three
months as to imports has been very trifling.
For the 10 months of the current calendar year
exports are valued at $1,299,020,000 and imports
$1,187,640,000; in the same period in 1932 exports
amounted to $1,340,568,000 and imports to $1,121,219,000. There has been a decrease in the value of
exports so far this year from a year ago of $41,548,000
or 3.5%, while imports for the 10 months this year
exceed those for the preceding year by $66,421,000
or 5.9%. The increase in total exports for October
this year, over those of a year ago, was $40,910,000
or 26.7%, and in imports $45,501,000 or 43.1%.
The balance of trade in October was again on the
export side, to the amount of $43,000,000, while a
year ago exports exceeded imports by $47,591,000.
For the 10 months of this year exports were in excess
of imports by $111,380,000 and for the same period
in 1932, $219,349,000. Relatively, the best showing
as to the balance of trade on merchandise account,
has been in September and October of this year, but
it has been mainly on account of the heavier exports
of cotton.
Cotton exports last month were much the largest
of any month for the year to date. They amounted
to 1,053,347 bales; a year ago they were 1,026,726
bales. The increase for October this year over that
month in 1932 was only 2.6%. The value of cotton
exports last month, however, was the largest for any
month since November 1930, the amount this year
being $54,310,000; a year ago the value was $39,970,000 and the increase this year 33.4%. Exports
other than cotton last month amounted to $139,690,000, compared with $113,120,000 a year ago, the
increase this year being 23.5%. Undoubtedly much
of the latter was due to the 'higher commodity prices
now prevailing. The increase in the value of exports
other than cotton for the months of 1933 prior to
October, was by no means as large as that which
appears in the latest month's report.
The specie movement last month was not materially
changed from that of the preceding three months,
except that gold exports were again materially
reduced. Gold exports in October amounted to $34,046,000 and imports to $1,696,000. For the ten
months of 1933 gold exports have been $352,880,000
and imports $189,336,000. Exports exceeded imports by $163,544,000. For the same period in 1932
gold exports were $809,528,000 and imports $240,687,000, exports exceeding imports by 8568,812,000.
Gold exports this year to date have been $456,619,000
less than in the preceding year and imports lower by
$51,351,000. The silver movement last month continued somewhat larger than usual, silver exports
amounting to $2,281,000 and imports to $4,106,000.
--•-HE New York stock market the present week
again pursued an irregular course, with no
developments of any great consequence outside of
those growing out of the gold policy of the Administration at Washington. Business, of course, was
further restricted by the intervention of the Thanksgiving holiday on Thursday. On Saturday last, at
the half-day session, the fluctuations were extremely
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Financial Chronicle
narrow. On Monday prices gave way owing mainly
to the growing opposition to the Administration's
gold buying policy, with mass meetings here in New
York arranged by both the sound money advocates
and the advocates of inflation in rival camps. At
the same time, the maintenance of the Reconstruction Finance Corporation price for gold at $33.76
and a sharp drop in foreign exchange rates, with a
corresponding rise in the price of the American dollar, served to encourage the idea that maybe after
all the opposition to the gold purchasing policy
might at last be having some effect, even though
only temporarily, upon those responsible for the
policy. Cable transfers on London at one time
showed a drop of 1338c. On Tuesday, however, ster/
ling exchange again moved up with great rapidity
from $5.0678 to $5.20%, and the dollar slumped cor/
respondingly, on the announcement that the Reconstruction Finance Corporation had raised its buying
price for gold from $33.76 to $33.85. Prices showed
a strengthening effect, though with no great manifestation of enthusiasm. On Wednesday, with a
further advance in the Reconstruction Finance Corporation gold price to $33.93, and a further recovery
in the pound sterling to $5.251 ,rallying tendencies
/
were again in evidence, more largely due, however,
to the evening up of trading accounts pending the
Thanksgiving holiday; the sterling rate for cable
transfers also turned downward, with the close at
$5.1714 Yesterday, with the Reconstruction Fi/
.
nance Corporation gold price advanced to $34.01,
with the sterling rate again up to $5.25, but later
falling back to $5.16, stocks developed a firm tendency. One effect of the new slump in the dollar
after Monday was to bring an upward reaction in
United States Government bonds, which along with
the bond market generally had been very much depressed. The numerous increases in dividend declarations by industrial corporations were without
influence on the market as a whole, being ignored
as a rule.
Reports regarding the state of trade showed no
great change as a rule, though there were some slight
signs of reviving activity in certain quarters, at
least in the comparisons with a year ago, though
there was in some instances a seasonal decline in
comparison with the immediately preceding weeks.
Train loadings of revenue freight for the railroads
of the United States for the week ending Nov. 25
were reported at 581,347 cars as against 493,318
cars in the corresponding week of last year, and
the production of electricity by the electric light and
power industry for the same week was reported at
1,607,546,000 kilowatt hours in comparison with only
1,475,268,000 kilowatt hours in the corresponding
week of 1932, being an increase of 8.9% against an
increase the previous week of only 5.6%, though it
is to be remembered that last year the Thanksgiving
holiday came a week earlier than the present year.
The American Iron and Steel Institute reported the
steel mills of the country on Monday as being engaged to 26.8% of capacity as compared with 26.9%
the week before, though according to the "Iron Age"
production was a little higher.
As indicating the course of the commodity market,
the December option for wheat in Chicago closed
yesterday at 83c. as against 85 c. the close on Fri/
1
4
day of last week. December corn closed yesterday
8
/
at 44I/ c. against 4518c. the close the previous Friday. December oats closed yesterday at 31%c.
Dec. 2 1933
against .33%c. the close on Friday of last week.
December rye at Chicago closed yesterday at 53c.
against 581 3c. the close on Friday of last week,
4
while December barley at Chicago closed yesterday
at 361 2c. against 41 c. the close on the previous
/
/
1
4
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
yesterday was 9.25c. against 9.12c. the previous Friday. Domestic copper was quoted yesterday at 8c.
against 8
/ the previous Friday. Silver fluctua1
4c.
tions were again confined within narrow limits. In
London the price yesterday was 18 7/16 pence per
ounce against 18 7/16 pence on Friday of last week.
The New York quotation yesterday was 43.90c. as
against 43.50c. the previous Friday. The foreign
exchanges, after the sharp break in the early part
of the week, recovered the latter portion of the week.
Cable transfers on London yesterday closed at $5.20
/
as against $5.1834 the close the previous Friday,
while cable transfers on Paris closed yesterday at
6.13c. compared with 6.17c. the close on Friday of
last week. On the New York Stock Exchange 11
stocks advanced to new high figures for 1933 during
the current week and 13 stocks touched new low
figures for the year. For the New York Curb Exchange the record for the week is five new highs
and 21 new lows. Call loans on the Stock Exchange
/
4
again continued unchanged at 3 of 1% per annum.
Trading has been of very meager proportions. On
the New York Stock Exchange the sales at the halfday session on Saturday last were 477,917 shares; on
Monday 1,557,099 shares; on Tuesday 1,007,461
shares; on Wednesday 752,220 shares; Thursday was
Thanksgiving Day and a holiday; on Friday the sales
were 813,227 shares. On the New York Curb Exchange the sales last Saturday were 100,280 shares;
on Monday 195,450 shares; on Tuesday 171,243
shares; on Wednesday 152,360 shares; on Friday
165,856 shares.
As compared with Friday of last week changes are
as a rule slight and mostly towards lower levels.
General Electric closed yesterday at 203/i against 203/i
on Friday of last week; North American at 159/i
against 153 ;Standard Gas Sz Electric at 8% against
%
8% Consolidated Gas of N. Y. at 373/i against 393/2;
3;
Brooklyn Union Gas at 633/ against 643/8; Pacific
Gas & Electric at 173 against 173/2; Columbia Gas (!z
Electric at 113 against 11%; Electric Power Sr Light
%
4
at 53 against 53/2; Public Service of N. J. at 343
against 35 8; J. I. Case Threshing Machine at 69%
against 71%; International Harvester at 41 against
4
419; Sears, Roebuck & Co. at 427 against 427 3;
4
4
Montgomery Ward & Co. at 223 against 227 ;
Woolworth at 403/ against 403; Western Union
Telegraph at 543/i against 563/2; Safeway Stores at
43% against 44; American Tel. & Tel. at 1173/b
against 120; American Can at 983 against 99;
Commercial Solvents at 309/i against 303; Shattuck
4
dc Co. at 83 against 7%, and Corn Products at 72
against 69A.
Allied Chemical dr Dye closed yesterday at 143
against 140% on Friday of last week; Associated Dry
s;
2
Goods at 123/ against 133/ E.I. du Pont de Nemours
at 88% against 88; National Cash Register "A" at
14% against 153; International Nickel at 21%
against 22; Timken Roller Bearing at 29 against 293/;
2
Johns-Manville at 57 against 573/2; Gillette Safety
Razor at 10% ex-div. against 113; National Dairy
2
Products at 14 ex-div. against 143/; Texas Gulf
Volume 137
Financial Chronicle
%
Sulphur at 435 against 42%; Freeport-Texas at
463/ against 4834; United Gas Improvement at 15
4
against 16; National Biscuit at 473 against 4
834;
4
2
Continental Can at 723/ against 713 ; Eastman
%
Kodak at 79Y against 80; Gold Dust Corp. at 175
1
A
against 18%; Standard Brands at 23 ex-div. against
233/2; Paramount-Publix Corp. ctfs. at 13/ against
13 ; Westinghouse Electric & Mfg. at 38 against
4
3934; Columbian Carbon at 613/ against 61; Reynolds
Tobacco class B at 45% Eigainst 46%; Lorillard at
17 against 173/; Liggett & Myers class B at 8434
8
against 86, and Yellow Truck & Coach at 5 against
4
%.
Stocks allied to or connected with the alcohol or
brewing group show only small changes as a rule.
4
Owens Glass closed yesterday at 813 against 791
4
on Friday of last week; United States Industrial
2
Alcohol at 60 against 613/; Canada Dry at 2634
against 263; National Distillers new at 263/ against
243 ; Crown Cork & Seal at 35 against 34%; Liquid
4
A
Carbonic at 25 against 251 , and Mengel & Co. at
8% against 73 bid.
4
The steel shares are slightly lower. United States
Steel closed yesterday at 44% against 44% on Friday
of last week; United States Steel pref. at 82 against
%
823/; Bethlehem Steel at 335 against 343/s, and
2
Vanadium at 20% against 2134. In the auto group,
Auburn Auto closed yesterday at 4534 against 45 on
Friday of last week; General Motors at 325 against
%
3294; Chrysler at 483' against 48%; Nash Motors at
23% against 24; Packard Motors at 4 against 4;
Hupp Motors at 4 against 4, and Hudson Motor Car
at 12 against 1134. In the rubber group, Goodyear
%
Tire & Rubber closed yesterday at 373/i against 377
on Friday of last week; B. F. Goodrich at 14%
against 143, and United States Rubber at 173
5
gainst 17%.
The railroad shares show irregular changes. Pennsylvania RR. closed yesterday at 273/b against 2
73/
on Friday of last week; Atchison Topeka & Sante Fe
at 47% against 48 8; Atlantic Coast Line at 3434
against 3334; Chicago Rock Island & Pacific at 3
5
against 3%; New York Central at 35 against 363';
Baltimore & Ohio at 23 against 24; New Haven at
2
165 against 173/; Union Pacific at 10834 against
%
Missouri Pacific at 332 against 37 ; Southern
A
111;
Pacific at 18% against 20; Missouri-Kansas-Texas at
%
7% against 8%; Southern Ry. at 223 against 23;
Chesapeake & Ohio at 38 8 against 4034; Northern
Pacific at 21 against 21, and Great Northern at 183/
5
against 18%.
The oil stocks are in some instances slightly higher.
Standard Oil of N. J. closed yesterday at 463/i
against 44% on Friday of last week; Standard Oil
2
of Calif. at 413/ against 423/; Atlantic Refining at
30%. In the copper group, Anaconda
297A against
Copper closed yesterday at 143' against 153/i on
Friday of last week; Kennecott Copper at 213 against
213 ; American Smelting & Refining at 43% against
%
4434; Phelps Dodge at 163/ against 16 8; Cerro de
%
Pasco Copper at 345 against 3434;, and Calumet &
A
Hecla at 43/ against 47 .
IRREGULAR tendencies prevailed throughout the
current week on stock exchanges in the leading
financial centers of Europe. The movements at
London were dominated almost entirely by the international monetary uncertainty, rumors of early stabilization of the dollar occasioning advances, while
the equally numerous contrary reports resulted in
3881
recessions. The Paris Bourse struggled under the
additional difficulty of internal political uncertainty, and quotations for securities dropped in most
sessions. The German Boerse was fairly steady.
Currency questions were discussed avidly on all
markets, and in England they again occasioned interpellations in the House of Commons. Chancellor
of the Exchequer Neville Chamberlain informed a
questioner, Tuesday, that he is carefully watching
the situation in all its aspects. Some comfort was
gained at London, Thursday, from a speech by
United States Ambassador Robert W.Bingham, who
stated that the American currency experiment was
being conducted "wisely and intelligently," and
scoffed at predictions of disaster. Nervousness
tended to increase, however, when Thursday night's
statement of the Bank of France revealed a gold loss
by that institution of 1,460,000,000 francs for the
week ended Nov. 24. The withdrawals were unexpectedly large, and they once more occasioned conjecture regarding a French lapse from the gold
standard, even though the gold holdings of the Bank
of France remain immense. British trade reports,
meanwhile, reflect further advances in important
industries. On the European continent, however,
little improvement is reported currently.
The London Stock Exchange was quiet in the
initial session of the week, and all attention was
concentrated on the violent fluctuations of the foreign exchanges. British funds were well maintained, but industrial stocks moved irregularly. International stocks were firm, and German bonds
also did well. Gold mining issues receded. Business
improved slightly in Tuesday's session, but price
movements were small. British funds drifted a bit
lower, but most industrial stocks improved. AngloAmerican securities slumped sharply at first, but
recovered in later dealings. Weakness of the dollar
produced uncertainty Wednesday, and a cheerful
opening was followed by an irregular downward
trend. British funds lost more ground, and most
industrial stocks also receded. International stocks
were neglected because of the fall of the dollar and
the impending holiday at New York. Trading was
on a small scale Thursday, notwithstanding better
conditions in the foreign exchange market. Demand
for British funds increased late in the session and
early losses were regained. Shares of aviation companies improved on suggestions by the Government
that an increase in the air fleet might be necessary,
but other industrial issues tended to move lower.
International securities were very quiet. Changes
in the London market yesterday, while small, were
mostly in the direction of lower values.
The Paris Bourse started the week with a downward trend, occasioned largely by expectations that
the newly-formed Cabinet of Camille Chautemps
soon would fall, thus precipitating still another Ministerial crisis. Liquidation was on a small scale,
however, and the losses were kept to modest proportions. Business Tuesday was almost at a standstill,
but even the modest offerings found few buyers, and
the trend was heavy. Rentes moved contrary to the
general tendency and gained a little on better feelings about the Cabinet situation. Losses in stocks
were again small. No increase in business was reported on the Bourse, Wednesday, and the price
trend also resembled that of previous sessions.
Rentes were firm, but French and international
stocks alike suffered moderate declines. Irregular
3882
Financial Chronicle
movements resulted from inactive dealings on Thursday. Rentes receded on the announcement of a fiveyear Treasury loan at 5%. Most stocks also
dropped, but there were a few exceptions. The
month-end carryover was easily arranged at 11
4%
for money, as against a rate of 78% a fortnight
/
earlier. Trading on the Bourse was extremely sluggish yesterday, and most issues lost ground.
The Berlin Boerse was irregular at the opening,
Monday, but the tendency strengthened in later dealings, and at the close of the session most securities
showed net gains. Stocks of the leading utility and
industrial companies were in greatest demand, but
bonds also tended to improve. A firm tone again
prevailed Tuesday, notwithstanding small dealings.
Stocks of the important German industrial companies led the list of equities upward. The movement was partly at the expense of bonds which were
sold by speculators in order to take advantage of
the gains in stocks. Profit-taking developed on a
considerable scale Wednesday, and most securities
listed on the Boerse receded. Stocks of potash and
textile companies proved exceptions to the general
trend, the issues of such concerns advancing 2 to 3
points. After an uncertain opening, Thursday,
prices recovered and previous levels were re-established. Net changes were quite unimportant for the
session, which was rather dull. After a firm opening yesterday, prices dropped at Berlin, and net
changes were quite inconsequential.
ONVERSATIONS on intergovernmental debts
apparently are proceeding in a desultory way
in Washington, with a view to procedure on Dec. 15,
when large sums are due to be paid by European
Governments to the United States. It was announced in Washington, Tuesday, that the Italian
Government has offered to pay $1,000,000 later this
month against the instalment of $2,133,905 due.
Payment in a similar amount was made by Italy
last June, but at that time the instalment amounted
to $13,545,437, and a sharply-worded note was dispatched by the State Department, indicating that
the payment then made was not considered adequate.
The sum now offered represents a very substantial
proportion of the sum due.• The Italian offer is
the second made in connection with the Dec. 15 payments, Great Britain having arranged a payment
of $7,500,000 against the instalment of $117,670,765
due from that country. Washington dispatches
state that nothing has been heard so far from France
or Belgium, and these countries, together with
Poland and Yugoslavia, are expected to default
again. Discussions regarding "token payments" are
proceeding with Finland, Czechoslovakia and Latvia, while Rumania also is expected to make a small
payment. Debt payments ordinarily due the United
States this month amount to $153,024,327, but previous unpaid balances increase the figure to $310,676,000. The amount realized on Dec. 15 probably
will not exceed $10,000,000.
C
N THE eve of returning to Europe, last Saturday, Foreign Commissar 'Maxim Litvinoff discussed in broad terms the significance of diplomatic
relations between the United States and Soviet
Russia. The Russian Foreign Minister spoke at a
dinner in New York, given by the Russian-American
Chamber of Commerce, and it was his only address
in this country in which he dwelt at any length on
O
Dec. 2 1933
international relations. In both the political and
economic spheres, he indicated, tremendous importance attaches to the resumption of relations between Washington and Moscow, which President
Roosevelt had announced a week earlier. M. Litvinoff described first the seemingly endless round
of conferences in Europe on disarmament, and he
declared emphatically that the growing estrangement between most nations gave little hope of any
genuine achievement in this direction. That comprehensive international agreements in the economic
sphere are equally hopeless was shown by the unfortunate World Monetary and Economic Conference
in London, he remarked. This "gloomy background"
is relieved somewhat by a few firm friendships that
his own country has been able to make with some of
its neighbors, and by the great progress within the
borders of Russia, M. Litvinoff asserted. He was
particularly earnest in describing the national and
racial freedom enjoyed by the many peoples who
make up present-day Russia, and the cultural and
scientific advances made there in recent years.
"After all that I have just said," the Russian
Minister went on,"can there be any question of the
gain to both our countries from the restoration of
economic co-operation between them, from the opening up of possibilities to use their respective resources in this sphere? Can the question arise as to
whether or not the cultural collaboration of the
scientists and artists of our two great republics will
bear rich fruit for the benefit of humanity? What
is still more important, can any question now arise
as to whether both the United States and the Soviet
Union will benefit from the joining of their efforts
in the cause so important to both of them—the great
work of preserving peace? Who can doubt that the
combined voices of these two giants will make themselves heard and that their joint efforts will weight
the scales in favor of peace?" In spite of the progressively increasing production of its own industry, the Soviet Union does not attempt to enclose
its market within an artificial barrier of economic
autarchy, M. Litvinoff pointed out. "Enjoying the
lowest foreign indebtedness in the world, the Soviet
Union has the greatest capacity for absorbing the
raw materials and products of other countries," he
added. In messages exchanged between President
Roosevelt and M. Litvinoff just before the latter
sailed, these dignitaries expressed their mutual conviction that co-operation between the two countries
will prove an effective force in maintaining world
peace.
Remaining problems between the Russian and the
United States Governments apparently are to be
surveyed through ordinary diplomatic channels in
coming weeks. William C. Bullitt, the newly-appointed American Ambassador to Russia, discussed
the Russian debts and related problems with President Roosevelt last Saturday, at Warm Springs, Ga.,
and it was indicated that the negotiations are progressing to the satisfaction of the Administration.
Mr.Roosevelt stated that Ambassador Bullitt would
proceed to Moscow immediately in order to present
his credentials and make any arrangements he may
deem wise for housing an American Embassy and
Consulate. Mr. Bullitt sailed Wednesday, and he
will return as soon as practicable in order to report
to the President. Foreign Commissar Litvinoff
sailed directly for Italy, last Saturday, and he is
scheduled to arrive in Rome to-day for extensive
Volume 137
Financial Chronicle
3883
conferences with Premier Mussolini on political and bors. Additional guarantees of security for France,
economic relations between Russia and Italy. Rome such as defensive alliances, would not be opposed
dispatches suggest that Signor Mussolini extended by the Reich, the Chancellor continued. In order
his invitation to M. LIUinoff chiefly in the hope of to remove obstacles in the way of peace, he urged
expanding the trade relations between the two coun- early settlement of the problem of the Saar. Altries, which have already improved substantially though the League of Nations has jurisdiction in
under the Russo-Italian pact of friendship and non- that area, a real solution must be found by France
aggression. Negotiations between Great Britain and Germany, Herr Hitler is said to have mainand Russia for a new trade treaty between those tained. The German attitude toward Poland, which
countries are progressing to the satisfaction of all is now fairly friendly, was emphasized by Herr Hitconcerned, according to a statement made in the ler as an indication that his Government does not
House of Commons in London, Monday, by John Col- intend to seek solutions of international problems
ville, Parliamentary Secretary of the Board of by force. Within Germany it was made known
Trade. Russia currently is selling considerably merely that the interview had taken place and no
more to England than she buys there, and it is details were furnished. It was made plain, however,
understood the British are desirous of incgrporating that German authorities regarded the matter as a
in the proposed treaty a provision for larger pur- . highly important one.
In French official circles the German overtures
chases in Great Britain with the credits thus established by Russia.
were greeted with a good deal of reserve, but it was
said to be realized that France stands almost alone
IPLOMATIC discussions were pursued on a wide in her aloofness toward the Reich, while all the
scale in Europe this week, in the endeavor to world is urging measures to end the old quarrel
find a solution for the baffling problem of Franco- between the two countries. The younger generation
German relations, to the end that some progress can of French political leaders evinced a disposition to
be made toward international disarmament. Direct welcome the suggestions, a dispatch to the New
conversations between French and German repre- York "Times" said, but their seniors held firmly to
sentatives were started in Berlin late last week, the doctrine that peace is a matter of precautions
apparently on the initiative of the German Chan- and signed documents. Although difficulties were
cellor, Adolf Hitler. The talks were veiled in occasioned by the Cabinet crisis, it was reported
secrecy, but disclosure of the incident last Saturday early in the week that some important moves toward
was followed by reports that Chancellor Hitler reciprocity with Germany are being considered in
merely restated the German position. French views France. Foreign Office officials stated Tuesday
on disarmament and on the Berlin conversations that they are ready for direct talks on armaments
were not aired, possibly because officials in Paris with Herr Hitler, a Paris dispatch to the Associated
were preoccupied with the Cabinet crisis there, but Press said. It was widely reported, however, that
there were no signs that heavily-armed France is France would not be disposed to permit injection
ready to discard any of her armaments. The London of the Saar occupation question into the arms
Government noted the developments with anxious meetings.
British views on the European situation were
interest and made it plain on several occasions in
the House of Commons that some sort of under- aired on several occasions by leading Ministers of
standing between France and Germany is consid- the National Cabinet, and this in itself is sufficient
ered in Great Britain a highly necessary preliminary indication of the serious nature of current developto any further steps toward general disarmament. ments. Foreign Secretary Sir John Simon stated
Premier Mussolini of Italy continued to pursue a in the House of Commons, late last week, that Gerpolicy of his own, designed to bring the Four-Power many will not be made a target for dictation, but
pact into use, or, alternately, to alter in some of its rather a partner in armaments discussions. No disfundamentals the structure of the League of Nations. armament convention will be prepared and subIt is quite apparent that -events are moving in mitted to the Reich with a demand for her signature,
Europe toward a highly important new orientation. he added. "We have already made it plain to the
Since Great Britain is less inclined than in the past French Government that if they saw their way to
to support France, and more inclined to recognize enter into closer communication with Berlin they
German claims, it may be surmised that Chancellor would have our complete good-will in doing so," the
Hitler is making distinct progress in his endeavor Foreign Secretary declared. The Italian efforts to
to place the Reich once more in the ranks of the continue armaments discussions under the FourPower treaty had the approval of the British Govforemost nations.
Disclosure of the direct Franco-German conver- ernment, he said. Stanley Baldwin, Lord Presisations was made both in Paris and Berlin, last dent of the Council and head of the Conservative
Saturday. It appeared that Chancellor Hitler, at party which really rules Great Britain, turned
his own request, had received the French Ambassa- abruptly from a discussion of domestic affairs, Mondor, Andre Francois-Poncet, and discussed for two day, to expatiate on the European situation. Under
hours the previous day means for establishing a no circumstances, he assured the Commons, will
more friendly atmosphere. The meeting was in- there be allowed a return to competition in armaformal, a Paris dispatch to the New York "Times" ments. "And there can be no status of inferiority
said. Herr Hitler again indicated his desire to avoid for Germany," Mr. Baldwin continued. "We, the
giving justification to French uneasiness regarding French and the Italians must get in touch with her.
German intentions, but he also reiterated that Ger- We want France to get in direct touch with Germany must now be treated as a great Power and not many and we will do all in our power to help those
as an inferior. He declared, it was reported, that two nations to reach an understanding."
Premier Benito Mussolini conferred in Rome,
Germany would limit her armaments to a figure in
accord with her friendly intentions toward her neigh- Tuesday, with the British Ambassador, Sir Eric
D
3884
Financial Chronicle
Drummond, and it was indicated that the conversation represented a further step in the series of international exchanges on the armaments problem. The
views of the Italian Premier are considered
especially significant at this time, as the two Fascist
States of Italy and Germany are friendly. No precise information on the Rome discussion was made
available, but it was reported that Signor Mussolini
again urged resort to the Four-Power treaty as a
means for settling the Franco-German differences.
Ii Duce desires to include Russia, the United States
and Japan in the armaments talks, it is said, and it
is quite possible that he will sound out Foreign Commissar Litvinoff on the matter in conversations
which will start in the Italian capital to-day.
Italian dissatisfaction with the League of Nations
is a matter of record, and discussions on this subject
were held in Rome by Premier Mussolini with Secretary-General Joseph Avenol, of the League. M.
Avenol returned to Geneva, Tuesday, and it was
reported that Italy has no present intention of resigning from the League. She will, however, press
for revision of the League statutes so that the great
Powers will have more freedom of action within that
body, it is indicated.
Dec. 2 1933
Public Works—Joseph Paganon.
Labor—Lucien Lamoureux.
Merchant Marine—Eugene Frot.
Colonies—Albert Daimler.
Pensions—Hippolyte Ducos.
Posts. Telegraph and Telephone—Jean Mistier.
Public Health—Alexandre Israel.
Rarely have political and financial affairs in
France been more confused than at present, and
there is every indication that the career of the new
regime will be as stormy as it is short. "The Treasury is low," a Paris report to the New York "Times"
states. "The budget is unbalanced by more than
6,000,000,000 francs. Business and industry have
declined. France's famous gold hoard is seeping
out of the Bank of France at the rate of 100,000,000
francs a day. And in that situation there is no
leadership except that of the Chamber Finance Co
mittee toward increasing chaos." M. Sarraut fell
last week in the attempt to reduce the pay and allow
ances of civil servants, and the newly-formed Min
istry spent much of its time this week in the attempt
to render palatable, or disguise, precisely the sam
issue. Premier Chautemps declared on taking offic
that his Government will be devoted to a program
of "public safety at home and national security
abroad." This program is unexceptionable, but if
Premier Chautemps tries to implement it by direct
reductions in the pay of Government employees his
RENCH Cabinet difficulties have been overcome fall will be rapid. It was suggested in some reports
for a time through the selection of Camille this week that he will ask the Chamber for authority
Chautemps, Radical-Socialist, as Premier of a to issue decrees on the matter, and it is possible that
regime to succeed that of Albert Sarraut, of the he will survive for a time on this basis. The delicate
same party, which fell on a budgetary question, position of the French Treasury was illustrated by
Nov. 24. M. Chautemps was named Premier last reports that the Paris Government had applied to
Saturday, as the first choice of President Albert London bankers for a short-term loan of E40,000,000
Lebrun, and he submitted a list of Ministers on to 00,000,000, in order to meet payrolls later this
Monday which differs in no essential respect from month. Complicating the situation are widespread
the three preceding Ministries which were headed protests by the agriculturalists of France against
by Radical-Socialist Premiers. The names were low prices of farm products, and the complaints of
shuffled about slightly, but the complexion of the French miners that there is not sufficient employCabinet is unaltered, and there is every expectation ment in the mining industry.
in Paris that it soon will meet defeat in the Chamber'
of Deputies on one or another of the many troubleOLITICAL experiments of the German Governsome budgetary problems that remain. Premier
ment in administering the affairs of the Reich
Chautemps was Minister of the Interior in the Sar- are finding no counterpart in the monetary and
raut Government which fell last week, and he also banking policies of the Fascist regime. Sound proheld office in the regimes of MM.Daladier and Paul- cedure with regard to German currency will remain
Boncour before M. Sarraut took the post of Presi- a cornerstone of German economy, according to a
dent of the Council. It was remarked in a dispatch declaration by Dr. Hjalmar Schacht, President of
to the New York "Times," last Monday, that none the Reichsbank, made last Saturday at Wuppertalof the difficulties which faced the three preceding Elberfeld. Dr. Schacht, whose authority on German
Cabinets are likely to be overcome by the selection monetary matters is unquestioned, denied 'emphatiof M. Chautemps. The defeat of the new Premier cally that the mark will ever be tied to the pound
is therefore regarded as a matter of only a short sterling, as some Germans appeared to desire. "Gertime. He may fall late to-day, when the Ministerial many can never pursue a currency policy that is
declaration is made before the Parliament, but if a laid down by the Bank of England," he declared. "It
vote of confidence is granted to-day by the Chamber is impossible to accept a fluctuating currency withof Deputies, then M. Chautemps probably will fall out thereby setting in motion forces that cannot be
soon after Dec. 15, in order to enable Edouard Her- controlled. Germany has paid the consequences of
riot, the real leader of the Radical-Socialists, to take one inflation, and this fact compels us for reasons
the Premiership. M. Herriot could have had the of State categorically to abjure any further inflapost this week, but it is understood he prefers to tion. The Reichsbank will continue to regard a
wait until after Dec. 15, when France will default stable currency as one of the pillars on which the
again on the debt instalment due the United States. national economy must rest." Last week a comThe Cabinet formed early this week follows:
mittee of 22 experts, with Dr. Schacht at their head,
Premier and Interior—Camille Chautemps.
discussed in Berlin a Government proposal for comVice-Premier and Justice—Eugene Raynaidy.
plete nationalization of all German banks, and in
Foreign—Joseph Paul-Boncour.
War—Edouard Daladier.
this respect also a sound procedure was indicated.
Navy—Albert Sarraut.
The committee rejected the idea of complete nationAir—Pierre Cot.
Finance—Georges Bonnet.
alization with considerable emphasis. "We shall
Budget—Paul Marchandeau.
Education—Anatole de Monzie.
have to hold on to what exists to-day," Dr. Schacht
Commerce—Laurent Eynac.
stated after the meeting.
Agriculture—Henri Queuille.
F
P
Volume 137
Financial Chronicle
3885
British capital three months ago, and those which
have arisen since that time. The two-day meeting
was completely fruitless, and the members of the
Commission resorted to the time-honored expedient
of appointing several subcommittees to study the
problems further. One of the subcommittees will
meet in London in about 10 days to examine market
conditions in the attempt to determine the reasons
for the serious fall in wheat prices which has
occurred since the wheat agreement was reached.
The second subcommittee will meet in Paris, next
January, to investigate methods of increasing the
consumption of wheat. Both groups will be factfinding bodies, and their conclusions are to be considered in a further session of the Advisory Commission, scheduled for Jan. 22 1934.
The discussions in London early this week were
exceedingly gloomy, and the pessimism was relieved only by hopes for improvement next year,
when acreage reductions are supposed to become
effective. Needs of the European nations which
ordinarily import wheat in great quantities have
been curtailed by unusually good domestic crops in
every case, it was brought out. At the same time
the overabundance of wheat in the great exporting
countries has increased, it is claimed, rather than
diminished, and the wheat problem is thus more
acute than ever. The price of wheat was calculated
at 41 gold cents a bushel, indicating that an advance
of 50% must take place before the so-called importing countries must reduce their tariffs, in accordance with the wheat agreement. The problem of
allotment of exports among the wheat exporting
countries remained unsettled, and there was even
some question whether the combined export quota
ELEGATES from all the 21 republics of North of 560,000,000 bushels could be made effective. The
and South America have assembled in Monte- Russian export quota was left blank in the agreevideo, Uruguay, for the opening session, to-morrow, ment of last summer, and the conversations on this
of the seventh Pan-American Conference. Secretary point again were unsatisfactory. Russian repreof State Cordell Hull, heading an impressive group sentatives this week demanded an export quota of
from the United States, arrived in Montevideo, 75,000,000 bushels, as against the allotment of
Tuesday, and promptly began conferring with 37,000,000 bushels suggested for Russia by repreofficials of the gathering in order to complete the sentatives of the United States, Canada, Australia
agenda. Other nations also sent leading dignitaries and Argentina. Hungary complicated the proceedto the Conference. In the talks of coming weeks it ings somewhat by asking an increase in her quota.
is likely that all matters of general interest to the The delegates dispersed gloomily to study a report
peoples of the two Americas will be discussed. that European wheat production this year was about
When the United States delegation departed it was 40,000,000 bushels greater than in 1932, with the
instructed not to discuss certain tariff and monetary trend of yields still upward.
matters, and this may tend to hinder progress in
HE Bank of Denmark on Wednesday (Nov. 29)
such directions, but Latin American representatives
reduced its discount rate from 3% to 23/2%.
doubtless will air their views thoroughly. There
have been indications that the countries of South On the same day the Bank of Sweden also reduced its
effective Dec. 1.
America are anxious to discuss their debts to United discount rate from 3% to
States bondholders, notwithstanding the obvious In both instances the 3% rate had been in effect since
desire of the American group to omit references to June 1. Present rates at the leading centers are
such matters. A prominent place in the conversa- shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
tions will be allotted to the problem of peaceful relaRate in
PreRate in
Pretions among the American republics. Another effort
Date
tdous
Country. Erna
Country. Effect
Date
alone
Dec.1 Established. Reis.
Dec.1 Established. Rate.
probably will be made to end the two-year conflict
Austria
Mar.
1933
Hungary__
434 Oct. 17 1932 5
between Bolivia and Paraguay over the Gran Chaco Belgium__ 5 Jan. 23 1932 6 India
13
334
234
334 Feb. 16 1933 4
17
June
1932 Eth
is here that international hope cen- Bulgaria__ fih May 23 1932 934 Ireland._ 3 Sept.30 1933 4
territory. "It
Chile
434 Aug.
1932 555 Italy
334
4
Colombia_
. 4
July 18 1933 5
Japan
3.85 July 3 1933 4.39
ters," said the ever-optimistic American Secretary CzechoeloJava
434 Aug. 16 1933 5
valeta
334 Jan. 25 1933 434 Lithuania
7
May 5 1932 736,
of State as he stepped ashore at Montevideo.
Danzig_ _ _
.
4
July 12 1932 5
Nnrway_ _ _
334 May 23 1933 4
Denmark.
. 214 Nov 29 1933 3
Poland.... 5
Oct. 25 1933 II
--•-England... 2
June 30 1932 234 Portugal.-- 6
Mar. 14 1933
55
Estonia
534 Jan. 29 1932 835 Rumania
6
Apr. 7 1933 8
Finland....
534 SouthAtrica 4
EMBERS of the International Advisory Com- France_ _ ._ 5 Sept. 5 1933 2 Spain
Feb. 21 1933 7
234 Oct. 9 1931
6
Oct. 22 1932 534
4
Sept. 31 1932 5
Sweden _ _ _ _
234 Dec
1 1933 3
mission on Wheat discussed in London, Mon- Germany
Greece
7
Oct. 13 1933 736 Switzerland 2
Jan. 22 1931
35
Holland.-- 236 Sept. 18 1933 3
day and Tuesday, the problems relating to this
cereal which were left unsettled when the world
In London open market discounts for short bills
wheat agreement was signed by 21 nations in the on Friday were 1@1 1-16%, as against 1@1 1-16%
Since the Nazis were returned by an overwhelmingly favorable vote in the peculiar national election
of Nov. 12, all thought of political opposition to
Chancellor Hitler and his associates seems to have
vanished. But the Lutheran Churchmen of Germany staged an impressive revolt, this week, against
the attempts of the Nazis to dominate the affairs of
the Protestant Church in the Reich. An animated
controversy raged within the Church councils regarding doctrines that the Nazi adherents wished
to introduce. The outcome of this conflict remains
in doubt, as virtually all members of the Spiritual
Ministry, or Church Board, resigned on Wednesday.
In the economic sphere, Nazi authorities now are
concentrating on efforts for "winter relief" for unemployed Germans. The Nazis are •boasting that
this winter no German shall suffer cold or go hungry,
but since the number of unemployed again has
turned upward in response to seasonal influences,
it is apparent that they will have considerable
trouble fulfilling their promises. A little flurry in•
Austro-German relations was caused by a frontier
shooting, last week, in which an Austrian soldier
killed a member of a German Reichswehr detachment. In the controversy that followed each Government claimed that the German soldier was on its
side of the border when the shooting occurred.
Chancellor Dollfuss of Austria expressed formal
regrets to the German Government, Tuesday, and
this closed the incident. An interesting declaration
was made last Saturday in a public address at Villach, by Franz Winkler, former Vice-Chancellor of
Austria. A reconciliation between Germany and
Austria "is nearer than most people think," he said.
D
T
M
Financial Chronicle
3886
Dec. 2 1933
on Friday of last week and 1 1-16@13/ for three of gold and bullion is now 398,953,000 marks which
%
8
months' bills, as against 1 1-16@1%% on Friday of compares with 818,610,000 marks last year and
last week. Money on call in London yesterday was 1,008,551,000 marks the previous year. A decline
M%. At Paris the open market rate remains at appears in reserve in foreign currency of 307,000
marks, in bills of exchange and checks of 56,936,000
23i% and in Switzerland at 13/2%.
marks, in advances of 9,171,000 marks and in investHE Bank of England statement for the week ments of 575,000 marks. Notes in circulation reveal
ended Nov. 29 shows an increase in gold hold- a loss of 83,289,000 marks reducing the'total of the
ings of £49,586, bringing the total to a new high of item to 3,285,529,000 marks. A year ago circula£191,818,124, which compares with £140,418,186 a tion aggregated 3,306,251,000 marks and the year
year ago. As circulation expanded £2,674,000, ,before 4,277,191,000 marks. Silver and other coin,
however, reserves fell off £2,624,000. Public de- notes on other German banks, other assets, other
posits decreased £5,129,000 and other deposits in- daily maturing obligation and other liabilities record
creased £3,835,169. The latter consists of bankers' increases of 28,603,000 marks, 3,012,000 marks,
accounts, which rose £3,919,534 and other accounts 15,788,000 marks, 59,866,000 marks and 5,205,000
which contracted £84,365. Proportion of reserve to marks, respectively. The proportion of gold and
liabilities dropped to 51.97% from 53.20% a week foreign currency to note circulation stands now at
ago. A year ago the ratio was 41.07%. Loans on 12.4%, a year ago it was 28.2%. A comparison of
Government securities increased £3,125,000 and the various items for three years appears below:
those on other securities fell off £1,743,169. Other
REICHSBANK'S COMPARATIVE STATEMENT.
securities include discounts and advances which rose
Changes
Nov. 23 1933. Nov. 23 1932. Nov. 23 1931.
for Week.
£22,581 and securities which decreased £1,765,750.
Reich. marks. Retchsmarks. Retchsmarks. Retchsmarks.
Assets-The discount rate is unchanged from 2%. Below Gold and bullion
+1,368,000 398,953,000 818,610,000 1,008.551,000
57,931.000
53,946,000
84,458,000
we furnish a comparison of the different items for Of whichindepos. abroad No change.
7,610,000 114.908,000 167,517.000
—307,000
Reserve foreign curr_
—56,936,000 2,804,916,000 2,535,757,0003,655,016,000
Bills of exch. and checks
five years.
+28,603,000 285,482,000 303,997,000 162,340.000
Silver and other coin
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1933.
Nov. 29.
1932.
Nov. 30.
1931.
Dec. 2.
1930.
Dec. 3.
1929.
Dec. 4.
£
£
£
£
£
370,202,000 358.843,248 358,457,650 359,218,693 361,086,000
Circulation_a
13,637,000 10,147,445 8,593,824 7,843,239 8,003,000
Public deposits
143,404,697 127,595,575 125,472.422 116,085,513 96,118,216
Other deposits
Bankers'accounts_ 106,910,361 90,531,585 86,176,003 81,858,241 58,620,463
36,494,336 37,063.990 39,296,419 34,227,272 37,497,753
Other accounts_
70,941,095 68,871,740 70,015,906 58,966,247 60,428,855
Government secur
22.326,234 30,141,309 43,750,944 26,397,092 28,353,341
Other securities
Disct.& advancee_ 8,570,416 11,867,034 12,344,094 4,606,262 9,622,606
13,755,818 18,274.275 31.406,850 21,790,830 18,730,735
Securities
Reserve notes & coin 81,617.842 56,574,938 38,141,694 56,412,101 33,181,000
191,818.124 140,418,186 121,599,344 155,630,794 134,269,209
Coin and bullion
Proportion of reserve
51.97%
41.07%
28.44%
45.51%
31.86%
to liabilities
Bank rata
2.1.
2%
6%,
3%,
5S4%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time 0234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week
ended Nov. 24 reveals a large decrease in gold
holdings, namely 1,460,487,736 francs. The Bank's
gold is now.at 77,822,419,424 francs in comparison
with 83,341,562,247 francs last year and 67,844,126,003 francs the previous year. An increase appears
in credit balances abroad of 45,000,000 francs, in
French commercial bills discounted of 721,000,000
francs and in advances against securities of 6,000,000
francs. Notes in circulation show a loss of 338,000,000 francs, reducing the total of notes outstanding
to 80,369,516,370 francs. Circulation a year ago
stood at 81,536,473,085 francs and two years ago at
82,542,895,025 francs. Bills bought abroad decreased 29,000,000 francs and creditor current accounts 489,000,000 francs. The proportion of gold
on hand to sight liabilities is now at 79.13% as compared with 77.57% a year ago. Below we furnish
a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Nov. 24 1933. Nov. 25 1932. Nov. 27 1931.
Francs.
Francs.
Francs.
Francs.
Gold lublLngs
—1,460,487,736 77,822,419,424 83,341,562,247 67,844,126,003
Credit balk). abr'd_
83,720,478 2,988,090,936 15,940,658,610
+45,000,000
aFrench commercial
bills discounted
+721,000,000 4,092,297,925 3,265,871,676 7.766.084,424
b Bills bought abr'd
—29,000,000 1,212,742,771 1,884,598,030 8,332,738,461
Adv.agt.seeurs
+6,000.000 2,815,495,609 2,500,125.602 2,730,800,454
Note circulation
—338.000,000 80,369,516,370 81,536,473,085 82,542,895,025
Cred. Curr. wets
—489,000,000 17,971,691,401 25,899,673,381 31,340,956,756
Propor. of gold on
on hand to sight
liabilities
77.57%
59.57%
—0.82%
79.13%
a Includes bills purchased in France. b Includes bills discounted abroad.
13,449,000
86,011,000
394,920,000
778,993,000
Notes on other Ger. bks.
Advances
Investments
Other assets
15,129,000
+3.012,000
51,654,000
—9,171.000
—575,000 513,124,000
+15,788,000 559,400,000
Liahlintes—
Notes in circulation— _
Other daily matur.oblig.
Other liabilities
Propor.of gold & foreign
—83,289,000 ,285,529,000 3,306,251,000 4,277,191,000
+59,866,000 488,539,000 429,083,000 424,433.000
+5,205,000 239,049,000 743,885,000 886,385,000
-1-114.01
19 am
95 9%
11,012.000
118,964.000
102,884,000
849,056,000
9'7 O Of_
ATE changes in the New York money market
were hardly more than nominal in the short
business week now ending. There is an immense
credit reservoir as a result of the extensive open market operations conducted by the Federal Reserve
banks earlier this year, and only a modest demand for
accommodation. Rates for bankers' acceptances due
1
in 30 and 90 days were advanced by 4% yesterday,
but other maturities were unchanged. The small
increases were effected chiefly because of greater
yields now available on most short-term obligations
of the United States Treasury. The official buying
rate of the Federal Reserve banks for acceptances
was unchanged at M% for maturities up to 90 days.
Commercial paper dealings were quiet all week, with
rates unchanged.
Call loans on the New York Stock Exchange ruled
at Y for all transactions of the week, whether
i%
renewals or new loans. In the unofficial counter
Monday and
market call loans were arranged at
Tuesday, but there were no concessions from the
official rate Wednesday or yesterday. Time loan
rates were continued from last week. An issue of
$100,000,000 Treasury discount bills due in 91 days
was sold competitively on Monday at an average
discount of 0.43%, which is also the rate paid on a
similar issue sold a week earlier. Washington dispatches incorrectly stated the rate last week at
0.46%, but we are informed that award was made at
an average figure of 0.43%. Brokers' loans against
stock and bond collateral increased $22,000,000 in
the week to Wednesday night, according to a report
made available yesterday by the Federal Reserve
Bank of New York.
R
—4—
HE Bank of Germany in its statement for the
third quarter of November shows an increase
in gold and bullion of 1,368,000 marks. The total
T
EALING in detail with call loan rates on the
3
Stock Exchange from day to day, 4% has
again been the ruling quotation all through the week
D
Financial Chronicle
Volume 137
for both new loans and renewals. The market for
time money continues to be extremely quiet, practically no transactions of importance having been
reported. Rates are nominal at %@1% for 30, 60,
90 and 120 days and 1@134% for five and six months.
The market for commercial paper has shown only
very moderate demand this week, though the paper
available has been in fair supply. Rates are 13.%
for extra choice names running from four to six
months and 13/2% for names less known.
bankers'
has
been quiet this week
THE market for prime and whileacceptancesbeen
there have
some fair transactions, business has been limited on
account of the shortage in paper. Rates were advanced on Friday M of 1%,in both the bid and asked
columns for 30 and 90-day maturities. Quotations of
the American Acceptance Council for bills up to and
including 90 days are /% bid and 4% asked; for
1
three and four months, %% bid and %% asked;
for five and six months,1% bid and 4% asked. The
7
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 increased
during the week from $20,294,000 to $23,866,000.
Their holdings of acceptances for foreign correspondents, however, decreased during the week from
$3,218,000 to $2,893,000. Open market rates for
acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime elligible bills
1
A
1
34
Si
A
—90 Days— —80 Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
Si
A
A
Si
Si
A
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
Eligible non-member banks
1% bid
been no changes
in the
THERE havethe schedule of ratesthis week banks.
rediscount rates of the Federal Reserve
The following is
now in
effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Oily
Dallas
San Francisco
Rate in
Effect on
Dec. 1.
Date
Established.
Previous
Rate.
234
2
214
214
334
334
234
3
334
334
334
234
Nov. 2 1933
Oct. 20 1933
Nov. 18 1933
Oct. 21 1933
Jan. 25 1932
Nov. 14 1931
Oct. 21 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Nov. 8 1933
3
234
3
3
4
3
3
334
4
3
4
3
,_.
exchange continues to fluctuate in
TERLING
frenzied fashion in terms of the dollar, or what
amounts to the same thing, the dollar see-saws back
and forth in terms of sterling and of the gold currencies. The range this week has been between $5.06
and $5.253/ for bankers' sight bills, compared with a
range of between $5.1334 to $5.4332 last week. The
range for cable transfers has been between $5.07 and
/
$5.251 2, compared with a range of $5.13 and $5.44
a week ago. It will be recalled that on Friday of
last week the dollar moved up sharply against sterling, although still extremely weak. The upward
movement then was attributed to the fact that for
four successive days the Reconstruction Finance
Corporation had made no change in its gold price,
which was posted on Tuesday, Nov. 21, at $33.76
per fine ounce. The steadiness of this quotation,
which was continued also on Saturday last, threw a
S
3887
scare into speculative bear interests and there was a
general scramble to cover, as these speculative accounts read in the steadiness of the gold price a probability that some form of stabilization of the dollar
was imminent. With the short covering in dollars
there was a corresponding weakness in sterling. The
Reconstruction Finance Corporation continued its
price of $33.76 an ounce on Monday, making the
sixth consecutive day for this rate. The consequence
was that sterling went off sharply as the dollar shorts
in many markets became still more apprehensive.
Sterling sold down as low as $5.07, off more than 13
cents on the day, and a little more than 17 cents
below the early price in London. This break in
sterling affected all the European currencies. At the
quotation of $33.76 per fine ounce for gold, the gold
equivalent for the dollar was 61.22 cents. The Reconstruction Finance Corporation price is completely
out of line with London. At the low for sterling on
Monday of $5.07, the dollar equivalent for London
gold was $31.81 per fine ounce, or $1.95 under the
United States figure. On this basis the dollar was
worth 65.34 cents and on the low for the franc 65.44
cents. Thus, Europe valued the dollar at a higher
level than do the United States authorities.
On Tuesday of this week the market was taken
by surprise when the Reconstruction Finance Corporation raised its gold price 9 cents to $33.85 per
fine ounce. This brought about a sharp flurry in
the exchanges and sterling rose from about $5.07
to $5.20/. All other foreign currency quotations
were marked up correspondingly. Foreign exchange
traders stated that an important feature of the
market is the persistent heavy discount on future
dollars in London and the large premium on forward
sterling in New York. At times during the week
London reported a discount as high as 11 cents on
90-day dollars, while in the New York market 90-day
sterling commanded a premium of 9 cents over spot.
This of course indicates that the forward market is
highly distrustful of the course of events during the
next three months, despite the rising opposition of
the sound money forces on this side. At $33.85, the
Reconstruction Finance Corporation gold price posted
on Tuesday, the value of the dollar would be 61.06
cents. London and Europe value the dollar more
highly. In Tuesday's market when sterling was
quoted in London at a low of $5.07, the London
dollar equivalent for gold worked out $31.81 per
A
ounce, and at the high for the day of $5.205 for
sterling, the London dollar equivalent for gold was
$32.67. Sterling would have had to sell at about
5.44 in order to bring the two gold prices into agreement. With sterling at the high for the day of
$5.205 the dollar had a value of 63.26 cents, based on
4
the London gold price, or 2.20 cents above the
Reconstruction Finance Corporation's valuation.
On Wednesday the Reconstruction Finance Corporation again advanced its gold price, by 8 cents to
$33.93 a fine ounce. Sterling was bid up sharply
shortly after the announcement of this price to $5.26
but the rate finally sagged to 35.173. This was due
to heavy selling of sterling in London and to preholiday inactivity here. On Thursday, Thanksgiving Day, there was no market in New York. On
Friday the United States gold price rose to a new high
of $34.01 a fine ounce. The London open market
dollar price for gold worked out $32.57 a fine
ounce. The following tables give the London check
rate on Paris from day to day, the mean gold quota-
3888
Financial Chronicle
tion 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.
Saturday Nov. 25
83.875 I Wednesday Nov. 29
Monday Nov. 27
Thursday Nov. 30
84.23
Tuesday Nov. 28
84.155 Friday Dec.1
83.07
Holiday
84.47
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Saturday Nov. 25
63.00
63.5
I Wednesday Nov. 29
Holiday
Monday Nov. 27
Thursday Nov. 30
64.9
Tuesday Nov.28
63.7
Friday Dec. 1
63.4
LONDON OPEN MARKET GOLD PRICE.
Saturday Nov. 25
126s. 6d. I Wednesday Nov. 29_......125s. 6d.
Monday Nov. 27
1258. 134d.
125s. 30. Thursday Nov. 30
1258. 2d.
Tuesday Nov. 28
Friday Dec. 1
125s. 6d.
PRICE PAID FOR GOLD BY U. S.(RECONSTRUCTION FINANCE
CORPORATION).
33.93
Saturday Nov. 25
33.76 I Wednesday Nov. 29
Holiday
Monday Nov. 27
33.76 Thursday Nov. 30
34.01
Tuesday Nov. 28
33.85 Friday Dec. 1
Sterling is firm in terms of gold, or French francs,
especially when it is considered that only a few
weeks ago the sterling-franc cross rate was down
around 80 francs to the pound. Frequently in the
past few days the rate went above 84 francs to the
pound. Until Great Britain went off the gold standard in September 1931 sterling's par of exchange
with respect to the franc was around 124.21 francs
to the pound. Gold would tend to move to London
from Paris when the rate was around 126 francs to
the pound and would tend to move from London to
Paris if the rate fell below 123 francs to the pound.
The Bank of France has again lost considerable gold,
most of which has been earmarked with the Bank of
France for the British Exchange Equalization Fund.
This week it would seem that the Fund has not been
so active in the market and it is confidently reported
that conversations have been going on between the
Paris and the London authorities with a view to
conserving the French gold supply, as there is everywhere an evident desire on the part of fugitive funds
to seek shelter in London. Sterling is now regarded
as the most stable currency and there seems to be a
general belief that whether or not the pound is soon
to be stabilized, it is due for a considerable enhancement. It is clear that the British authorities will as
far as possible ignore the action of the dollar and will
throw the weight of their influence in favor of the
franc and the gold bloc countries. Money continues
in great abundance in London. Call money against
bills is in supply at %. Two-months' bills are 1 to
1 1-16%, three-months' bills 1 1-16 to 13/8%, fourmonths' bills and six-months' bills 1N to 1 3-16%.
On Saturday last £33,000 of bar gold available in
the London open market were taken for Continental
account at a premium of is. On Monday £330,000
was taken for Continental account at a premium of
11d. On Tuesday £630,000 was taken for Conti2
nental account at a premium of 43/d. On Wednesday
Continental account at a
£400,000 was taken for
premium of 53/d. On Friday £703,000 was taken
2
for the Continent at a premium of 6d. On Saturday
last the Bank of England bought £1,164 in gold bars.
The Bank of England statement for the week ended
Nov. 29, shows an increase of £49,586 in gold holdings, the total standing at £191,818,124 compared
with £140,418,186 a year ago, and with the minimum
of £150,000,000 recommended by the Cunliffe Committee.
The Federal Reserve weekly report of gold movement at New York showed an export of $199,000
to France. There was no change in imports or gold
held earmarked for foreign account. In tabular form
Dec. 2 1933
the gold movement at the Port of New York for the
week ended Nov. 29, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,NOV.23-NOV. 29,INCLUSIVE
Exports.
Imports.
I
$199,000 to France.
None.
I
Net Change in Gold Earmarked for Foreign Account.
None.
Exports of Gold Recovered from Natural Deposits.
None.
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal or change in gold
earmarked for foreign account. There have been no
reports during the week of gold having been received
at any of the Pacific ports.
Canadian exchange continues at a premium.
.
On Saturday last, Montreal funds were at 131 %
7
4
premium; on Monday at 4%,on Tuesday at 11 %,
on Wednesday at 1 9-16%. On Thursday, Thanksgiving Day, there was no market in New York.
The premium on Friday was 1%%.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in a dull market. Bankers'
sight was $5.183@$5.203/2; cable transfers $5.19@
%
$5.20/. On Monday the pound was off sharply in
terms of the dollar. The range was $5.06@$5.1734
for bankers' sight and $5.07@$5.173/2 for cable
transfers. On Tuesday the sterling quotations were
completely reversed. The range was $5.063/@
2
$5.20% for bankers' sight and $5.07@$5.2Q% for
cable transfers. On Wednesday sterling continued
firm against the dollar. Bankers' sight was $5.17©
$5.253/; cable transfers were $5.1731@$5.253/ On
.
2
Thursday, Thanksgiving Day, there was no market
in New York. On Friday the range was $5.16@$5.25
for bankers' sight and $5.16%@$5.253/ for cable
transfers. Closing quotations on Friday were $5.193/
for demand and $5.20 for cable transfers. Com.
mercial sight bills finished at $5.19, 60-day bills at
$5.19, 90-day bills at $5.19, documents for payment (60 days) at $5.19, and seven-day grain bills
at $5.19. Cotton and grain for payment closed at
$5.19.
the Continental countries is
EXCHANGE on indollar and the rates gyrate firm
with
in terms of the
The
swift changes
the
sterling and the dollar.
underlying conditions affecting the exchanges present
no new features. The French franc was hardly affected by the change in the French cabinet. The fall
of the Sarraut ministry was expected in the market
and it is a question whether the new Government
will have a sufficient majority to pass the budget.
Uncertainty with respect to the budget has consistently been a factor in causing weakness in the franc
with respect to London and the Continental currencies. The franc continues to be easy in terms of the
currencies of the neighboring. countries and constant
small shipments of gold have been made to other
European centers by the Bank of France. However,
its greatest losses of gold this week, as during the
past month, have resulted from operations of the
British Exchange Equalization Fund. It is believed
now that the French and British authorities have
come to some understanding whereby the French
gold holdings will receive greater protection. It is
thought that the franc may be allowed to depreciate
gradually in terms of sterling but not to a point that
will jeopardize the gold standard in France. Fears
in this respect have already resulted in considerable
hoarding of French gold, not only by French na-
Volume 137
Financial Chronicle
tionals, but by others who have been able to present
claims for gold to the Bank of France. The Bank
of France statement for the week ended Nov. 24
shows a loss in gold holding of 1,460,000,000 francs.
This heavy withdrawal puts the French Treasury
in a somewhat precarious position. The total loss
for the week was expected to be high, but was greater
by half than was looked for. The total gold holdings
now stand at 77,822,419,424 francs, compared with
83,341,562,247 a year ago and with 28,935,000,000
francs when the unit was stabilized in June 1928.
Despite the loss in gold the Bank's ratio stands at
the high figure of 79.13%, which compares with
77.57% a year ago and with legal minimum of 35%.
The Bank of France gold holdings were at their
maximum of 82,277,000,000 francs on Sept. 1 last.
The low point for 1932 was 68,863,000,000 francs on
Jan. 7. The Bank's gold holdings have decreased
4,455,000,000 francs, or approximately $174,636,000
in 12 consecutive weeks.
German marks are of course exceptionally firm
in terms of the dollar. Par of the mark in dollars
is 23.82. This compares with yesterday's closing
price of 37.41. Owing to the great weakness in the
dollar the German debtors on American account
have been rapidly reducing their indebtedness, and
many of the smaller German banks expect to clean
up their American accounts before the end of this
year.
The London check rate on Paris closed on Friday
at 84.52 against 83.70 on Friday of last week. In
New York sight bills•on the French center finished
on Friday at 6.123/, against 6.163/ on Friday of
2
last week; cable transfers at 6.13, against 6.17; and
commercial sight bills at 6.16, against 6.163 . Ant4
werp belgas finished at 21.74 for bankers' sight bills
and at 21.75 for cable transfers, against 22.02 and
22.03. Final quotations for Berlin marks were 37.40
for bankers' sight bills and 37.41 for cable transfers,
in comparison with 37.74 and 37.75. Italian lire
closed at 8.263/ for bankers' sight bills and at 8.27
2
for cable transfers, against 8.31 and 8.313/2. Austrian
schillings closed at 17.75, against 17.85; exchange
on Czechoslovakia at 4.653/, against 4.703/2; on Bu2
charest at 0.95, against 0.96; on Poland at 17.65,
against 17.71; and on Finland at 2.30, against 2.28.
Greek exchange closed at 0.893/ for bankers' sight
bills and at 0.90 for cable transfers, against 0.883/
and 0.89.
XCHANGE on the countries neutral during the
war presents no new features. The Holland
guilder and the Swiss franc continue exceptionally
firm, as these two gold currencies are sharing with
sterling the general confidence of fugitive capital.
The ratio of gold reserves to sight liabilities in both
Holland and Switzerland now stands at high figures.
The Scandinavian currencies fluctuate in strict
harmony with sterling, with which they are allied.
On Wednesday the Bank of Sweden reduced its rate
of rediscount to 23/2% from 3%, effective Dec. 1.
The 3% rate had been in effect since June 1. On
Wednesday also the Bank of Denmark reduced its
rate to 23/2% from 3%. The 3% rate had been in
effect since June 1.
Bankers' sight on Amsterdam finished on Friday
at 63.14, against 63.39 on Friday of last week;
cable transfers at 63.15, against 63.40, and commercial sight bills at 63.05, against 63.25. Swiss
francs closed at 30.34 for checks and at 30.35 for
E
3889
cable transfers, against 30.69 and 30.70. Copenhagen checks finished at 23.24 and cable transfers
at 23.25, against 23.14 and 23.15. Checks on
Sweden closed at 26.84 and cable transfers at 26.85,
against 26.67 and 26.68; while checks on Norway
closed at 26.14 and cable transfers at 26.15, against
25.99 and 26.00. Spanish pesetas closed at 12.84 for
bankers' sight bills and at 12.85 for cable transfers,
against 12.86 and 12.87.
XCHANGE on the South American countries
continues to be largely nominal and all foreign
balances in these countries are in blocked accounts.
There can be no important change in the South
American situation until the difficulties surrounding
the dollar are finally resolved. On Wednesday a
United Press dispatch from Buenos Aires announced
that the Argentine government had abandoned the
official rate of exchange so that the peso may find
its own level in the international markets. In
recent months the peso was linked first to the American dollar and then to the gold-based French franc.
The Argentine farmers regard the new policy as a
boon.
Argentine paper pesos closed on Friday nominally
at 33.95 for bankers' sight bills, against 40.70 on
Friday of last week; cable transfers at 34, against
40%. Brazilian milreis are nominally quoted 87
%
for bankers' sight bills and 9 for cable transfers,
against 83 and 8%. Chilean exchange is nominally
quoted 10, against 93 ; Peru is nominal at 22.00,
4
against 23.00.
E
XCHANGE on the Far Eastern countries is, of
course, extremely demoralized because of the.
untoward situation brought about in the entire
foreign exchange market as a result of the American
abandonment of gold and its policy of dollar depreciation. The quotations of the Far Eastern
units in terms of the dollar are largely nominal and
transactions are at a minimum. The Indian rupee
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV.25 1933 TO DEC. 1 1933, INCLUSIVE.
Country and Monetary
Noon Buying Rale for Cable Transfers in New York.
Value in United States Money.
Nov. 25. Nov. 27. Nov. 28. Nov. 29. Nov. 30. Dec. 1.
8
$
$
EUROPE$
$
$
178833 .176350 .176375 .178900
Austria,&chilling
.177500
.219918 .215030 .218711 .220733
Belgium, belga
.218108
.012833. .012666 .013000 .013166
Bulgaria. ley
.013400
Czechoslovakia. krone .047010 .045750 .048740 .047300
.046785
.232030 .227287 .232800 .233283
Denmark. krone
.231620
England. Pound
5.191583 5.094666 5.179107 5.218583
sterling
5.182833
.022766 .022575 .023000 .023000
Finland, markka
.023033
.061737 .060373 .061733 .062200
France,franc
.061426
reichsmark .377370 .368816 .376240 .379392
Germany,
.374450
009003 .008900 .008890 .009050
Greece, drachma
.008965
.636954 .622500 .635390 .638246
Holland, guilder
.631363
.281333 .276000 .276500 .281250
Hungary, pengo
.280166
.083244 .081321 .083110 .083571
Italy, lira
.082733
.260841 .255500 .261885 .262725
Norway, krone
.261100
177875 .176500 .177400 .178375
Poland,zloty
.177700
Portugal, escudo
.047266 .047418 .046825 .047925
.047600
Rumania,leu
.009687 .009620 .009560 .009800
.009675
.128800 .125900 .128261 .129441
Spain, peseta
.128300
Sweden,krona
267890 .262166 .267866 .269045 HOLT- .267470
Switzerland, franc_ - .306018 .299240 .305522 .307254 DAY. .303484
.
Yugoslavia. dinar
.022166 .021050 .021550 .021775
.021720
ASIAI
ChinaI
Chefoo (yuan) dol'r .332083 .330625 .327500 .332083
.333333
Hankow (yuan)dol'r .332083 .330625 .327500 .332083
.333333
Shanghai(yuan)dol'r .332812 .331406 .328125 .333125
.334375
Tientsin (yuan) dol'r .332083 .330625 .327500 .332083
.333333
Hong Kong dollar
.371250 .370625 .366250 .371875
.373437
India, rupee
.385250 .378416 .383562 .388490
.387562
Japan. yen
.305750 .302000 .306750 .309500
.308750
Singapore (S.S.) dollar .606250 .601250 .598750 .608750
.608125
AUSTRALASIA
Australia. pound
4.133333 4.050000 4.125000 4.158333
4.129166
New Zealand. pound-'4.145833 4.077500 4.135000 4.170833
•
4.141250
AFRICA
South Attica. pound 5.135000 5.040000 5.126666 5.165312
5.131250
NORTH AMER.Canada, dollar
1.013020 1.007500 1.012395 1.017343
1.014375
Cuba, peso
.999800 1.000000 .999800 .999550
.999550
Mexico. peso (silver). .276980 .276880 .276900 .276940
.276940
Newfoundland, dollar 1.010750 1.005000 1.009750 1.015000
1.011875
SOUTH AMER.Argentina. peen (gold) .914294* .893250 .912205* .770428*
.783146*
Brazil. milreis
.086500* .084950 .085225* .086160*
.085800*
Chile, peso
.098875* .097150 .098625* .099900*
.099400*
.760050* .733666 .742500* .757066*
Uruguay.peso
.750000*
Colombia. peen
.667200* .667200 .667200* .667200*
.667200.
•Nominal rates;firm rates not available.
3890
Financial Chronicle
Dec. 2 1933
fluctuates strictly with the pound sterling, to which prosperity. And do you think I want to compromise
it is attached at the fixed rate of is. 6d. per rupee. my work with a new war?"
Passing to the question of Franco-German relaClosing quotations for yen checks yesterday were
30.95, against 30.50 on Friday of last week. Hong tions, the Chancellor said that "if France seeks to
4
Kong closed at 37%@38 1-16, against 377 @38 5-16; found her security on the material impossibility of
Shanghai at 33 15-16@34, against 33/@34 1-16; Germany's defending herself, there is nothing to be
Manila at 503/2, against 503/2; Singapore at 613., done, for the time when such a thing is possible is
against 61; Bombay at 3934, against 383/2, and past. But if we will try to seek security in a freely
discussed agreement, I am ready to listen to anyCalcutta at 3934, against 383/
2
.
thing, to understand everything and to try everything. The kind of equality claimed by Germany is
HE following table indicates the amount of gold
understandable enough. Morally it is absolute equalbullion in the principal European banks as of
ity of rights. As for its practical realization, it can
Nov. 30 1933, together with comparisons as of the
be reached by stages and its details can be discorresponding dates in the previous four years:
cussed." Referring to the suggestion of a defensive
1929.
1930.
alliance for France with Great Britain, Chancellor
1931.
1932.
Banks of—
1933E
£
Hitler told his interviewer that "if it is to be that
E
E
E
England .__ 191,818,124 140,418,186 121,599,344 155,630,794 134,269,209
kind of alliance I agree willingly, for I have no inFrancea___ 622,579,355 666,732,498 542.753,008 415,735,318 326,466,031
45,596,200 101.510,200 104,528.700
Germanyb_
17,250,350
38,298,850
99.258,000 102,592,000
89,873,000
90,327,000
Spain
90,433,000
tention of attacking my neighbors." To the question
57,243,000
56,025.000
60,241,000
62,846,000
Italy
76,329,000
35.514,000
36.876.000
73.097,000
86,048,000
76,730,000
Netherlands
whether Germany would return to Geneva, however,
37,054.000
30,949,000
73,072,000
74,690.000
77,642,C00
Nat. BeIg_
21,835,000
25,625,000
57,582,000
89,166,000
61,691,000
Switzerland
he gave an unqualified negative. "In leaving Geneva
13,422,000
13,376,000
11,438,000
11,443,000
14,290,000
Sweden
9,561,000
9,121,000
9,582,000
7,400.000
Denmark
7,397,000
I did something that was necessary, and I think I
8,151,000
6,560,000
8,136,000
8,014,000
Norway_ _ _
6,573,000
rendered a service in clearing the air. We will not
1,275,383,534 1.090.932,552 958,689,312 844,649,940
Total week 1,242,732,829
Frey. week L252.359.345 1.274.721.893 1.089.532,948 958,421,131 843,524,626
go back to Geneva."
a These are the gold ho dings of the Bank of France as reported in the new form
A second approach was made a few days later, on
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £2,697,300.
Nov. 24, this time in a two-hour conversation with
the French Ambassador which Chancellor Hitler
Germany's Advances and the Attitude of the himself had invited. No official report of the conEuropean Powers.
versation has been made public, but from a summary
From the point of view of peace in Europe, the by the Paris correspondent of the New York "Times"
overtures which the Hitler Government has recently of what were understood to be its main points, Chanmade to France must be regarded as of prime im- cellor Hitler talked of much the same things as had
portance. Friendly advances are not, of course, the been brought up earlier in the week in the interview
same thing as formal negotiations, and 'there are with M. de Brinon. According to the "Times" sumusually some political hurdles to be surmounted be- mary, Chancellor Hitler insisted that Germany
fore the stage of actual negotiation is reached, but "must be treated as a great Power and not as an inthe informal approach is a familiar method of ferior." At the same time, Germany was "most
diplomacy, and it is this method which the German anxious to avoid giving justification to French unGovernment has adopted. The overtures could hard- easiness about her intentions," and accordingly was
ly have been made before the election of Nov. 12 prepared to "limit her armaments to a figure to acwithout weakening their effect, since they could cord with her friendly intentions toward her neigheasily have been represented as an appeal for sup- bors." It would also "not oppose any additional
port of Chancellor Hitler and his foreign policy. guarantees of security, such as defensive alliances,
They have a very different force and standing now, which France might feel she needed." In the matter
after an impressive popular vote, unprecedented in of the Saar, Chancellor Hitler "recognized that the
size and unanimity, which has placed the German League of Nations was a party to the discussion,"
electorate solidly behind the foreign policy of the but he nevertheless contended that "a real settlement must be made between France and Germany,"
Hitler Government.
The first approach took the form of an interview and he urged that such a settlement be made "as
with the German Chancellor by Fernand de Brinon, soon as possible" and not "permit irritation to dea French journalist of high standing, published on velop during another 12 months." The recent beNov. 22 in the Paris "Matin" and reproduced in the ginning of negotiations for a settlement of issues
New York "Times" of the same date. "I am con- between Germany and Poland was referred to, and
vinced," Chancellor Hitler was quoted as saying, emphasis given to the conviction of the German Gov"that once the question of the Saar, which is Ger- ernment "that there was no problem which could
man territory, is settled, there will be absolutely not be settled peaceably," and to the absence of any
nothing which can estrange France and Germany. intention of the Hitler Government "to seek a soluAlsace and Lorraine? I have said often enough that tion by threats of force."
The newspaper interview of Nov. 22 came at a
we have definitely renounced them to think that I
had made myself clear on that point. How many moment when Geneva and Paris were still smarttimes must I repeat that we do not seek to absorb ing under an attack on the League made by Premier
what is not ours or make ourselves loved by those Mussolini. In a speech on Nov. 14 the Italian Prewho do.not love us?" There were no disputes in mier had declared that the League "has lost all that
Europe, Chancellor Hitler declared, that justified could give it political significance and historical
war. War "would settle nothing. It would only bearing." Referring, apparently, to the Wilsonian
make things worse . . . I have given back to idea of a democratic world, he pictured the League
this people its sense of honor. Now I want to give as starting "from one of those principles which,
it pleasure in living. We are fighting misery. Al- when enunciated, are very beauftiul, but when conready we have reduced unemployment, but I want to sidered and dissected reveal themselves as absurd."
do better, and it will take years for our return to What was said appeared to receive added signifi-
T
Volume 137
Financial Chronicle
cance on Nov. 19, when the editorial utterances of
several Italian newspapers indicated the possibility
that Italy might withdraw from the League in view
of the withdrawal of Germany and Japan and the
absence of Russia and the United States. The attitude of Italy may have been responsible for the
announcement, on Nov. 20, by the Geneva correspondent of the New York "Herald Tribune," that
a plan for reorganizing the League and freeing it
from connection with the peace treaties had been
under discussion for a week by "high League authorities," and for the report from Geneva, on Nov. 21, of
a forthcoming proposal, attributed without authority to Prime Minister Ramsay MacDonald, for a
conference of a few Powers to consider the general
political situation. The intention of Italy to leave
the League was denied at Rome,but outspoken newspaper attacks were again in evidence on Nov. 24, the
"Giornale d'Italia" remarking caustically that
"there is not enough room to hold all the printed
paper produced by the League, but four pages are
too much to list all the positive results achieved by
such crowded and busy offices." On the same day
the London correspondent of the New York "Times"
wrote that Mr. MacDonald was "known to be halfhearted" about the League, and that if there was
need of saving the League it was not Great Britain
that desired to •be the savior.
The attacks on the League undoubtedly had an
influence upon the reception by France of the Hitler
overtures. Nearly a week before Chancellor Hitler
gave his interview, Premier Sarraut told the Chamber of Deputies that he was willing to negotiate with
Germany, but that the talks must not be secret but
known to France's allies and associates, and that
they must have a diplomatic preparation "within
the framework of the League." The suspicion that
Great Britain was ready to part company with
France in the discussion of Germany's demand for
arms equality aroused some hostile feeling in
France, and while the adjournment of the Disarmament Conference, on Nov. 22, to some unsettled date
in January served to ease the tension, French
opinion remained sharply divided on the question
of accepting Hitler's offer. A Ministerial crisis
which for some time had been regarded as inevitable
shortly added its complication to the international
situation. On Nov.24, the same day that Chancellor
Hitler had his long talk with the French Ambassador at Berlin, the Sarraut Government was overthrown on the budget issue. The new Government
formed by Camille Chautemps, the tentative composition of which was announced on Monday,is substantially identical with its predecessor. It has not
yet met a decisive test in Parliament, but political
prediction does not give it a long lease of life.
The pressure upon France to meet Germany halfway is nevertheless very strong. Both within and
without France it is realized that Chancellor Hitler's
advances have placed France in a position where it
must either credit the German Government with
good faith and accept the suggestion that differences be discussed, or else reject the overtures and
assume responsibility for continuing the present
irritation. There are significant intimations that,
if it refuses to confer, it will weaken its position
with some of its allies. The Paris correspondent
of the New York "Times," in transmitting a summary of the conversation between Chancellor Hitler
and Ambassador Andre Francois-Poncet, on Nov.24,
3891
added that while it was understood that the Austrian situation was not mentioned,"it can, however,
be now revealed that some weeks ago Berlin approached Prague with somewhat similar proposals
for pacific negotiations such as had been begun with
Poland"—negotiations which have since resulted in
a marked disappearance of ill feeling between
Poland and the Reich—and that "while the Warsaw
Government kept its intentions secret from France,
Foreign Minister Benes of Czecholovakia is understood to have informed the French Foreign Office."
A member of the Daladier party, writing in the
Paris paper "Notre Temps," on Nov. 22, pointed out
that the question of an Austro-German Anschluss
is of more importance to Italy than to France, that
France is less concerned than Great Britain in the
matter of the German colonies, and that the Polish
Corridor question is being settled between Germany
and Poland without French aid. Sir John Simon,
British Foreign Secretary, declared in the House of
Commons on Nov.24 that "Germany is not a target
for dictation; she is a partner for discussion," and
that British influence would be exerted to bring
France and Germany together. Both Italy and
Poland, it is understood, have urged France to
confer.
Still other influences are working upon French
opinion. Reports from Vienna during the past week
have indicated a suggestive weakening of opposition
to the Nazis on the part of the Dollfuss Government,
and the possibility of a Cabinet reconstruction which
will admit moderate Nazi representatives. If Austria "goes Nazi," as it has been freely predicted that
it would eventually, a working agreement with the
Reich will not be long deferred. A closer rapprochement is also noted between Austria and Hungary,
and leadership in the disarmament debate has obviously passed to Italy. The contention of French
reactionaries that Germany is demanding the retrocession of the Saar is offset by the recognition that
the Saar is strongly pro-German,and that there is no
great sympathy now with the control of the region
which France exercises through the League. The
internal condition of France, too, has become disquieting. On Sunday "some hundreds of thousands
of farmers" and 30,000 coal miners were reported as
marching on "dozens of cities and towns" in a protest against high prices of food and merchandise,
low prices of produce, long working hours and low
wages. The Paris correspondent of the New York
"Times" drew an ominious picture of the situation
on Wednesday,"with the first hunger marchers only
two days' distance from the capital, unrest all over
the country, alarm among the moneyed classes, and
complete disunion in Parliament both as to measures of financial reform and the policy to be adopted
in regard to Germany," and the Treasury situation
"at least delicate." To refuse, under such conditions, to recognize Germany's friendly gesture seems
like a deliberate courting of serious danger.
Expediency of Declaring Scrip Dividends in
Periods of Declining Earnings is Influencing
Directors.
In a period of general declining earnings of corporations it appears as if the management of Electric Bond & Share Company has changed its policy
as to the declaration of dividends payable in shares
of stock instead of making cash payments to stockholders. On November 15 the directors omitted the
3892
Financial Chronicle
Dec. 2 1933
customary dividend on that issue, the management maintain cash dividends upon the expanded capital.
having announced last January that dividends will
Electric Bond & Shareholders directors decided
be acted upon annually instead of quarterly.
this month to omit the dividend payable in shares,
Electric Bond & Share is one of a number of cor- the action being based upon the decline in earnings
porations which adopted a practice of making divi- applicable to the common stock, which have fallen
dends payable in shares instead of in cash. The from $3.46 a share in 1931 to 41 cents for 12 months
effect of this policy has been steadily to enlarge the ended last September.
amount of stock outstanding. As long as net earnings were increasing from year to year shareholders
The Course of the Bond Market.
gladly accepted the extra shares provided for by
Bonds were stronger this week, continuing last week's
the stock dividends and they had the option of rally. Early in the week, especially, the market acted
well
adding them to their holdings or of selling them in under the impression that the Government was about to
the open market and obtaining money in this manner pursue a more conservative monetary course, as the RFC
instead of through the customary manner adopted price for gold had remained unchanged for six days in sucby most prosperous corporations of distributing cession. On Tuesday, however, the quotation was raised
earnings by means of cash dividends.
again and Government bond prices lost nearly a point on
The desirability of making dividends payable in the average. Later in the week they recovered part of this
shares instead of cash is debatable. With each loss, even though the gold price was raised still higher.
Gilt edge corporation bonds took their cue largely from
forthcoming stock dividend the total amount of
shares outstanding is of course increased,thus creat- U. S. Government issues. Medium and lower grades, on
ing a greater surface over which earnings have to the other hand, seemed to respond to expectation of a combe spread when the declaration of a cash dividend ing rise in business activity early next year. This section
was considered. With this surface constantly ex- of the market was relatively the strongest this week. In
panding and earnings contracting in all lines of some eases this may have been due also to the fact that very
business as they have since 1929, declarations of low prices had been reached on the preceding decline and that
stock dividends naturally became less attractive some rebound was natural. Medium grade utility bonds,
especially as stock market values have declined for instance, fell two weeks ago almost to the lowest levels
greatly and in a sagging market the sales of shares of 1932.
The Federal Reserve banks made no change in their
obtained through stock dividends naturally would
holdings of U. S. Government securities. Short term
tend to depress further the market quotations.
money rates were advanced slightly. The Treasury anWhen the markets were strong, buoyant and acnounced the closing, as of Dec. 2, of its books for the contive the stock dividend policy made Electric Bond
version of the 4th Liberty Loan.
& Share common a very popular issue with a large
Railroad bonds were firm to strong. High grade issues
coterie of small speculators and the issue often was
recovered further, Atchison Topeka & Santa Fe gen. 4s,
very active and strong, the prospect of more stock
1995,from 87 to 893%, Pennsylvania 43/2s, 1960, from 1003%
dividends furnishing a ground for underlying
to 101 and Union Pacific 4s, 1947,from 963% to 983%. Even
strength. Another popular feature of Electric Bond larger gains
were recorded in certain of the medium grade
& Share was the exchange of one old share of common issues. New York Central 43%s,
2013, gained 2 points,
stock for three new shares $5 par made effective from
4
4
553/2 to 573/2, Illinois Central 43 s, 1966, 23 points,
some years ago. There are outstanding 5,190,275 from 533% to 56, Delaware & Hudson 4s, 1943, 454 points,
shares of no par common; 300,000 shares of $5 from 73 to 773( and Pennsylvania 43/2s, 1970, 43/2 points,
cumulative preferred and 1,155,655 shares of $6 from 71 to 7532. Lower priced issues did not change much.
cumulative preferred.
Railroad news was mixed-October earnings did not make as
In 1929 the common stock sold up to 18912 and favorable comparison with 1932, as other recent months,
/
in 1931 the top price was 61, the range in 1932 be- but carloadings showed good resistance to the normal downing from 48 down to 5. In 1928 the range of the ward seasonal trend.
While some uncertainty was still apparent this week,
$6 preferred shares was from 107 to 11178 and in
/
1932 this issue fluctuated between 67 and 19. In nevertheless most utility bonds showed a fair degree of recovery. High
made
1930 the top for the $5 preferred was 98%, but last lyn Edison 5s, gradeswere fair gains for the week. Brook1949,
up 13/2 to 105, Consolidated Gas
year the range was from 59I/ to 16 .
2
/
1
2
3
of N. Y. 5s, 1957, were up % to 96, and Duke Power 43%s,
The North American Company, successor of the 1967, gained 3 to 93. Lower grade issues that showed prog4
old Oregon & Transcontinental Company and con- ress included South Carolina Power 5s, 1957, up 234 to 443 ,
trolling one of the largest groups of electric light and Public Service of Northern Illinois 5s, 1956, up 43% to 70.
An improved tone was seen this week
and power companies in the world, having been in- Issues of the highest grade recouped in industrial bonds.
prior losses in many
corporated in 1890, pursued a course similar to instances, Standard Oil of N. J. 5s, 1946 gaining IX of a
Electric Bond & Share. No attempt is here made point to 1043%. Liggett & Myers Tobacco 7s, 1944, were up
2 to 121. Steel issues showed strength as further improveto consider the merit of securities.
Well versed investors understand that when a ment in the industry's activity was recorded. Youngstown
Sheet & Tube 5s, 1978, were % of a point
growing corporation finds it necessary to invest a National Steel 5s, 1956, were X higher to higher to 70,
88 and Inland
large portion of its earnings in its expanding plants Steel 43%s, 1978, were 1 higher to 85. Tire and rubber issues
in order to keep abreast with demand for its prod- as a group were up, U. S. Rubber 5s, 1947, being a strong
ucts the practice is quite common to reimburse spot, up 2 to 65.
Among the foreign bonds, German issues maintained last
shareholders for the withholding of cash dividends
week's strength. Other groups showing little change from
by the payment of dividends in scrip calling for last week's levels included Finnish, Japanese and
Italian
additional shares of stock, the additional issue of issues. A tendency to sell off was seen among the obligastock being backed by the investment of cash in tions of Argentina, Chile and Denmark. Gold currency
bonds revealed irregular movements of no great magnitude.
plant assets.
The plan operates very well in times of prosperity The general average of 40 foreign bonds remained at approximately the same level during the entire week.
but the ill effect appears when in an adverse period
Moody's computed bond prices and bond yield averages
earnings decline and income is not sufficient to are given in the tables below:
Financial Chronicle
Volume 137
MOODY'S BOND PRICES.•
(Based on Average Yields.)
1933
Daily
Averages.
Dec. 1
Nov. 30
29
28
27
25
24
23
22
21
20
18
17
16
15
14
13
11
10
9
8
7
6
4
3
2
1
Weekly
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 28
19
12
Apr. 28
21
14
13
7
1
tar, 24
17
10
•3
Feb. 24
17
10
3
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year Ago
Dec.1 1932
Two Years Ago
Dec.1 1931
AN
120
Domes-
120 Domestics by Ratings.
Aaa.
81.54 102.47
81.42
81.18
81.30
80.72
80.37
79.34
79.45
80.03
80.26
80.49
80.26
80.37
81.42
82.26
82.74
83.35
83.48
84.35
84.72
102.47
102.47
102.47
102.14
101.97
101.47
101.31
101.81
102.47
102.47
102.14
102.14
103.15
103.48
103.82
104.16
103.99
104.85
105.37
85.10
85.35
85.48
85.61
85.74
105.72
105.89
105.89
106.25
106.25
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
106.78
107.49
107.49
106.78
106.25
105.54
107.67
107.31
107.67
107.85
107.85
107.67
107.14
106.96
106.96
106.25
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
99.86
99.68
97.78
75.61 100.00
74.46 99.84
74.77 99.52
77.88 101.64
79.11 102.30
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.86
81.66
92.39
74.15
82.62
57.57
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
108.03
97.47
103.99
85.61
78.77 101.64
Aa.
A.
Boa.
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
RR.
90.69
Stock
90.69
90.41
90.55
89.59
89.31
88.36
88.36
89.04
89.04
89.17
89.17
88.50
89.59
90.69
91.25
91.53
91.67
92.68
93.26
Stock
93.85
94.14
94.43
94.73
95.18
78.99 62.56 79.68
Excha nge do Bed
78.66 62.48 79.45
78.66 62.17 78.99
78.66 62.40 79.22
78.21 61.79 78.21
77.88 61.34 77.66
76.89 60.16 76.57
77.00 60.38 76.46
77.77 60.82 76.89
77.77 61.04 77.00
78.10 61.34 77.33
77.77 61.19 77.22
78.32 61.19 76.89
79.34 62.40 78.32
79.91 63.27 79.22
80.26 63.98 79.80
80.84 64.71 80.26
81.30 64.71 80.37
82.14 65.54 81.78
82.74 65.71 82.38
Excha nge Co Bed
83.23 65.79 82.87
83.35 66.04 83.23
83.48 66.04 83.35
83.85 66.04 83.72
83.85 65.96 83.85
95.63
97.16
97.62
96.39
95.93
95.33
98.25
97.47
98.25
99.04
100.00
100.33
100.00
99.52
99.36
99.04
97.62
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
84.48
87.33
89.17
Stoat
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
100.33
82.99
89.72
71.38
87.30
P.O. Indus.
72.16
95.18
71.96
71.87
71.96
71.48
71.29
70.05
70.33
71.00
71.48
71.96
71.67
71.38
72.45
73.25
73.95
74.67
74.98
75.82
76.25
95.33
95.48
95.48
95.18
95.03
94.68
94.58
95.18
95.03
94.88
94.58
95.33
96.39
96.85
97.16
97.47
97.31
97.62
97.62
76.67
77.00
77.11
77.33
77.33
97.78
97.62
97.78
97.94
97.78
85.35 67.33 85.45
86.38 67.42 87.30
86.64 68.31 88.10
84.72 66.73 86.64
84.60 66.47 86.38
84.97 66.73 86.38
87.69 71.09 90.27
86.91 70.90 89.59
87.83 72.26 91.11
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Exch ago Clo Bed
73.95 54.80 71.09
72.65 53.28 ,70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Enlist age CM sod
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
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
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
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
70.05
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
60.01
83.72
83.85
75.29
3893
69.96
All
1933
120
120 Domestics by Rat ng*.
Daily
DomesAverages, tic.
Aaa.
Aa.
A.
Ban.
Dec. I__
Nov.30__
29_ _
28..
27._
25__
,24__
23._
22....
21._
20._
18._
17...
16._
15_
14_
13._
11._
10._
98_
7-6-4_
3-2..I__
Weekly
Oct. 27._
20._
13-6-Sept.29__
22._
15._
8_ _
I__
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. Ago
Dec.1 '32
2 Trs.Ago
Dee. 1 .
52
6.08
4.60
5.37
6.09
6.11
6.10
6.15
6.18
6.27
6.26
6.21
6.19
6.17
6.19
638
6.09
6.02
5.98
5.93
5.92
5.85
5.82
4.60
4.60
4.60
4.62
4.63
4.66
4.67
4.64
4.60
4.60
4.62
4.62
4.56
4.54
4.52
4.50
4.51
4.46
4.43
5.37
5.39
5.38
5.45
5.47
5.54
5.54
5.49
5.49
5.48
5.48
5.53
5.45
5.37
5.33
5.31
5.30
5.23
5.19
5.79
5.77
5.76
5.75
5.74
4.41
4.40
4.40
4.38
4.38
5.15
5.13
5.11
5.09
5.06
5.66
5.60
5.56
5.67
.5.70
5.70
5.45
5.49
5.43
5.37
5.33
5.3:
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
4.35
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
5.03
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
443
4.42
4.45
4.42
4.48
4.28
4.91
4.51
5.75
6.32
4.65
6.30
Stock
6.33
6.33
6.33
6.37
6.40
6.49
6.48
6.41
6.41
6.38
6.41
6.36
6.27
6.22
6.19
6.14
6.10
6.03
5.98
Stock
5.94
6.93
5.92
5.89
5.89
120 Domestics
by Groups.
RR.
40
For'
P. U. Indus. signs.
8.05
6.24
6.95
Excha nge do sed
8.06
6.26
6.97
8.10
6.30
6.98
8.07
6.28
6.97
8.15
6.37
7.02
8.21
6.42
7.04
8.37
6.52
7.17
8.34
6.53
7.14
8.28
6.49
7.07
8.25
6.48
7.02
8.21
6.45
6.97
8.23
6.46
7.00
8.23
6.49
7.03
8.07
6.36
6.92
7.96
6.28
6.84
7.87
6.23
6.77
7.78
6.19
6.70
7.78
6.18
6.67
7.68
6.06
6.59
6.01
7.66
6.55
Excha nge do Bed
7.65
5.97
6.51
7.62
5.94
6.48
7.62
5.93
6.47
5.90
6.45
7.62
5.89
6.45
7.63
5.06
8.98
5.05
5.04
5.04
5.06
5.07
5.10
5.10
5.06
5.07
5.08
5.10
5.05
4.98
4.95
4.93
4.91
4.92
4.90
4.90
8.99
8.98
9.01
8.99
9.02
9.05
9.09
9.12
9.14
9.18
9.24
9.16
9.17
8.19
9.17
9.15
9.13
9.09
9.07
4.89
4.90
4.89
4.88
4.89
9.08
9.03
9.03
9.01
9.02
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
9.05
9.40
9.13
9.22
9.39
9.62
9.36
9.34
9.27
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
5.76
5.47
5.36
5.23
524
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
6.34
7.47
5.76
5.77
7.46
5.62
6.33
5.69
7.36
5.56
6.27
5.67
5.67
6.47
5.82
7.54
5.69
6.48
7.57
5.83
5.69
6.51
7.54
5.80
6.15
7.06
5.40
5.59
6.18
5.45
5.65
7.08
6.10
6.94
5.34
5.58
6.86
5.29
6.00
5.52
0.75
5.28
5.88
5.51
5.26
5.86
5.51
6.73
5.26
5.78
6.65
5.48
5.76
5.26
6.60
5.48
582
5.28
6.70
5.55
5.25
5.73
6.51
5.55
5.35
5.82
6.63
5.85
5.50
4.89
5.77
6.83
5.63
5.94
6.96
5.83
6.00
5.75
5.91
7.13
5.06
7.16
5.71
5.92
6.11
5.75
5.97
7.29
5.84
6.14
6.06
7.39
6.20
7.51
5.93
6.15
6.29
7.67
6.07
6.27
6.58
8.05
6.34
6.51
8.63
6.73
6.76
6.72
7.03
6.96
9.02
6.95
Stock Excha nge Co sod
6.70
7.06
6.77
9.17
6.84
7.11
6.90
9.42
6.83
7.03
9.32
6.88
6.38
8.79
6.80
6.59
8.17
6.71
6.45
8.60
Stock Excha ago Co Bed
6.54
9.27
7.22
6.96
6.16
6.85
8.68
6.55
5.89
6.62
6.26
8.31
572
8.06
6.41
6.08
5.72
655
6 17
8 21
5.60
6.55
6.11
8.00
5.55
7.98
6.66
6.12
5.48
7.83
6.60
6.05
5.55
6.27
8.18
6.97
5.47
5.19
6.42
5.47
7.17
7.22
6.98
9.44
5.59
6.30
6.34
7.41
7.66
9.23 12.96 10.49
8.35
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
10.46
5.62
6.64
5.90
5.89
10.51
8.39
7.18
10.05
10.20
9.88
9151
9.61
9.99
8.61
1.1.19
9.88
15.81
7 n2
A 12
A R7
7 9A
087
8.08
5.95
7.07 12.91
69.31 50.74 62.33 83.11 71.00
Notes.-.These prices are computed from average yied on the basis of one "ideal" bond (4(% coupon, maturing 14,31 years) and do no 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 ot.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.
71.38
94.14
84.10
Gold BuyinglPolicy of Administration Fails to
Advance Commodity Prices.
[Fiusa P. S. GLASSEY in United Press, Nov. 26.
United Press.]
Copyright, 1988,
by
One month after the Reconstruction Finance Corporation
inaugurated its gold buying policy in an effort to lift commodity prices, the general price level had actually declined
a fraction of 1%, a United Press survey disclosed to-day
.(Nov. 26). Experiments with the so-called commodity dollar began on Oct. 25, and since that date the Reconstruction
Finance Corporation has raised its official gold quotation to
$33.76 a fine ounce, an advance of 13.29%. Theoretically,
the commodity movement should have paralleled this gain.
Instead, the United Press-Dun Bradstreet index of 30 basic
commodities has fluctuated in a narrow range, and at yesterday's close stood at 99.79 against 100.22 on Oct. 24, representing a drop of 0.43%. The 1930-1932 average for this
index is fixed at 100 and the 1926 average-often mentioned
as the goal of the Administration in its current campaign
is 171.52.
The course of other markets has been more in line with
generally accepted inflationary behavior. While the gold
value of the dollar was being cut 11.72%, the average price
of 40 domestic bonds fell 4.74%. United States Treasury
issues dropped 2.91%,and, in contrast, the value of 10 foreign
government bonds was up 3.18%. Thirty industrial stocks
showed an average advance of 8.68% in the month.
Meanwhile business activity has been retarded slightly,
but this 'was partially the result of seasonal influences.
Steel operations last week were at 26.9% of capacity, compared with 31.8% four weeks ago. Freight loadings in the
latest recorded period totaled 599,289 cars against 650,482
cars a month earlier. Electricity output showed a negligible
loss of 0.1%.
Turning again to commodities, where the interest of
official Washington is apparently focused, price changes
since Oct. 24 have painted a confused picture. Theoretically,
a depreciated dollar should stimulate the prices of commodities imported into this country, while exerting a lesser effect
upon products with a large export market. This theory
seems to have been sustained in the action of such imports
as rubber and tin. The former spurted 1%c. to a price of
9%c. during the period, while tin advanced 6c. to 532 a
/
1c.
pound. But silk-obtainable solely from abroad-actually
declined 23%c. to $1.43.
Among the so-called "export" crops, cotton rose in price
from 9.7c. a pound on Oct. 24 to 10.1c. yesterday, but wheat,
in the period, dropped 3%c. to 83c. a bushel. The corn-hog
farmer of Iowa cannot yet hail the gold buying policy as
the solution of his difficulties, for the price of corn has
dropped 3
4c. a bushel since Oct. 24, and his hogs sold at 3.75c.
a pound at Chicago yesterday against 4.15c. in the fourth
week of October, after sinking to the lowest level since May
during the past week.
Similarly, the rancher of the Middle West has seen the
price for steers fall from 5.3e. a pound to 4.6c. in one month.
Financial Chronicle
3894
A year ago the packers were paying him 4.75c. To the cattle
raiser the commodity dollar is still no more than an economist's catch-word.
The following tables compare the closing prices of 10 representative stocks yesterday and a month ago, as well as the
percentage changes in various monetary, commodity and
security indexes during the period:
Price Changes in 10 Common Stocks.
StockClose Nov. 25.
Close Oct. 24.
United States Steel
39%
45
General Motors
32(
27
American Tel. & Tel
120%
114
Consolidated Gas
39%
41
General Electric
31
2
6
1834
New York Central
32%
Allied Chemical
141
123%
du Pont
88%
76
J. I. Case
62
72%
Schenley Distillers
26i
35
Change.
Up g
Up 53
Up 5
Off 2
Up 1
Up 4
Up 17
Up 12i
Up 10%
Off 8%
Financial Indexes Since Start of Gold Buying by
Reconstruction Finance Corporation.
Nov. 25.
Oct. 24.
% Change.
RFC gold price
up 13.29
$33.76
$29.80
Gold value of dollar
61.23 cents
Off 11.72
69.36 cents
Pound sterlin in New York .
.
73
Up 5.42
French franc In New York. 5.86 cents]
6.17% cents
ply
United Press commodity
Index
100.22
199.79
.'""1$‘11 Off 0.43
'OW Off 4.74
40 domestic bonds
79.90 11
83.58
"W Up 3.18
10 foreign bonds
- wr 103.18 "w
100.00
100
1 , r Off 2.91
111 1711,11
U. S. Government bonds 103
30 industrial stocks
199.28
*"."' Up 8.68
91.351
-b
'''Note7--bideices for 40 domestic=:ids and 30 industrial stocks compiled
by Dow-Jones & Co.; index for United States Government bonds and
10 foreign bonds compiled by United Press.
Federal Deficit Mounting-Total atTEnd of October
$7,589,000,000, According to National Industrial
Conference Board.
The Federal deficit, or the difference between ordinary
Federal receipts and expenditures chargeable against them,
vigai has lieen accumulating since January 1931 71,
- -7
a total of $7,589 million at the end of October 1933, accordfinances issu=SI inrtrairrialiar;f FtWar
- -O7 e
by the National Industrial Conference Board._According
to the Board, this total represents the accumulation of
deficits incurred in the last three fiscal years and in the first
Dec. 2 1933
four months of the current year. The deficit for the year
1930-31 was $903 million; for 1931-32, $3,153 million; for
1932-33, $3,069 million; for the first four months of the year
1933-34, $464 million, making a total accumulated deficit
of $7,589 million. In making public these figures, the
Board says:
The Federal deficit was brought about by a decline in revenues, especially
Income tax receipts, and a concurrent increase in expenditures, particularly
for emergency purposes. Receipts were $2,057 million less in 1931-32 and
$1,940 million less in 1932-33 than in 1929-30, while expenditures were
11.280 million more in 1931-32 and $1,313 million more in 1932-33 than
In 1929-30. The same causes produced the shrinkage of receipts and the
expansion of expenditures. Both these phenomena were due directly or
indirectly to the depression, which reduced the tax receipts of the Federal
Government and at the same time led to additional outlays designed to
combat the depression or to alleviate its consequences.
The deficit of $464 million for the first four months of the current fiscal
year was $524 million less than the deficit for the corresponding period of
last year, which totaled $988 million. The reduction of the amount of the
deficit was due to increase of receipts, which were $363 million more in
the four months July to October 1933 than in the corresponding four-month
period of 1932, and decline in expenditures, which were $161 million less
in the same four months of the current year than in the corresponding
months of the preceding year.
With respect to the fiscal experience of the last four
months, the Conference Board statement makes this comment:
It may well be noted with surprise, in view of the ambitious program of
the Administration, that expenditures have fallen below those of the corresponding period of 1932. Whether such expenditures exceeded those
of a similar nature in 1932 there is no means of knowing exactly. It would
seem that the Government's emergency program, however great its promise,
has hardly got under way.
The Board also says:
It should be noted that with the beginning of the current fiscal year,
July 1 1933, the Treasury adopted a new method of reporting current
expenditures in its daily statements, under which emergency expenditures
are segregated from general expenditures. In the total of $1.447 million
expenditures for the first four months of the current fiscal year $399 million
are charged to emergency and $1.048 million to other expenditure. As
total receipts were $983 million, it will be seen that, apart from expenditures
classed as emergency, receipts and expenditures approach a balance. The
deficit for the four months so computed appears as $65 million, or at the
rate of approximately $200 million for the year. When emergency expenditures are included, however, it appears that the Government is still
running a large deficit, $464 million for the first four months, or at the
rate of approximately $1.4 billion for the current year.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Dec. 1 1933.
Business slowed up somewhat during the week. The
only thing that kept the percentage of gain above that of
last year was the promotion of special sales at reduced prices.
The uncertainty over the monetary situation has retarded
business. Consumer demand has fallen off. Warmer
weather in some sections served to check the demand for
heavy wearing apparel and winter merchandise, while in
others it stimulated buying of Christmas merchandise.
Industrial activity on the other hand makes a pretty good
showing. Steel output gained slightly during the week and
it is expected to show a further increase in December.
Electric output and carloadings showed little change but
they are still above the comparative figure of last year, and
while the production of lumber was further curtailed orders
increased, reaching the highest total since October 1930.
Production of automobiles for the fourth quarter are expected
to run well ahead of last year. Retail business showed some
improvement abetted by a good holiday trade. Women's
apparel and coats were in less demand, but there were
larger sales of dinner and evening gowns. Fur garments
sold well, and there was a better sale of shoes and evening
slippers. Sales of children's coats and boys' suits were of
good volume. In the furniture line there was a falling off in
sales, but business was of good volume. Wholesale buying
fell off during the week. Most of the business was in wearing
apparel and buying of Christmas requirements. The dry
goods market was rather quiet, but indications point to a
better demand before very long. There was a good demand
for woolen goods, with men's wear selling more readily than
women's wear. Orders for glassware were larger. Commodities after showing some decline early in the week rallied
later on and in some instances are higher than a week ago.
Cotton advanced at times owing to a rise in the Government gold price, a weaker dollar, higher sterling and better
Liverpool cables, but liquidation of December and other
selling caused a setback and there is a net decline for the week
of 2 to 5 points. The grain markets were generally lower
with wheat and rye showing the most weakness. Wheat
shows a decline fo 23/i to 33'3c. for the week and rye 53/i to
63/c. while corn and oats are 1 to 2 points lower. Stocks of
2
wheat are steadily decreasing at leading points, Chicago
having the smallest stocks in several years. An adverse factor was the placing of an embargo on foreign wheat by Italy.
The monetary situation was the dominating influence.
Sugar advanced with December liquidation practically completed. Hides were firmer and leather was unchanged as
compared with a week ago. Cotton goods were in better
demand early in the week but of late buying fell off. Wool
was in better demand and firmer. Coffee, rubber, silver
and silk are all lower for the week.
The weather during the week, over most of the country,
has been generally fair and unseasonably mild. To-day it
was fair here. The forecast was for fair and colder. Overnight at Boston it was 38 to 66 degrees; Baltimore, 48 to 74;
.
Pittsburgh, 36 to 60; Portland, Me., 34 to 66; Chicago,
38 to 50; Cincinnati, 36 to 63; Cleveland, 36 to 44; Detroit,
30 to 50; Charleston, 52 to 74; Milwaukee, 28 to 50; Dallas,
62 to 76; Savannah, 52 to 76; Kansas City, Mo., 40 to 54;
Springfield, Mo., 54 to 68; St. Louis, 48 to 52; Oklahoma
City, 62 to 74; Denver, 32 to 44; Salt Lake City, 30 to 40;
Los Angeles, 46 to 60; San Francisco, 46 to 58; Seattle, 3$
to 44, and Winnipeg, 16 below to 26 above.
Loadings of Revenue Freight Declined During Latest
Week, But Exceeded Corresponding Period in
1932, by 17.8% and 1931 by 4.0%.
Loadings of revenue freight for the week ended Nov. 25
1933 amounted to 581,347 cars, a decrease of 17,942 cars, or
2.9%, below the preceding week and an increase of 88,029
cars, or 17.8% over the corresponding period in 1932. It was
also an increase of 22,549 cars above the corresponding
week in 1931. Total loadings for the week ended Nov. 18
1933 were 4.6% in excess of those for the week ended Nov. 19
1932.
The first 16 major railroads to report loaded 252,456 cars
on their own lines during the week ended Nov. 25 1933, as
compared with 261,899 cars in the previous week and 216,863
cars in the week ended Nov. 26 1932. Comparative statistics
follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Reed from Connections.
Loaded on Lines.
Weeks Ended.
Atch. Topeka Jr Santa Fe Ry---Chesapeake & Ohio Ry
Chic. Burlington & Quincy RR
Chic. MIlw,St. Paul & Pac. Ry
Chicago Sr North Western BS
Gulf Coast Lines & subsidiaries
International Great Northern RR.
Missouri-Kansas-Texas Lines.
Missouri Pacific RR
New York Central Lines
N.Y.Chicago & St. Louis Ry. Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific System
Wabash RY
Nos. 25 Nov. 18 Nov. 26 Nov. 25 Nov. 18 Nov. 26
1933. 1933. 1932. 1933. 1933. 1932.
19,953
20,118
16,457
16,654
13,599
2,421
2,175
5,173
13,465
37.940
3,675
14,826
54,256
4,280
22,221
5,243
21,575
21,108
17,089
17.722
14,085
2,206
2,164
5,315
13,830
40,058
3,707
16,494
53,883
4,003
23,353
5,307
18.278 4,312 4,853 4,215
18,492 7,175 8,209 6,720
13,340 6.141 6.554 5,596
14,656 5.754 5,781 5,830
10,832 8,304 8,345 7,480
993
941
2,549 1.192
1,702 1,650 1,516 1,787
4,519 2.796 2,618 2,109
12,229 6,721 6,851 6,492
32,795 53.961 53,310 46,141
2.954 7,853 7.325 6,541
15,026 3,293 3,036 2,971
43,897 31,085 32,244 28.453
3,737
17,787
4,070 6.928 6,328 6,118
252,456 261,899 216,863 147.165 147,911 131,446
Total
Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Nov. 25
1933.
Nov. 26
1932.
20.739
27,226
13,059
18,457
23,517.
11,266
58,103
Total
Nov. 18
1933.
19,894
25,508
12,705
Weeks Ended
Chicago Rock Island & Pacific System
Illinois Central System
St. Louis-San Francisco Ry
61,024
53,240
Loading of revenue freight for the week ended Nov. 18
totaled 599,289 cars, the American Railway Association
announced on Nov. 24. This was an increase of 21,613
cars above the preceding week this year and an increase of
26,666 cars above the corresponding week in 1932, but a
decrease of 54,214 cars below the corresponding week in
1931. Details follow:
Miscellaneous freight loading for the week of Nov. 18 totaled 207,487
cars, an increase of 3,270 cars above the preceding week and 17,594 cars
above the corresponding week in 1932, but a decrease of 26,887 cars below
the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 165,174
cars, a decrease of 462 cars below the preceding week. 5,078 cars below the
corresponding week last year and 43,859 cars below the same week two
years ago.
Grain and grain products loading for the week totaled 32,452 cars, an
increase of 4,422 cars above the preceding week, and an increase of 2,856
cars above the corresponding week last year, but a decrease of 4,420 cars
below the same week in 1931. In the Western districts alone, grain and
grain products loading for the week ended Nov. 18 totaled 21,420 cars, an
increase of 2,377 cars above the same week last year.
Forest products loading totaled 24,007 cars, an increase of 346 cars above
the preceding week, 7,931 cars above the same week in 1932 and 2,780
cars above the same week in 1931.
Ore loading amounted to 4,611 cars, a decrease of 2,840 cars below the
preceding week, but 1,620 cars above the corresponding week in 1932. It
was, however, a decrease of 290 cars below the same week in 1931.
Coal loading amounted to 135,803 cars, an increase of 14,732 cars above
the preceding week but 2,105 cars below the corresponding week in 1932.
Compared with the same week in 1931 it was, however,an increase of 19,104
cars.
Coke loading amounted to 7,372 cars, an increase of 1,639 cars above
the preceding week, 2.403 cars above the same week last year and 2,522
cars above the same week two years ago.
Live stock loading amounted to 22,383 cars, an increase of 506 cars above
the preceding week and 1,445 cars above the same week last year, but
a decrease of 3,164 cars below the same week two years ago. In the Western districts alone loading of live stock for the week ended Nov. 18 totaled
17,242 cars, an increase of 748 cars compared with the same week last
year.
All districts except the Pocahontas showed increases compared with
1932, but all reported decreases compared with the corresponding week in
1931 except the Pocahontas, which showed an increase.
Loading of revenue freight in 1933 compared with the two previous years
follows:
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
Week ended Nov. 4
Week ended Nov. 11
Week ended Nov. 18
Testal
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
607,785
577,676
599,289
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
587.302
536.687
572,623
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
717,048
689,960
653,503
25814 114
25 202 252
22 517 AAR
Decrease of Approximately 2% Reported in Department
Stores Sales in New York Federal Reserve District
During October as Compared With October Last
Year.
According to the New York Federal Reserve Bank,"October sales of the reporting department stores in the Second
(New York) District were slightly less than 2% below those
of the corresponding period of a year ago, or approximately
the same decline as that indicated for September." In its
Dec. 1 "Monthly Review" the Bank adds:
Stores in several localities including New York City, Buffalo. Newark.
Northern New York State, and the Capital District reported more favorable
year to year comparisons in October than in the month previous, and
Syracuse and Southern New York State stores continued to report increases
3895
Financial Chronicle
Volume 137
in sales although of somewhat smaller proportions than in immediately
preceding months. Of the remaining localities. Rochester and Hudson
River Valley stores reported declines in sales following increases In September, and the Bridgeport stores reported no change in sales from a year ago,
following sizable increases in the previous two months. Sales of the leading
apparel stores in this district were about 4% larger this year than last;
this represents a resumption of the increases reported in the summer months.
Sales of the leading department stores in the Metropolitan area of New
York during the first half of November were 2% larger than in the corresponding period 'a year ago, following decreases in the previous two months.
but it is not clear that this increase represents a material change in the
situation, as retail business last year was not as good in November as in
September and October.
In department stores in most localities and in apparel stores also, the
ratio of collections to accounts outstanding continued to be higher this year
than last year. Stocks of merchandise on hand, at retail valuation, remained substantially higher than a year ago, although the increase was not
quite as large as that reported for September.
P. C. Change from a Year Ago.
LocalUtt.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
--Northern New York State
SouthernNew York State_
Hudson River Valley Dist_
Capital District
All department stores
Apparel stores
Oct.
---1.8
+4.2
-1.1
+9.4
-6.7
+2.4
+2.4
+2.9
+10.2
-1.9
+3.8
P. C. of Accounts.
Outstanding
Sept. 30 Collected
in October.
Feb. to
Oct.
Stock
on Hand
End of
Month.
1932.
1933.
--9.5
A-1.9
--1I.4
--2.8
---4.8
+21.0
+2.6
+6.2
-0.8
+15.3
+11.1
--3.0
49.1
34.8
45.6
24.9
38.9
36.1
31.2
52.3
41.4
46.0
29.5
38.8
36.7
30.0
2:1
4
43.1
41:a
+8.7
Net Sales.
-
-6.0
44.7
October sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
October 1933
Compared with
October 1932.
Woolen goods
Silks and velvets
Cotton goods
Men's furnishings
Men's and boys' wear
Shoes
Books and stationery
Women's ready-to-wear accessories
Hosiery
Home furnishings
Linens and handkerchiefs
Toilet articles and drugs
Women's and misses' ready-to-wear
Furniture
Toys and sporting goods
Silverware and jewelry
Luggage and other leather goods
Musical instruments and radio
Miscellaneous
Stock on Hand
Percentage Change
Oct. 311933.
Compared with
Oct. 311932.
+25.7
+7.2
+5.0
+4.2
+2.7
+31.4
1-11.9
+31.4
+38.2
+24.5
+19.8
--0.4
--1.2
--1.5
--4.0
--4.9
--5.4
--7.2
---7.4
--9.0
--11.5
--14.4
--23.1
4-2.0
+32.5
+48.1
+5.2
+16.2
-6.5
+14.0
+25.0
+39.0
-7.7
-0.9
+3.4
+8.3
Index of Retail Prices of Food of United States
Department of Labor Increased 0.2 of 1% During
Period from Oct. 24 to Nov. 7.
The decline in the general average of retail food prices
which has been evidenced for the past four weeks was
halted during the two weeks' period ended Nov. 7, the
Bureau of Labor Statistics of the United States Department
of Labor announced on Nov. 25. The index number of
the general level of retail food prices for Nov. 7, as reported
by Isador Lubin, Commissioner of Labor Statistics, showed
a rise of 0.2 of 1% over the two weeks' period, the announcement said. The index, based on the 1913 average as 100,
moved upward to 106.7, or to nearly 0.7 of 1% of the high
point reached on Sept. 6, when the index registered 107.4.
Present retail food prices are more than 18% above the
low point reached in April when the index registered 90.4.
As compared with the index of 99.4 for November a year
ago, retail food prices on Nov.7 were more than 7% higher.
Continuing, the announcement noted:
The rise in food prices was caused by a general strengthening in the
average prices of eggs, lard and cereal products. Fresh milk, potatoes,
beans, canned and fresh vegetables remained unchanged. Weakening
prices were reported for sirloin and round steak and certain other meat
Items and fresh fruits.
Changes in Retail Price of Food by Cities.
Increases in retail food prices took place in 26 of the 51 cities covered
by the Bureau between Oct. 24 and Nov. 7. New Haven, with a rise
of more than 236%, showed the greatest advance. Kansas City and
Milwaukee showed an increase during the two weeks' period of nearly
2%. Other cities showing an increase of 3 of 1% or more were Boston,
Charleston, Chicago, Indianapolis, Jacksonville, Memphis, Minneapolis.
Mobile, Richmond, St. Paul and Springfield. Ill. The smallest increases
were reported for Birmingham and Los Angeles, where prices rose by
only 0.1 of 1%. No change in the general level of food prices was shown
in Buffalo. Cleveland. Denver, Providence and St. Louis. The greatest
decrease was shown for Savannah, where prices dropped by nearly 2%.
Other cities showing a decrease of more than 1% were Columbus and
Portland, Ore. Retail food prices in Washington, D. C., dropped by
0.6 of 1%.
Comparing prices with Nov. 15 1932. all of the 51 cities covered showed
an increase in retail food prices. Detroit, where food prices dropped
by nearly 3% during the past month, showed the largest increase, being
more than 15% higher than one year ago. Houston, Columbus, Cincinnati, Cleveland, Peoria and St. Paul showed prices 10% or more higher.
Butte and gortland, Ore., showed the smallest increase, rising 2% or
less. In Washington, D. C., the increase was 8%. Percentage changes
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:
3896
Per Cent Change on
Nov. 7 1933,
Compared with
Nov. 15
1932.
Nov. 15
1932.
Commodity.
As compared with an 18% rise since April 1933 for the country as a
whole, New Haven has shown the largest increase by rising more than
24%. Prices in Jacksonville and Norfolk have advanced by slightly
less than 24% in this period. The city showing the smallest rise is Butte,
having increased less than 10%. Retail food prices in Washington, D. C.,
have advanced almost 20% since April.
Changes in Food Prices by Commodities.
Eggs, which increased by nearly 34 %, showed the greatest price ad6
,
vance during the period from Oct. 24 to Nov. 7. Other important items
showing material advances were butter, lard, corn flakes, macaroni, rice,
canned peas and canned peaches. Most meat items showed weakened
prices. Important items showing decided decreases were round steak,
hens, margarine, sugar, bananas and oranges.
,Of the 42 articles of food covered by the Bureau 28 have shown an
Increase during the past 12 months, 13 have recorded a drop, and leg
of lamb is the only Item with an average price on Nov. 7 the same as a
year ago. The following table shows the percentage of change which
has taken place in each of the 45 items covered on Nov. 7 1933 as compared with Oct. 24 1933 and Nov. 15 1932.
Article,
Per Cent Change on
Nov. 7 1933,
Compared with
Nov. 15
1932.
Sirloin
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
Margarine
Cheese
Lard
Vegetable.lard,substltute
Eggs, strictly fresh_
Bread, wheat
Bread, rye
Oct. 24
1933.
-6.7
-5.9
-9.2
-7.8
-10.0
+14.9
+3.6
+1.3
0.0
-9.4
+5.6
+4.7
+13.3
+3.3
-8.4
+3.1
+10.3
-0.7
-2.2
0.0
0.0
-1.0
+0.4
0.0
+0.3
-0.9
-1.0
0.0
0.0
0.0
+0.7
-1.5
-0.4
4.1.1
+1.1
-8.0
+19.4
a
a.nn n
+0.5
+3.3
0.0
0.0
00
Article.
Per Cent Change on
Nov. 7 1933,
Compared with
Nov. 15
1932.
Corn meal
+8.3
Rolled oats
-11.0
Corn flakes
+4.7
Wheat cereal
+7.1
Macaroni
+6.7
Rice
+11.3
Beans, navy
+30.4
Potatoes
+64.3
Onions
+30.8
Cabbage
+39.1
Pork and beans
+1.5
Corn. canned
+6.9
Peas, canned
+7.1
Tomatoes, canned +12.5
Sugar
+9.8
Tea
-1.6
Coffee
-11.6
Prunes
+20.5
Raisins
-5.1
Bananas
+9.6
Oranges
-6.8
Peaches, canned_
a
13Pana onnnarl
Oct. 24
1933.
0.0
0.0
+1.1
0.0
+0.6
+1.5
0.0
0.0
0.0
0.0
0.0
0.0
+0.7
0.0
-1.8
+0.1
0.0
0.0
0.0
-2.8
-3.7
+0.6
•
Net
Sales.
Stock
End of
Month.
+2.7
-16.6
+0.4
•
-22.6
+33.1
+23.5
+20.3
+6.6 +24.5
__
-4.7
-15.2 +10.2
•
•
.._
+5.4
+4.6
-2.3
-3.8 +18.3
____ +144.9
+48.8
____
-20.0
*
____
-10.6
+11.1
+6.4
-18.3
-3.1
____
+10.0
-5.4
+13.4
-18.6
+15.1
____
-15.8
-48.6
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
IIardware
Machine tools a
Stationery
Paper
Diamonds
Jewelry
Percentage
Change
&weer 1933
Compared with
Oaober 1932.
Stock
End of
Month.
Percent of Accounts
Outstanding
Sept. 30
Collected in
Oaober.
1932.
1933,
89.1
35.3
32.5
58.0
44.5
25.8
45.2
45:7
39.4
1 18.8
Weighted average
+17.9
____
49.4
____
52.8
+0.1
• Figures reported by Silk Association of America not yet available. a Reported
by the National Machine Tool Builders Association.
Decided Decrease Reported by National Fertilizer
Association in Wholesale Commodity Prices During
Week Ended Nov 25.
Wholesale commodity prices were decidedly lower during
the latest week according to the index of the National
Fertilizer Association. This index, when computed for the
week ended Nov. 25, declined 10 points, the largest weekly
loss in several weeks. The latest index number is 68.5.
(The three year average 1926-1928 equals 100.) A month
ago the index stood at 68.9 and a year ago at 60.2 Under
date of Nov. 27 the Association added:
During the latest week six groups declined, one group, fertilizer materials,
advanced slightly, and seven groups showed no change. The largest losses
were shown in foods, grains, feeds and livestock and fats and oils. Other
groups that declined were textiles, metals, and miscellaneous commodities.
Thirteen commodities, the smallest number In several weeks, advanced
during the latest week while 32 commodities showed lower prices. During
the preceding week there were 40 price advances and 22 declines. Among
the commodities that advanced during the latest week were wool, tallow,
potatoes, apples, cattle, turpentine and rubber. Among the declining
commodities were corn, oats, wheat, cotton,lard, most vegetable oils, eggs,
flour, hogs, tin, silver and leather.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All groups combined
Latest
Week
Noe. 25
1933.
Preceding
Week.
Month
Ago.
Year
Ago.
70.3
67.8
48.6
66.2
67.1
84.9
78.7
79.0
85.4
47.0
88.2
65.6
70.9
90.8
72.7
67.8
50.3
67.2
67.4
84.9
78.7
79.2
85.4
48.9
88.2
65.3
70.9
90.8
70.6
70.3
50.5
66.1
66.7
84.4
76.8
79.2
83.4
46.7
87.0
65.1
70.8
90.3
60.9
63.7
37.4
44.4
61.5
86.6
70.6
68.1
77.4
48.2
87.3
61.8
67.9
91.9
68.5
69.5
68.9
60.2
ft Il
a Prices not secured.
During the two weeks' period the index number for the cereal greup
showed an increase of 0.1 of 1%, dairy products an advance of 0.2 of 1%,
while meats fell by 0.4 of 1% in average price. Comparing prices with
one year ago cereals have advanced more than 21%, dairy products Increased over 5%, while meats have shown nearly a 3% decline.
The weighted index numbers of the Bureau, which uses the average
prices for the year 1913 as 100.0 were 106.7 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.
Sales of Wholesale Firms in New York Federal Reserve
District During October Increased 18% Over Last
Year-Collections of Accounts Outstanding Higher
"In October, sales of the reporting wholesale firms in the
Second (New York) District increased 18% in comparison
with a year ago," states the Federal Reserve Bank of New
York in its "Monthly Review" of Dec. 1, "a slightly larger
advance than was shown in the preceding month." The Bank
continued:
Sales of hardware, groceries, shoes. and cotton goods increased by
substantially larger percentages than in the previous month; and stationery
and paper firms reported approximately the same increases in sales as in
September; and drug firms showed an increase in sales following declines
In the two preceding months. Orders for machine tools, reported by the
National Machine Tool Buildings Association, were considerably snore
than double those of a year ago, the largest percentage increase since
September 1928. The advance in jewelry sales was less than in the past
three months, however, and sales of diamonds and men's clothing were
smaller than a year ago following increases in the preceding five months.
The grocery and hardware firms continued to report substanclal increases
In stocks of merchandise compared with a year ago, but the remaining lines
of wholesale trade continued to show smaller stocks than last year. Collections In October of accounts outstanding at the end of September averaged
Percentage
Change
October 1933
Compared with
September 1933.
cOcou-3o8r—cti ,00c;c;
Oct 'CCO 1003 COO CO 'CO 'C 010000'CCO 0000010
Ci
Minneapolis
Mobile
Newark
New Haven
New Orleans
New York
Norfolk
Omaha
Peoria
Philadelphia
Pittsburgh
l'ortland, Me.____
Portland, Ore__ _ _
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City___
San Francisco__
Savannah
Scranton
Seattle
Springfield, Ill_
Washington, D.C.
Dec. 2 1933
slightly higher this year than last year, although there was considerable
Irregularity in the various trades.
Oct. 24
1933.
7iTiT7T+77++TTI +T ++TIT7+1
OcDOOOOOO.9o,..909,,66—,06660.
•
+++++ +++I
Atlanta
+9.0
Baltimore
+9.0
Birmingham
+3.8
Boston
+5.7
Bridgeport
+5.7
Buffalo
+8.9
Butte
+1.4
Charleston, S. C___
+6.7
Chicago
+2.9
Cincinnati
+11.3
Cleveland
+10.7
Columbus
+11.5
Dallas
+8.2
Denver
+6.8
Detroit
+15.4
Fall River
+8.0
Houston
+12.6
Indianapolis
+8.5
Jacksonville
+8.4
Kansas City
+4.9
Little Rock
+8.6
Los Angeles
+8.1
Louisville
+9.9
Manchester
+6.0
Memphis
+8.1
Clly.
Oct. 24
1933.
Per Cent Change on
Nov. 7 1933,
Compared with
+++++++..++++++++..++++++++
40000301001CC
00. .;000W04030c..03t40b,6
t
City.
Financial Chronicle
Guaranty Trust Co. of New York Finds Business Outlook Still Obscured by Uncertainties of Currency
Situation.
Stating that "the general business outlook is still obscured
by the complexities and uncertainities of the currency
situation," the "Guaranty Survey" issued Nov. 27, by the
Guaranty Trust Co. of New York continues in part:
The gold-buying program of the Federal Government, originally confined
to newly mined gold in the United States, has been extended into foreign
markets and has resulted in a series of developments that are disconcerting,
to say the least, to adherents of a sound-money policy. The dollar has
depreciated rapidly in terms of gold and in terms of foreign currencies;
large blocks of American capital are reported to have sought refuge abroad;
foreign nations have shown signs of dissatisfaction at the manipulation that
Is going on In their gold and exchange markets, and indications of weakness
have appeared n the market for United States Government securities. All
these consequences have arisen from a policy designed primarily to raise
commodity prices in this country, and it is interesting to observe that this
Is the one direction in which the gold program has failed to achieve any
decisive results. Prices of a few basic commodities have advanced sharply,
but the general movement is very small in comparison with the heavy depreciation of the dollar in terms of gold and foreign currencies.
l'erhaps never before have Americans been so completely mystified by
the actions of their Government. Their surprise arises, apparently, not
from the fact that the gold policy has failed to raise prices but from the fact
that it was ever expected to have that effect. Why the purchase of gold in
foreign financial centers by the United States Government should raise
commodity prices in the United States seems to be beyond tho comprehension of the average citizen. It is a form of monetary manipulation that has
no exact parallel in financial history.
The policy apparently rests on the theory that prices are fundamentally
ratios of exchange between gold and commodities, with the dollar performing merely an intermediate role as a measuring-rod. The cheapening
of the dollar through an advance in the price of gold should, according to
this theory, cheapen the dollar In terms of commodities at the same time.
Inasmuch as the ratio between gold and commodities is relatively fixed, or
changes only slowly. The trouble with the theory appears to be that gold,
under present conditions, Is merely a commodity like any other, and that
raising its price in terms of dollars also raises its value In terms of corn-
3897
Financial Chronicle
Volume 137
modities in general. In other words, the gold-buying program is intended to
manipulate the purchasing power of the dollar but is actually manipulating
the purchasing power of gold instead.
The successive steps by which the Government has estended its goldbuying operations and raised the price of the metal at home and abroad
have been accompanied by a series of protests from individuals and organizations representing business interests, as well as from large numbers of
economists who, apparently, are anxious to dispel any impression that
inflationary policies have the approval of their profession as a whole . . .
made Nov. 23 by Isador Lubin, Commissioner of Labor
Statistics of the U. S. Department of Labor. The increase
which amounted to nearly 0.7 of 1% placed the wholesale
index number at 71.7 for the week. The previous high was
reached during the week of Sept. 23, when the index
number registered 71.5. In issuing the announcement Mr.
Lubin said:
Trend of General Trade.
General business activity, which has been declining steadily for several
months, has shown no definite reversal of trend, although there have
recently been signs of greater stability. Reports for October show an
almost uniform downward tendency, and it is only within the last few weeks
that occasional indications of improvement have appeared. The steel
industray has struck what trade authorities describe as a temporary resistance level; and the rate of output is, for the time being, stabilized at
about one-half the volume reported at the mid-summer peak. Electric
Power production shows a moderate improvement. Railway freight loadings have entered the period of normal seasonal decline, and the comparison
with last year's figures shows only a fractional gain. Bank debits to individual accounts outside of New York City have receded to approximately
the level of a year ago. Department store sales last month failed to show the
normal seasonal gain, but reports for the last few weeks are somewhat
more favorable. Factory employment continued to increase last month,
although the gain was the smallest since the upward movement began last
April.
One of the most encouraging features of recent business reports is the
progress shown by the construction industry. Contracts awarded last
month, as reported by the F. W. Dodge Corp., not only exceeded the
September total by a substantial margin but were larger than the corresponding figure for 1932. This is the first time such a gain has been shown,
in several years. Data for the first half of November indicate that the higher
level of last month is being maintained.
Present wholesale prices reached the highest level since August 1931 when
the index number reached 72.1. They are more than 20% above the low
of the year which was reached during the week of March 4, when the index
number was 59.6. Compared with the corresponding week of a year ago
when the index number stood at 64.2 the present index shows an incerase
of nearly 12% during the 12 months.
The price rise was due to a general upward movement in most classes of
commodities. Six of the 10 major groups comprising the index showed
material advances. Three groups registered fractional decreases with prices
for the miscellaneous group remaining at the level of the week before.
Monthly Indexes of Federal Reserve Board-Industrial
Production Dropped During October-Factory
Employment also Lower.
Under date of Nov. 25 the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index Numbers of the Federal Reserve Board 1923-25=100).*
1933.
Oct.
Industrial production, total
Manufactures
Minerals
Construction contracts, value_a-Tot.
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
1933.
1932.
Sept.
Oct.
1932.
Oct. Sept.
84
83
87
30
12
45
74.3
67
66
74
29
12
43
61.1
58
60
p69
70
57
69
p77
p77
p81
p35
p13
p53
73.9
furnishing goods group also eased off fractionally during the week.
Crude rubber again showed a sharp increase in price, having advanced
Without
Seasonal Adjustment.
Adjusted for
Seasonal Variation.
p79
p77
p88
p33
p12
p50
75.8
57.4
66
p76
85
84
93
30
12
45
76.6
57.6
68
73
Oct.
68
67
80
28
12
41
62.0
43.5
65
75
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for Seasonal Variation.)
Manufactures.
Group and
Industry.
1933.
iron and steel
Textiles
Food products
Paper and printing..
Lumber cut
Automobiles
Leather and shoes...
Dement
Petroleum refining
Rubber tires
Tobacco manufactures
61
p92
85
.
__
33
46
p91
35
...._
108
1932.
1933.
Industry.
31
99
89
91
24
16
93
55
137
68
104
Bituminous coal.
Anthracite coal
Petroleum
Iron ore
Zinc
Silver
Lead
p61
p55
p119
63
77
65
74
125
68
77
39
57
64
67
61
104
13
33
36
38
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation.
Adjustment.
Adjustment.
1933.
1932.
1933.
1932.
1933.
1932.
Oct. Sept. Oct. Oct. Sept.
Machinery
Textiles, grout.
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation eq uipment.
Automobiles
Leather
Cement, clay and glass
Non-ferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
Oct.
Oct. Sept. Oct.
43.2
46.1
74.3
75.5
71.2
81.3
82.0
37.6
41.4
37.3
76.1
43.8
47.8
74.9
74.7
60.7
68.3
53.3
45.8
75.7
76.2
74.4
85.0
82.3
39.0
41.3
37.3
79.0
44.9
47.1
75.1
74.6
60.5
71.9
49.3
43.4
69.2
75.2
57.1
78.8
76.0
33.5
41.7
43.3
64.0
34.1
50.2
78.7
72.5
62.8
55.5
73.6
63.1
86.2
03.1
68.8
93.4
92.3
49.9
51.0
56.8
82.0
52.9
67.9
99.1
87.9
83.7
66.8
mobile tires and paper and paper products remaining the same and resulting in no change for the miscellaneous commodities group.
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 a year ago, for the low and previous high points of
1933, and for the past two weeks.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF NOV. 19
1932, MARCH 4, SEPT. 23, NOV. 11 AND 18 1933.
(1926=100.)
74.7
61.1
88.4
95.9
69.8
93.9
91.2
49.4
52.8
61.5
83.3
53.9
68.6
95.9
83.0
82.2
65.2
73.8
62.7
87.6
94.0
71.7
97.4
92.8
51.7
50.9
56.8
84.9
54.2
67.0
99.4
87.8
83.4
70.2
75.3
60.9
88.0
94.5
71.4
96.0
91.0
51.1
53.4
63.4
86.6
55.8
67.7
96.2
84.4
84.4
67.1
49.0
41.2
70.7
75.1
61.8
78.2
74.6
33.1
43.0
50.1
68.7
34.1
51.4
74.3
69.8
62.9
52.3
Nov. 19 Mar. 4 Sept. 23 Nov. 11 Nov. 18
1933.
1933.
1933.
1933.
1932.
1932.
Oct. Sept. Oct.
Employment,
Iron and steel
advanced nearly 3%. These increases, however, were offset by declining
prices of soap and soap products with the important sub-groups of auto-
Week Ending.
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
Are for Payroll Period Ending Nearest Middle of Month.)
(Underlying Figures
Group and Industry.
nearly 9% during the week. Added to the 5% increase of last week the
index of rubber prices showed an advance of approximately 14%. Cattle
feed recovered much of the loss sustained during the past few weeks and
Mining.
Sept. Oct.
'CS
•-•4:1
•-• Cot tao to C4 © C.CO C
Or CU -4 1 to Ott CP •-•Otto 03
Oct.
The announcement added:
A sharp increase of more than 8% in grains and lesser but marked advances in wholesale prices of livestock. cotton, eggs, and tobacco caused the
index number of wholesale market prices of farm products as a whole to
rise nearly 6%.
The manufactured foods group showed a further strengthening of prices.
Advancing market quotations for flour, lard, and vegetable oils offset
decreases in the price of most fresh meats. The group as a whole moved
upward more than
of 1%. Steep advances in the wholesale price of hides
and skins caused the group of hides and leather products to rise by more
than 1%.
Further strengthening in the price of non-ferrous metals and certain iron
and steel products caused the metals and metal products group to rise
fractionally to the highest point reached in over two years. Building materials on the average gained more than M of 1%, caused by continued
increases for lumber and paint materials.
The chemicals and drugs group continued to show the strengthening of
prices begun earlier in the year. This group advanced during the week by
nearly 36 of 1%.
,
The textile products group registered a minor decrease. This easing-offin
prices was due to declining market prices for cotton goods and knit goods
which more than counter-balanced a 2% rise in the silk and rayon subgroups. The fuel and lighting materials group also showed a fractional
decrease due to declining prices of certain petroleum products. The house.
26.2
27.7
55.6
55.2
56.3
70.9
71.7
22.5
29.1
23.3
55.0
26.4
32.2
60.7
63.3
38.9
52,6
All commodities
Farm products
Food
Hides and leather products
Textile products
Fuel and lighting materials
Metal and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
64.2
59.6
71.5
71.2
71.7
48.3
61.3
71.4
53.6
72.0
79.6
70.7
72.7
72.5
63.6
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
59.3
65.9
92.0
78.4
72.8
81.8
82.3
72.1
78.8
65.1
55.6
65.0
87.5
76.0
74.7
83.4
84.4
73.2
82.2
654
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
Moody's Daily Index of Staple Commodity Prices
Becomes Stable During the Week.
Prices of the primary commodities were weak on Monday
of the week in review but regained part of the loss later on.
Moody's Daily Index of Staple Commodity Prices stood
at 124.4 on Friday compared with 125.6 on the preceding
Friday.
Although seven of the 15 staples included in the Index
registered losses for the week, most of these were of moderate
proportions, although hogs and lead showed more-thanaverage weakness. Silk, cocoa, wheat, corn and copper
were the others that closed lower, while rubber, silver and
cotton advanced. Hides, steel, wool, coffee and sugar were
unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
* Indexes of production, car loadings, and department store sales based on daily
averages. a Based on three-month moving averages, centred at second month.
p Preliminary.
Fri.
Nov.24
Sat.
Nov.25
Mon. Nov. 27
'rues. Nov. 28
Wed. Nov. 29
Thurs. Nov.30
Fri.
Dec 1
Wholesale Commodity Prices During Week of Nov. 18
Reached Highest Level Since August 1931-Index
of U. S. Department of Labor at 71.7.
Wholesale commodity prices during the week ended
Nov. 18 reached a new high in the upward trend which
began nine months ago, according to an announcement
"Annalist" Weekly Index of Wholesale Commodity
Prices Showed Drop During Week Ended Nov. 28
Monthly Average Also Lower.
A further loss of 0.9 point for the week left the "Annalist"
Weekly Index of Wholesale Commodity Prices at 101.9
on Nov.28,compared with 102.8 on Nov.21. Lower prices
125.6
124.8
123.2
124.0
125.1
holiday
124.4
2 weeks ago, Nov. 17
Month ago. Nov. 1
Year ago,
Dec. 1
1932I High, Sept. 6
Low, Dec. 31
1933 High, July 18
Low, Feb. 4
128.9
123.1
83.2
103.9
79.3
148.9
78.7
3898
Financial Chronicle
for cotton, the grains and hogs accounted for the decline,
the "Annalist" said, adding:
The dollar advanced sharply during the same period to 63.2 cents from
60.1, and the index on a gold basis advanced to 64.4 from 61.8. The
domestic commodity section of the index was, as usual, relatively unresponsive to the changes in the dollar. Falling to decline proportionately as the
dollar recovered, they advanced in terms of gold, lifting the index with
them-the reverse of what had happened when the dollar was falling, and
their insensitiveness to the decline had helped to prevent the index on a
gold basis from rising. The monthly average for November dropped to
103.2 from 104.4, or in terms of gold to 64.1 from 69.0 (revised).
Dec. 2 1933
National Industrial Conference Board Reports Less
Marked Change in Employment Conditions During
October Than in Recent Preceding Months
Increased 0.4% Over September-Payrolls Also
0.4% Higher.
The changes in employment conditions in Octobar were
less marked than those in recent preceding months, according to the monthly surveys of the National Industrial Conference Board issued Nov. 28. The survey noted:
Average hours of work fell from 36.8 hours in September to 36.2 hours
In October, or 1.6%. An increase of 1.7% in average hourly earnings,
however, from 53.1 cents to 54.0 cents offset the decline in hours of work,
with the result that average weekly earnings remained stationary at $19.46.
Since there was little change in the cost of living of wage earners in October,
real weekly earnings also remained practically the same.
Nov. 28 1933. Nov. 211933. Nov. 29 1932.
The number of persons employed in the companies reporting to the
Farm products
84.3
68.1
b86.3
Conference Board was 0.4% higher in October than in September. Because
Food products
103.4
102.8
95.4
of the increase in employment, total weekly payroll disbursements were
Textile products
5116.8
69.4
6117.1
0.4% higher than in September. The total number of man-hours worked,
Fuels
143.1
143.1
130.6
on the other hand, fell off 1.2%. reflecting a further slackening in manuMetals
105.1
105.0
95.1
Building materials
111.7
111.7
106.5
facturing activity.
Chemicals
97.8
97.8
95.3
A comparison with conditions prevailing in October of last year shows
Miscellaneous
82.4
82.4
73.3
that a decline in average hours of work per week from 36.5 hours in October
All commodities
102.8
101.9
87.8
aAll commodities on mold basis
64.4
61.8
1932 to 36.2 hours in October 1933 was more than offset by an increase
In average hourly earnings from 47.4 cents to 54.0 cents, which raised
average weekly earnings from $16.86 to $19.46, or 15.4%. The increase
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
In the cost of living, amounting to 2.5%. was much less than the Increase
PRICES.
In actual weekly earnings, and real weekly earnings were 12.5% higher
Unadjusted for seasonal variation. (Monthly averages of weekly figures.)
In October of this year than they were a year ago. The number of workers
(1913= 100.)
• employed rose 35.0%. while total man-hours worked increased 34.0%,
and total payroll disbursements 55.4%.
Nov. 1933.
Oct. 1933.
Nov. 1932.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913= 100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
86.0
103.2
117.5
147.3
105.0
111.7
97.8
82.9
103.2
at All enrmnnoilfina nn ontel haulm
Rd 1
86.4
103.8
121.2
150.8
105.5
110.8
96.9
83.9
104.4
hen n
68.9
95.3
71.6
130.9
95.1
106.5
95.3
73.3
88.4
•Preliminary. b Revised. a Based on exchange quotations for France, Switzerland, Holland and Belgium.
Production of Electricity Declined 0.6% During Week
Ended Nov. 25 1933, But Continued in Excess of
Output for the Corresponding Period in 1932.
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 Nov. 25 1933 was 1,607,546,000 kwh., as compared with 1,617,249,000 kwh. in the
preceding week, 1,616,875,000 kwh. in the week ended
Nov. 11 1933 and 1,475,268,000 kwh. in the week ended
Nov. 26 1932 (which included Thanksgiving Day).
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week ofMay 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept.23
Sept.30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov.25
Dee. 2
1933.
Week of-
1932.
Week of-
1,435,707,000 May 7 1,429,032.000 May 9
1.468,035,000 May 14 1,436,928,000 May 16
1.483.090,000 May 21 1,435,731.000 May 23
1,493,923.000 May 28 1,425.151.000 May 30
1.461,488,000 June 4 1,381.452,000 June 6
1,541,713,000 June 11 1,435,471.000 June 13
1,578.101,000 June 18 1,441.532.000 June 20
1.598,136,000 June 25 1,440.541,000 June 27
1.655,843,000 July 2 1,456,961,000 July 4
1,538.500.000 July 9 1,341.730,000 July 11
1,648,339,000 July 16 1,415.704,000 July 18
1,654,424.000 July 23 1.433,990.000 July 25
1,661.504,000 July 30 1,440,386,000 Aug. 1
1,650,013.000 Aug. 6 1.426,986.000 Aug. 8
1,627.339,000 Aug. 13 1,415.122,000 Aug. 15
1,650.205,000 Aug. 20 1,431,910,000 Aug. 22
1,630,394,000 Aug. 27 1,436,440.000 Aug. 29
1,637,317.000 Sept. 3 1.464.700.000 Sept. 5
1,582.742,000 Sept. 10 x1,423.977.000 Sept. 12
1,663.212.000 Sept. 17 1,476,442.000 Sept. 19
1,638,757,000 Sept.24 1,490,863.000 Sept.26
1,652,811.000 Oct. 1 1,499,450,000 Oct. 3
1,646.136.000 Oct. 8 1,506,219.000 Oct. 10
1.618.948,000 Oct. 15 1,507.503.000 Oct. 17
1,618,795,000 Oct. 22 1,528,145,000 Oct. 24
1.621.702,000 Oct. 29 1,533,028,000 Oct. 31
1.583,412000 Nov. 5 1,525.410.000 Nov. 7
1.616.875,000 Nov. 12 1.520.730.000 Nov. 14
1.617.249.000 Nov. 19 1,531,584.000 Nov. 21
1.607,546,000 Nov. 26 1,475,268.000 Nov. 28
Dec.3 1,510,337,000 Dec. 5
1933
Over
1932.
1931.
1,637.296,000
1.654,303.000
1,644,783,000
1,601,833.000
1,593.662.000
1,621.451.000
1.609.931.000
1.634.935.000
1,607,238.000
1.603.713,000
1,644.638.000
1,650,545,000
1.644.089,000
1,642.858.000
1,629.011,000
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
1,671,466,000
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.0%
15.0%
15.2%
13.5%
11.8%
11.1%
12.7%
9.9%
10.2%
9.3%
74%
5.9%
5.8%
3.8%
6.3%
56%
Wholesale and Retail Trade Conditions in Chicago
Federal Reserve District During October-Trend
of Distribution of Commodities at Wholesale Again
Unfavorable-Department Store Sales Higher Than
October Last Year.
"October trends in the wholesale distribution of commodities again were rather unfavorable," states the Chicago
Federal Reserve Bank in its "Business Conditions Report"
of Nov. 29. "The decline of 7% from the preceding month
in the wholesale grocery trade compared with practically no
change in the 1923-32 average for the period," the Bank
said, adding:
Drug sales increased 1%, as against a seasonal expansion for October of
3%. Gains of 2 and 9% shown in the hardware and electrical supply
trades, respectively, were less than the average increases for October of 6
and 15%. The recession of 7% in the dry goods trade was about seasonal.
Comparisons with last October, on the other hand, were favorable, all
groups recording gains over that month. In the 10 months of 1933, losses
In sales amounted to 5% In groceries and 13% in drugs, with hardware
declining less than %%. Respective increases of 1 and 555% were shown for
,
dry goods and electrical supplies.
WHOLESALE TRADE IN OCTOBER 1933.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
January..._
February _.
.
March
April
May
June
July
August
September
October _
November
6,480.897.000
5,835,263,000
6,182.281,000
6,024,855,000
6,532,686,000
6.809.440.000
7,058.600,000
7,218,678.000
6,931,652.000
December_
Total
7,011,736,000
6,494.091.000
6.771.684.000
6.294,302.000
6.219,554,000
6.130.077,000
6,112.175.000
6,310.667.000
6.317.733,000
6.633.865.000
6,507.804,000
6,638.424,000
1931.
7,435.782.000
6.678.915.000
7.370.687.000
7.184.514.000
7.180.210.000
7,070.729.000
7.284,576.000
7.166.086,000
7,099,421,000
7,331,380,000
6,971.644.000
7.288,025.000
Locality.
1930.
Under
1932.
8.021,749,000 7.6%
7.066.788,000 10.1%
7.580,335,000 87%
7,416,191.000 4.3%
7,494.807,000 a5.0%
7,230,697,000 al1.1%
7,363,730,000 815.5%
7.391,196.000 a14.4%
7.337.106.000 a9.7%
7.718.787.000
7.270.112,000
7.566.601,000
77 442 112 finn RR 063.949.000 89.467.099.000
a Increase over 1932.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
+4.0
+31.5
+11.2
-5.5
+3.5
-14.0
-5.8
-6.0
-1.9
+2.4
-5.6
+8.0
+6.2
+14.4
+17.4
-3.0
+18.2
118.1
236.1
286.4
230.3
196.8
DEPARTMENT STORE TRADE IN OCTOBER 1933.
Per Cent Change
October 1933
from
October 1932.
P.C.Change
10 Months
1933 From
same
Period 1932
Ratio of October
Collections
to Accounts
Outstanding
End of September.
Net
Sales.
1003
1932.
+4.6
y8.9%
DATA FOR RECENT MONTHS.
1933.
+15.4
Stocks.
Because of a sharp drop in Detroit department a ore trade following
an exceptionally large gain in that city during September, sales of department stores in the Seventh District totaled 1% less during October than a
month previous. With the exception of Indianapolis where a decline of less
than % %
was experienced, other large cities of the district as well as the
smaller centers showed expansion over a month previous
-5%% in Chicago,
13%% in Milwaukee. and 7% in the total for other cities. In the years
1923-32. the average October-September increase for the District was 7%.
It will be noted in the table that Detroit was the only large city to record a
decline from last October, while another substantial gain in Chicago sales
In the year-ago comparison effected an increase for the 10 months of 1933
over the same period of 1932 amounting to 3%. Sales in the remainder of
the District have failed to equal those for the cumulative period of 1932.
The 7% increase in October sales this year over last compared with a 10%
gain in a similar comparison for September. Stocks reached a point 24%
In excess of last year's level, expanding 6% over the end of September, and
the rate of turnover in the current period averaged slightly less than In
October a year ago.
x Corrected figure. y Includes Thanksgiving Day.
Month of-
+0.6
Ratio of
Accts. OutAccts. OutColstanding is
standing. lections. Net Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Flavanth illatrInt
Stocks End
of Month.
Net
Sales.
1933,
1932.
+14.4
-5.5
+3.3
+6.6
+6.0
+41.2
-5.2
+50.4
+29.4
+0.5
+3.1
-17.7
-3.3
-6.5
28.5
37.6
38.0
32.8
29.6
24.4
30.8
39.5
31.2
28.3
-1-74
-4-24.4
-4.4
32.6
909
A consId3rably greater than seasonal decline took p ace in the retail shoe
trade in October. On the other hand, September had shown an unusually
heavy expansion. Sales of reporting dealers and department stores fell 28%
below the preceding month, but totaled 3% In excess of the year-ago
volume. In the 10 months of 1933, sales were 7% smaller than in the corresponding month of 1932. A gain of 4% in stocks was recorded at the end
of October over a month previous, and the volume totaled 9% larger than
last year on the same date.
The retail furniture trade in October showed a recession of 16% from the
September volume of business, according to reports from dealers and
department stores, the decline being about the same as in the 1927-32
average for October. Sales totaled 10% in excess of those during October
1932. whereas in September an increase of but 9% was recorded in the yearago comparison. Instalment sales by dealers were 11% smaller than a
month previous and 203i% heavier than for last October. Stocks gained
,
5
5% on Oct. 31 over the end of September and totaled 93 % larger than
a year ago.
With the exception of five-and-ten-cent stores which experienced a
small increase in business over the preceding month, reporting groups of
chain store trade had a lighter volume of sales for October, although the
total declined less than M % from September. In the comparison with last
October, cigar and men's clothing sales were less this year, but other groups
gained, with aggregate sales 6% in excess of those a year ago. In addition
to the lines mentioned, drug, grocery, shoe, and musical instrument chains
are included in the survey.
Employment and Payrolls in Chicago Federal Reserve
District During October Showed Large Increases
as Compared with October 1932 but Fell Below
Month Ago.
In its Nov. 29 "Business Conditions Report," the Federal
Reserve Bank of Chicago, in reporting on industrial employment conditions, said that "employment and payroll volumes reported by Seventh (Chicago) District industries for
October were, respectively, 27 and 31% above those of a
year ago." The Bank added that "decreases from the preceding month of 23/% in employment and 2% in payrolls
were largely the result of declining production in a single
industry, the manufacture of automobiles and accessories."
Continuing, the Bank noted:
Consequently, of the States included in the Chicago Reserve District,
Michigan was the mostly greatly affected. This reduction in activity
was reflected both in the vehicles group, which showed a decline of 10%
each in employment and payrolls, and in the rubber products group, which
reported a decrease in working forces of 1 % and in wage payments of
%. Aside from these two groups, losses in employment were for the
most part of minor significance. In payrolls only one other industry,leather
of 1%
products, showed a slight decline, while increases ranged•from
In metals, food products and the construction industry, to 17% in coal
mining. The non-manufacturing industries as a whole increased both employment and payrolls, the former item by 3 and the latter by 4%. Merchandising firms reported a slightly better than seasonal expansion, while
public utilities registered a 3% gain in employment
-the largest recorded
in any single month for over three years
-and a rise of 4% in payrolls,
or more than in any previous month since last May. Among the manufacturing groups, chemicals alone increased both employment and payrolls.
The large metals group, exclusive of the vehicles industries, maintained
employment at a practically stationary level, and increased payrolls by a
small amount.
The current decline in employment for the district as a whole was the
first recorded in the month-to-month comparison since last April, with
the expansion during the five intervening months totaling approximately
30%. The October decrease in payrolls, which was effected through the
loss in employment during that month followed a recession in September
which resulted mainly from shorter time schedules.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of Oct. 15 1933.
Industrial Group.
Metals and products_ a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products.b
Paper and printing
Total manufg., 10 groups
Merchandising_c
Public utilities
Coal mining
Construction
Total non-mfg., 4 groups..
No. of Number
of
ReportWage
ing
Firms. Earners.
810
187
152
406
148
281
121
85
8
332
2,530
282
78
18
330
708
167,989
196,079
34,361
81,227
8,740
27,275
17,574
21,922
7,393
50,215
Earnings.
Per Cent Changes
from Sept. 15'33.
Wage
EarnEarners.
83,113,000
4,199,000
576,000
1,572,000
166,000
394,000
369,000
359.000
140,000
1,099,000
-0.1
-10.1
-0.3
-1.6
-1.1
+4.2
+0.6
-1.4
-0.5
+0.3
-10.1
+1.5
+0.3
+3.9
+3.1
+2.0
--0.3
-4.5
+1.5
612,775 $11,987,000
40,187
756,000
81,181
2,284,000
3,394
66.000
11,434
207.000
-3.6
+4.5
+2.7
-2.4
-0.8
-3.3
+3.3
+4.2
+16.8
+0.3
136.196
+2.8
+3.9
33,313,000
3.238 748,971 315.300.000
-2.5
Total, 14 groups
-1.9
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Winconsin.
Sales of New Automobiles During October in Middle
West Above Year Ago-Declined as Compared with
September- Further Decline Noted in Orders
Booked by Furniture Manufacturers.
The Federal Reserve Bank of Chicago states that "reports
from distributors and dealers in the Middle West show that
Ostober sales of new automobiles were much larger than in
the corresponding month of 1932,despite the declines recorded
from the preceding month. The gains over a year ago,"
the Bank said, "were notably larger than in a similar comparison for September but, as in production, October last
year was an exceptionally dull month." Reporting the
foregoing in its "Business Conditions Report" of Nov. 29,
the Bank continued:
A sharp drop took place during the month in stocks of new cars, while
the number of used cars on hand showed a slight increase in the period and
was almost half again as largo as a year ago:the number of new cars exceeded
those on Oct. 31 isat year by about 30%. Deferred payment sales made by
24identical dealers reporting the item, amounted to 43% of their total sales
in October, or the same as a month previous, and compared with 46%
a year ago.
3899
Financial Chronicle
Volame 137
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in October 1933 from Previous Months.
Per Cent Change from
Companies Included.
Sept. 1933. Oct. 1932.
Sept. 1933.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand Oct. 31
Number
Value
Used cars:
Number sold
Salable on hand
Number
Value
Oct. 1932.
-23.9
-11.2
+252.9
+174.5
18
18
12
12
-7.8
-2.6
+128.3
+86.9
63
63
33
33
-30.5
-30.2
+29.4
-6.6
63
63
33
83
-10.5
+46.5
63
33
+3.6
+5.5
+44.6
+16.5
63
63
33
33
As to orders booked by furniture manufacturers in the
Seventh District the Bank said:
Orders booked by Seventh District furniture manufacturers reporting
to this bank continued for the third successive month to decline in the
monthly comparison, the October volume being 22% under that of September. Shipments also receded-12%-but for the first time since last
March. As compared with a year ago, current orders and shipments are
still heavier, though the October gains were only 8 and 23%, respectively,
as compared with 29 and 51% a month previous,and 84 and 88% in August.
Unfilled orders declined from September in the same ratio as new orders,
and so their relation thereto remained unchanged from a month previous.
The rate of operations approximated 55% of capacity, currently, comparing with 60% in the preceding month and 49% a year ago.
Norman Merriman Finds Underlying Influences Indicate Sharp Improvement in Business Conditions.
Underlying influences now indicate a sharp improvement
in business, running at least six months to a year, according
to Norman Merriman, economist of the New York Stock
Exchange firm of Fenner, Beane & Ungerleider, in an address at the Allied Arts Center in New York City on Nov.24.
Mr. Merriman stated that the major influence underlying
the improvement in business was a large gain in public purchasing power, which had already resulted from the increases
in commodity prices, employment, payrolls, corporate
profits and dividends during recent months, plus further
indicated gains in purchasing power resulting from coming
large-scale releases of bank deposits now frozen in closed
banks; from greater employment of labor and purchase of
huge quantities of materials in the coming year as a result of
the $3,000,000,000 public works program; from increased exports resulting from the depreciation of the dollar in foreign
markets; from increases in corporate profits, especially in
the oil, coal and textile industries, due to the elimination of
cutthroat competition resulting from the adoption of the
National Recovery Administration codes; and from the return of wines and liquors and the consequent stimulation of
many lines of business.
Lack of understanding of the President's currency program, Mr. Merriman said, had recently caused hesitancy
on the part of many business men. The hesitation in business due to this lack of understanding, Mr. Merriman said,
was one of the factors that had recently contributed to the
decline in business from the level of last July. This slowing
up of business had in his opinion now run its course.
Country's Foreign Trade in October-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Nov.25 issued its statement on the foreign
trade of the United States for October and the ten months
ended with October. The value of merchandise exported in
October 1933 was estimated at $194,000,000, as compared
with $153,090,000 in October 1932. The imports of merchandise are provisionally computed at $151,000,000 in
October the present year, as against $105,499,000 in October
the previous year, leaving a favorable balance in the merchandise movement for the month of October 1933 of approximately $43,000,000. Last year in October there was a
favorable trade balance in the merchandise movement of
$47,591,000. Imports for the ten months ended October
1933 have been $1,187,640,000, as against $1,121,219,000
for the corresponding ten months of 1932. The merchandise
exports for the ten months ended October 1933 have been
$1,299,020,000, against $1,340,568,000, giving a favorable
trade balance of $111,380,000 for the ten months, against
$219,349,000 in the same period a year ago.
Gold imports totaled $1,696,000 in October 1933 against
$20,674,000 in the corresponding month of the previous
year, and for the ten months ended October 1933 were
$189,336,000, as against $240,687,000 in the same period a
year ago. Gold exports in October were $34,046,000,
against only $61,000 in October 1932. For the ten months
ended October 1933 the exports of the metal foot up $352,-
3900
Financial Chronicle
880,000, against $809,499,000 in the corresponding ten
months of 1932. Silver imports for the ten months ended
October 1933 have been $51,165,000, as against $16,953,000
in the ten months ended October 1932, and silver exports
were $17,987,000, compared with $11,715,000. The following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary Figures for 1933 Corrected to Nov. 23 1933.)
MERCHANDISE.
October.
10 Mos. Ending October.
1933.
1,000
Dollars.
194,000
151,000
Exports
Imports
Excess of exports
Excess of imports
1932.
1,000
Dollars.
153,090
105,499
1,000
Dollars.
1,299,020
1,187,640
43,000
47,591
1932.
Increase(+)
Decrease(-)
1,000
Dollars.
1,340,568
1,121.219
1,000
Dollars.
-41,548
+66,421
111,380
1933.
219,349
. EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1933.
1931.
1932.
1930.
1929.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
120,589 150,022 249,598 410,849
101.515 153,972 224,346 348,852
108,015 154,876 235,899 369,549
105,217 135,095 215,077 331,732
114,203 131,899 203.970 320,035
119,790 114.148 187.077 294,701
144,109 106,830 180,772 266,762
131.474 108,599 164,808 297,765
160,108 132,037 180,228 312,207
194,000 153,090 204,905 326,896
138,834 193,540 288,978
131,614 184,070 274,856
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1928.
1,000
Dollars.
488,023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
1,000
Dollars.
410,778
371,448
420,617
363,928
422,557
388,661
378,984
379,006
421,607
550,014
544,912
475.845
10 mos. end. October. 1,299,020 1,340,568 2,046,680 3,279,346 4,372,190 4,107,600
12 mos. end. Dec1 611,016 2,424,289 3,843,181 5,240,995 5,128,357
Imports
January
February
March
April
May
June
July
August
September
October
November
December
96,006
83,748
94,860
88,412
106,869
122,197
142.980
154,916
146,652
151,000
135,520
130,999
131,189
126.522
112,276
110.280
79.421
91,102
98,411
105,499
104,468
97,087
183,148 310,968 368.897
174,946 281.707 369,442
210,202 300,460 383,818
185.706 307,824 410,666
179,694 284,683 400,149
173,455 250,343 353,403
174.460 220,558 352.980
166.679 218,417 369,358
170,384 226,352 351,304
168,708 247,367 391,063
149,480 203,593 338,472
153,773 208,636 309.809
337,916
351,035
380.437
345,314
353,981
317,249
317.848
346,715
319,618
355,358
326,565
339.408
10 mos. end. October_ 1,187.640 1,121,219 1,787,382 2,648,679 3,751,080 3,425,471
12 mos. end. Dec_ ___
1 322,774 2,090,635 3,060,908 4,399,361 4,091,444
GOLD AND SILVER
October.
10 Mos. End. October.
1933.
Excess of exports.. _ Excess of imports_ _
Silver
Exports
Imports
1933.
1932,
Inerease(+)
Decrease(-)
1,000
Dollars.
34,046
1,696
Gold
Exports
Imports
1932.
1,000
Dollars.
61
20,674
1,000
Dollars.
352.880
189,336
1,000
Dollars.
809,499
240,687
1,000
Dollars.
-456,619
-51,351
163,544
568,812
32,350
20:65
2.281
4,106
Excess Of exports - - -Excess of imports_
1,316
1,305
17.987
51,165
11,715
16,953
1,825
11
____
33.178
.
5,238
+6,272
+34,212
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
Silver.
1930.
1,000 1,000 1,000 1,000
Dollars Dollars. Dollars. Dollars
14 107,863
54 8,948
21,521 128,211
14
207
26
290
28,123 43,909
110
16,741 49.509
27
22,925 212,229
628
82
40
26
4,380 226,117
85,375 23,474 1,009 41,529
39 39,332
81.473 18,067
58,281
60 28,708 11,133
61 398,604 9,266
34,046
16 4,994 5,008
13 32,651
38
1933.
ts,C4.4b,
I • 1.74 01AGaba.bDtilin
3.
Cot.D..44bW:00300.0...
••-”-.0.NC4CatoicPeo.:
1933.
1932. 1931.
1930.
1,000 1.000 1,000
Dollars. Dollars Dollars.
1,611 3,571 5,892
942 1,838 5,331
967 2,323 5,818
1,617 3,249 4,646
1,865 2,099 4,978
1,268 1,895 3,336
828 2.305 3,709
433 2,024 4,544
868 2,183 3,903
1,316 2,158 4,424
875
872 4,103
1,260 2,168 3,472
10 mos.end.Oct. 352,880 809,499 429,150 110,923 17,987 11,715 23.445 48,582
12 mos. end. Dec
____ 809,528 466,794 115,967
-_-_ 13,850 26.485 54,157
Imports
January
February
March
April
May
rune
July
kugust
September
Dctober
November
December
126,479
30.397
14,948
6,769
1,785
1,137
1,496
1,085
1,545
1.696
34,913
37,644
19,238
19,271
16,715
20,070
20,037
24,170
27,957
20,674
21,756
100,872
34,426
16,156
25,671
49,543
50,258
63,887
20.512
57,539
49,269
60,919
94,430
89,509
12,908 1,763
60,198
855
55.768 1,693
65,835 1,520
23,552 5,275
13,938 15,472
21.889 5.386
19,714 11,602
13,680 3,494
35,635 4,106
40,159
____
32,778
__
2,097
2,009
1,809
1.890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1,203
2,896
1,877
1.821
2,439
2,636
2,364
1,663
2,685
2.355
2,573
2,138
3,215
4,758
3,923
4,831
3,570
3,488
2,707
3,953
3,492
3,461
3,270
2,652
2,660
10 mos.end.Oct. 189,336 240.687 428,181 323,117 51,165 16,953 27,311 37,448
12 mos.end. Dec
____ 363.315 612.119 398,054
___ 19,650 28,664 42,761
Meeting in London of International Advisory Committee on Wheat to Review Workings of Wheat
Agreement Reached in August
-Recess Taken
Until Jan. 22
-Sub-Committees in Meantime to
Consider Price Drop and Measures to Increase
Consumption-Russia Reported as Opposing Export Quota.
Reported as faced with an even greater glut of wheat than
was feared last summer, members of the International Ad-
Dec. 2 1933
visory Commission on Wheat met in London, Nov. 27, to
review the working of the wheat agreement, which 21 nations signed at London in August.
The foregoing is from London advices, Nov. 27, to the
New York "Times," which the following day (Nov. 28)
stated that the problems confronting the committee proved
too much for it, and the delegates adjourned Nov. 28 after
a two-day meeting. Under the latter date (Nov. 28) the
wireless message from London to the "Times," said:
•
The work of the next few weeks was left in the hands of two new subcommittees. One will meet in London in a fortnight to examine market
conditions, especially the serious fall in wheat prices which has occurred
since the international agreement was signed last August, It will consist
Of delegates from four of the principal exporting nations, the United States,
Canada, Australia and Hungary, and of three importing countries, the
United Kingdom, France and Germany.
The second committee will meet in Paris in January to investigate every
possible method of increasing the consumption of wheat. Four of the
great consuming countries, France, the United Kingdom, Italy and Germany, will be represented in this group, which will also include delegates
of three exporting countries, Australia. Argentina and Rumania and
Yugoslavia, the latter two having a single Joint representative.
Both committees will be fact-finding bodies without power to decide
or recommend anything. It is hoped, however, that they will be able to
Obtain enough information so that the International Advisory Committee
can make real decisions at its next meeting on Jan. 22.
It was apparent to-day that the Advisory Committee could not accomplish anything in the one or two days allotted to it. So many difficulties
had arisen, particularly the fall in wheat prices, that a solid week of discussion would have been needed. Some time was lost also because the
facts were not prepared beforehand. Thus, instead of being able to make
a decision, the committee spent hours in discussing the facts of the present
wheat situation until to-night the delegates had to go home with little
accomplished.
The committee members were not discouraged, however, even by the
decline in the world price of wheat to 41 gold cents a bushel. The decline was held to be largely seasonal, since most of the big crops in the
Northern Hemisphere are being pressed on the market at the present
moment. Moreover, the delegates realized when the agreement was
signed by 21 nations last August that the world's wheat surplus could not
be cleared up in six months or a year but in two years at the earliest.
The question of Russia's export quota again was put aside and left
hanging fire to-day. No meeting of exporting countries has yet been
fixed to decide it.
Regarding opposition by Russia to export quotas Associated Press advices, Nov. 27, from London, published in
the New York "Evening Post," said:
A gloomy outlook for wheat still prevails, the World International
Wheat Commission found when it met to-day. . . .
The delegates agreed that Russian exports have not been a depressing
factor, although the Soviet still refuses to accept the quota offered by the
Big Four-the United States, Canada, Argentina and Australia.
Abraham Gourevitch, the Russian delegate, was expected to meet with
the Big Four delegates later in the week to take up the quota question.
Guests of Bingham.
The delegates were served lunch to-day in the United States Embassy,
where Ambassador Rovert W. Bingham entertained them.
The Ambassador said, "We still are in the preliminary stages of our
work," and added that he expected the full commission to meet again
to-morrow.
Replies to questionnaires sent 22 governments for information on their
acreage, exports and marketing conditions were studied to-day at both
the morning and afternoon sessions.
Overproduction Still Problem,
As they recessed for lunch, the delegates generally expressed the opinion
that world wheat market conditions were "not at all promising" because
the problem of overproduction was still unsolved.
Russia was expected to be less obdurate toward the effort to bring her
Into the gentlemen's agreement for the international control of wheat
exports than she was two months ago, when the agreement for the year
1933-1934 was drawn.
There was no indication, however. that Russia would be ready to give
up her demand that her quota of 37,000,000 bushels be doubled.
In Associated Press advices from London, Nov. 28, to
the New York "Herald Tribune," it was stated that to
help solve the world's wheat problems, French and German
members of the International Wheat Commission were
understood to have proposed that all adherents to a world
wheat price agree on a limited scale of prices for wheat and
wheat flour exports. That account also said:
The Commission, set up last summer by 22 nations, considered drastic
steps to combat the recent decline in prices. One of the moves under
study would increase consumption by denaturing large quantities of wheat
so as to increase its use as animal feed and to decrease the amount of flour
extracted from the cereal.
Latest Quotation 41 Cents.
A. Cairns, of Canada. Secretary of the Commission, said the latest
average quotation for the grain was only 41 cents in gold a bushel. This
compares with the bushel price of 63.08 cents in gold, the point at which
the importing nations agreed to begin easing tariffs on wheat. Mr. Cairns
pointed out that tariff cuts were not expected by even the most optimistic
for at least a year.
Hungary definitely asked an increase in her 1933-1934 export quota.
An official communique issued to-night by the Secretary did not mention
the French and German proposal specifically or Hungary's appeal, which,
the Associated Press learned, were explicit in the agenda.
Concerning price fixing, the statement said:
A series of proposals was brought forward by representatives of both
Importing and exporting countries relating to methods which might be
adopted with a view to improving the world wheat situation. The committee came to the conclusion that these suggestions raised such an important issue that it was not possible to base definite recommendations to
the governments upon them immediately.
Questionnaire Replies Studied.
Questionnaires returned by more than 20 countries were studied yesterday and to-day behind closed doors, but it was learned that these points
Volume 137
Financial Chronicle
were disclosed in the replies: Wheat price declines seemed due to larger
supplies, slower demand, and subsidized exports; European crops this year
about 40,000,000 bushels greater than 1932 harvests; yields still tend
upward in Europe; winter wheat acreage in Europe probably will show
little if any decrease because of the favorable fall sowing season.
German Crops Increase—Yield for All Grains Estimated
at 25,000,000 Tons.
A cablegram as follows from Berlin Nov. 24 is from the
New York "Times":
Germany's official crop figures for 1933 place the yield for all grains
at25,000,000 tons, an increase of 1,500,000 from the 1932 outturn. Winter
and summer rye head the column with 8.727,000 tons, an increase of
364,000. The rise in the wheat crop from 1932 is figured at 605.000 tons.
The yields, estimated in tons, follow: Winter wheat, 4.925,000;summer
wheat and spelt,838,000; winter barley, 713.000;summer barley, 2,754,000:
oats, 6,951,000. The increase in the yield of barley and oats is put at
552,000 tons.
Italy's Wheat Crop Reported at Record Figure—
Country Independent of Imports Except for Mixing
Purposes.
The following from Rome Nov. 25 (copyright) is from the
New York "Herald Tribune":
Italy's wheat crop this year reached a record figure of 81.003,200 quintals,
the highest yield in the history of the country. Since her total annual
wheat needs are 80,000,000 quintals, Italy for the first time becomes
practically independent of imports of foreign grain, except for mixing
purposes.
Italy, moreover, may now claim a complete victory In the so-called battle
of grain which Premier Mussolini began eight years ago with the object
of growing on Italian soil Italy's entire wheat needs. This year's substantial increase over the previous good harvests was obtained largely by
the employment of more scientific methods rather than extension of acreage
sown, which was only 3% above that of the previous year.
The yield per hectare has risen from 10.30 quintals before the war to
12.02 in 1926. the first year of the battle of grain, reaching 15.09 quintals
this year. The highest wheat production was obtained in the Province of
Lombardy,with a total of 28 quintals per hectare, and the lowest in Sardinia
with an average of about 8 quintals.
The success was due to better technique in cultivation,improved preparation of soil, adaptation of cautious rotations and the sowing of selected
types, especially early types. The Italian Government spent much money
in augmenting the wheat yield and wheat imports are subject to heavy
tariffs.
Authority to Increase Chinese Import Duties on Wheat
and Wheat Flour Reported Approved.
The Department of Commerce issued the following under
date of Nov. 22:
Chinese press announcements report the approval by the Legislative
Yuan of an authorization to impose a maximum import duty of customs
gold units 1.25 per picul on wheat and a maximum duty of customs gold
units 2.50 per picul on wheat flour, apparently leaving it to the administrative authorities to determine the exact rate to be applied not exceeding the
specified maximum, according to a cablegram received in the Department
of Commerce from Commercial Attache Julean Arnold, Shanghai.
At present wheat is admitted duty free into China, while wheat flour is
subject to a duty of customs gold unit 0.25 per picul, plus surtaxes totaling
one-tenth of the duty. It is presumed these surtaxes will be collected on
the basis of the new or increased import duties that may be applied.
(The customs gold unit, at present exchange, equals approximately U. S.
$0.57; the picul equals 133 1-3 lbs.)
Argentina Fixes Prices of Grains—Figures Raised 11 to
16% on Wheat, Corn and Flax in New Plan for
Exports—Peg of Peso Withdrawn.
Associated Press advices from Buenos Aires stated that
Argentina's national economic restoration plan received an
impetus on Nov. 29 with the institution of minimum prices
for wheat, corn and flax and the partial removal of exchange
control. These advices, as given in the New York "Times"
continued:
Grains soared toward the Government minimum, below which trading
will not be permitted henceforth, and the peso sagged 20% as the Treasury
moved to permit it to find its natural level after two years of artificial manipulation.
The "liberation" of the peso was closely allied to the grain price-fixing
Project through a new grain regulation board, which will buy on behalf
of the Government all exportable grain and sell it to exporters for pounds,
francs, marks, &c., and then auction the foreign currencies to the highest
bidders.
These latter Prices are expected to leave a profit after compensating exporters for losses which they may sustain in the world market.
Agriculture Seen Aided.
Comment on the action was cautious, but the general belief was that
the Government had helped agriculture without endangering other interests
since the re-establishment of a free exchange would benefit business.
Having moved to liberate the peso, completed agricultural aid projects.
thawed frozen foreign bonds and refunded internal obligations, thereby
saving 40,000,000 pesos yearly in the 800.000,000-peso budget, the Government plans next to cope with unemployment through public works and the
23moval of unemployed city persons to agricultural colonies.
The price-fixing decree for grains set the following bushel quotations in
United States currency: Wheat, 62 cents; corn, 44 cents; flax, $1.15.
The prices were raised 11 to 16% from the previous level.
Peso Decline Plan.
The free exchange market has been non-existent since Dec. 26, 1931.
Under the plan Finance Minister de Plnedo announced to-day that the
peso would decline approximately 20% in value and would, it was expected,
drop to 3 pesos to the American dollar, compared to 2.50 to the dollar
yesterday and the 1931 average of about 1.50 to the dollar.
"The opportunity now has arrived to let the peso find its natural level,"
Senior de Pinedo said in explaining that the policy replaced the former sys-
3901
tem under which the Argentine currency had been pegged either to the
dollar or to the franc.
On Nov.26 a cablegram from Buenos Aires to the "Times"
stated the Argentine grain prices reached new low levels
the previous week, with wheat selling at the equivalent of
28% cents a bushel at Rosario on Thursday and 32% cents
here. Corn was at the equivalent of 21X cents a bush 11 at
Rosario and 22E% cents here. Flaxseed was 60 cents a bushel
at Rosario and 61 cents Buenos Aires. The cablegram also
said:
The decline caused a renewal of farmers' petitions to the President,
setting forth that, as prices are less than the cost of production, they
cannot harvest their grain unless they receive governmental aid. President Justo called the railroad managers and explained the urgent necessity
for a reduction in grain freight rates, and they promised to study the situation and visit him again. It is charged that the present freight rates absorb
25% of the market price of grains. . . .
The dollar slumped in the middle of last week to 105.30 gold pesos for
$100, making the paper peso worth 41.78 cents. The dollar strengthened
at the end of the week and closed at 110 gold pesos for $100, making the
paper peso worth 40 cents.
It was noted in a Chicago dispatch Nov.29 to the "Times"
that the unexpected announcement that the Argentine
Government would pay minimum levels for wheat, corn and
flax to farmers confused the grain trade on that day, both in
Chicago, and abroad. General buying developed, causing
sharply higher prices. it was stated in the dispatch, which
further said:
Wheat on the Board of Trade here was up 1% to 2 cents a bushel for
the day, while Liverpool gained 1% to 1% cents, Winnipeg 1% cents and
Rotterdam 2% cents. However, Buenos Aires was quoted as 1 to 25
cents lower at the close, based on a nominal rate of exchange, and below
the minimum figure that will be paid under the government decree effective
to-morrow.
After a fair amount of trade with general buying of the opening, the
market here reacted from the top, because of continued liquidation by holders of December contracts. The market, however, absorbed the selling,
cash interests taking the December and selling the May. The close was
around the top.
$23,415,000 Subscribed In Argentine Agreement.
The following is from the New York "Journal of Commerce," of Nov. 27:
With complete reports now available from its subcommittee in the Argentine. the committee on American-owned blocked peso accounts In Argentina,
announced yesterday that the total subscriptions to Argentine dollar
Treasury bills under the agreement amounted to 60,395,862 pesos, or approximately $23,415,000. Of this sum approximately 52,000.000 pesos
were subscribed directly to the committee in New York while slightly over
8.000,000 pesos were subscribed through the subcommittee in Buenos Aires.
This includes about 3,900,000 pesos subscribed in both cities on the basis
of "accounts receivable" covering installments, receivables and liquidation
of inventories, up to June 1 1934.
About 114 subscribers participated in the agreement and the last extension of time for subscriptions granted by the Argentine Minister of Finance
closed on November 22. In issuing the above figures the committee called
attention to the fact that the subscriptions exceeded by some 50% the
minimum of 40,000,000 pesos first agreed upon with Argentina.
Chile to Resume Wheat Exports.
Because of a surplus of wheat on hand, and in order to
maintain the officially-fixed price, Chile is planning to remove restrictions on exports of that grain, according to Vice
Consul C. L. McLain, Santiago, in a report made public
by the Commerce Department. The Departments advices
Nov. 8, added:
Increasingly large imports of wheat into Chile, the report points out,
caused the Government last year to undertake a campaign to induce the
farmers to plant greater acreage to this grain. With Government cooperation, production increased from 5,766,000 metric quintals in 1932 to
7,823,000 metric quintals in the current year. With this crop and estimated imports of about 570,000 quintals of wheat and 190,000 quintals of
flour, it is said locally there is an over-supply of breadstuffs in the country.
The Agricultural Export Board has already authorized the exportation of
200,000 metric quintals, but since there is a divergence of opinion on production, present stocks, and the requirements of the country, which has
not been entirely cleared up by the figures issued by the General Statistical
Office, a commission has been named by the Government to study the true
status of the wheat industry.
Chilean estimates of the 1933-34 wheat crop which will be harvested
during December and January place it from 5 to 10% above that of last
year. If this estimate should prove to be accurate, the report declares, then
Chile's "Battle of Grain" would be sufficient to supply domestic demands
for at least one year, or until such a time as production is again allowed to
go below normal levels.
(Metric quintal =3.674 bushels).
22,159 Checks Thus Far Sent to Farmers for Participation in Wheat Adjustment Program—Total
$1,086,048.
The Agricultural Adjustment Administration announced
on Nov. 24 that wheat payments to farmers under the program of the AAA, passed $1,000,000 on that day with the
total checks to date numbering 22,159 and totalling $1,086,048. The Administration further announced:
Checks have now been written to farmers in 130 counties in 15 States.
There have been 303 counties approved for payment by the County Acceptance Unit. After acceptance of a county by this unit, the individual contracts are examined in detail before payment is made. Contracts already
received in Washington total 111,619.
3902
Financial Chronicle
Checks already written are for farmers in: Indiana, Iowa, Kansas,
Kentucky, Maryland,Michigan,Minnesota, Missouri,Nebraska, New York.
North Carolina. Ohio, South Dakota, Virginia, and West Virginia.
Processing Tax on Corn to Continue at 5 Cents Per
Bushel—Proposed Increase to 20 Cents Not to Be
Put Into Effect at This Time.
The Federal Farm Administration announced on Nov. 30
that its corn processing tax regulations had been revised
to continue the present 5
-cent-a-bushel tax instead of increasing the rate to 20 cents at midnight Nov. 30 as originally provided. Associated Press advices from Washington
(Nov. 30) said:
The revision was made by Rexford G. Tugwell, Acting Secretary of Agriculture, with the approval of President Roosevelt. Tugwell's revision of
the regulations reads in part:
I do hereby determine that, in order to effectuate the declared policy of
said Act, an adjustment of the rate of the processing tax on the first domestic processing of field corn, as of Dec. 1 1933. is necessary. Accordingly,
in part revision of the second paragraph of field corn regulations, Series 1,
Supplement 1, I do hereby determine that the rate of the processing tax
on the first domestic processing of field corn, as of Dec. 1 1933, shall be
5 cents per bushel of 56 pounds, which said rate will prevent the accumulation of surplus stocks and depression in the farm price of field corn.
The expectation here is that the processing tax will be increased to 20
cents on Jan. 1. At that time officials believe the higher levy will not
have a tendency to pile up surpluses on farms.
Sale of November Allotment of Brazilian Coffee Withheld by FCA.
From Washington Nov. 22 the New York "Journal of
Commerce" reported the following:
Sale of the November allotment of 62,500 bags of Brazilian coffee by the
Farm Credit Administration is being withheld because of the depressed
condition of the coffee market, it was learned here to-night.
Although sales are ordinarily conducted by the New York office of the
Administration around the first of the month the officials have made no
decision with respect to the November allotment up to the present time.
Officials were reluctant to discuss the situation when questioned about
the sales for November but it was made known that the market is being
closely watched.
Under the agreement with the Brazilian Government entered into several
Years ago in which an exchange was made of American wheat for coffee,
the Administration is allowed to dispose of the coffee in allotments not to
exceed 62,500 bags monthly. The terms of the agreements are believed to
preclude the sale of more than this amount next month should the officials
decide market conditions do not warrant a sale during November.
World Stocks of Coffee on Oct. 1 Smallest for That
Date Since 1929—Totaled 23,598,070 Bags.
World stocks of coffee on Oct. 1, totaling 23,598,070 bags,
one year's supply for the world, are 7,424,470 bags or 24%
less than the 31,022,540 bags total of Oct. 1 last year and
the smallest world stocks on that date since 1929, according
to figures released by the New York Coffee & Sugar Exchange. This total, the Exchange said, includes coffee
stored in warehouses in Brazil.
United States Cane Refiners Largest Deliverers of
Refined Sugar in United States—Delivered 3,033,796 Tons of Total of 4,505,445 Tons Made During
First Ten Months.
United States cane refiners delivered 3,033,796 tons or
67.3% of the 4,505,445 tons of refined sugar delivered in
the United States during the first 10 months of 1933. Beet
refiners supplied 956,889 tons, or 21.2% while the balance
of 514,760 tons or 11.5% was supplied by Foreign and
Insular refiners, according to the New York Coffee and Sugar
Exchange, which added:
Last year's total delivered for the same Period amounted to 4.594.991.
or 89,556 tons higher than for this year. The respective percentages last
year were Cane refiners, 68.2%; Beet refiners, 20.9%; and Foreign and
Insular refiners, 10.9%.
Less Than Usual Seasonal Increase Noted in World
Use of American Cotton from September to October
—Consumption in Month Largest in Any Corresponding Month Since 1929.
World consumption of American cotton registered an increase from September to October, although the gain was
somewhat less than the usual seasonal amount, according to
the New York Cotton Exchange Service. Consumption in
October this year, the Exchange Service said, was the
largest in any corresponding month since 1929, and the total
for the first quarter of the current season, that is, from
Aug. 1 to Oct.31, was the largest in any corresponding threemonth period since the 1928-29 season. Under date of
Nov. 27 the Exchange Service further reported:
Cotton spinners of the world used 1.223.000 bales of American cotton
during October, the Exchange Service estimates, as against 1.196,000 in
September, 1,205.000 in October last year and 1,050.000 in October two
years ago. Total consumption in the first three months of this season
from August through October was 3.681.000 bales as against 3,440,000 in
the first quarter of last season. and 3.010,000 two seasons ago.
October consumption of the American staple was 2.3% larger than in
September for the world as a whole, compared with an average increase of
6.6% in the past eight years. In the United States, the October gain was
-year average increase of 7.9%, and, in foreign
0.6% as against an eight
Dec. 2 1933
countries as a whole, consumption increased 3.4% as against an average
increase of 5.7%.
In the United States, spinners used 490,000 bales of the domestic staple
during October as against 489,000 in October last year. British mills
spun 135,000 bales, compared with 116.000 a year ago. Mills of the
Continent used 353.000 bales as against 333,000 last year: the larger cottonconsuming countries, Germany France and Italy spun more American
cotton than a year ago, while some of the smaller countries, including
Czechoslovakia, Spain and Poland. spun somewhat less. In the Orient,
Japanese spinners stepped up their consumption of American cotton, while
China and India decreased their use. Larger domestic crops in China and
In India are making for a larger use of native-grown cotton in these countries,
while the continuance of the Japanese boycott on Indian cotton has brought
about an increased consumption of American cotton in Japan.
The world stock of American cotton on Oct. 31, Including the unpicked
portion of the crop, was 1.671,000 bales smaller than on the corresponding
date last year. and 1.779,000 smaller than two years ago. nut It was 3,510,000 larger than three years ago. and 5,403,000 larger than four years ago.
It aggregated 20,791,000 bales as against 22,462,000 at end of October last
year. 22,570,000 two years ago. 17.281,000 three years ago. and 15.388.000
four years ago. The stock at world mills was very large, totaling 2,536.000
bales as against 2,283,000 a year earlier, and 1,819.000 two years earlier.
Stocks outside mills totaled 18,255.000 bales as against 20,179.000 at end
of October last year, 20,751,000 two years ago, and 15,353,000 three years
ago.
India-Lancashire Reported To Have Agreed on Cotton
—Imports from America Not to Bear Higher Duty
—British Yarn to Escape Surcharge.
From the "Wall Street Journal" of Dec. 1 we take the
following (by mail) from Bombay:
After six weeks of negotiations in India, the Lancashire Textile Delegation came to terms with Bombay mill owners but not with mill owners in
other parts of India. which for all practical purposes is the city of Ahmedabad. The agreement, however, will probably carry great weight with
the British government.
Understanding finally reached is based on the assumption that the duty
on raw cotton into India will not be increased above the present rate of
half an anna a pound. This is almost a guarantee that if the plan meets
with the sympathy of the government of India and the British government, imports of American cotton will not have to bear any higher duty.
Bombay mill owners agree with those of Lancashire not to oppose, or
make any fresh proposals, when the Indian government takes off the
surcharge on cotton piecegoods imports. Owing to the financial emergency
in 1931, certain surcharges. purely for revenue, were placed on all import
duties. In the case of cotton piecegoods, the surcharge was in two instalments of 5% each, and their removal will mean that the duty on the higher
quality of piecegoods, in which Lancashire specializes, will come down to
15% from 25%.
Bombay mill owners also agree that they will not object to the surcharge
being taken off imports of cotton yarn from Lancashire.
They also agree that they would not oppose a substantial reduction in
the duty on rayon piecegoods from British sources. But It is not expected
that this reduction will mean more than the sale of a few million yards of
British rayon goods. The market for rayon piecegoods is tightly held by
Japan with a very cheap product, against which superior British makes
have very little chance except among the more prosperous sections of the
community.
Lancashire delegates on their side have agreed that if they get any
special privileges for British piecegoods in British colonial markets they
will share them with the Indian mill owners. In external markets in which
the Indian millowners have no connection the Manchester Chamber of
Commerce Is to try to establish contacts for them with British agency
houses.
The delegates are also pledged to give a further impetus to the use of
Indian cotton by Lancashire; so far this season Lancashire has bought
more Indian cotton than ever before. The agreement Is to run till the
end of 1935 and presupposes further negotiations for another agreement.
Impasse In India Talks—Japanese Cotton Traders
Oppose New Concession Proposals.
The following from Tokio Nov. 29 is froin the New York
"Times":
The Osaka Cotton Associations yesterday adopted a resolution declaring
that the latest proposal for trade concessions to India could not be accepted and threatening continuation of the boycott of Indian cotton and
withdrawal of the trade representatives from Delhi.
Despite its vigorous language, the resolution appears to be a warning
against further concessions rather than a repudiation of those already
offered. The Chairman of the Spinners Federation says the industrialists
consider India's terms hard, but will accept them provided more concessions are not asked. Officials merely observe that the proposals are those
of the Japanese Government, made through Setsuzo Sawada.
Newsprint Price of International Paper Co. to Remain
Unchanged at $40 a Ton Until April 1 1934.
International Paper Co. announced Nov. 27 that it has
sent notices to its newsprint contract customers under
which there will be no change in the net cost of their paper
up to April 1 1934. It is further stated that any change
in the net cost of per after that date will be made only
after careful consideration of conditions prevailing in the
paper and publishing industries.
The present net cost is stated as $40 a ton for New York
and Chicago.
Petroleum and Its Products—Ickes Moves to Regulate
Pipe Line Operations—Texas Oil Allotment Prorated—"Hot Oil" Output in Texas Seen Rising As
Prosecutions Under Code Lag—Crude Production
Holds Under Federal Allowable Level.
Action will be initiated before the Inter-State Commerce
Commission by Secretary Ickes, acting as oil administrator,
within the near future towards forming regulations covering
rates, valuations and services of petroleum pipe line opera-
Volume 137
Financial Chronicle
tions. Many trade factors have contended for a long time
that operation of pipe lines by major companies have given
them an unfair price advantage over less advantageously
situated units and tend to a monopolitic trend.
In making this announcement, Mr. Ickes disclosed that
the Petroleum Administrative Board was making a thorough
investigation of pipe line operations before taking the necessary steps to bring the matter before the I.-S. C. Commission.
Authority to take this step is granted in section 9-A of the
National Industrial Recovery Act which authorizes the
President to initiate proceedings before the I.-S. C. Commission necessary to proscribe regulations governing pipe
line operations.
The Petroleum Administrative Board, however, Mr.
Ickes said, has been directed to carefully study the entire
situation. Co-operation of the Transportation sub-committee of the Planning and Co-ordination Committee was asked
by Secretary Ickes and suggestions and recommendations
from this group will be used in meeting the problem. Under
the code, this sub-committee is charged with investigating
petroleum transportation practices and rates, and recommending such action as might be necessary to carry out the
purposes of the NIRA.
In commenting upon section 9-A, Secretary Ickes said:
"That section also provides for fixing 'reasonable,compensatory rates for the transportation of petroleum and its
products by pipe lines' and with these objectives in view,
proceedings will be taken in the near future to make section
9-A of the Recovery Act effective."
Mr.Ickes cited the necessity of the PAB program resulting
from its study of the situation being "adequate to meet the
needs of a situation of this magnitude to which Congress has
given careful study, and with whom we are in whole-hearted
agreement."
December allowable crude oil production in Texas was
established at 877,665 barrels by the Texas Railroad Commission, 10,335 barrels under the level established by the
Oil Administrator. The difference is to allow for the completion of new wells during the month.
Under the new order, the East Texas field remains on the
per-well basis, with output cut from 5.55% to 5.40% of
the well's average hourly flow. At the meeting in Austin,
Tuesday, J. Howard Marshall, member of the PAB and
assistant solicitor for the Department of the Interior, explained the methods used by the Government in arriving at
the oil allotment for Texas. Several complaints had been
made to Secretary Ickes and many requests for clarification
of the methods used by the Government in arriving at the
total allowable had been made.
"The allowable production of 888,000 barrels daily for
Texas during December," he said in his explanation, "was
determined from careful analysis of consumers' demand for
petroleum and refined products between sources of supply
and points of demand, taking due account of current trends
in the variations of relationship between sources of supply
and points of demand. Such established movements of
crude petroleum and refined products were based on official
records of the United States Bureau of Mines for the period
from January 1932 to September 1933.
"On the basis of the required production of 31,410,000
barrels for the United States during December, and observing trends in the recovery of gasoline from crude oil in
refining in each of the various refining districts, as well as
the national and normal markets for crude petroleum and
refined products, the following requirements for the production of crude petroleum in Texas during December have
been calculated.
"To be refined in Texas, 16,294,000 barrele; to be supplied
to east Coast refineries, 9,426,000 barrels; to be shipped to
refineries in Oklahoma, Kansas, Indiana, Illinois, Louisana
and Arkansas 3,540,000 barrels; to be exported or burned
directly as fuel, 801,000 barrels; supply to be received from
adjacent States, 2,533,000 barrels; total Texas production
of crude oil required during December, 27,528,000 barrels,
or a daily average of 888,000 barrels. The required Texas
production-40.18% of the required national production
of 68,510,000 barrels during December. This calculation
provides there shall be no net withdrawals of crude petroleum during December."
Output in Oklahoma was set at 457,000 barrels daily for
December and January by the State Corporation Commission. Of this total, 287,000 barrels is allowed wells in prorated areas and 170,000 barrels to stripper wells. Oklahoma City field allocations are 120,889 barrels daily for
3903
the Wilcox zone, 46,835 barrels for the Simpson zone, and
468 barrels for fault line wells.
A feature of the meeting held in Austin, Texas, Tuesday,
at which the allowable was announced, was the unofficial
discussions of the "hot oil" problem with many in the trade
holding that the delay in prosecuting offenders under the
provisions of the petroleum code was one of the main factors
in the problem. Other factors bearing an important relationship to the problem include the forced reduction of
the field force of the Texas Railroad Commission through
lack of sufficient funds, the fact that a trial case on the
legality of the measure is pending and there are always
some who are willing to take a chance that the measure will
be 'sustained by the courts but the main factor was held
the long delay in making prosecutions under the provisions
of the petroleum code drawn to cope with this situation.
Total crude oil production in the United States last week
continued to hold below the Federal allowable figure, output
dipping 53,350 barrels to '2,253,750 barrels, compared with
2,307,100 barrels in the previous week and the Federal total
of 2,338,500 barrels, the American Petroleum Institute
reported.
Trade groups in the Texas and Mid-Continent areas are
scheduled to hold meetings over the week-end to discuss
means of bringing refinery operations within the limits
ordered by Secretary Ickes last week designed to bring
gasoline storage down to 51,000,000 barrels on Dec. 31, next.
There were no price changes posted.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline Service Station, Tax Included.
$ 159
5.156 Minneapolis
$ 185 Detroit
193
185 New Orleans
1955 Houston
14
Philadelphia
20
203 Jacksonville
San Francisco:
14
185 Kansas City
1554
Third grade
19
193 Louisville
Above 65 octane- .18
165 Los Angeles:
.20
Premium
15
21
Third grade
145
1754 St. Louis
21
Standard
1955
195
Premium
REFINED PRODUCTS—PRICE WAR ON PACIFIC COAST SEEN
ENDED AS PRICES ADVANCE—ADJUSTMENTS MADE IN
LOCAL PRICE STRUCTURE—BUNKER FUEL OIL ADVANCED
10 CENTS A BARREL—MIDWEST MARKETS STRENGTHEN—
GASOLINE STOCKS DIP.
With 4cents of the 6
-cents a gallon decline in retail gasoline
prices on the Pacific Coast since Nov. 3 regained this week
in two advances and indications that a third advance, also
of 2 cents a gallon, would be posted within the immediate
future, the gallonage war in California apparently has
ended.
The improved conditions in the general petroleum field
coupled with indications that the Administration was prepared to take steps to end the cut-throat competitive conditions that developed out of the intensive struggle for gallonage in the affected areas were credited with achieving the
restoration of the greater part of the decline. A representative of Secretary Ickes has been in California since last week.
All major companies operating in the Southern California
area, the center of the fight, advanced prices on all three
grades of gasoline 2 cents a gallon for ethyl and standard
anct 234 cents fcr third-grade Monday followed by a blanket
boost of 2 cants a gallla on all three grades on Wednesday,
whicn reetored pricos to witnin z cents of the kvels prevailing
on Nov. 3, when toe price war started. Current prices are
193.4 cent:, for ethyl, 1734 cents for standard and 15 cents a
gallon for third-grade, service station. Ia addition, it was
reliably reported tnat a furth.,r advance of 2 cents a gallon,
which would have tne effect of restoring toe original price
level, would be posted within the immediate future.
In addition to the advances in Southern California, prices
were also raised 1 cent a gallon at Sacramento and San Jose
in the central part of the State. San Francisco prices have
not been revised with the current retail level % cent a gallon
above the Los Angeles quotation. When,and if, the further
boost in prices in the Southern California area develops, a
like advance in the San Francisco posting will probably be
made inasmuch as the usual spread between the Northern
and Southern areas is M cent a gallon.
The bulk gasoline market in the local area eased off somewhat this week with quotations being reduced X cent a gallon
early in the week by the Texas Corp. which lowered its
Bayonne posting to 634 cents a gallon, tank car lots, refinery.
This company also cut the price at Portland, Me., the new
level there being 6.55 cents a gallon, tank car lots, refinery.
Quotations at Baltimore, Norfolk and Wilmington were
increased by the Texas Co. X cent a gallon to 634 cents.
Some of the local refiners met the reduction in the Bayonne
price but the general list held firm around the 63 to 634
cents a gallon level.
Financial Chronicle
Monday. Nov. 27.
-Retail gasoline prices in the southern area of California were advanced 2 cents a gallon for ethyl and standard grades and 23
cents a gallon for third-grade by all major companies to 17% cents, 153
cents and 13 cents a gallon, respectively.
-Effective Nov. 27, the Texas Co. cut tank car prices
Tuesday. Nov. 28.
at Portland. Me., and Bayonne. N. J. to 6.55 cents a gallon and 63 cents a
gallon. respectively. Prices at Baltimore. Norfolk and Wilmington were
increased by the same company g cent a gallon to 63 cents.
Wednesday, Nov. 29.-A blanket advance of 2 cents a gallon was made
on all grades of gasoline in the southern part of California, bringing retail
quotations to 19% cents a gallon for ethyl, 17% cents for standard and 15
cents for third-grade. All major units participated in the advance. In
addition to the above advance, prices were raised 1 cent a gallon at Sacramento and San Jose, in the central part of the State.
-The Standard 011 Co. of New Jersey advanced
Wednesday, Nov. 29.
bunker fuel oil 10 cents a barrel to $1.20 at New York harbor, $1.05 at Gulf
and West Indian ports and $1.25 at Panama Canal ports.
Kerosene, 41-43 Water White, Tank Cann F.O.B. Refinery.
2.02%-.03%1New Orleans, ex.--_$.03%
New York:
Chicago
.0414-.0314
(Bayonne). $.05%-.05 !Los Ang.,ex .0441,06 Tulsa
North Texas
03
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
$1.05
N. Y. (Bayonne):
California 27 plus D
8.75-1.00 Chicago 18-22 D..42%-50
Bunker C
$1.20
.85
80 Philadelphia C
Diesel 28-30 D.... 1,95 New Orleans C
Gas oil, F.O.B. Refinery or Terminal.
ITulsa
1.0114
N. Y. (Bayonne):
'Chicago:
28 plus 0 0-$.03%-.041 32-3600
$ 01% I
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
$.05-.0534
N. Y. (Bayonne):
chime
N. Y.(Bayonne):
Standard Oil N. J.:
Shell Eastern Pet.$.0650 New Orleans,ex .04-.0414
Arkansas
Motor, U.S...$.065 New York:
04,0414
.05-.07
62-63 octane.. .065
-Beacon.. 0625 California
Colonial
',Stand. Oil N. Y..07
0650 Los Angeles, ex_ .0414-.07
:Texas
Tide Water 011 Co. .07
0625 Gulf ports
0614-.0714
Gulf
:Richfield 011(Cal.) .07
0625 Tulsa
Republic 011
Warner-Quin. Co. 07
Sinclair Refining_ 0614 Pennsylvania.0551
x Richfield "Golden." z "Fire Chief," 8.07. • Long Island City.
Production of Crude Oil Off 53,350 Barrels per Day
During Week Ended Nov. 25 1933-84,750 Barrels
Daily Below Quota Allowable by Secretary of the
Interior Ickes-Inventories Continue to Decline.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 25 1933 was 2,253,750 barrels, 84,750 barrels below
the allowable figure effective Oct. 1 1933, which had been
set by Secretary of the Interior Ickes. The current figure
compares with 2,307,100 barrels per day produced during
the week ended Nov. 18 1933, a daily average of 2,283,750
Dec. 2 1933
the four weeks ended Nov. 25 and an average
daily output of 2,099,250 barrels during the week ended
Nov. 26 1932.
Inventories of gas and motor fuel stocks fell off 1,210,000
barrels during the week, or from 127,528,000 barrels at
Nov. 18 to 126,318,000 barrels at Nov. 25 1933. In the
preceding week inventories were reduced by 513,000 barrels.
Further details, as reported by the American Petroleum
Institute, follows:
barrels during
Imports of crude and refined oil at principal United States ports totaled
562.000 barrels for the week ended Nov. 25, a daily average of 80.286
barrels, against a daily average of 106,893 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 362.000
barrels for the week ended Nov. 25. a daily average of 51,714 barrels, compared with a daily average of 73,250 barrels over the last four weeks.
Reports received for the week ended Nov. 25 1933 from refining companies controlling 92.4% of the 3,616,900 barrels estimated daily potential
refining capacity of the United States indicate that 2,210,000 barrels of
crude oil daily were run to the stills operated by those companies, and
that they had in storage at refineries at the end of the week 28.529,000
barrels of gasoline and 126,318,000 barrels of gas and fuel oil. Gasoline
at bulk terminals, in transit and in pipe lines amounted to 19,905.000
barrels. Cracked gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units averaged 425.000 barrels
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
xPederal
Actual Production.
Average
4 Weeks
Agency
Allowable Week End. Week End. Ended
Nov. 25
Effective
Nov. 18
Nor'. 25
1933.
Oct. 1.
1933.
1933.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
497,750
116,300
522,450
123,350
486,950 368,800
112,800 102,200
39,150
57,400
24,100
121,550
43,100
403,950
56,100
44,450
40,950
45.450
57,300 47.850
23,950
24,750
120,900 165,150
43,600
49,300
416,450 360.000
58,450 16,200
43,000
53,300
98,600
965,000
North Louisiana
Coastal Louisiana
Total Louisiana
99,450
100,900
107.650
878,750
889,250
905,500
869,650
26,200
47,450
Total Texas
25.700
48,250
25,900
48,900
28,900
34.800
70,000
73,650
33,000
94,200
30,000
30,050
6,450
2,400
41.400
455,000
Arkansas
Eastern (not incl. Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Total
Week
Ended
Nov. 26
1932,
40,350
57,300
24,100
121,700
43,500
394,250
55.650
43,300
495,000
116,000
33,300
95,150
32,050
29,700
7,200
2,450
42,150
445,300
73,950
32,850
91,100
30,800
29,600
7,100
2,600
41,850
462,200
74,800 63,700
32,850
95.100
29,750
30,500
7,050
2,500
41,950
464,000
34,050
96.800
19.250
34,800
6,400
2,750
31,450
471,600
2,338,500 2,253,750 2,307,100 2,283,7502,099,250
These allowables became effective Oct. 1, subject to reduction (1) by the
amount of such withdrawals from crude oil storage, the total not to exceed 95,000
barrels per day, and definitely apportioned to various producing States, as are
permitted by the Planning and Co-ordination Committee and approved by the
Petroleum Administrator, and (2) by the amount that any given area may have
overproduced the allowables in effect during the Sept. 8-30 period.
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, WEEK ENDED NOV.25 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East Coast_ ..__
Appalachian_ _ _
Ind., Ill.. Ky..
Okla., Kan.,Mo.
Inland Texas__
Texas Gulf_..
Louisiana Gulf_
No. La.
-Ark_ __
Rocky Mount'n
California......
582,000
150.800
436,600
462,100
274,400
537,500
162,000
82,600
80,700
848,200
Total.
%
111§§§§§E§
Bunker fuel oil was advanced 10 cents a gallon by the
Standard Oil Co. of New Jersey, to $1.20 in New York
Harbor, $1.05 at Gulf and West Indian ports and $1.25 at
Panama Canal ports. The advance was attributed to the
necessity of refiners entering the California market to meet
their requirements due to the shortage of oil in the Gulf
Coast area. Under current levels, the increased freight
charges necessary to bring the oil here made an advance
arbitrary. The $1.20 a barrel level, New York Harbor, is
expected to be sustained with other major marketers likely
to advance immediately.
Other adjustments included a firming of prices in Western
Pennsylvania refinery markets in neutral oils for lubricants.
Prices advanced sharply during the week, moving up 2% to
3 cents a gallon on 200 viscosity of 25 pour-test which is now
quoted at 22 to 223 cents a gallon. The rising demand for
this type of oil has been due mainly to the innreased manufacture of the new 10-W and 20-W motor oils now being sponsored by automotive manufacturers.
Interior markets in the nation also displayed a slightly
firmer trend during the. week although no definite move
towards any general price advance has developed as yet.
Trade circles contend that a general advance of 1 cent a
gallon in retail gasoline prices in the East Coast territory
which Is expected to develop shortly will have a beneficial
effect on prices in the mid-west markets.
In Chicago, a gradual rise in demand from jobbers developed during the week and the wholesale gasoline market
firmed somewhat as a result. Low octane gasoline is now
quoted at 4% cents to 434 cents a gallop. The price structure is generally firm and the apparent willingness of the
major companies to absorb any distress stock that may be
thrown on the market tends to maintain a stable price basis.
Improved conditions in the refining end of the industry with
the resultant stoppage of the flow of cheap crude to refiners
also is aiding in maintaining the price list.
While storage of motor fuels during the week ended November 25 dropped 168,000 barrels, the total of 51,934,000
barrels reported to the American Petroleum Institute at
the week's close was nearly 1,000,000 barrels above the
allowable storage total established in Secretary Ickes' ruling
announced last week. However, it seems probable that the
refiners will cut operations to the point where storage will
be at the 51,000,000 barrel level established in the ruling.
The ruling is not effective until Dec. 31, next.
Price changes follow:
oo
wo.41calmo-4t.wto -taco cat to
3904
Crude Runs
to Stills.
%
Daily OperAverage. ated.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
100.0 452.000 77.7 14,154,000 8,213,000
92.6
04,000 67.3 2,169.000 1,005,000
97.3 302,000 71.1 7,075,000 6,106,000
82.1 221,000 58.2 5,601,000 4,224.000
60.2
92,000 55.7 1,307,000 1,755,000
98.1 433,000 82.1 5,009,000 7,219,000
100.0 105,000 64.8 1,378.000
1,999,000
92.6
51,000 66.7
235,000
570.000
78.8
32,000 50.3
868,000
724.000
96.9 428,000 52.1 14,138,000 94,503.000
Totals week:
Nov. 25 1933 3,616,900 3,342,700 92.4 2,210,000 66.1 651,934,000 126,318,000
Nov. 18 1933 3,616,900 3,342,700 92.4 2,198,000 65.7 c52.102,000 127,528.000
a Below are set out estimates of total motor fuel stocks In U.S. on Bureau of Mines
basis for week of Nov. 18 compared with certain November 1932 Bureau figures:
A.P. I. estimate on B. of M. basis, week Nov. 25 1933
53,730,000 barrels
A. P. L estimate on B. of M. basis, week Nov. 18 1933
53,900,000 barrels
U. S. B. of M. motor fuel stocks, Nov. 1 1932
50,919,000 barrels
U. S. B. of M. motor fuel stocks. Nov. 30 1932
51,054,000 barrels
b Includes 28,529,000 barrels at refineries, 19.905,000 barrels at bulk terminals,
In transit, and pipe lines, and 3.500,000 barrels of other fuel stocks.
c Includes 28,710,000 barrels at refineries, 19,842,000 barrels at bulk terminals,
in transit, and pipe lines and 3,550,000 barrels of other motor fuel stocks.
Gasoline at 36 Cents as Trinidad Price War Ends,
Canadian Press accounts from Port of Spain, Trinidad,
Nov. 17, stated:
The gasoline price sky-rocketed from 27 cents to 36 cents a gallon here
to-day following a halt in a price war among refiners.
The rise was attributed to the seizing of the "independent" refinery
operated by Emile Zurcher, whose lone battle against the "big three" established companies had driven prices steadily down for the last five months.
The refinery was restrained yesterday by Government agents for arrears
in excise-tax payments. Such action was made possible at the last session
of the Legislature through an amendment to the Petrol Excise Law,
Financial Chronicle
Volume 137
3905
Lead Price Reduced by American Smelting
& Refining Co.
The American Smelting & Refining Co. on Dec. 1 reduced
the price of lead 10 points to 4.05 cents a pound, New York.
during the seven-day period, with both consumers and dealers participating
in the trading. Dealers were particularly active on Thursday.
Chinese tin, 99%, prompt shipment, was quoted nominally as follows:
Nov. 23, 52.625c.; Nov. 24, 51.750c.; Nov. 25. 51.700c.; Nov. 27. 50.750c.;
Nov. 28, 51.750c.; Nov. 29, 51.900c.
-Zinc Steady
Copper and Lead Sell at Lower Levels
Tin and Silver Irregular.
"Metal and Mineral Markets" for Nov. 30 remarks that
monetary uncertainty was given as the chief reason for
the lack of buying interest in the domestic market for
major non-ferrous metals. In contrast with the quiet
prevailing here, European buyers continued purchasing
liberal quantities of copper as well as other raw materials.
Nickel sales abroad have been heavy. Prices moved irregularly. Copper and lead sold at lower levels and, in
both of these metals, operators fear that current production
is above requirements. Tin and silver prices fluctuated
daily on the wida variations in exchange. Zinc held steady
on controlled concentrate operations in the Tri-State district. The platinum metals held firm on the upward trend
in domestic gold. Quicksilver was firmer than in recent
weeks. The same publication adds:
Steel Production Shows a Slight Gain-Operations at
Approximately 28% of Capacity-Price of Steel
Scrap Rises.
At a time of the year when the trend of output is usually
downward, iron and steel releases are showing a slight gain,
which is being reflected in mill operations, according to
the "Iron Age" of Nov. 30. Although the production
schedule at the beginning of the week was reported as 26.8%
as compared with 26.9% seven days previously, actual
operations are again running somewhat ahead of schedules,
averaging close to 28% as compared with 273/% a week
ago, states the "Age," which further adds:
Copper Sales at 8c.
Trading in the domestic market for copper almost dried up completely
in the last week, and the price structure became unsettled as offerings
increased. Copper was available in quantity from the very outset below
the 83(c. Connecticut basis. By Saturday, Nov. 25, several sellers were
ready to tak„ on business at Sc., and business involving moderate tonnages
went through over the remainder of the week on that basis. With the
code situation still in the dark, and consuming demand for copper products
disappointing, artificial support became less of a market factor. Shipments of copper to consumers are not going forward at anything near
the rate established a few months back. The fact that inventory time
is approaching also tends to slow down operations. The advance in the
dollar in terms of gold seems to be transferring interest from the domestic
market to the foreign field.
Foreign demand for copper, as in recent weeks, was active. The market
abroad, on a dollar basis, is close to parity. Sales of copper abroad in
the last week amounted to about 12,000 tons,according to our own estimate.
Though Germany was a heavy buyer, France and England were by no
means backward in taking on supplies. Prices realized were slightly
lower than in the preceding week.
The code committee virtually completed what it regarded as a satisfactory agreement for the industry, but, as soon as the producers were
consulted, the draft was subjected to the usual harsh treatment. However, hope for a settlement has not been abandoned. Producers know
that most any code written by the industry would be more satisfactory
than one submitted by NRA.
Apparent average monthly consumption of copper in the important
consuming centers outside of the United States and Canada, in metric
tons, according to the American Bureau of Metal Statistics, follows: .
•
1931.
1932.
1933.
10,933
9,875
Great Britain
al0,622
9,343
7,924
France
b8,853
13,342
Germany
11.433
b13,219
4,453
4,425
Italy
c4,808
5,867
Japan
6.014
b6,706.
2,692
Sweden
1,617
b2,034
a 10 months. b Nine months. c Eight months.
Average monthly consumption of copper for the world, excepting the
United States and Canada, amounted to 59,342 metric tons so far this
year, against 54,042 tons monthly for all of 1932, and 59,458 tons monthly
in 1931.
The United States exported 119,480 tons of copper (refined and blister)
in the first 10 months of 1933, against 109.896 tons in the same period
last year. Imports into this country totaled 110.378 tons, against 179.491
tons in the January-October period in 1932.
Lead at 4.15c., New York.
Pressure exerted by an unfavorable statistical trend and the inability
of custom smelters to dispose of their intake, besides increasing disinclination on the part of consumers to add to inventory stocks toward the
close of the year, were some of the more important factors last week that
collectively were responsible for a 15-point decline in the price of lead
in the East and one of 10 points in the West. A sale at the new basis
of 4.15c., New York, was transacted as early as last Friday, and another
sale was closed at the same figure on Tuesday. Early yesterday the
American Smelting & Refining Co. announced that it had reduced its
contract settling basis from 4.30c. to 4.15c., New York, and the principal
seller in the West lowered its quotation simultaneously from 4.15c. to
4.05c., St. Louis.
Despite the generally unsatisfactory and irregular price structure of the
metal during the week, a fair amount of business was booked, total sales
for the period exceeding those for each of the preceding three weeks. Much
of the tonnage, however, consisted of small lots for prompt delivery,
reflecting consumer hand-to-mouth buying for the purpose of keeping
inventory stocks at a minimum. Corroders were the principal buyers,
with tin foil and battery interests acquiring a major part of the remainder
of the metal sold.
Zinc Unchanged.
Though demand for zinc left much to be desired, producers were not
in a mood to force the market, and the price was maintained at 4.50c..
St. Louis, for prime Western throughout the week. Sales tonnage was
a little larger than in the preceding seven-day period. In some quarters
there was more of a disposition to sell zinc for early 1934 shipment. In
the calendar week ended Nov. 25 about 1.600 tons of zinc were sold. The
tight situation in zinc concentrate has been an important factor in stabilizign
zinc prices.
-has been set for a hearing in Washington
A tentative date-Dec. 8
on the zinc code.
Sterling Exchange Rules Tin.
Sterling exchange was the predominating factor in the tin market last
week, its decided influence dating back to the sharp break in the rate
last Thursday, on which day the price of the metal declined to 54.125c.
from 55.750c. quoted on the preceding day. A fair business was booked
The improved showing of production has been reflected in the scrap
market, which is always sensitive to a change in the operating trend.
An increase in the price of heavy melting steel at Chicago has caused the
"Iron Age" scrap composite to rise from $9.83 to $9.92 a gross ton, its
first advance since the second week in August.
While it is still too early to make a definite forecast of a contra-seasonal
increase in steel production in December, a further upward revision of
automobile production schedules, the placing of several rail orders and the
appearance of additional public works projects have all contributed to a
feeling of greater confidence. Expectations are tempered by the slowness
with which certain public projects are maturing and by new uncertainties
which may tend to delay or curtail part of the rail buying program, factors
which may prevent any appreciable upturn in production from developing
before January.
Most of the price changes contemplated for the first quarter of next
year have now been filed. No advances in pig iron prices have been made
except in New England and eastern Pennsylvania. Prices on plates.
shapes, bars, strips and most finishes of sheets have been reaffirmed without
change. In sympathy with the recent advances in tin plate, tin mill black
plate has gone up $3 a ton, long ternes have risen $7 a ton and term plate
has been marked up varying amounts, the increase in the base being $11
a ton. Revisions have been made in the discounts on standard commercial
seamless boiler tubes reflecting an average advance of $5.50 a ton. Base
discounts on lapweld steel boiler tubes are to be changed in line with the
revisions of discounts on hot-rolled seamless tubes. Cold-finished steel
bars will be advanced $3 a ton to 2.10c. a lb., Pittsburgh. Bolt and nut
manufacturers, owing to the increased cost of their raw materials, will
announce upward price revisions shortly. Cast iron pipe has been marked
up $1 a ton at Birmingham.
The recent advances of $1 a ton on wire rods, $2 a ton on plain wire and
$5 a ton on wire nails are effective Dec. 4, rather than DEc. 1. This is
also true of most of the other steel products on which price changes have
been filed. Technically steel companies will be permitted, under the code,
to book first quarter business at the old prices during the first two days
of December. Whether this will actually be done is, of course, questionable, but it is at least certain that the advances will stimulate specifications
as well as spot purchases at the old market levels.
The Chicago & North Western and the Chicago & Eastern Illinois have
applied to the Inter-State Commerce Commission for the approval of
Government loans for the purchase of rails and fastenings. The North
Western will buy 65,000 tons of rails and 18,000 tons of fastenings, while
the Chicago & Eastern Illinois will purchase 4.000 tons of rails together
with necessary track supplies. Demands for collateral and other conditions
prerequisite to the granting ofloans have discouraged roads from borrowing,
with the result that many lines will finance their own purchases, if they
place any orders at all. As a consequence, the amount of rail tonnage
that will finally be bought is in doubt.
Railroads which have already made direct purchases include the Burlington, which has ordered 25,000 tons, the Northern Pacific, which has placed
6,500 tons, and the Norfolk & Western, which recently closed for 17.500
tons.
Automobile output continues to improve and estimates of November
assemblies have been revised upward from 55,000 to 65,000 units. Similarly,
the December output is now placed at 125,000 cars as against an estimate
of 100.000 cars a week ago.
Iron and steel exports in October totaled 164,755 tons, a gain of 55.956
tons over September.
Steel production has increased five points to 50% in the Wheeling district, three points to 35% in the Valleys, three points to 35% at Buffalo
and one point to 18% at Philadelphia. Output at Chicago is offfractionally
to 26%%. The Pittsburgh rate is unchanged at 21%•
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $16.61 a ton and 2.015c. a lb.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel,
fBased on steel bars, beams, tank plates
Nov. 28 1933, 2.0150. a Lb.
One week ago
2.0150. wire, rails, black pipe and sheets.
One month ago
2.023o. These products make 85% of the
One year ago
1.948c. United States output.
High.
Low.
1933
2.036o. Oct. 3
1.8670. Apr. 18
1932
1.977e. Oct. 4
1.928e. Feb. 2
1931
2.037e, Jan. 13
1.945e. Dec. 29
1930
2 273c. Jan. 7
2.018c, Dec. 9
1929
2 317e. Apr. 2
2.273c. Oct. 29
1928
2286c. Dec. 11
2.217o. July 17
1927
2.4020. Jan. 4
2.212e. Nov. 1
Pig Iron.
Nov. 28 1933, 816.61 a Gross Ton. Based on average of basic Iron at Valley
One week ago
$16.61 furnace foundry irons at Chicago.
One month ago
16.61 Philadelphia. Buffalo, Valley, and BirOne year ago
13.59 mingham.
High.
Low.
1933
$16.71 Aug. 29
$13.56 Jan. 3
1932
14.81 Jan, 5
13.56 Dec. 6
1931
15.90 Jan, 6
14.79 Dee, 15
1930
18.21 Jan, 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap,
Nov. 28 1930,89.92 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$2.83 quotations at Pittsburgh. Philadelphia.
One month ago
10.17 and Chicago.
One year ago
7.37
1933
1932
1931
1930
1929
1928
1927
Dec. 2 1933
Financial Chronicle
3906
High,
$12.25 Aug. 8
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan. 29
16.50 Deo. 31
15.25 Jan. 11
Low.
$6.75 Jan. 3
6.42 July 5
8.50 Deo. 29
11.25 Deo. 6
14.08 Deo. 3
13.08 July 2
13.08 Nov.22
With considerable underlying strength manifest in demand
for iron and steel, and the steel works operating rate continuing to rise moderately, the industry is hopeful that
December will reverse the usual seasonal trend, and result
in a larger volume of orders and specifications than the past
month,stated the magazine "Steel" of Cleveland on Nov.27,
further adding:
Calendar Years to Date.
Week Ended.
Nov. 18
1933.c
Nov. 11
1933.d
Nov. 19
1932.•
1933.
1932.
1929.
Bltum. coal: a
Weekly total 7,655,000 7,210,000 7,792,000 286.762,000 262,271,000 468,319,000
966,000 1,720,000
Daily avge-- 1,276,000 1,243,000 1,299,000 1,054,000
IP .4
Pa. anthra.: b
Weekly total 1,317,000 849,000 1,080,000 42,866,000 42,217,000 63,961,000
159,600
157,200
238,200
Daily avge__ 219,500 169,800 180,000
Beehive coke:
700,300
643,900 5,935.900
22.100
19,100
21,400
Weekly total
3,683
2.547
2.341
21.585
3.183
3,567
Daily avge__
and colliery fuel. b Includes
a Includes lignite, coal made into coke, local sales
Sullivan county, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised. Average daily rate for week ended Nov. 11 based on 5
working days In anthracite fields and 5.8 in bituminous fields.
ESTIMATED WEEKLY AND MONTIILY PRODUCTION OF COAL BY
-000 OMITTED). a
STATES (NET TONS
Monthly Produaion.
Week Ended.
State.
Nov. 11 Nov. 4 Oct.
1933. 1933. 1933.
Sept.
1933.
Oct.
1932.
Cal. Year to End. of Oct.
1933.
1932.
7,235
1,836
4,074
28,490
10,277
2,098
3,980
24,056
5,863
1,178
221
1,605
901
1,451
16,005
65.724
2,737
629
1,999
7,154
948
6,320 15,102
1,677 4,256
4,201 7,872
24,376 48,464
9,741 14,847
2,752 3,323
4,343 5,623
21,127 38,467
7,528 11,791
1,111 2,173
664
335
1,626 2,740
964 2,148
1,192 1,375
9,977 19,215
61,487 119.967
2,801 4,481
936
511
2,098 4,053
6,424 10,600
1,301 2,055
1929.
868
282
582
2,936
1,080
162
367
3,057
685
130
12
168
94
172
2,013
5,575
292
70
267
755
76
801
461
642
3,436
1,321
307
602
3,029
1,014
117
47
250
124
220
1,636
7,672
333
56
309
807
147
,
OCIVO
NV01,4
A.—oy
7,070
2,395
376
16
7,104 59,668 52,158 85.270
1,734 16,489 16,626 30,634
488 3,020 3,307 5,393
180
144
120
20
Alabama
Ark. and Okla_ _
Colorado
Illinois
Indiana
Iowa
Kansas and Mo.
Ky.-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Penna. (bit.)- - Tennessee
Texas
Utah
Virginia
Washington_
West Virginia:
Southern_ b__ _
Northem.c..
Wyoming
Other States____
170
65
151
863
354
57
125
549
165
27
9
66
30
58
426
1,755
55
15
76
163
22
168
77
133
777
300
53
127
609
148
33
12
64
26
61
408
1,590
58
14
66
165
24
1,385
521
95
8
1,486
518
78
5
Total bit. coal
Pa. anthracite_ _
7,210
849
6,998 29,656 29,500 32,677 267,758 243,925 441,429
726 4,711 4,993 5,234 40,164 39,990 60,631
.
-6
I
For the U. S. Steel Corp. the rate is estimated at 24%, against 23%
In the two preceding weeks. Independents are credited with about 29%,
compared with 29%% in the week before and 27% 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 immediately preceding:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
C.
Steel ingot production for the week ended Nov. 27 is
placed at about 27% of capacity, according to the "Wall
Street Journal" of Nov. 28. This is unchanged from the
previous week, and compares with a shade over 253'% two
weeks ago. The "Journal" adds:
Production of Bituminous Coal Increased Sharply
During Week Ended Nov. 18 1933, But Dropped
Below That for the Corresponding Period in 1932
Anthracite Output Highest So Far This Year.
According to the United States Bureau of Mines, Department of Commerece, production of bituminous coal increased
sharply during the week ended Nov. 18 1933, reaching a
total of 7,655,000 net tons. This is a gain of 445,000 tons,
of 6.2%,over the output in the preceding week and compares
with 7,792,000 tons in the corresponding week of 1932.
Anthracite production in Pennsylvania during the week
ended Nov. 18 1933 is estimated at 1,317,000 net tons, the
highest output so far recorded for any week in the year.
This is an increase of 468,000 tons, or 55.1%, over the
output in the week ended Nov. 11 1933 and compares
with 1,080,000 tons in the week ended Nov. 19 1932.
Bituminous coal produced during the month of October
1933 totaled 29,656,000 net tons, as against 29,500,000 tons
in the preceding month and 32,677,000 tons in the corresponding period in 1932. Anthracite production amounted to
4,711,000 net tons, as compared with 4,993,000 tons in
September 1933 and 5,234,000 tons in October 1932.
During the calendar year to Nov. 18 1933 there were
produced a total of 286,762,000 net tons of bituminous coal
and 42,866,000 tons of anthracite as compared with 262,271,000 tons of bituminous coal and 42,217,000 tons of
anthractie during the calendar year to Nov. 19 1932. The
Bureau reports as follows:
0W.0.001.00.000=0*OV.0000V0
,
rt ,,,400.0...
e,WAk00.0,,
.
—.N05 0N NC.*
t.M.00NN.OWC.. C1 ,
C•i•—•
Gains in steel operations last week which lifted the National average half
a point to 28% in contrast with 17% a year ago-were achieved without
heavy purchasing by the railroads and automobile Industry. They can be
traced to the general desire of consumers to take in the bulk of the material
due them on fourth quarter contracts.
Last week the first of the 1934 automobile models came off the assembly
line, and though some makers are shutting down for inventories, steel
releases as a whole are beginning to expand. Larger buying by the railroads and for public works is expected to be an early development. Confidence of the steel industry, therefore, is not now being diminished by the
customary year-end influences.
Such price adjustments as have been made for the first quarter are calculated to induce specifying and new purchasing. The majority of heavy
finished products are unchanged from present market levels, but as most
consumers have contracts extending to Dec. 1 which were booked at lower
prices, substantial specifications are assured. Also, in products that have
just been advanced for first quarter, purchasing is expected to be
accelerated.
Tin plate prices have been advanced $12 a ton; terne plate $7; wire roads
are up $1 a ton; manufacturers' wire $2; wire nails $5: track bolts $3; bale
ties $7 to $13; boiler tubes $4 to $6 a ton.
All sheet and strip prices and plates, shapes and bars have been extended
for first quarter. Due to the increase in wire, bolt manufacturers contemplate an adjustment. A rise of $3 a ton on cold-finished steel bars and
$1 a ton on concrete reinforcing bars also is being considered.
With these exceptions, the steel price structure for the first quarter now
is definitely known. The advances do not become effective until the first
week in December,and they will apply on spot business next month.
The only other price changes announced during the week were increases
of 50 cents to $1 a ton on pig iron in Eastern markets, and $1 a ton on cast
iron pipe at Chicago. Some pig iron producers have not yet decided their
policy; they, like steel manufacturers, may raise their prices at any time,
-day notice.
though a reduction requires a 10
An amendment to the steel code permits quoting prices to the railroads
for six months, instead of three. This need was brought out by the Pennsylvania's inquiry for 159,000 tons of rails and accessories, on which bids
were opened last week and forwarded to Co-ordinator Eastman.
Practically all the railroads have started negotiations for rails, fastenings
and miscellaneous materials, many of them to buy with their own funds
instead of borrowing from the Government. This is the case with the
Lackawanna, which came into the market for 12,000 tons of rails and
3,600 tons of track fastenings.
Structural steel awards for the week dropped to 14,937 tons, including
7,000 tons for Mississippi River locks. In pipe. miscellaneous Western gas
line orders placed 2,500 tons on a valley mill's books. Pipemakers are
looking forward to large requirements from Russia. but it has been intimated to them they will have to finance the sales.
November pig iron shipments were larger than those of October, and
specifications Indicate December will shOw further Improvement. Little
scrap is moving, and the general market is easier.
Iron and steel exports for October rose sharply to 164,755 gross tons from
108,799 tons in September, and were four times the October tonnage last
year. Imports, on the other hand, dropped to 46,673 tons from 55,706
tons in September.
Steelworks operations during the week increased 1 point to 22% at Pitts-,
burgh; 1 to 32 at Youngstown; 2 to 48 at Cleveland; 5 to 51 at Wheeling;
and 5 to 75 in New England. The rate declined 9 points to 36% at Detroit;
and ji-point to 17 in eastern Pennsylvania. It remained unchanged at
32% at Buffalo; 20 at Birmingham; and 29 at Chicago.
"Steel's" iron and steel composite for the week remains $31.59; the
finished steel composite, $49.20; while that for scrap is down 25 cents to
$9.33.
Independents.
29- Si
16-33i
27-236
35-2
68-2
84+2
63-2
U. S. Steel.
24 +1
16 +1
- Si
28Si
45
70 -3
82 +2Si
68 -33-4
Industry.
27
16-2
28-1
39-1
69-2
83+2
66-234
1933
1932
1931
1930
1929
1928
1927
Total coal ____ 8,059 7,724 34,367 34,493 37,911 307,922 283,915 502.060
a Figures for 1929 only are final. b Includes operations on the N.& W. C.& 0.;
Virginian; K. de M.: and B. C. & G. c Rest of State, Inc uding Panhandle.
Current.Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Nov. 29, as reported
by the Federal Reserve banks, was $2,584,000,000, an
increase of $10,000,000 compared with the preceding week
and of $380,000,000 compared with the corresponding week
in 1932.
On Nov. 29 total Reserve bank credit amounted to $2,581,000,000, an
Increase of $19,000.000 for the week. This increase corresponds with an
Increase of 889.000,000 in money in circulation and a decrease of $53,000.000 In Treasury currency, adjusted, offset in part by decreases of
$114,000,000 in member bank reserve balances and $8,000,000 in unexpended capital funds, non-member deposits, &C.
Bills discounted increased $3.000,000 at the Federal Reserve Bank of
New York and $7.000.000 at all Federal Reserve banks. The system's
holdings of bills bought in open market increased $4,000,000. of United
States Treasury notes $4.000.000 and of United States bonds, 21,000,000.
while holdings of Treasury certificates and bills decreased 24,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
Financial Chronicle
Volume 137
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 Nov. 29, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 3970 and 3971.
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 ofsuch notes issued under the provisions of paragraph 6 of Section 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemplonr
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 wsho 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
Nov. 29 1933 were as follows:
Bills discounted
Bills bought
U.S. Government securities
Other Reserve bank credit
increase(±)or Decrease(—)
Since
Nev. 29 1933. Nov. 22 1933. Nev. 30 1932.
$
$
$
119,000.000
+7,000,000 —190,000,000
24,000,000 +4,000,000
—11,000,000
2432,000,000 +1,000,00C +581.000.000
7,000,000
+8,000,000
—1,000,000
TOTAL RES'VE BANK CREDIT._2,581.000,000 +19,000,000
Monetaq gold stock
4323,000,000
Treasury currency adjusted
1,907,000,000 —53,000,000
+379,000,000
—17,000,000
—16,000,000
Money in circulation
5,743,000,000 +89.000,000
Member bank reserve balances
2 573,000,000 —114,000,000
Unexpended capital funds, non-member deposits, &c
496,000,000 —8,000,000
+95,000.000
+162,000,000
+89,000,000
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 covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $22,000,000, the total of these
loans on Nov. 29 1933 standing at $720,000,000, 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 $584,000,000 to $608,000,000, but loans "for account of out-oftown banks" decreased from $109,000,000 to $104,000,000,
while loans "for account of others" increased from $5,000,000
to $8,000,0 .
00
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Nov. 29 1933. Nov. 22 1933. Nov. 30 1932
$
5
$
6,804,000,000 8,719,000,000 7,169,000,000
Loans and investments—total
3,441,000,000 3,346,000,000 3,498,000.000
Loans— total
On securities
All other
Investments—total
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
1,651,000,000 1,618,000,000
1 790.000,000 1,728,000,000 1,598,000.000
1,900.000.000
3,363,000,000 3,373,000,000 3,671,000,000
2 225,000,000 2,230,000,000 2,578,000,000
1,138,000,400 1,143,000,000 1,093,000,000
768,000,000 835,000.000 1.047.000,000
49,000,000
39,000,000
42,000,000
5,274,000,000 5,214,000,000 5,768,000,000
751,000,000 772,000,000 893,000,000
364,000,000 406,000,000 186,000,000
72,000,000
74,000,000
90,000,000
1,198,000,000 1,144,000,000 1,480,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers
608.000.000
For own account
For account of out-of-town banks_ _ - 104.000,000
For account of others
8,000,000
Total
Os demand
Os time
584,000,000
109,000,000
5,000,000
337,000,000
12,000,000
4,000.000
720,000,000
698,000,000
353,000,000
478,000,000
242,000,000
457,000,000
241,000,000
198,000,000
155,000,000
3907
Chicago.
Nov.29 1933. Nov. 22 1933. Nos.30 1932.
Loans and investments—total
1 165,000,000 1,173,000.000 1,106,000.000
Loans—total
686.000,000
Investments—total
677,000,000
851.000,000
334,000,000
332,000,000
On securities
All other
339,000,000
338,000.000
565,000,000
286,000.000
499,000,000
Due from banks
Due to banks
259,000.000
196,000,000
403,000,000
38,000,000
277,000,000
16,000,000
1,040,000.000 1,060,000,000
341,000.000 333.000,000
33,000,000
40,000,000
Net demand deposits
Time deposits
Government deposits
455.000,000
280.000,000
216,000,000
385,000,000
40,000,000
Reserve with Federal Reserve Bank
Cash in valut
498,000,000
288,000.000
211,000,000
U. S. Government securities
Other securities
866,000,000
320.000,000
224,000,000
185.000,000
263,000,000
180,000,000
269,000,000
244.000.000
298,000,000
Borrowings from Federal Reserve Bank_
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
after 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, Nov. 22, with comparisons for
Nov. 15 1933 and Nov. 23 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 Nov. 22.
The Federal Reserve Board's condition statement of weekly
reporting
member banks in 90leading cities on Nov.22shows a decrease
of$49.000,000
In loans. $13,000,000 in investments, $27,000,000 in time
deposits and
$45,000,000 in Government deposits and Increases of
$47,000.000 in net
demand deposits and $40,000,000 in reserve balances with the
Federal
Reserve banks.
Loans on securities declined $12,000,000 at reporting member
banks in
the New York district and S8,000,000 at all reporting member
banks.
"All other" loans declined $41,000,000 at reporting
member banks in
New York district and a like amount at all reporting member
banks.
Holdings of United States Government securities
declined $31,000,000
In the Chicago district, increased $6,000,000 in the San
Francisco district
and declined $27,000,000 at all reporting banks. Holdings
of other securities increased $12,000,000 in the New York district,
$6,000.000 in the
Chicago district, and $14,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal
Reserve
banks aggregated $22.000,000 on Nov. 22, an increase 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 3913,000,000 and
net demand, time and Government deposits of $937,000,000 on Nov.
22 compared with $900,000,000 and $939.000.000, respectively, on Nov.
15.
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 Nov. 22 1933, follows:.
increase (+) or Decrease (—)
Since
Nov. 22 1933. Nov. 15 1933. Nov. 23 1932.
Loans and Investments—total.
_16.619,000.000
—62,000,000
—283.000,000
Loans—total
On securities
All other
8,508,000,000
3,549,000,000
4,959,000,000
—49,000,000
—8,000,000
—41,000,000
—435,000,000
—186,000.000
—249,000,000
Investments—total
8.111,000,000
—13,000,000
+152,000,000
U.S. Government securities _ __ _ 5,111,000,000
Other securities
3,000,000,000
—27,000,000
+14.000,000
+150,000,000
+2,000,000
1,965,000,000
225,000,000
+40.000,000
+10,000,000
+103,000,000
+39,000,000
10,676,000,000
4,445,000,000
915,000,000
+47,000,000
—27,000,000
—45,000,000
—180.000,000
—203,000,000
+517,000,000
1,164,000,000
2,674,000,000
—45,000,000
—63,000,000
—366,000,000
—414,000,000
22,000,000
+1.000,000
—47,000,000
Reserve with F. R. banks
Cash in valut
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 311927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now excluded, and gold held abroad for Federal Reserve banks is
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MONEY HELD IN THE TREASURY.
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165,013,808 7.919,680.874
133.164,700 7.607.010.160
352,850.336 6,761.430.672
117,350.216 5,126.267,436
188,390,925 3,459.434,174
90,817.7621 816.266,721
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156,039,088 1.787.342,966 d165,308.516 7,934,415,329
MONEY OUTSIDE 07 THE TREASURY.
WWMV.
4
44.73 125,983.000
I
now included, and (3) minor coin (nickels and cents) has been
added. On this basis the figures this time, which are for
Oct. 31 1933, show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $5,634,603,143, as against $5,649,914,116 on Sept. 30 1933, and
$5,627,581,274 on Oct. 31 1932, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
'a
v
,..
Dec. 2 1933
Financial Chronicle
3908
W
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•Revised figures.
than that held by the Treasury,
a Does not include gold bullion or foreign coin other Gold held by Federal Reserve
Federal Reserve banks, and Federal Reserve agents.
and gold hold abroad for
banks under earmark for foreign account is excluded,
Federal Reserve banks Is Included.
In the total since the money held In trust against
b These amounts are not Included
1890 is included under gold coin
gold and silver certificates and Treasury notes of
and bullion and standard silver dollars, respectively.
against gold and silver certificates and
c The amount of money held In trust
total before combining It with
Treasury notes of 1890 should be deducted from this stock of money In the United
total money outside of the Treasury to arrive at the
States.
the redemption of Federal
d This total includes 837,312.767 gold deposited for 839,074.679 lawful money
Reserve notes ($1.315,640 In process of redemption), ($21,234,387 in process of
deposited for the redemption of National bank notes fund), $11,899,650 lawful
retirement
redemption, including notes chargeable to the Reserve Bank notes ($I,557,122 in
money deposited for the redemption ot Federal
$1,350
Including notes chargeable to the retirement fund);
process of redemption,
circulation (act of May 30
lawful money deposited for the retirement of additional reserve for postal savings
1908), and $59,295,582 lawful money deposited as a
deposits.
Reserve Bank of
e Includes money held by the Cuban agency of the Federal
Atlanta.
held outside the conf The money In circulation Includes any paper currency
tinental limits of the United States.
held in the Treasury
-Gold certificates are secured dollar for dollar by gold dollar by standard
Note.
dollar for
for their redemption; silver certificates are secured
United States notes are
silver dollars held In the Treasury for their redemption;
Treasury. This reserve fund
secured by a gold reserve of $158,039,088 held In the 1890, which are also secured
may also be used for the redemption of Treasury notes of
these notes are being
dollar for dollar by standard silver dollars held In the Treasury;
obligations of the United
canceled and retired on receipt. Federal Reserve notes are Reserve Bank, Federal
Federal
States and a first lien on all the assets of the Issuing
Reserve agents of a like
Reserve notes are secured by the deposit with Federal paper as is eligible under
amount of gold or of gold and such discounted or purchased
March 3 1934, of direct obligations
the terms of the Federal Reserve Act, or, until vote of the Federal Reserve Board.
of the United States if so authorized by a majority
of at least 40%. Including the
Federal Reserve banks must maintain a gold reserve the United States Treasurer,
with
gold redemption fund which must be deposited
against Federal Reserve notes In actual circulation. Federal Reserve bank notes
are secured by direct obligations of the United States or commercial paper, except
where lawful money has been deposited with the Treasurer of the United States
for their retirement. National bank notes are secured by United States bonds except
where lawful money has been deposited with the Treasurer of the United States
for their retirement. A 5% fund is also maintained In lawful money with the
Treasurer of the United States for the redemption of national bank notes secured
by Government bonds.
President Rolph of Imperial Bank of Canada Critical
of Central Bank-Its Establishment Regarded as
Neither Requisite Nor Desirable-General Manager
Phipps Sees Canada Slowly Emerging from the
Depression.
The establishment of a Central Bank in Canada would undoubtedly cause a fresh disturbance in the Dominion's
financial system and would hamper rather than help in
dealing with financial problems, declared Frank A. Rolph,
President of the Imperial Bank of Canada, in addressing the
59th annual meeting of the shareholders at Toronto on Nov.
22. We quote from a Toronto account to the Montreal
"Gazette," which went on to say:
Mr. Rolph was of the opinion that establishment ofsuch an institution was
neither requisite nor desirable, and pointed to the opinions expressed by
Sir Thomas White and Beaudry Leman, of the recent Macmillan Banking
Commission, as showing Canada's position in this respect.
"It is sincerely to be hoped that the Prime Minister and his colleagues
at Ottawa will give very careful consideration before putting into effect
any measure which will disturb the financial situation in Canada at a time
when we are beginning to emerge from our financial difficulties," he said.
The President went on to express the opinion that "fresh disturbance
would be caused by such a fundamental change in our financial system, and
In my opinion it would hamper rather than help us in dealing with our
financial problems. Any benefits in international finance and exchange
would largely go to Great Britain and while there Is no more desirable tie-up
for Canada In matters of international finance than with Great Britain we
could not be called upon to make the very considerable sacrifice which would
be incurred if a Central Bank be established along the lines sdhested
in the report."
A. E. Phipps, General Manager of the Bank, expressed a similar opinion
in regard to a central bank. "I am of the opinion that the expense and
disturbance of creating a Central Bank in Canada at this time is unnecessary,
and might even be mischievous." he said. At the same time he paid
tribute to the ability of Lord Macmillan.
Mr. Phipps referred to the fact that "the two commissioners forming the
dissenting minority, consisted of a very highly trained and experienced
Canadian banker, and one of Canada's most successful former Ministers of
Finance." As a banker of over 40 year's experience, Mr. Phipps said he
believed -that these two experienced Canadian financial men are more likely
to be correct in matters concerning Canadian finance than even the very
distinguished gentlemen who came to their conclusions after an examination of the Canadian situation lasting approximately two months." Mr.
Phipps went on to declare that "certainly nothing should be done until the
entire project has received a great deal more study by our Government.
who I think would be well advised to pay more attention to the views expressed by the Canadian Bankers' Association before the Commission,
and consult freely with the Canadian bankers, who have at heart nothing
but the welfare of this Dominion."
Mr. Phipps referred to what he termed one of the "high-lights" of the
address of the Prime Minister, Mr. Bennett, on Monday evening, namely
making
"the issuing of currency against a gold backing of 25% thereby
available for issue approximately 8100,000,000 more Dominion of Canada
notes." He had nothing to say as yet, he stated, as to the soundness of
this proposal but maintained that a Central Bank was not necessary to
bring about such a change in the country's note issue-"an amendment to
the Dominion Notes Act, which could be put through Parliament in about
-an-hour would bring about the same result."
half
"The President and myself both stress very strongly our objections to a
Central Bank," Mr. Phipps continued. "but I don't want the shareholders
Bank.
to get the Idea that It is because we fear the competition of a Central
Our objection is that we believe it is unnecessary, and that the present time
is inopportune to interfere with the banking structure of Canada. The
Canadian banks have always been able to adjust themselves to circumstances, and we feel that if a Central Bank is established we will be able to
adjust ourselves to the new conditions that are brought about.
"I have though it well to add these few words because since the publication of the report on Banking and Currency there appears to have been a
marked increase in the sale of all bank shares, with a corresponding decline
In prices, and we don't like to see our shareholders sacrificing their investment unnecessarily."
General Conditions.
Commenting on general conditions, Mr. Phipps said:
"In spite of the fact that money conditions are still much disturbed, particularly in the United States of America,I believe that Canada and the rest
of the world is slowly emerging from what has been termed the great depression. It is hard to definitely describe the improvement, but a comparison of the condition of business, unemployment, commodity prices,
ago makes the
bond and stock. values, and other indicators, with a year
Improvement at once apparent, and as we go from day to day we see similar
For instance, within a week we have been told in the press that the
signs.
national revenue for October showed an increase of 82.569,000 compared
with a year ago; that Canadian exports for October were greatly increased
1930; that copper
over a year ago. and reached the highest point since late in
production has risen over September by 8.7%, and that International
of
Nickel Co.'s profits have doubled, totaling the huge sum $3,770,000 for
in October in
the third quarter ended September; that gold production
account, which was
Ontario totaled 83,450,000, not taking the premium into
over September of this year.
an improvement over October of last year and
a very substantial
The production of our mines from month to month makes
that remain unsatisaddition to our national wealth. Among the features
of all branches of agrifactory may be mentioned the depresed condition
the production of
culture, construction work of all kinds, which means
the continued unsatisfactory condilumber, steel and other material, and
tion of our railways."
The following shareholddrs were elected directors: Frank A. Rolph.
Heintzman, J. W. Hobbs,
Lieut.-Col. J. F. Miche, R. S. Waldie, George C.
Henry E. Sellers
Walter C. Laidlaw, John A. Northway, A. E. Phipps,
O. McCulloch (Galt)•
(Winnipeg), Gordon H. Aikens, IC. C.(Winnipeg), R.
W. B. Woods.
was re-elected
At a subsequent meeting of directors Frank A. Rolph
Vice-Presidents.
President. and Col. J. F. Michel and R. S. Waldle,
NO.
Volume 137
Financial Chronicle
An item bearing on the annual report of the Imperial
Bank of Canada appeared in our issue of Nov.25, page 3795.
Canadian Bond Dealers May Organize Open Market—
Central Bank Plan Seen as Intensifying Need—
Investment Bankers' Association Investigates.
In its issue of Nov. 25 the "Financial Post" of Toronto
said in part:
Formation of bond exchanges in Canada by investment bankers is now a
possibility, it is understood. Publication of the report of the Royal Commission on Banking leaves dealers with a free hand to act as they wish in
this respect.
Central bank dealing in securities on the open market are seen by some
as intensifying the need for official bond exchanges, as contracted with the
Present method of dealing by telephone. The Investment Bankers'
Association of Canada investigated the possibilities for bond exchanges last
year, and are understood to be continuing the work this year.
Canadian stock exchanges, experts agree, are not yet fully suited to the
handling of active bond dealings. They have the facilities, but not the
requisite volume of bond business, to make an active market. The Canadian banks and bond dealers possess the trump cards at present in that they
maintain the actual contacts with investors. And having most of the
dealings in their hands, other business naturally flows to them because
their quotations are closest and dealings can be carried out in volume.
May Come Through Investment Bankers' Association.
Because ofcertain comments in the Banking Commission report, however.
It is felt that formation of official bond markets in Canada is considered
desirable.
It appears likely that any exchanges formed would be organized through
the Investment Bankers' Association of Canada, the body considered most
experienced and best equipped for the purpose. It is also possible, however,
that stock exchanges may make a bid for a larger part of the bond business,
especially if bond dealers fail to form their own exchanges.
Development of official bond markets, where quotations would be listed
throughout the day,and commissions charged, as on stock exchanges, might
be helpful in establishing a Canadian money market. Some economists
claim that establishment of money markets and their development in other
countries have been greatly facilitated by establishment of central banks.
Central bank, credit-control operations in Canada, it is conceded, would,
In the first instance, have to be largely through bond dealings. So the
combination of central banking and official bond exchanges might bring
greater elasticity in Canadian money rates.
Money Posts Possible.
If such elesticity is developed, and it is not expected to come overnight.
there might also be loan posts on both bond and stock exchanges. Canadian
call loans, which are granted to be in the nature of commercial advances at
present, might become real call loans. Ifsuch genuine call, money markets
were to develop, the elasticity of Canadian interest rates might be further
advanced.
Obstacles which have been encountered to plans to form bond exchanges
are understood to come from only a few sources, exce* for technical problems. Some of the larger dealers are understood to have been against the
suggestion. They have felt, it is believed, that they would be allowing
competitors to get more of the bond business, since all would be on a more
or less even footing, at least as to prices and availability of bids and offers
for bonds.
Immediate Establishment of Central Bank for Canada
Recommended in Report of Royal Commission on
Banking and Currency—Two Dissenters from
Majority Views—Commission Headed by Lord
Macmillan.
A recommendation that a Central Bank for Canada be
immediately established is made by the majority members
of the Royal Commission on Banking and Currency. The
Commission, consisting of five members headed by Lord
Macmillan, London jurist, completed its report following
extended hearings throughout Canada; an item regarding the
hearings, begun in August, appeared in our issue of Sept. 2,
page 1669. Indicating that two recommendations with regard to the improvement of the Canadian financial structure
were contained in the report of the Royal Commission (issued
Nov. 11 by the Canadian Department of Finance), the
Ottawa correspondent of the Toronto "Globe" on Nov. 12
said:
Central Bank Plan.
These are:
1. That a Central Bank for Canada be forthwith established.
2. That an inquiry be instituted by the Dominion Government,preferably
with the co-operation of the Provincial Governments, to investigate the
existing organizations for the provision of rural credit with a view to the
Preparation of a scheme for the consideration of Parliament.
Immediate establishment of a Central Bank which would have to be
authorized by Parliament is recommended by a majority of the Royal
Commission, namely, by Lord Macmillan, sir Charles Addis, eminent
British banker, and Hon. J. E. Brownlee. Premier of Alberta. Sir Thomas
White of Toronto and Beaudry Leman of Montreal dissent from this major
recommendation.
Sir Thomas was Minister of Finance In Canada during the Great War,and
is now Vice-President of the Canadian Bank of Commerce: Beaudry Leman
is a former President of the Canadian Bankers' Association and is now
Vice-president and General Manager of La Banque Canadienne Nationale.
It will be recalled that the Canadian Bankers' Association opposed the
establishment of a Central Bank, but favored the creation of an Administrative Board to assume the functions now performed by the Federal
Treasury Board, Sir Charles Addis criticized the suggested alternative on
the ground that It would be "a fifth wheel to the coach," and would accomplish nothing.
Farm-Credit Extension.
The second recommendation of the Royal Commission, which is unanimous, is for the establishment of some new organization for the extension
of intermediate and short-term agricultural credit, the specific form of
this organization to be the subject of further investigation by the Federal
and Provincial authorities, with a view to legislative action in the near future.
3909
Introduction of a bill providing for the establishment of a Central Bank,
based upon the findings'of the Macmillan Commission, is regarded as
certain, since Prime Minister Bennett has indicated in recent utterances
that he Is prepared to propose such a course of action to Parliament.
Other legislative proposals to remedy defects in the Canadian banking machinery, revealed by the stresses and strains of the last few years. also may
be expected at the forthcoming session of Parliament, when the postponed
decennial revision of the Canadian Bank Act is under consideration.
Outstanding features of the report were indicated as follows in Ottawa advices Nov.12 to the Montreal"Gazette":
Majority of the Commission recommends immediate establishment
of a Central Bank in Canada. Sir Thomas White and Beaudry Leman
dissent from this recommendation.
The Central Bank would have a capitalization of $5,000,000, to be
offered for public subscription according to the majority report. The
shareholders would have ultimately some say in the appointment of the
officials of the bank, although under supervision of the Dominion Government.
Premier J. E. Brownlee of Alberta objects to stock of the Central Bank
being privately owned. He wants the Government of Canada to own all
the stock and have complete control of appointment of directors and chief
executives.
An important feature of the recommendation of the majority is that the
Central Bank have sole right to issue notes. At present the various chartered banks have such authority.
Establishment of some new organization for extension of intermediate
and short-term agricultural credit is recommended unanimously.
A majority of the Commissioners recommend abolition of the statutory
7% maximum interest rate.
The proposed Central Bank should not compete with the commercial
banks. Its functions should be regulatory and indirect.
Central banks are eminently suited to be the instruments of Imperial
and monetary co-operation, the report states.
Majority of the Commission finds that the present Finance Act does
not supply adequate central banking facilities.
Majority of the Commission prefers Central Bank to the Administrative
Board recommended by the Canadian Bankers' Association.
The new Central Bank need be neither large nor expensive.
The Central Bank should have a head office and be allowed to establish
branches.
It should take over the offices of the assistant receivers general.
The Central Bank should have a Governor, Deputy Governor, Assistant
Deputy Governor and six to eight directors.
Its dividend should be limited to 5% or 6%, cumulative.
The Central Bank should be banker for the Dominion Government
and might also become banker to the Provincial Governments.
The powers of the Bank are set forth.
Hon. J. E. Brownlee opposes private ownership of the bank's shares.
Commissioner Brownlee urges reduction of interest rates on both deposits
and loans.
•
The Commission does not recommend that the chartered banks withdraw from the investment business.
Canadian banks are urged to refrain from dealing in any but the highest
class of securities available in the country.
While not advising repeal of Section 88 of the Bank Act, the Commission
does not think it should be further enlarged. (This is the section which
authorizes the banks to lend on the security of certain specified commodities.)
Report recommends that the shareholders of Canadian banks consider
the advisability of providing a generous proportion of their directors from
eastern and western sections of Canada.
Restriction of membership in bank directorates to those who are not
directors of other corporations is considered unwise.
Legal restrictions imposed by the Bank Act upon deposits of married
women in the Province of Quebec should be rescinded.
Commission appointed July 31 1933.
Public sittings were held at Victoria, Vancouver, Calgary, Edmonton,
Saskatoon, Regina, Winnipeg, Halifax,Charlottetown, Saint John, Quebec,
Montreal, Toronto and Ottawa.
Revision of the Bank Act due last year and postponed until the coming
session of Parliament, is the sixth.
Commission report expresses appreciation of help given and thanks
to those who appeared or furnished written submissions.
The following official summary of the report is taken from
the Ottawa account to the Toronto "Globe":
The immediate establishment of a Central Bank in Canada is recommended by a majority of the Royal Commission on Banking and Currency.
This is the main conclusion of a 100-page report. It is concurred in by
the Chairman (Lord Macmillan). Sir Charles Addis, and Hon J. E.Brownlee,
while Sir Thomas White and Mr. Beaudry Leman dissent from this major
recommendation.
The second recommendation, which is unanimous, is for the establishment of some new organization for the extension of intermediate and
short-term agricultural credit, the specific form of this organization to
be the subject of further investigation.
A majority of the Commissioners advise the abolition of the statutory
maximum interest rate of 7%. The report also makes a number of suggestions as to ways in which the banks might modify their practices in
their own and their customers' interests. It advises the banks to meet,
where possible, the demand for six to 12 months' agricultural credit to
consider the abolition of collection charges and the introduction of genera
Par Privileges on checks, to deal only in the highest grade of investments,
and to make their boards of directors more representative of the various
economic interests and areas of the country.
Present System n Praised.
In several places in the report high praise is accorded to the Canadian
banking system. "It has been manifest," it is stated, "that, in so far as
the ordinary functions of banking are concerned, the Canadian banks
give admirable evidence of security, efficiency and convenience. In a
time of universal economic difficulty the Canadian banks have stood firm
and have continued to render to the people of the Dominion the same
high quality and the same wide variety of services as in the past."
THE CENTRAL BANK.
Among the chief arguments presented by the majority of the Commissioners in favor of the immediate establishment of a Central Bank is
the lack of a single banking authority in Canada responsible for regulating
the volume of credit and currency, for maintaining the external stability
of the country's currency, and for providing impartial and expert advice
to the Government of the day on matters of financial policy. To meet
such needs central banks have been established in the great majority of
countries.
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Financial Chronicle
It was in order to meet these needs that three international conferences
since the war have recommended that where. there is no central bank
one should be established, the wording of the resolution of the World
Monetary and Economic Conference of 1933, to which Canada was a party.
reading as follows: "The Conference considers it to be essential, in order
to provide an international gold standard with the necessary mechanism
for satisfactory working, that independent central banks, with the requisite
powers and freedom to carry out an appropriate currency and credit policy,
should be created in such developed countries as have not at present an
adequate central banking institution."
Upon the important question of the sphere of influence of central banking policy upon the level of prices, the report goes on to say:
Effect on Price Level.
"A Central Bank cannot be expected to influence directly the price
of a particular commodity. It is even not desirable that a Central Bank
should be specifically charged with any responsibility for the general
price level of a country. There are many factors, of varying nature,
which combine to influence that level, and a Central Bank, working as
It does purely in the monetary sphere, cannot be expected to have complete control, though it may well have a measure of influence. If it
attempted to exercise any drastic control it would have to wield powers
far beyond those which any body other than the sovereign authority
would be entitled to exercise.
"It is manifest, however, that the regulation of the volume of credit is
an Important factor in influencing the level of economic activity and, therefore, of prices, and this is one of the cardinal tasks of a Central Bank. In
the absence of a Central Bank it is a task the fulfilment of which is either
left to chance, or performed inadequately by other agencies. The regulation of the quantity of credit is effected by the action of the Central Bank
on the reserves of the commercial banks. By increasing or diminishing
these reserves or by increasing the cost of securing them, there is set in
motion a process of expansion or contraction through the ordinary channels
of banking. A Central Bank is thus not a competitor with the commercial banks. Its functions are regulatory and indirect."
The Central Bank, it is pointed out, is also of major importance in the
control over the external value of the monetary unit. "This function," it
says, "is a logical outcome of that of credit regulation. Whatever additional influences may affect the level of the exchanges, such as short-term
capital movements, external borrowings and indebtedness, and the income
from overseas investments, the long-term factor of decisive importance is
the credit structure of the country, and no modern State can afford to
dispense with the most effective controlling instruments."
Intra-Imperial Influence.
The functions of a Central Bank in intra-Imperial and international
monetary co-operation are also dealt with. It is asserted that the need for
international monetary co-operation is urgent and constant, particularly
In view of the importance that ex-internal financial inter-relationships
have assumed in the last decade. The report goes on to say that "the precise degree to which the level of economic activity in the world as a whole
may be influenced by concerted international monetary action may be
a matter of opinion, but that a common direction in monetary policy may
have an important influence in avoiding economic excesses or in stimulating revival is beyond dispute.
"The co-operation of Central Banks is beset with many difficulties; its
effects are limited, or distorted by many non-monetary influences; but.
If we wish to continue that mutual interchange of goods and services which
In the past has stimulated the economic life of all parts of the world, we
ought to use all possible means of bringing order into the realm of international relations. In the monetary sphere. the germ of such order is to
be found in the inter-relations of Central Banks working to harmonize
National policy with the needs of the international situation."
Attention is drawn to the fact that in South Africa and Australia, Central
Banks have become an indispensable element in the financial machinery,
and that legislation for the creation of such institutions in India and New
Zealand is presently before the respective legislatures. Such banks are
eminently suited to be the instruments of Imperial monetary co-operation.
The Finance Act, according to the majority of the Commissioners, does
not supply adequate central banking facilities. The powers of this Act are
entrusted to the Treasury Board, "which is in effect a committee of the
Cabinet, and they are thus directly in political hands." It is pointed out
that there are pre-eminent advantages to the State in entrusting the special
and highly technical functions of a central bank to a body "not subject
to the vicissitudes of political life."
Bankers' Proposal.
The majority has "no hesitation in concluding that, as between an administrative board," which was recommended by the Canadian Bankers'
Association as a first step, "and a Central Bank, the latter alternative is
clearly preferable." In so far as a board attempted to overcome the special
difficulties with which it would be faced, "it would require powers and
an organization so essentially similar to those of a Central Bank as to make
It natural to inquire why a Central Bank should not from the outset have
been established."
"So far from the time being inopportune, we are of the opinion that
there are cogent reasons for its early establishment." The inconvertibility
of the Canadian dollar would mean that "the bank would be spared at
the outset the risks with which it might be faced if it began its operations
with a legal obligation to ensure convertibility at a time when gradually
accumulated economic forces might already have weakened the strength of
the currency. . . . We are unable to see in what respects such an
Institution could effect any material disturbance" in the existing financial
system.
The Commissioners admit that, in the absence of a highly developed
money market, the control of a Central Bank in Canada over the financial
system could not be as sensitive es that exercised, for instance, by the
Bank of England. They hold, however, that the financial system and
economic life of Canada are already sufficiently well developed to make the
Instruments of the discount rate, the purchase and sale of securities and
operations in the foreign exchange market of sufficient importance in the
hands of a well-managed Central Bank to give it a decisive influence on the
credit situation in Canada.
On the question of cost, it is pointed out that an organization adapted in
Its structure and size to the present Canadian system need be neither large
nor expensive.
Management Requirements.
Experience, skill and integrity are required in the management of a
Central Bank, but the Commissioners "have no reason to suppose from their
discussions with leaders in Canadian finance and industry that these
qualities are lacking in Canada. On the contrary, they are convinced that
there are resources of intelligence combined with experience and public
spirit fully adequate to ensure the successful management of a Central
Bank."
Dec. 2 1933
The majority of the Commission summarizes its position as follows:
"We should perhaps sound a note of warning as to the degree to which
such an institution could fulfil all the expectations that the public mind
might attach to it. A Central Bank could not cure all the economic ills
of Canada; it would not be a source of unlimited credit for all borrowers
on all occasions; indeed, its operations might as often be restrictive as
expansive.
"On the other hand, its positive services would, we believe, be very
considerable; it would substitute for the present undeveloped and anomalous system a more rational and unified control over the credit structure; it would provide a suitable instrument for the execution of a National policy in regard to the external value of the currency; it would be
increasingly a source of skilled financial advice for the Dominion and
possibly for the Provincial Governments; and, finally, it would p-ovide
a central body which could maintain relations with similar institutions in
other countries, which find at present no counterpart in Canada with
which to maintain contact."
DISSENTS.
In dissenting from the proposal to establish immediately a Central Bank,
Mr. Beaudry Leman states that the time is at present inopportune because
of the existing economic difficulties in Canada; because it is difficult to
conceive that such a bank would be free from political influence, and because world monetary and financial policies are in such a state of flux that
Canada should proceed cautiously and await developments before founding
such a bank. He also stresses the necessity of gaining the full approval of
all the Provinces before the venture is undertaken.
Sir Thomas White dissents from the Central Bank proposal because.
In addition to the reasons given by Mr. Leman, he believes that such a
bank would be "an impediment to the Government, in this trying period,
when direct, unfettered governmental action is manifestly required";
that its immediate establishment would be sufficiently upsetting to the
financial machinery of the country to retard economic recovery; and that
"the ()Rioting banking system of Canada, supplemented by the provisions
of the Finance Act," affords an efficient instrument of financial policy to
the Government of the day, which must,in the last analysis, be responsible
for the policy.
Sir Thomas, however, adds the following qualifying paragraph to his
note of dissent:
"The determination of the question of the advisability of the establishment of a Central Bank for Canada lies with the Government and Parliament of Canada. There may be considerations of policy relating to
the promotion of intra-Imperial and international trade which may materially influence that determination of which the members of our Commission have and can have no immediate knowledge. We are not legislators. We make our recommendations and set out the reasons therefor
upon the evidence adduced before us and having regard to our individual
views of existing conditions,in the hope that our report may be of assistance
to the Government and Parliament in dealing with the many important
and perplexing questions which have formed the subject of our deliberations
as Commissioners."
CONSTITUTION OF A CENTRAL BANK.
In an appendix to the report there are suggestions as to the main features of the constitution of a Central Bank in Canada. These are:
1. The bank should have a head office and should be allowed to establish
branches, to act as note depots, &c., and to take over the offices of the
Assistant Receivers-General.
2. The capital should be $5,000,000, offered for public subscription; all
shareholders to be British subjects resident in Canada.
3. The bank should be managed by a board composed of a Governor.
Deputy Governor, Assistant Deputy Governor and six to eight directors.
The Governors should be men of tested banking experience and the directors
men of diversified occupations; none of the latter should be bankers or bank
directors, and no member of the board should be a member of the Dominion Parliament or any Provincial Legislature or a civil servant.
The first Governor, Deputy Governors and directors should be appointed
by the Governor-General-in-Council. The directors should retire in rotation. Future appointments of the Governor and Deputy Governors should
be subject to the approval of the Governor-General-in-Council.
Monopoly of Note Issue.
4. The bank should have the sole right of note issue; the commercial
banks' issue should be redeemed over a specified period of years.
5. The dividend should be limited to 5%, or 6% cumulative.
6. After provision for dividend and suitable provision for reserves, the
remainder of the profits should go to the Government.
7. The Bank should be the banker of the Dominion Government, and
might also by agreement become the banker of Provincial Governments,
8. A minimum deposit equal to,say,5% of its deposit liabilities in Canada
should be maintained by each commercial bank with the Bank.
9. The Bank should take over the issue and management of the public
debt of the Dominion Government (and possibly also of the Provincial
Governments).
Principal Operations,
10. The principal operations which the Bank should be allowed to conduct should be:
(a) To buy and sell gold.
(b) To buy and sell silver.
(c) To buy and sell foreign exchange.
(d) To buy and sell 90 days (or 120 days) prime bank or commercial bills.
(e) To buy and sell a limited amount of six months' agricultural bills.
(f) To buy and sell short-term (up to twelve months) domestic Dominion
and Provincial Government securities.
(g) To buy and sell a limited amount of long-term Dominion and Provincial securities.
(h) To buy and sell short-term securities of the United Kingdom. British
Dominions, the United States and France.
(I) To buy and sell a limited amount of long-term British and United
States Government securities.
(J) To grant advances on any of the foregoing (or any other readily
marketable securities).
(k) To accept deposits without interest.
(1) To discount promissory notes, suitably secured, of banks up to, say,
15 days' currency.
11. The bank should be prohibited from:
(a) Engaging in trade.
(b) Making unsecured loans.
(c) Paying interest on deposits.
(d) Allowing the renewal of bills.
(e) Advancing to the Dominion Government in excess of, say, 33 1-3%
of the income expected during any one year, or to a Provincial Government
In excess of, say, 25% of yearly income, in both cases the repayment of advances to be complete by the end of the first quarter after the close of the
fiscal year.
12. The bank should concentrate the gold holdings of the country.
13. The bank should maintain a proportion of 25% in gold and foreign
exchange against its outstanding note issue and sight liabilities.
To some of these suggestions Beaudry Leman and Sir Thomas White
take exception. They urge particularly that the 25% reserve of the central
bank should all be in the form of gold.
Financial Chronicle
Volume 137
Hon. J. E. Brownlee is opposed to private ownership of the bank shares
and of the attendant voting rights. He recommends that the capital be
subscribed by the Government, and that all directors and executive officers
be appointed by the same authority. The latter suggestion has the
agreement of Sir Thomas White,
RURAL CREDIT.
In regard to rural credit the Commission agrees that the need for some
new organization "is a real one. . . . Evidence was adduced both by
individual farmers and by representatives of farm organizations to show
that as a result of this declining revenue the maintenance and operating
costs of farms cannot be met, farm debts have considerably increased,
taxes are unpaid, farm equipment has seriously deteriorated and a large
percentage of farmers are unable to obtain new credit to meet the operating costs incidental to putting in and harvesting the crop.
"This evidence was confirmed by representatives of the banks, particularly in Regina, where it was agreed that a large proportion of farmers
could not carry on their operations without some form of credit; that the
credit could not be supplied by the banks, and that a serious problem
therefore existed which had to be met if agriculture was to be revived. The
indebtedness of many farmers appears to be such that even a substantial rise
of agricultural prices would not be sufficient to warrant the extension
of new credit through ordinary commercial channels.
"The material placed before us on this subject in the course of our inquiry is not sufficient to enable us to make a specific recommendation as to
the precise form which such an organization might take. . . . We therefore recommend that the Dominion Government, preferably with the cooperation of the Provincial Governments, should forthwith institute a
special investigation into the whole problem of the provision of short and
Intermediate rural credits, with a view to the preparation of an adequate
and comprehensive scheme for submission to Parliament."
Excess Interest "Illegitimate."
The report also deals with various miscellaneous questions relating to
existing banking practice. Regarding the statutory maximum interest rate
of 7% provided in the Bank Act, the report states that all charges made
in excess of this rate are illegitimate, although "the banks appear to have
taken the view that if a client agrees to a higher rate than 7% and actually
pays it, so as to render the payment irrecoverable, the transaction is
legitimate."
"In support of the retention of the provision, it has been argued that the
Purpose which Parliament had in view in originally enacting the subsection
still subsists; that the banks should not make loans involving such risks
as to warrant the charging of more than 7%; that higher rates than 7%
constitute a burden too heavy for agricultural activities to bear; that,
although competition exists in the services extended by the various banks.
it is not manifest in the rates of interest demanded from borrowing customers, particularly from those engaged in agricultural pursuits, and that
in consequence Parliament was justified in enacting a maximum rate of
interest."
Alternative Argument.
"On the other hand, in support of the repeal of the provision, it has been
argued that there are circumstances in which, if regard be had to the risk,
and to the coat of providing credit, a charge in excess of 7% is warranted;
that enforcement of a rigid maximum loan rate of 7% would so restrict
business as to necessitate the closing of a large number of small branches
especially in newly settled districts, and thus deprive many communities
of banking services, except at the expense and convenience of long journeys; that a charge of, say, 1% in excess of 7% is a small matter to the
customer, representing only $2.50 on a loan of $500 for six months, while
to the banks it may make cumulatively the difference between being able
to carry on a branch in a particular district, or closing it down; that in
1854 all usury statutes were repealed in Great Britain, and the principal
of restricting rates of interest abandoned, as being ineffective and inexpedient in the public interest; that, if the banks were unable to lend at rates
over 7% where such charges were justifiable in view of the risk, many
borrowers, owing to the banks' inability to accommodate them, would be
driven to money-lenders not under the same restriction; that, to deprive
borrowers who are willing to pay more than 7% where such charges are
justifiable, of the opportunity of obtathing loans from the banks would
restrict their freedom, and often prevent them from engaging in profitable
enterprise."
Want Maximum Abolished.
Four of the Commissioners, after careful consideration of these arguments, recommend that the statutory maximum should be abolished, Mr.
Brownlee dissents from this on the ground that the statutory maximum
still serves a useful purpose, and adequate reasons for its repeal have not
been adduced. They agree, however, that if the maximum is retained the
section of the Bank Act should be made clear, and "a penalty for contravention should be imposed."
Regarding the discrepancy between the periods of loans, which run usually for three or four months, and farmers' requirements, which are for
credit of from six to 12 months, the Commission recommends that "the
banks would be well advised in the case of satisfactory customers to endeavor to meet their wishes and convenience in this matter."
Regarding charges for operating accounts and collecting cheques, the
Commission recognizes that the costa of these services to the banks justify
some charge, but recommends the Canadian banks to "consider whether
it would not be in their interests and in the interests of the country to
extend general par privileges and to recoup the consequent expense by
extension of the custom of making charges by agreement for carrying active
&COMMIS and by restriction of the use as checking accounts of savings
deposits upon which interest is paid."
Spread Between Rates.
Regarding the spread between the rates charged to the banks on advances under the Finance Act and the rates charged by the banks to Provincial Governments, municipalities and school boards, the report points
out that the banks draw only a small portion of their funds from this source.
The great majority of their liabilities are the deposits of the public. The
costs of banking operations require a spread between the rates paid by the
banks on deposits and the rates charged by them on loans. In his memorandum at the end of the report, however, Hon. J. E. Brownlee urges that
interest rates on deposits and loans alike should be reduced. The evidence,
he also says, shows clearly that higher rates prevail on Government and
municipal loans in the Western Provinces than elsewhere, and this is unjustifiable.
The Commissioners do not recommend that the banks should withdraw from the investment business. They refer to the valuable assistance
which the banks, with their widespread branches and their strong financial
position, can render in the flotation and distribution of Dominion. Provincial and municipal securities. "There seems to us no justification for
legislative interference with the practice which insures keen competition and
dose tendering."
3911
But "while there is no doubt of the banks' right to deal in securities, we
could not fail to be impressed by evidence of abuses. It may be true that
the volume of industrial or other securities sponsored and distributed by
the banks may have been small in comparison with that of the Governmental and municipal issues sold by them, but we, nevertheless, strongly
urge upon the Canadian banks the advisability of refraining from dealing
in, or distributing for their own account, any but the highest class securities
available In the country, and more particularly those issued by Governments, municipalities and other public or semi-public bodies."
Section 88 Anomalous.
Regarding Section 88 of the Bank Act, the report says:
"The section is anomalous, inasmuch as it contravenes the general
principle of law that a borrower cannot pledge articles which he retains
in his own possession. This principle affords a safeguard to creditors and
is of importance in a trading community. We recognize that the section
was introduced to meet the conditions of a developing county lacking
accumulations of working capital, and we are not satisfied that its utility
is spent, although the time may come when the advantage of retaining it
may well be questioned. We 110 not advise the repeal of the section, but
we do not think that it should be further enlarged.'
In considering the alleged subordination of eastern and western interests
to those of the central area, the report recommends that "the sharehloders
of the Canadian banks should, in their own interest, consider the advisability of providing not only a fair but a generous proportion of directors
from the eastern and western sections of the country, and of further extending their local committees for the purpose of allaying any regional feeling of
discrimination."
Considering the matter of bank directorates, the report also states:
"It would seem unwise to restrict membership in bank directorates to
those who are not directors of other corporations," for this would preclude
the banks from retaining as directors men of affairs actively engaged in
business enterprise and with wide knowledge of commercial and financial
conditions. "It must be left to the sense of propriety of directors not to
place themselves in a position where their interests may conflict with their
duty or which may justifiably attract unfavorable comment."
The report suggests that any banks whose by-laws at present permit
directors to vote or be present at meetings of their boards when credits
to themselves, or any firms or corporations of which they are partners
or directors, are under consideration, should introduce a by-law forbidding
the practice.
Bank Profits.
Regarding bank profits, the report points out that the average net
profit available for dividends over the past decade was 6.36% of the
shareholders' investment, and that, similarly calculated, the dividends
paid amounted to 5.93%. In considering whether these rates of profit
are reasonable, account must be taken of the earnings upon other types of
investment of the double laibility which attaches to bank shares, and of
the desirability that money should be available from time to time for
bank capital.
The Commissioners consider that no additional statutory protection
need be accorded to insurance agents other than that already provided
in the Bank Act and Provincial legislation. They recommend that the
legal restrictions indirectly imposed by the Bank Act upon the deposits of
married women in the Province of Quebec be rescinded.
The terms of reference of the Commission required them "not merely to
examine the banking system of Canada and its operation, but also to
investigate the working of the Finance Act and other related stuates;
to consider the advisability of establishing a central banking institution,
to study the entire monetary system of Canada, particularly in relation
to commodity price movements and international exchange fluctuations;
to consider whether the monetary system of Canada may be so modified
and developed as to facilitate intra-Imperial and international co-operation
in policies designed to promote the revival of trade, the increase and stability
of employment and the raising of the level of commodity prices, and
generally to make such recommendations as we may deem proper for
revising or supplementing existing legislation or for the adoption of other
measures calculated to promote the economic and financial welfare of
Canada."
In regard to these terms, the report says:
Moderate View Taken.
"Within the latitude of so wide a reference, it might no doubt be open
to us to attempt to investigate every aspect of the political, social and
economic life of Canada. We have taken a more moderate view of the
duty entrusted to us, and have considered it rather to be our task to enter
upon the field of these large topics only insofar as they affect, and are
affected by, the more specific subject of our study, namely, the banking
and currency system of Canada.
"Such questions, no doubt, have their political aspect, but they need
for their solu ion light, not heat. • It is obviously well that at such a time
as this the adequacy of the financial mechanism of any country to the
new demands made upon it should be examined in order to ascertain
whether the existing mechanism is working well, or could be made to
work better, not only under existing conditions, but under those likely
to prevail with the return of normality. The world will not return to the
"status quo ante." When prosperity returns, it will return to a world
changed in many important respects. We have to see whether in the
particularly sphere of our inquiry, Canada has the best equipment to deal
with these new conditions, having regard to all their economicimplications?.
The report consists of an introduction, a brief history of the growth of
Canadian financial institutions, and a valuable summary of the working
of these institutions, in particular of the operations of the chartered banks.
There then follows a chapter which sets forth the general economic and
financial problems of Canada which are inevitably associated with the
dependence of the country upon world markets and the balance of international payments. It suggests the inadequacy of the existing financial
machinery, particularly that of the Finance Act,to cope with these problems.
Mosy Important Chapter.
The chapter entitled "The Existing Canadian Financial System and the
Establishment of a Central Bank" is the most important of the report.
It states the general functions of central banks, describes the Part which
they play in modem financial systems, and outlines the problems which
would have to be faced, and the place which would have to be occupied
by a central bank in Canada. It refers briefly to the usefulness of central
banks in other British Dominions. Chapters on agricultural credit and
on miscellaneous problems of banking practice follow. The concluding
recommendations occupy only a page. and they are followed by the memorands and addenda of various Commissioners and by 15 appendices, mostly
containing statistical material regarding the operations of the chartered
banks.
Exchange Dumping Duty Imposed by Canada on
Imports from United States to Offset Depreciated
Currency—Under Order-in-Council American Dollar Is Valued at 100 Cents for Customs Purposes.
Regarding the action of the Canadian Government in
imposing an exchange dumping duty on imports from the
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Financial Chronicle
United States (referred to in these columns Nov. 25, page
3754), the U. S. Department issued the following in the
matter on Nov. 25:
The Canadian Government having proclaimed the United States as
among the countries with depreciated currency, for their customs purposes,
shipmentsfrom the United States made on and after Nov.23 will pay regular
duty on the par value for the American dollar of 100 cents Canadian,
Instead of the current rate of exchange, and, in the case of goods of a class
or kind produced in Canada,imports from the United States will be subject
to an additional or dumping duty equal to the difference between the
current exchange value and the par value, according to a telegram from
Assistant Commercial Attache Oliver B. North, Ottawa, received in the
Department of Commerce. The current exchange value of the United
States dollar in Canada is now about 97 cents Canadian.
To facilitate customs clearance at destination, it is recommended that
American exporters to Canada furnish with their Canadian invoices a
currency certificate, obtainable from their local banks, certifying as to the
rate of exchange in Canadian dollars on the date of shipment.
Pursuant to the general Canadian customs law, similar action has been
taken since October 1931 with regard to the customs treatment in Canada
of imports from a number of the countries whose currencies had depreciated
In terms of the Canadian dollar. Accordingly, importations into Canada
from the following countries are now understood to be assessed duty upon
the mint or par value of the currency, rather than upon their current
exchange value; United Kingdom and Irish Free State; Norway, Sweden,
Denmark and Finland; Portugal and Brazil; and Japan. In addition,
special or dumping duties are also levied by Canada upon such imports,
when competitive with Canadian products, equal in amount to the difference between the par value and the current exchange rate of the particplar
currency, in the case of all the countries listed,except the United Kingdom
and the Irish Free State, which have recently been exempted from exchange
dumping duties in Canada.
In Canada Press advices Nov. 23 to the Montreal "Gazette," it was pointed out that the effect of the action of
Canada in declaring the United States dollar to possess a
value of 100 cents Canadian currency for duty purposes, is
that the difference between the current rate of exchange
and par will be collectible as an exchange dumping duty on
importations from the United States of all goods of a class
or kind made in Canada. These advices continued:
Action by the Government was not expected.
Since the United States dollar began to depreciate in value, the Government has been watching the situation closely. At the present time the
United States dollar is at a discount of approximately 23 to 3% in terms
of Canadian currency. This margin, which offsets the protection afforded
to Canadian manufacturers by the tariff to the extent of the difference
between the relative currencies, was evidently regarded by the Government
as sufficient to warrant action. An order-in-Council fixing the value of
the United States dollar for duty purposes was consequently put through.
Indications are that the Government of the United Kingdom contemplates measures to meet the situation as it affects that country. At present
there is a 6% discount as between the United States dollar and sterling.
That is, the American manufacturer is, to that extent, in a favorable
position to compete with the British manufacturer in the market of the
United Kingdom.
From an Ottawa account Nov. 23 t3 the Toronto "Globe"
we take the following:
Pegged at 100 Cents.
The purpose of this action, of course, is to protect Canadian manufacturers and other producers against the threatened inflow of United
States products. It is understood that for customs duty purposes the
United States dollar will be pegged at 100 cents, and the difference between
that figure and the actual value for the dollar will be the amount of the
dump.
It is recalled that Canada imposed special dumping duties on British
goods when sterling was depreciated. The British pound was pegged at
$4.40 for customs purposes, and when the actual value of the pound fell
below $4.40 the dump was applied. The Department of National Revenues
will instruct its Customs Collectors regularly as to the amount of special
duty to be levied on American goods.
Critics of the Government's tariff policies may argue that the Administration is not consistent in its ruling with respect to currency fluctuations.
For example, when the American dollar was at a premium, goods coming
from the United States were subject to additional duties. If $1.15 in
Canadian money were paid for goods costing $1 in American funds, the
duty collected was based on $1.15, and not on the face value of the invoice.
With the 131rtish pound 31 cents above par, Canadian manufacturers are
urging that extra levies be applied, but the Government thus far has taken
no account in this regard, and none is contemplated.
Automatic Protection.
The purpose of the dumping duty being to protect Canadian industries,
It is contended they are automatically safeguarded against British competition by the rise in sterling, which gives them so much added protection.
Canadian purchases of British goods naturally are curtailed by reason of
the fact that it takes more dollars to buy them than when sterling was at
par. When Great Britain went off the gold standard. Canada imposed
special duties against British goods to prevent Canadian industries being
wiped out overnight.
The United States took no dumping-duty action to prevent Canadian
goods entering the Republic when the Canadian dollar was below par.
British Trade Not Yet Seriously Affected by Depreciated American Dollar According to Neville Chamberlain—No Action Thus Far to Combat Fall of
Dollar.
Canadian Press advices from London, Nov. 23 are taken
as follows from the Montreal "Gazette":
Neville Chamberlain, Chancellor of the Exchequer, made it plain to-day
the British Government has done nothing to date to combat the fall of
the United States dollar but that it is watching the situation closely and
is prepared for action if necessary.
The assurance came in face of demands from many quarters for protection
against the increased benefits accruing to United States exporters as their
dollar slides on foreign exchanges. Some of those demanding action assert
the fall has already, in some instances, wiped out the tariff protection.
Dec. 2 1933
"The depreciated American dollar has not, up to the present time,
seriously affected British trade," Mr. Chamberlain told the House of
Commons. He declared there was every reason to suppose the policy of
maintaining the independence of sterling had the approval of manufacturing and exporting interests In Great Britain and pressed on this
point said he had received no representations from these interests.
"I think the thing to do is to await any representations that may be
made," he added, suggesting the proper tribunal for these was the Tariff
Advisory Board.
Asked whether he was satisfied with the present position of the exchange
equalization fund and how its book position compared with last year the
Chancellor declared:
"The answer to the first question is affirmative. With regard to the
second, I cannot undertake to publish such information as it would not
be in the public interest."
Concern Over Dollar's Depreciation Voiced by Council
of British Empire Producers' Organization.
The following from London, Nov. 22, is from the New
York "Times":
The Council of the British Empire producers' organization communicated
to the Government to-day an expression of grave concern over the continued depreciation of the dollar and its consequent effects on the prices
of primary commodities produced within the empire.
The Council recommends that in the event that empire markets continue
to be adversely affected and the purchasing power of the primary producers
consequently reduced, "the Government and the countries of the British
Empire take such action as may be considered most appropriate to safeguard the interests of empire producers and maintain the full benefits of
empire preferences."
The Chairman, Sir Edward Davison, said that if the dollar continued
to depreciate, as many feared it would do, and brings no commensurate
rise in the price of commodities, the result could only be a fall in world
prices and a serious dislocation of the markets within the empire.
"Already such results are apparent in the unsettlement of the empire
markets," he said, "and any serious consequences for the primary Producer must in turn react on the demand of the oversee empire of manufacturers of the United Kingdom, which have to meet inereased competition
with the United States. Their position may soon be very serious, and it
seems desirable that the Governments of the empire consult to evolve a
method of collective action to safeguard their primary producers."
Advantages Seen by Canadians with Drop in United
States Dollar—Great Savings in Exchange on
1934 Debt Payments Anticipated.
The following special correspondence from Ottawa, Nov.
23 is from the New York "Times" of Nov. 26:
Canadians are discovering there are two sides to the exchange problem.
There used to be much grumbling because the Dominion's dollar was at a
discount as compared to its American brother. Now once more they are
marching shoulder to shoulder and in some quarters a slight premium on
the Canadian dollar is hailed joyously as a triumph for Canadian currency.
At the same time realization is growing that the discounted dollar was
an excellent thing for our trade with the United States. When the American
dollar was worth $1.10 or $1.15 in Canada, and the Canadian dollar only
85 or 90 cents in the United States, it was easy and profitable for the
American to buy here,and correspondingly unprofitable for the Canadian to
buy in the United States.
The return of the dollar, however, will save Canadian governing bodies
many millions in 1934 in the exchange charges they have had to meet In
the past couple of years. Altogether Canada is committed to the payment
of some $256,000,000 in the United States next year, to meet maturing
debts and interest on continuing debts of the Dominion, the Provinces,
the municipalities and private corporations.
.
Exchange Costs High.
In the present year the payment of an equal sum involved the added
payment for premium of perhaps $20,000,000. The city of Ottawa, for
Instance, put $190.000 in its 1933 budget for exchange, representing more
than a mill in the tax rate, and if present conditions continue this item will
be saved in the next budget. Practically every municipality borrowed
money in New York in the lavish days, and certainly all the Provinces
went there for their money, while the commitments of the Dominion
treasury on its own account and through guarantees of Canadian National
Railways obligations are heavy.
The saving through exchange will be important to budget makers in
the next few months, when taxes are considered and rates struck, and added
to the upward trend of ordinary revenues there is a growing confidence
that taxes in 1934 will begin to seek a downward direction. It was announced the other day, for instance, that the Province of Ontario, which
had budgeted for a deficit of a couple of millions in the present fiscal year,
would be able to report instead a small surplus, and the Dominion revenues,
still behind those of a year ago in the total, have shown a distinct improvement in recent months.
Canadians Are Pleased.
Aside Altogether from questions of budgets and revenues, the reaction
of the average Canadian to the changed position of the two dollars is one of
considerable satisfaction. He does not go very closely into matters of
cause and effect, but he feels that tho Canadian dollar is back where it
ought to be. He never was quite convinced, despite the explanations and
assurances of experts on both sides of the line, that there was not some
malevolent influence at work,some sinister plot—hatched in Wall Street—
which robbed his dollar of 10 or 15% of its value when it crossed the border.
He pointed to the soundness of Canadian banks and made some comparisons; pointed to the record of Canada in respect to her external and
internal obligations, and could not see any other way to account for the
situation.
If the American dollar should fall to 85 or 90 cents in Canada, the man
on the street is going to be puzzled when he tries to figure out where the
"profit" stays.
Gold Repercussion Seen—London "Times" Declares
Exchange Has Been Dislocated.
In an editorial headed "Roosevelt Under Fire," The
London "Times" suggests that America may be subjected
to even more extreme experiments if President Roosevelt's
present policy fails. The foregoing is from a London cable-
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Financial Chronicle
gram, Nov. 24 to the New York "Times" which went on
to say:
In attempting to achieve a rise in the general price level by the purchase
of gold at varying arbitrary prices in dollars, the President, The London
"Times" says, has upset the international Money market and caused a
dislocation of exchange which may have serious repercussions outside the
United States, "though this, it must be insisted, was most certainly not
his purpose but is merely incidental to the achievement of his domestic
purpose."
"He has moreover brought to a head," The "Times" continues. "the
growing opposition to his whole underlying monetary policy, an opposition
which has derived added strength from the discontent provoked by the
National Recovery Administration control of industry and from the disappointment caused by the slow progress, if not actual stagnation, of the
Whole Recovery campaign.
"But he shows no disposition to compromise. The effect of any criticism
from the right seems to be to drive him further to the left. The real crisis
may be deferred until Congress meets in January. It will then be made
clear how far the opposition of bankers and business men is supported by
Public opinion, which dictates the attitude of Congress.
"Finance and 'big business' have lost much of the prestige and authority they formerly enjoyed in the United States, and the President
may feel strong enough to disregard their protests.
"Yet it is difficult to see how he is going to bring about the revival of
confidence without which there can be no improvement in economic conditions. And if he should fall, especially if there is any excuse for imputing
his failure to the opposition of the moneyed interests, then the result may
be, not a return to more sober and orthodox methods, but experiments
even more extreme than those to which the country is already committed."
Geneva Newspapers Warn of Financial Troubles Arising
from "Gold Bloc."
Associated Press advices from Geneva, Nov. 24, said:
Warnings of financial troubles, arising from the "gold bloc" formed by
six European nations in Paris in July. were given to-day in Geneva newspapers.
The French franc, said the "Journal de Geneve". is menaced by the
refusal of the French Chamber of Deputies to support a fiscal reform
program, and other newspapers maintained that reorganization of some
Swiss francs which have suffered losses would be unnecessary.
One bank at least would ask aid from the German and French Governments, the papers said.
France, Holland, Switzerland, Belgium, Poland and Italy formed the
"gold bloc" last summer with the reported purpose of supporting currencies in their countries and to throttle speculation against gold by other
nations.
Gold Holdings of France Shown as Doubling Since
Beginning of Depression.
That the gold holdings of France have increased to a
marked degree since the beginning of the existing world
depression is revealed in a study of the French gold market
issued by the Department of Commerce. The Department's
announcement of this on Nov. 25, continued:
The study, prepared in the Finance and Investment Division by H. M.
Bratter. shows that in the period between the end of 1929 and Aug. 31 of
the current year, the gold stock of France nearly doubled. In the former
period its gold holdings amounted to $1,633.000,000; by the middle of 1932
the figure had risen to $3,200,000.000, while in August 1933, the Bank of
France held gold valued at $3,223,000,000. Since August, it IS Pointed
out, total French gold holdings have been somewhat reduced.
According to the Bank of France's Bureau of Economic Research, the
heavy inflow of gold into France was not due to any encouragement given
by the Bank, which made no direct purchases of foreign gold and accepted
the metal only as it was offered by the public.
The excess of gold received by the Bank, over net gold imports, the
study points out, resulted from the demonetization in 1928 of the pre-war
gold coins. These coins, hoarded since the outbreak of the war, responded
to a renewed confidence in the country's stabilized currency and found their
way to the Bank of France's vaults.
The study of the French gold market has been issued as Special Circular
No. 394. Copies may be obtained for 10 cents from the Finance and
Investment Division, Department of Commerce.
-
Japanese Utility Voids Gold Clause—Tokio Electric
Light Co. Bars Right to Collect Interest at Old
Exchange Rate.
From Tokio Nov. 28 advices to the New York "Times"
said:
The newspapers report that the Directors of the Tokio Electric Light
Co., Ltd., have decided to cancel the provision in debentures allowing
holders cash in dollars or sterling at the former gold exchange rate. Since
the fall of the dollar many American holders have been sending their
coupons to London.
The Directors justify their decision by the cancellation by the United
States of the gold clause in contracts. Other electric companies with
dollar and sterling option clauses are expected to follow suit.
Japan's Action in Raising Gold Price—Rate Will Be
Calculated on the Pound Instead of Dollar.
A wireless message Nov. 24 from Tokio to the New York
"Times" said:
Raising the price of gold, the Government announced to-day that in the
future it will base the rate on sterling, instead of, as heretofore, on dollars.
The price was raised 11% in Japanese currency, calculated on the average yen-sterling rate of London bar gold quotations. The new price of
9 yen. 94 sen per nomme 12.41131 pennyweights] is under the open market
here and compares with 13 yen, 92 sen offered in New York.
Experts are doubtful whether the new price will prevent smuggling and
induce miners to sell the accumulated supplies.
Reference to the raising of the gold price by Japan ap•
peared in our issue of Nov. 25, page 3757.
3913
Ambassador Bingham Defends President Roosevelt's
Monetary Policies in London Speech—Compares
Gold Plan to British Equalization Fund—Derides
Threat of Uncontrolled Inflation.
A defense of President Roosevelt's monetary policies was
made by Robert W. Bingham, United States Ambassador
to Great Britain, in a Thanksgiving address on Nov. 30
before the American Society in London. Mr. Bingham
described the British Exchange Equalization Fund, "said
to be in excess of L300,000," and remarked that the fund
had been "wisely and intelligently handled." The United
States, he said, set up a similar fund about a month ago
"for the same general purposes" and "operated in the same
wise and intelligent way." Mr. Bingham later told the
Associated Press that he referred only to the $50,000,000
RFC fund for the purchase of newly mined gold. In his
speech the American Ambassador declared that it was
unnecessary to worry over the "fulminations of that school
of prophets who still predict disaster in the face of experience
and incontrovertible facts." Both France and England
have already depreciated their currencies with good results,
he said, and he expressed confidence that the results for
the United States would be equally good. "There will be
sadness for those who sell the United States short," he
predicted. He also dismissed the possible threat of uncontrolled inflation by stating that he was no more afraid of
it in the United States than in Great Britain. We expect
to refer further to Ambassador's remarks another week.
Camille Chautemps Forms New French Cabinet,
Following Defeat of Sarraut Ministry in Chamber
of Deputies on Budget Issue—Edouard Herriot
Named Delegate to League of Nations—New
Government Facing Serious Financial Problems.
A new French Cabinet was formed this week by Camille
Chautemps, who was designated as Premier following the
overthrow, on Nov. 24, of the Government of Premier Albert
Sarraut by a vote of 321 to 247, after a tenure of office of less
than one month. Premier Sarraut's Cabinet was the fourth
in France since June 1932, and was the third to fall this
year. The overturn occurred shortly after the Chamber of
Deputies had accorded the Ministry a substantial vote of
confidence. Later, however, M. Sarraut made a concession
to the Socialists on a minor point, and this resulted in his
defeat. The downfall was attributed to the same issue which
defeated the Daladier Cabinet in October, the question of
reduction of funds for the civil service in an attempt to balance the budget.
M. Chautemps,in naming the members of the new Cabinet,
announced the appointment of former Premier Edouard Herriot as permanent delegate to the League of Nations. The
names of the other Cabinet members follow:
Socialist;
Premier and Minister of Interior, Camille Chautemps, Radical
War,
Minister of Foreign Affairs, Joseph Paul-Boncour, Independent;
Democrat;
Edouard Daladier, Radical Socialist; Navy, Albert Sarraut, Left
Marchandeau,
Finance, Georges Bonnet, Radical Socialist; Budget, Paul
ComRadical Socialist; Public Works, Joseph Paganon, Left Independent;
Lamoureux, Radical
merce, Laurent Eynac, Left Radical; Labor, Lucian
Left
Socialist; Air, Pierre Cot, Radical Socialist; Justice, Eugene Raynaldy,
Democrat; Education, Anatole de Monzie, French Socialist; Agriculture,
Henri Queuille, Radical Socialist; Merchant Marine, Eugene Frot, Radical
Socialist; Pensions, Him)olyte Ducos, Radical Socialist; Posts and Telephones, Jean Mistier, Radical Socialist; Colonies, Albert Dalimier, Radical
Socialist; Public Health, Alexandre Israel, Left Democrat.
Most press dispatches from Paris this week predicted that
Premier Chautemps faces an early defeat in the Chamber by
the combined votes of the extreme Left and the extreme
Right. Commenting on the financial situation which the
new Government will he called to solve, a Paris cable of
Nov. 27 to the New York "Times" said:
Meanwhile, with Georges Bonnet still Finance Minister and Paul Marchandeau Budget Minister, the Premier seems determined to make another
gallant effort to economize or to raise the 6,000,000,000 francs which
are necessary if the budget is to be balanced. His proposals for doing it
will be, it is believed, almost the same as those of his predecessors, but his
method will be different.
While the preceding Cabinets fell on the question of the reduction of
civil service allowances and were always open to defeat on questions of tax
increases, he is expected to attempt to carry through most necessary measures by decree. He will have to ask authority for this decree, but by doing
so he will save his supporters from appearing as voting for these measures,
which are estimated to yield 1,000,000,000 francs.
Suppression of certain fiscal privileges and modification of the exceptions in the income tax will also provide 1,000,000,000 francs. The Government will continue the national lotteries and the much-criticized nickel
money, which gives a profit of 800,000,000 francs.
It is hoped also to collect 400,000,000 francs by improving the collection
of automobile license fees. Figures published by the Finance Ministry
support the statement made recently by Edouard Daladier that in the 82
departments of France many automobile owners do not pay taxes.
Figures given out to-day show that in the Orne Department there are
12,005 automobiles, but taxes are paid on only 5,843. In M. Daladier's own
3914
Financial Chronicle
Vaucluse Department there are 13,660 automobiles, but taxes are paid on
only 7,441.
Opposition Is Certain.
In trying to get these measures passed, M. Chautemps and his Ministers
must of course first encounter considerable opposition in the Finance Commission of the Chamber of Deputies. They must maneuver without a fault
to hold their majority in the Chamber and even then it is not certain they
will get past the first vote. If they survive the first vote the Cabinet may
live until the new year.
Berlin Reassured by Banking Inquiry—Expert Witnesses' Opposition to Nationalization Brings Confidence to Boerse.
From its Berlin correspondent Nov. 25 the New York
"Times" reported the following:
The week witnessed signs of marked improvement in the financial position. The Boerse was confident, with the biggest turnover in bonds and
stocks since the general.spring advance in quotations.
The wave of confidence originated in the unanimous expression of opinion
by expert witnesses at the Government banking inquiry against bank
nationalization. It is considered noteworthy that even Chancellor Hitler's
State Secretary Feder, hitherto known as a champion of "feather money"
and other fantastic currency expedients, repudiated complete nationalization at the inquiry.
Thereupon stocks of the Reichsbank and of commercial banks rose
violently, the former on Thursday gaining nine points on the decision
that the Reichsbank's 12% dividend should be fully transferred. Foreigners bought this and later bought commercial banks. The boom in bank
stocks was helped by the increase in their liquidity as a consequence of the
Reichsbank's taking over the tax-credit certificates and further now activity
on the Boerse, which materially increased the bank's sources of profit.
Reichsbank Blocks German Inflation—President Hjalmar Schacht Replies to Growing Demand in Statement to Ruhr Industrialists—Will Not Tie to
Pound.
Reporting that a sharp pronouncement against experiments with the currency, demands for which have been rising
in Germany, has been issued by Dr. Hjalmar Schacht, President of the Reichsbank. A wireless account Nov. 25 to
the New York "Times" added:
In a speech before representatives of West German industries at the
Chamber of Industry and Commerce in Wuppertal-Elberfeld last night,
Dr. Schacht declared:
"Among the public a plan has often been discussed to unite the German
currency with the fate of the British pound. Germany, however, can
never pursue a currency policy that is laid down by the Bank of England.
"It is impossible to accept a fluctuating currency without thereby
setting in motion forces that cannot be controlled. Germany has paid the
consequences of one inflation, and this fact compels us for reasons of State
categorically to abjure any further inflation. The Reichsbank will continue to regard a stable currency as one of the pillars on which the national
economy must rest."
Many Among Inflationists.
The demands for inflation or a fluctuating currency have come from many
sources, principally from the debt-ridden agriculturists.
Others are from adherents of the so-called "Feder mark," named after
Gottfried Feder, author of the Nazi economic program and now Undersecretary in the Ministry of Economy. Herr Feder proposed issuing paper
money to be covered by the values it created, the chief potential coverage,
however, to be in that part of the export industry which has been suffering
from the selective shrinkage that makes the total volume of German exports fairly high but hits some industries severely.
Dr. August Thyssen, the Ruhr magnate and one of Adolf Hitler's oldest
suPPorters, complained that "German export industries are in danger of
being driven from the world markets."
This pessimism finds no support in official business figures. As a
matter of fact, due to the skillful operations of the Reichsbank, Germany
has been able to miantain a stable currency at home and a fluctuating
and depreciated currency abroad, which enables her to keep up her exports.
Germany's industrial production has passed that of Great Britain in
volume and is beginning to approach the level existing before the bank
crashes of 1931. It has meant employment for 2,500.000 more persons,
many of whom may not be earning much but who have enough to eat.
Transfer Moratorium an Aid.
Stability of the currency at home is assured by the transfer moratorium,
which has increased German holdings of gold and foreign exchange by more
than 400,000,000 marks since July 1 and raised Germany's note coverage
from 7.8 to 12.4% or more. The budget Is balanced and tax receipts
are exceeding last year's.
The depreciated part of Germany's currency, used abroad for promoting
exports, consists of blocked marks of various sorts, depreciated bonds and
now the scrip given as 50% of their payments to Germany's foreign creditors. With these Germany has been able more or less to hold her own in
the world markets, despite the extensive boycott movements against her
goods and growing replacement of the idea of an international division of
labor with the principle of the greatest possible national self-sufficiency
everywhere.
On this line Dr. Schacht told the Ruhr industrialists:
"Trade in scrip is just beginning; development of business through this
is still before us."
Foreign Debt Being Cut.
By the same means Germany is also reducing her foreign debts. Experts estimate since 1931 Germany has retired or repurchased about 4,500,000,000 marks' worth of her obligations and that her remaining foreign
debt has shrunk through depreciation of the dollar and the pound by perhaps another 2,000,000,000 marks.
Two dangers threaten this position: First, the demand of Germany's
foreign creditors for an end of the moratorium, and second, the practice
resumed by the cartels of raising prices up to 100%. These price increases
consist mainly of cancellation of "depression rebates" and do not show in
official indices.
But the manner by which Germany proposes to cope with these dangers
has already been indicated. To the demand of the foreign creditors Dr.
Schacht seems determined to oppose another decree prolonging the moratorium. Officials of domestic cartels guilty of raising prices are threatened
with the concentration camps.
Dec. 2 1933
Robert S. Byfield of Foreign Bond Associates Sees
German Debt Position Strengthened—Says Retirement of Debts Under "Standstill" Agreements
Effects 50% Reduction from Six Billion Marks
Since June 1931—Repatriation of High Grade Long
Term External Bonds Important Factor but
Medium and Low Grade Bonds Present Serious
Problem.
Writing from Berlin where he has been studying the
German financial situation, Robert S. Byfield, with F. A.
Willard & Co. and President of Foreign Bond Associates,
Inc., reports general improvement in the German debt
situation, with an indicated debt reduction under the standstill agreements since June of 1931 from about six billion
marks to less than three billion, with repatriation of high
grade long-term external bonds continuing steadily, with the
dollar experiments, in the words of one prominent German
banker, handing Germany a $500,000,000 bonus, and with
the reorganization of defaulted issues dependent to a large
degree on a solution of the problems presented by the
Securities Act. Mr. Byfield is touring Europe for firsthand information on the economic and financial status of
England, France, Germany and other European countries.
He is expected to return to the United States about Dec. 13,
Mr. Byfield writes:
At present dollar depreciation is playing a major role in the German
financial situation. Even prior to the advent of the Hitler regime.Germany
was paying off her short term foreign obligations at a very steady pace.
Since April 19, when we left the gold standard, the retirement of debts
under the standstill agreements and otherwise has been generally
accelerated.
The figures largely relied upon indicate a reduction from about six
billion marks in June 1931 to something under three billion at the present
time, but the amount still outstanding includes between one billion and
one and one quarter billion of acceptance credits of a self-liquidating nature
which might well be kept alive under almost any circumstances. Assuming
retirement at the rate of one billion marks annually, which many bankers
feel can be accomplished, the short term German position should begin to
be quite confortable by Jan. 1 1935.
The capable hand of Dr. Hja'mar Schacht,President of the Reichsbank,
may be discerned in this program. Though not a National Socialist he was
drafted by the Nazi Government, and it is generally believed that he has a
free rein in the financial sphere.
Repatriation of German long term external bonds, with the exception of
the Dawes and Young loans, is continuing steadily, although declining
exports has reduced the volume of this class of transactions. No statistics
are available relative to the par value of bonds repatriated by Germany, but
a guess of about 33% of the total originally outstanding appears conservative.
German dollar issues, of which over 100 are outstanding, fall into three
large groups. There appear to be a number of strong situations,
chiefly industrials and utilities, which are repatriating their external bonds
at a more rapid rate than the average. A second group comprises a large
number ofissues,some State and municipal bonds and the weaker industrials
which, entirely aside from the German foreign exchange position, will need
or demand relief from foreign holders in the matter of coupon rate.
Shrunken tax receipts and necessity for relief outlays have played havoc
with municipal budgets. The possibility of the Reich allowing municipalities to borrow abroad in many years to come,seems extremely remote.
The holder of internal municipal bonds, in most cases, has taken a cut in
interest rates and there will be little hesitancy in asking the foreign investor
to do likewise, particularly if he is not to be needed again in at least a
generation.
A factor of no little importance has been the long continued maintenance
of many German loans at very low prices. If a borrower sees his obligations sell month after month at 25% or 30% of its face value, he will begin
to believe that these quotations reflect the intrinsic value of the loan and
will have less compuction in offering the investor, say, 4% interest instead
of the contractual 7%,than if his bonds were selling at 80% of par.
The third group comprises those loans already in default, even in terms
of Reichsmarks. They will be reorganized provided the terms of the Securities Act can be complied with. Germany is having her first experience with
the new Securities Act in connection with the issuance of scrip for a portion
of the interest on the dollar bonds beginning with the July 1 1933 coupons.
At this writing the registration statement is being completed by the Conversion Bank, but the Federal Trade Commission's request for answers to
supplementary questions is causing some delay.
In the minds of many well-informed Germans, the dollar quotations of
most German loans are very conservative. Their future prices cannot be
predicted, but liquidation at current quotations is generally regarded as
unwise. The beneficial effects upon Germany's debt position of the
American Government's policy of deliberately debasing the currency cannot
be overestimated.
Strangely enough, at the same time, conservative
opinion literally stands aghast at our most unorthodox experiments with
the dollar. But Germany will not protest, for as a prominent German
banker exclaimed, "We are grateful to the American farmer, for he will
force President Roosevelt to cut the dollar in half and by so doing
present Germany with a bonus of $500,000,000."
Germany's Foreign Trade Bureau Reorganized.
Reorganization of Germany's official foreign trade bureau
is provided for in a recent Government decree, it is made
known in a report from Vice-Consul C. W. Gray, Berlin,
made public by the Commerce Department. The Department on Nov. 10 further said:
The new set-up, the report points out, will provide German foreign trade
Interests with definite, permanent and practical channels through which
to make known their needs and desires to the Government. To the reorganized Bureau will be attached a Foreign Trade Council which will advise
the Foreign Office and the Ministry of Economics in all foreign trade
matters and propose to them legislative or administrative measures in this
field.
Nineteen district foreign trade offices are to be established in the important commercial centers of Germany, the function of which will be to
Volume 137
Financial Chronicle
advise and represent firms in the respective districts in all foreign trade
matters. The expenses of the district offices will be borne by the chambers
of commerce in each district, in so far as expenses are not covered by the
income from fees. It is the intention to staff these district offices with
experts in matters pertaining to foreign trade.
The make-up of the Foreign Trade Council and the powers granted to
it, the report declares, insure a close contact between business and the
Government. A particular feature of the reorganization of the Foreign
Trade Bureau is the manner in which the various units in the system are
fitted into the picture so that there can be a rapid flow of suggestions from
the top to the bottom and vice versa.
Nazi Youth Who Shot Chancellor Dollfuss of Austria
Sentenced to Five Years in Jail—Austrian Leader
Appears as Witness at Trial—Political Implications
Officially Ignored.
A youth who shot and wounded Chancellor Engelbert
Dollfuss of Austria on Oct. 3 was sentenced to five years
imprisonment by the Vienna penal court at the conclusion
of his trial on Nov. 18. Although the defendant, Rudolf
Dertil, was formerly affiliated with the Nazi party, no
attempt was made at the trial to ascribe political motives
to the attempted assassination. Chancellor Dollfuss appeared in court as one of the witnesses for the prosecution.
The attack on the Austrian Chancellor was noted in our issue
of Oct. 7, page 2544. The trial and sentence were described
as follows in a Vienna dispatch of Nov. 18 to the New
York "Times":
Entrance to the court was denied to all except newspaper men, officials and lawyers, and they were searched so strictly that even their watch
cases were opened.
Despite this obvious fear of another outrage, Chacellor Dollfuss appeared
in court in the capacity of a witness and the case was treated as an ordinary
and not as a political trial. A more striking contrast with the Reichstag
fire trial could not be imagined.
Neither in the concluding speech of the State Attorney nor the judgment of the court was the Nazi party mentioned, and the State Attorney
Placed all the moral reponsibility for the deed on Dr. Guenther, Mr.
Dertil's stepfather.
The apparent reason for all this was that although in Austria an attempted
political assassination must be tried before a jury and the defending lawyer
had asked that this be done, his request was refused on the ground that
there was no question of a political crime. In some quarters this action
was ascribed to fear that a jury accidentally composed of Nazis might
have acquitted Mr. Dertil.
The Chairman of the court, however, could not forbear from occasional
irony concerning some of the details that established the connection of the
accused with the Austrian Nazi party.
It was proved that he had consorted with Nazis and had obtained the
weapon he used from a Nazi, and that while his application for entry into
the Nazi party was made out in his own handwriting, his alleged notice of
resignation had been "written by a friend because he had such a nice
hand writing."
Finland to Convert Dollar Loans.
United Press advices from Helsingfors, Nov. 26 are taken
as follows from the New York "Herald Tribune":
The Finnish Government has decided to seek authority from the Riksdag
(parliament) to convert present State dollar loans into new issues in either
Finnish or other European currency, on condition that the interest be below
that of existing loans. The Government felt that currency fluctuations and
the general economic uncertainty made possible advantageous conversions,
which would enable Finland to back out of the gold clause connected with
the existing loans.
Jugoslavia to Pay Interest.
Belgrade advices (copyright) to the New York "Herald
Tribune," said:
Important for foreign holders of Jugoslav loans is the new ordinance
issued by the Ministry of Finance that coupons can be presented to foreign
agents of the Governmental Jugoslav Mortgage Bank, who will forward
them to the head office in Belgrade, which remits the money to its agents,
Hitherto such coupons could only be cashed in Jugoslavian territory.
Premier Mussolini Restricts Employment of Women
in Italian State Offices—Orders Number in Many
Public Offices Limited to 5% of Total Employees.
Premier Mussolini imposed a severe restriction on the employment of women in Italian public offices when,on Nov. 27,
he issued an order providing that the number of women in
many State offices be limited to 5% of the total workers.
This limitation is applicable to State, provincial and communal offices and to State financial organizations. In socalled "inferior" forms of employment, comprising chiefly
telephone operators, women may constitute 20% of the total
number of employees. Associated Press advices of Nov. 27
gave the following additional details of the order:
The order added force to the effort the Premier has been making to induce
women to tend house and rear families.
Further employment of women is prohibited until the number already
holding jobs has been reduced to the prescribed total by "successive
cessation."
Employment in schools and hospitals is not affected by the order. The
afternoon press carried announcements of forthcoming civil service examinations of the thousands of jobs to become vacant next year.
It has been frequently reported that Premier Mussolini plans similar action
against bachelors in State positions. No step, however, was taken to-day
to force bachelors to marry or quit their jobs. It is known, however, that
there is an unwritten understanding that when high posts are made vacant,
preference is to be given to Fascists who are married.
3915
Token Payment Offered by Italy on Dec. 15 Instalment
Due on Debt to United States.
Italy has offered a token payment of $1,000,000 to the
United States on the $2,133,905 instalment it will owe on
war debts Dec. 15, it was stated in Associated Press advices
from Washington Nov. 28 to the New York "Evening
Post", which further stated:
The offer was made through the Italian Embassy to the State Department and has been referred to President Roosevelt. Diplomatic
officials refused to discuss the token offer until the President takes action.
Under-Secretary Phillips said negotiations on war debt payments also
are proceeding with Finland, Latvia and Czechoslovakia.
British Payment Settled.
The projected token payment is greater in percentage than that made
by Italy last June 15, when $1,000,000 was paid on an instalment of
$13,545,000.
Great Birtain already has agreed to a token payment of $7,500,000 in
lieu of the approximately $117,000,000 coming due from that country
on Dec. 15.
Negotiations in Washington Incident to Dec. 15
Instalments Due on War Debts—Offer of Czechoslovakia.
War debt negotiations included, it is stated, an offer of
$150,000 by Czechoslovakia on an instalment of $1,682,812
due Dec. 15, according to Associated Press advices from
Washington Nov. 29, which also said:
William Phillips, Acting Secretary of State, held out for $180,000,
the amount Czechoslovakia gave last June as a token payment on $1,500,000
then due.
The Czechoslovakian Minister, Ferdinand Veverks, cabled his Government for instructions. Negotiations will be resumed later in the week
before any offer is submitted to President Roosevelt, who is personally
passing on all debt proposals. Great Britain's token payment of $7,500.000
on a total due of $117,670,765 was approved by the President on Nov. 7.
Since Czechoslovakia's offer is relatively much higher than the British
payment and since silver will not be accepted next month as it was last
June, the Czechoslovakian Minister urged that his offer be approved.
Italy has made a token offer of $1,000,000 on $2,133,905 due Dec. 15.
This has not yet received President Roosevelt's approval.
State Department officials also have had debt conversations with representatives of Finland, Latvia and several other lesser debtors. The Finnish
Minister, L. Astrom, who represents the only country which has met all
of its war debt payments in full, said to-day he had not yet had final instructions from his Government and did not know what action it would
take about the $229,623 due next month.
The total amount due Dec. 15 from 12 foreign powers is $153,024.327.
W. C. Bullitt, American Ambassador to Soviet Union,
Sails for Moscow—To Survey Housing Situation
in Russian Capital and Then Return to United
States to Report.
William C. Bullitt, recently appointed first United States
Ambassador to Soviet Russia, sailed for his post at Moscow
on the liner President Harding on Nov. 29. Mr. Bullitt
was accompanied by Keith Merrill, in charge of the building
and housing division of the Department of State, and by
two secretaries. He plans to study the housing situation
in Moscow and to return to the United States within a short
time. Mr. Bullitt conferred with President Roosevelt on
the Russian debt negotiations and other related problems
on Nov. 25 at Warm Springs, Ga., and after this talk the
President issued a statement announcing that he had ordered
Mr. Bullitt to sail for his new post on Nov. 29, present his
credentials, survey the housing situation in Moscow and
return to the United States as soon as practicable to report
on the problem of re-establishing American officials in
Russia. The President's statement read as follows:
Because of the difficulty of establishing adequate quarters for an American Etnbassy and Consulate and the staffs thereof in Moscow, where there
is a housing shortage and a complete lack of American Government offices
and residences, I have ordered Ambassador Bullitt to proceed to Moscow
to present his credentials, study the problem and make such preliminary
arrangements as he may deem wise.
Mr. Bullitt will embark on the steamship President Harding on Nov. 29
and will proceed direct to Moscow.
I have ordered Mr. Bullitt to return to the United States as soon as
practicable to report on the problem of the permanent establishment of
the Embassy and Consulates and to organize the staffs.
Maxim Litvinoff Sees Russian Soviet Recognition by
United States a Step Toward Preservation of
Peace—Tells New York Audience Disarmament
Conference Is "Corpse"—Describes Conversations
with President Roosevelt Preceding Recognition—
Hopes for Huge Trade—Colonel Cooper and
Colonel Robins Also Predict Gain for Peace in
New Accord.
The combined efforts of the United States and the Soviet
Union "will weigh the scales in favor of peace," Maxim Litvinoff, Soviet Commissar for Foreign Affairs, declared on
Nov. 24, in an address before more than 1,500 persons at a
dinner given in his honor at the Waldorf-Astoria Hotel in
New York City by the American-Russian Chamber of Commerce. M. Litvinoff listed the benefits he anticipated will
result from American recognition of the Soviet Union, and
described in some detail the conversations which he had had
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Financial Chronicle
with President Roosevelt as a prelude to Soviet recognition.
"There were no long labors, no anxiety," he told his audience.
The negotiations, he said, were of the most pleasant nature;
"so pleasant, indeed, that we both seemed to be in no hurry
to finish them." He remarked that both the President and
he had sought to use a short period of freedom "to make some
propaganda between us."
M. Litvinoff was introduced by Colonel Hugh L. Cooper,
President of the American-Russian Chamber of Commerce,
who has acted as consultant to the Soviet Government on a
number of its important engineering projects. Both Colonel
Cooper and Colonel Raymond Robins, who went to Russia in
1917 with the American Red Cross mission at the suggestion
of President Wilson, emphasized the significance of Soviet
recognition as a safeguard for world peace. M. Litvinoff,
in his discussion of world affairs, said that preparations for
war are continuing unabated and that the disarmament conference at Geneva was a "corpse" that could not be revived.
He also noted the failure of the World Monetary and Economic Conference at London, and the subsequent contraction
of international markets. Russia, the Foreign Commissar
declared, has transformed itself into a powerful industrial
country and does not try to enclose its market within "an
artificial barrier of economic autarchy." He added that
Russia has "the greatest capacity for absorbing raw materials and products of other countries," and referred to his
statement at the London Conference when he said that the
United States could make use of 60% or 70% of the Russian
market. M. Litvinoffs address follows in full:
In addressing you here on the last evening before my departure from the
United States I can find no words adequate to express my appreciation for
the attention which has been bestowed upon me in this country by all your
people. The culminating point is this occasion which gives me an opportunity to meet the leading citizens of the incomparable City of New York.
I should like to interpret this attention as a symbol of the common desire
of our countries to make up what has been lost through the absence of
Intercourse in the past 16 years.
The happy event, which has been awaited by those here present not
without impatience for 16 years, arrived under the easiest and most normal
circumstances. There were no long labors, no anxiety. My discussions with
your President were concluded within one week. They were throughout of
the most pleasant nature; so pleasant, indeed, that we both seemed to be in
no hurry to finish them. I believe that we both, feeling the approach of
our mutual pledges, tried to avail ourselves of the short period of freedom
left to us to make some propaganda between us.
The President submitted to me a kind of religious propaganda, and I in
ray turn tried to persuade him of the soundness of certain principles expressed in the will of a famous American, Stephen Girard, who thought it
best to exclude all ecclesiastical activities from the college which he founded
In Philadelphia. Although we hardly succeeded in convincing one another,
I fully enjoyed the President's way of discussing things, and I still feel
myself under the spell of his charm. Not for a moment had I any doubts as
to the results of our discussions. Since the President called the absence of
relations between our countries an abnormality, I was sure he would not
leave these abnormalities in existence any longer.
I think that there are not many persons left in this country who would
ask why that anomaly has been removed. One hears now rather the question
why this was not done before. The question as to what results may be
expected from the renewal of relations between our countries is entitled to
an answer. I shall endeavor to reply to this question as best I can, but
in order to do so I shall allow myself to make a short analysis of the general
political and economic outlook and then to give any country a kind of introduction to you. My task has been made easier by the eloquent speech of
Colonel Robins.
The upheavals caused by the great war in the political, economic
and
social structure of the capitalist world not only have not ceased but
are
displaying a tendency to extend still further their destructive activities.
In the sphere of politics we observe a process of a growing
international
estrangement. With the exception of a very few oases, of which the most
striking example is the historically unprecedented relation between
Turkey
and the Soviet Union and to which, I hope, the relationship
of our two
countries will soon be added, friendship between two countries,
even of the
most conventional nature, has rarely been established or preserved
in recent
years. International antagonisms have increased both quantitatively
and
qualitatively in comparison with the pre-war period.
Views Disarmament Conference as Expiring.
It would be hard to find anyone to-day still holding the belief
that the
World War was the last war. Preparations for a new war, or
rather for
new wars, are in full swing and are carried on quite
openly. Not only has
the race for armaments been renewed and intensified but,
what may be far
more serious, in certain cases open propaganda of militaristic
ideas is being
carried on, the growing generation is being trained in the
idea of the
glorification of war. A characteristic of such militaristic training
is the
advancement of medieval, pseudo-scientific theories regarding the
supremacy
of some peoples over others, and the right
of some peoples arising therefrom
to dominate others or even to exterminate
them. Songs, music, popular
epics, literature and science are all made
subservient to the militaristic
training of youth.
In other countries there is not even the
attempt to embellish the preparations for war with complex ideological and
scientific theories. Such countries assert that if, in the opinion of
certain odd persons, war as a weapon
of national policy should be outlawed
and peace pacts remain in force, this
still must not refer to those parts of the
world in which these countries them.
selves happen to have an interest.
The naive ideology of such opinions is
expressed in references to "special
conditions," though no trouble is taken to explain
what these special conditions are. You must take their word for
it, because if you express bewilderment or perplexity, you are accused for
"insincerity." "Sincerity," in
such cases, means acceptance and
encouragement of violent, aggressive operations, even when it is your own ox that is being
gored.
Dec. 2 1933
Is it then surprising when such moods exist in certain countries that the
disarmament conference is breathing its last? I may go even further and
assert that the Geneva conference is a corpse which no efforts can bring
back to life and, if no death certificate has been issued, that is only because
the doctors are afraid to listen to the heart that has ceased to beat.
It is now a question whether all countries will accept the Soviet, American, French, British or other method of disarmament and control or of
other details for which this or that commission or subcommission is necessary. Put two simple questions to the members of the Geneva conference:
Will they agree to any serious reduction of armaments and will they submit
to any control? You will hear from at least one large and bellicose country
a negative answer to both questions, with the inevitable reference to "special
conditions." Such an answer would be of decisive importance and would
sound the death-knell of the conference and therefore, perhaps, Geneva will
endeavor to avoid it.
Failure of London Economic Conference.
It is not necessary for me to take up in such detail what is happening in
the economic sphere, because I think that the majority of you here present
know and understand more about this than I do. The failure of the London
conference, the continuing curtailment in international trade and shrinkage
of markets, the tens of millions of unemployed, the revaluation of values
which the crisis has forced in a very literal sense, does not permit any rosy
hopes for a change for the better in the world economic situation. Nor is
the picture I have just drawn of international political relations an appropriate background for such change.
Against this gloomy background it is impossible, in my opinion, not to
discern in all that is going on in my country a ray of light. I should like
to avoid controversial topics, and therefore I shall merely touch upon facts
which no one can deny.
Conditions in Soviet Union.
It cannot be denied, for example, that the Soviet Union, which was threatened with the fate of being transformed into an agrarian colonial or semi.
colonial country, has grown in 16 years into a powerful industrial country,
using technical methods and machinery the most modern in the world, and
predominantly American. The peoples of the Soviet Union are striving
with all their might to develop even further the industrial and technical
growth of the country, and have the necessary natural riches for their purpose. And if sometimes sacrifices have been necessary for this development,
they have had before them an ideal for the attainment of which no sacrifices
would have been too great.
It cannot be denied that in spite of the progressively increasing production of its own industry, the Soviet Union does not attempt to enclose its
market within an artificial barrier of economic antarchy. Enjoying the
lowest foreign indebtedness in the world, the Soviet Union has the greatest
capacity for absorbing the raw materials and products of other countries.
On this question I presented data at the London Economic Conference, a
study of which will show that the United States could make use of this
capacity to the extent of at least 60% or 70%.
It cannot be further denied that the capacity of the Soviet Union rests,
among other things, on the increasing numbers of the population of the
country, which has grown by more than 35,000,000 during the past 10 years,
and which now amounts to almost 170,000,000. A considerable share of this
increase has resulted from the general rise of the cultural level of the
population and from the success of the Government's health program.
The general mortality—before the revolution among the highest in the
world—has dropped by 40%, and child mortality, formerly 270 per 1,000,
has been out in half. It cannot be denied that public education has made
gigantic strides forward. Instead of the 70% illiteracy which prevailed
before the revolution, 90 out of every 100 inhabitants of the Soviet Union
are now able to read; and instead of 8,000,000 there are now 26,000,000
children attending primary and intermediate schools.
Nor can it be denied that the Government of the Soviet Union gives special
attention to the development of science and technique, and, further, to the
development of the most advanced ideas in these spheres. An eloquent
example of this is the tremendous growth of scientific research institutes—
there are now hundreds of such institutes, employing some 35,000 scientific
workers; there are several hundred colleges and higher technical schools
with 500,000 students; over 2,000,000 students in our workers' faculties,
technical high schools, and factory and shop schools. Hence the development of Soviet science and art has already made valuable contributions to
the advance of mankind.
It cannot be denied that the Soviet Union has solved the question of
nationalities within its borders in the most satisfactory way possible. It is
enough to say that with over 100 different nationalities inhabiting the
Soviet Union one never hears of any nationalist friction or conflicts. That
the significance of these achievanents should be still more clear, I would ask
you to remember the anti-Jewish pogroms in Czarist Russia or the incessant
strife and even mutual extermination of Armenians, Georgians and Tatars
In Transcaucasia.
All nationalities enjoy in the Soviet Union complete cultural autonomy,
complete freedom to use their native language, literature and customs. All
nationalities are guaranteed real and complete equality of rights not only
by the Constitution and in theory, but in practice as well, and there is no
high Government office not accessible to a representative of any race
whatever.
Least of all can it be denied that the Soviet Union during its 16-year
history has remained steadfastly true to the principle of peace proclaimed
in the days of the October revolution. This principle has enabled us to
conclude with all our neighbors, including those who withdrew from the
former Czarist Empire, peace treaties fully satisfying their national aspirations and also representing, by the way, the only consistent and intelligent
embodiment of the idea of self-determination of peoples set forth in the
message of President Wilson. I challenge anyone to find in our literature
or in our periodical press anything whatsoever in any degree approaching
propaganda of narrow nationalism, chauvinism or consideration of the question of acquiring any territory whatever beyond the boundaries of the Soviet
Union, or to find in our school text-books any attempts whatsoever to train
our young people in a spirit of hatred against other nations.
Adherence to Kellogg-Briand Pact.
Our adherence to the Kellogg-Briand pact, the conclusion by us of pacts
of non-aggression and pacts defining aggression and, finally, our proposal
for complete and universal disarmament are sufficiently eloquent evidence
of the policy of peace which our Government has ceaselessly carried on and
will continue to carry on. Speaking of disarmament, I permit
myself to
say here that the failure of the Geneva conference has still more strengthened
us in the conviction that the only possible method of disarmament Which
would be not only effective but also practical and easily carried out is
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Financial Chronicle
complete disarmament, the idea of which we shall continue to put forward
at every convenient opportunity.
After all that I have just said, can there be any question of the gain to
both our countries from the restoration of economic co-operation between
them, from the opening up of possibilities to use their respective resources
In this sphere? Can the question arise as to whether or not the cultural
collaboration of the scientists and artists of our two great republics will
bear rich fruit for the benefit of humanity? What is still more important,
can any question now arise as to whether both the United States and the
Soviet Union will benefit from the joining of their efforts in the cause so
important to both of them—the great word of preserving peace? Who can
doubt that the combined voices of these two giants will make themselves
heard and that their joint efforts will weight the scales in favor of peace?
I hope that in my attempt to answer the question as to the possible gains
of the restoration of relations between our countries I have not indulged in
excessive praise of my own country, and that, in any case, I have not transgressed the limits permitted by my agreement with President Roosevelt
regarding propaganda. Sixteen years of estrangement—that is a long historical period. During that time many things in my country have changed
beyond recognition, and so it was necessary to tell you about them here in
order to give you some slight idea of the somewhat unusual country with
which you have just renewed acquaintance.
In conclusion, permit me to mention some pioneers. The efforts of my
eminent friend, Senator Borah, whose absence here I am sure we all regret,
for rapprochement and peace, will remain in the memory of the people of
my country. The services of the organized of this meeting, Colonel Cooper,
are already inscribed in the geography of the Soviet Union and endure in the
concrete of Dnieprostroy. Ile has shown himself capable not only of cementing bricks but also of cementing people. I anr also glad to see here to-night
one who is probably the oldest friend of the Soviet Union in America—
Colonel Robins. He was the first to discern health and vitality in what other
people believed to be a still-born child. I desire also to thank all the other
friends of my country who are present here to-night—while I rejoice in
their number, I regret that it does not permit me to mention all their names.
Permit me, finally, once again to thank the representatives of the press,
whose work during these weeks I have not always been able to make as easy
as 1 should have liked, and who, understanding this, have good-humoredly
given us their support to the end. And in conclusion, permit me to express
my conviction, made still firmer by your hospitality, that the friendship and.
co-operation of our countries may in the future only strengthen and develop
along new ways, to the great benefit of our peoples and the consolidation
of universal peace.
We quote from the New York "Times" of Nov.25 regarding
the addresses given at the same dinner by Colonel Cooper and
Colonel Robins:
In presenting M. Litvinoff, Colonel Cooper said that the Soviet emissary
had disclosed to him In 1927 that he had been selected by Lenin to be the
first Soviet Ambassador to the United States, adding:
"Fate, destiny, call it what you will, decreed that his first visit should be
postponed for 16 years. Looking back, we can only express our regrets for
the long delay in his arrival."
Paying tribute to Stalin's leadership, Colonel Cooper reminded his hearers
that the Soviet Union represented about one-sixth of the earth's land area,
with greater natural resources than all the rest of Europe.
"The remaining five-sixths of the earth's area is puttering along in various
degrees of social and economic difficulties under the leadership of over a
hundred governments," he said.
"May I also pay a deserved tribute to President Roosevelt for his good
judgment and common sense in initiating the conversations which have
finally healed the 16 years' breath in American-Russian relations? I hold
the view that this step is the most outstanding achievement of the Roosevelt Administration up to date, and that future history will record it as
such."
Robins Hails Recognition.
,
After asserting that all peoples of the world would share in gains for
International peace implicit in the resumption of diplomatic and trade relations between the United States and the Soviet Union Colonel Robins said:
This representative gathering in the American metropolis to hail this achievement and to honor the Commissar for Foreign Affairs of the Union of Soviet Socialist
Republics is a fitting conclusion to one of the most successful diplomatic missions
In the history of the modem world.
Let us consider briefly some of the benefits:
It marks a final liquidation of one of the most tragic consequences of the World
War, and welds a vital link in international comity among the nations of the earth.
It makes for understanding and peace in the solution of the problems of the
Far East.
It makes possible effective understandings and conventions to maintain international price levels for the benefit of all nations engaged in foreign trade.
It opens under consular and diplomatic safeguards for the commerce of our people
the largest potential markets yet unappropriated in the international field.
Finally, and possibly the most important of all, It is the beet guarantee for the
development and maintenance of world peace.
Pays Tribute to Senator Borah.
After paying tribute to President Roosevelt and to Senator Borah, who
was prevented from attending by illness, Colonel Robins presented several
persons sitting on the dais. Among them were Major-General William S.
Graves, Boris Skvirsky, head of the Soviet Information Bureau at Washington, and Peter A. Bogdanov, Chairman of the Amtorg Trading Corp.
Ile introduced as "one of the great foreign correspondents of modern
tinres, serving a great newspaper of this city, Walter Duranty, Moscow correspondent of the New York "Times." When Mr. Duranty acknowledged the
introduction the guests rose for the first time and cheered him.
Sumner Welles to Be Recalled as United States Ambassador to Cuba—Jefferson Caffery, Assistant
Secretary of State, to Assume Havana Post—Mr.
Welles to Return to State Department After Completing Mission—President Roosevelt Urges Stable
Government in Cuba as Necessary for United
States Recognition.
President Roosevelt announced on Nov. 24 that Sumner
Welles, Ambassador to Cuba, will soon be replaced at Havana
by Jefferson Caffery, Assistant Secretary of State. Mr.
Welles, the President's etatement 'said, will return to Washington to resume his former duties as Assistant Secretary of
State. President Roosevelt expressed the "earnest hope"
that the Cuban people soon would demonstrate a sufficiently
united front behind a provisional Government to warrant
3917
recognition by the United States. The President made no
suggestions regarding the provisional Government that would
be favored. Mr. Welles was sent to Cuba shortly before the
downfall of the Machado Government and held the post in
Havana when the Administration at Washington extended
recognition to the regime under the Presidency of Manuel de
Cespedes. After that regime had been overthrown by the
groups headed by the present President, Grau San Martin,
it was reported that the Grau San Martin regime had asked
that Mr. Welles be recalled.
Ambassador Welles returned to Havana on Nov. 29,
following a short visit to the United States when he conferred
with the President and with State Department officials.
In his official statement issued on Nov. 24 President
Roosevelt said that recognition will be withheld until "the
Cuban people themselves will reach some peaceful agreement
which may result in general support of a Government."
The President's statement follows:
During the months which have passed since the fall of the Government
of President Machado we have followed the course of events in Cuba with a
most friendly concern and with a consistent desire to be of help to the
Cuban people.
Owing to the exceptionally close relationship which has existed between
our two peoples sinee the founding of the Republic of Cuba and in particular because of the treaty relations which exist between our two countries,
recognition by the United States of a Government in Cuba affords in more
than ordinary measure both material and moralsupport ofthat Government.
For this reason we have not believed that It would be a policy of friendship and of justice to the Cuban people as a whole to accord recognition
to any provisional Government in Cuba unless such Government clearly
possessed the support and the approval of the people of that Republic.
We feel that no official action of the United States should at any time
operate as an obstacle to the free and untrammeled determination by the
Cuban people of their own destinies.
We have been keenly desirous during all this period of showing by deed
our intention of playing the part of a good neighbor to the Cuban people.
We have wished to commence negotiations for a revision of the commercial
convention between the two countries and for a modification of the permanent treaty between the United States and Cuba. On the economic side.
.
we have been hopeful of entering upon atdiscussion of such measures as
might be undertaken by common consentlbetween the two Governments
which would redound to the benefit of both the American and Cuban peoples.
No progress along these lines can be made until there exists in Cuba a
provisional Government which, through)the popular support, which it
obtains and which, through the general co-operation which it enjoys,shows
evidence of genuine stability.
As has already been officially stated,the Government ofthe United States
has neither partiality for nor prejudice against any faction or individual in
Cuba. It will welcome any provisional Government in Cuba in which the
Cuban people demonstrate their confidence. We earnestly hope that in
the near future,through a spirit ofcompromise onall sides,the Cuban people
themselves will reach some peaceful agreement which may result in general
support of a Government and thus avoid continued civil disturbance with
its attendant tragic loss oflife and grave prejudice to the social and economic
interests of the Republic.
Ambassador Welles is returning to Havana within the next few days.
As previously announced, upon the termination of his mission, which will
be in the near future, he will return to Washington to resume his former
duties as Assistant Secretary of State, and will be replaced by Jefferson
Caffery, now serving as Assistant Secretary of State.
Maxim Litvinoff, Russian Foreign Commissar, Sails
from New York After Conclusion of Negotiations
Resulting in Russian Recognition—To Be Received
by Premier Mussolini in Rome—President Roosevelt and M. Litvinoff Exchange Farewell Messages.
Maxim Litvinoff, Russian Commissar for Foreign Affairs,
sailed from New York on the Italian liner Conte di Savoia on
Nov. 25, following his visit to this country to conduct the
negotiations with President Roosevelt which resulted in
recognition of the Societ Union by the United States. M.
Litvinoff was expected to arrive in Italy to-day (Dec. 2)
and Premier Mussolini planned to receive him in Rome and
accord him full honors of the Fascist State. Before leaving
New York he again expressed to newspaper reporters his
pleasure at the successful outcome of his mission to this
country. "I hope," he said, "that we shall never lose each
other again. Our friendship, let us hope, will be enduring
and always great. That is all I can say."
On Nov. 24 President Roosevelt made public an exchange
of messages with M. Litvinoff, in which both the President
and the Soviet envoy expressed the belief that the culmination of their negotiations in the re-establishment of diplomatic
relations between the two governments would be effective
in realizing the efforts of the two nations to bring about world
peace. The letters exchanged between the President and M.
Litvinoff were made public as follows:
M. Litvinoff's letter:
My Dear Mr. President:
On leaving the United States I feel it a great pleasure respectfully to
convey to you my feelings of high esteem as well as gratitude for the many
tokens of attention and friendship you have been good enough to show me
during my stay in Washington.
I also wish hereby to thank the whole executive and its various organs
for their courtesies and cares.
I avail myself of this opportunity to express once more my firm conviction that the official linking of our two countries by the exchanges of notes
between you, Mr. President, and myself will be of •rect I tnefit to our two
3918
Financial Chronicle
countries and will also be conducive to the strengthening and preservation
of peace between nations, toward which our countries are sincerely striving.
I believe that their joint efforts will add a creative factor in international
affairs which will be beneficial to mankind.
bk,Believe me to be, my dear Mr.President, with the beat wishes for a well
being for yourself, your family and of your great country.
•
Yours very sincerely,
MAXIM LITVINOFF,
People's Commissar for
Foreign Affairs, Union
of Soviet Socilaist Republics.
Reply of President Roosevelt:
Warm Srpinas, Ga., Nov. 23 1933.
My Dear Mr. Litvinoff:
I thank you for your most courteous letter of Nov. 22 1933.
It has been a great personal pleasure to me to meet you and I trust that
some day I shall again have the pleasure of welcoming you in America.
Oniyour return to your country I hope that you will convey to President
Kalinin my greetings and best wishes.
am profoundly gratified that our conversation should have resulted in
the restoration of normal relations between our peoples, and I trust that
these relations will grow closer and more intimate with each passing year.
The co-operation of our governments in the great work of preserving peace
should be the cornerstone of an enduring friendship.
F,I am sorry that owing to my absence from Washington I am unable in
person to say good-bye to you and to wish you a safe and pleasant journey
but I assure you that you carry with you my warmest personal regards.
Yours very sincerely,
FRANKLIN D. ROOSEVELT.
Secretary Hull Visits Brazil En Route to Pan-American
Conference at Montivideo--Calls on President
Vargas at Rio de Janeiro and Asks Enlarged Com•
mercial Relations in Talk at Sao Paulo—Pleads for
Unity to Promote Peace.
Secretary of State Cordell Hull paid a brief visit to Brazil
on Nov.24 and 25 when he stopped in Rio de Janeiro and in
Sao Paulo, while en route to Montivideo, Uruguay, where
the Pan-American Conference will open to-morrow (Dec. 3).
Mr. Hull, heading the United States delegation to the
Conference, called on President Vargas while in Rio de
Janeiro on Nov. 24, and then traveled by automobile to
Sao Paulo, leaving that city on Nov. 25 to rejoin the steamship American Legion on which the party continued directly
to Montivideo. On his arrival in Rio de Janeiro, the
American Secretary of State issued a statement in which he
appealed for Pan-American unity, looking forward to reconstructed world business leadership and peace based upon a
policy of "the good neighbor." The text of that statement
as made public by the State Department at Washington on
Nov. 24 follows:
It is pleasing to the representatives of the United States of America
on their mission to Montevideo to be in the capital of one of the most
important world countries—a country, too, with which the United States
enjoys relations of traditional and unbroken friendship. It is due both to
this friendship and a sincere interest the people of my country feel in the
welfare of the people of Brazil that this call affords me the most genuine
pleasure.
The peoples of our two countries, as well as the people of the entire
Western Hemisphere, to a large extent have common interests and common
aspirations, socially, morally, materially and politically. The progress
of each depends more and more upon the progress of its sister republics.
The problems of commerce and peace facing all our countries to-day are
most acute. Dislocated and collapsed business conditions in the Americas,
as in most other parts of the world show that there has been something
seriously wrong with our business leadership.
The first test for all of us—the 21 nations of the American fraternity—
is whether we can now show enough vision, enough unselfishness and
enough sanity to reconstruct this leadership while that of the rest of the
world struggles against the danger of a threatened breakdown. The world
Is more and more looking to us.
A number of American governments, including that of the United
States, headed by President Roosevelt, have already launched constructive
domestic programs for business recovery. The test of the combined ability
of all the American nations to outline an adequate international program
for broader and more stable economic rehabilitation will come at Montevideo. If, while there, they can but agree upon the chief features of such
a program In a spirit of absolute unity and co-operation—what some call
"team-work"—the foundation will be laid for real progress.
But, while we seek to find once more the true basis of commercial relations, applying intelligent correctives after ascertaining the exact cause
of our present impasse, we cannot afford to think in terms of material
prosperity alone. That prosperity of the spirit out of which all other riches
flow must be our concern above all. Peace must be our passion. Its
cost cannot be too great in the light of the frightful cost of war. We know
now that it is madness for international strife to inflict famine and despair
upon whole populations.
So we must take stock of all our blessings in this favored part of the
world—all our cultural, political, social and material assets—and bring
them to bear, by united efforts, to help right a topsy-turvy civilization.
Let the Americas show the way. By being the best of good neighbors
let us offer the finest possible example for a jaded and disillusioned world.
We quote from a Sao Paulo dispatch of Nov. 25 to the
New York "Times" regarding Mr. Hull's visit to that city:
The Secretary of State took every opportunity to consult Brazilians on
trade questions. On his arrival at Sao Paulo he said to the welcoming
delegation:
"You are interested, as are we, in ways and means of promoting international commerce. Brazil has many products the world needs. You
should export 60% of your total production of coffee, 82% of your cocoa.
87% of your rubber. 17% of your cotton and hundreds of millions of pounds
of beef and cattle hides.
"Suitable trade arrangements by which my country can exchange its
surplus of flour, automobiles, various types of machinery and numerous
Dec. 2 1933
other manufactures for most of the surplus commodities of Brazil can and
should be worked out.
"On the foundation of the friendly relations which have always existed
between the United States and your country, I am sure we can, by bringing
to bear mutually sincere purposes and intelligent co-operation, build a
sturdy trade structure for the future."
Brazilian and American business men, both in Rio de Janeiro and in
Sao Paulo, apparently feel that the proposed new trade treaty between
the two countries can be realized only on a pure barter basis and not by
the reciprocal tariff reductions that Mr. Hull has advocated.
Brazil Ends Gold Clause—Move Cuts Utility Rates.
A cablegram from Rio de Janeiro, Nov. 28 is taken as follows from the New York "Times":
President Vargas decreed to-day the cancellation of contracts within
Brazil bearing a gold clause which enables utility and other companies to
collect their bills half in gold and half in paper milreis.
To-day's decree makes compulsory the acceptance of paper milreis in
full payment. Some privileges which had been enjoyed by telephone and
electric light and power companies had already expired and the new ruling
will have the effect of reducing rates which have been attacked as excessive.
Ratio Fixed by Brazil Between Gold and Paper for
Duty and Tax Purposes.
The Brazilian press reported on November 22, that the
Government had definitely fixed the ratio between paper and
gold,for purposes of customs duties and other taxes required
to be paid in gold, at 8 to 1 effective immediately, according
to a cable to the Department of State, from Ambassador
Hugh Gibson, Rio de Janeiro. The announcement issued at
Washington on Nov. 25 continued:
This measure will do away with considerable uncertainty prevalent heretofore as regards import duties, due to the frequently fluctuating ratio between gold and paper.
On the other hand, it represents an increase in the actual amount of import duty to be paid, as well as an increase in the gold port tax of 2%,
both of which have heretofore been calculated at ratios between paper and
gold considerably lower than the new ratio. The rate quoted recently was
6.226 to 1.
On Nov. 22 Associated Press advices from Rio de Janeiro,
as given in the New York "Herald Tribune" said:
Brazil abolished the gold milreis to-day by a Government decree stabilizing the tariff and other receipts previously collected on a theoretical gold
basis. The action was understood to be a preliminary to the abolition of
gold clauses in contracts of foreign utilities companies.
Taxes have been payable in gold, •but henceforth will be calculated on a
basis of eight paper milreis to one gold milreis. This means a tariff increase, since the gold enilreis has been computed as worth 6.2 paper units.
The gold rate has been fluctuating according to foreign exchange quotations.
New
Debt Plan in Brazil—Finance Minister
Schedule of Part Payments.
The following cablegram from
from the New York "Times":
filo de
Suggests
Janeiro, Nov. 16 is
Unable to offer full payment of interest on foreign loans, Finance
Minister Aranha, in a departmental report to-day, proposes a percentage
scheme, ranging from 50% down to 10, covering the tour years beginning
with 1934 and for Federal guaranteed loans, including obligations of the
Coffee Institute, 7% to 30% until 1934 and then up to 50% until 1937.
Funded loans of 1931 and the Sao Paulo loan of 1930 would be paid in
full, although no back interest is provided.
Further Rulings on Bonds of Upper and Lower Austria
by New York Stock Exchange.
The following announcements were issued on Nov. 29 by
the New York Stock Exchange through its Secretary, Ashbel
Green:
NEW YORK STOCK EXCHANGE
Committee on Securities
Nov. 29 1933.
Referring to the ruling of the Committee on Securities dated May 26
1933. In the matter of the non-payment of interest on Province of Lower
Austria Secured Sinking Fund 7)i% Gold Bonds. due 1950, and making
provision for dealing in bonds:
(a) "with Dec. 11932,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. 11933, under method (b) referred to above, bonds
must be delivered bearing the Dec. 1 1933, coupon; and that in settlement
of
contracts made on and after Dec. 1 1933, bonds must be delivered bearing
the June 11934, coupon.
Nov. 29 1933.
Referring to the ruling of the Committee on Securities dated June 11933,
In the matter of the non-payment of interest on Province of Upper Austria
External Secured Sinking Fund 7% Gold Bonds. due 1945, and making
provision for dealing in bonds:
(a) "with Dec. 1 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. 11933, under method (b) referred to above, bonds
must be delivered bearing the Dec. 1 1933, coupon; that in settlement of
contracts made on and after Dec. 1 1933, bonds must be delivered bearing
the June 1 1934, coupon.
ASHBEL GREEN, Secretary.
r The last previous rulings of the Exchange were referred to
in our issue of June 3, page 3817.
Volume 137
Financial Chronicle
Rulings by New York Stock Exchange on Two Issues
of Bonds of United States of Brazil Due to NonPayment of Interest Due in Cash.
Under date of Nov.29, Ashbel Green,Secretary of the New
York Stock Exchange, issued the following announcements:
NEW YORK STOCK EXCHANGE
Committee on Securities.
Nov. 29 1933.
Notice having been received that the interest due Dec. 1 1933, on United
-Year 7% Gold Bonds, due 1952, will not be paid in cash
States of Brazil 30
-Year Funding Bonds
but that provision has been made for payment in 20
of 1931:
The Committee on Securities rules that beginning with transactions of
Dec. 1 1933, the bonds shall be ex the Dec. 11933, coupon;
That the bonds shall continue to be dealt in "Flat" and to be a delivery
In settlement of contracts made beginning Dec. 1 1933, must carry the
June 1 1934, and subsequent coupons: also
That Funding Bonds or fractional certificates therefor received in payment of coupons shall not be deliverable with the bonds.
Nov. 29 1933.
Notice having been received that the interest due Dec. 1 1933 on United
-Year External Gpld Loan 8% Bonds, due 1941. will not
States of Brazil 20
-Year
be paid in cash but that provision has been made for payment in 20
Funding Bonds of 1931:
The Committee on Securities rules that beginning with transactions of
Friday, Dec. 11933, the bonds shall be ex the Dec. 1 1933, coupon;
That the bonds shall continue to be dealt in "Flat" and to be a delivery in
settlement of contracts made beginning Dec. 1 1933, must carry the June 1
1934 and subsequent coupons; also
That Funding Bonds or fractional certificates therefor received in payment of coupons shall not be deliverable with the bonds.
ASHI3EL GREEN, Secretary.
4.
Cash Available for Purchase of Portion of Bonds of
Argentine for Sinking Fund.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, announced on Dec. 1 that they are
notifying holders of Government of the Argentine Nation
External Sinking Fund 6% Gold Bonds, issue of June 1 1925,
due June 1 1959, that $406,808 in cash is available for the
purchase for the sinking fund of so many of these bonds as
shall be tendered and accepted for purchase at pricse below
par. Tenders of bonds, the announcement said, with subsequent coupons attached, must be made at a flat price, below
par, before 3 p.m. Jan. 3 1934, either at the office of J. P.
Morgan & Co.,23 Wall Street,or the head office of The National City Bank of New York,55 Wall Street. If tenders so
accepted are not sufficient to exhaust available moneys,additional purchase upon tender, below par, may be made up to
March 1 1934.
York Tobacco & Commodities Exchange—
Correction as to Contract Units—Membership
Limited to 250—Filing of Registration Statement
Under Federal Securities Act Unnecessary.
Announcement his week by the new New York Tobacco
& Commodities Exchange, Inc., states that it was inadvertently reported last week that the contract unit on the
Exchange will be for 10 hogsheads of approximately 10,000
pounds each, and the minimum fluctuation of one cent would
be 100 points per contract unit. This should have read that
"contract units on the new Exchange will be for 10 hogs'heads of approximately 10,000 pounds total, and the minimum fluctuation will be one cent or 20 points per 10 hogsheads unit." Last week's announcement was referred to in
our Nov. 25 issue, page 3768.
Application of the Exchange for registration of Exchange
memberships under the Federal Securities Act, has resulted
in the setting up of a precedent covering such memberships,
it was disclosed at the executive offices of the Exchange.
An announcement issued in the matter added:
New
The Exchange is the newest of the organized markets and since it was incorporated subsequent to the enactment of the Federal Securities Law, it
was officially advised to fill out the usual registration papers and file them
with the Commission in Washington. This was done,only for the Exchange
to be advised later that the definition of the term "security" contained
In the Securities Act does not include memberships to be offered in the New
York Tobacco & Commodities Exchange. The Federal Trade Commission, therefore, gave the Exchange the opportunity of withdrawing the
Papers filed as a registration statement.
With the question of compliance with the Federal Securities Act now out
of the way, plans for the permanent organization are moving rapidly forward with the expectation that the Exchange will be able to begin operations
around the first of the new year.
The Exchange announced that it has limited its present
allotment of memberships to 250. The remainder of the
650 authorized memberships are to be held for allotment in
connection with the introduction of trading in other commodities which it plans soon to initiate. Continuing, the
announcement said:
In the opinion of Edward A. Brown, Secretary, the number of inquiries
already received from the tobacco trade indicates that the present allotment of memberships will soon be disposed of. World-wide interest among
the tobacco trade is evidenced by inquiries received from Cuba, Manilla,
Paris, Greece, Amsterdam and South Africa, as well as from many sections
of the United States.
After considerable study by the organizers of the Exchange and after
conferences with exports in charge of the Tobacco Section of the U. S.
3919
Department of Agriculture, the problem of grading tobacco has been solved;
grades have been established and simplified so as to make trading easy and
practical.
Operations Begun on California Commodity Exchange,
Ltd.—Headquarters Located in San Francisco.
The California Commodity Exchange, Ltd., with headquarters in the Merchants Exchange Building,San Francisco,
has begun operations according to Harry MacBain, Managing
Director. Mr. MacBain further announced:
Unofficial trading in California wines, barley, butter, eggs, cheese and a
few other commodities will be started at once. Official trading will be
launched as soon as the members acquaint themselves with the routine of
trading. Activities of the Exchange, according to detailed plans, will cover
a wide range of general commodities, but particularly agricultural products
from 11 Far Western States.
Under its articles of incorporation, the Exchange is authorized to enroll
1,500 members throughout the United States. It has the indorsement of
representative Western organizations and business leaders as well as large
exchanges throughout the United States.
Ludwig Bendix Attacks Popular Opposition to Financiers and to "Wall Street"—Blames Government
Policies for Stimulating the Speculative Boom—
Praises Administration for "Hands-Off" Policy
in Senate Investigation—Sees Period of Orderly
Growth Ahead.
Declaring that "whatever economic progress has been
achieved in the past must in a large measure be attributed to
the vision, foresight and enterprise of the financier and the
speculator," Ludwig Bendix of Carl M. Loeb & Co., writing
in the New York "Herald Tribune" on Nov. 27, asserted
that the present Administration must be given credit for
adopting a "hands-off" policy with regard to the Senate
investigation of banking and the Stock Exchange. Mr.
Bendix said that it is becoming increasingly popular to blame
all of the present economic ills on financiers and on "Wall
Street," while most persons forget that the Treasury "itself
set into motion the speculative boom by its deliberate cheap
money policy."
"When in the spring of 1929 the Federal Reserve Bank of
New York,concerned about the growing stringency of money,
wished to make a sharp upward revision of its rediscount
rate, its superiors in Washington refused to grant the necessary permission, undoubtedly influenced by prevailing
political policy." Mr. Bendix, in conclusion, praised the
conduct of the New York Stock Exchange, which he said
to-day "stands foremost among the international exchange
centers with respect to control of its members and the supervision of business practices," a fact "which explains why the
New York Stock Exchange has during the past decades
attained an international position and reputation on a par
with the London market."
The complete text of the article by Mr. Bendix follows:
Great credit must be given the Roosevelt Administration for maintaining
a hands-off policy in the matter of the Senate investigation on banking
and the Stock Exchange The Administration remaining aloof, it has been
all the easier to draw attention to existing weaknesses, and the abolition of
these is obviously of vital importance not only with respect to the stability
and progressive recovery of credit conditions but also as part and parcel
of the social philosophy of the New Deal.
Whether or not one is in sympathy with the inclination of the Administration to engage in untried economic experiments even if they run counter
to century-old traditions of banking practice, there is no gainsaying the
fact that the country as a whole is on the threshold of a new economic
period, one which must needs be marked by more democratic policies of
finance. This should not be attributed to the depression, but is rather a
natural outgrowth of the country's own physical and geographical limitations, and most particularly its rapid industrialization, the significance of
which had been overlooked in the post-war era of prosperity.
Orderly Growth Needed.
But America's industrial system now embraces so many millions of
upon
people, and their welfare and even their livelihood are so dependent
its strength and stability, that those in charge of the Nation's affairs
business
can no longer afford to permit extreme and violent fluctuations in
conditions. Their problem of the future will be to produce a more orderly
form of progressive industrial and financial development.
The popular clamor for change, which has lifted the proponents of the
New Deal into power, as well as the obvious defects and weaknesses that
have been brought out by the Senate investigation, have on the whole
tended to create distrust toward finance and the Stock Exchange. It has
become the popular thing to criticize established financial institutions, and,
as always, there is danger when the pendulum swings too far. One may
readily understand the causes of this criticism—indeed, in many respects
It is fully warranted—but, nevertheless, if skepticism and suspicion were
carried to extremes, it would unquestionably have most unfortunate
repercussions on the general economic welfare of those whom the most
outspoken critics profess to be protecting by their action.
There is needed only a cursory glance into the pages of financial history
to find striking similarities between the recent upheavals and past financial
disasters. All the characteristics of the late collapse and the attendant
clistruct—unfortunately as they may be—are entirely typical phenomena,
and are in no way peculiar to either the modern age or its economic and financial practices. Experience and history reveal that every era of expansion
and prosperity has given rise to abuses and excesses that have in the end
exacted their toll.
Former Leaders Rebuked,
After each collapse the very same people who were acclaimed as leaders
and geniuses in the preceding period of prosperity have become the objects
of popular odium and vituperation. Only a short step separates the throne
from the dungeon. There is certainly no reason afterward to excuse or
3920
Financial Chronicle
justify the sad mistakes committed by those in responsbible positions, but
with sentiment what it is to-day one must not forget that this is true to
form and that the repudiation of erstwhile leaders is an established custom
in a period of economic readjustment.
Thus to-day the financier, and more particularly the so-called speculator,
are objects of popular distrust and suspicion. The truth of the matter is
that whatever economic progress has been achieved in the past must in a
large measure be attributed to the vision, foresight and enterprise of the
financier and the speculator. This, as every one knows, applies particularly to America, and the country has well lived up to its sobriquet of "land
of umllmited possibilities,"
Just as the financier and the speculator have received more than their
share of criticism, the financial exchanges themselves have been the targets
of continuous attack. Most of these attacks have failed to realize that these
Institutions are not mere mechanisms brought into being by gamblers and
speculators, but that they have evolved out of the needs of International
trade and commerce.
England's Rise to Power.
The establishment of an exchange center and the creation of a capital
market unquestionably brought to England much of her early commercial
supremacy. One may go even further and say that if England had not
been in a position to take up an enormous debt, and so raise the funds for
the establishment of joint stock corporations, the country would not have
grown into the Great Britain of to-day. Britain could never have conquered
half the world and developed a foreign trade that has been without Parallel.
Nor would she have become the richest country of the world, a position that
was not relinquished to the United States until after the World War. No.
England could never have attained her supremacy without a strong exchange
center, and this is of far greater significance than the obvious fact that
the individual cases of abuse were as prevalent in financial circles then as
they have been since and are to-day.
Yet it is true every time things went wrong,the institution of the exchange
center itself, and the business of "gambling in securities" have been held
responsible for the disruptions of the economic system. The tendency
has been to overlook the fact that this is a weakness of our economic system
Itself, and not of its institution. Any one but a demagogue can understand
that of one wishes to preserve the valuable elements of the world's financial
system, one must refrain from dangerous and erroneous generalizations.
Moreover—and this now seems doubly significant—the now so popular
attacks against "Wall Street" entirely overlook the fact that the street
itself was drawn into the speculative maelstrom only after a prolonged
period of hesitation. In the New York financial world and Stock Exchange
circles there prevailed, if anything, a general cautious attitude with respect
to economic and financial conditions in the United States, which was undermined only when the Treasury itself set into motion the speculative boom
by its deliberate cheap money policy.
Furthermore, when the boom had already gained a substantial momentum
and the street had become frankly concerned about the steady rise of brokers'
loans,these were characterized by high Government circles as economically
desirable and certainly as without danger. Subsequently, the idea of a
new era and the promise of never-ending prosperity were extensively
developed for political campaign purposes. Obviously these continuous
assurances of perpetual prosperity could not do other than set fire to speculative imaginations.
In the final analysis, it was this deplorable tendency which should be
held accountable for the speculative mania and its excesses, instead of
which attempts are now being made to place the entire responsibility for the
collapse on the shoulders of the financial world and the Stock Exchange
itself. When in the spring of 1929 the Federal Reserve Bank of New York,
concerned about the growing stringency of money, wished to make a sharp
upward revision of its rediscount rate, its superiors in Washington refused
to grant the necessary permission, undoubtedly influenced by prevailing
political policy.
Generally speaking, the most serious abuses of the present day appear to
have occurred in the flotation of new security issues, a highly specialized
function of an exchange center, and one in which the United States made
almost phenomenal progress since the war. To-day the issuing houses and
underwriters themselves fully realize this, and in many instances they
themselves are still suffering severely from their past mistakes. Certainly
it is now generally admitted by all those concerned, that the field of investment banking is a very delicate and important subject of study, and that
the country's welfare demands the adoption of new regulations and restrictions in the public office of securities.
for
It is in the interest of modern economic society to eliminate once and
to the
all the mistakes and abuses now coming to light, just as it must be
savings in
interest of those investors who have placed or will place their
securities. Nevertheless, if it is recalled that after all the United States
IS still relatively inexperienced as a creditor Nation, and that it has occupied
actually
this position for less than 20 years, then the mistakes that have
cost
recurred seem far less surprising. This country has had to stand the
readily as those other
of its first lesson in world finance just as fully and as
time and
nations who have been international creditors for a much longer
who still maintain a favorable balance of payments to-day. Consider the
nations,
case of Great Britain, one of the earliest and greatest of creditor
whose experiences in South America finances were not always successful.
generalizations in regard to
There is even less justification for adverse
the New York Stock Exchange, which have been all too frequent in the
business
current period of disillusionment. In retrospect the previous
almost
boom and the subsequent depression now appear so cast that it seems
exchange finance were
a miracle to find that the abuses attendant on a stock
not far greater and more extensive.
of
In previous financial crises, for example, insolvencies and failures
stock exchange firms were far more frequent; in fact, this time they have
operation and
been relatively small. It is true that with respect to pool
abolmanipulation, many evils have been revealed which will have to be
ished in the future. But even here the individual causes for complaint are
of almost negligible significance as compared to those of former days.
The reason is that to-day the New York Stock Exchange unquestionably
stands foremost among the international exchange centers with respect to
control of its members and the supervision of business practices, a fact fully
recognized in foreign countries, and one which explains why the New York
Stock Exchange has during the past decades attained an international
position and reputation on a par with the London market.
Dec. 2 1933
information may be prosecuted under the Federal statute
covering use of the mails to defraud, according to an opinion
handed down on Nov. 24 by Judge John M. Woolsey in
United States District Court of New York. The opinion
was rendered in denying a motion to quash an indictment
against five defendants charged with using the mails to
defraud and with conspiracy in the creation of an artificial
market price in 1929 and 1930 for the stock of the Manhattan Electrical Supply Co., through pool operations and
the "touting" of the stock by fraudulent representations.
This opinion was regarded as the first application of President
Roosevelt's declared legal principle, "caveat vendor"—let
the seller beware. We quote from the New York "Times"
of Nov. 25 regarding the decision:
The decision, a document of more than forty pages, was not only a
warning to operators of pools that any attempt to raise the price of stock
artificially was definitely illegal. but that "only by scrupulously maintaining honesty of dealing" could they escape the brand of conspirators.
Refuses to Drop Charges.
The decision was rendered on a motion made by the indicted officers of
the Manhattan company and their associates to dismiss charges that they
had used the malls fraudulently.
That motion and also a demurrer, which was overruled, were based in
part upon the contention that it was not a crime "to form a pool to raise
the price of a security listed on the Stock Exchange."
The effect of the decision, in the opinion of Jacob J. Rosenblum and
Joseph F. Finnegan, Assistant United States attorneys, who immediately
placed two of the defendants on trial, may be to include short selling, even
if there has been no "touting" in the category of outlawed practices.
Richard H. Brown, who was President of the Manhattan Electrical
Supply Co., and Charles H. McCarthy, accused of having been the actual
°pastor of the pool, were the men placed on trial.
The cases against Charles Petree, manager of the Reading (Pa.) branch
of Prince & Whitely; Norman B. Ross, who was hired by Brown and McCarthy, and Charles Woram, a customers' man in the New York office of
the brokerage house, were severed.
The five men were indicted on Oct. 3 1930 on nine counts alleging mail
fraud and one alleging conspiracy, a plot that was said to have taken form
In September of 1929.
According to the Federal prosecutors, there were outstanding 200,000
shares of Manhattan Electrical Supply Co. stock with a market value of
$55.50 a share when they dropped one day in 1930 to $25 a share, a loss
in value of $6,000,000.
Later the market dropped to $6 a share and still later, though no charge
is made against the pool as to this loss, to $0.87% a share. It is charged
that in the sales campaign the defendants paid W. J. Goldman & Co., Inc..
to issue and circulate market letters to 250,000 prospects.
The indictment also charges that the defendants conducted wash gales
and kept publicity agents and customers' men in their employ who made
false statements about future dividends, earnings and supposedly advantageous contacts.
The object. it Is charged, was to "prevent, if possible, persons who had
bought the stock from selling it in competition with the pool."
The general charge in the indictment is "use of the mails in a scheme
to defraud consisting of the artificial manipulation of the market for a
listed stock on the New York Stock Exchange, accompanied by false
representations."
Judge Woolsey's Decision.
Judge Woolsey said that the question he had to decide was whether there
had been a fraudulent scheme. After reviewing past cases and decisions
he wrote:
"It seems to me that the teaching of these cases is that where tweor
more persons engage in a so-called pool operation on a stock exchange It
that they
Is only by scrupulously maintained honesty of dealing .
may escape condemnation as a fraudulent conspiracy,
"The slightest step over the line of fair dealing takes them into a zone
of condemnation by the courts and the doctrine applicable to each member
of the pool is the new maxim,'caveat vendor.'
"It is obvious that when two or more persons, by a joint effort, raise •
the price of a stock artificially they are creating a kind of price mirage
which may lure an outsider into the market to his damage.
"In my opinion, such a procedure would of itself constitute a fraud on
the public. When such a procedure is accompanied by active propaganda,
seeking to interest the public in the shares thus artificially raised in price.
it becomes the grossest kind of fraud. That is what I find set forth in the
Indictment before me."
The defendants, Judge Woolsey held, were accused in substance of "the
substitution of an artificially stimulated and controlled market for the
appraisal of the stock in an open and free market."
"When an outsider," he wrote, "a member of the public, reads the price
quotations of a stock listed on the exchange, he is justified in supposing
that the quoted price is an appraisal of the value of that stock due to a series
of actual sales between various persons dealing at arm's length in a free
and open market."
The quoted price, the court held, should represent the true market value
based on the operation of supply and demand.
Senate Inquiry into Stock Market Trading—William
Fox in Detailing Motion Picture Deals Alleges He
Was "Squeezed" by Bank Group—Tells of Appeal
to President Hoover.
The cutting off of William Fox from the motion picture
industry was detailed by Mr. Fox on Nov. 23 before the
Senate Committee inquiring into stock market practices and
it was noted in the Washington adviees that day to the
New York "Herald Tribune" that former President Hoover
and numerous other prominent men had been mentioned in
the course of the story. Describing the further testimony
the dispatch said:
Federal Court in New York Establishes Principle of
"Let Stock Pool Seller Beware"—Holds "Touting"
of Stocks by Wash Sales and Market Letters
The theme of Mr. Fox's story was that he was robbed of his motion
Unlawful —Public Entitled to Complete Infor- picture empire by a bankers' conspiracy.
Action Against Presimation—Decision Given in
Tells of 82.000.000 Offer.
dent of Manhattan Electrical Supply Co.
Among the assertions made by Mr. Fox were these:
Pools in securities attempting artificially to influence the • "That Louis B. Mayer, another motion picture industrialist and then
price of the securities without giving the public complete Vice-Chairman of the California Republican State Central Committee.
Volume 137
told him that he had had the Department of Justice records changed to
block Mr. Fox's plans to absorb Loew. Inc.
"That he had offered Mr. Mayer and his associates $2.000,000 to withdraw their opposition and that Mr. Mayer had said it would be harder to
get the Department of Justice records changed back.
"That Messrs. Burke and Huston had suggested that he see Mr. Mayer.
"That he had retained Mr. Burke as an attorney in the matter and that
subsequently he had lent money to Mr. Huston.
"That he had been forced to surrender control of Fox Film and Fox
Theaters by a group including Harley L. Clarke, Chicago utilities operator
and promoter; the Chase National Bank, John Otterson, of the American
Telephone & Telegraph Co.; Halsey, Stuart & Co. and others.
"That Mr. Clarke had tried to get Mr. Fox to maneuver a $73,000,000
illegal conversion of assets by pocketing $33,000,000 and in return selling
to the banking group stocks that belonged not to Mr. Fox, but to companies which he controlled."
"Let's see how near jail I was if I'd listened to Clarke very long," Mr.Fox
said. "Of course, there was just a bit of crookedness, not very much,
just a teeny bit."
Twice Escaped by Miracles.
He then described the conversion operation which he said Mr. Clarke
had proposed to him, and with that finished his testimony for the day.
Previously he had told how "miracles" twice enabled him to escape the
"clutches" of the bankers.
Several times during the day Mr. Fox glared at Mr. Clarke, who sat only
a few feet away. Looking directly at him, he said, in one instance: "They
formed a conspiracy to drive me out of business. If I succeed in telling
my story here. I'll consider my life's work done. If I die to-morrow, I
will have completed my task."
Later he said that Mr. Clarke had given him "the greatest run around
any man ever got," and that he would "read every damned word into
the record."
Mr. Fox said his troubles had begun in 1928 when he sought to merge the
Fox Film Co. with Loew, Inc. He bought 400,000 shares of the latter
concern from the Loew family Interests for $50,000.000, he said, after
Assistant Attorney-General Donovan had assured him that the operation
did not violate the anti-trust laws.
Mr. Fox said that for this purchase he obtained $15,000,000 from the
Western Electric Co. and $10,000,000 from Halsey, Stuart & Co. Later.
he said, Harry Stuart, of the banking firm, told him more stock would have
to be purchased to obtain control and an additional 260,000 shares were
Purchased.
Meanwhile President Hoover had been inaugurated. To Mr. Fox's
surprise, Mr. Donovan did not become Attorney-General. Mr. Fox said
that when he asked the new Assistant Attorney-General, John Lord O'Brian,
for authority to proceed with the merger. Mr. O'Brian told him the Department records showed he had been advised not to buy the Loew stock. It
was then, he said, that he appealed to Messrs. Burke and Huston.
Lunched at White House.
Then, he said, he asked to see President Hoover and told him of his
troubles over the luncheon table at the White House. President Hoover,
he said, told him he needed no intermediaries and that if his story were
true he needed only to send word to the Attorney-General. A few days
later, he went on, Messrs. Burke and Huston called on him and said it would
"pay" to see Mr. Mayer. He explained that Mr. Mayer had a contract
with Loew's to make motion pictures and wondered about its future under a
changed ownership and also that Mr. Mayer thought he should have had
a share of the profits from the Loew sale.
Mr. Fox said he finally told Mr. Mayer that he had reached the conclusion that it was only fair for Mr. Mayer to share in the profits and that
he would see that when the companies were merged $2,000,000 was paid to
Mayer and his associates. He then told Mr. Mayer about his difficulties
with the Department of Justice, he said.
"He said he knew all about it," Mr. Fox testified. "He said he had had
the record changed, and could have it changed back, but that it would
be hard."
"When I learned a man could go into the Department of Justice and
have the record changed I was rather ashamed of being a citizen of the
United States." Mr. Fox added.
Accuses Clarke in Charge.
He went on to say that he didn't think Mr. Mayer really had had the
record changed. "I think that was ego." he said. "If you asked me today who had that record changed I would say it was Harley L. Clarke."
In the afternoon session Mr. Fox told the second act of his drama. The
purchase of 660,000 shares of Loew stock had put his enterprises $73.000,000
in debt. Then, he said, the bankers had urged him to buy a 75% interest
in British Gaumont Motion Picture Co. which had 300 theaters in the
British Isles. That cost $20,000,000, increasing the indebtedness of his
company to about $93.000,000.
If the bankers had not urged him to buy into Loew, Inc., and Gaumont,
be said, his companies would have been free of any liabilities, free of bankers,
since they bad no other bonds and no preferred stock outstanding. The
bankers had agreed to refinance his short-term obligations, he said.
He then went back to tell about his dealings with Mr. Clarke in the
formation of Grandeur. Inc., a holding company, through which they
planned to control the manufacture and use of cameras and projectors that
used an extra-wide film and produced pictures that gave an appearance of
depth as well as width.
Clarke Made Offer in 1929.
Mr. Fox at the same time was trying to arrange a merger of his companies
and Loew, Inc., and he and Mr. Clarke were "on the most friendly terms,"
be said, when Mr. Clarke called in August or September 1929, to ask what
Progress Mr. Fox was making with his merger. Told that very little progress was being made, Mr. Clarke, according to the witness, then made his
first offer to buy into the Fox enterprises.
Mr. Fox quoted Mr. Clarke as saying he had friends at Washington who
would keep the consolidation free of any anti-trust obstacles. He planned
to consolidate the Fox, Loew and Paramount enterprises, Mr. Fox said,
adding that he refused to sell his stock to Mr. Clarke.
"Then came this thunderbolt out of the sky," said Mr. Fox. alluding to
the October 1929 stock market crash, and he swung into his story of how
the bankers allegedly closed their doors to him.
"I fully realize I'm never going to be able to borrow a dollar from a bank
in America again—I know I'm going to be ostracized, shunned." he said.
"But I'm going to give you the facts."
Bankers Refuse to Aid.
Out of the 660,000 Loew shares he had bought, 260,000 had been purchased at 80 on margin and were in brokers' hands, he said, when the
market crash came, carrying the market down to "5 asked, no bid." He
turned to Halsey, Stuart for help, Mr. Fox said, but they said they couldn't
help because they were involved with Samuel Insull in an investment trust.
Next he turned to Mr. Otterson and asked "the Telephone Co." for a loan
3921
Financial Chronicle
of $13,000.000. Although he offered to put up $28,000,000 in collateral to
cover that loan plus a loan of $15.000,000 previously granted and against
which there was no collateral at all, Mr. Fox said, "the Telephone Co".
also turned him down.
"So," he said, "I thought of my old friend Harley Clarke, who had told
me any time I needed help to come to him. He didn't whisper the word
'no.' but he yelled it as loud as he could holler."
Working "on the theory that I got into this debt and any man with power
to get $93,000,000 into debt ought to be able to get out," Mr. Fox said, he
then made a "door-to-door canvass of the banks," seeking help. He went
"with my bundle of samples under my arm—the statements of my companies," he said, but wherever he went "some underground wire" seemed to
have preceded him: "There wasn't any money there to loan to any Fox
companies."
All he wanted, he said, was a loan so he could take the 260,000 shares of
Loew stock out of the brokers' hands and put it up as collateral against the
loan. He was anxious to keep the stock because it meant control of
Loew, Inc.
$10,000,000 Miracle Occurs.
Just as he was about to confess failure, he said, "a sort of miracle happened." The miracle, he explained, was an offer from Philadelphia of
$10.000,000 for some First National (motion picture) shares he had got as a
bonus at one time and had always considered "worthless." The stock
suddenly had become valuable, because Warner Brothers needed it for a
merger they were arranging.
But, instead of taking down the 260,000 Loew shares, Mr. Fox said, he
used the $10,000,000 in part to arrange with his brokers to carry the stock
until Dec. 31 1929, on a 35% margin, confident that he would be able to
get out from under by that time.
"I didn't have any idea up to this time that anybody was trying to force
me out, that somebody was working in the dark all the time," he told the
Committee, adding that none of his companies' bank loans were due for
less than two months later.
The first to fall due was held by the Harriman National Bank, he said.
and 20 days before it matured the Fox companies' balance in that institution was seized and applied against the note.
In short order all the other banks followed suit, Mr.Fox said,and.adding:
"I'll show you how beautifully these boys worked," he went on to tell
how Fox deposits were "grabbed" even in foreign branches of the New York
banks and how the Guaranty Trust Co.'s Paris branch ordered the Fox
account there withdrawn. It was at this point, Mr. Fox said, that he
told himself: "Boy, you'd better get yourself a lawyer."
He turned first, however, to the one bank that hadn't "grabbed" his
deposit, the Bank of United States, headed by Bernard K. Marcus, who is
serving a prison term as a result of the institution's failure. Mr. Fox said
he later came to the conclusion that the only reason Marcus hadn't seized
the Fox deposits was because the "bankers' conspiracy" needed somebody
to stay on good terms with Mr. Fox and therefore serve as their "contact
man."
Marcus got Mr. Fox "Mr. Morgan's lawyer—a bankers' lawyer. Colonel
Joseph Hartfield," the witness said.
In the meantime, he said, Mr. Stuart and Mr. Otterson had called
upon him and, asserting the Fox companies were bankrupt, had demanded
that Mr. Fox give them power of attorney to run the enterprise, although
their respective claims of $12,000,000 and $15,000,000 against the company
were not due for several more months.
Mr. Fox said he refused, and they countered with a proposal that he put
his voting shares in the Fox companies into a voting trust and make himself, Mr. Stuart, and Mr. Otterson the trustees. Mr. Fox said he was
about to agree to the proposal when Messrs. Stuart and Otterson added a
provision requiring him to oust Mr. Rogers and several Fox officials.
It was then, he said, that it became "clear to me these men were out to
destroy the organization I had built up," and he rejected the proposal. His
next step was to look around "for a bigger man than Mr. Rogers," and his
choice lit upon Charles Evan Hughes, who was not then a United States
Supreme Court Justice.
He told his story to Mr. Hughes, he said, and the latter took the case,
only to advise his client a few days later to concur in the voting trust plan.
When the time came for him to sign the agreement, Mr.Fox said, the question was raised as to whether he wished Mr.Hughes to remain as his personal
counsel or to become the trust's counsel.
Put Up $490,000
More.
"Like a fool, I decided to let his firm be counsel for the voting trustees,"
Mr. Fox added. "Little did I realize that immediately canceled his obligation to me."
The trustees met the next day and and started to elect Mr. Otterson
their Chairman, desisting only when Mr. Fox objected and pointed out that
the only stock the trust held was his personal stock, not stock belonging to
the Fox companies. He said he had had only two hours' sleep a day for
forty-five days when he came to the meeting and that he fell asleep. He
added that he had borrowed $490.000 on his life insurance and had the
checks in his pocket. He doesn't know, he said, how the others found out
about the checks but before he left the meeting the checks were in the trust
pool.
Mr. Fox said that shortly before the trust was formed "a man by the
name of Will H. Hays" called on him to say he had a friend who wanted
to buy Mr. Fox's voting shares in the Fox companies. Mr. Fox said he
told Mr. Hays,the film industry's czar, that he had always said he wouldn't
part with the stock for less than $100,000,000. but in view of conditions
confronting the company he would sell for a third of that sum, whereupon,
he added, Mr. Hays disclosed that he was speaking for Mr. Clarke.
The next day, Mr. Fox said, Mr. Clarke phoned to ask permission to see
the Fox companies' books for twenty-four hours. When he had completed
his examination, he told Mr. Fox he was ready to buy at Mr. Fox's figure
and would do so the following Monday, the witness said.
Then. he added, he received a tip that there was going to be a market
raid on Loew stock on Monday designed to deprive him and his companies of
all their holdings in those shares.
Faced with that threat, Mr. Fox said, he sent Mr. Rogers to the Eastman
Film Co. at Rochester to7negotiate a loan, if possible. When Mr. Clarke
phoned he would make the $33.000,000 buy on Monday, Mr. Fox said
he told him,"I may not be in business on Monday." and went on to explain
hig plight. Mr. Clarke said he would send the $6,500,000 Mr.Fox needed
at once around by a Chase Bank agent on Sunday, the witness said, but
Sunday passed without the agent putting in an appearance.
Sunday night, he said, he heard from Mr. Clarke who was in Chicago
but was leaving by train and would reach New York at 8.45 a.m. Monday
and deliver the money before the market opened at 10 o'clock.
Thejnext morning found him "counting the minutes" Mr. Fox said.
Nine o'clock passed and there was no word from Rochester and no word
from Mr. Clarke. Nine-thirty and then 9.45 passed, and the man who had
warned Mr. Fox about the market raid telephoned to say "it's all over;
when the (market) bell rings at 10 o'clock." . .
3922
Financial Chronicle
Got Cash at 9.56 a.m.
"Then,it was 9.50 and still no word from Rochester or from Clarke," Mr.
Fox said, spacing his words dramatically, "Then, 9.55-9.56—and the
damn telephone started ringing . . . and of all the proof that an atheist
is wrong, that there is a God who answers our prayers—It was Rogers. He
said Rochester had deposited 56.400,000 to my account at the Bankers
Trust Co. I had thirteen brokers to call before 10 o'clock.
"Then, my friend called—at about 10.30—and asked: 'What's happened.' I said,'We got the dough.' And he said.'I thought so. There's
nothing doing down here (on the Exchange).'"
A few minutes later Mr. Clarke appeared, Mr. Fox said, not to offer
533.000,000 for Mr. Fox's voting shares in the Fox companies, but to
Propose that. for $33,000.000 Mr. Fox sell to Mr. Clarke not only the
Fox voting shares but the Fox companies' Loew holdings. It was here
that the hearing adjourned.
Senate Inquiry Into Stock Market Trading—Albert
H. Wiggin Denies Statements By William Fox That
President Hoover Was Rebuffed in Motion Picture
Deal—Wiggin Corporation Reported to Have Lost
$2,000,000 in Pool Transactions in Stock of General Theatres Corporation and Fox Film Corporation.
Evidence was presented on Nov. 28 to the Senate Committee inquiring into Stock Market trading that Albert H.
Wiggin's Shermar Corporation lost more than $2,000,000 in
pool transactions in stock of General Theatres Equipment,
Inc., and Fox Film Corporation.
Associated Press accounts from Washington Nov. 28 also
said:
This was received after Mr. Wiggin, former Chairman of the Chase
National Bank, had entered a formal denial of previous testimony that he
sent word to President Hoover to "mind his own business."
The Committee then began its inquiry into the financing of the Detroit..
Canada tunnel in 1929-30 by the Chase Bank and others which resulted
in heavy losses to investors.
The Shermar Corporation loss included $1,000,000 paid by Shermar to
the Chase Securities Corporation, when Mr. Wiggin retired as Chairman
of the Chase Bank, in settlement of claims involving several million dollars.
The banker described the payment as a "gift," saying his company had
no legal liability.
The Committee concluded its examination of Mr. Wiggin with this
evidence.
Before being excused Mr. Wiggin, asked if he had any further statement, denied his family ever had sold more Chase stock than it had owned.
"I want to correct the impression that has gone out that my family
sold more Chase Bank stock than it owned," he said. "The family, since
1927, never owned less than 160,000 shares and when I left the bank this
had increased to 200.000."
Mr. Wiggin also explained the Chase bank said the Dahl shares of
Brooklyn-Manhattan Transit in 1931, just before it passed a dividend, to
liquidate a loan to Gerhard M. Dahl, Chairman of the Board of BrooklynManhattan Transit, Mr. Dahl protested the sale, he said. His stock
had been given as loan collateral to the Chase bank.
Leslie W. Snow, Second Vice-President of the Chase bank and former
officer of Chase Securities Corporation, was examined regarding the floating of $8.500,000 of debentures and a like amount of first mortgage bonds
by the Detroit and Canada Tunnel Co.
The Chase Securities Corporation financed both issues.
Mr. Snow said the engineering reports on the Detroit tunnel were favorable.
Mr. Wiggin told the Committee the story related last week by William
Fox, movie magnate, was "absolutely and entirely flase."
Mr. Fox testified that Claudius Huston, then Chairman of the Republican National Committee, asked Mr. Wiggin in 1929 on behalf of
President Hoover to aid Mr. Fox in his financial difficulties.
Mr. Fox said Mr. Huston told him that Mr. Wiggin had sent word to
Mr. Hoover to "mind his own business" and expressed resentment at
what he called the interference.
and
Mr. Wiggin said he remembered meeting Mr. Huston only once
that was at a large dinner at the University Club in New York, but that
Mr. Huston had never been to his home.
Wiggin
Ferdinand Pecora, Committee counsel, began questioning Mr.
about loans by the bank to pools operating in stock of General Theatres
Equipment, Inc., and Fox Film.
situation"
Mr. Wiggin said the loans were "in the best interests of the
to "help out the financing of those companies."
market
Mr. Pecora asked if the purpose of the pools was to "influence
quotations."
"Yes," Mr. Wiggin replied.
In the Washington account Nov. 28 to the New York
"Times" it was stated:
Wiggin Gets Chance to Reply.
former had
Mr. Wiggin's flat denial of Mr. Fox's testimony that the
his own
instructed Mr. Huston to tell former President Hoover to "mind
bankers were doing in Fox
business' and "not interfere" with what the
Film matters came when Mr. Pecora asked whether Mr. Wiggin cared
to make any statement with respect to Mr. Fox's testimony.
"The statement that I sent word to the President of the United States
that the matter was none of his affair is absolutely and entirely false,"
Mr. Wiggin replied.
"Mr. Huston. who was mentioned in the testimony, I have met, I do
not know how many times, but I can only remember once meeting with
him, and that was at a large dinner at the University Club in New York.
"He was never in my house. The statement that he took a meal with
me on Christmas Day in my home is pure imagination on somebody's
part.
"I think that covers the point that I wanted to cover."
Mr. Wiggin said he had never communicated or discussed with Mr.
Huston anything relating to the Fox Film or Fox Theatres' corporations.
Talk on Sub;ect Is Denied.
"Did Mr. Huston undertake to express to you anything about the
Fox
wish of the administration with reference to the Fox Theatres or
Film matter?" Chairman Fletcher asked.
on the subject," Mr. Wiggin
"I don't think I ever talked to Mr. Huston
and then
answered. "I cannot remember meeting him but the once,
talk with Mr. Huston
we did not have any conversation at all. I had no
at all."
Dec. 2 1933
Senator Townsend.—What was the occasion on which you met Mr.
Huston? A. At a dinner at the University Club at which were present
quite a number of men holding national office. There were present Secretary of Commerce Lamont and Senator Watson and—well, I have forgotten them all, but there were some half dozen of noted Washingtonians
Senator Couzens.—Noted for what? A. In the public eye.
Senator Adams.—Did you have any conversation with Mr. Fox in reference to the interest or the attitude of the President in regard to those
financial matters? A. No. I do not think I ever talked to Mr. Fox
more than once or twice in my life, and that was years ago.
In reporting that Mr. Wiggin admitted at the Senate
Committee hearing on Nov. 28 that the Shermar Corporation, a Wiggin family institution, lost $2,079,355.44 in 1930
as a result of pool transactions in stock of General Theatres
Equipment, Inc., the "Times" dispatch of that date added:
This included $1.000,000 paid by him to the Chase Securities Corporation in settlement of all claims growing out of Shermar's participation
with the Chase Securities Corporation in six G. T. E. pool transactions
managed by Pynchon & Co.
Mr. Wiggin testified that he regarded the $1,000,000 payment to the
Chase Securities Corporation as a "gift" and that his agreement with a
Committee of Directors of the Chase National Bank to pay this sum was
made the same day that he retired as executive head of the Chase National, with the understanding that he receive a salary of $100,000 a year
for the rest of his life. He has since relinquished this salary.
Huston Angle Is Denied.
The disclosure of Shermar's loss of more than $2,000,000 came immediately after Mr. Wiggin denied under oath that he ever sent word to
President Hoover to "mind his own business," or had ever discussed Fox
Film or Fox Theatres matters with Claudius H. Huston, as alleged in the
sworn testimony of William Fox.
Mr. Wiggin denied that the Wiggin family sold more Chase National
Bank stock than it owned. At the time of his retirement, he said, the
family holdings had been increased to "some 200,000 shares."
He also asserted that the sales of Brooklyn-Manhattan Transit stock
for the account of Gerhard M. Dahl, Chairman of the B. M. T. Board,
in 1931. just before it passed a dividend, were made by the Chase National Bank itself by way of liquidation of a Dahl loan, without Mr. Dahl's
consent.
The bank, he said, did this for its own protection and in exercise of its
rights under a collateral loan agreement.
Detroit Tunnel Is Brought In.
With this testimony the Banking and Currency Committee concluded
its examination of Mr. Wiggin and turned to the participation of the
Chase Securities Corporation in the financing of the Detroit and Canada
Tunnel Co., which in the summer of 1928 began the construction of a
vehicular tunnel under the Detroit River to connect Detroit with Windsor,
Ont.
The tunnel, which cost 517.459.000 up to Aug. 31 1933, Mr. Pecora
developed from testimony by Leslie W. Snow, Second Vice-President of
the Chase National Bank, was built in competition with the new Ambassador Bridge, and both the tunnel and the bridge companies have
operated at a loss and gone into receiverships.
After its inquiry into the tunnel financing is completed to-morrow, the
Committee will turn to the Chase financing of the Lincoln Building in
New York City and then adjourn over Thanksgiving until next Monday
morning. At that time it hopes to begin its examination of Winthrop
.
W. Aldrich, who succeeded Mr. Wiggin as head of the Chase National.. .
•
"Speculation" Is Defended.
Mr. Wiggin admitted that the trading accounts in securities of the
Fox Film Corporation and General Theatres Equipment had been "really
speculative transactions," but asserted that if they had turned out successfully they "would not have been criticized."
"It is a common practice to make loans where the funds are used for
speculative purposes." he said.
In answer to Mr. Pecora's question whether he regarded it as sound
practice for banks to use depositors' money for that purpose, Mr. Wiggin
replied:
"We are looking at the events of 1929 now in the year of 1933. I certainly agree that we should not have made those loans. I do not think
you want to go so far as never to make a loan on a security that is speculative."
Mr. Pecora. I should like the benefit of your judgment of experience
on the question of where a limitation should be placed. A. I freely admit
that in 1933 we are much wiser and more conservative than we were in
1929, but when you ask me where to draw the line, I cannot answer that
question.
Mr. Wiggin said the settlement under which the Sherman Corp. agreed
to pay $1,000,000 to the Chase Securities Corp. in settlement of any
liability it owed to Chase Securities was made by himself on Jan. 12 1933.
as a result of conferences between himself and a committee of the Chase
National directors. The committee, representing the bank, he said,
consisted of Messrs. Devevoise, Frederick R. Ecker and Jeremiah Milbank. He added that Mr. Aldrich "also sat in the conference."
Settlement Was Left to Board.
explained,
r "I suggested to the committee of directors," Mr. Wigginparticipants
"that if they were not going to press the claims against all
in the syndicate, it WEIS manifestly unfair for me to pay: but that regardmy
less of that, that there was ho legal claim, my pride in the bank and
it
desire to do what was generous and right were such that I would leave
to decide what should be
entirely to the board of directors' committee
done."
payment
The committee, he said, fixed as the terms of settlement the
by Shermar of $1.000,000 to Chase Securities.
upon the assumption
Q. This statement of $1,000,000 was predicated trading accounts had
that the agreements under which the syndicate and
A. That is my
operated imposed no joint liability on the participants?
belief.
individual liability of the
Q. Then did this 51,000.000 represent only an
A.
Shermar Corp. under all of these syndicates and trading accounts?
and paid for its
There was no liability from Sherman Shermar bought
simply in settlement
Participations in the various syndicates. This was
further due, I regarded
of the question of whether there was anything
further legal liability, but to
It as a gift. I did not think there was any
done to avoid any
satisfy my pride I desired to do whatever could be
Possible criticism.
Stock Was Used in Payment.
he turned over to
In fulfillment of this obligation Mr. Wiggin said
Chase National Bank stock
the Chase Securities Corp. 25,000 shares of
share.
on which the directors fixed a valuation of $40 a
Volume 137
Financial Chronicle
Mr. Wiggin identified as correct figures introduced by Mr. Pecora
showing that Shernaar sustained a loss of $1,572,757.99 on 11 G. T. E.
Pools and made a profit of $332,410.77 in two Fox Film pools in which
it had participated, or a net loss on both of 11,240.347.22; also a profit
of 1161,011.78 in 12 International Projector and National Theatre Supply
accounts.
"I find the impression has gone abroad," Mr. Wiggin testified before
being excused as a witness, "that my family sold more Chase Bank stock
than they owned. I want to correct that impression. The family never
since 1927 owned less than 116,000 shares of Chase Bank stock. That is,
the present par value stock.
"In other words, they always had a minimum amount during that
entire period of 116,000 shares; usually more. At the time of my retirement from the bank the family holdings had been again increased so that
there were some 200.000 shares.
"On another subject I would like to speak, I refer to the sales of B. M.T.
The sales of Brooklyn-Manhattan Transit stock for account of Mr. Dahl
were sales made by the bank by way of liquidation of his loan.
Dahl Stock lied Shrunk.
"The reasons for the sales were that the stock had been gradually shrinking in price. It had sold at $50 in March and was then selling at $24.
There were $13.000,000 of notes coming due, held by the public.
"The condition of the market was such that we did not know how we
could handle it. The bank, for its own protection, felt that it was the
right thing to do. Mr. Dahl did not want the stock sold."
An item bearing on the statement by William H. Fox
appears under another heading in this issue.
Senate Inquiry into Stock Market Trading—Senator
Fletcher Receives Report from Agent of Ferdinand
Pecora Incident to Income Taxes of J. & W. Seligman Incident to Peruvian Loans.
From the Nov. 28 account from Washington to the New
York "Times" regarding the Senate inquiry into stock
market trading, we quote the following:
Senator Fletcher received a report to-day from Frank J. Meehan, one
of Mr. Pecora's agents, recommending that no further steps be taken in
connection with the charge of Senor Juan Oscar Cuhillas, a Peruvian. who
had written to the Committee hinting that income taxes had been avoided
by J. & W. Seligman in connection with the Peruvian loans investigated by
the Senate Finance Committee last year.
The report, approved by ,Mr. Pecora, mentioned testimony before the
Committee on finance and continued:
"The investigation discloses that the complaint filed by Senor Cubillas
is inaccurate, according to the testimony reviewed. His letter states that
Mr. Strauss, in testifying before the Committee, claimed that their gross
profits on the Peruvian loan amounted to $601,000.
"As a matter of fact, the testimony reveals that the $601,000 was the
amount of net profits accruing to J. & W. Seligman & Co., after the payment of commissions (this includes the much-discussed commission paid to
Senor Juan Leguia. son of the ex-President of Peru). The J. & W. Seligman witness, in testifying, admitted that their gross profits were somewhere around $5,000,000, but as there were five or six banking participants
in the loans these profits, after deducting the usual syndicate expenses, left
his firm a net profit of $601,000.
"It is obvious that Senor Cubillas apparently misunderstood the testimony.
"There is no evidence that the subject concerned evaded or avoided the
payment of income taxes in connection with the Peruvian financing."
Senate Inquiry into Stock Market Trading—Co-operation Between Committee and Twentieth Century
Foundation in Compiling Questionnaire Replies—
Examination of M. W. Dodge, Harley L. Clarke, &c.,
in Fox Film Hearing.
It was stated in a Washington dispatch Nov. 27 to the New
York "Times" that nearing the end of its investigation of
Chase financing of the General Theatres, Fox Film and Fox
Theatres corporations, the Senate Committee that day examined Murray W. Dodge, former Vice-President of the
Chase Securities Corporation, relative to tfhe Fox Film Corporation's refinancing of 1931; Hermann Place, at present
Chase National Vice-President, regarding plans under which
the Fox Film Corporation was reorganized this year, and
completed its examination of Harley L. Clarke, Chicago utilities financier, who fathered the General Theatres Equipment and its acquisition of stock control of the Fox and Loew
Corporation. This dispatch added in part:
Clarke Allowed to Go.
After he had testified late to-day that the directorate of General Theatres
Equipment, Inc.. of which he was then President, had voted him a credit
of $228,925.40 in liquidation of old claims on Feb. 2 1932, just two days
before the corporation went into receivership, Mr. Clarke was dismissed so
that he might sail for Europe on Wednesday. . .
Arrangements for co.operation between the Senate inquiry and the Twentieth Century Foundation, Inc., of Boston, founded by Edward A. Filene,
were made at a conference held this evening between Senator Fletcher,
Ferdinand Pecora, Senate Ocinmittee counsel, and Henry Bruere, President
of the Bowery Savings Bank of New York Oity.
Mr. Bruere, who in an advisory capacity has been serving President
Roosevelt in connection with plans for co-ordination of credit agencies,
called on Senator Fletcher this evening with a letter of introduction from
Secretary Roper.
As Treasurer of the Twentieth Century Foundation, Mr. Bruere explained,
Senator Fletcher said, that the Foundation had made a study of stock
market operations and desired to put the results of its studies at the disposal
of the Committee.
It also wished to inspect such data as the Committee desired to yield
from replies to questionnaires to members of the New York and other stock
exchanges.
3923
IVilling to Aid Foundation.
Chairman Fletcher told Mr. Bruere that the Committee would be willing
to permit the Foundation to assist the Committee's experts in compiling and
analyzing the questionnaire replies, but that the Committee would not
furnish copies of the replies.
Review of New York Cocoa Exchange for November—
Volume of Sales Larger Than in October and in
November 1932.
Volume of business on the New York Cocoa Exchange in
November was larger than the previous month or November
1932, according to the Exchange's review for the month.
Total sales of 6,706 lots or 89,860 tons compare with 4,142
lots of 55,503 tons in October 1933 and 3,745 or 50,183 tons
for November 1932. The review continued:
Although prices at the close of the month were practically unchanged
from the close of October the market witnessed violent fluctuations during
the period. December delivery opened the month at 4.01 and then advanced
to 4.70 in the middle of the month to finally close on Nov.29 at 3.95.
The movement of sterling was the most important factor governing
price fluctuations. There was also news that the marketing of the West
African crop was proceeding very slowly. The month closed with prices
about 30 points above the lows of mid-October.
Senate Inquiry into Stock Market Trading—Statement
by William Fox that Albert H. Wiggin of Chase
National Bank Rebuffed President Hoover in
Film Receivership Proceedings Denied by Mr.
Wiggin—Reports as to Samuel Untermyer's Fees.
At the hearing in Washington on Nov. 24 before the
Senate Banking and Currency Committee inquiring into
stock market trading, a charge that Albert H. Wiggin,
while head of the Chase National Bank, had sent word to
President Hoover in December 1929 to "mind his own
business" and "not interfere in what the bankers were
doing down in New York" was made by William Fox,
according to a Washington account Nov. 24 to the New
York "Times." This account continued:
Mr. Fox declared that Claudius H. Huston, then Chairman of the
Republican National Committee, had been sent to New York by Mr.
Hoover in an effort to prevent the Fox film and theatre companies from
being thrown into receivership, but that Mr. Wiggin "resented" Mr.
Hoover's "interference in the matter."
Mr. Fox said he based his testimony on what Mr. Huston, who had gone
to New York as an "agent" for the President, told him the day after discussing the matter with Mr. Wiggin.
In a statement issued later this afternoon. Frederick W. Gehle, VicePresident of the Chase National, after telephoning to New York, said:
Following the testimony of William Fox this morning, I talked with
A. II. Wiggin on the telephone with reference to Mr. Fox's statement
that Mr. Wiggin had said to Claudius H. Huston that he resented President
Hoover's interference in Fox Film matters, indicating that he would thank
the President to mind his own business.
Mr. Wiggin has authorized me to say that this incident can exist only
in Mr. Fox's imagination, the statement being wholly untrue. Mr. Huston
has never been in Mr. Wiggin's home as a matter of fact, Mr. Wiggin
recalls having met him only once in his life, at a large dinner at the
University Club in New York City.
25 Lawsuits Brought.
Mr. Fox spent another dramatic day on the witness stand, and his
allegation on the Hoover incident was one of a series of amazing statements, under oath, in reiteration of his charge that the Fox Film and
Fox Theatre corporations were"captured"from him through a "conspiracy"
of New York bankers who "stripped" him of his properties.
Among other things he charged to
-day that, in harmony with the alleged "conspiracy." 25 lawsuits were brought against the Fox companies
in 1929 to embarrass them financially. He alleged that "a Boston lawyer
named "Berensen" filed a suit against the Fox Film Corp. which was
settled after the payment of $500.000, and that another suit was settled
on payment of $50,000 to Isidor Kresel, a New York lawyer.
At the end of his testimony Mr. Fox inferred that Winthrop W. Aldrich,
present head of the Chase National, knew something about Fox Film
financing of 1929.
Mr. Aldrich resented the "dragging" in of his name, took the witness
stand and denied that he had anything to do with the 1929 Fox financing
in any "way, shape or form."
Chairman Fletcher of the Banking and Currency Committee announced
as Mr. Fox concluded that the Committee would hear anybody who wanted
to testify regarding the Fox disclosures.
"I suggest," said Ferdinand Pecora. Committee counsel, "that in view
of the nature of the testimony given by Mr. Fox—and if only half of it
Is true—that the Committee should invite any person or persons who
want to testify with regard to the subject matter to appear before the
Committee by making their desires known."
Asks Proof on Deposit "Grabbing."
"I think," interposed Senator Couzens, "they should make their application in writing and the Committee should decide after receiving
the application."
"That would be the more orderly course." Chairman Fletcher ruled.
"Anybody who wishes to be heard about it should address a letter to the
Committee or to Mr. Pecora and we can arrange it."
Senator °camas insisted to-day that proof be submitted in support
of an allegation by Mr. Fox that New York banks had "grabbed" his
deposits and applied them toward payment of loans before the loans were
actually due.
After Mr. Huston's visit to New York and the conversation which
he asserted Mr. Huston had with Mr. Wiggin, Mr. FOX engaged Samuel
Untermyer as his lawyer in January 1931 and told him his fee would be
$1,000,000 if he could save the Fox companies from going into receivership.
Mr. Huston told him, Mr. Fox asserted, that Mr. Untermyer was
the one lawyer feared by the "Wall Street crowd," but that the moment
Mr. Untermyer was engaged, Mr. Huston would have to "drop out of
the picture."
Mr. Fox testified that Mr. Huston "appeared on the scene" in December
1929 and wanted to know whether he "could be of service."
"I told him all this trouble," said Mr. Fox,"and I asked him to 'please
return to Washington and report it to the President if you
When
3924
Financial Chronicle
he came back again, a day or two later. I inquired whether he had done
so. He said he had in a general way, but that he thought he could adjust
this matter. He knew Mr. Albert Wiggin of the Chase Bank very well.
In fact, he was going to lunch with him on Christmas Day, he said, and
would talk the matter over with him.
Told of "Lunch With Wiggin."
"I contended that all Wiggin had to say was 'We are not interested
in the Fox situation' and every other banker would have gone along with
this matter. I felt definitely at this time that Wiggin had sent out the
word 'Hands off Fox. Don't have nothing to do with them.'
"The following day, Dec. 26, Mr. Huston came back. He said he had
lunch at the Wiggin home on Christmas Day and that Mr. Wiggin had told
him to tell the President of the United States to please mind his own business
and not interfere in what the bankers were doing down in New York; they
could take care of their own business, and he resented Mr. Hoover's interference in this matter.
"Now, gentlemen, you have all got to have 1929 in your mind when you
listen to this story. You cannot look at it with the eyes of 1933, as the
result of what happened to the banking fraternity in this Nation from then
until now.
"You have got to bear in mind that in 1929 these men felt their power.
They were almighty. They had the strength to accomplish anything they
wanted to do. They were not working under the regime that this Nation
is working under now. There was no New Deal talked of then. The common people were just common people at that time.
"And here was a man, the head of a bank whose deposits and capital
and surplus ran to approximately two billions of dollars, and he felt
himself powerful enough to say to the President of the United States, 'You
tell him I said I resent his interference in this matter."
Senator Adams.—That is the statement you got from Mr. Huston?
A.—Yes, sir.
"So that it is a rather roundabout statement."
Dec. 2 1933
no submission of proof of the allegation that these banks charged off all
your loans against your balances before the loans were due.
"That is such an extraordinary charge, and an unusual experience
In my observation, that I would think the subcommittee ought to have
proof of that charge. And I, assume that you have the proof, inasmuch
as you have made the allegation."
"Well, now, whether I have the proof with me or not I do not know,"
replied Mr. Fox.
Senator Couzens.—Well, I do not say submit it now, but at some time
the subcommittee ought to have proof of that allegation, because it is a
most unusual practice and one that I have not heretofore seen exercised,
to the degree, at least, that you allege. A.—The subcommittee, of course,
would have to help me get that proof, because I am no longer in charge of
the books of these companies, either the Fox Film or the Fox Theatres.
Those facts would have to be extracted from their books.
Q.—I assume if there is any difference of opinion than the one you have
with respect to the matter, that those wno have the records will be glad
to avail themselves of the opportunity of presenting them. A.—I suppose
so.
Mr. Pecora.—If Mr. Fox, or his attorney, will tell me what proof they
they may exist in the possession of persons who were not under their control,
I shall be glad to use the subpoena power of the subcommittee to make
such proofs available here. A.—We shall give you that information SO
that you can use the subpoena power of the subcommittee.
Mr. Fox produced a letter which he said he wrote on Jan. 2 1930, to
Mr. Wiggin, then Chairman of the Chase National, urging him not to
permit that bank "to be a party to the destruction of a corporation (Fox
-earning organization."
Film) that is a perfectly solvent and profit.
A duplicate of this letter was sent to each of the other banks which
held notes of the Fox Film Corp. Mr. Fox said these banks were the
Public National Bank, Chelsea Exchange Bank, Harriman National Bank,
Bank of United States, Bankers Trust Co., Corn Exchange Bank, Fidelity
Trust CO., Trust Company of New Jersey, National City Bank, Chemical
National Bank and Manufacturers Trust Co.
"No Compensation" to Mr. Huston.
"Well, sir," said Mr. Fox, "I have no other way of getting it. Mr.
Couzens Challenges Testimony.
Wiggin would not tell it to me; of course not. But Mr. Huston hadn't
The opening sentence of this letter referred to Mr. Wiggin as "Chairfor telling me anything but the truth, because he came to New
any reason
man of the board of one of the banks holding Fox Film Corp.'s demand
York to help this situation out. The Administration did not want a renotes." Its second paragraph read:
ceivership appointed in the Fox companies. It was trying to help that
At the meeting to-day our request for a short extension was declined.
thing from happening.
This is an unusual proceeding in dealing with a corporation of our size
"The last thing that Mr. Hoover wanted was to have a corporation with
and thoroughly solvent condition, especially in the light of our substantial
assets of 16300,000,000, which was the combined assets of the Loew and the
earning history, and the further fact that our business is greater to-day
two Fox companies, to be plunged into receivership at this particular time.
than ever before.
And that is why Mr. Huston came down tofind out whether or not he could
Sumter Couzens immediately pointed out that Mr. Fox testified yesternot adjust the differences that existed.
day that those notes were not due.
"At first he suggested the modification of the voting trust; to go along
"I observe from the reading of that letter that they are demand obligawith the voting trust in a modified form and one that would guarantee
tions," said the Senator. "So they were due on the demand made on the
that my voting shares would not be dissolved. He hoped that he could do
part of the bank."
that. He soon found out that it was not possible. "
"Some were due and some were not due," Mr. Fox said.
Fox said that Mr. Huston now "tried various things to adjust this
Mr.
"But," said Senator Couzens, "the letter just read in evidence states
matter," having conferences with several persons.
that they were demand obligations, and yesterday you stated the obliga"He knew Clarence Dillon of Dillon, Read," Mr. Fox went on. "He
tions were not due. I should like to have an explanation of that. When
knew all of these bankers down there. They were not new to him. And
you were writing Mr. Wiggin was the note that they had just due?"
he did indicated clearly that he was trying to help. And, as
everything
"The note of the Chase National Bank, it was past due, becoming due
I said before, he did it without compensation.
on Dec. 9."
"He did it because I considered him as the agent of the President of the
"Then the charging of your balance there against that note was perfectly
United States who came to New York, to prevent this thing from occuring
legitimate under those circumstances. But the impression you gave us
at that time."
yesterday was entirely erroneous, because you stated those balances were
"Was this before you had seen the President or afterward?" asked
charged off against your indebtedness before the notes were due. That is
Chairman Fletcher.
not sustained by your testimony here this morning."
"I had seen the President in June 1929, when everything was bright and
"Well, what I would like to do is to have subpoenaed the records of
rosy," Mr. Fox replied.
the Fox Film Co. and find out just what banks did take the balances,
although the notes were not due," said Mr. Fox.
Mr. Untermyer Suggested for Aid.
"The letter says 'demand obligations.'"remarked the Senator. "You
"What did you do then?" asked Chairman Fletcher.
said you sent the same letter to all the institutions when the circumstances
"Mr. Huston said, 'there is only one bit of help I can give you in this
were not the same with all of them, according to the statement you have
matter," Mr. Fox continued. "He said, 'there is nothing that I can do
just made."
here now. I can leave Mr. Burke down here for window dressing for you,
Name of Aldrich Is Brought In.
If you want him; but these men whom I thought would comply with the
Mr. Fox's tilt with President Aldrich of the Chase National took place
request, knowing it came from the White House, now that I know they will
at the end of the afternoon. Mr. Fox had completed his story to the
not do that, there is no need of my staying here any longer.'
point of the acquisition of the Fox Film and Fox Theatres Corps. by General
"He said,'there is a lawyer in New York. the only one that they are afraid
Theatres Equipment, Inc., in April 1929. No member of the Committee
that they are afraid of. The only man that
of—there is only one lawyer
wished to question Mr. Fox, and Chairman Fletcher asserted that the
can straighten this whole jam out for you is Samuel Untermyer."
hearing was "concluded as far as Mr. Fox is concerned."
"Mr. Pecora was not heard of at that time?" asked Senator Couzens.
are
Suddenly, as if by afterthought, Mr. Fox asked permission to read
"No. sir. Mr. Untermyer got his reputation just exactly as you
an extract from a "strictly confidential" memorandum of Feb. 7 1931.
going to get yours, Mr. Pecora. He got his in the Pujo investigation.
from Murray W. Dodge to Mr. Wiggin, introduced in evidence WednesHe also had the pleasure of examining a member of the House of Morgan."
day. Chairman Fletcher told Mr. Fox to proceed. The latter read this
At this point, Mr. Fox told of a luncheon he gave at his home in DecemClarence J.
extract from the Dodge memorandum:
ber 1929, to his lawyers, among them Joseph Hartfield and
to shoot Mr. Hartfield.
"I have given you all this information so that you may see that we
Shearn, at which he lost his temper and threatened
have done and are doing everything to prevent a fight, as the Lord knows
"I reached the conclusion definitely and positively," said Mr. Fox,
this financing is difficult enough without being torpedoed by Harry Stuart.
"that Mr. Hartfield was not representing our companies nor me. and
He is evidently bent on getting control of the management of the company
I charged him with it. You will bear in mind that when he was engaged
dollars if he kept these companies
through John Otterson, and will use the same methods that the two of them
he was told that he would get a million
used against Fox to obtain their ends."
out of receivership. I perhaps lost my temper then. I am sorry I did.
"Now," Mr. Fox then exclaimed, "if that is not an admission of this
"I called this man all the vile, filthy, dirty names that it was human
conspiracy, I would not know how to furnish any further proof.
for one person to call another. I got myself in such a temper that I said
him. I say,'Why don't
"Now, I understand from what I have been reading in the newspapers
I was going into a room and get a pistol and kill
that Mr. Aldrich has taken the position that he knew nothing about this,
You resign? Why don't you step out of this case?' Then, in the presence
but Murray Dodge says differently in this memorandum.
of Mr. Shearn, he said he would talk to his partners about resigning from
"In the next paragraph he says: 'I am handling this matter in conthe case.
Shearn
sultation with Aldrich, McCain and Freeman, and will let you know if
"The net result of that was that two or three days later Mr.
After the performance I gave
there are any developments. . .
resigned from the case; he dropped out.
"So that at least on this date Mr. Aldrich must have been familiar
in his presence to Mr. Hartfield I presume he was not going to take any
with the situation."
chances at representing a client who would do what I had done to Mr.
Hartfield,
Aldrich Explains Memorandum.
Samuel Untermyer Promised a Fee of $1,000,000.
Senator Gore—Is it your contention that Stuart did the thing that this
"It was then came the story from Mr. Huston that there was only one
man claimed he was trying to avert? A—Yes, Stuart and the rest of
lawyer that would represent these companies as against Wall Street; that
them accomplished what they had set out for.
again, and this crowd
he had done it before, and he knew he would do it
Q—It seemed like Dodge was trying to warn them against Stuart. A—
were all afraid of him; except that the moment that I took Mr. Untermyer
yes, it seemed like Dodge was reminding Wiggin exactly how the control
into it, he would not longer be able to come to New York to be of any
was wrested from me, and said that here there was going to be a repeassistance in the matter at all; he would have to drop out of the picture.
tition of that. Now they are trying to get It away from Clarke.
"It was then that we engaged Mr. Untermyer,some time early in January,
Q—Is it your contention that Wiggin took a hand and joined in with
offering him exactly the same proposal that was made to Colonel Hartfield,
Stuart and helped to do it? A—Originally Wiggin joined in with Stuart
save these companies from going into receivership they
that if he could
and took the control away from me and put it into the control of the
would pay him a fee of $1,000.000."
General Theatres Equipment. Now here was Stuart refusing to go on
Senator Couzen's demand of proof of the allegation that New York
with new financing unless Clarke was eliminated from the picture. For
them against loans
banks had "grabbed" Mr. Fox's deposits and applied
some reason he didn't want Clarke any longer.
examination this morning.
before due came at the very outset of the
At this point Mr. Aldrich took a seat next to Mr. Fox at the Committee table.
Asks Proof on Deposit Charge.
"I think I can make this thing perfectly clear," Mr. Aldrich began.
"I should like," Senator Couzens said, "to have a submission of proof,
"The memorandum to which Mr. Fox has just referred was in regard to.
and up to date I am not charging any misstatements; but there has been
Volume 137
Financial Chronicle
the financing that took place in 1931. It had absolutely nothing whatever
to do with what Mr. Fox has been testifying about.
"It was in connection with a financing that took place at the time that
Mr. Harley Clarke was the President of the company, at the time that
the obligations, which were issued at the time of the original financing
of General Theatres Equipment, matured in 1931.
Not Connected with Bank Then.
"The memorandum to which he refers simply is a statement on the
part of Mr. Murray Dodge that he feels that there is opposition to the
management of Mr. Clarke on the part of Mr. Stuart and Mr. Otterson
of the Electrical Research Products Co.
"Now he says in that memorandum, as I understood it from just hearing
It, that their situation is similar to the one which existed at the time that
Mr. Fox has been referring to, which was in 1929, as I remember.
"At that time I had no connection with the Chase National Bank.
I was a lawyer."
"I knew that," said Mr. Fox.
"But you said this took place in 1931," Mr. Aldrich explained. "It
had nothing to do with you in any way, shape or form."
"It had to do, however, with what this memorandum is calling for,"
said Mr. Fox.
"Yes, but why drag my name in here?"
"Oh, they can settle this outside of the committee," remarked Senator
Couzens.
"Yes," said Chairman Fletcher. "This refers to the General Theatres
Equipment Co."
Mr. Fox testified to-day that his "original set of lawyers," Hughes,
Schurman & Dwight, received about $500,000 for their services as counsel
for Fox Film and Fox Theatres.
3925
tions are to be preserved, the public is not only entitled to expect, but, it )
must have absolute assurance, that the business of our commercial banks is
being carried on in a manner which commends complete confidence.
As for the Chase National Bank, I can say without qualification that it
is our purpose to be governed at all times by the standards I have just
outlined.
In this statement I shall seek to point out respects in which I believe
your Committee can be of help in remedying the situation. In doing so it
will be necessary to imply criticism of certain practices which have arisen
In American banking. But I would like first to pay tribute to that great
number of American banks and bankers who, during the past 10 years, have
done their duty to their stockholders, their depositors and their communities.
There is one very important objective which the Congress can attain, and
that is to so amend our banking legislation as to protect the sound bankers
of this country from the unfair competition of bank management which
fails to measure up to the high standard of conduct which their profession
calls for. This result should be accomplished by legislation which will not
only prohibit specified practices, but which also will bring about above
all else complete divorcement in interest between commercial and investment
banking. The Congress, by the enactment of the Glass-Steagall Bill, now
known as the Banking Act of 1933, has already taken action designed to
eliminate many bad practices. The Banking Act of 1933 does not, however,
fully accomplish the purposes which the Congress had in view—purposes
which I believe are demanded by both sound banking experience and enlightened public opinion. It is accordingly necessary to address further efforts
to that end.
I—The Wisdom of Separating Commercial Banking from Investment Banking.
cmy experience as a bank official commenced at the end of the year 1929,
when I became President of the Equitable Trust Co. From June 1930, upon
Items regarding the inquiry into General Theatres ap- the amalgamation of that institution with the Chase National Bank, until
peared in these columns Nov. 18, pages 3763-3766.
January 1933, I was President of the Chase National Bank, but not its
executive head. In January 1933 I became its executive head, upon my
election as Chairman of the Governing Board. This experience as a bank
Senate Inquiry into Stock Market Trading—Winthrop •
official, coupled with the testimony which was presented to your Committee
W. Aldrich of Chase National Bank of -New York
in February of this year had convinced me that many of the abuses in the
Recommends Banking Legislation Which Would
•
banking situation had arisen from failure to discern that commercial banking
Divorce Commercial and Investment Banking
and investment banking are two fields of activity essentially different in
Business—Would Also Prohibit Bank Officials and
nature. I came to believe that while it was essential that there should be
Officers and Directors of Federal Reserve Banks
co-ordination between these two types of banking, such co-ordination could
best be protected from abuse and thus enhanced in usefulness through absoFrom Participating in Pool Operations.
lute separation of interest between the two fields.
Reforms through banking legislation "to protect the sound
On March 8 1933, therefore, I issued a public statement suggesting the
bankers of this country from the unfair competition of bank following provisions, among others, which experience indicated should be
measure up to the high standard
enacted into law. These were in addition to the provisions of the Glassmanagement which fails to
of conduct which their profession calls for" were recom- Steagall Bill as it then stood, which required the divorcement by commercial
banks of their investment affiliates:
mended on Nov. 29 before the subcommittee of the Senate
(1) No corporation or partnership should be permitted to take deposits unless
W. Ald- such corporation or partnership is subjected to the same regulations and required
Committee on Banking and Currency by Winthrop
publish
banks.
rich, Chairman of the Governing Board and President of to(2). No the same statements as are commercialsecurities should be permitted to
corporation or partnership dealing in
the Chase National Bank of New York. This result, said take deposits even under regulation.
(3). No officer or director of any corporation nor any member of any partnership
Mr. Aldrich, "should be accomplished by legislation which dealing in securities should be permitted to be an officer or director of any commercial
bank or bank
any commercial
and no officer
not only prohibit specified practices, but which will also or bank takingtaking deposits, be permitted toor director of or director of anybank
will
deposits should
corbe an officer
poration,
bring about, above all else, complete divorcement in interest securities.or a partner in any partnership engaged in the business of dealing in
(4). Boards of directors of commercial banks should be limited in number by
between commercial and investment banking." Among other
statute so as to be sufficiently small
the members to be actually cognizant
things, Mr. Aldrich recommended that the Banking Act be so of the affairs of their banks and in ato enablereally to discharge their responsibility
position
stockholders,
amended "as specifically to prohibit executive officers of toThe spirit of depositors and the business community. the management of comspeculation should be eradicated from
member banks from participating directly or indirectly in mercial banks,and commercial banks should not be permitted to underwtitesecurittes
except securities of the United States Government and of States. Territories, muniosyndicates which are offering securities to the public, or in ipalltlea and certain other public bodies in the United States.
trading accounts or pool operations in securities which are
Immediately following the issuance of the foregoing statement, the Chase
dealt in publicly." The Act also, he said, should "prohibit National Bank undertook for itself to carry these policies into effect.
On March 8 1933 the Executive Committee of the bank appointed a Special
both executive officers and directors of Federal Reserve Committee to advise and recommend a plan tor the separation from the
banks from participating directly or indirectly in similar
bank, at as early a date as practicable, of its affiliated securities corporations.
Following action by the Executive Committee, a meeting of the stockholders
syndicates or trading accounts or pool operations." The
on May 16 1933 authorized the discontinuance of the securities business
statement presented to the Committee by Mr. Aldrich
by the bank's affiliates, and on the same date the securities affiliate, the
follows:
Chase Harris Forbes Corp., formally voted to engage thenceforth in no
new business, and to liquidate its affairs. The Chase Securities Corp. thereMr. Chairman:
understand it, the purpose of the banking phases of the investigation
after became the Chase Corp., simply a holding and liquidating company,
As I
which your Committee is now conducting is to obtain information which will
relinquishing its power to engage in the securities business. The bank itself
took over in its bond department that part of the business of the Matte
serve as a basis for the drafting of legislation supplementing or revising
existing laws, designed—
Harris Forbes Corp. relating solely to Federal, State and municipal bonds
and other limited classes of securities approved by law as proper for National
r First—To prevent a repetition of mistakes and abuses which havenseen incident
conduct of both commercial and investment banking in recent years: and
-tithe
banks to deal in.
'- Second—To reconstruct our financial machinery so that it may be most effective
It was also voted at the meeting of the shareholders of the bank, held
In bringing about a business revival and In assuring a sound financial basis for the
industry, trade and agriculture.
May 16, that the size of the bank's Board of Directors should be reduced
future conduct of
from 72 to 36 members. In the reconstruction of the Board of Directors
The importance of attaining these ends cannot be exaggerated, kr the
under that decision all members of investment banking houses who had been
soundness and efficiency of our banking structure affect the very foundations
directors retired from the Board.
of the economic welfare of the nation.
Such changes as the foregoing obviously involved a break with tradition.
No one who has observed events or who is familiar with the testimony
There are sincere differences of opinion as to the wisdom of these changes.
presented to your Committee during the past year can have failed to be
There is, as every one recognizes, a very influential body of banking opinion
Impressed by the necessity of change. This must be true whether one be an
which honestly and seriously believes that the funCtions of investment bankofficer of a commercial banking institution charged with the responsibility
ing and commercial banking can, with great advantage to the public, be
to the banking laws of the United States, or a
of giving effect in practice
performed by the same institution or private banking firm. That view is
member of your Committee, which has the duty of so formulating those laws
entitled to respect.
that they will work to the best interests of the community as a whole. This
The thought, however, that the overlapping of interest as between comchange must occur not only in the manner and spirit in which the laws have
mercial banking and investment banking might be subject to grave danger
been observed by certain bank officials, but also should be embodied in
was not in any sense a new one. The hearings and the report of the Pujo
legislation which it is the function of your Committee to initiate.
Committee, dated Feb. 28 1913, had pointed out the necessity for such
The immediate and direct responsibility for preventing the recurrence of
changes. Any wise observer must realize that investment banking, as a
faulty conditions which have been disclosed here and elsewhere rests upon
self-contained enterprise, not only should not be destroyed or superseded by
those of us who are engaged in the management of commercial banking
any governmental agency, but also should be allowed to operate with as
Institutions. It is obvious that the character necessary to qualify an execulittle restriction as is commensurate with due protection of the investing
tive officer of a bank to meet the obligations imposed upon him cannot be
public. Normal investment banking should, however, be improved if sepacreated by legislation. The daily operation of a commercial banking institurated from any direct interest in commercial banking.
above oil,things the education to perceive and
tion requires of its officers
A principal difficulty in the past has been that commercial banks doing
to the highest standards of the trust relationship.
the character to live up
an investment banking business have been paralleled in operation by private
This fiduciary relationship extends not only to the stockholders and deposibankers doing a deposit and investment business. As there was no clear
tors of the bank, but also to all who come to the institution for financial
definition of function or differentiation in interest between the two types of
accommodation or advice.
.
banking, it was not unnatural that officers of commercial banks should have
Beyond all this, the officers of our commercial banking institutions should
at times failed to appreciate the distinction between their own position and
realization of their great responsibilities to
have constantly before them a
that of members of private banking
firms. The system itself which perthe public. The bank officer's usefulness to his bank and to the community
mitted overlapping of function and interlocking of interests between these
Is dependent upon public confidence in his integrity of purpose. His
two types of banking has been responsible for much that the public now
actions must be of such character that when they are fully exposed to
condemns.
public view no doubt can arise as to his motives. If our financial institu-
(
3926
Financial Chronicle
A commercial bank, whether or not it is a member of the Federal Reserve
System, is an essential and integral part of the monetary and credit machinery
of the nation. Of course the commercial bankers are under obligation to
endeavor to earn a fair return upon the money entrusted to them as capital
by their stockholders. The desire to protect that capital and to earn a return upon their investment for the stockholders has the effect of making
the commercial banker not only anxious to extend credit but also cautious
and conservative in seeking to assure as far as possible that the credit so
extended shall be repaid. It is accordingly obvious that the commercial
banker should have the utmost encouragement by the Government to exercise all of the sound judgment, the constructive imagination, and the creative thinking which he can bring to the stimulation of private enterprise in
extending credit.
The commercial bank's credit function is very definitely governed by its
responsibility to meet its deposit liabilities on demand. It must not seek
excessive profits by taking undue credit risks and it can not wisely tie up
Its funds in long term credits however safe they may be. Its primary
credit function is performed by lending money for short periods to finance
self-liquidating commercial transactions—largely in the movement of goods
and crops through the various stages of production and distribution; and
In the making of short-term loans against good collateral. The commercial
bank cannot safely make loans to a borrower who lacks capital of his own
or who cannot in the normal course of his business repay the loan within
a reasonable period of time. It is within this framework that the commercial bank renders sound and constructive service to the industry, trade and
agriculture of the country.
The investment banker also renders necessary and effective service to the
Industry, trade and agriculture of the country. He does it by meeting longterm needs, providing funds for plant and equipment or for permanent working capital. He does, and should, take speculative risks of a sort unsuitable to the commercial bank in providing capital funds for new and promising enterprises, even though the major volume of his transactions is naturally to be found in providing additional capital for industries well established and less uncertain in their prospects. With every new issue, moreover, he takes the risk that the public may not readily absorb the new
securities which he brings out and that his own capital may be tied up
for a long period of time. This last distinction between investment and
commercial banking emphasizes the wisdom of the legislation forbidding investment bankers from taking deposits.
Although there should be a sharp delineation between the activities of
commercial banks and those of investment bankers, there are certain points
of contact between them, whereby they complement each other. It is
perfectly proper, for example, that commercial banks should lend to investment bankers, on short term, funds necessary to carry a new issue of
securities while it is in the process of being marketed. Such a loan, always secured by collateral and carefully scrutinized by the commercial bank,
performs an essential service. The commercial bank or banks making such
a loan, however, should be absolutely free from interest in the issue, and
immunized from possible influence arising from interlocking interests with
the investment bankers participating in it.
Again, a commercial bank frequently finds that its own customers require permanent financing. A rapidly growing business needs additional
permanent working capital. The commercial bank properly affords temporary financing to the enterprise, but permanent provision for adequate
working capital or for plant or equipment requires long-term credit. When
such long-term credit is required, the services of the investment banker
are needed. But in such cases the investment banker himself should be free
from control or influence by the commercial bank which suggests or introduces the business. The investment banker should be in a position to
form an absolutely independent judgment as to the wisdom of issuing the
credit and as to the conditions under which it shall be issued. The commercial bank should not be in a position to exert any pressure whatever
arising out of a dual financial interest.
What I have said with regard to the relationship between commercial
and investment banking does not imply that such influence as I have
described would necessarily or even usually be exercised in a manner detrimental to the public interest either by the investment bankers in the one
case or the commercial banks in the other. Nor does it suggest that there
are not conscientious investment bankers, meticulously careful of both the
Interests of their customers and of the investing public.
Nor is what I have said intended as a sweeping criticism of the motives
or practices of investment bankers generally. Any such criticism would
be most unjust. But in considering legislation aimed at prohibiting practices contrary to the public interest, it is impossible to draw a distinction
between the careful and conscientious banker who would never consciously
permit his influence to be misused or his allegiance to be divided, and the
banker, who, through recklessness or even because of his private interests,
might exercise his influence improperly, if opportunity is permitted to
exist.
II—Clzanges Necessary to Make the Rankine Act of 1:133 Accomplish Its
Declared Objectives.
The wisdom of effecting a clear differentiation of function and separt•
tion in interest between commercial banking and investment banking was
recognized in the Glass-Steagall Bill, passed last June and now known as
the Banking Act of 1933. The history of that Act and its general provi810/113 indicate a clear intent on the part of the Congress to effect, once and
for all, a complete separation between commercial banks and investment
bankers. I believe that the public is likewise under the impression that
the Act effectively accomplished that purpose.
Careful analysis of the Act and observation of its subsequent operation,
however, show that all the purposes intended are not effectively achieved,
and that further amendments to the Act will be necessary if its purposes
are to be accomplished.
I submit that the provisions of the Banking Act of 1933 and of Section 8
of the Clayton Act show that the legislative policy of the Congress is
1. That there be a divorcement of the commercial banking business from the
investment banking business:
2. That there be no interlocking of management between the commercial banking
business and the investment banking business:
3. (Based in part upon another policy.) That there shall be no interlocking of
management between commercial banks themselves operating in the same community: and
4. That the enforcement of this legislative policy shall not work in a
manner unfavorable to the successful operation of National banks,discriminatory
or of member
banks of the Federal Reserve System:
The Banking Act of 1933 only partially realizes these purposes. It is
true:
1. That it requires the divorcement of security affiliates by commercial bank,
which are either National banks or member banks of the Federal Reserve System:
2. That it prohibits persons, partnerships or corporations engaged in the securities
business from taking deposits:
3. That it prohibits anyone from receiving deposits unless such person, firm or
corporation is subject to examination and regulation under State or Federal law, or
Dec. 2 1933
submits to periodic examination by the Comptroller of the Currency or by the
Federal Reserve Bank of_the district and publishes periodic reports of condition:
But, it is also true:
1. That the present statute law* leaves wide open the opportunity for an interlocking of management on the one hand between investment banks and commercial
banks, both National and State. It also leaves open opportunity for interlocking
management between commercial banks themselves, so long as they are not National
banks: and
2. That the present statute law leaves wide open the opportunity to an individual
who may actually be engaged in the securities business through a corporation (so
long as he is not a director or officer of the corporation doing such business but
employs other people for those offices) to act as a director of a commercial bank
without even the necessity of_obtaining a permit from the Federal Reserve Board.
It is not my desire to burden your Committee with a long and technical
analysis of these omissions in the present statute law. A study of Regulation L, Series of 1933, and of Regulation R, Series of 1933, of the Federal Reserve Board, issued on October 31 1933, which Regulations I desire to put in the record at this point, and of Section 8 of the Clayton Act
and the provisions of the Banking Act of 1933, will disclose the situation.
If your Committee desires I will have prepared and submitted to it a detailed study of the matter.
It is clear that in spite of the general prohibitions set forth in the Act
and the obvious legislative intent to separate investment and commercial
banking, the statute law t actually in force to-clay—
or otherwise) to act as a director,
r 1. Allows any individual (investment bankerbanks,so long as no one of them is a
officer or employee of any number of commercial
National bank.
2. It allows any individual to act as a director, officer or employee of a National
bank as well as of two other banks—if the Federal Reserve Board issues a permit
therefor.
3. It allows a member of a partnership engaged in the investment banking business,
or an officer or director of a corporation engaged in such business to act as a director,
officer or employee of any member.bank—provided only that he obtains a permit
therefor from the Federal Reserve Board.
4. It allows anyone engaged in the securities business as a controlling stockholder
a
In an investment banking corporation (so long as he does not act as of director or
officer of such corporation) tolact as a director, officer or employee any bank;
without the necessity of a permit from the Federal Reserve Board.
Although Section 8-A of the Clayton Act as contained in Section 33 of
the Banking Act of 1933 does not by its terms expressly authorize the Federal Reserve Board to issue permits to avoid certain prohibitions therein
contained, the Federal Reserve Board has ruled (and I understand that
such ruling is, as a matter of law, a sound one) that any of the prohibitions against interlocking management contained in Section 8-A of the
Clayton Act may be avoided subject only to the permission of the 1ederal
Reserve Board.
The fact is that under the present law any of the prohibitions contained
in Section 32 of the Banking Act and Sections 8 and 8-A of the Clayton
Act, can actually within certain limitations be avoided with the permission of the Federal Reserve Board. The Federal Reserve Board must only
determine that such exceptions as it makes are in its judgment "compatible with the public interest."
To state the situation in another relation:
The Banking Act of 1933 in Section 21 (a) (1) prohibits unconditionally
an investment banker from at the same time engaging in commercial banking. No provision is contained in this Section of the Act even permitting
the Federal Reserve Board to authorize an avoidance of this prohibition,
and yet Section 32 of the same Act, as indicated above, permits the Federal Reserve Board to authorize indirectly an evasion of this prohibition by
permitting an interlocking directorate between an investment banker and
a commercial bank.
The foregoing observations are not to be interpreted as criticism of the
Federal Reserve Board; nor to imply that the Federal Reserve Board will
not proceed conscientiously in discharging the duties imposed upon it by
law. The point here made is that the necessities of so vital a situation
should not be subject, once Congress has determined public policy, to the
discretion of the Federal Reserve Board or of any other authority. It is
only natural,: that if the Federal Reserve Board is given such power, the
Federal Reserve Board will interpret this as a mandate from the Congress
to exercise such power. The fact is that Congress, having acted to prohibit certain relationships, presumably because in its judgment they were
contrary to the public interest, has apparently delegated the power to the
Federal Reserve Board to determine whether Congress was itself right. I
submit that Congress was wise in its legislative purpose, and that its Wisdom in that regard should be expressed in mandatory rather than permissive
terms.
To accomplish the purpose and intent of the Congress to effect a coinplete termination of interlocking directorates between commercial banks
and investment bankers, I urge that the Banking Act of 1933 should be
amended by incorporating in the National Bank Act a provision expressly
disqualifying anyone engaged, directly or indirectly, in the investment banking business from acting as a director or officer of a national bank.
Similar provisions should expressly disqualify any director, employee or
officer of a national bank from acting as a director, officer or employee of
any other bank in the same community. There should also be incorporated
in the Federal Reserve Act (which is the organic legislation dealing with
state member banks) an appropriate provision applying the same canons
of eligibility with regard to the officers, directors and employees of State
member banks, so that there shall be no unfair discrimination against national banks.
The present law contains an obvious anomaly. Under it a director of a
national bank may, with permission of the Federal Reserve Board, act as
director of not more than two other banks which "make loans secured by
stock or bond collateral." But a director of a national bank may not, even
with permission of the Federal Reserve Board, serve as director of a corporation not engaged in the banking business which may as an incidental
matter occasionally "make loans secured by stock and bond collateral," to
others than its own subsidiaries.
Taking the law literally, a man may be a director of a national bank
and of another bank if lie obtains a permit therefor, but he cannot be, and
cannot obtain dispensation to be, at the some time a director of a national
bank and of some other corporation, if such corporation should occasionally
and as an incident to its primary business "make loans secured by stock or
bond collateral" to others than subsidiaries. I have no doubt that in the
complexities of modern business, such loans are occasionally made by
practically all of the business, public utility and railroad corporations of
the country.
This particular type of disqualification of a director of a national bank
does not apply to a director of a State member bank. Although the
—
* See Section Sot the Clayton Act and the provisions of Sections 32 and 33 of the
Banking Act of 1933.
I See Section 8 of the Clayton Act, Section 32 of the Banking Act of 1933 and
Section 8-A of the Clayton Act as added by Section 33 of the Banking Act of 1933,•
as analyzed in the Federal Reserve Board regulations referred to.
I As was pointed out when the Kern Amendment was first added to Section 8
of the Clayton Act whereby the Federal Reserve Board was given power by permit
to:exc se from the prohibitions against certain interlocking.dlrectorates.
u
Volume 137
Financial Chronicle
language of Sections 8 and 8-A of the Clayton Act refers in this connection
to directors of any "bank, banking association or trust company organized
or operating under the laws of the United States," nevertheless, this language
has been construed. to apply only to national banks and not to include State
member banks.
The entire subject of the qualification of directors, officers and employees
of National banks and State member banks should be comprehensively covered by the elimination of the provisions in Sections 31, 32 and 33 of the
Banking Act of 1933, the repeal of Section 8 of the Clayton Act, and the
making of appropriate amendments to the National Bank Act and the Federal Reserve Act in accordance with principles indicated above.
In making such amendments to the Banking Act designed to separate
absolutely the business of commercial and investment banking, you will of
course take account of the fact that there are varying definitions of investment banking embodied in the present law.
I suggest accordingly the wisdom of drafting a carefully phrased definition of the business of dealing in securities. For the sake of clarity, such
definition should be so drawn as to exclude any organization which sells,
either through itself or through a subsidiary, no securities other than those
issued by itself. Likewise, it should exclude, for the same reason, those
buying and selling securities solely as brokers or agents.
The law now undertakes to exclude certain interlocking relationships between banks. In re-classifying the qualifications of directors which may
involve such overlapping of interests, directors of banking institutions should
not be prohibited from at the some time acting as directors of corporations
which deal primarily in the obligations of the United States Government in
bankers acceptances or trade acceptances, such as, for example, the Discount
Corporation of New York. Such corporations assist in the functioning of
an important part of the machinery of the Federal Reserve Act. Likewise
an American bank director should not be forbidden from serving as a
director of the Bank for International Settlements which functions in connection with the foreign commerce of the United States. Parenthetically, I
would also suggest that national banks be expressly permitted to hold the
stock of these banking institutions.
There is another reason leading to my suggestion for eliminating the provisions of Section 32. Section 21 of the Banking Act of 1933 contains a
sweeping provision against any one engaged in the securities business at
the same time and to any extent whatever engaging "in the business of receiving deposits." Nevertheless Section 32 of the Act permits a dealer in
securities to "hold on deposit" funds on behalf of a member bank if the
Federal Reserve Board decides that such receiving and holding on deposit
is "not incompatible with the public interest" and consequently issues a
permit therefor. An irreconcilable inconsistency such as this should be
corrected by the elimination of this provision of Section 32.
Furthermore, the provisions in this Section 32 as to the correspondent
relationship between a commercial bank and a firm or institution engaged
in the securities business are of doubtful meaning. They should certainly
he eliminated or clarified.
/III—Suggested Additions to the Banking Act of 1933 To Prevent Certain
Practices.
As I have mentioned in an earlier portion of this statement, one very
important contribution which the Congress can make toward the improvement of commercial banking is to so amend our legislation as to protect the
sound bankers of the country from a type of competition involving certain
undesirable banking practices which have been brought to the attention of
this Committee and which experience shows should be outlawed. In line
with this the following suggestions are made:
A.
The Banking Act undertakes to legislate against a certain practice out
of which much embarrassment and at times abuse has arisen. The Act
prohibits an executive officer of a member bank from borrowing from another bank without reporting the fact to the Chairman of the Board of
Directors of his own bank. Parenthetically, it is not very clear het what
the Chairman of the Board is to do with this information, nor what he
must do if he himself is an executive officer and desires to barrow, nor is
the situation covered where there is no Chairman of the Board. The important point is that the Act refers to borrowing only from another bank.
An officer may borrow from any other source without making a report.
There is no provision covering borrowing from brokers, private bankers or
others. It would seem that the rule should be that all executive officers
of a member bank should report to the Board of Directors all of their borrowings above say, some nominal minimum, related to the size of their salaries.
Thus the Board will be informed of the obligations suck officers may be
under to all those who are lending them money.
B.
The Act should be so amended as specifically to prohibit executive officers
of member banks from participating directly or indirectly in syndicates
which are offering securities to the public, or in trading accounts or pool
operations in securities which are dealt in publicly. As such executive officers may be called upon to make syndicate loans, and may be resPonsible
for the formulation of the policies of their banks in connection with loans
on stock and bond collateral, they should be prohibited from having any
Interest in or subscribing to any such syndicate or in joining in any such
trading accounts or pool operations. Banking experience has conclusively
demonstrated the undesirability of participation by bank officers in transactions of this kind.
C.
This act should also prohibit both executive officers and directors of Federal Reserve Banks from participating directly or indirectly in similar
syndicates or trading accounts or pool operations. Directors of Federal
Reserve Banks occupy a very delicate relationship to the whole credit machinery. Their decisions profoundly affect both the money market and
the securities market; consequently they should have no interest in syndicates which are offering securities to the public or in trading accounts or
Pool operations in securities dealt in publicly.
D.
The Act should be so amended as to require an executive officer of a member bank to report to his Board of Directors every cage where any such
officer becomes a director, officer or member of the firm at or financial
adviser to any outside interest, whether an individual, corporation or partnership, and, it any fee or salary is paid for such service, other than ordinary
director's fee, the amount thereof.
It is desirable that a bank officer, particularly in large cities, should
have his primary interest, and usually his exclusive interest, in the bank
\for which Ile works. Many exceptions to this rule may, of course arise—
'By the Federal Reserve Board on the authority of an opinion by the AttorneyGeneral of the United States dated Sept. 10 1917.
3927
especially in small communities. The important thing is that his Board
of Directors should know and approve of any outside interest on the part
of a bank officer. There are many occasions when an executive officer(
without question should be permitted to have an interest in and take a
salary from an outside activity, but the law should require that his Board
of Directors should be apprised of the details of every such instance, except in the case of ordinary director's fees, and should approve thereof.
E.
The Act should contain a provision covering loans made for reasons of
policy. Banking in America is competitive and it should remain competitive. It should always be open to a good customer who feels that he
is not being treated properly by one -bank to take his business to another
bank. But the level of competition in banking, as in every other business,
should be so regulated by custom, by professional standards, and, where
necessary and possible, by law, that banks will not do unsound things in
their effort to get new business or to keep the business which they have.
One rather serious and widespread outgrowth of competition between
banks has been the making of loans which a bank would prefer not to make
on the strict merits of the loans themselves, but which none-the-less it may
be tempted to make because borrowers are in a position to influence other
important business of the lending bank or to bring important business to
the bank. Such loans are made chiefly in the following three connections:
1. Loans to an officer of a depositor bank;
2. Loans to an officer of a depositor business Corporation;
3. Loans to the financial agent of an important individual or partnership depositori
In a large percentage of cases it is perfectly proper to make such loans.
These borrowers may present entirely acceptable collateral, may handle their
loans in a wholly proper way, and may have individual accounts which
justify every consideration. But the situation would be less subject to
abuse if there were added to the Banking Act a provision that in every case
where a loan is made by a member bank to individuals in relations such
as those specified above, a report should be made by the lending bank to
the Board of Directors of the customer bank or corporation of which the
borrower is an officer, or to the individual depositor or partnership for
whom the borrower acts as financial agent, excluding, of course, cases
where an individual acts as financial agent for the members of his family.
The provision suggested should not apply to existing loans, or renewals
thereof, but only to new loans or to existing loans if they are to be Increased.
The lending bank would in such cases naturally inform the borrower in
advance that the law required the making of these reports, and the knowledge that the law existed would largely prevent improper requests from
being made. Objection cannot be made to a provision of this sort that it
robs the officer of the depositor bank or corporation or the financial agent
of the individual depositor or partnership of his privacy in financial transactions. He need not borrow from the same bank that his principal deals with
if his loan can stand on its own merits.
IV—Suggested Revisions of the Banking Act of 1933 To Obviate Certain
Practical Difficulties.
In two respects the Banking Act of 1933 has placed upon member banks,
I believe unintentionally, a number of immediate practical burdens which
have had and will continue to have most injurious results. Relief from
these burdens would in no way weaken the effectiveness of the legislative
policy in requiring divorcement of commercial banks and investment affiliates. The difficulties are created, first, by the unhappily sweeping definition of the term "affiliate," and, second, by the apparent failure of the
Act to afford a reasonable opportunity in these abnormal times to salvage
to the best advantage assets involved in the liquidation of a securities
affiliate.
A—Definition of Affiliate.
The Banking Act requires that in cases where a member bank owns or
controls another corporation regular reports of such controlled or affiliated
corporation must be forwarded to the authorities and published, and that
the loans and investments of a member bank to and in certain kinds of
affiliated corporations shall be restricted as set forth in Section 13. This
is an entirely wise provision of law in so far as it relates to corporations
which are controlled by banks through deliberate choice. The case is wholly
different, however, where such control is forced upon the bank as a result
of accidental conditions which it could not itself govern. This may be
brought about, for example, from the necessity of reducing collateral to
possession to realize upon a loan, or through or from participation in a
reorganization as a means of salvaging a loan.
Another process whereby what may be called "accidental" affiliates may
be acquired is the control of stock by a bank in the exercise of its trust
powers as executor, administrator, depositary, Sm.
The law does not appear to exclude, either expressly or by implication, any
of such "accidentkl" affiliates from the operation of its requirements. Presumably, therefore, not only must regular reports be published of this innumerable group of "accidental" affiliates but also loans to, or investments
in, such corporations must be taken into account in determining the limit
of loans and investments permitted to member banks in connection with
their affiliates.
A number of incidental hardships have been created in connection with
the preparation and furnishing of these required reports (not to mention
the advertising and other expense involved) by reason of this sweeping inclusion into the fold of bank affiliates of the countless number of corporations which may be within the class of "accidental" affiliates. The accounting difficulties in preparing financial statements of all different kinds
of corporations, perhaps scattered all over the world, contemporaneously
with a call by the Comptroller for a statement of condition by the bank
in question should not be underestimated.
. Most important of all, hcwever, particularly at present when debtors in
one form or another are in dire need of credit assistance, is the fact that
a member bank may very well be seriously embarrassed in endeavoring to
work out its loans (let alone the even greater embarrassment to debtors) if
the loan and investment limitations of Section 13 are applied (as the law
now apparently applies them) to this great number of "accidental" affiliates coming within the Act's unhappily sweeping definition. Correction of
this situation can only be made by Congressional action taken promptly.
To cure this condition, as well as expressly to exclude from the term
"affiliate" corporations the stock of which is held by the bank in some
fiduciary capacity, it is suggested that the definition of the term "affiliate"
as contained in the Act be qualified by a proviso that the term shall not
be deemed to include corporations or businesses which shall be controlled by
a bank in a fiduciary capacity or control of which shall have been acquired
in one form or another in connection with the salvaging of a bona fide loan.
B—Opportunity to Liquidate in Prudent Manner the Assets of a Securities
Affiliate,
The Act prescribes a time limit of one year from June 16 1933, for the
complete separation of commercial banking from the securities business.
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Financial Chronicle
Every effort should indeed be made to effect such a separation or the termination of the securities business of an affiliate at the earliest possible date.
As I have heretofore stated, the securities business of the securities affiliate
of the Chase National Bank had been terminated prior to the enactment of
the law. We have also determined upon the complete liquidation and winding up of our securities affiliate at the earliest possible date.
The period of one year for the termination of the securities business of
a securities affiliate allowed by the Glass-Steagall Bill is indeed needlessly
long. A securities affiliate can cease over night to do new business, as was
the case with the Chase Harris Forbes organization. But the period of one
year is exceedingly short for the liquidation of such an organization, under
present conditions. Even though the affiliate has ceased engaging in the
securities business, nevertheless, a liquidation of the assets of such affiliate,
consisting largely of unsold securities, should be pursued in a prudent manner. For the purpose of permitting a prudent and orderly termination of a
securities affiliate, without disturbance to market conditions and without
incurring unnecessary losses, I suggest that the Act be amended. Such
amendment might well permit a member bank one of two options to minimize or avoid loss; namely, either—
W. To continue the corporate existence of its affiliate and ita affiliation with
the bank beyond June 16 1934 solely for the purpose of effecting a prudent liquidation
of Its assets, and of course without conducting any new business; or
(2). To take over such assets from its affiliate at their fair value mil hold them
Pending the opportunity to make a prudent disposition thereof.
Exercise of either of these options should be subject to the approval of
the Comptroller of the Currency or of the Federal Reserve Board as to the
length of time of the continuance of the affiliated relationship and also of
the corporate existence of such affiliate, as well as to the retention by the
member bank of such assets as a member bank would not normally be permitted to invest in.
V—General.
In the foregoing discussion I have confined myself to suggestions for
legislation intended to prevent unsound banking practices and to remedy
certain omissions. I have said nothing about a number of other problems
which are of vital importance, and the solution of which must be found
before any program of strengthening the banking system of the country
can be completed. I have failed to touch upon these problems not because
I have overlooked them, but because it does not seem to me that they are
germane to that phase of the inquiry which is at the moment before you.
In considering legislation it should never be overlooked that the whole
mechanism of trade is as delicate as it is complicated. The law cannot
wisely establish too rigid grooves within which business transactions shall
be conducted. To prohibit specific practices which are clearly injurious is
sound and to impose all necessary public supervision is also wise. But business enterprise, initiative and courage flourish in an atmosphere of the
utmost freedom compatible with protection of the public interest.
The banks and bankers of the country have sometimes been held primarily
to blame for the economic catastrophe of the past few years. Indefensible
transactions were indeed entered into in the period of the speculative mania.
But many more transactions, which in the light of subsequent events, have
proved unfortunate or even disastrous, were warranted on the basis of the
situation as it seemed to be at the time the transactions were undertaken.
Banks and bankers in the United States were responsible for specific acts
and for certain abuses, but they did not create the unsound money market
situation which undermined so many of these transactions. The banks did
not create the great excess of member bank reserves which were characteristic
of the greater part of the period from the middle of 1922 through early
1928, and they did not cause the gigantic expansion of commercial bank
credit which in a competitive banking system is the automatic consequence
of a prolonged excess of reserves in a time of general confidence. Between
the middle of 1922 and April of 1928 the deposits of the commercial banks
of the United States increased by 13% billion dollars while their loans
and investments increased by 14% billion dollars. That great increase in
commercial bank credit, unneeded by commerce, flowed into capital uses,
generating an immense speculation in real estate and securities.
Many people are too prone to blame all financial evils upon bankers—
either commercial or investment. Bankers have enough to atone for without
being held responsible for orgies of gambling upon stock or commodity exchanges or for the rapacity of individuals who seek to gain inordinate financial profits by reckless speculation. I undertake to condone no improper
practices, but do suggest that a propel' sense of perspective is necessary.
Banks themselves were responsible when they took improperly secured
mortgages, unseasoned, high-yield, narrow-market bonds, or loans against
securities inadequately margined, inadequately diversified, or which otherwise failed to satisfy sound banking standards. But they did not create
the general money market situation which meant for the banking system
as a whole such an excess in the number of mortgages taken, the number
of bonds purchased and the total of credit going into securities, that it
undermined the entire fabric and made the ordinary standards of safety,
even when applied in individual cases with due care, no longer adequate.
In looking back upon the events of the past few years, we should not
permit ourselves, therefore, to overlook the innumerable acts of courage
and foresightedness which individual bankers did for the relief of their
customers and the community, nor should we allow the mistakes now freely
admitted to obscure the merit of resourceful and constructive action effectively taken.
A banker's courage, and public confidence in the banker, are interdependent. Given public confidence in him and in the general situation, the
banker can safely and properly do Many things of constructive importance
and value to the community which he dare not do if that confidence is low.
To enjoy public confidence, the banker must, of course, deserve that confidence. His principles and practices must command public approval. Law
and public opinion must support him in the maintenance of high standards
and in the courageous exercise of his opportunities for usefulness.
It is clear that our banking system should be modified and strengthened.
To do so will require a most thorough and dispassionate examination of the
entire problem. Under a banking system wisely improved and co-ordinated,
the country's financial system should be able effectively and permanently
to foster the national welfare.
Mortgagees Win Fight with State--Foreclosures Involving Many Millions of Dollars Allowed Under
Court Decision—Van Schaick Policy Upset—
Rehabilitator of Guarantee Companies Must Give
Up Mortgages to Owners.
Supreme Court Justice Alfred Frankenthaler handed
down, on Nov. 24, the most important decision yet made in
construing the Rehabilitation Law for mortgage guarantee
Dec. 2 1933
companies, which affects many millions of dollars in mortgages. The Court ruled that owners of mortgages may demand the return to them of guaranteed mortgages held by
George S. Van Schaick, State Superintendent of Insurance,
as rehabilitator, so that the mortgagees may bring foreclosure proceedings or take other steps deemed necessary to
protect their properties. The New York "Times,"from which
we take the foregoing, further reports:
Justice Frankenthaler also held that acceptance of the mortgages by their
owners would not abrogate the guarantees made by the companies. The
court decided, further, that the owners of the mortgages had the right to
the moneys collected by the guarantee companies while managing the
properties.
The question came before the Court on petitions filed by the Central Hanover Bank & Trust Co. and the City Bank Farmers' Trust Co. as owners of
guaranteed mortgages. The City Bank Farmers' Trust Co. applied as owner
of three mortgages aggregating $3,000,000 on the property at 2-26 South
William Street and 38-56 Beaver Street to compel the Insurance Superintendent to elect whether he would adopt or reject a guarantee contract with
the Lawyers' Title & Guaranty Co. and to compel the Superintendent to turn
over all rents collected by the mortgage company from the owner of the
property.
Cites Terms of Guarantee.
Justice Frankenthaler recited the terms of the guarantee and stated that
on Dec. 1 last the Lawyers' Title ds Guaranty CO. paid the mortgage owner
$90,000 for interest due that day, although it had not been collected, using
$82,500 of its own funds. An agreement was then made by the guarantee
company with the mortgagee by which the net income, with no deduction
for taxes, was to be paid the company. The owner of the property defaulted
on the $90,000 interest and the $3,000,000 principal due June 1 last, and
the mortgagee has received nothing on the sums then due. Between June 1
and Oct. 4 last the guarantee company received $31,232, of which it paid
the trust company $23,232, but unpaid taxes up to Nov. 1 aggregated more
than $130,000.
The opinion states that in the case of the Central Hanover Bank & Trust
Co., as owner of $1,100,000 mortgage made by the H. & W. Real Estate
Corp. to the 135 Broadway Holding Corp., which was guaranteed by the
New York Title ts Mortgage Co., Justice Frankenthaler held that "the
guarantor's right to retain exclusive control of the bond and mortgage
ceases upon its failure to perform the guarantee," and that the conclusion
"applies with even greater force" to the City Bank Farmers' Trust Co. case.
"The Superintendent may not, except with the petitioner's (mortgagee's)
consent, retain control of the bond and mortgage after default upon the
guarantee, whether he adopts or rejects the guarantee," said Justice Frankenthaler.
In the demand by the trust company for the payment of the net income
from the mortgaged property since last December, it was contended that the
moneys consist of trust funds and that the mortgage company had no right
to apply them in partial reimbursement of interest paid the owner of the
mortgage.
"There can be no doubt, in the absence of an express provision to the contrary, that the net income of the mortgaged property, when paid by the
owner to the company, becomes the property of the petitioner," said Justice
Frankenthaler. "If the owner, Instead of paying interest, turns over to the
company all the net rents and profits of the mortgaged premises, the conclusion can be no different."
To Take Further Testimony.
Because of the possibility that the company may have insufficient assets
to pay the trust funds in full, Justice Frankenthaler will take further evidence as to the total amount of such claims and the assets available to meet
them.
In his decision as to the attitude the Rehabilitator may take as to adopting
or rejecting the guaranty in the petition by the Central Hanover Bank &
Trust Co., Justice Frankenthaler said that the trust company "is entitled
to enforce its bond and mortgage and obtain the relief requested in respect
to rents already collected and to be collected in the future without prejudicing such rights as it may possess on the company's guarantee."
Pointing out the effect of the giving up of control of the mortgaged
property, Justice Frankenthaler said that "the termination of the company's
agency involves no disaffirmance or recision of the guarantee, the continued
existence of the agency being impliedly conditioned upon the continued performance of the guarantee."
Van Schaick Backs Mortgage Rulings—Decisions in
Line with Program of State Department, He Says.
A'
statement issued by George S. Van Schaick, Superintendent of Insurance, commenting upon the decisions of
Justice Frankenthaler in the Central Hanover Bank &
Trust Co. and City Bank-Farmers Trust Co. cases follows:
In response to a great many inquiries as to the effect of the recent decisions of Judge Frankenthaler dealing with the rights of mortgagees
in the rehabilitation of the title and mortgage companies. Superintendent
Van Schaick stated that these decisions were the first of a group of decisions which will clarify the rights of the creditors of the title and mortgage companies. The obtaining of such decisions is in accord with the
program of the Department in getting fundamental decisions promptly
made in order that the processes of rehabilitation may proceed with celerity.
The Superintendent stated that he was pleased with the progress being
made in the administrative handling of mortgage companies in rehabilitation, and that these and future decisions will clarify the rights of the various
classes of contending creditors. He stated that these two decisions of
Judge Frankenthaler involve primarily the right of mortgagees owning
mortgages in default to withdraw their mortgages from the companies
In rehabilitation without waiving the guaranty of the company, as to
which point there was no prior decision.
The Department, after taking the companies over for rehabilitation,
was urged to make an official ruling as to the effect of withdrawal, but
refrained from doing so, feeling that it was a legal matter which the courts
should decide. The Superintendent added that until a study of these
opinions by counsel is completed, the order of the Court entered and the
policy of the Department determined, the various special deputies in
charge of the companies in rehabilitation would continue to permit the
withdrawal of mortgages in default without commitment as to the legal
effects of such withdrawal. He stated that the other matters dealt with
In Judge Frankenthaler's opinions were being considered by counsel
Volume 137
Financial Chronicle
The Superintendent stated that when the 14 title and mortgage guaranty
companies were taken over for rehabilitation these companies held cash
securities and real estate which were thought to be available for all creditors.
The present decisions hold that these two banks might withdraw a portion of these assets of the company for repayment upon the theory that
these assets were never general assets but were trust funds. The Superintendent pointed out that all applications by particular creditors for
payment out of the general assets worked to the detriment of the other
creditors of the company, and that his only interest in the matter was
to see to it that the rights of creditors who were not represented in court
should be preserved.
State Plan for Mortgage Aid Not Practicable According
to Certificate Holders' Committee Counsel—Companies, It Is Held, Should Be Made to Refinance
Themselves with Federal Help.
The plan announced by State Superintendent of Insurance
George S. Van Schaick to protect the interests of holders of
more than a billion dollars in guaranteed mortgage certificates by organizing co-operative corporations composed of
the owners of the certificates, was criticized by Alexander
E. Klupt, Chairman and Counsel of the Guaranteed Mortgage Certificate Holders Protective Association as being
unsuited to the situation as it now exists. Mr. Klupt,
commenting on Mr. Van Schaick's plan stated:
Though at first blush this new plan to create co-operative corporations
may appear as a victory for the certificate holder, yet deeper analysis and
study reveal it as only a technical victory and a scheme which will spell
to many thousand holders of certificates the loss of a large part, if not
all, of their investments.
The plan drops the entire "mess" into the laps of the certificate holders.
It makes no effort to give any value to the guarantee,and yet this guarantee
was the sole inducement for making the investment.
The new plan will not work out. It will not solve the problem of guaranteed mortgage certificates. It is impractical and is entirely unsuited to the
situation confronting us. Instead of simplifying matters, it would bring
untold complications and additional hardships for the unfortunate certificate holders. It will make of each certificate holder a realty operator.
and that will require legal advice and employment of lawyers.
Sees Nothing New In It.
I fall to see the novelty which the Superintendent attributes to it. It
strikes me as another attempt to solve an extraordinarily complex situation
by a trite and standardized formula. The proposed new procedure indicates
clearly that the Insurance Department does not grasp the fundamental and
basic issues underlying the guaranteed mortgage certificate dilemma. In
all the plans promulgated thus far, including this one, the interest of the
certificate holder is made secondary. If a representative of the average
type of certificate holder were taken into conference in the formulation of
these plans, I am sure a real solution could be found.
It is noteworthy that the only mention by the Superintendent of the
guarantee is his remark that "the creation of each corporation will in
no way affect the guarantee against the companies." The fact is that the
guarantee is worth little now and will be worth less in the future. The
companies must be made to help refinance themselves and the Federal
Government must help them.
The thorough, sweeping and public investigation of all the guarantee
companies involved and of the State Department of Insurance already
demanded by the Guaranteed Mortgage Certificate Holders Protective
Association should be started at once. Civil action should be instituted
forthwith to recover damages for fraud, mismanagement and waste.
And legislation should be passed forthwith to prevent a recurrence of
such a scandalous situation.
New Set
-Up Planned on Mortgage Issues—Guaranteed
Certificates to Be Incorporated into Separate
Units.
To protect the interests of holders of more than $1,000,000,000 in guaranteed mortgage certificates issued by the
companies taken over for rehabilitation by the New York
State Insurance Department, co-operative corporations
are being organized and will begin to function soon, George
S. Van Schaik, State Superintendent of Insurance, announced Nov. 27. His statement follows:
Encouraging reports have been received from special deputies and counsel,
administering the affairs of title and mortgage guaranty companies in rehabilitation, on progress made in creating legal machinery whereby certificate holders may express their wishes in regard to the properties on
which they hold their portions of mortgages.
Certificates outstanding in the 14 companies in rehabilitation amount
to approximately $1,000,000,000. There are approximately 22,000 issues.
In some issues there are as few as a dozen certificate holders, in others the
numbers run in excess of 5.000.
In my interim report to the Governor. dated Nov. 11 1933. I referred
briefly to the now simple procedure instituted by the State Insurance
Department for the benefit of certificate holders. Under the Schackno
Bill, Chapter 745 of the Laws of 1933, the Superintendent of Insurance is
authorized to promulgate plans to reorganize certificate issues upon the
approval of two-thirds of the certificate holders and the approval of the
court. Under the provision of this act. lam instituting proceedings whereby various certificate issues will be incorporated.
The plan of incorporation will set forth the names of some of the leading
certificate holders as the first board of directors ofsuch corporation. Rights
of minorities will be protected by cumulative voting, rotation of directorships and other legal means. Creation of each corporation will in no way
affect the guarantee against the companies. No certificate holder will
waive any rights by putting his certificates into the corporation and taking
back in exchange his proportionate amount of the stock.
As soon as the corporation is created it will be in the position of the
holder of a single mortgage. No longer will the certificate holders of that
issue have their hands tied, no longer will they be embarrassed by the inability to determine the wishes of two-thirds of the certificate holders for
any particular action which the certificate holders decide to take, no longer
will the certificate holders be subjected to the expenses necessary in order
to procure votes of two-thirds of certificate holders with respect to every
problem that arises in the future. Neither will the certificate holders be
subjected to obstructive minorities that are selfishly thwarting the plans
for their own minority interests.
3929
To accomplish this purpose rules of procedure, forms of orders, petitions
and instructions for pursuing the plans have been formulated and approved.
Since my interim report to the Governor of Nov. 11, a space of less than
two weeks, 200 issues are in the process of being worked out along these
lines. Leading certficate holders in groups and issues are being called
together to aid in the selection of proper directors. I am pleased and encouraged by the support which this plan is receiving from individuals and
institutions who are the holders of certificates.
A schedule has been laid out to continue beyond the 200 issues already
In progress to the extent of approximately 50 more issues a week. If this
procedure continues to meet the high approval of certificate holders indicated to date, more than $200,000,000 of certificate issues will be well
on the way to corporate reorganization by the end of the year.
Of course the setting up of such corporations does not in itself increase
the value of the underlying real estate. That depends in the main on conditions far beyond my influence or control. It is fair to state, however.
that even if real estate values improve, the salvation of the certificate
holders will be greatly delayed in the event that they fail to participate in
these co-operatively owned corporations solely under their domination.
organized for the purpose of permitting the certificate holders to work out
to a great extent the destinies of their own problems. This entire procedure
of setting up these co-operative corporations is a novel departure in the
field of rehabilitations. It is not only economically sound but It is in
keeping with the democratic spirit which underlies the present method of
approach to all of the country's major problems.
NRA Code For Investment Bankers' Association—
Committee Named to Draft Fair Practice Provisions—Statement by Robert E. Christie Jr., President I. B. A.
According to press dispat,ches on Nov. 28 the NRA code
for investment bankers has been approved and signed by
President Roosevelt. Supplemental provisions embodying
fair practice regulationF to control the investment banking
business are to be prepared for approval by the NRA, and
Robert E. Christie Jr., President of the Investment Bankers'
Association of America, stated at Chicago on Nov. 28 that
the task of drafting these is now going forward. The purpose
of the fair practice regulations will he to set up definite
business standards which will outlaw practices which are
detrimental to investors or which are unfair to those in the
business. Mr. Christie said:
"Under the NIRA the code, and these supplementary fair practice
provisions when finally approved by the President of the United States.
will be binding upon everyone in the securities business in the country.
It will also apply to the business of members of securities exchanges when
done off the exchanges, but will not apply to the business of exchange
members as to transactions on such exchanges."
The work of drafting the fair practice provisions for the
Investment Bankers' code has been assigned to a Committee
consisting of 21 representative investment bankers from various cities throughout the entire country. Allan M. Pope
has been named as the Chairman of the Committee. Mr.
Pope is a former President of the investment Bankers'
Association of America. Frank L. Scheffey has been named
the Vice-Chairman of the Committee. Mr. Scheffey has
been serving for the past two years as Chairman of the
Business Conduct Committee of the Investment Banker's
Association of America.
The other members of the Committee are:
William I. Minsch, New York
George W. Bovenizer, New Yorn
City.
City.
Ray Morris, New York City.
Sydney P. Clark, Philadelphia.
Francis F. Patton, Chicago.
R. C. Hogan, New York City.
A. C. Potter, Omaha.
Frank M. Gordon, Chicago.
Claude G. Rivis Jr., New Orleans.
George C. Hannahs, New York
Sigmund Stern, Kansas City.
City.
George S. Stevenson, Hartford.
George P. Hardgrove, Seattle.
Harry F. Stix, St. Louis.
Henry R. Hayes, New York City.
Orrin G. Wood, Boston.
George Leib, San Francisco.
Willis D. Wood, New York City.
T. Stockton Matthews, Baltimore.
"The Committee," said Mr. Christie, "has invited all
security dealers in the United States to send in their suggestions to Mr. Scheffey, the Vice-Chairman of the Committee. These suggestions, when received, will be assembled
and studied by the Committee." Mr. Christie also said:
"The opportunity to establish a fair practice code was one of the principal subjects of discussion at the annual meeting, and this matter is receiving more serious attention among Association leaders than any other.
The task of drafting these regulations is already under way. Our codification work has basically only one single objective; namely, to put forward
rules of business practice with the idea that whatever is best for the public
interest and business recovery is best for our business. The work of draft,
ing the fair practice provisions will be done by a Committee of 20 representative men from various cities throughout the country.
"We realize that no code or legislation by itself can make investments
safe or prevent losses to investors. Integrity, common sense and business
Judgment cannot be created or maintained by legislation. We believe,
however, that by writing into our code, and thus giving the force of law
to certain fundamental principles which have been developed over the
last 20 years by the conservative and forward-thinking members of our
Association, a basis can be laid upon which the Investing public can rely."
Business Recovery Requires Prompt Modification of
Some Measures Adopted for Its Aid, Guaranty
Trust Co. Declares—Adverse Effects of Federal
Securities Act.
Business recovery in the United States requires the prompt
modification of some of the measures adopted for its aid,
states the Guaranty Trust Co. of New York in the current
3930
Financial Chronicle
issue of the "Guaranty Survey," its review of business and
financial conditions in this country and abroad, published
Nov. 27. The "Survey" has much to say regarding the
Federal Securities Act, pointing out both the adverse effects
of the law, and its good features, and in its conclusions
states:
We think it is indispensable for a return of prosperity that corporation
executives be able to proceed with legitimate financing of their companies
with the assurance that, if they discharge their duties honestly and diligently according to the standard of care that a reasonably intelligent and
prudent business man would use in his own affairs, they will have no reason
to fear penalties under the law. Honesty and diligence of this character
should provide them with an invulnerable defense, but many business men
fear that this is not invariably the case under the Securities Act as it now
stands. With the Act unchanged, it is difficult to see how experienced and
responsible company directors, except in special situations, can be expected
to sponsor issues of securities.
It does not seem reasonable to us that the Securities Act will be permitted
to remain unaltered and to act as an obstruction to the further economic
recovery of the United States.
From the "Survey" we also quote:
For months the Federal Securities Act has been a subject of nation-wide
discussion and controversy, and much time and thought are being devoted
to the future of the long-term capital market in the light of this legislation.
Public financing of industry as we know it in this country to-day is largely
a growth of the last twenty years. Viewed over a long perspective, it was
perhaps inevitable that the spectacular expansion of a great social activity
should have been attended by abuses. At any rate, the abuses have grown
up and have made imperative an overhauling of the practices in our longterm capital market. The Administration has made the Securities Act
Its chief instrument for accomplishing this purpose. But the new law is
proving far from satisfactory, and although its underlying purpose, calling
for "truth in securities," is entirely sound, we believe that important changes
are necessary to make it workable.
Condition of Security Markets.
Not a single important high-grade corporate investment issue has been
offered to the American investing public since the Securities Act became
fully effective on July 27. The amount of all corporate securities placed
on the market in the month of October as tabulated by the "Commercial
& Financial Chronicle," was only $3,109,204, the lowest level recorded in
any month since 1919. It is true that applications have been made to the
Federal Trade Commission, under the Act, for the registration of some
$300,000,000 in new securities, but by no means all applications have been
successful, nor all registered securities distributed to investors. Furthermore, the important fact is that there has been a conspicuous absence of
ssues that would ordinarily interest the conservative security.buyers; the
lists periodically made public by the Federal Trade Commission are notable
by reason of the brewery, distillery, mining, and other highly speculative
stocks that figure in them,and of the investment trust issues, which ordinarly provide industry with no new capital.
Situation Due to Various Factors.
Obviously, it would be a mistake to place sole responsibility for the
dearth of new security issues on the Federal Securities Act. The level of
new financing has already fallen considerably during the depression before
the Securities Act became effective. During the summer the effects of the
unsettled business outlook made corporations hesitant about projects that
might involve an appeal to the long-term capital market. More recently,
uncertainty over the future of the dollar is giving to our most conservative
Investments a speculative outlook and affecting adversely the demand
for them.
Adverse Effects of New Law.
At the same time it would be equally wrong to assert that the Securities
Act has had no influence on business conditions. Perhaps we have not
leached that stage of the economic cycle where private industry is prepared
to make a general appeal for long-term funds to finance important expansion
activities. But in order to reach that stage we must lay a foundation of
confidence permitting business executives to plan ahead with self-assurance.
and we must facilitate rather than hamper access to the long-term capital
markets.
Faced with the difficulty of raising long-term funds as a result of the
Securities Act, executives of corporations have to skimp in their budgets to
protect their cash position to meet pressing obligations, such as bond issues
held by the public maturing in the next year or so, or large bank loans
that come up for recurring renewal and that in many instances call for constant amortization. It seems probable that if it were not for the Securities
Act some of these corporations could have been financed in recent months
and others could be financed with a further improvement in business, and
their treasuries thus be placed in a position where the management could
again plan constructively for the future and resume a forward movement.
Even under present abnormal conditions, there are a number of industrial
situations in which mergers or purchases of other companies could be effected
with the aid of the capital markets to general advantage. Furthermore,
apart from major construction programs, for which the moment may not
have arrived, industry in general and public utility companies in particular
always have a demand for increasing amounts of capital funds to finance
What may be called routine plant inprovements.
Recovery cannot come without a wholesome revival of confidence in
Industrial circles, readily available long-term investment funds, and a
renewal of activity in the capital-producing industries. After much consideration we have reached the conclusion that unless the Federal Securities
Act is changed it will materially hinder business recovery.
Wide-Spread Misunderstandings.
There is a wide-spread misconception that the Act strikes primarily at
Investment bankers. This, in our opinion, is far from true. As a matter
of fact, if the law were changed so as to relieve bankers of all liabilities,
but not otherwise amended, its damaging economic consequences would
not be materially lessened. Even though no bankers were used as underwriters and even though the money was raised from their own stockholders, business executives and directors of industrial and public utility
corporations (with unimportant exceptions) could not obtain funds for
their own businesses through the medium of a public offering of securities
without subjecting themselves and their corporations to the full liabilities
of the Act. Thus the broad effects of the legislation bear on industry
directly, and in the last analysis it is incumbent on industry—worker
employers and security holders—to present the case for needed modifications.
In some quarters the imputation has been made that the real purpose of
the proponents of the Act is nothing less than to kill large-scale private
enterprise in the United States, and to bring about a planned economy by
Dec. 2 1933
forcing the flow of capital funds exclusively through Government channels.
The effect of the Act as it is now written certainly works to throw the
burden of the long-term capital market on the shoulders of the Government,
and thus to give a semblance of support to this suspicion. We do not share
this view, as it seems to us unlikely that the persons who drafted the law,
acting in good faith, could wish to introduce a social revolution as an undisclosed by-product of a Federal blue-sky law.
Good Features of the Act.
Much of the Act deserves unqualified approval. It lays great stress, for
example, on the rights of investors to full information about the securities
that they buy. Publicity for facts is excellent, and the more there is of
truthful publicity the better. There can be no question that in the past,
securities in this country have been created and sold in too many instances
without sufficient deliberation, perhaps to catch a favorable market, and
even on some occasions without a full disclosure of all relevant facts. Too
often the criterion for judging a new issue has been whether it could be
sold, rather than whether it ought to have been sold. By requiring a full
advance disclosure of all material facts and a certain delay before the
selling of the securities may begin, the Act strikes an effective blow at one
of the greatest weaknesses in our practice of marketing securities, and
should benefit sound industry and investor alike.
Emotional Bias Reflected.
Considering the magnitude of their task and the few weeks available in
the special session of Congress last spring, the authors of the Act deserve
much credit for turning out a law that in many respects is noteworthy.
Under all the circumstances, however, it is not strange that the result
falls short of being the great piece of National legislation that it was hoped
to be. At the moment in our history when National feeling was perhaps
running higher than ever before on the subjects of banking and industry,
they undertook to lay down new principles and regulations governing the
creation and distribution of securities and the business of dealing in them,
The moment was obviously not propitious for deliberate, impartial lawmaking, and that the Act shows the influence, probably unconscious, of
the emotional bias of the time, seems quite clear. Its effect is to be seen
in the unreasonable liabilities and excessive penalties that the law creates.
Investor Versus Industry.
We are largely an industrial country. Our rapid growth in the last century and our standard of living have been achieved through a system of
corporate enterprise that brought about the ownership of our productive
resources by both large and small investors. This ownership is represented
by legal instruments called securities. In drafting any law to regulate
securities, from the standpoint of the American people, the rights and
welfare of industry should not be considered as opposed to the rights and
welfare of the investor.
Sound legislation regulating the relations between industry and investor
should treat the two as partners with common interests. It should protect,
in the investor's interest, legitimate business and industry, facilitate their
access to the capital market, and harmonize the machinery of the law
with a practical machinery for raising long-term funds. But in our opinion
the Act does not do this. President Roosevelt in his truth-in-securities
message to Congress said that the seller should also be made to beware,
which is sound; but he added that there should be the least possible interference with honest business, and in this respect we think that the Act
fails to fulfill the President's mandate. The law by its excessive penalties,
by defining inadequately the standard of care required of directors and
others, by leaving in doubt in some cases who may be held liable, and
In general by encouraging unjustified litigation, is making many corporation
executives afraid to proceed with any plans calling for the registration of
securities, and is thus retarding business.
Many of our ablest and most disinterested business executives, having
studied the application of the law to themselves, contemplate with the
gravest misgivings the possibility that they may be called upon to sponsor
a registration statement.
We feel that the unwillingness of honorable and experienced men to assume the risks of the Act should be given serious consideration by its proponents with a view to appropriate revision.
Disproportionate Penalties.
There are certain reasonable, indispensable amendments, affecting questions of principle, needed to make the Act workable. We have confined
ourselves to three of the features, affecting industry, that must, sooner or
later, be corrected, and if not by a prompt enactment ofclarifying amendments, then after years of doubt, confusion, and painful litigation, by the
costly method of court interpretation and legislative acts growing out of
court decisions.
1. The law requires that henceforth new securities (with some important
exceptions) be registered with the Federal Trade Commission before issuance. If in the registration statement, which consists of answers to an
extensive questionnaire, there is an untrue statement of a material fact
unknown at the time to the investor and if the investor subsequently loses
money in the security, he is entitled under the Act to tender back his security
and recover the consideration paid for it, or sue for damages if he no longer
owns it.
Moreover, suit may be brought not only against the issuing corporation
and those who sold the security but also against the directors and certain
officers of the issuing corporation and against various technical experts.
We feel that all the provisions of the law imposing punitive penalties
are repugnant to elementary principles of justice, and that they are the most
important weaknesses in the measure.
The English law provides what we believe our law should provide, namely,
that recovery under the Act should be limited to compensation for loss or
damage sustained by reason of the untrue statement made.
The Question of Omissions.
2. The Act provides that suit may be brought, not merely on the basis
statement, but also for misleading omissions. On its face this
of an untrue
provision is innocent enough; misleading omissions can cause as mush
damage as stated untruths. But the law is so phrased that if there is a
misleading omission, the defendant is considered negligent or dishonest
until he proves himself the contrary. Intelligent and conscientious business men cannot help being appalled by the wide-open possibilities for
litigation based on omissions that only hindsight may discover, and that
years hence may be viewed by a jury as having rendered the registration
statement misleading.
The law should be changed to state explicitly that anything which, in
the light of subsequent developments, appears to have been a material
omission, but which, at the time of the filing of the registration statement,
might reasonably have been unforeseen, or which might reasonably have
been considered immaterial, should not be deemed to have been a material
omission.
The "Dummy" Clause.
3. We have already discussed the excessive amounts for which suit may
be brought under the Act, and some of the grounds for suit. Not less
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Financial Chronicle
important is the way the law reaches out to make a wide range of persons
liable for penalties, in some cases regardless of their diligence and honesty.
Many of the possible effects of this important aspect of the Act have apparently been overlooked.
For example, if a corporation against which a judgment has been obtained should prove unable to make good the losses of investors in its
securities, a controlling stockholder would be forced to satisfy the claims of
all plaintiffs without opportunity to plead honesty or diligence; for his
liability would be identical with the absolute liability of the corporation
which he controls.
Section 15, aimed at "dummies," overreaches itself and renders the
whole incidence of the Act uncertain. It should be carefully redrafted to
limit itself to the ground it was presumably intended to cover. As it
stands, it challenges the whole theory of limited liability in corporation
finance, which is the result of generations of experience here and elsewhere
with large-scale industrial development.
Tenders of $187,069,000 Receiver to Offering of
-Day Treasury
$100,000,000 or Thereabouts of 91
Bills—Bids Totaling $100,027,000 Accepted to
Issue Dated Nov. 29—Average Rate 0.43%.
Of tenders totaling $187,069,000 received to the offering
of $100,000,000 or thereabouts of 91-day Treasury bills
dated Nov. 29, Acting Secretary of the Treasury Henry
Morgenthau, Jr., announced on Nov. 27 that $100,027,000
were accepted. Mr. Morgenthau said that the bills brought
an average rate of 0.43% per annum on a bank discount
basis, the same rate as that which the.last previous issue of
bills sold (dated Nov. 22). Other recent issues brought
rates of 0.40% (bills dated Nov. 15); 0.24% (bills dated
Nov. 8), and 0.22% (bills dated Nov. 1). The average
price of the bills to be issued, which mature on Feb. 28
1934, is 99.892.
The offering of bills, referred to in our issue of Nov. 25,
page 3771, was sold up to 2 p. m., Eastern Standard time,
Nov. 27, at the Federal Reserve banks and the branches
thereof. The accepted bids, the Acting Secretary's announcement said, ranged in price from 99.907, equivalent
to a rate of about 0.37% per annum, to 99.886, equivalent to
a rate of about 0.45% per annum, on a bank discount basis.
Only part bid for at the latter price was accepted.
New
$100,000,000 or Thereabouts of 91-Day
Bills—To Be Dated Dec. 6 1933.
Henry Morgenthau, Jr., Acting Secretary of the Treasury,
issued notice on Nov. 28 that tenders will be received at
the Federal Reserve banks, or the branches thereof, up to
2 p. m., Eastern Standard time, Monday, Dec. 4, to a
new offering of 91,day Treasury bills amounting to $100,000,000 or thereabouts. Tenders will not be received at
the Treasury Department, Washington, the announcement
said. The bills, which will be sold on a discount basis to
the highest bidders, will be dated Dec. 6 1933 and will
mature on March 7 1934. On the maturity date the face
amount will be payable without interest. Most of the
proceeds of the offering will be used to retire another issue
of bills of $75,039,000 which matures on Dec. 6. Continuing, Mr. Morgenthau's announcement said in part:
Offering of
Treasury
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 be accompanied by a
deposit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 4 1933
all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on
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. 6 1933.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt,
from all taxation, except estate and inheritance taxes. No loss from
the sale or other disposition of the Treasury bills shall be allowed as a
deduction, or otherwise recognized, for the purposes of any tax now or
hereafter imposed by the United States or any of its possessions.
More Than $890,000,000 of Fourth Liberty Loan 43i%
Bonds Exchanged for Treasury Bonds of 1943-45—
Subscriptions Books to Close To-day (Dec. 2).
In was announced on Nov. 28 by Henry Morgenthau, Jr.,
Acting Secretary of the Treasury, that the subscription
books for the receipt of Fourth Liberty Loan 41,4% bonds
tendered in exchange for the new issue of Treasury bonds
of 1943-45, dated Oct. 15 1933, will close at the close of
3931
business to-day (Dec. 2). The Treasury bonds, which
bear interest from Oct. 15 at the rate of 44% per annum
to Oct. 15 1934, and, thereafter, bear a rate of 33.4% per
annum until the principal amount becomes payable, were
also issued for cash. As noted in our issue of Nov. 11,
page 3417, total cash subscriptions amounted to $1,989,024,000, of which $500,421,650 were accepted.
According to Mr. Morgenthau's announcement, reports
from the Federal Reserve banks and the Treasury show that
the exchange subscriptions total more than 90,000,000.
On Oct. 11 about $1,900,000,000 of the Fourth Liberty Loan
bonds were called for redemption, the holders having the
privilege of exchanging them for the Treasury bonds.
Other references to the offering and redemption were given
in our issues of Oct. 28, page 3077; Oct. 21, page 2909, and
Oct. 14, pages 2737 and 2738.
The announcement of the closing of the books as issued
by the Treasury Department on Nov. 28 follows:
Acting Secretary Morgenthau to-day announced that the subscription
books for the current offering of 10-12 year Treasury bonds of 1943-45
will close at the close of business Saturday, Dec. 2 1933. The books
were closed for the receipt of cash subscriptions on Oct. 17 1933, but
have remained open for the receipt of exchange subscriptions in payment
of which Fourth Liberty Loan bonds are receivable.
Exchange subscriptions placed in the mail before 12 o'clock, midnight.
Dec. 2, as shown by the post office cancellation, will be considered as
having been entered before the close of the subscription books.
Reports from the Federal Reserve banks and the Treasury show that
more than $890,000,000 Fourth Liberty Loan bonds have been exchanged
for the new Treasury bonds. In addition, the Treasury allotted slightly
over $500,000,000 on cash subscriptions.
The following notice incident to the close of exchange
subscription books was issued Nov.28 by Governor Harrison
of the Federal Reserve Bank of New York:
[Circular No. 1314. Nov. 28 1933.]
EXCHANGE SUBSCRIPTION BOOKS TO CLOSE DEC. 2 1933
ON OFFERING OF UNITED STATES OF AMERICA TREASURY
BONDS OF 1943-45.
To all Banks and Trust Companies in the Second Federal Reserve District
and Others Concerned:
In accordance with instructions from the Treasury Department the
subscription books for the offering of United States of America Treasury
bonds of 1943-45, dated and bearing interest from Oct. 15 1933, due Oct.
15 1945, which were closed on Oct. 17 1933 for the receipt of cash subscriptlons, will close at the close of business Saturday, Dec. 2 1933, for
the receipt of exchange subscriptions in payment of which Fourth Liberty
Loan 4% bonds of 1933-38, whether or not called for redemption, are
tendered.
All such exchange subscriptions actually mailed before midnight, Saturday, Dec. 2 1933, as shown by post office cancellation, will be considered
as having been entered before the close of the subscription books.
GEORGE L. HARRISON, Governor.
Treasury Purchases of Government Obligations Last
Week $8,748,000.
Acting Secretary of the Treasury Morgenthau made
known on Nov. 27 that the Treasury Department's purchases of Government obligations during the week of Nov.
25 totaled $8,748,000. In the "Wall Street Journal" advices from Washington (Nov. 28) it was stated:
The acquisitions, he said, which constituted the sole Government operations in the open market last week, were made through the Federal Reserve
Bank of New York, acting as the Treasury fiscal agent.
From the New York "Times" of Nov. 28 we quote the
following:
The Treasury's Bond Purchases.
Inaugurating a new policy of revealing its purchases of United States
Government obligations for the various funds under its control, the Treasury Department announced yesterday afternoon that it had purchased
$8,748,000 last week in the open market through the Federal Reserve
Bank of New York. While the amount involved "would hardly make or
break the market," as one suggestion was yesterday, the weekly statement
of these purchases will constitute another item for the statisticians to
watch, with the weekly purchases by the Federal Reserve for its own
account.
The intention of the United States to enter the market
to support Government bonds was referred to in our Nov.
25 issue, page 3769.
Bids on New York City Postoffice Annex Rejected
by the Treasury "in the Public Interest."
Acting "in the public interest," the Treasury rejected
on Nov. 27 all bids for the New York City Post( ffice annex.
A dispatch to the New York "Times" from Washington
said:
The foundation and substructure have been completed at a cost of
about $1,000,000. New bids will be taken on the superstructure within a
short time.
Bids first were taken in February and the D. & W. Construction Co. of
Brooklyn was low. Public building virtually was suspended in March,
however,and because of the long delay before the Treasury was in a position
to award a contract,supplemental bids were taken Oct. 2.
Only four bids were submitted and George F. Driscoll of New York
was low at about $4,200,000. Mr. Driscoll built the parcel post station
In New York.
The annex, which will stand near the Pennsylvania Station, will be
above railroad tracks over which more than 300 trains pass daily.
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Financial Chronicle
The Treasury issued the following statement:
"An announcement was made to-day by L. W. Robert Jr., Assistant
Secretary of the Treasury, that decision had been reached to reject all bids
for the construction of the annex to the postoffice in New York City,
which were opened on Feb. 28 1933, and on which supplementary bids
were requested and opened on Oct. 2 1933.
"It is planned to advertise for new bids on the structure within a short
time."
Director of Budget Lewis W. Douglas, Before New England Conference Looks for Additional Taxes in the
Event that Further Emergency Obligations Are
Undertaken—Gaps in Old Tax Law Must Be Closed
So Wealthy May Not Escape—Middle Class Must
Be Ready to Bear Burden.
Speaking before the New England Conference in Boston
on Nov. 23, Lewis W. Douglas, Director of the Budget,
discussed the credit of the country, which, he said, "must
be preserved." Assuming "a moderate recovery," which
he estimated at 10%, would have occurred in industrial
activity over this year, Mr. Douglas (we quote from Associated Press accounts) said he hoped revenues for the fiscal
year 1935 would amount to $3,550,000,000. He added that
the Budget Bureau would recommend a budget of approximately $2,600,000,000, leaving "approximately $1,000,000,000 with which obligations on account of emergency operations incurred this year, but which must be met and paid for.
in the fiscal year 1935, can be liquidated."
Mr. Douglas went on to say: "If, therefore, the Reconstruction Finance Corporation completes its task this year,
and if no additional emergency obligations are undertaken,
our objective can be attained. But if additional obligations
are contracted, then additional taxes must be imposed."
He added:
The gaps in the old tax law must be closed so that the wealthy may not
escape. And in addition, the great middle class of this country, which
after all furnishes the vitality and the vigor and the moral tone to our body
politic, for its own preservation must be willing to subject itself to the taxes
necessary to finance the additional emergency obligations incurred.
The address as given in an Associated Press account from
.Boston to the New York "Herald Tribune" follows:
It is with a sense of embarrassment that I appear here this afternoon.
My embarrassment is due, in addition to my own lack of inclination to
speak, to the fact that my remarks will be confined to an uninteresting subject. And yet, because of its implications, to a subject which has profound
repercussions upon human values and the economic welfare of our country.
If I may, I should like to revert to March of this year. At that time
the deflationary forces whose energies had been dammed up by artificial
methods, but whose outward expression had continued with great momentum. finally broke through the obstructions which had been created. The
banking moratorium was the result. The credit of the Government had
become impaired.
The Administration among the first of its acts repaired the impairment
of that credit. The actual expression of the repairment was the Economy
Act. With the credit so repaired, the Government undertook certain expenditures which it considered to be socially and economically necessary,
and it divided those expenditures into two categories: the first, over which
the Bureau of the Budget had control, being those incident to operations
of the permanent agencies of the Government; the second, over which the
Bureau of the Budget had no control, being those having to do with the
so-called emergency expenditures.
This division did not set up,as has been so commonly stated,two budgets.
and as evidence of the veracity of this statement I refer you to the Treasury daily statement, in which you will find but one deficit—a deficit arrived
at by comparing total expenditures with total receipts. The division was
made for the purpose of convenience both for the Government and for the
public, so that both might have full knowledge of the purposes for which
Government money was being expended.
Cost of Administration's Emergency Recovery Program.
I have seen exaggerated statements of the cost of the Administration's
emergency recovery program. They have ranged from seven to eleven
billions of dollars. In this connection, I should like to take a few minutes
to analyze the purposes of these expenditures, the extent to which they
increase the national debt, and the amount of the increase in the national
debt which can prudently be estimated to be on account of the loans which
will be repaid, based, of course, upon the assumption that there will be a
recovery from the present depression.
The increase in the national debt is due, in some measure, to the expenditures for direct relief—the relief of the unemployed and the destitute—
relief to prevent cold and starvation.
No one with a sense of social responsibility can object to those expenditures in the light of a demonstratedly inadequate private and local mechanism.
The second object of these expenditures was that of attempting to place
our banking system in a strong position. This was important and still is
important. Ninety per cent of the business of this country is done upon
credit. It was and is essential, therefore, that the credit system be made
strong. But, more than that, a substantial amount of the deposits of our
citizens had become unavailable in closed banks. It seemed not only
socially but also economically wise and important that, to the extent to
which it could prudently be done, a portion at least of these deposits be
released to the depositors to whom they belonged. This, too, was and is
an undertaking with respect to which few will disagree.
The third purpose for which these expenditures were made was that of
public works on the general theory that they would bring some relief to
the heavy industries and consequently create some additional employment.
The final objective of these expenditures is the attempt to support the
price of agricultural commodities during the period in which it was to be
hoped the effects of recovery would become evident.
Predicated upon the present estimate of expenditures for these purposes
and for the purposes of operating the normal agencies of the Government,
the national debt in the fiscal year 1934 will be substantially increased.
Because of certain still undefined policies of the Government, the amount
of the increase in the national debt cannot now honestly be stated. Of the
Dec. 2 1933
Increase, however, approximately $2,500,000,000 will be paid by the liquidation, through a period of years, of loans made by the Government.
At the present time, this is as accurate and as honest a statement of the
budgetary position as can be made, at least in so far as the fiscal year 1934
is concerned.
Fiscal Year 1935.
With respect to the fiscal year 1935, it is the aim of the Bureau of the
Budget to send to Congress estimates of expenditures and appropriations
to meet them in the amount of less than $2,600,000,000, exclusive of.sinking fund requirements.
Because there is no present way to estimate what the cost of living will
be during the fiscal year in question, these estimates assume the restoration
of full pay to the Federal employees.
I say exclusive of sinking fund requirement because in times like these,
when National income is diminished, the test of a balanced budget is whether
or not there is an increase in the National debt. Under these circumstances
it is merely an accounting procedure to increase one's National debt so
that one may reduce it by a corresponding amount.
It is for this reason that debt retirement is not included in the figure
which I have just given, but which will be included in the budget statement;
nor are payments under the Agricultural Adjustment Administration included, for the reason that processing taxes are assumed to be adequate
to meet such payments. Interest on the public debt, however, and all
other expenditures incident to the normal operation of the Government,
are included in it.
But the aim of the Bureau of the Budget is more than that of holding
the expenditures of permanent operating agencies of the Government to
the figure which I have just given you. The aim also is to begin to retire
public debt in the fiscal year 1935. Even though but a small retirement
can be effected, it will be the beginning of the end of the increase in the debt.
It is now hoped that the revenues for the fiscal year 1935, assuming a
*
moderate recovery—which stated in more concrete figures assumes a 10%
Increase in industrial activity over this year—will amount to $3,550,000.000
including revenues flowing from the repeal of the 18th Amendment.
May I interpolate that the recovery here assumed depends upon an
increase in price incident to an increase in the volume of business and upon
a free flow of capital into legitimate business enterprises. Both of these
are important, the first, for obvious reasons; the latter because the heavy
industries, in which approximately 62% of our unemployed is now concentrated, depends upon a capital market. I make this interpolation
so that there can be no misunderstanding, that the Bureau of the Budget
is fully aware of all of the implications and ramifications of the assumptions
here made.
As I have said, for the fiscal year 1935 the normal operating expenditures and the budget which the Bureau will recommend will be approximately $2,600,000,000, while the anticipated revenues will be approximately $3,350,000,000. Subtracting one from the other, there remains
approximately $1,000,000,000, with which obligations on account of
emergency operations incurred this year, but which must be met and
paid for in the fiscal year 1935, can be liquidated.
If, therefore, the RFC completes its task this year, and if no additional
emergency obligations are undertaken, our objective can be attained.
But if additional obligations are contracted, then (this is a sad
subject)
additional taxes must be imposed.
Remarks Regarding Taxing of Wealthy and Middle Class.
The gaps in the old tax law must be closed so that the wealthy may not
escape. And, in addition, and I say this in all sincerity, the great middle
class of this country which, after all, furnishes the vitality and the vigor
and the moral tone to our body politic, for its own preservation, must
be willing to subject itself to the taxes necessary to finance the additional
emergency obligations incurred if they are incurred. There are no other
alternatives. Either no additional emergency expenditures can be made
or the middle class must willingly carry the burden of saving itself from
destruction, for continuous and prolonged budgetary inflation means its
destruction.
In so far as I personally am concerned, it is my conviction that the
credit of the Government must be unimpaired as the foundation of our
economic system. It must be preserved. I shall continue to this end.
Mr. President and members of the New England Conference, it has
always been my belief and is now, that a public official, to the extent to
which the public welfare is not damaged, has imposed upon him the responsibility of disclosing the truth in so far as he knows it, and within
the limitations of his ability. This I have to-day attempted to do.
Professor Magill Reported Chosen as Treasury's Adviser on Taxation in Place of H. M. Groves, Previously Announced for the Post—Henry Morgenthau, Jr., as Under-Secretary of Treasury Not
Ex-Officio Member of Federal Reserve Board—
Payrolls from which New Appointees Draw Salaries.
From a Washington dispatch, Nov. 23, to the New York
"Journal of Commerce" we quote the following bearing on
the appointment of Henry Morgenthau, Jr., as Acting, or
Under-Secretary of the Treasury:
Mr. Morgenthau corrected a statement made previously concerning his
association with the Federal Reserve Board. He said he had given a
memorandum of an opinion by an Attorney General of a previous administration to the effect that an Under-Secretary of the Treasury is not an exofficio member of the Federal Reserve Board in the absence of the Secretary,
The Acting Secretary, however, said that the matter was of no consequence or significance.
He emphasized that he had great respect for Governor Eugene Black of
the board and planned to discuss with him frequently questions of Government policy.
Mr. Morgenthau said that he was working "shoulder to shoulder" with
Budget Director Lewis Douglas on Government expenditures. Mr. McReynolds was named budget officer for the Treasury. Mr. Morgenthau
had no comment on the action of the Federal Reserve Bank of New York
in Inaugurating an investigation of alleged short selling of Government
bonds.
The Treasury has purchased Government securities during the past week
for investments of the Postal Savings System, Farm Credit Administration
and the sinking fund. Mr. Morgenthau said he would announce the
volume of the buying Monday.
In the item from which the above is taken it was stated
that suddenly reversing a previous appointment, Acting
Secretary of the Treasury Morgenthau announced, Nov.
23, that Prof. Roswell Magill of Columbia University,
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Financial Chronicle
instead of Harold M. Groves of the University of Wisconsin,
would be the Treasury's adviser on taxation. The account
went on to say:
Last week it had been stated that Mr. Groves would be the tax adviser.
Mr. Morgenthau, however, declared that Mr. Groves could not qualify
before the Civil Service Commission, although he declined to say in what
regard. Furthermore, the Acting Secretary said, he preferred an adviser
of his own choosing.
Morgenthau said that Professor Magill is an outstanding man, better
qualified than Mr. Groves and "is not in the pay of any corporation." Mr.
Morgenthau, replying to a question, said that he did not know whether
Mr. Groves was in the pay of a corporation.
Magill's Status Discussed.
The Acting Secretary said that it would not be necessary for Professor
Magill to qualify before the Civil Service Commission as he would be
"put on a different payroll."
It was then disclosed that Earle Bailie, special assistant to the Secretary;
Herman Oliphant, General Counsel; Herbert E. Gaston, Publicity Consultant. and William H. McReynolds, all appointed within the last few
days, were not on the payroll of the Treasury.
McReynolds draws $8,500, minus the 15% pay cut, from the FCA and
was loaned to Morgenthau. The other three draw $10,000 each, minus
the cut. At first it was said by Morgenthau that they were on the payroll of the Federal Deposit Insurance Corporation.
However, that brought a protest from Walter J. Cummings, Chairman
of the Corporation Board, who said they were not on his payrolls.
Gaston Corrects Error.
Later Mr. Gaston said that an error had been made and that the three
thought to have been paid by the Deposit Corporation were receiving
compensation from a special appropriation of $2,000,000 in the Emergency
Banking Act of March 1933.
The four assistants, who it was expected would be Morgenthau's chief
advisers, receive higher pay than the Assistant Secretaries of the Treasury.
Reports that they will supplant the assistants in certain duties have been
denied.
The following is from the New York "Herald Tribune"
of Nov. 25:
In answer to an inquiry if he had any comment to make on his removal
Thursday as tax adviser of the Treasury Department by Acting Secretary
Henry Morgenthau Jr. on the ground that he "had been rejected by the
Civil Service Commission," Professor Harold M. Groves, of the University
of Wisconsin, sent the following reply:
Madison, Wis., Nov. 23 1933.
New York Herald Tribune, New York
In answer to your message. This is the first I have heard about insufficient qualifications. The explanation given me was that the shift was due
to changes in Administrative policies.
HAROLD M. GROVES,
Professor of Public Finance.
Groves was appointed by Secretary William Wooclin, Acting
Professor
Secretary Morgenthau has named Professor Roswell Magill of Columbia, to
the post and has arranged that he will not have to go before the Civil
Service Commission, but will be put on another pay roll.
President Roosevelt Reported As Having Study Made
of Federal Securities Act to Determine Whether
It Prevents Refunding of Sound Securities.
According to an account (Nov. 30) to the New York
"Times," administration advisers are studying the Securities Act to see whether they consider it necessary to propose
any changes in its provisions to encourage the floating of
corporate securities in the next few months. These advices
went on to say:
It is estimated that refunding operations involving $1,500,000,000
must be made.
President Roosevelt said recently that there did not appear to be any
necessity for radical changes in the Securities Act. He is represented,
however, as having asked Henry Bruere, President of the Bowery Savings
Bank in New York, and his adviser on credit polides, to study the Act
and report whether or not it is so drastic as to prevent the refunding of
securities of sound corporations.
Changes Are Ilekl Possible.
It is understood that this investigation tends to show that the Act is
tempering legitimate business and that the President is contemplating
recommending changes to be made by the incoming Congress.
"Probably six weeks ago. I think it was." said Lewis W. Douglas, Director of the Budget, to-day, "Mr. Bruere, Mr. Landis of the Federal
Trade Commission and I had two or three meetings on the Securities
Bill to determine wherein it might be hampering legitimate and honest
business in a manner not intended by the administration, and with a
view to suggesting modifications. After that I withdrew from the meetings, due to the press of budgetary matters, but I have assumed that
the others were proceeding with their examination."
W. Forbes Morgan and George C. Haas Appointed
Deputy Governors of Farm Credit Administration
—Scott Hovey Named General Counsel.
Announcement was made on Nov. 22, by Wm. I. Myers,
Governor of the Farm Credit Administration, of the appointment of W. Forbes Morgan and George C. Haas as Deputy
Governors to fill the places made vacant by the transfer of
Herbert E. Gaston to the Treasury Department to be
Assistant to the Acting Secretary and by the appointment of
Mr. Myers to the Governorship of the Farm Credit Administration. At the same time it was announced that Scott
Hovey will take the position vacated by Herman Oliphant
as General Counsel. Mr. Oliphant recently accepted the
position of General Counsel to the Secretary of the Treasury.
The position vacated by Wm. H. McReynolds as Administrative Assistant to the Governor will be filled by Herbert
Emmerich. The Farm Credit Administrations announcement also says:
3933
Mr. Morgan was for many years engaged in the banking business in New
York City during which time he gave considerable attention to the Federal
Land banks and Joint Stock Land banks. In April he came to Washington
to serve under Governor Morgenthau as personnel director of the Farm
Credit Administration and it is from this position that he assumes the
activities of Deputy Governor.
George C. Haas, the other newly appointed Deputy Governor, has
specialized in agriculture and financial research and analysis for several
years. He is a graduate of the University of Minnesota and studied at the
University of Berlin. In the U. S. Department of Agriculutre he did some
work on land valuation and represented the department as Agricultural
Commissioner at Vienna and Berlin. For a period he was in charge of the
foreign section of the Bureau of Agricultural Economics. He has served as
economist in both the Department of Agriculture and with the Federal
Farm Board. Since May he has been the chief economist of the Farm
Credit Administration.
Mr. Hovey has moved up from the position of Assistant General Counsel
to General Counsel of the Farm Credit Administration. He received his
legal education at Harvard and Chicago law schools and practiced law for
a period in Kansas City, Mo. He served both as Assistant Counsel for the
Federal Farm Loan Bureau in 1928-29 and as Counsel for the Reconstructtion Finance Corporation until he became an Assistant General Counsel in
the Farm Credit Administration last June.
Herbert Emmerich is a graduate of the Wharton School of Finance and
Commerce of the University of Pennsylvania and for 10 years was Executive Vice-President of the City Housing Corporation of New York,a limited
dividend company to build better homes and communities for people of
moderate means.
Defense of President Roosevelt's Policies by Secretary
of Treasury Woodin—Mr. Woodin Thinks Some
Modification of Securities Act Desirable and
Likely—Criticism of Dr. Sprague.
While we referred last week (page 3777) to the statement
of Secretary of the Treasury Woodin criticizing Dr. Sprague's
comments on President Roosevelt's policies, we are giving
here the account of Secretary Woodin as contained in the
"Wall Street Journal" of Nov. 22:
"Recovery without profits for industry most decidedly is not a part of
the Administration's present program," William H. Woodin, Secretary
of the Treasury, now on leave of absence, declared in an exclusive interview with Dow, Jones & Co., Inc.
"Everyone knows there have been abuses in our system." he said, "and
these must be eliminated." But he conceded that in the zeal to reform
there had been a swing in the other direction, that might have carried
too far. In his opinion the swing is already now turning back to normalcy.
Citing the Securities Act as another example of this zeal, Mr. Woodin
thought some modification was desirable and likely to come.
Critizes Dr. Sprague.
"I must seriously criticize Dr. Sprague for the assertion he practically
makes that the United States Treasury is placed in a position where it
must borrow $2,000,000,000 from the people on bad security," Mr. Woodin
stated.
"In any way to suggest that the United States Government bonds are,
or can be, or will be, in any sense bad security is not only a reflection on
the wealth and integrity of this country and its people, but impeaches Dr.
Sprague's own common sense and competency as a student of finance.
Further, Dr. Sprague is permitting what he concedes to be a personal
embarrassment to becloud his judgment and to ruffle his ordinarily good
temperament."
Mr. Woodin pictured Dr. Sprague as a "walking encyclopedia" on money
matters, but as a man unable to make a decision against or in favor of a
program or action.
He recalled the time when the Administration felt it needed an expert
on international money affairs several months ago, and pointed out that
this led up to the decision to procure the services of Dr. Sprague. It was
President Roosevelt himself who first observed that while Dr. Sprague
could talk fluently about money, the matter always was left standing
"on your lap," with no further ideas on how to proceed.
Mr. Woodin's conception of the duties of the Secretary of the Treasury
and all other administrative positions at the Capitol requires absolute
loyalty to the President, which means taking orders from and co-operating
with the Chief Executive, he said. Incidentally, Mr. Woodin denied his
leave of absence was prompted by any reason other than consideration
for his health; with a recovery in his condition he expects to return to help
the President, he declared.
Defending the gold policies, Mr. Woodin stated that for years the price
of gold has been fixed by European powers, and that all this country is
doing is taking the matter into its own hands, doing what other countries
have done in the past, and trying to bring itself out of a crisis.
RFC Continues Purchases of Newly Mined Gold—
Dollar Shows Greater Stability in Foreign Exchange
Markets—Official RFC Gold Price Was $34.01
Yesterday vs. $33.76 Week Ago.
The first change in the Reconstruction Financial Corporation official gold-buying price in exactly a week was
posted on Nov. 28, when the quotation of $33.85 was 9 cents
above the price of $33.76 that had been maintained for
six preceding business days. If the purpose of the change
was to check the strengthening of the dollar it succeeded in its
objective, for the dollar value dropped by 1.41 cents in
gold during the course of the day. The decline in United
States currency affected most commodity markets, which
generally moved into higher levels, while Government bonds
were slightly lower at the close. The action of foreign
exchange on Nov. 28 was noted as follows in the New York
"Times" of the next day:
The fall of the dollar exceeded its 1.23-cent gain in gold value on Monday,
the total loss yesterday amounting to 1.41 cents. In terms of local quotations for French francs the dollar touched a high of 65.18 cents and a low
of 63.24 cents, closing at the latter.
Sterling rose 81 cents to 55.193, slightly under the best price of $5.21
reached during the trading. The low was $5.064,slightly under the opening
quotation of $5.07.
3934
Financial Chronicle
The franc advanced 1334 points to 6.19 scents, the day's top price. It
opened at 6 cents, which was the low mark in the trading here. All other
principal foreign currencies rose against the dollar.
Despite the fall in American dollars the Canadian dollar lost 50 points
in value and was quoted at $100.37, nearer to parity than in several days.
The renewed advance in the RFC price for gold and the decline in the
dollar was disappointing to those here who favor stabilization and caused
new bewilderment over the currency situation throughout the financial
district.
Dec. 2 1933
The sterling account is now heavily burdened with long commitments,
so that it would not take much to stop its rise, temporarily at least. To-day,
for instance, the exchange equalization fund stayed out of the market,
but after rising above 84, the pound dropped of its own momentum to
83.80 at official closing, as against 83.525 yesterday.
French observers ascribe the unchanged gold figure to President Roosevelt's fears in the face of the avalanche of criticism which his policies have
brought on. It is being pointed out that with the dollar at 16.08. 40 centimes above theoretical gold parity, the RFC could again buy European
gold at a profit.
So far as the franc's future is concerned, the French feel that short term
factors are working in their favor and that there is nothing to worry about
momentarily. It is freely admitted, however, that long term factors
chiefly the unfavorable trade balance, an unbalanced budget and the poverty
of the Treasury-constitute grave dangers to the franc.
Of these, the Treasury's situation constitutes the most serious threat.
There are less than 1,000,000,000 francs in the Treasury's account in the
Bank of France. according to the last statement for the week ending Nov. 17.
According to Georges Bonnet, former Finance Minister, 3,000,000.000
francs in Treasury bonds become due every month and recently demands
for redemption have far exceeded renewals.
Thus the Treasury's funds could be wiped out within a few weeks.
Another change was made in the gold price by the RFC
on Nov. 29, with an advance of 8 cents to $33.93 a fine
ounce. This compared with a world price equivalent to
$32.72, based on the pound sterling at $5.21 in London,
where the price of bar gold was unchanged at 125 shillings
6 pence. The dollar was lower in London, Paris and Berlin,
and also showed weakness in the early dealings in New York,
where the pound sterling advanced to $5.25. The pound
later declined, however, to $5.19, or slightly under the
close of the preceding day. Francs also weakened and most
Particular interest attached to the posting of the RFC
other foreign currencies moved in a narrow range. The
Argentine peso had a sharp drop from 40.20 cents to 33.75 gold price on Monday, Nov. 27, in view of rumors that
cents as a measure of free exchange trading was inaugurated the Administration at Washington was planning to moderate
in Beunos Aires. As the dollar continued to hold its strength its monetary activities. This opinion appeared to be parin the afternoon, United States Government obligations tially confirmed when the quotation was once more left
converted early recessions into small gains and closed slightly unchanged at $33.76. Officials in Washington, however,
higher for the day. Leading commodity markets also did not admit any knowledge of negotiations leading to a
change in the gold policy. The principal public announceadvanced in quiet trading.
Dispatches from Warm Springs, Ga., where President ment was that by Acting Secretary of the Treasury MorRoosevelt is spending a vacation, indicated on Nov. 29 genthau, who said that last week the Treasury Department
,748,000 of • Government securities as investthat the Administration has no present intention of abandon- purchased
ing its currency policy. It was said that the daily movements ments for the account of the sinking fund, the Farm Credit
of the gold price should not be considered as any evidence Administration, the Postal Savings System and other
Governmental agencies which have surplus funds. In
of the Administration's ultimate aim.
All United States markets for foreign exchange, securities addition, Jesse H. Jones, Chairman of the RFC, issued a
and commodities were closed on Nov.'30 on account of the statement defending the course being pursued by the RFC
Thanksgiving holiday, and the RFC did not issue any gold in its gold purchases, which we give elsewhere in these
quotation on that day. The dollar fluctuated within a columns to-day.
The dollar continued its advance on world markets on
narrow range in European markets, and in London closed
at $5.173', an overnight advance of 23/i cents to the pound Nov. 27, and gained 1.23 cents in gold value on the New
sterling. In Paris the dollar closed at 16.38 francs (6.10 York foreign exchange market, where it closed at 64.56
cents to the franc), or 27 centimes higher than the closing cents on the basis of local quotations for the French franc,
after touching 65.24, or the highest level since Nov. 1.
on Nov. 29.
The RFC price for newly mined domestic gold was again The close represented a gain of more than 6 cents above
raised by 8 cents yesterday (Dec. 1) to $34.01 a fine ounce. the Nov. 16 low. The RFC gold price of $33.76 compared
This marked the third day in the current week when the with the world price in London (based on the exchange rate
official quotation was advanced, the total of the three for the pound sterling of $5.22%) of $32.75 an ounce. The
increases being 25 cents. Shortly after the RFC announce- course of foreign exchange trading in New York on Nov. 27
ment the British pound rose rapidly to above $5.24 for a was noted as follows in the "Times" the next day:
gain of about 7 cents. Later in the day, however, the
Sterling declined 931' cents here yesterday. Opening at $5.17. and
dropped
dollar overcame its temporary weakness and in terms of touching a high of $5.17M , it day's bestsharply to $5.07 and closed at
$5.101. Francs opened at the
level of 6.13 cents and sank to
both the pound and the gold franc was slightly higher than 6.003.5 before closing at 6.06 cents.
The Canadian dollar sank .56 9-16 cent to $100.8774, while all other
at the close on Nov. 29. The official advance in the gold
currencies
price brought it $1.31 above the London quotation of principal foreignin demand also lost ground. to the prevalent belief that
Dollars were
yesterday owing
$32.70 an ounce, figured on the basis of the pound sterling the approaching Government financing to cover Dec. 15 maturities and
possibly to raise additional funds would lead to a prolonged stabilization
Security markets closed yesterday at generally
at $5.22
,
of the RFC was again unchanged
higher levels. Stocks were irregularly higher, domestic of the dollar. Thtifelt that the gold price theory.
was lnterpreteqs a eonfirmation of this
advanced moderately, and U. S. Governcorporation bonds
ment obligations were steady, with fractional changes.
Federal
Among the foreign government bonds, French issues showed , Governor 'Bla91 of Roosevelt Reserve Board Confers,
at Warm Springs, Ga.With P ident
most persistent weakness as a result of the uncertain finan7'
or Harrison of New York Federal Reserve
Gov
cial outlook in Paris.
nk Confers With Members of Reserve Board in
iWashington-President Reported Assured of CoThe dollar moved in a narrower range in foreign exchange
'Operation of Reserve System in Managed Currency
markets during the current week than in the seven days
Plans.
immediately preceding, partly because of the absence of
Advices to the effect that President Roosevelt was assured
any important new developments in the Administration's
currency policy. The RFC quotation for the purchase of on Nov. 29 of the maintenance of a most "harmonious conewly mined domestic gold was $34.01 a fine ounce yesterday operation" between the Federal Reserve Board and the
(Dec. 1), compared with $33.76 a week ago and $33.56 two Treasury Department in support of his "managed currency"
weeks ago. The pound sterling was quoted at $5.16 in experiment were contained in a Washington dispatch from
yesterday's late trading, against $5.18% one week earlier, Warm Springs, Ga., to the New York "Herald Tribune"
while yesterday's late quotation of $0.613 for the French which also stated in part:
The assurance, which was described in official quarters as actually merely
franc compared with 6.183/i cents on Nov. 24.
a reassurance as far as the President was concerned, came from Eugene R.
For the first time in more than two weeks, the dollar Black, Governor of the Federal Reserve Board. It followed a declaration
newspaper correspondents earlier in
crossed the 16-franc mark on Nov. 25 at Paris, with the by the President. in a conference withcommodity prices
which he set forth
the day, that the objective of raising
dollar quotation rising to 16.08. Among the influences In his announcement of the gold-purchasing project on Oct. 21 was retained.
contributing to this strength were the statement by former
thus making known his determination not to be swayed from his
In
by implication, not
Governor Smith of New York opposing the Administration's present plan and,President minimizedto disclose his dollar devaluation goal
the importance of the daily fluctuaat this time, the
monetary policies, rumors of contemplated stabilization, tions in the Treasury's gold-buying operations and in the activities of the
It was plain that these operations were determined
and the action of the RFC in leaving the gold quotation Federal Reserve Board.
unchanged at $33.76 an ounce for the fifth consecutive day. upon from day to day as part of the movement toward a definite objective,
and the Administration's attitude as reflected here throughout the day was
Newspaper reports from Washington said that Treasury that they did not warrant other interpretations which have been placed
officials do not plan to use green backs or any other infla- upon them in various quarters.
tionary device in arranging the Dec. 15 refinancing of $727,Progress Viewed as Satisfactory.
000,000 of securities. The dollar was also strong against
Moreover, the attitude of Mr. Black and other officials here was interthe Administration was not dissatisfied nor in any
all foreign exchanges in New York on Nov. 25. A dispatch preted as showing thatthe progress made thus far, nor about the attacks
way concerned
date to the New York "Times" from Paris com- directed against about policy by industrial, financial and political leaders
of that
the gold
mented on the international monetary situation as follows: opposed to the plan.
Volume 137
Financi
Mr. Black, who has been generally recognized as inclined personally
toward the views of the "sound money" advocates, vigorously denied suggestions that he had come here to present his resignation and, even more
vigorously, that he was not co-operating in the efforts to carry out the
President's program, which had gained support from the recent action of
the reserve board's advisory council in adopting a resolution calling for
stabilization. He insisted that the money program was progressing satisfactorily. . . .
Mr. Black and other officials here were obviously somewhat irritated by
the renewed reports of a rift between the Reserve Board and the Treasury
over the "managed currency" program and, especially, by the suggestions
that the Reserve Board Governor was preparing to resign.
Mr. Black's visit with the President had been arranged, it was said,
before Mr. Roosevelt left Washington, as a chiefly social call, since the
reserve board governor was planning to pass the Thanksgiving holiday at
his home in Atlanta, Mr. Bruere came South with him and accompanied
him here, giving the President an opportunity to consider a greater coordination of the Administration's credit and currency inflation program.
They passed a good deal of time with the President in the "Little White
House" during the day.
Talking with newspaper correspondents prior to his visit at "The Little
White House" Mr. Black made no secret of his irritation over reports that
he was preparing to resign and suggestions that he was not wholeheartedly
supporting the President.
"If necessary I would stand in the soup line to support the President,"
he said.
With the presence in Washington on Nov. 27 of George
L. Harrison, Governor of the Federal Reserve Board of
New York,a report was said to be in circulation to the effect
that he had begun negotiations with the Bank of England
toward forming an agreement to link the dollar and the
pound sterling. A dispatch from Washington to the New
York "Times" noting this, continued in part:
Mr. Morgenthau put aside such inquiries with a wave of his arms, a
gesture apparently intended to imply that he would not be drawn into a
discussion of rumors. When asked if any change in the gold policy was
contemplated, he merely had no comment to make on that subject. Reserve
Board officials would not admit May knowledge of such negotiations.
The reports that rigorous pursuit of the dollar-cheapening policy would
not be resumed, however, would not be downed, and were the subject of
lively speculation in many quarters.
New Impetus for Reports.
An announcement that Eugene R. Black, Governor of the Federal Reserve Board, would depart for Warm Springs to-morrow evening to confer
with President Roosevelt on Wednesday. and had prepared a voluminous
report dealing with domestic and international reactions to the new monetary policy, gave impetus to the talk that the brakes were being applied,
and that some development of major importance was in the making.
At the office of Mr. Black, however, the only information available was
that he would visit the President on Wednesday and then go on to his home
in Atlanta, Ga., for Thanksgiving Day before returning to Washington.
The unofficial reports that negotiations were in progress with Great
Britain carried the thought that the administration was seeking a stabilization of dollar and pound on a basis that would give recognition to the theory
of the variation in the gold value of each from time to time to adjust them
to commodity prices. . . .
Harrison Sees Many Officials.
The fact that commodity and stock prices eased off, apparently as a
result of moderation in the gold purchase policy, brought no comment,
but officials obviously were pleased by the fact that the market for government bonds stiffened.
The presence here of Mr. Harrison first was interpreted as confirmation
of reported negotiations with England, but his activities indicated that his
discussions had to do chiefly with the Government's refinancing program.
Mr. Harrison consulted, it is understood, with Mr. Morgenthau, Mr.
Black and other members of the Reserve Board, and Earle Bailie, special
assistant of the Secretary of the Treasury, who is working out the program
of refinancing.
Mr. Morgenthau conferred at length with Mr. Bailie and with Thomas
Hewes, Assistant Secretary in charge of fiscal affairs, and later with Walter
.1. Cummings, head of the Federal Deposit Insurance Corporation.
There was every evidence in the nature of the conference of a recognition
of the close relationship which exists between whatever steps may be taken
in connection with the gold purchases and the market for Government
securities, which must be maintained if a large refinancing issue is to be
floated on a favorable basis.
Rally in New York City Opens Fight to Arouse Public
Sentiment Against Present Monetary Policies and
Inflationary Tendencies—American Legion and
American Federation of Labor Join Crusaders in
Sponsoring Mass Meeting—Matthew Woll Urges
Speedy Stabilization of Dollar—Martin Littleton,
Fred G. Clark and Prof. W. E. Spahr Denounce
Inflation.
A mass meeting called for the express purpose of "staving
off" inflation was held in Carnegie Hall, New York City,
on Nov. 27 under the auspices of the Crusaders, a National
organization that had previously campaigned for the repeal
of the Prohibition Amendment to the Constitution. The
American Legion and the American Federation of Labor cooperated in sponsoring the meeting. On the same evening
another gathering in New York City heard speakers supporting the present monetary policy of the Administration,
as described elsewhere in these columns. The Crusaders'
meeting was depicted by Matthew Woll, Vice-President of
the A. F. of L. as "an active alliance for the preservation of
sound National monetary, policies and the safeguarding of
fixed incomes,savings and protective funds of the great mass
of our people." In advance of the meeting, attended by
approximately 2,500 persons, the Crusaders had distributed
three billion "dollars" of stage money containing the legend:
Chronicle
3935
"Stop the Greenback Flood—Attend the Sound Money Mass
Meeting in Carnegie Hall."
Mr. Woll, who delivered one of the principal addresses,
urged that President Roosevelt "no longer allow the alarm
to spread that a policy of uncontrolled and uncontrollable
inflation is being inaugurated. The interests of our people
demand a clear and definite statement as to where we are
heading." In conclusion Mr. Woll asserted that "our course
must be to stabilize our currency as soon as possible and
without restricting the control over the volume of currency
already exercised by our Government through the Federal
Reserve Board and the buying and selling of Governmental
securities. The Nation should and our people must be
guaranteed against the issuance of any unsecured paper
money and be assured the continuance of the present system
of currency controlled by the Federal Reserve Board, upon
which private business is fully represented but which is
ultimately under the control of the Government."
Another of the speakers, Martin W. Littleton, New York
attorney, quoted from a speech by Senator Thomas of
Oklahoma, during which the inflationist leader had explained
the purpose of the amendment on the floor of the Senate
on April 24 1933 as being the transfer of $200,000,000,000
from creditors who had bank deposits or owned bonds or
fixed investments. This, Mr. Littleton declared, represented a purpose which was vicious because it set one class
against another, and was also politically unsound because
of the fact that those who hold fixed obligations far outnumber those who owe them. He referred to the 67,000,000
holders of life insurance policies and the 44,000,000 persons
with savings accounts in the United States, as well as to the
billions of dollars invested in bonds and obligations of railroads, municipalities, utilities, industries and other enterprises. "All of these," he said, "will be payable in the
depreciated dollar, and the savings planned by the people
who put their money into these obligations will be reduced
by the sheer power of he Government."
Fred G. Clark, Commander-in-Chief of the Crusaders, explained the decision of that organization to undertake a
campaign against the possibility of inflation. He said
the Crusaders had decided that its most important work was
in the interest of "sound government." He added that the
organization "did not propose to allow an organized group
to force selfishly or experimentally, a monetary measure on
the public which clearly is not for the benefit of all the
people."
Professor Walter E. Spahr, Chairman of the Department
of Economics in the School of Commerce at New York
University, denounced the present monetary policy of the
Administration as creating "irreparable damage." He
denied that it was being pursued by President Roosevelt "to
arouse the sound-money thought and sentiment of the
country so that it will overwhelm the inflationists in Congress," and said that if this were the purpose of the Administration "Dr. Sprague would not have resigned." Excerpts from the addresses of the principal speakers at the
meeting follow:
MATTHEW WOLL.
It is with great pleasure and pride I again join with the Crusaders and
the American Legion, as a representative of the American Federation of
Labor, in the crusade for the protection of the rights, interests and wellbeing of the American people. We are on the eve of witnessing the successful realization of our joint crusade against the Volstead Act and the Eighteenth Amendment. We are now entering into an active alliance for the
preservation of sound national monetary policies and the safeguarding of
the fixed incomes, savings and protective funds of the great mass of our
people. I am confident the forces of the American Legion, the Crusaders
and of the American Federation of Labor, moving onward and forward in
united strength, will prove equally successful in this as in our former venture.
The American people, due to our ambitious background and ardent
desire for excitement, demand action. We idolize leadership. Franklin I).
Roosevelt caught our fancy immediately upon assuming office by his
swift, bold moves. Endowed as he is with personal appeal and aided
by such able lieutenants as Speaker Rainey and Majority Leader Byrnes,
it is unlikely that Congress can force hint to the sidelines, despite declamations to the contrary by some of his most ardent admirers and apoligists
for monetary experimentation. Let us hope President Roosevelt will continue indefinitely in the hero role.
The Administration's attitude regarding the monetary situation, however, may prove the stumbling block along the lane of popularity. There
,
are an increasing number of our people who honestly and conscientious/3
question the validity and soundness of the course being followed. Unvoicing opposition to his monetary program
questionably among those
there are those who are prompted by other reasons and for purposes other
than being helpful in correcting a deplorable situation. But regardless of
all personalities and factors, the fact remains that William McKinley's
diagnosis of the situation back in 1896 is as applicable to-day as it was then:
It is not an increase in the volume of money which is the need of the
time, but an increase in the volume of business. Not an increase of coin,
but an increase of confidence. Not more coinage, but a more active use
of money coined. Not open mints for unlimited coinage of the silver of
the world (and I might add, or the unlimited printing of greenbacks),
but open mills for the free and unrestricted labor of American workingmen.
Records of monetary inflation reveal the inevitable results. If history
and experience teach us anything, it is that although the devaluation of
3936
Financial Chronicle
money may result in a temporary recovery, the later collapse will bring
the price level back lower than it was before. All attempts to make something out of nothing must and will eventually fail.
Peruse the history of France in the time of Louis XV. when an attempt
was made to improve the finances of the country by debasing the coins
of the realm and flooding the land with a vast quantity of paper money.
Paper money was issued to the amount of two billion francs. People lost
confidence and as the day for liquidation approached, the whole country
was plunged into bankruptcy and financial ruin.
Likewise, consider the recent attempt at "controlled" inflation by France
when the value of the post-war franc became worth actually 25% of what
the pre-war franc was worth.
Cites Example in Germany.
A more striking example, and one which most will recall, is the plight
of the German people just slightly more than a decade ago, when 300
paper mills and 2,000 printing presses were pouring out marks by the
millions, later by the billions, and finally by the trillions. American organized labor can well remember that in these hectic days the German
trade unions sent pathetic appeals to the American Federal of Labor to
help them in their distress. The whole German trade union structure
tottered with this debasing of the currency; there was not even money
with which to print a journal or issue a call. It was only the fact that
American labor sent substantial contributions of American dollars that
the German trade union structure was saved.
Our own experience at the time of the Civil War should not be overlooked. . . .
It cannot possibly be said that American organized labor has been
unsympathetic with the present National government, nor unfriendly toward our President. Certainly American organized labor cannot be aligned
with Toryism or Wall-Streetism. Nevertheless, American organized labor
has been alert to the urgency of the present monetary situation and has
expressed its fears and apprehensions as well as its attitude toward certain
measures is no uncertain terms. . . .
Currency Inflation.
As yet, no one has undertaken to argue, much less to demonstrate, that
currency inflation does increase the income of the wage earners and fixed
salaried employees or relieve them of the additional burdens involved.
To the contrary, all frankly admit that while inflation of currency is designed
to reduce debts, it likewise deflates the income of wage earners and salaried
employees. Indeed, depreciation of currencies has been advocated and
used In many countries as a painless method of reducing wages. By this
currency inflationary method wage earners are placed on the defensive in
that they must obtain continual increases in order even to hold their own.
While methods may differ as between an outright reduction of wages by
actual deduction in the amount of money received and by depreciating the
value of currency received, nevertheless the result is the same. And this
brings to the Immediate attention of labor the necessity of hereafter demanding that its wage stipulations, whether fixed by collective agreements
or by means of codification under the National Recovery Administration,
shall be based upon a formula that will include a simultaneous and constant
change corresponding to the exchange value of the currency received for
Wages.
Unless such considerations are manifested and such a formula is applied,
we may well prepare for an uprising on the part of labor in protest of being
forced to bear still further burdens of life and work that might have been
avoided. Certain it is that the National Recovery program upon which
the workers have placed so much of their hope and faith will fail of its
purpose if it does not embrace a higher income in addition to a more secured
opportunity of employment.
In this connection it is interesting to note that despite wage increases
realized through the NRA the gain experienced has not been enough to
restore the losses entailed due to rising price levels in the same peroid.
As a matter of fact the individual worker's real income is still below March
by 1.1%. Whatever gain has been experienced in purchasing power has
been due solely to Increased employment of workers and not due to any
Increase in the wage returns of the individual worker.
In all of the experiences of inflation the wage-earners and salaried employees have suffered pathetically, not only in the shrinking value of their
' es, but in the loss of their savings in banks and such life insurance
3g
w
turns with which they may have been able to protect their beloved ones.
more striking example of the truth can be seen than in the words of
Webster, that "of all the contrivances for cheating the laboring
"'asses of mankind, none has been more effective than that which deludes
clhem with paper money."
t If confidence is the desideratum in influencing business upward, destroying confidence in the country's money is a strange way of obtaining
this confidence. Rapidly to raise prices at the present time is the surest
way to defeat the end of generally increasing purchasing power. It will
not even reach its political end of raising farm purchasing power. Currency
Inflation may raise farm prices, but simultaneously it will also curtail
urban consumption and equally, if not more rapidly, raise the prices of
those articles which the farmer purchases. The truth of this is well demonstrated in the farmers' present protest and increasing complaint against
the NRA in the raising of prices of commodities used by them and which to
a large extent are said to have offset any possible advantage that may
accrue to them under the Agricultural Adjustment Administration.
But far more disastrous are the effects of inflation in the arbitrary redistribution of wealth and purchasing power. If this process affected the
wealthy entirely, then there might be some socialistic basis of approval.
Obviously, the debtors are most clamorous for inflation. The large corporations, and not the farmers, are as a rule the largest debtors in the
country. They can pay off their indebtedness in depreciated money and
gain at least in the initial stages. Ultimately they lose, but not in as great
a degree and long after the rest of us.
But why should the white-collar workers, the man working for a daily
wage, whether in public or private service, the widow living on a pittance,
the old couple with a few thousand dollars in the savings bank, the industrious citizen who has scrimped to retire on a modest annuity or to make
possible a pension return, the millions of holders of insurance policies, the
moderatly well-to-do who put their faith in the honesty of the Government
and bought its bonds, seeking safety of funds before anything else, why
should they be made to suffer principally and most grievously by a policy
of currency Inflation designed to relieve a small part of our possessing class?
Certainly the savings of millions, the food and shelter and small comforts
of over 100.000.000 people should not be dealt with in the spirit of experimentation and without regard to past experiences of mankind.
This history of our own and of every country proves conclusively that
the return to prosperity from depression never in any case resulted from
Inflation or depreciation of the currency; but, to the contrary, because of
the rejection of plans urged for that purpose. . . .
It is altogether too true that depreciation of currencies has brought
Into the world demoralizing competition. Inflationists suggest that the
United States should join in this competition to protect itself from the con-
Dec. 2 1933
sequences to its foreign trade. Of course, the theory that a country strengthens its competitive position by depreciating its currencies is deceptive and
utterly unsound. One country adopting this course may gain a temporary
advantage by offering goods for export at some nominal price in cheaper
money. However, once competition is entered upon there is no stopping
place for any or all.
Then, too, American labor does not favor increasing our dependence
upon the contingencies of foreign markets, foreign economic policies,
foreign wars, foreign revolutions, or any foreign conditions whatsoever.
The future of America lies not in the foreign market butin the home market.
'
Indeed, exports are destined to take a smaller and smaller proportion of
our products.
If there is to be an outlet for our surplus or unused products and commodities this should be found in an enlargement of the purchasing power of
our people, and if necessary, in a smaller return to capital for its contribution to the service rendered. . . .
If it be said that unless we depreciate our currency nations with cheapened
money will flood our markets with their goods, then our answer is to shut
out such foreign imports rather than degrade and demoralize our American
workers. We cannot play a lone hand at finance without also playing a
more or less lone hand in our industrial and agricultural life.
Banking Control of Credit.
While American labor is opposed to currency inflation, it must be understood that we are equally opposed to a return of the old system of control
of our deposit currency for purposes either of inflation or deflation through
the medium of our banks and bankers. National or international. Labor's
opposition to currency inflation must not be looked upon or be seized as
a cloak to bolster up the restoration of the power of check or deposit inflation
by the banks. Neither does labor view it as possible that our country can
go forward with our present recovery program and at the same time permit
our currency and credit to be internationally controlled.
Our course must be to stabilize our currency as soon as possible, and
without restricting the control over the volume of currency already exercised
by our Government through the Federal Reserve Board and the buying
and selling of governmental securities. The nation should and our people
must be guaranteed against the issuance of any unsecured paper money
and be assured the continuance of the present system of currency controlled
by a Federal Reserve Board upon which private business is fully represented but which is ultimately under the control of the Government.
What we need most is a restoration of confidence. Before we have a
restoration of confidence we must know whether we are to have inflation,
and if so, in what form. We have faith in the judgment and patriotism of
the President not to be stampeded by the importunities of one or the other
group or school of thought. Nevertheless, we do feel that the President
must no longer allow the alarm to spread that a policy of uncontrolled and
uncontrollable inflation is being inaugurated. The interests of our people
demand a clear and definite statement as to where we are heading. Labor
is deeply concerned less we be faced with and forced into greater misery
and subjected to still greater privation and suffering.
PROFESSOR SPAHR.
Speaking now as an individual economist regarding our present monetary
policies, I believe that monetary economists would agree to the following:
One of the greatest obstacles to business recovery is the uncertainty
which has laid hold upon business as the result of the prevailing unsound
and experimental monetary policies. To correct this situation, our Government should announce its intention to return to sound currency principles
and to a gold standard at the earliest moment expedient. In all probability,
the best answer as to the weight of the standard gold unit to which we
should return, and as to the time and procedure for returning, could be
obtained by relying upon the consensus of opinion expressed by the most
.
experienced monetary economists of this country. .
Inflationists confuse a sound recovery in business and a sound rise in
prices with a rise in prices resulting from inflation. Mr. Warren. who is
advising the President, does this. . . . When inflation takes place.
prices rise because of the reluctance of sellers to sell except at ever-increasing
prices and because of fearful and hasty spending on the part of consumers
in order to save what they can from the dispoiling effects of Inflation. Fear
Instead of confidence prevails, and the speedy exhaustion of consumers'
purchasing power soon reduces the masses to a state of proverty and distress. . . .
Inflationists insist that inflation can be controlled. The lessons of
monetary history are that it cannot be controlled. It never has been stopped
without a collapse ensuing, and its nature makes this sequence of events
universally true. The inflationists say to-day that they will raise the
price level to the 1926 level, then stop, and maintain that price level.
Rational business men would make this impossible, for the reason that they
would tend to hold goods until they could get 1926 prices, then they would
dump their goods on the market. Consumers would buy to the best of
their ability until prices reach the 1926 level, then consumers would stop
their buying for they would be assured that prices would rise no higher and
probably would fall. The anxiety of sellers to sell, combined with the
refusal of buyers to buy, would precipitate a collapse in prices, and no
government could stop it.
Inflationists insist that they must raise the price level to the so-called
debt level, usually meaning the price level of 1926, in order to do justice
to debtors. . . . They forget that many creditors have taken their
losses and written them off and that many debtors have lost their property
and have nothing to appreciate in value If the currency is Inflated. They
forget that the so-called poorer debtors—the wage-earners—have their
purchasing power cut by inflation. They forget how human welfare is
linked to the billions of dollars of insurance policies, savings accounts,
hospitals, schools, scientific and welfare institutions. In short, they forget
that inflation makes a farce out ofsaving and out of prudent living. . .
MARTIN W. LITTLETON.
We do not have to go into details in an attempt to ascertain the purpose
of the inflationists. Their great leader and the man who originated the
amendment which transferred the power to the President, Senator Thomas
of Oklahoma made a full and frank and unequivocal disclosure of the true
Intent and purpose of the whole policy of inflation in a speech which he
made in the Senate on April 24 1933, when he said:
". . . Mr. President, it will be my task to show that if the amendment shall prevail it has potentialities as follows: It may transfer from
one class to another class in these United States value to the extent of almost
$200,000.000,000. This value will be transferred, first, from those who
own the bank deposits. Secondly, this value will be transferred from
those who own bonds and fixed Investments. . . .
"That $200,000,000,000 these owners did not earn, they did not buy it,
but they have it, and because they have it the masses of the people of this
Republic are on the verge of starvation-17.000,000 on charity, in the
bread lines." . . .
The fundamental vice in a policy of inflation is its essential dishonesty
and injustice—not dishonesty in those who propose and defend it so much:
but dishonesty and injustice in the government which enacts and enforces
It. The government. if true to its best standards, must stand for and be
Volume 137
Financial Chronicle
equally interested in fair treatment to all of its citizens. It does not or should
not stand for any one class as against another, nor should it set one class
against another. . . .
FRED G. CLARK.
. . . The Crusaders at a duly called meeting of commanders at
national headquarters in Cleveland last February amended the charter of
the • organization, extending the activities toward responsible government. . . .
The Crusaders now see a growing possibility of an organized minority
forcing on an unenlightened public a legislative measure which it is apparent
will have more devastating results than were experienced from the Eighteenth Amendment. They reason that if this great voluntary, militant
group of responsible citizens believed the country was worth saving from
the bootleggers, the gangsters and the liquor-corrupted politicians, who
were becoming so powerful from the huge profits of the illicit liquor traffic.
they certainly do not propose to allow an organized group to force, selfishly
or experimentally, a monetary measure on the public which is clearly not
for the benefit of all the people. . . .
JOHN DWIGHT SULLIVAN.
We of the American Legion did not commit ourselves to the particular
policy of any individual or group. The problem has many aspects, is complicated and is not confined to the United State's.
Precipitate or ill-considered action may bring grave consequences, perhaps
more far-reaching, disastrous and enduring than the difficulties we have
faced in the past. . . . We favor a careful study.
We should recognize that the problem [of inflation) tremendous as it is,
lirnot nicely segregated from all other problems of government, that it is
related to re-employment of millions of our people, to the various relief
projects now in operation or contemplated, to the recognition of Russia
and resumption of trade relations which may be expected to follow, to the
question of war debts, and to the host of other problems before the Administration.
There are available to the President sources of information and advice
not available to us individually. . . . In all the circumstances, it
would seem that our duty is to ask that the Government inform itself as
fully as possible and at the same time inform ourselves in order that our
opinions may be based on intelligent understanding.
Louis J. Taber Urges "Immediate Reflation"—Master
of Grange Describes Managed Currency as Sensible
Middle Ground—Is Re-elected for Sixth Term—
Secretary Wallace Defends Crop Curtailment
Program.
"Immediate reflation of our currency and credits" was advocated on Nov.15 by Louis J. Taber, National Master of the
Grange, in an address before the national convention of the
organization at Boise, Idaho. Agriculture, he declared, had
failed to receive the full benefit of the Federal recovery program. On Nov. 20 the convention elected Mr. Taber as Master for the sixth two-year term. His election was described
by a spokesman as "overwhelming." In his speech on Nov.15
Mr. Taber asserted that "no sensible man wants uncontrolled
inflation," but he added that between the "deflationist" and
the "unlimited inflationist" there is "the sensible common
ground of controlled inflation and managed currency in accordance with justice and the times." Further extracts from
his address are given below, as contained in Associated Press
advices from Boise:
The President's gold policy he described as "a step in the right direction,"
but asserted that "it does not reach the heart of the problem."
"The strikes earlier in the year and their recent recurrence are the result
of inequalities too long endured," he said.
Mr. Taber added, however, that the Grange believes organization and cooperation will accomplish more to solve the current problems than "strikes,
violence or bloodshed."
"The NRA has been of value in some of the ends sought, but it has failed
to accomplish all the results hoped for.
"There has been too much dictation and too much regimentation. The
smaller communities and rural areas have not benefited to the same extent
as some of the larger centers," Mr. Taber went on.
He recommended a new land policy under which "for every new acre of
land brought under cultivation at Government expense the Government would
purchase and take out of production a greater amount of submarginal land,
using it for forestry, conservation and recreational purposes."
Well-paid labor as well is essential to farm prosperity, he said, but went
on to add that "wages stand at 176% of pre-war while agricultural products
are 70."
Secretary Wallace, in a telegram to the Grange Master, defended his
crop curtailment program, and George N. Peek, Administrator of the Agricultural Adjustment Act, declared it "offers promise for the realization of
the principle of equality for agriculture."
"We must continue to push with the greatest vigor possible our present
retreat from surplus acres and surplus toil," the Secretary wired.
"Even in 1929, with our industrial boom at its peak, we had great surpluses. The fact that no degree of industrial recovery will serve alone to
wipe clean our farm surpluses must be driven home again and again."
James P. Warburg in Reply to Senator Borah Disclaims
Criticism of Present Policies of Farm Relief
Through Credit Extension—Also Amplifies Previous Recommendations for Early Return to
Modernized Gold Standard.
James P. Warburg, Vice-Chairman of the Bank of the
Manhattan Co. of New York, has this week amplified his
utterances of a week ago advocating the earliest possible
return "to a modernized gold standard." The earlier views
of Mr. Warburg, voiced in an address at Philadelphia on
Nov. 22, were indicated in these columns Nov. 25, page
3780. His latest pronouncements are prompted by a statement by Senator Borah (which we give elsewhere in this
issue), in which the Senator contended that Mr. Warburg
3937
offered nothing constructive in his criticism of the present
monetary policy. Mr. Warburg replied to the Senator in
a letter in which he denied having "attacked the present
policies of direct farm relief through production control and
credit extension." and indicated that in his address he had
touched upon the agricultural problem only incidentally in
his reference to the price level. In reciting his views as to
a monetary course "more conducive to recovery than our
present policy," Mr. Warburg said: "I believe that no
single action of our Government could contribute more
effectively to recovery than the announcement of its intention to abandon further willful depreciation, to abandon
the commodity dollar experiment and to seek to bring about
the early revaluation of the dollar in terms of a modernized
gold standard." Mr. Warburg went on to say:
Such revaluation should not in my judgment be undertaken at once,
and I do not pretend to know at what point between the present rate and the
old par it should finally be. I do say, however, that an intelligent revaluation can only be undertaken in conjunction with similar action by Great
Britain, which would of course involve the entire so-called Sterling Bloc.
And I further venture the opinion that the best approach to such joint
action would be an immediate arrangement for co-operative action by the
Federal Reserve System and the Bank of England to limit excessive fluctuations of the two currencies in terms of each other.
Mr. Warburg's letter follows in its entirety:
Nov. 28 1933.
My dear Senator Borah:
In your statement which appeared in yesterday's papers you said that.
beyond criticizing the present monetary policy, I offered nothing constructive and simply advocated a return to the policy under which we arrived at
our present disastrous condition. You also asked me what I had to offer
to help the farmer. I welcome this challenge, because in my address the
other night I could not do more than indicate an alternative policy, since
the circumstances demanded that I should spend most of my allotted time
In attacking the statements made by Professor Fisher and Senator Thomas.
I did, however, state quite clearly that I favored "a reform of the gold
standard."
Let me say at the outset that I have not attacked the present policies of
direct farm relief through production control and credit extension. I am
not an agricultural economist. I am not even a monetary economist, but
simply a practical banker, and I should be very foolish were I to venture
into a field about which I admit that I know practically nothing. My
address the other night touched upon the agricultural problem only to the
extent that I said, and say again; that I think farmers are suffering from a
disproportionately excessive fall of farm prices, rather than from a fall in
the general price level; that if monetary manipulation can permanently
raise the price level at all, it certainly cannot eliminate discrepancies; and
that, in my opinion, the majority of farmers being more creditor than
debtor, only a minority of farmers could gain by a controlled depreciation
of the currency. I mentioned farmers only because I wanted to show that,
apart from hurting all wage-earners, all holders of life insurance, all savings
bank depositors, pensioners, and bondholders, the present policy would
harm a majority of that very group, namely, the farmers, whom it was
primarily designed to help. Beyond that I cannot make any suggestion in
regard to the agricultural problem, without stepping outside of the realm
of things with which I feel fairly familiar. I can and do express full sympathy for distressed farmers, and subscribe to the necessity of solving their
problem—but not at such a disproportionate cost to every worker who has
lived or is living a prudent and thrifty life.
Permit me now to state as briefly as I can, the immediate monetary
actions that I think would be more conductive to recovery than our present
policy, and permit me thereafter to amplify what I meant when I advocated
the earliest possible return to a modernized gold standard. With regard to
the latter, I think I can convince you that I am not simply urging a return
to what we have had in the past.
Immediate Policy.
I believe that no single action of our Government could contribute more
effectively to recovery than the announcement of its intention to abandon
further willful depreciation, to abandon the commodity dollar experiment.
and to seek to bring about the early revaluation of the dollar in terms of a
modernized gold standard. Such revaluation should not, in my judgment,
be undertaken at once, and I do not pretend to know at what point between
the present rate and the old par it should finally be. I do say, however,
that an intelligent revaluation can only be undertaken in conjunction with
similar action by Great Britain, which would of course involve the entire
so-called Sterling Bloc. And I further venture the opinion that the best
approach to such joint action would be an immediate arrangement for
co-operative action by the Federal Reserve System and the Bank of England
to limit excessive fluctuations of the two currencies in terms of each other.
Without going into the mechanical details of such an arrangement, although
I shall be glad to do so if you so desire, I should hope in this way, by trial
and error, to find the point of natural equilibrium between these two currencies, which should then enable both nations to undertake final revaluation in terms of gold. The period of trial and error may take months or
years, depending upon how rapidly order will come out of chaos on both
sides of the Atlantic.
During this intermediate period I should expect that our people would be
untroubled by fear as to the future of our monetary unit, because they
would have, on the one hand, the assurance that our Government did not
intend to seek any further depreciation,and on the other hand,the assurance
that our currency would eventually be the kind of gold currency they could
understand and trust. They would further be assured that, whatever
point between the present rate of depreciation and the old par value of the
dollar is ultimately to be chosen for revaluation, this point would be carefully determined and only fixed as a finality after it had shown itself to
be:consistent with the desired price level and other conditions of living.
Finally, as to immediate policy, I do not pretend to have sufficient
knowledge to entitle me to an opinion in respect to Government expenditure
and the budget. I do not know how large a debt we can afford to run up.
I do know that there is a point beyond which a sound monetary policy can
be and will be rendered void by Government expenditure that cannot be
supportediby taxation. If we go beyond that point, we shall have paper
money inflation, quite irrespective of monetary policy, but I have the
greatest confidence in the Budget Director's vigilant awareness of that
danger.
That brings me to the last question; namely, what do I mean by a modernized gold standard. I am sorry that some of our monetary theorists did not
have the opportunity that I had to take part in the discussions of the
3938
Financial Chronicle
"Gold Committee" of the London Conference because I feel certain that
they would have come away with the inescapable conclusion that international agreement on anything other than a modernized gold standard WEIS
quite out of the question. And I repeat what I said in Philadelphia, that
it is Inconceivable to me that any National currency system that we might
adopt could work satisfactorily in the long run unless it were likewise
accepted by a majority of other nations.
The two major criticisms levelled at the gold standard are, first, that a
shortage or superabundance of gold may at any time upset economic conditions by causing an exaggerated rise or fall of prices; and, second, that the
fiction of currencies redeemable in gold, to say nothing of bank deposits
and securities indirectly redeemable in gold, is dangerous because it will
always produce gold panics in times of depression. With this second criticism I thoroughly agree.
As to the first. I have found practically no one who fears a superabundance
of gold and the consequent exaggerated rise of prices. The critics of the
gold standard who attack it on these lines are almost uniform in their
expression that what they fear is a shortage of gold and a consequent
exaggerated fall in prices. No one has been able to prove to me that there
Is really a danger of gold shortage, but I am prepared to admit that so long
as the fear exists, the mere existence of that fear constitutes a defect in the
gold standard. How then meet it without resorting to untried currency
schemes? Various things have been suggested. The basis of the propaganda for bimetallism. the basis of the theory of symmetalism and likewise the basis of Professor Warren's theory, is a desire to emancipate prices
from the influence of a possible gold shortage.
In so far as it is possible to make specific suggestions without knowing
what will happen between the present time and the time when it will be
feasible to reach international agreement for the reestablishment of an
international gold standard, the following thoughts are suggested:
(1) Gold coin should be entirely withdrawn from circulation.
(2) The holding of monetary gold should be confined to central banks or
banks of issue, who would use it for the settlement of international balances
of payment resulting from temporary disequilibria in the foreign account,
and who would likewise hold it as cover for their note issues.
(3) Note issues should be redeemable in gold bullion for export only,
and shipments arising from such redemption should be made only between
central banks or banks of issue. This suggestion involves overcoming
French opposition towards giving up internal redemption in gold bullion.
So long as any nation permits such redemption, hoarding of gold will be
possible because anyone anywhere can buy exchange on that nation and
then present currency and obtain gold.
(4) Gold miners should be compelled to offer their output to their respective monetary authorities and should only sell to others for use in the industries, arts and professions when permitted to do so by their respective monetary authorities and when the purchasers are duly licensed to buy.
It would seem further that under such a system: the legal minimum ratio
of metal cover against note circulation might well be reduced to about 25%.
This applies only to countries like ours where there is such a ratio. Other
countries, such as England, Sweden or Japan, might agree to accomplish
the same thing as a matter of practice, although no change in the law would
be necessary.
These ideas were, as I have said, discussed in a preliminary way at the
London Conference. They would require further discussion and proper
modification before international agreement could or should be reached.
I state them merely to illustrate how it would be perfectly possible to free
the world from the spectre of gold scarcity and to free the central banks
from the disturbing influence of a loss of gold due to hoarding. This is
what I mean by modernization of the gold standard, which would meet the
justifiable criticisms levelled against it without embarking upon now forms
of money which, no matter how theoretically perfect they might be—could
not possibly command universal confidence because they could not command universal understanding.
This brief statement would be incomplete if I did not add two further
things:
First, that steps must be taken, no matter what international monetary
standard is adopted, to provide for closer and more effective co-operation
between the Central banks or banks of issue of the various countries.
This means that they must make more uniform and complete the statistical
material and indices upon which they base their judgment. If they do this,
and if they co-operate, there is no reason to assume that the familiar
methods of contraction and expansion through Central bank discount rates
and open market operations will not prove amply effective in their control
upon the short-term movements of capital. It should be stressed in this
connection that Central banks must use their powers of contraction in times
of inordinate business expansion and not only their powers of expansion
in times of depression. This is particularly true, if by economizing in the
use of gold, we broaden the basis for a possible over-expansion of credit.
Second, apart from Central Bank control of normal domestic contraction and expansion, there must be an adequate and intelligent control
of both long and short-term foreign lending. It has been clearly shown that
this cannot be left to the discretion of private bankers. Such control has
been very effectively exercised by the Bank of England, through guidance
rather than law or regulation. And such control must not, under any
circumstances, take the form of exchange restrictions, which experience
has shown serve only to stimulate the flow through illicit channels of the
very transactions that they are designed to prohibit. No artificial barriers
will prevent money from fleeing when it is afraid to remain, or from going
where it hopes to find profitable employment. There is only one way to
prevent an undesirable movement of capital, and that is to eliminate
the reason for it. Remove fear—provide the reasonable hope of profitable
employment—and capital will always show itself the most timorous of
wanderers, the most comfortable and lazy of home-bodies.
As to the gold-buying program which we are now pursuing in our approach to a commodity dollar, let me say first, that I believe neither in the
theory nor the practical method. Perhaps I am wrong. Perhaps the Warren
theory, so ardently and so dogmatically proclaimed by the Committee for
the Nation and others, has solved the problem that has puzzled economists
for generations.
If, over a period of years, a superabundance of gold or a scarcity of gold
should make itself manifest by exaggerating price trends, in spite of the
precautionary reforms that I have outlined—(which I venture to doubt,
because I for one do not believe that the quantity of gold plays any such
direct and important part in a money structure such as ours)—
Then I should be quite prepared to allow an international body endowed
with supreme authority to alter the world price of gold, that is, the gold
content of all the gold currencies, upwards or downwards from time to time,
in order to offset the effect of gold shortage or superabundance, provided:
1. That I could see the remotest possibility of creating such an international body, not subject to political influence, and endowed with supreme
power over the monetary authorities of the varieties countries—and
2. That I could assume that such a body would be furnished with complete and accurate information by all the various markets, and would use
such information intelligently and impartially in reaching its conclusions,—
I can see no reason to consider the creation and successful operation of
Dec. 2 1933
such a body anything more than a Utopian dream, and I believe that to
give the power of changing the gold content of the currency in each country
to its own monetary authorities is fraught with the gravest danger. Furthermore, to do so would be to imply that the price level within any given
country depends, not upon the world supply of gold, but upon the supply
of gold within that country. That, to my mind, was the first implication
of our present gold buying policy, when our purchases were confined to
operations within this country. The second implication, when we extended
our purchases of gold to the world markets, was that we were setting out
• to raise the world price of gold, that is, to reduce the gold content. not only
of our own currency, but of the currencies of other nations. If that is a
correct interpretation, it implies acceptance of the belief in a gold shortage,
acceptance of the underlying theory that the price level can be raised by
counteracting a gold shortage through devaluation of all currencies, and
it would seem to me that it implies the entirely unwarranted assumption
that other nations will let us perform our experiment on their currencies.
If that is not a correct interpretation, then the meaning of our present
policy can only be that we consider the foreign exchange value of the dollar, particularly the sterling value, the important factor in determining our
price level. That is not Professor Warren's view. It is, I think, the view
of Professor Rogers. But here again, one is constrained to ask, why should
other nations, particularly England, let us arrange things to suit ourselves?
Professor Rogers, I feel sure, would agree that we can only accomplish our
purpose—if that is our purpose—by international agreement and co-operation. And. I repeat, I can see no basis for expecting such agreement or
co-operation along any other lines than an intelligent modernization of
the gold standard. To this end I should like to see the labors of the London
Gold Committee taken up where they were interrupted at the earliest
possible date.
I am sorry to burden you with so long a letter, but you quite justifiably
asked for it, and whether you agree with me or not, I trust that at least I
shall have satisfied you that I am not just advocating "a return to the good
old days."
Very sincerely yours,
JAMES P. WARBURG,
The Hon. William E. Borah,
The United States Senate,
Washington, D. C.
Senator Borah's Reply to James P. Warburg Anent
President Roosevelt's Monetary Proposals—Senator
Advocates Remonetization of Silver.
Remonetization of silver, particularly for the millions in
the Far East and elsewhere who have long used it, was
urged by Senator Borah on Nov. 30 as a practical plan to
relieve the present monetary situation. Senator Borah's
proposal was contained in his reply to James P. Warburg,
whose letter to the Senator appears in another item in this
issue of our paper. The Senator's reply, as given in Washington advices Nov. 30 to the New York "Times," follows:
"I am in receipt of your communication under date of Nov. 28, in which
you state your views touching the money question.
"I am greatly interested in your discussion of this subject. It is refreshing to read a discussion of this subject without encountering a deluge of
such terms as demagogues, dishonest dollar, cheap dollar, repudiation communists, crooks and idiots. Your letter is a candid admission that the old
orthodox system is obsolescent and the whole subject is open to fair discussion.
"But I observe that your plan rests upon a proposed revaluation of the
dollar in terms of a modernized gold standard, which, however, is not to
be undertaken except in conjunction with similar action by Great Britain,
which would, of course, as you say, involve the entire so-called sterling bloc.
"The possibility, to say nothing of the desirability, of such conjunctive
action with Great Britain is so remote at this time. as I see it, that it removes any proposal based upon that fact beyond the realm of practical consideration and discussion.
"The entire history of Great Britain in money affairs, the repeated
statements of Mr. Chamberlain in the last year and a half, the course which
Great Britain has pursued and is now pursuing, the distinct conflict of
interests of these two countries in the markets of the world, render remotely
practicable any proposition based upon joint action with Great Britain.
We cannot wait, I venture to say we will not wait, upon that event.
Question of "Uncertainty."
"There is a further fact which I may be permitted to state, not in the
way of criticism, but simply as the matter appears to me. I had supposed
that the main criticism of the President's policy was based upon the element
of uncertainty, the experimental period through which the President anparently feels the necessity of passing.
"Your proposition has many elements of uncertainty. It would seek
to bring about the revaluation of the dollar in terms of a modernized gold
standard. But such revaluation is not to be undertaken at once. It is
not known at what point revaluation should take place. Such revaluation
is not to take place until Great Britain co-operates.
"We cannot know the effect of waiting upon such propositions. We cannot know what the effect will be when it does take place. It is impossible
to know what the effect would be upon the price level, although it seemsto
me it would be very unfortunate.
"You are of the opinion we would have to go through a very long period
of trial and error, of months, perhaps years, and, in my opinion, of decades.
"One of the great contributing causes to the present depression was the
raaldistribution of gold. Two nations with about 170.000.000 population
were in possession of something over 75% of the gold of the world. I do
not see how your plan would remedy that situation in the slightest.
Silver for Reviving Orient.
any way with
"It does not seem to me that you contemplate dealing in
Imperial Bank
the question of silver in the Orient. The governor of the
of India declared some time ago:
that rnaldistribution
__"'The economists throughout the world are agreed fundamental causes
the
of gold and overproduction of goods are two of
consider the fact that the great masses of the Orient
of the depression. If we
one cannot say that there is overare half starved and less than half clad, rather that there is overproduction
production in terms of requirements, but
In terms of purchasing power. purchasing power, and we have the instru"'Our job, then, is to recreate
are possessed. The remonement at hand in silver, of which these masses purchasing power and
tization of silver will furnish us with a needed world overproductionwill
of
disappear, through consumption, the
cause to
goods.'
following statement:
"Sir Henry Deterding makes the
ever
"'Have the great bankers who depend on world-wide trading
considered if it is possible for the world's trade to revive as long as about
half the world's population—whose wealth is mainly in the shape ofsilver—
Volume 137
Financial Chronicle
are precluded from participating in the trade of the world by reason of the
fact that the commodity in their possession has been artificially reduced in
value to a point which practically prevents from being buyers of anything?
"Leaving aside all question as to the proper use to be made of silver In
the monetary systems of the world, it seems perfectly evident that no monetary system can in the future be considered sound and efficient which does
.
not restore to millions of people the money which they have used for 3,000
years, which they desire to use, and which they will use if permitted to do so.
The property loss incurred, the wide-spread misery entailed, by reason
of taking away from 800,000,000 people their only medium of exchange,
their method of saving, was a selfish, brutal thing, having its origin in that
blind greed which often works its own ruin."
Senator Borah in Defense of President Roosevelt's
Gold Policies—Criticism of Views of James P.
Warburg.
The opposition expressed by James P. Warburg in Philadephia on Nov. 22 (in an address, which was given in these
columns Nov. 25, page 3780) has called forth criticism from
Senator Borah of Idaho, as to which we quote the following
from a Washington account Nov. 25 to the New York
"Times":
Senator Borah came to the defense of the Administration's effort, issuing
a formal statement in which he asked critics what they had to propose
beyond the mere restoration of the old gold standard that had failed to work.
He added that he might next week have a plan of his own to propose.
Answering a question Mr. Borah said that the gold dollar "is the most
dishonest dollar over created, except absolutely irredeemable paper money."
"Farmers," he said. "are as much interested in sound money as any.
Tho ones you hear howling about sound money," said the Senator, -are
those who own securities."
His statement follows:
"I doubt If the critics of the President's monetary policy will succeed in
winning public opinion away from the President, unless they are prepared
to offer an affirmative, constructive program. The thing that holds the
People to the President is the belief that he deeply desires to lift them out of
their desperate troubles. The people will naturally ask those who object
to the President's monetary system: What have you to offer in lieu of the
President's program?
"We had the gold standard for three and a half years of the depression.
We should have had the confidence which it is said now waits on the return
of the gold standard. But confidence was not at hand, prices continued
to fail, unemployment to increase, until on March 3 this Nation was in a
State of economic collapse. The advocates of tho gold standard stood about
the bier of American industry and American agrucilture speechless—not a
word of hope, not a note of leadership. The groat bankers and financiers
offered no remedy. Complete national liquidation In all its stark and
hideous aspects stared us in the face. The only thing that is offered now
by tile critics of the President,is a return to the gold standard and,apparently, the program which marked the gloomy days from October 1929, to
March 3 1933.
"I wondered the other day when I read Mr. Sprague's statement that
ho never had tile opportunity to tell the President what the President ought
to do,just what he would have told him had he been given au audience.
"Mr. Warburg In his Philadelphia speech,said the trouble with the farmer
Is not that the prices have fallen, but that farm prices have fallen much
below all other prices. I do not agree that that alone constitutes the farmer's troubles, but that Is one of them, a serious one. It must be remedied
or the farmer cannot again enjoy anything like prosperity. But what
remedy does Mr. Warburg propose for this situation? It was under the
gold standard that this condition arose, although I am frank to say it was
not duo to the gold standard alone. But what is the remedy? None is
offered.
"The President has the advantage In this controversy in that he thinks
something must be done aside from returning to the status quo ante. That's
what a vast majority of the people of the couttry think. If those who attack
his policy would offer anything except the policy under which we arrived
at our present disastrous condition, they might more readily succeed In
breaking the President's policy.
"Neither Governor Smith, Mr. Sprague, nor Mr. Warburg, In their attacks upon the present monetary policy, offer anything except the mere
restoration of the gold standard, the return to gold. Will that suffice?
It does not seem to me that it will suffice. At any rate in view of the experiences which we had under the policies to which they would now have us
return, I venture to believe the American peeple will not support any such
program."
Mr. Warburg's reply to the above is given under another
heading in this issue of our paper.
Raymond Moley Defends United States Fixing Price of
Gold—Cites Action of Great Britain to Increase
Foreign Trade—Forecasts Steadying of Gold.
From Santa Barbara, Calif., Nov. 26, Associated Press advices stated that, replying to critics of the Roosevelt monetary policies, Raymond Moley, former Assistant Secretary
of State in the President's Cabinet, asked this question
to-day:
Someone has to fix the price of gold; why shouldn't it be the United
States?
The dispatch continued:
Professor Moley, who came here to spend Thanksgiving with his family,
Proceeded to answer it by adding:
"For years the Bank of England had fixed the price of gold and no one
ever howled. Now that the President has decided to have the United States
fix the price, why should there be any objections?
"There were no complaints when England was forcing its pound down
from $4.86 to $3.25, thus pushing the dollar up. Why should there be complaints now that President Roosevelt has forced the pound back up, regaining the international trade that was being diverted to Great Britain by the
decline of the pound?
"England did not force down the value of the pound to destroy values of
Investments or property, but to increase her foreign trade, and succeeded.
"Mr. Roosevelt's action along similar lines has offset Great Britain's move,
turning back the stream of foreign trade into the channels of the United
States.
"Such a complex problem cannot be dealt with hastily or with a
brief
3939
slogan. It must be done with a great deal of care so that it will fit in
properly with the entire recovery program.
"It is not a battle between two groups like the Bryan-McKinley affair,
but something far more serious and requiring far more painstaking thought
and care. Mr. Roosevelt is in complete control of the situation, and I have
absolute confidence in the wisdom of his actions as well as in his ability to
carry the program through."
On Nov. 30 Mr. Moley forecast an early steadying of the
Reconstruction Finance Corporation gold price, followed by
a period of inflation through issuance of public works bonds
and renewed open-market operations of the Federal Reserve
System. From the New York "Times" of Dec. 1 we quote
further as'follows:
At the same time he criticized the present opposition to the Roosevelt
money program, declaring:
"The danger is that we shall cause the pendulum of public policy to
swing violently from one side to another. If the friends of the general
policies of the New Deal rush, as did Professor Sprague, howling, into the
camp of the reactionaries, they may swing the administration far to the
left. This would result in an inevitable reaction far to the right. This
means that we follow a tragic process of mere change, unreasonable, meaningless and fruitless. After many agonies, the people end where they began,
but poorer and more bitter, with the spring of hope dried up in the fire
of revolution and counter-revolution."
Interprets Program.
Mr. Moley's statements were contained in a two-page editorial written
for the current issue of "To-day," of which he is editor. After declaring
that it is possible now, after much discussion, to select elements that are
"either present in the administration's avowed intentions, or easily to be
inferred from them," the editorial listed six points, as follows:
1. Ultimately, all of the principal countries must return to a gold or a
gold and silver standard, unless some international commodity standard is
devised which is not now in sight. There is, however, no urgent reason
why the United States should return to gold for a year or two, and the
parity at which it returns cannot be determined in advance, except in a
very general way. This assurance of an ultimate return to the gold standard was contained in the so-called Pittinan resolution, introduced with the
approval of the President by the American delegation at the London Economic Conference.
2. The present gold-purchasing policy, with its stimulation of exports, is a valuable temporary step. It relieves us of certain export surpluses and makes it easier for the Agricultural Adjustment Administration
and the National Recovery Administration to move in the direction of the
future control of surpluses.
There was no wild excitement in London when the British Government
and the Bank of England pushed the pound down through the equalization
fund; nor did the British grow wildly excited because the Bank of England
from day to day fixed the price of gold.
The ultimate safety of American producers, however, lies in the expansion of the domestic market. Hence, the time will soon be here when the
administration will probably reduce the fluctuation of gold prices within
a very limited range. This does not mean stabilization in the hard and
fast sense, nor does it mean stabilization by international agreement. It
simply means the adoption of a limited area of fluctuation which is fairly
well known to the world at large.
"Safest" Inflation.
3. The value of a direct inflation of currency as a stimulant to prices
depends upon the way in which the currency is issued and the purposes for
which it is issued. A great deal of misunderstanding prevails with regard
to this. We must learn to distinguish between a budget deficit due to excessive ordinary expenses and one due to capital outlay in public works
which at once provide employment, a necessary inflation and a permanently
valuable product.
Reduced to simple terms, the issuance of currency to meet a budget deficit
is undesirable. It is desirable to meet such a deficit by keeping the credit
sound and by issuing bonds. The bonds are transformed into currency
through the open-market operations of the Federal Reserve System and the
net result is that the public has the currency, the Federal Reserve has the
bonds and the Government has the result of the expenditure of money.
Inflation is safest when it is done through a public works policy, and,
inasmuch as we have already adopted this, and it is under way, it may
be assumed that this method will continue. This country can stand, without risk to its credit, a great amount of public works. Such a program,
however, should be attenuated over the years, with the assurance that ultimately it will stop.
Public works Inflation has the advantage of definite controls. That such
control is being used by President Roosevelt at this time is commonly overlooked by the alarmists. The fact is that Secretary Ickes has been very
cautious in approving projects and the President has upheld him in this
caution—this despite the appeals of those who advocate great haste in
letting contracts and spending money.
Reserve Board Cautious,
4, Professor Rogers, speaking presumably with the full knowledge and
consent of the Treasury, poir.ted out in his statement on Nov. 22 that such
additional inflation as may be desirable after the gold-purchasing policy has
reached its conclusion should be through open-market operations, an inflationary process controlled largely by the Federal Reserve Board. This,
considering the present make-up of the Federal Reserve Board, should
be
far from alarming to conservatives. The Federal Reserve
System, moreover, must buy the long as well as the short-term obligations of the
Government—and in considerable amounts.
5. In the international field, it is probable that in addition
to the easing off of American efforts to reduce the relative value of
the dollar, some
international agreement, might be reached which would provide for
a general revalorization of the gold content of currencies. This
is Keynes's suggestion and it has supporters among the liberal bankers
of this country.
The net result, therefore, of the President's policy would
be, as some very
sound and accurate foreign observers note, to raise prices
internationally as
well as domestically.
6. Moreover, something must be done for silver.
The demands of the
American delegation at London constitute a fair program. They
included
the use of silver as a part of central bank reserve, the
stopping of Indian
export, the restoration of the former content of silver subsidiary coinage
in
Europe and the payment of war debts in silver. Possibly a
mild silver purchase program should be added.
3940
Controversy Between Treasury Department and RFC
Over Legal Authority of Latter to Purchase
Gold — Legality Attacked by Dean Acheson,
Formerly Under-Secretary of Treasury—AttorneyGeneral Cummings Upholds Stanley Reed, Counsel
for Corporation, in Defending Its Course.
Differences of opinion between the Treasury Department
and the Reconstruction Finance Corporation over the legal
authority of the latter to purchase gold became known on
Nov. 26, when a Treasury memorandum in the matter was
made public. Dean G. Acheson, who recently resigned as
Under-Secretary of the Treasury, contended that "the Act
is7one of doubtful legality." On the other hand, Stanley
Reed, Counsel for the RFC,maintained that the Corporation
was empowered under the Reconstruction Finance Corporation Act to sell its obligations "at a price to be measured in
gold." The contentions of Mr. Reed were upheld by U. S.
Attorney-General Cummings. Stating that Mr. Acheson
was Under-Secretary of the Treasury when the dispute arose
following the decision of the Administration late in October
to buy newly mined domestic gold and, if necessary, to make
purchases in the world market, a dispatch Nov. 26 from
Washington to the New York "Times" added:
to have
The Treasury viewpoint backed by Mr. Acheson is understood
of Henry
had a bearing upon his resignation to make way for the naming
Morgenthau Jr. as his successor.
recently, said that
Secretary Woodin, before going on a leave of absence
to the policy
the only objection Treasury Department officials had raised
settled by the
was in regard to the legal phases, and that when these were
support in putting
Attorney-General the President had received their full
his program into effect.
Dispute Over "Sale" of Notes.
Counsel for
When the President announced the program. Stanley Reed,
Government were
the RFC, held that gold purchases by the RFC for the
the Treasury memolegal under Section 9 of that Corporation's Act. In
randum, . . . that contention was questioned by its legal experts.
whose views were approved by Mr. Acheson.
it to
Mr. Reed held that Section 9 of the RFC Act, which authorized
maturity without
sell on a discount basis short-term obligations payable at
short-term notes
interest, permitted the Corporation to exchange its
for gold.
sale at such
Section 9 provides that such obligations may be offered for
approval of the
price or prices as the Corporation may determine with the
Secretary of the Treasury.
imply
Mr. Reed's opinion held that the word "sale" does not necessarily
of RFO
an exchange for money only, and that, treating the exchange
prices as a
notes for gold priced above the world markets or statutory
meaning
sale in a broad sense, the present operations would fall within the
of the law.
Treasury's Objections Stated.
such a
The Treasury memorandum held it to be difficult to construe
spread between the sale price of the RFC notes and the maturity value
as a discount, and added:
"Quite clearly, it would not be a discount justifiable for revenue purthat
poses, and to consider it as a discount at all within the meaning of
any and
term as used by legislators would be to open wide the door for
provides
every kind of a manipulation for ulterior purposes where a statute
revenue-obtaining machinery on a discount basis.
interpretation upon the discount provisions of
"The effect of such an
Federal Reserve legislation is interesting to contemplate."
From the New York "Herald Tribune" of Nov. 27 we
take as follows the contentions of Mr.Acheson and Mr. Reed:
The Attack.
Mr. Acheson argued:
its own
It would seem that the proposal that RFC purchase gold with
debentures under Section 9 of the RFC Act is one of doubtful legality.
approval of the SecreUnder Section 9 the RFC is empowered, with the
other obligatary of the Treasury, to issue notes, debentures, bonds and
a discount basis.
tions, either interest bearing or non-interest bearing, on
obligations are:
The pertinent words with reference to the disposal of these
authorized by
"Such obligations may be issued in payment of any loan
price or prices as the Corporation
this Act or may be offered for sale at such
Treasury."
may determine with the approval of the Secretary of the
issuance of obliIn the first place, it must be frankly admitted that the
as a revenue
gations by the RFC was contemplated by Congress only
use in connection
measure for the purpose of putting the RFC In funds for
issue such obligations
with its authorized lending functions. The power to
in anyway qualify
"in payment of any loan authorized by this Act"does not
this assumption.
financial institutions the
Congress realized that in the case of loans to
banking practice often
highest degree of liquidity in connection with sound
institution of the
dictated an immediate reinvestment by the borrowing
-guaranteed obligaproceeds of the loan in income-producing government
this result, while at
tions, and this provision was inserted to accomplish
the same time eliminating useless Treasury financing.
to see how one
It seems difficult under any stretch of the imagination
obligations for gold
could possibly construe the present exchange of RFC
an issue of RFC
on the basis of a price in excess of the parity figure as
that the RFC
obligations for a revenue purpose, unless it be assumed
market price and
intends to either obtain the gold at less than the world
acquire the gold
then dispose of it in the world market at a profit, or to
gainfully disand hold it pending a rise in price at which the gold may be
would result in the RFC
posed of. And either of these two assumptions
in or
not issuing its obligations for revenue purposes, but rather dealing
speculating in gold for revenue purposes.
No Power to Purchase Gold.
of RFC
In the second place, it seems difficult to construe an exchange
obligations for gold as a sale of such obligations. It should be remembered
sale of the debentures and not
that the emphasis in the exchange is on the
separate power to puron the purchase of the gold, since the RFC has no
RFC obligated
chase gold. The question, therefore, Is. is the exchange of
a sale? The RFC Act
for gold on the basis of a price in excess of parity
sale "at such price or prices"
states that the obligations may be offered for
the word "price indicates"
as the Corporation may determine. The use of
Dec. 2 1933
Financial Chronicle
a money transaction and does not mean an exchange of commodities. If
the obligations are to be exchanged for gold, the gold must, therefore, be
considered not as a commodity but as money. Gold as money has a definite
statutory value, namely, the legally established parity price. At any other
price it could not be money,since to denominate it as such would result in
the creation of moneys of different values: I. e., a dollar of one kind of money
would not buy a dollar of another kind of money.
Gold Producers Not Eligible.
It should be further noted that the Act by its specific words does not
authorize the RFC to sell its obligations at such price or prices as it may
determine, but rather says that its obligations "may be offered for sale
at such price or prices as the Corporation may determine." Couching the
issuing power in terms of an offer for sale, rather than of a sale, would seem
to argue that the obligations must be sold more or less in the open market.
An offer to exchange such obligations only for gold could hardly, even in
normal times, be considered as offering them in the open market. Under
present conditions, with the only free gold in the country being newly
mined gold, an offer to exchange for gold only is even more remote from
an open market operation.
The only other authorized means of issuing such obligation is, of course,
for payment of an authorized loan as above mentioned,since gold producers
are not eligible borrowers and no form of loan to them is authorized by the
RFC Act, this method ofissuance is, of course, clearly out of the picture.
Exchange Ideas Considered.
That provision of the RFC Act which empowers the Corporation, with
the approval of the Secretary of the Treasury, to sell on a discount basis
Its short-term obligations payable at maturity without interest merits consideration. It might be contended that the RFC could exchange its shortterm, non-interest bearing obligations for gold at such a discount that the
gold could be considered as accepted at the parity price as cash. In other
words. RFC could exchange its short-term, non-interest bearing obligations
to Pay $100 for $66 worth of gold at the present mint parity price. This,
of course, could not be done in the open market, but would have to be
restricted to exchanges for gold only.
But even if the necessity of offering for sale in the open market was
not considered essential, it is difficult to construe such a spread between
the sale price and the maturity value as a discount. Quite clearly it would
not be a discount justifiable for revenue purposes and to consider it as a
discount at all within the meaning of that term as used by legislators would
be to open wide the door for any and every kind of a manipulation for ulterior purposes where a statute provides revenue-obtaining machinery on
a discount basis. The effect of such an interpretation upon the discount
provisions of Federal Reserve legislation is interesting to contemplate.
The Defense.
Mr. Reed argued:
I have before me draft No.2.dated Oct. 29 1933,of a resolution proposed
for consideration by the Board of Directors of the RFC relating to an issue
of $50,000,000 of the short-term obligations of this Corporation, subject
to the approval of the Secretary of the Treasury and upon the terms and
conditions stated in said resolution. You have asked my opinion as to
the legality of the proposed issue In accordance with the terms of the draft.
I have the honor to advise that, in my judgment, an issue in accordance
with such proposed resolution would be within the power of the Corporation and that the obligation so Issued would be binding upon the Corporation
and upon the United States of America, the guarantor of this issue.
My reasons for this conclusion are as follows:
I. Facts—It is provided in Section 9 of the RFC Act that:
"The Corporation is authorized and empowered, with the approval of
the Secretary of the Treasury, to issue, and to have outstanding at any
one time in an amount aggregating not more than three times its subscribed
oblicapital, its notes, debentures, bonds or other such obligations; such
dates of
gations to mature not more than five years from their respectivematurity
before
issue, to be redeemable at the option of the Corporationand to bear such
In such manner as may be stipulated in such obligations,
rate or rates of interest as may be determined by the Corporation: Provided,
that the Corporation, with the approval of the Secretary of the Treasury,
may sell on a discount basis short-term obligations payable at maturity
of
without interest. . . . Such obligations may be issued In payment or
such price
any loan authorized by this Act or may be offered for sale at of the Secrethe approval
prices as the Corporation may determine with
tary of the Treasury."
Question of Sale Considered.
It has been proposed that the RFC issue short-term, non-interest bearing
obligations which it will offer for sale to the public. It has been further
and
proposed that the RFC receive gold In payment for such obligations
date, or
only such gold as may be imported from abroad after a specific
United States
such gold as may be recovered from natural deposits in the
and not
or any place subject to the jurisdiction thereof after April 5 1933,
and(or)
held in non-compliance with the terms of any executive order
Treasury regulations.
so carried out
II. Issue—It is desired to ascertain whether a transaction
Act:
would be a "sale" within the terms of Section 9 of the RFC
authorized by
"Such obligations may be issued in payment of any loan
Corporation
this Act or may be offered for sale at such price or prices as the
Treasury."
may determine with the approval of the Secretary of the
within the terms of
III. Argument—The above transaction is a sale
Section 9 of the RFC Act because:
for money
(a) The word "sale" does not necessarily import an exchange
Section 5 of
only. The word "sale" has a variety of definitions. In
"Meecham on Sales," it is pointed out that:
to agree as
"It seems impossible . . . for courts and text-writers
elements of the
to the meaning of the word ('sale') or as to the essential
idea which it represents."
Definition of "Sale" Quoted.
only. Thus,
But its definition is rarely limited to an exchange for money
from one to
while a sale is sometimes defined as a "transfer of property
paid in current
another in consideration of a price named or agreed to be
N. W. 112; Madison
money" (Labaree vs. Klostermann, 35 Neb., 49;
46 N. Y.. 131),
Avenue Baptist Church vs. Oliver Street Baptist Church,
exchange of an interest in real
It is more usual to find that a sale is "the
(Mansfield vs. District
or personal property for money or its equivalent"
"A parting with
Agricultural,,Association, 144 Cal. 45; 95 Pac.. 460); or,
consideration" (Western Mass.
one's interest in anything for a valuable
or, "held to include barter and
Insurance Co. vs. Ricker, 10 Mich., 274);
consideration" (Hartwig
any transfer of personal property for any valuable
"a delivery of an article at
vs. Rushing, 93 Oregon, 6 ; 182 Pac., 177); or,
106 S. W., 64).
a fixed price" (State vs. Betz, 207 Mo., 589;
courts and their dictum
The issue has never been presented to the Federal
vs. Commissioner of Internal
has not been clear. A recent case, Ferguson
definitions, including "a
Revenue, 45 Fed. 2d, 573 (1930), lists several
of payment
transfer for any consideration," "a transfer in consideration
in current money,"
or promise of a certain price in money," "a certain price
"a fixed price in money or its equivalent" ; but never chooses among them,
is worthy
since this part of the deftnition is not pertinent to the issue. It
Volume 137
Financial Chronicle
of note, however, that the Supreme Court in the 5% cases, 110 U. S., 471
(1883), defined a sale as "a transfer of property for a fixed price in money
or its equivalent." It would seem that the "equivalent" must be some
personal property, the value of which is measured and stipulated in money.
See Meecham, infra.
Other Decisions Cited.
The application these definitions have received is likewise pertinent,
for it reveals that a broad definition of the word "sale" is not limited to a
transaction of a particular class. Thus, it was held in Boardman agt.
Petch. 186 Cal., 476; 199 Pac. 1047 (1921), in an action for compensation
.
which was to be a given percentage of the sale of the assets of a corporation,
that, in the absence of statutory or contractual provisions confining sales
to an exchange of property for money, an exchange of assets for the bonds
of a corporation was a sale. In Cobb agt. Hills, 94 N. E., 203 (Mass.,
1911), in an action on a "contract of purchase of sale" the plaintiff received
judgment, although "the walnuts were to be paid for by furnishing to the
plaintiff as he might call for them other goods of equivalent value." And
In Hartwig agt. Rushing, supra, the exchange of a prune ranch valued at
$31,000 and notes, for stock in trade, was held to be a "sale" within the
Bulk Sales Act.
Williston on Exchanges.
Williston, in his treatise on sales. identifies contracts of sale and con
tracts of exchange for all purposes, saying that the term "sale" in a statute
is often interpreted to include "barter and any transfer of personal property"; that is, Williston suggests the word "sale" as used in a statute may
have even a broader definition than would be necessary to term as a sale
the type of transaction under consideration. He says:
"In the common law, however, there is no different rule applicable to
a contract of sale from that which is applicable to a contract of exchange.
It would seem unfortunate in codifying the law of sales to exclude contracts
or exchange which turn on precisely the same principles and which differ.
if at all, only in name. The only doubtful point, indeed, in regard to exchanges is whether they differ even in that respect. An exchange has been
held universally in the United States to be within the section of the statute
of frauds relating to the sale of goods. So in the construction of other
statutes the word 'sale' has been held to include transactions for other
than a money price."
Broad Construction Upheld.
Although, in Section 170. Williston takes the point of view that Section
9, subdivision 2, of the Uniform Sales Act merely includes contracts of
barter within its terms and that a contract of sale is for money only, he
seems merely to be reverting to a strict terminology and not to conflict with
the above quotation, since otherwise his own citations do not bear him out.
In Arnold vs. North American Chemical Co.. 122 N.E., 288(Mass., 1919).
It Is stated that a sale means the transfer of property from one person to
another for a "consideration of value."
(b) Section 9 of the RFC, Act is no limitation upon a broad construction
of the word "sale."
The RFC Act merely provides that a price or prices must be determined.
but does not provide that the exchange must be for money at that price.
Nor is such an implication considered necessary. In this connection the
Uniform Sales Act is persuasive. Section 1 (2) of the Uniform Sales Act
provides that the sale of goods is an agreement whereby the seller transfers
the property in goods to the buyer for a consideration called the "price."
and Section 9 (2). defining "price," says, "the price may be made payable
In any personal property."
Barter and Sale Defended.
Meecham, in his book on sales, although not referring specifically to this
quotation, nevertheless contributes to its clarification by emphasizing price
In distinguishing sale from barter, and makes clear that money is important
only as a measure of value and is not the thing that must be exchanged for
the article. He says: ". . . Sale is to be distinguished from barter
or exchange though the transactions are, in many respects, very much
alike. As has been seen, sale is the transfer in consideration of a price in
money or its equivalent. Barter, on the other hand, is the exchange of
one article for another, no price in money being fixed upon either. If,
therefore, as is said in one case, 'property is taken at a fixed money price,
the transfer amounts to a sale, whether the price is paid in cash or in goods'
—hut'where one chattel is exchanged for another, no price being attached.
it is not a sale'."
Numerous statements in the cases may be adduced to support the distinction advanced by Meecham. Thus in Picard vs. McCormick, 11 Mich.,
768 (1862), the court said: "If property is taken at a fixed money price
the transfer amounts to a sale whether the sale is paid in cash or in goods.'
There the plaintiff bought jewelry at a value of $400 and paid by a horse
valued at $160 and the balance in notes. See also Crapo vs. Seybold,
36 Mich., 444 (1877).
Quotes from Meecham.
•
The issue is well presented by Meec hixnhamself in Sections 14 and 15,
where he discusses several cases, and says:
"In many of the cases the price was to be paid partly in cash and partly
in goods, but this was a mere accident, and is not the criterion. Thus,
where a horse was transferred for the sum of $50, and the owner received
in exchange three notes of third persons amounting to $49.14, and also
86 cents in money, the transaction was held to be a sale. 'In the absence
of express evidence that an exchange only was intended,' said the court
(Loomis vs. Wainwright (1860). 21 Vt., 520), 'a sale might justly be inferred from the fact that the trade was governed by a fixed price for the
horse, an agreed price being essential to a proper bargain or sale, but
altogether needless in the case of a mere exchange. There the commodities
exchanged, whatever be their supposed value, are mutually received as
equivalents for each other. It must be taken, then, that the horse was sold
to the defendant at the price of $50.'
"So where the plaintiffs delivered to the defendant, at various times,
dry goods out of their store to a large amount, in consideration of which
and in payment whereof the defendant agreed to deliver to the plaintiffs,
on or before a day specified, nails at a price per pound agreed upon, it was
held to be a sale of the dry goods on credit to be paid for in nails, and
neither a purchase of the nails, nor an exchange of the dry goods for the
nails. (Herrick vs. Carter (1865), 56 Barb., N. Y. 41.)"
"But where, on the other hand, plaintiff delivered wood to the defendant,
who agreed to return a like amount to the plaintiff whenever he should
desire it, it was held to be a mere exchange, and not a sale (Mitchell vs.
Gild (1841). 12 N. H. 390): and so where a filly, which had been bought
and was valued at a given price, was exchanged for another horse, it was
held not to be a sale."
Justice Holmes Quoted.
This distinction has met with the °biter approval of the Supreme Court
of the United States. In Postal Telegraph Cable Co. vs. Tonopah & T. W.
RR. Co., 248 U. S., 471 (1918), Mr. Justice Holmes said that:
". . . Exchange is barter, and receives with it no implication of
restriction to money as a common denominator."
In Pan American Petroleum Co. vs. U.S.,273 U.S.,456(1926).the court
did not detract from this statement. Thither° considered a contract to deliver fuel oil and to receive compensation in crude oil on the basis of "field
prices of crude oil," under a statute giving power to "exchange and sell" oil.
The decision by the court,in referring at times to a sale ("use crude o il to
pay for additional storage facilities") and at times to an exchange, reveals
that a distinction between sale and barter was not even considered, since
t was not relevant.
3941
The sale of the obligation of the RFC, in the manner provided for In
Section I, does not conflict with Congressional intent, as revealed in the
debates of Congress.
Intent of Congress.
In answer to the objection that the RFC has power to issue its obligations
only for the purpose of using the proceeds for its normal functions (i. a.,
making loans, purchasing preferred stock, &c.), it may be said that there
is nothing In the legislative history or in the Congressional debates which
tend to show that Congress desired to so restrict the language of Section 9.
In fact, Senator Copeland several times emphasizes the hope that the sale
of RFO obligations "will bring back much hoarded money" (75 Congressional Record, 1421).
Again at page 1431 Senator Copeland remarked "there are certain
features in connection with these bonds (RFC obligations) making them
less desirable as a piece of security than a government bond. Therefore,
to bring out the hoarded money and to find sales for the bonds, there will
.
have to be a rate of interest attractive enough to cause their sale." .
Similar remarks may be found by Senator Walcott at page 1421 of 75
Congressional Record.
In view of such statements as these, it cannot be said with any degree
of finality that it was the intention of Congress to prevent the RFO from
selling its obligations for any purpose other than the financing of its usual
business.
RFC Gold Purchases Upheld.
IV. Application of Argument—It will be noted that the eighth paragraph
provides that the obligations shall be offered for sale "at such price or prices
as the Corporation may determine, payable in such gold is the Secretary
of the Treasury may offer for sale under the executive order of Aug:29 1933,
or in gold imported from abroad after the date of this resolution, at the option of the Corporation, at such rate as may be from time to time fixed."
I assume that the obligations will be offered at a price in money from day
to day adjusted to produce the discount from par believed to be sufficient
to sell the obligations, payable in gold "at such rate as may be from time
to time fixed," which will mean that a certain value in money will be
attributed to the gold delivered on any particular day. Conducted in this
way, the transaction would comply with the requirements of the statute
that the obligations would be sold at a price fixed by the Corporation, and
that the price, while paid in gold, would be measmed in terms of money.
This brings it clearly within the definitions of a sale given in the preceding
section headed "Argument."
V. Conclusion—It is, therefore, to be concluded that Section 9 of the
RFC Act permits the sale of the obligations at a price to be measured in
gold at a value per ounce fixed by the seller from time to time.
Respectfully submitted,
STANLEY REED,General Counsel RFC.
Statement By Chairman Jones of RFC Defending
Latter's Course in Gold Purchases.
Under date of Nov. 27, Jesse H. Jones issued the following
statement regarding the legality of the sale of Reconstruction
Finance Corporation obligations for gold purchases:
The legality of the sale of RFO obligations for gold was considered by
the President and by our Board. Based upon the opinion of the Attorney
General to the President and our own General Counsel, we authorized the
Federal Reserve Bank at New York to sell our February 1 series of debentures, amounting to $50.000,000, and accept payment in gold at prices
to be fixed by this Corporation and the Secretary of the Treasury.
Prior to our undertaking this activity, the Treasury Department had
licensed the exportation of newly mined gold. I assume this was done to
avoid an injustice to our gold miners and to encourage prospecting and the
working of low-yield ores.
In accepting newly mined domestic gold, as well as foreign gold, in payment for our debentures, with the right to export, there is no loss to the
Corporation and permits our newly mined gold, previously exported, to
be retained at home.
Former Governor Alfred E. Smith Criticizes Public
Works Program—Terms PWA a Failure and CWA
an "Alibi"—Secretary Ickes, in Reply, Sees "Disappointed Ambitions" Prompting Criticism—H. L.
Hopkins Says CWA Has Furnished Employment to
1,183,267 in a Week.
The Federal civil works program being carried out by the
Civil Works Administration was characterized as "an alibi
for the incompetents in the Public Works Administration"
by former Governor Alfred E. Smith of New York in the
current issue of the "New Outlook," published yesterday
(Dec. 1). Mr. Smith declared the program was hastily
conceived and added that it cannot lead ultimately to "anything but confusion." In a statement replying to Mr.
Smith's criticism, Secretary Ickes, Public Works Administrator, said on Nov. 30 that "it is impossible to satisfy any
man who is nourishing a grudge as the result of disappointed
ambitions." Another reply was made yesterday by Harry
L. Hopkins, Federal Relief Administrator, who said that on
Nov. 25 a total of 1,183,267 unemployed persons had obtained work in 44 States under the CWA. These re-employment figures, he added, represent the first week of activity
of the Administration.
The New York "Times" of Dec. 1 quoted, in part, as
follows from Mr. Smith's article:
The former Governor suggests that the Civil Works Program may be
Illegal and characterizes it as "an alibi for the incompetents in the PWA,"
that will "perpetuate the delay and red tape which are holding back and
bedeviling the real Public Works Program."
Without a complete reorganization of the PWA,for which appropriations
of Federal funds have been made to the extent of $3,300,000,000, there
will be no more public works under way on Feb. 15 than there are to-day.
Mr. Smith declares. Feb. 15 is the date set for the termination of the
Civil Works Program.
Mr. Smith makes his prophecy of the failure of the PWA in explaining
the reason for the creation of the new CWA.
3942
Financial Chronicle
"It was created," he says,"to hide the failure of another existing Federal
agency. It was set up because the PWA has broken down."
Scoffs at Initials.
Incidentally, the former Governor takes occasion to ridicule the new
practice of identifying Government departments and agencies by their
Initials, "as a game which beats the cross-word puzzle."
"Half way between a lemon and an orange is a grapefruit," writes Mr.
Smith; "half way between a public work and a relief work is a civil work.
Up to now the Federal establishments, only recently scheduled for consolidation, have been increased to include an AAA, an FCA, a PWA, an
FERA, an NRA, a COO, a TVA, an HOLC, an RFC—and now we have
a CWA. It looks as though one of the absent-minded professors had played
anagrams with the alphabet soup. The soup got cold while he was unconsciously inventing a new game for the Nation, a game which beats the
cross-word puzzle—the game of identifying new departments by their
Initials.
"Instead of acknowledging the failure of the Public Works Administration,
and reorganizing it along sensible line to insure action, getting rid of the
inefficient executives and the horde of State engineers and advisory committees, regional administrators, business staffs, counsel, boards of review,
planning boards and God knows what else, this crazy top-heavy structure,
Choked with red tape and bureaucracy is being left as it is. and out of it is
being created the new CWA to raise relief wages and get more people to
work during the winter. To effect this. Mr. Hopkins has been given a new
title, and $400,000.000 of Mr. Ickes's money, and has been instructed to
take 2,000.000 men from relief work and put them on civil works and to
put 2,000,000 more men on new civil works projects to be devised overnight."
Mr. Ickes, in his reply, said in part:
Mr. Smith is permitting his resentment against the Administration to
run away with his judgment. He is making another mistake. He is apparently under the illusion that the coining of sarcastic phrases and the hurling
of epithets will be misunderstood by sober-minded citizens for sound reasoning based upon a careful study of facts.
The PWA has functioned efficiently to date in spite of Mr. Smith and
will survive this latest outburst. The CWA was a logical development of
the Public Works Program. Its conception denoted real statesmanship.
It was designed to and, in fact, is taking up the slack in employment
that in the nature of things the PWA could not hope to reach.
The people understand thoroughly what is the matter with Mr. Smith.
Even those who love him and have delighted to follow him in the past feel
too deep a pity for him to want to engage in any personal controversy.
Representative Steagall Urges Former Governor Smith
to Accord President Roosevelt's Administration
and Monetary Policies Same Support He Gave
Hoover Regime—Banking Act Confers Power to
Have Revalued Gold Paid Into Federal Reserve
Banks—Tells of Breakfast Conference With President Hoover Regarding Banking Conditions—
Defends Deposit Insurance.
At Cleveland on Nov. 25 Representative Steagall of Alabama, Chairman of the House Committee on Banking and
Currency, suggested that former Governor Alfred E. Smith
should accord to President Roosevelt "the same support and
sympathy" which he gave former President Hoover.
Congressman Steagall, co-author of the Glass-Steagall
Banking Act, defended the deposit insurance feature of the
act, in his Cleveland address, delivered before the City Club.
From the Cleveland "Plain Dealer" we quote the following
regarding what he had to say:
Since he did not mention Alfred E. Smith and his "baloney dollar" in
the address, Mr. Steagall was asked by Otto Bartunek to comment upon the
editor-politician's utterance.
"I greatly admire Mr. Smith, supported him in 1928 but not in 1924 or
1932 and don't know whether I shall in 1936," Mr. Steagall replied. "But
I should be happier if Mr. Smith would accord this Administration the same
whole-hearted support and sympathy he gave to the Hoover Administration. in which I was happy to join."
Before the meeting he had said: "No fault should be found by persons
in high places; instead we should have constructive criticism."
Congressman Steagall poked fun at those "who belived the depression
came in on a wind and would go out the same way without our doing anything about it."
E.S. Byers twice asked the question whether profits from the revaluation
of gold would go to Federal Reserve banks and their members or to the
Federal Treasury, and received the reply that Congress would deal with the
matter when it arose. Finally he received a reply that the Emergency
Banking Act conferred power to have gold paid into the Federal Reserve
rather than the Treasury, adding the intimation that Congress would not
stand for member banks of the Reserve System making profits out of gold.
For Private Enterprise.
Mr. Steagall spoke strongly for the reinvigoration of private initiative
and getting away from having the "Government do everything."
"I know propaganda," he asserted. "but I never saw or heard so much as
came to us when we were considering this banking act." Those who expressed great concern for Government security were up to their arms in the
Federal Treasury through the Reconstruction Finance Corporation.
"The thing we most need to get back on our feet is confidence in banks
which some bankers undermined," he said. "I can imagine nothing that
will so give confidence as insurance of deposits. But bankers fought it
bitterly just as they did the Federal Reserve Act. And I call your attention to the fact that both were written by politicians, not by our 'great
financial exports.'
"This insurance will be a very light burden upon the banks. As to its
safety: the initial Insurance fund is 32,000,000,000. In all our history the
total losses from bank failures up to 1932 was $82,000,000 and in 1932 a
of 1% assessment upon deposits would have insured all deposits.
fund of
I can make a jury of monkeys understand the soundness of insurance which
will mean that the deposits slip will be treated like a Government band."
Mr.Steagall said he was not alarmed at a managed currency and explained
the Administration policy as restoration of a normal honest dollar making it
possible to pay debts in the same dollar as they were incurred. In the
question period he said there could be no inflation but controlled inflation
and that it could be and would be controlled.
Dec. 2 1933
Tells of Conference.
"Let me give you a picture: In Dec. 1931. we had a breakfast conference
with President Hoover and later in a Senator's office," Mr. Stooge11 continued, "I recall Mr. Mitchell and Mr. Lamont were there but not Mr.
Wiggin, although he sent a hired hand. They were asking us to open
the Treasury doors to aid the larger banks. It was good to save them but,
perhaps, good to let the little banks fail. They told us of the threat of
disorder to the point of calling out the army. So Congress passed the
RFC Act until we should get new leadership. That is the picture of the
type of big banker who has been fighting deposit insurance."
Asked if he favored press censorship, Mr. Steagall replied that the
American people never would go back on Thomas Jefferson's freedom of
speech, freedom of press and freedom of religion.
To another question he said he did not favor forcing the small State
bank to join the Federal Reserve System but believed the dual banking
system should be preserved, leaving each banking community to work
out its problems.
Other answers were: That it was hoped Congress might act to save
cities from bankruptcy; that the Federal Reserve banks had authority to
lend upon city and county scrip and that he believed the President soon
would declare a definite monetary policy.
"
Former Governor Smith's comments on"Baloney dollars
were given in our Nov. 25 issue, page 3727.
Senator Walcott Before New England Council Declares
"We Must Stop Experimenting With Currency and
Return to Honest Dollar"—Conference Adopts
Resolution.
The whole tone of the 9th New England conference in its
2d day at Boston on Nov.24 was one of opposition to further
currency experimentation and a plea to the Administration
to return to gold so that uncertainty can be ended promptly,
said a dispatch to the New York "Journal of Commerce,"
which stated that the conference passed a stabilizationresolution after a lengthy battle among the members.
In the paper from which we quote, it was also stated:
Among those who spoke along these lines were Prof, W. A. Brown of
Brown University, Senator F. C. Walcott of Connecticut and others.
Senator Walcott, a member of the Senate Banking and Currency Committee, said:
"We must stop experimenting with the currency and return to an honest
dollar backed by gold."
He advocated sticking to a sentence from the Democratic platform of
last year as follows:
"We advocate a sound currency, to be preserved at all hazards."
He added that the permissive legislation that Congress passed last spring,
giving the President authority to change the purchasing power of the dollar
at any time, remains a constant threat to business. "It is fundamentally
wrong and should be retracted," he asserted.
Senator Walcott showed that there is at present no dearth of currency
with about 31,000,000,000 more in currency outstanding than in 1929: also
that the facilities exist, through the Federal Reserve banks and national
banks, for the issuance of about $30,000,000,000 of additional currency or
credit on a sound basis, adequately secured.
Louis E. Kirstein. Vice-President of William Filene's Sons Co. here, and
Chairman of the Industrial Advisory Board in Washington, said on the
National Recovery Administration: "Much of the criticism from people in
our own group consists of loud -sounding horror that the Government should
undertake to toll merchants and manufacturers how to run their business,
gentlemen, and is plain tommy-rot. Any business that is interfered with
by the Government under the codes will be a business that needs watching.
Each industry will govern itself.
"As long as a commercial enterprise obeys the rules it will have no supervision, save by the representative of the industry concerned."
Dr. Philip Cabot, Professor of Public Utilities Management, Harvard
Business School. stated that this country is run to-day by men and not by
laws, and that "if the NRA proceeds as at present bureaucracy will be
rampant. The NRA not only sets aside the national laws, but attempts
to set aside the natural law of supply and demand, in which it will fail.
The blanket code injures the small businesses which it promised to help."
"Ballyhoo and propaganda should be deflated," said Bruce Barton,
President of Batten, Barton, Durstine & Osborn.
Adoption of Currency Resolution.
After a battle in which a motion to table yesterday's resolution on the
President's currency policy was defeated 56 to 26, the resolution was
adopted by a vote of 66 to 12.
Centralized purchasing practices are as successful for governments as for
private business has been proved by State, county and city experience,
according to Russell Forbes, Professor of Government in New York University.
The resolution which was adopted had been proposed by
the Council's President, Henry D.Sharpe of Providence, R.I.
Its text follows:.
With due appreciation of the number and gravity of the national problems confronting the Administration and of the progress made toward their
solution; and with appreciation also of the importance of higher prices for
farm products now determined in world markets, the 9th New England
Conference would call to the attention of the President the fact that the
continuing uncertainty as to our national measure of monetary value is
retarding business improvement, seriously hampering private enterprise
and initiative and threatening the credit of the Government, upon which the
entire recovery program is based.
In these circumstances we respectfully urge upon the President the importance of stabilizing our currency and foreign exchange at the earliest
practicable moment, thereby restoring to the business community a fixed
measure of monetary value.
rthaund
Eliot Wadsworth of Boston Chamber of Commerce
Warns Against Inflation.
Inflation and currency deliasement is undermining public
confidence and credit and is retarding natural recuperative
forces which were already at work, Eliot Wadsworth,
President of the Boston Chamber of Commerce, declared
on Nov. 17 in a statement authorized by the Chamber's
Volume
137
Financial Chronicle
board of directors. This was noted in the Boston "Herald"
of Nov. 18, from which we also quote:
He called upon the Government for a prompt assurance of a sound monetary policy and a restoration of confidence in the dollar, "which has been
the outstanding symbol of integrity and security since the civil war period."
Mr. Wadsworth's statement follows:
The deliberate debasement of our currency is creating uncertainty and
confusion. It is undermining public confidence and credit. It is retarding
natural recuperative forces which were already at work. It is making
business a gamble and may compel the thrifty savers to turn speculators in
a desperate,and probably futile, effort to salvage their savings.
Recovery cannot come to a Nation gripped with fear, with its domestic
Capital seeking refuge in foreign lands, with Its savings, life insurance and
conservative investments threatened with incalculable shrinkages and with
its sources of needed capital dried up by a general financial demoralization. Commerce and agriculture will languish and the incentive to save
will disappear.
Inflation is no new panacea. It has been tried over and over again for
more than 2.000 years and has always brought disaster to all classes of
People. It cripples those who provide the savings upon which our whole
economic structure rests. This class in this country includes 50,000,000
savings depositors and 33,000.000 holders of life insurance. The unknown
millions dependent upon pensions, annuities and incomes from investments
will become financially prostrate. Those living on salaries and wages will be
the first to feel the impact. And what may the people expect to receive
In return for such a sacrifice of their property?
There could be no greater help and encouragement to the Nation in its
Struggle to recovery than a prompt assurance by the national Government
of a sound monetary policy and a restoration of confidence in the dollar
which has been the outstanding symbol of integrity and security since the
civil war period.
North Carolina Group Forms Sound Money Committee
to Oppose "Wild Inflationists."
The Committee for a Sound Dollar and a Sound Currency,
supporting the stand of the American Legion and the American Federation of Labor "against the wild inflationists and
unsound money theorists," has been organized by a group
of representative citizens of North Carolina under the Chairmanship of Henry L. Stevens, Past National Commander
of the American Legion. In indicating this the New York
"Times" of Nov.27 added:
This organization will line up against those inflationists who are at present
bearing down with terrific pressure in an unpatriotic effort to force President
Roosevelt to degrade our currency, inflate our dollar and destroy the credit
of our country for generations to come, says the organization's announcemen% made public here yesterday by Gerald C. McGuire, a New York
member.
New York Mass Meeting in Support of President
Roosevelt's Monetary Policies—Father Coughlin,
"Radio Priest," Tells Huge Crowd President Must
Be Backed as Against "Bankers"—Denies He is
Inflationist—Senator Thomas, Former Senator
Owen and Henry Morgenthau Indorse Administration's Currency Plans.
Father Charles E. Coughlin of Detroit, a Catholic Priest
nationally known through his radio talks, made a vigorous
defense of President Roosevelt's monetary policies before a
mass meeting of almost 7,000 persons in the Hippodrome at
New York City on Nov.27, while many additional thousands
were unable to obtain entrance to the building. Other
speakers on the program included Henry Morgenthau,former
Ambassador to Turkey and father of the Acting Secretary
of the Treasury; United States Senator Elmer Thomas of
Oklahoma and former Senator Robert L. Owen of the same
State. All of these speakers appealed for united support of
the President, while occasionally references were made to a
rival meeting being held in New York City on the same
evening in opposition to the Administration's monetary
policies. The addresses at that meeting, sponsored by the
Crusaders, are detailed elsewhere in this issue.
Father Coughlin denied that he is an inflationist and
declared that on the contrary he is an advocate of sound
money. Those who oppose his program, he continued, are
"debt inflationists." In the course of his address he
denounced "the bankers," J. P. Morgan, Wall Street and
"the Tory newspapers." "Take the gun away from the
highwayman.," he exclaimed. "Take the gold away from
the bankers. They've grabbed our gold, contracted our
currency, and now they call us inflationists when we're the
sound-money people and they are the radical debt inflationists." He aroused the audience by his demand: "Stop
Roosevelt, stop him from being stopped." Newspapers
reported that every reference to the President was cheered
by the crowd and that references to former Governor Alfred
E. Smith of New York, who recently expressed his opposition to the President's monetary policies, were greeted by
"boos" from the audience.
Senator Thomas said that he believed there was a "famine
of money" in the United States at the present time. Since
1929, he said, one-third of the country's money has "gone,
vanished, disappeared" in closed banks. "Either in 1929
we had too much money or we have too little now," he
asserted. "I believe we have too little now." Former
3943
Senator Owen said he advocated "standing by Franklin D.
Roosevelt. I have faith in him and I have known him for
20 years. I think I know him well. I know him much better
than he knows me. I have faith in his Cabinet, and in this
crisis I am for him and against those who would belittle him
and his Cabinet." Mr. Morgenthau, who was the first
speaker, said that absolute free speech should be allowed on
the monetary problem, and the "noisy kind who are trying
to fool the public are going to find out that they can't
succeed." He charged that the critics of the gold program are
trying to shake the confidence which the President said in his
inaugural address the Nation should have in itself.
We quote below from the New York "Times" of Nov.
28 regarding the speeches at the meeting advocating the
Administration's monetary policies.
Father Coughlin briefly reviewed the history of the depression. Machine
after machine, he said, had displaced laborer after laborer until man had
"become the slave of the machine."
Then defending his right to speak out on monetary and political subjects,
as well as on things of the spirit, the militant priest said that it was the
business of spiritual leaders to concern themselves with the material welfare
of their followers.
"I would be worse than the scribes and pharisees—a whited sepulchre—
if I did not speak out," Father Coughlin declared.
"With all my strength I will endeavor to inject the living Christ, the
living doctrines of Christ, into those whose business it is to make laws and
to govern."
Refers to Rival Meeting.
Father Coughlin referred to "another meeting in this town to-night."
"There were 1,000 people there," he said, with a broad smile,"and 500
of them were my friends."
The priest read a brief extract from the speech presented by Mathew
Woll, Vice-President of the A. F. of L. at the "other meeting."
At the mention of Mr. Won's name there were boos, and when the
A. F. of L. was mentioned there were more boos.
Father Coughlin pointing to the musicians in the pit, said that they
were playing "gratis," and he then made an attack on "some of the officers
of the A. F. of L."
He quickly shifted his attacks to the "barons of Wall Street" and said
the the Union Jack should be flying over the door sills of Morgan, Won,
Dean Acheson, former Under Secretary of the Treasury, and others.
Reading excerpts from Mr. Well's address, Father Coughlin referred to
the American Federation of Labor as an organization with a membership
only a fraction of the 14,000,000 unemployed men which it presumed to
represent.
Says He is not an Inflationist.
He declared that he was not an inflationist and added that he could not
be an inflationist if he tried.
"Inflation means the printing of limitless paper money without any
substantial amount of metal money to back it up," said Father Fougtain.
The speaker paid a tribute to the late President Coolidge as a great
President.
"When he was in the President's chair in 1926 we had 100 cents in the
dollar and we had the ratio of two and a half to one of paper currency to
gold," Father Coughlin said. "The moment Mr. Roosevelt attempts to
restore that prosperity he's damned as a crackpot."
Father Coughlin said that all the criticism aimed at the President by
Woll, Sprague and Smith was "for the purpose of perpetuating the seat not
of capitalism but Morganism."
Continuing his attack on Professor Sprague, Father Coughlin said he
could not have been appointed adviser to the Bank of England unless his
American boss had the stamp of approval upon him so that he could wear
the Union Jack.
He painted a black picture of conditions before the uptrend started:
"Our factories cold, our ships resting and the sprit of revolution growing
in your hearts and now when we attempt to bring America back to her
glory and when we attempt to recall the Constitution and to love it and
not make it a scrap of paper, we are called crackpots."
"Who stopped the revolution in this country, Herbert Hoover or Franklin
Roosevelt?" he suddenly demanded.
Father Coughlin enumerated the President's achievements and recounted the growth of trade and industry which, he said, were sure indications of a business revival.
"Why is all this?" he asked. "Why? Because our dishonest dollar
of $1.65 has been brought down to speaking terms with the English dollar."
Priest Assails Morgan.
"My friends," the priest continued, waving his arms violently, "My
friends, we have been listening to British propaganda from these tory
bankers of lower Manhattan and the tory boss, J. Pierpont Morgan, and
it's about time that you take your tory papers and dump them in the
river."
Father Coughlin appealed to his audience to stop patronizing these
"tories" and to boycott. too, "their advertisers."
"This time Roosevelt will free the white collar slave," Father Coughlin
.
went on, ignoring the interruption. . .
"Two more years of this lying commodity system as advocated by Smith,
Morgan. Woll, Acheson, and the rest of them would leave us a nation
of carcasses."
"Are we going to fix the dollar at $20.67 or are we going to regulate
the gold ounce to be the servant of man and not its master?"
Washington and the makers of the Constitution presaw this, the priest
said, and now "when Roosevelt starts living up to the Constitution he's
a crackpot and a traitor."
"Inflation is a trick word to scare us," said Father Coughlin. "It's
a hobgoblin spread on the pages of 'The Saturday Evening Post.' No
one wants it. All we want is the normalization of the gold dollar. Of
the American dollar so that it will contain 100 cents and not 165 cents.
"We have at least two-fifths of the world's gold in our nation, but it
happens to have been hijacked on the way by the Federal Reserve Bank,
but mark my word, on Jan. 1 it's coming out.
"We don't want to go bolshevik. But we want to pay our creditors
with the same kind of dollar as that with which we contracted our debts."
Referring to the four and a half billion dollars worth of gold held by
the Government, Father Coughlin suggested that if the value of gold
were doubled its base would be twice as valuable. There would be twice
as many base dollars and half as many debt dollars.
"During the war we exported blue prints, brains, machinery and men
so to-day Europe is almost as well equipped for mass production as
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Financial Chronicle
America," he went on. "As far as Europe is concerned we are not going
to send her very much mass production goods in future. Mass production
is through. Are we going to lie down and die? No. It means we are
going to do something about it."
Says Asia Is in Market.
Father Coughlin held that the future market for American goods lay
in India and the rest of the Orient, also South America, in which parts
of the world eight hundred million persons wanted the same things as
Americans and would buy if their money were not so depreciated.
"There's the market. Take the gun away from the highwayman.
Take the gold away from the banker," he said. . . .
When Father Coughlin took his seat on the stage the crowd stood and
Cheered, clapped and shouted for some minutes. When quiet had been
restored some one in the balcony called for three cheers for Father Coughlin
and the demonstration started all over again.
Meeting Backs President.
The following resolution was approved at the meeting:
Be it resolved, That the gold program and entire monetary policy of
the President, for restoring the general price level be approved, and that
he be requested to continue such policy until the 1926 level of commodities,
salaries, wages. conditions of employment and the solvency of the poeple
of the United States are restored.
When asked before the meeting who were its sponsors, Father Coughlin
named the Radio League of the Little Flower Shrine, Royal Oak. Mich.,
of which he is rector: the Committee for the Nation, including Frank A.
Vanderlip, James H. Rand and other leaders of business and finance,
and "individual friends."
At the headquarters of the Committee for the Nation it was explained
that, while the organization as such had taken no part in organizing the
meeting, its individual members might have done so because of their
interest in Father Coughlin's crusade for the President. In calling the
meeting to order Robert M. Harriss, President of the New York Cotton
Exchange and member of the Executive Committee for the Nation, had
this to say:
"The President has many friends in Wall Street who are interested
in his economic theories and sound monetary policies."
Mr. Harriss introduced Henry Morganthau, Sr., as Chairman of the
meeting by describing him as "the father of an illustrious son, Assistant
Secretary of the Treasury."
Morgenthau Stresses Confidence.
Mr. Morgenthau in his brief introductory speech said he had heard
the President take the oath of office. He recalled that the President
had then promised to do his best to restore the country's confidence.
"Nothing is fouler or meaner," he went on, "than for people at the
present moment to attempt to destroy the confidence in our country."
"The ones who are attempting to fool the people," Mr. Morgenthau
said, "are going to find out they can't do it."
Mr. Morgenthau said he was satisfied the policy of the country was
in "excellent hands."
Former Senator Owen said he would discuss one word in the English
language, "inflation," adding:
"The critics of the President accuse him of greenbackism and crackpotism, whatever that is."
• "Ask Mr. Smith," shouted some one in the audience. The interruption
was followed by the first boos of tho evening.
"Don't tell me that this country has plenty of money. I know better
and so do you," Mr. Owen asserted. He declared it was'wrong to say
the creditor class through selfishness had brought about present conditions.
"I am in favor of standing by Franklin D. Roosevelt," he said. "I
have faith in him and I have known him for 20 years, think I know him
well. I know him much better than he knows me. I have faith in his
Cabinet, and in this crisis I am for him and against those who would beittle him and his Cabinet."
Senator Thomas's Address.
Senator Thomas in opening his speech said "I'm here to uphold the
hands of the President of the United States."
He pointed out that when "Oklahoma and Kansas and California are
prosperous. New York is prosperous."
New York's prosperity depends on the nation's prosperity, he said.
He declared that he came to New York not to condemn or criticize but
to explain and to ask the help of the State to bring prosperity back to
the country.
"The most important question pending before the world to-day," he
went on, "is the money question." Solve that, he said, and all other
problems become easy.
"My conviction is we have a famine of money in the United States."
he asserted.
Since 1929, he pointed out, one-third of the country's money has "Bone,
vanished, disappeared," in banks that have been closed. He continued:
"Either in 1929 we had too much money or we have too little now. I
believe we have too little now.
"The other day one of your esteemed fellow-citizens made a statement saying he would rather have gold dollars than baloney dollars-"
The Senator paused, and for the second time former Governor Smith
was booed.
"I'd rather have gold dollars, too," he continued, "but the trouble
is the people have neither gold nor baloney dollars."
"What's the trouble with these United States, the greatest land in
the world?" he asked. "We have everything, one hundred and twenty
million people and unlimited resources. And yet to-night we have fourteen
million men out of employment. The average family consists of three
children so that five men, women and children for each of the fourteen million unemployed haven't enough money for food and clothes and shelter
to keep them comfortable.
"I heard Harry L. Hopkins say the other day that he was feeding twenty
million American men, women and children. What is the trouble? Let
me tell you: We have a millstone about our beck. That millstone is
$250,000,000,000 of debt. How much Is that? More than twenty
times all the monetary gold in the world.
"This Government will run behind $4,000,000,000 this year. If the
State, county and city governments and corporations and individuals
run behind in the same proportion we will all go in debt $10,000,000,000
more.
"The last year before the depression the country's income was $90.000,000,000. This year it is $40,000,000,000, leaving a loss of S50,000,000,000. Fifty billions last year and the same loss the year before and
the year before, add them up and you will see how the people of this country
have lost $200,000,000,000.
"It has been proposed that we slightly expand the currency. I concur
in controlled inflation. I am in no sense an inflationist. I am against
inflation."
Dec. 2 1933
Secretary Perkins Denies Central Statistical Board
Will Censor Federal Data—Purpose of Board Is
"to Prevent Distortion" She Declares.
Secretary of Labor Frances Perkins, in a statement issued
on Nov. 24 after reports had been published that the newly
created Central Statistical Board might prove a form of
censorship of Departmental information, declared that the
purpose of the Board was "to strengthen information and
prevent distortion." No political purpose is served, she
added, in attempting to give a "broader, more accurate
picture" by having the various Departments submit statistical material to this Board. In her statement explaining
the Central Statistical Board, Miss Perkins said:
In submitting statistical material to the Central Statistical Board for
comment,the object was to refer all data to this scientific board for scrutiny
and interpretation,so that there would be no doubt that this economic data
was correct and intelligently and impartially interpreted.
The Secretary of Labor has not and will not attempt to prevent the
publication of any statistics from other Departments, but will advise the
heads of the other Departments of any discrepancies or errors which the
Department of Labor may discover.
James Brown of New York State Chamber of Commerce
Holds Best Possible Solution of Country's Monetary
Policy Can Be Had Only in Constructive Thought
and Action—Sees Confusion in Harsh Destructive
Criticism.
"If America is to arrive at the best possible solution of
her present monetary problems and future monetary policy,
can be accomplished only by sound, constructive thought
and action on the part of those who unselfishly have the
welfare of the nation at heart, not by harsh, destructive
criticism and vituperation which only result in confusing
the issue and in breeding distrust and bitter feeling," according to James Brown, President of the Chamber of Commerce
of the State of New York, which has played a leading part
in the movement for a return to the gold standard. Mr.
Brown's statement was contained in a plea on Nov. 29 to
the leaders of the different factions in the monetary controversy for calmness, sober thought and dignified action, if
any progress is to be made before Congress meets. Mr.
Brown said:
If the American public, as represented by leaders and organizations of
a dozen different schools of thought, cannot, through calm deliberations,
reach some common ground in the present controversy, I fear that Congress
will be only too willing to decide for them, and what its decision may be,
I believe, is something to be considered with grave concern by everyone who
is interested in the economic recovery and the future prosperity of the
United States.
Let those who will, have free expression of their views, but let them
refrain from denouncing and attacking others whose opinions differ from
their own. We can be critical of individual belief or administrative policy
without damning the individual for his views or condemning the group
responsible for the policy.
While the Chamber of Commerce of the State of New York in no uncertain terms has voiced its disapproval of the present monetary policy of
the National Administration and is actively engaged in endeavoring to
bring about a return to a gold standard, it has tried to make its criticism
constructive and its attacks have been launched against acts and policy,
not against an individual or group responsible for them.
Our nation is facing a crisis and if there ever were a time when we should
keep our feet on the ground and not let our judgment be swayed by the
inflammatory exhortations of demagogues and the panaceas of radical
thinkers and false prophets, it is to-day. It is with clear thought, sober
consideration, calm judgment, unbiased views and unselfish motives,
coupled with tolerance toward the opinions of our fellow men, that this
crisis must be faced and its solution arrived at.
Farm Mortgage Loans Totaling Over $100,000,000 Made
Through Federal Land Banks Since Formation of
FCA on May 27.
More than $100,000,000 of farm mortgage loans were
made by or through the Federal Land Banks from organization of the Farm Credit Administration May 27 until Nov.24,
Governor Wm. I. Myers of the FCA announced. This
total includes both first mortgage loans made by the Land
Banks and first or second mortgage loans of the Land Bank
Commissioner of the FCA, which were handled through
the Land Banks, Governor Myers said, adding:
This total reflects an enormous increase in the volume of business,
occurring at a sharply increasing rate each month since last July. In the
entire calendar year 1932 the total of loans closed was but $27,569,800.
During recent days loans have been running about $3.000,000 Per day,
or above the average per whole month from January through April.
Such a large increase in the volume of business was made possible by an
extraordinary increase in the force of appraisers. Every piece of property
which is the subject of an application for a mortgage loan must be appraised
before a loan is made. When the Emergency Farm Mortgage Act of 1933
was passed in May, the land banks had only 212 appraisers to handle all
the business that was made possible by that act, for relieving pressure on
farmers with mortgages.
The staffof appraisers has been increased to more than 4,000 working at
the present time, and there are several hundred more in training. The
total number of applications received since early last May is about 400,000
for an estimated total in excess of $1,500,000,000 of loans. The banks
now have on hand about 190,000 applications on which they have appraisal
reports and the total number of applications on hand is approximately
300,000.
Volume
137
Financial Chronicle
Since July, when the enlarged force began to tell in the volume of business;
the total of loans closed has about doubled each month, the Governor
explained. In July, the total of loans closed was $3.985,718; in August
the total was $7,240,370; September, $13,067,652; October, $28,091,726,
and the first 23 days of November, $43,267,765.
3945
Two officers of the newly created Baltimore Bank for Co-operatives
approved by Governor Myers are: F. H. Bomberger, President, and I. H.
Kaufman, Secretary. Mr. Bomberger is known among farmers and their
organizations throughout the second Federal Land Bank District. He
served with the Federal Farm Board as Assistant Chief, and later Chief
of the Division of Co-operative Marketing. Mr. Kaufman has been
active Secretary and Manager of the Detroit Dairy and Food Council,
which work brought him in close contact with the dairy farmers of the
East. who were members of the Dairymen's Co-operative Sales Association.
Federal Farm Administration Will Rent Acreage to
Reduce Cotton—Alters Contract to Keep Within
Processing Tax Fund.
A cotton reduction contract providing for Federal rental 500,000 Re-employed in New York City as Result of
payments of from slightly less than $3 an acre to a maximum
NRA, According to Grover A. Whalen—Local NRA
of $18 was offered on Nov. 29 to Southern growers by the
Chairman1Says 24 Retail Stores Have Added 6,377
Employees and Increased Annual Payroll by
Federal Farm Administration. At the same time, said
$6,886,410.
Associated Press advices from Washington, Oscar Johnston,
Almost one-half of the 1,000,000 unemployed persons in
Finance Director of the Administration and its leading
cotton expert, expressed the opinion that President Roose- New York City have been put back to work since the NRA
velt's monetary policy had been "highly beneficial" to the began to function, Grover A. Whalen,local NRA Chairman,
South's greatest crop. He added it had stimulated consump- said on Nov. 23 in an address at a dinner given in his honor
tion abroad and discouraged foreign competition. The by 100 members of the Retail Stores Executives AsFociation.
Associated Press accounts as given in the New York "Times" Mr. Whalen praised the city's retail establishments for their
co-operation with the Administration's recovery program
continued:
and said that 24 of the larger stores have added 6,337 persona
The cotton contract was changed during weeks of discussion and differed
somewhat from the original plan announced by the Administration.
and increased their payrolls by $6,886,410 annually. The
Its central aim is the reduction of next year's crop to 25,000,000 acres
statistics presented prompted those in attendance at the
from an average annual planting of about 40,000,000 acres.
The producer who signs for next year also agrees to join in a reduction
dinner to vote unanimously to send the following telegram
campaign for 1935. but the acreage cut for that year will not be more than
to President Roosevelt:
25%.
Some leading points of the cotton reduction plan are:
Payments of 3M cents a lint pound on the average yield per acre of
the land rented from 1928 through 1932. No land producing an average of lees than 75 lint-pounds an acre will be rented and the maximum
Payment will be $18 an acre.
A payment of at least 1 cent a pound on the domestic allotment of
those producers who sign contracts. The domestic allotment is approximately 40% of the growers' average yield on all his cotton and during the
1928-32 period.
The rental payments are to be made in two equal instalments, the first
between March 1 and April 30 next year and the second between Aug. 1
and Sept. 30.
The "parity" payments will be between Dec. 1 1934 and Jan. 1 1935.
The cost of the rental payments alone, however, were estimated by
officials to-day at about $125,000,000 if the full reduction is accomplished.
The returns from the cotton processing tax will exceed that figure by only
a:few million, provided they come up to expectations.
In view of this, itiwas decided to promise those who sign up only a cent
a pound extra The Administration will pay more if funds are available
and the price of cotton next year is below parity.
Both George Peek, Administrator of the Farm Act, and Mr. Johnston
said if the reduction were accomplished they were certain the cotton crop
next year would not exceed 10,000,000 bales.
Officers Named for Units of Farm Credit Administration
of Baltimore Approved—C. S. Jackson Re-elected
President of Federal Land Bank—G.H.Stephenson
to Head Production Credit Corporation and H. S.
Mackey Made President of Federal Intermediate
Credit Bank—Others Named.
The officers of the various units of the Farm Credit Administration of Baltimore elected recently by the Board of
Directors, were approved on Nov. 24 by William I. Myers,
Governor of the Farm Credit Administration. Mr. Myers
approval was contained in an announcement to Charles S.
Jackson, President of the Federal Land Bank of Baltimore.
The newly organized FCA of Baltimore covers the States
of Delaware, District of Columbia, Maryland, Pennsylvania,
Virginia, West Virginia and Puerto Rico. The officers
elected and approved are contained in the following issued
by the FCA:
Mr. Jackson will continue as President of the Federal Land Bank of
Baltimore.
The slate of officers approved for the Federal Intermediate Credit Bank
of Baltimore are Hugh S. Mackey, President, who was formerly manager
of the Bank. L. A. Wingo, Vice-President, who has been in charge of the
Regional Agricultural Credit Corporation of Baltimore since its organization, and C. L. Parkinson, Secretary-Treasurer, who was assistant manager
of the Federal Intermediate Credit Bank of Baltimore, and a man of wide
banking experience.
The new Production Credit Corporation of Baltimore, which will hell)
organize production credit associations over the District and furnish their
initial capital and give the associations a certain amount of supervision,
will be headed by George H. Stephenson of Bel Air, Md. Mr. Stephenson
was the agent of the Land Bank Commissioner, handling emergency loans
for refinancing farm indebtedness within the District up to the time that the
Board of Directors of the Land Bank was made responsibile for such activities. This change was made in each Federal Land Bank District. Since
then Mr. Stephenson has been a Vice-President of the Federal Land Bank.
Governor Myers stated that although the Production Credit Corporation
has just been set up it will not be ready for two weeks yet to receive applications from farmers to help them establish local production credit associations.
He urged farmers not to write for such aid during that period.
Samuel W. Keys of Glade Spring, Va., will be Vice-President of the Corporation. He is Vice-President and Cashier of the Bank of Glade Spring,
Va., and President of the Virginia Bankers' Association. George P. Alderson, of Lewisburg, W. Va., has been approved as Treasurer. Ile owns
and operates a dairy farm near Lewisburg and has been a director of the
Federal Land Bank of Baltimore. H. S. Adams. who is to be Secretary of
the Corporation, has been a correspondent of the Federal Land Bank of
Baltimore and previous to that was active in the extension work of the
tr. S. Department of Agriculture, later being Secretary of the Pennsylvania-Maryland Joint Stock Land Bank. Bennett Crain, the new
Assistant Secretary, has been farming the 6,000-acre farm in southern
Maryland which his father perfected.
We, the members of the Retail Stores Executives Association, gathered
to honor Grover Whalen for his splendid efforts in behalf of the NRA,
send to you a message of hope and promise for the further operation of the
NRA in the Metropolitan district. The statistics presented at the meeting
show that 24 of the department stores in our district have added 6,400
employees and have increased their annual payrolls by $6,886,000. Our
congratulations to you for leading the way and accomplishing this most
encouraging result.
We quote in part from the New York "Times" of Nov. 24
regarding Mr. Whalen's address:
Retail Code Discussed.
Mr. Whaleedevoted most of his speech to a discussion of the NRA
and the retail code.
"Our job isn't finished," he declared. "It has hardly begun. Each
day sees new marvels, new wonders. Each day brings new conditions.
We must be ever alert to adapt ourselves to our changing economic surroundings, else we will be lost."
The NRA "needs no defense, nor do I intend to defend that which is
impregnable against attack," Mr. Whalen continued. The retail code.
too, needs no defense, he said; it aids both retailer and consumer.
"It would not be amiss to say a word or two about profiteering," he
went on. "I am sure you read with as much concern as I did, the report
in the newspapers that General Johnson was going to conduct public hearings
in December to hear complaints against alleged retail profiteering.
o.s. "I suppose the chiselers, like other violators of the law, will always
be with us. And I am glad that General Johnson is going after them.
I know that the General in that customary way of his, which has become
famous,is going to take for a ride some of the retail hijackers who have been
boosting prices beyond reason. More power to him."
Mr. Whalen declared, however, that retailers generally "are not guilty
of profiteering." The Retail Code Authority of New York City is already
functioning, he pointed out.
Mr. Whalen then itemized the work that the Retail Code Authority of
the city had already done in its less than a month of life. It has received.
he said, 179 requests for information and 111 complaints. Thirty-six
complaints have been "satisfactorily adjusted; in 21 instances employers
changed their wages and hours to meet the code provisions," and in 15
Instances complaints were dismissed.
New York City NRA Reported as Having Settled 130
Strikes in Three Months—Walkouts Affected
250,000 Persons With Estimated Weekly Payroll
of $6,000,000—G. A. Whalen Report to General
Johnson Says Strike "Epidemic" Has Ended—
Many Sweatshops Have Been Eliminated, Wages
Have Been Raised and Hours of Labor Reduced.
The National Recovery Administration organization in
New York City succeeded in settling 130 strikes, involving
more than 250,000 workers and affecting the livelihood of
between 600,000 and 700,000 persons, during the three
months August, September and October, according to a
report sent to Gen. Hugh S. Johnson, National Recovery
Administrator, on Nov. 12 by Grover A. Whalen, National
Recovery Administrator for New York City. The report
described the manner in which the local NRA handled the
"epidemic of strikes" during the period mentioned. The
survey upholds the rights of labor'under the NRA, but
declares that strikes are a decided impediment to the President's recovery program. It emphasizes the value of the
athe settlement of inmachinery provided by the NRA foC
dustrial disputes. The total weekly payroll involved in the
130 strikes settled by the New York City NRA was estimated
at $6,000,000. Further details of the report are given below,
as described in the New York "Times" on Nov. 13:
"Strikes constitute the very antitheshiof the purpose of the NBA."
the report says. "They create unemployment and irretrievable loss of
wages, while the fundamental purpose of the NRA is to create employment
and increase wages. It was for this reason that the city committee of the
NRA unsparingly devoted its efforts to the settlement and prevention of
strikes pursuant to its obligation:torsupport and administer the President's
program. The rapid return of striking workers to the jobs, thus saving
3946
Financial Chronicle
economic waste of wages running into millions of dollars, is an outstanding
and constructive achievement of the committee."
Some of the more important industries in which strikes were settled were
the garment industry, undergarment, embroidery, knitgoods, neckwear,
fur, boot and shoe, cleaning and dyeing, painting, housewrecking, window
cleaning, motion-pictures, jewelry, silver hollow-ware, garage, bakery,
meat packing, butchers, and teamsters in the bakery, flour, grocery, dairy,
coal and furniture lines.
Outstanding among the labor disputes settled were those involving various
branches of the needle trades and touching the interests of about 125.000
workers, with an annual business turnover of close to $1,000,000,000.
The report estimates from the data collected on all the strikes settled
that the average wage of the 250,000 workers involved was about $25 a
week, making a total weekly payroll involved in these strikes of more that,
$6,000,000.
"The bringing of these weekly wages back into the money stream was
felt to be of vital importance to the success of the NRA program," the
report emphasizes. "A result of strikes mediated was the substantial
decrease in the hours per week of some of the workers. A further result
NVELS the noteworthy increase in wages, ranging from 10 to over 100%.
Among the more intangible results are the abolition of the sweatshop,
the abolition of home work, raising the age limit of child labor, the prevention of violence in strikes mediated, the creation of a more co-operative
spirit between employers and employees."
No reference is made in the report to the period subsequent to Oct. 31,
for while previous to that date all labor disputes were settled directly by Mr.
Whalen and the Labor Mediation Committee set up under the NRA,such
crsputes have since been handled by the Regional Labor Board created
under the Chairmanship of George W.Alger as part of the National Mediation Board, of which Senator Robert F. Wagner is Chairman. The three
months covered by the Whalen report constituted, however, the most
critical period so far as the strike wave was concerned.
"A policy was adopted of intervening in strikes which resulted in many
cases in shortening the period of the strike and, in others, in preventing
the strike entirely," the report says. "We found employers and employees
ready to take advantage of this simple and direct method of bringing about
a speedy adjustment of strikes. There was a lack of formality in our media,
Lion work which doubtless in many cases helped to disarm latent hostility
In contestants, and speeded the work ofsettlement.
Co-operative Spirit Praised.
"In attempting to settle these strikes we appealed to both strikers and
employers, urging the importance to the success of the recovery program
of the speedy settlement ofstrikes, and we found both sides quick to respond
to the plea of co-operation in bringing about settlements, so as not to
hinder recovery from the depression. Most of these strikes have been
settled without formal arbitration, and in many cases a strike was called in
the morning and by evening an agreement had been made to mediate the
question, the strikers returning to work the next morning.
- "Both employers and the unions have expressed their satisfaction with
the results of NRA mediation by inserting in the contracts signed in these
negotiations that any future disputes as to the terms of the contract shall
be referred to the NRA Chairman for arbitration.
"In our support in New York City of the minimum wage, reasonable
hours, decent working conditions and the abolition of the sweatshop, home
work and child labor we have aided the welfare not only oflabor in New York
City but of labor throughout the country."
Strikes in industries where the employers had failed to sign the President's
agreement were motivated entirely by a demand for minimum wages, the
report says, and in many cases employers have appealed to the NRA to
help them settle labor disputes, although in most instances the appeals came
from labor unions. Even in cases where an old established union has
been in collective relations with employers for a long time the NRA was
asked to sit in and help promote a settlement.
Needle Trade Conditions.
Dealing with the needle trades, the report says:
"Realizing that under Our new industrial regime of minimum wages and
maximum hours the sweatshop can be finally wiped out, the New York
City NRA supported clauses in the union agreements, negotiated in the
garment industry under our mediation, which have resulted in the elimination of the sweatshop from this industry. This contract has also resulted
in 100 jobbers doing their own manufacturing, thus putting those plants
under such control as to make cemin the abolition of the sweatshop.
"These union contracts were signed before any code hearings in Washington, and the terms as drawn here under the auspices of the NRA were
generally made a part of the code, when adopted. In this way the New
York City NRA played a part in the formation of these codes and was able
to help labor to attain a higher standard of living than would have been
possible if these foundation union agreements had not been made."
Considering the emergency nature of the work of strike settlement, the
report points out that it is particularly interesting to compare the record
of the NRA with that of other boards of labor mediation. The following
comparisons are made in the report:
"During the 13 months of the existence of the National War Labor
Board, it handled strikes involving 666,946 workers.
"The present National Labor Board, according to their news release
of Oct. 30 1933, had, during the previous three months, returned 229,000
workers to industry throughout the country.
"The New York City NRA,during the same three months, had returned
over 250,000 strikers to work.
"It is also interesting to note that during the previous epidemic of strikes
In New York City during the 12 months' period ended June 30 1920, the
New York State Department of Labor intervened in strikes involving
170,000 workers.
"During our three months of labor mediation by the NRA we were able
so to clear up the strike situation that on Oct. 30, when the NRA labor
mediation committee was superseded by the Regional Labor Board from
Washington, labor peace was restored and the city was at that time under
threat of no further serious strikes."
Labor Board Ruling Asked.
The report suggests the advisability of the National Labor Board making
a ruling as to whether mere conference with employees by employers'
constitutes collective bargaining or whether there must be a written agreement before employers can be considered as having lived up to the collective bargaining provision of the National Recovery Act. This suggestion
is made in connection with the report's reference to employers who contend
they are not required by the Act to enter into contractual relations with a
union and that mere conference constitutes compliance with the collective
bargaining provision of the law.
Another question raised is that of independent trade unions, as distinct
from American Federation of Labor organizations, on which there has been
no decision so far by the National Labor Board. The report points out
the need for clarifying the rights of such independent unions and minority
groups in collective bargaining proceedings.
Dec. 2 1933
In this connection, the report declares that "the Left Wing probleein
New York City is a very serious one, because the Left Wing leaders are
more numerous here than elsewhere and have organized more workers."
This, the report says, is true of the fur industry, the shoe and leather
industry, part of the metal industry, parts of the apparel industry and of the
underwear and knitting industry.
Little Racketeering by Uninos.
On the question of racketeering, the report says that "the New York
NRA has had very few cases where there was even a suspicion of racketeering
by the unions."
Discussing the question of strikes in relation to codes, the report makes
the following comment and recommendations:
'We have had strikes in industries where there was a permanent code.
es•1n the electrical industry. The strike generally involved more or less
skilled workers who were paid above the minimum, and, therefore, were
not protected by the provisions of the code. However, in some cases,
strikes involved the unskilled workers who desired wages above the minimum. But, even where there was no permanent code, most of the strikes
have been by skilled workers who are demanding wages above the minima
that probably will be provided in the code. Unless, in the future, through
amendments, minimum wages are provided in the codes for semi-skilled
and skilled workers, strikes by these groups of workers probably will
continue."
The Labor Mediation Committee which helped Mr. Whalen in settling
the strikes consisted of Mrs. Elinore M. Herrick, Chairman; George W.
Alger and Mrs. Henry Goddard Leach. Representing the employers were
Gen. James G.Harbord, George J Atwell and Louis K.Comstock. Representing labor were Matthew Well, Vice-President of the American Federation of Labor; Hugh Fragile, New York representative of the A. F. of L..
and Leon Rouse. President of Typographical Union No.6.
Code for Motion Picture Industry Signed by President
Roosevelt—Salary Clause Held in Abeyance Pending Detailed Report—No Government Censorship
of Films Intended—Code Authority Will Map
Fair Practice Provisions.
A code of fair competition for the motion picture industry
was promulgated by President Roosevelt on Nov. 27, coincident with his signineof the distillers' code and 20 other
pacts forindustries. The motion picture code gives
the President, through the National Recovery Administrator, the authority to determine such questions as the
limitation of salaries and the effectiveness of censorship.
General Hugh S. Johnson, Recovery Administrator, did
not make public its detailed terms at the time it was signed,
but said that it provided for studies of salaries paid to actors
and executives, of alleged unfair trade practices and of the
problem of censorship prior to the establishment of strict
rules of conduct. He added that Government censorship
of pictures "will never be done." Among the leading
features of the motion picture code are the following:
The Administration reserves the right to disapprove any action by the
Code Authority for the industry and to replace any member.
Drastic control provisions over salaries specified in the code will be
suspended pending complete reports on the bidding-up of salaries of stars
and the general salaries paid to actors and to the members of families of
motion-picture executives.
Reports on salaries and on all alleged unfair practices in the motionpicture industry must be submitted within 90 days.
General Johnson's statement,issued on Nov. 27,follows:
The moving picture code sets up in the code itself the names of the code
authorities, composed of balanced representation among the various adverse interests in production, distribution and exhibition.
For this reason the President reserved to the Administrator the right to
review and, if necessary, disapprove any action by the code authorities,
or to remove any member and to add members of any employer class.
The code contains drastic. provisions against excessive salaries. The
President has exempted writers and dramatists from these, and suspended
their operation as to others for further experience with the actual operation
of the code authorities and he has added to the code authorities Miss Marie
Dressler and Eddie Cantor, under the authority reserved to him in the code.
In order to observe the operations of the engagement of the industry
itself to comply with its own rules of censorship of improper pictures and
dialogue, the President will ask Dr. A. Lawrence Lowell, former President
of Harvard University, to serve on the code authority.
The President has not yet decided upon the direct representation of the
Administration on the code authority. The President is asking also a full
report in 90 days on all unfair practices in the Industry, including a full
report on excessive salaries or other emoluments, both as to artists and as
to executives and their families, and he expects the industry to comely
fully with the legal requirements in furnishing information accurately
and promptly.
Further explanatory remarks by General Johnson are
noted below,as given in a dispatch to the New York "Times"
on Nov. 27 from Warm Springs, Ga.:
General Johnson said there had been no changes in the moving-picture
code made prior to the signing of it, except for the suspension of the provisions against bidding up of salaries for a trial period.
Nowhere in the code are "excessive salaries" defined, but there is a provision prohibiting "bidding to extravagant figures within 30 days of the
expiration of a contract."
The whole code, General Johnson added, is a basis of study, and he said
that "public reaction will have a lot to do with it."
He credited to Mr. Cantor a suggestion that moving-picture stars be
put on a royalty basis, indicating that the suggestion had met with some
favor.
In giving additional information about the motion picture
code on Nov. 29, General Johnson said that when the President signed the pact he also issued an Executive Order
suspending the two most controversial sections of the code—
the anti-raiding clause and the salary curtailment provision.
The Executive Order also reserved to the Administrator a
veto power over all acts of the Code Authority and the
Volume 137
Financial Chronicle
Power to remove any member of the Authority or of the
Boards set up by it "who shall fail to be fair, impartial and
just."
The suspended salary-curtailment provision gave the Code
Authority power to fine any employer in the industry up
to $10,000 for payment of "excessive inducements" to new
talent. The anti-raiding section, also suspended, provided
that no employer could negotiate with the employee of another within 30 days of the existing employment contract.
The Executive Order said that "because the President believes that writers, authors and dramatists are engaged in
purely creative work" the anti-raiding clause "shall not
become effective with respect to such employees."
In addition to the codes for the motion picture and distillers' industries, the President on Nov. 27 also approved
codes for the following industries:
Investment bankers, wool felt industry, malleable iron, gas appliance,
structural clay products, waterproofing, caulking and concrete floor industry; warm air furnace manufacturing, chinaware and porcelain, cigar container manufacturing, precious jewelry industry, cement industry, concrete
masonry, anti-friction bearing industry, pipe nipple industry, vitrified clay
sewer pipe, machine tool and equipment distribution, upholstery and
drapery, reinforcing materials, radio broadcasting and retail jewelry.
President Roosevelt Signs Distillers' Code Providing for
Dec. 5—J. H.
Federal Control of Industry After'
Choate Jr. Named Administrator—Distillers Favor
Self-Regulation, But Accept Pact Formulated by
Administration.
President Roosevelt on Nov. 27 signed a special temporary
code for the liquor industry, to be administered by the
Agricultural Adjustment Administration. This code will
bring the industry under Government control between
Dec. 5, when repeal of the 18th Amendment is anticipated,
and such time as Congress can formulate a permanent system
of control. On Nov. 29 the President appointed Joseph H.
Choate Jr., New York attorney, as Administrator of the
code, and also named a Governmental Advisory Board to
assist Mr. Choate, who will in effect become a "dictator"
for the liquor industry. The Advisory Board includes W. A.
Carver of the Department of Justice; Edward G. Lowry of
the Treasury; W. L. Thorpe of the Department of Commerce, and Harris Willingham of the Department of Agriculture. President Roosevelt on Nov. 27 issued the following
statement with regard to the signing of the liquor code:
I have approved the code of fair competition for the distilling industry.
Of course, it devolves on Congress to determine what legislation it wishes
to enact as to the control of the liquor traffic and the protection of those
States that wish to remain dry. But in the meanwhile it is hoped that the
signing of this code will prevent the confusion and uncertainty that would
necessarily arise between the actual legal repeal of the amendment and the
passage of appropriate legislation by Congress in consequence thereof.
While the industry has not yet formally signified its assent to this code,
we have the assurance from the leaders of the industry of their earnest
desire to co-operate in every manner possible with the government during
this emergency.
The code will be effective and control the industry until such time as
Congress shall pass suitable legislation for permanent government thereof.
This code in no way limits the authority of the several States to regulate
the methods of sale of intoxicating liquors, but seeks to eliminate abuses
of the liquor traffic and the evils of bootlegging.
The distilling industry accepted the code prepared for it
on Nov. 27, and representatives of the industry notified the
President that they would "co-operate 100%" with the
Administration's program. Although thus signifying their
formal approval, the leaders of the industry were said to be
resentful of the new form of control, which they considered
virtual Federal domination. Under the terms of the code,
the Federal Government is authorized to institute pricefixing, regulation of production and general supervision of
the alcoholic beverage business, as contrasted with the desire
of most distillers for a self-governing policy. Secretary of
Agriculture Wallace said on Nov. 27 that the liquor code
leaves the way open for self-government of the distilling
business, but at the same time "the Government reserves the
right of veto or initiation." His further remarks on this
subject were quoted as follows in a Washington dispatch to
the New York "Times":
Although the liquor code is under the Agricultural Adjustment Administration. Secretary Wallace said that, since liquor was legalized primarily
as a revenue feature, he wished the Treasury Department to have as much
authority as possible in overseeing the manufacture of liquor.
"I want henry Morgenthau to handle it without any trouble from me,"
Mr. Wallace said.
He added that "the general feeling is that It would be best to hold down
the tax on liquor as a deterrent to bootlegging."
Mr. Wallace declined to comment on recent reports in Washington
Indicating a prospective taxation on bard liquor that would permit the sale
of good whisky for $2 a quart.
The distillers' code empowers the Alcohol Administrator
to make such regulations and prescribe such procedure as
may be necessary in setting up and asserting authority, to
incur such expenses, appoint such officers and employees
3947
and make such compensations as is necessary in carrying out
its functions, and to utilize the services of a number of specified agencies in performing its duties. The expenses of
administration are to be paid out of the $3,300,000,000 appropriated for public works under the National Industrial Recovery Act.
The principal features of the Administration's code for the
distilled spirits industry were summarized in our issue of
Nov. 25, page 3788.
List of Companies Filing Registration Statements
With Federal Trade Commission Under Federal
Securities Act.
Supplementing the list of registration statements filed
with the Federal Trade Commission under the Securities Act,
to which reference was made in these columns, Nov. 11,
page 3427, additional lists have been announced by the
Commission.
On Nov. 16, the Commission made public a list of 10
companies filing registration statements for registration
under the Securities Act of securities aggregating more than
$5,000,000. The list follows:
(Bisio Realty Corporation, New York). Protective Committee (263-271).
,
West 38th Street Building, New York City, First Mortgage Gold Bond Catificates (2-388). New York, a committee calling for deposits of reorganization of Bisjo Realty Corporation, New York, a real estate concern, the issue
comprising first mortgage gold bond 6% certificates of a face value of $832,000, one-third of which, or $277,333.33 was used in computing the fee of
$27.73. Members of the committee are: Thomas F. Corrigan, New York;
G. Arthur Heemarw, Corning, N. Y.; Duncan Langdon, Providence, R. I.;
0. A. Neumeister. Auburn, N. Y.; F. Eugene Newbold, Philadelphia;
Russell S. Tucker. New York, and Winfield P. E. Viering, Hartford,
Conn. Person authorized to receive service of all notices: Thorburn Reid
Jr., New York.
(Clark Henry Corporation, Brooklyn. N. Y.), Bondholders' Protective Committee for Hotel St. George (2-387), New York, a committee calling for deposits of reorganization of Clark Henry Corporation, Brooklyn, N. Y.,
owner and operator of Hotel St. George, the issue comprising first mortgage
54% serial gold bond certificates, Series A. The market value as of
Oct. 16 1933 was $2,397,000. Registration fee: $239.70. Members of the
committee are: Lee S. Buckingham, New York; Alfred J. Stern, New York,
and Wayne G. Fahnestock, Lititz, Pa.
Commonwealth Bond Corporation Committee (2-385), New York, calling
certificates of participation in first leasehold mortgage 634% serial gold
loan of 2061 Broadway Corporation, New York, a real estate holding corporation, of a face value of $222,000, one-third of which, or $74,000 was
used in computing the fee of $25. Person authorized to receive service
of all notices: Commonwealth Bond Corporation or any officer, New York.
Cory/ Mine Co., Ltd. (2-380), San Francisco, a California corporation engaged in the development and operation of a drift placer mine (gold),
Proposes to issue 906,250 shares ofcommon stock at 8 cents a share. Amount
of issue: $72,500. Registration fee: $25. Underwriter: A. T. Burleigh,
New York. Among officers are: A. E. Duer, San Jose, Calif., President
and M. D. Couch, San Francisco, Secretary-Treasurer.
A Gonnella Bakery Corporation, and Others (2-381), Chicano, has filed a
registration statement for the calling of deposits in the reorganization or
readjustment of the issuer, but the statement has been withdrawn at the
issuer's request. The issue filed for registration was to have covered
835,000 outstanding offirst mortgage 634% serial gold bonds. Registration
fee: $25. The committee calling for deposits consisted of the issuer and
•
John B. Green, 105 South La Salle St., Chicago.
Hammond, Standish & Co. (2-382), Detroit, meat packers, a Michigan
corporation, original issuer of two issues of bonds, proposes to call the
bonds for deposit itself but will be assisted by Refinance Corporation,
-year 735% first mortgage sinking
Chicago. Type of issues to be called: 15
fund gold bonds,dated April 1 1922(aggregate principal amount:$492,600).
and first mortgage 5% serial gold bonds, dated Sept. 1 1919 (aggregate
principal amount, $50,000). Registration fee: $25. (based on one-third of
face value or $180,866.67).
Holland System Breweries, Inc. (2-383). Boston, a Delaware corporation,
proposes to manufacture and sell beer, ale and distilled liquors so far as
permitted by law. Amount of offering $480,000. Registration fee: $48.
Underwriters: C. D. Parker & Co., Inc., Boston. Among officers are:
Raymond D. Holland, Newton, Mass.. President; Townsend M. Byrne,
Waltham, Mass., Secretary, and Fred S. Cosgrove. Brighton, Mass.,
Treasurer,
Montgomery Building, Inc. (2-389), Spartanburg. S. C., calling for dePosits in the reorganization or readjustment of Montgomery Building, Inc.,
the issue comprising $420,000 of 636% first mortgage bonds dated Aug. 1
1924. Registration fee is $25 as securities are valued at approximately
50 cents on the dollar. Person authorized to receive all notices is W. B.
Montgomery, Spartanburg, S. C. No certificates of deposit are proposed
to be issued. New bonds are to be exchanged bond for bond in equal
face amounts, new bonds for old. Plan contemplates that holders of present
first mortgage bonds of $420,000 par value will receive new bonds in exchange bond for bond plus warrants for past due interest on present bonds.
(National Beer& Wine Importers, Inc.. New York), Otto B. Shulhof, William Buchsbaum and Eugene L. Norton, voting trustees of the Class B.stock
of National Beer & Wine Importers, Inc., (2-386). New York, in a registration statement since withdrawn, proposed to issue 100.000 voting trust
certificates for 100 shares of Class B stock of National Beer & Wine Importers, Inc., of the par value of $1 a share. Amount of issue: $100,000.
West Virginia Jockey Club (2-384). Weirton, W. Va., a West Virginia
corporation proposing to construct, own and operate a racing track,stables
and appurtenant buildings, issuing 4,000 shares of preferred stock and
100,000 shares of common stock, in the aggregate amount of $460.000.
Filing fee: $50. Underwriters: Hedden, Farwell & Co., Inc., New York.
Officers: S. B. Chilton, Charleston, W. Va., President; E. H. Pittsburgh,
Pa.. Secretary-Treasurer: and W. G. MacCorkle, Charleston, W. Va..
Vice-President.
Securities issues amounting to almost $31,000,000 filed
for registration under the Securities Act were announced
Nov. 18 by the Commission. Twenty-five million dollars
of this amount represents a single registration, that of a
Jersey City investment company. We give the list herewith:
3948
Financial Chronicle
Alpha Shares, Inc. (2-395), Jersey City, a Maryland corporation engaged
in the purchase, sale and holding of securities for investment. Amount of
offering of participating stock: $25,000,000. Registration fee: $2,500.
Underwriters: Alpha Distributors, Inc., Jersey City. Among officers:
Raymond C. Russum, New York, President; Edward W. Korsmeyer, Jersey
City, Treasurer; and William P. Lehrer, Jersey City, Secretary.
American Coarse Gold Corporation (2-398), Los Angeles. a Delaware corporation carrying on a gold mining business, proposes to issue 200,000
shares of common stock at $1 a share. Registration fee: $25. Among
officers are: E. LeRoy Blessing, President, and H. H. Lee, SecretaryTreasurer, both of Los Angeles.
American Eagle Gold Mines, Inc. (2-397), Boise, Idaho, a Delaware corporation engaged in the exploration and exploitation of metal mines, proposes to issue 50,000 shares of common stock at $5 per share. Registration
fee: $25. Among officers are: Lenox H. Rand, President, and C. Andre
Falk, Secretary-Treasurer, both of New York.
Aztec Silver-Gold Mining Co. (2-391). Wilmington. Del., a Delaware
corporation owning stock of Compaiala Minera Aztecs, through which some
Mexican mining claims are owned, proposes to mine silver, and to issue
150,000 shares of common stock at $1 a share. Registration fee: $25.
Underwriters: Carruthers & Black, Cincinnati, Ohio. Among officers are:
Charles C. Swift, President, and Leo J. Schweer, Secretary-Treasurer, bhot
of Cincinnati, Ohio.
Bremner Gold Mining Co. (2-396), McCarthy, Alaska, an Alaska corporation acquiring mining claims and developing and mining them. Amount
of offering: $168,038. Registration fee: $25. Among officers are: Peyton
C. Ramer, President, and C. F Pugh, Secretary-Treasurer, both of McCarthy, Alaska.
"Carey Trust" (2-390), Tulsa, Okla., an express trust organized under
the laws of the State of Oklahoma to own, hold, and to collect income,
dividends and proceeds from shares of stock in Natural Gas Development
Co. Amount of issue: $400,000. Registration fee: $40. Officers are: W. E.
Brown, President; A. J. Diffie, Vice-President; and H.I. Shanks. Secretary
Treasurer, all of Tulsa, Okla.
Wisconsin
Froedtert Grain& Malting Co., Inc. (2-394), Greenfield, Wis., a
Corporation engaged in manufacturing and selling malt and malt products,
proposes to issue 80.000 shares of preferred and 60,000 shares of common
stock at a total price of $1,800.000. Registration fee: $180. Underwriters
are: Hamons & Co., New York. Among officers are: Loon B. Lamfrom,
President, and Curt Kanow, Secretary, both of Milwaukee.
(Laclede Power& Light Co., St. Louis) H. L. Clarke, Francis E. Matthews,
and W. A. Horner of Chicago, Voting Trustees for Stock of Laclede Power &
Light Co. (St. Louis) Under Voting Trust Agreement Dated Dec. 24 1926
(2-393), issuing voting trust certificates representing common stock deposited under such agreement in the amount of $2,500,000 (25,000 shares
at $100 each). Registration fee: $250.
Mavis Bottling Co. of America (2-399), New York, a Delaware corporation,
holding company for stocks and investments in companies engaged in bottling and distributing beverages and food products, proposes to issue
192.000 shares of Class A common stock at an aggregate price not to exceed
$250,000. Registration fee: $25. Underwriters: Ewart, Noyes, & Bond.
Inc., New York, and Highland Brewery, Inc., Newburgh, N. Y. Among
officers are: James M. Elliott, Great Neck, L. I., President; Joseph B.
Elliott, Bloomfield, N. J., Secretary; and George W. Whitney, Philadelphia, Treasurer.
(Nix, John D. Jr.), C. E. Meriweather, J. M. Wilzin, I. Lowenburg and
A. P. Smith Jr. (2-392), New Orleans, a committee calling for deposits of
reorganization of John D. Nix Jr., New Orleans, owner and operator of
properties. Amount of issue: $227.000. Registration fee: $25.
On Nov. 19 securities issues totaling upwards of $4,000,000
and filed for registration with the Commission. They are
proposed by businesses such as mining companies, distilleries,
breweries, real estate, theater and apartment house companies. The list is as follows:
Cadiz Mining Co. (2-404), Los Angeles, a California corporation engaged
in mining, milling, and reduction of gold, silver, mercury and other metallic
and non-metallic ores. Amount of offering: $500.000. Registration fee:
$50. Underwriters: C. V. Riccardi, Los Angeles. Among officers are: C.E.
Miller, President, and L. Miller, Secretary-Treasurer, both of Los Angeles.
Comstock, Ltd. (2-405), San Francisco, a Nevada corporation engaged in
the development of the northeastern extension of the Comstock Lodge, at
Virginia City, Nev. Amount of offering: $82,722.75. Registration fee:
$25. Among officers are: H. L. Slosson, President, and M. Grotyohn,
Secretary-Treasurer, both of San Francisco.
Green Tree Breweries, Inc. (2-409). St. Louis, a Missouri corporation
manufacturing, distributing and selling malt beverage products, proposes
to issue 27,000 shares of common capital stock at $6.25 a share. Registration fee: $25. Among officers are: Christian Buehner, President, and
LeRoy E. Lind, Secretary-Treasurer, both of St. Louis.
Hollywood Argyle Corporation (2-403), Los Angeles, a California corporation organized for the convenience of the holders of certain gold notes
secured by a deed of trust covering property in Los Angeles, known as the
Hollywood Argyle Apartments, proposes to issue 1,110 shares of common
stock to be exchanged for gold notes at the ratio of 10 shares of stock for
each $1,000 par value of gold notes. Amount of issue: $111.000. Registration fee: $25. Among officers are: Frank K. Sullivan, President. and
A. Ablow, Secretary-Treasurer, both of Los Angeles.
K. Taylor Distilling Co. (2408). Frankfort, Ky., a Delaware corporation
proposing to distill, age, store, bottle and sell whiskey and to issue 225,000
shares of capital stock at a maximum aggregate price estimated to be
$1,125,000. Registration fee: $112.50. Underwriters: F. S. Yantis & Co.,
New York. Among officers are: Kenner Taylor, Frankfort, Ky., President;
Harry Hartwell, Mountain Lakes, N. J., Treasurer, and A. Carter Thompson. Forks of Elkhorn, Ky.
(Mercantile& Theatres Properties, Inc., Philadelphia) Protective Committee
for Villa Theatre, Collingsdale, Pa., First Mortgage 6% Bonds Due Oct. 1
1933 (2-406), Philadelphia, a committee calling for deposits of reorganization of Mercantile & Theatres Properties, Inc., Philadelphia, engaged in
construction and leasing of theatre and mercantile properties. Amount of
1E18110: First mortgage 6% gold bonds of a market value of $33,750. Registration fee: $25. Members of the committee are: George D. Lewis; John
Baird; Charles B. Lewis, and George V. Strong, all of Philadelphia.
National Associated Dealers, Inc. (2-402), New York, offering Trusteed
New York Bank Shares at a total aggregate offering price of $1,000,000.
Registration fee: $100. Trustee: Central Hanover Bank & Trust Co., New
York. Officers of the depositor: Julian M. Gerard, President and Treasurer; Barrington Elliot, Vice-President and Secretary; and T. J. Fitzpatrick, Vice-President, all of New York.
Or Osage Mineral Rights Syndicate (2-400), Santa Fe, N. M., a New Mexico
corporation buying, selling, and holding for profit, several producing and
potential oil and gas royalties, mineral rights, mineral properties, and oil
and gas leases. Amount of offering: $250,000. Registration fee: $25. J. It.
Mathewes and G. W. Claxton, both of Santa Fe, are trustees.
Dec. 2 1933
Penn YoreDistilleries, Inc. (2-407),Shrewsbury, Pa., a Delaware corporation proposing to manufacture and sell whiskies, gins, brandies and
other spiritous liquors when such sale is legal, and to issue 290.000 shares
of common stock at a total price of $725,000. Registration fee: $72.50.
Among officers are: George II. Klinefelter, Railroad, Pa., and Joseph G.
Litterst, York, Pa., Secretary-Treasurer.
I (United States Bond & Mortgage Corporation, New York) Bondholders
Committee, Series C-1 (2-401). New York, a committee calling for deposits
of reorganization of United States Bond & Mortgage Corporation, New
York, a mortgage loan and real estate business. Amount of issue: Series
C-1 634 convertible guaranteed collateral trust bonds dated May 1 1929,
of a face value of $173,700. one,third of which, or $57,900 was used in
computing registration fee of $25. Members of the committee are: William
H. Chapman, New York; Edward B. Thompson, Freesport, N. Y.; WUliam L. Humphries, New York; James Frank, New York; John J. Richlle.
Long Island City. N. Y.: and Philip Barton, New York.
On Nov. 24 security issues totaling more than 33/i million
dollars, it was announced, had been filed with the Commission. Real estate, lumber, boat manufacturing, importation
of liquors and whiskey distilling, are among the businesses
involved in the statements while gold mining projects in
this country and in Canada account for three of the issues
filed.
The list of registration statements follows:
Appleton Building Co. (2-418). Milwaukee, dealing in real property and
particularly holding title and operating premises known as Rio Theatre,
Appleton, Wis., calling for deposit of first and second mortgage bond
issues. The first mortgage bonds are authorized in the amount of $245,000:
second mortgage. $60,000; total face value. $269.600. There is no committee. Old bonds are delivered to Chris Schroeder Co., Milwaukee, are
stamped to show the extension and maturities while old coupons are detached
and new ones attched. The bonds are then returned to the owners. Registration fee is based on one-third of face value of certificates of deposit.
or $89,866.66 (which is one-third of $269,600); fee is $25.
Brown-Forman Distillery Co. (2-419), Louisville, Ky., a Delaware corporation proposing to manufacture, sell and distribute distilled spirits as
permitted by Federal and State laws, is to Issue 15,000 shares of preferred
stock and 165,000 shares of common stock in exchange for all the assets
which are subject to all liabilities, assumed by the issuer, of Brown-Forman
Distillery Co. (Kentucky), the predecessor corporation, and to issue
35,000 shares of common stock to the underwriter, Hallgarten & Co.,
New York. It is expected the underwriter will offer those 35,000 shares
together with 35.000 shares acquired from Owsley Brown, President of
the new corporation, also 28,000 additional shares to be acquired by purchase from Mr. Brown, or a total of 98.000 shares, at $15.75 a share,
bringing the aggregate amount of the issue to $1,543.500. Registration
fee: $154.35. Among officers are: Owsley Brown, Louisville, President;
Albert L. Hinzo, Louisville, Treasurer; and W. L. Lyons Brown, Louisville, Secretary-Treasurer.
(Burda Holding Corp.) (2-410) First Mortgage Bondholders' Protective
Committee of the Burda Holding Corp. (Trinity Court Building), New York,
a committee calling for deposits in the reorganization or roadjustment
of Burda Holding Corp., the issue having originally been in the amount
of $1.600,000, but, as of Dec. 1932. is outstanding in the amount of $1,471,000. Registration fee is computed on basis of $300 per $1,000 bond,
making a market value of $441,300. Fee is $44.13. The committee consists of Charles C. Hood, New York; Harry Evers, Buffalo, N. Y.; Lee S.
Megargee, and Louis E. Olpp, both of New York. The deposit of securities
is sought at this time because of the pending foreclosure of the property
mortgaged (Trinity Court Building) and of the appointment of receivers
of the property.
Dorval-Siscoe Gold Mines, Ltd. (2-411) Toronto, Canada, an Ontario
corporation proposing to engage in general mining and development.
Amount of issue: 250.000 shares of ordinary stock at 50 cents each or
$125,000. The company lists a contract dated June 12 1933 for purchase
of mining claims in the Province of Quebec. Registration fee: $25. Among
officers are: John T. Tebbutt, Three Rivers, Que., President; Bruce P.
Davis, Toronto, Vice-President and director. George C. Mortimer, Washington, D. C., is the company's agent in the United States.
Dorval-Siscoe Gold Syndicate, Ltd. (2-413). Toronto, Canada, an Ontario
corporation proposing to engage in general mining and development, and
now owning 1,500,000 shares in Dorval-Siscoe Gold Mines, Ltd.. which
In turn owns property in the Province of Quebec. The syndicate is to Issue
341 ordinary shares at $25 each. Registration fee: $25. For partial list
of officers see paragraph above.
Gold Producers, Inc. (2-416). Salt Lake City, Utah, a Nevada corporation
proposing to engage in mining and all related ventures and qualified to do
business in Nevada, with leases and options to purchase mining properties
In California and Montana. Proposed issue is for 6.000.000 shares of
common stock issued free but assessable for the purpose of financing.
Amount of issue is not to exceed $250.000. Registration fee: $25. Besides
Mr. Lasher, other officers are: Frank M. Maloney. Salt Lake City, Utah,
Vice-President; and L. M. Dixon, Salt Lake City, Secretary and Treasuer.
Mathieson Auto Boat Corp. (2-414), Highland Park. Mich.. a Delaware
corporation proposing to design, manufacture'and 'operate auto boats
and land and water vehicles, issuing 10,000 shares of preferred stock at $10
a share. Registration fee: $25. Officers"are: C. 0. Mathieson, President;
G. Mathieson, Treasurer, both of Highlandyark;and..C. Jewitt, Secretary,
Detroit.
Peterson Lumber Corp. (2-417), Pineville, Ky., a Maryland corporation
proposing to carry on a business in cutting lumber and selling it, Issuing
6% cumulative preferred stock in the amount of $500,000; paying the
Commission a registrationifee of $50. Principal underwriter is B. N'.
Rosenbaum. New York. Amonglofficers are: Olaf L. Peterson, President;
and Edwin 0. Henn, Secretary and Treasurer, both of Jacksonville, Fla.
Reclamation District No. 1600 Bondholders Protective Committee (2-415).
San Francisco, issuing deposit receipts for bonds of Reclamation District
No, 1600, California. Actual value of bonds which are to be deposited is
unknown but their total par value, together with coupons appertaining
thereto and matured and unpaid, amount 'to $403,220. Registration
fee: $40.32. The committee consists of Frederick F. Cooper and J. N.
Eschen, San Francisco and Louis J. Breuner, Oakland, Calif.
Ste. Pierre Smirnoff Fls, Inc. (2-412), New York, a Now York corporation,
dealer, importer and exporter of alcoholic and non-alcoholic beverages
under conditions imposed by State and Federal law, proposes to issue
1,000 shares of preferred stock at $100 each. Registration fee: $25. Among
officers are: V. P. Sruirnoff, Nice, France, Chairman of the board of directors; Rudolph Kunett, New York, President and director; and Benjamin
B. McAlpin Jr., Greenwich, Conn., treasurer.
Securities issues totaling more than $12,000,000 filed for
registration under the Securities Act were made public by
the Commission on Nov. 26, as follows:
Volume 137
Financial Chronicle
Brewery Development & Management Co.(2-423), Boston, a Massachusetts
corporation proposing to acquire real estate, buildings, trade-marks and
good-will of breweries which are actively engaged in the production of beer
and to manufacture and sell such beverage; to re-equip such properties
where necessary with new and modern equipment; and to deal in options,
distribution and management contracts and securities of brewery and allied
industries. Proposed issue is for 1.000 units of 7% cumulative participating preferred stock,$5 par value(with bonus of no par value common stock),
at $20 a unit, each unit consisting of four preferred shares and 1-5 of a common share. Amount of issue: $20.000. Registration fee. $25. Among
officers are: George B. Smith, President, Winchester. Mass.; Merton E.
Grush, Treasurer, Winchester, Mass., and Clarence J. Lamb, clerk,
Waban, Mass.
Copar Gold & Silver Mining Co. (2-421), San Francisco, a Nevada corporation carrying on the business of ruining, milling, concentrating, manufacturing, buying, selling and dealing in gold, silver, copper and other ores,
metals and minerals, proposes to issue 98,000 shares of treasury stock at
$1 a share. Registration fee, $25. Among officers are: Charles W.Meyer,
President, and A. J. Treat, Secretary-Treasurer, both of San Francisco.
Eagle Mountain Mining Co. (2-429), Goldfield, Nev., a Nevada corporation engaged in gold and silver mining and operation of reduction works,
proposes to issue 250,000 shares of common stock at an aggregate offering
price not to exceed $250,000. Registration fee, $25. Among officers are
Isaac H. Friar, Goldfield, Nev., President, and Warren H. Innis, Boise,
Idaho, Secretary-Treasurer.
Equity Fund.Inc.(2-426). Seattle, Wash.,a Delaware corporation engaged
in buying, owning and holding various securities as investments, proposes to
sell 500,000 shares of common stock at a total price of $2,000.000. Registration fee,$200. Underwriters,Drumheller,Ehrlichman & White, Seattle.
Among officers are: Ben Ehrlichman,President; F. W.Buff, Treasurer,an d
H. W. Cameron. Secretary, all of Seattle.
Greenebaum Sons Investment Co. and Percy Cowan (2-425), Chicago,
reorganization managers, calling for deposits of reorganization or readjustment of the Benevolent Association of Elks. Louisville, By., a charitable
and benevolent association, the issue comprising 6 % first mortgage bonds
of a face value of $645,000. one-third of which, or $215,000, was used in
computing the filing fee of $25. Person authorized to receive service of all
notices of the Federal Trade Commission is Percy Cowan, 11 S. LaSalle
St., Chicago,
Gulf Beach Hotel, Inc. (2-428). Panama City, Fla., a Florida corporation,
operating a hotel, proposes to issue 1.000 shares of common stock at $25
a share. Registration fee, $25. Among officers are: M. H. Edwards Jr.,
President, and F. S. Browne, Secretary-Treasurer, both of Panama City,
Fla,
Metals Equities, Inc. (2-427), Jersey City, a Delaware corporation buying
selling and investing in stocks and securities of corporations engaged in
Producing, processing or marketing metals, stocks or securities of allied
or associated businesses. Amount of offering: $10,000,000 capital stock.
Registration fee, $1,000. Underwriters are National Associated Dealers,
Inc., New York City. Among officers are: C. Walter Nichols, New York,
President; Henry B. Van Sinderen, Washington. Conn., Treasurer. and
George H. Richards, New York, Secretary.
National Multiweaving Co. (2-420). Washington, D. C., a Delaware corporation proposing to manufacture hand devices, under process of being
Patented, for the repairing of damaged woven fabrics and leather goods.
and to issue 300 shares of common capital stock at a total price of $25,000.
Registration fee. $25. Underwriter is Frank C. Stephens. Washington,
D. C. Among officers are: Frank C. Stephens. President, and Ruth
Kinney. Secretary-Treasurer, both of Washington, D.0.
Rahn Brewing Co., Inc. (2-422), Tamaqua, Pa., a Delaware corporation
proposing to manufacture and deal in malt beverages and to issue 50,000
shares of capital stock at a total price of $62,500. Registration fee. $25.
Principal security dealer, Warren A. Tyson, Philadelphia. Among officers
are: Frank J. Pancheri, Tamaqua, Pa., President, and Domenica Pancheri,
Lansford, Pa., Secretary-Treasurer.
Wyoming Petroleum Corp.(2-424), Las Vegas, Nev., a Nevada corporation
producing crude oil, proposes to issue 100,000 shares of common stock at
a total price of $100,000. Registration fee, $25 Among officers are:
.
.
Frank B. Mathews. President, and E. H.Mathews, Secretary-Treasurer,
both of Los Angeles.
Real estate and building company plans for refinancing
of projects account for five of the 16 securities registration
statements made public Nov. 27 by the Commission. The
16 issues total more than $8,600,000. Other types of securities filed for registration include those of a paper manufacturer, a salmon canner, an ice cream manufacturer,
investment companies, gold miners, a distiller and an oil
producer. The list follows:
Alaska Pacific Salmon Co. (2-435), Seattle, Wash., engaged in catching,
canning and marketing salmon, proposes a plan of readjustment or reorganization involving an issue of 100,000 shares of non-par class A stock and
130,000 shares of non-par common stock. Amount of issue, $500.000.
Filing fee, $50. Person authorized to receive notices, Thad Sweek, Treasurer of the company, Seattle, Wash.
Buffalo Mount Vernon Development Co. (2434), Buffalo, N. Y., a New
York corporation proposing to complete platting and liquidating of subdivision property already partially platted, succeeding Mount Vernonon-the-Lake, Inc. Amount of issue, Series A debentures,$150,000;series B
debentures, $655,000; series 0 debentures, $160,000; and series D debentures, $250,000, or a total of $1,215,000, one-third of which, or $405.000,
was used in calculating the filing fee of $40.50. Person receiving service
and notice, W.C. Slater, 441 Ellicott Square. Buffalo, N.Y. Among officers and directors are: Ray E.Zachman. Toledo, Ohio; President and director; Charles H. Valentine, Buffalo, N.Y., Vim-President and director; and
W. C. Slater, Buffalo, N. Y., Secretary-Treasurer and director.
Commonwealth Bond Corp. Committee (2-440), New York, calling first
mortgage 5% sinking fund gold bonds under a refinancing plan for Tudor
Corp., operator of Tudor Hall Apartments. Englewood, N. J., of a face
value of $582,000, one-third of which, or $194,000, was used in computing
the filing fee of $25. Person authorized to receive service of notices,
Commonwealth Bond Corp., 74 Trinity Place, New York.
Corporate Securities Fund, Inc. (2-445), Jersey City, a Delaware corporation proposing to engage in the sale of securities. Amount of offering,
$2.200.000. Filing fee, $220. Underwriters, Corporate Securities, Inc.,
Jersey City. Among officers are: J. W. Stewart, New York, President;
H. W. Faath, Jersey City, Secretary, and R. A. Keppler, New York,
Treasurer,
Estate Managers' General Fund, Inc. (2-431). Jersey City, a Delaware
corporation operating an investment fund. Amount of issue, $500,000
face value of participation receipts. Registration fee. $50. Underwriters.
Estate Managers, Inc., New York. Among officers are: James Hughes,
3949
Valley Stream, L. I., President, and Stephen Valentine, New Canaan,
Conn., Secretary-Treasurer.
Hammond, Standish & Co. (2-430). Detroit, meat packer, a Michigan
corporation, original issuer of two issues of bonds, proposing to adjust the
bonds, including the issuance of preference stock. The issues include:
-year 73i% first mortgage sinking fund gold bonds,
(1) $492,600 in 15
dated April 1 1922;(2) $50,000 in first mortgage 5% serial gold bonds dated
Sept. 1 1919; and (3) $49,260 in 6% cumulative prior preference stock.
Aggregate amount of issue, $591,860. Registration fee, $59.19. Among
officers of the company are: T. W.Taliaferro, Chairman of the board and
President, and Walter J. Graham, Vice-President and Treasurer.
Hammond Distilleries, Inc.(2-436), Hammond,Ind., an Indiana corporation proposing to manufacture, distill, redistill, blend and rectify for sale
and distribution spirituous liquors. Amount of offering.$1,033,375. Registration fee, $103.50. Underwriters are: Fuller Cruttenden & Co. and Paul
W. Cleveland & Co., both of Chicago. Among officers are: Maxwell
Nowak, Chicago, President, and Arthur J. Weiss, Hammond, Ind.. Secretary-Treasurer.
(Insurance Exchange Building Co.) Bondholders' Protective Committee of
Insurance Exchange Building First Mortgage 6% Serial Gold Bonds (2-444),
San Francisco, calling for deposits of reorganization of Insurance Exchange
Building Co. The issue comprises first mortgage 6% serial gold bonds
of a face value of $1,125,000, one-third of which, or $375,000. was used in
computing the filing fee of $37.50. Persons authorized to receive service
ofall notices, Morrison, Hohfield,Foerster, Sherman & Clark. 1110 Crocker
Building, San Francisco.
lalmar Realty Co. (2-438). Milwaukee, owner and operator of an apartment building, proposing a plan of readjustment or reorganization, seeks to
issue new coupons representing reduced interest and extended period on a
first mortgage bond issue of $160,000. It is proposed that maturities of
prior to Sept. 14 1938 be postponed until that date, and that the 6% interest rate be reduced to 3% per annum until March 14 1936; thereafter the
interest to be 5% per 8,113311M if earned. Filing fee,$25. Person authorized
waukee ve
torece. notices, Harold A. Richards, Secretary of the company, Mili
Kilmar Realty Co. (2-439). Milwaukee, owner and operator of an apartment building, proposing a plan of readjustment or reorganization, seeks
to issue new coupons representing reduced interest and extended period
on a second mortgage bond issue of $40,000. Coupons maturing March
14 1933 are canceled and new ones issued for one-half face value to mature
Sept. 14 1938 and bear interest at 5%. It is proposed that maturities
of prior to Sept. 14 1938 be postponed until that date; and that the 7%
interest rate be reduced to 3% per annum until March 14 1936; thereafter
the interest to be 5% per annum if earned. Filing fee. $25. Person
authorized to receive notices, Harold A. Richards, Secretary of the company, Milwaukee.
Pacific Empire Corp. (2-442), San Francisco; a California corporation
carrying on a general investment business. Amount of offering, $250,000.
Registration fee, $25. Among officers of the company are: M. Maffei,
President,and A. A.Heir Jr., Secretary-Treasurer, both of San Francisco.
Rozwick Corp. (2-443), Miami, Fla., a Delaware corporation manufacturing and distributing ice cream, proposes to issue 10,000 shares of class A
common stock at $10 a share. Filing fee, $25. Underwriters, E.P. Gage,
Jacksonville, Fla. Among officers are: Rozier Wickard, President; Alfred
L. Coe, Secretary, and W. B. Dailey, Treasurer, all of Miami.
Unity Gold Corp. (2-441). St. Paul, Minn., a Colorado corporation proposing to engage in all branches of the mining industry and to issue 419,212
shares of common stock at a price not to exceed $420,000. Filing fee, $42.
Underwriters are North Butte Mining Co., Butte, Mont., and John L.
Cronan, Boston. Among officers of the company are: Evan J. Williams,
President, Cripple Creek, Colo., and M. W. Wheeler, St. Paul, SecretaryTreasurer.
Venezuela Speculations, Inc. (2-432). New York, a Delaware corporation
developing petroleum and kindred products, land and concessions owned In
Venezuela, South America, proposes to issue 25,000 shares of common
stock in an amount not to exceed $250,000. Registration fee,$25. Officers
are: G.J. Steinacher, New York,President; J. Brophy,Caracas, Venezuela,
Treasurer, and J. E. Levy, New York, Secretary.
Yuma Gold Fields, Inc. (2-433), New York, anwArizona corporation engaged in the production of gold, placer mining, milling and developing in
Arizona. Amount of offering, $250,000. Registration fee, $25. Officers
are: William von Bremen,President;John S. Denbel,Treasurer,and George
N. Weimar, Secretary, all of New York City.
.
Zeloid Products Corp. (2-437), Holyoke, Mass., a Delaware Corporation
manufacturing transparent paper, proposes to issue 800,000 shares of comRegistration fee, $160. Among
mon stock at a total price of $1.600,000.
officers are: Charles Hetzel, South Hadley, Mass.. President, and William
J. Norton, Holyoke, Mass., Secretary-Treasurer.
Security issues totaling close to $4,600,000 were made
public Nov. 29 by the Commission in announcing details
of nine statements filed for registration under the Securities
Act. Three statements are for the issuance of new seprinting aeposits
dnd encurities in the oil, the brewing, and theclie
graving business. Others pertain to the
for eventual reorganization or readjustment in the following
businesses: Municipal water company, rail and harbor
terminal, lumber, and apartment house. One statement
concerns the financial affairs of an individual. We give
the list as follows:
Alamo Petroleum Corp (2-450), Jersey City, a Delaware corporation proposing to lease land and develop the production of crude oil, to perform
other things kindred to the oil business, and to issue 100,000 shares of common stock at $11.50 a share for a total price of $1,150.000. Registration
fee: $115. Underwriters: Affiliated Distributing Group, Inc., Jersey
City. Among officers are: W.E. Stewart, East Orange, N. J., President,
and C. F. Daniels, West Orange, N.J., Secretary-Treasurer.
(Camden Rail & Harbor Terminal Corp., Camden, N. J.) Reorganization
Committee for Camden Rails de Harbor Terminal Corp. First llortgage 83i%
Sinking Fund Gold Bonds (2-447), New York, calling for deposit securities
issued by the terminal company to construct a cold storage, ice manufacturing and dry storage warehouse, in the amount of $1,646,000. Filing
fee of $25 is based on the market value of $230,440 which is $140 for each
$1,000 bond. Personnel of the committee Is as follows: Theodore W.
Stemmler Jr., Percy Ingalls, New York and Richard L. Weidenbacher,
Philadelphia.
(Commonwealth Apartments, Inc., Cedar Rapids, Iowa) Bondholders Committee for Holders of Commonwealth Apartments, Inc., 534% First Ifortgage
Bonds (2-452), 10 South La Salle Street, Chicago, calling for deposit the
first mortgage 534% bonds in the amount of $313,600 in a proposed readjustment of the business of the Commonwealth Apartments. Filing fee:
3950
Financial Chronicle
$31.36. The committee consists of the following: Dr. H. M. Gage, President of Coe College, Cedar Rapids, Iowa; W. L. Cherry, President of
Cherry-Burrel Corp., Chicago, and Ernst R. Heldmaier, President of E.
Heldmaler, Inc., Chicago.
(Commonwealth Apartments, Inc., Cedar Rapids, Iowa) Bondholders Committee for the Commonwealth Apartments, Inc., under the terms of a deposit
agreement dated Oct. 7 1933 (2-453), 10 South La Salle Street, Chicago, proposing to issue securities pursuant to a plan of readjustment in the form of
certificates of deposit for deposited first mortgage
% Commonwealth
Apartments, Inc. bonds in the amount of $313.600. Filing fee: $31.36. It is
announced in the statement that Commonwealth Apartments will issue new
4% cumulative sinking fund income bonds par for par in exchange for
certificates of deposit when plan is declared operative. The apartment
company's capital stock, contemplated under the plan of reorganization, is
of two classes: 989 shares of 7% cumulative preferred stock of $100 Par
value and 14,880 shares of common stock of$10 par value.
General Banknote Engineering Co., Inc. (2-448), New Rochelle, N. Y., a
New York corporation engaged in construction and licensing of steel plate
engraving and printing equipment, proposes to issue 100,000 shares of
common stock at a maximum offering price of $100,000. Filing fee: $25.
Among officers are: A. Claxton Cary, President, and E. Ford Cordial,
Secretary-Treasurer, both of New Rochelle, N. Y.
(Perry, J. Wilbert, Washington, D. C.), Stanton C. Peelle and others
(2-451) 1422 F Street, N. W., Washington, D. C., a committee calling for
deposits of J. Wilbert Perry, an individual whose last known address was
1518 K Street, N. W., Washington, D. C., in the matter of notes secured
by deed of trust on real estate (first lien) in the amount of $225,000. Filing
fee: $25. The committee consists of Stanton 0. Peelle, James H. Purcell,
and Charles E. Quigley, all of Washington, D. C.
Southern Breweries, Inc. (2-454), Norfolk, Va., a North Carolina corporation proposing to produce malt and brewed liquors and to manufacture soft drinks and ice, in connection with which it expects to issue 30,380
shares of common stock at $10 a share in aggregate amount of $303,800.
Filing fee: $30.38. Among officers of the company are: Franklin G. King,
Bethlehem, Pa., President, and Edwin E. Wallace, Bethlehem, Pa.,
Secretary-Treasurer.
(Sugar Pine Lumber Co., Pinedale, Calif.) Bondholders' Protective Committee Sugar Pine Lumber Co. First Mortgage Guaranteed 6% Serial Bonds
(2-449), Los Angeles, calling for deposit the above listed bonds of the above
listed company in the amount of $2,397,000 outstanding in a readjustment
plan. Filing feels $83.90, based on a market value of $838,950. The committee consists of the following: Fentress Hill, San Francisco; Shannon
Crandall, Los Angeles; Harry M. Evans and S. W. Foreman, Pasadena;
W.H.Meservey and W.Edgar Spear, Los Angeles.
(Texas Consumers Water Co.) Bondholders' Protective Committee of Texas
Consumers Water Co. under agreement dated April 15 1931 (and agreement
dated May 22 1931), (2-446), Fort Worth, Tex., seeks to effect a reorganization of the water company, now in receivership, and proposes to issue the
following: First mortgage 6% bonds in the amount of $50,000. Filing fee:
$25. The personnel of the two committees are as follows: (Agreement of
April 15 1931)—Messrs. Alexander, McArthur Sand Don Metcalf of Des
Moines, Iowa. (Agreement of May 22 1931)-0. F. Alexander, Kansas
City, Mo.: Albert G. Maish and W. H. Hurlburt, Des Moines, Iowa;
T. T.Warren, Winfield, Iowa, and 0.E. McArthur, Kansas City, Mo
In announcing the above lists the Commission said:
In no case does the act of filing with the Commission give to any security the approval of the Commission or indicate that the Commission
has passed on the merits of the issue of that the registration statement
Itself is correct.
Legality of NRA Backed by Justice Black—Constitution, He Says, Gives Congress Ample Authority.
From the New York "Times" of Nov. 29 we take the
following:
In the opinion of Supreme Court Justice William Harman Black, the
NRA is in entire accord with both the spirit and the letter of the Constitution of the United States. For his legal grounds he relies on Article 1, Section 8 of the Constitution.
h Justice Black gave his opinion last night at a dinner of the Phi Delta Phi
Fraternity of Columbia University Law School at the Princeton Club.
After his speech the students and faculty members present adopted a
resolution endorsing his views.
"The other evening at the State Chamber of Commerce dinner Former
Representative Martin W.Littleton paid glowing tribute to the permanency
and binding power of the Constitution," Justice Black said. "But if I
understood his remarks right he followed his tribute to the Constitution
with a defiance of the Recovery program. I gathered that his objection
to it was based on the fact that the Recovery program invaded the rights
of citizens."
"A State or a government under a charter or a Constitution too rigid
to allow the succor of its people in times of distress does not deserve to
endure. Such a government Is the victim of creeping paralysis, and is
simply 'dead and don't know it.'
"Congress has power to declare war. Can it be seriously contended
that Congress can declare war and can not provide for peace by preventing
cut-throat competition?
"Every government has the inherent right to provide for the common-day. The only thing
weal and do just what our Government is doing to
that ought to keep a government from looking out for Itself is some technical
Constitution."
provision in its charter or
Ex-Justice Holmes Backs NRA Constitutionality.
Oliver Wendell Holmes,former Justice of the United States
Supreme Court, in an interview published in "The Yale
News" on Nov. 9, is reported as saying that "there have
always been changes in the interpretations laid on the
Constitution, and there always will be." Asked concerning
the controversy over the constitutionality of the NRA, he
said that "the developments in the last few months are
nothing to howl about." The foregoing is from New Haven
advices to the New York "Herald Tribune," which further
noted:
The question of the benefit of legal training was brought up by his
student interviewer, and Mr. Holmes was quick to remark "it Is always
a good thing— but I didn't choose it. My father ldcked me into it. Of
course. I am glad now, but I wasn't at first."
On arbitrary retirement ages he also had a word to say. "I don't believe
In having any hard and fast rule. It's silly." Answering the question of
Dec. 2 1933
what he thought of appointing State judges, instead of electing them, he
said briskly, "I think well of it. Judges weren't made for campaigning,
and shouldn't have to."
"I follow the papers very little," he said, in describing his mode of life.
"I don't know much of what is going on. My secretary does all of the
handling of the mail."
New Jersey Court Rules Labor Picketing Is Barred
by NRA—Says Codes Contain Provisions for Ending Strikes.
Picketing is not the proper method to effect settlement of
strikes where the companies in question are operating under
National Recovery Administration codes, according to a
decision handed down on Oct. 30 by Vice-Chancellor John
J. Fallon of Trenton, N. J., in enjoining the American Federation of Silk Workers from interfering with the operation
of the Bayonne Te*tile Corp. The code, the court said,
contains its own provisions for ending strikes. The decision
was described as follows in a Trenton dispatch of Oct. 30
to the New York "Times":
The Vice-Chancellor said that under Section 7 of the NIRA employers
and employees might bargain collectively, but that "does not warrant
Interference by persons other than employees of an employer, relating
to employment and working conditions."
The NRA,the court ruled, could not foster a nation-wide confederation
of workers any more than a nation-wide confederation of capitalists.
"There can be no special privilege afforded either class against the other,"
the court said, adding, that labor is property, capital is property and both
must be equally safeguarded.
"An employer has a right to conduct business and deal with employees
without interference by intermeddlers such as organizers, strike agitators
or the like, affiliated with a nation-wide labor organization," the decision
stated.
"Labor does not need to resort to strike-makers to remedy alleged grievances, since the establishment of the NRA under which mediation forums
have been created to effect equitable adjustment thereof, between an
employer and employees, and the court will take judicial notice of such
forums."
William Green Estimates Unemployment Increased by
11,000 in October—American Federation of Labor
Head Finds Better than Seasonal Showing—
Sees Workers' Buying Power Up 23.1% from
March Level.
An estimate that unemployment in the United States increased by 11,000 during October to a total of 10,076,000 was
made by William Green, President of the American Federation of Labor, in the monthly report of that organization,
issued on Nov. 26. Mr. Green commented that "unemployment has shown very little change since the middle of
September." He remarked that the NRA program is keeping
the unemployment situation under better control than is
usual at this time of year, and pointed out that since the
beginning of the depression, with the exception of 1932, there
has been a large increase in unemployment from September
to October. Total buying power of all workers increased
2.2% in October, the survey found. Chiefly as a result of
increased employment, the workers' real purchasing power
is now 23.1% above the level of last March. Mr. Green admitted that the showing is encouraging, but warned that the
worst months of winter are Just ahead, and that it will be
exceedingly difficult to maintain employment in December,
January and February "unless supreme efforts are made."
Mr. Green, in his statement, said, in part:
Our unemployment estimate, based on Government figures, shows
10,076,000 out of work in October (preliminary) as compared with
10,065,000 unemployed in September. This slight Increase is due to the
fact that although employment gained a little in October the gain was not
enough to absorb those seeking work for the first time. Reports from trade
unions show 21.8% out of work in the first part of November, as compared
with 21.7% in October.
Both these records indicate that the NRA program is keeping the employment situation under better control than is usual at this time of year. Only
once since the depression began has unemployment failed to increase by at
least 450,000 from September to October; the one exception was last year
with its October business increase.
Average wages increased somewhat from September to October, but very
slightly, the gain being only $1.20 a month, or 1.4%. Since cost of living
rose still less eh of 1%) the worker made a slight actual gain in real wages
for the month of October; but this October gain was not enough to restore
the losses due to rising living coats in the last few months, and the individual worker's real income is still below March by 1.1%.
The total buying power of all workers rose 2.2% in October when Increased living costs have been allowed for. Due chiefly to increased employment the workers' real buying power is now 23.1% above the March level.
In dollar buying power, the total income of wage and small salaried workers
is above the March level by pearly $800,000,000 a month.
Whiteside of NRA Predicts Fewer
Hours—Predicts Shorter Week Unless Unemployment Declines.
Administrator
Prediction that the working hours in all codes may have
to be further shortened was made in Washington by
Divisional Administrator Whiteside at the conclusion of
National Recovery Administration hearings on the wholesale code, according to an account from Washington to the
Volume 137
Financial Chronicle
"Wall Street Journal" of Nov. 14, from which the following
is also taken:
Mr. Whiteside said:
"If immediate improvement in unemployment is not noticed, it will probably be necessary—I speak unofficially, giving my own opinion—to reduce
the hours of all industry, whether they are operating under codes or not."
National Labor Board announced appointment of a committee which will
arrange an employees' election within 10 days to settle controversies in the
anthracite coal fields. Committee Chairman will be Charles P. Neill, Industrial adviser and personnel director of Southern Railway. Also on the Committee will be E. F. Andrews, Labor Commissioner of New York State, and
Dr. Hugh S. Hanna, of the Labor Department, Washington, D. C.
H. L. Hopkins Acts to Prevent Alleged Political Influence in Grant of Civil Works Jobs—Orders
Investigation of Youngstown Reports—Thousands
of Men Given Employment in Campaign Expected
to Enlist 500,000 on Federal Projects.
Harry L. Hopkins, Administrator of Civil Works and
Emergency Relief, acted on Nov.23 to halt a reported attempt
to inject political favoritism in the apportionment of jobs
under the civil works program of the Administration. After
reading press dispatches from Youngstown, Ohio, which
stated that "unemployed Democrats" were being registered
for city jobs, Mr. Hopkins telegraphed to General F. D. Henderson, of Columbus, Chairman of the Ohio Civil Works Administration, ordering an investigation and asserting that if
conditions as reported were found to exist no civil works
funds would be expended in Youngstown.
Meanwhile, the Civil Works Administrator has ordered
the employment of many thousands of men each day starting
with Nov. 22, when 129,260 men were given work on Federal
projects throughout the country. On Nov. 24 more than
57,000 men were put to work on six Federal projects, bringing
the total number of unemployed men assigned to such projects to 188,097. Other thousands have since been added to
the employment rolls during the present week. Mr. Hopkins
said on Nov. 24 that all persons employed in relief and educational projects shall be paid from local State and Federal
relief funds at prevailing wage rates, and in no case less
than 30c. an hour. The Civil Works Administrator expects
500,000 men on Federal projects.
Mr. Hopkins's telegram of Nov. 23 to General Henderson
regarding conditions in Youngstown read as follows:
Newspapers report that John J. Farrell, of Youngstown, has advised Democrat, who want relief jobs to register at the City Employment Bureau and
then take the card to Mr. Kearney, clerk of the Board of Elections. He is
quoted as having said:
"I cannot promise any jobs, but I will try to see that the men are
placed."
Please investigate this at once. No civil works funds will be expended
in Youngstown if these conditions are true. The Civil Works Administration
will not tolerate political interference. Please have the Civil Works Administration at Youngstown meet at once so that you may advise me
regarding this.
Henry Ford Held Eligible to Bid on U. S. Government
Contracts — Comptroller-General McCarl Rules
Violation of NRA Code Must Be Proved Before
Bids Can Be Rejected—Actual Signing of Code
Declared Unnecessary, Since Adherence Must
Be Presumed—Gen. Johnson Contends Local
Ford Agency Violates Code by Quoting Below
List Price.11141111.1
A ruling that Henry Ford is eligible for Government contracts, despite the fact that he has not signed the NRA code
for the automobile industry, was issued on Nov. 11 by J. R.
McCarl, Comptroller-General. Mr. MeCarl upheld the power
of the executive branch of the Government to make code compliance a condition in bidding for Government contracts, but
he also declared that Mr. Ford and his agents must be regarded as legitimate bidders until the NRA had submitted
proof of code violation. Prior to the issuance of the Comptroller-General's ruling, both President Roosevelt and General Hugh S. Johnson, Recovery Administrator, had approved a general disbarment of all Ford dealers from awards
on Government contracts after it had been alleged that the
Detroit automobile manufacturer had not complied with the
code for his industry. On Nov. 10, however, the NRA announced that after a preliminary examination of statistics
from the automobile industry, it appeared that all motor
manufacturers, including Mr. Ford, were complying with the
wage and hour provisions of the automobile code. Detailed
figures were not given out at this time.
Despite ruling by the Comptroller-General, it was disclosed on Nov. 27 that General Johnson has filed a protest
with the Department of Agriculture intended to prevent
the award to a Washington Ford Motor Co. agency of a
contract for trucks on the ground that the agency had quoted
a figure below tho list price and thus violated the NRA retail
3951
code for automobile'dealers. It was considered probable that
this contention would also be submitted to the Comptroller
General for a ruling.
The Comptroller-General's ruling of Nov. 11 described
as follows in a Washington dispatch of that date to the New
York "Times":
Comptroller-General McCarl to-day cited a letter from General Johnson,
written Nov. 1, to the effect that the Recovery Administration had not been
advised of any proved violations of the automobile code by Mr. Ford.
Mr. McCarl held, therefore, that the motor manufacturer must be considered as abiding by the law and the code of his industry until proved
otherwise.
2,300 Motor Trucks Involved.
Under the Comptroller-General's ruling heads of a number of bureaus must
presumably accept a bid of the Northwest Motor Co., Bethesda (Md.) Ford
dealer, for 2,300 motor trucks unless other reasons are found to render this
concern not a "responsible" low bidder.
The Comptroller-General is solely an agent of Congress, and his rulings
respecting the intent of Congress in the expenditure of money cannot be
set aside by the President. No case has ever been known in which the
Executive Department has contested in the courts a ruling of the Comptroller-General.
In some respects Mr. McCarl's opinion was thought to have fortified the
Administration in forcing compliance with NRA codes despite the outcome
of the Ford case. He upheld the general principle that codes promulgated
under the NRA had the full force and effect of law, and that they bound
all units of an industry, whether all units agreed to them or not.
However, indication by any unit of an intention to comply with Its code
was not necessary as far as Government contracts were concerned, he declared. The failure to indicate positively compliance with NRA has, of
course, been the major argument in the whole Ford controversy.
Code Signature Not Necessary.
"The fact that the Ford Motor Co. may not have signed assent to the code
of its industry and indicated that it intends to comply with the provisions
of said code seems not controlling here," Mr. McCarl said in his opinion.
"Until it is established that one subject to a duly approved code of fair
competition has violated its provisions, it is to be assumed, as is the rule
respecting any law, that the provisions of the code will be duly observed."
The Comptroller-General's opinion was sent to several departments, sufficiently changed in each case to cover that department's particular relation
to the Ford case.
In the decision submitted to Secretary Roper, respecting a bid on a number of motor vehicles for the Airways Division of the Commerce Department,
Mr. McCarl said:
"With reference to the statement in the Airways Division's report to the
effect that the Ford Motor Co. has not complied with the code of fair
competition established for the automobile industry, it is noted that you
do not state in what respect said company has not complied with the code
approved by the President for the automobile manufacturing industry, and
in this connection the Administrator for Industrial Recovery has reported
to this office in letter of Nov. 1 1933 that he had not been advised of any
proved violation of said code."
Assent Taken for Granted.
The Comptroller-General said that while he did not find in the Executive
Order of Aug. 19 1933 any specific delegation of authority to the Federal
Emergency Administrator of Public Works to prescribe the form of contracts to be made by departments or establishments to which NRA funds
might have been allotted, "it would seem proper to incorporate in such contracts any reasonable provisions that may be necessary to further the purposes of the NIRA."
"It is to be presumed, however," he ruled, "that all members of an
Industry or trade for which a code of fair competition has been approved by
the President will comply with the provisions thereof, and the mere fact
that any such member has not pledged compliance should not preclude the
awarding of a contract to such member, if the lowest bidder, and otherwise
acceptable."
The Northwest Motor Co. furnished a low bid for four-passenger cars and
six trucks to the Airways Division of the Commerce Department, and complied with all conditions and specifications, "except that the bidder does
not guarantee that the manufacturer of these cars has complied with the
established code of fair competition," Secretary Roper notified the Comptroller-General in presenting the oase.
Mr. Roper pointed out that only materials produced under codes could be
used on Government works except where the contracting officer certified
that this requirement was not in the public interest or that the consequent
cost was unreasonable. The Airways Division, he said, declared that the
Ford Co. had not complied with the code and recommended that the next
lowest bid be accepted.
Ruling in Wallace Contract.
Similar facts were involved in the Agricultural Department case. The
Northwest Motor Co. protested the awarding of a contract for finished motor
equipment to any other bidder.
"In consideration of the bids received in this instance a question appears
to have arisen as to whether the fact that the Ford Motor Co. has not signed
the President's Re-employment Agreement on the 'assent form' signifying
affirmatively its assent to the code of fair competition for the automobile
manufacturing industry precludes acceptance of the Northwest Motor Co.'s
bid," Mr. McCarl said.
"There appears nothing in the code for the automobile manufacturing
Industry nor in the Act of June 16 1933, supra, pursuant to which said code
was adopted and approved, to require that persons or firms engaged in the
industry sign or otherwise affirmatively signify their assent to the approved code.
"On the contrary, it seems clear from the plain terms of said Act and
the procedure under which codes are prepared and approved that no such
signing or affirmative anent is necessary."
When informed of Mr. McCarl's ruling in the Ford case,
General Johnson said that he believed the Comptroller-General misapprehended the questions involved. Associated
Press advices of Nov. 11, from Fort Worth, Texas, reported
General Johnson as follows:
He said Mr. McCarl bad "failed to hit the point unless there is another
basis for his ruling than appears on the surface." He went on:
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Financial Chronicle
"The President has set up rules for bidders requiring that they must have
made affirmative agreement to comply with the code for their industry. As
far as I know, Ford is complying with the automobile code, but he has
not agreed to it, and Edsel told me he never would agree."
General Johnson said that were "several questions" involved in the Ford
controversy but that the matter must be decided by the President,
Abandonment of NRA Advocated by Senator Dickinson
—Says It Stifles Initiative, Retards Recovery.
Senator L. G. Dickinson (Rep.), Iowa, on Nov. 7 charged
the NRA with stifling individual initiative and retarding
America's economic recovery and urged its immediate
abandonment. An Associated Press dispatch from Washington Nov. 7 to the New York "Herald Tribune" reporting
this continued:
"England has advanced more rapidly and more steadily without such
program," he told newspapermen, "so has France."
Denying the NRA has abolished child labor and sweatshops, the keynoter of the 1932 Republican convention said "provisions against those
practices are in the codes all right, but nobody is observing them. It's
like prohibition." He said figures used by the Administration to show
4,000,000 persons had been put back to work "were taken at a peak time
and included temporary employment which has since been lost."
"If people have been re-employed, why are we spending more money
for unemployment relief than ever before?" he asked.
Referring to the controversy between Henry Ford and Recovery officials,
Dickinson predicted the automobile manufacturer would "show up" the
NRA.
While approving a "reasonable" public works program, Dicksinson said
the $3,300,000,000 program was unsound and "a third of the money will
be wasted." "People are being encouraged to borrow money to build
things they don't need," he claimed. "Nobody can afford to do that."
a
Initials Signifying Federal Government Groups Created
by President Roosevelt and Phrases Used by
General Johnson and Opponents of NRA.
From the New York "Times" we take the following by
Arthur 'Crock, as contained in Washington advices Nov. 28
to the paper indicated:
The time seems to have arrived to provide for newspaper readers a key
to the abbreviations and a glossary of the phrases of the Administration
and its critics. So swiftly and in such variety have the new Government
agencies come into being, and so long are their names, that most of them
go by initials.
In many instances these initials are still unfamiliar to the reading public.
As for current Administration phrases, these, due to the imaginative
vocabulary of the President and some of his aides and the pitched battle
now being waged over the gold purchase plan, call loudly for fixed definitions.
It is perhaps an act of temerity on the part of a first hand observer
to attempt too precisely to set down the meaning of some of General Hugh
S. Johnson's phrases. But no list would be complete without them.
The following are some of the expressions, figurative and otherwise, that
the Roosevelt Administration has put on the first page, and a definition
of each:
Dead Cat—Personal criticism of General Johnson or of his administrative methods.
Chiseler—Any citizen who does not live up to his compact with NRA;
sometimes just a critic of the recovery plan.
Social Neanderthaler—Any citizen who disbelieves in the basic concept
of the NIRA.
To Crack Down—To punish, by boycott or otherwise, anything in the
three categories above.
Tory—A disbeliever in certain aspects of the New Deal.
Doubting Thomas—Same as above.
Hobgoblin—Fears or plain visions of disaster felt by dead cat hurlers,
Tories, social Neanderthalers or doubting Thomases.
Ghouls—Certain newspapers which have expressed fear that freedom
of the press may be endangered by the NIRA.
Crackpots—Alfred E. Smith's general description of some of the academicians who advise the President.
Brain Trust—An earlier expression relating to the same group.
Guinea Pigs—Mr. Smith's classification of the American people on
whom experiments are being practiced.
Baloney—The present and projected American dollar (also Mr. Smith's).
Blue Eagle—The symbol of the NRA.
Off the Record—Views expressed by the President for the ears, but
not for the typewriters, of the members of his newspaper conference.
Federal Bodies' Abbreviations.
These are the major expressions which have come into common parlance and are much admired around the country. But the list of abbreviations to designate important arms of the)Federal Government is
much longer. President Hoover had a number of commissions, for which
he was criticized by Democratic campaign orators and others. These
commissions were largely devoted to what Mr. Hoover fondly called
"fact-finding."
The Roosevelt Administration, true to its campaign pledge, has no
commissions. Instead it has a largo number of corporations, boards
and administrations. The abbreviations and meanings in the more important instances follow:
NRA—National Recovery Administration.
NIRA—The National Industrial Recovery Act, parent of the preceding
AAA—Agricultural Adjustment Administration.
RFC (Inherited)—The Reconstruction Finance Corporation.
ICO (Inherited)—The Inter-State Commerce Commission.
pwA—Public Works Administration.
CWA—Civil Works Administration.
FACA—Federal Alcoholic Control Administration.
CCC—Citizens' Conservation Corps.
CCC (Junior)—The Commodity Credits Corporation that makes loans
on cotton, &c.
FCA—The Farm Administration.
FEC—The Federal Emergency Housing Corporation,
FHLB—The Federal Home Loan Board.
FHOLC—The Federal Home Owners Loan Corporation.
Dec. 2 1933
PRA—The I'residential Re-employment Agreements.
TVA—The Tennessee Valley Authority.
FDIC—The Federal Deposit Insurance Corporation,
C8B—The Central Statistical Bureau, which officially interprets all
Government figures.
FCT—Former Commissioner Eastman in his role as Federal Co-ordinator
of Transportation.
SAB—The Science Advisory Board.
NLB—The National Labor Board, presided over by Senator Wagner
of New York.
EC—The President's Executive Council, sometimes called the "town
meeting," and, by the even more irreverent, "Of Thee 1 Sing."
PAD—The Petroleum Administrative Board.
There Are Still Others.
These are the larger and more important of the alphabetized and mostly
new activities of the Federal Government. Some of them have subdivisions with equally unfathomable abbreviations, for the thing has
become catching. But if any reader will undertake to master the combinations of letters given above he should be wholly able to keep up with
headlines and news articles about the New Deal.
Probably not since the day when big banks created a hundred VicePresidents, all of whom signed just their initials to intra-mural memoranda, has there been as much use made of the alphabet as is now being
made in Washington.
Stockholder Held Recovery Victim—R. G. Tugwell,
Assistant Secretary of State, Says He Will Have to
Foot Most of Bill in Form of Cut in Dividends—
Talks on NRA Program—Farmers' Problems.
The stockholder in industrial companies will have to
foot the larger part of the bill for National Recovery in the
form of decreased dividends, Rexford G. Tugwell, Assistant
Secretary of State, told Columbia University's Institute of
Arts and Sciences in New York City, in a lecture on Nov. 16.
Mr. Tugwell spoke on a program arranged for the Institute
by Dr. Russell Potter, at the McMillan Auditorium. His
subject was "The Economies of the Recovery Program,"
said the New York "Times," which reported his remarks
as follows:
Mr. Tugwell described the problems underlying the NRA, holding that
the old supposition that supply and demand, without regulation, would
maintain economic balance had been disproved by the depression.
Ile declared that while farmers, suffering from a continuously decreasing
price level, had maintained the volume of production, although they got
less and less for their product, the industries had maintained their price
levels while decreasing the volume of production, thus throwing many
out of employment and decreasing the level of wages.
"Exchangeability" the Key.
used the word "exchangeability" as indicating the point at which
the purchasing power of the farmer should once more approach the productivity of industry, and, with his picture of impoverished farmers producing more and more food, and profit-taking industrialists producing
less and less goods while they maintained prices, he went on:
"The main problem is, in some industries, to raise volume of production and volume of payrolls without increasing prices; in other industries
to raise volume of production and volume of wages with an increase in
price, but not an increase at all commensurate with the increase in the
price of agricultural products.
"At first thought you will ask how the wage bill can be increased by
Industry without increasing the prices charged. This is the very crux of
the Recovery Program. It was by reducing production and wages in some
industries without a corresponding drop in prices that we destroyed exchangeability. To restore it the process must be reversed. In many
Industries the declining volume of production in the last three years has
Increased overhead costs per unit of product.
r He
Prices Held. Wages Cut.
"In order to meett his increasing cost the industrialists have, on the
one hand, maintained prices at their former level and, on the other hand,
have reduced wage rates and employment. In this way they shifted the
burden of reduction to the workers, brought on unemployment and destroyed
purchasing power.
"To regain exchangeability, it is necessary that the increased direct
costs of operation attributable to paying higher wages should be absorbed
by profit-takers without any increase in price. This involves spreading
overhead and increasing wages so that the increased volume of production
can be purchased by workers or in part by workers and in part by farmers
who receive more from the workers for the commodities they supply.
"It must be recognized, of course, that there are many industries which
fall between the two extremes of price flexibility and price rigidity. In
such industries, the regaining of exchangeability requires that only part
of the increased costs due to increased wages be absorbed by the industry
through a wider spreading of overhead costs, while the remainder of the
Increased costs is passed on to too consumer.
"In still other industries in which prices have fallen very greatly over
their earlier level, a return to an economic balance would undoubtedly
require that the whole of the increased costs be passed on to the consumer.
In such cases the worker would be directly benefited at the expense of the
consumer, a condition properly parallel to that in respect to agricultural
products."
L-S. C. C. Upholds Store Door Pick-Up and Delivery
Plan—Denies Plea by 16 Railroads for Suspension
of Tariffs Filed by Pennsylvania, Erie and Grand
Trunk Lines—Move to Regain Lost Traffic Becomes
Effective Dec. 1.
The Inter-State Commerce Commission on Nov. 27 issued
a ruling not to suspend tariffs filed by the Pennsylvania,
Erie and Grand Trunk railroads providing for store door
pick-up and delivery service in connection with the transportation of freight in less than carload lots. The tariffs
became effective yesterday (Dec. 1). The Commission
issued a formal announcement of its decision,following public
hearings and final oral arguments which were hold on Nov.
Volume 137
Financial Chronicle
21, at which 16 other railroads attacked the Pennsylvania
store door delivery system and urged the suspension of the
tariffs, pending an investigation to determine whether the
service would violate the Inter-State Commerce Act. The
notice issued by the Commission on Nov.27 was as follows:
The Inter-State Commerce Commission in conference to-day voted not
to suspend tariffs filed in its offices by the Pennsylvania. Grand Trunk
and Erie Railroad companies providing for pick-up and delivery service in
connection with the transportation of freight articles in less than carload
lots.
As this is clearly an experiment, the Commission expects that records
of operations under these tariffs will be kept currently and in such a way
as will show clearly the results in order that the information can be furnished
to the Commission promptly if required.
The Inter-State Commerce Commission yesterday (Dec.
1)authorized the Delaware, Lackawanna & Western Railway
Co. to establish store door delivery and pick-up service on
less than carloA freight on five days' notice to the public.
This was the first of the objecting Eastern roads to follow
the new policy of the Pennsylvania Railroad after publication
of the Commission's decision. Other roads are expected to
file similar tariffs with the Commission.
It was announced, on Nov. 30, that the Merchant Truckmen's Bureau of New York has addressed to President
Roosevelt a letter protesting against the refusal of the
Commission to suspend the store door tariffs for less than
carload freight.
Commenting on the decision and its probable effect, the
New York "Times" of Nov. 28 said:
It was entirely upon the ground of a justified experiment to recover
traffic lost to highway agencies that the Pennsylvania proposed to set up
the new service. The inroads upon railroad revenues by inter-State trucking companies,it was said, have been chiefly in the field of less than carload
freight.
Arguing the matter before the Commission recently, attorneys for the
road estimated that the experiment would cost about $80,000 a month,
but that the Pennsylvania considered the plan workable and was prepared
to make the investment.
Cost Spurred Opposition.
Under the new service, to be optional with shippers, the railroad will
begin picking up "1. c. 1." freight at stores and warehouses, hauling it to
a given destination by rail and then completing the delivery by truck
instead of leaving it at terminals for collection by trucks of the consignee
or by trucking companies hired for the purpose. In this instance the trucking company completing the delivery will be paid by the railroad and the
charge to shippers will be absorbed in the line-haul rate.
It was on account of this absorption and the further contention that
the cost of the service would exceed the return thereon that the opposing
carriers based their complaint.
The opposing lines contended that if the service were inaugurated they
would be forced, for competitive reasons, to follow suit against their better
judgment. In furtherance of this argument, it was estimated by counsel
that, on the basis of 1932 traffic, the service would have cost the Reading
$300.000,the Lackawanna $500,000 and the New York Central $3,000,000.
Attention was also called to the large investments of carriers competitive
with the Pennsylvania in terminal facilities in the centre of business districts,
advantages which would be completely nullified by Pennsylvania plan.
Counsel for the opposing carriers also held that the service presented
"the spectre of a rate war," and that it might easily become an injurious
competitive device.
Eastman Approved Test.
The Commission took the arguments into consideration before arriving
at a decision, but made no reply and confined its announcement to a brief
statement to the effect that it had decided not to suspend the proposed
tariffs.
It was considered probable, however, that much weight was given the
view expressed by Commissioner Farrell at the recent hearing. This was
In the form of a question to opposition counsel whether the Commission
would not be presuming to interfere with the judgment of competent
executives of the Pennsylvania Railroad who thought the store door pickup and delivery service would materially improve revenues.
To this extent, therefore, the Commission's approval was hailed by some
railroad men not involved in the case as a decision by it not to invade further
the field of managerial discretion.
The proposed tariffs are to expire automatically on Dec. 1 1934.
Joseph B. Eastman, Co-ordinator of Transportation, advised W. W.
Atterbury on Aug. 30 that he would welcome the experiment. Mr. Eastman did not participate, however, in the final adjudication of the case.
L. F. Loree Says Management is Underpaid, with Labor
Receiving Undue Share of Industrial Returns—
President of Delaware & Hudson Co. 'Tells New
York Bond Club Management Dominates Entire
Character of Business Activity—Is Optimistic on
Future of Railroads—Declares Automobile Carrier
Must Be Eliminated for Reasons of Safety.
—rabor is being paid about seven times as much as it received 100 years ago, capital is getting only half the return,
while management is being "notoriously underpaid,"
Leonor F. Loree, President of the Delaware & Hudson Co.,
said on Nov. 28 in an address before the Bond Club of New
York. Management dominates the entire character of
industry, he declared, yet people talk constantly about the
relations of capital and labor without mentioning management. This, he added, is like talking about the body and
mind and forgetting the soul. "There are several outs'anding defects in the situation," Mr. Loree said. "First,
there ig the relative paucity in numbers of managerial material. Against this we are trying a remedy in some of the
3953
larger corporations. Whether or not they will be successful
is still before us."
Labor in the United States Mr. Loree characterized as of
the finest grade. "Anybody who has had intimate relations
with labor must feel respect for it. It is subject to temptations. It is very often led off into false paths, as some of the
rest of us are, and it ought to have our sympathy, always.
But everything gravitates to labor. Capital is the money
that people save out of their income by frugality and selfdenial. That goes into the organization of industry. Then
it becomes the function of management to lay out the plans
for the work, see that those plans are executed properly and
dispose of the product."
Mr. Loree expressed his faith in the future of the railroads, and said that he was not "the least bit disquieted"
by the railroad situation. He predicted that the automotive industry will largely capture the passenger. business
within a radius of 35 miles. But the truck, he charged, is
"hi-jacking" the railroad business in entering the field of
less-than-carload lots. "That field," Mr. Loree continued,
"is less than 2% of the ton-mileage handled by the railroads, but it takes 25% of their equipment to handle it.
If we could find the way to give it away we would be
delighted."
Mr. Loree said that of the 252,000 miles of railroad
operated in the United States, 70,000 miles yielded an out
of pocket loss. He recommended that about 40,000 miles
be abandoned. He also recommended the closing down of
many stations and repair shops. Stations only five miles
apart, he contended, are generally uneconomical and unnecessary at the present time. Referring again to the competition offered the railroads by motor trucks, he said that
"the real point of attack is not the competition of the
motor vehicles, but the murderous quality of them. They
injure nearly 1,000,000 people a year, a great many of them
so seriously that they are never again able to take up
their normal course of life. We have got to look to a policing of the highway that will make the highway safe for everybody. That means that the automobile carrier has got to
go."
Mr. Loree's address, in part,follows:
Mr. President and Gentlemen of the Bond Club:
I want to say how much I appreciate the distinguished honor you have
done me, and to ask your patience if I bore you with figures that may
seem tiresome. I thought I might begin by giving you something of a
bird's-eye view of the general situation in which we live.
Light travels at a rate somewhat in excess of 186 thousand miles a second.
Multiply that by 60 for the minute, 60 for the hour, and 24 for the day,
and 365 for the year, and you get up to five trillion, 876 billion miles
for the years' travel. That is the unit that the astronomers use in their
work on the universe. Using that as a unit, they figure that the most
distant star which they know Is about 300 million light years away. What
meaning has it all? Thomas Carlyle, with that vein of sarcasm which ran
so deep in him, said, "If these are not inhabited, what a vast waste of
matter. If they are inhabited, what a huge sink of iniquity." I will let
you form your own opinion, and nobody can contradict you, because
nobody knows.
The earth we live in, we have found out a great deal about, and we are
making new discoveries year by year. It is about 25 thousand miles
around by the equator. The distance through the poles varies by as
much as 42 miles. Therefore the earth fails to be a perfect sphere and is
a spheroid. It is on the surface 72% water and 28% land. We used to
divide it into five climatic zones, but we have given that up and now we
use the isothermal lines, equal temperature, as being more significant of
human life. Labrador and England are on the same parallel of latitude,
but one is an ice-covered waste, and the other is a land flowing with milk
and honey.
I tried very hard to discover, if I could, what the disposition of the
land surface was.* Apparently about 33i% only of the earth's superficial
surface is fit for cultivation, and only about 1% of that is fit for high-class
cultivation. The rest is made up of meadows and forest land, and lands
covered with ice and lands with no rainfall.
On this land there is something less than two billion people. Huntington
says that about 300 million of those are Eskimos. Elurghiz and Hottentots
who scarcely know where their next day's meal is coming from. About
320 million cultivate the ground with the hoe and live largely upon natural
fruits—a hard-working, but scantily provided group.
About 850 million are rice-growers and work a large part of the year
in water up to their knees.
When you come to look at the world, the choice pieces of the world for
agricultural purposes are a few scattered areas in the islands of the sea
and in Africa, but the great bulk of it is in northwestern Europe and the
United States. That distribution is true also of the population. The
choice population of the world is the 370 million white people who live in
northwestern Europe and the United States.
That is the general picture, which, it seems to me, we want to keel) in
our minds as we think about our problems.
In the first place, if we look at the population from the standpoint of
mental quality, we get a great shock. We found that out of the 1,700.000
men examined in the draft, 10% of them were of mental quality so low
that they could not be sent overseas. We can make another test by
the number of graduates of high schools and colleges. We can make another
test by the earning capacity of labor. About 3Si% only of the population
are in the top grades, and they are widely separated in the arts, medicine,
law, the pulpit, and journalism, so that perhaps in the field of directive
•Searches were made in the Hydrographlo Office of the Navy, the Geological
Survey of the Commerce. Department, the Weather Bartell. Library of Congress
and the National Geographic library In Washington, in the library at 42d St.. In the
American Geographical and in the New York Historical Societies in this city. Several
authorities were consulted. Nowhere was any definite determination to be had.
3954
Financial Chronicle
control of industry, something less than 1% of the population of the world
has real functioning power.
You have that very curious condition, the great immensity of the universe
and the fine needle point which the earth constitutes in that mass—the
scattered condition of the population and the feeble brain-power of the
best of the lot. What it all means, various people have offered explanations
for, and we hope to find out in the Hereafter.
Napoleon made a very wise remark, one of the many that he made,
when he said: "Agriculture is the soul, the foundation of the kingdom;
industry ministers to the comfort and happiness of the population; foreign
trade is the superabundance." We have had a very great many trials
at the organization of industry. We have had slavery. We have had
peonage. We have had feudalism. We have had the craft system.
Now we have a capitalistic-industrial organization.
Some people look forward to a socialistic organization, and even to a
communistic organization. The question comes up about the relation in
the capitalistic-industrial organization of the three elements that go to
make it up.
Even to-day, if you pick up the newspaper, there are two words used to
describe three things. You will see something about "capital and labor,"
with nothing said about "management." You might as well talk about the
body and the mind and forget the soul, which after all is the thing which
dominates the whole character of the man. So management dominates the
whole character of industrial activity. The labor in this country is of the
very finest grade. Anybody who has had intimate relations with labor
must feel a very great respect for it. It is subject to temptations. It Is
very often led off into false paths, as some of the rest of us are, and it ought
to have our sympathy. always.
But everything gravitates to labor. Capital is the money that people
save out of their incomes by frugality and self-denial. That goes into the
organization of industry. Then it becomes the function of management
to lay out the plans for the work,see that those plans are executed properly
and dispose of the product. Labor,so the Department of Labor in Washinton reports, got in 1831. using 1913 as abase, an equivalent of 33. They
were getting in 1931 an equivalent of about seven times that, so that in a
hundred years the return that labor gets for Its work has multiplied seven
times.
A hundred years ago the discount rate on commercial paper was a fraction
over 6%. To-day it is about 2%%,so that capital is getting less than half
the return that it got a hundred years ago. Management is notoriously
underpaid. The only place that management has ever been recognized
at its true value is in the military service. When Wellington came back to
England, the Government gave him two and one-half million dollars. I
don't know what would happen to the Government of the United States if
the Government here gave a man that much for managing its interests.
Those are the three elements that go to make up industry. Those are
the general relations that they bear to each other.
There are several outstanding defects In the situation. First, there is
the relative paucity in numbers of managerial material. Against this, we
are trying a remedy in great combinations of enterprise. Whether or not
they will be successful is still before us.
A remark is frequently heard about the laying off of men because of the
mechanization of industry. The mechanization of industry creates a demand for labor. It dislocates labor, because they have got to find something
else to do. But it creates labor. In the old days a porter carried about
65 pounds of weight on his back,and traveled about 15 miles a day. A packhorse could carry about 240 pounds and travel 25 miles. One of our large
-day will do the work that used to be done by 97,500
freight locomotives to
pack-horses. There is a great deal more labor furnished by that railroad
industry than ever was furnished by the pack-trains that did the transport
service in the early days.
The labor situation is also very much distressed by the element of instability in its employment. When times are good and we go out and hire
anybody that shows up. When times get bad, we weed the force out and
skeletonize It as much as possible. My own company began, after the shop
strike of 1921, to see what could be done for the stabilization of labor. We
made an agreement with our men that the basic day would be eight hours.
If we fell below the ability to keep them all employed eight hours, we would
reduce the force. That eight hours could be increased to ten without
penalty overtime. After ten hours, we would pay penalty overtime.
That gave us a margin of 25% on the stabilization of the force for an increase in business, and 20% for a decrease in business. We have twice
had to go to the men for their opinion as to whether we should modify that
arrangement.
We had a prolonged coal strike in 1925 which reduced our traffic, and we
are now in the midst of a great depression. Both times they have said,
"Let us keep all our men,and shorten the working time. We all know each
other, and we will get along and things will get better."
There are two things that help that out. There is the natural wastage
of the force through superannuation and death and retirement, of about
5% a year. In four years there has been a natural reduction of about
20%. The other thing that helped it out was the establishment of piecework. We took the piece-work basis very seriously. We have never
altered the prices since it was inaugurated in 1922. The men earn about
one dollar an hour as against about 73 cents an hour on time work. So,
while they are working only four days a week, they are earning as much
money as the people who work five and a half days in neighboring shops.
I think if we would patiently examine the elements that go to make up
the things that distress us, we would find a surprising lot of remedies that
would ameliorate and in some cases entirely avoid the consequences of
those troubles.
As you look at that picture, it 8001218 to me the position in which we find
ourselves is that, instead of having a great pyramid with a broad base.
standing against all the winds that blow, we have a huge inverted pyramid
standing on a very small apex, and only maintained in its upright position
by the most careful consideration and attention being given to it all the
time. That situation is not going to alter materially. We may broaden
the apex and we may prop it up, but it is always going to be an inverted
pyramid, because of the fundamental nature of the earth and of mankind,
who live upon it.
Your president has asked me to say something about the railroads of
Canada and the United States. As a member of the Royal Commission
on Railways and Transportation. I traveled back and forth across Canada,
from ocean to ocean. so I have seen, pretty much, all the principal lines.
It is a curious country in its geographical make-up. The three Maritime
Provinces to the east of the long range of the Alleghenies that goes up to
the Gaspe peninsula do their principal trading with Portland. Boston,
and New York.
The country from Quebec to Windsor. opposite Detroit, is a very fertile
country, very well cultivated, and they raise a very large amount of stock.
They produce not only meat, but milk, and butter, and cheese. They trade
naturally with Boston, with New York. with Buffalo, and Detroit, and
some with Chicago. Then there is about 400 miles, of unworkable, rocky
country between Sudbury and Port Arthur, on which practically nothing
Dec. 2 1933
Is raised. Then come the three prairie provinces, Manitoba, Alberta, and
Saskatchewan, trading with Minneapolis, St. Paul and Chicago. These
have about the same habitable area as the three states of Kansas, Iowa.
and Nebraska. They have about half the railway mileage of those three
States, but those three States have about three and one-hair times the
population of the prairie provinces, and besides a large overhead business
passing across the country, both east and west, and north and south.
Both sections are very much over-built with railroad mileage.
Then comes about 400 miles of the Rocky Mountain range, almost
destitute of traffic production, except a small area around Vancouver.
Vancouver runs a trl-city boat service to Victoria, British Columbia,
down to Seattle, and back, and trades with Seattle and San Francisco.
The drag of the United States on the trade of Canada is very strong
Indeed. It is like a magnetic pull or a gravitational pull. It is very hard
for any artificial means to upset it or modify it. I look to see it grow and
grow.
The railroads of this country have, as you know, suffered most severely.
Their traffic is about half of what it was in the prosperous years of 1928
and 1929. That traffic is undergoing very considerable changes.
We are very much over-built. Of the 252,000 miles of railroad, about
70.000 miles is run at an out-of-pocket loss. About 40,000 raw; should
be speedily taken up and abandoned. Then they would be in a much
more healthy condition. The railroads need two things. They need very
radical pruning, and a very radical re-arrangement of their methods, their
practices, and facilities.
In the pruning line, besides taking up 40,000 miles of road, they might
well close up one-third of the stations. In the old days, with dirt roads
and horses and wagons, the stations were a great convenience to the public
about five miles apart. To-day, with hard-surfaced roads and motor
vehicles, a spacing of 15 miles would be more convenient to the population
than the old five-mile spacing was to the earlier group. My own company
has closed up about 30% of its stations.
We need a thorough overhauling of the buildings used in the conduct
of the business of the roads, shops and tool-houses, and other things.
We have taken down about 26% of the bulldings, but we have not reduced•
the floor space by that amount. We took down 51 buildings in the repair
plant at Oneonta. The tool equipment of the roads is in very poor shape.
The inventive faculty of man seems to be intensely excited by a great war
or by the introduction of a new industry. We have had them both. We
have had the World War, and we have had the introduction of the motor
vehicle industry, and several others, and never was the Inventive genius
of our people more alert than to-day.
We had in Pittsburgh. Kansas, a shop that was put in operation in 1906.
It was a thoroughly first-class, well-machined shop at that date. We
began, a few years ago, to re-tool it, and we took 80% of the tools out of
that shop, replacing them with modern equipment. That will give you a
fair idea of the changed conditions.
On the Delaware and Hudson, we canvassed the situation thoroughly.
We determined that if we did not buy more than $100,000 worth of tools
a year, we would not have to discard any men. We were within two years
of finishing the job when the panic struck us.
The equipment is very much outmoded. The gondola freight car has
about 4,440 pieces in it. I got one of the casting companies to work out
a solid bed of cast steel and we built 25 cars last year in Pittaburg. Kansas,
and reduced the number of parts by 2,400. That device is now coming
generally into the market, and will shortly be very generally used. The
destructive element that attacks the gondola car is the sulphuric acid from
wet coal. Instead of having a lot of cracks to run into, you now have a
solid bed, from which it runs off. Also, we welded the ends and sides.
instead of riveting them.
A locomotive has about 15,000 parts. We should be able to build one
with 4,000 or 5.000 parts and reduce correspondingly the frequency of
detention in the shop.
Some years ago it was expected that an engine would go in the shop
every 35,000 miles. The last engine we put in the shop we put in after
It had run 300,000 miles.
The gadgets that go on the locomotive show the influence of the automotive industry and of the general inventive genius. When Watts built
his first reciprocating engine, he tried to regulate the passage of the steam
in the cylinder with a poppet valve. The people who did the mechanical
work in those days were not sufficiently skilled to make a device that would
work. He then tried the piston valve, and was disappointed, and then
went to the slide valve.
About 1895 the piston valve came back, and is now generally used all
over the country.
We started with a perpendicular cylinder, and then a cylinder inclined
45 degrees. Then the universal practice, except in Austria, led to a horizontal position. In Austria they cock it up about 15 degrees, and it looks
like a novelty and attracts everybody's attention. I was in Austria several
years ago. Looking at the cylinder, I saw, alongside of it, a feed-water
pump. We abandoned that 20 years ago and used injectors. I finally
sent an engineer over to Austria to see it, and we have adapted It to American use. Now instead of water going into the boiler at 60 degrees, it goes
In at 235 degrees, and saves a lot of fuel.
The poppet valve is coming into vogue. I think we have finally got It
perfected for American use, and we will apply it to our engines. Our
steam pressures were very low. When Watts started out he was a lowpressure man, and seldom got more than four pounds or five pounds above
atmospheric pressure. Our practice got it to 200 pounds, and it stayed
there 25 years. We built one with 350 pounds, then one with 400 pounds,
and since then we have built two with 500 pounds, and they are very economical machines, and very satisfactory.
We used a single-expansion engine for a great many years, and about
1890 we began to introduce the compound engine, but with saturated steam
It was not successful. When superheated steam came in and took the
moisture out of the steam, they abandoned the compound principle. Instead
of perfecting it. and it went out of use for several years. It Is coming back
rapidly, and the engine we showed at the Century of Progress Fair in
Chicago is a triple-expansion engine, the first of its kind in railroad preprim I think it will make a very quiet engine. It will take the torque
out of the driving axle and improve the hauling capacity.
Those are indications, not a full list, by any means, because some other
things have been done and many more remain to be done. But they indimy
cate such a radical change in the methods on the railroad that, to
mind, they are going to insure its success at least for another generation
or two.
I do not get the least bit disquieted by the railroad situation. I think
It is a tool of the very greatest promise. It is subject to the competition
of the automotive vehicle. I think the railroad people pitched the attack
entirely on the wrong note. So far as passenger business is concerned. I
think the automotive people will capture it very largely.
The bus I look on as a disappearing instrument. About half the buses
are used to haul school children, and the other half are for sale. (prolonged laughter.)
Volume 137
Financial Chronicle
The truck just now is hijacking the business, and largely entering the
field of less-than-carload lots. It takes the place of the old horse-drawn
carriage and delivery wagon which had a radius of ten miles about the store.
The radius of the automotive truck. I think, is about 35 miles, commercially. I don't expect to see that business come back within that area.
That field is less than 2% of the ton-mileage handled by the railroads,
but it takes 25% of their equipment to handle it. If we could find the way
to give it away, we would be delighted. (Laughter.)
The real point of attack is not the competition of the motor vehicles,
but the murderous quality of them. They kill about 600 people a week
in the United States. They injure nearly a million people a year, a great
many of them so seriously that they are never again able to take up their
normal course of life. We have got to look to a policing of the highway
that will make the highway safe for everybody. That means that the
automobile trailer has got to go. It means limitations on the length,
height, width and weight, and a self-controlled speed device that the
chauffeur can't get at, and various other things that will make traveling
on the highways safe for everybody who uses them.
I want to say to you very frankly that, to my mind. I am reminded of
a proposition that startled me the time I first heard it, but of which I
have come to see the wisdom:
"Well, that is a pretty bad job, but a bid job is a good asset, because
you have plenty to work on."
I think that is true of the railroads. (Laughter and applause.)
Issuance of "Gold" Bonds Proposed by Old Colony RR.
The following is from the New York "Evening Post" of
Nov. 28:
Application of the Old Colony RR. made to the Inter-State Commerce
Commission asking authority to issue $600,000 in bonds to capitalize
improvements already made to its properties might have passed with little
more than perfunctory notice under ordinary circumstances. But the
road asked permission to issue "gold" bonds, and with the future of gold
In the scheme of things monetary very much up in the air, since the abrogation of the "gold" clause by the Federal Government, the road's application served as a timely tidbit for conjecture in an idle day. The road is
operated under lease by the New Haven, which presumably will take the
bonds, if and when approved, in payment for expenditures made.
Two-Day Strike Ties Up Chicago Stockyards-8,000
Men Return to Work Under Truce Providing
Temporary 10% Pay Increase—Strikers Seek 50%
Wage Rise.
A two-day strike of 8,000 workmen in the Union Stock
Yards of Chicago was ended on Nov. 29 when the men
returned to their jobs under a truce negotiated by Robert
M. Hutchins, President of the University of Chicago and
Chairman of the NRA Regional Labor Board. Strikers were
granted a temporary 10% pay increase. The unions had
called the strike for Nov. 27 in an attempt to force the
employers to return to the 1929 wage scales, necessitating a
wage increase of approximately 50%. During the two days
while the men were out, trading in livestock at the Chicago
markets was virtually at a standstill. When trading was
resumed on Nov. 29 prices for hogs and lambs showed little
change, while steers were weak. Yesterday (Dec. 1) cattle
held steady, but hogs were off 10 to 15 cents, with the extreme top $3.75, or the lowest quotation since last April. A
Chicago dispatch of Nov. 29 to the New York "Times"
noted the conditions of the truce as follows:
From both union representatives and employers came the assertion
that operations in the livestock center were progressing as usual, pending
further negotiations for the settlement of the workers' demands for wage
Increases and a full day's work. The first of the conferences at which
both sides hope to settle the dispute will be held Friday.
As a result of the truce, which was reached early this morning, Charles
Schultz, President of the Chicago Livestock Exchange, announced that
members of his organization had rescinded their decision to halt the buying
and selling of livestock at 3 p.m. to-day pending the termination of the
strike. Shippers were notified that livestock would be received at the
yards as usual.
0. T. Henkle, General Manager of the Union Stock Yards and Transit
Co., employers of the livestock handlers, whose walkout precipitated the
strike, said that nothing was to be gained by any undue haste in drawing
up a permanent wage agreement, as its wage conditions would be retroactive to the date when the men returned to work. He said further
conferences for negotiating points in dispute would be held at the convenience of both sides, probably beginning at once.
James Mullenbach, Special Negotiator for the Regional Labor Board,
said that the Board would take no further action unless the parties involved were unable to come to an agreement. Then the Board again will
act as a mediation body, and if that falls an arbitrator will be selected to
settle the controversy.
Monthly Statement of RCC for November—Loans of
$69,065,475 Outstanding on Nov. 30.
Loans from the emergency revenues, pooled by the railroads in their self-help program, have been reduced to
$69,065,475, according to the financial statement of the
Railroad Credit Corporation as of Nov. 30 1933, which is
being filed with the Inter-State Commerce Commission
to-day (Dec. 2).
The RCC began liquidating June 1 1933 and E. G. Buckland, President of the Corporation, in a letter accompanying
the report, calls attention to the fact that the cash and
special deposit accounts aggregate $1,275,700, of which
$397,359 is available for general liquidating purposes.
The Corporation's statement of condition as of Nov. 30
follows:
3955
THE RAILROAD CREDIT CORPORATION—REPORTS TO INTER-STATE
COMMERCE COMMISSION AND PARTICIPATING CARRIERS
AS OF NOV. 30 1933.
Balance
Net Change During
Assets—
Nov.30 1933.
Nov. 1933.
Investment in affiliated companies (loans outstandd$123.509.24 $69.065,475.04
ing)
Cash
240,878.32
579,913.10
Petty cash fund
25.00
695,762.50
Special deposit (reserve for tax refunds)
Miscellaneous accounts receivable (due from cond854.58
85,258.65
tributing carriers)
d16,056.43
Interest receivable
349,851.65
21,904.05
Unadjusted debits
199.696.79
Expense of administration (Jan. 1 to Nov. 30,
9,963.74
123,289.23
inclusive, 1933)
Total
$132,325.86 $71,099,271.96
Liabilities—
4312,765.60 •$69.054,540.55
Non-negotiable debt to affiliated companies
21,422.72
449,619.51
Unadjusted credits
Income from funded securities (Interest accrued on
122,217.10
1,497.414.36
loans to cafriers)
Income from unfunded securities and accounts
96.497.54
1,451.64
(interest on bank balances. &c.)
'
1.200.00
Capital stock
Total
•Emergency revenues to Nov. 30 1933
Less refunds for taxes
Less distributions Nos. 1-3
3132,325.86 $71,099.271.96
$33,424,524.16
$1,164,596.98
5,205,386.63
6,369,983.61
369,054,540.55
d Denotes decrease.
Approved:
E. R. WOODSON, Comptroller.
Washington, D. C., Dec.1 1933.
No.21.
Correct:
ARTHUR B. CHAPIN, Treasurer.
Isidor J. Kresel, Former Counsel and Director of Closed
Bank of United States, Sentenced to Prison Term
of 18 to 30 Months—Is Released on Bail, Pending •
Appeal from Conviction.
Isidor J. Kresel, counsel and a director of the Bank of
United States, which failed in December 1930 at a time
when deposits totaled about $443,000,000, was sentenced on
Nov. 27 to a term of from 18 months to 23/2 years in Sing
Sing Prison by Justice George H. Taylor, Jr., in the Criminal
Branch of the New York Supreme Court, following his
conviction for abetting in the misapplication of approximately
$2,000,000 of the bank's funds. Mr. Kresel, who had won
national fame as an attorney since 1900, was automatically
disbarred from the practice of law by the sentence. Justice
Taylor denied the motion of defense counsel to set aside the
jurors' verdict and also refused to grant a certificate of
reasonable doubt or to release Mr. Kresel on the $100,000
bail he had furnished after his indictment on several charges
early in 1931.
Before pronouncing sentence, Justice Taylor had said that
"sorrow is in my heart because it becomes my duty to impose
a sentence on a fellow member of the bar who has rendered
such distinguished service in this community." Later, however, he added that the verdict of the jurors was in accordance with the evidence at a trial that "I made as fair as
possible." He also expressed the belief that Mr. Kresel's
handwriting on a paper which was used at a confclrence with
others at the bank two days before the $2,000,000 was
misapplied as part of an $8,000,000 loan by the bank to three
safe deposit company affiliates, had been chiefly responsible
for his conviction. We quote, in part, from the New York
"Times" of Nov. 28 regarding the imposition of the prison
sentence:
When Justice Taylor mounted the bench at 10:15 a. as. he explained
the delay was due to the number of letters he had received urging leniency.
After the Court had denied the defense motions to set aside the conviction,
Mr.Wallace made the customary demand for judgment on the conviction.
As Carl Smith, Court clerk, asked Eresel if he had anything to say
"why judgment should not be pronounced against you." Kresel. evidencing
a return of the spirit that had characterized him in his days as a trial lawyer,
arose and began to talk.
"One moment, please," Justice Taylor Interposed. "I understand you
have been Ill, and I would suggest you remain seated."
Kresel Protests Innocence.
"I'm well enough to stand," Eresel replied. "I have only this to say:
When this indictment was brought against me I pleaded not guilty. I
have now stood trial, and the jury has returned a verdict against me.
I reiterate that I am not guilty of this or any other crime."
"Your Honor charged, and I maintain, that no moral turpitude was
Involved in my conviction. Your Honor also charged that there was no
evidence that any one had been injured or defrauded by my actions. The
District Attorney conceded that no one was injured in the loan transaction."
Justice Taylor held up a hand and interjected: "A moral, but not a legal
argument could be made on that point."
Kneel then reminded the Court that he had not "profited a penny"
by the transaction and that It had been shown there was no connection
between the failure of the bank and the $08,000,000 loan to the three affiliates
about eleven months before.
"I make no apology for the advice I gave to my clients," Hresel went on,
in a voice that trembled a little. "I am not ashamed of any act I have ever
done. It would be less than human to stand here and say that I am not
humiliated."
After a discussion between the Court and Mr. Wallace on points in law
and the evidence, Justice Taylor asked:
"Do you urge severity in the sentence, or do you leave that to me-"
"I leave it to Your Honor," replied the prosecutor.
3956
Financial Chronicle
Kresei Praised by Court.
"You pleaded not guilty, an assertion you never withdrew," Justice
Taylor said in his remarks to Kresel. "You are entitled to a review.
You were convicted at what I think was a fair trial. I made the trial as
fair as possible. Assistant District Attorney Wallace was able, fair and
zealous in the conduct of the trial. I have heard and read criticisms of the
District Attorney of this County and, whatever reflections have been cast
upon the District Attorney, no grounds for adverse criticism existed in
this case."
The Court then spoke of the many men of "high character In office In
the city. State and nation," who had testified as character witnesses for
Kresel, and commented on his "many loyal friends." Dropping his voice
as though troubled with emotion, he added: "A considerable number of
my friends had asked me to be lenient in the sentence."
Only a few letters, most of them anonymous, had been received from
persons asking that the sentence be severe, he said. The Court also
announced that letters had been received "in one or two instances" from
persons who had "been prosecuted by you, but who urged leniency in your
sentence."
Justice Taylor praised Brawl for his work as a prosecutor, but "not a
ruthless and cruel one."
He said that, in determining the extent of the sentence, he had taken
into consideration the fact that Kresel automatically had been disbarred
from the practice of law by his conviction, but felt that his sentence should
be less than the three to six years imposed on Bernard K. Marcus, President
of the bank, and Saul Singer, a Vice-President, because they had no profession to lose.
After expressing the belief that the loan transaction had had no effect
on the ultimate closing of the bank, Justice Taylor remarked sympathetically
there were many depositors "who were not so fortunate" as to withdraw
their deposits before the bank's collapse.
Kresel had stood beside his chair at the lawyers' table to receive the
sentence, and as Justice Taylor announced "from one year and six months
to two years and six months," Kresel's hand brushed his right cheek. Onlookers could see no outward effect on him.
Mr. Kresel was released from prison on Nov.29 in $10,000
• bail pending his appeal from the conviction and sentence.
Supreme Court Justice Wasservogel, in granting his release
on bail, stated that certain questions of law raised during
the trial caused a "reasonable doubt as to whether the conviction against defendant will stand."
United Hospital Fund—$53,557.50 in Contributions
Received Thus Far by "Bankers' and Brokers'
Committee."
James Speyer, Chairman, of the "Bankers' and Brokers'
Committee" of the United Hospital Fund of New York, and
the Associate Chairmen representing various groups,
announced on Nov. 27 that they are much gratified by
"Wall Street's" response to this year's appeal, most of the
contributions already received being equal to last year's
subscriptions. They report the following subscriptions of
$100 and over up to Nov. 27, a total of $53,557.50 from 206
subscribers:
$12,000
J. P. Morgan & Co.
$6,000
Kuhn, Loeb & Co.
Speyer & Co.
$2,000
Mr.& Mrs. Starling W.Childs
$1,000
George F. Baker
George Blumenthal
The Chase National Bank
Dunlevy Milbank
Jeremiah Mllbank
J. Henry Schroder Banking:Corp.
I. M. Stettenheim
Mrs. Moses Tayler
$730
Commercial Investment Trust, Inc.
$600
Mr. and Mrs. H. E. Ward
$500
Arthur 0. Choate
"A Friend"
J. & W. Seligman & Co.
Shearson, Ilaramill & Co.
Title Guarantee & Trust Co.
$400
Mr. and Mrs. Henry Ittleson
3300
William Fahnestock
Mrs. Sidney A. Kirkman
"A Friend"
$250
Asiel & Co.
Mr. and Mrs. Stephen Baker
Bank of the Manhattan Co.
Bank of Montreal, Agency
Hamilton Fish Benjamin
Robert S. Brewster
Miss Barbara R. Childs
Edward C. Childs
Richard S. Childs
S. Winston Childs Jr.
"A Friend"
Dominick & Dominck
Walter E. Frew
D. G. Geddes
Albert E. Goodhart
Leeds Johnson
Walter W. Naumburg
Post & Flagg
Edward W. Sheldon
E. H. H.Simmons
Edward Townsend
$200
Harry Brenner
Adrian Iselin
Edwin A. Se,asongood
C. D. Smithers
$130
James C. Colgate
Halle & Stieglitz
Willard Vinton King
$125
Mr. and Mrs. Henry Herrman
Mr. and Mrs. George B. Post
$100
Adler, Coleman & Co.
Mr. and Mrs. Paul Baerwald
Barr Brothers & Co., Inc.
William M. Bernard
George Blagden
Thatcher M. Brown
Mortimer N. Buckner
Edwin M. Bulkley
George W. Davison
William L. DeBost
Charles M. Dutcher
Fenner, Beane & Ungerleider
E. Hayward Ferry
Henry Goldman
G. Beekman Hoppin
D. S. Iglehart
Gates W. McGarrah
Edwin G. Merrill
Mrs. Dunlevy Milbank
Jansen Noyes
Carl H. Pforzheimer & Co,
Lewis E. Pierson
Pepper. Snyder & Co.
Seward Prosser
Jackson E. Reynolds
C. B. Richard & Co.
George Einlen Roosevelt
Louis F. Rothschild
Mr. and Mrs. Samuel Sachs
K. B. Schley
E. Vail Stebbins
"F. S."
W. R. K. Taylor
Arthur Turnbull
Wertheim & Co.
Harold T. White
Clark Williams
Howard 0. Wood Jr.
Wood, Low & Co.
Arthur A. Zucker
The personnal of this year's committee was noted in our
issue of Nov. 18, page 3607.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Nov. 25 (page 3791),
with regard to the banking situation in the various States,
the following further action is recorded:
Dec. 2 1933
ARKANSAS.
The Directors of the Reconstruction Finance Corporation.
have approved the purchase of $50,000 preferred stock in
the Cotton Belt Bank of Pine Bluff, Ark., a new institution
which will succeed the Cotton Belt Bank & Trust Co. of
that place.
FLORIDA.
A 15% dividend, amounting to about $7,000, has been
distributed to creditors of the closed Highlands County
Bank of Sebring, Fla., by E. S. Martin the Conservator of
the institution, according to Associated Press advices from
Sebring on Nov. 22, which added:
The dividend was the third paid since the bank suspended in April, and.
brings to 35%, or approximately $43,000, the amount paid depositors.
The bank had deposits of $125,000 when it closed.
ILLINOIS.
That the Austin State Bank of Chicago was to reopen
for business on an unrestricted basis on Nov. 27, was indicated in the Chicago "Tribune" of Nov. 26. The bank, one
of the oldest and largest of Chicago's outlying institutions
closed by the moratorium,has been reorganized with $200,000
of new money and a 60% deposit waiver. When the bank
closed at the beginning of the banking holiday it had deposits, it was stated, of approximately $1,700,000, and 40%
of this amount, or about $680,000, was to be made available
upon the reopening. The "Tribune" went on to say:
The bank's capital has been cut from $500,000 to $200,000 through a
reduction in the par value of each share from $100 to $40. Shareholders
retaining their stock put up another $40 a share. Stock given up by
holders unable or unwilling to put up the $40 a share was sold to business
men in the neighborhood.
The principal officers of the bank will continue in office. Periey D.
Castle is President, Charles S. Castle is Chairman of the Board. and Lester
Castle is Vice-President and Cashier.
Ninety-five per cent of the stock was formerly held by the new defunct
National Republic Bancorporation. This stock was repossessed by the
bank last spring as a preliminary to the reorganization work.
The bank was organized by the Castle brothers in 1891 when Austin
was a suburb of Chicago.
The opening without restrictions on Nov. 27 of the Jersey
State Bank of Jerseyville, Ill., was authorized on Nov. 25.
by the State Auditor of Illinois, Edward J. Barrett, according
to the Chicago "News" of Nov. 25.
IOWA.
The Reconstruction Finance Corporation has authorized
the purchase of $25,000 preferred stock in the Rockwell City
National Bank in Rockwell City, Rockwell City, Iowa, a
new bank.
MARYLAND.
A plan for the reorganization of the Central Trust Co. of
Frederick, Md., which provides for the formation of six
new banking institutions located in three counties, has been
approved by John J. Ghingher, State Bank Commissioner
for Maryland. A new company to be located in Frederick,
and to be known as the Western Maryland Trust Co., will
be formed to take over the old bank. We quote further
from Baltimore advices on Nov. 28 to the "Wall Street
Journal," from which the above information is obtained:
Three other new banking institutions will be created in Frederick County,
to be known as the Middletown State Bank, of Middletown, with capital
of $50,000 and surplus of $10,000: the Walkersville State Bank, with the
same capital and surplus, and the Monrovia State Bank, with $50,000
capital and $10,000 surplus.
In Carroll County, at Sykesville, a new bank, known as the Sykesville
State Bank, will be formed with $50,000 capital and surplus, and at Poolesville, in Montgomery County, the Poolesville State Bank, with the same
capital and surplus.
The reorganization will be accomplished by the formation of the People's
Liquidating Corporation, to which the Bank Commissioner, who is receiver
for the Central Trust Co., will turn over all the assets of the closed bank
for liquidating and collecting, except certain causes of action and any
cash reserves which the Court may deem it necessary for the receiver to
retain,
Subject to the approval of the Circuit Court for Frederick County, the
plan also provides that the receiver for the Central Trust Co. will pay to
depositors a cash dividend of 5% at the time of opening of the new Institutions.
MICHIGAN.
Work is under way to establish the Central National Bank
of Battle Creek, Mich., as successor to the Central National
Bank & Trust Co., which will be 100% liquid and all money
on deposit available, according to the "Michigan Investor"
of Nov. 25, which went on to say:
The bank was to have opened a week ago but certain changes made
It necessary to go over the ground again.
In a statement issued recently, Jesse R. Jones, Chairman
of the RFC, made reference as follows to the great increase
in the deposits of the new National Bank of Detroit, Mich.,
since the opening of the institution last March:
As an indication of the manner in which the public reacts to Government
participation in bank capital through the purchase of preferred stock in
national banks, and capital notes in State banks, the National Bank of
Detroit has stated In a public advertisement that its deposits have increased
from $29,600,000 at the date of organization on March 31 1933, to $163,-
500,000 on Oct. 25 1933, a period somewhat less than seven months. The
number of accounts has grown from 4,386 to 89,174.
It will be recalled that this bank was organized by the RFC taking
$12,500,000 of preferred stock and General Motors Corp. an equal amount
of common stock.
Detroit advices to the New York "Herald Tribune" on
Nov. 29 stated that the final reorganization of the Detroit
Trust Co. was effected on that day through the co-operative
efforts of the community's own business leaders, the State
and the institution's creditors, unhampered by any outside
interests. Having operated under a conservatorship for
eight months, without any interruption of business, the trust
company now continues under the plan of reorganization
that provides for control by the depositors and other creditors.
The directors on Nov. 29 elected Harry J. Fox,conservator
of the institution and leader in the reorganization plan,
Chairman of the Board; Ralph Stone, Vice-Chairman and
McPherson Browning, President of the company. 'Ile
dispatch continued:
The story of the reorganization is regarded by the sponsors of the plan
as evidence of what the city can accomplish when allowed to work out
its own destiny. In the hands of Mr. Fox the company not only staved off
collapse under the pressure of the banking breakdown but accumulated
a net cash profit of $500,000 during the eight months since Mr. Fox was
appointed conservator.
Through rigid economy in operating costs and strictly voluntary stock
subscriptions by individual shareholders the company is now in a position
to pay a 10% dividend to depositors and to continue functioning on what
Is considered to be the soundest basis of any trust company in the country.
The dividend checks will be distributed Friday (Dec. 1). "As fast as
we accumulate money," Mr. Fox said,"further dividends will be distributed
in amounts of 5%."
The following regarding the new National Bank of Hastings, Mich., which replaces the Hastings National Bank,
appeared in the "Michigan Investor" of Nov. 25:
Plans for the organization of the National Bank of Hastings have been
approved by the Comptroller of the Currency, and it is expected the opening will take place Dec. 1. John C. Ketchum, former Congressman from
the Fourth District, will be President, and Warren E. Carter of Bay City
has been engaged as Cashier. The bank is take over approximately
$500,000 of grade "A" assets from the old national bank and will have a
capital of $50,000 and a surplus of $10.000.
MINNESOTA.
On Nov. 25 the directors of the RFC authorized the
purchase of 850,000 preferred stock in the Rice County
National Bank of Faribault, Faribault, Minn., a new bank
Which will replace the Citizens' National Bank of the place.
NEW JERSEY.
The First National Bank of Edgewater, N. J., has fulfilled all requirements pertaining to the plan for the reopening of the bank as sanctioned by the Comptroller of Currency, and is now waiting for the word from Washington
to call a meeting to elect a Board of Directors and proceed
to open the bank. In noting this, the "Jersey Observer"
of Nov. 22 added:
No recent word as to the progress of the efforts being made to reopen
the Edgewater Trust Co. has been received from bank officials.
With reference to the affairs of the Metuchen National
Bank of Metuchen, N. J., advices from that place on Nov.
24, to the Newark "News." contained the following:
What is looked on as one of the final steps in the move to reopen the
Metuchen National Bank was announced here yesterday when the proposed Board of Directors selected their slate of officers. The list of officers is subject to approval of Federal authorities. Those working for the
reopening are hopeful Federal sanction will permit unrestricted business by
Dec. 1.
Roy Burr, a stockholder of the old institution, which has been closed
since March 4, has been named for President. Phillip T. Ruegger, leader
of the depositors' committee that carried on the reopening plans, was selected for the First Vice-Presidency. He was not a director in the old bank.
William T. Campbell, director in the closed bank, was the selection for
Second Vice-President. George E. Kelly was selected as Secretary and
Harrison E. Wemett as Counsel.
Stock in the reorganized bank has been subscribed by 300 residents of the
borough. The bank will start business with a paid-up capital of $100.000
and a $25,000 cash reserve. A large amount of cash will be included in
the $750,000 assets.
Borough notes held by the old bank, amounting to $130,000, will become
liquid with the reorganization. Depositors have pledged themselves to
subscribe to a now issue in that amount so that all of the old obligations
may be cancelled. Depositors waived 40% of their accounts as part of the
reorganization plan.
Frederick Abell, Cashier of the Elmora National Bank before its merger
with the Elizabeth Trust Co.. has been named as assistant to the conservator of the old bank. Ile will assist in winding up the affairs of the old
bank and then assist with the now one. A Cashier has not been named.
NEW YORK.
Concerning the affairs of the First National Bank of Hempstead, L. I., a dispatch from that place on Nov. 30 to the
New York "Herald Tribune," contained the following:
Hempstead citizens passed a busy Thanksgiving Day interviewing each
other and arguing on street corners over the last-minute drive by George
M. Estabrook, conservator of the First National Bank, to collect from
depositors waivers on about $90,000 of the deposits.
The bank has been closed since the March holiday, but Mr. Estabrook
hopes to open it by Christmas. The reorganization plan calls for an
agreement by the depositors to waive 45%. or $2,100,000 of the deposits,
when the bank reopens. The last waiver must be signed by midnight
3957
Financial Chronicle
Volume 137
to-morrow. More than $2,000,000 has been waived so far, and with
$100,000 signed for yesterday and almost as much to-day, Mr. Estabrook
expects that the requisite amount will be waived.
A letter asking Governor Lehman to order an investigation into the affairs of the closed Bank of Valley Stream,
Valley Stream, L. I., was made public on Nov.24 by Charles
S. Aronstam, attorney, of 50 Broadway, New York City,
representing a group of stockholders and depositors in the
bank. The New York "Times" of Nov. 25 in noting the
matter, furthermore said:
Mr. Aronstam asks the Governor to appoint a Commissioner under the
Moreland Act to inquire into the causes leading to the taking over of the
bank by the State Banking Department last April. Waste and dissipation
of the bank's assets are charged.
At the State Banking Department it was said that James Sheerar,
Special Deputy State Banking Commissioner, was in charge of the bank.
It was said the department was taking the course usual when closing a bank.
The Bank of Valley Stream was taken over by the Department April 14
1933. At the time there was $663,100 on deposit to the credit of 750
checking and 2,500 savings accounts.
The reorganized Mount Vernon Trust Co., Mount Vernon, N. Y., will join the Federal Reserve System upon its
reopening, according to an announcement made Nov. 29 by
John Leland Cross, President of the institution. Advices
from Mount Vernon to the New York "Times," noting the
above, added:
He said he had received word that the Federal Reserve Board at Washington had approved the bank's application for membership. The only
thing delaying the reopening is the failure of some of the old stockholders to
pay $3 a share on their holdings.
Stock subscriptions of the First National Bank of New
Rochelle, N. Y., which will succeed the National City Bank
of New Rochelle, have gone over the top, according to an
announcement on Nov. 29. A dispatch to the New York
"Times," noting the above, went on to say:
More than 15,000 shares have been sold, representing $450,000. The
last block was taken by Norman L. Noteman. Only minor technicalities
delay opening of the institution.
Two New York State banks, members of the Federal Reserve System, the Atlanta National Bank of Atlanta and the
First National Bank of Salamanca, have been licensed to
resume full banking operations, according to the New York
"Evening Post" of Nov. 29.
OHIO.
Hearings have begun in Common Pleas Court on a suit to
determine whether a $14,000,000 mortgage trust fund of the
closed Union Trust Co. of Cleveland, Ohio, should be distributed to depositors as a general asset of the bank or liquidated for the benefit of holders of the trust participation certificates, according to advices from that city to the "Wall
Street Journal" on Nov. 28, which added:
The suit was filed by a depositor asking that the money be distributed
as a general asset of the bank.
The Reconstruction Finance Corporation on Nov. 27
authorized the purchase of $5,000,000 of capital notes in
the Toledo Trust Co. of Toledo, Ohio. In announcing this,
Jesse H. Jones, Chairman of the Corporation, said:
Inasmuch as the smaller banks are disposed to follow the lead of the large
ones, this should start the ball rolling In good shape in Ohio. especially for
State banks.
OKLAHOMA.
Two affiliated Beaver County, Okla., banking institutions, namely, the Farmers' State Bank of Knowles, and the
State Bank of Commerce at Gate, have been taken over by
the Oklahoma State Banking Department. The banks
previously had been operating under a voluntary moratorium
agreement with their depositors. Oklahoma City advices
on Nov. 29 to the "Wall Street Journal," from which the
above information is obtained, added:
Properties of the Knowles bank will be moved to Gate and affairs of both
banks wound up there
OREGON.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $25,000 preferred
stock in the North Bend National Bank, North Bend, Ore.,
a new bank organized to succeed the First National Bank,
North Bend.
PENNSYLVANIA.
Incorporation of a new bank to replace the Bank of Erie
Trust Co. of Erie, Pa., is proposed in plans, approved by
the Pennsylvania State Department of Banking, and announced on Nov. 25 by bank officials. It is planned to have
the new bank, to be known as the Bank of Erie, in operation
by Jan. 2, 1934. A dispatch from Erie, appearing in
the Cleveland "Plain Dealer", from which this is learnt,
continued:
Under the plan of reorganization the bank offers 50% of its present deposits In cash to its depositors, 15% in stock in the new bank and 35% in
deferred payment. Assurance of full protection of deposits under guaranty
and insurance of the Federal Government is included in the plan.
Financial Chronicle
3958
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $200,000 preferred stock in the Bethlehem National Bank at Bethlehem,
Pa., a new institution:
A plan for the reorganization of the Brentwood State Bank
of Pittsburgh, Pa. has the approval of more than 75% of
the stockholders of the institution and the final step which
will free approximately $350,000 in deposits from restriction
is about to be taken, John K. Blair, Cashier, announced
on Nov. 21. The Pittsburgh "Post-Gazette" of Nov. 22,
authority for the above, went on to say:
The final step in the reorganization of the bank, which has operated on a
restricted basis since March. calls for the sale of 5.000 shares of stock. at
$15.50 a share, in a proposed new bank which will take over the old deposits
100%. The reorganization committee recommends that each depositor,
wherever possible, subscribe for new stock in an amount approximately
20% of his old deposit, Blair said.
Payment of $2,775,000 to 13,400 depositors of the defunct
Bank of Pittsburgh, N. A., Pittsburgh, Pa., one of the first
distributions under the deposit liquidation plan of the Reconstruction Finance Corporation, was begun on Nov. 21,
by Arthur R. Atwood, receiver for the institution, according
to the Pittsburgh "Post-Gazette" of Nov.22, which continuing said in part:
This 10% payment is the third distribution by the bank and brings the
total to 70%. Atwood stated. . . .
In making the present payment, Atwood stated, it was necessary to
borrow a large part of the funds from the Reconstruction Finance Corporation. This loan must be paid off before an additional distribution can be
made. Because of the nature of the remaining uncollected assets, considerable time may elapse before another payment can be made. It is
believed desirable not to sacrifice remaining assets at present, but to wait
for the effects of improving business.
Atwood pointed out that income from interest, rents and other sources is
more than twice the cost of carrying on the receivership. The expenses
include payment of all taxes on real estate owned by the bank.
SOUTH CAROLINA.
Liquidation of the Lyman Savings Bank at Lyman Mills,
Spartanburg, S. C.,is in progress, according to an announcement by the conservator-receiver, J. E. Greco. The bank's
statement showing its condition as of Dec. 31 1932 (as contained in a Spartanburg dispatch to the New York "Journal
of Commerce" of Nov. 28, from which also the foregoing
is taken, follows:
Resources—Loans and discounts, $28,564.83; furniture and fixtures,
$600; cash on hand and due from banks,$28,072.49; checks and cash items,
$224.54; total, $57,461.86.
Liabilities—Capital stock paid in, $10,000; surplus fund, $3,000; undivided profits, less current expenses and taxes paid. $2,496,88; dividends
unpaid, $12.40; individual deposits subject to check; $21,711.05; time deposits, $93,65; cashier's checks, $1.138.88; total. $57,461.86.
VIRGINIA.
We learn from the Richmond "Dispatch" of Nov. 23 that
the period of suspension allowed the Bank of Fox Hill at
Fox Hill, Va., for reorganization purposes was extended for
60 more days by order of the State Corporation Commission
of Virginia, effective Nov. 24. The "Dispatch" went on to
say:
Several such extensions have been granted since the national bank holiday. During suspension of business, such closed banks must keep all
deposits intact, may accept no new accounts, may make no new loans, but
may accept note payments, interest and curtails.
WISCONSIN.
The purchase of $120,000 preferred stock in the United
States National Bank in Superior, Superior, Wis., a new
bank which will succeed the United States National Bank of
Superior, was authorized by the RFC on Nov.24.
Dec. 2 1933
Mr. Allen was born in Walpole, Mass., May 26 1877.
He graduated from Phillips Academy, Andover, in 1896,
and from Yale University in 1900. From 1901 to 1910 he
was associated with Simmons Hardware Company, St.
Louis. He came to New York in November 1910 as Director
and First Vice-President of The Mechanics & Metals National Bank, which position he held until 1915 when he
became a senior partner of Lee, Higginson & Co., New
York, and of Higginson & Co., London. During the war he
served on the Raw Materials Committee in Washington
and as War Savings Director for Greater New York. In
recognition of his services to the Italian Government he
was made an "Officer of the Order of the Crown of Italy,"
and later ieceiveethinfeeoration of "Oommatidatore of the
Crown of Italy." The King of Sweden conferred upon Mr.
Men 11i 1931 -nTIirRoyal Order of Commanderof the
- North Star."
The Board of Directors of the National Exchange Bank &
Trust Co.,Broo 1771177., at a meeting held =Tr,
"definitely and by unanimous accord, concluded that the
investment of the stockholders in the Bank would best be
conserved by marshaling and converting all of the bank's
assets into cash, and afterproviding for all
dividing the remaining capital funds among the stockholders
pro rata. At this meeting the Board authorized the calling
of a stockholders' meeting to consider a resolution authorizing the winding up and liquidation of the Bank according to
law, and also recommended that stockholders vote in favor
of this resolution." The foregoing was made known in a
letter to the stockholders, sent by Henry R. Lathrop,
President,,on Nov. 25, advising them that a special meeting
will be held Dec. 27 for the purpose of voting on the proposition for voluntary liquidation. In his letter, Mr. Lathrop
said in part:
I hope that you will agree with the recommendations of the Directors,
attend the meeting and vote in favor of this resolution.
It is necessary that stockholders owning at least two-thirds of the issued
capital stock vote in favor of this resolution.
The organization of this Bank was conceived in June 1929 at a time when
the wheels of finance and business were revolving at full speed. The
allotment of our capital stock was made on Oct. 22 1929, and the initial
payment on account of share subscriptions was payable shortly thereafter.
Final call on the balance was payable on Jan. 15 1930.
The Bank encountered great difficulty in securing from all subscribers of
its capital stock payment of the full amount of their subscriptions, and due
to the financial difficulties at that time prevailing, the total capital funds
were not paid in until on or about April 3 1930.
Much water has gone over the dam since that time. During all of the
intervening period your Directors and Officers have been fully alive to the
responsibility which they assumed in protecting your interests.
Probably at no time since the foundation of the Republic has the business
of banking been so difficult, so hazardous and so unprofitable. Hundreds
of banks, large and small, throughout the land, have been forced to close
their doors with resulting losses to depositors and stockholders.
Our Bank, in common with almost every other bank, has found it difficult to operate with a profit. Credit has been restricted because no bank
can well afford to risk its depositors, and its stockholders' money except
the borrower shows unquestionable ability to repay. All sound banks
have had an unnecessary surplus of cash, seeking safe and sound investments, resulting in extremely low interest rates. The public is turning
more and more toward the larger banks whose almost limitless resources
appear to afford more adequate protection. Many have voiced the opinion
that a small bank with a limited capital cannot hope to make a success in
this great metropolitan area. Furthermore, the unlimited liability to which
sound banks will be subjected under the Federal Deposit Guaranty Fund
provision of the Banking Act of June 1933, effective Jan. 1 next, offers a
strong argument for retiring from the banking business at this time.
Our stockholders have a very large sum of money invested in the Bank
from which no dividends could reasonably be expected to flow within the
near future. The Board concluded that our stockholders would much prefer
to receive their share of the Bank's capital funds rather than to continue
their investment under present unfavorable conditions. The resources of
the Bank, after paying all depositors and other liabilities, are sufficient to
return to the stockholders a substantial portion of their original investment.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
In announcing proposed transfers of memberships, the
New York Stock Exchange revealed that William W.
Kennedy was the purchaser in the seat sale at $115,000
The New York State Banking Department on Nov. 23
announced Nov. 29. Mr. Kennedy will buy the member- approved the proposed merger of the Northside State Bank
ship of the late Joseph S. Ulman, who was admitted in 1897. of Corning, N. Y., into the Corning Trust Co. of that place
.
This sale represents a decrease of $5,000 from the last under the title of the Corning Trust Co.
previous sale.
Harry DeWitt Wilde, Cashier of the Dobbs Ferry Bank,
The membership in the New York Cotton Exchange
standing in the name of the late Arthur S. Jackson was Dobbs Ferry, N. Y., died on Nov. 26. Mr. Wilde was a
sold NOV. 24 to Harold L. Bache for another for $18,000. director of the Chamber of Commerce and a member of the
This price represents an advance of $500 over the previous Westchester County Bankers' Association. He was 55
years of age.
sale.
A membership on the Chicago Board of Trade was sold
Friday, Dec. 1, for $6,750, a decline of $250 from the last
previous sale.
Frederic Winthrop Allen, a partner in the banking firm
of Lee, Higginson & Co., New York, died on Noy. 25 at
the age of 56 years. Mr. Allen had been a partner in the
firm since January 1915, but for the last several months
had not taken an active part in the business.
The Farmington National Bank, Farmington, H. N.,
with capital of $50,000, was placed in voluntary liquidation
on Nov. 18. It has been succeeded by the Farmington
National Bank.
A third 10% dividend, amounting to approximately
$2,250,000, will be paid to 35,000 depositors of the defunct
Federal National Bank of Boston, Mass., not later than 10
days before Christmas,according to word received on Nov.22
Volume 137
Financial Chronicle
from Congressman John W. McCormack in Washington.
Mr. McCormack's office was informed by aides of the Comptroller-General that the Reconstruction Finance Corporation had approved of the application of the bank receivers
for a loan to make payment of the dividend before Christmas.
The Boston "Herald" of Nov. 23, authority for the foregoing, furthermore said:
Herbert Pearson of Boston, receiver of the bank, told the "Herald"
last night (Nov. 22) that he expects the dividend to be paid by Dec. 10.
but that the clerical work involved in the payment might delay it until
Dec. 15.
The Federal National Bank closed with a $16,000,000 deficit Dec. 15
1931. and its first 10% dividend, amounting to approximately $2,000,000,
was paid Nov. 1 1932.
The second 10% was granted in April of this year and amounted to
approximately $2,500,000.
We learn from the Boston "Herald" of Nov. 23 that
savings department depositors of the Bancroft Trust Co. of
Worcester, Mass., one of the chain of Federal National
Banks taken over two years ago by the Massachusetts
State Banking Department will be paid a 40% dividend about
Dec. 16, according to an announcement made Nov. 22 by
State Bank Commissioner Arthur Guy. The paper mentioned continued:
A total of $1,835,000 will be distributed to approximately 15,000 depositors. A 10% dividend amounting to $454,000 already has been paid
these depositors.
The payment of the new dividend has been made possible through the
procedure of the Reconstruction Finance Corporation in loaning $1,500,000
against the closed bank's real estate mortgages.
The First National Bank of Greenwich, Conn., has called
a meeting of its stockholders for Dec. 15 to vote on a proposed
increase of $50,000 in the capital of the institution, making
the same $200,000, and a reduction in the par value of the
stock from $100 to $25 a share, according to Hartford, Conn.,
advices on Nov. 18 to the "Wall Street Journal," which
added:
The directors have voted that the new stock will participate in the dividend to be paid on Jan. 1.
About 12,000 depositors of the defunct New Jersey National Bank & Trust Co. of Newark, N. J., will receive another (the second) dividend before the end of the year, and
possibly before Christmas. The payment, which will
amount to 25%, will mean the distribution in and around
Newark of approximately $1,250,000. The first dividend
received was 50%. The Newark "News" of Nov. 18,
authority for the foregoing, furthermore said in part:
Announcement of the second dividend was made to-day (Nov. 18) by
Chester P. Rogers, receiver of the bank since it was closed June 11 1932.
The former dividend was announced on the first anniversary of the closing.
Rogers made the announcement to-day on the receipt of authorization from
the Comptroller of the Currency. • • •
With the announcement. Rogers made public a statement of condition
as of Sept. 30 1933. This showed uncollected assets and stock assessments
with a book value of $8,578,636.72. The payment of other dividends will
depend on the ability of the receiver to collect on these. As of Sept. 30
1932 the uncollected assets were $10,832,041.62, showing collections in
the year of $2,253,404.90.
When Rogers took charge of the closed bank he found $172,501.57 in
cash and total assets with a book value of $16,935,633.37. The bank then
owed secured creditors such as the Postal Savings, the Federal Reserve,
the National Credit Corporation and the Reconstruction Finance Corporation, $7.322,405.18.
The bank also owed unsecured creditors, mostly depositors,$6.327.692.38.
The latest statement showed Rogers collected $9,490,393.84 in cash from
assets and assessments and paid In cash all the secured claims and additional
established liabilities of $126,834.13, making the total paid to secured
creditors $7,422,505.80. Comparison of the two recent statements shows
cash collections from assets and assessments of $489,971.90. Unsecured
liabilities not paid or proved Sept. 30 are given as $373,823.49.
Rogers decided to liquidate the bank immediately after he took charge.
with the intention of paying a dividend to depositors as soon as possible.
Two months after the closing the Comptroller of the Currency ordered an
assessment of 100% on stockholders and the receiver brought suits against
all who would not Pay.
Some holders of large blocks of stock resisted, but the receiver was given
judgment in every case. He was cited for contempt of court in a dispute
over the status of funds claimed by creditors of the defunct Lincoln Mortgage & Title Guaranty Co., but a compromise was effected.
The latest statement shows the receiver allowed offsets of $930,051.32
and that of total assets with a book value of $16,935,633.37 as of the date of
suspension there was charged off $1,012,664.37.
Rogers also announced: "The dividend ledgers of the receivership have
been closed and no further transfers can be recognized in connection with
the second dividend payment until the work of preparing the schedules has
been completed. While this office will endeavor to effect proper delivery
of checks upon claims for which assignments are subsequently presented,
it will not be responsible in any manner to the intended assignees." .
Richard Beatty Mellon, President of the Mellon National
Bank of Pittsburgh, Pa., died yesterday, Dec. 1, at his
Pittsburgh home. The deceased banker, who was 75 years
of age, had been in failing health for a month. Mr. Mellon,
who was a younger brother of Andrew W. Mellon, former
Secretary of the Treasury, helped to build the vast Mellon
business interests centered around Pittsburgh. He assumed
many of the business responsibilities of his older brother
3956
after Mr. A. W. Mellon was named to the Treasury post
by the late President Harding.
Born in Pittsburgh on Mar 17 1858, Mr. Mellon started
his business career in 1872 when he engaged in the realty
and lumber business in Mansfield, Pa., with his brother
Andrew. They subsequently disposed of the business and
Andrew entered the bank of his father (Judge Thomas
Mellon) while Richard undertook to take care of some of his
father's outside interests. In 1877, Mr. Mellon was active
with other brothers, Thomas A. and James R. Mellon, in
establishing the Ligonier Valley RR., of which he subsequently became President. Turning from railroad building
he entered the private banking firm of Thomas Mellon &
Sons, Pittsburgh, which later was incorporated as the Mellon
National Bank, and of which he was eventually President.
He was connected with several other financial institutions
in Pittsburgh and was a Director of the Guaranty Trust Co.
of New York and the Federal Reserve Bank of Cleveland.
He was also closely identified as an executive with many of
America's foremost industries, including the Aluminum Co.
of America, the Standard Steel Car Co., the Pittsburgh Plate
Glass Co., the Westinghouse Electric & Manufacturing Co.,
the Gulf Oil Corp. and the Pittsburgh Coal Co.
The deceased banker, together with his brother Andrew,
founded the Mellon Institute of Industrial Research and in
1931 the American Institute of Chemists awarded to both
the annual medal it awards to persons outside the chemical
profession for "distinguished service to the science and profession of chemistry."
An advance payment of 5%, totaling $82,933, to 8,656
depositors of the closed Manayunk Trust Co.of Philadelphia,
Pa., will be made on Dec. 20, Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, announced on
Nov. 24. The depositors have received two previous pay.
0
ments, 15% on May 11 1932, totaling $250,341, and 7%7
on Dec. 22 1932, aggregating $124,937. This brings the
amount so far distributed by the trust company to 273'7o,
or $458,212, against a deposit liability of $1,658,776. Dr.
Gordon also announced, according to the Philadelphia
"Ledger" of Nov. 25 (from which the foregoing information
is obtained) the following payments to be made in banks in
Pennsylvania, outside of the Philadelphia district:
The 674 depositors of the Ickesburg State Bank. Ickesburg, will receive
a sixth payment of 10% on Dec. 20, totaling $9,698. Including the payment just announced this bank will so far have paid 90% or $87,209. The
deposit liability is $96,985.
The Bank of Secured Savings, Pittsburgh, will make a third payment to
to Its 7.669 depositors on Dec. 15, totaling $133,283. This brings the total
amount so far disbursed by this bank to 35% or $466,542, against a deposit
liability of $1,332,934.
The 2,500 depositors of the Peoples' State Bank of East Pittsburgh,
East Pittsburgh, will receive a third payment of 5% on Dec. 8, totaling
$12.738. Including the payment just announced the amount so far distributed by this bank is 65%, or $165,779.99, against a deposit liability
of $254,983.95.
Stockholders of the Real Estate Trust Co. of Philadelphia,
Pa., at their annual meeting to be held Dec. 12, will vote on
a recommendation of the directors calling for a rearrangement of the capital structure of the institution, according to
the Philadelphia "Ledger" of Nov. 27, which continuing
said:
The rearrangement calla for an increase in surplus and a corresponding
decrease in the capital stock. The proposal represents an adjustment
made desirable by new changes in the State's banking statutes.
Under the plan, which has been unanimously approved by the directors,
the company's surplus would be increased from $2,000,000 to $3.500.000.
At the same time the capital stock will be reduced from $3,000,000 to
$1,500,000. This will be accomplished by reducing the par value of the
present shares from $100 to $50.
The proposed changes do not affect the inherent value of the stockholders'
equity In the company.
In recommending the changes, the Board of Directors declares that
"the step is a wise and conservative one."
The First National Bank of Seottdale, Pa., capitalized at
$50,000, was placed in voluntary liquidation on Nov. 10
1933. The institution was succeeded by the First National
Bank of Scottdale.
On Nov. 24 the Comptroller of the Currency issued a
charter to the Cecil National Bank at Port Deposit, Port
Deposit, Md. The new institution, which is capitalized
at $50,000, replaces the Cecil National Bank of that place.
W. G. Jack is President and Walter Touchstone, Cashier.
Advices from Findlay, Ohio, on Nov. 22, printed in the
Toledo "Blade" stated that the sum of $144,000 became
available to the depositors of the Buckeye-Commercial
Savings Bank of Findlay on that date when a third dividend
of 5% was paid. This makes 70% paid so far in liquidation
3960
Financial Chronicle
of the bank's assets, it was stated. The institution closed
in 1930.
American National Bank & Trust Co. of Chicago, Ill.,
announces its removal on Monday next (Dec. 4) to its new
banking home in Chicago's financial district, 33 North
LaSalle Street, the American National Bank Building. The
announcement says in part:
The extensive architectural changes begun last August to adapt the
building to the needs of this bank attracted interest because of the building
activity produced and the fact that it has been a long while since LaSalle
Street witnessed the opening of new banking quarters.
American National Bank & Trust Co. will occupy the entire second.
third,fourth and fifth floors of the building, its chief contacts with thebanking public to be on the second floor. This includes the main banking chamber, executive quarters, the trust department and conference rooms.
Entering the building from LaSalle Street, the observer approaches a
monumental staircase of marble and bronze. On either side are the bank's
own elevators serving all banking floors. Near the foot of the stairway
massive bronze gates fold back. As the visitor ascends, he is impressed by
the main banking chamber. This lobby, three stories in height, extends
164 feet north and south by 54 feet east and west. The area of each of the
four floors is 180x112 feet.
The banking chamber is modern in style, simplicity being its characteristic. Its effect of dignity relies upon huge surfaces of polished Italian
Tavernelle marble, 27 feet high, fluted pilasters and the great windows,
three stories in height, at the north and the south side. Soft tones, with
blue predominating, and gold leaf embellishment enrich the ceiling and from
Its panels five massive bronze fixtures of the lantern type are suspended.
Six sculptured figures ornament the ceiling, typifying industry, packing,
construction, agriculture, railroads and navigation. The observer also
notes the spaces for the executive and trust officers and 43 wickets of bronze
and marble. Immediately accessible are a series of ten conference rooms
finished in walnut panelling.
k The third, fourth and fifth floors provide space for business of a semipublic character and working quarters for the various departments. The
.
cash and storage vault group is located in the basement.
Concerning the affairs of the defunct First National Bank
of Downers Grove, Ill., the Chicago "Tribune" of Nov. 26
carried the following:
A third payment of 73 % is being paid to depositors of the First National
Bank of Downers' Grove. which closed in June 1931, Charles F. Knapp,
receiver, said yesterday. Checks will be ready Tuesday (Nov.• 28). The
amount to be distributed is approximately $60,000 and brings the total
paid so far to approximately $350,000, or 45% of claims.
The National Bank of Canton, Canton, Ill., with capital
of $100,000, was chartered by the Comptroller of the Currency on Nov. 22. S. A. Drake and Howard B. Heald
are President and Cashier, respectively, of the new bank,
which succeeds the First National Bank of Canton.
A charter was issued by the Comptroller of the Currency
on Nov. 24 to the Rochester National Bank, Rochester,
Mich., which replaces the First National Bank of that place.
The new institution is capitalized at $50,000, half of which is
preferred and half common stock. Henry W. Axford is
President, while M. H. Haselswerdt is Cashire of the new
bank.
According to advices from Kalamazoo, Mich., on Nov. 15
to the Chicago "Tribune," Dr. S. Rudolph Light, ViceChairman of the Board of Directors of the Federal Home
Loan Bank of Indianapolis, Ind., has been named Chairman
of the Executive Committee of the new American National
Bank, recently opened in Kalamazoo.
According to the "Comme-rcial West" of Nov. 25, the
Security State Bank of Niagara, N. Dak., has been placed
in voluntary liquidation and its deposit liabilities assumed
by the Elk Valley State Bank of Larimore, N. Dak. The
paper mentioned furthermore said that S. L. Frydenlund,
formerly Cashier of the bank at Niagara, had become
Cashier and a director of the Elk Valley State Bank, succeeding J. W. Chapman, who had accepted a position with
the Federal Deposit Insurance Corporation, while Hans
Neilson had succeeded Clay Larimore as Vice-President and
a director.
The Comptroller of the Curr- ency on Nov. 23 1933 granted
a charter to the St. Charles National Bank of Norco, Norco,
La., with capital of $50,000. The new institution represents a conversion to the National System of the St. Charles
Bank & Trust Co. of Norco. It is headed by P. E. Foster,
with C. B. Ferdon as Cashier.
On Nov. 24 the Comptroller of the Currency issued a
charter to the First National Bank of Hampton, Hampton,
Iowa, an institution which replaced the Citizens' National
Bank of Hampton. It is capitalized at $50,000. W. K.
Branwell is President and J. H. Boehmler Cashier.
Two officers and a bookkeeper of the closed Cherokee
National Bank of St. Louis, Mo., on Nov. 15 pleaded
Dec. 2 1933
"guilty" to embezzlement and were given prison sentences
by Federal Judge Charles B. Davis, according to Associated
Press advices from that city on the date named. Henry P.
Mueller, President, and Harry G. Freirt, Vice-President, admitted embezzlement of $208,000 and falsification of the
bank's books, and each were given 10-year terms, while
Rudolph L. Provaznik, bookkeeper, received a five-year
sentence. The dispatch continued:
The bank, with deposits of about $1,350,000, was closed during the banking holiday and did not re-open. The Government charged the defendants
used the money to engage in stock market operations.
Delmar Doherty, former Assistant Cashier of the closed
Citizens' Bank of Senath, Mo., pleaded "guilty" to three
charges of embezzlement in the Circuit Court at Kennett,
Mo., recently and was sentenced to 12 years imprisonment,
according to a dispatch from Kennett by the Associated
Press on Nov. 20, which furthermore said:
Doherty received five-year terms for embezzling from the bank and the
school district of which he was Treasurer, and two years for embezzling
cotton warehouse receipts from Horrell & Co.
The former banker still faces charges in connection with a recent holdup
of Dee McMunn, messenger for the Jones Brothers' Exchange of Senath.
The Bank of Canton has received notice of its admission
as a member of the Federal Reserve System. The bank,
according to its Sept. 30 statement has a capital of $150,000,
surplus and profits of more than $150,000, deposits of
$833,000 and total resources of $1,170,000. Canton advices
by the Associated Press, reporting the above, also said:
The bank is one of the oldest in North Georgia. having begun business
Dec. 211892. with an initial capital of $25,000. R. T. Jones, is President,
Sam Tate, E. A. McCanless and Roy Crisier, Vice-Presidents; W.E.Elliott,
Vice-President and Cashier; II, G. Hutchinson and 0. O. Bell, Assistant
Cashiers.
Effective Nov. 16 last the Commercial National Bank of
Uvalde, Uvalde, Tex., capitalized at $100,000, was placed
in voluntary liquidation. The institution was absorbed by
the First State Bank of Uvalde.
The Comptroller of the Currency on Nov. 18 granted a
charter to the Farmers' National Bank in Chinook, Chinook,
Mont., a new bank which replaces the Farmers National
Bank of that place. The new institution is capitalized at
$50,000, consisting of $25,000 preferred and $25,000 common
stock. H. B. Brooks is President and P. B. McClintock
Cashier.
Concerning the affairs of t- he South Pasadena National
Bank of South Pasadena, Calif., which closed its doors in
June 1929, the Los Angeles "Times" of Nov. 17 had the
following to say:
In process of terminating the receivership of the South Pasadena National
Bank, F. W. Heathcote, receiver, yesterday stated that with the payment
of a final dividend of 9%, general unsecured creditors will have received
a total distribution of 89% in all, while all preferred and secured creditors
have been paid off in full.
A total of $361,158.77 has been paid to general creditors, while $263,271.42 has been paid to secured and preferred creditors. In addition liabilities
have been settled by means of offset against assets to the extent of $63.656.68.
The gross cost of liquidation in percentage of assets to be liquidated was
5.73%, while the gross cost of liquidation of cash collected during the life
of the receivership was 8.21%, according to the receiver's statement.
Earnings of the receivership in the form of interest collections, charges for
services, &c., amounted to 4.03% of cash collected, making the net cost of
liquidation in percentage of cash collected 4.28%. The results accomplished were aided partly by the collection of a stock assessment by the receiver aggregating over $76,000, in addition to which the receiver was successful in concluding a satisfactory settlement with the former directors who
contributed various sums aggregating nearly $90,000.
We learn from the Seattle "Post-Intelligencer" of Nov. 18,
that the Montesano State Bank at Montesano, Wash., and
the Bank of Elma at Elma, Wash., both affiliates of the
National Bank of Commerce of Seattle, were to become
branches of the latter about Dec. 1. W. H. France, Cashier
of the Montesano bank, would continue with the institution
as Manager of the Montesano Branch, it was said, while
Earl France, Cashier of the Bank of Elma, would remain as
Manager of that branch. Besides its two Seattle branches,
the National Bank of Commerce maintains branches at
Olympia, Aberdeen, Centralia and Bremerton. The institution has several affiliates not yet converted into branches,
it was stated.
The annual statement of the Bank of Montreal (head
office Montreal, Canada), as of Oct. 31 1933, shows total
assets of $768,535,908, practically unchanged from the previous year, but liquid assets, represented mainly by investments in the highest grade securities, total $492,526,984,
equivalent to 71.15% of total liabilities to the public. At
this level they show an increase of over $50,000,000 as corn-
Volume 137
Financial Chronicle
3961
pared with a year ago. The detailed statement, which covers Columbian Carbon, 434 points to 5734; Delaware & Hudson,
the fiscal year ending Oct. 31 1933, shows cash holdings of 4 points to 50; Federal Mining & Smelting, 10 points to 80;
$78,683,217, equal to 11.36% of liabilities to the public. General Railway Signal, 33/8 points to 30; Homestake Mining
As was to be expected, the largest proportion of liquid assets Co., 7 points to 300; Norfolk & Western, 4 points to 151;
are in Government and other bonds and debentures, the Union Carbide, 334 points to 44; United States Smelting &
total of them being $316,967,375. The greater portion of Refining,6% points to 863%; and Western Union 43% points
these securities mature at early dates. These holdings are to 52%.
Following the early rise, the mark...t turn d irregular on
up from $266,729,664 at the end of the previous year.
The call loans in the same way showed a tendency to Tuesday and public utilities and railroad shares eased off.
increase, call loans in Canada being up to $7,607,169 from Many prominent issues like Allied Chemical & Dye, du
$5,157,690, while those outside of Canada were $36,354,280, Pont and Homestake Mining were strong during the opening
as compared with $20,071,135 a year ago. Current loans hour but fell back as the day progressed. Merchandising
are down to $251,885,262, from $302,931,269 last year. stocks attracted some buying and the steel shares were
Deposits payable on demand and after notice are $641,346,- moderately firm. Toward the end of the session, prices
were irregular due to selling and most of the miscellaneous
710, against $648,832,663 a year ago.
Total profits were $4,005,153, equivalent to 5.32% on industrials that had made good progress during the forenoon
the combined capital, interest and undivided profits, com- drifted back to lower levels. The volume of business also
pared with $4,663,100 a year ago. Out of the profits there dwindled down, so much so, that at times the tape scarcely
was set aside for dividends to shareholders $3,060,000, moved. Prominent among the stocks closing on the side
against $3,960,000; provision for taxes Dominion Govern- of the decline were American Hide & Leather pref., 234
Colgate-Palmolive, 3 points to 67; Colorado
ment $508,558, and reservation for bank premises $100,000. points to 30
%
As the balance brought forward at the end of last year was & Southern, 23 points to 363%; Homestake Mining, 53
$1,248,856, the addition of $336,594 out of this year's earn- points to 295; Pacific Tel. & Tel., 534 points to 99%;Pittsand loss account up to $1,585,451.
burgh Steel pref., 3 points to 213%; United States Steel pref.,
ings brought profit
2 points to 80, and Worthington Pump pref., 13% pointsTHE WEEK ON THE NEW YORK STOCK EXCHANGE. to 27.
Trading was particularly quiet on Wednesday, the turnTrading in the New York stock market has been dull and
prices irregular during most of the present week. Consider- over being the smallest in weeks. The trend was generally
able selling has been apparent from time to time, and whila upward and gains ranging to 2 or more points were registered
there have been occasional rallies, the changes on both sides at the close. The metal shares attracted a goodly part of
have been extremely narrow with a strong tendency toward the speculative attention, the features including United
lower levels. The turnover was particularly light, especially States Mining & Smelting and American Smelting. Other
on Wednesday when the transactions were the smallest in active issues were J. I. Case Co., du Pont, Allied Chemical
several weeks. Metal stocks have been fairly active and & Dye and American Can. Steel stocks also were fairly
some attention was directed toward the motor shares, but strong, United States Steel and Bethlehem Steel showing a
many of the usual speculative favorites were quiet and drifted modest upward swing. The gains for the day included Air
around without noteworthy change. Call money renewed Reduction, 234 points to 1013%; Allied Chemical & Dye,
at % of 1% on Monday and continued unchanged at that 334 points to 142; Atlantic Coast Line, 231 points to 54;
Dome Mining, 2 points to 34; Johns-Manville pref., 63%
rate throughout the week.
Public utility shares were fairly active in an otherwise points to 1013%; Spalding pref., 5 points to 40; United
dull market on Saturday. Price changes, however, were States Smelting & Refining, 4 points to 9231, and Homenarrow, and while there were some gains registered at the stake Mining, 24 points to 319.
The New York Stock Exchange, the Curb Exchange and
close, most of these were fractional. During the opening
hour the market drifted around without noteworthy changes. commodity markets were closed on Thursday in observance
Some week-end covering was apparent in the liquor stocks, of Thanksgiving Day.
Metal shares and motor issues led the early rally as the
particularly those that had been under pressure during the
preceding days. Metal shares moved persistently down- market opened on Friday following the Thanksgiving Day
ward, though there was little or no liquidation in evidence rece.s. There were some moderate gains all along the line
at any time during the session. Public utilities enjoyed a during the first half of the session, but these gradually
good share of the buying and continued to creep upward dropped off as a trickle of week end profit taking flowed into
under the leadership of Commonwealth & Southern, which the market. United States Steel was one of the early strong
was fairly strong throughout the session. Among the stocks stocks as it opened over a point higher than the preceding
showing small kains at the close were American Smelting close. Motor shares moved ahead under the guidance of
pref., 1 point to 92; Columbian Carbon, 1 point to 62; Chrysler and General Motors. Toward the end of the day
Detroit Edison, 1 point to 59; du Pont, 131 points to 10534; the market eased off and prices again drifted around
Homestake Mining, 3 points to 307, Louisville & Nashville, within a narrow range. The changes at the close were slightstocks showing small gains
23% points to 4438; National Steel, 2 points to 45; North ly on the side of the advance,
American pref., 2 points to 35. Standard Gas & Electric pref. including among others, Allied Chemical & Dye, 134 points
(6), 2% points to 223%; United States Smelting & Refining, to 11934; American Can, 134 points to 9831, Bethlehem
883%;
1% points to 553%, and United Corporation, 13/i points Ste 1 pref., 231 points to 53; du Pont, 234 points to
Federal Mining & Smelting, 5 points to 62; International
to 26%.
The market moved irregularly downward on Monday, the Silver, 234 points to 403%; Norfolk & Western, 3 points to
declines ranging from fractions to two or more points. Metal 153, and Union Bag & Paper Co., 3 points to 42.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
stooks attracted considerable speculative attention during the
BALTIMORE EXCHANGES.
early trading, though there was also a fairly brisk demand
alcohol issues which worked slowly forward to higher
for
Baltimore.
Philadelphia.
Boston.
Week Ended
levels. Steel stooks, public utilities and some of the specialDec. 1 1933.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
ties were fairly active but the gains, as a rule, were small
815.000
1,453
31,000
4,742
Saturday
8100
10,198
2,213
2,000
Around the third hour, considerable selling appeared and Monday
11,090
3,100
24,205
8,000
2,720
1,000
5,197
Tuesday
21,222
6,000
many prominent shares that started strong in the morning Wednesday
21,600
597
8,220
2,500
17,200
HOL IDAY 'S.!
Thursday
HOL IDAY
HOL IDAY
trading fell off to new low levels for the movement. Public Friday
8,000
1,855
7,762
2.120
utility issues were fairly firm, many active stocks moving up
354.600
8.838
Total
84,500
80,587
29,369
89,200
to their best prices before the market turned downward.
e90 9/10
19 ARA
592 nnn
la 070
adit inn
1A2 44A
Prey_ art_ reveuati
Steel issues and motor shares also displayed moderate strength
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
during the morning dealings. Gold stocks were generally
DAILY, WEEKLY AND YEARLY.
lower and liquor shares, after showing moderate gains during
the morning, turned downward toward the close. United
Railroad
Stocks,
State.
Total
Untied
Week Ended
Bond
Number of and Mutat. Municipal dt
States
States Steel, du Pont and American Can also lost their early
Bondi.
Porn Bonds.
Dec. 1 1933.
Shares.
Sates.
Bonds.
losses at the end of the session ingains. Stocks showing
477.917 83,729.000 81,419,000 81,024.700 36,172.700
Saturday
cluded among others, Air Reduction, 634 points to 9734; Monday
6,127,000
1,557,099
2,974,000 11,678.000
2,575,000
5.530,000
1,007,481
2,730,000
3,092,000 11,352,000
Dye, 434 points to 13734; Amerada, 234 Tuesday
Allied Chemical &
5,528,000
752.220
Wednesday
2,194,000
1.859.400
9.381.400
HOLIDAY.
points to 43; American Can, 33% points to 9534; American Thursday
8,912,200
4,752,000
813,227
1,839,200
2,321,000
Friday
Smelting, 3 points to 40; Atchison, 3 points to 463%; Auburn
4 Ra7 024 22A 1150000 511220 min 510 720 200 547110&200
2 (Tata]
Auto, 23.1, points to 423%; J. I. Case Co., 534 points to 673/;
Financial Chronicle
Sales at
New York Stock
Exchange.
Week Ended Dec. 1..
1933.
Stocks-No. of shame.
4.607,924
Bonds
Government bonds__ $10.789,300
State & foreign bonds_
11,239,000
Railroad 4: misc. bonds 25,666,000
Total
1932.
Jan. 1 to Dec. 1.
1933.
1932.
3.977.664
620,753,223
403.382,197
83.465,700
13.034.500
25,618,000
2460,756.600
706,839.000
1,930.964.900
8534.382.050
692,405,100
1,507,598.000
247,694,300 $42,118,200 53,098,560,500 $2,734.385,150
THE CURB EXCHANGE.
Stock movements on the Curb Exchange were somewhat
rregular during the greater part of the present week. Trading has been quiet, and while there have been spasmodic
periods of strength, the rallies, as a rule, have quickly faded
out as the market continued its downward drift until Friday
when prices improved all along the line. Mining shares
have moved up and down without any very definite progress
either way. Oil shares have had occasional periods of
strength, particularly on Wednesday when a considerable
amount of buying was apparent in this group.
On Saturday trading was quiet and the trend was slightly
improved though the gains, for the most part, were fractional. Public utilities were in moderate demand and held
close to Friday's finals, the active stocks including Electric
Bond & Share and American Gas & Electric. In the mining
group, Lake Shore was fairly strong though Pioneer Gold,
another of the Canadian stocks, was weak and moved
sharply downward. Industrial shares showed only scattered
gains, Aluminum Co. of America, Montgomery Ward A,
National Steel warrants and American Capital pref., being
among the more active of the group.
The curb market turned downward on Monday and many
prominent stocks slipped back from fractions to 2 or more
points. This was especially true of the mining shares which
suffered a sharp downward reaction. Industrial stocks also
were weak and some of the more active issues like British
American Tobacco, Woolworth and Safety Car showed sharp
declines. Oil shares were off on the day and so were
the public utilities. The so-called wet stocks were exceptions to the general decline, and while the gains were small,
there were only a few issues in the group that closed behind
the minus sign.
Firmer prices were apparent on Tuesday, though the trading continued in small volume and price changes were largely
fractional. Oil stocks were fairly steady,Gulf Oil of Pennsylvania and International Petroleum showing modest gains.
Alcohol issues were somewhat stronger and the mining shares
and metal stocks were in good demand at higher prices,
Aluminum Co. of America breaking through 76 at its top
for the day, while Newmont Mining and Lake Shore Mines•
were in sharp demand throughout the session. The changes
in the public utility group were somewhat erratic, some of
the prominent members of this section showing moderate
advances, while others equally prominent moved slowly
downward. Childs & Co. pref. was under pressure and, at
one period, was down 434 points to a new low. In the late
trading the market had a sinking spell and some of the early
gains were erased.
Oil shares led the moderate upward movement on Wednesday, the sharp advance in this group being stimulated to
some extent by the report showing a general restriction of the
output. The strong stocks included such active iseues as
Humble Oil, Gulf Oil of Pennsylvania, Standard of Indiana
and International Petroleum. Montgomery Ward led the
upswing among the miscellaneous industrials like General
Tire and Sherwin Williams. Public utilities were strong and
moved up under the guidance of Consolidated Gas of Baltimore, which gained 63/2 points to 473/2 at its top for the day.
Mining stocks moved forward with the rest of the list, the
active stocks including such prominent issues as Lake Shore,
Bunker Hill, Consolidated Mining & Smelting, Pioneer and
Sylvania pref., the latter bounding forward 28 points to 78
at its top for the day. Investment trusts were generally
higher and substantial gains were recorded by United States
International Secuzities pref. and Blue Ridge pref. Wet
stocks were comparatively quiet.
The Curb Exchange, the New York Stock Exchange and
commodity markets were closed on Thursday in observance
of Thanksgiving Day.
Curb stocks were stronger on Friday following the Thanksgiving Day holiday and there were a number of substantial
gains registered as the market closed. The forward movement was under the leadership of the alcohol issues, particularly the Canadian group which showed advances ranging
up to 4 points. The strong stocks included Hiram Walker
Dec. 2 1933
and Distillers Seagram. The strength of these shares was
due to the understanding that the new executive committee
has agreed on a proposal by which liquor will be imported
into the United States for a four months' period on the
average movement from 1910 to 1914. Industrial stocks
were moderately strong and public utilities were in better
demand. Mining issues were fairly active but the gains
were usually small. The range of prices for the week was
slightly toward lower levels, and while there were some small
advances, most of the trading favorites were lower. The list
of recessions included among others, Aluminum Co. of
2
America,80 to 7634; American Gas & Electric, 20% to 19%;
American Laundry Machine, 115 to 112%; American Light
%
& Traction, 113 to 113/2; American Superpower, 2% to
%
23 ; Atlas Corporation, 12 to 113 ; Central States Electric,
%
%
15% to 12%; Cities Service, 234 to 2; Consolidated Gas of
Baltimore,48 to 463/2; Cord Corporation,73/2 to 734; Electrio
Bond & Share, 13% to 1334; New Jersey Zinc, 65 to 625 ;
%
6
Niagara Hudson Power, 6 to 5%; Parker Rust Proof, 54 to
53;Penroad Corporation,2% to 2%;Standard Oil of Indiana,
325% to 323/;United Gas Corporation,25% to 23/2, and Utility
2
Power, 1 to %.
A complete record of Curb Exchange transactions for the
week will be found on page 3990.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Dec. 1 1933.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Bonds (Par Value).
Foreign
Foreign
Domestic: Government. Corporate.
100.280 $1,549,000
195,450 2.669.000
171.243 2,438.000
152,380 2,032,000
$82.000 81.770,000
193.000 3,230.000
144.000 2.796,000
122,C00 2,357.000
785.189 310.764.000 81,097,000
8669,000 812,530.000
165,856
Total
Sales at
New York Curb
Exchange.
Week Ended Dec. 1.
1933.
212,530,000 $15,924,000
128.000
2,377,000
Jan. 1 to Dec. 1.
1932.
-No,of sharesStocks
785,189
741,768
Bonds.
Domestic
210,764,000 514,766,000
Foreign government
1,097,000
561,000
Foreign corporate.._._
597.000
669,000
Total
Total.
$139,000
388.000
214,000
203,C00
HOLIDAY
2,076,000
173,000
1933.
1932.
94,377,396
52.728.501
2803,277,000
39.507,000
37,930,000
2788,943,100
29,553,000
55,162,000
$880,714,000
2873,658,100
COURSE OF BANK CLEARINGS.
Bank clearings this week will show a decrease as compared with a year ago, due to the fact that the Thanksgiving
holiday came in the week this year, whereas last year it
came in the previous week. 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. 2) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 22.2% below those for the corresponding
week last year. Our preliminary total stands at $3,942,203,929, against $5,064,713,530 for the same'week in 1932.
At this center there is a loss for the five days ended Friday
of 25.8%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended Dec. 2.
1032,
Per
Cent.
New York
22,056,004.260
Chicago
129,220,229
Philadelphia
165,000,000
Boston
129,000,000
Kansas City
39,693,936
St. Louts
41,300,000
San Francisco
70,478,000
Los Angeles
-No longer will report dee rings.
Pittsburgh
55,151,805
Detroit
38,200,296
Cleveland
35.838,109
Baltimore
28.610,424
New Orleans
21,562.000
22,770,778,761
160,028,170
281,000,000
180,000.000
48,766.893
47.900.000
84,400.000
-25.8
-19.3
-36.8
-28.3
-15.1
-13.8
-16.5
71,678,795
45,749,397
51,646.275
48.153,326
24,364,301
-23.1
-16.5
-30.8
-40.6
-11.5
Twelve cities, five days
Other cities, five days
22,810,059,059
383,704,084
83.792,405,918
482.444,805
-25.9
-20.5
Total all cities, five days
All cities, one day
$3,193,763,143
748,440.786
84.274,850.723
789,862,813
-25.3
-5.2
Total all cities for week
83.942.203.929
85.064.713.530
-22.2
1933.
Complete and exact details for the week covered by the
foregoing will appear in our *ssue 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 Nve
present further below, we are able to give final and complete
results for the week previous, the week ended Nov. 25. For
that week there is an increase of 30.9%, the aggregate of
clearings for the whole country being $4,654,538,886, against
$3,556,565,919 in the same week in 1932.
Outside of this city there is an increase of 21.5%, the bank
clearings at this center having recorded a gain of 36.7%.
SUMMARY OF BANK CLEARINGS.
1932.
1933.
Week Ended Nov.25 1933.
Ine.or
Dec.
1931.
1930.
$
$
%
$
Federal Reserve Dists.
266,915.386
188,017,529 +14.8
215,884,689
1E t Boston_ _ __12 cities
3,069,779,000 2,255.507,711 +36.1 3.127,558.120
2nd Newyork._12 "
260,184,545
232,539,792 +7.6
249.887,071
3rd PhIladelp'18 9 "
197.643,640
148,658,679 +13.6
168,829,682
4th Cleveland__ 5 "
100.794328
80,954,403 +8.1
87,520,407
5th Richmond _ 6 "
87,746,907
66,721,993 +42.7
95,205,381
6th Atlanta_.._10 "
343,773,775
218,025,281 +30.9
285,424,378
7th Chicago - _ _19 "
90,190,537
67,090,743 +43.9
96,514,617
8th St.Louis_ _ _ 4 "
67,907,130
65,646,632 +40.1
77,962,207
9th Minneapolis 7 "
95,903,224
77,992,263 +13.7
88,700.317
10th Kansas City 9 "
39,485,204
32,802.734 +51.7
49,767,960
11th Dallas
5 "
180,915,665
132,609.159 +27.5
169.063,177
12th San Fran__13 "
3
344,959,243
4,625,079,927
391,009,441
305.387,463
147,751,725
115,932,427
571,047,650
120,053,125
96,975,528
144,820.745
45,554,756
236.673,550
111 cities
Total
Outside N. Y. City
4.654,538,888
1,690,380,222
3,556,565,919 +30.9
1,368,908,177 +21.5
4,859,018,261
1,822.554,536
7,145,245,580
2.642.837,469
29 olthr.
NW SU 10E1
247.162.499 +25.2
313.277.253
339.657,097
Week Ended Nov. 25.
1933.
Week Ended Nov. 25.
Clearings at
1933.
1932.
First Federal Reserve Dist rict-Boston
269,883
401,278
Maine- Bangor.
1,483,801
1,232,757
Portland
190,314,530 167,026,919
Mass.
-Boston
566,244
683.994
Fall River.--204.982
270,227
Lowell
418,229
488,888
New Bedford
1,914,287
2,284,357
Springfield...1,337,550
1.121,088
Worcester
5,236,260
6,944.841
Conn.-Hartford
3.298.220
3,709.393
New Haven...
5,990,100
7,888,200
R.I.-Providence
271,054
.545,136
N.1L-Manchest'r
Total(12 cities)
215,884,689
Inc. or
Dee. •
1931.
1930.
+48.7
-18.9
+13.9
+20.8
+31.8
+16.9
+19.3
--16.2
+32.6
+12.5
+31.7
+101.1
337,635
2,237,855
236,000,000
634,846
340.287
652,310
3.020,017
2,006,868
7,783,687
5.906,361
7.562,900
432,620
488.580
2,377,778
305,676,521
811,820
390.550
735.005
3,337,266
2,119,775
10,770,292
5,287,048
9,195.100
3,769.508
188,017,529 +14.8
266,915,386
Total(12 cities) 3,069,779,000 2.255,507,711
+36.1 3327,558,120 4,625,079,927
Third Federal Reserve Dist rict-Phliad elphia
236.220
218,823
+8.0
pa,- Altoona
Bethlehem _ _
251.050
236,447 +6.2
Chester
760,081
896.226 -15.2
Lancaster
Philadelphia_ 241.000.000 224,000,000 +7.6
889,434
1,216,752 -26.9
Reading
2,052,951
1,734,823 +18.3
Scranton
1,098.719
1,144,110 -4.0
Wilkes-Barre..
795.611
+8.9
866,636
York
2,732,000
2.297,000 +18.9
-Trenton..
N. J,
249,887,071
232.539,792
+7.5
453,630
948,284
168,269
1,591,189
247.000.000
2,009,895
3.074,921
1,728,835
1,315,806
2,842,000
711,370
1,412,174
375,000,000
2,447,877
3,456,294
2,513,491
1,512,951
3,007.000
260,184,545
391,009,441
Fourth Feder at Reserve 13 strict-Clev eland
Ohio-Akron..._
Canton
34,505,062
29,132,179 +18.4
Cincinnati
62.469,328
54.113,716 -3.0
Cleveland
7.252,100
6,029.700 +44.2
Columbus-.--903,606
586,478 +54.1
Mansfield
Youngstown-73.699,586
59,796.606 +23.3
Pittsburgh..
86,078,626
151,911.173
148,658,679 +13.6
197.643,640
305,387.463
Fifth Federal Reserve Dist net-Richm ond316,811 -67.7
102.277
W.Va.-IIuneton
1,994,000 -12.4
1,746,000
Va.-Norfolk-__
24,185,624 +33.7
32.332.147
aichmond-___
598,988 +48.9
891,601
S.C.-Charleston
40,914.450 -1.6
40,268,116
Md.-Baltimore.
12.944,532 -5.9
12,180,266
D.C.-Washing'n
429,696
2.691,954
29,775,718
1,102,684
49.722.337
17,071,739
896.375
3.388,825
43,227,888
1,785,160
78.548,834
19,904.643
100,794,128
147.751.725
2,360,948
8,804.527
28,200.000
952,143
473,482
7,969,451
9,332,179
927,430
1.500,000
14.205.248
34.504,223
1,480,672
851.434
10,032.296
14,826.319
1,593,446
102,251
28,624,496
127.884
38,810.905
87,746,807
115,932.427
Total(5 cities).
Total(6 cities).
168,829.682
87,520.407
80,954,403
+8.1
Sixth Federal Reserve Dist rict-Atiant a1,926,517 +78.0
3,429,218
Tenn.
-Knoxville
7,603.688 +18.8
9.035.485
Nashville
20,700.000 +65.7
34,300,000
Ga.-Atianta....
660,376 +89.6
1,251,875
Augusta
315.762 +76.0
555,732
Macon
6,150.049 +75.7
10,808,000
Fla.-Jacksonville
7,146,793 +83.1
13,082.108
Ala.-Birm ham_
581,751 +64.3
956,050
I Mobile
Miss.
-Jackson.88,597 +41.3
125,196
). Vicksburg._ .
21,548,460 +0.5
21,663,719
La.-NewOrleans
Total(10 cities)
95,205,381
1931.
$
1930.
i
89,192
408,337
74,792,341
2,579.041
1,718,484
1,161.067
11,269.000
1,209,049
2,861,201
14,286.721
810,916
4,011,636
2,458,563
c
963.054
219,845.937
576.289
2,140,209
892,239
1,700,499
129, 502
733,798
110.150,860
4,055.508
2,524,785
2,417.453
14,552,000
1,577,385
3,912.869
19,231.536
2,846,173
5,268,583
3,771,762
c
1,167,007
390,984,971
837.229
2.978.491
2,081,009
1.826,729
218,025,281 +30.9
343,773,775
571.047.6.50
Eighth Federa 1 Reserve Dis trict.-St. L mils.b
b
b
nd.-Evansville
43,700,000 +35.9
40.
-St. Louis
59.400.000
13,538,307 +37.7
18,642,490
{y.
-Louisville _
9,493,105 +91.8
18,206,127
Penn.- hiemphis
b
b
b
11.- Jacksonville
359,331 -26.0
266,000
Quincy
b
61,500.000
15,790,734
12.391,925
b
507,878
b
87,000,000
17.613,414
14.940.127
b
499,584
Total(19 cities)
285,424,378
67,090,743 +43.9
90.190.537
120,053,125
Ninth Federal Reserve Dis trict-Minne apolis1,608,469 +67.1
2.688,502
VILm.-Duluth„
38,466,630 +37.4
Minneapolis_
52.838,175
11,963,305 +52.2
18.204.735
St. Paul
M. Dak.-Fargo.
1,281.619 +13.3
1,451,57,1
3. D.
423.743 +8.5
-Aberdeen.
459.782
343.899 +24.2
427,169
Mont.-Bill1ngs
1,557,967 +21.5
Helena
1,892,273
3,215,621
44.641.882
15.697,024
1,430.262
561.301
510.694
1,850,346
5.343.303
68.031,614
17.600,514
1.618,819
914,744
624,534
2,842,000
55,645,632 +40.1
67.907,130
96,975,528
Total(4 cities)
96,514.617
77.962.207
Tenth Federal Reserve Dis trict-Kans as City207,609
153,524
89,278 -41.9
Neb.-Fremont
51,857
cc
c
c
Hastings
1;87,258
2,215,839
1,543.442
Lincoln
1.044,087 +47.8
24,517,284
42,580.387
17,254,671 +30.7
22,546,625
Omaha
1.648.006
2.142,933
Kan.
-Topeka...
1,223.965
1.057,795 +15.7
3.220,909
4.975.470
2,845.314 -47.0
1,508,979
Wichita
86,898,869
60.672,572
Mo-Kan. City
52.574,728 +11.2
58.488,899
2.308.238
3.675.685
St. Joseph
2,143,170 +22.1
2,617.837
729,481
923.851
-Col,Spa.
416,997 -8.4
Colo.
381,947
1,200.102
765,952
-40.5
Pueblo
666,223
336,766
344,959.243
-New York
Second Feder at Reserve D strict
5,022.594
5,300,073
3,100.315 +41.0
4,370,555
-Albany..
N. Y.
846,381
688.176
600,168 +14.0
684,186
Binghamton..
37,564,066
24,956.281
19,918,496 +19.3
23.770,111
Buffalo
829,584
794.013
488,159
466.100
Elmira
723,350
487,699
+9.7
337.121
369.721
Jamestown
New York.... 2,994,158,664 2,189,657.742 +36.7 3.036.463.725 4,502,408,111
7.477,180
5.927,236
5.195,143
4,431,632 +17.2
Rochester
4,175.325
3,145,429
2,329.613 +14.2
2,659.636
Syracuse
3,571,589
2.752.117
2.687,229
2,248.583 +19.5
-Stamford
Conn.
574.337
378,698
*400,000
289.853 +38.0
-Montclair
N. J.
26.377,842
22.896.994
13.727,890
Newark
14,117,387 -2.8
35,509.568
23,767,679
21,289,765
17,988,642 +18.4
Northern N. J.
Total(9 cities).
Inc. or
Dec.
$
$
Seventh Feder at Reserve 13 istrict-Chi
74,970
37,789
dich.-Adrian.296,415
250,264
Ann Arbor
42,124,189
55,824.932
Detroit
1,818,035
1,329,967
Grand Rapids_
345.300
637.040
Lansing
782,563
454,698
1nd.-Pt. Wayne
8.797,000
8,958,000
lndianaixths.....
810,470
538,888
.
South Bend_ _
2,387,503
3.048.172
Terre Haute
10.017.120
11,490,614
iVia.-8111waukee
427,777
230.156
1owa-Ced. Raps
3,208,689
4,921,617
Des Moines...
1,600,465
1,951,151
Sioux City....
c
c
Waterloo
674,692
*395,000
11-Bloomington
191,715,691 141,207.007
Chicago
322,595
383,514
Decatur
1,463,392
2,082,412
Peoria
505,946
436,724
Rockford
1,161,153
737,749
Springfield
Total(7 cities)
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
1932.
„
H+++1 ++1++1_,I+1+1
.a.opeooa...a.0
tv co 0,— o-.0.1C0.1.••443 ,
-.0-`iD,
A.CAO•
:4:4 bo'c be ebb, I
L.1
.
000.
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 a gain of 36.1%, in the Boston Reserve
District of 14.8% and in the Philadelphia Reserve District
of 7.5%. In the Cleveland Reserve District the totals are
larger by 13.6%,in the Richmond Reserve District by 8.1%
and in the Atlanta Reserve District by 42.7%. The Chicago
Reserve District records an expansion of 30.9%, the St.
Louis Reserve District of 43.9% and the Minneapolis
Reserve District of 40.1%. In the Kansas City Reserve
District the increase is 13.7%,in the Dallas Reserve District
51.7% and in the San Francisco Reserve District 27.5%.
In the following we furnish a summary of Federal Reserve
districts:
nstneAo
3963
Financial Chronicle
Volume 137
66.721,993 +42.7
37.444,663
66,322,251
6,798.100
1.000.000
48.280,000
92,594,806
11,463,900
1,137,584
77,992,263 +13.7
95,903,224
144,820.745
-Da Has
Eleventh Fade ral Reserve District
Tex.
-Austin....
433,836 +47.7
640,623
24,762,206 +54.3
38.204,196
Dallas
Fort Worth
4,000,000 +53.0
6.118.797
Galveston
1,915,000 +49.5
2,863,000
La.
-Shreveport.
1,691,692 +14.8
1,941,344
742,238
27,559,343
6.480,362
2,473,000
2.230,261
1,020,232
31,535.361
7,714.000
2,693,000
2,592,163
39.485,204
45.554.756
Total(9 cities).
Total(5 cities).
88.700,317
4
9,767,960
32,802,734 +51.7
Twelfth Feder al Reserve D istrict-San Franci sco21,919,992
16,584,973 +17.3
19,461,238
Wash.-Seattle_
6,638,000
Spokane
4,262,000 +39.4
.5,940,000
651,000
Yakima
383,516 +8.7
416,817
21,236,988
Ore.
13,623,954 +37.5
18,732,917
-Portland
12,397.268
Utah-S. L. City
9,719,264 +23.6
12,010.308
3.550.452
Calif.
2,753,791
-Long 13ch
2.376,047 +15.9
'Los Angeles
No longer will report clearin gs.
2,918,571
+3.8
2.134,511
Pasadena
2.215,316
4.845.944
4.531,382 -33.3
Sacramento ___
3,021,759
San Diego ___ No longer will report clearin ga.
75,327,322 +32.7 101.287,417
San Francisco_
99,979,292
2,058,548
1.322,091 +29.8
1,716,180
San Jose
1.163.007
792,191 +12.6
Santa Barbara.
892,317
1,132,601
715.779 +10.4
Santa MOLliCa790.516
1,115,879
836,129 -1-35.5
1,132,728
Stockton
30,488,350
8,393.000
1.140.863
27.846.474
17.066.226
5,738,434
3,864,167
4,564,090
130,205,456
2.324.133
1.652,233
1.559.724
1.832,400
Total(13 cities) 169,063.177 132.609,159 +27.5 180,915,665 236,673,550
Grand total (111
4.654.538,886 3.556,565,919 +30.9 4,859.018.261 7,145,245,580
cities)
OutsIdeNew York 1,660,380.222 1.366,908,177 +21.5 1,822,554,6362,642.837,469
1Veek Ended Nov. 23.
C
1933.
s
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__
New Westminster
Medicine HatPeterborough_ _ _ _
Sherbrooke
Kitchener
Windsor__
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
98,431,254
104,538,777
50,146,310
14.287.880
4.439,368
3.477,841
2.123,445
3,512,994
5,359,645
1.460.039
1.351,346
2,129.048
3.427,702
3,313,172
272.724
359,325
1,466,164
515.582
698.611
538,241
366,352
228.942
601,743
474,146
919,180
2,176.780
242,475
736,912
485.389
500,349
503,120
569,250
Total (32 cities)
309,554,106
1932.
$
Inc. or
Dec.
1931.
%
$
1930.
5
+33.6
+41.1
+17.6
+9.6
+4.1
-40.0
+16.3
+6.2
-8.2
+36.0
+12.8
+3.5
+7.3
-2.6
+0.1
+6.5
+5.2
+4.3
+1.4
-31.3
+0.6
+13.5
+3.9
-2.7
+17.1
-8.5
-4.9
+13.1
+2.7
-6.5
+16.4
+41.6
92,058.104
85,406,018
67,973.686
14,623.026
6.363,013
5,287,987
2.381,398
4,081.311
7,392.435
2,099.454
1,553,436
2,599.401
4,337,971
3,883.833
250,000
334.903
1,899,848
628,264
882.736
749.566
498.347
221,003
681,854
590,525
931,689
2,179.278
338,026
703,482
735.424
534,954
471,800
604,481
109,457,593
94,253,236
51.052.865
21.744,704
6,716,851
6.146,757
2.994,981
5,156,384
8.649,749
2.012.828
1,964.806
2.600.671
4.635,972
4,970.360
437,966
529.376
2,236,041
1,029,326
985,671
904.970
709,338
335,386
800,399
780.943
985.671
3,339,559
412,654
812.423
724,956
733,830
592,775
948.056
247,152,499 +25.2
313,277,253
339,657,097
73,676,221
74,106,650
42.653.077
13,039,398
4.264.704
6,795,838
1,825.220
3.309.165
5.839.080
1,373,731
1,197,958
2.057.362
3,194,378
3,401,953
272.655
337.459
1,393,176
494,361
689,023
783,625
364.027
201.700
482.978
487.450
784,668
2,378,059
254,866
651.644
472,659
535.116
432,316
401,982
•Estimated.
b No clearings available. c Clearing House not functioning at present.
3964
Financial Chronicle
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. 15 1933:
GOLD.
The Bank of England gold reserve against notes amounted to 1190.538,384
on the 8th inst., as compared with £190,447,031 on the previous Wednesday.
In the open market substantial amounts of gold have been avallable
and have been taken for the Continent and for destinations not disclosed.
Demand has been fairly keen, although the premium over franc parity
has tended to diminish.
With regard to the purchase of gold abroad by the United States of America, it has been authoritatively stated that some purchases have been made
both in Paris and in London.
Quotations during the week:
Per Fine Ounce.
Equivalent Value of
L Sterling.
Nov. 9
12s. 11.74d.
1308. lid.
Nov. 10
138. 1.24d.
1298. 8d.
Nov. 11
135. 0.69d.
1308. 13.d.
Nov. 13
135. 1.90d.
1298. 1J5d.
Nov. 14
128s. 7d.
138. 2.57d.
Nov. 15
129s. 0.%d.
13s. 2.00d.
Average
138. 1.36d.
129s. 6.92d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 6th inst. to mid-day on the 13th inst.:
Imports.
Exports.
Netherlands
£228.857 Netherlands
Prance
3.206.434 Prance
Switzerland
952,300 Switzerland
China
336,683 Italy
Japan
25,994 U. S. A
U. S. A
931.232 Other countries
Cuba
11,234
British South Africa
1,462,176
British India
404,858
British Malaya
67,795
Hongkong
350,861
Australia
23,540
Jamaica & Dependencies_
16,046
Iraq
9,190
Other countries
31.978
£132,892
5,750
215,274
277,850
6,700
5,258
£8,059,178
£643.724
Gold shipments from Bombay last week amounted to about £862,000.
The S. S. "Maloja" carries £700,000 and the S. S. "California" £162.000.
both consignments being destined for London.
The Transvaal gold output for October 1933 amounted to 908,888 fine
ounces as compared with 901,799 fine ounces for September 1933 and 974,965
fine ounces for October 1932.
SILVER.
The market has remained fairly steady, prices showing little cnange from
last week's level. During the first half of the week the tendency was
slightly easier, owing to buyers showing hesitation, but there was a recovery
on a renewal of support from America, which has again been a feature.
China has been inclined to resell and offerings from Continental sources
continued, while America also sold occasionally, although a substantial
buyer on balance. The Indian Bazaars bought, but were not willing to
press the market.
The outlook is uncertain as it depends largely on the course of the dollar
exchange and price movements in the United States of America.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 6th instant to mid-day on the 13th instant:
Imports.
Exports.
Soviet Union (Russia)
Germany
£26,500 Belgium
66.662 Germany
35.748 U. S. A
9,362 British India
24,000 Other countries
26,500
151,157
5,600
2.250
Egypt
Japan
Mexico
British India
Australia
Canada
Other countries
£347.779
Quotations during the week:
IN LONDON.
£71,900
2.216
20.975
7.160
5,192
IN NEW YORK.
(Cents per Ounce .999 Fine.)
Nov. 9_ _ --18 9-16d.
18l1-16d,
Nov. 8
4215-16
Nov. 10----18 7-16d.
l89
-16d.
Nov. 9
435-16
Nov. 11_-_184d.
1831d.
Nov.10
42 11-16
Nov. 13-__-18%d.
18.4d.
Nov. 11
4334;
Nov. 14_---18 9-I6d.
18t1-16d.
Nov. 13
44
Nov. 15----1856d.
,
185 d.
%
Nov. 14
44.
3
4"
Average__ --18.510d.
18.635d.
The highest rate of exchange on New York recorded during the period
from the 9th instant to the 15th instant was S5.41. and the lowest $4.98.
INDIAN CURRENCY RETURNS.
In Lacs ofRupeesNov. 7. Oct. 31. Oct. 22.
Notes In circulation
17.960
18,004
17.950
Silver coin and bullion in India
10.424
10,322
10.413
Gold coin and bullion in India
2.979
2,961
2,969
Securities (Indian Government)
4,659
4,576
4,611
The stocks in Shanghai on the 11th instant consisted of about 159,300,000
ounces in sycee. 310,000,000 dollars and 7,560 silver bars, as compared
with about 157.300,000 ounces In sycee, 310.000,000 dollars and 7,120
silver bars on the 4th instant.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Wed.,
Tues.,
Thurs.,
Frt.,
Nov. 27. Nov. 28. Nov. 29. Nov. 30.
Dec. I.
1854cl.
18 5-16d. 185-160. 1854cl.
187
-lad.
1258.3%0. 1258.6d. 1258.60. 1258.154d. 1258.2d.
74
7454
74
74
74
1003
10054
10031
wog
10054
11054
11054
11054
11054
11054
65.90
66.10
66.10
66.00
65.80
106.20
106.40
106.80
106.50
106.30
The price of silver in New York on the same days has been:
Silver in N. Y.,
per
-oz. (cts.)
4254
[42
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:
Nov. 27 Nov. 28 Noe. 29 Nov. 30 Dec. 1
1933.
1933.
1933.
1933. 1933.
Francs. Francs. Francs. Francs. Francs.
Bank of France
11,400 11,300 11,200 11,230 11,300
Banque de Paris et Pays Baa
1,465
1,470
1,480
1,470
1,440
Banque d'Union Parisienne
280
276
271
274
-218
Canadian Pacific
218
222
218
220
Canal de Suez
20,495 20,330 20.105 20,300
Cie Distr d'Electricitle
2,465
2,515
2,475
2,500
Cie Generale d'Electricitie
2,010
2,020
2,030
2,050
2-,656
Cie Generale Transatiantique
42
43
43
44
___ _
Citroen B
501
506
506
505
509
Comptoir Nationale d'Escompte 1,020
1,010
1,011
1,030
1.010
1,2!
Coty Inc
200
00
200
197
200
200
Courrieres
317
323
315
325
320
Credit Commercial de France
732
73.5
735
730
743
Credit Foncier deFrance4,500
4,510 4,500
4,540
4,550
redit Lyonnais
2,100
2,140
2,090
2,110
2,120
2,150
4,50C
Distribution d'Electricitle la Par 2,470
2,480
2,450
2,500
2,470
2,520
Eaux Lyonnais
2,750
2,760
2.770
2,750
2,750
2,660
Energle Electrique du Nord
714
720
735
728
731
Energie Electrique On Littoral_
945
948
955
945
967
French Ltne
43
44
43
42
44
-:12
Galeries Lafayette
89
89
89
89
89
88
Gas is Bon
1,040
1,030
1,040
1,020
1,030
1,040
Kuhlmann
630
634
630
630
630
630
L
'Air Liquids
760
760
770
774
780
770
Lyon(P L M)
890
894
890
893
881
Mines de Courrieres
315
310
-520
320
320
320
Mines des Lens
410
410
400
420
410
420
Nord Ry
1,260
1,250
1,260
1,252
1,270
1,260
Orleans Ry
820
815
817
826
837
Paris, France
945
940
930
930
920
-686
Paths Capital
67
71
70
71
71
Pechiney1,140 1,150
1,145
1.140
1,140
1:156
Rental 3%
66.50 65.80
65.90
66.00
65.60
66.10
Rentes 5% 1920
106.10 106.20 106.40 106.80 105.60 106.30
Rentea 4% 1917
76.10
74.70
75.90
76.00
75.70
75.50
Rentes 4%% 1932 A
81.90
82.10 82.00 82.30 82.40 82.15
Royal Dutch
1,840
1,840
1,850
1,830
1,850
1,840
Saint Gobain C &0
1,340
1,330
1,346
1,331
1,355
Schneider & Cie
1,560
1,570
1,560
1,575
1,580
Societe Andre Citroen
-566
590
500
500
510
500
Societe Francaise Ford
55
55
57
55
56
55
Societe Generale Fonciere
108
107
111
108
109
114
Societe Lyonnais°
2,790
2,750
2,755
2,765
2,760
_
Societe Marseillaise
537
539
537
539
537
Suez
20,500 20,400 20,400 20,100 20,000:166
20
s Artificial Silk prof
ize
154
151
156
149
153
Union d'Electricitie
820
830
814
840
820
-__l_1:)
i.
Union des Mines
170
180
170
180
180
180
wagon-Lite
96
97
07
97
100
Noe. 25
1933.
Francs.
11,400
1,470
278
212
20,030
2,480
2,053
4
0
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Nov. Nov. Nov. Nov.
27.
28.
25.
29.
Per Cent of Pa
Reichsbank (12%)
171
174
172
170
Berliner Handels-Gesellschaft (5%)
86
86
86
86
Commerz-und Privat Bank A 0
48
47
48
46
Deutsche Bank und Disconto-GeoeUschaft_ 56
56
56
55
Dresdner Bank
58
59
59
59
Deutsche Reichsbahn(Ger Rya):net(7%)._ 106
107
107
107
Allgemeine Elektrizitaeta-Gesell(A E G)
21
22
20
22
Berliner Kraft u Licht(10%)
123
123
122
122
Dessauer Gas (7%)
113
113
114
114
Gesfuerel(5%)
85
88
89
87
Hamburg Elektr-Werke (8%)
109
108
108
108
Siemens & HaLske(7%)
140
142
144
143
1 CI FarbenIndustrie(7%)
124
125
127
126
Salzdetfurth (754 %)
148
149
150
163
Rheiniseke Braunkohle (12%)
195
194
Deutaches Erdoel(4%)
103 106
106
1115
Mannesmann Roehren
60
63
65
63
Hapag
10
11
11
11
Norddeutscher Lloyd
11
12
12
12
Nov. Dec.,
30.
1.
170
86
46
55
59
107
22
122
114
87
108
143
126
153
155
63
11
12
169
86
47
55
58
107
23
120
111
88
107
141
127
151
189
104
64
11
11
£107,443
Bar Silver per Oz. Sic!.
Cash Dello. 2 Mos. Deli,.
Nov. 25.
Silver, per oz__ 18540.
Gold, p.fine oz. 126s.6d.
Consols. 254%
74
British 335%W. L
100
British 4%1960-90
11054
French Rentes
(in Paris) 3%fr. 65.75
French War L'n
(in Paris)5%
1920 amort
106.10
Dec. 2 1933
L 43
4354
4354
1434
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Dec. 1 1933:
Bid
Anhalt 7s to 1948
/32
Argentine 5%, 1945, 8100
pleeee
175
Antioquis 8%, 1946
/ 512
2
AustrianDefaultedCoupons (100
Bank of Colombia, 7%,'47 115
Bank of Colombia, 7%,'48 115
Bavaria 6%a to 1945
(41
Bavarian Palatinate Cons.
Cit. 7% to 1945
/28
Bogota(Colombia)654,'47 12312
Bolivia 6%. 1941)
(5
Buenos Aires scrip
115
Brandenburg Elec.68, 1953 14812
Brazil funding 5%,'31-'51 34
British Hungarian Bank
1962
(50
Brown Coal Ind. Corp.
654a, 1953
163
Call (Colombia) 7%. 1947 114
Callao (Peru) 754%. 1944 f 312
Ceara (Brazil) 8%, 1947
13
Columbia scrip
1 5
Costa Rica funding 5%.'51 1371:
Costa Rica scrip
City Savings Bank. Buda- /37'2
pest, 7a. 1953
141
Deutsche Bk 6% '32 unst'd 175
Dortmund MenUtll 68,'48 13712
Duisberg 7% to 1945
128%
Duesseldorf 7s to 1945„-- /30
East Prussian Pr. 6a, 1953_ /41%
European Mortgage & Investment 754a, 1966._ (45
French Govt. 534s, 1937_ 145
French Nat. Mall SS.68.'52 124
Frankfurt 7s to 1945
f30
German AU Cable 7s. 1945 /45
German Building & Landbank 8% W.. 1948
36
German defaulted coupons_ /71
Haiti 8% 1953
65
Hamb-Am Line 654a to '40 /70
Hanover Harz Water Wks.
6%, 1957
/34
Housing & Real Imp 7s.'46 42%
Hungarian Cent Mut 78.'37 /34
Hungarian Discount & Exchange Bank 78, 1963
/3012
Ash
35
Ask
Bid
Hungarian defaulted coupe /
85
,..778
Hungarian nal Bk 7lis,'32 j73
25
Jugoslavia 5s, 1956
18
48
27% Koholyt 639a, 1943
(44
___ Land M Bk. Warsaw 8a,'41 58
65
20 Leipzig Oland Pr.634s.'46 65
70
20 Leipzig Trade Fair 7a, 1953 130
32
43 Luneberg Power, Light &
18311 6512
Water 7%, 1948
33 Mannheim & Palat 78. 1941 frAls 541s
136
25 Munich 7s to 1945
41
8 Munio Bk. Hessen,7s to'45 /32
85
25 Municipal Gag & Elec Corp
5012
Recklinghausen. 7s. 1947 /3612 3812
_
3512 Nassau Landbank 6548.'38 15412 00
Natl. Bank Panama 611%
140
42
53
1946-9
Nat Central Savings Bk of
65
Hungary 735s. 1962.- 15012 5312
16 National Hungarian & Ind:
145
48
512
Mtge 7%,1948
38
/34
7 Oberpfalz Elec.7%,
15 Oldenburg-Free State 7%
1946_.
j32
35
___
to 1945
20
__ Porto Alegre 7%, 1968- _ 118
Protestant Church (Ger14012 4211
43
many). 7s, 1946
68
Prov Bk Westphalia 68,'33 154
56
4012 Prov 13k Westphalia 68,'36 /52
53
3112 Rhine Westph Elea 7%,'36 /50
27
/24
33 Rio de Janeiro 6%. 1933
64
44% Rom Cath Church 6I98.'46 161
44
BC Church Welfare 78,'46 /41
50 Saarbruecken M Bk 68,'47 68
74
113
150 Salvador 7%, 1957
15
129 Santa Catharina (Brazil).
119
8%, 1947
34
21
48 Santander (Colom)7s, 1948 1 9
11
Sao Paulo (Brazil) 68. 1947 122
2312
39 Saxon Pub. Works 5%,'32 (35
74 Saxon State Mtge. 60, 1947 /60
63
75 Stem & Halske deb 60. 2930 /235
255
80 Stettin Pub Util 7s, 1946_ 145
47
Tucuman City 78. 1951_ 11912 2112
38
36 Tucuman Prov. 7s. 1950_
42
4412 gesten ER° Ry 78, 1947
12912 3112
37 Wurtemberg 78 to 1945._
41
43
3312
Volume
Financial Chronicle
i37
-Changes in Totals of, and in Deposited
Bank Notes
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 Ciradation
Afloat on
-
Amount Bonds
on Deposit to
Secure Circula
Son for National
Bank Notes.
Oct. 31 1933
Sept.30 1933
Aug. 31 1933
July 31 1933
June 30 1933
May 31 1933
Apr. 30 1933
Mar.31 1933
Feb. 28 1933
Jan, 31 1933
Dec. 31 1932
Nov.30 1932
On RI 1932
Bonds.
Legal
Tenders.
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
799.672.590
$
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
786,034,870
786,734,150
796.032,621
787.913.945
$
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
94,598,898
79,848,287
75.161.955
Total.
$
961,548,135
962,998.545
965,932,095
966,634,173
970,601,088
980,663,403
982,031,393
966,660,540
894,321.053
881.146.010
881,330.848
875,880.990
863,075.900
$2,524,683 Federal Reserve bank notes outstanding Nov. 1 1933, secured by
lawful money, against $2,694,012 on Nov. 1 1932.
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 Oct. 31 1933:
U. S. Bonds Held oa. 31 1933.
Bonds on Deposit
Nov. 1 1933.
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes,
Notes.
Total
Held.
3s, U. S. Treasury of 1951-1955
3s,U. S. Treasury of 1946-1949
3%s, U. S. Treasury of 1941-1943
354s, U. S. Treasury of 1940-1943
330. U. S. Treasury of 1943-1947
Is. U.S.Panama Canal 01 1981
38. U. S. convertible of 1946-1947
8Xs, U. S. Treasury of 1933-1941
Totals
565,587.750
45,035,380
21,982,400
49,414,500
45,333,150
38,440,400
18,113.150
27,039,500
1,000
1,020,000
40,664,200
565,587,750
45,035,380
21,982,400
49,414,500
45,333,150
38.440,400
.18,113,150
27,039,500
1,000
1,020,000
40.664,200
852.831,430
25, U.S. Consols of 1930
2s, U. S. Panama of 1938
28, U. S. Panama of 1938
852,631,430
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Oct. 2 1933
and Nov. 1 1933 and their increase or decrease during the
month of October.
-Total Afloat
National Bank Notes
Amount afloat Oct. 2 1933
Net decrease during October
Amount of bank notes afloat Nov. 1
Legal Tender Notes
Amount deposited to redeem National bank notes Oct. 2
Net amount of bank notes issued in October
Amount on deposit to redeem National bank notes Nov.1 1933
$962,998,545
1,450,410
$961,548,135
$110,533,735
1,560,805
$112,094,540
CURRENT NOTICES.
-Announcement is made of the formation of the firm of Biter & Co.,
with membership in the New York Stock Exchange. The new firm will
-start business on Monday, Dec. 11. Headquarters will be at Nassau
and Liberty Streets, New York City, and the firm contemplates maintainng branch offices in Philadelphia, Boston and Chicago. Henry G. Biter,
3rd, is the senior partner of the new firm. He became associated with
Dlllon, Read & Co. in 1919 and has been a member of that firm since 1927.
Aubrey S. Whiteley will be the Stock Exchange member of the firm.
Robert M. Littlejohn will be a special partner. The other members are:
Frank II. Davis. John F. Donoho, Carl J. Easterberg, Alfred R. Hunter,
'William T. Reid, Jr., and Thomas F. Troxell.
In addition to Stock Exchange business, the firm intends to do a general
investment securities business.
Mr. Easterberg will be the resident partner in charge of the Chicago
office, Mr. Reid the resident partner in the Boston office, and Mr. Hunter
the resident partner in the Philadelphia office.
-Announcement is made of the formation of the firm of Herrick,
Heinzelmann & Ripley, Inc., with offices at 57 William St., New York,
for the purpose of transacting a general investment business, specializing
in the retail distribution of securities. Officers of the new firm, all of
whom have been actively identified with the investment security business
for the past fourteen years, are Paul Heinzelmann, former Vice-President
in charge of the municipal department of A. M.Lamport & Co., Inc., and
more recently Vice-President and director of Zwetsch, Heinzelmann & Co..
Inc.; Barrett Herrick, former Vice-President in charge of sales of Burr &
Co., Inc., and for many years associated as sales executive with Dillon,
Read & Co.; and Henry B. H. Ripley, formerly President and director of
Ripley, Loomis & Co., Inc.
-Glenn Griswold, first business manager of the Chicago "Journal of
Commerce" and later its editor, has been appointed publishing director
of "Business Week," effective Monday, Nov. 27. Mr. Griswold was VicePresident of -the Fox Film Corp. during 1931-32. In his earlier experience
he was financial editor of the Chicago "Examiner" and the Chicago
"Tribune." and Western representative of Dow-Jones & Co.
-Holt, Rose & Troster, 74 Trinity Pl.. New York, have prepared a
special circular giving the range of the gold value of the dollar by months
since April 1, together with the range of prices of the more important commodities affected by the value of the gold dollar in the international markets.
-Laidlaw & Co., members of the New York and Boston Stock Exchanges,announce the removal of their Boston office to the Stone & Webster
Building at 110 Franklin St.
Ortwarcerdatand BliscellantroasRem
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
3965
CHARTERS ISSUED.
Capital.
Nov. 18
-The Farmers National Bank in Chinook Chinook,
Mont
$50,000
Capital stock consists of $25,000 preferred stock and
$25,000 common stock.
President, H. B. Brooks; Cashier, P. B. McClintock.
Will succeed the Farmers National Bank of Chinook,
No. 10053.
Nov.22
-The National Bank of Canton, Canton, III
100.000
President, S. A. Drake; Cashier, Howard B. Heald.
Will succeed the Canton National Bank, No. 3593. and
the First National Bank of Canton. No. 415.
-The St. Charles National Bank of Norco, Norco, La__
Nov. 23
50.000
President, P. E. Foster; Cashier, C. B. Ferdon.
Conversion of the St. Charles Bank & Trust Co..
Norco, La.
-The Cecil National Bank at Port Deposit, Port
Nov.24
Deposit, Md
50,000
President, W. G. Jack; Cashier. Walter Touchstone.
Will succeed the Cecil National Bank of Port Deposit,
No. 1211.
Nov. 24
-The Rochester National Bank, Rochester, Mich
50.000
Capital stock consists of $25,000 preferred stock and
$25,000 common stock.
Pres., Henry W. Axford; Cashier, M. H. Haselswerdt.
Will succeed the First National Bank of Rochester,
No. 9218.
-First National Bank of Hampton. Hampton, Iowa____ 50.000
Nov. 24
President, W. K. Branwell; Cashier, J. H. Boehmler.
Will succeed the Citizens National Bank of Hampton,
No. 7843.
VOLUNTARY LIQUIDATIONS.
-The Commercial National Bank of Uvalde, Uvalde, Tex 100.000
Nov.20
Effective Nov. 16 1933. Liquidating agent, Andrew F.
Smyth, Uvalde, Tex.
Absorbed by the First State Bank of Uvalde. Tex.
-The Farmington National Bank, Farmington, N. H__
50.000
Nov.22
Effective Nov. 18 1933. Liquidating agent, Orin N.
Hussey, Farmington, N. H.
Succeeded by "Farmington National Bank" Farmington
N. H., charter No. 13764.
Nov.22
50,000
-The First National Bank of Scottdale, Pa
Effective Nov. 10 1933. Liquidating agents: Ernest
Overholt, Carl B. Pritchard and Clayton L. Uber,
care of the liquidating bank.
Succeeded by First National Bank of Scottdale, charter
No. 13772.
BRANCHES AUTHORIZED.
Nov. 22
-First National Bank of Seattle, Wash.
Location of branches: 422 Capitol Way. Olympia, Thurston
County. certif. No. 926A; 8500 Greenwood Ave., Greenwood,
King County (P. 0. Seattle, Wash.), certif. No. 927A. The
above branches are located in the State of Washington.
Nov.23
-The Peoples National Bank of Charlottesville, Va.
Location of branches: Louisa, Louisa County; Crozet, Albemarle
County. Certifs. Nos. 928A and 929A. Above branches are
located in the State of Virginia.
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, Buffalo
and Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
Per Share.
$5.000,000 534% demand note of Compania. Cubans, dated Jan. 151931. with
accrued interest
$2,188,388.23
100 Westmoreland Estates, Inc. (N. Y.), no par
$100,700 lot
100 National Industrial Service (Del.) pref., par $100; 300 corn., no par_33,000 lot
250 Osgood's India Cholagogue, Inc. (Conn.), no par
$19,000 lot
$5,000 demand note of Sperry, McKee & Crane, Inc., dated April 18 1929_320 lot
$15,000 demand notes of Sperry, McKee & Crane,Inc.($10,000 dated Dec. 17
1928, $5,000 dated July 1 1929)
$35 lot
40 50
-63rd The Outlook Co.(N. Y.) common, no par
$5 lot
100 Revman & Co., Inc. (N. Y.), par $100; 125 North Shore Theatre Co.,
Inc.(Mass.), par $100
$19 lot
18 demand notes of Etcar Realty Corp. (N. Y.) In the aggregate amount of
$39,210; 100 shs. common stock, par $10
$13 lot
400-20.000th certificate of beneficial interest in Plaza Trust Co., four payments made
$50 lot
900-67,500ths certificate of beneficial interest, Broadway & Plaza Trust Co..
two payments made
$155 lot
5 Milford Downs Inc.(N. Y.), no par
$2 lot
100 L-L Trading Corp.(N. Y.), pref., par $10; 10 Fine Arts Importing Corp.
(N.Y.) pref., par $100; 10 Tenance Construction Co.,Inc.(N.Y.), par $50_810 lot
$10,000 note of Calvin Satterfield Jr., dated Jan. 10 1930, due on demand;
$10.000 note of Calvin Satterfield Jr., dated Nov.22 1929,due on demand $10 lot
18 The Frances Fox Development Co. (Del.) pref., par $100; 75 Frances Fox
Laboratories, Inc. (Del.), par $100
$ll lot
40 Superior Service Finance Corp.(N. Y.) pref., par $100;60 Superior Service
Finance Corp.(N. Y.), pref., par $100
$11 lot
80 Superior Service Finance Corp.(N. Y.) pref.. par $100
$9 lot
1.257 Helvetia Coal Mining Co. (Pa.). pref., par $100
20
1.296 Rochester & Pittsburgh Coal Co.(Pa.) class A common, par $100
236
943 Rochester & Pittsburgh Coal Co.(Pa.) class B common. par $100
50c.
306 Southern New York Investment Corp.(Md.) common, no par; 18 second
preferred, no par
$80 lot
100 Central New York Security & Shares Corp. (Md.) common, no par:
10 second preferred, no par
$20 lot
200 American certificates representing deposited participating debentures of
Kreuger & Toll Co., par 20 Swedish crowns*
$5 lot
50 The Stollwerck Chocolate Co.(Mass.) first pref., stamped, par $100
$13 lot
By Adrian H. Muller & Son, Jersey City, N. J.
Per Share.
Shares. Stocks.
15,000 Missouri-Kansas Pipe Line Company (Del.), coin., par $5
$6101
5.000 Seaboard Public Service Co.(Del.), cum. convt. $3.25 prefd. With war
rants for 5,000 shares corn.(no par), attached
$7 lot
5,000 Seaboard Public Service Co.(Del.), 36 prefd., no par
2,000 Peoples Light & Power Corp.(Del.) $6 prefd.(no par.). With warrants
for 2,000shares class"A"com.attached. no par
$2 lot
1,162 Central Public Utility Corp.(Del.), class "A", no par
$3 lot
1,000 Interoontinents Power Co. (Del.), $7 cum. prefd., lot series (no par).
With warrants attached for 3,000 shares class"A" coca., no par
$13 lot
1.000 Mississippi Valley Utilities Investment Co.(Del.), prefd. $7. div. series,
no par
$3 lot
4,000 National Public Service Corp.(Va.), series "A' prefd., par $100
4.450 National Public Service Corp.(Va.) 7% series "A" prefd., par $100
$4 lot
5,000 National Public Service Corp.(Va.), cum. convt. prefd.$3.50series(no
par.) With warrants attached for 5.000 shares class "B" corn., no par_ _
5,000 National Public Service Corp. (Va.), series -A" prefd., par $100
3.000 National Public Service Corp. (Va.), 7% series "A" convt. prefd, Par
11., $100
$2 lot
3,500 National Public Service Corp.(Va.) cum. convt. prefd.,$3.50series(no
par.). With warrants attached for 3,500 shares class "B" common, no par
$14,000 Lorraine Petroleum Co.(Del.), convt. participation certificates
$ 50101
900 The First National Co.(Del.), prefd., par $10
$100 lot
1,800 The First National Co.(Del.), corn., par lc
1 Harris-Talkie-Movie, Harris, Iowa (Iowa), par $25
$1 lot
8 Hotel Realty Co.(Del.) corn., no par
135 lot
16 Hotel Realty Co.(Del.), prefd.. par $100
10 The Stacy-Trent Co.(Del.), prefd. Par $100.
$3 lot
50 Mark Hopkins Hotel Co., Ltd. (Calif.). prof., par $100
5310$
4 Chicago Medical Arts Building Corporation (Ill.) partic. ctl., no par
$2 lot
)5 lot
4 Arizona Biltmore Corporation (Del.), corn,, no par
2
Arizona Blitmore Corporation (Del.), prefd,, par $100
Financial Chronicle
3966
Shares. Stocks.
Per Share.
311ot
100 Echo Canyon 130w1 Association (Ariz.) par $1
3 lot
10 Berkeley-Carteret Hotel Company (N. J.) prefd., par $100
1 Kingsley Arms Corporation (N. J.), corn., no par
}$not
1 Kingsley Arms Corporation (N. J.) cum. prefil., par $100
10 No. 900 Concourse Co., Inc.(N. Y.), par $100
$1101
$1101
5 Arcade Recreation Parlors Inc. (Wis.), corn., no par
5 Arcade Recreation Parlors, Inc. (Wis.). prefd., par $100
345 Sun Vitamin Laboratories, Inc. (Del.), no par
Si lot
2456 E. T. McGlynn, Inc.(N. Y.), par $100
Si lot
Bonds.
Per Cent.
$978.25 The Kellogg Service Incorporated (Del.). 5% Five Year Note, due
Jan. 1 1938
16 lot
$1,500 Racine Hotel Co. second mtge. 7% S. F. Gold Bonds. CU. of Dep.!
with interest coupons maturing June 15 1931 and subsequent attached__ __31 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
100 International Match Corp.. preferred, par $35
$2 lot
60 Johnson-Washburn Co. pref., par $25; 15 Johnson-Washburn Co., corn.;
10 Mead Morrison Mfg. Co., par $100; 20 Continental Shares, Inc., cony.
pref., par $100
$2 lot
100 Lawyers Mortgage Investment Corp., par $20
51c.
30 United Elastic Corp
11I‘
100 Kreuger & Toll, par 100 kroner
$5 lot
60 Northern Texas Electric Co.. pref., par $100; $500 Northern Texas Electric Co.. pref. div. scrip
$3 lot
39 Vermont Asbestos Corp., corn.; 3 Vermont Asbestor Corp., 8% prior pref.,
par $100
$2 lot
3 Washington Central Trust, 7% cum. pref., par $100
25o. lot
100 Am. Commonwealth Power Corp., 6Si% pref. ctf. Sep
$13.4 lot
3 P. B. Corp., common
$1 lot
100 National Distillers Products Corp. warehouse receipts
534
All the property, right, title and interest, legal or equitable, of Bennie Bean
in and to one share of class A stock of the Framingham Waste Material Co.
515 lot
and 35 shares of class B of the Framingham Waste Material Co
Bonds—
Per Cent
%30 ll
$2,000 Rossman Corp. 654% May 1942 coupon Nov. 1930 and sub. on
5 mi
$2.000 New University Club 6s, April 1946
$1.050 New England Investment & Security Co. common share protective
trust trust ctf
$1 lot
By Barnes & Lofland, Philadelphia:
•
Shares. Stocks.
50 Central-Penn National Bank, par $10
20Si
.
$ per 5h
35 Philadelphia National Bank, par $20
15 Ninth Bank & Trust Co., par $10
10
3 Fidelity-Philadelphia Trust Co., par $100
280
2 3841-6000 Burlington County Trust Co., Moorestown, N. J
$2 lot
50 Philadelphia Co. for Guaranteeing Mortgages, par $20
$7 lot
10 Burstein Brothers & Goldberg
$10 lot
100 Thos. Products, Inc., class B common
$1101
20 Cellulose Products Corp., preferred
$I lot
40 Cellulose Products Corp. common
$1 lot
1.000 National Department Stores, common
50c lot
8 The Cranberry Co., Medford, N. J.. par $100
10
55 W. Wallace Alexander. Inc
2
2 Wayne United Gas Co
$2 lot
54 Moorestown Manor Co
$2 lot
25 17th & Chestnut Sts. Holding Corp., pref
354
Bonds.
Per Cent.
$1.000 No. 1430 Spruce St.. Philadelphia, participation certificate
$100 lot
$1,000 Nos. 1523-25 Spruce St. and No.,. 1524-26 Latimer St., Philadelphia,
first mortgage
$100 lot
$5,000 Utica & Mohawk Valley Ry. Co., 45i% 40-yr. mtge. ctf. of dep
$55 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
4 Buffalo Wills Saint Claire common
per Sh.
500 lot
By Weilopp-Bruton & Co., Baltimore:
Shares. Stocks.
6 The Baltimore Co. R-E, common
$200,000 Baltimore Trust Co. certificate of payment to guaranty fund
$173,000 Baltimore Trust Co. certificate of payment to guaranty fund
$100,000 Baltimore Trust Co. certificate of payment to guaranty fund
20 The Dunmore Realty Co.. ar $100
14 The Green Spring Land do., par $100
4 The Lyric Co.. par S25
200 Mortgage Guarantee Co.. par $25
10 Sun Mortgage Co. preferred, par $50
Bonds—
$3.000 Sun Mortgage Co. debenture 6s, June 1 1952
S per Sh.
$5 lot
$30 lot
$31 lot
$10 lot
$2 lot
$4 lot
2)4
$12 lot
$2 lot
Per Cent.
1
DIVIDENDS.
Dividends aro grouped in two separate tables. In the
first wo bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Railroads.
500 Jan. 2 Holders of reo. Dec, 15
Beech Creek (quar.)
$2.125 Jan. 2 Holders of rec. Dec. 20
Boston .4c Providence (guar.)
$1 Jan. 1 Holders of roe. Dec. 11
Carolina Clinchtield & Ohio (quar.)
$134 Jan. 10 Holders of rec. Dec. 31
Guaranteed Mts. (guar.)
Cinn. Union Terminal Co..5% pf. (qu.). $134 Jan. 2 Holders of rec. Dec. 21
$2 Dec. 20 Holders of rec. Dec. 9
Grand Rapids & Ind (s-a)
Little Miami.spec. gtd.(quar.)
•
50c Dec. 9 Holders of rec. Nov. 25
$1.10 Dec. 0 Holders of rec. Nov. 25
Original guaranteed
New York & Harlem (s.-a.)
5234 Jan. 2 Holders of reo. Dee. 15
Preferred (s.
5254 Jan. 2 Holders of me. Dee. 15
-a.)
North Central (s-a)
52 Jan. 15 Holders of rec. Dec. 30
$1 34 Dec. 30 Holders of rec. Dec. 15
Phila. Bait.& Wes tern is. a)
Plana& Trenton (quar.)
5234 Jan. 10 Holders of rec. Dec. 30
an. 2 Holders of rec. Dec. 11
Pitts., Fort Wayne & Chicago (quar.)_
$1
Preferred (guar.)
VII Jan, 2 Holders of rec. Dee. 11
$4 Jan. 2 Holders of rem Dec. 15
Rensselaer & Saratoga (s-a)
Tunnell RR. of St. Louis (s.
$3 Jan. 2 Holders of rec. Dec. 18
-a.)
Wane River, guar. (s. )
5334 Jan. 2 Holders of rec. Dee. 31
-a
West Jersey & Seashore (s-a)
5155 Jan. 2 Holders of reo. Dec. 15
West N. Y.& Penne (s-a)
5134 Jan. 2 Holders of rec. Dec. 30
5134 Jan. 2 Holders of rec. Dee. 30
Preferred (s-a)
Public Utilities.
Battle Creek Gas,6% pref.(guar.)
$114
Bell Telco. of Pa.,634% pref.(quar.)_ _ _
$134
British Columbia Pow., class A (quar.)_ _
37e
Calif. Elec. Generating. 6% pref. (guar.) 51.54
Canada Northern l'ow., corn. (guar.).
200
Extra
10o
Preferred (quar.)
5i'%
Citizens Wat. (Pa.) 7% pref. (guar.). _
$131
Com'w'th & South'n Corp.. $6 pt. (qu.). 5134
Commonwealth Utile.. 7% pref. A (qu.).. 5134
6% preferred B (guar.)
5134
Consol. Gas Co. of N. Y.,5% pf.(qu.)_. 5134
Cont. Gas & Elec., pref.(guar.)
5134
Continental Passenger By.(s-a)
5234
Dayton Pow. ec Lt. Co.,6% pref. (rno.).
50o
Diamond State Tel.,634% pt.(quar.)
$1
Duke Power Co.. corn. (quar.)
1%
Preferred (quar.)
I/I%
Jan. 1 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dee. 31
Jan. 2 Holders of rec. Dec. 5
Jan. 25 Holders of rec. Dec. 30
Jan. 25 Holders of rec. Dec. 30
Jan. 15 Holders of reo. Dec. 30
Jan. 25 Holders of rec. Dec. 30
Jan. 2 Holders of rec. Dee. 8
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Feb. 1 Holders of rec. Dec. 29
Jan. 2 Holders of rec. Dec. 12
Dec. 30 Holders of rec. Dec. 1
Jan. 2 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dee. 15
Jan. 2 Holders of rec. Dec. 15
Name of Company.
Dec. 2 1933
Per
When
Share. Payable
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Eastern N. J. Pow.,6% pref. (quar.)- —
3134 Jan. 2 Holders of rec. Dec. 15
Greenwich Wat.& Gas Sys.6% pf.(qu.) $134 Jan. 2 Holders of roe. Dee. 20
Ind. Hydro-El. Pow. Co. 7% pf.(qu.)._ 87340 Dec. 15 Holders of rec. Nov. 29
Indianap. l'ow. & Lt. 634% pf.
- 5134 Jan. 1 Holders of rec. Dec. 5
0% preferred (guar.)
5154 Jan. 1 Holders of rec. Dee. 5
Jersey Cent.Pow.& Lt. Co.7% Pt.(qu.) 5134 Jan. 1 Holders of roe. Dec. 11
6% preferred (guar.)
$134 Jan. 1 Holders of reo. Dec. 11
% preferred (guar.)
5114 Jan. 1 Holders of roe. Dec. 11
Kansas Elect. l'ow.,7% pref.(quar.)
51I4 Jan. 2 Holders of rec. Dec. 15
6% prior pref.(guar.)
$134 Jan. 2 Holders of rec. Dec. 15
Memphis l'ow.& Lt., $6 pref.(guar.).
5134 Jan. 2 Holders of rem Dec. 16
$7 preferred (guar.)
$1II Jan. 2 Holders of roe. Dec. 16
Monongahela West Penn Public Service
7% preferred (guar.)
4334c. Jan. 2 Holders of rec. Dec. 15
Mutual Telep.(Hawaii)(mo.)
8c Dec. 20 Holders of rec. Dec. 11
Northern Ontario Power Co.,corn.(qr.).
500. Jan. 25 Holders of rec. Dec. 3()
Preferred (quar.)
5134 Jan. 25 Holders of rec. Dee. 30
Northwestern UtiLs.,6% pref. (guar.)... $134 Dec. 1 Holders of rec. Nov. 27
Nova Scotia Light dc Pow.(guar.)
75c Jan. 2 Holders of rec. Dec. 16
Ohio Edison Co.. $5 pref. (quar.)
$134 Jan. 2 Holders of refs. Doe. 15
$6 preferred (guar.)
$1I4 Jan. 2 Holders of roe. Dec. 15
$6.60 preferred (guar.)
$1.65 Jan. 2 Ilolders of rec. Dec. 15
$7 preferred (guar.)
$1.34 Jan. 2 Holders of rec. Dec. 15
$7.20 preferred (qear-)
$1.80 Jan. 2 Holders of rec. Dec. 15
Penn Central Lt. & Pow.5% pref. (qr.)_
5134 Jan. 1 Holders of rec. Dec. 11
$2.80 preferred (quar.)
70c. Jan. 1 Holders of roe. Dee. 11
Peoria Water Works, 7% pref. (guar.).- $134 Jan. 2 Holders of rec. Dec. 20
Philadelphia Elec. l'ow. Co.8% pt. (qr.)
50c. Jan. 1 Holders of rec. Dec. 5
Rochester Telep. Corp.. corn. (guar.)
5151 Jan. 2 Holders of rec. Dec. 20
834% 1st preferred (guar.)
51% Jan. 2 Holders of rec. Dec. 20
5% preferred (quar-)
MX Jan. 2 Holders of rec. Dec. 20
San Joaquin Lt. Sz P.,6% pf. A & B (qu.) 5134 Dec. 15 Holders of rec. Nov. 30
7% preferred A (guar.)
5134 Dec. 15 Holders of rec. Nov. 30
7% preferred (guar.)
$134 Dec. 15 Holders of rec. Nov. 30
Southern California Edison Co., orig. pf.
2% Jan. 15 Holders of rec. Dec. 20
% preferred, series C
134% Jan. 15 Holders of rec. Dec. 20
Southern Canada Power.6% pref. (qr.).
% Jan. 15 Holders of reo. Dec. 20
Southern Colorado Pow.Co.7% p1.(qr.)
I% Dec. 15 Holders of rec. Nov. 29
Southwestern Gas & Elec..8% pf.(qu.)
52 Jan. 2 Holders of rec. Deo. 15
7% Preferred (guar.)
Jan. 2 Holders of rem Dec. 15
Westmoreland Water, $6 pref. (quar.).. 5134 Jan. 2 Holders of rec. Deo. 20
Wisconsin Pow.& Lt.,6% pref. (quar.). 37S4c. Deo, 15 Holders of rec. Nov. 29
7% preferred (guar.)
o. Dec. 15 Holders of reo. Nov. 29
Banks & Trust Companies.
Chase National Bank, N. Y. (quar.)..
Clinton Trust (quar.)
Extra
Irving Trust Co.(quar.)
35c
50o
25o
25o
Fire Insurance Companies.
Halifax Fire Insurance (s.
-a.)
Home Fire & Marine Ins. Co.(guar.).—
45e Jan. 2 Holder's of rem Dec. 9
50o Dec. 15 Holders of rec. Dec. 5
Jan.
Jan.
Jan.
Jan.
2 Holders of roe. Dec. 9
2 Holders of rec. Dec. 15
2 Holders of reo. Dec. 15
2 Holders of reo. Dee. 5
Miscellaneous.
Agnew-Surpass Shoe Stores, pref. (qu.) _
5134 Jan. 2 Holders of rec. Dec. 15
Alexander & Baldwin (monthly)
50c Dec. 20 Holders of roe. Dee. 15
Extra
51 Dec. 20 Holders of roe. Dec. 15
Allied Chemical & Dye Corp.. pref.(qu.) $134 Jan. 2 Holders of roe. Dec. 11
American Can Co., pref. (guar.)
134% Jan. 2 Holders of rec. Dec. 15a
American Fork & Hoe Co.,6% Pt.(qu.). 85114 Dec. 15 Holders of reo. Dec. 5
American Safety Razor (quar.)
75c Dee. 20 Holders of rec. Dee. 8
American Tobacco Co., pref. (guar.)._
5154 Jan. 2 Holders of roe. Deo. 9
Anchor Cap Corp., Com. (qller.)
15e Jan. 2 Holders of reo. Dec. 20
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 2()
Andian National Corp
u$1 Dec. 16 Holders of rec. Nov. 30
Baldwin Co.. pref. A (guar.)
$134 Mc, 15 Holders of reo. Nov. 29
13andini Petroleum (monthly)
.50 Dec. 20 Holders ot reo. Nov.29
Beatrice Creamery (guar.), 7% pt. (rm.) 5134 Jan. 2 Holders 01 rec. Dec. 14
Belding Corticelli, Ltd.. corn. (guar.).
51 Feb. 1 Holders of ree. Jan. 15
Biltinore Hats, 7% pref. (guar.)
5134 Dec. 15 Holders of rec. Nov. 15
Borg-Warner (special)
25o Dec. 18 Holders of roe. Dec. 6
Preferred (guar.)
5134 Jan. 1 Holders of fee. Dec. 15
Brill° Mfg. Co., Inc., common (guar.)
15c Jan. 2 Holders of rec. Dee. 15
Class A (guar.)
500 Jan. 2 Holders of rec. Deo. 15
Bruck Silk Mills
250 Jan. 15 Holders of rec. Dec. 15
Buffalo Ankerite Gold Mines
30 Dec. 15 Holders of rec. Doe. 1
Calhoun Mills
$1 Jan. 2 Holders of reo. Dec. 26
Canadian Car & Foundry, pref.—Div. o mitted.
Canadian Foreign Investment
250 Jan. 2 Holders of rec. Deo. 15
Preferred(guar.)
52 Jan. 2 [folders of rec. Dec. 15
Carter (Wm.) Co., pref. (guar.)
$134 Dec. 15 Holders of ree. Dee. 9
Chicago Rivet & Machine
250 Dec. 10 Holders ot rec. Dec. 1
City & Suburban Homes (s.
150 Dec. 4 holders of reo. Dec. 1
-a.)
Clark Equipment, 7% prof. (guar.)._ _
Dec. 15 Holders of tee. Nov.29
$1
Commercial Credit Co.. 654% Pf,
$134 Dec. 30 Holders of roe. Dec. 11
7% 1st preferred (guar.)
MU Dee, 30 Holders of rec. Dec. 11
8% class B preferred (guar.)
52 Dec. 30 Holders of rec. Dec. 11
Class A cony, preferred (guar.)
75o Dec. 30 Holders of rec. Dec. 11
Class A cony. preferred
8750 Dec, 30 Holders of rem Dec. 11
Consolidated Paper, 7% pref. (guar.)._ 1734 c Jan. 2 Holders of rem Dec. 20
Dominion Glass Co., Ltd., corn. (qu.)
$134 Jan. 2 [folders of rec. Dec. 15
l'referred (guar.)
$13.1 Jan. 2 Holders of roe. Deo. 15
Dominion Stores, Ltd., corn. (guar.)...
30c Jan. 2 Holders of rec. Dec. 15
Edison Bros. Stores Co., pref. (quar.)..
VIII Deo, 15 Holders of rem Nov. 30
Equitable Office Building Corp
25c Jan. 2 [folders of rec. Dec. 15
Faultless Rubber Co., common (quar.)
50o Jan. 2 Holders of rec. Deo. 15
First Bank Stock Corp. (guar.)
Sc Jan. 1 Holders of reo. Dec. 16
First Holding Corp. (Calif.) guar.).
5155 Mc. 1 Holders of reo. Nov.22
Ford Motor Co. of Canada, class A &IL
$1. Dec. 21 Holders of rec. Dee. 4
General American Transportation,
Common (s.-a.)
50c Jan. 1 Holders of rec. Dec. 11
Goldblatt Bros. (guar.)
373-4c Jan. 2 Holders of rec. Dto. 11
Goodall Securities (guar.)
500 Dec. 1 Holders of reo. Nov. 29
Grant(W. T.) Co., common (quar.)
250 Jan. 1 Holders of rec. Dec. 12
Griesedleck-Western Brewery (III.)
25o Dec. 18 Holders of reo. Dec. 5
Retold Co., corn. (guar.)
25o Jan. 2 Holders of reo. Dec. 15
Extra
250 Jan, 2 Holders of roe. Dec. 15
7% preferred (guar.)
5134 Jan. 2 Holders ot rem Deo. 15
Hamilton United Theatres, 7% pf.(qu.). VII Dec. 30 Holders of roe. Nov. 30
Hawaiian Commercial & Sugar, extra_ _
50e Dec. 5 Holders 01 reo. Nov. 25
Hazel Atlas Glass CO.(qear.)
51 Jan, 2 Holders of reo. Dec. 16
Extra
$1 Jan. 2 Holders of rec. Dee. 16
Hearst Consolidated Publishers, A (qui 43I4o hoe. 15 Holders of reo. Deo. 1
Hercules Powder Co., common (guar.)... 3754c Dec. 22 Holders of rec. Dec. 11
Extra
750 Dec. 22 Holders of rec. Dec. 11
Ilygrade Sylvania common (guar.)
Holders
.
550 Jan. 2 Holde of reo. Dec. 9
14
5634 preferred (quar.)
an. 10 Holders of roe. Dec. 9
Idaho-Maryland Consol. Mines
30 )cc. 20 Holders of rec. Dec. 4
Internat. Business Mach. Corp. (guar.). $15i
Holders of roe. Dec. 22
International Silver Co. $7 preferred__ -- 853i Jan. 1 Holders of rec. Dec. 13
5:
Jewel Tea Co., Inc., common (guar.) —.
Holde of reo. Dec. 30
n. 1
7
154 Jan. 15 holders
of rec. Dec. 11
Johns-ManvIlle Corp., 7% pref. (quar.)
5134 Jan.
7% preferred (guar.)
Dee. 15 Holders of rec. Dec. 11
Koppers Gas & Coke, pref. (guar.)
Jan. 2 Holders of rec. Dec. 12
57
Lehigh Portland Cement Co., pref. (qu.) 531.zie Jan. 2 Holders of roe. Dec. 14
Leslie Calif. Salt(guar.)
m . 15 Holders of rec. Dec. 1
o
Linde Air Products, pref. (quar.)
Jan. 1 Holders of reo. Dec. 20
9
Lindsay Light Co.. pref. (guar.)
Ho ld r. O
10
173 r Dec. 18 IIolders ()tt reo. Dec. 15
roe. Dee.
Jan. 2
Lorillard (P.)& Co.,corn.(guar.)
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dee. 15
Loudon Packing (guar.)
250 Jan. 2 Holders of reo. 1)eo. 15
Ludlow Mfg. Associates
5134 Dec. 1 !folders of reo. Nov. 4
Holders of reo. Dec. 4
Ludlum Steel. pref.(special)
M.J. M.& 38. Consolidated Oil Co
SiO Dec. 20 Holders of reo. Dec. 15
Mitchell (J. S.) & Co.. prof. (guar.).—
$134 Jan. 2 Holders of rec. Dee. 15
Monsanto Chemical Co. (guar.)
31440 Dec. 29 Holders of roe. Deo. 10
5
Dee. 29 Holders of rec. Dec. 10
Extra
Myers(F. E.)& Bro., common (guar.)._
250 Dec. 30 Holders of rec. Dec. 15
5154 Dec. 3011Iolders of rec. Dee, 15
Preferred (guar.)
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Books Closed.
Days Inslusire.
Miscellaneous (Concluded).
Ontario Loan & Debenture(guar.)
El% Jan. 2 Holders of rec. Dec. 15
Pacific Finance Corp., coin.(quar.)
Sc Jan. 2 Holders of rec. Dec. 15
Extra
200 Dec. 15 Holders of rec. Dec. 5
Preferred A (guar.)
200 Feb. 1 Holders of rec. Jan. 15
Preferred C(guar.)
16%c Feb. 1 Holders of rec. Jan. 15
1755c Feb. 1 Holders of rec. Jan. 15
Preferred D (guar.)
Paton Mfg.,7% pref.(guar.)
SPA Dec. 15 Holders of rec. Nov.30
Peerless Woolen Mills,635% pf.(s-a) _ _ _
El% Dec. 1 Holders of rec. Nov. 13
131.578c Dec. 31 Holders of rec. Dec. 20
Perfection Stove Co.. Inc. (guar.)
Publication Corp., pref.(guar.)
$1% Dec. 15 Holders of rec. Dec. 5
$1% Jan. 2 Holders of rec. Dec. 20
7% original pref.(guar.)
Railways Corp.(guar.)
10c Jan. 15 Holders of rec. Jan. 1
Roos Bros
8$1% Dec. 1 Holders of rec. Nov. 28
Royal Baking Powder (quar.)
25c Jan. 2 Holders of rec. Dec. 4
51% Jan. 2 Holders of rec. Dec. 4
6% preferred (guar.)
25c Dec. 15 Holders of rec. Dec. 1
Ruberoid Co. (guar.)
Scott Paper Co., cone.(guar.)
3755c Dec. 31 Holders of rec. Dec. 16
250 Dec. 31 Holders of rec. Dec. 16
Extra
Seaboard Oil of Dela.(guar.)
1.50 Dec. 15 Holders of rec. Dec. 1
Extra
10c Dec. 15 Holders of rec. Dec. 1
250 Dec. 30 Holders of rec. Dec. 15
South Penn Oil Co. (guar.)
Southwest Penn. Pipe Lines (quar.)
51 Dec. 27 Holders of rec. Dec. 15
Standard Oil Co.(0.)5% pref. (guar.).- $154 Jan. 15 Holders of rec. Dec. 30
No div. action on common.
Standard Oil Export, pref.(s-a)
52% Dec. 30 Holders of rec. Dec. 12
Stein (A.)& Co., pref.(guar.)
51% Jan. 2 Holders of rec. Dec. 15
Swift & Co. (guar.)
1255c Jan. 1 Holders of rec. Dec. 9
150 Jan. 2 Holders el rec. Dec. 12
Texon Oil Sr Land Co
250 Dec. 20 Holders of rec. Dec. 6
Todd Shipyard Corp.(guar.)
United Carbon Co. corn. (guar.)
400 Jan. 1 Holders of rec. Dec. 13
$355 Jan. 1 Holders of me. Dec. 13
7% preferred (8.-a.)
Vortex Cup Co.. corn. (guar.)
1255c Jan. 2 Holders of rec. Dec. 15
6255c Jan. 2 Holders of rec. Dec. 15
Class A (guar.)
Wesson Oil Sr Snowdrift Co.corn.(qtr.).- 113.158 Jan. 2 Holders of rec. Dec. 15
Westvaco Chlorine Prod. Corp. pf. (qu.) 513% Jan. 2 Holders of rec. Dec. 15
Will & Baun.er Candle Co.,8% pref. div. action deferred .
World Radio Corp.,6% pref.(guar.)- - 51% Dee. 1 Holders of rec. Nov. 20
Wright Hargreaves Mines(guar.)
r5c Jan. 2 Holders of rec. Dec. 9
r5c Jan. 2 Holders of rec. Dec. 9
Extra
Wrigley (Wm.) Jr. Co., cap.stk. (mo.)_/ 2630-95Jan. 2 Holders of rec. Dec. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, those being given in the preceding table.
Name of Company
Railroads (Steam).
Albany dr Su.squehanna(s-a)
Atlanta, Birmingham & Coast, pf. (5.-a•)
Bangor & Aroostook, common
Preferred
Boston & Albany
Chesapeake a Ohio, corn. (guar.)
Preferred (s -a.)
Chestnut Hill (guar.)
CM New Orleans & Texas Pacific, coin__
Columbus Sr Xenia
Extra
Dayton & Michigan,8% pref. (guar.).Delaware (5.-a )
Elmira & Williamsport, pref. (s.-a.)
Erie & Pittsburgh 7% guaranteed (guar.)
Georgia RR. dr Banking (guar.)
Grand Rapids dr Indiana (s.
-a.)
Green (semi annual)
Greene(semi-annual)
Illinois Central, leased lines (s -s.)
Lackawanna RR.of N.J.. 4% std.(qr.)
Mobile & Birmingham,4% pref. (s.
-a.)Morris Rc Essex
Nashville & Decatur,7Si% gtd.(s.
-a.)
N.1 ., Lackawanna & West..5% gtd.(q.)
Norfolk & Western, corn.(guar.)
Philadelphia Baltimore dr Washington_ _
Pittsb rgh Fort Wayne & Chicago (qu.)
7% preferred (guar.)
Reading Co., 1st preferred (guar.)
2d preferred (guar.)
Sussex (semi-annual)
Union Pacific. common (guar.)
United New Jersey RR.& Canal (quar.)_
Valley RR. of N. V.(semi-annual)
West Jersey & Seashore, corn. (s.
-a.)--Public Utilities.
American Tel. & Tel.(guar.)
Amer. Water Works dr Elec. Co. of Del
$6 series 1st preferred (guar.)
Atlantic S, Ocean Tel. (guar.)
Atlantic dr Ohlog el.(guar)
Bangor Hydro-Elee., 7% pref. (guar.)._
6% preferred (guar.)
Bell Telephone of Canada (guar.)
Birmingham Water Wks.,6% pt.(qu.)
Boston Elevated By.,corn.(guar.)
Brooklyn & Queens Transit Corp.—
Preferred (quar.)
Brooklyn Union Gas Co.(guar.)
Buffalo Niagara & Eastern Pow.Corp.—
$5 1st preferred (guar.)
l'referred (gear)
Butler Water, 7% pref. (guar.)
Carolina Tel. & Tel (guar.)
Central Illinois Light Co.. 7% pret.(qu.)
6% preferred (quar.)
Central Kau Pow.,7% pref.(quar.)..
6% preferred (guar.)
Coast Counties Gas dr Elect..6% Pl•(q.)
Connecticut Moe. Service, corn. (guar.)
Consolidated Gas. Elec. Lt.& Pow. Co.
Common (guar.)
Series A.5% preferred (guar.)
Series I),6% preferred (guar.)
Series E.555% preferred (guar)
Consolidated OW of N.Y.corn
Consumers Power Co.. $5 pref. (guar.).
6% preferred (guar.)
6.6% preferred (guar.)
7% preferred (guar.)
6% preferred (monthly)
6.6% preferred (monthly)
East Tenn.Tel.(s-a)
Eastern Township Telephone
Elizabethtown Como'. Gas quarterly_
Empire Power Corp., $6 pref. (quar.)_.
Escanaba Pow.& True.6% prof. (qtr.)...
Gold Stock Tel.(guar.)
Gulf State Utilities. $6 pref. (guar.).-15% preferred (quar.)
Hackensack Water, pref., cl. A.(guar.) Honolulu Gas (monthly)
Illinois Bell Telep. Co.(guar.)
Indianapolis Water Co.5% pref.(gm)
Kings County Lighting Co., coin. (qu.)
7% preferred (guar.)
5% preferred (guar.)
6% Preferred (guar.)
Per
When
Share. Payable.
Books Closed
Days Intlusire.
14% Jan. 2 Holders of rec. Dec. 15
52% Jan. 2 Holders of rec. Dec. 12
50e Jan. 1 Holders of rec. Dec. 2
% Jan. 1 Holders of rec. Dec. 2
Dec. 30 Holders of rec. Nov.29
523
70c Jan. 1 Holders of rec. Dec. 8
$354 Jan. 1 Holders of rec. Dec. 8
75e. Dec. 4 Holders of rec. Nov. 20
58 Deo. 26 Holders of rec. Dec. 5
El Dec. 11 Holders of rec. Nov. 25
Sc Dec. 11 Holders of rec. Nov. 25
$1
Jan. 2 Holders of rect. Dec. 15
$1 Jan. 1 Holders of rec. Dec. 15
$1.61 Jan. 2 Holders of rec. Dec. 20
87550 Dec. 9 Holders of rec. Nov. 29
5234 Jan. 15 Holders of rec. Dec. 30
$2 Dec. 20 Holders of rec. Dee. 9
$3 Dec. 19 Holders of rec. Dee. 14
$3 Dec. 19 Holders of rec. Dec. 15
52 Jan. 2 Holders of rec. Dec. 11
$1 Jan. 2 Holders of rec. Dec. 8
$2 Jan. 2 Holders of rec. Dec. 1
2.125 Jan. 2 holders of rec. Dec. 26
93%0 Jan. 1 Holders of rec. Dec. 20
$134 Jan. 2 Holders of rec. Dec. 15
$2 Dec. 19 Holders of tee. Nov.29
5134 Dec. 31 Holders of rec. Dec. 16
% Jan. 2 Holders of rec. Dec. 9
151% Jan. 4 Holders of rec. Doe. 9
50c Dec. 14 Holders of roe. Nov. 23
500. Jan. 11 Holders of rec. Dec. 21
50c. Jan. 2 holders of rec. Dec. 16
5134 Jan. 2 Holders of rec. Dee. 1
5234 Jan. 10 Holders of rec. Dec. 20
5255 Jan. 2 Holders of rec. Dec. 16
$155 Jan. 1 Holders of roe. Dec. 15
5234 Jan. 15 Holders of rec. Dec. 15
5134
$13.4
5154
5134
5155
r$155
5155
5154
Jan. 2 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 17
Jan. 2 Holders of rec. Dec. 17
Jan. 1 Holders of rec. Dec. 11
Jan. 1 holders of rec. Dec. 11
Jan. 15 Holders of rec. Dec. 22
Dec. 15 Holders of rec. Deo. 1
Jan. 2 Holders or rec. Dec. 9
$1 34 Jan. 2 Holders of rec. Dec. 15
5151 Jan. 2 Holders rf rec. Dee. 1
$154
40c
5154
$214
1%%
155%
5134
$155
$134
25c
Feb. 1 Holders of rec. Jan. 15
Jan. 2 Holders of rec. Dec. 15
Dec. 15 Ho dere of roe. Dee 1
Deo. 30 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 16 Holders of rec Dec. 31
Jan, 16 Holders of rec Dec. 31
Dec. 15 Holders of rec. Nov. 25
Jan. 1 Holders of rec. Dec. 15
900
5134
5155
$13)
75c
$15(
5155
$1.65
$1 34
50c
55e
$1.44
180
SI
5135
154%
5155
5154
$154
43340.
I5c
$2
5151
$155
Si 54
5154
5154
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 16
Jan. 2 Holders of rec. Dec. 15
Dec. 15 Holders of rec. Nov. 10
Jan. 2 Holders of rem Dec. 15
Jan. 2 holders of me. Dec. 15
Jan. 2 Holders of rec. Des. 15
Jan. 2 Holders of rec. Dee. 15
Jan. 2 Holders of rec. Doe. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 17
Apr. 13 Holders of rec. Dec. 31
Jan. 2 Holders of rec. Dec. 26
Jan. 1 Holders of rec. Dec. 15
Feb. I Holders of roe. Jan. 27
Jan. 2 Holders of rec. Dec. 31
Dec. 15 Udders ot rec. Dec. 1
Dec. 15 Holders of rec. Dec. 1
Dec. 31 Holders of rec. Dec. 16
Dec. 31 Holders of rec. Dec. 10
Dee. 30 Holder- of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 12
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 18
Jan. 2 Holders of rec. Dec. 18
Jan. 2 holders of rec. Dec. 18
Name of Company
3967
When
Per
Share. Payable.
Public Utilities—(Cancluded).
International Ocean Teieg.(guar.)
5155
Kansas City Power & Light—
Series IS preferred ((suar.)
5155
Laclede Gas Light Co., corn.(quar.)__
$155
$255
-a.)
Preferred (s.
Lexington Utilities Co.,655% pf. (qr.)._
SI%
Lone Star Gas Corp.. cons.(quar.)
J16c
$1 34
6% preferred (guar.)
6% preferred (quar.)
5135
Long Island Lighting Co.—
134%
Series A 7% preferred (guar.)
155%
Series B 6% preferred (guar.)
Louisville Gas de Elec., A & 13,(quar.)...... 43340
Lynchburg & Abingdon Tel.(s a)
33
Memphis Natural Gas. $7 pref. (guar.). 5134
Metropolitan Ediscn,$7 pref.(guar.) _ _ _
51 32
$155
$6 preferred (guar.)
$1 34
$5 preferred (guar.)
Middlesex Water, 7% prefrred (s-a)..___ $354
Mississippi Valley Public Service Co
6% preferred service -B (guar.)
3155
M =ice Water Wks.,8% pt. (quar.)____
$2
Nassau dr Suffolk Lighting Co.
7% preferred (quar)
%
Newark Telephone Co. (guar.)
31
New England Gas & Elec. Assoc.—
5134
$555 preferred (guar.)
New England Tel. dr Tel
$155
New Jersey P.& I.., SO pref. (quar.)---- 3135
5134
$5 preferred (quar.)
New York Mutual Tel.(s-a)
75c
N. Y.& Queens Elec. Lt. & Pr.(guar.). 52
New York Steam Corp., 56 pref.(au)... 5155
51%
$7 Preferred (guar.)
New York Telep. Co., 655% pref. (qu.) SIN
New York Transportation Co. (guar.)._
50c.
Northwestern Tel.(s-a)
3134
Oklahoma Gas dr Elec. Co.6% pt.(qu.). 5155
5154
7% preferred (guar.)
Pacific & Atlantic Tel.(s-a)
51.34
Peninsolar Telep. Co.. 7% prof. (guar.) 134%
Pennsylvania Water S, Pow.,corn.(qu.).
750
5134
Preferred (guar.)
Philadelphia Co.. $6 pref. (guar.)
513.4
55 preferred (quar.)
5134
5134
Phila.. Germantown & Norristown (gr.)_
Ponce Elect., 7% pref. (guar.)
51%
Public Service Corp., 7% pref.(guar.).- SIN
5134
6)4% preferred (guar.)
6% preferred (guar.)
5155
Public Service Elec. & Gas Co.
7% preferred (guar.)
SIN
$154
$5 preferred (guar.)
Public Service of N. H.. $6 pref. (guar.) 1155
5134
$5 preferred (guar.)
Public Service of N. J., corn. (qu.)
700
8% preferred (quar.)
52
7% preferred (guar.)
$151
$151
$5 preferred (guar.)
6% preferred (monthly)
50c
Queensborough Gas Sr Elec.. 56 pt. (qu.) 5115
St. Louis Bridge, 1st prof.(s-a)
13
2d preferred (s-a)
31 3.4
Savannah Elec.& Pow., pref. A (guar.),
$2
Preferred series B (guar.)
5134
Preferred series C (guar.)
El%
Preferred series D (guar)
5134
South Carolina Pow. Co., $6 pref. (qu.) 5155
Southern Calif. Edison Co.—
Preferred serial A (guar.) .
134%
6% preferred series B (guar.)
155%
Telephone Investors Corp.(monthly)...
20c
Tennessee Elec.Pow.Co..5% pref.(qu.) $I%
6% preferred (guar.)
$1 34
7% preferred (guar.)
5134
7.2% preferred (guar.)
51.80
6% preferred (monthly)
50c
7.2% preferred (monthly)
600
Twin State Gas & Elec., pref. (guar.)._
5134
United Corp.. $3 pref. (guar.)
75c
United Gas & Elec. Corp., pref.(guar.). 134%
United Gas Improvement, corn. (guar.)
300
Preferred (guar.)
5134
United Lt.& Rys.(Del.).7% pt.(mo.)__ 581-Sc
8.36% preferred (monthly)
53c
8% preferred (rnontlhy)
50c
Virginia Elect.& Pow. Co.,58 pref.(qu.) 313.4
Virginia Pub. Serv. Co., 7% prof.(qu.) _ SIN
6% preferred (guar.)
$13.4
Washington Water Pow., 56 pref. (qu.). 5135
West Penn Elec. Co., class A (guar.) _ _ $1%
Wisconsin Miele. Pow.,6% pref. (qu.)__
5155
Wisconsin Public Service. 7% pt. (qu.). 5134
El%
655% Preferred (guar.)
6% preferred (quar.)
$1.1
Wisconsin Telephone, common (quar.)__
51 34
Preferred (guar.)
5134
Fire Insurance Companies.
North River Insurance (guar.)
Miscellaneous.
Abbott Laboratories (guar.)
Adams Express Co.. pref. (guar.)
Affiliated Products, Inc. (mo.)
Alpha Portland Cement,7% prof.(qu.)
Aluminum Mfg.. inc.. nom.(guar.)
Preferred (guar.)
American Bakeries, 7% pref. (quar.)-.
American !lank Note Co.(guar.)
American Chicle Co.((VW.)
Extra
American Cigar Co., corn.(guar.)
Preferred (guar.)
American Factors, Ltd. (monthly)
Extra
American Hardware (guar.)
American Hawaiian Steamship Co..(qu.)
American Home Products (mo.)
American Mutual Liability Ins. Co
American Optical Co., 7% pref.(qu.)
American Steel Foundries, pref
American Stores Co , quarterly
American Sugar Refining. enEn• (oust.).
Preferred (guar.)
American Thread Co.. pref. (s. a.)
Armour & Co. of Del., pref.(guar.)
Associates Investments Co. (quar.)
Atlantic Relining Co., cone. (quar.)
Austin Motors, Ltd., ordinary
Bonus
Preferred
Babcock & Wilcox Co.(quar.)
Bancamerica-Blair Corp
Barber(W.II.) & Co., 7% pref.(quar.).
Beech-Nut Packing Co.. corn. (quar.)- Belding Corticeill Ltd.. prof. Mari- --Bloch Bros., Tobacco, pref.(gnat.)....
Bohn Aluminum & Brass Co.. COM.(Qtr.)
Bornot. Inc.. class A
Boston Wharf Co.(s -a.)
Books Closed
Days Inc,lusire.
Jan. 2 Holders of rec. Dec. 31
Jan. 1 Holders of rec. Dec. 14
Dec. 15 Holders of rec. Dec. 1
Dec. 15 Holders of rec. Dec. 1
Dec. 15 Holders of rec. Nov. 30
Dee. 30 Holders of rec. Dec. 12
Dec. 30 Holders of rec. Dec. 12
Jan. 1 Holders of rec. Nov. 23
Jan. 1 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 15
Dec. 24 Holders of rec. Nov. 29
Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 20
Jan. I Holders of rec. Nov. 29
Jan. 1 Holders of rec. Nov. 29
Jan. 1 Holder, of rec. Nov.29
Jan. 2 Holders of rec. Dec. 22
Jan. 1 Holders of rec. Dec. 22
Dec. 15 Holders of rec. Dec. 1
Jan. 1 Holders of rec. Dec. 15
Dec. 9 Holders of rec. Nov.30
Jan. 2 Holders of rec. Nov. 29
Dec. 30 Holders of rec. Dec. 9
Jan. 1 Holders of rec. Nov. 29
Jan. 1 Holders of rec. Nov. 29
Jan. 2 Holders of rec. Dec. 31
Dec. 14 Holders of rte. Dec. I
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Ilolders of rec. Dec. 15
Jan. 15 Holders of rec. Dec. 20
Dec. 28 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 16
Dec. 15 Holders of roe. Nov. 29
Dee. 15 Holders of roe. Nov. 29
Jan. 2 Holders of rec. Dec. 15
Feb. 15 Holders ot res. Feb. 5
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders ot rec. Dec. 1
Jan. 2 Holders of rec. Dec. 1
Dec. 4 Holders of rec. Nov. 20
Jan. 2 Holders of rec. Dec. 15
Dec. 20 Holders of rec. Nov.29
Dec. 20 llolders of rec. Nov. 29
Dec. 20 Holders of rec. Nov.29
Dee. 30 Holders of rec. Dec. 1
Dec. 30 Holders of rec. Dec. 1
Dec. 15 Holders of rec. Nov.30
Dec. 15 Holders of rec. Nov.30
Dee. 30 Ilolders of rec. Dec. 1
Dec. 30 Holders of rec. Dec. 1
Dec. 30 Holders of rec. Dec. 1
Dec. 30 Holders of rec. Dec. 1
Dec. 30 Holders of rec. Dec. 1
Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders 01 rec. Dec. 15
Jan. 2 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 8
Jan. 2 Holders of rec. Dec. 8
Jan. 1 Holders of rec. Dec. 15
Dec. 15 Holders of roe. Nov.20
Dec. 15 Holders of rec. Nov. 20
Jan. 1 Holders of rec. Dec. 20
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. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan, 2 Holders of rec. Dec. 1
Jan. 1 Holders of rec. Dec. 15
Dec. 30 Holders of rec. Nov. 29
Dec. 30 Holders of rec. Nov. 29
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Dec. 20 Holders of rec. Nov. 29
Jan. 1 Ilolders of rec. Dec. 11
Jan. 1 Holders of rec. Dec. 11
Dec. 15 Holders of rec. Nov. 24
Dec. 30 Holders of rec. Dec. 18
Dec. 15 Holders of rec. Nov. 29
Dec. 20 Holders of rec. Nov. 29
Dec. 20 Holders of rec. Nov.29
Dec. 20 Holders of rec. Nov. 29
15c Dec. 11 Holders Of •0010eo. 1
500
5151
5o
51%
50e
5134
5134
75$
50o
25e
$2
$134
100
40c
25c
250
20c
20%
$154
50e
50c
50c
5134
5%
51%
31
25.3
25%
75%
20%
25e
5155
$134
75c
5134
5155
500
25$
$155
Jan, 3 Holders of rec. Dec. 18
Dec. 30 Holders of rec. Dee. 15
Jan. I Holders of rec. Dec. 15
Dec. 15 Holders of rec. Dec. 1
Dec. 31 Holders of rec. Dec. 15
Dec. 31 Holders of roe. Dee. 15
Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 11
Jan. 2 Holders of rec. Dec. 12
Jan. 2 Holders of roe. Dee. 12
Dec. 15 Holders of rec. Dec. 1
Jan. 1 Holders of rec. Dec. 15
Dec. 10 Holders of rec. Nov. 10
Dec. 9 Holders of rec. Nov. 10
Jan, 1 Holders of rec. Dec. 16
Dec. 30 Holders of rec. Dec. 9
Jan, 2 Holders of rec. Dec. 14a
Jan. 1 Holders of rec. Des. 18
Dec. 30 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Doe. 15
Jan. 2 Holders of roe. Dec. 5
Jan. 2 Holders of rec. Dec. 5
Jan. 1 Holders of rec. Nov. 30a
Jan, 1 Holders of rec. Dec. 10
Dec. 30 Holders of tee. Dec. 20
Dec. 15 Holders or rec. Nov. 21
Jan. 2 Holders of rec. Dec. 20
Dec. 15 Holders of rec. Dec. 4
Jan, 2 Holders of roe. Dec. 20
Jan. 2 Holders of rec. Dec. 12
Dee. 15 Holders of rec. Nov. 30
Dec. 31 Holders of rec. Dec. 25
Dec. 27 Holders of rec. Dec. 12
Jan. 12 Holders of roe. Jan. 12
Dec. 30 Holders of rec. Dec. 1
3968
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Boston Woven Hose & Rubber—
Preferred (s.
Dec. 15 Holders of rec. Dec. 1
-a.)
$3
Brewer & Co.(monthly)
75e Dee. 25 Holders of reo. Dec. 20
Briggs tiv Stratton Corp.(guar.)
25c Jan. 2 Holders of rec. Dec. 20
Bristol Brass
$1
Preferred (guar.)
$134
British American 011 Co., Ltd.(guar.)._
720 Jan. 2 Holders of rec. Dec. 16
Buckeye Pipe Line Co. (guar.)
750 Dec. 15 Holders of rec. Nov.24
Bucyrus Erie Co., 7% pref. (quar.)
60c Jan. 2 Holders of rec. Dec. 15
Buffalo Ankerite Gold Mines (s.
Sc Feb. 15
-a.)......
Bulolo Gold Dredging, Ltd., corn., lnt'm
r60c Dec. 4 Holders of rec. Nov. 9
Burroughs Adding Mach. Co. (quar.)__
10c Dec. 5 Holders of reo. Oct. 31
Calamba Sugar Estates. corn.(guar.).-40c Jan. 2 Holders of roe. Dec. 15
350 Jan. 2 Holders of reo. Dec. 15
7% Preferred (guar.)
Canada Malting Co.(guar.)
37%c Dec. 15 Holders of rec. Nov.30
Canada Permanent Mortgage (quar.)—
$2 Jan. 2 Holders of reo. Dec. 15
Canadian Oil Cos., Ltd., pref. (quar.)__
$2 Jan. 1 Holders of rec. Dec. 20
Carnation Co..7% pref.(Qum%)
$134 Jan. 1
Cartier, Inc.. 7% pref
87.iic Jan. 31 Holders of reo. Jan. 1
.
Case (J. I.) Co., 7% pref.(quar.)
$1 Jan. 1 Holders of rec. Dec. 1
Champion Coated Paper, 7% pref.(qu.) $134 Jan. 1 Holders of tee. Dec. 2
7% special preferred (guar.)
$134 Jan. 1 Holders of rec. Dec. 2
Champion Fiber, 7% preferred (guar.). $134 Jan. 1 Holders of rec. Dec. 2
Chesebrough Mfg.(quar.)
$1 Dec. 30 Holders of ree. Dec.
Extra
Si Dec. 30 Holders of roe. Dec.
Chesapeake Corp.(quar.)
630 Jan. 1 Holders of reo. Dee.
Chicago Jot. R. Union Stk. Yds.(cm.) $234 Jan. 2 Holders of rec. Dec. 1
&
6% preferred (guar.)
$13-i Jan. 2 Holders of rec. Dec. 1
Christiania Securities Co.. 7% pf. (qu.) $134 Jan. 2 Holders of rec. Dec. 2
Church House Corp
50c Jan
2 Holders of rec. Dec. 1
Churchill House Corp., A
60c Jan
I Holders ot rec. Dec. 1
Chyrsler Corp.(guar.)
600 Dec. 30 Holders of rec. Dec.
Cincinnati Wholesale Grocery, pt.(m.).. $134 Jan. 2 Holders of rec. Dec. 1
City Ice & Fuel Co.(quar.)
50e Dec. 30 Holders of rec. Des. 1
Clorox Chemical Co., Cl. A (guar.)
500 Jan. 1 Holders of rec. Deo. 2
2 Holders of rec. Dec. 1
Coca-Cola Co., corn.(guar.)
$134 Jan
2 Holders of tee. Dec. 1
Class A (semi-annual)
$13-I Jan
Coca-Cola Internat. Corp., corn.(s.
-a.).
$3 Jan. 2 Holders of rec. Dec. 1
Class A (semi annual)
$3 Jan. 2 Holders of rec. Dec. 1
Colgate-Palmolive-Peet Co., pf.(qu.)__ $1% Jan. 1 Holders of rec. Dee. 1
25e Dec. 30 Holders of rec. Dec.
Colt s Patent Fire Arms Mfg.(guar.)._ _
250 Dec. 30 Holders of rec. Dec.
Extra
Commercial Invest. Trust Corp., pf.(qu) el-52of1 Jan. 1 Holders of rec. Dec.
50c Dec. 15 Holders of rec. Nov.2
Common (guar.)
Commercial Solvents Corp., corn. (s.
-a.) 130c Dec. 30 Holders of rec. Dec.
Compressed Industrial Gas(guar.)
350 Dec. 15 Holders of rec. Nov.3
Confederation Life Assoc. (guar.)
$1 Dec. 31 Holders of rec. Dee. 2
250 Dec. 16 Holders of rec. Dec.
Congoleum-Malrn. Inc., com. (guar.)._
Special
25o Dec. 15 Holders of rec. Dec.
Consol. Diversified Stand. Securities
25e Dec. 15 Holders of reo. Nov.2
Preferred (s.
-a.)
Consol. Gold Fields(S. Africa). ord.final 2.1. 3d.
Cottrell(C.B.)& Sons Co.. 6% pf.(au.) I%% Jan. 1
Crown Cork & Seal Co.. Inc. pf.(qu.)-680 Dec. 15 Holders of roe. Nov.30a
100 Dec. 14 Holders of rec. Oct. 5
Crum & Forster Ins., corn. (guar.)
8% preferred (guar.)
$2 Dec. 30 Holders of reo. Dec. 20
. $134 Dec. 15 Holders of rec. Dec. 1
Cuneo Press. Inc., 634% Pref.(quar.) -Dally League Co-operative Corp., 7%
$1% Dec. 20 Holders of reo. Doe. 1
Pref. (5.-a.)
Deposited Bank Shares. N. Y., series A
2ii% Jan. 2 Holders of roe. Nov. 15
(semi-annual)
Deposited Bond Ctfs., ser. 1938 (11q.)_ _9 .51010c
Devoe Sz Reynolds Co., Inc.:
250 Jan. 2 Holders of rec. Dec. 20
Common A and B (guar.)
Common A and B extra
250 Jan. 2 Holders of rec. Dec. 20
1st and 2d preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Dominion Textile Co.. common (guar.)
rel Jan. 2 Holders of reo. Dec. 15
Preferred (guar.)
81 3-4 Jan. 15 Holders of rec. Dec. 30
E. I. du Pont de Nemours & Co.—
Common (guar.)
50c Dec. 15 Holders of rec. Nov. 29
Extra
75e Dec. 15 Holders of rec. Nov.29
Debenture (guar.)
$13-i Jan. 25 Holders of rec. Jan. 10
Early & Daniel Co.(guar.)
25c Dec. 30 Holders of rec. Dec. 20
Preferred (guar.)
$134 Dec. 30 Holders of rec. Dec. 20
Eastern Gas & Fuel Assn., pref.(guar.). $1.125 Jan. 1 Holders of rec. Dec. 15
6% Preferred (guar.)
$13-I Jan. 1 Holders of roe. Dec. 15
Eastman Kodak Co., common (guar.)._
75o Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 5
Electric Auto-Lite Co., 7% pref. (qu.)-- $13-f Jan. 2 Holders of reo. Dec. 15
Electric Storage Battery,com.(quar.)__
50c Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
500 Jan. 2 Holders of rec. Dec. 11
Farmers & Traders Life Ins. Co. (Syracuse, N.Y.)
$234 Jan. 1 Holders of rec. Dee. 11
Quarterly
$234 Apr. 1 Holders of rec. Mar. 11
Ferro Enamel Corp., coin
100 Dec. 20 Holders of rec. Dec. 10
e234% Doe. 4 Holders of reo. Nov. 25
Fidelity Fund
Filth Ave. Bus Securities, (guar.)
16e Dec. 29 Holders of rec. Dec. 15
Florsheim Shoe Co., 6% pref. (guar.)._
$13.1 Jan. 2 Holders of reo. Dec. 16
Freeport Texas Co., preferred (quar.)__ $134 Feb. 1 Holders of rec. Jan. 15
$134 Deo. 15 Holders of rec. Dee.
amewell Co.. pref. (guar.)
12%c Dec. 15 Holders of rec. Nov.30
Garner Royalties Co.. A (s.
-a.)
Geist (C. H.),5% pref. A (guar.)
$134 Jan. 1 Holders of reo. Des. 12
10e Jan. 25 Holders of reo. Dec. 29
General Electric Co., common (quar.)—
154) Jan. 25 Holders of rec. Doe. 29
Special stock (guar.)
25c Dee. 12 Holders of reo. Nov. 16
General Motors Corp., common
25e Doe. 12 Holders of reo. Nov. 16
Extra
Preferred (guar.)
$1 54 Feb. 1 Holders of rec. Jan. 8
150 Dec. 22 Holders of rec. Dec. 8
General Printing Ink Co.,com.(interim)
$1 Si Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
25c Jan. 2 Holders of rec. Dec. 11
General Ky. Signal Co.. com. (quar.)-$134 Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
-Gillette Safety Razor (guar.)
12 630-950 Dee. 29 Holders of reo. Dec. 4
$134 Feb. 1 Holders of rec. Jan. 2
$5 preferred (quar.)
25e Dec. 30 Holders of reo. Dec. 14
Glidden Co., common
$13$ Jan. 2 Holders of rec. Dec. 14
Prior preferred (guar.)
Goldblatt Bros., Inc., core. (quar.)---- 37340 Jan. 2 Holders of rec. Dec. 9
Gold Dust Corp., pref. (guar.)
$1 Si Dec. 30 Holders of rec. Dec. 16
Gold Fields of South Africa, ord. reg___ 28 3d. Dec. 21
40e Dec. 11 Holders of reo. Nov. 29
Golden Cycle Corp. (guar.)
• Goodyear Tire& Rubber Co., 1st pf.(an)
50e Jan. 2 Holders of reo. Deo. 1
Gordon 011, B (quar.)
250 Dec. 15
Gottfried Baking Co., Inc., pref.(guar.) 151% Jan. 2 Holders of rec. Dec. 20
Grace(W.R.)& Co.6% pref. (s.
-a.)--3
% Dec. 29 Holders of reo. Dec. 27
• Great Western Electro-Chemical1st preferred (quar.)
$134 Jan. 1 Holders of reo. Dec. 21
6% preferred (quur.)
$134 Jan. 2 Holders of rec. Dec. 20
Great Western Sugar Co., corn. (quar.)_
600 Jan. 2 Holders of reo. Doe. 15
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 15
Hammermlll Paper Co., pref. (quar.)-- $131 Jan. 2 Holders of rec. Dec. 15
Hanna(M. A.) Co., pref. (guar.)
$134 Dec. 20 Holders of rec. Dec. 5
Harbeuer Co.. 7% prof. (quar.)
I%% Jan. 1 Holders of roe. Dec. 21
Hawaiian Commercial & Sugar Co.(mo.)
25o Dec. 5 Holders of rec. Nov.25
Hawaiian Sugar (monthly)
20e Dee. 15 Holders of rec. Dee. 10
Heels Mining Co
10e Dec. 15 Holders of rec. Nov. 15
Heyden Chemical Corp.. prof. (quar.)-- 31% Jan. 2 Holders of rec. Dec. 20
Hibbard, Spencer, Bartlett & Co.(mo.)_
10o Dec. 29 Holders of rec. Dec. 22
Hiram Walker. Gooderham & Worts,
Ltd., preference stock (guar.)
r250 Dec. 15 Holders of rec. Nov. 25
Hollinger Consol. Gold Mines, Ltd.(mo)
r5o Dec. 2 Holders of rec. Nov. 17
Honolulu Plantation Co. (monthly)._ _
25e Dee. 10 Holders of rec. Nov.30
Humble 011 & Refining Co. (quar.)____
500 Jan. 1 Holders of rec. Dec. 2
Huron & Erie Mortgage, (guar.)
$134 Jan. 2 Holders of roe. Doe. 15
Imperial Chemical Industries, interim _x to234% Dec. 8 Holders of rec. Oct. 13
Imperial Tobacco Co. of Canada—
Ordinary shares (guar-)
rl el% Dec. 30 Holders of rec. Nov.29
Ingersoll-Rand Co., pref. (3.-a.)
$3 Jan. 2 Holders of rec. Dec. 6
International Harvester, corn. (quar.)
150 Jan. 15 Holders of rec. Dec. 20
International Petroleum Co.. Ltd.—
Bearer share warrants, 1929 issue._ _
r28 Dec. 15 Holders of rec. Nov.30
International Proprietaries. Ltd.—
Class A (guar.)
rose Doe. 15 Holders of rec. Nov.25
Name of Company.
Dec. 2 1933
Per
When
Share, Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
International Salt Co. (guar.)
3754c Jan, 2 Holders ot roe. Dee. 15
Investors Royalty Co., pref. (guar.).
50c Dec. 30 Holders of rec. Dec. 20
Katz Drug Co., com.(guar.)
500 Dee. 15 Holders of rec. Nov.29
Preferred (quar.)
$134 Jan. 2 Holders of rec. Dec. 15
Kaufmann Dept. Stores, pref. (guar.).- 2134 Jan. 2 Holders of rec. Dec. it
Kekoha Sugar (monthly)
100 Jan. 2 Holders of rec. Dec. 25
Kelvinator Corp
1123-io Jan. 15 Holders of roe. Dee. 22
Kimberly Clark Corp.. pref.(guar.)- --- $134 Jan. 1 Holders of rec. Des. 12
Klein (D. Emil) Co., common (quar.)
25e Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
$154 Feb. 1 Holders of reo. Jan. 20
Kresge (S. S.) Co., common
20c Jan. 2 Holders of rec. Dec. 11
Preferred (guar.)
3134 Jan. 2 Holders of rec. Dec. 11
Kroger Grocery dr Bak. 1st pre/.(quar.)
$134 Jan. 2 Holders of reo. Dee. 20
2d preferred (guar.)
$1.54 Feb. I Holders of reo. Jan. 19
Lake Shore Mines. Ltd.(s.
r50c Dee. 15 Holders of reo. Dec. 1
-a.)
Extra
r50o Dec. 15 Holders of reo. Dec. 1
Landers Frary .t Clark (guar.)
3734o Dec. 31
Landis Machine, 7% prof.(guar.)
213.4 Dee. 15 Holders of reo. Dec. 5
'Abbey-Owens
-Ford Glass Co..com.(qu.)
300 Dec. 15 Holders of rec. Nov.29
Liggett & Myers Tobacco. prof. (quar.)- $134 Jan. 1 Holders of rec. Dec. 11
Lily-Tulip Cup Corp., corn. (quar.)- - -- 37340 Dec. 15 Holders ol rec. Dec. 1
Link Belt Co., preferred (quar-)
2134 Jan. 2 Holders of reo. Dee. 15
Lock Joint Pipe Co. (monthly)
340 Dee. 31 Holders of rec. Dec. 31
Loose-Wiles Biscuit Co. pref.(guar.)____ $134 Jan. 1 Holders of reo. DBO. 184
Lord & Taylor, corn. (guar.)
$234 Jan. 2 Holders of rec. Dec. 16
Special
$5
Dec. 15 Holders of reo. Dec. 1
Loudon Packing Co. (guar.)
25o Jan. 2 Holders of rec. Dee. 20
Extra
250 Jan. 2 Holders of reo. Dec. 20
Manischewitz (B.). 7% pref.(quar.)
$154 Jan. 2 Holders of rec. Dec. 20
Mapes Consolidated Mtg.(guar.)
75e Jan. 2 Holders of rec. Dec. 15
Quarterly
75e Apr. 2 Holders of reo. Mar. 15
Quarterly
75o July 2 Holders of reo. June 15
Mathleson Alkali Works, Inc.—
373.40 Jan. 2 Holders of roe. Dec. 8
Common (guar.)
Preferred (guar.)
$1.34 Jan. 2 Holders of rec. Dec. 8
Mayflower Associates (guar.)
50c Dec. 15 Holders of rec. Dec. 1
McColl Frontenac Oil,corn.(guar.)
r15o Dec. 15 Holders of rec. Nov. 15
McKeesport Tin Plate Co.. com.(guar.)
$I Jan. 2 Holders of rec. Dec. 15
Merchants Refrigerating (quar.)
25o Dec. 30 Holders of reo. Dec. 23
Merck Corp., pref (guar.)
$2 Jan. 2 Holders of roe. Dec. 16
Mercury Oils. Ltd., core
4o Jan. 2 Holders of roe. Nov.30
Mesta Machine Co.,common (quar.)__ _
25c Jan. 1 Holders of reo. Dec. 16
Preferred (quar.)
$lyi Jan. 1 Holders of rec. Dec. 16
Metal Package (guar.)
Jan. 2 Holders of rec. Dec. 16
$1
Metro-Goldwyn Pictures, pref.(quay.)- - 4740 Doe. 15 Holders of rec. Nov.24
Midland Royalty Corp..$2 pret
8250 Dec. 15 HolderS of rec. Deo. 5
Montreal Loan & Mtge.(guar.)
75e Deo, 15 Holders of reo. Nov.30
Moore (Wm.) Dry Goods (guar.)
$13.4 Jan. 1 Holders of reo. Dec. 26
Morrell(John)& Co., Inc., com.(quar.)
150c Dec. 15 Holders of rec. Nov. 28
Morris(F.) Co..series A (guar.)
$134 Deo. 20 Holders of roe. Deo. 20
Series B (guar.)
273-io Dec. 30 Holders of reo. Doe. 20
7% preferred(qean)
$134 Dec._30 Holders of rec. Dec. 20
Morris Sc.& 10o. to $1 sts..7% pt.(au.) 134% Jan. 2
Mosser (J. K.) Leather Corp.—
50e Jan. 2 Holders of rec. Dee. 11
Common (initial)
Montreal Cottons, Ltd., pref.(quar.)
$134 Dec. 15 Holders of rec. Nov. 30
250 Dec. 10 Holders of roe. Nov.20
Mountain & Gulf 011
Mutual Chemical Co. of Amer., pf.(qIL) $13.4 Doe, 28 Holders of roe. Dec. 21
50e Dec. 15 Holders of reo. Noe. 8
Nashua Gummed & Coated Paper
$1
an. 2 Holders of roe, Des. 21
7% preferred (guar.)
260 Dec. 15 Holders of reo. Nov.29
National Bond & Share Corp
r40c Jan. 2 Holders of rec. Dec. 15
National Breweries, Ltd., corn. (guar.).
r43e Jan. 2 Holders of rec. Dee. 15
Preferred (guar.)
30c Jan. 2 fielders of rec. Dec. 4
National Dairy Products Co.,corn.(au)
Class A & B preferred (guar.)
$134 Jan. 2 Holders of reo. Deo. 4
15o Jan. 1 Holders of reo. Dec. 11
Nat.Finance Corp.of Am.6% pf.(qu.)_
15o Jan, 1 Holders of reo. Dec. 11
Common (guar.)
15o Jan. 1 Holders of roe. Des. 11
Extra
National Lead Co., corn. (guar.)
$134 Dec. 30 Holders of reo. Dec. 15
Class A preferred (quay.)
$154 Dec. 15 Holders of reo. Doe. 1
Class B preferred (guar.)
$134 Feb. 1 Holders of reo. Jan. 19
National Sugar Refining Co.(quar.)__ _1 52.63c Jan. 2 Holders of reo. Dee. 1
400 Des. 15 Holders of rec. Nov.29
National Transit Co.(semi-annual)
Natomas Co.(guar.)
$13.4 Jan. 2 Holders of reo. Doe. 20
15o Jan. 1 Holders of reo. Doe. 15
Newberry (J.J.) Co.(guar.)
Niagara Share Corp. of Md.—
34 Jan. 2 Holders of rec. Deo. 15
Class A $6 preferred (guar.)
f2% Jan. 2 Holders of reo. Doe. 5
North American Co.,corn.(guar.)
75o Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
North Central Texas 011, pref.(quar.). 313-i Jan. 2 Holders of rec. Doe. 11
Northern Pipe Line Co.(semi-annual)....
25o Jan. 2 Holders of rec. Des. 8
Norwalk Tire & Rubber Co., pref. (qtr.) 873-io Jan. 1 Holders of reo. Dec. 21
$134 Jan. 2 Holders of reo. Dee. 15
Novadel Agene Corp.(guar.)
Ohio 011 Co., preferred (guar.)
$134 Dec. 15 Holders of rec. Dos. 2
Omnibus Corp., pref.(guar.)
$2 Jan. 2 Holders of reo. Dee. 15
Penick & Ford, Ltd.(guar.)
50e Des. 15 Holders of reo. Dec. 1
Extra
$1 Dec. 15 Holders of ree. Dec. 1
Peoples Drug Stores,corn.(guar.)
25e Jan. 2 Holders of reo. Dee. 8
Preferred (guar.)
313-4 Dec. 15 Holders of rec. Dec. 1
Pet Milk Co., common (guar.)
260 Dee. 24 Holders of rec. Dec. 5
Preferred (guar.)
$1.34 Jan. 1 Holders of rec. Dec. 11
Pioneer Gold Mining, com. (quar.)---r15e Jan. 2 Holders of reo. Dec. 8
Pittsburgh Plate Glass Co.(guar.)
25e Jan, 2 Holders of reo. Des. 9
Plymouth 011 Co. (guar.)
250 Dec. 31 Holders of reo. Dec. 7
Pollock Paper Box,7% prof.(guar.) _ _
$134 Dec. 15 Holders of reo. Dec. 1
Powdrell& Alexander, Inc., pref.(gu.)_ _ $134 Jan. 2 lloldors of reo. Dec. 20
Procter az Gamble 5% pref.(guar.)
$134 Dee, 15 Holders of reo. Nov. 24
Quaker Oats Co., com.(guar.)
$1 Jan. 15 Holders of reo. Dec. 30
6% preferred (guar.)
$134 Feb. 28 Holders of roe. Feb. 1
Raybestos-Manhattan, Inc. (quar.)
15o Dee. 15 Holders of reo. Nov.29
Reeves (Daniel), Inc., com.(quar.)____ 373io Des. 15 Holders of rec. Nov. 29
Preferred (guar.)
3134 Dec. 15 Holders of rec. Nov. 29
Reliance, Grain
% pref. (guar.)
$134 Dec. 15 Holders of rec. Nov.30
Rich's. Inc,631% preferred (quar.)_.,... $134 Dec. 30 Holders of reo. Dee. 15
Rike-Kumler Co., corn
50c. Dee. 11 Holders of rec. Nov. 25
Royalite Oil Co., Ltd., corn
50c. Dec. 20 Holders of reo. Dec. 5
Ruud Mfg. Co. (guar.)
25o Dec. 15 Holders of rec. Dec. 5
Schiff Co.,corn.(guar.)
260 Doe. 15 Holders of reo. Nov. 29
Preferred (guar.)
3151 Dec. 15 Holders of roe. Nov. 29
Scottish Type Investors, Inc—
Class A & B stock (guar.)
15 5-19e Dec. 30 Holders of rec. Nov.30
Seaboard 011 Co. of Delaware (quar.)..
15o. Dee. 15 Holders of reo. Dec. 1
Extra
100. Dec. 15 Holders of roe. Dec. 1
Second International Securities
6% 1st preferred (guar.)
500 Jan. 2 Holders of rec. Dec. 15
Second Twin Bell Syndicate (monthly)...
20o Doe. 5 Holders of roe. Nov.80
Selfridge. Provincial Stores—
American deposit receipts
231% Dee. 7 Holders of reo. Nov. 14
Siscol Gold Mines, (guar.)
3c Dec. 30 Holders of rec. Dec. 15
Extra
20 Dec. 30 Holders of rec. Dec. 15
Socony-Vacuum Corp.(guar.)
250 Dec. 15 Holders of roe. Nov. 17a
South American Gold & Platinum Co_
10o Deo. 12 Holders of rec. Dec. 2
South Porto Rico Sugar (quarterly).—
600 Jan. 2 Holders of reo. Dec.
Preferred (guar.)
$2 Jan. 2 Holders of rev. Dec. 9
Southerland Paper Co
10o Dec. 15 Holders of rec. Des, 5
Spencer Kellogg & Sons,Inc.,com.(gu.).
25e Dec. 30 Holders of roe. Dec. 15
Standard Brands, the., com.(quar.)....,
25o Jan. 2 Holders of roe. Dec. t4
$7 preferred,series A (guar.)
$154 Jan. 2 Holders of rec. Dee. 4
123-0 Jan. 1 Holders of reo. Dee, 20
Standard Coosa-Thatcher (guar.)
7% preferred (guar.)
5134 Jan. 1 Holders of ree. Dec. 20
25o Dec. 15 Holders of rec. Nov. IS
Standard 011 Co. of Calif. (quay.)
260. Dec. 15 Holders of rec. Nov. 15
Standard Oil Co. of Indiana (quar.).-500 Jan. 31 Holders of rec. Jan. 2
Standard Oil of Kansas(guar.)
25e Dec. 15 Holders of rec. Nov.29
Standard Oil of Kentucky (quar.)
250. Dec. 20 Holders of reo. Nov. 27
Standard Oil of Nebraska (guar.)
50o Dec. 15 Holders of rec. Nov. 15
Standard 011 Co. of N. J., $25 ear (s.
-a.)
$2 Dee. 15 Holders of rec. Nov. 15
$100 par value (s.
-a.)
f9% Dec. 15 Holders of rec. Nov. 25
Sun Oil Co., cons.extra
250 Dec. 15 Holders of MO. No,.25
Common (guar.)
be Doe. 16 Holders of reo. Dec. 5
Sutherland Paper Co., corn
25e Doe. 15 Holders of Teo. Dee, 1
Sylvania Industrial (guar.)
3969
Financial Chronicle
Volume 137
When
Per
Share. Payable
Name of Company.
Books Closed
Days Inclusive.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. NOV. 25 1933.
Miscellaneous (concluded).
25c Dec. 30 Holders of rce .De.c 10
Tacony-Paenyra Bridge Co., corn. (qu.)
25c Dee. 30 Holders of rec. Dec. 10
Class A (guar.)
250 Jan. 1 Holders of rec. Dec. la
Texas Corp.(guar.)
e234% Dec. 23 Holders of rec. Nov 24
Texas Gulf Producing
50c Dec. 15 Holders of rec. Dec. 1
Sulphur Co.(guar.)
Texas Gulf
15c. Dec. 15 Holders of rec. Nov. 20
Timken Roller Bearing Co (quar.)
Tobacco Securities Trust Co..ord.reg._ _ zw14% Dec. 14 Holders of roe. Nov. 27
zw14% Dec. 21 Holders of rec. Nov. 27
Amer. dep rec. tor ord. reg
3
81 4 .lan. 15 Holders of rec. Jan. 2
Toronto Elevators. 7% pot.(quar.)
$2 Dee. 5 Holders of rec. Nov. 30
Twin Bell 011 Syndicate (monthly)
25c. Dec. 30 holders of rec. Dec. 12
Underwood Elliott Fisher Co corn.(qr.)
Dec. 30 Holders of rec. Dec. 12
51
Preferred (qua.)
250 Jan. 1 Holders of rec. Dec. 1
Union Carbide & Carbon Corp.(quar.)_
81 sf Jan. 2 Holdtra of rec. Dec. 20
United Dyewood. prof (qu-sr.)
26.316c Dec. 23 Holders of tee. Dec. 6
United Elastic Corp.(guar.)
Si
United Grain C;rowers
25e. Jan. 2 Holders of rec. Dee 15
United States Gypsum Co., corn. (qr.)__
514 Jan. 2 Holders of rec. Dec. 15
Preferred IOUIV•1
lc. Dec. 11 Holders of rec. Dec. 6
United states Petroleum (quar.)
U. S Pipe & Foundry Co.. mom.(euar.)- 12 tic. Jan. 20 Holders of roe Dec. 30
30e. Jan. 20 Holden, of rec Deo. 30
1st preferred Omar.)
250 Jan. 1 Holden of rec. Dec. 21
United States Playing Card
Dec. 15 Holders of roe. Nov. 24
h81
United Stores Corp pref. (guar.)
Si af Ian. 2
_
Victor Monaghan. 7% pref. (quara
60e flee. 15 Holders of rec. Dec. 1
Viking Pump. pref.(qu a.)
51a: Jan. 1 Holders; of rec. Dec. 20
Wagner Elec. Co.. pref. (quar.)
50c Ian. 2 Holders of rec. Dec. 15
Ward Baking Corp , 7% prof
6)4e flee. 30 Holders of rec. Dee. 15
Weibel Brewing Co.(qmar.)
300 Ian. 2 Holders of rec. Dec. 15
Westmoreland, Inc.(qu d'a
51% Dec. 15 Holders of roe. Dec. 5
.
Weyenberg S. Mfg .• pref.(guar.)
/41% Dec. 15 Holders of rec. Dec. 1
pref
Whitman (Wm.) Co., Inc..
62340 Dec. 31 Holders of rec. Dee. 20
Wilcox & Rich Corp.. oh A (guar.)
250 Jan. 2 Holders of tee. Doe. 12
Weer ill(guar I
Woolworth (F. W.)& Co.—
zw3% Dec. 8 Holders of rec. Nov. 23
-a.)
American dep. rec. 6% pref. (s.
15c 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 tor this dividend.
d Correction. e Payable In stock.
Payable In emninon stork. g Payable in scrip. h On account of accumulated
dividends. J Payable In preferred stock.
Subject to the 5% N1RA 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 cseM at the rate of $1.50.
C 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 smeh holders (providing written notice thereof Is received
by the corporation on or before Nov. 16 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 stork of the corporation at the rate of I 52 of 1 Share of common stock per share of cony. prof. stock,
or at the option of the holder. In cash at the rate of $1.50 for each share of cony. pref.
stock held.
r Payable In Canadian funds, and In the case of non-residents of Canada, a
deductlen of a tax of 5% of the amount of sueh dividend will be made.
O American Cities Power & Light pay a dlv. of 1-32 share of class B stock on
the cony. class A optional series, or 75e. In cash.
o Payable in U. S. funds.
I A unit.
W LOW depositary expenses.
z Less tax.
VA deduction has been made for expenses.
•Surplus and
Undivided
ProfUs.
• Capital.
Clearing House
Members.
$
9.595.000
31.931.700
44.272.4C0
47,147,400
177,963,600
20.297,500
61,203.500
17.567.700
75.366,000
62,320,200
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
$
80.502.000
252.980.000
a873,023.000
247,432.000
b846.913.000
204.909.000
468.914.000
176.536.000
307,727,000
295.522,000
$
9.146.000
33.146.000
159.795.000
211.744.000
62.555.000
98.485,000
51,997.000
21.681.000
29,876.000
47.015.000
Bank of N.Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank__._
Chemical Be.& it. Co__
Guaranty Trust Co
Manufacturers Trust Co
Cent. Han. Bk.& Tr.Co.
Corn Exch. Bk. Tr. Co__
First National Bank __
Irving Trust Co
$
6.000.000
20.000.000
124.000.0(8)
20,000.000
90.000.000
32.935.000
21.000 000
15.000.000
10.000.000
50,000.000
Continental Bk.& Tr. Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Tr. Co_ _ _
Marine Midland Yr. CO.
New York Trust Co....
Corna Nat. Bk.& Tr. Co
Pub. Nat. Bk.& Tr. Co_
4,000,000
148,000.000
500.000
25,000.000
10.000.000
10.0110.000
12.500.000
7,000,000
8,250.000
30.804,000
4,587.000
60.000,200 c1,067,555.000
42,563,000
3,198,700
63,285,500 d467,577.000
24.136,000
10,560,800
42,208,000
5,269,900
187,559.000
22,204,200
43.643.000
7.904,300
41.914.000
4,686,800
1,453.000
100.991.000
2.722.000
63,734.000
292.000
4.590.000
14.6e8.000
2,498.000
30,736,000
al e les nnn
720 3A9 4nn 5 702 417 000
765.154.000
Mnfnla
*AS per official reports National. Oct. 25 1933; State, Sept. 30 1933; trust companies. Sept. 30 1933.
Includes deposits In foreign branches (a) 5223,750,000;(b) $68,819,000:(c) $74,128,000; (d) $24,383,000.
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 Nov. 24:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. NOV. 24 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
lnrestments.
Manhattan—
Grace National
Trade Bank
$
19,965,300
2,704,656
Brooklyn—
PennIe's Nations!
A 9AA 994
Res. Dep.,
N. F. and
Elsewhere.
Cash.
119,800
109,875
$
1,356.400
968,977
+en na7
721 554
$
Dep. 0.her
Banks and
Trust Cos.
s
Otos8
Depos
$
2,317,300 19.213.500
352,243 3,48(.162
73.057
4.921 ,164
t Includes $1,000 gold.
TRUST COMPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, 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 boon admitted on Dec. 11 1930. See "Financial
Chronicle" of Doc. 31 1930, pages 3812-13. We give the
statement below in full:
Loans,
Disc. and
Investments.
Res. Dep.
N. Y. and
Elsewhere.
Cash.
Dep. Other
Banks and
Trust Co,.
Gross
Deposits.
afanhauan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
$
$
$
50,619,300 *2,570,900 11,457,300
364,356
65,510
6,221,633
409,389
*494.976
9,020.809
646.700
17.264,800 *2,600.800
28,127,900 *4,728,000 1,350,500
67,672,564 7,210,383 16,617,590
5
S
2,215.600 56.468.700
891,065 5,959.759
549,522 8.970.234
475,100 16.132.600
2.016,100
62,334,543
Brooklyn—
Brooklyn
Hines County__
88,288,000
24.4115 ARC
2,469,000 16,501,000
1 7(10 392 5.703.1175
228,000 92.347,000
25.321.074
•Includes amount with Federal Reserve as follows: Empire. 51,605,000; Fiduciary, $276,961; Fulton, $2,572,900; Lawyers County, /4,026.700.
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 Nov.29 1933,in
comparison with the previous week and the corresponding date last year:
ReS0UIT6S-Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Nor. 29 1933. Nov. 22 1933. Nov. 30 1932.
$
551.706,000 566,706,000 610.178,000
9,732,000
7,861,000
4,134.000
Gold held exclusively ant. F. R. notes
561.438.000
574,567,000
614,312,000
Gold settlement fund with F.R. Board—
Geld and gold certificates held by bank_
179,790,000
147,621,000
187,167,000
147,747,000
109,403,000
298.505,000
888,849,000
Resources (Concluded)—
Due from foreign banks (see note)
F. It. notes of other banks
Uncollected Items
Bank premises
All other assets
Nov. 29 1933. Nov. 22 1933. Nov. 30 1932.
S
$
3
1.014,000
1,215,000
1,159,000
3.688,000
3,756.000
4,893,000
100,599,000 100,587.000 107.728,000
14,817.000
12,818,000
12,818,000
21,548,000
28,072,000
29,001,000
909,481,000 1.022,220,000
Total gold reserves
Other ca.sh•
Total gold reserves and other cash....
Redemption fund—F. R. bank notei_
131113 discounted:
Secured by U. S. Govt. obligatlorui
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government secialtles:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government secarltles_
Other securities (see note)
Total bills and securities (see note)
45,033,000
933.882,000
55,353,000
79,296,000
964,834,000 1,101,516,000
2,932,000
3,185,000
17,646,000
27,502.000
14,477,000
27,514,000
31.720,000
29,857,000
45,208.000
41,991,000
61,577,000
8,114.000
7,963,000
10.262,000
170,046.000 170,045,000
355,069,000 353,952,000
306,566,000 307,684,000
187,716.000
152,806,000
395,270,000
831,681,000
735,792,000
831,681,000
993,000
993,000
4.081.000
885.996,000
882,628,000
811.712,000
Total assets
1,971,280,000 1,997,095,000 2,062,023,000
F. R. notes in actual circulation
F. It. bank notes In actual circulation
Deposits: Member bank—reserve account
Government
Foreign bank (see note)
__
Special deposits—Member bank
Non-member bank
Other deposits
663,789,000 633,824.000 583,162,000
53,751,000
52,772,000
934,795,0e0 1,005,251,000 1.199.755,000
2,402,000
2,211,000
24,656,000
745,000
4,245,000
9,620,000
4,924,000
5,024.000
1,249,000
1,326,000
11,754,000
32,862,000
35,121,000
Total depoalts
Deferred availability items
Capital paid In
Surplus
All other liabilities
999,231,1300 1,053,278,000 1,223,531,000
95,330,000
98.629.000 105.585,000
58,467,()00
58,471,000
58,617,000
85,058,000
85,058,000
75,077,000
15,654,000
15,063,1,00
16,051,000
Total liabilities
Ratio of total gold reserve & other cash
to deposit and F. It. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
1,971,280,000 1.997,095,5002,062.023.000
56.2%
57.2%
61.0%
294.000
619.000
10.854.000
•"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 duo
to foreign correspondents. In addition. the caption "All other earnings assets." Previously made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earnings assets" to "Total bills and securities." The latter term was adopted .13 a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein.
Financial Chronicle
3970
Dec. 2 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.30,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the f,rst 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 NOV. 29 1933.
Nov. 29 1933 Nov. 22 1933 Nov. 15 1933 Nov. 8 1933. Nov. 1 1933. Oct. 25 1933 Oct. 18 1933. Oct. 111933. Nov. 30 1932.
RESOURCES.
2,618,254,000 2.627.779,000 2.630.254.000 2.637.126,000 2,638.561.000 2.675.331,000 2.677.599.000 2.661,809.000 4,222,398,000
Gold with Federal Reserve agents
40.048.000
37.419.000
38,518,000
38,185.000 39,266.000
36.569.000
40,888,000
37.313.000
37,313,000
Gold redemption fund with U.S. Tress—
Gold held exclusively agst. F. R. notes 2.659,142.000 2.666.297.000 2.608.439.000 2.676.302.000 2.675.874.000 2,712.644.000 2.714.168.000 2.699,223.000 2.282,446,000
Gold settlement fund with F. R. Board- _ 673,403,000 668,409,000 668.019,000 661.187.000 6(36.190.000 629,632.000 631,283,000 1141.427,000 319.926,000
Gold and gold certificates held by banks_ 240,693,000 241.074,000 240,695.000 240.710,000 24(041,000 248.512,000 246,633.000 249.5(10.000 426,952,000
Total gold reserves
Reserves other than gold
Other cash.
3,573,238,000 3,575.780,000 3.577.153,000 3.578.289,000 3 587.905.000 3,590,788.000 3.592,084.000 3,590,215,000 3.049,324,000
a
a
a
a
a
204,583,000 227,086.000 225,820.000 214,007.000 228.491.000 238.012,000 229,208,000 215.220,000 269,706,000
Total gold reserves and other cash
Non-reserve cash
Redemption fund—F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,777.821,000 3.802,866.000 3,802,973.000 3.792.296.000 3.814.390,000 3.828,800.000 3,821,292,000 3.805,435.000 3.319,030.000
a
a
a
a
a
a
10.515,000
11.315,00
11,990.000
11,858.000
11,693.000
11,457,000
11,365.000
11.248.000
Total bills discounted
Bills bought In open market
U. S. Government securitles—Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
119,041.000 112,152.000 111.437.000 112.261,000 116,507,000
23,866.000
20.294.000
15,180.000
6,737.000
6.644.000
442,675,000 442.212,000 442.1191.000 441.210.000 442,891 000
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
2,431,637,000 2,431,094.000 2,431.602.000 2,430.101.000 2.419.775.000 2.400.156.000 2,375,279.001 2.344.109,000 1,850,766,000
1,737,000
5.411,000
1,580,000
1,580,000
1,559.000
1.569.000
1.559,000
1.5593300
1.559.000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
AU other resources
2,576,124,000 2,565,120,000 2.559.788,000 2.550.658.000 2,544,485,000 2,522.831.000 2.496.161,000 2.472.059.000 2,200,030,000
Total resources
36.959,000
82.082,000
954.959,000
3,523.000
15,434,000
375.332,000
.54.732,000
50.442,000
28.464.000
83,688.000
958,409.000
3,579.000
16.053.060
396.168.000
54.732.000
49,689,000
26.457.000
84.980.000
967,910,000
3,615,000
16.044.000
526,891.000
54.732,000
49,198,000
213.294.000
85,983,000
967.912.000
3.700.000
16.242.000
341.876.000
54.730,000
48.822.000
24,994.000
91.513,000
969,297.000
22.798.000
89.956,000
24.0(57.000
95.240.000
103.253,000
205,720,000
114,593,000 112.754.000
6.569.000
6,523,000
441.262.000 441.395.000
994.098.000 976.161.000
119,307,000
6.90(1.000
44 I ;225.000
976.162.000
308,973.000
34.880,000
420,714.000
377,693,000
25.825,000
88,768.000
964.796.000
3,732.000
3.610,000
17.833.000
19.575.000
426.364.000 385.196.000
.54.643.000
54,639,000
48,872,000
50.676,000
957.723,000
4,913,000
17.998.000
482.884.000
54.614,000
47.875.000
9211,722.000 1.052,359.000
3.602.000
16.296.000
385,872,000
543114.000
58,372.000
2,861,000
12,256,000
353.468,000
58,169.000
39,880,000
6,865,398.000 6.900.670.000 7.024,974,000 6,819.781.000 6.923.377,000 6.874.888,000 6,937.052,000 6,806,825,000 5,985,694,000
LIABILITIES.
3,030,329,000 2.970,210,000 2.973.040.000 2.982.997.000 2,967.302.000 2.960,748.000 2.993.917.000 3.003.430.000 2,692,286,000
F. R. notes In actual circulation
205.394,000 200.697.000 194,950.000 193.678.000 188,840,000 180.363.000 172.143,000 170,501.000
F. R. bank notes in actual circulation
Deposits—Member banks—reserve acc't_ 2,572,942,000 2,687,291.000 2,645.232,000 2.577.552,000 2,590.551,000 2.693.121.000 2,655.343.000 2,567,360.000 2.410,594.000
17.634.000
63.117,000
23,535,000
81,519,000
31,21(1.000
27.758.000
64.220.000
90.926.000 115,597,000
Government
15.132,000
13.401.000
5,324,000
25,947,000
8,824.000
15.381.000
17,797.000
7,532.000
10.682.000
Foreign banks
70.700.000
69.951.000
55,006,000
57,2(59,000
67.495.000
68.884.000
65.529.000
65,210.000
Special deposits—Member bank
15,858.000
14.331.000
14,704,000
13.958.000
14.593.000
14,954.000 14.193.000
14.237.000
Non-member bank
67.352,000
65.718.000
55.372.000
24,150,000
69,128,000
80.962,000
66.088.000
75.425.000
69,800,000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,796,474,000 2.867.686.000 2,872,531.000 2.829.124.000 2,884,179.000 2,887.885.000 2.839.231,000 2.785,059.000 2.484,226,000
373.730.000 402.536.000 525,942.000 354.543.000 424.910.000 385,779,000 471.035.000 384,498.000 354.109.000
145,194,000 145,152,000 145,100.000 145,301.000 145.456.000 145.527.000 145,549,000 145,617.000 151.591,000
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
35,678,000
44,061.000
35,790.000
34,121.000
34.812.000
35.499.000
34.091.000
35.987.000 36.578.000
6.865.398,000 6.900,670,000 7.024,974.000 6,819.781,000 6,923,377,000 6,874.888,000 6,937,052,000 6,806,825,000 5,985,694,000
Total liabilities
Ratio of gold reserve to deposits and
61.3%
58.9%
61.2%
61.5%
61.9%
61.1%
61.5%
61.3%
61.3%
F. R. note liabilities combined
Ratio of total reserve to deposits and
62.6%
F. R. note liablilties combined
Ratio of total gold reserve & 0th. cash to
64.8%
64.1%
65.1%
65.5%
65.1%
65.2%
65.5%
65.7%
deposit SC F.R. note liabilities combined
65.2%
Contingent liability on bills purchased
2,893.000
32,329.000
36,030,000
3,218,000
38.469.000
3.896,000
10.700,000
30,750.000
33,798,000
for foreign correspondence
Maturity Distribution of Bills and
Short-term Securities
1-16 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
$
$
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
119.041.000
5,623.000
4,687,000
4,77.5,000
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
114,593.000 112,754,000
285,000
3,408.000
475.000
737,000
899,000
2,118,000
4.602,000
568.000
119.307.000 308,973,000
11,276,000
3.645.000
7,850,000
559,000
7,319,000
1.986.000
8,435,000
716,000
23.866.000
Total bills bought In open market--__
- 66,092.000
1-15 days U. 5. certificates and bills
16
-30 days U. S. certificates and bills-- 274,882,000
31-60 days U. S. certificates and bills-- 146,698,000
88,714.000
61-90 days U. S. certificates and bilis—
Over,90 days U. S. certificates and bills— 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
98,711,000
342,705,000
6,737.000
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
64,047,000
59.820,000
329,681,000
164,443,000
346,805,000
6.569,000
42,225.000
63.747,000
337,202,000
152.245,000
362.304,000
34,880,000
6.906.000
38,425,000
70,500,000
62.047,000
158,771.000 149,064,000
309,024,000 164,325,000
358.455,000 668,476,000
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
1,439,600
47,000
31,000
42,000
969.297.000
1,439,000
47,000
31,000
42,000
964,798,000
1,449,000
957.723,000
1.449.000
51.000
59,000
37.000
73.000
926,722,000 1,052,365,000
5,088,000
1.617.000
10 000
10,000
313,000
37,000
31,000
42,000
1,580,000 e 1,580,000
1,569.000
1,559,000
1,559.000
1.559,000
1,559,000
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
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
Total municipal warrants
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
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
84,056,000
8.268,000
15,061,000
6,028,000
1,180.000
813332.000
9.456,000
11.988.000
8.660.000
1,018.000
224.502,000
22 795 000
30,572,000
20,088,000
11,016,000
91.804,000
9,584,000
8,507,000
7,856,000
1.290,000
87.541,000
9,057,000
9.730,000
12,023.000
956.000
1.737.000
5,411,000
3,264,891,000 3,235,008.000 3,240,601,000 3,239,532,000 3,230,352,000 3,239,636,000 3.262.380,000 3.281.247,000 2.913,683,000
234.562,000 264.798.000 267.561,000 256,535,000 263,050,000 278,888.000 268,463.000 272,817,000 221,397,000
3,030,329,000 2.970,210,000 2.973,040,000 2,982.997.000 2,967.302,000 2.960,748,000 2,993.917.000 3,008.430.000 2,692,286,000
1,513,078.000 1.513.604,000 1,514,579,000 1,513,951,000 1,517,456.000 1,520.226,000 1,524,794,000 1.523,204,000 1,085,353,000
1,105,176,000 1,114,175.000 1,115,675.000 1,123.175,000 1,121,103,000 1,155.103,000 1,152.805.000 1,138.605,000 1,157,045,000
75.435,000 293,94 1,000
69,032.000
,
71.637.000
74.491,000
71,089.000
78.405,000
96,276.000
84.610.000
597.600,000 573,600,000 562,600.000 580,000,000 572,000,000 556.200,000 575,200,000 603,200,000 414,400,000
Total
3 312,130,000 3,285.989.000 3.271,259.000 3,288,215.000 3,285,052.000 3,303,168,000 3.321,831,000 3,340,444,000 2,950,742,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. a Now included In "other cash." It Revised
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF nusxNs.ss NOV. 29 1933
Two Ciphers (00) Omitted.
Federal Reserve Bank of—
Total.
Boston. New York. Phila, Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
$
Gold with Fed. Res. Agents____ 2,618,254,0 221,872,0
40,888,0 1,681,0
Gold red,fund with U.S.Treas.
$
$
$
$
5
551,706,0 163,000,0 209.770,0 130,475,0 95,200,0
9.732,0 4,287.0 5.007.0 1.582,0 2.922,0
3
$
5
$
$
$
737,972,0 120.578,0 05.354,0 96.490,0 44.074,0 181,763.0
920,0 6,165,0
4,256,0 1,414,0 1,654,0 1.268,0
Gold held excl. agst. F.R.notes 2,659,142,0 223,553,0
Gold settlem't fund with F.R.Bd 673.403,0 26,915,0
Gold & gold ctfs. held by banks_ 240,693,0 21,705,0
561,438,0 167,287.0 214,777,0 132,057.0 98,122,0
179.790,0 13,135.0 60.346,0 24,987,0 13,399,0
147,621,0 12.538.0 4,799,0 1.059,0 2.983,0
742,228,0 121,992,0 67,008,0 97.758,0 44,994.0 187,928.0
193,279,0 33.451,0 18,250,0 32,364,0 34,952,0 42,535,0
455,0 11,686,0 3,709,0 31.0660
278.0
2.794,0
o•,..al crillti reserve,........c72 9280 972 1720
588 440 n 102 080 n 270 022 n ISA in n 114.104,0
938.301.0 155.721.0 85.713.0 141.808.0 83.655.0 261 0900
3971
Financial Chronicle
Volume 137
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
RESOURCES (Concluded)
Other cash.
Total.
Boston.
Cleveland. Richmond Atlanta.
Phila.
New York.
204,583,0 16,028.0
45,033.0 27,834,0 18.372.0 10,569,0 12,196,0
Total gold res. & other cash- - 3,777.821,0 288,201,0
Reclem. fund-F. It. bank notes_
11,990,0 1,250,0
BLIIs discounted:
See. by U.S. Govt. obligations
36,959.0 3,869,0
Other bills discounted
82.082,0 2,634,0
Chicago.
933,882.0 220,794,0 298.294,0 168,672.0 126,700,0
248,0
2,932,0 1,015.0 1,360,0
247,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
119,041,0
23,866.0
St. Louis. Mtnneap. Kan.Citte. Dallas. San Fran.
29.070,0
9,825.0
8.301.0
9,528.0
6,205,0 11.622,0
967.371,0 165.546,0 94.014,0 151,336,0 89,860.0 273,151.0
667,0
500,0
309,0
358,0
2,250,0
854,0
17,646,0 5,336,0
27,562,0 20,586.0
6,503.0
1,548.0
2,710,0
6,886,0
1,072,0
5,413,0
1.884,0
5,795,0
2,624,0
4,474,0
651,0
740,0
103,0
2,783,0
227.0
2,283,0
639,0
621,0
198,0
2,305,0
45,208,0 25,922,0
8,114,0 2,039,0
9.596,0
2,089,0
6,485.0
883,0
7,679,0
823,0
7,098,0
2,631,0
1,391,0
765,0
2,886.0
595,0
2,510.0
689,0
1,260,0
704,0
2,503.0
2,986,0
76,951,0 14,493.0 16,301,0 14,009.0 18.526,0 25,111,0
173,943.0 41,104,0 25,771,0 36,209,0 25,041,0 73,754,0
170,046,0 28,068,0 32.161,0 11,860,0 10,759.0
355,069,0 72,636,0 94.458,0 34,836,0 31,575,0
442,675,0 24,390,0
1 034,003,0 69,607,0
954,959,0 63.674,0
306,566,0 66,416,0 86,405,0 31,867,0 28,932,0
186,449,0 37.603,0 23,550.0 33,123.0 22.908,0 67,466,0
Total U.S. Govt.securities. 2.431,637.0 157,671,0
Other securities
1,580,0
Bills discounted for, or with
(-), other F. R. banks
831.681,0 167,120,0 213,024,0 78,563,0 71,266,0
510,0
993,0
437,343,0 93,200,0 65,622,0 83,341,0 66.475.0 166,331.0
77,0
Total bills and securities
2,576,124,0 165,722,0
Due from foreign banks
3,523,0
285.0
Fed. Res. notes of other banks_ _
15,434,0
370,0
Uncollected items
375,332,0 43,869,0
Bank premises
54,732,0 3,280,0
All other resources
431,0
50,442,0
885,996,0 195,591,0 224,709,0 85,931,0 79,768,0
370,0
1,159,0
146,0
410,0
131,0
682,0 1,055.0 1,053.0
4,893,0
568,0
100,599,0 29,242,0 34,676,0 31,536,0 12,391,0
12,818,0 3,791,0 6,932,0 3,238,0 2,422.0
29,001,0 4.579,0 2,106,0 3.321,0 3,852,0
447,072.0 95,356,0 69.180,0 86,540,0 68,439.0 171,820,0
108.0
261,0
108.0
508.0
291,0 1.404,0
590,0 1.160.0
694,0
2,674,0
45,320,0 15,511,0 9,539,0 21,313,0 14.529,0 16.807.0
7,609.0 3,285,0 1,747.0 3,559,0 1.797,0 4.254.0
951.0
596,0 1,050,0 1,705,0 1,178,0
1,672,0
6,865,398,0 503,408,0 1.971,280,0 455,990,0 569,129,0 294,147,0 226,564.0 1,474,476,0 281,368.0 176,444,0 266,221.0 177,056.0 469,315.0
Total resources
LIABILITIES.
F.11. notes In actual circulation_ 3,030,329,0 224.545,0
F. R. bank notes in act'l circuits 205,394,0 21,177.0
Deposits:
Member bank reserve account 2,572,942.0 172.480.0
Government
81,519,0 6,460.0
Foreign bank
5,324,0
502,0
Special-Member bank
544.0
55,006.0
Non-member bank
14.331,0
Other deposits
67,352.0 1,640,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
2,796,474,0 181,626,0
373.730,0 43.963,0
145,194,0 10,863,0
278.599,0 20,460.0
774.0
35,678.0
663,789.0 233,284,0 282,074,0 154,095,0 122,504,0
53,751,0 18,283,0 26,186,0 4,598.0 .5,528,0
757,181,0 143,370,0 90,669.0 104,731,0 40.405,0 213,682.0
30,242,0 5,938,0 5,027,0 9.471.0 13.103,0 12,090.0
934.795,0 116,603,0 166,521,0 74.591,0 55,965.0
24,656.0 3,351,0 8.230,0 5,091,0 4,949,0
681,0
268.0
722,0
241.0
745,0
4,924,0 7,227,0 5,984.0 2,054,0 2,207,0
170,0
1,249,0 1.948,0
678,0
211,0
504.0 1.535,0 3,831,0 5,539.0
32,862,0
540.202.0 83,043,0 53,576,0 111,368,0 89.865,0 173,933,0
1,993,0 3,118,0 2,293,0 1,307,0 4.001,0
16,070,0
481,0
199,0
199.0
158,0
234,0
894,0
413,0 2,791.0
21,340,0 3,928,0 1,192,0 2.402,0
657.0
40,0
291,0
3,930,0 5,157,0
616,0 2,189,0 11.412,0
1.117.0 4,307,0 1,800.0
999,231.0 130,355,0 183,121,0 86,513,0 69,112,0
95,330.0 27.436,0 34,137,0 31,383,0 11,623,0
58,467,0 15,737.0 12.372,0 4,934,0 4.428.0
85.058.0 29.242,0 28.294,0 11,616,0 10.544.0
15,654,0 1,653,0 2,945.0 1.008,0 2,825,0
583,553,0 98.662.0 60,135.0 116.918,0 93,073,0 193.275,0
46,299,0 18,116,0 9,476.0 21,725,0 16,109.0 18.133,0
12,945,0 3,998.0 2,870,0 4.243,0 3,725.0 10,612,0
39,497,0 10,186.0 7.019,0 8,263,0 8.719.0 19.701.0
870,0 1.022,0 1,822.0
4,759,0 1,098,0 1,248,0
6 865,398.0 503,408,0 1,971,280,0 455.990,0 569,129,0 294,147.0 226,564,0 1,474,476.0 281,368,0 176,444,0 266,221,0 177.056,0 469,315,0
Memoranda.
Ratio of total gold reserves and
other cash• to deposit & F. It.
note liabilities combined
64.1
66.1
70.1
60.7
56.2
71.0
64.8
Contingent liability on bills purchased for torn correspondents
152,0
137,0
336,0
410,0
294,0
285,0
2,893,0
"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
72.2
68.4
62.3
63.3
66.9
67.1
507,0
133.0
90.0
113,0
113,0
273,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Two Ciphers (00) Omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt 3,264,891,0 237,886,0
Held by Fed'I Reserve Bank_ 234,562,0 13,341,0
In actual circulation
3,030,329,0 224,545,0
Collateral held by Agent as security for notes issued to bits:
Gold and gold certificates...,,. 1,513.078,0 74,554,0
Gold fund-F. R. Board
1,105.176,0 147.318,0
Eligible paper
96.276,0 6,547,0
U. S. Government securities
597,600,0 14,000.0
Tote! nnuseneal
Cleveland Richmond Atlanta.
Phila.
Boston. New York.
Total.
Chicago.
$
$
$
$
$
3
,
$
3.
$
$
$
731,888,0 246,025.0 297,640.0 161,265,0 142,392,0
68,099,0 12,741,0 15,566,0 7,170,0 19,888,0
791,951,0 151,414,0 94.749,0 112,562.0 44.512.0 252.607.0
34.770,0 8,044,0 4,080,0 7,831.0 4.107,0 38,925.0
663,789.0 233,284,0 282,074,0 154,095,0 122,504,0
757,181,0 143,370,0 90,669,0 104,731,0 40,405,0 213,682,0
523,606,0
28,100.0
37.641,0
165.000,0
100,880,0 107,270,0 52,100,0 21,200.0
62,120,0 102,500.0 78,375,0 74,000.0
13,776,0 9,561.0 5,446,0 5.679,0
70,000,0 80,000,0 26,000,0 48,000.0
7,.1 251 n
9 9i 9 19n n 0,3 sin n
Si. Louts. Minneap. Kan.City. Dallas. San Fran.
Sir. 71i1
n 900 191 n101 091
,
n
140 A70
445,972,0 28,378,0
292,000,0 92,200,0
5,581,0 1,712.0
50.000,0 30.000,0
701 ass n i x9 soon
n
29,854.0 17,690.0 20,574,0 91,000,0
35,500,0 78,800,0 23.500.0 90,763.0
1,897,0 2,095.0 1,726.0 4.615,0
70,000.0
28,600.0 16.000,0
no 0010 114 SR1 0 45.800.0 256.378.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) Omitted.
Federal Reserve tank notes:
Issued to F. It. Bk. (outsttig.):
Held by ENV! Reserve Bank_
$
In actual circulation
Collat. pledged ascot. outst. notes:
Discounted A, purchased bills_
U.S. Government securities
Tntn1 nnllatarfal
Boston. New York
$
Cleveland. Richmond Atlanta.
Phila.
S
$
$
$
$
Chicago.
$
St. Louis. Aftrineap, Kan.City. Dallas. San Fran.
$
$
$
$
$
225,544,0 23,363.0
20,150,0 2,186,0
63,866,0 20,283,0 27,299,0
10,115,0 2,000,0 1,113,0
4,598.0
6,217,0
689,0
31,370,0
1,128,0
6,138,0
200,0
5,544,0
517,0
0.900,0 14.509,0
429,0 1,406.0
205,394,0 21,177,0
53,751,0 18,283,0 26.186,0
4,598,0
5,528,0
30,242,0
5,938,0
5,027,0
9,471,0 13.103,0 12.090.0
1,948,0
247,274,0 30,000,0
1,546.0
64,274.0 21,000,0 30.000,0
5,000,0
243,0
7,000.0
36,000.0
159,0
7,000,0
6,000,0 10.000.0 16.000,0 15,000.0
xss n
a noon
7
non n
7 1500
0 nnn n
910 099 n
Rn
nnn n
Ad 97.1 n
Si nnn n
RI
4)4g n
In
10 000(1 16.000.0
12.457,0
387,0
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.
Beginning 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
all real estate mortgages and mortgage loans held by the bank, previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
Of the heolei 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 mom subdivided to show tile amount secured by U. S. obligations and those secured by commercial
Dauer. 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 Starch 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from Starch 1 to May 10. but a su ornery
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 NOV. 22 1933 (In Millions of Dollars).
Federal Reserre DistrictLoans and Investments-total
Loans-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Duo to banks_
.
OM F. It. via
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan.CittI. Dallas. Soll Fran.
$
16.619
$
1,199
$
7,663
$
1,051
It
1.115
8,508
699
3,883
508
3,549
4.959
249
450
1,845
2,038
240
268
$
$
340
343
455
178
193
224
231
62
116
58
135
$
1,491
$
484
329
512
397
$
1,695
8.55
239
180
209
218
891
400
455
87
152
48
132
55
154
63
155
212
672
S
$
$
8,111
500
3,780
543
660
162
150
636
245
149
303
179
804
5,111
3,000
320
180
2,402
1,378
300
243
459
201
115
47
100
50
376
260
143
102
92
57
194
109
125
54
488
219
1,965
225
10,676
4,445
915
1.164
2,674
138
33
725
378
93
97
154
879
50
5,608
1,185
436
110
1 196
'...,
74
12
563
311
81
79
147
o
78
17
518
434
53
58
121
'
ao
10
191
129
8
62
70
22
6
145
131
34
47
57
433
47
1,238
451
57
232
327
56
9
292
159
25
70
101
30
5
204
119
4
57
76
68
12
357
168
12
122
174
56
9
250
122
32
91
118
101
15
685
858
80
139
133
Financial Chronicle
3972
mix
,
Tainntart
Dec. 2 1933
Quotations for United States Treasury Certificates of
-Friday, Dec. 1.
Indebtedness, &c.
so jjtinnriiI
QI1irntUrfr
Matures.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
$6.00
6.75
7.75
12 Mos.
Including Postage$10.00
United States, U. S. Possessions and Territories
11.50
In Dominion of Canada
13.50
South and Central America. Spain, Mexico and Cuba
Great Britain. Continental Europe (except Spain), Asia.
8.50
15.00
Australia and Africa
The following publications are also issued:
MONTHLY PUBLICATIONS-.
COMPENDIUMSBANK AND QUOTATION RECORD
PUBLIC UTILITY-(semi-annually)
RAILWAy & INDUSTRIAL-((our a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL-(semi-ann.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
-On account of the fluctuations In the rates of exchange,
NOTICE.
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CnIcaeo Orricit-In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone State 0013.
LONDON OFFICE-Edwards & Smith. 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Business Manager. William D. Riggs;
President and Editor. Jacob Seibert:
Treas.. William Dana Seibert; Sec- Herbert D.Seibert. Addresses of all, Office of Co.
June 15
Dec. 15
Mar. 15
Aug. I
Aug. 1
Feb. I
Dec. 15
Apr. 15
1934_
1933._
1934._
1935...
1934._
1938.-1936.-1936._
Int.
Rode.
Bid,
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
yi%
31%0
34%
144%
231%
231%
2.4%
231%
99fiss
100.22
100.22
991.22
,32
100E
98lss
991.32
100
100
100.22
100.2:
.n
992
101.2
982in
992.2:
100"n
June 15 1938._
May 2 1934...
June 15 1935___
Apr. 15 1937.._
Aug. 1 1936...
Sept.15 1937...
Dec. 15 1933._
23-4%
3%
3%
3%
334%
334 %
434%
9.0.22
101
101"ss
99..33
10014n
99".,
1004$
981.31
101.32
101"::
99"ss
100":2
i MOH
100ln
U. S. Treasury Bills-Friday, Dec. 1.
Rates quoted are for discount at purchase.
Bid.
Dec. 6 1933
Dec. 20 1933
Dec. 27 1933
Jan. 3 1933
Jan. 10 1931
Jan. 17 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Asked.
0.30%
0.35%
0.35%
0.35%
0.40%
0.40%
Jan, 24 1934
Jan. 31 1934
Feb. 7 1934
Feb. 14 1934
Feb. 21 1934
Feb. 28 1934
Asked.
0.40%
0.45%
0.45%
0.45%
0.50%
0.50%
0.20%
0.20%
0.20%
0.30%
0.30%
0.35%
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. Nov. 25 Nov. 27 Nov. 28 Nov. 29 Nov. 30 Dec. I
Wal? Street, Friday Night, Dec. 11933.
-The Review of the
and Miscellaneous Stocks.
Railroad
Stock Market is given this week on page 3961.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Dec. 1.
Sales
for
Week.
Range for Week.
Lowest.
I
Par Shares. $ per share. I
Railroads10 60 Nov 29
Caro Clinch & Ohlo.100
600 931 Dec 1
Chic St P dr Om pf.100
% Nov 27
100
Duluth S S02 Atl_ _100
270 4 Nov 25
Havana Elec Ry p 100
100 1934 Dec 1
Hudson & Manh p1.100
70 5531 Nov 25
52:::
Morris & Essex
150 8131 Nov 28
Norfolk & West pf.100
20 231 Nov 27
Pacific Coast 2d pf_1001
100 0231 Nov 28
Philo Rapid Transit_50
90 5 Nov 25
50
Preferred
2001 2 Dec 1
Wabash RR pref B_1001
Highest.
Fl Range Since Jan. 1.
Lowest. I Highest.
$ Per share. S per share.$ per share.
June
Jan 61
60 Nov 29 42
July
Jan 12
931 Dec 1 2
54 Nov 271
% Feb 234 July
4 Nov 25 131 Feb 631 June
1931 Dec 1 193-4 Dec 5134 July
July
553( Nov 27 4934 Apr 64
83 Nov 27 74 May 8734 Sept
July
231 Nov 27 1
Feb 7
a231 Nov 28 2 June 53-4 July
July
5 Nov 25 5 June 10
2 Dec I 1
Jan, 6 June
Indus. & Miscell.-1
Mar/ 97
10/ 91 Nov 27 91 Nov 27 80
Abrah'm & Straus p11001
% Feb 531
100 334 Nov 27 334 Nov 27
Am Mach & Mets ctfs.*1
90 431 Nov 25 431 Nov 25 331 Feb 931
Art Metal Construct_10
Feb 38
70 38 Nov 27 38 Nov 27 13
Austin Nichols prior A *,
Nov 1431
Beneficial Ind Loan__*, 1,800 a13 Nov 27 1431 Nov 29 013
Dec 3831
5 2,100 28 Dec 1 3134 Nov 27 28
Bristol-Myers
150 118 Nov 29 118 Nov 29 10831 Mar 118
Brown Shoe pref__ _100
110 434 Nov 27 431 Nov 27, 131 Jan 13
Burns Bros pref_ _100
A...* 2,920 3% Nov 25 431 Dec 1 114 Jan 834
City Stores class % NOV 534
130 231 Nov 25 331 Nov 25
*,
Class A ctfs
% Mar 23.4
% Nov 27 1 Nov 25
• 2,500
Certificates
30 76 Dec 1 77 Nov 29 6331 May 85
Collins & Alkman pf100
Nov 54
10 1634 Nov 27 1634 Nov 27, 13
Col Fuel & Jr pref_100
1
Columbia Gas & Ewe1
1
20 48 Nov 25 48 Nov 25 40 May 7431
100
Preferred B
70' 2234 Nov 25 2234 Nov 27 1831 Mar 25
Comm Cred pref (7).25
Mar 9631
10 80 Nov 28 80 Nov 28 74
Cusbm Sons pf(7%)100
10 80 Nov 29 80 Nov 29 6031 Jan 82
Preferred (8%) _ *
-*I 14,500 30 Nov 27 3231 Dec 1 2431 July 49
Deere & Co
10 93 Nov 29 93 Nov 29 8231 June 93
Duplan Silk pref _100,
% Aug 231
100 1 Nov 25 1 Nov 25
Fairbanks Co ctfs___251
90 4% Nov 291 6% Nov 25 2% Apr 631
Preferred ctfs.___100
Feb 72
100 62 Dec 11 62 Dec 1, 18
Fed Min & Smelt p1_100
Mar 931
20 931 Nov 28 931 Nov 281 5
Fifth Av Bus Sec
*
40 104 Nov 2710431 Nov 28 993-4 Mar 10834
Gen Baking Co pref.._'1
July 9234
25; 2,800 8731 Nov 27 9131 Dec 1 65
Hazel Atlas Co
10 101 Nov 28 101 Nov 28 100 June 110
Kansas City L&P pt B*'
Mar 731
10 234 Nov 28 234 Nov 28 1
Kresge Dept Stores'1
40 50 Nov 28 50 Nov 28 3734 Apr 61
Laclede Gas pref___100
Life Savers
51 1.400 1631 Nov 28 1731 Nov 29 1531 Oct 2234
5 13.300 434 Nov 27, 53-4 Nov 271 431 Nov 531
Marancha Corp
Jan 95
300 91 Nov 27, 91 Nov 27 64
Omnibus Corp pref_100
170 9934 Nov 29 9931 Nov 28 9931 Nov 11131
Pac Tel & Tel pref.100
Pacific Western 011._*; 1,900 8 Nov 28' 831 Nov 29 631 Oct 954
200 2131 Nov 291 22 Nov 28 1031 Jan 32
Peoples Drug Stores..'1
% Feb 931
100 234 Nov 281 234 Nov 28
Penn Coal & Coke...50
Feb 60
50 43 Nov 27/ 43 Nov 27 7
Revere Cop & Br pf_100
Roan Antelope Cop 51 11 1,300 233-4 Nov 27, 2434 Nov 29 2331 Nov 2634
Nov 4531
Scheniey Dist Prod....5 24,500 2631 Nov 27 293-4 Dec 1 24
Sterling 11 roducts___10 4,900 5534 Dec 1 5734 Nov 27 4934 Oct 603-1
United Drug
5 4,893 631 Nov 28 734 Nov 27 631 Nov 12
Vick Chemical
5 4,400 2631 Nov 29 2731 Nov 25 2631 Oct 31
Apr 9031
10 82 Nov 29 82 Nov 29 75
Walgreen Co pref.100
* No par value. a Optional sale.
July
June
July
July
Nov
Sept
Nov
June
July
July
July
Sept
June
June
Sept
Aug
June
July
Nov
June
Nov
Sept
Nov
Sept
Nov
Jan
Juno
Jan
Sept
Nov
Nov
Sept
Sept
July
July
July
Nov
Aug
Sept
Sept
Sept
Sept
100'n
High 100/as 100"st 100in 100'n
First Liberty Loan
23
992. 100
99.13:
334% bonds of 1932-47__ Low 100.32 100.32
100 ss
,
Close 100in 100"1: 100's: 100
(First 331s)
163
406
192
292
80
in $1,000 units_
Total sales
_{
Converted 4% bonds ot High
.._.
1932-47 (First 4s)
---------Low---.... _
Close
--_
____
-_----Total sales in $1.000 units...
,
101.2
igh 12:32 100.32 100213: 101
Converted 4%% bondr00
101 A
of 1932-37 (First ilyis) Low. 100"s: 100"s: 100"s: 100"$:
101 411
Close 10024u 101% 1002.,2 101
56
48
a
147
114
Total sales in $1,000 unitsSecond converted 44% High
____
____
--..
____
bonds of 1932-47 (First Low_
Second 43-4 )
ICiose--,
_ _ •. _ _
------ _
.....
Total sates in $1,000 units...
10'
1 .12
rigli 1001.22 101.23: 101 1 3, 1013.12
Fourth Liberty Loan
101 lin
4%% bonds of 1933.38_ Low. 101 1 132 1011.22 1011.22 101.32
2:
1011.
Close 1011.32 1012222 101 1.22 101 1.22
(Fourth 434s)
105
277
217
31
75
Total sales in 81.000 units__
(High 1011.32 1011.32 101 1.32 101.122
101..32
{
Fourth Liberty 1 oan
Low. 1011.32 101 1.32 101.132 101 un
101"II
4.4% bonds (called)
101",,
% 101",, 101",, 101",,
Close 1011
110
154
178
Ill
102
Total sales in 51,000 snits106 1s
,
rigli 105"ss 10625u 106las 105"ss
Treasury
10520:1 105,
165.232
Low. 105lin 106
41
43.(s 1947-52
106in
Close 105 0n 106"ss 105"ss 105"ss
87
108
120
107
46
Total sales in $1,000 units..
{HIV; 99.222 100.82
99r% 991.3: Mil99"n
eelo„
Low. 99"33 991432 991733 OW.:
4Me-3Xs, 1043-45
99"ss
Close 99"st 99"ss 99"ss 99"ss day
318
405
524
513
158
Total sales in $1,000 units._
1021ln
(Higli 102"ss 103"ss 102"ss 102"s:
1021.21
,
4 Low. 10212,s 103% 1029 2 102"u
48, 1944-54
102wn
I Close 1022.23 1031232 102",, 1022.32
173
114
145
164
117
Total sales in $1,000 units...
101 .31
(High 101
1011.32 101",, 101',,
1002hs
Low. 100,2u 101 1,31 100",,1002s3,
331,, 1946-56
101%
,
1011 32 101
Close 101
101.32
63
116
78
106
328
Total sales in $1,000 units. .,
99"n
{High
99"at 99"ss 99"s:
99.32
99.22
Lon. 99
99.3: 99.32
3)4s. 1943-47
99"o
9911n
998522 99.22
Close 99432
991032
89
30
196
Total sales in $1,000 units._
16
90
96
{IfIgh 95"ss 96"ss 96"s: 96
85",
38, 1951-55
Low_ 95"ss 96 ss
95"ss 95"st
,
95118,
Close 951.31 96.
022 96
95"ss
176
Total sales in $1,000 units. _47
76
99
132
991111
.1igli 990.22 100.22
1cf
99"ss 99"st
99"s:
,
334s, 1940-43
Low. 991.22 99"s: 99"rs 99"ss
992.32
lose 991.22 100.32
022
991.32 99.
65
Total silks in $1.000 units...
159
13
15
34
99..32
(111gh 991.22 100I22
99..22 99..22
t9"ss
334s, 1941-43
(Low. 991.2: 991.32 09.22
99.22
j
11910st
(Close 9912n 9917n 99"n 99"
39
66
Total sales in $1,000 anat.__
1
108
172
1175,1
{High 07,
97"ss 97.11
ss
Ws,
963.22
334s, 1946-49
Low_ 96"as 97"ss 962.8 98"o
,
97 ss
,
Close 974n
9720n 97"ss 97 11
46
135
Total sales in $1,000 units__
99
67
57
IPA,
{High 991s: 99":1 99'n
"
994
3)1s, 1941
its",, Os",,982.3:
Low. fl9"ss 9902,
,
99 81
99.32
Close 99.32
991,32 99
179
395
Total sales in $1.000 units_ _ _
789
551
162
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds
n
100" to 100"o
:
5 First 4Sis
were101sg, to 101"o
5 Fourth .13-4s (uncalled)
5 Fourth 4)4s (called)
1 Treasury 4s
3 Treasury 3As
2 Tress 3%s 1943-1947
1 Tress 334s
1018o to 10142
112 9: to 99 :
1 2
.2toto
9 : 60221 3 :
:
:
.
to 97
97
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.16@5.25
for checks and 5.16%@5.2534 for cables. Commercial on banks: Sight,
5.19; 60 days, 5.19; 90 days, 5.1831; and documents for payment, 60
days, 5.1934. Cotton for payment, 5.1931.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.110
6.22 for short. Amsterdam bankers guilders were 63.00i463.20.
Exchange for Paris on London, 84.52; week's range, 84.52 francs high
and 83.87 francs low.
Sterling ActualChecks.
Cables.
High for the week
5.2534
5.2534
Low for the week
5.07
5.06
Paris Bankers' Francs
High for the week
6.27
6.2734
Low for the week
6.00
5.99%
Germany Bankers' Marks
38.21
High for the week
38.19
36.62
Low for the week
36.53
Amsterdam Bankers' Guilders
64.33
64.37
High for the week
61.61
61.65
Low for the week
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3962.
A complete record of Curb Exchange transactions for the
week will be found on page 3990.
CURRENT NOTICES.
Gaylord J. Case and Joseph M. Bosch announce the formation of
Case, Bosch & Co.. 208 B. La Salle St., Chicago, with a complete investment service.
-Homer & Co., Inc., have moved their offices from 165 Broadway to
90 Exchange Pl., New York.
-llornblower & Weeks have prepared an analysis of the J. O.Penney Co.
Eugene A. Lyons has become associated with J. K. Rice Jr. & Co.
-
p.
3973
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages—Page One
6:3r 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
Nov. 25.
Monday
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Nov. 29.
Thursday
Nov. 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
Par $ per share $ per share $
Railroads
Shares.
8
11,400 Atch Topeka & Santa Fe__100 345 Feb 25 8018July 7
4June 3
100 50 Apr 3 793
1,000
Preferred
4,000 Atlantic Coast Line RE. _100 1612 Feb 25 69 July 19
100
814 Feb 27 377 July7
18,300 Baltimore & Ohio
912 Apr 6 3914 July 7
100
1,200
Preferred
Bangor 4tr Aroostook
50 20 Jan 5 4114 Aug 29
100 685 Jan 4 110 Aug 30
8
100
Preferred
400 Boston & Maine
100
6 Apr 19 30 July 1
8July 8
93
312 Mar 29
Brooklyn & Queens Tr_No par
4
Preferred
No par 353 Apr 19 8018 July18
4
2,100 Bklyn Manta Transit_ No pa, 213 Feb 25 4114 July 12
300
36 preferred series A_No par 64 Mar 2 8312June 13
414 July 10
____ Brunswick Ter & Ry SecNo par
12 Jan 11
712 Apr 3 207 July 7
39,200 Canadian Pacific
25
-. % ---4 ---- -- 8
T 131- 1212 1ii
1
10 Caro Clinch & Ohio stpd__100 5014 Apr 4 79'2 July 19
75
*70
.---- 75
Central RR of New Jersey.100 38 Apr 4 122 July 6
70
70
*50
.50
8
14,600 Chesapeake & Ohio
25 245 Feb 28 4914 Aug 29
4014 4012 3914 4014
8 July 10
Chic dr East III Ry Co
12 Apr 18
100
•118 212 *1 18 212
812 July 10
500
6% preferred
100
12 Apr 5
*214 212
214 214
73 July8
300 Chicago Great Western
138 Apr 6
100
*3
314
2
3
14
400
212 Apr 6 147 July6
Preferred
100
*718 712
714 7
1,500 Chic Milw St P dc Pac__No par
1 Apr 6 1134 July 19
614 514
434 47
8
4.900
100
Preferred
112 Feb 28 1814July 20
8
812
812 812
3.300 Chicago & North Western.100
114 Apr 5 16 July 7
814 812
71s 8
1.000
Preferred
2 Apr 5 3434 July6
100
15
15
15
15
3
3 14
800 Chicago Rock Isl & Pacific-100
2 Apr 5 1018 July 7
Vs 33
8
'2 358
3
14
3 8 358
3
33
4 3
*412 5
700
7% preferred
100
312 Apr 10 1912 July 7
458 458
458 458
412
5
*434
5
10
278 Apr 11
15 July 7
6% preferred
4
4
358
4
4
33
4 1,200
4
4 14
4
4
250 Colorado de Southern
100 1514 Feb 24 51 July 13
'
02514 29
26
27
*2614 29
*2914 29
*2514 283
4
4% 1st preferred
100 1212 Apr 10 4234 July 19
*1814 22
*183 25
8
*1814 27 .1814 27 '1814 27
4% 2d preferred
30
100 10 Mar 2 30 July 21
515
*15
30
*15
30
20 .15
30
*15
800 Consol RR of Cuba pref
,
27
8 27
8
100
114 Feb 24 10 4une 12
4 234
3
3
23
4 234 .234 3
23
10 Cuba RR 6% pref
100
212 Jan 6 16 June 7
*414 7
*4
7
4
4
*414 7
*414 7
4July 7
3.000 Delaware & Hudson
100 37573 Feb 25 933
5112 52
4
54
54
4912 523
4 493 5114 5014 51
2312 2412 12,300 Delaware Lack & Western.50 1714 Feb 25 46 July 6
8
2514 2558 2214 25
2212 2414 225 24
•312 514
100 Deny &Rlo Gr West pref 100
4
2 Feb 28 193 July 19
638 514 *4
512 *4
,
558 *3 3 53
4July 29
100
3 4 Apr 4 253
3
1412 14'2 1,300 Erie
153 1512 *1414 1512 133 1414 1412 1412
8
4
412 Apr 4 2912 July 5
16
700
First preferred
100
"15
Stock
•1512 1712 1514 163
16
8 15
15 4 *15
3
100
Second preferred
100
212 Apr 4 2314 July 19
*105 1214
2
•10
1214 .107s 1214 107 107 *1058 1214
8
8
10
4 2 Apr 6 3334 July 7
,
1812 10'o 8,900 Great Northern pref
1812 181
4 1712 1814 1713 1814 1713 1812 Exchange
Gulf Mobile de Northern...109
134 Mar 31
1112 July 7
*414 5
*414 5
*414 5
*414 5
*414 i
Preferred
10
212 Mar 31
23'2 July19
Closed
*1012 15
*1012 15
*1112 15
*11
15
*11
15
*34
13
4
100 Havana Electrtc Ry Co No par
4June 8
%June 3
23
4
4
*3
4 13
*3
4 13
*3
4
13
4
7
t
7
8
19 June 13
93
2 9'2
800 Hudson de Manhattan
100
612July 21
10
9 8 918 Thanks,
914 912 *9
*913 10
2778 29's 17,400 Illinois Central
10
812 Apr 5 5034July 20
2814 2813 2612 283
2714 283
4 2612 28
8
*34
37
6% pref series A
100 16 Mar 31 6018July 20
37
giving
*34
37
*34
37
*24
37
*34
56
Leased lines
*50
100 31 Mar 3 60 July 19
53
*49
56
*50
*483 56
4
•483 56
4
150
RR Sec ctfs series A1000
0153 17
4
Day
4
42 Apr 18 34 July 19
4
•16
4
1712 .1514 1712 153 153 *153 17
912 93
4 2,400 1nterboro Rapid Tran v t c_100
8
418 Feb 27 115 Oct 16
914 912 *914 958
1014 1014
91s 10
*10
1012
700 Kansas City Southern
100
612 Feb 27 247 July 18
11
11
*10
,
1014
97
8 97
8 1014 10 4
3414 July19
300
Preferred
*13
15
100 212 Mar 31
15
15
15
•1412 161 .14
18
15
1418 2,400 Lehigh Valley
14
4
14
85 Feb 24 273 July6
8
1312 14
50
4 1384 1414
1412
*133 143
4
4478 2,600 Louisville & Nashville___100 21 14 Jan 3 6712 July 18
44
44 44
s 447s 447
8 4314 44
4314 447
*18
19
Manhattan Ry 7% guar _100 12 Mar 16 28 Oct 11
*18
19
*19
20
*18
19
'18
20
1,700 Manh Ry Co mod 5% guar.100
1714 1714
6 Jan 3 20 Oct 11
1718 1718 1718 177
18,
1712 18
8
18
*312 514
Market St Ry prior pref__100
8 June 9
17 Mar 3
8
558 *312 5,4 *312 514
8313 514
158
458
7
500 Minneapolis & St Louts_ __100
18 Jan 23
2'4 July7
7
8
"8
*8
ki
%
52
1
57g July8
490 Minn St Paul dr SS Marie_ 100
118
1
13Mar20
*112 2
*114 2
.118 2
•118 2
100
7% preferred
212 21
*2
314
100
812July 8
*212 4
3 Apr 11
4
.212 4
*212 4
5
50
4% leased line ctfs
*3
100
478 .3
5
33 Oct 25 1412July 8
4
412 41
*3
*412 5
8
73
8 73
4 4,800 Mo-Kan-Texas RR____No par
53 Jan 3 17's July7
4
*818 812
712 S's
718 7 8
5
73
Preferred series A
100 1112 Jan 3 3714 July 7
1512 1512 3,600
8
I6's 145 1518 1518 16
1658 163* 15
312 312
400 Missouri Pacific
1 18 Apr 1
1014July 8
*312 4
100
*312 4
33
4 4
*33
4 37
43
4
412 45
8 1,500
Cony preferred
458 6
15* Apr 1
48
,
100
15'4 July7
*412 5
*47
8 5
Nashville Chart & St Louis 100 13 Jan 5 57 July 7
*3014 35
*2014 33
*3014 35
*3014 35
'3014 33
7
It;.34
34
.3
4
*5
8 118
200 Nat Rys of Mex 1st 4% p1.100
18 Mar 16
312June 27
5
8
3
14
1_
*3
8
1,
.3
8
1
I.
12
8June 8
300
2d preferred
13
100
18 Jan 3
"8
Ii
It
347 357 55.100 New York Central
8
8
100 14 Feb 2o 5812July 7
3638 34314 3374 3614 3318 347
8 3334 3514
400 NY Chic de St Louts Co_ 100
8
. 1512 *14
141
218 Jan 25 275 A ug 28
15
14
*1312 14
•1414 16 .141
4
15
153
4 1,500
3414July 20
16
1614
153 16
Preferred series A
100
25 Apr 11
8
1614 1614
•11312 171
4June 13
10214 105
550 N Y dr Harlem
103 105
50 100 Mar 31 1583
105 105r 101 10114 104 104
16
1634
s
8
165 165
8
8 6,200 NY N II & Hartford
100 1118 Feb 27 347 July19
1558 1718 157 16
1718 1758
25
2312 2312 2314 237
23
23
2,300
Cony preferred
100 18 Apr 4 56 July 6
24
8
25s
*25
800 N Y Ontario & Western_100
612 812
812 83
4
*814 812
814 814
7 8 Jan 4 15 July 7
5
812 s'z
15
8 15
8
100 N Y Railways pre(
18 Mar 15
312July 7
4 *112 152
No par
4 *112 13
4 *112 13
8112 13
47 July10
*112 13
4
112
13
8
138
112
400 Norfolk Southern
112
100
12 Apr 4
112
158
112
300 Norfolk & Western
153 153
100 11112 Mar 2 177 July 7
•151 155i, 151 151 x150 150 *15038 155
8 1912 20
20
213
8 7,000 Northern Pacific
958 Apr 5 347 July7
100
1912 2058 1918 197
21 14
21
*2
314
Pacific Coast
7 July 11
314 *2
314 .
100
1 Jan 25
2
34
,
358 .2
*2
265 273 25,800 Pennsylvania
8
4
50 133 Jan 3 4214 July 7
4
2714 2734 2558 2712 2518 2614 2611 2714
*23
8 412
*238 3
•23
8 412
Peoria dr Eastern
9 July II
100
7 Feb 17
8
.23
4 4
*23* 4
16
*14
18
*13
*13
Pere Marquette
133
4
100
37 Mar 3 37 July 13
8
.1114 18
•l118 18
23
23
*15
23 '15
•15
Prior preferred
23
100
6 Jan 3 4412July 7
015
22
.15
*1212 15
*14
18
*1212 19
Preferred
100
412 Feb 28 3812July 7
19
*12
19
*14
21
21
*15
•15
21
*15
Pittsburgh & West Virginia 100
21
612 Apr 19 3534 July7
*15
21
.15
4114 42
41
41
*4014 42
500 Reading
43
50 2312 Apr 5 8212 July 6
43
44
*43
*2912 31
*3014 32
1st preferred
*2912 34
25 Apr 25 38 July 12
50
*3912 34
*2912 24
5Q 2312 Mar 31
29
2712 2712
*27
500
2d preferred
29
37 July 6
2714 2712 *27
29
.27
•712 12
600 Rutland RR 7% pref
8 0712 12
100
93
8 93
6 Jan 6 1812July 3
, .712 10
*712 91
218 218
1,500 St Louts-San Francisco_ 100
214
218 212
7 Jan 30
8
93 July 7
8
218 *2
2
218 214
238 23
8
500
1st preferred
212 212
24
,
100
1 Apr 17
214
914 July 8
214 214
214 314
1414
12
12
300 St Louis Southwestern_I00
1414 *10
514 Mar 15 22 July 14
12 '10
12
1314
•9
35
*13
35
*13
35
Preferred
*13
100 12 June 7 263
8July 18
34
•13
35
•13
1
lig 1,000 Seaboard Air Line
1
1,
8
No par
1
*I
14 Jan 3
3 July 7
118
1
lls
118
47 July 7
Preferred
4
4
100
3 Mar 25
8
*112 13
114 *112 13
4 '112
13
4 .112 13
•111
183 187 24,900 Southern Pacific Co
8
8
100 1118 Feb 25 383 July 7
8 1814 188
4
4 1818 187
1914 104 18-58 193
2238 23
14,100 Southern Railway
10
4
418 Mar 2 36 July 19
2214 213 2212
2212 2258 2114 2212 21
2312 24
4,100
8
Preferred
100
57 Jan 3 49 July 17
227 2358
8
23
,
223 23 8 22
8
25
.24
Mobile .9 Ohio stk Cr ctfs 100
•22
393
4
8 Jan 5 4014 July 10
393 *22
4
393
4
4
393 *22
•22
3914 •22
*612 77
8
300 Third Avenue
100
418 Feb 25 1218June 3
,
614 612 *612 7 2
.63
4 714 *612 7
•114
112
100 Twin City Rapid Trans No pa
114 Nov 14
43
4June 8
8
112
11
8 13
8
13
8 .13
1°2 .1 14
'114
10
Preferred
100
5 4 Nov 14
3
15 June 8
*514 7
*514 7
7
2 *514
574 57
7
*57ii
108 109
3,400 Union Pacific
100 6114 Apr 5 132 July 7
8
111 111
10812 1103 10812 10958 x1073 108
8
800
Preferred
67
683
4
100 56 Apr 6 7512July 12
67, 6712
8
67
67
6513 6512 •66
67
238 23
8
600 Wabash
100
8
112 Jan 4
712July 10
212 25
8
212 25
4
•212 202 *213 23
1,400
3
3
Preferred A
100
118 Apr 6
97
8July 7
4
212 23
4 3
23
318
3
*314 31•
900 Western Maryland
87
8 9
100
4 Feb 27 16 July 13
918
87s
2
87
2 87
918 918
.
912 94
*11
123
al preferred
100
55 Jan 12 1912July 7
8
2
123
8
8
123 *11
*1112 123 •1112 123 *11
8
8
Western Pacific
100
1 Apr 22
*23
4 3
9'2 July3
4 312
4 312 *23
*312 4
.23
4 33
4 .23
5
900
100
17 Mar 2 16 July 8
8
5
Preferred
8
8 45
45
414 412
*412 442
412 412
$ per share
4812 4914
*55 4 5818
3
8
*33
337
2418 2418
•2414 25
*3312 3712
*96
97
•1114 1314
*412 618
*42
45
*29
293
4
73 73
$ per share $ per share $ per share
473 483
4
4
8
8
465 477
563 5718
4
57
5718
34
3414
34
32
23
237
8
2212 2314
2418 2414
2312 24
8
*3312 373
*33 2 373
,
8
99
*9314 99
*95
11
*10
15
*9
8
*412 57
*412 57
8
45
*42
45
*42
283 283
4
4
283 283
4
4
70
70
*70
72
__
-12/4 -13
08----134
-" l"iF
i.io_
*75
70
70 *__ __ 75
70
*50
70
'55
70
383 3912
4
8
,
383 3912 387 39 2
8
.114 212
*114 213 *114 212
2
2
2
214 *2
23
8
23
4 23
4
8 3
8 *25
25
8 25
7
7
712
712 *7
*7
43
4 43
4
4
43
4 43
40
4 47
8
8
812 83
8
8 14
8
8.8
3
712 712
7 2 734
,
7 2 78
,
5
123 123
4
4
12
1312
*1312 14
$ per share $ per share
46
4914 453 47
4
5718 5718 5718 5718
3314 3114 325
8
31
8
255
8 2218 233
22
2314
2414 2414 23
*3312 3712
*3312 36
9514 98
9518 97
10
1012 10
10
8
*412 618 *412 53
*42
45
*42
45
2714 2814
29
28
71
73
71
*71
*2518 37
37
025
.23 4 37
3
37
"25
73
4 814
71
758 75
8
1 8'
2
83
8 83
2
*693 90
4
90
4
"693
*6914 90
693
" 4 1)0
37
*30
814
8
*693 90
4
Industrial & Miscellaneous
Abraham & Straus
No par
4,800 Adams Express
No par
100
Preferred
•Bid and asked prices, no sales on this day. a Optional sale. a Sold 15 days.
x Ex-dividend.
y Ex-r,chts.
1318 Feb 23
3 Feb 28
39 Apr 11
40'2 July20
1314 July 7
71 June 20
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share 5 Per share
Jan
1778 June 94
Jan
35 July 86
914 May 44 Sept
8
33 June 213 Jan
4
6 June 41 12 Jan
912 June 353 Aug
4
50 June 91 Sept
4
4 July
193 Sept
27 July
8
1014 Mar
2314 June 58 Mar
11 18 June 5014 Mar
8
3112 June 783 Mar
12 Apr
218 Aug
7 14 May 2018 Mar
39 July 70 Feb
25 June 101 Sept
93 July 31 12 Jan
4
33 Aug
4
12 July
12 May
5 Aug
53 Aug
8
114 June
212 May
1512 Jar
412 Aug
1 June
4
118 May
8 Aug
2 May
1412 Aug
Jar
4 Dec 31
163 Jar
8
112 May
314 Dec 2712 Jar
2 May 2412 Jar
4 2 June 2912 Sept
,
8 Mar 30 Sept
18 Sept
5 Mar
1112 Jar
1 Dec
24 Dec 20 Aug
32 July 9212 Sepi
812 June 457a Sep
9
Jar
112 May
2 May
1114 Sep'
8
157 Aug
8
25 May
1012 Aug
2 May
Jai
25
512 May
2 Slay
10 Sep
1512 Sell
212 Dec
14 Oct
15 Or
8
3034 Jul
8 Slay
43 June 2478 Sep
4
918 July 38 See
1518 June 45 Au,
1412 Jo,
4 May
214 June 1458 Ma
1514 Sep
214 Jun
5 June 2514 Set/
5 June 2914 Sell
712 May
3814 Sep
9 Sept 4658 Ma
4
4 June 203 Ma
Jai
9
218 Dec
18 Jan
5 Au,
8
12 Dec
43 Selo
2
44 May
6 Sep
5 Dec 2012 Sep
13 Sep
114 May
314 June 24 Sep
Jai
11
112 Slay
Jot
212 May 26
307 Sell
8
713 May
7 Set)
8
14 May
7 Sep
8
18 Feb
83 June 3658 Ja
4
112 Slay
93 Sep
4
2 June
1558 Ja
8214 May 12712 Au
3158 Jo,
6 May
783 Ja
4
117 July
8
153 Set,
4
35 July
8
Fe
18 Dec
1
14 Dec
33 Sep
4
57 June 135 Sep
8
513 May 253 Sep
1 Mar
312 Sep
8
612 June 233 Ja
514 Sep
78 May
13 June 18 Au
4
312 June 26 Au
212 June 24 Au
6 Dec 21 12 Au
912 June 5214 Sep
Ja
33
15 July
15 May
38 Bev
3 May
1412 Set
5 May
8
658 Ja
93 Ja
4
1 Slay
3 May
137 Sep
8
85 Dec 2012 Ja
8
I Sep
18 Jan
14 Jan
15 Set
8
8
612 June 375 Ja
212 May
1812 Set
233 Set
4
3 July
312 June 25 Fe
37 May
8
14 51€
118 Dec
412 Jun
7 June 2412 Ja
275 July 9412 Fe
8
40 May
715 Au
8
7 June
8
414 Au
Ja
1 June
6
112 May
113 Set'
8
2 May
11 14 Sep
43 Au
4
12 June
3 May
4
87 Au
8
10 June
15 May
8
22 June
24 8 Au
,
912 See
73 Sep
New York Stock Record-Continued-Page 2
3974
r FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 25.
Dec. 2 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
PRECEDING.
Monday
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Nov. 29.
Thursday
Nov. 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
PER SHARE
Range for Previous
Year 1932.
L010631.
Highes,
.
Lowest.
Higher .
8 per share $ Per share $ Per Share $ per share $ per share $ per share Shares. Indus. 8c MIscell. (Con.) Par $ per share $ per share $ per share
$ per share
1918 1918 18
1814 1814 1814 .18
18
500 Adams Millis
1814
1812
No par
8July 12
8 Apr 7 215
12 June 303 Mar
8
*84
8 83
4
8 8 83
,
8
818 85
8
83
8 818 1,100 Address Multlgr Corp No par
87
% 8%
518 Apr 15 1212June 19
812 Dec 14 Sept
.13
614
6
*512 612
6
.512 5 4 *512 6
3
900 Advance Rumely
47 Aug
No par
03
8July 7
14 Feb 21
114 June
7
738 714
718
715 714
7
7
1,100 Affiliated Products Ine_No par
7
7
113
4May 1
5
58July 21
414 May
1612 Mar
104 104
9712 1033
4 99 1013 100 101 4
4
103 10312 5,700 Air Reduction Ine
,
No par 4712 Feb25 112 Sept25
307 July 6312 Sept
8
214 214
218 218 *2
214 .2
2
500 Air Way Elec Appliance No par
2
214
4 May 23
12 Feb 28
12 June
312 Sept
213 2214 1978 217
4
8 2012 215
8 2118 225
8
23
233 37,700 Alaska Juneau Gold Min_ __10 1118 Jan 14 33 Aug 29
8
73 June 163 Jan
4
8
4512 6
.512 6
*5
6
*512 6
•512 6
A P W Paper Co
No par
1 Jan 5
938 July 13
4 Mar
% Dec
3
3 8 37
3
338 3 4
312 37
8
338 338
338 33
3,700 Allegheny Corp
4
814 July7
No par
7 Apr 4
8
3 May
8
338 Sept
738
738
5
738 7 8
714 73
8
634 63
83
4 63
4 1,700
4
Pre A with $30 warr___100
1 Apr 5 217 July 7
814 Sept
3 May
4
.612 712
614 614
6
6
06
6 12 612
712
900
Fret A with $40 warr___100
118 Apr 17 21 July 7
3 June
8
8 Sept
3
.6
712
54 5 4
3
.634 8
54 54
3
1,600
3
Fret A without
513 512
_ _100
114 Mar 30 20 July 7
3 June
4
8 Sept
.16
1812 .16
185 •1612 183
8
.1612 18%
4
1838 •16
Allegheny Steel Co____No par
5 May 15 Sept
ware5 Mar 30 26 July 19
14114 142
13718 142
1387 141
8
139 14214
14214 14512 15,700 Allied Chemical & Dye_No par 704 Feb 27 14512Sept 18
4212 June 8814 Sept
•11814 120
118 11812 118 118 .119 120
11912 11912
400 Preferred
100 115 Apr 21 125 Oct 26
9612 Apr 120 Dec
1918 1912 1818 19
1712 1812 1738 18
18
1918 8,500 Allis-Chalmers Mfg____No par
6 Feb 27 25-1 July8
4 June
s
153 Sept
8
•14
145
8 1412 1412 14
14 .14
•14
15
15
200 Alpha Portland Cement No par
4
53 Jan 10 24 July 17
412 July
10
Jan
47
47
5
.4
418 418 04
.418 5
.418
100 Amalgam Leather Co__No par
914July 19
3 Feb 21
8
14 Apr
218 Sept
.26
2712 26
26
*2512 3112 .255 3012
8
*2553 3012
100
7% preferred
100
Feb 23 40 July 19
3
4 Dec 10 Mar
4538 46
425 443
8
4 42
4312 423 4414
4414 45
7,100 Amerada Corp
4
No par
1812 Mar 2 4758 Nov 17
Jan 223 Sept
12
4
23
•22
221, 223
4 22
22
22
22
•22
2212
600 Amer Agric Chem (Del) No par
714 Mar 1 35 July 18
312 June 1512 Sept
4 123 135
13
133
1
8 13
13
133 1414 6,000 American Bank Note
127 1412
4
10
8 Mar 2 28l July 13
5 May 2212 Sept
41% 41-38 .4018 41
40% 4018 40 40
.4014 4012
Preferred
50
50 34 Apr 7 497
8June 2
28 June 47 Feb
.95 1012 1,300 American Beet Sugar__No par
4
11
10
11
912 97
10
1018 1018
4July 18
1 Jan 30 163
14 Apr
27 Aug
54 .50
5414 .55
54
5412 50
53
52
54
230
7% preferred
100
23 Jan 5 64 Sept 22
4
1
Apr
93 Aug
4
.25
25
28
25
25 25
*2512 2712
244 25
400 Am Brake Shoe St Fdy _No par
9% Mar 3 4212July 7
612 June 177 Sept
90
90 .90
9212 88
90
90
90
90
100 60 mar 28 106 Aug 1
110
90
Preferred
40 July 90 Feb
971 984 24,600 American Can
98% 993
8
4 945 9812 943 9712 9512 9714
4
25 4912 Feb 25 100 Nov 21
2938 June 738 Mar
122 122
122 122
12214 12214 .122 124
1233 1233
4
4
800
Preferred
100 112 Feb 27 134 July 19
9312 June 129 Mar
23
23
22
23
22
2214 213 2218
8
2214 2214 1,700 American Car & Fdy___No par
4July 17
618 Jan 23 393
318 June 17 Sept
4
3612 361
35% 3512 *3414 3512 3512 36
38
.35
800
Preferred
4July 3
100 15 Feb 28 593
15 Dee 50 Aug
.412 51
.43 7
.412 6
.412 6
American Chain
*412 51,
No par
I% Mar 31 14 July 11
1% Apr
74 Sept
•10
173 .10
4
173 .10
4
173 .10
.14
175
8
1738
7% preferred
312 Mar 1 3112July 18
1110
7 June 28
Jan
•47
*4512 48
49 .4712 49
4712 4712
47
47
200 American Chicle
No par 34 Mar 2 5114July 7
18 June 38 Nov
03
.3
4
*3
4
4
.3
4
4
.3
Amer Colortype Co
10
6I8June 7
2 Feb 24
2
July
814 Sept
444 461
4614 461
. 45 4 47
4812 504 5,300 Am Comml Alcohol Corp 20 13 Feb 27 897
3
4714 4734
11 May 27 Sept
8July 18
.2
214
218 218
17
*2
.218 214
214
600 Amer Encaustic Tiling -V° par
s 2
1 Jan 5
6 June 20
3 Dec
4
5
Jan
.412 512
412 412 0414 5
518 51
300 Amer European See's__No par
37 Apr 1
*414 5
13 July 3
23 Apr 153 Sept
4
4
14 938
1018 1038
94 1038
9 8 10
,
9
11,550 Amer & Porn Power_ _No par
938 958
8June 12
37 Feb 27 195
2 May
8
15 Sept
213
1912 2012 21
4 20 20, .20
8
21
2014 21
1.400
Preferred
No par
5 May
8June 13
7 4 Apr 4 447
,
3312 Jan
13
1312 133 133 •1112 1218 .1112 1212
8
8
•1112 1212
400
2nd preferred
No par
43 Apr 4 2714June 12
8
23 May 2114 Aug
4
•141 1614 15
15
4 1412 15
143 143
4
143 15
4
1,300
$6 preferred
No par
614 Apr 4 353
8June 13
33 June 33 Jan
4
1912 20
18
194 1812 18% 183 19
4
1914 1912 6,600 Amer Hawaiian S S Co____10
4% Jan 5 2113 July 17
3 May
612 Aug
*812 9
.73
4 83
4
73
8
4 754 0712 83
3
200 Amer ilide & Leather_No par
4
212 Mar 2 16 June 6
I May
67 Sept
391_
•33 - 35 .31
37
3012 301 .31
31
31
200
Preferred
47 May 27 Sept
100 1312 Feb 14 57I2June 13
31
3012 30
32 .30
30
.30
304
•2912 31
1,100 Amer Home Products_No par 29 Oct 20 4212May 31
25 June 513 Mar
8
8 67
7
612 67
.65
8
65
8
68 612
33 Feb 24 1712June 29
612 612 1,900 American Ice
No par
3% Dee 215 Mar
8
*40
44
44 .40
40
40 .
.
3838 42
6% non-cum pref
100
3838 40
100 25 Feb 15 577
8June 29
35 Dec 68 Mar
8
738 8
73
8 8
838 83
73
4 8
8
818 4,000 Amer Internet Corp __No par
414 Feb 27 1518 July 3
212 June 12 Sept
*7
8
1
1
1
.8
*3
700 Am L France & Foamite No par
4
7
8
7
2
74
*3
4
14 Apr 21
312June 28
14 Jan
32 Aug
7
8 5
•3 8 5
.3% 5
*37
.37
5
.38 5
Preferred
100
114 Jan 3 12 June 28
1 July
414 Aug
•2634 2714 253 263
4 253 2613 253 26
4
4
4
203 263
4
57 Jan 3 3918 July 3
4 1,700 American Locomotive_No par
35 July
8
1514 Aug
.41
42
42
43
40 40
*39
383 3914
4
800
404
Preferred
100 174 Jan 3 63 July 7
1718 Dee 49 Sept
14
14
14
14
134 133
1314 131 2
133 14
4
2,300 Amer Mach & Fdry Co.No par
83 Feb 27 22-38 July 3
4
712 June 2214 Jan
*4
•3 4 4
412 *4
3
.4
41
Stock
412
4
4
200 Amer Mach & Metals_No par
1 Jan 27
1 June
6 June 2
33 Mar
4
193 194 18% 1914 185 20
8
4
19
197 20
19%
3,800 Amer Metal Co Ltd___No par
,
3% Feb 24 23 8July 18
1 12 June
014 Aug
77 .65
77 .72
75 .62
75
77 Exchange .7012_
k
200
6% cony preferred
100 1512 Jan 4 757 Nov 15
612 June 32 Aug
*22
2234 22
25 .22
2214 21
2178
20% II
260 Amer News Co Ine____No pa, 17 Jan 20 3012July 8
-78
14 July 33 Jan
73
4
67
7% 73
4
63
Closed
714
7
67
4 7
718 10,300 Amer Power & Light_No par
4 Feb 27 197e July13
3 June 1714 Sept
17
173
8 1514 1712 15% 1538 1514 1518
155 1538 1,600
8
97 Apr 5 41's July17
$6 preferred
No par
1514 June 58
Jan
1412 153
8
8 137 1412 137 14
1314 1314 Thanks1 338 133
$5 preferred
1.700
No par
9 Apr 1 35 July 13
10 July
493 Jan
4
1278 137
137 14
8 127 1312 1318 133
e
8
1318 133 23,100 Am Rad & Stand San'y No par
4
1
4% Feb 27 19 July 7
318 June 1214 Sept
1818 17
1812 163 175
8 1712 1758
8
giving
1738
175 18% 11.400 American Rolling Mill
8
53 Mar 2 317
3 May
25
8July 11
1812 Sept
*3712 3818 37
37
•37
37
37
38
•3712 38
200 American Safety Razor No par 2018 Apr 6 475 July 13
1338 June x2914 Mar
37
33
4 334
33
Day
4
4 4
.314 33
38
500 American Seating v t o_No par
4
•
3% 33
7 Mar 20
8
7's July 13
3 June
4
33 Sept
4
118
118
118
1%
1
1
1
1
•I
118
500 Amer Ship & Comm___No par
% Apr73 Sept
412June 20
la Apr 8
18
18 .1714 20
1714 1714 .17% 20
.1714 20
60 Amer Shipbuilding Co.No par
1113 Mar 3 3634June 10
10 June 25% Jan
441 1 3914 4318 407 4218 42
43
8
4338 4434 77,700 Amer Smelting & Refg_No par
4312
10 4 Feb 25 53I2Sept 19
3
518 May 2714 Sept
9112 9112 9112 9112 9114 91 14
915 92
•91
94
Preferred
500
100 31 Jan 10 93 Oct 6
22 Julie 85 Jan
*6212 67 •62
68 .6312 68
63 63
•61
100
65
2nd preferred 6% cum
100 2012 Jan 2 73 July 6
15 July 55 Feb
.48
4914 *4812 50
4812 4812 4914 4914
.4812 50
200 American Snuff
25 3212 Jan 10 5114Sept 9
213 June 3912 Aug
4
90614
__ *10614 _ .... .10614
- .10614
.10614
-_ - -_Preferred
100 102% Jan 9 112 July 25
90
Jan 106 Sept
18 1814
1914 I93
8 181418 19
1918
14
3
4
1814 - 3113 4 2,300 Amer Steel Foundries_No par
43 Feb 28 27 July 7
8
3 May
1518 Sept
54
5414 5414 54
52
52
52
52
5312 5312
Preferred
170
8
100 375 Mar 28 85 July 10
34 July 80 Feb
39 .3712 395 •3712 3918 3712 3712
39
8
*3712 3812
300 American Stores
No par 30 Feb 27 477 July 7
20 May 364 Mar
5538 5518 5314 54
5214 5214 5212 5312
54
1,700 Amer Sugar Refining
55
100 2112 Jan 19 74 July 13
13 June 3914 Jan
•105 107 .105 107 *105 107 *105 107
Preferred
100
10518 10518
100 80 Jan 19 11214July 15
45 May 90 Aug
•I414 15
1312 1312 .1312 1414 .1312 14
.1312 1412
200 Am Sumatra Tobacco_No par
6 Jan 13 26 July IS
23 Apr 1014 Aug
4
1197 12012 1187 12014 1183 1193 118% 11838
2
8
8
8
11714 11838 18,600 Amer Telep & Teleg
100 8612 Apr 18 1343
4July 13
693 July 1373 Feb
4
8
.7218 74
73
74
73
73
7238 73
4 1.300 American Tobacco
7314 733
2' 49 Feb 23 907
8July 1
40'eJune 864 Mar
75
75
7414 7512 7414 7512 7415 7514
Common class II
743 7512 7,800
4
25 50 4 Feb 25 0404 July7
3
44 June 894 Mar
•106 109
106 106
106 107 *1053 109
•1053 109
4
Preferred
600
4
100 1024 Mar 1 120 July 18
9514 JulIe 11812 Oct
"438 5
.512 6
5
512 512
5
.43
8 5
400 Am Type Founders___ _No par
33 Oct 5 25 July 5
4
4 June 25 Jan
*812 10
912 912
40
912 912 .812 10
Preferred
812 83
4
1181
7 Oct 5 37 July 18
Jan
70
1012 July
181 1912 1818 1938 1714 1812 1712 18
8
107 Apr 7 4314 July 13
1738 183 15,000 Am Water Wks & Eleo.No par
o
11 May 3412 Mar
Common vot tr ctfs_No pa
912 Apr 4 357
8June 12
31 Mar
11 May
*58
56
*56
57
57
57
53
•0618 58
57
1st preferred
300
No par 35 Mar 24 80 June 13
Jan
26 June 75
11% 12
104 12
10 4 1112 1112 1112
117 123
3
8 6,000 American 1Noolen____No par
312 Mar 2 17 July 5
10 Sept
1 May
527 55
54
5512 56
52
53
52
Preferred
5514 5712 7,600
100 2238 Feb 16 617 July 17
Sept
8
1512 Jan 397
s
•112
13
.118
4 .114
138
13
4 *1
13
4 0112
Am Writing Paper etts_No par
138
14 May
214 Aug
418June 27
38 Feb 8
*512 g
512 6
20
.53
8 6
•
6
5 4 538 .53
Preferred certificates No par
3
4
2 July
8 Alla
3 Feb 17 143 July 8
4
.638 7
638 63
500 Amer Zinc Lead & SmelL_1
8
6,
4 612
638 638 • % 7
6
Feb 28 107 July 10
67 Sept
8
I% May
8
.3712 393
•3912 4112 .3912 4112 3912 3912 3812 3812
Preferred
300
4
25 20 Feb 24 66 July 17
10 June 35 Aug
15
14
1412 15
41,000 Anaconda Copper MlnIng50
144 1414 1478
1538 1312 15
8
5 Feb 28 227 July 19
193 Sept
3 Jun
.83 10
•7l2 10'8 *83 1018
4
200 Anaconda Wire & CableNo par
84 83 .3 10
4
4
418 Jan 6 1512June 8
84
15 Sept
3 Apr
•1912 20
2012 2012 193 20
800 Anchor Cap
4
1912 19% .1912 20
No par
8 Jan 20 394July 18
514 May
1712 Mar
87
87 87
*81
87
*8512 87
$6.50 cony preferred.No par 6212 Jan 11 90 June 18
80
80
8512 .81
40 May 75 Sept
491g
8
*6
Andes Copper Mining __No par
.614 8
.61g 8
8
*6
8
23 Feb 7 1412June 3
8
13 May
8
9 Sept
267 2718 3,000 Archer Daniels MIdi'd_No par
27
27
4 2638 263
2614 263
8 267 267
8
8
93 Mar 3 2914July 20
4
7 Apr 1512 Sept
.110 1143
20
•107 Ill
7% preferred
110 110
110 110 .110 114
4
100 95 Feb 23 115 July 18
85 Apr 10014 Oct
74
•71
200 Armour & Co (Del) pref_100 41 Jan 3 90 July 15
76
.73
74 .72
76
75%
753
4 74
24 May 61 Aug
314 312 8,200 Armour of Illinois class A_.25
lls Feb 28
312 3 2
312 338
734Juzie 6
33
8 31 2 •334 312
,
3 June
8
23 Sept
4
2
2
218 218
Class B
1.900
218
218 214
218
218 214
25
3 Feb 20
4
5 July 14
2 Sept
, June
s
393 4012 2.900
*4112 4212 384 4114 393 40
4
Preferred
393 40
100
4
7 Feb 27 93 July 14
312 May
15% Aug
37
7
Arnold Constable Corp.No par
500
Ds Jan 19
7 July 17
.334
1 May
"3 2 378
33
2 *334 3
,
4 3 4 . 4 37
33
3
35 Aug
8
.4
100 Artioom Corp
5
43
Na par
4 *4
4 43
2 Mar 27
43
5
*4% 5
4 43
4
912June 24
15 Dec
8
53 Sept
4
104 1% .112 15
*1 12
200 Associated Apparel led No par
1% •112 138
.1%
138
3 Apr 17
4
514June 6
3 Aug
38 June
1212 13
1.800 Associated Dry Goods
1214 1212 12
8
1212 1212 1212 123 1212
1
312 Feb 20 20 July 17
3 May
11 Sept
.46
6% lot preferred
100
50
56 .51
51
*51
*46
58
51
58
100 18 Feb 23 6112July 18
183 Dee 42 Sept
4
•47
.48
4912
493 *46
4
7% 2d preferred
4912 .47
*47
4912
100 15 Jun 19 5I July17
50
1212 Dec 35 Mar
.2914 3512
20 Associated 011
.3014 3012 3038 3014 3012 3012 *29
64 Mar 24 3512July 14
35,2
25
612 July
1612 Aug
•12
4l1 Mar22 26 July 111
•I5
.12
1812 .12
21
At 0 & WI SS Lines...No par
1812 .12
1812
1812
43 Dec 1214 Aug
*22
29
27 •22
.22
27 .22
Preferred
27 .22
29
53 Dee 1512 Jan
100
4
412 AprIl 337k July 17
3012 307
298 3014 17,100 Atlantic Refining
8 2814 304 2812 29
287 301s
8
8% Feb217 Sept
8
23 123 Feb 28 3212 Nov 17
32
32
700 Atlas Powder
3112
33
31
31
No par
3312 3112 3112 31
•
8July 5
9 Feb 14 39,
7 Dee 2512 Feb
79
.78
.79
Preferred
120
80 .79
784
80
79
79
100 60 Apr 5 8318 Sept 12
78
4512 June 7912 Jan
3014 3012 30
3012 30% 5,100 Atlas Tack Corp
3012 3014 3012 3018 3012
No par
1 July
112 Feb 27 3112 Nov 10
37 Aug
8
4412 4412 4214 44
45
4612 7,800 Auburn Automoblle
4214 43% 4212 4434
No par 31 Oct 21 8414July 13
283 May 15138 Jan
4
Austin Nichols
*7
No par
4 7
*63
738 •63
*612 714
4 7
.812 7
12 Feb
7 Feb 2 psi July 18
8
17 Sept
754 73
4
714
712
738 73
7% 712 7.700 Aviation Corp of Del (The)
4
7%
734
8July 17
112 June
--5
512 Feb 27 163
87 Dec
113 113
4
1118 115 12.400 Baldwin Loco Works...No par
4 1078 1134 1038 1114 107 11
8
8
312 Apr 12 I75
8July 7
2 Slay
12 Aug
.2312 31
.27
.2718 30
30 .27
29
*27% 30
Preferred
8 May 37% Aug
912 Apr 4 60 July 18
100
.86
90
*86
90
*86
20 Bamberger (L) & Co pref_100 8814 Feb 28 997 Aug 7
90
90
90 90
.86
62 July
99 Feb
318 33
8
3, Jan 4
3% 4
280 Barker Brothers
4
*3138 33
8 .33
338 35
8 338
No par
7I4June 20
12 Apr
312 Aug
•165 18
•1638 18 .161g 18
.1618 18
.1612 18
61.4% cony preferred____100
7 Dec 30 Jan
518 Apr 19 2414 July18
9% 912
9
9
9 12
912 11.700 Barnsdall Corp
85
8 9%
87s 914
3 Mar 2 11 July 7
5
3% June
7 Sept
4 35
343 353
4
3312 333
353
4 3212 35
325
4 1,900 Bayuk Cigars Inc
8
32
2 Dec 13 Feb
No par
314 Jan 6 5213 July 13
.83
85
•80
85
.80
85 •80
85
1st preferred
85 .80
30 Dec 59
100 27 Jan 18 100 July 10
Jan
•1114 123 .103 1212 .1012 1212 1218 1218
1218 12111
4
8
200 Beatrice Creamery
1012 Nov 4312 Jan
50
7 Mar 2 27 June 29
•6612 6718
.8612 7018 .6612 7018 .6612 7012 •6612 87,8
Preferred
62 Dec 05 Jan
100 45 Feb 24 85 May 25
5812 *5318 5612 .54
.5614 5/02 .58
56% 56 2
Beech-Nut Packing Co
100
,
5812
2914 May 453 Dec
20 45 Jan 5 7012June 27
4
9% 9 8
94 93
,
8
.83
9
8 9
912
9
1,100 Belding Ileminway C.o_No pa
9
83 Sept
312 Feb 20 1212JUly 6
238 Jan
0943 100
.925g 93
4
95
.9534 101
200 13eiglan Nat Rys part pre__ 6214 Apr 7 10114 Nov 15
9718 *9518 9758
573 June 8238 Dec
8
24
• Bid and salted prices, no sales on this day. a Optional sale. r Ex-dividend.
y Ex-rights. c Cash sale.
New York Stock Record—Continued—Page 3
3975
127' FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARK. NOT PER CENT.
Saturday
Nov. 25.
Monday
Nov. 27.
Tuesday
Nov. 28.
$ Per share
1412 141
.2612 27
8
334 343
•5212 5:312
*2018 2112
113 114
4
•16
184
4714 43
70
70
204 213
8
1612 17
"4 1,
4
914 912
•14
16
.64
65
•48
51
.7
812
67
8 61
*93 10
8
$ per share
14
147
8
•26
2612
313 313
4
4
497 51
8
*19 , 21
11
111
16
16
4612 48
.70
7318
201 21
16, 163
4
114
11
9 I 91
•14
16
65
64
*48
51
*714 812
6
63
8
812 914
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
137 14,
8
4
2812 2612
315e 33
4814 5012
2018 204
113 113
8
2
•1018 16
4612 47
.70
73,
8
2018 201
1614 163
114
114
9
91
•1112 16
643 65
4
5012 50,
2
.8
84
,
.6
6
,2
74 84
3
,
Wednesday
Nov. 29.
Thursday
Nov. 30.
Friday
Dec. 1.
PER SHARE
Range Since Jan. 1
On bast: of 100
-share lots.
Lowest.
litghest.
$ per share $ per share $ Per share Shares. Indus. & lallscell. (Con.) Par $ per share $ per share
1418 145s
143 1478 7.800 Bendix Aviation
8
5
64 Feb 27 2114July 17
2612 2612
2614 2614
700 Best & Co
No par
9 Mar 2 3318 Aug 25
3212 333
4
331 3414 35.700 Bethlehem Steel Corp No par
1018 Mar 2 4914 July 7
503 503
4
4
52
53
2.200
7% preferred
100 2514 Feb 28 82 July 3
•1912 20
20
20,
70 Bigelow-Sant Carpet Inc No pa
2
64 Apr 5 2912June 30
101 105
8
11
1114 1,100 Blaw Knox Co
312 Feb 28 19'4 July19
No par
•104 16
•1018 16
30 Bloomingdale Brothers_No par
2
63 Feb 28 21 July 18
47 12 471
474 483
912 Mar 2 5413 July6
4 3.900 Bohn Aluminum & 13r_No pa
72
.70
*70
72
100 Bon Ami class A
No pa
52 Feb 23 74 June 13
204 203
2012 21
13.300 Borden Co (The)
25 18 Feb 27 3712July 3
173
17
173 181 7,100 Borg-Warner Corp
4
512 Feb 28 215
8July 5
10
•34
184
'200 Botany Cons Mills class A..50
1 14
*7
8
5 Apr 27
8
4'2 July 5
94 91
914 94 6.100 Briggs Manufacturing_No pa
8
8July 18
25 Feb 24 145
•1112 18
•1113 16
Briggs & Stratton
4
No pa
714 Feb 28 183 July 19
X6312 631
6312 6312 1,200 Brooklyn Union Gaa
61 Nov 1 8412June 12
No pa
51
•50
51
.48
100 Brown Shoe Co
2812 Mar 3 537 July 18
No pa
•7
81
•7
812
Bruns-Balke-Collender_No pa
13 Mar 3 18,2June 26
4
•618 7
•812 7
800 Bucyrus Erie Co
2 Feb 27 127
I
8June 20
*814 91
81 84 1,400
Preferred
4
5
23 Feb 23 191.1une 20
47
47 .46
.46
47
47
47
47
•46
47
30
7% preferred
72 June 26
100 2012 Mar 3
5
2 *43
5
412 47
4 47
8
5
5
5
518 1,500 Budd (E (3) Mfg
No par
3 Apr 25
4
9',July3
23
*21
21
21
.21
23 .21
23
*20
23
90
3 Mar 16 35 July 3
100
7% Preferred
34 318 •318 314 *318 314
318 314
3
31
900 Budd Wheel
No par
53
4July 5
1 Feb 8
•278 3
•24 3
*27
8 3
3
3
34 31
500 Bulova Watch
No par
7 Mar 2
8
5 June 29
•8
9
8
9
73
74 8
8 87
3
8
8 14
81 1.700 Bullard Co
212 Feb 17 131* July3
No par
1618 164 151 16
1518 1512 1514 153
151 154 8.500 Burroughs Add Maisk No par
4
207
618 Feb I
8July 3
212 212
212 212
212 212 •24 24
24 3
400 Bush Term
1 Apr
No par
8 June 8
314 314 *3
3
2
3
21
212 212
312
410
Debenture
1 Apr
100
912June 1
93
4
714 714 *3
74 718 •8
1518
•8 153
8
20 Bush Term Bides gu pref....100
2312 Jan 5
614 Oct
8 •112 17
8 •112 17
•112 17
8 •112 14
•112 13
Butte & Superior Mining...10
27
8June 2
1 Feb 20
2
2
218
*24 21
2
*2
2
24
2
12 Mar 31
600 Butte Copper & Zino
414June 2
5
314
3
314 314
*3
3
3,
4
3
3
•3
300 ButterIck Co
No par
712June 13
114 Apr I
2534 24
257 257
24
8
2412 25
2512 261 4.500 Byers Co (A M)
2518
812 Feb 25 4314 July 18
No par
•4818 54
•4814 58
•50
*50
54
533
4
•50
56
Preferred
100 30,8 Mar 2 80 July IS
214 21's 205 211
2018 201 20
8
203 21
8
2.000 California Packing ___-N0 Par
2078
4
73 Mar 2 343 July 17
4
7
•4 1
3
4
1
1 , 1
1
1
1
6011 Callahan ZI no- Lead
214June 5
10
14 Jan 19
412 41
0458 47
412 43
45
412 412 1.600 Calumet & Recta Cons Cop.2.
8 44
2 Feb 7
918June 2
*7
7
71 .7 ' 77
718
718 718
8
712 7'2 1.100 Campbell W & C Fdy__No pa
2 Feb 24 18'S July15
2634 2834 2512 2113
2534 26
253 26
4
264 261
2,100 Canada Dry Ginger Ale____5
712 Feb 25 414July 19
•27
28
261 2634 •2634 283 .263 243
.264 2Su
4
200 Cannon Mills
4
14 Feb 2 35'2 July18
No par
61. 54
5
*5
6
51
51
.5
•5
200 Capital Admiral cl A....No par
51
4
4, Oct 17 12,2July 13
•21
•21
•21
26
27
27
*21
*21
27
27
Preferred A
50 2518 Jan 13 3512July 13
72
7214 7314 67
6712 70
694 71
6812 70
27,600 Case (J D Co
100 3012 Feb 27 103'l July 17
•13518 6612 054 65'8 641 6512 65
•65
65
677
8
520
Preferred certificates_ 100 41 Feb 27 86 July 19
23
4
2818 223 231 22
223
4 22
224 234 7,000 Caterpillar Tractor. No par
2314
512 Mar 2 2914July 7
451 487
4
8 423 461 4212 441 434 4412
431 4518 56.603 Celanese Corp of Am__No pa
8July 3
44 Feb 27 587
•13
4 24
8 2
.14 2
14
13
4 •13
•1 12 2
100 Celotex Corp
No pa
12 Mar 15
58 July 3
13
14 .112
13
4
112 112 .112 158
*1 12 11
300
Certificates
No pa
418July 5
3 Feb 4
8
414 414
44 414 •312 414 .312 44
40
Preferred
112 Jan 5 1214 July5
10
304 31
2912 31
3012 303
4 30
31
'3 3 41'4
31's
1.600 Central Aguirre Asso__No pa
14 Jan 3 41 July 17
•73
8 812
•74 8
81 833 •712 8
200 Century Ribbon Mills.No pa
.73
4 814
2 Apr 19 1133 July 19
*85
89
8212 9312 .87
370
90
90
•87
Preferred
•87
90
10
52 Feb 27 95 June 20
327 3414 3012 3212 3214 3314 331 345
8
3412 353 42.700 Cerro de Pasco Copper.No pa
8
4
51 Jan 4 443 Sept 19
4
*4
312 33
414
4
4
4
4 , 4
4
600 Certain-Teed Products_No pa
4
8July 3
1 Jan 9
73
•12
24
•12
24
•12 '24
24
•12
7% preferred
•12
24
Stock
10
4 Star 27 30'4 July18
163 17
4
16
154 16
2,200 City Ice & Fuel
4
164 151 1614 153 16
No pa
712 Mar 3 25 June 29
*6518 86
654 65,8 6512 6512 66
66
Exchange
Preferred
66
80
66
45 Apr 7 72 July 17
10
•104 181 *10
1812 •1012 181 •1012 181
Checker Cab Mfg Corp
*1011 1812
712 Mar 23 2312 Oct 5
35
3514 331 3412 313 3213 3212 321
4
Closed
32
3212 3,000 Chesapeake Corp.._._No par
147 Jan 3 5213 July7
8
8
8
712 712
758
738 1,600 Chicago Pneurnat Tool_No par
714 71
714 71
218 M kr 3
124 July 20
18
IR
•1712 18
174 18
.17
Thanks,
*17
18
18
Cone preferred
700
No par
512 Feb 28 2514June 20
•I04 121
•9
•10
124 •912 1218 11 12 111
124
100 Chicago Yellow Cab
No par
223
87u0ay 31
64 Jan
•1911 20
18
181 •1812 191
•1512 1912
salving
18,
500 Chickasha Cotton Oil
4 1814
10
5 Mar
34 July 18
43
8 5
44 5
43
4 43
*4
*412 5
5
'2.000 Childs Co
No par
2 Feb 28 10', July 5
131
•114 14
*1114 1312 •11
131 .11
14
•11
Day
Chile Copper Co
21'! July18
5
6 Apr
4314 491
491 4534 471 x465 48
46
4814 4912 218,700 Chrysler Corp
8
5
734 Mar 3 5278 Sept 14
1
11
1 - 114
1,
1
4 14
1
118
118 3,703 City Stores
Vo par
14 Feb 24
3',July 7
8
8
8
8
8
712 73
8
812
803 Clark E vale neat
par
5 Mar 24 1414June 22
•2513 27
*2512 27 .25
241 •25
281
28
103 Cluett Pe ,body & Co..
23
..V0 par
.V°
10 .1 in 2
41'2 July17
•93
957
957 •93
8
•93
•9213 951
957 .9212 9578
Preferred
s100 90 Jan
100 June 2
974 974 •97 1 971
977 977
8
963 97
4
•96
500 Coca Cola Co (The)...._No par 7312 .1 in
974
105 July 17
•493 62 •493 5112 . 493 4934 *4934 51,
8
4
4
4912 4912
400
Class A
2
No par
44 Apr 1
50 Nov 15
124 13
I17 1212 12
4
1214
12
12
1212 5.800 Colgate-Palmolive-Peet No pa,
1213
7 M kr 3
223
8July 19
721 •67
•68
70
67 67
•67
74
•67
704
103
6% preferred
100 49 API*
84 Aug 14
21
213
3 201 2218 201 213
8
8 21
2112
2114 22
9.100 Collins & Altman
par
3 Apr
26 Sept 11
4,6
,
r6
8
8
8
.6
•6
8
*6
8
Colonial Beacon 011 Co.NO pa
N
5 4May I
,
12 Jul 4
4ss 5
5
43
3 45
8 •412 5
041 5
500 Cdorado Fuel & iron__No par
8July 7
3,1 Apr
17,
62
62
6714 61
5312 5914 59, 6012
604 6214 7.900 Coln nbian Carbon v t c No par 23,8 Feb 27 71 12July 3
4
•2618 263
4 24
245
4 2412 26,
8 243 25
8
253 2912 2.703 Columb Piet Corp v t o_No par
4
6 8 M it 2
,
24 Nov 23
115 124 1 13 124 1114 12
8
1112 117
4
8
114 1218 42.003 Columbia Gas A Elec...No par
9 Mar 31 24'8 July 15
533 54
3313 541 2 53 , 5312 5212 521
8
53
53
2.300
Preferred series A
100 52,2 N or 21 83 June 12
14
1334 134 13
14
13
133 1512
4
1514 161
8 9.200 Con narcial Credit____No par
4 Feb 27 19 Sept IS
•3512 36,2 353 3514 *3513 371 .3512 39
4,
•3512 39
10
Class A
50 16 Feb 27 39,2 Aug 31
2312 •23
•23
2312 •23
2312 *23
2312
•21
23'l
Preferred B
25 184 M ir 21 25'8 Sept 14
91 14 90
90 .90
•90
91
90
•90
90
92
30
8)4% first preferred____100 70 M kr 24 954 seat 1
s 334 313
8 323 334 3312 34
3114 343
4
3314 341
8 5,103 Con o Invest Trust.__.Yo par
18 St at 3 432 July 3
85
86
*85
•85
87
893
4 86
81
,
•8518 894
Cone preferred
500
'Jo
8
84 J ko 4 977 J an 31
/
4
293 3014 391 304 291 303 x293 301
4
8
4
3012 311 44.000 Co.nnaercial Solvents__Nop:
p
9 Feb 25 5714 July
14 2
17
4 21
13
4 2
13
4 14
14 14 75.1303 Comrnonvelth A Sou.__No par
13 Apr
8
618Juns 12
26
27
2512 28
8
253 26
261 2712
8
2712 28
'2,900
$3 preferred series_ __No par 21 Apr 4 601:June 7
8 .54 94
4,54 61 •518 54 •513 57
578 S's
209 Conde Nast Publlens.No par
11 June 13
3 Apr 4
231 2478 21
2414 x234 24
8
•243 25
237 234 3,100 Congoleurn Nairn Ine_. Vo par
8
71 J in 3
2733 July 13
.94 10
10
•9
.912 10
*83 10
4
93
4 914
200 Congress Cigar
par
612 Feb 21 18 June 7
711 814
4
74 73
73
4 73
4
84 8
,
1
71 73
4 1,300 Consolidated Clgar____.Ve par
lr
733
312 Apr
Y
1914June 7
4612 47
46
4614 46
46
4712 474
46
4614
340
Prior preferred
65 June 13
100 31 Apr
24, 3
238 213
212 21 2
3
3
•212 3
700 Consol Film Indus
13 J an
4
i
51 May 29
9
9
81 87
83
4 834
,
914 9 4
9
9
930
Preferred
141451 ky 29
par
51 Mar 2
3914 3718 387
383 394 33
4
3714 374
37
374 37.700 Consolidated Gas Co. N par a3648 N se 2
M%
6418June 13
4 8312 831
•8318 84
83 4 833
3
8318 8312
83 83
800
Preferred
No par a80 Apr 26 99 Jan 3
2
021 212
21 •214 218
212 2,2
218
•2
500 Conics' Laundries Corp Vo par
2 Olt. 1
512 .1 in 10
11
1138
4
1114 1112 33.700 Consol 011 Corp
113 114 103 11 12 1014 111
s
par
10
No 14.
154July 6
5 Stir
'100 109
•100 109 •100 109 .100 109 .100 109
8% preferred
108 Oat 9
9512 Mar
44
418
1
1
1
I
118
1,
4
1
1
1.900 Consolidated Textile. __No par
14 Mar 1
314 Joiy 5
4812 67
618 61
61 6,2
64 61
2
6
6
603 Container Corp class A
J in 10 10 4 July 18
20
218 214
•24 214
214 214
2
218
2
2
2,100
Class B
Na par
4,2June 12
14 Feb 1.5
812 83
4 *812 834
812 812
812 812
84 83
4
700 Continental Bak class AN par
3 Mar 1
1S'* July 11
14 112
13
8
112
13
8
13
8
14 111
31 13 112 1,030
Class B
4 Jan 5
No par
312 Joly Ii
6018 6018 *60
6012 13018 6018
•6018 60',
61
•60
200
Preferred
10
36 J in 3 64 July 10
7212 6914 7012 704 7134
7114 724 16,500 Continental Can Inc
724 70
71
20 3514 Feb 23 7414 Nov 21
8
•8
81
8
8
*8
914 •74S's •77
503 Cont'l Diamond Fibre
5
3,2 Fob 25 171July 7
4
8
25
241 2512 243 243 *24
24
25
244 1.500 Continental Insurauce.„..2 50 1012 Star 2S 38,
25
2July 7
114
14
14 14
114
114
114
114
11
114 4.400 Continental Motors __No pa
1 Mar 27
4 June 8
8
8
8
17
174 165 1712 173 177
173 1814 30,100 Continental 011 of Del.No pa
4
1714 13
47 M kr 3 1933 Sept IS
8
4
6914 7018 643 7012 6912 7014
71 12 7212 11,030 Corn Products Refining
6914 701
2
4518 Feb 25 901 Aug 25
13612 13612
•13612 137
•13611 137 .13612 137 •13612 137
20
Preferred
11712 M ar 15 14514 Jan 21
10
418 418
8
418 43
4
4
44 41
412 44
1,303 Coty Inc
No pa
a2 M ar 24
712June 13
231 2812 281
28
23
2315 1.200 Cream of Wheat etfs
.291 291 2812 233
,
No pa
23 Feb 25 3913 July10
9
9
.81 9
300 Crosley ROD Corp
0812 9
912 94
No par
9
9
214 Mar 28 143
4June
34
34
33
33
3412 3514 1.603 Crown Cork & Seal
341
33
03312 34
par
1414 Feb 27 65 July 13
*353 364
4
36
353 3514
4
300
•36
$2 70 preferred
3614 354 361 x36
No par 2413 Feb 27 38'2 July14
5t; 334
334 344
3
378 44 1.800 Crown Zellerback v t c_No par
.37
334 33
8 4
4
1 Apr 10
8' July 17
•1814 20
191 19',
2.200 Crucible Steel of America__ 100
20
201i 1812 194 1812 19
9 Mir 2 37,2July 19
37
•33
3933 •3312 37 •36
3912
200
35
3312 •37
Preferred
100 16 Feb 27 601 July 19
114
11
*114133
•118 11
300 Ceiba Co (The)
•114
11
12 Feb 21
No par
14
14
418June 7
41 S'l
5
5
4
4
53, 514
6,800 Cuban American Sugar_ ___10
4
43
4
14 Jan 16
1112May 20
274 273
•25
27
4
233 27
4
110
•233 27 •233 27
4
4
Preferred
100 10 J an 9 68 June 5
3612 3712 1.200 Curl thy Parking
334 3 't 3
*38
6
39
613
3814 38,
4 38
50 203 Feb 21 5912June
4
•1514 1512
•16
600 Curtis Pub Co (The).
154
164 1512 1512 1512 1512 15
._No par
612 Mar 3 3214June 12
41
41
414 4012 4012
414 4112 .41
800
Preferred
4112 41
No par 30 Feb 23 66 June 12
212 24 6,600 Curtiss Wright
25
21 24
8 23
212 21
4
21 23
4
112 Feb 23
1
41 July 12
514
5
518 532 2.300
8
54 53
Cla43 A
2 Star 30
513 514
51 53
1
4
8 July 13
•1112 12
•1112 124 *1112 13
111 111 *1113 1218
100 Cutler Hammer Inc.
._No par
414 Jan 6 21 July 14
•653 71
7
714 714
SOO Davega Stores Corp
7
*7,
8 8
712 71
5
11 Feb 23
8* July 14
•Bid and aske 1 prices, no sales on thill day. a Optional sale. z Ex-dividend. c Cash Sale. tr Ex rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Per share
412 May
54 June
74 June
1614 July
612 Dec
31 June
614 June
44 June
31 June
20 July
31 May
14 Apr
27 June
8
4 May
46 June
23 July
14 July
112 Jun
212 May
per share
133 Jan
4
247 Feb
8
291 Sept
Jan
74
1512 Aug
10 Aug
14
Feb
2214 Jan
55 Nov
4318 Mar
1414 Sent
114 Sept
113 Mar
4
1012 Jan
8912 Mar
Feb
36
412 Sept
7, Sept
4
1018 Sept
35 Jun
80 Sent
12 Apr
34 Sept
312 July
14
Jan
412 Jan
5 May
8
118 Apr
311 Jan
218 May
8 Sept
614 Jun
134 Aug
3 Dec 213 Mar
4
7 Dec 65 Mar
1214 Jul
85 Jan
4 Jul
11 Sera
12 Apr
2 Sept
11 Jun
57 Sept
8
24 8 Sept
7 NIA
,
35 4 Ma
69 Sept
,
44 June
19 Sept
1 18 Sept
4 June
112 Slay
77 Sept
6
212 June
914 Aug
15 Sept
6 June
104 June 2334 Sept
24 Apr
912 Sept
19 June 32 Aug
10 June 653 Sept
4
4
Jan
75
30 May
15
41 June
Jan
114 June 121 Sept
72 Ault
33 Jan
3
214 Feb
Dec3
De Dec
712 Star
73 June 2012 Sept
8
218 June
614 Jan
Jan
55 Dec 85
312 June 1512 Sept
53 Dec
Vs Feb
41 Dec 181 Aug
Oct 2812 Feb
11
431 Nov 64
Jan
1612 Aug 301 Sept
47 June :2034 Sept
8
I May
634 Jan
212 June 1214 Sept
14 Star
6 Dee
1212 Sept
5 June
8 Sept
112 June
5 Dec 16 Sept
5 June 2134 Sept
218 Jan
14 July
834 Jan
34 July
10 Apr 22 Mar
Feb
90 June 96
68,2 Dec 120 Mar
411 July 50 Mar
10,4 Dec3112 Mar
65 June 95 Mar
8
107 Mar
23 Shy
4
12,2 Oct
9
Jan
1478 Sept
24 July
417 Mar
8
13,2 Mk
147g Aug
43, Shy
414 June 21 Sept
Apr 7972 Aug
0
11 Star
37 June
2
114 July
24 Sept
10,2 June 21 Sept
40 June 75 Nov
107 June 274 Star
8
5512 June 82 Nov
133 Sept
3.2 Slay
4
11 June
54 Aug
273 hoe 6812 Ma
8
12 Sept
5 May
12, Sept
612 June
4
4 May
11 Sept
31 Dec 2412 Jan
17 June 60 Mar
51 Jan
1 June
113 Mar
23 June
4
4
4
31 ,2 Jane 653 Star
721s June 99'8 Dec
11072 Jan
4 Dec
4 June
9 Aug
Feb 101 Sept
79
14 Stir
14 Aug
38 June
212 Feb
14 NI ky
14 Jan
27 May
8 Sept
8
12 Apr
11 Aug
247 June 4734 Mar
2
171 June 41 Star
3
Apr
81 2 Sept
64 Stay 25, Aug
4
5 Slay
8
31 Sept
91 Sept
31 Jun
241 Ju y 551 Sept
gm,June 140
Oct
133 Shy
73 Sept
8
1312 June 2612 Oct
214 St kir
7,4 Sept
8
z77 St it 237 Dee
8
173 Jun
3012 Nov
8
3 Aug
iJune
6 May 2314 Jan
14 Dec494 Jan
iJijne
3,2 Sept
53 Ma
34 Aug
26 Aug
31t.Shiy
20 Shy
3512 Mar
Jan
7 June 31
Jan
373 Dec 86
4
78 SI sy
34 seat
Ili Mar .134 Sept
12 Sept
312 May
214 Oct
74 Sept
New York Stock Record-Continued-Page 4
3976
Dec. 2 1933
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 25.
Monday
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Not. 29.
Thursday
Nor. 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan.
-share lots.
On basis of 100
Highest.
Lowes1
.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share Shares. Indus. & MisceII. (Con.) Par $ per share $ per share $ per share $ per share
23 Dee
1 June
5 June 12
112May 20
Debenham Securities
*218 414
•218 414
614 June 154 Jan
/
1
8June 22
614 Feb 24 183
20
500 Deere & Co pref
113 113
8
1112 1112
54 July 122 Jan
100 48 Apr 3 9112July 10
200 Detroit Edison
57
59%
*57
5812
7 May 163 Oct
4
7
200 Devoe & Raynoids A__No par 10 Mar 1 33 8 Aug 9
29
29
*2912 3012
12 Apr 1918 Sept
No par 1712 Feb 28 2912July 7
2,100 Diamond Match
273 28
4
*2712 28
2012 May 263 Dec
4
500
293
4
Participating preferred.._25 261.8 Feb 27 31 July 19
*29
*288 29
8
712 Jan 127 Dec
No par 12 Feb 28 3912 Sept 19
348 347 19.400 Dome Mines Ltd
323* 343
1114 June 1812 Sept
8July 18
235 234 1,500 Dominion Stores Ltd_-No par 1012 Feb 27 263
2214 2212
5 June 18% Sept
/
4
14
1418 1,500 Douglas Aircraft Co Inc No par 101 Feb 14 1814July 17
4
133 14
5 July 23 Feb
g% 9l8
6% Feb 27 18 June 12
100 Dresser(SR) Mfg cony A No par
10%
*9
1% Dec 1212 Feb
4June 2
218 Mar 1 103
Convertible class B No par
100
*43
4 58
*43
4 53
8
23 May 57 Feb
_ Drug Inc
10 29 Mar 31 6312June 29
5 Deo
8
312 Sept
4July 19
7 Apr 10 143
8
400 Dunhill International_No par
912
*718 9
9
9
•
718
*718
*71s 9
512 June 15 Sept
3
912 Apr 22 28 2June 30
No par
200 Duplan Silk
14
1418
•1514 18
3 *1418 153
15
1.53 15 4 •14
4
3
4
8
87 May 1015 Nov
430 Duquesne Light 1st pref--100 85 Nov 28 10218June 13
•86
90
5
*86
90
*8514 92 *86
85
86
90
*413
6 Sept
/
1
4
1 June
11* Mar 30 10 July 3
Eastern Rolling MIlls_No par
*412 514 *412 43
4 *412 434 *412 43
4
4
3514 July 873 Jan
5,100 Eastman Kodak (N J)..No par 46 Apr 4 894 July 14
793 80
4
7912 7614 7712 77
7914 80% 77
783*
99 Jan 125 Oct
6% cum preferred
100 110 May 2 130 Mar 20
40
*11912 122
*11912 124
122 122 *11912 125 *11912 122
3 June
97 Sent
8
318 Mar 2 16 July 17
No par
1138 1214 5,300 Eaton Mtg Co
118 1114 11%
4 11
•11
1112 11
113
22 July 593 Feb
22
4
863 891 61,700 El du Pont de Nemours____20 321 Mar 2 9018 Nov
4
/
4
4
8 8514 863
8814 89
8414 89 z833 857
80 4 June 10518 Aug
3
6% non-voting deb
1,000
100 9712 Apr 20 117 July 7
106 107
10512 1054 1057 106
106 10618 106 106
8
/
1
2% Sept
514July 14
's June
se Feb 4
No par
112
112
112
112 3,300 Eitingon Sehild
112
15*
11 112
/
4
112 I%
1212 Jan
214 May
4 Mar 29 2314 Nov 14
100
1,600
Clli% cony 1st pref
*2214 23
223 223
4
4
23
23
23 23
23 23
4
812 June 323 Mar
5 10 Apr 4 2712July 13
1614 173
9,900 Elec Auto-Lite (The)
5
163 167
4
8 151 165* 15 8 1612 16
163*
61 June 10014 Feb
Preferred
100 75 Oct 26 8812July 18
/
1
*774 79
*7714 79
*7212 79
•7212 79
*7212 79
12 June
2 Jan
/
1
4
814July 3
1 Jan 3
453 412 2.600 Electric Boat
3
4
4 12
4%
4
4
4 18
4
4
4 Jan
7 June
3
414July 15
1 Feb 14
5,200 Elec & Mus Ind Am shares__
*35
8 33
35* 33
4
353 3 4
3
38 3 8
5
5
35* 35*
16 Sept
23 July
4
3
318 Feb 27 15 8June 13
518 512
518 53*
5% 512 11.600 Electric Power & Light No par
5% 57
5
/ 57
1
4
104 July 64 Jan
712 Apr 4 3612June 12
Preferred
No par
1012 2,500
10
4 1012 1012
103
11
1214 1114 1212 10
8% July 5512 Jan
4
4June 13
61 Apr 5 323
/
4
$6 preferred
No par
912 912 1,500
9
9
*912 93
912 1034
9 8 1014
5
/
1
4
125 June 33 Mar
8
2,200 Elec Storage Battery. No par 21 Feb 16 54 July 10
4312 45
43
43
44 44
4278 43
•42
44
18 Jan
3 Aug
4
4 June 19
% Jan 4
No pa/
900 Elk Horn Coal Corp
%
7
8
1
1
3
4
1
1
1
1
3
4
% Jan
1 Sept
6 June 7
5 Apr 29
8
50
*112 13
4
6% part preterred
300
*112 134 *1.12 13
4
112 1% *112 13
/
1
4
16 July 37 Sept
8July 18
*48
Endicott Johnson Corp- _ _50 26 Feb 27 627
50
*48
50
*477 50
*48
SO
*47
50
98 May 115 Nov ,
Preferred
100 107 Feb 17 123 Oct 4
10
*1123 120
4
4
*11218 120
1121 11214 *11212 120 *1123 120
/
4
4 June 25 Feb
4June 12
4 Feb 23 I43
412 412
200 Engineers Public, Serv__No par
412 412 *412 514 *412 514
*5% 53*
16 July 51 Feb
1418 Nov 29 47 June 13
600
•1312 163
$5 cony preferred____No par
15
15
1418 1418
•16
1812 *1512 17
18 July 57 Mar
8June 12
No par 15 Apr 4 497
15
15
$5Si preferred
1,150
15
1534 15
164 1714 *1612 1712 15
25 June 613 Mar
4
1718 Nov 6 55 June 13
36 preferred
No par
•18
20
*18
21
200
•18
21
*18
21
8
175 19
1012 Dec 19 Jan
sJuly 7
812 Mar 27 133
400 Equitable Office Bldg_ _No par
*912 10
a918 87
*9
/ 10
1
4
8
*93 10
4
*913 10
714 Mar
2 June
3 Apr 4 1814 July 7
812 812
812
300 Eureka Vacuum Clean_No par
853 *8
83
4 *8
84 84 *7
12 May
2 Sept
/
1
4
7 Mar 1 10 Nov 27
8
5
918 9 4 23,600 Evans Products Co
3
9
3
912
84 9 4
93 10
8
84 93
/
1
4
4
93
4 an 113 Jan
312 Nov 28 1112July 19
120 Exchange Buffet Corp_No par
*3
4
312 312
312 312
*312 5
*312 4
1 Sept
25
8June 8
13 Sept
4
78May 17
25
.38
Fairbanks Co
*3
8
15
8
*38
158
*38
15*
15*
*12 I%
1 June
4 Aug
814June 13
1 Feb 23
Preferred
100
*212 7
714
*412 734 *458 712 *458 714 *21
6% Aug
214 Dec
212 Mar 23 1114June 2
Fairbanks Morse & Co_No pa
*7
8
*6
712 *612 8
*8
812 *612 8
4
10 Dec 473 Mar
100 10 Feb 25 4212 Nov 13
Preferred
130
347 37
363 363
4
37
4
37
3912 36
39
40
s
3 June 8
17 Sept
Frahion Park Asso
12 June
5 Jan 26
8
No pa
11 July
/
4
77 Jan
3 Feb 23 11 June 2
7% preferred
100
81 Dec 22 Jan
/
4
43 Apr 6 1412June 12
4
15
100 Federal Light & Trao
410
63
4 63
4 *6 4
*ME 8
•aii,
30 June 64 Mar
38 Apr 20 5912July 20
Preferred
No pa
30
44
44
*35
*35
45
42
*35
4 42
441 441
4
13 June 35 Sept
100 Federal MM & Smelt Co--100 15 Mar 31 103 Sept 19
*70
90
*70
90
*70
90
80
80
95
•85
112 May
4July 10
353 Feb
1 Mar 16 113
4
100 Federal Motor Truck_ _No par
6
6
6%
* *514 614 *6
*5% 612 *514 63
47 July 7
253 Aug
3 Feb 27
4
12 May
100 Federal Screw Works. No par
218 218
218
2% •2
218 *2
*2
218 *2
214 Dec 103 Mar
63
4June 12
8
Pe Feb 25
900 Federal Water Serv A No par
*13
4 1%
Stock
2
2
2
2 18
218 218
*2
214
612 June 154 Sept
712 Feb 27 30 July 18
300 Federated Dept Stores_No pa
217 217
*
2114 2154 2114 2114 *20
*2114 22
217
8
6 May 273 Jan
4
/
4
241 2418 Exchange
2418 2418 *241 25
700 Fidel Phen Fire Ins N Y__2.50 101 Mar 27 36 July 6
233 247
4
24
24
1012 June 187 Aug
8
918 Apr 4 3112July 18
2114 2214 5,600 Firestone Tire & Rubber_ __10
217
2178 2218 20
s 195* 2012 2018 21
45 July 68 Aug
Preferred series A
100 42 Mar 3 75 June 7
*69
71
400
*67
71
681 683
8
4 Closed
69 69
.69
71
k 56
35 July 541 Dec
3
/
4
563 563
4
4 1,600 FINt National Stores_No par 43 Mar 3 70 4July 7
5633 5612 567
541 541
/
4
4 5512 557
414 Apr 10 Feb
Florsheirn Shoe class A_No par
712 Feb 7 18 July 5
1312 Thanks- *12
*12
134 *12
/
1
14
*12
1412 *12
1312
63 July 99 Nov
6% preferred
100 80 Apr 19 101 Sept 5
*105 115
•105 115 *105 115 *105 115 *105 115
sm., 101
2 June
giving
No par
/ 1014
1
4
814 Sept
2 Feb 28 19 June 7
/
1
4
100 Follansbee Bros
*912 1014
1012 10% 1018 *9
4 *9
33 May 1014 Feb
4
612 Apr 19 16 July 13
Food Machinery Corp_No par
*12
*12
*12
13
1212
1212
*1214 13
•1214 13
3 May 157 Sept
Day
8
412 Feb 28 23 July 7
No par
145 145
8
8 1,200 Foster-Wheeler
15
154 1512 1414 1518 145* 1518 15
/
1
s
1 July
2 Feb 27 233 July17
No par
*1178 1312 1,100 Foundation Co
117 117
8
4 1114 13
*1212 1312 1112 113
714 Aug
104 June 223 Sept
/
1
1
20
*19% 20
*19% 20
20
21
*2012 22
504 Fourth Nat Invest w w
20
135* Mar 1 2614June 13
19 Sept 14
14
14
14
12 Oct 21
*14
4 14
200 Fox Film class A new__No par
143
4
*1334 1414 *1353 143
*217 41
8
15
Oct 7212 Jan
70 Fkin Simon & Co Inc 7% pf100 12 Jan 24 50 Aug 15
*217 403
8
4078 41 *____ 41
41
4
41
10 May z285 Nov
1618 Feb 28 498 Nov 22
10
4614 4714 9.400 Freeport Texas Co
473
4 4518 4614 4412 465s
4818 483* 45
8
_
6% cony preferred
•140 180
__ *130
100 97 Apr 19 16018 Nov 21
__ *140 160 *140
9 Jan 9 31 June 13 - 21 May 26
20 Fuller (G A) prior pref _No par
*13
197
8
*13 -- 8
197
13
19% 13 -Oct
14
*150-14
4 Jan 19 23 June 13
No par
*63 11
8
*63 11
8
3 June 32 Feb
$6 2d prof
.6% 11
*6
11
*618 11
514 Aug 18
1 Feb 27
300 Gabriel Co (Tile) el A No par
27
3
2 4 2 4 *212 3
3
3
3% Sept
*23
4 3
*23
4 3
54 June
No par
30 Gamewell Co (Tbe)
*1112 1414
512 Dec 17 Jan
612 Jan 20 20% Aug 25
4
4
*1112 141 *1112 1414 123 123
/
4
14
14
25* Feb 28 12 June 20
714 714
712
7
5 Sept
/
1
4
714 714
714 714 3.930 Gen Amer Investors. No par
52 June
*712 8
Preferred
No par 42 Feb 23 85 July 7
*643 693
4
26 June 71 Sept
4
4
4
4
4
*643 693 *643 693 *643 698
4
4
*65
75
3,400 Gen Amer Trans Corp
4
5 133 Feb 28 4314 July 19
2812 29
2812 2812
912 June 353 Mar
4
2814 2914 2712 29
29
/ 30
1
4
45 Mar 3 27 July 18
8
No par
1,000 General Asphalt
•15
1614
43 June 1512 Jan
4
3
163 164 1534 15 4 1514 155* 151 1614
4
5 1112July 21 207 July10
1,800 General Baking
13
13
4
8
8
8 123 13
1012 June
1318 127 127
1953 Mar
*13
1312 13
3
218 Feb 6 10l July 7
5
1,000 General Bronze
6
6
5 Aug
5
5 4 *512 6
3
518 6
6
63
8
12 June
*35
8 4
1112june 9
114 Mar 31
No par
800 General Cable
5 Sept
313 312
4
4
14 May
3% 33
314 37
No par
1112 Sept
2 Feb 27 23 June 9
/
1
4
100 Class A
112 May
714 714
4 714
4 714 *63
4 712 *63
*6
712 *63
100
100 7% curn preferred
*14
161
/
4
612 Mar 30 46 June 9
*14
17
17
*14
33 June 2514 Sept
4
4512
17
16
16
No par 2812 Oct 20 485
300 General Cigar Inc
*285 29
8
8
8
8june 23
285 285* *285 2912
8
20 June 383 Mar
8 287 287
287 287
7% preferred
100 90 July 28 112 Jan 25
•100 102
75 June 106 Dee
.9814 102
*9814 102 *100 102 *100 102
2018 203 75,500 General Electric
4
1012 Feb 24 30'4 July 8
No par
1912 20% 193 2014
812 May 2618 Jan
4
195* 2114
a2014 2114
1118 1114 5,800 Special
8
10 107 Apr 26 1214July 24
117 Sept
8
/
4
10% July
1112 115* 1114 1112 111 1112 1114 1114
No par 21 Feb 24 397 Sept 18
353 357
8
8 8.800 General Foods
8
357
8
3512 35
8 35
1953 May 4012 Ma
3
35
3512 35 8 357
23 Feb
No par
27
8June 6
7
a 2,200 Gen'l Gas & Elee A
3 July
8
*3
4
3
4
3
4
oe Apr 1
%
3
4
7
8
%
7
8
%
Cony pref series A No pa
100
*8
10%
8
318 Apr 3 1612June 6
93
8 93
*714 11
*912 11
*912 11
3 June 2434 Jan
$7 pref class A
50
*1018 15
*1018 15
No par
7 Apr 20 1812June 20
5 July 30 Aug
/
1
4
1014 1014 *1014 15
*1014 15
$S pref class A
*103 18
4
No par
*103 18
4
*11
18
at July 40 Feb
5 Apr 6 20 June 10
*11
18
•11
18
100 Gen Ital Edison Elec Corp__
*523 55
4
54
241 Jan 9 553 Nov 16
/
4
1818 Apr 25 Mar
4
*525 54% *5315 54% 54
8
*54
56
65
651 2,900 General Mills
/
4
No par 3512 Mar 3 71 June 28
28 May 4812 Sent
6478 6512 6412 65
6852 6812 6512 68
100
*1021
8_
Preferred
100 9212 Mar 28 10612Sept 19
76 July 9612 Dec
8
8
*10212 1027 1027 1027 *10214 103 *10214 10278
8
3212 - - .18 171,300 General Motors Corp
38
10 10 Feb 27 35 4 Sept 14
4
3258 33
753 June 2453 Jan
3
3114 3218 313 325
31% 33
$5 preferred
No par 6512 Mar 3 95 July 15
88 8812 2,200
5614 July 8714 Mar
884 89
89
88
*88
89
8814 89
9 Feb
500 Gen Outdoor Adv A
87
8 8%
No par
4 June
518 Jan 9 24 June 13
4
g
*95 1212
8
83
4 9 3 *87 1212 .83 1053
3
4 Jan
Common
500
*37
418
7
No par
212 Mar I
4
4
412
25* Nov
1018June 12
414 414 *4
414
*3
14 Jan
10 General Printing ink
*11
13
No par
*11
13
13
212 July
3 Jan 4 17 June 10
/
1
4
1212 1212 *11
13
*11
$6 preferred
130
75
7612
No par 31 Mar 18 82 Aug 3
2712 June 60 Feb
*75
77
77
*75
*75
79
*75
79
7% Aug
700 Gen Public Service
I May
23
4 3
No par
2 Apr 6
814June 12
314 *3
3
318 *3
3
3
314
8
600 Gen Railway SIgnal
*285 297
8
8
6% July 285 Jan
No par 131 Jan 3 4912July 6
29
29
29
/
4
29
30 30
*30
31
214 Sept
2,700 Gen Realty & Utilities
15
8
15
/ May
1
4
8June 24
3 Feb 16
1
45
8
17
2
I%
1%
11
4
13
4
17
8 17
14
14
$6 preferred
300
5 June 16% Sept '
18
*14
4June 26
15
15
*15
16
16
16
Jan 19 223
512
No par
100 General Refractortes
10
10
15g June 15% Sept
No par
•9
912 *918 10
*9
10
*85 10
8
4July 5
212 Feb 27 193
8 Mar 27 Aug "
Gen Steel Castings pref No par
*15
25
25
91 Feb 17 39l July 14
8
*15
25
25
5115
25 •15
*15
6,930 Gillette Safety Razor_No par
z103 11
4
10% Jan 2414 Mar
4 11
103
111 1154 107 1114 107 11
/
4
93 Apr 20 2014 Jan 11
4
8
8
103
54
45 June 7212 Aug
Cony preferred
*53
No par 473 Apr 19 75 Jan 9
4
5412 53
•5218 545* .5214 545* *53
53
3 4 Aug
1
512 55
7 June
8
8 3,500 Gimble Brothers
43
4 47
No par
7 8June 27
5
3 Feb 9
4
514 55
5
5 14
45* 433
225s 2212 1,200
Preferred
Jan
63, Dec 31
*22
24
*1918 21
*19% 2012 207 2218
ioo
514 Mar I 33 July 7
15
1514 1.600 Glidden Co (The)
3% June 105* Sept
154 1512 *15% 1512 143 153
/
1
4
No par
5 15
3 4 Mar 2 20 July18
3
1514
20
84
35 Apr 76 Sept
*81
Prlor preferred
*8012 84
*8012 84
100 48 Apr 22 9112 Aug 1
8053 81
*8012 83
8 Aug
8
718 712 3,700 Gobel (Adolf)
25 May
7
7
/ 712
1
4
3 Feb 16 16 July13
No par
712 *63
4 7
714
71
175s 17% 6,300 Gold Dust Corp v t c._No par 12 Feb 27 273 July18
814 May 205* Sept
187 187
1753 1814 173g 1778
8 177 187
8
70 July 10112 Deo
*94
97
July21
*92
$6 cony preferred
/ 9712 *94
1
4
No par 97 Oct 17 105
9712 .94
9712 *84
97
121* Sept
214 May
1453 143 10.200 Goodrich Co (11F)
4
1414 143
4
8
4 1312 1453 133 14
133 143
8
3 Mar 2 2112 July 18
No par
7 May 3314 Sept
400
36
3658
*36% 38
37
Preferred
37
9 Feb 28 63 July13
100
3514 3514 *36
37
7
4
512 May 293 Aug
365 38
8
7
18,200 Goodyear Tire & Rubb_No pa
0363 37
4
34% 3712 3414 35
914 Feb 27 4712 JulyI7
35
3634
19% June 6912 Aug
59
5912 1,200
57
59
59
1st preferred
x59
59
58
No par 273 Mar 2 80'4 July 6
*57
59
714 Jan 305 Sept
712 712
700 Gotham Silk Hose
Vs 73
4
*73
2 73
4
732 8
8
8
20 1712./118(11.2
par
No
812 Oa
5014 Jan 7012 Oct
*____ 60
__
63 •____ 63 *__ _ 63
Preferred
____ 60
100 41 Apr 3 73 July 3
45 Jan
8
1 May
214 212
23, 212
1t 25*
253 212 3,100 Graham-Paige Motors
5 8July12
5
1 Apr 3
1
214 23
s
23, June 11% Sept
8Junel3
*812 914
500 Granby Cons M Sm dr Pr_ _100
9
814 9
9
83
4 9
3 g Mar 2 155
7
*9
912
93 Mar
/
1
4
4
3 June
45* 45
8 1,000 Grand Union Co tr etfs_No par
41
4 43
4
45* 458
43
4 5
41 45*
/
4
35* Mar 2 1052June26
22 June 3514 Mar
*24
26
8July 3
200
*2312 26
231 24
/
4
Cony pref series
*2314 26
No par 20 Sept 30 363
*233 26
4
4
17 Sept
63 June
,
*2118 24 8
*20 4 2412 *21
3
5521% 25
25
Granite City Steel
*2118 2384
Illa Mar 24 3058 Julyll
No par
1412 May 3014 Mar
8July 7
1,400 Grant (W T)
3114 3114
4 31
31% 317
4
3134
311 31
/
4
s 3114 313
No par 153 Feb 28 363
5 June 1314 Jan
1,300 Gt Nor Iron Ore Prop__No par
4
93 10
4
97 10
1014 1014
93 10
4
5% Feb 27 163 July 11
9 4 10
3
314 Apr 12 Aug
8Sept22
3612 374 3512 37
363 367 10,600 Great Western Sugar__No par
8
a
/
1
354 363
/
1
4
4 3614 367
67 Jan 19 41,
8
48 June 83 Aug
105 1063
4
/
1
210
100 7212 Jan 3 110 Sept 6
106 10612
105 105 *105 1054 105 105
Preferred
21 Sept
43 July13
12 Apr
Ss Mar 3
3
4
% 34.200 Grigsby-Grunow
3
4
%
7
8
No par
3
4
5
8
3
4
1
4
3
4
$ per Share $ per Share
*2
412
*2
5
51115 1214 115 115
8
*57
59%
59 59
5129
4114 3012 3012
283 2838 2712 2812
028
29
27 4 2912
3
3210 32 4 303* 32
3
*2238 23
*22
23
*1314 14
13
1312
4
1012
*93 1012 *9
4 58
58 53* *43
3
$ Per share
*2
412
*1112 113
4
5914 591
/
4
•29
31
273 28
4
*2812 29
317 323*
2218 2214
7
7 13
13
912
*9
*43
4 53*
1-6
•Bid and asked prices, no u,1. on this day. a Optional sale. z Ex-dividend. v Ex-rights.
New York Stock Record—Continued—Page 5
3977
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturdatl
Nov. 25.
MondaY
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Nov. 29.
Thursday
Nov. 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 00
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Highest.
Lowest.
is m re 8 Per
per share 8 per share i Per share Shares. Indus. & Miscall.(Con.) Par $ per share $ per share $ per sharei Shore
$ Per share
412may 18
ale118 114
Guantanamo Stufar_-__No par
14 Jan 23
Sept
.
118 114
*118 114
17
No par
634 Feb 27 38 July 13
17
300 Gulf States Steel
2 June 2118 Sept
/
1
4
16
16
*2034 22
20
Preferred
*35
48
100 1614 Jan 16 64 June 12
12 July 40 Oct
*35 48
*40 50
25 15 Mar 18 2512July 17
15 May 23 Jan
2014 2014
100 Hackensack Water
21
*20
21
*20
25 25 Apr 8 2878 Jan 12
•26
2814
60
7% preferred class A
19 May 28 Apr
*26
2814
*28
2814
11 Feb 28
/
4
912 July 8
414 Aug
514 538 3,900 Hahn Dept Stores___No par
/ July
1
4
512 532
512 55
8
400
100
25
25
Preferred
9 Apr 1 35 July 17
74 July 28 Aug
/
1
*2314 25
*2318 25
10
.378 412
100 Hall Printing
318 Feb 27 1012 July 7
313 July 1118 Jan
*3 4 4
3
414
4
*33
6
2 June 12 Feb
*2
Hanillton Watch Co—No par
213 Apr 5
9 July 14
6
*2
*2
6
20 Oct 30 Mar
*20
25
Preferred
100 15 Feb 11 35 July 17
*20
25
*20
25
90 Hanna(M A) Co $7 pf.No par 4513 Jan 4 85 Aug 28
33 May 70 Jan
84 84
84
*81
8312 8313
15
600 Harbison-Walk Refrao_No par
6 Feb 25 2512July 11
/
1
4
7 May 18 Sept
15
*1312 14
1412
14
18 Dec
2 Sept
Hartman Corp clam B_No par
13 Apr 3
13
4June 6
____ ____
4 Mar
3
Class A
No par
14 Mar 18
2
14June 6
/June
1
4
12Dec
214 214
20 Hat Corp of America Cl A-1
712June 21
Aug
7 Mar 16
8
7
- '24 212
";i" 15- •214 238 .12 4 --A3 *16 17 •
8
5 Aug 20 Sept
4116
10
100
17
61.2% preferred
5 Apr 5 30 June 21
/
1
4
17
17 •16
*16
16
16
14 June
313 Sept
114
114 1,200 Hayes Body Corp
No par
313July 17
3 Feb 27
4
114 114
/
1
14 14
/
1
138 138
.
3138 138
100 Helme (G W)
50 June 814 Sept
/
1
*10178 10212
25 69 Jan 16 10212Sept 1
/
1
4
*10112 10212 *10112 10212 10213 10212 *10112 10212
44 June
3
812 Jan
Hercules Motors
3 Mar 20 17 July 6
No par
4
,813
*812 9
*812 9
*812
4.815 9
13 Aug 2912 Sept
/
1
4
No par 15 Feb 27 63 July 1
601 6218 3.200 Hercules Powder
2
4 574 5814 59 6012
5612 583
59
*58
7012 June 95 Jan
70
$7 cum preferred
100 85 Apr 5 110 July 19
10914 10914
*108 10812 108 109 •108 10914 109 109
4312 July 83 Mar
300 Hershey Chocolate____No par 35 Mar 29 72 July 18
/
1
4
49 49
*4812 49 *4812 49
5014 5014 50 50
57 June 83 Mar
300
Cony preferred
No par 6434 Apr 5 90 July 18
*86
90
8614 8614
88
4
4 88 88 *86
883 883
314 Dec 1212 Aug
No par
312 Jan 4 1012June 20
5 4 51
3
8 8.800 Holland Furnace
5
/ 54
1
4
3
512 632
54 6
3
/
1
4
514 615
3 512 6
, .
/
1
4
234 Deo 103 Mar
214 Mar 2 1012June 7
100 Hollander & Sons(A)—No par
s
/
1
4
4 *512 6
53
4 534 *512 63
*5 4 6
3
306 306
1,200 Homestake Mining
100 145 Jan 16 373 Oct 5 110 Feb 163 Dec
307 300 300 293 303 310 319
307
•212 10
712 Nov
6 Dec
100 Houdaille-Hershey cl A No par
.612 10
44 Apr 7 15 June 8
/
1
*912 10
10
1011 10
/
4
*10
1 May
412 Sept
4June 9
1 Mar 2
63
338
338
300
Class B
No par
312 312
4113 31
/
4
*318 312 *31 313
4214 June 5718 Jan
4412
100 Household Mance part ptso 43 Nov 29 5114 Jan 12
*43
4412 43 43
4412 *43
*43
441 *43
834 May 2814 Sept
814 Mar 13 38 July 17
2334 24
800 Houston 011 of Tex tern ctfs100
/
1
4
2312 24 *2214 23 *2312 24
2314 24
118 May
5 8 Sept
3
Voting trust Mb new____25
*418 412
700
7 s July 7
3
17 Feb 28
8
414 414
4
414
4
/ 41
1
4
*412 43
4 Dec 1612 Jan
/
1
4
3234 3234 1.700 Howe Sound v t c
/
1
25
512 Jan 3 344 Nov 22
/
4
/
1
2914 3014 3012 314 311 3214
*3112 32
/
1
4
2 May 1134 Jan
3July 17
1158 1218 10,900 Hudson Motor Car_—.No par
3 mar 2
14 Feb 16 163
8
/
4
2
1118 113
4 113 111
1114 12
1138 111
5 8 Jan
3
113 May
3,20 Hupp Motor Car Corp
4
4
13 Mar 3
8
7 4July 13
3
33
4 34
3
34 4
3
41a
41
4
4
3g June
218 Sept
Indian Motocycle
238June 6
No pal?
2 4 Nov
3
23
1 Apr
Indlan Refining
10
412June 21
118 Apr 11
4
..2r2324 *213 324 *213 -14
-; 1. - 311•284 313 -7
718 June 40 Sept
7818 7,200 Industrial Rayon
77
No par 24 Apr 4 821z July 17
7714 7814
73 4 78
3
78
78'4 7512 783
/
1
4
14 Apr 44 Sept
/
1
4
2.900 Ingersoll Rand
6113 62
No par 1914 Feb 27 78 July 18
60 6112
63
6014 62
*62 6213 61
/
1
4
10 June 27 Sept
700 Inland Steel
4
34 343
No par 12 Feb 27 4573 July 7
3312 34
3258 33 33
3252
*3214 34
2 Feb 25
7 4 Sept
3
*5
5
/ 1,100 Inspiration Cons Copper___20
1
4
3 May
4
514
*5
4 5
5
5 14 *33
514 524
/
1
4
3 Jan
2
1 June
/
1
300 Insuranshares CCU Inc.No par
u
232 24
14 Mar 29
/
1
3713 ne 8
1
*224 212 232 232
*214 21
*212 21
314 July
818 Sept
•____
178
100 Insuranshares Corp of Del-1
412 Jan 10
14 Apr 5
/
1
4
13
8
13
4
/ 17
1
4
*13
4 11 *1
/
4
*17
8 2
14 Apr
3 Aug
/
1
4
412July 18
100 Intercont'l Rubber____No par
/ Mar 21
1
4
*232 2'2
212 21
*23
8 232
*238 258 *232 21
114 July
111 pr
y4 Sept
12
.414 423 1,600 Interlake Iron
No pa
218 Mar 1 12 July 13
4
438 41
458 48
5
5
43
4 5
Aug
/
1
4
500 Internat Agricul
538July 18
2
/ 2
1
4
No pa
7 Feb 17
8
*212 21
224 *214 21
*2
212 *218
334 Apr 15 Aug
Prior preferred
100
100
5 Jan 3 2713July 19
*104 13
/
1
1214 121 *1012 141 •1038 13
•1214 18
5212 July 117 Mar
300 lot Business Machines_No par 75 4 Feb 28 153'4 July18
145 145
3
145 146 •14312 146 .144 148
•
144 148
512 Jan
114 May
700 Internat Carriers Ltd
5
1
278 Jan 16 1073 July 7
5
5
*5
532
5
5
5
/
1
4
53 5
3
4
35 June 183 Jan
8
1,500 International Cement__No par
61 Mar 2 40 July 17
/
4
303 31
4
30 .29 30
30
30
304 3014 29
/
1
/
1
4
103 July 34 Aug
8
4058 4112 21,600 Internat Harvester____No par 1358 Feb 28 46 July 17
40
41
383 398
4
4012
41
4218 3812
Preferred
683 June 108 Jan
4
100 80 Jan 5 11918 Aug 15
/
1
31164 118
•11632 118 *116 118 *11638 118 *11638 118
/
4
238 June 111 Mar
512 5
/ 1,600 Int Hydro El Sys cl A....No par
1
4
212 Apr 4 13s July 19
8
514 5 4
3
We 512 *514 53
5 4 57
3
8
/ June
1
4
4 Aug
Int Mercantile Marine_No par
2
0
2
114 Jan 4
*3
3
/
1
4
352
3
58 *3
358 *3
334 *3
*3
312 may 1213 Sept
:
63 Feb 27 23 8.1uo
4
6174 N n
215s 22 91,400 Int Nickel of Canada_No par
2158 2138 2178
*22
2232 2011 2178 21
50 June 86 Mar
Preterred
100 72 Jan 11 110 Nov 22
*110 -- -Stock
•100
*110 ---- *110 ___- •110 112
13 June 12 Sept
8
20 Internat Paper 7% pref....100
*713 15
/
4July 11
212 Jan 4 211
4
11
912 912 *814 1052 *Ws 93
11
12 June
4 3 Aug
3
200 Inter Pap & Pow el A—No par
/ Apr 21 10 July 10
1
4
/
1
4
33
4 3
334 334 *334 4 Exchange
*33
4 4
*33
4
212 sept
1 Au.
Class B
14 May
14 A
400
No par
134 134
/ Apr
1
4
5 4July 10
3
178 178
213
2
2
*13
4 21g •134
Class C
NO POT
4 July 11
14 Jan
11 112 1.300
/
4
4 Closed
4 *153 13
113 13
112 1 8
,
113 13
4
Preferred
3
134 Dec 12 8 Sept
2212July 11
100
2 Apr
s 1,500
*812 87
2
83
3 87
912 912
8'2 914
*912 10
83 Mar
4
3 Dec
200 lot Printing Ink Corp_No par
14 Oct 10
1034 103
4
312 Feb 2
*1014 103 Thanks.
4
1012 1012 *1014 11
•1012 11
Preferred
30
4
100 35 Apr 1
136814 70
71 Aug 23 3243 Jan 45 Nov
70
70 *68
*68
68 68
70
•
68
600 International Salt
24
No par 133 Mar 2
93 June 2313 Feb
4
24
4
273
4July 5
giving
*23
/ 2312 2312 2312
1
4
4
*2312 2412 2314 233
204 July 44 8 Jan
3
700 International Shoe
8July 17
45
/ 4512
1
4
No par 2438 Jan
583
/
1
44
/ 444 45
1
4
45 457
/
1
4
2 4412 45 *44
900 International Silver
40 4013
100
712 July 26 Sept
9 Feb 2
/
1
4
5912July 17
Day
38
38
36
36
37
*36 3812 36
63
150
7% preferred
100 2413 Mar 2 7178July 17 26 May 65 Feb
62
/
1
6014 604 6014 6014
*5913 607
8 5918 60
/
1
4
2 May 1534 Sept
1312 30,600 Inter Telep & Teleg_ _No par
13
5 Feb 28 2134July 14
/
1
4
1312
14
123 1338 13
4
1312 137o 13
Jan
113 May 11
*4
458
100 Interstate Dept Stores-No par
878July 7
112 Mar 2
/
4
422 *41 438
412 412 *4
*412 5
5212 Jan
Preferred
•18
22
100 12 Apr 7 4038July 12 18 Jun
22
22 *18
3163
*163 22 ' 4 22 *18
4
7 Apr
2 Dec
/
1
4
Intertype Corp
No par
*514 6
14 Jan 24 1114 July 7
/
1
*514 6
*54 6
*5
/ 6
1
4
*514 6
28
2834 2,100 Island Creek Coal
1 11 Feb 27 32 July 15 1014 Apr 2013 Aug
28
27
27
27
27
261 271
/
4
/
4
503 Jewel Tea Inc
/
4
No par 23 Feb 27 45 July 7 151 May 35 Feb
*311 34
34
34
341
34
34
34
34
34
/
1
4
5612 5818 34,400 Johns Manville
No par 1214 Mar 2 60 8July 17 10 May 33 Sent
3
544 555
/
1
8
551
53
5714 5812 527g 571
3
950
Preferred
100 10114
100 42 Apr 5 10614July 11 45 July 99 4 Jan
9313 9434 951
98 102
9312
*9312 94
10 Jones & Laugh Steel pref-100 35 Feb 1 91 July 18 30 July 84 Jan
*55 57
56
56
57
*55
567
*55 5712 *55
914 Mar
3 May
100 Kaufmann Dept Stores $12.50
*614 63
4
258 Mar 15
9 8June 9
3
634 684
*614 7
*614 7
3
614 7
Sept
4 1,500 Kayser (.1? & Co
25
133 133
4
6 Feb 27 1912July
/
1
4
1312 133
4
/
4
/
4
*1312 1418 1312 141 131 131
..1.!3-8
!
4I
200 Kelly-Springfield Tire
212 212
5
/Mar 2
1
4
6's July 1 ..f. I
*213 23
4
*238 234
2 4 2 4 *212 3
3
3
6% preferred
1434
No par
6 Feb 28 31I8June 2---- --- ---- ---*10
15
*10
13
/ 1010
1
4
15 *10
15
•
12
---- --- -8 May 12
100 Kelsey Hayes Wheel conv.c1A1
*258 41
/
4
2 Feb 27
3
418
3
418 *3
*3
418 *3
Class B
.
3158
1
2 Mar 27
6134June 2
'133 212
*15
8 212 *Ng 212 *Ds 213 *128 212
s
234 May -ioi Feb
No par 3 1s Fisp10 1558Sept 1
1114 1138 6,100 Kelvinator Corp
0 jab 28
3
1118
11
/
4
113
8 103 11
4
1158 111 11
14C Kendall Co pt pf set A_No pa
73 July 8 17 July 38 Feb
5714 59
5612 5612 5612 5612 *5612 60 *5714 60
4 June 1914 Sept
/
1
4
2012 2134 30,800 Kennecott Copper
No par
7 8 Feb 28 26 Sept 19
3
2018 215
8
193 2034 2018 21
4
20 4 2114
3
612 Dec 1912 Jan
100 Kimberley Clark
12
No pa
572 Apr 6 2538July 7
12
13
1312
1312 •12
1312
1313 •12
*12
5 Sept
12 Apr
500 Kinney Co
No pa
1 Apr 3
614June 7
214 214
214 214
*214 3
.2
3
3
*2
3 June 19 Aug
.referred
15
No par
4 Feb 14 30 July 7
/
1
4
•1018
1018 15
/
1
15 *1218 15 *104 15 •
63 July 19 Jan
8
1258 121 2,900 Kresge (SS) Co
/
4
10
512 Mar 2 1678July 8
123 1318 123 1318 1258 13
4
4
4
123 13
88 May 110 Mar
100 88 Apr 4 105 June 14
*100121037% Preferred
/
1
*1004 103 •10012 103 *10012 103 *10012 103
18 June 37 Jan
100 Kress (S H) & Co
32
No par 27 Jan 17 4424 July 3
*31
3013 3012 *2912 32 .2914 32
*3012 34
/
1
10 May 184 Mar
No par 1412 Feb 28 3558July 11
23 234 7.900 Kroger Gros & Bak
/
1
2318
24 2418 2314 2418 2234 2414 23
4
25 May 563 Jan
3,000 Lambert Co (The)
No par 2218 Mar 2 4118July 17
30 30
/
1
2958 3018 2934 3014 02914 304
5
/
1
•
3018 304
7 Aug
/
1
4
2 May
*414
1012June 28
*41 5
/
4
Lane Bryant
No par
3 Feb 8
/ *418 5
1
4
*418 4
*418 5
818 Sept
*714 8
11 Apr
/
4
3 Mar 2 1238July 19
/
1
4
5
400 Lee Rubber & Tire
712 758
74 7 4
/
1
3
*74 73
4 *212 8
3 Apr 11 Aug
/
1
4
14
Lehigh Portland Cement---50
*1114 14 •11l4 14
•12
5 Jan 5 27 June 20
/
1
4
14 .1.1114 14
*12
40 Dec 75 Jan
77
7% preferred
77
*69
100 34 Feb 9 78 Sept 5
77 *69
77 *69
77 •69
1369
43 Aug
4
1 May
64 July 14
/
1
212 2.53
1 Jan 13
700 Lehigh Valley Coal____No par
212 212
27
2
/ 212
1
4
27
.212 3
•6
61
114 July 1112 Aug
213 Apr 10 12 June 19
Preferred
50
614
612 *6
6
714 136
*
*6
7
/
4
3012 June 511 Sept
6814 6814 1,300 Lehman Corp (The)___No par 3712 Feb 28 7938July 7
673
4
8
6914 67 68 •1812 683 6833 681
6924
6 May 2414 Mar
19
19
700 Lehn & Fink Prod Co
5 14 Feb 27 2314June 6
1878 1818
19
1812 181
•1812 19
938 Sept
334 May
4
s
321
32
/ 3314 36,501 Libby Owens Ford Glass No par
1
4
43 Mar 1 373 July 18
8
3178 3258 301 3214 33034 3138 31
32 June 6512 Oct
8212 84
1.800 Liggett & Myers Tobacco_25 49 Feb 16 98 Sept 18
/
4
8324 83'4 8334 8334 83 831
86
*84
3418 May 6714 Sept
8
16 993 Sept 15
8334 85
4,500
Series B
25 4914 Feb
84
851
8414
861 86'2 8512 8612 8412 1243 *12434 1311
/
4
127 127
300
Preferred
100 121 Mar 22 14018 Sept 18 100 May 132 Oct
12512 12512 12434
•128 131
14 June 21 Mar
•1478 16
100 Lily Tulip Cup Corp__No pa
13 Apr 6 2112May 16
*1478 16
*14
/ 16
1
4
8
15 •147 16
15
/
1
4
812 Apr 19 Aug
32318 2612
Lima Locomot Works—No par 10 Jan 17 3184 July 3
261
27 *23
28 *2314 271 *23
25
•
612 June 14 Mar
*1214 13
500 Link Belt Co
4July 5
1214 121
No pa
6 A pr 17 193
/
1
4
13 *1214 121
13
13
13
9 May 22 Mar
25
25
1,300 Liquid Carbonic
par 1014 Feb 25 50 July 18
2458 2453
241
No
2312 2412 2334
25 25
4
1314 May 373 Sept
2918 30
6,400 Loeprew s Incorporated —No pa
ened
812 Mar 22 3612 Sept 18
2813 301
2838 281
29 2912 2713 291
39 July 80 Sept
*6618 68
Preferred
No par 35 Apr 4 7813July 19
465 6712 *65 68 *66 68
,
*65 68
5 Sept
21
s
212
414June 8
17 June
218 214 1,800 Loft Incorporated
No par
13 Feb 24
4
/
1
24 21
2
/ 258
1
4
258 24
/
1
2 Aug
/
1
4
112 112 1.700 Long Bell Lumber A—No par
512June 19
14 May
12 Feb 28
138 153
114 314
114 13
4
•1
114
2
1618 July 363 Feb
*41
411 1,500 Loose-Wiles Biscuit
/
4
25 1914 Feb 27 43 Nov 18
4134 4224 4034 413
4012 41
42 42
96 July 118 Oct
•11614 120
70
7% 1st preferred
100 11312May 9 120 Jan 14
11614 11614 11614 1161 *11614 120
•11614 118
8
9 May 183 Sept
17
17
/ 8,100 Lorinard (P) Co
1
4
No par 10 Feb 16 2524 July 6
/
1
4
17
1714
164 1733 1673 17
/
1
1713 174
/
1
4
500
7% preferred
100 87 Feb 23 106 Nov 25
73 Jan 10818 Sept
/
1
4
105 1053
/
1
4
/
1
4
106 106 •106 10612 106 106 *__ -- 106
12 Jan
214 July
'
3134 2
600 Louisiana 011
No par
vg Jan
*IA 2
4 July 12
134 134
2
2
2
2
.3E08 13
3 Dec 18 Jan
Preferred
100
312 Feb 24 29 July 21
*918 13
*918 13
4.218 13
*818 13
16
2,900 Louisville Gas & El A_No par 1378 Apr 8 25 4June 13
812 June 2333 Mar
16
3
/
1
1513 164
/
1
4
1713 17
/ 1718 17 31612 17
1
4
112 Jan 1138 Sept
1
4 Feb 28 2018July 11
12
/ 121 2.000 Ludlum Steel
1
4
/
4
1112 1112 1214 1214
1212 13
1212 131
612 Jan 26 Sept
100
Cony preferred
*60
70
No par 143 Mar 28 66 Nov 25
8
70
70 *60
66 66 *60 70 1360
913 Aug1514 Feb
2838 28
/
1
4
800 MacAndrews & Forbes
10
912 Feb 16 2918 Sept 23
2712 28
s
27
/ 277 •2718 28
1
4
2734 273
No par 13 Feb 27 463
10 June 2834 Sept
14.400 Mack Trucks Inc
/
1
4
8July 7
3512 37
35
/
1
4
35
3334 35
3312 36
35
/ 363
1
4
17 June 6012 Jan
No par 2414 Feb 25 6534July 7
51
52
1.800 Macy (R H) Co Ine
503 5138
4
*4813 511
49 5014 50 52
413 Sept
*2
/ 3
1
4
Madison Sq Gard vi o_No POt
14 Mar 30
/
1
7 June 26
2 Jan
/
1
4
*27
8 3
*234 3
*234 3
3234 3
412 Apr 1334 Sept
538 Mar 2 1958 July 19
No par
•1514 1514
800 Magma Copper
153 153
8
4 15 1514 *1434 1534
153 16
4
78 Feb 15
12 Jan
4 Sept
2
514June 29
2
800 MallInson (H 12) & Co-No pa
212
4
15 11 4.514 1432 *112 1432
8 / 134 2
•168 17
100
3 Feb 10 2684 July 6
4 Aug
0 Sept
/
1
4
*6
1453
7% preferred
*532
1414
*614 143
8 *5
14 Jan 4
5 4July 10
3
100
214 Sept
3114 2
/
1
100 Manati Sugar
Is Mar
*132 2
114 11
•134 2
•114 2
Sept
Apr
100
8 Jan 6 91
2
/
4July 19
*2
/ 41g
1
4
20
Preferred
*2
/ 47
1
4
234 27
*212 6
*3
6
*33
4 538
434 Sept
34
9 8June 10
7
No pa
112 Jan 3
114 Dec
Mandel Bros
8
•31
4 6
*33
4 552 *334 55
.3 4 6
8
25
5 Apr 1 23 July 18
/
1
4
9 Aug
312 June
12
12
1,367 Manhattan Shirt
12 *1112 12
11
1212 12
1112 •12
11 Aug
/
4
4 June 12
/June
1
4
Maracaibo Oil Explor-No Pa
12 Jan 18
•114 2
*114 2
3 / 2
.11
4
*114 2
•114 2
10
514 Mar 31 1112 Jan 9
612 June 1438 Aug
6
6 14 5.200 Marine Midland Corp
63
8
6
578 6'8
6
614
eh
6
Ex-rights.
•Bid and asked prime, no sales on this day. a Optional sale. C Cash sale. 5 Sold 15 days. zEx-dividend.
per share
*113 114
1812 1812
*40
46
21
*20
28
28
6
14 512
2318 24
*3
/ 4
1
4
*2
6
25
*20
84
*81
13'2 1312
$ per share
*118 114
1812
*16
40 40
21
*20
2712 2712
518 538
2312 2312
32 33
7
7
*2
6
*20
25
84
*81
1312 1312
*
3978
parFoR
SALES
New York Stock Record-Continued-Page 6
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
Nov. 25.
Monday
Nov. 27.
.,
Dec. 2 1933
Tuesday
Nov. 28.
Wednesday
Nov. 20.
Thursday
Nor, 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
PEI( SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & MIscell.
(Con.) Par $ per share $ per share $ per share $ per share
•14
15
14
14
*1312 14
14
14
1418 1418
700 Marlin-Rockwell
No par
6 Feb 27 2014June 3
53 May
4
133 Sept
4
Marmon Motor Car___No par
14May 5
218June 6
12 Apr
312 Sept
-131 13 4 -13- -- -1- -liT2 ii- -1212 -1234
8
-113 8
.
123 13
4
3,300 Marshall Field & Co_ __No par
4% Jan 30 183
8June 3
3 July
1312 Jan
4411 441 1 4031 4314 393 4112 40
4
4112
4112 4212 14,000 Mathieson Alkali WorksNo par 14 Feb 27 4651 Nov 22
9 June 207 Mar
2712 2712 *2714 2712 *2512 27
26
267 2718
8
263
4
500 May Department Stores_25
93 Feb 24 33 Sept 18
4
912 June 20
Jan
414 414 *4
414 *4
414 *4
412
4
414
100 Maytag Co
No par
118 Apr 10
812July 10
1 July
6 Aug
•10
5912 103
107
8 10
10
8 •
11
912 1012
.10
Preferred
100
No par
3is Apr 4 1514 Aug 28
3 Apr 1012 Sept
46
46
*4412 50
*4412 50
*4412 50
.4412 50
60
Prior preferred
No par 15 Apr 5 58 Oct 14
2218 Dec 3514 Jan
24
24
*237 2412 2412 2412 *237 25
8
25
.23
200 McCall Corp
No par 13 Mar 3 304 Sept 15
10 May 21
Jan
114
13
8 •114
114
114
114
lit
13
8
114
1,400 McCrory Stores class A No par
11 1
3 Apr 15
8
47
8June 8
612 Dec 16
Apr
4 13
15
4
13
4 I%
17
17
.13
4 17
8
13
4 13
500
4
Class B
No par
114 Jan 13
6 Jan 5
5 Dec 19
Jan
*73
8
7
73
8 *614 7
*614 712
*614 712
Cony preferred
200
100
212 Mar 17 21 Jan 9
20 Dec 82 Feb
45
45
*412 47
*412 47
*45
*412 47
5
100 McGraw-Hill Pub Co.No par
3 Apr 4
818June 12
212 May
712 Jan
383 393
4
37
3918 3814 3912 3914 4114
41
417 34,600 McIntyre Porcupine Mines...5 18 Mar 16 48% Oct 25
8
13 May 215 Dec
88
88
8412 87% 87
88
8712 8712
87
8812 1,700 McKeesport Tin Plate_No par 4418 Jan 4 953 Aug 28
4
28 June 6214 Feb
57
55
6
512 53
4
53
4
7
53* 5 8
53
4 57
2,800 McKesson & Robbins
5
13 Mar 2 1312July 3
4
1 18 June
612 Sept
•143 15% 15
8
*14
15
15
*14
147
14
14
400
35 Mar 3 25 July I
Cony pref series A
50
313 May 23 Feb
*1
118
1
118
1
1
1
1
1
118 2.100 McLellan Stores
No par
3% July 11
13 Feb 24
3 July
8
97
4 Mar
97
9% 9% 10
10
10
11
1012
1012
400
8% cony pref ser A
100
21s Jan 16 221* JulyII
7 Dee 36 Mar
•2512 2612 2614 2614 *2512 263 *2514 2614
4
*2514 2614
100 Melville Shoo
No par
77 Dec
84 Feb 27 283 Oct 10
4
18
Jan
*73
4 9
*73
4 83
4 *73
4 812
73
4 812
83
4 83
4
400 Mengel Co (The)
1
2 Mar 1 20 July 19
I July
5 Aug
•30
3212 *30
3212 .30
3212 •30
3312
"30
3312
7% preferred
100 22 Jan 28 57 July 18
20 May 38
Jae
•14
147
16
16
*1514 16
1512 1512
*1514 16
200 Mesta Machine Co
5
7 Feb 24 21 Sept 12
51* May
1912 Jan
•1914 2012 *1914 20
*1914 20
*1914 20
"1914 20
Metro-Goldwyn Pict pref__27 1312 Mar 1 22 Sept 1
14 June 2214 Jan
43
43*
4
4
.4% 43
4
414 43
4
700 Miami Copper
*414 5
1% Mar 3
5
93
4June 2
1 12 June
614 Sept
133 133
4
4 13
14
13
1314 1314 1312
133 14% 7,400 Mid-Continent Petrol...No par
4
33 Mar 2 16 July 7
4
33 Apr
4
87 Sept
12
12
11 18 12
1134 1134 *1114 12
.11
12
1,200 Midland Steel Prod_ ___No par
3 Mar 2 173
4July 7
2 June
12 8 Sept
,
70
*62
*64
68
*59
66
*59
65
65
.59
8% cum lot pref
100 26 Mar 3 72 Sept 6
25 Juno 65 Sept
•23
27
*25
27
*25
27
*25
27
*25
27
Minn-Honeywell Regu_No par
13 Apr 4 28's July19
11 June 2312 Jan
*212 3
*23
4 27
8
23
4 27
2% 2%
8
23
4 23
600 Minn Moline Pow Impl No par
4
53 July 18
7 Feb 3
8
3 June
8
33 Aug
*17
1812 17
17
17
17
17
17
18
18
400
Preferred
No par
6 Feb 7 30 July 18
4 Dec 145 Aug
.13
137
4
13
13
13
*12
*12
1278 127
128
8
200 Mohawk Carpet Mills_No par
7 Jan 23 22 July 17
512 June
14 Sept
7
743 748 7212 73
8
7214 7212 72
7212
73
737
8 1,900 Monsanto Chem Wks_ _No par 25 Mar 3 753 Nov 21
13% May 30% Mar
225 2318 21
2234 21
22
213 2214
8
22
227s 64,500 Mont Ward & Co Inc No par
8% Feb 25 287
312 May
8July 7
1612 Sept
393 41
*40
4112 3912 3912 *39
41
1.000 Moue!(J) & Co
38
38
No par 25 Jan 6 56 July 3
20 May
3514 Mar
3
4
3
4
3
4
31
3
4
3
1
4
3
4
3
1,700 Mother Lode CoalitIon _No par
8
4
kt
3 Aug
4
is Jan 9
21rJune 22
% May
434 5
414 43
414 434
512 512 22,790 Mow Meter Gauge& Eq No par
4
43
538
14 Jan 5
64 Sept 14
114 Sept
14 Apr
.2512 26
2414 26
*243 257
8
8 2412 2412
251s 2614 1.100 Motor Products Corp_ No par
73 June 293 Sept
4
73 Mar I 363 Sept 14
8
.
8% 814
812 *7% 8%
8
818 814
814 812 2,600 Motor Wheel
No par
11%July 10
2 June
112 Mar 1
65* Sept
5
5
*412 5
*412 5
*412 5
"412 5
100 Mullins Mfg Co
No par
4July 18
2 June
112 Mar 21 103
13% Jan
•11
13
.10
*10
13
*10
13
127
8
*1012 127
Cony preferred
No par
5 Mar 21 25 June 9
5 June 2712 Sept
•1212 1314 12
*1112 1314 *1112 1314
12
*1112 13
100 Munsingwear Inc
No par
5 Mar 30 183
sJune 27
7 Aug 15% Sept
54 534
3
514 57s
51
58
3
538 5513
512 618 5,500 Murray Corp of Amer
11 Feb 25 1112July 17
10
218 July
97 Mar
8
*1414 1512 *1414 1512 .13
1512 *13
151z
•13
1512
Myers F & E Bros
No par
8 Jan 25 2012July 10
718 June
19
Feb
23 8 2414 2214 237
5
2218 231s 223 2338
4
2314 243 37,000 Nash Motors Co
8
No par
1118 Apr 12 27 July 10
8 May
193 Sept
4
43
43
434 43
*43
4 5
41 t
4
45*
43
4 43
73 July7
4 1.300 National Acme
4
10
118 Feb 28
1 14 Slay
53 Sept
4
.4% 5
47g
*41 1 5
412 412 *412
*418 5
100 National Belles Hess pref__10
97 July 18
114 Jan 27
18 May
6 Sept
4814 485
8 4612 48
46
473
4 4612 473
4
47% 48
10,200 National Biscuit
10 3112 Feb 25 60%June 28
2014 July 467 Mar
8
•12918 1323* *12918 1323* 13014 13014 *12918 135
*13011 13418
100 118 mar 3 145 Aug 18 101 Slay 14214 Oct
7% cum pref
100
1518 1518
143* :5
14
15
14% 1412
143 143
4
4 2,900 Nat Cash Register A_ __No pa
518 Mar 2 235*July 19
x614 Dec 183 Sept
4
143 145
8 14
8
1412 14
1414 1378 1418
x133 14
4
22,500 Nat Dairy Prod
No par
1012 Feb 27 253 July 19
143 June 313 Mar
8
•12
I.
*12
3
4
*12
34
*12
kt
52
100 Nat Department Stores No par
12
6 Mar 15
212June 26
14 June
218 Aug
•210 5
*334 41. *334 412 *33
4 4%
*33
4 412
Preferred
114 Feb 23 10 June 6
100
114 Dec 10 Aug
24374 2514 2412 27 - 253* 2612 2618 26%
2614 2712 107,700 Nati Distil Prod new___No par 234 Nov 23 3314 Nov 9
_
Stock
_ ______
$2.50 preferred
4
24 Feb 8 115 June 28
2018 May 3212 Feb
;HT... 14; •12344 - - - ;H. -- -3
15
% 15
123. 1-6
4
.
•iiit 1
_Nat Enam & StanapIng_No par
5 Feb 2 183 Sept 18
4
33 July
818 Sept
13814 13814 138 138 *130 13812 1383 1383 Exchange •130 1377
4
4
300 National Lead
100 4314 Feb 23 140 Nov 20
45 July 92
Jan
•123 12518 *123 125
4
1243 125 *122 1243
4
122 122
Preferred A
300
100 101 Mar 1 12814 Nov 1
87 July 125 Mar
•10018 103 .100 103 .100 103 *100 103
Closed
•100 103
Preferred 13
100 75 Feb 23 10918July 19
61 July 101
Jun
10% 11
1018 1114
97 103
8
8 10
1014
10
1018 16,800 National Pow & Lt__No par
Apr 1
2012July 13
63 June 20% Sept
8
4334 45
427 4512 43
8
44
4312 4412 Thanks.
4413 4518 9,000 National Steel Corp ..No par 15 Feb 27 55's July7
1312 July 3378 Sept
.153 16
4
15
15
1414 1414 1414 1414
7 147o
14
500 National Supply of Del
4 Apr 6 283*June 12
SO
312 June
13 Sept
*33
397 *33
8
397 .33
8
387 .33
8
39
giving
•33
39
Preferred
100 17 Feb 23 6014June 3
1312 May
3918 Aug
3
31s 3 8 '212 33
8 *213 3
23 23
4
•3
314
400 National Surety
114May 3
10
812 Jan 6
412 July
197 Au,
8
18
1812 173 183
4
1714 173
4 173 187
8
8
4
Day
19
1912 9,600 National Tea Co
No pa
312 May
612 Jan 4 27 July 18
107 Au;
8
*612 73
4 *612 734 *612 73
4 *612 734
•612 734
Neisner Bros
No pa
112 Apr
112 Jan 16 1218June 26
512 Jae
---- ---- ---- ---- --_- ---- ---- ---Nevada Consol Copper_No par
212 Slay
4 Feb 28 113*June 2
1014 Sept
.64 613
6'4 614 .6
614 .6
614
6
6
200 Newport industries
I% Mar 29 1134 July 5
1
1 12 June
334 Sept
•13
14
13
13
13
13
*127 14
•1212 15
200 N Y Air Brake
414 June
8
No pa
6, Apr 4 2312July 7
1412 Sept
.4
47
a *4
412 *4
412 *4
412
412
*4
New York Dock
8June 23
117
100
318 Dec 10 Sept
312 Oct 21
*812 101 1
4812 10
*812 10
.812 10
.812 1012
Preferred
100
20
6 Oct 19 22 June 23
Apr 30 Aug
*3
8
3
4
3
4
*5
8
3
4
3
4
%
•58
514
34
200 N Y Investors Inc
4June 12
No par
23
12 Apr 3
12 June
33 Aug
4
•1014 103
4
912 1014 10
10
10
912 10
10
1,700 NY Shipbldg Corp part stk__1
13 Jan 4 2212 Aug 9
4
15 Dec
8
614 Feb
*65
74
74 .65
*65
*65
74
74
74
•135
7% preferred
100 31 Jan 9 90 June 19
20 June 57 Mar
*7518 77
77
*75
7518 7518 *755 77
8
*7512 77
40 N Y Steam $6 pref
8
No par 70 Nov 24 1017 Aug 8
70 May 100
Oct
841, 8412 8412 8412 85
8512 86
36
88
88
70
37 1st preferred
No par 83 Nov 24 110 Jan II
90 June 10918 Mar
.333- 34% 327 34% 3312 34
1
34
8
35
35
353
8 6.900 Noranda Mines Ltd__ _No par
s
173 Jan 14 387 Sept 20
8
103 May
4
213 Sept
8
15% 1612 153* 1612 147 1512 147 153
8
8
1514 153 40,100 North American Co
4
133 Nov 18 36'2 July 13 1334 June 4314 Sept
4
No par
34
35
34% 35
35
35
*3418 353
4
*34% 3534
SOO
Preferred
50 32 Feb 28 46 Jan 12
2512 July z48 Sept
3
512 5 4
3
512 5 s
514 512
514 53*
514 53
4.500 North Amer Aviation
9 July 17
4 Feb 27
5
114 May
65* Dec
*45
50
47
47
47
48 .46
48
*45
48
400 No Amer Edison pref _No par 39 Nov 20 79 July 13
49 July 88 Sept
*412 512 *5%
512 *414 512 *5
512
45
8 45
100 North German Lloyd
8
33 Oct 16 10 June 7
8
25 June
8
8
Jan
*34
*34
36
*34
36
*34
36
36
36
.34
Northwestern Telegraph_ __50 263 Apr 27 43 June 5
4
15 June 33 Aug
*23
4 3
*23
4 3
2 4 27
8 *214 23
3
4
S7 July 18
25
8 25
8
400 Norwalk Tire & Rubber No par
1 18 Feb 23
3 Feb
4
212 Aug
143 1412 137 1414 137 143
8
8 1414 147
145 15
8
22.600 Ohio Oil Co
27 17s July 6
4
No par
43 Feb
5
Jan
11 Aug
5
5
412 43
414 43
43* 43
412 43* 1,900 Oliver Farm Equip_
118 Feb 27
No par
83
4July 7
12 Apr
4 Aug
1514 15% 15
1514 *1412 15
15
15
•1412 16
700
Preferred A
4June 9
No par
314 Feb 28 303
212 May
1014 Aug
47
54 54
3
3
3
514 5 4
5
5
•43
4
*43
4 5
700 Omnibus Corp(The)vtc No par
13 Mar 2
4
83
4July 18
112 Jun
4
43 Mar
.85
8 9
812 83
4
9
8% 9
10
2,000 Oppenheim Coll dz Co_.No par
9%
212 Feb 28 15 Juno 2
97 Jan
93*
3 June
•
Orpheum Circuit Inc prof.
.100
7 June 9
1% Jan 30
3% June 15 Sept
13% 137
8 13
14
133 1414 13
3
13
1312
1312• 4,500 Otis Elevator
1018 Feb 27 2514July 18
No par
9 Slay
2212 Jan
.45
95
*45
97 .45
97
97
*45
*45
97
Preferred
100 9312 Apr 5 106 July 19
90 May 106 Nov
.414 43*
4
4 14 .38 4
*4% 414
*4
414
600 Otis Steel
914June 13
114 Mar 1
No par
114 May
914 Sept
10
10
*9
1018 *9
1018 *814 1018
*814 1014
100
4June 13
Prior preferred
214 Feb 28 213
100
318 May
2018 Sept
70
79
78
4
8112 78
783 80
82
81
8212 6.300 Owens-Illinois Glass Co____25 3112 Mar 3 963
4July 13
12 June 42% Nov
1712 173
4
173* 173
8 1714 1712
4 173* 175
1714 1712 6,700 Pacific Gas & Electric
25 1638 Nov 18 32 July 12
167 June 37
8
Feb
234 24
23
2412 2314 2314 2314 2312
2312 2353 5,400 Pacific Ltg Corp
No par 2214 Nov 20 433 Jan 11
2034 June 4712 Aug
*22
23
*21
2312 *21
23 *2112 2312
*21
29 July 5
Pacific Mills
22's
314 May
6 Feb 21
100
14 Aug
•77
79
4176
7712 77
77
76
77
56718 76
120 Pacific Telep & Teleg
100 65 Mar 3 044 July 14
58 June 104% Mar
4
4
333 4
414
43*
4
43*
18.400 Packard Motor Car.__No par
6%July 14
37
8 4
14 Mar 24
1 12 July
514 Jan
• 8 123
93
s *9311 123
8 103 103
.95 123
8
8
8
100 Pan-Amer Petr & Trans news
8
8 *93 123e
8 June 2 14 July 10
24
24
2212 233
4 2312 2313 2212 233
.2212 2314 1,300 Park 'Mord Inc
8
2 -Apr 10 Sept
6 Jan 20 363 Oct 0
8
No par
118
11,3
118 *1
118
1%
114 *1
118
118
SOO Parmelee Transporta'n.No par
3 July 1
14 June
3 Mar 21
3
2
Jan
*112 13
4
112 112
112 112
13
8 13*
112 112
600 Panhandle Prod & Ref.No par
414June 21
3 Apr 18
s
14 Dec
14 Jan
1% 13
4
112 15
15
8
112
8
112
8
15
112 11.900 Paramount Publlx etts
112
212June 6
18 Apr 5
10
27
23
33*
4 27
4 3
3
23
23
3
3 273
3
414 July 18
2,700 Park Utah C M
38 -Apr
34 Jan 9
1
i Sept
•13
4 17
8
1% 13
4
15*
13
4
15*
13
4 2.600 Paths Exchange
13
4
13*
14 May
No par
114 Aug
2'2 July 10
13 illT1 4
97 1012 10
11
Ills
103 11
4
1018 10
1012
3,900
Preferred class A
_No par
1 14 June
53 Feb
114 Jan 25 11% Nov 23
213 213* 193 21
8
4
20
2118 2012 218
215* 217 16,600 Patine. Mines & Enterpr No par
o
25 Nov 16
318 July
53 Jan 16
8
912 Sept
318 318
2
110 2
27
214 214 6,700 Peerless Motor Car
2
212
3 June
34 Feb 16
4
3
43 Apr
4
0's July17
5818 5818 59
5712 5712
593
5814 5814 x5712 5712
800 Penick & Ford
No par z2512 Feb 27 593 Aug 29
16 Juno 323 Mar
4
523 5212 50% 527
8
5112 51
50
5112 537 10,800 Penney (.1 C)
513
4
3412 Mar
No par
13 May
1914 Mar 2 533 Nov 21
8
•10412 1051 1 *10412 10514 10412 10412 10412 10412
•105
__
200
Preferred
100 90 Jan 4 108 Aug 1
60 June 91 Mar
414 414
4
•4
413 414 *4
4
1
14
414
400 Penn-Dixie Cement_ __No pa
12 Apr
212 Aug
012June 19
4
3 Jan 25
.1218 13
13
12
24
*12
13 .12
12
13
200
Preferred series A
3 Nov
100
8 Sept
418 Mar 2 32 July 5
2834 2914 28
28
*2614 27
27
27
27
28
800 People's G L & C (Clalc)..100 a2618 Nov 22 78 Jan 9
39 July 121
Jan
11,3 113 •1012 113 .10
8
8
9012 1114
8
113 *10
100 Pet Milk
s
113*
5 Dec 1212 Jan
No par
612 Feb 2 1514June 8
11 18 111 1
107 1114 10
1114 1 III
1012 11
ION
2,950 Petroleum Corp of Am_No pa
23 May
8
7% Sept
45 Jan 3 15 July 3
1612 163
4 15 4 167
1612 1631 9,500 Phelps-Dodge Corp
3
8
153 1612 16
37 June 11% Sept
4
165*
412 Jan 4 187 Sept 19
25
*
•2312 2412 .2213 2412 *223 2413 *2314 2412
*2314 2413
4
Philadelphia Co 6% pref. __50 2112 Nov 22 36 July 7
18 June 41 Mar
•__
42 •____ 42 ..._ 42
42
*35
x393 39 4
4
100
3
VI preferred
48 June 76 Sept
4Nov 29 62 July 8
No par z303
iTs 414
418 414
4
4 14 2,301 Phila & Read C & I
43* 418 *4
77 Sept
414
2 June
912July 14
No par
213 Feb 27
123 *12
*12
4
1214 .12
.12
1218 1213 1218
1212
200 Phillip Morris & Co Ltd..._10
8June 7
7 June 13 Aug
8 Feb 23 147
.812 13
•812 1212 *812 1112 *812 1112
*812 1112
Phillips Jones Corp__No par
312 Apr
123 Sept
3 Feb 8 163 July 18
4
4
1614 163
8 1514 163* 1514 16
1614 1612 23,500 Philips Petroleum
1512 1614
2 June
4Sept 18
No par
43 Jan 4 183
4
818 Sept
133 1312 1212 1312 1218 1212 1212 133*
8
13
1412 1,920 Phoenix Hosiery
2 Nov
15 Mar 15 1412 Deo 1
8
5
918 Aug
37
*43
.412 5
5
4
*412 5
412 412
500 Pierce-Arrow Mot Car Co new 5
712 Nov 2
8
37 Dee 1
7
8
*1
1
118
7
8
7
8
3
8
*78
1
1
2,900 Pierce 011 Corp
3-4 Sept
1s July12
25
14 Jan 3
14 Jan
•712 9
7
7
•7
*7
83
4
814 *712 838
37 Feb 27 1314 July 12
100
Preferred
312 Jan
104)
9 Aug
•110
13 •112 1%
8
112 110
1%
1 12
1 12 110
600 Pierce Petroleum
12 May
4June 21
No pa
23
ss Jan 23
13 Sept
8
201- 205
2
8 2018 2018 1958 1938 •19% 201;
197 197
8
8
600 Pillsbury Flour Siills
8June 7
912 Dec 2212 Jan
No pa
8
93 Feb 24 267
74 .6914 73 .70
4
733 .68
.683 7218
4
*70
Pirelli Co of Italy Amer shares 333 Apr 4 75 Nov 16
7334
21 June 3134 Mar
8
3
*103 1318
•1012 1314 *1012 1314 *10 4 1314 0103 1314
Pittsburgh Coal of Pa
4
3 May
100
4 Feb 25 23 July IS
115* Sept
3812 *35
*35
39
39
39
535
*35
39
*35
Preferred
17 Dec 40 Jan
100 17 Jan 25 48 July 14
• 131d and asked prices, no sales on this day. a Optional sale. s Sold 15 days z Ex-dividend. c Cash sale. II Es-rights.
New York Stock Record-Continued-Page 7
3979
12r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 25.
Monday
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Nov. 29.
Thursday
Nov. 30.
$ per share $ per share $ per share 5 per share $ per share
*53
*53
4 04
4 7
612
/ *6
1
4
5
/ 5
1
4
•21 18 2412 .208 22
2112 2112 21 18 21 18
•13
4 214 •13
4 214 *13
.13
4 3
4 3
.....,_ 11
11
11
*10
*10
.10
11
8 4
.212 3
3
3
*23
`
214 4
36
36
37
37
*35
36
37
40
.218 31 .218 314 .218 314 *218 314
/
4
4 1412 15
1414 143
15
/
1
/ 1512 144 1514
1
4
914 914
10
83
4 014 .938 10
10
*3
31
.23
4 3
4 334 .23
/ .23
1
4
4 35
8
11 11 *112 2
*13
/
4
4
/
4
11
/
4
*112 2
21
21
1918 2018
1918 2012 193 2012
4
17
.1614 25 .16
17
25 .1512 19
218 214 *2
214 .2
218
2
218
.714 9
7
714
*53
7
4 7
7
421 41
/
4
42
4133 403 417
8 41
4
4112
109 110
110 110
110 1104 .109 110
/
1
7
8
12
3
4
/
1
4
5
8
/
1
4
3
4
12
.414 53
4 *414 531 *4
*4
6
7
353 3612 35
357
8
36
3512 35
8
x35
1
4
33
.623 64
8
6412 *6218 65
6318 64 /
771 7712 .761z 80
7812 79
*77
/
4
83
.83
8712 *8114 87
8712 *83
8712 .83
•10018 107 .100 107 *1001 1033 .1001 106
/
4
/
4
4
/
1
4
•--__ 853
/ 85 .....__ 907 ---- 8912
1
4
4 85
45
45
4312 4414 44
44
*4412 46
102 124
113 12
4
/
1
/
4
1118 111 104 111
61
6018 6014 6018 60's 61
*6014 61
134 14
/
1
15
15
,
1414 14 8 1314 14'4
/
4
612 61
61 67
/
4
6
/ 7
1
4
67
8 7
*2218 23
24
25
*2218 24
.24
24
4
1512 143 1518 1434 15
1512 1512 15
/
4
2
2
2
2
21
21
/
4
2,
8 24
,
1412 15
15
154 15
/
1
/
1
4
/ 153 15 z15
1
4
8
9
9
8
9
9
.812 9
93
/ *9
1
4
4912
4912 *35
•35
4912 *35
4912 .35
212 *2
.218 212 *2
212 *218 23
8
*6
.6
10
10
10
.6
1012 .8
63
4 7
4
63
63
4 63
4 714
7
7
*23
25
25
25 .23
27
25
•25
.2818 , 31
2818 281
/
4
.281 30 .2818 29
/
4
31 315
/
3
4
3 18
5
315 33
314 314
15
1458
4 1414
13
/ 143
1
4
8
1518 137 15
32
32
3212 3114 33
32
301z 32
*514 6
*514 6
3
•
514 7 4 *514 6
18
18
*10
.10
*10
•10
18
18
.153 154 1512 15
4
/
1
4
/ 1512 1512 1512 15
1
4
/
1
*612 712 .612 7
,2
612 612
612 612
4658 47
45
/ 4718 4618 464 4638 47
1
4
/
1
.60
61
.60
*60
61
61 .60
61
___.
•813 912 *812 10
.812 97
*812 10
*41 434 .418 4
/
4
/ .418 412
1
4
4
41
•3718 3818 373 373
/
4
8
38
8 38
8 371 383
27
27
26
271
2614 2614 2618 2684
Stock
44
4414 4318 443
8 423 4312 423 43
4
4
/
1
4
.83
85
*82
85 Exchange
85
/
1
4
8434 84 .82
*9212 95
93
9412 947
9213 9212 93
8
*5
6
5
*412 512 Closed
5
*54 6
/
1
4
4
3
/ 37
1
4
8
33
4 33
4
3
/ 33
1
4
8
•1234 1712 .123 15
1214 123
4
4 121 1214 Thanks/
4
.39
42
4134 .40
*40
42
42 .40
35
35
357
8 34
333 3414 x3414 344
4
/ giving
1
*27
.24 3
.27
8 3
/
1
*24 3
5 3
/
1
423 4314 40 4 4314 403 4212 417 424
4
8
8
/
1
Day
,
212 212 *214 23
23
4
4 .214 314 .214
8
/ .3018 373 •301 37
1
4
/ •301 37
1
4
/
4
.301 37
/
4
/
4
/
1
4
114
114
114
114
114 .118
118
114
412 4
412 41
/
1
4
/
4
414 43
414 414
8
•712 8
7
/ 75
1
4
8
7 1 7
/
1
4
/
1
4
712 7
/
1
4
.45
8 512 *412 6
*44 6
/
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*41 53
/
4
4
512 512
5
/ 5
1
4
/
1
4
5
53
8 *5
53
8
.37
8
3812 *37
8
3812 383 383 .3612 384
/
1
8
/ 8
1
4
/
1
4
812 9
/
1
4
812 83
83
8 8
4
58
•55
•55
56
56
*5512 5578
55
175 17
/
1
8
/ 164 1718 16
1
4
163
4 1612 1612
*93 10
10
4
10
10
10
*10
10,
2
812 81
.87
8 91
/
4
/
4
812 85
812 81
8
5313 5212 53
53
*5212 53
*5312 54
20 .13
20 .13
.13
20
13
13
/
4
15
*151 18
151
20
•15
1518 1512
6
/ •512 6
1
4
512 6
*6
6
6
1553 l57
/
1
s 144 153
1518 1512 15
/ 1618
1
4
83
83
85
83
83
83 83
*82
34
3412 357
341
3412 36
3512 36
112 112 .113 118 *113 118
.112 118
163
16
161 164 16
/
4
161
154 1618
/
1
.3
47
*3
47
.3
47
.3
478
8
8
.7
.7
.7
7
7
8
435
40 .35
40 .35
40
40
40
___ 11 .____ 11 •____ 11
2212 2212 .2018 25
2212 23
25
25
4
43
8 41
43
43
8
8
/
4
418 412
4
4 23
4 234 *13
4 *13
4 .13
23
4 23
52
4
.1612 171
,
181 16 4 17
/
4
*17
174 18
/
1
63
8
6
6
618
/
1
4
6
6 18
61 6
/
4
*75
•65
8 9
8 9
*64 9
*63
/
1
8 9
.20
21
21
.20
21
*20
21
•20
171
17
/
1
.17
17
/ 184 17
1
4
1812 19
4 23
/ 235s
1
4
8
233
8 23
231z 227 233
23
4
4
/
4
•121 1233 .1211 123 .12118 1233 1213 1213
414 47
/
1
4
*414 4
8 *412 41
/
4
•412 43
812 8
83
4 9
/
1
4
914 10
914 10's
91/4
9
8
8 93
87
3
9 4 1012
113
s
10
*1912 23
22
21
*21
2218 2234 20
/
4
/
1
.2412 264 2412 2412 241 244
/
1
/
1
254 26
112
112
112 112
13
8 112
112
•138
9518
96
95
9612 96
96
95
95
8
4
4
/ 4214 403 404 403 413
1
4
8
415 4212 40
8
35 .345 3514
35
35
3512 35
•35
8 4418 4514
4312 443
44
/
1
8
437 444 43
612
612 .6
018 618 *6
612
•6
•112 11
/
4
/
4
11 11
/
4
14 13
/
1
/
4
.11 11
/
4
312 4
.
. •312 4
414 414 *312 41
*291 35 .2914 35
/
4
•2812 35
*2934 35
5
/ 6
1
4
/
1
4
53
4 5
61
6
614 64
714
738
714 73
/
4
738 81
712 81
8
43
8 45
41/4 454
412 5
5
5
23
23 .22
22
2212 2212 23 .22
501 .46
SO's
52 .46
53 .46
.46
9914 991 100 100
*9912 100
.9912 100
1514 1514 .1514 19
1538 153
.1512 19
'2
2
22
2 18
,
218
2
218 218
8
103
8 105 11
10
11
•1112 1178 10
.33
4 414
4
4
41
.4
4
4
111
114 *1
1
.1
.1
1
118
/
1
4
338
.3
3
/ 3
1
4
3
3
8
5318 35
1118 *1013 1118 1113 1118
11
1112
*WS
5
5
43
4 5
*412 47
5
5
8
/ 2254 263
1
4
/
1
4
2558 2614 25
264 2512 25
/
1
411 24114 42*2
/
4
41
4318 435
431
41
,
312 3
312 31
312 31
4 37
33
738
738 71
7
714 71
*712 77
/
4
Friday
Dec. I.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
53
4 53
4
2412
•24
•13
4 3
11
.10
.234 4
*36
39
.21s 314
147 1518
8
10
10
*23
4 314
*13
8 2
2018 21
•16
183
4
2
2
•53
4 918
4112 415
8
*109 110
3
4
13
*4
712
343 357
4
8
.8212 55
•7612 79
873
4
*84
*10018 105
.83
/ 88
1
4
45
4512
1214 125
8
*6018 62
134 1414
/
1
61 678
/
4
•221 23
/
4
143 15
4
218 218
144 143
/
1
4
•812 94
/
1
*35
4912
.2
214
.6
10
65
8 718
25
25
31
31
3
318
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares. Indus. & MIscell. (Con.) Par $ per share $ per share $ per share $ per share
200 Pittsburgh Screw & Bolt No par
178 Feb 15 113 July 6
2 Apr
4
478 Aug
40 Pitts Steel 7% cum pref___100 1014 Jan 6 383
4May 26
912 June 243 Sept
4
Pitts Term Coal Corp__No par
12 Feb 8
67 July 8
12 July
212 Aug
6% preferred
4 Jan 18 2312July 20
100
5 Dec 1212 Mar
100 Pittsburgh United
25
612 July 18
3 Feb 6
4
5 Dec
8
33 Sept
4
120
Preferred
4
100 153 Feb 27 64 July 19
14 May 44 Sept
Pittston Co (The)
No par
3 Apr 1
8
7 June 19
12 Dec
3 Sept
8,200 Plymouth 011 Co
5
63 Feb 24 17* July7
83 Nov 1212 Sept
4
8
500 Poor & Co class B
13 Apr 3 133 July 7
4
No par
4
112 May
65 Sept
8
Porto Ric-Am Tab el A_No par
15 Mar 23
8
8 June 6
114 May
65 Sept
8
200
Class 13
No par
58 May
4 May 17
3 Feb 27
,3
234 Aug
3,900 Postal Tel & Cable 7% pref 100
4 Feb 27 403
4June 7
1712 Sept
13 July
4
200 Prairie Pipe Line
25
7 Mar 22 22 July 6
512 June 1214 Sept
700 Pressed Steel Car
No par
5 Jan 21
8
512June 8
3 June
4
4 Aug
320
Preferred
100
3 Jan 27 18 June 7
25 June 17 Sept
8
5,500 Procter & Gamble
No par 195 Feb 28 4712July 18
8
194 June 423 Jan
/
1
4
150
5% pref (5er of Feb 1 '29)100 97 Apr 18 1103 Nov 27
4
81 July 10312 Dec
64,200 Producers & Refiners Corp__50
18 May
15 Mar
278June 21
14 Jan 3
8
Preferred
2 Nov 1 13 June 21
1 May
50
9 4 Mar
3
10,400 Pub Ser Corp of N J.__No par 3255 Nov 15 5718June 13
28 July 60 Mar
300
$5 preferred
597 Nov 15 8812 Jan 31
8
No par
62 June 907 Sept
8
300
6% preferred
7112June 10218 Aug
100 76 Nov 21 1013 Jan 24
8
7% preferred
9212 May 114 Mar
100 8412 Nov 24 11212 Jan 2
8% preferred
100 99 Nov 22 125 Jan 9 100 July 13014 Mar
100 Pub Ser El & Gas pf $5_No par 853 Nov 24 10312 Jan 11
83 June 10312 Dec
4
3,900 Pullman Inc
No par
812 Jan 4 5818July 7
1012 June 28 Sept
13,000 Pure 011 (The)
212 Mar 2 153 Sept 20
No par
27 June
8
8
612 Aug
230
8% cony preferred
50
/
1
Jan 80 Aug
100 30 Mar 3 694 Sept 19
2.600 Purity Bakeries
157 Mar
5 Feb 24 254 July II
/
1
4
/
1
43 May
8
No par
8
28,700 Radio Corp of Amer. No par
212 May
1312 Sept
3 Feb 23 1214July 8
100
Preferred
10 June 321 Jan
/
4
50 1314 Feb 28 40 May 31
3.100
Preferred B
/
1
4
33 May 23 Sept
8
812 Feb 28 27 July 8
No par
2.400 Radio-Keith-Orph
73 Sept
4
4June 8
No par
1 Mar 31
53
112 June
1,000 Raybestos Manhattan.No par
41 July x123 Aug
/
4
5 Feb 23 205 Sept 14
4
8
200 Real Silk Hosiery
218 July
10
812 Sept
/
1
51 Feb 27 204June 12
/
4
Preferred
7 June 30 Sept
100 25 Jan 4 50 May 16
413 July 18
Reis (Robt) & Co---_No par
112 Sept
18 Apr
14 Jan 3
1st preferred
/
1
4
Dec
7 Sept
118 Jan 3 1812June 22
Cl
100
2,101) Remington-Rand
712 Aug
1 May
1
212 Feb 23 1114July 17
200
1st preferred
4 June 29 Aug
100
712 Feb 27 3712July 19
20
2d preferred
31 12 Aug
8 Feb 27 3514 July 13
5 Jun
100
3,300 Reo Motor Car
8
112 Apr
8June 7
37 Sept
5
13 Feb 28
63
8
145 144 12,000 Republic Steel Corp___No par
8
/
1
137 Sept
8
11 Jun
/
4
4 Feb 27 23 July 13
3,400
33
34
6% cony preferred
8
9 Feb 28 5412July 13
5 June 287 Sept
100
.514 6
Revere Copper & Brass_No par
614 Sept
1 July
114 Jan 10 12 June 2
•10
18
Class A
No par
2 Dec
1212 Aug
214 Mar 2 25 June 2
16
16
701 Reynolds Metal Co
117 Sept
8
No par
/
1
4
5 July
6 Feb 27 2112June 27
.614 712
200 Reynolds Spring
No pa
12 Sept
/
1
4
3 Feb
112 Feb 28 15.14 July12
453 464 15,600 Reynolds(R .1) Tob class B_ 10 2612 Jan 3 x5414 Sept 15
4
/
1
2612 June 4014 Jan
61
Class A
*60
64 May
10 60 Jan 5 62 Jan 24
71 18 June
/
1
4
Richfield 011 of Calif ___No pa
14 Feb 21
13 July
8
3 June 8
14 June
.8T2 16
Ritter Dental Mfg
12
No par
Oct
813 Feb 25 163
4 July
4June 29
412
*4
600 Rossia Insurance Co
912 Aug
112 May
8June 8
2 Apr 8 107
5
371 1.000 Royal Dutch Co (N Y shares) 175 Mar 2 393 Nov 16
/
4
•37
4
4
1218 Apr 233 Sept
8
2618 2514 3.300 St Joseph Lead
173 Sept
45 July
4
8
10
g 14 Feb 27
311 Sept 19
/
4
4312 4412 3,800 Safeway Stores
No par
5914 Mar
28 Mar 3 623
8July 17
3018 July
10
85
6% preferred
•82
Oct
100 72 Apr 5 94's July13
60 May 90
95
120
7% preferred
95
Oct
100 8014 Feb 1
105 Sept 12
69 June 99
.412 51
/
4
100 Savage Arms Corp____No par
7 8 Feb
214 Apr 3 12 July 1
3
114 July
900 Schulte Retell Stores__No par
312 312
Jan
4
/ Mar 3 10'4 July 11
1
4
12 Dec
420
.1214 15
Preferred
Jan
100
3 Apr 25 3534 July12
/
1
4
Oct30
5
.40
42
Scott Paper Co
No par 28 Jan 24 441
18 May 42 Feb
/
4July 19
344 3412 3,900 Seaboard Oil Co of Del.No par 15 Feb 13 43 Sept 26
/
1
3
61 Apr20 8 Dec
/
4
/
1
4
•27
8 3
Seagrave Corp
454 July 13
No par
118 Feb 25
Apr2 4 Jan
3
1
425 435 40.800 Sears, Roebuck & Co No par 1212 Feb 25 47 July 17
8
8
8
/
1
94 June 373 Jan
22
4
•214
100 Second Nat Investors
1
3 Aug
1 Feb 28
14
6 June 7
12 July
•3018 373
Preferred
8
1 24 Feb 24 48 July 6
2114 June 361 Aug
/
4
1 18
11
1,700 Seneca Copper
No par
1 Aug
18 Slay
Is Mar 28
354June 2
414 43
8 3.800 Servel Inc
.54 Jan
/
1
712July 18
112 June
I
113 Feb 4
8
8'2 7,000 Shattuck (F G)
No par
5 4 Apr 8 13'4 July8
4
3
5 May 123 Mar
.45
8 5
/
1
4
Sharon Steel Hoop
4
No pat
73 Sept
11 Feb 23 12 July 14
/
4
112 July
*518 5
/
1
4
800 Sharpe & Dohme
No par
7 Sept
11 June
/
4
212 Feb 27
8June 28
85
.3612 3812
100
Cony preferred ser A_No par 2114 Mar 2 417 July 13
1112 July 3014 Jan
*
812 84 4.800 Shell Union Oil
/
1
No par
83 Sept
4
212 Apr
312 Feb 17 11-33 July 7
/
1
Cony preferred
4
•5514 57
300
100 2812 Mar 28 51 July 7
18 May 6514 Sept
1614 165
8 4,100 Simmons Co
No par
438 Feb 28 31 July 19
/
4
23 June 131 Sept
4
101 1018
600 Simms Petroleum
/
4
10
712 Aug
4 Feb 28 123
8June 2
/
1
4
314 Apr
•5212 54
1,500 Skelly 011 Co
5 4 Sept
,
25
3 Feb 20
2 12 Feb
9
/
1
4June 2
53
53
300
Preferred
Jan 3312 Sept
100 22 Feb 28 5712July 20
12
.11
100 Sloss-Sheff Steel & Iron 100
20
4
33 June 193 Sept
4
7 Jan 3 35 July 14
15
60
7% preferred
1512
100
6 July 2912 Sept
8, Feb 7 42 July 15
4
.6
400 Snider Packing Corp__No par
614
712 Sept
11 Dec
4July 13
/
4
93
3 Mar 31
8
/
4
1618 161 107,400 Socony Vacuum Corp
25
6 Mar 23 17 Nov 17
514 May 1214 Sept
•82
300 Solvay Am Invt Tr pref_.100 58 Feb 25 92 July 3
85
35 June 67 Sept
•3514 3712 4,000 So Porto Rico Sugar.._No par
154 Jan 12 4811 July 17
/
1
412 Apr 1834 Sept
/
4
.113 118
10
Preferred
100 112 Jan 4 132 July 14
8612 May 11212 Dec
7,400 Southern Calif Edison
153 16
4
4
25 141 Nov 18 28 Jan 11
15 June 323 Feb
/
4
34
*3
Southern Dairies el 13__No pa
4
/
1
4
3 Feb
114 May
4June 10
114 Feb 28
73
•7
8
300 Spalding (AG)& I3ros_No par
412 July 12
July 14
Jan
4 Jan 18 111
/
4
*40
40's
100
15t preferred
100 2518 Mar 28 61 June 27
25 Dec 95
Jan
•____ 11
Spang Chalfant dr Co Inc No pa
93 Mar
834 Mar
4
412 Feb 18 1512July 19
2212 2212
110
Preferred
100 1712 Feb 9 50 June 13
15 Nov 4812 Jan
414 4
/ 2,400 Sparks Withington____No par
1
4
5 Sept
8 June 12
3 Feb 28
1 May
4
•I3
4 234
Spear & Co
4
No par
13 Apr
512June 20
12 Jan 10
12 July
•1612 1734
500 Spencer Kellogg & Sons No par
712 Apr 10 22 July 19
11 Sept
8 May
6
618 14,400 Sperry Corp (The) vi c
I
218May 3
7l July 18
•65
8 9
Spicer Mfg Co
No par
84 Sept
5 Jan 3 16 June 12
/
1
3 Dec
*20
21
Cony preferred A ___No par
111 Mar 21 3212June 12
/
4
912 June 18 Sept
1718 1712 1,400 Splegel-May-Stern Go_No par
5 Aug
1 Feb 28 19 Nov 25
5 May
8
22318 2334 20,500 Standard Brands
8
No par
133 Mar 2 3738 July 18
83 June 177 Aug ,
4
8
•120 4 123
,
100
Preferred
No par 120 July 11 124 May 4 110 June 123 Dec
414
414
400 Stand Comm Tobacco_No par
1 Jan 3
Jan
2
93 Aug 28
8
/ July
1
4
83
4 914 10.500 Standard Gas & El Co_No par
518 Mar 31 2212June 13
5
7 8 June 3414 Mar
612 913 6,200
Preferred
No par
8 Nov 20 257
/
4
914 June 411 Jan
8June 13
•20
2218
500
$6 cum prior pref
No par 17 Apr 4 61 June 13
21 July 621 Aug
/
4
223 2314 1,000
4
$7 cum prior pref
No par 20 Apr 4 66 June 13
Jan
28 June 75
.114
138
500 Stand Investing Corp No pa
lz Mar 31
8June 2
27
238 Aug
14 June
•___ _ 96
1,000 Standard 011 Export pref__100 9212 Mar 3 1023 Sept 15 z81 June 10012 Dec
4
4112 4218 29,100 Standard 011 of Calif
. No par
1912 Mar 3 45 Nov 17
8
151 June 317 Sept
/
4
35
/ 37
1
4
1,300 Standard 011 of 1{ansas____1
123 Apr 4 37 Dec 1
4
1612 Aug
7 Apr
4514 4618 41,000 Standard 011 of New Jersey_25 223 Mar 3 4712 Nov 17
4
8
107 Apr 373 Sept
8
612
•6
100 Starrett Co (The) L S....No par
4 Feb 16 1112June 14
83 Sept
3 July
4
112 112
800 Sterling Securities cl A_No par
/ Jan 11
1
4
214 Sept
3
/
1
4June 13
18 May
•312 4
100
Preferred
No par
112 Feb 10
7 4June 13
3
5 July
8
4 Sept
30
30
900
Convertible preferred____5
20 Mar 2 36'4 July3
1312 June 26 Aug
61 614 2,700 Stewart-Warner Corp
/
4
10
212 Feb 24 1112July 19
812 Sept
17 May
8
71 712 10.700 Stone & Webster
/
4
No par
53 Feb 27 1914July 13
4
73 Sept
4 July
8
/
1
4
438 434 6,400 Studebaker Corp (The) No par
112 Mar 20
83
212 May
8June G
13 Sept
/
1
4
•22
25
90
Preferred
100
9 Apr 3 3818June 5
30 Nov 1041 Star
/
4
49
51
200 Sun Oil
No par 35 Feb 25 59 Nov 22
243 Apr 397 Oct
4
8
99
9912
90
Preferred
100 89 Mar I
103 July 26
68 July 92 Dec
.1514 19
300 Superheater Co (The)__No par
712 Feb 17 27 July 197 Jun
141 Sept
/
4
.
214 214 3,500 Superior 011
14 Jan
par
No
412July 13
14 Jan
2 Sept
1118 1114 2,400 Superior Steel
100
2 Feb 28 22 July13
24 May
/
1
's
914 Sept
.334 418
200 Sweets Co of Amer (The)___50
1 Mar 22 10 July 19
15 July
8
Jan
11
•1
114
100 Symington Co
No par
18 Apr 6
3 June 7
14 Afar
1 Sept
514 July 3
•
300
314 33
4
Class A
No par
14 Apr 11
12 Slay
23 Aug
4
1114 111
900 Telautograph Corp
No par
818 Feb 17 163
8July 7
13 Star
/
1
4
6 July
4
/ 5
1
4
1.100 Tennessee Coro
13 Feb 28
8
No par
71 Aug 10
/
4
43 Sept
8
I May
26 8 267 20.137 Texas Corp (The)
5
8
25 103 Feb 28 3018 Sept 18
4
/
4
914 June 181 Sept
425 443 21,500 Texas Gulf Sulphur_ ___No par 151 Feb 20 4514 Nov 20
8
4
/
4
4
12 July 263 Feb
•,
33
33
4 1,200 Texas Pacific Coal & 011
11 Mar 3
/
4
10
1312May 29
4 Aug
112 Apr
753 75
5 4.400 Texas Pacific Land Trust ___1
312 Mar 31
1118June 12
212 June
812 Sept
•Bld and asked prices, no sales on this day. a Optional sale. z Ex-dhldend. y Ex-rights. c Cash sale.
._
PER SHARE
Range Since Jan. 1
On basis of 100
-share lo,
s.
lv
New York Stock KPcord-Concluded-Page 8
3980
Dec. 2 1933
Iff'' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 25.
Monday
Nov. 27.
Tuesday
Nov. 28.
Wednesday
Nov. 29.
Thursday
Nov. 30.
Friday
Dec. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share Shares. Indus. Sr Miscell.(Concl.) Par $ per share $ per share $ Per share $ per share
10 Nov
2 Apr
5 Feb 15 2218 July 19
No par
200 Thatcher Mfg
8
0105 1214
1114 1114
2218 Apr 32 Dec
8
No par 273 Feb 6 44 July Is
33.60 cony pref
240
44
*39
44
*39
212 Dec
814 Sept
23 Mar 31 1212May 31
8
No par
The Fair
0514 618
*514 64
38 July 85 Jan
7% preferred
100 33 Feb 28 70 July 5
*45
50
*45
50
72 June
4 Sept
1 Feb 28 1012July 17
No par
614 67
8 6.700 Thermold Co
6
63
10 May
1712 Dec
21 14 July 18
10 Mar 1
1
400 Third Nat Investors
15
15
*14
1512
163 Mar
4
712 Nov
612 Oct 20 1512June 2
25
200 Thompson (J B)
*73
8 8
77
77
8
234 June 10 Feb
538 Jan 6 2014 Sept 14
14
143 10,000 Thompson Products Inc No par
4
13
1414
214 Aug
912June 19
3 June
8
12 Mar 3
1,700 Thompson-Starrett Co_No par
3
3
234 27
8
12 June 1712 Sept
12 Jan 10 30 June 111
No par
83.50 cum pref
*2118 22
*2118 22
2 Apr
4
558 Sept
318 Jan 13 113 Sept 26
No par
1018 1018 30,791 Tidewater Assoc 011
1018 1058
20 Feb 60 Sept
100 2312 Apr 6 6514 Nov 28
Preferred
2,600
64
64
65
65
5 June 10 Aug
914 Apr 20 2418 Nov 18
No pa?
Tide Water 011
*2014 35
*2014 35
30 Feb 62 Sept
100 45 Feb 2 77 Nov I
Preferred
200
*75
80
75
76
63 Sept
4
2 July
814June 20
112 Mar 22
10
600 Timken Detroit Axle
*3 8 4
7
4
4
Jan
73 July 23
4
4
8
2812 295 45,100 Timken Roller Bearing_No par 133 Feb 23 3512July 7
28
28
23 Mar 2
718 Sept
24 Jan
9'2 July 13
614 612 9,400 Transamerica Corp._ __No par
614 612
812 Sept
214 July
1712 July 19
27 Mar 21
8
812 91 1 1,000 Transue & Williams St'l No par
914 914
512 Sept
112 May
84 July 7
2 4 Feb 27
3
5,600 Tr -Continental Corp_.No par
43
4 47
43
4 5
42 Jan 72 Sept
No par 41 Apr 8 275 May 16
6% preferred
100
*5318 57
*5318 57
8
193 May 3112 Mar
8
Feb 25 387 July 17
No par 2018
500 Trlco Products Corp
31
31
3012 307
8
14 May
34 Jan
514 July 15
12 Apr 4
No par
Truax Traer Coal
*114 2
*114 2
714 Aug
2 Apr
4June 12
2 Mar 3 123
512 512 2,200 Truscon Steel
10
512 534
34 Aug
614June 19
'2 May
3 Jan 16
4
No par
212 212 1,400 Ulen & Co
214 23
2458 Sept
73 July
8
914 Feb 24 3912July 7
4 1.800 Under Elliott Fisher Co No par
3314 333
34
33
113 Aug
8
512 June
512 Jan 13 60 July 18
2.600 Union Bag & Pap Corp_No par
42
39
39
3912
1512 May 3658 Mar
4518 4618 33,600 Union Carbide & Carb_No par 19% Feb 24 517 July 18
24414 4512
153 Sept
8
8 July
812 Mar 2 2358 July 7
25
1958 2018 3.500 Union 011 California
193 204
4
113 June 1914 Jan
4
4June 2
1012 Feb 21 223
No par
300 Union Tank Car
153
15
*153 1614
8
8
612 May 343 Sept
3218 3318 50,600 United Aircraft & Tran_No par 1612 Mar 2 468 July 17
3112 3258
3014 May 58 Dec
50 5112 Mar 1 68 June IS
6% pref series A
6112 6112 1,900
6114 52
II July 2812 Mar
8July 10
100 1312 Feb 24 275
5,600 United Biscuit
204 22
8
8
205 215
75 July 103 Mar
Preferred
100 92 May 2 211012Nov 29
20
*10714 110
11012 11012
18 Sept
6% June
25 353 Dec 1
4
No par 1014 Feb
343 353
4
4 8,300 United Carbon
34
3412
312 June 14 Sept
43 Nov 18 1412June 13
4
No par
518 512 37.600 United Corp
54 514
20 June 3958 Sept
8June 13
No par 2218 Nov 17 407
Preferred
6,200
25
253
4
2243 2514
4
318 Sept
8June 21
7 Apr
8
67
3 Feb 17
4
200 United Dyewood Corp..___100
318 314
34 318
23 July
8
67 Aug
8% July 14
1 Mar 31
500 United Electric Coal__ _No par
8
38 37
7
4
4
1014 June 3258 Aug
par 2314 Jan 3 68 Aug 31
No
8,200 United Fruit
64
65
6312 6414
914 June 22 Sept
14 Mar 31 25 July 13
No par
15
1512 17,700 United Gag Improve
154 154
70 June 99 Dec
No par 8312 Nov 29 100 Jan 9
Preferred
100
86
*84
8312 8358
12 Dec
3 Aug
4
512 July 13
12 Jan 23
100
United Paperboard
*17
8 218
.17
8 218
8
3 8 June 117 Sept
3
8
312 Mar 3 217 July 19
*7
78 1,100 United Piece Dye WIce_No par
8
8
8
8
7 4 812
3
*83 10
4
6412 June 9312 Jan
100 50 Apr 19 85 July 13
100
50
68% preferred
50
70
*50
70
*50
70
4150
70
050
34 May
3 Jan
714 July 6
Ss Feb 28
700 United Stores class A_ _No par
212 25
8
25
3
258 234
25* *258 2 4
*27
8 3
27 Jan 4814 Mar
Preferred class A____No par 45 Mar 21 66 July 20
•5014 55
*5014 55
*5014 60 •5014 55
*5014 60
11 May 31 Sept
200 Universal Leaf Tobacco No par 2112 Apr 1 5113 July 17
44
44
*4312 45
*44
45
45
45
46
*45
103 Dec 50 Jan
4
120 Universal Pictures lot pfd_ 100 10 Apr 24 35 June 13
*193 23
4
21
25
2158 *1934 23
*21
*193 25
4
I. Apr218 Aug
33 July 13
14 Apr 4
3.900 Universal Pipe & Rad__No par
112 2
13
4 13
4
17
2
218
2
214
*2
714 June 1818 Sept
618 Mar 1 2218 July 5
20
1812 1918 8,200 U S Pipe & Foundry
18
1812
1712 1914 178 18
184 19
1112 June 16% Aug
No par 123 Apr 10 19 May 26
1st preferred
1,400
1714 1714
17
174 1718 1714
17
17
*1612 17
518 Dec
2 June
6 June 13
1 Oct 24
No par
700 U S Distrib Corp
*114 2
*114 2
15
8 1% *114 2
212
*15
114 Sept
14 Jan
218.1une 8
3 Jan 30
8
100
U S Express
*3
4
78
*3
4
7
8
7
8
*3
4
4
7
8
*3
7
8
"4
312 May 153 Sept
8
7 Feb 16 293 July 7
No par
100 U S Freight
*18
20
20
1912 *17
*1612
20
3
20 4 20
*20
614 Sept
13 Jun
4
318 Feb 23 173 July S
No pa?
S & Foreign Secur
700 U
*814 812
Stock
8 *814 85
814 83
e
83
4 87
*83
4 914
26 June 64 Sept
No par 3612 Mar 28 84 July 19
Preferred
63
*60
63
63 *6014 63 *60
*60
63
*60
1012 June 27 Sept
20 18 Feb 25 5312July 8
453
4 2,500 U S Gypsum
45
4
8
3
4634 *433 45 4 433 45 Exchange
46% 46
*46
847 June 105 Oct
8
Jan 9 121 Sept 20
100 10114
7% preferred
*11012 11512
*110 116 *11014 116 *11014 11512 *11012 11512
3 Apr6 Sept
4
8June 8
158 Apr 3 117
400 U S Hoff Mach Corp__No par
412 412
Closed
412 412 *414 48 *414 5
414
414
3614 Sept
1314 Jun
1312 Feb 28 94 July 17
US Industrial Alcohol_No par
593 6112 8,600
4
5912
5814 5914 59
5712 60
5858 61
1 14 May
714 Sept
1714 July IS
3
2 Mar 1
No par
914 2,100 U S Leather v t c
9
Thanks9
5
9
8
94
83
9
918 918
314 June 16 Sept '
4July 18
414 Feb 25 273
No par
Class A v t c
1712 1,200
*17
17
17
1712
1712 17
•173 1812 17
4
4414 June 7018 Sept
Feb 23 7814 Sept 20
100 30
Prior preferred v to
*68
7612
giving
7612
*69
7612 *68
79
*70
79
.70
1
118 Sept
i
2 June
212 Feb 28 1412 July 7
712 784 2,800 U S Realty & Impt___No pa
74 73,
7% 712
78 712
734 77
114 June 1014 Aug
27 Feb 27 25 July 18
8
No par
173 174 25,900 U S Rubber
Day
16% 1614 1714
1618 1712 16
1712 18
4
34 June 203 Aug
512 Feb 23 437 July 18
100
preferred
1st
8 3,000
2712 285
4 2714 2814
274 2712 273
*2814 2914 27
8
10 June 22 Aug
8
1312 Jan 3 1053 Sept 19
8
923 943 30,700 US Smelting Ref & Min___5
4
9214
9112 90
3
8618 93 4 88
9212 94
8
31 July 457 Aug
50 3912 Jan 4 58 Sept 20
543 5412
2
Preferred
600
3
554 5514 *5512 55 4 5514 5512 5514 5514
2114 June 5258 Feb
8
100 233 Mar 2 6712July 18
8
4412 4512 100,500 US Steel Corp
43 4 4412
3
5 45 4 4212 43
3
4478 45 8 42
3
5jI2June 113 Feb
100 53 Mar 2 10512July 17
Preferred
8112 8212 3.600
813
4 8014 8114
80
8112 82
8212 827
55 June 66 Apr
No par 59 Jan 9 102 Oct 16
Tobacco
200 U S
99
99
•100 102 *100 105 *100 10112 9812 984
112 May
8 8June 13
7
10% Jan
17 Apr 18
s
24 34 4,300 Utilities Pow & Lt A _No par
318
3
34 318
3
312
312
3
Li Mar 118 Sept
318 July 19
3 Jan 6
8
No par
1,100 Vadsco Sales
*118 114
118
118
112
118
14 11g
118 118
12 June 20 Jan
100 1518 Jan 11 2478 Sept 28
Preferred
247
*23
2478 *23
*
247 *23
8
247
2478 *23
*23
3
514 May 23 4 Sept
7 8 Mar 2 3614 July 19
5
20% 2114 4,800 Vanadium Corp of Am_No par
21
5
19 8 2114 198 2014 20
21
21
7 Feb
13
8May 5 10 July 6
2 Dec
No par
50 Van Raalte Co Inc
*414 6
418 414 *414 514
418 418
3
*4
58
8May 11 43 Nov 14
7% lot pref stamped_ _100 147
*4012 45
*4012 431 *4012 4312 *4012 45
*4012 44
25 Aug
12 Mar
5 Feb 23
8
73
8July 19
500 Virginia-Carolina Chem No par
318 318
3
314
*258 318
3
3
314
•3
338 Mar 2 2612 July 18
318 Feb 1114 Aug
100
6% preferred
100
1312 131j
*1212 131 *1212 1312 *1212 1312
*1212 14
3
20 Apr 69 4 Nov
100 353* Mar 31 6312 July IS
7% preferred
60
*58
60
*58
60
*58
*58
60
60
*58
60 June 90 Sept
50 Virginia El & Pow $6 pf No par 6514 Apr 17 855* Jan 25
8
*665 6938
8
4
8 693* 693
69% 69% 694 691 *663 693
100 128 Feb 25 677
714 July 347 Aug
8June 8
380 Vulcan Detinning
5314 5314
5312 5118 524 514 53
5312 5414 52
Jan
718 May 19
514 Nov 16 12 July 5
No par
53
2,000 Waldorf System
6
58
5% 58 *53
58 6
,
.5 4 6
3
458 Aug
7s Apr 5
No par
83
3 June
4
8June 27
34 35* 1.300 Walworth Co
37
37
314 313
3 2 312
,
312 358
214 May 1014 Jan
2'8Marl5 20 July 11
500 Ward Baking class A...No par
*63
8 9
7
7
•7
9
9
•7
9
*7
2
% Jan
34 May
str Apr 13
No par
Class B
55 July 10
8
400
*214 25*
212 91
8
2 s 23
3
218 25
8
•23
13 238
100 1112 Apr 17 447 July II
12 May 4012 Mar
Preferred
8
400
*2814 29
*29
28
2912
28
28
28
*2812 30
12 June
412 Sept
1 Feb 25
5
918 Sept 15
61 22,200 Warner Bros Pictures
6
4 614
53
538 57
8
5 4 618
3
618 614
No par
4 June 20 Feb
44 Feb 7 2412 Oct 6
$3.85 cony pref
•1518 20
20
1
204 *14
2014 .15
2014 *14
•14
24 Aug
12 May
58Mar2i
No par
47
8June 10
100 Warner Quinlan
•15
8 2
4 *13, 214
13
4 18
4 2
238 •13
*2
8
83 Sept
114 May
24 Feb 25 223
No par
1,000 Warren Bros
8June 19
8
*73
8
81a
818
818
814 814
812 812
2 June 1712 Jan
Convertible pref
No par
74 Feb 14 3558.1une 17
100
14
14
1312 1312
14
14
14
8 14
143 143
8
714 May 1414 Sept
5 Feb 20 223 Sept 26
4
2112 2,500 Warren Fdy & Pipe__ No par
20
1914 2058 1812 1812 191 2058
203 20%
8
2 Jan
58 May
No par
1 Jan 16
8 July 8
1,500 Webster Eisenlohr
*47
8 5
54 518
8
47
8 47
434 518
*44 48
13 Sept
8
14 July
184
Is April312June 9
1
10 Wells Fargo & Co
*1
13
14 118 *1
13
13
4 *1
*1
818 July 20 Sept
500 Wesson Oil & Snowdrift No par
7 Mar 3 37I July 18
20% 2O4
211 *2018 208
*20
2018 21
23
*21
5
42 July 5812 Sept
Cony preferred
No par 40 Mar 3 63 July IA
200
55
55
5514 5514
56
*55
57
57 •54
*54
123 June 50 Feb
8
4
544 555 20.300 Western Union Telegraph_100 1714 Feb 25 7714 July 18
553
8
4 5212 5514 54
52% 558
567
56
914 Apr 184 Sept
113 Jan 3 35% July 7
4
273 2812 4,200 Westingh'se Air Brake _No par
8
2812 275 2812
28
28
2714 2714 27
155* June 4312 Sept
14
Westinghouse El & Mfg___50 193 Feb 25 583
8
4July
38
3958 22,200
3712 38%
8
393
4 365e 3914 365 38
39
5212 June 82 Sera
1st preferred
50 6012 Feb 2 96 July 18
180
8212 8212
4
__ *8112 _ __ 818 813 *8134 821
*8112
914 Feb
212 Apr
*7
784
34 Feb 27 134July 8
100 Weston Elee 1nstrum't_No par
78
73
*7
*7
7
7
814
*7% .1314 Apr 19 Jan
Class A
No par 10 Mar 31 2214 July 20
•1312 20
*1312 20
*1312 20
*1312 20
20
, 01312
25 May 80 Sept
West Penn Elea class A_No par 30 Apr 22 73 June 14
*40
50
50
3140
*3712 48
*37% 50
' *3712 50
22 June 76 Jan
Preferred
4June 14
100 37 Apr 4 773
210
4912 50
4958 5018
507
5014 504 50
*Ws 51
20 June 70 Jan
6% preferred
100 334 Apr 6 6911 July 14
110
4134 4312
*42
4612 4118 42
7 .42
44
1
43% 43
Oct
80 June 111
100 92 Apr 13 110% Jan 19
70 West Penn Power prof
94
94
98
98
98
98
98
98
98 98
*
6612 June 1013 Mar
6% preferred
101 Jan 11
100 81 Apr
*____ 85
.
8778 1 _ _ __ 85
82 *-___ 87% •__
*79
1612 Mar
312 Nov
4June 12
212 Apr 5 113
800 West Dairy Prod el A_ _No par
318 318
314
3 8 318 *3
7
31
3
48 Mar
314 33
1 June
Class B v t e
414June 12
7 Mar 31
8
No par
118
118 2,800
118
1
1
1
118 14
14
1
8
3 June 125 Mar
600 Westvaco Chlorine Prod No par
5 Mar 3 2012July 13
1512 1512
14
14'2 1412 141 *1412 1513
*1412 15
5 June 15 Sept
200 Wheeling Steel Corp
712 Jan 4 35 July 3
No par
•1634 1812
164 17
•1512 1812 *15
1712
1712 •16
8
67 June 2714 Sept
40 White Motor
50 14 Jan 25 2612July 13
1918
*16
1618 *1618 1914
16
*1618 1918 g1612 19
800 WhiteRkMInSpr ettnewNo par 23 Oct 31 29 Oct 13
2312 234
24
24
4
2414 *233 24
2412 2412 24
214 Aug
14 Apr
4July 6
43
100 White Sewing Machine_No par
12 Jan 20
813
4 2
*13
4 2
*134 2
*134 2
2
2
8g
3 Apr
4
2 Sept
Cony preferred
118 Jan 14 1012July 6
No par
300
*5
634
63
518 54 *5
5
5
5
5
2 4 May
3
8'4 Aug
512June 2
2 Mar 2
5
4
4 14 7,000 Wilcox Oil & Gas
37
414
33
4
33
37
e
34
1312 June 2012 Mar
33e 3%
Wilcox-Rich Cl A conv_No par 15 Mar 1 2714 Sept 13
*2412 2514
*2412 2514 *2412 251 02412 2514 *2412 2514
5 June
8
13 Mar
4
No par
7 Jan 3 11 June 7
8
800 Wilson & Co Inc
5
518
5
47
53
4
5
47
478 Sept
*4 4 512 *43
3
15 May
8
4 Jan 3 22 June 6
Class A
No par
700
31133 1412
8
*1318 141
1212 13
1212 13
*1314 14
11 June 31 Mar
2 7212July 15
Preferred
100 19 Mar
300
•4318 4512
4212 443
47
*43
44, 44
•44
48
22 June 455* Mar
8
10 2518 Apr 8 507 July 8
4018 405* 14,000 Woolworth (F W) Co
4
404 4012 3938 4012 393 403, 39% 4014
5 May 24 Sept
8
8 Mar 2 397 July 7
100
700 Worthington P & W
*2214 2312
4
223 223
227
8
*233 23% 215 2314 22
8
Jan
1412 June 41
June 7
Preferred A
100 14 Mar 15 51
35
*30
35
*30
*30
35
42
030
40
1030
12 May 31 Sept
Preferred B
100 14 Feb 28 47 June 6
100
*26
32
31
3114 27
*26
37 Apr 1812 Sept
27
*27
•27
31
Apr 5 24 May 27
6
10 Wright Aeronautical___No par
•165 17
8
1612 161
161
*15
*15
17
17
*15
2514 June 57 Jan
4 1,200 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 256 Nov 17
5512 553
555*
554 553 *55
55% 56
56
56
612 July 15 Sept
7 Jan 20 23 June 17
800 Yale & Towne Mfg Co_ __25
8
145 145
8
1414 1414 *1312 143
1412 15
147 15
s
73 Sept
4
13 June
8
4July 7
73
24 Mar 2
B_10
3,600 Yellow Truck & Coach cl412 5
44 41
412 43
5
5
43* 41
12 May 4
04 Sept
100 18 Mar 2 42 July 10
Preferred
30
27% 2712
4 2712 271 *2712 291 *2712 31
*273, 293
3 June 117 Sept
312 Mar 30 1918 July 19
par
1284
400 Young Spring & Wire. No
1284
1214
4
113 113 *1118 1112 12
*1112 13
4 May 2712 Sept
8July 18
712 Feb 28 375
2012 2114 10.000 Youngstown Sheet ArT_No par
2114 193 2O7
e
20
4
2012 221
2112 22
2 Jan
12 May
312July 18
17
12 Feb 27
1,400 Zenith Radio Corp_ ___No par
2
2
2
*14 2
8 2
*17
*17
2
97 Mar
4 Dec
35 Feb 28
812 July 8
1
714 712 4,700 Zonite Products Corp
7% 714
74 714
714 758
712 73
asked prices, no sales on this day. a Optional sale. s Sold aeven days. z Ex-dividend. y Ex-rights.
•Bld and
. ,,_
$ per share $ per share $ per share
•1114 1214
113 1138 *1114 1112
8
4
4
039
3918 3918 3918 393 393
3
*512 64 *512 618 *514 5 4
*45
50
*45
50
*45
50
6
6%
6
6 18
6
614
15
8
•15 8 157 *133 158 15
3
*7
814 *74 814 0712 84
4 1218 122
*123 134 1214 123
4
314 314
278 3
318 314
*2118 22
*2118 22
*2118 22
1014 1058
1058 1012 104 1012
643 6514
4
65
63% 6412 64
*2014 35
*2014 35
*2014 35
76
76
*76
80
.75
1
80
4
4
4
4
4
4
8
2712 277
8
2918 297
8 275 29
614 612
8
618 63
4
612 63
9
93
4
*93 10
4
*912 10
412 43
4
48 5
43
4 43
4
5318 5318 *5218 61
•5318 55
31
3112 *30
31
*3114 32
*114 2
*114 2
*114 2
58 512
512 55
54 6
3
212 212
8 27
8
238 2 4 *23
3
3212
03212 3318 3212 3312 *32
4
*40
4312 3914 4014 383 39
4418 4614
4312 47
4718 48
1912 1912
1912 1958 1914 20
8
*153 1612 164 164 *153 1612
8
8
325 334 30% 3314 303 318
8
4 6118 6118
6112 613
62
62
213
4
8 20
213 223
4
227
22
*10714 120 *10714 120 *11012 120
3418
343
4 3214 3312 33
34
54 512
518 6
558 6
3
267
8 2612 26% 25 * 258
25
34 314
314 *34 314
*34
414
*4
4
4
414
*4
8
6312 643
65
6414 63
64
7
3
1612 15 4 1658 21514 15 8
155
8
4
*823 85
88
8
*8414 863 *85
8 24
24 *17
*13
4 218 *18
,
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3981
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"--except for income and defaulted bonds.
,
Week's"
Range
Price
Z"
,,
BONDS
Since
°Z,?, Price
Week's
BONDS
...c,
Range or
s..,.
Since
Friday
Since
Range or
1
N. Y. STOCK EXCHANGE V....
Friday
'‘-'
N. Y. STOCK EXCHANGE
t
q,
Q
Jan. 1.
Last Sale.
" Dec. 1.
Jan. 1.
Week Ended Dec. 1.
Last Sale.
qq
.-42.,
Dec. 1.
Week Ended Dec. 1.
-4 e.,
High No, Low
High
Bid
Ask Low
High Deutsche Ilk Am part ct1 63.1932
High No. Lazo
Ask Low
Bid
U. S. Government.
20
72
60
85
7112 Sale 71
. Stamped extd to Sept. 1 1935_ _ __
First Liberty Loan-344 of '32-47 J D 10034, aSale 99.44 100",, 1043 99 10353
4212 62
4878 5012 Nov'33 ____
.1 D --- ____ 10150,40ct'33 __... 101 102". Dominican Rep Cleat Ad 5445'42 m g 44
Cony 4% of 1932-47
5
41
3518 59
1940 A 0 40 Sale 40
1st nor 5443 01 1926
.101 831 366 9953, 103.44
Sale 10011
101
J D
Cony 4M% of 1932-47
40
40
2 a341,0 56
2d series sink fund 534s....1940 A 0 ____ 42
J D --------102 Aug'33 ___ _ 101.4,102
2d cony 444% of 1932-47
6512
27
39 Nov'33 ---410 45
8
0n Dresden (('ity) external 7s..,1945 MN
.101"n 702 1001544103'
Fourth Lib Loan 434% of '33-38 A 0 101.,, Sale 10112
153
77
93 153
150 Sale 146
102'4, Dutch East Indies extl 63
1011044101 15,4 655 101
1947 J J
1011144 Sale
444% (called)
____ ___ ,,-- Sale151 Nov'33 ____ 14512 151
July 1934 coupon on
,
Treasury 4445
1947-1952 A 0 1065,, Sale 105 44 1062544 472 1031'44111'4s
150
113
1457
8
9314 1527
8
814 _Treasuy
40
-year external 6s
1962 M 9 14
Atis to Oct 15 1934.
12
143
9212 146
14018
8
30
-year extl 544s___Nov 1953 MN 1427
,
thereafter 334%
1943-45 A 0 99"3. Sale 985442100 44 1923 98844 101'4,
913 14612
4
5
14
218
s 30-year ext 5 ma_ Mar 1953 M g 1427 1150 14014
1944-1954 J D 102",, Sale 102.,, 103.,, 596 9951.107.4,
Treasury 4s
Oct'33 _-26
64
.554 98.44105". El Salvador (Republic) as A 19482_
J ---- 4812 37
Treasury 334s
1946-1956 M 9 101". Sale 1005'441012
427 43 Sept'33 ---,
323 55
4
.1025544
99",, 421 974
Certificates of depositj j _
_8
1943-1947 J D 99.. Sale 99
Treasury 31 4s
4
54
3
4212 55
53
.
1967 J .1 5118 50
Treasury 3s___Sept 15 1951-1955 M 9 95514, Sale 951344 96". 529 9312 99". Estonia (Republic of) 73
4
5812 793
7812 14
Treasury 344s June 15 1940-1943 J D 99.4, Sale 99"44100144 291 98 102". Finland (Republic) ext 63_1915 M 5 7818 Sale 78
591a 86
32
86
External sinking fund 78_1950 m s 85 Sale 85
. 375 96..10253n
Treasury 334s Mar 15 1941-1943 M 9 99",, Sale 993,, 1001
57
7812 33
8018
77
4 3
. External sink fund 6448_1956 M 5 763 1 0
13 9784, Sale 9650,, 985,, 405 0.1.4,10051
Treasury 344s June 15 1946-1949 J
7412
8
7412
54
77
7212 75
. External sink fund 5443_1958 F A
'4410124
Aug 1 1941 F A 996at Sale 98"33 99"3 2077 973
,
Treasury 341 ii
4
723 73 Nov'33 ---557 7512
3
Finnish Mun Loan 6)48 A 1954 A 0 70
State 8, City—See note below.
71
78
55
1
External 6145 serial B_ _ _1954 A 0 71 Sale 71
Foreign Govt. & Municipals.
12
1013 51
8
0
52
1718 3714 Frankfort(City of) s f 644s 1953 M N 36 Sale 131,142
Aerie Mtge Bank s f 6s
1947 F A 2014 2578 2012 Nov'33 ____
62
15912 181
3
6
170
20
25
1
French Republic extl 7453_1941 J D 15414 Sala
20
20
. --_- 25
Feb 1 1934 subsea coupon__ _
162
121 a11212 173
1718 363
8
External 7s 01 1924
25 Nov'33 ____
26
10492 D 158 Sala 155
Sinking fund 68 A__Apr 15 1948 A 0 20
2012 28
German Government InternsWith Apr 15 1934 coupon_ _ _ _ . ---- 2412 23 Nov'33 __-_
5512 709
3514 6414
63
13
68
7812
tional 35-yr 534s of 1930_1965 J D 5412 Sale 531s
Akershus (Dept) ext 55
1963 MN 6418 6634 67
79
194
533 863
s
4
1
7
2053 German Republic extl 7s_ _1919 A 0 7712 Sale 77
9
9
9 Sale
Antioqula (Dept) coil 7s A 1945 J .1
9
61a 2012 German Prov & Communal Ms
9 Sale
10
914
1945 J .1
External 8 f 73 ser B
2612 5512
103
46
65 207
1
8
8
(Cons Agri(' Loan)6 Ms A19583 D 4512 Sale 3153
012
7 5 97
,
8 912
1945 J J
External 51 78 ser C
55'855,8 12
45
64
912 12
6
207 Graz (Municipality) 8s
8
7 s 93
,
4 9
1954 NI N 55
External s f 7s ser D
1945 2 J
57
94 10134 12478
120
6
738 6
1712 Gt Brit & Ire(UK of) 5348..A937 F A 120 Sale 116
Na Sale 738
External 3 f 7s 1st ser_ _1957 A 0
_ 120 Nov'33 ____ 10514 1215a
5
18
Registered
F A 2227
7
914 8 Nov'33 - _- _
External sec 81 78 2d ser_1957 A 0
116
639 a72 12314
a
718 15
458 1873
7
14% fund loan £ opt 1960_1990 M N 011418 S le 112
88 714
External see e I 78 3d ser 1957 A 0
2912
1 a16
293 2912
763
4 16
297
8
71
17
9118 Greek Government 81 ser 7s_1964 MN
Antwerp (City) external 5s 1958 J D 7618 7714 761,
21
25
143 237
4
8
11
47
41
7512
Sinking fund see 6s
1968 F A 21 Sale 20
Argentine Govt Pub Wks 63_1990 A 0 45 Sale 44
18 Nov'33 ---15
20
2012 21
41
755
8
463 103
4
453 Sale 44
4
August 1933 coupon
Argentine es of June 1925_ _1959 J I)
4012 75
4712 38
Esti s f (13 of Oct. 1925.— _1959 A 0 4512 Sale 445s
67
7838
40
72
4712 74 a101a 7512 Haiti (Republic) a f Os ser A_1952 A 0 72 Sale 70
8
1957 NI S 457 Sale 44
External s f 6s series A
a443
4 24
59
25
4
4612 35 a403 7534 Hamburg (State) Os
4
4
1946 A 0 a443 Sale 37
External Os series 13__Dec 1958 J D 453 Sale 4414
3512 10
4
23
60
46
8
12
403a 755 Heidelberg(German)extl 740'502 J 3512 Sale 323
Extl s f 6s of May 1926
1960 M N 4514 Sale 4412
52
73
47
75
4012 41 a4018 75
HelsIngfors (City) ext 6 Ms_ _1960 A 0 71 Sale 6812
4414 Sale 4411
Externals f 63 (State Ity)_1960 M 5
153 31
4
2512
9
25
4712 42
4014 755 Hungarian Munic Loan 7445 1945 J J 2512 28
8
Extl (is Sanitary Works_ _1961 F A 45 Sale 4412
23 June'33 ---2018 23
41
9
467
8
Unmatured coups attached__ J J ---- 25
75 8
,
Eat]63 pub wks May 1927 1961 M N 4512 Sale 45
19
295
3
2853 Nov'33 ---8
4212 31
38
6912
External s f 7s (coup).
Public Works extl 5443_1962 F A 4214 Sale 4114
1946 J .1 275 40
1612 May'33 ---1612 16 2
,
497 92
8
Unmatured coups attached..J J - - 30
Argentine Treasury Ss £_ _1945 M 5 7512 8034 80 Nov'33 ____
3112
6
Hungarian Land M BLit 7 Ms '61 M N 3'i
33's 3112 32 12 24 41
7114 90
83 4 325
,
8012 Sale 8014
Australia 30-yr bs_ _July- - 1955 J .1
15
3134
2312 41
32
7214 90
106
84
Sinking fund 7 Ms ser B
External 5s of 1927_ _Sept 1957 M 5 81 Sale 8012
1961 M N 25
3114 45
7
,
363
4
36 4
6818 8312 Hungary (King of) 8 f 7343_1944 F A
793 141
4
3214 36
External g 434s of 1928
1956 MN 7512 Sale 7514
7
7618 120,
2
Irish Free State extl s f 5s_1960 MN 111 115 11112 11112
8312 100
53
85
Austrian (Govt) s f 78
19433 D a8312 Sale 8312
8
9954 92 448514 1043
4
647 Italy (Kingdom of) extl 73_1951 J D 9914 Salo 983
g
4812 23 042
8
Internal sinking fund 73_1957 J J 4312 473 4614
893 101
4
95 Nov'33 ---69
Italian Creel Consortium 7s A '37 M 5 94
30
59
45
Bavaria (Free State) 6443_1945 F A 45 Sale 4112
95
92 Nov'33 _--82
97
External sec s f 78 ser B
8812 10212
18
9214
Belgium 25-yr esti 644s ' 1949 M 5 9214 Sale 9012
93
1947 M 5 91
853
4 10 a7212 9512
8612 98
Italian Public Utility esti 78_1952 J ..I 853 Sale a8514
9112 49
4
External s f 6s
19553 J 90 Sale 8912
8812 40
8
4514 903
4
923 10812 Japanese Govt 30-yr 3 f 640.1954 F A 87 4 Sale 867
4
,
9512 14
External 30
-years 1 7s..1955 J D 9412 Sale 94
747 104
3
3513 81
Esti sinking fund 5 Ms
91 10712
9312 24
1965 MN 07314 Sale a7314
Stabilization loan 78
1956 NI N 93 Sale 93
887 Jugoslavia (State Mtge Bank)—
8
65
4
76
Bergen (Norway)58Oct 15 1949 A 0 7014 8238 74
4
12
6
3412 44343
35
8
Secured s I g 7s
63
9053
71 Nov'33 ..—.
72
1957 A 0 347 37
External sinking fund 58....11160 SI S 68
1
37
2938 64
37
45
35
Leipzig (Germany)s I 7s
2512 60
4078 15
8
Berlin (Germany)sf 640_1950 A 0 407 Sale 40
1947 F A
4914 60 2
1
8
5153
,
515
Lower Austria (Prov) 734s:1950 J D -,- 60
57
2418
111
36
8
External 51 6s___June 15 19583 13 36 Sale 297
4
14912 19 al01 161,
Lyons (City of) 15-year 63_ _1934 MN 014714 Sale 146
15
30
9
24
1945 A 0 2312 Sale 2312
Bogota (( Ito/ extl 8 f 8s
14812 13 a10114 161
Marseilles (City of) 15-yr 68_1934 MN 14712 Sale 148
4
lb
14
75
.,
612
612 Sale
(Republic of) extl 88_1947 M N
Bolivia
83
4
84
,
52
4 29
7 5 23
5
7
4
83 Sale
312 1312 Medellin (Colombia) 6123_1954 J D
5
55s Sale
External secured 78 (11(40_1958'J .1
218 64
514 414 Nov'33 __-314 1314 Mexican Bldg Asstng 4 34s....1943 MN
19
5
2
6
5 Sale
External 3 f 7s (flat)
1969 M 9
4
4
12 10114 16114 Mexico (US) eat' 55 of 1899 £ 45 Q 1 -------- 4 Sep4'33 ---,
Bordeaux (City of) 15-Yr 63.1934 M N -- 148 145 2 150
6.8
1
318 1014
165 43
8
S
Assenting 5s of 1899
291
8
Brazil(US of) external 8s
4
10
1941 J 13 2812 293 29
I
1945 ____
54, 85,
____ ____ 614 Nov'33 ____
2413 37
4
153 39
Assenting 55 large
External s f 6 Ms of 19261957 A 0 23 Sale 23
214 8
1
4
33
4
2
514 33
2438 124
Assenting 4s of 1904
143 39
4
External 8 f 6 Ms of 1927..1957 A 0 2212 Sale 2212
413 5
____ ____ 414 Nov'33 ____
1212 3612
12
4
25
Assenting 48 of 1910
73 (Central By)
19523 13 --------233
4
6
253 8
3412 7212
6
453
4
5012
Assenting 48 01 1910 large
Bremen (State of) ext17,.....A935 NI 5 4913 54
4,
8 53
4 '3
_-__
6412 75
2
418
6912
214 8
'
7
6912
Assenting 9s of 1910 small__ _ _
Brisbane (Cit.)) s f 5s
3 4 414 418
3
1957 M S ---- 70
__
637 75
8
15
r71
Treas Os of'13 assent (large)'33 J J
Sinking fund gold 5s
1958 F A r71 Sale 6912
•
•
_*
*
7018 84
7
8112
20
•
Small_
-year s f 83
.
1950 J I) 8012 Sale 8012
823
8 26
2418 3518 Milan (City, Italy) extl 6 443 1952 A 0 08112 sale 81
54
74
32
90
Budapest (City) extl s f 8s_ _1982 1 D 31 Sale 31
37
64
8
4178
4012
Minas Geraes (State) Brazil—
Buenos Aires (City) 6443 2 B 1955 J .1 4012 41
4
40 Nov'33 ____
42
36
36
5712
External s f 6s scr C-2
12
1
External 3 1 614s
1960 A 0 39
1958 M 5 1818 193 20 ' 20
24
20
4612 40 Nov'33 __-_
3412 64
Ext sec 6345 series A._ 1959 M S 193 Sale 19
External s f 63 ser C-3
1112 36
1960 A 0 37
4
37
42
16
3
3238
323
8
8
4212 Montevideo (City of) 7s
4
125 42
8
Buenos Aires (Prov) extl 65.1961 NI S 303 ___
1952 J D 42 Sale 397
3012 15
11
2012 417
8
283
8 22
Stpd (Sep 1 '33 coup on)1961 M S 2712 Salo 2712
3318
29 ..._ _ 30
External s f 6s series A__ _1959 M N
80
57
s
175 393 New So Wales (State) mai 5s1957 F A 78 Sale 77,
8
4
External el t 614,
7112 88 s
32 Nov'33 ____
33
,
1961 F A 30
883
8
71
32
SO
21
413
4
21
29
Stpd (Aug 1 '33 coup on)1961 F A 28 Sale 28
External a f 53
Apr 1958 A o 78 Sale 7714
9318 14
8
14
3
15
1534 15
2318 Norway 20
1918
Bulgaria (Kingdom)a f 73 .1967 .1 J
8112 987
-year ext Os
1943 F A 90 Sale 90
9253 3
8
Sale 89
15
Sale 1918
187 2712
8
2012
2012
811,3 9814
20
-year external 6s
Stabil'n 81 7348__Nov 15 1968 SI N
1944 F A a89
28012 963
4
22 ,
86
,
2
6
11
24
1112
1112 Salo 11
Caldas Dept of(Colombia)7443'46 J
30-year external Os
1952 A 0 (18412 8312 843
805
8 34 a7412 9414
79
132
9273
92
Canada(Dom'n of) 30-yr 48_1960 A 0 9112 Sale 903
40
4
4
-year 8 f 534q
19653 D 793 Sala 79 4
7914 26 a7212 925
8
8
10214 180
bs
901s 1051s
External s f 5s. Mar 15 1963 M 9 a773 Sale 76
1952 M N 10214 Sale 1007
4
10012 68
9318 10212
7414 8914
1936 F A al00 Sale 100
Municipal Bank extl s f 53 1967 J D ---- 7912 7813 Nov'33 ---4348
8714 Nov'33 --,, a75
83
Carlsbad (City)3f Ss
641s 86
1
6614 Sale Ws
6612
1954 J
Municipal Bank extl s f 53.1970 J D -,-- 86
812 217 Nuremburg (City) esti 6s
5
24
15
3
8
8
1012
11
Cauca Val (Dept) Colom 7443'46 A 0 1014 12
5212
1952 F A 38 Sale 37
72
35
663
4 29
44
Cent Agile Bank (Ger) 7s _1950 M
63 Sale
3914 75
Oriental Devel guar 68
1953 M 9 6612 Sale a66
3112 71
17
8
95
3212 67
43
4
Farm Loans I 68._July 15 1960 J J 52 Sale 463
8
52
Extl deb 544s
1958)51 N 647 Sale 647
Farm Loan 3 f 6s_ _Oct 15 1960 A 0 52 Sale 47
167
52
3212 66741
75
8
75
3518 7512 Oslo (CRY) 35
90
1
79
8
62
75
91
Farm Loan 68 nor A Apr 15 1938 A 0 603 Sale 595
-years f 6s.. 1955 M N 75
91
712
912 34
712 Sale
1942 NI N
85 1023
4
9
Panama (Rep) extl 5443_ _1953 J D 91 Salo 90
Chile (Rep)—Ext1 51 78_
53 21
4
7 sale
297
8
658
0
812 80
1814 46
External sinking fund 63 1960 A 0
2912 Sale 29
5
17 2
,
Extls f 58 ser A__ _May 15 I963
:M N
12
1012
7 Sale
91s
7
812 27
47 1714 Pernambuco (State of) extl 78'47M S
8
Ext sinking fund(is__Feb 1981_ F A
4
914 12
63 21
65 Salo
8
814
8.41
612
Jan 1901 3 2
9
812 47
as
814 Sale
47 1714 Peru (Rep of) external 7s_ _1959 141 5
8
By ref ext s f 63
16 2
,
612
812 11
612 Sale
4
53 126
5
1714
312 143
8
Nat Loan extl s f 6s 1st ser 1960 J D
Ext sinking fund Os_ _Sept 1961 NI 5
518 Sale
5.,
642 912 67
8
5
813 10
514 25
612 4.4
334 1414
5
External sinking fund 6s_ _1962 M
1712
Nat loan ext.! s f 6s 2,1 ser_1961 A 0
61
7
7 Sale
11
818 43
5
External sinking fund 68...1963 M N
17
Poland (Rep of) gold 63
52 2 6212
,
1940 A 0 61 Sala 60
5114 37
116
1957 .1 D
9
8512
10
912
714 18
1014 43
Chile Mtge Ilk 644s June 30
Stabilization loans f 73._ _1917 A 0 8512 Sale 82
693
4 12 a 59
912 2012
7
1114
External sink fund g 83_....1950 J J 6912 Sale 6912
9 f 634s of 1926—J1111e 30 1961 J 13 1014 Sale 1018
7414
912 30
4
19 4 22
,
182 gale 183
4
918 Salo
75
8
Apr 30 1961 A 0
912 20
(112 1753 Porto Alegre (City of) 8&_.1961 J D
Guar s f 83
812
918 Sale
6
..
19
20
25
012 65
1962 PA N
012 165
17
8
Guar s f (is
83 30 2
4
Ext1 guar sink fund 7 Ms-1966 J J
,
613 Sale
1960 141
618
8
612
82 2
,
82 2
,
418 153 Prague (Greater City) 7443_1952 M N 825 85
8
3
_
8
Chilean Cons Munie 78
7714 993
4
25
13
25
4712 150
25
9
12 r3114 Prussia (Free State) esti 6 Ms '51 M 5 4712 Sale 40
28
Chinese (Ilukuang By) 58_ _1951 J D
0373
185
46
2012 2012
Coupon No 35 due Dec 15_1928 ------------2012 Nov'33 ____
25
6113
External 8 I 63
1952 A 0 46 Sale 3914
2
25
25
25
due lune 15'29 ------------25
88 103
4
05
97
Coupon No 30
Queensland (State) extl 817s 19411 A 0 941s 98
____ 753
78
95
18
87
8
753
8
75
1
80
87
90
25-year external 6s
Christiania (Oslo) 20-yr 6 f 6s '54 M 9 74
A 85
1947
17
37
2214 573 Rhine-Slain-Danube 7, A _ _ _1950IF 5 5214 Sale 47
5212 19
8
3518 7112
Cologne (City)Germany 64481950 M 9 37 Sale 34
M
Rio Grande do Sul extl 51 8s
2353
12
34
Colombia (Rep)6s of'28_ _Oct'61
3
23,
4
0 2218 25
19461A
30
9
818 31
1612 49
2218 62
External sinking fund 65_1968,J D 2218 Sale 22
Oct 1 1933 and sub coupons on. A 0 2712 Sale 2612
263 Sale 2634
4
27
46
2412 3612
2218 25
9
External s f 73 of 1926_ _ 1966!M N
31
2218 Sale 22
Apr 1 1934 and sub coup's on ___
2512
2
293
4
814 3014
1614 4912
.
2218 12
4
External s f 7s mimic loan.19671.1 13 2218 223 2218
Ester 6s (July 1 '33 coup on) 61 J .1 2712 32
. a26 Sale a26
2714 32
2612
9
10
19
25
4014 Rio de Janeiro 25-year s f 83_1946 A 0 1814 Sale 18
With Jan 1 1934 coupon on__
12
15
147
8
_—
5
15
147 36
8
Externals f 634s
Colombia Mtge Bank 6413 of 1947 A0
62
19
(15 26
8
19 Sale 18
1953.F A
1
15
15
12
15
1946 SIN
84
15
7812 927
8
14
3712 Rome (City) mai 634s
Sinking fund 7s of 1926
19521 A 0 8312 Salo 82
12
2234 1512 Nov'33 ____
1512 3714 Rotterdam (City) ext.] 63_ 1984 51 N 101 Sale 100
101
Sinking fund 7801 1927__.1947 F A
4
5 a8812 1163
6214 41
59
1952 J D 62 Sale 6012
7312 Roumania (141onopolles) 73_1959.F A 3112 3318 323
4
Copenhagen (City) 55
5
3314
2812 45
507
8 45 a5518 693 Saarbruecken (City) 113
1953 MN 59 Sale 5834
4
-year g 4345
4
3
25
633
4
1953.3 J 635 ___ 633
50
3
72 2
,
5
134,
1322 sale 1312
103 233 Sao Paulo(City)s f 85_ _Mar 1952 141 N 2414 Sale 2414
4
.1057 F A
4
Cordoba (City) esti 51 _
2414
1
1018 25
34
3412 33
3
34
243 40
4
713Externals I 634s of 1927.i057 MN
Externals f 73_ _ _Nov 15 1937 MN
19
714 24
2314 23 Nov'33 --,
4
2434 56
2
3534
San Paulo (State) ext., 8 f 75.1936 J J
Cordoba (Prov) Argentina 7s 1942 1 .1 353 Sale 35 4
1812 20
18
1812 21
1418 32 4
,
External sec 8 f 8s
Costa Rica (Republic)—
1612 13
1514 Sale 1514
1950 J J
1212 273
4
1
30
2312 30
30
30
External 8175 Water L'n_19561M S 145 Sale 147
73 Nov 1 1932 coupon on_1951 SIN
3
8
15
6 al13 267s
4
1812
183 2
4 0
5
19
14
23
External s f 138
7s Slay 11936 coupon on_1951 ___
g
1418
1418 Sale 137
19684 J
5
9 s 2818
,
5
7312
6818 9812
Secured s f 73 _
Cuba (Republic) 5s of 1901_1944 M S 7312 Sale 72
1940A 0 6312 Sale 6312
48
64
50 4 74,
,
4
9512 9112 a93
16 a7914 9314 Santa Fe (Prov Arg Rep) 78_1942 hi S 197 Sale 18
8
External 58 of 1914 set A 1949 F A 91
197
8 15
123 3014
4
6212
64
10 a615 90
8
1949 F A 6412 74
Saxon Pub Wks(Germany) 7s'45 F A 5712 Sale 55
External loan 4443
4
3812 773
5712 60
70
73
7312 80
61
8313
9
Gen ref guar 6345
12
Sinking fund 5443 Jan 15 1953 J J
.50
1951 M N .50 Sale 44
30
305 69
3
34
84
2815 8914 Saxon State Mtge lost 7s
Public wk* 51.4' June 30 19453 I) 34 Sale 3134
1945 J D a6112 Sale 6012
10
62
52
7412
20
12
1018 223
1114 Sale 1114
1959,M N
4
Sinking fund g 6 Ms._Dec 19402 D 59
633 57
4
Cundinamarca 634s
52
68
2
58
773 9914 Serbs Croats & Slovenes 83_ _1962 M N al93 Sale ale%
4
8012 13
4
Czechoslovakia (Rep of) 8s_ _1951 A 0 8012 Sale a79
203
4
135 287
3
3
5
8012
3
77 100
1952 A 0 80 Sale 80
External sec 7s ser B
Sinking fund 88 ser 18
1814 Sale 17
1962,M N
1212 2412
1814 19
169
85
75
93
All unnaatured coupons on _ ..1__ _ ____ ___ 2212 Nov'33 ---Denmark 20
-year extl Os.....,19t2 J J 82 Sale 7978
1912 2253
26
4
77
77 Sale 653
653 88
4
1955 F A
Silesia (Prov of) extl 7s
Exrnal gold 534s
te
1958J
a49 Sale 49
,
40 a50 4
20
49
5814 7738 Silesian Landowners Assn fis 1917 F A
External g 4348. Apr 15 1962 A 0 a6714 Sale 6514 0714 74
3612 3812 34
2514 501z
5
387
8
4Cash sale, a Deferred delivery. t Accrued interest payab e at exchange rate of 54.8665. • Look under list of Matured Bonds on page 3986.
NOTE,
-82a40 and City Securities.—Sales of State and City securities OCCIR very rarely on the New York Stock Exchange and usually only at long intervals, dealings
In such securities being almost entirely at private sale over the counter. Bid and asked quotations, however, by active dealers in these securities will be found on a subsequent page under the general head of "Quotations for Unlisted Securities."
New York Bond Record-Continued-Page 2
3982
BONDS
N.Y. STOCK EXCHANGE
Week Ended Dee. 1.
ii
13
,..., a,
Price
Friday
Dec. 1.
Week'sRange
Range or
13
Since
Jan, 1.
Last Sale, 4
4,3
Foreign Govt. & Municipals.
High No. Low
Bid
Ask Low
High
SO1A90119 (City of) ext1 8s___1936 MN 14012 Bale 140
4 100 15413
14012
Styria (Prov) external 73_-_1946 F A 5114 55 52
5718
45
4
52
Unmatured coups attached__ F A ____ ____ 4218 may'33 __
4218 4218
Sweden external loan 510-1954 M N 1073 Sale 1063
88 110
102
4
4 108
Switzerland Govt ex% 530-1946 A 0 15314 Sale 15313 1584 376 010213 170
Sydney (City)s f 5 Hs
1955 F A 78 Sale 78
8214
66
7914 10
Taiwan Elec Pow 51 550_1971 2 J 603 Sale 664
4
3318 070
8
8714
Tokyo City bs loan of 1912_1952 M 5 7014 Sale 7014
28
74
7
71
External St 510 guar -_1961 A 0 66 Sale 6513
334 73
6734 21
Tolima (Dept of) esti 7s__ _1947 MN
18
8
94 1013 104 Nov'33
Trondhlem (City) 1st 550_1957 MN 8314 70 684
81
8413
i
0813
Upper Austria (Prey)0-1945 3 D 463 48 69 Nov'33
8
4514 824
External a I 650.June 15 1957 3 D 454 46 46
414 r58
1
46
Uruguay (Republic) ex@ 88_1948 F A 35 8 40 39
a
3914
214 5018
3
Feb 1 1934 & subs coup att2978 36
7
35
_ 3412 Sale 33
External of Os
30
_1960 MN 3238 3512 35
1513 4018
12
May 1934 coupon on_1980
26
24
33
36
_ 3213 Bale 30
External 51 6s____May 1 1964 MN 3138 ___ 32
4
33
163 4018
18
3212 13
26
May 1934 coupon on
3212
_
_ 32 Sala 294
Venetian Prov Mtge Bank ,78 '52 A 0 108H 110 109
198494 109
6
109
Vienna (City of) exti 8!6s.._1952 MN 5618 80 5814 Nov'33
523 884
8
Unmatured coupons attached- MN --------48 Nov'33 __
4313 6318
Warsaw (City) external 78 1953 F A 4818 Sale 4838
35 5214
14
50
Yokohama (City) ex% 6s 1961 3 D 6814 Sale 6814
6918
35 8 74
7
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
'C
I
it
,.., a.
Dec. 2 1933
Price
Friday
Dec. 1.
Week's
Range or
Last Sac
14
0
1
Range
since
Jan. 1.
Bid
Ask Low
NW No• Low
High
Chicago & East III let 58____j934 A 0 50 __ 58 Oct'33 ---, 32 58
94 Sae
C & E III Ry (new co) gen 53-1951 M N
04
10
58
34 20
4
Chicago dr Erie 1st gold 0_1982 MN 8818 90 8415
86
26
824 99
33
Chicago Great West 1st 48_1959 M 5 33 Sale 3214
46
20 6014
Chic Ind & Loulsv ref 6s__1947 J J 4214 45 45 Nov'33 ---28 6018
423 Nov'33 ---8
49
.1 36
Refunding gold 5s
19473
4238 53
Refunding 4s series C
1917J J 35
33
394 55 A119' ---t
33 67
24
19
1966 MN 21
2478 2218
let & gen 59 series A
9 4fi
1st & gen 6s series B_May 1986
5
234
J 214 23 23
12 54
Chic Ind & Sou 50
-year 49_1956 3 J 5038 80 70 03'33 ---8112 7813
Chic L 9 & East let 410
1989 .1 D 74313 99 9 4 Nov'33- -, 9418 10314
93
55
Chi M & St P gen 0ser A 1989 J J 5413 Sale 54
46
38
73
10
49
Gen g 310 ser B___May 1989 3 J 484 ____ 49
35 64
59
Gen 414s ser C
20
May 19893 J 57 Bale 57
40 774
may mg
3 57 5812 563
8
68
Gen 4108er E
49
40
77
79
38
Gen 4%8 ser F
" 647 85 Nov'33 t__
J -t
May 1989
35 855
Chic Milw St P & Pao 58 A-1975 F A 3313 Sale 334
11
5913
13 827
Cony ad' 5s
4
Jan 1 2000 A 0 113 Bale 1114
314 3134
48
Chic & No Wait gang 3148-1987 MN 48 Sale 48
22
34 82
General 4s
1987 MN ---- ---- 5353 2
.,,,,, .;,
6
30 704
Stpd 4s non-p Fed Inc tax '87 MN --------68 .,,OV'oo .-. 36 69
47 73
Gen 450 stpd Fed Ina tax_1987 MN -t,- 73 68 Oct'33 --62
3 40 8212
Gen bs stpd Fed Inc tax-1987 MN 014 65 62
410 stamped
1987 MN 5915 85 56 Sept'33 --, 56
56
71
15-year secured g 810-1938 M El 71
71
78
a
4318 923
15 56 4
4014 19
Railroad.
1st ref g 5s
May 2037 .1 D 40 Sale 38
37
27
38
Ala CU Sou lot cons A 58_1943 J D 80
1st & ref 410 stpd-May 2037 J D 38 Sale
75 944
86 82 Nov'33 ___
15 4713
37
1st eons 48 ger B
15 48
3818 18
5 60 83
75
80 74
19433 D 40
1st & ref 410ser C_May 2037 J D 384 40
Igo MN 28% age 2838
3034 101
Alb & SUM 184 guar 310_1946 A 0 84 873 86
Cony 450 series A
4
44 4413
78 9014
10
86
Alleg & West let gu 4s
1993 A 0 ...-. 66 65 Nov'33 ____ 062
77%
4514 34
Alleg Val gen guar g 4s
89
9878 Chic RI & P Ry gen 48
,
943
4 12
1942 M 9 944 Sale 93
um J J 4514 Sale 4312
17
108
. 42 30
19
Ann Arbor let g 4s_July 1995 Q J 31
Refunding gold 43
1934 A 0 1778 Sale
32
35 32
3 224 45
16
7913
183
Mall Top & 9 Fe
4
-Gen g 18_1995 A 0 08813 Bale 8838
4
a
Certificates of deposit --- -,-, -7:- Sale-- 16
823 9718
894 439
..
16
25
31
18
20
Registered
85 844 Nov'33 _
A 0
Secured 4Hs series A
8413 94
1952 M 5 le
18
38
1614 30
. 16
15
19
lb
78
8
Adjustment gold 48-July 1995 Nov 773 80 a7538
14 0744 89
Certificates of deposit
15E ifirn
/6
734 iiii, 738
9 110
Stamped
6 28
Cony g 4 Hs
7812 48 a754 90
July 1995 MN 784 Sale 77
87 75 Nov'33 ---.
Registered
MN --------85 Nov'33 _ . 8378 85 Ch St L & NO 5.8....June 15 1951 .5 D 79
72 90
___ 834 9%3'33 ---Cony gold 45 of 1909____1955 J D 7512 Sale 7513
77
Gold 310
73 84
2
-1
June lb 1931 1 D
63 8313
Cony 4s of 1905
19553 D 7612 Sale 7514
Memphis Div let g 0__195l
7613
72 88
4
80140 ---- 62 654 09
533 ---: 46
7214
Cony g0lasue;of 1910_1980 .1 D 784 80 80
Chic T H dz So East 1st 5s-1960 3 D 4614 55 48
80
48
73
81
4
A
36
7314
40 38 Nov'33 -Cony deb 410
19483 D 91 Sale 90
91
Inc WI Se
33 a79 102
Dec 1 1960 M 8 36
143 8434
4
40 91 102
9713
98
Rocky Mtn Div 1st 4._1965.3 3 81
4
85 82 Nov'33
78 87 Chic Un Sta'n 1st gu 410 A-1983 3 3 973 Sale
Trans
-Con Short L 1st 48_1958 J .1 89 Bale 89
1st Is series B
9012 22 89 994
19833 J 10213 Sale 10218 10314 20
95 10612
8
Cal-Arlsi let dz ref 410 A_1962 M S 875 9112 88
88
Guaranteed g 58
10
97'1 11
87Ie 99
19143 D r97 Sala 964
9234 1034
All Knox & Nor let g 0_1946 J D 80 1O5' 103'2 Feb'31 ____ ___
___
J !owl 1124 10913 1104 15 1033 114
1st guar COO series C -.1983
8
Atl & Chad A L let 410 A 1944 J J ---9114 Nov'33 _-...
914 Chic,& West Ind con 48
75 894 33
1952 3 1 89 Sale 854
5978 80i,,,
let 30
1944 3 .1 74 8478 8813 Nov'33 ___
-year 55 series B
8418
7
lat ref 510 series A
8713 96
4 664 95
'
1962 M S 83 8 Sale 824
40
1
„ 4113 40
65
7518 Choc Okla &Gulf cons 53-1952 M N -2.
Atlantic) MY insane 4s_ _1951 J .1 ---- 75 7413 Oct'33..
40 63
AU Coaat Line 1st cons 0.fuly'52 M El 78 Sale 07412
66
9134 Cln H & D 2d gold 4Hs
ai
78
1937,3 3 wu's ---- 9918 A68.33 --85 9018
51
824 C I St L & C 1st g 4s__Aug 2 1936'@ F 98 ___ 9713 Nov'33 --6478 39
General unified 410 A_ _1964 J D 6518 67 63
92 9934
_ 944 Aug'33 --L &N coil gold 48___Oet 1952 MN 6113 Sala 584
Registered
7434
8113 32
August 2 1938 Q F -,..„
45
9433 944
Atl &Dan lot g 48
1948 J J 36
864
373 3713
4
134 52 Cin Lab & Nor 1st eon 311 49-1942 MN 764 -..- 86 .03'33--t
1
374
82 88
2d 48
1948 J J 29 Sale 29
973
8 60 CID Union Term 1st 450-2020 3 J 96 10134 97%
3
29
4
7
93 102
All & Yad let guar 4s
1949 A 0 37 Sale 37
1st mtge Is series B
20203 .1 10134 Sale 10118 10134 15 9613 10734
2 20 53
37
,s 1034 24
Austin & N W lot gu g 5s_ 1941 J J ---- 77 76 Nov'33
let mtge g 5s series C
76 844
1957 M N 103 Bale 1017
964 107
.
Bait & Ohio 1st g 48__July 1948 A 0 863 Sale 86
74
32
88
8
72
9218 Clearfield & Mali 1st gu 53_1913 2 J 76. 7813 0,3'33 --7815
Registered
48
63 8
5
8
71
71 677
4
72 86 Cleve Chi Chi & 9t L gen 48_1993 J D 88'4 1
803
4
July 1948 @ 3 -,,- 86 803
Refund & gen Ss series A.1995 J D 5912 Sale 594
General bs series B
1993 J O -,,.. 93 93 Oct'33-6113 107
3318 7815
85 96
let gold 58
July 1948 A 0 944 Sale 923s
Ref & impt 6s ser C
943
3 94 a7918 101
1951 3 J 73 Sae 73
i
73
49 82
.7
67
Ref & gen 6,3 eeries C
19953 D 8734 Sale 67
19633 J 63 87 86
Ref & impt 5s ser D
883 120
4
3713 83
47 821a
FL E & W Va Sys ref 0_1941 MN 80 Sale 78
23 3
7
80
Ref & inapt 410 ser E
80
8113 8778
38
1977 3 3 6_ Bab 59
0
7718
89
Southwest Div 1st 5s_
1950 J J 774 Sale 76
Cairo Div let gold 4s
78
55 89
20
39 89
1939 3 J Sr
1
77
3 8595
58
5913
Tol& On Div 1st ref 4.sA_1959 3 .16238 Sale 61
6238
Cin W & M Div 1st g 48_1991 J .1 8014 68 5913
454 74
9
Ref & gen ba series D_ _ _2000 M 5 5918 Sale 584
St L Div let coll tr g 0_1990 M N 63 88 6814 Nov'32 --.*:
60
343 75
4
61
80 80
Cony 410_
1960 F A 05214 Sale 51
5312 296
85
BPr & Col Div 1st g 4s_ 1910 M 5 84 89 85
2513 67
• 85
93
Ref & gen M 5siser F
1996 M S 5912 Sale 58
7378 734 81393.33 ---:
W' W Val Div let g 4s
1940 J J 52
093
4
6012 130
54
.
72
76
Bangor & Aroostook 1st 53_1943 3 J 102 10212 1011s 10112
88 1014 C C C 1 gen cons g - -1931. 3 .5 10034 9958
7
99's
a
&
984 1017
1
9 s
.
9
8
Con ref 4s
1951.2 .1 75 Sale 76
804 go
5 85 84 Cleveland & Mahon Val 653 1938 3 3 A"
75
6s99 87 Nov'33 ---Battle Crk & Star 1st gu 58.19893 D ____ 61 60 Nov'33
60 82 Clev & Mar 1st gu g 4Hs.
-1935 MN 9514 --- 99 Nov'33 ---97 99
Beech Creek 1st gu g 4.3_ _1938 J J --- 95 90 Nov'33
98 Juae'33 ---80
93 Ciev & P gen gu 4Hear 13_1912 A 0 8614
964 98
2d guar g 5s
1938 J J
8913 Sept'33 _
86 86
- 1104 86 3%1'33 ---Series B 310
1942 A 0 8913 9213
Beech Creek ext 1st g 3118_1951 A 0 Ws ____ 70 Sept'33 ____
Series A 410
86
71
1942 J J ---- ---- 1014 8 3.33 ---%
96 1014
Belvidere Del cons Ku 350_1943 J J 91
84
91
Series C 3148
1918 MN --------91 Aug'33 ---Big Sandy let 48 guar
19443 D 85
9018 Nov'33 _
Series D 310
1950 A F --------83 03'32 ---- _
87 974
14
Boston az Maine 1st 58 A C.1987 M 5 62 Sale 803
--------91 899V33 ---Gen 410 ser A
8
53 83
6214 94
1977 F A
iii . 9ilst M bs series II
1955 MN 6014 74 61
61
64 834 Cleve Slue Line let gu 410_1981 A 0 ---- 75 75 Nov'33 ---11
70 87
1st g 450 ser JJ
1961 A 0 5634 67 5613
58
48
7878 Cleve Union Term 1st 510_1972 A 0 7513 78 70
20
2 sols 90
76
5414
Boston ANY Air Line 1st 431955 F A 50
547 54
8
754
1973 A 0 Ws Sale 7318
6812
8
1st s f bs series B
54
3
54 864
Bruns Ar West 1st ICI g 48_1938 3 3 ____ 8878 93 Oct'33 --Dit a f guar 410 series C 1977 A 0 8518 69 86
68
843 944
4
5
494 7734
Buff Roch & Pitts gen gs 58_1937 M 5 9513 98 98H Nov'33 ____
85 1004 Coal River Ry 1st gu 48_ _1915 1 D 904
-- 9212 03'33 --t: 8612 9312
1957 6,1 N 5412 sale 534
55
26
333 6738 Colo & South ref & ext 4Hs_1935 M N 74 Site 733
Consol 4118
4
75
8
7o
674 94%
Burl C R & Nor 1st & coil 58_1934 A 0 34
General mtge 411s ser A 1980 M N 5813 Bale 57
3914 35 Nov'33 ____
2614 7013
58111
9
47 77
85% 97
1
2713
Certificateeof deposit
29 Nov'33 _
1918 A 0 --------952 Nov'33 ---29
35 Col & H V 1st ext g0
Canada Sou cons gu 58A...1982 A 0 84 Sale 803
1955 F A 6213 9414 91 Nov'33 ----90 65
4
7878 97 Col & Vol 1st ext Is
16
84
_ _ 77 June'33 ---Canadian Nat guar 450____1954 M 5 10014 Sale 9934 10014 19
77
77
0 50
7914 1003 Conn & Passum Ellv 1st 48_ 1913 A
4
30
-year gold guar 4348_1957 j .1 9912 gate 9918
42 43 Nov'33 ---9978 174
79 8 10113 Cense]Ry non-conv deb 43_1951 J J ---- 3
38 6014
1655 j j --------53 Aug'33 -Guaranteed gold 434e_._1968 J D 10118 Sale 101
10113 121
Non-cony deb Is
79 4 105
3
0 82
1969 J J 10613 Sale 1053
Non-cony deb 4s
4 107 114 a844 1033
Guaranteed g 5s
Juy
1955 A 0 --__ 50 4613 9%3'32 ---- ..4
3
Guaranteed g as
Non-cony deb 4s
84 1033
4
4 107 104
Oct 1969 A 0 1084 Sala 1053
ai iii
s
1956 3 J --,- 48 5018 0,3'33 ---39
20
1970 F A 010818 Sale 10578 107
1912 J D 19 Sale 17
4
19 a8438 1033 Cuba Nor Ry 1st 550
Guaranteed g 58
41
10
11 01314 4134
18
Guar gold 450--June 15 1955 J D 10338 Sale 103
1033 177
4
80 4 1033 Cuba RR let 50
3
8
-year 58 2_1952 J .1 1712 Sale 1334
.
1st ref 710 series A
8 1027 172
8
Guar g 430
1958 F A 102 Sale 1013
19363 D 1714 Sale 1318
80 103
1714 10
134 41
Sala 15
M S 10234 Sala 10214 103 384
let lien & ref Os ser B
Guar g 410
1512
1938 J D 1513
3
Sept 1951
79 4 10513
2
11
34
8
Canadian North dabs f 73,.19403 D 1053 Sale 10434 1053
9834 107
8 54
7714 18
67 8911
25
944 112 Del do Hudson let & ref 48.._1913 M N 764 7714 74
29
110
-year a f deb:510
1946 3 J 110 Sale 109
9915
5
gl
J 102 Sale 102
1935 A 0 9413 97 a9278 944
103
10-yr gold 410_Feb lb 1935
90 1034
34
tal
9712
79
8
93,4
Gold 510
1937 MN 9113 Sale 911$
49 r70
563 261
4
4
Canadian Pao Ry 4% deb stock-- ---- 553 Sale 55
751
4 55 a55 834 D RR &Bridge 1st gu g 48..1933 F A 6316 --95 Sept'33 ---Coll tr 4Hs
1946 MS 75 Sale 7418
98
96
71 6264 66
34
.
a
9913 21
1936 .1 J 3313 Sal 321$
68 equip tr %is
804 100 Den & R0 let cons g 48
1944 J J 99 Sale 99
3813 13
Cons% gold 4)48
5813 904
53
4
81
Coll tr g 55
1936 J J 3013 Sale 34
Dec 1 19543 D 79 Sale 773
27 874
84 52
197
8 54
534 80% Den & R G West gen 6s Aug 1955 F A 18 Sale 18
713
4 70
Collateral trust 4 Hs___1960 J J 7114 Sale 0914
22
27
4
Ref & impt 53 ser B_Apr 1978 A 0 233 2833 25
lb
19
19 June'33 ___
Car Cent 1st cons g 4s
19493 J 17
11
60
98 9738 Nov'33 ____
80 100% Des M & Ft D let gu 4s___1935
Caro Clinch & 01st30-yr 58_19383 D ___ 5
1
238
23
8
238 3
J J
Certificates of deposit
9118
3 88 99
lat & cons g 8sser A.Dee 15'52 J D 9113 921 9078
318
71 68 03V33 ---68 883 Des Plaines Val 1st gen 410_1947 M S 58
4
Cart & Ad lot gu g 48
75 68 Oct'33 ____
19813 D 50
45
8978
37 Sept'33 ----33 4014
1955 1 D ---- 41
40
Cent Branch U P lot g 48_1948 J D 27 Sale 27
24 60 Det & Mac let lien g 48
6
Second gold 4s
1995 1 D -,-- 2818 30 July'33 -__
32 64
Oct'33 ____
50 51
Central of Ga let g5
25 30
1945 F A 40
934 4118 Detroit River Tunnek4 Hs_1961 MN 80 87 8813 Nov'33 ---Consol gold 58
20 20 Nov'33 ____
1945 MN 15
75
91
Dul Missabe & Nor gen 53_1911 1 J 10378 ____ 10314 0,3'33 ---- 10113 104
3 28
1
83
4
4
9
10
Ref & gen 510 series B1959 A 0
83
2
102
1937 A 0 102 10414 102
24 2734 Dul &Iron Range let 5s
5
9
Ref. & gen 55 series C
99 10578
4
814 9 8 83
7
1959 A 0
2338 23 Nov'33 ---1937 J J 20
171$ Nov'33 ____
Chatt Div pur money g-8_1951 J D 15
Dul Sou Shore & Atl g 5s_
15
33
12
18
4
39
Mac & Nor Div let g 68_1946 J J --------35 July'33 __
35 35
84 93
Mid Ga & Atl Div mu. m 58'47 1 J ____ 23 28 July'33 _- 28
28 East Ry Minn Nor Div let 45'48. A 0 ---- 90 90 Nov'33 ---3 65 68
79
Mobile Div let g bs
35 East T Va & Ga Div 1st Se 1950 al N -„.. 80 a78
24
1946 J .1 ___. 28 28 Oct'33 ___
2
90
89 90
Cent New Eng! Ist gu _
66 60 Nov'33 __ _t
55
744 Elgin Joliet & East 1st it 53-1911 MN 66
1961 J J 56
7818 gr.
Cent RR & Bits of Ga 4s- 1937 MN _-- 5038 50
1985 A 0 03 ____ 61 Feb'33 ---6838 El Paso & SW 1st 5s
61
25
6
5114
001158
72
Oct'33 ---4
5 82 10218 Erie & Pitts g AU 310ser B 1940 J J 874 ____ 91
Central of NJ gen g 58
94
90 91
9434 9213
19873 3 90
. 90 Aug'33 ---4
Series C 3113
19403 J 873 General 45
833 90
3
19873 J 73 80 854 Oct'33 _
8
75 4 9112
671 851,
781: 78
714 80
8312 8312 Erie RR let cons g 48 prior_ 1996 .1 J 7112 Safe 704
7113 97
Cent Fae lot ref gu g 4s_._1949 F A 7112 Sale 68
Aug'33
Through Sherri.. 1st gu0_1954 A 0 857 Sale 634
Registered
657
8 12 6312 87
8
-81 4013 74 -Guaranteed g 58
lot consol gen lien g 4s
1996 j I -57 Sale 575214
22 J
8
45 80
1960 F A 80
5912
8114 90
61
Charleston & Say% 1st 78_1938 J J --------111 June'31 ____ --- 41
57
Registered
1998 1 J -------- 57 June'33 --Ches & Ohio let con g 63_1939 M N 01053 Sae 105
Penn coil trust gold 43..1951 F A 99 __ 99 Nov'33 ---99
3 4
10614 42 01003 1074
68
13
304 100
51
Registered
-year cony 4s series A_1953 A 0 51 14.119 504
50
1989 M N ..- 105 1034 Oct'33 ___ 10113 105
304 67
5
52
General gold 410
Series B
1953 A 0 504 Sale 501a
1992 M 9 97 8 Sale 98
87 8 1044
3
81
98
3
Regnitered
40 4012
Gen cony 48 series D
1953 A 0 --------40 Mar33 ---9813 0(3'33
M S
904 984
Ref & Impt 410
504 229
4
2014 6712
80 95 8
5
30
89
1993 A 0 80 Sale 884
Ref &ins% 550! 1927-1987 M N 503 Sale 4914
5034 253
Ref & Impt 410 ser B_ _1995 .1 J 87 Sale 863
204 6715
Ref & impt 53 of 1930_1975 A 0 5014 Sale 49
98
79
73
89
4
Craig Valley let 5sMay 1940 J J -- 993 96
90 100
Oct'33 ___
81 10218
Erie & Jersey let a f Os_ __1955 J J ---- 94 94 Nov'33 --4
Potts Creek Branch 1st0_1946 J J 80
5
933
4
4
3
Genessee River 1st 8 f ifs_ _1957 J J 933 sae 23 4
81
89
75 102
_ _ 85 Nov'33 -__
R & A Div let eon g 0._1989 .1 J 764 - - 91 Nov'33 ___
843 100
91
4
2d consul gold 4s
19893 388 88 Oct'33 - 83 9013 Fla Cent & Pen let cons g 5s 1913 J .1 2514 27 27 Nov'33 .--15
---40
48
Warm Spring V 1st g Ss.,_ 1941 M S ___. 100 93 May'33 _
48
2 344 63
93 93 Florida East Coast 1st 43,4s195
93 Is 48 Bale
814 12
8
Chic dr Alton RR ref g 3s_1949 A 0 ____ 4838 49 Nov'33 _
8 Sale
1974 11 S
1st It ref Ss series A
30
534
3
2134
Chic BUN& Q-III Div 3,50_1994 J J 86
2
2
21
73
4
74 77
8 74
Certificates of deposit
23 80 91
87
87 86
Illinois Division 48
19493 J 9614 Sale 934
8713 9914 Fonda Johns &Glev 1st 450 1952
9614 67
General 4s
94 84 Nov'33 -- -414 94
5
89 8 55
,
1958 M 8 8938 Sale 874
Proof of claim flied by owner- NI N
78
9578
1st & ref 450 ser B
1977 F A 80 Bale 77
(Amended) 1st cons 2-48_1932
68 924
75
80
1971 F A 87 Sale 87
44 5
Proof of claim filed by owner at N
lot & ref bs ser A
5 Nov'33 ---7614 10012
873
4 41
44 5
r Cash sale. a Deferred delivery. 5 Look under list of Matured Bonds on page 3988.
-Nov
New York Bond Record-Continued--Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
i
1
..,5.
Price
Friday
Dec. 1.
Week's
Range or
Last Sale.
,
I
i4
nj,8
Range
Since
Jan. 1.
Bid
High No. Low
Ask Low
High
Fort St u u Co 1st g 8 ms__1941 .1 .1 --------87 Nov'32 ____ __ ___
88 99
Ft W &Den C 1st g 5145-.1981 J D ___.r 9812 9712 Oct'33 ____
Ga & Ala Ry lst cons 55 Oct 1945.1 J
Ga Caro & Nor 1st gu g 551929Extended at 6% to July 1 1934 .1 .1
Georgia Midland 1st 38_ __ _1948 A 0
Gouv & Oswegatchie 1st 58._1942 J D
1941 J 1
Or R & I ext 1st guy 4348
Grand Trunk of Can deb 75_1940 A 0
1936 M 5
15
-year at 88
Grays Point Term 1st 5s_ _ _1947 J D
A.1936 J .1
Great Northern gen 7s ser1st & ref 41(5 series A-__ _1961 .1 ./
1952 J J
General 5345 aeries II
1973 J J
General 58 series C
General 4 Hs series D.._ _1976 J 1
1977 J J
General 4345 series E
Green Bay & West deb Ors A.- Feb
Feb
Debentures ctfs B
1940 M N
Greenbrier By 1st gu 4s
Gulf Mob & Nor 1st 5345 B..1950 A 0
1950 A 0
1st mtge 55 series C
Gulf&8 I 1st ref& ter 5sFeb 19521 J
Stamped (July 1'33 coupon on) 1 1
10
Sale
10
104
2
Hocking Val Ist cons g 4 Hs.1999 J .1 9118 Bale
1937 M N 7014 83
Housatonic Ry cons g 55
1937 J .11 9612 100
H &T C 1st g 55int guar_
Houston Belt & Term 1st- 5_1937 1 1 ---- 95
5
Hud & Manhat 1st 58 ser A_ _1957 F A 6812 Sale
Adjustmentincome 55 Feb 1957 A 0 3112 Sale
4
91
9118
85 Nov'33 ____
9658 Oct'33 ---91 Nov'33 ---68
1383
4 49
31
3412 59
91
25
Illinois Central 1st gold 45._1951 .1 J 91 100 91
1st gold 3348
195 .1 J 78 ---- 80 Nov'33 ---Extended 1st gold 3Hs__ _195l A 0 78 ____ 78 Nov'33 ____
1951 M S --------73 Mar'30 _-_
1st gold 35 sterling
8212 16
1952 A 0 6212 Sale 6112
Collateral trust old 45
6112 52
Refunding 48
1985 MN 61 Sale 59
60 56
60
3
1952.1 J 56
Purchased lines 3345
Collateral trust gold 4
8_195 M N 5414 Sale 53i
58
14
1955 MN 7112 75 7114 Nov'33 ---Refunding 55
8412 83
8312
5
15
-year secured 6Hs g_ __ _1938 J .1 82
5612 94
40
-year 4345
Aug 1 1958 F A 56 Sale 5314
Cairo Bridge gold 45
19501 D 78 ---- 78 Nov'33 --8
Litchfield Div 1st gold 35_195 1 ---------733 Aug'33 ____
Loulsv Div & Term g 3345 195 .7 J ---- 88 6312 Nov'33 ---Omaha Div let gold 35____195 F A -- - _ 63 83 Nov'33 _-_St Louis Div & Term g 35.195 J .1 ---- 621 62 Nov'33 ---1951.1 .1 ___ - 80 64 Nov'33 ---Gold 334s
-- 75 Aug'33 ---.
Springfield Div 1st g 8345_195 J J
65Western Lines 1st g 4s,.,1951F A --- 793 80 Sept'33 ---III Cent and Chic St L & N- 0
4
63
51
Joint 1st ref 55 series A _1963! D 62 65 613
57
44
1st & ref 4345 series C
1963 J D 57 Sale 5412
___ 8912
Ind Bloom & West let ext 481940 A 0
7175 72
Ind III & Iowa 1st g 45
1950 1
Ind & Louisville 1st gu 45... _1958 J j 35 Sale 35
9612 100 100
Ind Union Ry gen 55 ser A 1965 1
Gen & ref 5s series B
1985.1 j ---- --- - 100
lot & On Nor 1st(is ser A._J952 J J 31 Sale 29
8 Sale
73
4
Adjustment 85 stir A_July 1952 A 0
4
1st 55 series B
19551 j 2412 253 25
2412 253 253
4
4
1st g 5:3 series C
1956 J
lot Rya Cent Amer 1st 55 B 1972_ M N a5018 Sale a5018
5134 5118
1st colt trust 6% g notes 1941 MN 50
let lien & ref 6345
1947 F A Iv8 50 4412
Iowa Central 1st gold Si.
.j938
4
414 Sale
Certificates of deposit__ _ .1 D
195i iyi g
2 Sale
2
Ist & ref g 45
James Frank & Clear 1st 41959J
Hal A & OR 1st gu g 55
1938 J
Kan & M 1st gUg 48
1990 A
K C Ft 8& M By ref g 45... _1936 A
A
Certificates of deposit
Kan City Sou 1st gold 351950 A
Ref & impt 55
Apr 1950.1
Kansas City Term let 4s____1960 J
KentuckY Central gold 45.„1987 J
Kentucky & Ind Term 4348_1961 .1
Stamped
1981 J
Plain
1961 1
D
J
0
0
0
0
J
J
J
j
J
J
Lake Erie & West 1st g 6s.._19371 J
1941 J J
56 gold 55
Lake Si, dr Mich(Mg 3Hs__ _1997 J D
19971 D
Registered
Lehigh & NY let gu g 45_ _1945 M 5
Leh Val Harbor Term gu 58.1954 F A
Leh Val NY 1st gu g 4 Hs_ _ 1940.1 .1
Lehigh Val(Pa) 22/122 g 4s 2003 m N
mN
Registered
2003 M N
General cons 4345
2003 MN
General cons 55
Leh V Term Ry 1st gu g 58_1941 A 0
Lax & East 1st 50-yr 5s gu 1985 A 0
Little Miami gen 45 series A I962 M N
1935 A 0
Long Dock consol g 85
Long Island1938 1 D
General gold 45
1949 m g
Unified gold 4s
1934 .1 D
Debenture gold 58
1937 M N
-year pm deb 58
20
1949M g
Guar ref gold 45
Louisiana & Ark let 5sser A.1969 J .1
Louis & Jeff Beige Co gd g 451945 M 8
1937 M N
Louisville & Nashville 5s
19401 J
Unified gold 45
J .1
Registered
1st refund 5 Hs series A___2003 A 0
2003 A 0
lat & ref 55 series B
Mt af ref 4348 series C__2003 A 0
1941 A 0
Gold 55
Paducah & Mem Div 45_ _1946 F A
_1980 M 8
St Louis Div 2d gold 55....
Mob & Montg let g 4 As_ .1945 M 5
South Ry Joint Monon 45.1952 J J
All Knoxv & Chi Div 45_195551 N
19343 .1
Mahon Coal RR 1st 55
Manila RR (South Lined) 45-19 M N
39
1959 m N
1st ext 4s
Manitoba SW Colonlza'n 55 1934 .1 D
Man 013 & NW 1st 334s.._,1941 J 1
Me:Internal 158 48 m50:1 1977 M S
Michigan Central Detroit & Bay
1940 1 j
City Air Line 45
1951 M 5
Jack Lans & Sag 3345
1952 IS N
lit gold 3345
Ref & impt 434s set C__ _ _1979 J J
Igo A 0
Mid of N J 181 ext 58
Mil & Nor 1st ext 430(1880)1934 J D
1934 J D
Cons ext 4345 (1884)
Mil Spar S, NW lst gu 45_1947,M 13
I
I
r Cash sales. a Deferred delivery
ri
54 27
18
27 2618 July'33 _-__
18
2818
35
40
39 Nov'33 ____
234 50
--------100 Jan'31 ____
----84 914
__
9314 93 Nov'33
85
10434 Sale 1044 105
9634 10812
ii
10218 215 933 1044
102 Sale 101
s
--------96 Nov'30 ---- -___ -_
78 Sale 77
7814 76
4514 9014
7114 Sale 70
71552 83
Mg 87
6814 Sale 68
39 8312
7114 28
6314 18
63 Sale 8214
4012 7738
5612 Sale 5512
58
19
37 74
5714 Sale 56
34
5814 13
74
23-- 30 Oct'33--__
29 32
518 10
314 10
6 Nov'33 ____ 90 Sept'33 ____
8814 90
2212 88
52
895312 57 52
1
53 Sale 51
53
18
23 6612
55 ___- 45 June'33 --_4212 45
55 ____ 58 Nov'33 ---404 56
Oct'33 -- _
Nov'33 _--35
1
Oct'33 ---Oct'33 ---31
29
8
57
26
7
1
25 4
3
a5018
5
52
14
444
2
414
2
14
1
84 10012
75 90
8512 98 8
3
78 100
6334 8878
27
5934
784
7612
72
____
50
45
55
40
5218
8018
30
5012
58
58
58
53
82
75
66
3878 7412
37 69
894 92 8
7
72 85
27
5478
85 101
85 100
1814 5412
3 25
16
50
16
4912
3314 8512
37 8118
25 55
2
1
3
65 4 8834 70 Nov'33 --80
--------103 Mar'31 --__ _
69
73 73 Nov'33 ---80
3212 29
3018 32 32
31
28
35 2912
3014
9
2912
56
56 Sale 53
61 a48
8112 88
6014 Sale 5812
47
8814 Bale 87
8814 53 83
a82 Sale 8138
7414
82
4
65
79 84 Aug'31 --_- ____
57
65 80 75 June'33 --__
--------89 Apr'30 ---- ____
6514 77 82 Nov'33 ---51
78 61 Nov'33 ---81 Sale 80
83
20
--- - 77 82 Nov'33 ---5018 57 54
55
3
78
8214 79 Nov'33 --_60
757 81 Oct'33 ---,
8
46 Sale 4412
47
63
--------45 June'33 ---5212 17
5112 Sale 5138
5514 5334
53
54
11
50
91
8915
8918 14
71
913 95 Nov'33 ---4
--- - ---- 8112 Sept'33 ---92
99 99 Nov'33 ---9812 Bale 9812
9912 16
_-_- 91
8714
874
5
1004 102 10012 Nov'33 --,
--. 92's 9234
923
4
3
_
871 8712
871
6
453. 421 41
4
43
27
7518
7518
7512 79
1
102 103 103 Nov'33 --,93 Sale 9218
9318 50
-- -- -- - 82 Apr'33 ------- 84 81
11
85
8014 887 807
5
81
5
77
7412 78
77
13
1015 10214 10158 Nov'33 ---8
50
861 65 June'33 ---18
56
583 74 58
4
--------093
093
1
57 Sale 567
8
57
19
80
883 80 Nov'33---4
9112
80
80
___
78
80
60
6918
88
9414
73
85
7338
73
8818
7012
74
75
8534
10
6
75
___
76
6118
57
12
874
80
96
93
___
75
____
58 93
55
7812
715 874
4
7212 83
46
7034
79 90
5978 87
25 82
28
45
324 844
33 8812
89 10018
79 10012
8112 8112
904 101
3983
i2.
Price
Weeks.Range
Range or
tt
Friday
4
Since
,-,0. Dec. 1.
Last Sale. el.8
Jan. 1.
Bid
AA Low
High
High No. Low
703 60 Oct'33 --4
Milw de State Line 1st 34s._.1941 1 .1 53
40 8012
Minn & St Louis let cons 55_1934
458 6
1934 MN
6 Nov'33 _CUB of deposit
4
858
234 Sale
1
23
4
23
4
1st & refunding gold 4s_ _ _1949 M 8
12 812
314 Aug'33 ____
114 4
Ref & ext 50-yr 55 ser A.....1962 @ F
118 11
Q F
34 314 312 Aug'33 _-__
Certificates of deposit
112 4511
3478 33
M StP & SS M con g 4s int gu'38 J 1 -- -- 38 34
24 48
29
34 29
1
lst cone 58
1938J . 27
1
18
3912
1st eons 5s gu as to 1122_._1938 J .1 39 Sale 39
3912
2
2812 5412
912 34
1st & ref (38 series A
1948.1 .1 ____ 25 20 Nov'33 --__
4
8
alt's 317
167
25
-year 5348
1949 M 8 167g Sale 1678
5
2 37 71
55
1st ref 530 ser B
1978.1 J ____ 5712 55
1st Chicago Term s f as_ _1941 MN 80 ____ 90 July'33 ---90 90
Mississippi Central 1st 5s
1949 J 1 75 ____ 75 Nov'33 ---85 85
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
Mo-Ill RR 1st 58 ser A
1959 1 J
Mo Kan & Tex 1st gold 4s_1990 .1 B
Mo-K-T RR pr lien 55 ser A_1962 1 .1
1962.1 J
40
-year 4s series B
1978J J
Prior lien 4348 ser D
Cum adjust 5s ser A-Jan 1967 A 0
Mo Pac 1st & ref 55 see A__ _1965 F A
General 48
1975 M S
1st & ref 58 series F
1977 M 8
Certificates of deposit
let & ref 55 ser 0
1978 MN
Cony gold 5Hs
1949 M N
1st ref g 55 series H
1980 A 0
1st & ref 55 Ger I
1981 F A
Mo Pao 3d 75 ext at4% July 1938 MN
Mob & Bir prior lien g 58_1945 J .1
J .1
Small
lit M gold 4s
1948.1 .1
J J
Small
Moblle & Ohlo gen gold 4t_1938 M 5
Montgomery Div 1st g 55_1947 F A
Ref & Impt 434s
1977 M 5
Sec 5% notes
1938 M 5
Mob & Mal 1st gu gold 45_ _ _1991 M 5
Mont C 1st gu 65
1937.1 .1
1st guar gold 58
1937 J J
Morris & Essex let gu 334s_20001 D
Constr M 5s ser A
1955 MN
Constr M 4145 ser B
1955 MN
12 32
1
13
13
675 8812
8
21
72
7012
554 874
6312
851s 68
51
53
51
19
73
57
55 774
5712 18
3914
4012 22 a3212 854
2318
2334 45
1812 14
934
103
8 76
7 244
23
184
24
18
44
23
23 Nov'33 ____
2812
2312 82
233 Sale 23
8
184 4412
3 24
718
838 34
718 Sale
2314 Sale 23
1812 44
234 103
2312 Sale 23
24 207
184 444
5012 7418
68
73 744 Oct'33 ____
46 June'33 ____
____ 91
46
48
____ 90 44 Aug'33 ____
367 80
8
4
46
4812
__- 473 4612 Oct'33--_44 65
_ __ - 55 65 Oct'33____
28 93
90 9912 98 Nov'33 ___
1414 18
7 37
1518 Nov'33 ____
712
414 2138
14
8
712 Sale
414 25
1
11
412 105 11
8
55 8614 75 Sept'33 ____
62
763
4
87 94
85
89 87 Nov'33 ____
82 9334
79
82 a82 Nov'33 ____
72 Sale 71
70 803
8
33
72
8378 Nov'33 _______ 77
87 5 WS
7
6 60 82
8
8814
6512 6912 653
Nash Chatt & St L 45 see A-1978 F A 76
38
82
85 7912
N Fla & 51st gu g 5.1
1937 F A 88 100 9234 Nov'33 ____
Nat Ry of Mex pr lien 4345_1957 J .1 ---- --- 18 July'28 ____
Assent cash war rct No 4 on , 17s Sale
178
178 5
Guar 45 Apr '14 coupon--1977 -- ____
4
312 123 July'31 ____
A0
Assent cash war rct No Son ---- _--- -- lic Sept'33 ____
Nat RR Mex pr lien 430 Oct'26
Assent cash war rot No 4 on
, 114 314 218 Oct'33 ____
1st consol 45
1951 -- --------22 Apr'28 _-__
A0
Assent cash war rct No 4 on = _,
5
158
15s
158 Sale
Naugatuck RR 1st g 45
7112 Noy'32 __
1954 al N -- -- 83
New England RR cons 55_ _1945 J / 72
___ 7712 Nov'33 _-_Consol guar 4.5
68 6858 Nov'33 .I
1945 1 1 6212 N J Junction RR guar 1st 4s1986 F A ____ 82 92 Nov'30 --_NO & NE 1st ref&Impt 43M A '52 1 J ____ 55 58 Sept'33 _-__
New Orleans Term 1st 4&.1953J 1 561s 67 60 Nov'33 -_ _
N 0 Tex & Mex n-o hie 55-1935 A 0 _ _ _ 1478 18 Oct'33 --_1st 5s series B
8
15
1954 A 0 14 Sale 14
let 55 series C
1958 F A ____ 15 21
Oct'33 --1st 434s series D
15 Nov'33 --_1956 F A ---- 15
1st 5345 series A
1954 A 0 15 Sale 15
1718 13
N & C Bdge gen guar 4145_1945 J .1 __- ____ 9312 Aug'33 ---N Y B & MB 1st con g 581935 A 0 10114 - --- 10134 Oct'33 ---NY Cent RR cony deb 65 1935 M N
Consol 48series A
1998 F A
Ref & impt 4Hs series A _ _2013 A 0
Ref & Rapt tai series C_2013 A 0
N y Cent& Hud Ely M 33481997 J 1
Registered
19971 J
Debenture gold 45
1934 M N
30
-year debenture 48
1942.1 J
Ref & impt 434s ser A
_2013
Lake Shore call gold 3345_1998 ,-FA
Registered
1998 F A
Mich Cent coll gold 3145 1998 F A
Registered
1998 F A
NY Chic & St List g 4s
1937 A 0
Refunding 530 series A 1974 A 0
Ref 4345 series C
1978 M S
3-yr 8% gold notes
1935 A 0
NY Connect 1st gu 4345 A_1953 F A
1st guar 58 series B
1953 F A
NY Erle 1st ext gold 45_1947 M N
3d extended 4345
1938 M S
NY Greenwood L gu g 55_1946 M N
NY & Harlem gold 330
2000 M N
NY Lack & W ref 434s B
1973 M N
NY & Long Branch gen 4s....1941 M $
NY & NE Bost Term 45_1939 A 0
NY N H & H n-c deb 4s
1947 M
Non-cony debenture 330.1947 M S
Non-cony debenture 3348.1954 A 0
Non-cony debenture 45 1955 J .1
Non-cony debenture 48.1956 M N
Cony debenture 334s
1956 J J
Cony debenture 65
1948 .1 .1
J J
Registered
Collateral trust 65
1940 A 0
Debenture 4s
1957 M N
Ist & ref 4348 ser of 1927_1967 J D
Harlem R & Pt Ches let 4e.1954 MN
N Y 0& W ref g 45---June 1992 M 5
General 45
1955 1 D
NY Providence & Boston 481942 A 0
N Y & Putnam ist con gu 45_1993 A 0
N Y Busq & West bit ref 55_1937 1 J
2d gold 4348
1937 F A
General gold 58
1940 F A
Terminal 1st gold Si
1943 111 N
N Y Watch & B 1st ser I4%5'46 .1 .1
9512 992
4
82 r9912
97 10112
90 100
76 95
20 57
70 85
9634 104
814 98
77 85
8512 99
8312 924
5978 90
87 102 8
3
56 70
43 8234
82 9312 Nord Ry en /rink fund 6348_1950 A 0
40
73 Norfolk South let &ref A 55_1961 F A
Certificates of deposit
75 924
Norfolk & South let gold 55_1941 M N
100 ____ 100 Nov'33 --__
9514 10114 Norf& West RR Imp &ext651934 F A
5038 59 493 Nov'33 ---- a49 8 554
4
3
N & WRY lit wing 45___1996 A 0
5814 61
584
581
1
50
58's
Registered
1988 A 0
a97
1
70 100
97 - - -- a97
Dly'l 1st lien & Bell g 45
1944 J .1
46
60 50 Oct'33 ---47 50
Pocah C & C joint 45
19411 D
24 7 Sept'32 ---- ____ __ __ North Cent gen & ref 58 A 1974 M 8
--- Gen & ref 4345 series A...1974 M 8
___ - 983 9514 Oct'33 ---8
934 9514 North Ohio 1st guar g 5s
1945 A 0
--------79 May'213 ---___ North Pacific prior lien 45_1997 Q J
a89
- -- - 8812 a89
5
79 90
@ J
Registered
70 Nov'33 ---694 74
61
75
Gen lien ry & Id g 35 Jan 2047 Q F
50
62
61 2 '61%
,
3
40
Registered
753
4
Jan 2047 Q F
69 -___ 70 Nov'33 ---50
76
Ref & kept 4$4s series A _2047 J J
.
-- . 67 65 Nov'33 ---65
70
Ref & impt 6s series B____2047
5414
56
5414
52
4
3412 66
Ref & leapt 5s series C____2047 J J
Ref & Impt 5s series D____2047 J 1
Nor Ry of Calif guar g 58___1938,A 0
x Optional sale Sept. 21 at 83
1214 14
5114 54
64 Sale
5214 Sale
5714 Sale
3912 Sale
2314 Sale
978 Sale
2312 Bale
60
85
____
118
___
1
8615
97
__4
____
r434
1
5
___.
-1 -4
68 83
68 * '79
5
---- --30 70
49 75
15 35
14
3513
182 86
4
15
36
1412 3612
90 9312
98 102
75 Sale 73
7 46 92
75
6938 Sale 6714
57 841i
12
69% 85
3412 74
51
58
5712 Sale 5512
39 80
188
62
8
617 Sale 5934
751
743 Sale 7378
4
61
68 4 837
3
_- 80 77 Sept'33 --70 774
7878 Sale 78
60 93 4
3
7914 40
34 64 8812
68
68 Sale 67
85 3412 74
58
5712 Sale 58
60
77
14
887
____ 65 65
138
71
____ 717 6912 Sept'33 ---65 78
__-- 613513 68 Nov'33 ---57 89
--_ - 721 69 July'33 ---38 66 913
80
7912 80
7812
4
14 67
50
50
50 Bale 45
12
4212 135
4212 Sale 4034
12
5654
4412 46
54 67
4312 Sale 4234
7 87 100
93 96 92's
9358
89 1034
93 1031 10212 Sept'33 ---88 95
8712 94 95 Nov'33 --_____
_ 95 Nov'33 --_95 95
5134 135
5314 76 63 Oct'33 --__
834 853 8314
7 8314 88
8314
4
- 85 96
--------96 Oct'33 713
78
--------78 June'33 ------- -- - 9512 July'29 --__ ____-__
65 85 Oct'33 ---_--- 45 75
44 65
-- 50 50 Nov'33 --__
6
49
---- 49 49
44 a65
8 45
52
51
_-_- 52
71
49
47
49 47
45
71
7
48
12
48 Sale 4612
43 60
7114 Sale 704
57 99
7314 31
12
--------90 Aug'33 ---80 90
723
4 25
r7214 Sale 69
59 95
43
40
4212 4112
3478 65
10
58
54 Sale 53
31
45
75 8
3
81
82's 85 Nov'33 --_823 9012
4
55
5018 87
26
55 Sale 53
50
23
50 Sale 4914
43 a%
90 8118 Nov'33 ..-__
8118 8118
70
9 64
684
62 69 6614
78
41
44 4014
5
45
2312 65
33 44
---- 40 44 Nov'33 .-__
11
35
313 35 35
4
1812 52
84
75
714 98 75 Oct'33 --__
41
39 Sale 39
25
31
60
9834 33418
24
128
Sale 125
•
•
•
578
6
5
7
4
13
3
11
191 19 Nov'33
2838
6
10112 Sale 10112 101'z
1 101 10412
9484 119
9358 Sale 9312
87 10012
--- 964 9418 Jan'33 --_9418 9418
9914 Bale 97 4
3
9914 35
9312 1013
4
973
4
6 894 100
975 Sale 97
4
-- 98 Oct'33 ---98 10012
_-__ 92 92 Nov'33 --_9888 93
354 4012 3512
17 454
2
36
73 894
79 Sale 783
s
793
s 69
____ 78 83 4 Aug'33 --3
7412 85
5512 Sale 5212
5512 70
48 62
____ 5178 5512 Jan'33 --_5512 5512
61 Sale 8012
81
7 50 :7812
7612 Sale 7312
763
4 76
60
9212
67 80 65
68
8 594 84
68
72 65
9
67
564 83
--------099 Nov'33 ....... 099 100
125
*Look under list of Matured Bonds on page 3986.
4
11
New York Bond Record—Continued—Page 4
3984
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
* 'l
i
.t. t
..., a.
,
Price
Friday
Dec. 1.
Week's
Range or
Last Sale.
1
.12
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
Dec. 2 1933
i3
t
A' a.
1
Price
Pridert/
Dec. 1.
Week'sRange
Range or
1
Since
Last Sale.
co
Jan. 1.
—
moi,
High No. Low
Bid
Ask Low
High NO, Low
Bid
Ask Low
High
Og & L Chem lsego g 45 ___1948 J .11 4414 51
3812 5814 Southern Ry let cons g 5s__1991 J .1 79 Sale 764
9
47
453
4
9618
114
55
79
Ohio Connecting Ry 1st 48__1943 M 9 81
-- 97 Mar'32 ____ __
3 J .
Registered
84
85
July33 ____
5813 85
Ohio River RR 1st g 5s
1936 J D 83 fOo
90 Aug'33 ---80 -9
0
Devel & gen 4$ series A_1956 A 0 4914 Sale 473
4
4912 114
17
64 4
,
General gold 58
1937 A 0 80
87 Nov'33 - 70
91
6412 36
Devel & gen 6s
20
1956 A 0 6412 Sale 6212
85
8014 52
Oregon RR & Nay com g 43_1946 3 D 8614 Sale 8512
8314 98
Devel & gen 614s
257
68
207 90
8
1956 A 0 69 Sale 6714
Ore Short Line let cons g 5s 19463 J 101 10612 100
100
5
99 10712
Mem Div let g 5s
65 Nov'33 ---19963 J 6212 65
40
81 14
Guar stpd cons 58
19463 J 10312 Sale 10112 10312
9
9953 10712
54
St Louis Div 1st g 4s
54
4
38
55
1951 J J 52
76
Ore-Wash RR & Nay 4s
8114 62
75
90
1961 2 J 8012 8212 7914
East Tenn reorg lien g 58_1933 NI 9 72
7712 Nov'33 ---84
60
91
Mobile & Ohlo coil tr 43_1938 M 9 47 Sale a45
49
11
20
664
Pan RR of 1110 let ext g 43_1933 F A 8014 87
7312 937 Spokane Internet let g 58
8
80 Nov'33 ---918
94
8
914 Salo
1955 J J
918 30
2d extended gold 58
1933 J -I ---- 90 8714 Nov'33 ---75
90
Staten Island Ry let 4145 1913 .1 13 --------60 May'32 ---__
Paducah & Ills Ist s f g 4143_1955
3 __-_ 94 9414 Aug'33 --;-;
Oct'33 ---- ____-9412 Sunbury & Lewiston let 48.._1936 J J ____ 100
00
93
983 100
4
Paris-Orleans ItR ext 514s 1968 M 9 11612 Sale 011512 1164 22 a9612 121,
2
Paullsta Ry let ref 8 f 78
1942 M 5 40
50
4813
49
2
36
51
Tenn Cent 1st 65 A or B
43
47
45
I
25
1917 A (5 44
53
Pa Ohio & Det let & ref 414s A'77 A 0 79 Sale 78
7912 13
9312 Term Assn 01St L 1st g 4143_1939 A 0 100 Sale 100
100
2
71
96 10212
Pennsylvania RR cons g 4s 1913 NI N 100 ___ 984 10013 16
,
lot cons gold 54
95114 101 8
100
7
1911 F A 100 Sale 98
9112 103
Consol gold 4s
1918 M N 99 Sale 9613
09
24
9112
Gen refunds f g 4s
91 101 12
63
32
7212
75
1953 .1 J 754 79
45 sterl stpd dollar May 1 1948 M N 9814 99
97 Nov' --;:.
33
69
33
90 10112 Texarkana &Ft S 1st 514s A 195') F A 69 Sale 6612
59
864
Consol sinking fund 410_1960 F A 101 Sale 100
Tex & NO con gold 5s
10114 le
944 105
Oct'33 --r, 60
19433 1 --------65
65
General 4149 series A
847 112
8
1965 J 1) 84 Sale 83
8
4
8312 31
734 917 Texas &Pac 1st gold 5s
82 10012
8413 823
2000 -I 13 83
Germ'55 series B
1968 J D 9312 Sale 9012
933
8 91
2d Inc 53(Mar2Sep on)Dec2000 Mar --------93 Mar'29
78 1004
1936 F A 10213 Sale 102
15-year secured 634s
103
80
16
Gen & ref 5s series B
95 10518
4212 /5"
57
1977 A 0 57 Sae 5512
40-year secured gold 58
874 89
1964 SIN 87 sale 8512
73
93
56
Gen e4 ref 5s series C
41
4
4314 764
1979 A 0 553 Sale 5312
1970 A 0 7513 Sale 71
Deb g 414s
5513 14
Gen & ref 5s series D
76
133
58
43
8614
1980 J D 5512 Sale 5412
75
1981 A 0 7838 Sale 7714
General 41is series G
7914 58
71
68
9012 Tex Pan-Mo Pan Ter 514s A.1964 NI 5 ____ 72
Oct'33 ---50
73
Peoria & Eastern 1st cons 45_1940 A 0 50 Sale 50
51
3
30
72
Tol et Ohlo Cent let au 5s__ _1935 J .1 ____ 96
95
Oct'33 ---86
9734
. Income 4s
618 67
8 7
April 199C Apr
I
14 1612
7
Western Div 1st g 55
95 Nov'33 ---80
9812
1935 A 0 -___ 98
Peoria & Pekin Un 1st 5143__1974 D A 8513 88
.
88 Nov'33 ---,
General gold 5s
83
2
6914 903
73
93
83
4
85
1935 1 13 83
Pere Marquette let ser A 5s 1950 J J 53
57
54
55
5
Tol St L & W 50-year g 4s
60 Nov'33 ---62
1950 A 0 60
3834 76
44
71
1st 48 series B
49
58 Nov'33 ---1950 3 J 45
28
__ 9618 Apr'31
63
Tol W V & 0 gu 4s ser C._ 1912 NI 9 ___
let g 4143 series C
46
1980 M S 46 Sale 46
6
28
6312 Toronto Ham & Buff 1st g 4s 1946 .1 D 60 -80 Feb'33 -80 - 89
863;
100
?Ma Balt & Wash let g 4s.._1943 NI N 100 10114 100
3
94 10114 Union Par RR lot & Id gr 4s 19873 .1 984 Sale 9612
984 245
9334 1017
8
j j _
1974 F A 9512 984 99 Nov'33 ---General 5s series B
9518 9914 Nov'33 --- 09112 99 1 4
93 10212
Registered
8912
8912 28
81
General g 4 As series C_1977 1 J ____ 91
95
1st Lien & ref 48
8612 99 078
June 2008 71 8 8812 Sale 8313
93,
2
24
2218
Philippine By 1s1 30-yr s f 48 1937 J .1 22
223
4
2
19
3518
Gold 414s
8412 37 075
19673 J 8412 Sale 82
95
1st lien & ref 50
95 10714
8 1014 43
June 2008 St 9 101 12 Sale 1OO5
PC C & St Lgu 414s A
1940 A 0 100 Sale 100
100,
8
2 093 4 1023
77
4
40-year gold 4s
78
16 0603 a8912
,
4
1968 1 17 7714 80
Series 13 41 guar
1942 A 0 100 101 100 Nov'33 ---4s
94 1027 U NJ RR & Can gen 4s
8
1944 M 9 10012 Sale 10012 10034
4
96 1011
8
91) ____ 101 Nov'33 --__
1942 MN
Series C 414s guar
8
9914 1027 Vendetta cons g 48 series A._1955 F A 80 ____ 85
Apr'33 ---85
85
Series 13 45 guar
1957 MN 9312 ____ 85 June'33 ---1945 MN 9814 __-- 98 Nov'33 ---- 0944 984
Cons et 40 series B
85
85
Series E 414s guar gold1949 F A 9212 ____ 8912 Aug'33 ---118 ____
218 Sept'33 ---1933 .1 1
8912 8912 Vera Cruz & P as8t 4143
13
8 5
____ 9718 Aug'33 ____
Series F 43 guar gold
964 9718 Virginia Midland gen 5s__1936 M N 92 Sale 92
1953 J D 91
1
92
80 100
Series 0 48 guar
1957 Si N 94 ---- 98 Nov'33 ---02
93
Va dr Southwest let go 5s
2003 J J __ 754 76 Sept'33 ---.
60
85
Series II cons guar 48
____ 98 Nov'33 ____
9618 9814
1960 F A 91
3612 70
7
let cons 53
55
1938 A 0 55 Sale 55
102
2
9118 103
1903 F A 99 ____ 9914
Series Icons guar 410
Virginia Ry 1st 5s series A 1962 M N 947 Sale 914
1147
8 22
84 101,2
8
944 1021,
1964 M N 99_ 101 Nov'33 ___,..
Series 3cons guar 414s
1st mtge 434s series B_1962 M N 82
8412
1
953 8112
4
78
9114
88
1970 J D 8013 - - 88
General NI 55 series A
88
1
78 1001s
,
1975 A 0 87 4 Sale 87
Gen mtge guar Is sec B
873
4 54
61
19
7612 994 Wabash RR 1st gold Is
43
1939 M N 6012 Salo 60
85
Gen 414s series C
19773 .1 8012 Sale 78
8012 27
69
93
2d gold 55
5812 Nov'33 ---1939 F A____ 54
33
70
Pitts McK dr Y 2d gu 6s_1931 J J --------101 Sept'33 _--Deb 85 series 13 registered_1939 J 1 ____ ____ 9818 May'29 _--___
_
9935 1014
Pitts Sh & LE 1st g 53
1910 A 0 98
- - 07 Nov'33 --1st lien 50-year g term 43_1951 J J ____ 55
3712 Apr'33 ---97 102
3712
3711 49133 J 78 10114 100 ,1Iar'33 ---- 100 10012
let consol gold 5s
- Oct & Chic Ext let 5s,....,1941 .1 J 65
9818 70 Nov'33 ---62
76
___ 94
Pitts Va & Char 1st 48
1913 MN 91
Oct'33 _-94
94
Des Molne.s Div lot g 4s1939 J J. ____ 50
55
Oct'33 ---35
55
Pitts & W Va 1st 4%8 ser A..1958 J D ____ 58
60 Nov'33 ---Omaha Div let g 310
30
097
8
1911 A 0 39
1
3914 3914
391 4
2712 47
let 111 414s series B
8
1958,A 0 ____ 577 61
30
Oct'33 ____
634
Toledo &Chic Div g 4s 1911 M S ---- _ -56 Aug'33 ---,
_
41
58
1st Si 4148 series C
196(TA 0 ____ 58
54
54
7012 Wabash Ry ref & gen 5148 A_1975 M 513
3
30
1314
1314
2
554 32
Pitts Y & Ash 1st 4s sec A 1948'.1 D 90
924
Ref & gen 53(Feb'32 coup) B'70 F A 13
134 22
92'1
924 95
144 13
5
69 105 Sept'33 ___ 105 105
1st gen 5s series 13
1962 F A 95 Ref & gen 414s series CI978 A 0 13 Sale 123
4
13
14
4
513 3212
32
Providence Secur deb 48
1957 M N 35 ____ 7134 July'31 ____
_ _
Ref & gen Is series D
1318
1930 A 0 123 1312 13
5
4
44 32
Providence Term 1st 4s
1956 M S 79 ____ 80 June'33 ---Warren 1st ref gu g
io 80
50
_
2030 F A --------50 Feb'33 ---50
Washington Cent let gold 4s 1948 Q M ____ 79
52 Feb'33 ---- 0513 52
31484
Reading Co Jersey Cent coil 43'511A 0 75
83
75
76
3
9018 Wash Term lot gu 3145
66
86
86
1
90
89
1945 F A 86
9214
Gen & ref 410 series A
8
1997 1 J 825 87 8112
83
76
____ 95 Nov'33 .--1st 40-year guar 48
754 95
9212 97
1915 F A 88
Gen & ref 4145 series B
1997, J 82 Sale 82
1
82
3
Western Maryland lot 4s
78
95
664 81
1952 A 0 66 Sale 6314
53
74
oet 30 _ _ __
,
Rensselaer & Saratoga 6s1941 M N --------113
1st & ref 5149 series A
7113 26
___- _-_52
1977 J J 7112 Sale 6914
84 2
,
Rich dr Merch 1st g 42
1948IM N
40 July'33 .. _
West NY & Pa 1st g 5s
38
40
10112 22
9914 103's
1937 1 J 101 Sale 10014
Richm Term Ry lot gu 53_19521.1 J 97 100 100 Nov'33 ---General gold 4s
79
9712 101
78
11
74
80
1913 A 0 75
93
illo Grande June 1st go 5s 1939 J D 75 ____ 78
78
Western Pee let Se sec A
5
85
63
33
87
2012 58
1948 M S V Sale 30
1
__ __
14 Oct'33 ____
Rio Grande Sou let gold 43_ _1949lJ .1
114
114 West Shore ist 4s guar
67
6914 19
61
70
23613 J 68
8535
Guar 4s (Jan 1922 coupon)194013 J
34 JUly'33 __-,
1
314
Registered
6313 80
64 8 6312 Nov'33 --__
,
2361 1 J 60
Rlo Grande West 1st gold 45.1939,.1 J 66
213-6
8 66
Wheel & L E ref 414s ser A 1966 M 9 ____ 83
66
5
55
87
83 Nov'33 --__
65
85
1st con dr coll trust 4s A 1949;A 0 41
5212 40
40
1
2512 6418
Refunding 58 series 13
1966 Si 9 --------82 Nov'33 ---6213 81
RI Ark & Louis lot 414s
1934 M 5 11
12
11
124 48
1949 Si 9 _ __ 8934 84
RR lot coniol 43
11
337
8
84
2
70
91
Rut-Canada 1st gli g 48
1949 J J 4418 52
47 Nov'33 ____
355 5712 Wilk & East let gm g 5s
8
1942 J I) 534 3712 33 Nov'33 ---184 45
Rutland 1st con 4148
19413 J 4712 58
50 Nov'33 _ Will dr 9 , gold 5s
1 1st
39
64
1938 .1 D --------86 Sept'33 ---85
87
Winston-Salem 913 let 43_1990 J J ____ 86 082
92
a82
1
St Jos dr Grand Isld let 43_1947 J J 70
70
93
Wis Cent 50-yr list gen 4s_ _1919 J J
88
89 Nov'33 ____
1112 Sale 1112
1212 35
84 27,4
St Lawr & Adr lag 5s
1996 J J ____
__ 644 Oct'33 __-64
64 4
,
Sun & Dul db. & term let 45'36 M N
,
Vs 85
8 8,
4
814
1
6
2112
2d gold Os
1090A 0 ___- -80
70 June'33 _-68
70
Wor & Conn East let 414s 18431 1 J --------8614 Sept'31 ---- --__ ____
.
St Louis Iron Mt & Sou—
1933 MN
RD/ & G Div let g 45
•
•
•
INDUSTRIALS.
St L Poor dr N W 1st Cu 5s 1948,4 J 53
5812 5812 Nov'33 ---Abitibi Power & Paper let 5319531 D
1
2812 65
•
•
•
St L
-San Fran pr lien 48 A 1950'J .1
1413 Sale 1418
1514
13
8
3012 Abraham & Straus deb 5148_1913
Certificates of deposit _— - - 1314 Sale 1214
..
With warrants
134 64
IA 0 01)
813 30
80
0378 884
99
4
90
Prior lien 5s series 13
19211J J
1214 1512 14
Adams Express coil tr g 4s.„1918 M 9 64
16
10
10
33
5312 73
68
64 8 Nov'33 ____
,
Certificates of deposit — -I-- 145 Sale 14
8
1512 25
914 3014 Adriatic Mee Co exti 7s
92 11412
1952 A 0 100 101 100
100
3
Con M 414s series A
1978 M 5 1212 Sale 1214
1313 50
W14 2912 Albany Perfor Wrap Pap 63_1918 A 0 55 Salo 55
4
2412 5612
55
Ctfs or depos stamped--------,_
115 Sale 115
8
8
124 50
614 2613 AlleganY Corp cull tr 53
19411F A
52 Sale 5112
543
4 85
2512 69
St L S %V 1st g 48 bond etts_1989 1,1N 534 Sale 51
Coll & cony 58
5354 27
49
7212
1919 .1 17 4414 4(1
4414
46
48 01912 60
2s g 48 Inc bond ell's_ _Nov 1989
--------4214
Coll & eon,/ 58
4214
1
331 534
8
49
1950IA 0 27 Sale 26
5
2814 60
1st terminal dr unifying 58_1952 J J 434 sale 4318
9412
444 13
674 Allis-Chalmers Mfg deb 5s 1937 M N 83 Salo 87
19
65
12
88
Gen & ref g Senor A
1990 J J ____ 3918 464 Nov'33 ---56
Alpine-Montan Steel let 7s 1955 M 9 5334 Sale 534
12
62
50
55
15
76
zn
St Paul dr K C So L 1st 4143_1941 F A
24
St P &Duluth 1st con g 48_1968 .1 D ____ 90
St Paul E Or Trk lot 4,14s_ _1947 J J _--- 50
St Paul Minn & Manitoba—
Cons Si Is ext to July 1 1943_ ---- 953 Sale
4
Mont ext 1st gold 48
1937,1 13 91
9412
Pacific ext gu 48(stern ng)_1910 2 3 85,8 ---St Paul Un Den 1st & ref 58.19721.1 J 98 Bale
9 A & Ar Pass let gu g 4s_1913!1 ''.1
Santa Fe Pres & Phen let 53_1942 M 9
Say Ha & West 1st g as
1934A 0
1st gold 5.8
1934,A 0
Scioto V & NE 1st gu 43
1989 St N
Seaboard Air Line 1st g 43_ 1950 A 0
Gold 4s stamped
1950,A 0
Certifs of deposit stamped_ _ IA 0
Adjustment 53
Oct 1949,F A
Refunding 48
1959 A 0
Certificates of deposit __ _ _ I_ _ _
.
1st & cons 68 series A
1915,61 9
Certificates of deposit - —1- —
..
AU & Iiirm 30-yr 1st g 4s 1933 M 9
Seaboard All Fla let gu as A _1935
Certificates of deposit
A 0
Series 13
1935
Certificates of deposit --- F A
.. .
So & No Ala cons gu g 5s
1936 F A
Gen cons guar 50-year 5s 1963 A 0
So Pac coll 48(Cent Pee coil) 1949 J D
Ist 410(Oregon Lines) A_1977 M S
20
-year cony 58
1934 .1 13
Gold 410
1968 M 5
Gold 414a with warrants_1969 M N
Gold 410
1981 NI N
San Fran Term let 4s
1950 A 0
So Pan of Cal let con gu g 58_1937 SIN
So Pac Coast 1st gu g 4s
1937 J J
So Pan RR 1st ref 48
1955 3 J
Stamped (Federal tax)
1955 1 J
r Cash sale
563 Sale
8
____ 97
100
100 ---02 Sale
•
*
11 Sale
418 Sale
.
412 612
712 Sale
512 Sale
•
314
313
24
24
2
75 June'33 ---45 Nov'33 ---94 8
,
96
49
91
91
9
90 Nov'33 ____
96
98
22
5
59
565
8
100
Oct'33 ---2
101
100
9934 Nov'33 ____
3
92,
4
92
*
1013
44
11
413
6
4
5 Nov'33 _ .._
712 15
7
612
0 4 36
,
314
314
13
24 312 318 Nov'33 ____
99
60
84 100
99
Oct'33 ___
94
94
71
5114 18
51 Sale 4978
129
59
59 Sale 58
9
9014
90 Sale 90
481g 40
4714 484 47
4712 125
4612 Sale 46
4713 113
4612 Sale 4534
85 4 27
,
85 4 Sale 8412
,
100 Sale 10113 Nov'33 __
544 100 053 Nov'33 ____
8
121
63
63 Sale 61
_
___ ____ 9212 May'30 , _ _
6213 Amer Beet Sag cony deb 6s19351F A
8012 American Chain 5-yr 8s1933,A 0
Amer Cyanamid deb .5o
58
19121A 0
Am dt Foreign Pow deb 53_2031) M 9
9218 100
American Ice 8 I deb Si
19532 D
Amer I 0 Chem cony 5348_1949 M N
96
75
904 Ara Internal Corp cony 514s 191911 J
70
Amer Mach & Fdy of (Ss
1939A 0
89 104
Amer Metal 514% notes_
10311A 0
8012 Am Rolling Mill cony 5s.,
54
1938 SIN
82 100
Am Sm & It lit 30-yr 58 ser-A '47_IA 0
Amer Sag Ref 5-year 63
05 101
1937.1 J
Ara Telep& Teleg conv 4s1036 M S
04 100
30-year roll tr 55
93
194613 D
90
•
35-year s I deb 5s
19601 J
•
19431M N
20-years f 514s
Cony deb 4148
3
2314
10393 J
Debenture 5s
1965,F A
12 11 4
,
Am Type Found deb 138
1940 A 0
.
1412 Am Wit Wks & El coil tr 53_19341A 0
2
Deb g 68 series A
23 1713
4
19751 M N
1 4 18
,
•
Am Writing Paper Isle 63_1947r2 J
Anglo-Chilean Nitrate 7s_ _1915 M N
3
S
9 4 Ark & Stem Bridge & Per 5.i.1964
M
1
Armour & Co (III) IA 4 48_1939 1 13
1
712 Armour dr Co of Del 5143._ _1913 J J
Armstrong Cork cony deb 5s 191011 13
99 102
96
75
Associated 0116% g notes
1935 M 9
Atlanta Gas L 1st 58.
40
71
191711 D
53
80
AU Gulf & WI Si coil tr 53_1939 J J
6714 9312 Atlantic Refining deb 5s____193713 J
384 74
3714 7412 Baldwin Loco Works lot 53_1910 M N
3614 7212 Ilatavlan Petr guar deb 4148_1942 J 3
0704 95
Belding-Heminway 65
1936 1 J
9718 10212 Bell Telep of Pa So series B 1918 1 J
95
9518
1st & ref 5.8 serial C
1960 A 0
84
Beneficial Indus Loan deb 81 1916 M S
60
___ ___ Berlin City Elec Co deb 614s 1951 J D
Deb Milking fund 614s
1959 F A
Debentures 6s
1955 A 0
Berlin Elec El & Underg 81481956 A 0
Beth Steel 1st dr ref 58-guar A '42 MN
30
-year pm & Impt 5 t 53_1936 J J
20
70
45
a Deterred delivery. • Look under list of Nlatured Bondi on page 3986.
7014 Sale 7014
73
5812
-------5812
86
1)(1 90
90
39 Bale 383
4
41
6612 67 66
6812
81
34 Sale 83
72
683 Sale 6818
8
103
____ 103
103
9712 Sale 971
4
974
93 Sale 913
4
95
95 Sale 95
97
10323 Sale 10314
104
101 Sale 101
101 12
1037 Sale 1034
8
10412
1024
1024 Sale 102
105 Sale 105
106
108 8118 1067
8
109
102 Sale 1012
4 10212
2418 2614 25 Nov'33
92 Sale 905
9314
8
63
63 Sale 60
21314 85
4
4
5812 60,
4
7013 9454
6
101
235 5312
8
3
52
72
89
64
45
19
6612 804
2 10214 1064
80
9914
100
92
87
967
8
119
78 10014
12 1024 10612
14 09612 105
,
85 100 107'2
168
93 10712
182
9913 10912
18
99 119
250
0212 10714
.....
21
67
22
7418 118,
4
14
49
8918
I
30
33
33
38
4
414 418
418 15
--------70 Sept'33 ___
84 Sale 814
84
49
84
79
8312 Sale 80
897 907 92 Nov'33 ___
8
8
10214 Sale 010214 10212
2
--------9613 Nov'33 ___
2
52 Salo
._ 4 13
103 4 58
,
1027 Sale 1024
8
98
100
100
1041
8
10512
874
4734
4318
50
45
9618
9612
__ _ 9812
4
Sale 993
10034 100
Sale 104
Sam 1034
Sale 8714
5314 434
,
537 46 8
8
Sale 4313
477 4314
8
Sale 9018
Sale 9513
9812
100
100
105
10512
83
4612
50
50
4712
98
9612
0214 5618
218 1418
784 85
73
924
7118 90
65
9412
10113 10412
9312 984
31
as
97 10414
7935
3
13
9014
4
83
4 101
49 10035
41
75
4
33
44
32
41
2818
55 028
24
71
17
79
104
1024
100
111
11118
9312
7012
6912
644
637
8
10114
10012
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Dec. 1.
'63
Price
Friday
Dec. 1.
Week's
Range or
Last Sale.
4'
5
3
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
63
6::
3985
Price
Friday
Dtc. 1.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High
High No. Low
Bing & Bing deb 6348
32
1950 MS 30
30 Nov'33
8
30
Hansa SS Lines Os with warr_1939 AO 42
50
55
4312
46
29
61
Botany Cons Mills 634/3.__1934 AO 1018 137 12 Nov'33
8
5
2712 Harpen Mining 65 with warr_1949 33 a5814 Sale 58 4
39
7212
,
594 14
AO
Certificates of deposit
12
Oct'33
2012 Havana Elee consol g 5s____1952 PA 31 Sale 2918
418
2
31
18
4014
Bowman-1311t Hotels 1st 7s__1934
Deb 534s series of 1926__1951 MS
73 Sale
4
11
7
8
314 15
4
gig H00(R)& Co lot 6341 ser A_1934 AO
Strap as to pay of $435 pt red. _ MS
412 May'33
•
•
WWilY St 7th Ave let cons 58_1943 JD
Holland-Amer Line 6s (flat)_1947 MN 39 • Sale 39
6
42
1778 45
J 7412 Sale 7412
Brooklyn City RR let bs_ 1911
4
6512 70
7412
Houston Oil sink fund 530_1940 MN 713 Sale 7118
8
7112 30
38
73
3D 404 Sale 40
I3klyn Edison Inc gen 5s A__1949 1 J 105 Sale 104
105
1003 108
4
8
Hudson Coal let 8 t Ss ser A _1962
23
42
2712 64
Gen mtge 5s series E
1952 J J 105 Sale 1035
8 10514 47 100 108
Hudson Co Gas let g 5s____1949 MN 4014 42 10218 103
8 1013 10314
8
Bklyn-Manh R T sec 6s
4
8414 96
4
1968 J J 863 Sale 863
8814 80
Humble 011 & Refining 5s.__1937 *0 10312 Sale 10314
17 1003 10412
104
8
Bklyn Qu Co & Sub con god 58'91 MN
583 59 Aug'33
4
57
60
D 1043 Sale 1043
_
50 Nov'32
1st Ss stamped
1941 .1 .1
Illinois Bell Telephone Ss___1956
4
34 1005 1077
8 105
8
8
AO 1015 Sale 1014 10314 53
Bklyn Union El 1st g 5s
7612 7914 7512
7212 If" Illinois Steel deb 434s
3
1950 PA
7612
8
1940
95 105118
4
A 45 Sale 4312
Bklyn Un Gas let cons g 5s_1945 MN 1053 Sale 1053
8 1053
4
4 10 1013 112
Ilseder Steel Corp mtge 6s 1915
45
43
2614 5812
let lien & ref 60 series A 1947 MN 10514 1103 107 Nov'33
4
1043 11718 Ind Nat Gas & °Bret 55
947 June'33
4
8
1936 MN
947 9712
8
Cony deb g 530
160 158 Feb'33
158 158
1936 J J
Inland Steel 1st 434s
8512 10
1978 *0 85 Sale 8412
66
90
93 Nov'33
Debenture gold Ss
93 105
1950 JD 9318 97
1st 51 f 434s see B
1981 FA 8312 Sale 8312
8514 15
65
90
8
8 10214 25
1st lien & ref series 13
977
1957 MN 1015 Sale 1013
168
8r1073 Interbore Rap Tran lot 5s 1966 J J 6212 Sale 6012
4
63
47
70
8
Buff Gen El 434e series B 1981 PA 975 Sale 963
4
9512 10512
9755 39
10-year 65
•
1932 A0
•
_ 45
Bush Terminal 1st 48
45
8
1952 AO 4312
39
6712
23
Certificates of deposit
2514 24 Nov'33
14
3012
14 Sale 14
J J
MS
Congo! bs
22
1955
5
3314
1514
10
-year cony 7% notes_ 1932
4
Bush Term Bides 5s gu tax es'30 AO 453 Sale 44
453
19
4 20
6412
6512 Sale 6312
Certificates of deposit
52
654 33
7314
By-Prod Coke 1st 5340 A
5414
14 543 Sale 52
5
747 Interlake Iron let 5s B
5414
8
1945 Si N 544 56
37
51 32
4
54 4
,
1951 NI70
lot AgrIc Corp 1st & coil 1150
Cal0& E Corp unf & ref 53_1937 St N 10314 10312 103
13 100 1063
103
4
Stamped extended to 1942 __ - MN 56
6112 Nov'33
62
3812 65
4
Cal Pack cony deb bs
3
1940 JJ a863 Sale a863
623 9212 lot Cement cony deb 5s
4 a863
4
20 a50
4
80
1948 MN 7912 Sale 79
84
8
8
Cal Petroleum cony deb e f 5s'39 FA 963 963 963
963
8
3 a81 a9712 Internat. Hydro El deb Cs__ _1944 *0 4112 Sale 414
4
4212 55
2414 59
Cony deb of g 534s
9918 1'1 a83 10018 Inter Mere Marine f 6s
1938 St N a9918 Sale 9918
8
4412 111 02912 5812
1941 AO 44 Sale 433
Camaguey Sugar ctfs of deposit
J 523 Sale 523
5414 19
Internal Paper 5s ser A & B_1947
4
39
4
68
3 Sale
3
3
for let 75
1942
5
Ref B t 62 series A
4
,
3912 161
4
14 13 4
10
49
1955 MS 383 3912 383
173 Nov'33
4
Canada SS I. 1st & gen 6s 1941 AO 184 19
1034 27
Si
Int Telep & Teleg deb g 434s 1952 33 413 Sale 4114
42
4
1712 55
Cent Dist Tel let 30-yr 58_ _1943 JO 104 Sale 1035
8 104
4 102 108
246
Cone deb 434s
53
204 67
1939 ii a53 Sale 5112
Cent Hudson G & E 5s_Jan 1957 M S 102 103 103
1 100 107
103
113
Debenture 5s
45
18
593
4
1955 PA 4412 Sale 4312
7
Cent III Elec & Gas let bs _1951 FA 44 Sale 43 8
4612 19
43
75
2
Investors Equity deb bs A 1947 3D 82 Sale 81
82
9238
75
MN 0914 10212 102
102
Central Steel Ietgs f
6
7012 105
Deb 55 ser B with warr
85
Oct'33
84
80
92
1948 AO 82
49 Sale 48
49
Certain-teed Prod 534e A
26
63
5712
1948 M
87
Oct'33
Without warrants
90
75
925
8
1948 AO 82
8
8
Chesap Corp cony be May 15 '47 MN 945 Sale 945
9714 123
6312 110
Ch 0 L& Coke 1st gu g 50._1937 J J 98 Sale 973
4
9812 38
97 1057 K C Pow & Lt 1st 4348 ser B 1957 33 97
983 Nov'33 -4
8
98
964 105
Chicago Railways 1st 5s stpd
let mtge 43.4s
98
27
9714 Sale 9718
96 1053
1961 PA
4
•
•
FA
Aug 1 1933 25% part pd
15
•
74
Kansas Gas dr Electric 4348_1980 3D 7312 Sale 72
703 95
4
325
Childs Co deb be
8 11
25
5512 Karstadt (Rudolph) 1st 68..1943 MN
1943 AO 32 Sale 3112
37
17
17 Sale 15
1314 4114
4
Chile Copper Co deb bs
54
28
9
27
'3 533 Sale 53
713
4
1947
14
15
4512 47
Certificates of deposit
1834
13
4
Cln G & E let M 48 A
877 100
8
904 55
Keith (B F) Corp let 68_ _1946 M
25
1968 A0 893 Sale 8812
47
46 Sale 46
294 61
38 Apr'33
38
Clearfield Bit Coal let 4s
38
Kelly-Springfield Tire 6s___1942 A 0 45
3
1910 .1 .1
44
48
32
6412
45¼
J
Small series 13
12
1940
69
Kendall Co 534e with warr1948 M
68
79
683 70
8
55
/
Colon 011 cony deb 85
a32
71
Keystone Telco Co let 58___1935
1938 32 -aT2 -. (1- 70 Nov'33
8
647 75
2
7112 ---- 717 Oct'33 -- -Colo Fuel & 11' Co gen a f 58_1943 FA 3618 38 2 37 Nov'33
,
33
6818 Kings County El L dr P 58...1937 A 0 104 _ _
104
10414
7 101 108
1812 Sale 18
Col Indus let & coil 5s gu. 1934 PA
20
23
17
1597 A 0 12018 Sale 12018
58
Purchase money 6a
12018
4
3 1153 135
4
Columbia 0& E deb be May 1952 MN 6618 Sale 633
5912 894 Kings County Eley 1st g 48 1949 F A 6714 707 71
6812 82
71
3
65
7712
8
85 65
3
Debenture bs
6014 89
663a
Kings Co Lighting 1st 5a
Apr 15 1952 AO 65
85 104 104 Nov'33
99 108
1954
66
96
53
Debenture bs
877
First and ref 6348
8
Jan 15 1961 J J 66 Sale 62
1954 J J 102 109 a102 Nov'33
z110 11412
90
80 Nov'33
7912a100 Kinney(OR) Or Co 734% notes'38 J D 7712 85 80 Nov'33 - Columbus Ry P & L 1st 4 %It 1957 3' 77
96
a42
7
4
73
Secured cony g 534s
93 106
9414
Kresge Found'n col I tr 6s..1938 .1 D 73 Sale 73
20
1942 AO 9212 943 93
3114 8312
Kreuger & Toll class A etre of deo
1959_
Commercial Credits I 5348.1935 3' 1014 10112 10114 10114 20
96 10214
48
for sec f g 5a
13 Sale 12
13
10
183
4
Comm'i Invest Tr deb 5348_1949 FA 99 Sale 9712
32
9512 1047
99
8
a10518 Sale al054 10514
Computing-Tab-lice 8 f (19 1941 3'
2 104 10818 Lackawanna Steel let 58 A 1950
3
OS'
9812 9912 0512
4
75 1013
Conn Ity & L 1st &ref g 434s 1951 J J _ .._ 101
083 Nov'33
8
884 10112 Laclede 0-L ref & ext 5s
8
83
1931 A 0 83 Sale 82
794 9714
2
a95
Stamped guar 434s
95 102
a95
Coll & ref 5348 series C
13
5112 Sale 51
1951 J J
52
48
I953 F A
70
Consolidated Hydro-Elee Works
11
Coll & ref 534s series D_
51
48
69
F A 51 Sale 504
of Upper Wuertemberg 78_1956 J J a4514 Sale 4114
13
3012 66
46
Lautaro Nitrate Co Ltd 130_ _1954 J
54
518 Sale
212 147
512 27
8
Cone Coal of 151d 1st & ref 58_1950 JO 12 Sale 12
12
618 3012 'Lehigh C & Nay f 434s A._1954 J
12
84 Nov'33
80
83
7712 9112
Consol Gas(NY)deb 5348_1945 PA 10114 Sale 1004 10153 96
9812 10714
COIN Rink fund 434o eer C_1954
80
825 86 Nov'33
8
91
78
143
90
Debenture 4%13
8712 1014 Lehigh Val Coal let & ref s f 58.44 F A 7412 Sale 7412
JD 89 Sale 89
1951
7412 10
45
76
9714 115
Debenture be
93 10512
1954F A
let & ref s t 5s
1957 J J 96 Sale 954
37
39 Nov'33
52
20
55
3
98 8
,
Consumers Gas of Chic gu 581936 JD 9812 101
97 1053
985
4
8
pit A ref a f Ss
A
39 Nov'33
37
40
1612 55
7
Consumers Power 1st bs C_1952 51 N 9812 Sale 98
101
97 107
1st & ref a f 58
A 40 Sale 393
3
4
40
22
50
7012 68
9
6814
Container Corp let 6s
35
7614
Secured 6% gold notes_ _1 4
1946 JD 68
815 8514 82 Nov'33
8
82
199988
3
57
16
53
15-year deb 58 with warr_1943 J I) 5212 Sale 5212
163 6312 Liggett & Myers Tobacco 75 1944 A 0 121 Sale 11712 121
4
38 117 12612
693 71
8
6 a65
7112
Copenhagen Teleplis Feb 15 1951 PA
5s
8014
A 106 1073 105
16 102 111
106
1951
4,
Corn Prod Refg let 25-yr s f 5s'34 MN 1014 102 10114
14 10012 10412 Loew's Inc deb s t Os
102
10
81
81
80
1941 A 0 80
48
89
_ 0812 9612
9712 11
Crown Cork & Seal at 6s_ _ _1947 JO
79 10012 Lombard Elec 7s ser A
67
90
8
1952 JO 893 Sale 8814
7412 90 4
3
if) Sale 79
5
Crown Willamette Paper 63_1951 J
79
56
88
Lorillard (P) Co deb 75
,
1944 AO 1094 118 8 120 Nov'33
010212 120
6812 70
Crown Zellerbach deb Sew w 1940 M
5
67126712
36
7514
PA 100 10112 994 100
5s
4
1951
8
90 1055
•
Cuban Cane Prod deb 6s__1950
•
J
Louisville Gas & El(Ky) 5s.1952 St N 873 Sale 86
4
873
4 34
86 10612
Comb T & T 1st & gen 5s__ _1937 .1 J 10312 Sale 1023
4 10312 18 100 107
Lower Austria Ilydro El 63481944 FA 5012 5212 49
5212 27
42
53
93
967 937
8
8
Del Power & Light lot 4348_1971 .1
934 15
937 10212 McCrory Stores Corp deb 534s'41
8
1st & ref 434e
93
2
894
90
893 99
4
1969
J 90
Proof of claim filed by owner..
11
62
59 Sale 59
4812 63
_- 95
4
95
let mortgage 43d5
95
93 10218 McKesson & Robbins deb 530'50 117-4 573 Sale 574
1969 J
- 1
,
26
58
4
234 6512
89
Den Gas & El L lat & ref s f 5851 MN 85
9
8512
86
8512 100
•
Manati Sugar 1st 5 f 73.4..A942 *0
•
Stamped as to Penna tax_ 1951 MN 87
90
1
87
87
663
4
87
Certificates of deposit
15 Aug'33
312 35
1014 19
9814 957
Detroit Edison baser A
8
7
963
8518 104
4
1949 AO 96
Stamped Oct 1931 coupon 1942
•
•
Gen At ref 5s series 13
9412 9212
863 103
4
9312 14
314 1
1955 .1 13 92
Certificates of deposit
2712 July'33
3
2712
Gen & ref bs Belles C
1
93
1962 PA 9418 9612 93
8418 10312 Manhat Ry(N Y) cons g 48 1990
8
423
8 39
405 Sale 405
8
29
4412
Gen & ref 4%5 series D_1961 FA 8612 93
23
8614
88
75 100
5
Certificates of deposit
3512
354
3512 38
224 4012
94 Sale 9212
Gen & ref be series E
38
94
1952 AO
84 103
24 48
32 Nov'33
35
174 34
2013 /15 31
Dodge Bros cony deb 68__1940 MN 97 Sale 9514
57
97
703 99
4
Manila Dec RR & Lt et 58_1953 MS 72
943 Sept'33
8
98
873 943
4
4
79 Sale 787
Dold (Jacob) Pack 1st 60_1942 M N
8
79
7
65
803 Mfrs Tr Co etre of partic in
4
93 100
93 Nov'33
Donner Steel 1st ref 75
1942
93
57
A I Namm & Son let 69._1913 3D 5518 65
57 Nov'33
40
75
8
Duke-Price Pow let 60 ser A_1966 M N 703 Sale 693
8
8112 Nlarlon Steam Shovel a f 6s_1947 AO 43 Sale 43
43
7114 46
3
43
254 59
Duquesne LIght 1st 434s A 1967 A 0 102 Sale 10012 102
64
971g 105118 Market St Ity 7s ser A_April 1940
2
J 6612 695 65
65 14
57
757
8
8
12
1st al g 4348 series li
103
1957M S 103 Sale 103
96 107
Mead Corp let 60 with warr_1945 MN 504 53
8
50
513
4
30 a67
Meridionale Elee 1st 78 A 1957 AO 95
99 Nov'33
90
87 12012
•
Cuba Stig 16-yr s t g 716s'37 M S
•
East
•
Mete Ed 1st & ref Ss ser C...1953 J J ____ 90
1
844
8412
82
99
4
'3 993 10012 99 Nov'33
Ed El III liklyn lot cons 4o..1939
95 10412
1st g 434s aeries D
3
70
70
70
67
90
1968 MS 67
Ed Elec(NY) lot cone g 58_1995 J J 1074 120 109 Nov'33
106 120
Metrop Wat Sew & Dr 5%1.1950 AO 7814 Sale 7814
6518 81
7914 19
513 4712
4
4912 13
El Pow Corp (Germany) 634050 MS 47
3118 683 Met West Side El (Chic) 48_1938 FA
4
1114 1712 1114 Nov'33
19
11
let sinking fund 634s
513 48
4
1953 AO 47
5(1
11
30
68
Snag Mill Mach 1st s f 7s__ _1950 3D 39
41
5
41
60
6718
30
Ernesto Breda Co let NI 78_.1054
Midvale St &0 coil trot 5s_1936 MS 94 Sale 93
9414 38
80
997g
795 8212 8012
8
8212 11
With stock purchase warrants_ FA
72
8312 5111w El Ry & Lt let 55 B._ _1961 3D 654 Sale 6514
65 4 25
,
83
R712
1st mtge 5s
2
6512
62
85
1971 33 6512 Sale 64
64
63 Nov'33
Federal Light & Tr 1st 5s.__1942 MS 59
62
75
Montana Power tot 58 A
8012 19
8
93
1943 J' 777 Sale 774
60
60
6312 Oct'33
1st lien a f Ss stamped...1942 MS 59
6312 724
Deb 5s series A
D 50
561 574 Nov'33
1962
45
78
1942 MS 60 Sale 60
60
5
1st lien (3s stamped
60
7712 NIontecatInl Min & Agile
4614
47
10
4514 6912
30-year deb ela series B.__1954 JO 46 • 64
Deb g 70
9618
9618
98
87 a991/1
1937 J J 95
'B 100 10112 10012 Nov'33
_
1939
Federated Metals sf78
81 101
Montreal Tram 1st & ref 5a_1941 J3 967 Sale 967
9 7858 9932
8
8
87
1003 101 1003
8
8 1003
1946 j
2
8
Flat deb s f g 7s
93 10012
Gen & ref st 58 series A.1955 *0 701
70ag Nov'33 ---5914 7412
-97
97 4 97
,
9718
Framertean Ind Dev 20-yr 7348'42 J J
94 102
Gen & refs 5s series B 1955 AO 7014 75
723 Oct'33 -___
4
8
48
685 747
MN '22 Sale 1812
23
1012 53
Francisco Hug let of 7348-1942
Gen & ref 5 f 434s series c_1955 A0
68 Nov'33 -_
574 64,
8
Gen & ref a f bs fieries D 1955 *0
1 6634 7478
85
703
4
703
4
7612
3
76,2
66
Gannett Co deb Os tier A....1943 FA 7512 77
80
Morris & Co 181 s f 430._ 1939 33 83 Sale 82
11
83
9114
78
101
1035 Oct'33
8
103 105
Clam & Fl of Berg Co cone g 581949 JD
Mortgage
_
-Bond Co 4s set 2_1908 AO 2014 40
403 Doe'32
8
_
a555 Sale 54
8
5558 27
Gelsenkirchen Mining 6s.. _1931 M
3512 75
Murray Body 1st 634s
11
83
1934 JO 83 Sale 83
69 - .
64
7512 Sale 7312
A
7512 10
7312 87
Gen Amer Investors deb bs A1952
Mutual Fuel Gas lot go g 55_1917 MN
Oct'33 _
95 97
945 1073
8
8
8 1004
1911) A 0 101 102 1007
8
(len Baking deb 8 f 534e
97 1033 Hut Un Tel god 68 ext at 5% 1941 MN ;2
4
894 Oct'33
98
9314
75
57 Sale 56
1947
573
(len Cable let s f 534sA
8 49
36
7512
9712 10112 97 Nov'33
A
96 10214 Namrn (A I) & Son__See Mfrs Tr
Gen Electric deb g 334o..1942
4612
_ 4412
4818
8
2914 6212 1c8881111 Flee gag 4s stpd _1951
Gen Flee(Germany) 7s Jan 1545 .1
J 543 Sale 54
543
4 10
4
5934
51
45 - 014 443 Nov'33
4
1940
2812 6712 Nat Acme 1st 5 f (is
Sf deb 6359
1942 JO
70 Aug'33
53
70
46 Sale 42
46
22
1948
25
20
557 Nat Dairy Prod deb 5348
2
-year s f deb 69
49
8114 Sale 81
1918 PA
82
774 96
A 10318 Sale 103
104
29 101 105
Gen Petrol let sink f'd 5s. _1940
Nat Steel 1st coll 5s
1956 *0 88 Sale 8712
8812 63
69
9512
79
80
80
80
3
1939
Gen Pub Seri deb 5345
714 89
Newark Consol Gas eons 5s_1948 J
1023 --- 10312 Nov'33
4
10112 10714
64
80
.1 66
65
6
Gen Steel Cast 5345 with ware'49
47
85
Newberry (JJ) Co 53.4% notes '40 *0 86 Sale 84
23
86
65
883
4
A 0
(len Theatres Equip deb 60..1040
•
New Eng Tel & Tel Eis A
D 10514 Sale 10412 1053
1952
2
4 45 100 1113
3 Sale
3
1.1
314
1
73
4
Certificates of deposit
1st g 434s serlea 13
1961 MN 101 Sale 101
1014 42
9612 10712
5878
6918
9
Good Ilope Steel & Ir mec 78_1945 AO 684 60
37
6518 NJ Pow & Light let 434s
1960 *0 66
70
5
69
70
69
05
91 Sale 8934
24
91
Goodrich(B F)Co lat6 34s__1947 ,j
62
97
New On Pub Serv let 5s A..1952 *0 41
4218
43
6
43
6412
41
70
96 0334 753
1915 JD 694 Sale 6812
4
Cony deb 60
First & ref 5s series II_
1955 3D 4012 Sale 4012
43
57
39
65
8
MN 8812 Sale 873
8812 80
68
913 N Y Dock 1st gold 48
4
Goodyear TIre & Robb let be 1957
1951 FA 042 Sale 42
427
8 37
4112 63
1
8714
D 8714 89
8714
Gotham Silk Hosiery deb 68_1936
7412 8912
Serial 5% notes
1938 *0 304 31
9
304
3112
4712
26
•
Gould Coupler 1st ef 6a._ 1910 PA
•
N Y Edison 1st & ref 634s A.1911 AO 109 Sale 1083
4 1094 73 1083 115
4
6734 12
Gt Cons El Pow (Japan) 7s 1914 PA 6712 Sale 6712
375g 75
lot lien & ref So series B 1944 AO 105 Salo 104
14 10114 1083
105
8
6612 Sale 66
6612 20
31
70
1st at gen f 03Se
1950 .1
let lien & ref 59 series C 1 951 *0 al04 Sale 104
1015
8 23 101 1084
1
6112
Gulf States Steel deb 5348_1942 JD 6112 Sale 6112
42
82
NY Gas El 1.111 & Pow g Ss 1948 JO 1064 Sale 1053
4
1033
2
4 10 1017 11212
1
9714 Sale 0714
9714
923 993
8
4
Hackensack Water hit 48-1952
Purchase money gold 43..1949 PA
973 99
4
973 • 9814 36 a9312 103
4
NYLE&Wenal&RR 5/0'42 MN
75 May'33
75
75
NY LE& W Dock & Imp 55'43 J J
100 June'31
9
r cash sale. a Deferred delivery, z Option sale Nov. 15 at 02. • Look under ilst of Matured Bonds on page :
New York Bond Record-Concluded-Page 6
3986
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 1.
i•E
,-.. a,
Price
Friday
Dec. 1.
Week's
Range or
Last Sale.
b
co0
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1.
.
t
.
...,o,
Dec. 2 1933
Phce
Friday
Dec. 1.
Week's
Range or
Last Sale.
1:1
co0
Since
Since
Jan. 1,
Bid
Ask Low
Ask Low
High
High No. Low
High No. Low
Bid
High
NY Rys Corp Inc 69_ __Jan 1965 Apr
•
•
•
814 912 814
812 11
5 1014 Studebaker Corp 6% g notes 1942 J D
8
Prior lien 6s series A
1965 3 J 66
66
33 Nov'33 _--- _
8
34
32
31
36
Certificates of deposit
66
69
66
45
NY dc Richm Gas let 13s A 1951 MN 955 98
96 10514 Syracuse Ltg Co. 1st g 5s_1951b 10318 10512 al0314Nov'33 ____ 103 1104
i
3
8
96
98
NY State Rys 45411 A ars-1962
1
912 Tenn Coal Iron & RR gen 58_1951 J .1 104
04
104
5
97 105
2
414 2 Nov'33 ____
81.25 series B certlficate3-1962
112 412 Tenn Coop &Chem deb 6s B 1944 M S 68 76 68
68 18
4
_
24 3
5
50
76
23 Oct'33 ___
N Y Steam Os series A
58
46
1947 M - 10114 Sale 100
8
Tenn Elec Pow 1st 68
38
98 109
55 10014
102
N
8
11
1947. D 557 Sale 557
let mortgage 5,s
9738 197
90 10412 Texas Corp cony deb 5s
1951 M N 913 Sale 9012
9134 21
4
8
7714 9912
1944 A 0 973 Sale 9612
let mortgage be
90 104
Third Ave Ry 1st ref 4s
4014
9
1956 M N 90
93
15
93
36
92
5512
1960 3 J 40 Sale 3912
NY Telep 1st & gen a f 4%81939 MN 1034 Sale 10318 104
9812 106
109
Ad11nc bs tax-ex N Y_Jan 1960 A 0 2212 Sale 2214
23
26
205 37
8
N Y Trap Rock let(is
46
1946 .1 D 4618 56
2
83
387 6714 Third Ave RR 1st g 58
8
46
1937 1 J 8512 8814 8612 Nov'33 --__
9412
Nag Leek &0Pow 1st 58 A 1955 A 0 9158 93
9112
03
19
91 105
Tobacco Prods(NJ) 630...2022 MN 101 Sale 10018
101
64
89 10212
Niagara Share deb 534s_....1950 M N 50 Sale 50
Toho Elec Power 1st 7s
74
797
8
53
807
8 19
61
50
41
81
1955 M 5 7712 91
Norddeutsche Lloyd 20-yref68'47 M N 45 Sale 4212
Tokyo Elec Light Co Ltd
4712 99
2818 60
Nor Amer Cem deb 63s A_1940 M 5 20
1018 32
4
6412 66
30
1st 6s dollar series
26
23 Nov'33 ____
68
1953 1 D 6414 Sale 633
North Amer Co deb bs
02 Nov'33 ____ 102 10614
1961 F A 6414 Sale 6312
Trenton 0& El 1st g 58_ _ 1949 M 8
89
60
8618 43
No Am Edison deb be ser A_1957 M 5 .56
4
2 a55
35
39
Truax-Traer Coal cony 659_1943 M N 101-- a363
564
4412
60
87
5618
2
1512 48
Deb 534s ser 13___Aug 15 1963 F A 59
62
8938 Trumbull Steel 1st s f Be_
58
6018 22
56
7912 75
1940 M N 73
75
10
3912 8334
Deb 58 ser C
14
54
___ 28 Aug'33 ____
Nov 15 1969 NI N 553 5712 5514
57
15
847 Twenty-third St KY ref 58-1962 J J 25
4
28
8
Nor Ohio Trac & Light 68_1947 M 8 ____ 8012 78
47
31
12
78 10714 Tyrol Hydro-Elec Pow 7348_1955 MN 46 Sale 46
80
46
8312
4512
Nor States Pow 25-yr fs A_ _1941 A 0 90
4512
6
2
89 )043
91
9312 9012
4512 624
4
Guar sec St 7s
1952 F A 4512 46
1st & ref b-yr 68 ser B____1941 A 0 94
93 10612
16
96
973 9518
4
86 alp°
North W T 1st ki g 4%a gtd..1934 J J 99 100 100 Nov'33 ____
7212
Upgawa Elec Powers!78.,_ _1945 M 5 7212 Sale 7114
8
3712 78
Norweg Hydro-El Nit 5545_1957 M N 7312 Sale 73
75
41
8314 8112 Union Elec Lt & Pr (M0)
1967 A 0 97 Sale 9612
9712 22
Gen mtge gold 58
94 10478
90 105
Un E I.& P (III) ist g 5%s A 1954 J J 101 Sale 100
101
4
Ohio Public Service 710 A-1946 A 0 90
91
10
9914 105
90
91
____ 17 Nov'33 ____
Union Elev Ry(Chic)5s_ _1945 A 0 15
1st & ref 7s series B
2
82 104
1458 20
1947 F A 82 Sale 82
84
.
14
35
18 Nov'33 ____
Old Ben Coal 1st 6a
Union 011 30-yr 68 A--May 1942 F A 105 Sale 105
10534 16
17
15
993 109
1944 F A
4
1
4
Ontario Power N F 1st 5E4_1943 F A
1st Ilene t 5s ger C---Feb 1935 A 0 101 1013 10012 Nov'33 _-__
102
934 10418
9812 102
___ 102
10014 103 010014 a10014
2
8978 10212
75
__Apr 1945 J D 9414 Sale a9312
99
Ontario Transmission 1st 5s.1945 M N 102Deb bs with
9412 15
99
99
98
Oslo Gas & El Wks esti 56_1963 M 5 65
United Biscuit of Am deb 62 1942 M N 98
2
64
84
warr.,954 103
697 70 Nov'33 _ - _
8
012 46
United Drug Co(Del)5s
554
57
17
43
60
Otis Steel 1st mtge (is ser A_1941 M 5 22 Sale 22
2512 15
1953 M S 56
7112
18
18
5
1612 20
United Rya St L let g 4s_ _ _ _1934 J J
14
2214
66
133
Pacific Coast Co 1st g 5.1_1946 J D 30
3212
4
45
2914 75
3212
U 5 Rubber let & ref 5s ser A 1947 1 J 65 Bale 62
23
38
Pacific Gas & El gen &ref Es A '42 J J 1025 Sale 1013
91
1
10312 54
9712 91
United S S Co 15-year 6s_..,.1937 M N 91
994 107
75
4
9514
8
4214 98
Pacific Pub Serv 5% notes 1936 51 5 684 72
4
2612 6014
607 8812 Un Steel Works Corp 6128A.1951 .1 D 42 Sale 373
8
6618 Nov'33 ---1961 J D 4218 Sale 383
423
8 56
Pacific Tel & Tel 1st 58
4
Sec a I 6128 series C
8 10418 48 101 10734
8
2512 60
1937 J J 1035 10418 1035
Sink fund deb 6345 ser A_ _1947 J J 4012 Sale 39
41
67
Ref mtge 521 series A
233 5
4 912
4
1952 M N 105 10812 1044 105
21 10012 1083
10618 25
•
Pan-Am Pet Co(of Cal)cony 6a'40 J D
Un Steel Works(Burbach)7s 1951 A 0 10618 Sale al06
9314 1033
•
8
3878 Universal Pipe & East deb 65 1938 3 D
30
28
2912 29
27 Aug'33 ---Certificates of deposit
5
87 25
8
25
10
32
Paramount-Sway 1st 5548_1951 J J 29 Sale 285
7
25 r42
13nterelbe Power & Light 68_1953 A 0 4912 Sale 49
29
49 7
8 54
8
30
8612
2712 38
Utah Lt & Trac 1st & ref 58_1944 A 0 544 Sale 5412
Certificates of deposit
56
20
15
35
5012 73
2712 Nov'33 ____
Paramount Fame Lasky 68_1947
Utah Power & Light 1st 5s_ _1944 F A
61
38
61 Sale 58
553 79
4
Proof of claim tiled by owners_
Utica Elec L & P 1st a I: g 58 1950 1 J ___ 10514 100 May'33 ____ 100 105
•
•
*
Certificates of deposit
8
4
J D 23 Sale 2212
9912 1085
24
15
104 3412 Utica Gas & Elec ref & ext 581957 J J ___ _ 1017 1053 Nov'33 ____
8
247
8 43
Paramount Publix Corp 5%81950 F A
Utll Power & Light 5 Ms__ _1947 .1 D 24 Sale 23
134 41
•
Proof of claim tiled by owner ---Deb 58 with warrants_ __ _1959 F A
2112 117
21 Sale 20
12
•
•
37
Certificates of deposit
..
24 Nov'33 ____
8
25
Deb 58 without warr_1959 F A
____
19
2412 Sale 235
145 25 8
1712 24
7
12 35
8
5
Park-Lex 611s ctfa
818 9
812 Nov'33 - - 1953 _
8
18
Parmelee Trans deb 6s
Vanadium Corp of Am cony 5s'41 A 0 594 Sale 5914
1944 A 0 2014 2414 24 Nov'33 --_
60
8
634 35
343 81
4
3
1
Pat & Passaic G & E cons 55 1949 M S 10112 107 103 Nov'33 ___ 101 10614 Vertientes Sugar 75 etfs
3 Sale
111 1814
3
1942 ---Pathe Each deb 7s with warr 1937 M N 8112 Sale 8112
11
13
11 Nov'33 _:__
Victor Fuel 1st s f 58
8212
4
4712 87
19532 J
1012 21
6
95 1055
8
9914
943 9514 Va Elec & Pow cony 5548_1942 M 8 99 Sale 97
4
Pa Co gu 354a coil tr A reg_ _1937 33 S --_ 9514 9514 Oct'33 __
Guar 354s roll trust ser 13_1941,F A 8414 ---- 8512 Nov'33 --Oct'33 ____
50
4738 65
8512 Va Iron Coal & Coke 1st g 5s1949 M 5 4712 65
75
8512 Va Ry & Pow 1st & ref 5n.._,1934 J 1 9914 Sale 994
Guar 3326 trust etre C---1942 J D 83 8 ____ 8512 Nov'33 ___
994
73
56
3
9712 103
1912 18 Sept'33 --_
Walworth deb 6315 with warr '35 A 0 10
Guar 3344 trust etre D__ _ _194413 0 818 ---- 82
10
85
4
78
Oct'33 --35
A o __ 37
Guar 4s ser E trust ctfa_1952 MN 8314 ____ 8512 Nov'33 _21 July'33 ____
Without warrants
184 25
80
98
Secured gold 411s
1st sInking fund (is ser A__1945 A 0 21 Sale 21
2212
1963 M N 8412 Sale 8412
4
812 43
4
85
51
743 95
Penn-Dixle Cement let 68 A 1941 ,'M 5 623 Sale 5812
32
62
4
4
344 7514 Warner Bros Pict deb 6s__1939 151 5 383 Sale 3712
12
48
41
132
Pennsylvania P & List 434e 1981A 0 7814 Sale 774
14
14
14
2
79
10
118
753 9612 Warner Co let 6a with warr_1944 A 0 10
4
3018
Peop Gag L & C 1st cons 65.1943 A 0 101 Sale 101
Oct'33 _-__
A 0 10
16
16
Without warrants
125 40
8
101
15 100 114
Refunding gold 58
33
25
1947 M S 82
90 82
134 384
84
9
80 10712 Warner-Quinlan Co deb lis_ _1939 M 5 3112 Sale 31
Warner Sugar Rein 1st 78_1941 J 0 105 10512 105
10518
5 10212 106
Mile Co sec ba series A
19672 D 63 Sale 63
Warren Bros Co deb 133
41
13
614 91
30
1941 M 5 4() Sale 40
65
68
7514
Phila Elee Co 1st & ref 434e 1967 MN 101 Sale 10018
9
97 10518 Wash Water Power St 58 _ _1939 J J 9912 101 10112 Nov'33 ---- 100 106
101
1st & ref 4s
Westchester Ltg bs stpd gtd 1950 3 D 10314 Sale 10314 10314
1971 F A 907 Sale 8958
91
34
8
8938 100
1 102 11012
PtIla & Reading C & I ref 68 1973I J J 49
48
51
747 West Penn Power ser A 58_1946 M 5 10312 Sale 103
49
8
50
4
1034 20 10018 108
( onv deb Cla _
_ .
1949 M 5 3614 Sale 36
1st 5a aeries E
4
373
4 55
1 10014 10918
324 6912
1963 M 8 1023 10512 10212 10212
Phillips Petrol deb bila_ _ _ _1939 J D 8912 Sale 8912
__1st sec bs series0
4
102
1
1956 .1 D 10214 1043 102
90
6718 9034
9912 107
35
Pillsbury Flour Mills 20-yr 6a '43 A 0 104 105 104
Western Electric deb 5s
4
96
28
4
95 107
104
2
1914 A 0 953 063 95
81 102
Pirelli Co (Italy) cony 78_1952 M N 9912 101 101
101
2 a9958 10212 Western Union coil trust 58_1938 J J 89 Sale 875
8
89
14
52
934
Pocah Con Collieries let a f 55 57 3 1 61
Fundlrg & real eat g 4345_1950 M N 7414 Sale 73
7412 33
7014
60
3712 84
705 81
8
Oct'33 -- Port Arthur Can & Dk (242 A.1953 F A
61
73
15
-year 6115
50
66
6114
9512 21
1
6114
1936 F A 944 Sale 9412
55 100
go
73
1st mtge 65 series B
1953 F A
25
-year gold be
6712 66 Nov'33
76
32
1951 J D 76 Sale 7412
3612 8814
Port Gen Elec let 412s ser C 1960 M 5 39 Sale 3814
30-year 58
4
763
4 30
1960 M S 7614 Sale 743
4012 83
3712 703
363 8712
4
4
Portland Gen Elec 1st 55_1935 J J 70
7712 75
80
4812 145
6
75 10118 Westphalia Un El Power 65_1953 1 J 4812 Bale 46
2312 5712
Porto Rican Am Tob CODY 88 1942 J J 293 Sale 293
Wheeling Steel Corp 1st 5348 19485 J 73
52
5
4
18
77
73
30
4
733
4 25
52
86
Postal Teieg & Cable coll 68_1953 J J 39 Sale 385
1st & ref 4345 series B__ _ _1953 A 0 65 Sale 6312
8
40
65
67
184 57
15
413 75
8
Pressed Steel Car cony g 58.19332 J
•
White Sew Mach 8s woth warr'38.8 J 473
•
___ 04212 Oct'33 --__ a27
45
Pub Serv El & G 1st & ref 4;0'67 3 D 9914 993 9914
Without warrants
448 Nov'33 ____
.1 J 4514 65
9
4
993
4
97 1057
2212 50
s
1st & ref 411s
Partic a f deb 65
97 10558
1970 F A 9914 101
99
1940 MN 4518 Sale 45
993
8 11
454
2
2214 50
Wickwire Spencer St'l 1st 78_1935
let & ref 48
1971 A 0 a905 Sale 90
8
8814 10012
913
4 28
Pure Oil s f 534% notea
Ctf dep Chase Nat Bank____ ____
1937 F A 01 Sale 893
312 43
684 93
8 5 Nov'33 ____
91
7
4
118 18
S f 534% notes
78(Nov 1927 coupon) Jan 1935
6312 90
1940 M 5 8712 Sale 86
8712 17
Purity Bakeries s f deb 6s_1948 J J 8712 875 7912
CH dep Chase Nat Bank_ _ _ _ MN
80
13
312 6
56
5
Oct'33 __
7 1414
8
8
8512
Willys-Overland a f 68 A_
•
194l M 5
•
Wilson dr Co. lat 8 f 6s A__ _1941 A 0 96 Sale 953
Radio Keith-Orphe,im84
9912
4
30
98
•
•
•
Youngstown Sheet & Tube
Debenture gold 88
19412 D
-bs /8 1 J 70 Sale 67
70
70
52
853
4
Remington Arms let il I 68_ _1937 M N 9414 96
1st mtge a f be ser B
1
58 10018
94
94
1970 A 0 6912 Sale 6812
5214 85
6912 39
784
Rem Rand deb 5125 with wan '47 MN 7334 Sale 71
733
4 62 04114
.
Repub 1 & 5 10-30-Yr 585 f_1940 A 0 83
92
83
1
55
90
83
Ref & gen 532s series A_ _1953 J J 6814 Sale 6512
30
76
6814 11
Revere Cop & Brass(Is ser A 1948 NI 5 76
9
493 90
4
78
80
7618
Rhelnelbe Union s f 75
1946 1 .1 64612 Sale 4212
465
8 37
2812 664
(Negotiability Impaired by Maturity)
Rhine-Ruhr Water series 6_1953J J 42 Sale 3712
42
30
2212 5712
Rhine-Westphalia El Pr 7s-1950 NI N 6814 Sale 6714
77
6814 17 a42
7012
Direct mtge 612
i
31
1952 MN 5212 Sale 4812
5212 67
MATURED BONDS.
Range
Price
Week's
Cone mtge 88 of 1928-1953 F A 6515 Sale 4812
62
45
8
303 7014 N. Y. grocK EXCHANGE 0 Friday
4
Range or
Cons M 65 of 1930 with warr'65 A 0 5218 Sale 4812
32
70
5218 119
Week Ended Dec. 1.
Jan. 1.
co0
.,a.
Dec. 1.
Last Sale.
Richfield 011 of Callf 6s
1944 M N
•
•
•
MN 2312 Sale 2312
1912 32
High
Certificates of deposit
Foreign Govt. & Municipals.
10
25
High No. Low
Bid
Ask Low
Rims Steel 1st a f a
374 56
554 Nov'33 ___
Mexico Trees (is assent large '33 3 J
1955 F A 554
3
3 4 1114
814 114 10 Sept'33 ---Roch G&E gen M 510 ser C '48 M S 100 Sale 99
96 107
6
314 1012
Small
100
.1 J __
618 Oct'33 ---Gen mtge 434s series D 1977 53 5 ____ _ __ 9014 Nov'33 ___
897 993
8
4
Gen mtge be serles E_
5
8912 10514
90
1962 M 23 90 Sale 8912
Railroad.
Roth & Pitts C & I p m 5s1948 MN
212 18
34
___ a5712 May'33 _._ a5712 05712 Norfolk South 1st & ref 55 A_ 1961 F A
9
75 Sale
8
612
Royal Dutch 45 with warr_ _1945 A 0 7383 1023 St Louis Iron Mt & Southern
4
37
98
99
987
8 99
353
Ruhr Chemical s f 13a
4
49
4 3333 62
49
1948 A 0 46
Itly Bc G Div 1st g 4s
47
463
4
1933 M N 46
4714 27
6113
'
39
81 118
5t Joseph Lead deb 5548_1941 MN 11412 Sale 11312 115
Seaboard Air Line 1st g 43_1950 A 0 12
17 31
5
123 31 Sept'33 --- 4
St Jos Ry Lt Ht & Pr 1st 59_1937 M N 70
70
73
93Gold 4s stamped
70
73
12
54 2812
15 Nov'33---,,
14
1950 A 0 12
St L Rocky Mt di P be stpd_1955 J .1 ____ 4212 40 Nov'33 ___
s
307 50
Refunding 4s
13 1684
8
5
6
518
1959 A 0
514 Sale
31
5t Paul City Cable cons 58-1937 1 J 45 Sale 45
6
51
At!& Birm 30-yr 1st g 4e._1933 M 5 1018 Sale 1018
42
1
1
45
1018
Guaranteed 58
50
61
18372 J 25
50
52 Sept'33
San Antonio Pub Serv let es 1962 J J 71
7414 92
1
75
75
75
Industrials.
Schulco Co guar 13128
25
50
Abitibi Pow & Paper 1st 59_1953 J i1) 20 Sale 1912
19482 1 2612 41
103 334
4
40 July'33 _ _ _
20
19
Stamped (July 1933 coup on)
204 50
2
11
- 27
40
30 Nov'33 ___
B-way A 7th Ave let cons 53.1943 J D
912 Nov'33 ---958 ___
4612 70
Guar a f 634g series B
7
28
50
50
29 Nov'33 ___
1946 --Chic Rys be stpd 25% part paid__ F A
A 0 30
4718
4612
52
4612 Stamped
kt 13
234 14
35
585 Cuban Cane Prod deb (3s. _1950 .1 J
8
30
58
35
Oct'33 ___
25
8
258 3
Sharon Steel Hoop 5 f 5%a_ _1948 F A 35
5614 East Cuba Sug 15-yr a f g 7%8'37 M 5
41
1
16
41
41
7 Sale
Vs
7
.
3
.' 33l,
28
Shell Pipe Line if deb 58--_1952 MN 87 Sale
93
Gen Theatres Equip deb 83_1940 A 0
69
l•
914
, 32
4 28
314
33
34 Sale
Shell Unlon 0118 f deb 543_1947 M N 8714 Sale 863
47 20
8
1438 Nov'33 _9214 Gould Coupler 1st s f 6s. _1940 F A
918 14
65
4
874 20
Deb 58 with warranta____1949 A 0 08712 Sale a86
127 32
5
6312 9214 Hoe(R)& Co 1st 6 WI ser- 1934 A 0 2414 26
25 Nov'33 ____
a8712 22
A
331,
Shinyetau El Pow 1st 634s. 19522 D 6312
12
12
25
28
657 Interboro Rap 'I'ran(is
8
6
633
8
65
1932 A 0 25 Sale 2312
Siemens & Halake s t' 7s____1935 J J 75
34
5112 75
67
703 95
4
10-year 7% notes
17
7 - 744
8
76
1932 NI S 6612 Sale 66
Debenture s f 6318
1951 M 5 597 Sale 05514
46
597
2 62
8
8212
Sierra & San Fran Power 521_1949 F A 89
5
34
4
89 102
1018 Oct'33 __-90
91
Malian Sugar 1 to t 7348_1942 A 0 1014 16
90
Silesia Elec Corps t 6%8_1946 F A 4018 Sale 404
4018
1
28
2
5912
297
1514 Oct'33 -- - 2
34 15
Stmpd Oct 1931 coupon 1942 A 0
Silesian-Am Corp coll tr 75_1941 F A 38
2518 3978
31
23
2
32
4612 Pan-Am Pet Co (Cal) cony 65'402 D 28 Sale 28
38
39
38
Sinclair Cons Oil 15-yr 78_1937 M 8 10218 Sale 102
9014 10312 Paramount Fain Lasky 6s_1947
10212 40
2252 34
1st lien 634s aeries B
2412 20
1938 .1 D 101 Sale 101
8812 102
Proof of claim tiled by owner__ J D 24 Sale 23
10112 36
Skelly Oil deb 534s
1939 M 13 843 Sale 83 8
843
4 39
597 864 Paramount Publix Corp 511s 1950
s
3
4
Solvay Am Invest 58 ser A...1942 M 8 974 99
4
25 4
,
9
22
4 35
975
8
98
233 Sale 233
4
6
87
9912
Proof of claim filed by owner__ F A
South Bell Tel & Tel 1St a f be '41 J J 10412 Sale 104
52
16
3514 65
99 107
10512 83
Pressed Steel Car cony g 58_1933 1 J 50 Sale 49
S'weat Bell Tel 1st & ref 58 1954 F A 10518 Sale 105
33
512 30
1054 50 100 10712 Radio-Kelth °Mlle= 68.--1941 1 0 15
24
23 Aug' -i7
Southern Colo Power (3s A 1947 J J 604 Sale 6014
21
24'
81
6112 14
59
32 4
,
Richfield Oil of Calif 6s
1944 M N 2312 Sale 23
14
11
10
2812
Stand 011 of N J deb be Dec 15'46 F A 1044 Sale 10312 1044 58 100 10512 Stevens Hotels series A
14 Sale 13
1945 J J
2014 4614
Stand 011 of N Y deb 454s._1951 5 n$ 98 Sale 973
3618 84
8814 102
9812 81
4
Studebaker Corp 6% notes__ 1942 I D 36 Sale 3512
Stevens Hotel 1st 65 series A 1945
3
0
•
3312 Nov'33 ___•
7915
Willys-Overland a f 6128_-_1933 33 5 2588 30
Matured Bonds
Financial Chronicle
Volume 137
3987
Outside Stock Exchanges
Boston Stock Exchange.
--Record of transactions at
the Boston Stock Exchange, Nov. 25 to Dec. 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Railroad
Boston & Albany
1094
100
Boston Elevated
5555
100 56
Boston & Maine
Prior pref stpd
25
100
11
Class A let pref stpd_100
15
ClassD lot pref stpd_100
Chicago June Sty & Union
126
Stock Yard stpd stk_100 126
Preferred
86
100 86
44
East Mass St Ry let pt.100
Preferred B
155
155
100
Maine Central
8
•
1555
NY N Ilaven&Hartford 100
Old Colony RR
87
100
Pennsylvania RR
50 2755 2555
114
.5636
25
11
16
126
86
555
155
9
1655
,
87
27%
Miscellaneous
5
5
American Continental_ __•
5
835
7
Amer Pneu Service pref..50
22
21
lot preferred
5 21
235 255
Common
25
Amer Tel & Tel
1051 11735 11755 120%
Bigelow Sanford Carpet___
20
20
20
Boston l'ers Prop Trust...* 10
94 lox
455 6
Brown Co6% corn pref_ 100
East Gas az Fuel Assn
14
Common
6
414 44
6% cum Prof
100 43
5535 56%
455% prior preferred 100
7
Eastern Steamship corn..
736
1651
16
Economy Grocery Stores.*
Edison Eters Ilium
127 131
100 127
Employers Group
735
7
General Capital Corp- •
1855 1855
Gillette Safety Razor
10% 1134
IlYgrade-Sylvania Lanip_•
International Hydro-Elee •
Mass Utilities A8800 VI O.
Mergenthaler LinotY1*-•
National Service
N E Public Service corn •
New Eng Tel & Tel_. _100
Pacific Mills
100
Shawmut Assn tr Ws•
Stone di Webster
•
Swift & Co
25
Torrington Co
•
United Founders eom____•
U Shoe Mach Corp
25
Preferred
25
Venezuela Mex 011 Corp_ 10
Warren Bros Co
•
Mining
Calumet & Red?.
25
Copper !tango
25
Mohawk Mining
25
Nipissing Mine
25
North Butte
2.50
Quincy Mining
2'
Utah Metal & Tunnel__ _I
2236
224
01
22
1434
1
5355
324
436
3%
35c
Bonds
Brown Co 5340
1950
Chicago Jet By & Union
Stock Yards 5s____1940
Elstass St Rh ser A4 558'48
Series B 59
1948
• No par value. z Ex-dividend.
97
286
5
30
12
Range Since Jan. 1.
Low.
Jan 121
80
53;5 MILY
70
17
6
12
55 125
25 75
180
2
34
150
356
182 1134
13 73
344 134
375
375
58
310
1,976
75
435
25
High.
3
I
755
250.
86
6
64
1%
102
35(
354 35%
95 53
430
5
05 12
393 127
315
5
30 134
273
955
Feb
Feb
Dec
Dec
July
July
July
July
July
July
July
Mar
64
855
25
2%
13455
30
14
14
July
Nov
June
July
July
June
July
July
Apr 14
Apr 69
Oct 69
Jai
17
Jan 244
Nov 183
Jan
104
Ma
28
Apr 20%
Nov
July
Dec
July
July
Jan
June
July
Jan
Fe
29
Apr 1355
Ay
355
Feb 3455
Nov
1%
4
Nov
June 102
Mar 2955
Jan
1036
Feb 1955
Feb 24%
Apr 43
Apr
3
Jan 5654
Jan 33
Mat
854
Feb 224
July
July
June
June
May
Jan
July
July
July
July
July
Aug
July
July
Oct
Sept
June
Apr
Feb
Mar
Apr
Feb
Apr
Jan
30
75
475
310
35
15
121
75
429
348
90
56
710
1.695
320
4,820
225
12
251
,
14
154
36
%
67
54
64
154
7
22
54
33
3055
25c
255
451
435
3
355
334
3
235 255
35c 420
154 14
1
135
123
917
525
110
770
100
2,000
I% Jan
14 Apr
3
Nov
Jan
85c
Jan
2.0c
Feb
30c
Jan
2543
30
30
92
92
3555 365
(
37
37
July
57
2955 July
49
July
Oct 126
May 90
10
Feb
Jan
8
Mar 13
Feb 3435
Mar 95
Jan 4234
2255
555
255
244
Si
%
92
22
7
84
1455
40
1
5355
324
44
855
2235
44
255
22
36
4
90
21
64
734
14
40
1
5255
324
255
656
July
Feb
9%
7
13
3
14
455
1%
July
Jan
June
June
June
June
Sept
81,000
25
Ma
2,000
4,000
2,000
92
24
25
No 1014 Aug
De
Aug
45
July
Jan 46
40
Aug
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Nov. 25 to Doc. 1, both inclusive, compiled from official sales lists:
Stocks-
Last 1Peek's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Abbott Laboratories com_•
Advanced Alum Castings.5
All-Amer Mohawk cl A-5
Allied Products Corp cl A_•
Altorfer Bros cony pref •
Amer Fur Mart Bldg pf 100
Amer-Yvette Co Inc com_l
Asbestos Mfg CO corn _ _1
*
Assoc Tel Util Co corn
V cumul prior prof
Automatic Products com.5
Balaban & Eats pref._ _100
Bastian-Blessing Co oom-•
•
Ilendix Aviation eom___.
Berghoff Brewing Co____1
Milks lslfg Co class A conv•
Borg-Warner Corp corn 10
100
7% preferred
•
Bruce Co (E 14 cum
ID
Butler BrotherS
Canal Const Co cony pref_*
Central 111 I'S Ord--•
Central III Scour Corp
Common
Convertible preferred •
•
Central Pub Util A
1
V t c common
Cent S 5k Ut11•
Common
Preferred
•
•
Prior lien pref
.•
Chicago Corp Common.
Preferred
•
Chic Flexible Shaft com...5
Chicago Mall order 1 010 5
Chic N Sh & Mil pr lien 100
Chi & N W lt5 own _5100
Chicago Towel cony pref.•
Chicago Yellow Cab inc..*
lltiee Service Cu coin__ _•
Club Alum Uten Co
•
Commonwealth Edison 100
Congress Hotel Co com_100
Cord Corp
6
Crane Co
Common
25
Preferred
100
Range Since Jan. 1.
Low.
High.
4055 4035
255 2%
%
34
94
9
1136 1155
254
255
Si
3.4
255
34
55
31
55
355 4
24
24
614 7
13% 15
9
2
2
164 18%
91
91%
11
11
456
4
50
100
50
100
10
30
1,300
2,550
250
250
200
LO
100
1,700
2,150
20
6,650
70
50
950
21% Jan
254 Nov
Nov
4
May
8
May
2
Sept
3.4 Mar
Apr
3-4 Oct
51 Nov
356 Nov
15
Feb
Feb
3
65-5 Feb
834 Oct
Apr
5% Feb
70
Jan
44 Jan
134 Feb
41
514
154
244
15
334
55
7%
156
;i
5
30
1514
214
184
8
2154
9255
244
64
1%
15(
194
18
280
80
155 Apr
144 May
334 June
3335 Jan
54
5%
3.4
35
35
6
34
35
1,100
1,100
200
70
34
5
4
34
Mar
Feb
Feb
Mar
2
June
8
Slay
June
1
34 Jan
15
155
1
335
6
24
21
8
1535
1
736
6036
11%
14
7%
3535 374
38
38
6% 74
550
20
40
1,450
750
350
1,650
10
1.450
10
5
6,90
10
90
10
&,900
1
354
5
1
124
355
10
54
115
5854
6
15(
Si
324
36
435
Feb
Nov
Nov
Feb
Apr
May
Oct
Jan
Ayr
Sept
Apr
Dec
Feb
Nov
Nov
Jan
2%
955
24
256
24
144
1851
155
18
24
2155
1755
7%
34
6
24
2151
835
17%
1
854
6034
1135
254
634 634
34
34
50
10
3
15
Feb
Fe
5
24
304
5
344
1255
22
1
16
6755
22
64
154
62
45
15%
Nov
July
June
June
June
Sept
June
June
June
Oct
Nov
Aug
June
July
June
June
July
July
July
June
May
June
July
June
July
July
July
Aug
July
July
June
May
Slay
Jan
Sept
July
114 July
July
59
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Law. High. Shares.
Curtis Mfg Co corn
5
Dayton-Rubber Mfg pf 100
Decker (Alf)& Cohn cora.*
Dexter Co (The) com____5
Eddy Paper Corp (The). •
El Household CBI Corp....5
FitzSimons & Connell Dock
dr Dredge Co corn
•
Gardner-Denver Co corn...
General Candy Corp A__.5
Gen Household Util com_•
Godchaux Sugar Inc cl B_*
Goldblatt Bros Inc corn. •
Great Lakes Aircraft A__.•
Great Lakes D & D_ ___•
Greyhound Corp new corn •
Grigsby Grunow Co com_•
Hall Printing common 10
Hart Schaff&Slarx corn 100
lloudaille-liershey el B- •
Class A
•
Illinois Brick Co
25
III Nor Util pref
100
Indep Pneum Tool v t
.*
Iron Fireman Mfg v t C.
Kalamazoo Stove nom. •
Katz Drug Co corn
1
Kellogg Switchbd com__10
Ken Util Jr cum pref____50
Keystone St & Wire coin."
Kingsbury Brew Co cap.
.1
855
34
18
755
14
15
104
1155
La Salle Ext Unix, com _5
Lawbeck 6% cum pref.100
Libby McNeill & Libby 10
Lincoln Printing com_
•
7% preferred
50
Lion Oil Ref Co corn
•
Loudon Packing corn._ __•
Lynch) Corn corn
it
SicCord Rod & Nifg A_ •
McGraw Electric corn_
•
eQuay-Norris Mte cont.
•
McWilliams Dredging Co.
Manhattan-Dearborn corn•
Marshall Field common_ •
Metrop Ind Co allot ctfs___
934
Midland United Co com_ •
Convertible preferred..
55
Middle Weet UCH new....
•
56
Midland Util6% prior lien
100
7% pr.or lien
100
7% preferred A
Muskegon Mot Spec el A • 10
National Battery Co pfd.*
National Leather com_ _10
Noblitt-Sparks Ind corn..• 25
North Amer Car corn.
..20
Northwest Bancorp corn. •
354
Okla Gas & El 7% pref_100 6736
Oshkosh Overall common_•
Penn Gas & Elec A com_ •
Pines Winterfront corn_ __5
Potter Co(The) corn
•
43-4
Prima Co common
• 10
Public Service of Nor HI
Common
• 16
Common
100 1531
6% Preferred
100
7% preferred
100
Quaker Oats Go
Common
• 124
Preferred
100
Raytheon Mfg Co
Common v t c
50c.
pref v t c
5
Reliance Mfg Co
Common
10
Ryerson & Sons Inc com__• 11
Sangamo Electric Co
•
Sears, Roebuck & Co corn •
Southern Union Gas corn_*
So'west Gas & El 7% p1100
St Louis Nat Stkyds cap..
Standard Dredge corn_
•
Storkline Fur cony pref._25
Swift International
lb
Swift &
25
Telep Bd & Sh let pfd.100
Thompson (J ft) NMI
25
Transform Cp of Am com.•
United Gas Corp com_ _1
U S Gypsum corn
20
Utah Radio Prod com
•
UV)& Ind Corp
•
Convertible preferred._
Util Pr & Lt corn n v
1
Viking Pump Co
l'referred
•
Vortex Cup Co
Common
•
Class A
•
Wahl Co common
•
Walgreen io corn mon_ _ _ _ •
l'urchase warrants....
615% preferred
100
Ward (al wag, & co CIA.
•
Waukesha Motor Co com_•
NVLs Bankshares corn
•
Yates
-Amer Mach pt WI.
•
Zenith Radio Corp corn....•
Low.
4
1255
1
2
14
3
Mar
Islay
Slay
Jan
Feb
Feb
1035
2555
4
815
15
1355
July
Nov
July
July
July
June
1355
18
4
73-4
555
1854
55
18
736
4
355
15
354
10
4
45
10
555
194
21
155
1155
954
83-1
350
1335
60
18
456
100
5,600
13
50
555
1856
100
2,700
1
1855
1.450
500
74
.56 12,250
4
30(1
15
20
350
335
200
10
4
50
10
45
150
104
650
6
100
1936
21
50
334 1,150
30
114
94
100
1,70
931
454
755
235
74
54
1054
56
655
54
55
34
5
1
314
335
45
655
3
4
1754
34
634
4
74
Feb
May
Jan
Nov
Mar
Mar
Feb
Feb
Nov
Apr
NI ar
Slay
Feb
Mar
Jan
Nov
Apr
Feb
h-elm
Afar
Apr
May
Mar
Nov
1456
21
454
234
1455
2755
2
20
7%
44
94
28
64
1474
8
664
16
85.5
374
2736
7
25
1636
1635
Oct
Aug
July
July
July
June
June
May
Nov
July
July
July
June
June
May
Feb
July
June
June
Slay
Islay
July
July
4
27
355
4
4
555
18
29
2
355
4055
134
14
1255
934
4
54
35
35
27
335
4
4
555
18
303-4
2
355
41%
144
14
134
94
55
4
y,
50
30
100
100
100
350
80
450
10
200
110
150
100
800
10
100
450
9,000
4
1255
14
54
4
135
10
8
4
156
234
7
135
455
7
4
54
4
Feb
Apr
Feb
Nov
Nov
Feb
Slur
Fell
Apr
Apr
Feb
Jan
Mar
Feb
Mar
May
Nov
Jan
14
29
716
24
10
855
18
44
1055
6
4455
1634
5
18
11
24
54
4
June
Oct
June
May
May
July
June
Sent
July
June
July
May
June
June
Sept
June
June
May
14
1
35
10
22
4
24
3
34
5755
4
654
155
4
10
14
155
4
10
224
135
25
355
455
5955
4
635
134
455
12
10
60
50
510
90
450
450
550
4,050
100
20
100
100
200
1,400
Si
14
14
55
936
24
34
5736
55
5
1
54
8
47.5
Nov
Nov
8
4
Oct
Apr 10
Apr 25
3
Mar
Slur
295i
Apr
8
Nov14
Dec 6336
64
Apr
May 10
5
Feb
May
4%
Nov 3454
June
June
May
Nov
Sept
May
July
Slay
June
Oct
Aug
June
July
Sept
July
350
100
30
20
14
1434
3755
40
Nov
Nov
Apr
Apr
16
15
38
45
123
114
18
15%
3851
45
125
115
1
1
180 63
140 106
Jan
Jan
Jan
Jan
Feb 145
Apr 120
July
Oct
Oct
Oct
751
254
2
83
75
236
34
Bonds
Chicago Railways 5sCert Meares of deposit..463-4
5s series 11
1927
Magnet Mills Inc 60..1939 754
208 So La Salle St Bldg
1st mtge 536s
1958
• No par value z
155
156
50
200
1
13
11
14
114
650
150
Fx15
6
7% Mar
4
414
55
41
48
14
455
2751
1455
10
754
4
236
4454
14
4
234
4
5
42
55
41
48
14
1
455
29
15
10
754
4
236
4454
14
4
254
4
100
100
150
10
20
100
590
2,200
6,850
10
400
400
100
100
600
100
28
6%
2434
4
1755
2
83
70
25
214
34
136
8
254
4
1855
2
83
75
2534
255
y,
2
156
14
100
150
30
700
450
100
900
100
300
1,280
19
50
450
2,050
54
4
135(
55
40
32
55
3
1235
7
354
634
34
2
18
54
Si
15.5
56
20
454
17
4
1155
2
7555
4754
12
255
4
54
June
48
47
85
95
26
44
1434
I.
High.
50
70
30
10
50
250
635 655
,
254
25
136
154
455 455
555 555
8% 9
18
Range Since Jan
May
8
655 June
13134
20
855
Nov
Feb 47
Jan
134
Oct 60
Sept48
Slur
a
July
8
Feb3255
Feb2455
Apr 1455
Mar
154
155
Sin
656
Jan
Mar 524
Jan
354
Feb355
7
Mar
Nov24
Apr
June
May
June
July
May
June
Nov
May
Slay
June
July
Aug
June
June
July
July
Sept
June
June
June
2854 June
Feb10)4
Mar 2755
Jan
3
Feb 2154
2
Dec
May 8755
Feb 834
Feb 45
Nov
10
3%
Jan
355
Mar
May
July
July
July
Dec
Oct
July
June
J101
July
July
4634 4755 155.000
655 655 15,000
754 754 5,000
Dec 6734 July
46
July
45.5 Mar 12
7534 Dec75% Dec
264 27
1854 Feb394 July
8,000
Toronto Stock Exchange.-Rocord of transactions at
the Toronto Stock Exchange, Nov. 25 to Dec. 1, both inclusive, compiled from official sales lists:
Stocqs-
Friday
•••
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares
Abitibi Pow & l'ap corn--•
6% preferred
100
Barcelona
•
1.15
1.15 10.25
635 635
15 115
400
10
36
Range Since Jan. 1.
Low.
3,6 Slay
1
Jan
Apr
10
High.
4
10
17
July
July
July
Financial Chronicle
3988
Stocks (Concluded)
Par
Friday
Sales
Last Week-s Range for
Sale
Week.
ofPrices.
Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
July
July
July
June
Nov
Nov
July
July
July
July
July
July
Dec. 2 1933
Sales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Ontario Silknit pref._ _100
Power Corp of Can corn_ -•
Rogers Majestic
•
Service Stations corn A_ •
Shawinigan Wat & Power_.
Stand Pay & Mat corn...*
Preferred
100
Toronto Elev pref
100
011s-BritLsh American Oil ____•
Imperial Oil Ltd
*
International Petroleum _*
McColl Frontenac Oil corn*
Preferred
100
Range Sin;' Jan. 1.
Low.
Ilion.
45
210
790
225
42
25
45
28
6
%
2%
9%
%
21
85
Sept
Jan
Mar
Apr
Feb
Apr
July
Nov
45
1554
4%
11
21%
6
15
96
Sept
July
Nov
July
July
July
Nov
Sept
3,543
3,752
5,775
310
76
7%
7%
1034
7%
54%
Jan
Apr
Mar
Mar
Apr
16
16
22%
15
80
July
July
Nov
July
June
•
Beatty Bros common.
3% 4
Beauharnols Power com__*
3% 3% 4
Bell Telephone
100 113
110 11331
Blue Ribbon Corp com__ *
2% 3
3
Lo
23
23
6%% preferred
Brantford Cord 1st pref 25
2154 22%
Brazilian T L & Pow corn,' 11
11
12
Brewers & Distillers corn.*
2.10 2.30
2.25
B C Packers corn
234 2%
13
13
Preferred
100 13
BC Power A
21
•
2156
Burt(F N) Co corn
25 28
28
30
51
109
293
50
17
25
9,254
7,565
25
445
55
245
3%
3%
80
1
10
18
755
55
1
6
14%
20
Jan
15
7
Nov
Apr 118
6
Apr
Feb 23
Jan 2234
Mar 19
3.85
Jan
Apr
7
Jan 21
Apr 28
Feb 38%
•
3
Canada Bread corn
3
33
II preferred
10
10
100
*
6
Canada Cement corn
53.1 6
27
28
Preferred
* 28
Can Steamship pref._ _100
2% 2%
Can Wire dc Cable B
9
9
*
8% 9%
Can Canners cony pref___'
9%
4
4%
4%
Can Car & Fdry corn
•
9
11
Preferred
25
Can Dredge & Dock corn,* 1855 18% 1831
100 10631 10655 10631
Preferred
60
Canadian Gen Elec pref_50 60
6034
1,010
10
981
25
1
10
301
170
85
120
3
11
13.1
7
2%
13
234
7
3
3
9
10
85
51
9% July
Mar
July
May 31
Feb 10% July
% Apr
5
July
65
Apr 4531 July North Star 011 corn
1.50 1.50
5
4% July
20
1% Apr
2% 2%
Mar
5
934 July • l'referred
3% June
60
% Apr
2
Apr 15 June Prairie Cities 011 A
2
*
20
July Thayers Ltd pref
9
Apr 14
Feb 22
Nov
20
20
Apr 11% July
•No par value.
July
Nov 20
Mar 2255 July
-Record of transactions
Philadelphia Stock Exchange.
Sept 10655 Dee
Mar 6031 Nov at Philadelphia Stock Exchange, Nov. 25 to Dec. 1, both
Can Indust Alcohol A____• 16% 13%
Is
14
* 16
12
Canadian 011 common_ •
91
100
Preferred
Canadian Pacific Ry____25 12% 12%
755
Cockshutt Plow corn
7%
•
7.14
7
Consolidated Bakeries_ _ _•
2
Consolidated Industries..'
130
Cons Mining & Smelting 25 133
175
100 175
Consumers Gas
8
Cosmos Imperial Mills_ •
80
ioo
Preferred
16%
Crow's Nest Pass Coal,100
Dominion Stores com____•
Fanny Farmers corn
*
•
Preferred
•
Ford Co of Canada A
Goodyr T & Rub pref__100
Gypsum Lime & Alabast_*
Maple Leaf Milling com •
•
Massey-lIarris corn
•
Moore Corp corn
A
100
13
100
National Sewer Pipe A_•
16
Feb 27% July
July
15
Jan
Jan 29% Nov
July
Apr 21
Apr 107% Sept
Feb
715 June
25
5%
5%
99 100
15
20.00 21.90 11,922
4
4
50
3
3
20
48% 49
35
14% 15
1,487
14% 14%
140
58
58
26
234
98
8.15
334
%
36
10%
10%
35
Mar
8
Oct 105
Mar 23.25
13%
Nov
7%
Mar
Jan 49
Apr 21%
Mar 21
Jan 65
July
July
July
July
July
Nov
July
July
Sept
210
1,773
200
25
38
30
2
2%
5
65
70
14
Nov
17
Mar 11%
Mar 17%
Apr 107
Apr 125
Apr 22
July
June
July
July
July
Aug
8
%
45
58
14%
16%
20
400
2
155
10
172
5
%
59%
40
8
8
May
Nov
June
Apr
Apr
Apr
12
2%
59%
70
16%
26
Aug
June
June
July
July
July
50
10
150
380
250
50
7
1
6
1
14%
25
Mar
Oct
Mar
Jan
Feb
Mar
19
6%
52
19%
33
34
Nov
June
July
July
July
July
150
N
25
334
414
480
44% 61,457
15% 3,152
615
15
48
190
%
1
2%
4
9%
4
163-1
Nov
Sept
May
Mar
Mar
Feb
Mar
2%
5
7%
66
18
18
59%
Sept
Nov
July
July
July
July
Sept
2% 3
4
5
10% 11
94
95
106 106
15% 16
Ont Equit 10% paid_ __100
Orange Crush com
•
Peurto Rico pref
Page-Ilersey Tubes com__*
Photo Engravers & Elec__*
•
Pressed Metals com
57
%.
45
57
14%
16
Riverside Silk Mills A._•
•
Simpson's Ltd B
100
Preferred
Standard Steel Cons COM-•
•
Steel of Canada corn
25
Preferred
19
4
33
9%
28
31
19
19
4
4
33
34
9% 10
27% 28%
31
31
•
Traymore Ltd corn
20
Preferred
Union Gas Co corn
•
Walkers (Hiram) com____*
•
Preferred
Western Can Flour corn •
Weston Ltd (Geo) corn..,'
8
8
31
334
42
14%
34
4
33
14%
6%
4434
Banks
Commerce
Dominion
Imperial
100 134% 132
135
100 136
140
100 141
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
TinInn Trtmt
Inn
C11
_
1343-1
137%
145
46 120
48 124
38 123
Apr 175
Apr 175
Apr 185
July
July
July
173
270
130
157
174
270
130
165
Loan and Trust
Huron & Erie 20% pald...•
National Trust
100 175
Toronto General Trusts 100
July
July
July
July
July
June
July
July
Sept
July
July
Nov
Nov
12%
8%
23
6
80
1%
2231
113-4
27%
12%
14
104
3%
33.4
43-1
11
Mar 40
Mar 3814
Apr 20%
May 97
Apr 21%
Feb 15%
Jan 16%
5
Apr
Mar 140
Jan 190
Apr 10
Apr 80
June 20
217
23
160
12
29%
300
15% 16,391
25
105
315
3%
22%
12
5%
Bin& & Dauche Paper__'
Internatl Mill 1st pref.
.100
Internati Nickel COM
* 21.35
4
•
Intarnatl Utilities A
Kelvinator of Can corn_ *
Laura &cord Candy com-•
Loblaw Groceterias A____* 15
13
• 14%
Loew's Theatre(M)com 100
1%
39,907
18
135
%
16
20
12
634
40 79
91
2,938
9
13%
345
7%
334
2
1,005
8
34
2
100
1,046 54
134
187 170
180
2
60
8
20 30
80
190
8
20
178
270
131
168
23
44
83
83
Apr
Apr
Apr
Apr
220
285
183
215
July
July
July
July
12
175
105
25
12
180
112
25
5 12
11 165
21 105
10 25
18
Nov
May 212
Nov 167
Nov
40
May
Jan
Jan
Aug
151
228
123%
152
• No par value.
Toronto Curb.
-Record of transactions at the Toronto
Curb, Nov. 25 to Dec. 1, both inclusive, compiled from
official sales lists:
Stocks-
bales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
3
Feb
Si Jan
% Mar
Beath & Son (W D) A___•
Brewing Corp common.,,•
Preferred
*
4
5%
14
4
4
13
5
5%
14
185
1,533
635
Can Bud Brew corn
•
Canada Malting common_•
Canada Vinegars corn.._,•
Canadian \Vineries
*
Can Wire Bd Boxes A
•
Consolidated Prl8,9"A" •
Cosgrave Export Brew__10
8%
28%
21
634
12
8% 9
27% 2834
20% 21%
6
634
10
12
7
7
4% 4%
2.380
1,525
125
1,730
245
20
270
5%
Distillers Seagram
•
Dominion Bridge
•
Dom Motors of Canada.10
Dom Tar & Chem corn_ •
EnglLsh Elec of Canada A_•
13
*
Goodyear Tire & Rub corn'
213-1
21
1%
18
20
1%
234
12
1
89
24
25
1%
234
12
1
92
514
5%
Hamilton Bridge com__ •
1'referred
ioo
Honey Dew common__ •
Humberstone Shoe corn_ •
Imperial Tobacco ord__ _5
•
Montreal Lit & I' Cons..
1,...1 TiravaPrIf, earn
Vn•
•
4%
12
1
89
244 244
3234
950
25
10%
3234
950
25
10%
33%
High.
7
July
7% July
19
July
13%
1 3.4
354
3
134
Apr
Mar
Jan
Jan
Mar
Apr
Jan
18
40
26
9%
12
12
8
July
July
July
July
June
June
July
0,725
355
585
50
65
9
20
4
14%
1
1
5
1
40
555
Feb
Feb 33
551
Apr
Apr
63-4
19
Feb
Dec 10
Mar 114%
July
July
July
July
July
July
July
20
10
15
10
70
80
254
20
%
143-1
7
2654
16%
Apr
Nov
Mar
Jan
Feb
Apr
Mar
11%
40
334
25
11%
42
28%
July
July
July
Nov
Sept
July
July
134
30
8%
4%
87
30
8%
3%
6
16%
2
15
87
16%
2
16
87
13%
13%
21%
11
70
13%
13%
19%
11
70
14
14%
20%
11%
72
854
2
6%
inclusive, compiled from official sales lists:
Stocks-
zaies
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
6
Bankers Securities pref__50
6
Bell Tel Co of Pa pref__100 1093.4 10934 1113.1
1%
Central Airport
134
''
43
43
Electric Storage Battery 100
32
Fire Association
32%
10
72% 7234
Horn & Hard(Phila) com_.
Insurance Co of N A_ .
_10
Lehigh Coal dr Navigation*
Lehigh Valley
50
Pennroad Corp v t o
•
Pennsylvania RR
50
Penne Salt Mfg
50
Phila Elec of Pa 35 pref. •
Phila F.leo Pow pref
25
Pirtle Rap Trans 7% pref 50
Phila & Rd Coal & Iron_ •
Philadelphia Traction...50
Scott Pap ser A 7% pref 100
Ser B 6% preferred_ _100
Shreve El Dorado Pipe I. 25
Tacony-Palmyra Bridge....
Tonopah-Belmont Devel 1
1
TonopahMining
Union Traction
50
United Gas Improve corn •
Preferred
•
Westmoreland Inc
•
Range Since Jan. 1.
Lazo.
High.
5% Nov
100
83.4
250 106% Mar 116
2%
34 Apr
200
100 21% Feb 5355
Mar 38
50 18
20 69
Oct 99
3855
63.1
14
23-1
2734
55
923-4
313-4
5
4
1754
400
1,000
100
1,700
2,300
175
200
500
250
50
300
25
53-4
854
134
1331
2534
87
28%
3
2%
15
105% 10534
983-4 983.4
%
%
20
2054
20
%
SI
nit
%
rIrs
10
10
200
55
700
700
200
5,200
x65
25
Mar 45% July
Mar 13% July
Feb 2731 July
Mar
655 July
Jan 42
July
Mar 55
Nov
Sept 103% Jan
Apr 33
Jun
Feb
93-4 July
93-4 July
Feb
Mar 233 June
-4
99%
92
%
1834
4% 5%
153-4 1655
8434 87
7% 7%
Feb
Sept
July
July
July
Jan
355
14
85
5
6
2%
273-4
55
313-4
43.4
15%
BondsElec & Peoples tr ctfs 4s'45
Phila nee Pow Co 5145 '72
x 10 cash sale
• No par value
3834
5%
14
214
2554
54
92
31
43.4
4
16%
16
17
101% 101%
Jan 1053.1 Oct
Apr 9834 Oct
Sept
6% Aug
June 3054 Jan
'Is Jan
% Oct
% Jan
1% Sept
Mar
Mar
Nov
Feb
1255 Jan
2431 July
093-4 Jan
13
July
82,500 15
Apr 23% June
2.000 10154 Nov 108
Feb
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Nov. 25. to Dec. 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
'Week.
of Prices.
Sale
Par Price. Low. Ilion. Shares.
21%
19
Arundel Corporation
• 21
Black dc Decker corn
531 6
•
94 0%
Preferred
25
91-4
Chas & Pot Tel of Bit pf 100 114% 11434 114%
Commercial Credit Corp
Preferred B
25 23% 23% 2334
90
90
614% 1st pref
100
Consor Gas E L & Power_• 46% 46% 49
91
94
5% preferred
100
Fidelity & Guar Fr Corp_10
Fidelity & Deposit
50
Finance Co of Am cl A___•
Guiliford Realty Co_ _ _ .*
Preferred
Houston OH preferred...100
21
434
5
9% 9%
21
21
44 44
2
5
5
Mfrs Finance corn v t,..25
780
1
!Maryland Cas Co
2
13-4
2755
Merch dc Miners Transp_•
182
Mercantile Trust Co_ _50
Mon= W Penn P S 7%
14
pref
25 14
New Amsterdam ens_ _ _ 10 10
9%
73
Northern Central
so
Penne Water & Power_ •
4655
Standard GAS En pref100
Union Trust Co
10
U S Fidelity & Guar__ __10
Bonds
Baltimore City
4s l'aving Loan_ .1951
Central Ry Ext & Imp
6% ctfs (flat) Mar 1 1934
Chin & Po Tel of Valet 55
1943
Finance Co of Am 6%3.'34
North Ave Market 6s_1940
United fly & El
fund 5s flat
1936
Income 4s (flat).. _ _1949
1st 4*(flan
1944
• No Dar value.
3%
2%
2
3.14
2
5
5
78e
13-4
29
183
14
10
73
47
2%
2
334
Range Since Jan. 1.
Low.
High.
611
93.4 Apr 33
190
1
Feb
83.4
20
5
May
13
42 112
Apr 11634
July
July
July
Feb
25
200
991
9
18%
70
43
91
Mar 24%
Mar 95
Apr 70
Nov 102
Oct
Sept
June
Jan
50
10
8
331
33
200
5
15
3%
2
5
23.4
Apr
Mar
June
Nov
Nov
Mar
June
July
Jan
Nov
Nov
July
7 40o
1,934
1
100 27
50 182
20
618
20
155
5
25
3,114
10
7
63
40
16
39%
5
2
5
7%
Mar
1
Nov
6
Oct 30
Nov 205
Feb
Apr
May
Apr
Oct
2
154 Aug
134 May
Feb
June
Oct
Aug
17% July
17% Jan
Sept
77
Jan
60
4
3
7
Apr
Aug
June
93
12
93
$600
93
Nov 102
Feb
12
12
1,000
12
Dec
De
100% 1003-4
9934 9934
35
13.1
13-1
%
7%
35
12
8,000 10034 Nov 101
Slay 100
1,000 98
1,000
1% 7,000
% 16,000
20.000
8
3354 Nov
1
Oct
A Nov
Nov
7
55
July
Nov
I Jan
3
Jan
1% Jan
14% June
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Nov. 25 to Dec. 1, both inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Ilreek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Blaw-Knox Company..,.'
Carnegie Metals Co
10
Central Tube Co
•
Clark (DL)Candy Co_ •
1134
134
1014 11%
1%
151
11% 11%
5
5
2115
1,200
82
15
Range Since Jan. 1,
Low.
4
155
11
3
Feb
Nov
July
May
High.
19
1%
13
11
July
Nov
July
July
Financial Chronicle
Unlisted
Lone Star Gas 6% pret_100
100
634% cony pref
65
75
474
Bonds
Pittsburgh Brew (is_ _.1949
July
Nov
Oct
June
July
Mar
July
June
53.4 6
50
5e
355 334
4
4
3574 36
6
0
15
15
134
134
10
10
2,959
500
100
40
100
100
10
600
25
5
50
334
134
13
174
655
1
6
Mar
May
Oct
Jan
Mar
Feb
Feb
Oct
Mar
1235
250
10
534
39%
1134
1734
234
12
June
June
Mar
Jan
June
July
May
June
May
2
234
1655 1645
2734 2834
3634 3934
434 434
601
10
419
240
550
Feb
1
Feb
10
1234 Jan
1935 Feb
455 Oct
3%
24
3534
5834
10
July
June
July
July
June
6534
75
220
150
65
Apr
7454 Oct
9134 June
90
July
65
75
8354 8834 51.000
65
Mar
91
July
* No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Nov. 25 to Dec. 1, both inclusive, compiled from official sales lists:
Stocks-
Owes
P riaay
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Share(.
Allen Industries corn
•
Byers Machine A
•
Cleve Elec 1116% pfd_ 100
Cleveland fly Cts Dep_ 100
Cleve Securities P L pfd_ •
Cleve Worsted Mills com_•
Corr Mafia SU v tg corn 1
Non-Y t g com
1
Dow Chemical corn
•
Goodyear T & Rub corn.
.°
Greif Bros Cooperage cl A*
Interlake Steamship corn _•
Lamson Sessions
•
*
Medusa Cement
Mohawk Rubber corn_ _ *
National Refining corn_ _25
Nineteen Ifund Corp cl A.*
Ohio Brass 11
•
*
l'acker Corp com
Richman Brothers corn ___*
Sherwin-Williams corn_ _25
AA prof
100
Trumbull-Cliffs Furnace
Preferred
100
Vichek Tool
•
Weinberger Drug
*
West Res Inv Corp 6%
Prior pref
100
0
234
42
334
34
104
38
55
934
10
10
75
100
111
96
110
90
80
20
71
3534
2034
20
334
38
3
34
10234
3734
34
945
10
10
71
3534
21
20
4
9
2
6
21
10
434
39
9
235
634
21
1034
434
42
4234 43
99
98
Range Since Jan. 1.
Low.
1
High.
35
9254
29
34
4
334
234
Jan
6
Nov
34
Mar 110
Apr 4934
Feb
34
Jan
15
Jan 24
Feb 25
June
Jan
Jan
July
May
June
July
July
164
25
100
94
150
30
1034
8
14
134
Jan
Feb
Mar
Feb
Feb
78
47
25
29
634
July
July
Aug
July
July
150
555
45
100
67
25
290
6
1
3
2034
534
2
2234
Feb
Mar
Apr
May
Jan
Feb
Apr
20
734
9
24
20
7
53
July
July
July
Jan
July
Apr
July
July
Nov
1334 Feb
70
Mar
43
99
68
68
236
234
734
734
73
25
100
60
Jan
134 Mar
7
Feb
75
Aug
434 July
9 June
2434 2434
68
95
45
100
3
Feb
25
July
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, N ov. 25 to Dec. 1, both
inclusive, compiled from official sales lists:
rrIUUV
Stocks-
Carey (i'hine) common 100
100
Champ Fibre pref
Cin Gas dr Elect pref_100
Cincinnati Street Ry___ _50
50
Gin & Sub Bell Tel
•
City Ice d: Fuel
•
Crosley Radlo A
•
Dow Drug common
1134
50
874 844
1134 1144
2
2
144
174
50
80
66
434
6134
1634
8%
2
51
80
6745
434
63
1634
9%
244
5
20
5
•10%
•
934
100
7
2
2
•
1834
•
544
1034
976
7
2
1834
474
63
834
2
8
*
Julian & Kokenge
•
SI
Globe Wernicke pfd
•
2374
Kroger common
5
5
Manischewitz common_ _ _•
Procter & Gamble new_ __* 4134 41
160
100 104
8% preferred
46
100 46
Pure 011 6% pref
... _ _..
tn
'FAA
-.004
44M ,
WN.ON. ..00v0tM.N. .
Aluminum Industries__•
Amer. Laundry Mach_ _ _20
Amer Products common_ _•
Baldwin common
20
Eagle-Picher Lead
Formica insulation
Gibson Art common
Gruen Watch prof
Ilatfield-Campbell
liobart Mfg
JUM.,
Last Week's Range for
Sale
of Prices.
1Veek.
Par Price. Low. High. Shares.
8
Range Since Jan. I.
Low.
3
Mar
634 Mar
174 Oct
1
Aug
June
July
June
May
25
70
62
4
5734
1034
. 234
134
Apr
Apr
Sept
Nov
May
Mar
Mar
Apr
60
83
113
9
7574
2434
15
636
Aug
July
Jan
Slay
July
July
June
July
234
5
7
5
2
10
Feb
Jan
Apr
Apr
June
Feb
844
2134
14
15
3
27
July
June
June
June
July
June
Sept 10
Nov
134
Feb 35
Oct12
Mar 4634
Apr 170
Apr 5674
May
Aug
July
June
July
Aug
sew
4
34
15
5
1934
150
20
34
24
5
4234
164
48
High.
16
19
345
2
1 k I-4
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Nov. 25 to Dec. 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Brown Shoe pref
100
Common
•
Coca-Cola Bottling corn_ _1
Columbia Brewing corn_ _5
Elder Mfg.corn
•
Ely dr Walker Dry Goods
2nd prof
100
Falstaff corn
1
International Shoe com •
liligen dr Sons Inc pref _100
Landis Machine cool -----5
374
199
to
10
334
10
70
555
11934
51
10
334
10
70
534 6
4434 45
15
15
634 6%
Range Since Jan. 1.
Low.
100 109
160 29
50
6%
200
3%
5
4
10
200
70
10
15
High.
Jan 120
Apr 53%
May
1254
Nov
534
May
10
Sept
July
June
Sept
Nov
55
May
75
Nov
535
26
15
6
Dec
Mar
Nov
May
9
55
15
7
Oct
July
Nov
May
SlcQuay-Norris corn
41
Mo.Portland Cent corn 25
8
* 1534
Natl Candy con
1554
Rice-Stix Dry Goods
1st pre(
100
95
Common
734
Southwest. Bell Tel pfd 100 11634 11634
SM. Baer & Fuller coin_ •
8
Wagner Electric corn.. _ _15 12
1134
41
8
1655
95
744
117.
8
1234
10
85
250
Low.
2474 Mar
4% Feb
534 Mar
High.
44% July
1355 June
July
22
5 70
Feb
95
3
10
140
Feb
50 10934 Apr 118
534 Fel
12%
150
474 Apr
2,130
12%
Nov
June
Sept
June
July
* No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Nov. 25 to Dec. 1,
both inclusive, compiled from official sales lists:
1' nauy
Stocks-
owes
Last Week's Range for
Sale
of Prices.
Week.
Par Price. LOW. High. Shares.
1
Associated Ins Fund Inc.__ ______
134
2934 2974
Associated Oil Co
Bank of Calif N A
12074 12034 12034
434 4%
Bond & Share Co Ltd
Byron Jackson Co
334
344
2134 2174
Calamba Sugar corn
2034 21
2044
Calif l'acking Corp
Calif West Sts Life Ins Cap
1674 17
2234 2335
2334
Caterpillar Tractor
Clorox Chemical Co
19
19
Coast Cos G & E6% 1st Pf.
62
6274
Cons Chem Indus A
2374 ,2374
4
Crown Zellerbach v t c____
334 454
Preferred A
28
29
Preferred B
28
30
30
Eldorado Oil Works
Emporium Capwell Corp
Firernans Fund Ins
Food Machu Corp corn_ _
Galland Mere Ldry
Golden State Co Ltd
Haiku Pine Co Ltd corn _
Hawaiian C & S Ltd
Home F & St Ins Co
Honolulu Oil Corp 1.td
Honolulu Plantation
Hunt Bros Acorn
Hutch Sugar Plant
Los Aug Gas & Elec Corp pf
Lyons Magnus Inc A
Magnavox Co Ltd
(I) Slagnin & Co corn
Merchant Calif Slchry corn
Natoma.s Co
No Amer Inv 6% pref
534% preferred
North Amer Oil Cons
Oliver Un Filters A
Paauhau Sugar
Pacific G & E corn
6% 1st preferred
534% preferred
Pacific Lighting Corp corn_
6% preferred
Pac l'ub Ser non-vot com
Non-voting pref
Pacific Tel & Tel corn
Paraffine Cos corn
Pign Whistle pre
Railway Equip & Rlty A
1st preferred
Serial
, Rainier Pulp & Paper Co
Schlesinger & Sons li F prof
1 Shell Union Oil com
, Sherman Clay & Co pr prof
Socony Vacuum Corp
Southern Pacific Co
Spring Valley Water Co_
Standard 011 Co of Calif.__
Thomas Allec Corp A
Tide Water Assd Oil corn
6% preferred
Transamerica Corp
Union Oil Co of Calif
United Aircraft
Wells Fargo Bk & Un Tr
Western Pipe & Steel Co_
2074
574
45
12
35
554
34
45
25
13
53
43-4
8
2234
53
4534
1274
35
555
%
45
2534
1334
53
4%
8
78
9
34
654
174
61
18
16
874
5
80
9
%
674
154
,
6474
18
16
834
544
534
17%
1934
18
2334
7274
%
23.4
7734
25
55
544
18
2014
18%
24
73
51
234
7755
2554
%
41
555
234
16
334
83-4
70
1534
1834
4
4034
%
555
274
16
335
834
70
16%
1944
4
4134
334
10%
63
674
1934
3074
185
185
------ 11%
374
1054
65
63-4
1934
32%
190
1134
453<4
34
25
1355
%
134
6134
18
834
555
17%
1934
2355
723-4
34
234
2534
2
334
16%
1834
4
4134
-- _ _ -63
644
1954
Range Since Jan. 1.
Low.
High.
34
12
101
1%
I
8
834
13
534
13
57
11
1
73-4
7
1034
2%
3474
574
2634
344
54
2754
18
8%
30
2
5
Jan
Feb
Mar
Jan
Mar
Apr
Mar
Jan
Apr
Feb
Mar
Feb
Apr
23%
834
61
1634
3434
1034
334
4934
3074
1674
58
1034
10
Sept
July
July
July
Sept
July
June
Sept
July
July
Oct
May
July
78
534
34
334
44
15
11
734
355
334
Nov
June
Mar
Feb
Feb
Feb
Mar
Apr
Apr
Jan
98%
1334
1
10
251
7834
31
27
974
11%
Jan
Sept
June
July
June
Oct
July
July
Oct
July
355
1634
1974
1774
2234
7035
55
2
67
83.4
%
Apr
Nov
Nov
Nov
Nov
Nov
Mar
Apr
Apr
Feb
Oct
635
32
2574
2334
43
9334
274
6
9434
29
255
July
July
Jan
Jan
Jan
Jan
June
June
July
July
July
55
355
154
6
254
4
50
6%,
11%
234
20
Feb
Apr
Nov
Jan
June
Feb
Apr
Feb
Feb
Apr
Feb
%
674
4
2034
5
1134
70
17
38%
8
4454
Jan
July
July
Oct
July
July
Nov
Nov
July
July
Nov
234
354
24
434
934
17
165
555
June
Feb
Apr
Mar
Feb
Feb
Apr
Feb
434
1154
65
93-4
2344
46
20
17
July
Sept
Nov
July
July
July
July
July
mm.. .0 0m.0
1634
2844
28
55
10
7
834
274
2534
67
C,1000O004,004•.0033
Shamrock Oil & Gas
*
United Engine & Fdy_ _ _*
Westinghouse Air Brake_ _*
Westinghse Elec & M fg_ _•
West Pub Service v t c___•
Mar
Nov
Apr
Sept
Nov
Jan
Feb
Mar
Range Since Jan. 1.
1.3 .Em m
0
.m cp.0.0,0
C,.,,,0
.Uv 00
.-o-40w0000,o. clacAccA CAO,OVWC.,.
134
934
5474
7
2
434
1%
654
45
NW
a
50
555
300
10
100
200
1,250
200
75
ma. mm.mm'mb. 0.
043
*
Lone Star Gas
Phoenix Oil corn
25c
Pittsburgh Brewing com_50
Pittsburgh Forging Co_ •
Pittsburgh Plate Glass _25
Pitts Screw & Bolt Corp.*
Plymouth Oil Co
5
1
Renner Company
•
Ruud Manufacturing
1274
5434
9
274
474
174
1434
57
1174
5434
9
234
474
144
1374
5534
'07m m
144
High.
Low.
Friday
544485
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded)
-Par Price. Low. High. Shares.
V..0 cc.iviv.N.
.4awOcnw,o0wo
Columbia Gas & Elec. •
Preferred
100
Devonian 011
10
Duquesne Brewing
5
Class A
5
Ft Pittsburgh Brew
1
Itarbison Walker ref
*
Koppers Gas & Coke p1100
Range Since Jan. 1.
Ia
W
Friday
sates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
3989
0=WW.40cWW
Volume 137
Apr
354
May 30
Feb 160
Feb
574
Mar
6%
Mar 2434
Mar 3434
Apr 3134
Feb 2934
May 2134
May 79
Mar 28
Feb
8%
Mar 4374
Mar 43
July
June
July
July
July
Oct
July
Jan
July
June
Jan
July
July
July
July
-Record of transacSan Francisco Curb Exchange.
tions at San Francisco Curb Exchange, Nov. 25 to Dec. 1
1933 both inclusive and compiled from official lists:
Stocks-
Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Alaska Tread well
25
Amer Tel & Tel
100 117
Aiaglo Nat Corp
3.10
Aviation Corp (Del)
5
Cal-Ore Pow 6% '27_.100
1
California Pacific Trading.
Preferred
Calwa Co
10
Cities Service
134
Claude Neon Elec
Crown Will. 1st pref
45
2d preferred
Dominguez Oil
Ewa Plantation
20
Foster & Kleiser pref100
General Motors
10
Cladding SIclIcan
Idaho Maryland
1
Rah) Petroleum
Preferred
Kleiber Motors
10
Lincoln Petroleum
1
J & M & St Cons Oil_ _1
Nat Auto Fibres A
l'referred
Oahu Sugar
20
Occidental Petroleum_ ___1
Pacific Associates..... -Pacific Eastern Corp_ _ _1
Pacific Mutual Life_
10
Pineapple Holding
20
Radio Corp
Range Since Jan. 1.
LOW.
High.
75e
117
3.00
7%
25
160
3.50
2.25
174
:SOO
4434
20
75e
1203-4
3.10
734
25
16e
3.50
3.00
'34
70e
4534
20
50 53e
300 8634
3
125
555
100
5 25
200 100
100 1.75
100 1.50
1%
2,820
1,630 200
540 1434
100 20
Aug 2.65
Apr 13414
Apr
934
Feb 16
Nov 66
Mar 30c
Apr
4
Apr
5
Nov
6
2
Apr
Apr 6245
June 35%
June
July
June
July
Jan
July
Oct
July
May
June
July
July
20
49%
36%
32% 31%
6
3.15 3.10
15c
lie
50c
51c
20
4934
3634
3234
6
3.25
15c
52c
50 11
155 26%
20 24
1,183 10
15
5
1,325 1.75
135
fic
700 340
Mar 22
Feb 52
Jan 3634
Mar 35%
Apr 1234
Mar 4.50
May 40c
Apr 1.10
Sept
Sept
Nov
Nov
July
Aug
June
June
25c
200
40
3.50
46
19
52c
200
1,000
1,50
4
10
1
4,000
May
Jan
June
Apr
Feb
Jan
Apr
60e
21e
70
9
50
22%
90c
Nov
Nov
Feb
July
Sept
June
June
Apr
73
3
85
134 Oct
7 1934 Sep
210 1.25
Apr
250
Fe
3
1534
5
30
10
12%
July
June
July
July
July
4934
520
12
2.50
200
4c
3.50
46
19
510
12
12%
134
1%
22% 22%
644 634
644 7
25c
20e
2c
50o
13
934
37e
Financial Chronicle
3990
Friday
Saks
Last Week's Range for
of Prices.
Sale
Week.
Stocks"(Cancluded) Par Price. Low. High. Shares.
Republic Pete
10
Schumacher Wallbd
Shasta Water corn
Southern Calif Edison__25
6% preferred
25
7% preferred
25
Standard 011 of N J.. _25
U S Petroleum
Virden Packing
Walalua Agricul
West Coast Life
4.00
1.30
15% 14%
1635
1735
1735
2035
4331
4.00
1
25
20
1
4.50
1.30
1535
16%
18
20%
43%
300 30c
5% 5%
3331 33%
800 850
Informal Session Sales
U S Indus Alcohol
58
58
Range Since Jan. I.
Low.
Nov
Nov
July
Jan
Jan
Jan
Nov
5%
July
Apr 1.30
Jan 17%
Nov 273.6
Nov 24%
Nov 27
Feb 4631
120 1.20
150 250
20
834
27 14%
290 163-4
130 2034
100 2431
100
1,690
30
300
High.
300 Aug 65c May
936 June
5
Oct
Oct
9% Feb 36
Jan
800 June 1.65
40
Saks
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Stocks-
Associated Gas& Elec A_ _1
5
Barnsdall Corp com
10
Boles Chica 011A
931
331
55 Nov
3% Mar
134 Jan
131 236
4734 4731
233.4 2335
831 831
1131
11
100
200
50
100
500
1
Oct
931 Mar
23% Nov
6
Jan
534 Jan
1131
Douglas Aircraft Co Inc...
Farmers At Mer Nat113k100
G'dy'r TextMillspf(Cal)100
G'dyear T az It(Cal) pf _100
Hancock Oil corn A
1335
275
90
3651 3631
631
Pac Amer Fire InsCo__.10
•
Pacific Clay Products Co.
Pacific Finance Corp coml.()
Pacific Indemnity Co -10
25
Pacific G & E corn
Pacific Lighting corn
Pan Mutual Life Insur_ _10
Pacific Western 011 Corp.*
1%
8%
831
431
25
1634
1535
_ _10
Republic Pet Co
of LA_25
Sec First Nat BkLtd_Socony Vacuum Corp_ _ _ 25
So Calif Edison Ltd com _ 25
Original preferred_ _ _ _25
25
7% preferred A
25
6% preferred B
5%% preferred C _ __25
20%
17%
16
So Calif Gas series A pret25
Southern Pacific Co_ _ _100
Standard Oil of Calif
41%
18%
Low.
100
200
200
.100
Central Invest Corp..
5
Chrysler Corp
20
Citizens Natl Bank
Claude Neon Elec Prods...
Consolidated Oil gorp_ _ _ _ •
Los Ang G & E wet _ _100
Los Angeles Invest Co _ _ _ 10
Lockheed Aircraft Corp_ 1
Monolith Ptld Cem coin_ *
Range Since Jan. 1.
%
93.4
331
%
9%
331
1334
275
90
3631
635
79
80
2
2
135
114
13.4
1%
5
5
834
73.4
17%
23
22
8%
300 11%
10 265
3 6034
100 2535
331
500
32
100
2,700
200
1
2% June
11
Sept
534 July
6
5134
38
1336
1535
July
Sept
Jan
July
July
Jan 18
Feb 310
Feb 92
Nov 42%
Feb
1234
July
June
Aug
July
July
Nov
Jan
Nov
Jan
98
Jan
531 June
135 Nov
134 Nov
535
7
1135
9
3031
43
301-4
9%
June
July
July
Nov
July
Jan
July
Sept
600
550
1,300
1,200
672
300
1,200
1,600
131
25
12%
14%
29
20%
16%
1531
6
4515
16%
2735
4031
2731
24)1
221-6
Oct
Jan
Nov
Jan
Jan
Feb
Jan
Jan
100
300
2,000
2034 Nov
1134 Feb
20
Feb
100
100
300
300
200
200
350
300
434
25%
1634
16%
31%
20% 20%
1735 17%
16
1634
2034 20%
1831 19%
403.4 42
4%
25
15
15%
31
76
1
High.
4% Aug
236 Feb
Mar
715 Nov
1631 Nov
23
Nov
19
May
23.4 May
5
5
8%
8
17%
24
22
83-4
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Title In & Trust Co_
Transamerica Corp
Union 011of Calif
Feb
Nov
Nov
Nov
Nov
Nov
Nov
Nov
2434 Feb
38% July
4431 Nov
_25
•
25
631
19%
22
22
634 636
193-6 193-4
25
3.300
1.400
Range Since Jan. 1.
Low.
Apr
20
4% Apr
935 Feb
High.
31 July
9% July
July
23
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the Now York
Produce Exchange Securities Market, Nov. 25 to Dec. 1,
both inclusive, compiled from official sales lists:
Stocks-
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Nov. 25 to Dec. 1,
both inclusive, compiled from official sales lists:
Dec. 2 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High" Shares.
Abitibi Power
*
Preferred
100
Admiralty Alaska
1
Aetna Brew
1
Allied Brew
1
American Republics
*
Angostura Wuppermann.1
Arizona Con stock
1
Bancamerica-Blair
1
Betz& Son
1
Black Hawk
1
Brewers & Distil v t e_ .
Bulolo Gold (Did Del) 5
Cache La Poudre w 1_ __ _20
Central Amer Mines
1
Como Mines
1
Corp Tr Shares A Et 11(lod_ -•
Croft Brew
1
Davison Chemical
•
Distilled Liquors
.__5
Drug Inc
10
Elizabeth Brew
1
Fads Radio
I
Falconbridge Nickel
*
Flock Brew
2
Fuhrmann & Schmidt _ _1
General Electronics
1
Golden Cycle
10
Hamilton Mfg A
10
Kildun Mining
1
Kingsbury Brew
1
Macassa Mines
1
Marancha Corp w 1
5
Natomas Corp
.
•
Newton Steel
Paramount-Publlz
10
Paterson Brew
1
Polymet Mfg
1
1
Railways Corp N
Rayon Industries A
1
Rhodesian Sel Tr
5
Richfield Oil
*
RossvIlle Un Distil_ __ _5.50
•
Rustless Iron
Simon Brew
1
Siscoe Gold
1
Squibb-Pattison Br pr._ _ _1
Sylvanite Gold
1
Texas Gulf Producing _ __ _•
Van Sweringen
•
1
Victor Brew
Willva-Overland
5
134
5
334
3
600
331
480
234
2334
240
135
4355
1%
35
131
431
134
1
1
33-4
63.4
183-4
13.4
1.65
1.25
5%
135
5
70
131
334
2%
2%
250
631
3
440
23-4
233/
2134
13-4
220
2.22
13-4
36
13
4355
134
36
3.50
1
1
236
193-4
6
3
9%
77c
5
60
4
134
1
1
3%
634
23-4
270
18
131
1
1.65
356
1.16
531
16c
36
160
135
535
70
134
334
231
3
1.00
635
3%
570
2%
2334
213-4
2%
250
2.22
134
35
1334
4334
13
6
1%
3.50
13-4
1
234
193.6
6
335
935
780
5
61
431
154
1%
135
355
635
234
350
1831
235
1%
1.65
334
1.25
534
180
35
160
100
200
500
600
700
200
300
7.700
400
1,300
5,000
6,900
1,050
100
800
8,500
1.100
4,800
1,000
300
100
3,400
1,700
1,000
1,300
100
200
100
100
400
400
2,000
100
60
900
3.400
400
1.200
4,600
9,600
3,300
500
350
1.100
1,500
100
100
600
1,900
300
100
800
Range Since Jan. 1.
Low.
34
5
50
1
335
13-4
234
250
134
3
390
134
15
2134
500
80
2.22
1
15c
1134
43%
1
35
2.80
1
1
235
836
6
I
73-4
10c
4%
56
2
120
1
34
%
43.6
1
270
1
131
1
1.01
335
950
331
120
35
60
High.
Oct
3
Dec
535
Mar 190
Oct
3
Nov 1134
3%
June
Oct
331
Nov
335
July
631
Nov
3%
Oct 570
July
334
Aug 25
Nov 2134
July
3%
May 250
Nov
2.22
2%
July
May
2.31
Nov 1834
Sept 48
Nov
43-4
Nov
3%
May
4.10
Nov
5%
Nov
335
Nov
4
Mar 2
034
Nov
13
Mar
5
Nov 1734
Jan
1.30
Nov
6
Oct 79
May
103-4
Mar
255
Nov
5
Nov
5
Apr
5
July
635
Jan
4
Nov
1
Jan 32
Nov
335
134
Nov
Mar
1.80
6%
Nov
July
1.50
Jan
635
131
Jan
Nov2
35
Mar
July
Nov
Feb
June
July
June
Nov
Nov
Nov
Nov
Aug
July
Nov
Nov
Nov
Dec
Nov
July
June
Oct
Oct
June
May
Aug
June
July
May
Nov
July
July
July
Oct
Nov
Oct
July
July
June
July
Oct
Sept
Sept
JIM(
July
July
Oci
July
Oct
No
No
July
Juts
Jun(
• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Nov.25 1933) and ending the present Friday,(Dec. 1, 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
Week.
of Prices.
Sale
Par Price Low. High. Shares.
Week Ended Dec. 1.
Stocks-
Indus. & Miscellaneous.
Adams-Millls 7% pref__100
•
Aero Supply class B
10
Ainsworth Mfg corn
Air Investors warrants- •
Alabama Great Southern 50
Allied Mllis Ino
•
Aluminum Co common_ •
100
6% preference
•
Aluminum Ltd corn
American Beverage new _ _1
Amer Brit & Continental•
Amer Capital
•
Common class B
$3 preferred
•
$5.50 prior preferred...*
Amer Cyanamid Class B. •
Amer Dept Stores
•
1
Amer Equities corn
Amer Founders Corp.-- -1
1st 7% pref series B_ _50
50
6% 1st prefser D
Amer Investors corn
1
Amer Laundry Mach___20
Amer Manufacturing _ _100
Amer Meter Co
•
Amer Pneumatic Service.'
Anchor Post Fence
•
Arcturus Radio Tube...A
Armstrong Cork nom
•
Art Metal Works com __ _5
Associated Elec Industries
Amer dep rcts
El
Atlas Corp own
•
$3 preference A
•
Warrants
Auto-Voting Mach
•
Baldwin Locomotive Wks
Warrants
Blue Riage Corp
Common
6% opt cony prof
•
Bridgeport Machine
•
•
Brill Corp class A
Cla.ss B
•
Brillo Mfg
British Amer Tobacco Ltd
Amer dep rots for bearer_
Range Since Jan. 1.
Low.
73
1
53.4
31
36
734
7335
6634
2931
73
131
531
3-1
36
8%
8035
67
2934
50
1,900
100
200
25
1,600
3,500
150
100
131
31
1%
36
500
400
131 Nov
31 Jan
31
1135
55
1131
%
134
34
831
8
2%
1131
8%
731
231
I
13
55
1234
34
134
%
831
8
235
11%
831
7%
2%
200
700
50
8,600
100
100
700
50
25
100
1,800
100
50
300
51. Jan
434 Jan
30% Mar
334 Feb
31 Jan
14 NOV
% Apr
Apr
8
8
Dec
Apr
2
6% Feb
8% Nov
5
May
June
1
16
1%
1% 134
35
%
16
16
1% 131
900
500
100
100
31
34
4%
%
Feb
Feb
Mar
Mar
11%
35%
4%
3
43' 43-i
11% 12%
3515 353-6
4% 43-6
134 3
200
7,400
200
1,300
1,900
2%
6%
33
2%
1%
Apr
Apr
Mar
Feb
June
731
1,000
63.4
Oct
134
30% 3236
55
34
131 1%
134
134
534 531
900
2,500
100
300
400
800
136 Nov
214 Mar
3-1 Mar
36 Feb
11 Jan
535 Oct
23
1,100
16
76
131
34
13
12
8%
8
2%
1134
136
734
1%
32%
531
29
60
55
1%
35
8
3
37%
37
13%
Apr
Feb
Feb
Jan
Jan
Apr
Feb
Mar
Mar
Nov
High.
80
434
10%
1
55
1535
954
7715
53%
June
June
June
June
July
Aug
June
July
June
134 Nov
June
1
135
1634
55
15%
1%
4%
2%
2034
20
6
1835
25
20
3
June
July
Nov
June
June
June
June
June
June
June
June
June
July
July
3 Sept
2% July
24
July
434 May
534
18%
4351
10
3%
11
4%
3714
114
536
435
1131
July
June
May
June
June
A
June
June
June
July
July
Apr
30% Nov
Friday
Saks
Last Week' Range for
Week.
of Pfkes.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
British Celanese Ltd
Am dep rots rag Ma
Burco Inc warrants
Burma Corporation
Am den rats for reg Wu_ _
Butler Brothers
10
33-6
31
335
34
400
100
331
4
311
4%
200
1,200
Can Indust Alcohol A........• 17
13% 18
3,800
Clan B non-voting _ _• 1631 13% 16 31
400
Carnation Co
14% 1435 143.4
300
Carrier Corp
•
535
600
514 535
Celalleee Corp of America
7% 1st partic pref-100 10135 101
450
102
7% prior prof
85
85
100
350
Celluloid Corp corn
1634 1734
15 17%
700
125
2 4231 4215 4415
57 dlit preferred
3% 33-4
Centrifugal Pipe Corp- •
200
Childs Co prof
100
400
534 11%
1% 234 49,400
Cities Service oommon--•
Preferred.
700
• 12% 12% 1234
13.4
Preferred B
1%
100
10
10
Preferred BB
10
10%
400
City Auto Stamping
10% 12
• 12
Claude Neon Lights
1
111 4,800
35
1131 12
Compo Shoe Mach Ws_..1 1131
300
800
8
Consolidated Aircraft..•
834
200
Con.sol Auto Merl% v t 0.•
Ire
II,
Consol Theatres v 1 0
700
Si
4
•
34
Cooper-Bessemer
100
4
4
Common
3,700
7
Cord Corp
755
6
7%
800
5%
5
Crocker Wheeler Else '
1,000
6% 6%
Crown Cork Intarnat
6%
Detroit Aircraft Corp__.•
Distillers Co Ltd
Distillers Corp Seagrams_•
Doehler Die-Casting coin_•
•
Dow Chemical
Preferred
100
Dubller Condenser corn...1
Duval Texas Sulphur....'
•
Easy Wash Mach B
Educational Pict8%pfd 100
•
Eller Electric Corp
Elea Power Aesq000M---1
Claes A
1
Electric Stuireb01211111•
Common
$6 cony prof w w
•
431
431
43.4
700
8,100
9,100
400
600
20
1,000
100
136
434
4%
6%
3
131
431
4%
634
3
136
4%
43-6
200
50
700
900
100
234
3536 3534
500
100
20%
2135
3
•
31s
2031
18
3
70
105
31
21
2235
3%
7135
105
Range Since Jan. I.
Low.
High.
Apr
35 May
4% June
31 My
13.4 Feb
131 Feb
3% July
634 June
1
3851
34
18
17
July
July
May
July
Aix 110
Apr 90
Apr 2634
May 58%
414
Jan
Nov 30
Nov
634
Mar 30
3%
Apr
Apr 25
18
May
2
Apr
Oct 1334
12
Mar
Jan
54
July
235
July
Oct
Oct
Oct
July
July
May
May
June
May
June
June
Oct
July
June
June
11
1534
11
934
July
July
July
July
Jan
is
July 2235
July 49%
Feb
5
Mar
78
May 105
Feb 26%
8
35 Feb
June
Nov
July
June
July
Oct
July
Aug
2%
7%
531
6
27
51
2
20
231
534
1%
104
1
5
5
34
1031
1
'is
31
May
July
Mar
Feb
Mar
4% Feb
234 Feb
234 Jan
31
1754
15
131
30
9636
134
3
Si
2%
23.4
Jan
Nov
Apr
Apr
Apr
231 Nov
35
Apr
9
3
2
124
1131
Sept
Nov
July
June
June
934 June
503.4 June
Friday
Sales
Last Week's Range for
IWeek.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
10c
154
Equity Coop corn
14 2
1
534
5
534
Fairchild Aviation
100
65
Fajardo Sugar
65
1
534
Falstaff Brewing
54 514
3
•
3
Fansteel Prod Inc
8
•
8
FE D Corporation_
•
9%
916
Ferro Enamel Corp
9
154
134 14
Fidelio Brewery ---------1
First National Stores112% 11254
7% 1st preferred_ _No
1
634
Fisk Rubber Corp
634 754
56% 56%
100
$6 preferred
•
316 314
Flintokote Co CIA
Ford Motor Co Ltd514 64
614
Amer dep rap ord reg.£1
134 1534
•
Ford Motor of Can al A. z1.414
194 19%
•
Class B
Foremost Dairy Products34
*
14
Cony preferred
Foundation Company•
8
8
Foreign shares
2,800
600
50
1,900
200
300
400
2,500
Range Since Jan. I.
Low.
14
24
22
514
14
34
84
1,
4
High.
Nov
June
Mar
Nov
Apr
Mar
Nov
Nov
2%
4
6.
80
831
4%
836
1554
44
Aug
July
July
Oct
July
July
July
Aug
10 10854 Mar 115
54 Apr
1,800
914
300 18
Jan 61
100
7%
114 Feb
July
July
Sept
June
4,800
9,400
275
2% Feb
4% Feb
934 Feb
100
14 Nov
300
234 Mar
634 July
1931 July
26
June
3
June
834 Nov
414
•
34 Mar
116 1% 1,700
General Alloys Co
17-4
500
514 6
235 Jan
54
General Aviation Corp_ _ _1
103%
1114 Jar. 1134
2,600
Oen Elec Ltd Alli der rcts • 1074 104 11
2% Feb10
100
44 44
*
Gen Fireproofing com_
Gen Investments Corp-256
4 Nov
400
5
56
Common
%
1 16
he
316 Nov
lie
100
Warrants
Gen Theatres Equipment35
14 Feb
200
4
34
$3 cony preferred
73
Apr 140
675 23
General Tire a ltubber__25 71% 66
634 Apr 2434
• 1234 1234 1334 1,700
Glen Alden Coal
,eb
,
635 614
7
4
300
Globe Underwriters Exch_•
400
24 Apr 15
5
534
Godchaux Sugars cl B_....'
114
14 Jan
100
1
35
55
Gold Seal Electrical
Jan 29%
500
6
184 20
• 20
Gotham Mfg coin v t O...
916
411 June
100
64 6%
Grand Rapids Varnish_ •
834 Apr 20
15
50
15
Gray Tel Pay Station__ •
Gs Alt & Pee Tea120 124% Oct 18134
131 133
Non vol corn stook - •
Mar 127
123 123
20 118
-100 123
7% let preferred
Greif Bros CooperageMar 20
9
100
•
20
20
Common Class A
8
554 Nov
500
714
74 734
Greyhound Corp new_ _ _ _•
Grocery Store Prod3
25e
35 Slay
35
100
35
35
Common v t c
10
Hartman Tobacco
•
Ilazeltine Corp
Hires (Chas E) Vo Cl A__ •
•,
Horn & Ilardart corn_
Hydro Elec Securities--•
5
FlYgrade Food l'rof
IIYgrade Sylvania Corp86.501 onv preferred__ •
Imperial Tobacco of Can_5
Imperial Tob of Gt Britain
& Ire Am dep rcts-£1
Insurance Coot No Am 10
lilt Safety Razor class B__.
Interstate Equities
Iron Fireman v t c coin_ •
1
Irving Air Chute
June
Mar
Apr
Oct
Mar
Mar
July
July
Nov
July
July
July
June
July
July
July
July
June
Aug
Sept
July
Slay
Oct
Nov
Nov
June
June
July
June
June
July
July
34
3.4
316 34
18
18
1731 174
5% 6
3% 34
100
100
100
25
500
100
56
114
17
, ta
334
236
75
75
1016 1036
10
600
Nov
75
64 Feb
Nov
75
11% Nov
29% 294
3731 38%
214 234
51
11
5
534
354 4
100
900
100
100
400
1,000
15
25
14
54
5
34
Feb
Mar
Mar
Jan
Nov
Sept
3034 1Nov
4534 PLOY
4
Aug
114 July
8
July
535 May
35
35
30
324
84 934
334 5
100
370
1,300
200
%
19
814
1
Feb
Jan
Nov
May
23%
80
94
636
134
134
55
55
10
10
300
100
100
14 Jan
Mar
45
Sept
10
134 NOV
67 June
11
Mar
35
63
35
130
300
5914 Nov
54 Jan
63
Nov
14 May
124
534
1336
51
354
1
14
75
13
614
134
51
3%
1
17-4
75
200
1,600
200
50
200
2,250
1,500
20
10
64
4
17
134
1
lit
45
Oct14
Nov
APT14
June
Jan 163% Sept
Feb 51
Sept
814 June
Feb
Dec1 D cc
Apr
24 May
Feb 90
Aug
Maryland Casualty Co._ _2
44
Massey Ilarris Co eotn_ _ _•
154
:Alavis Bottling class A__1
Stead Johnson & Co eorn _• 50
Merritt Chapman & Scott •
•
134
Michigan '4t0ear
10
24
Preferred
336
Nloly talettnin Corp•t o..1
Montgomery Ward & Co
- ...- - - - -, • 75
Clam A
Mortgage Ilk or Columbia
_ _ _ ______
Amer deposits rights_
154 114
374
434
1%
131
494 50
2
2
134 114
234 2%
3% 34
300
500
7 600
200
200
1,000
300
1,200
114
3
4
3814
.54
154
23-4
234
Nov5
Oct 1074
23-4
Jan
I. eb 69
434
Jan
34
Oct
Oct
734
6
Oct
•
Nat American Co
•
National Aviation
Natl Belles Hew eon)_ _ _ _ 1
National Investors com _ _1
1
514% preferred
Warrants
Nat Rubber Mach coil. •
1
Nat Servioe common
Nat Steel warrants
•
Nat Sugar & RAM
New Mex & Arlz Land_ _ _ I
•
N Y Auction Co com_
New York Shipbuilding
Foundere shar
Niagara Share class 13_ __ _5
•
Niles-Bement l'o nd
Nitrate ream of . Idle
Ctrs for ord II sharesNovadel-A gene Corp__ •
%
35
934 934
2% 236
14 14
3634 364
4
34
3
3
54
4
6
84
38% :40
1
1
17-4
14
•
Jonas & Naumburg
Jones & Laughlin Steel_100
_1
Kingsbury Breweries
1
Knott Corp corn
Kolster-Brandee Ltd-£1
American eliares
Koppers G & C 6% pref 100
Kress(S II) special pref 100
534
24
34
354
14
_100
Lackawanna of N J
•
Lakey Fdy & Mach
Langendorf Un Bakeries
• 13
Class A
54
Lehigh Coal & Navigation•
•
Lerner Stores corn
100
634% pref w w
Libby McNeil & Libby__10
•
1
Lit Bros
I%
Louisiana land & Explor_•
; 75
Ludlow Mfg Assoc
Pacific Eastern Corp__ _1
Pan-American Airways_ 10
•
Parke, Davis & Co
•
l'arker Rust l'roof
l'ennroad Corp•t e ____ 1
.
100
Pepperell Mfg
10
Philip Morris Inc
,
Phoenix Securities1
Common.
•
Pie Bakeries v t c
Pitney-Bowes postage
•
Meter
pittsbtimh pliaa Gia8
e__25
5
Potrero Sugar
Propper McCallum Mills_•
Prudence 7% pref stpd_100
Prudential Investors
•
I'y nen° NIanufacturing_ _10
•
Quaker Oats ..orn
•
Railroad Shares
Internet A .
Reliance
3991
Financial Chronicle
Volume 137
34
61
6934 75
800
4654 Feb
2
200
116 Feb
2
174
64
24
253%
94
9
82
June
July
Nov
Nov
June
July
July
May
July
July
July
July
July
.5% Aug
6
9%
3
4,200
500
4,000
1,000
50
100
100
600
800
300
400
100
%
44
zi
1
24
54
'Its
4
3.6
2254
35
35
Jan
Apr
Jan
Feb
Apr
Apr
Mar
Mar
Feb
Feb
Jan
Nov
1%
1354
44
4
48
234
534
24
1434
45%
174
34
9%
34
10
400
200
100
154
3
414
Jan
Apr
Apr
2034 Aug
9 June
1734 June
14
35
4774 5034
214
1%
600
400
lir Jan
3434 Feb
34 June
5634 Aug
1%
20
124
204
131
264
114
4%
5814
2734
6974
634
8256
434
9
3
10
I%
48
2254
524
254
78
3
1%
50
234
53
234
7854
3
10
500
1,300
150
3,300
700
700
1
316
114
4
700
200
3% 4
3574 3634
2% 214
24 24
1
1
514 54
1,600
1,475
300
100
100
100
2
13
14
4
1
3
234
234
127 127
34
34
4
2,.4
1,
4
134
100
100
100
1,400
2
54
48,
2331
234
1
3
36
Oct
Feb
Mar
Mar
Mar
Feb
Feb
*Is Mar
14 Jan
Feb
Feb
Mar
Slay
Oct
Feb
June
Sept
July
June
July
June
July
May
June
July
July
July
June
Aug
June
Sept
July
Oct
July
34 June
634 June
54
3934
234
4
8
104
June
July
Nov
July
Jan
July
Slay
514
Sfar 140
54 Mar
134
14 Feb
44
June
July
June
June
Friday
sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Reybarn Co Inc
10
Reynolds Investing
1
Richman Bros Co
•
Roosevelt Field Inc
5
Rossla International
•
SafetyCarIleating& Ltg100
St Regis Paper cool
10
100
7% preferred
Seaboard I TtIlit les Shares _ 1
•
Schulte Real Estate
Seeman Brothers
•
Segal Lock .1.-. Hardware_ •
42
4
2%
22
14
1%
16
4131
154
4
40
234
22
4
4
374
%
14
14
42
134
34
40
314
23%
4
34
374
34
Sieberling Rubber nom_ •
24 3
Selected Industries Inc
Common
154
1
13%
Allotment certificates_ __ ______ 4154 4134
Sentry Safety Control__ •
•21
,
11
Soton Leather Co
•
834
734 84
Shenandoah Corp
116 154
1
14
Common
$3 cone pre
25 17% 17% 17%
Sherwin Williams com _ _25 4334 4114 4334
6% pref AA
100 974 974 973-4
14816 150
100
Singer Mfg
Smith (A 0) Corp com___ ___ _ __ 25
25
Sonotone Corp
354 34
334
Spiegel May Stern
64% preferred
100 524 5234 52%
Stahl-Meyer corn
634
6
"
1
•
14
qtandard Brewing
Stand Investing $516 pref •
104 12
Isle
35
Starrett Corporation
1
6% preferred
14 234
10
Stein Cosmetics cons
14
1%
•
174
Stetson (John B)
10
10
Stroock (S) & Co
•
5
5
Stutz Motor Car
7
7
•
7
Sun Invest Co corn
2% 24
•
Swift & Co
14
26 ..143-4
147-4
Swift Internacional
2734 28.4
15
Tastyeast Inc class A_ _ _.•
Technicolor Inc corn
•
Tobacco I'roducts Export •
Tranecont Air Dane
•
Trans Lux Pict Screen
Common
1
Tri-Continenta/ warranta__
Tubize Chatillon Corp_ __ 1
Class A
1
Tung-Sol Lamp W Ks _ _ _ _•
Union Amer Investing_ •
United Aircraft & Transp
6% pref A ex-warrants 50
Warrants
United Carr Fastener_
•
Un Chemicals $3 pref_
•
United Dry Docks
•
United Founders
1
United Milk l'roducts_
•
United Molasses Co
Am dep rcts ord ref__ £1
United Shoe Mach com_25
United Stores v t c
•
United Wall Paper Fact_ •
U S Foil el B
1
US & Internet]Seem.•
Common
1st pret With wait
•
U S Lines pre(
•
US Playing Card
10
U S Rubber Reclaiming...
Utility Equities Corp_
•
UV!& Indus Corp pref.,..'
Waco Aircraft Co
•
Waitt & Bond class B_
•
Walgreen Co common__ •
Warrants
Hiram 3,1, alker-Gooderham
& Worts Ltd corn
•
Cumulative °ref
•
Wayne Pump Co
Western Auto Supply A_ •
West Cart 6% pref __100
W II-low Cafeterias
Cony preferred
Woolworth (F W) Ltd
Am dep /eta ord ohs
Public UtilltIcaAlabama Power $7 pref •
$6 preferred
•
Am Cities Pow & Lt
Common class A
25
New class B
__ 1
Amer & Foreign Pow wart_
Amer Gati & Elm cons...•
Preferred
•
Amer I. dc Tr corn
25
Am Superpower Corp com•
1st preferred
•
Preferred
•
Arkansas P & L $7 pref_ _ _•
Assoc Gas & Flee
New common
1
Claw A new
1
65 preferred
Assoo Tel $1.50 pref____•
ASSOC Telep Uri' coat_
•
Bell Telco Co of Can_ __100
Brazilian Tr L & P ord...•
Buff Niag & F.ast Pow_ _25
551st preferred
•
,
Cables & Nt Velem Ltd
Am dep rcts pref shs_ £1
Am dep rats Is ord she_ fl
Cent Ilud G & E corn vtc_•
cent States Flee new corn 1
Cities Service P& L $6 ord.
Cleveland Eiee'num com•
Columbia Gas & Elm
Cony 5% pref
100
Commonwealth EcIlson_100
Common & Southern Corn.
Warrants
Community P dr L $6 pref •
Community Water Servicel
Consol0 E L&P Balt eon]•
Duke Power Co
100
East Gaa he Fuel Aartoo-414% prior preferred _100
6% preferred
100
East States Pow corn B.
57 preferred series A. •
East Util Assoc corn
•
Convertible stock
•
100
300
50
200
5,200
75
1,400
270
100
6,300
100
400
Range Since Jan: 1.
High .
Low.
34
4
25
34
4
164
14
124
14
54
26
4
Jan
Mar
Mar
Jan
Mar
Feb
Mar
Mar
Nov
Nov
Jan
Jan
331
136
5231
334
114
80
514
56
1,
4
2%
40
14
July
July
July
July
June
July
July
June
June
may
Sept
June
2%
14
335
,
154 Apr
14 Feb
2634 Mar
16 Jan
14 Apr
100
1,80
900
70
180
100
700
1
12%
124
80
90
1154
3
Nov
5 June
May
2614 July
Mar 45
July
Oct
May 99
Mar 17514 July
Feb 524 June
314 Nov
Oct
50
200
500
150
700
200
2,900
25
100
100
100
7,600
1,600
15
24
36
6
4
118
34
8%
24
6
134
7
124
Apr 55
Apr 14
Nov
3
Feb 28
2%
Apr
Apr
6
Feb
33-1
June 20
Apr 10%
Oct20
Feb5
Feb24%
Feb32%
114
1
914 1016
54
X
24 2%
2,400
1,600
100
300
4
254
35
24
Apr
236 July
Feb14
Oct
131 June
Jan
Oct
64 May
134 14
3
154
1%
1314 134
234 24
34 34
200
300
700
200
200
14
4
2
816
14
Mar
Apr
Apr
Mar
Jan
33-4
44
284
4631
94
June
July
June
June
June
17
134
94
300
1,900
100
100
1,90
100
716 July
44
70
34
144
June
July
June
July
Sept
June
Sept
July
June
June
July
July
July
July
June
July
June
11
Mar
22
July
75
5534 5531
300
124 1234
100
514 554
1434 144
100
300
114 14
1116 1
14,300
100
5
5
4434
9
1%
7
4
4
1%
Jul)
June
Feb
Jan
Mar
Are
July
5534
16
8
20%
314
3
634
Nov
Nov
Sept
June
June
July
Sept
3
34 18,600
575
52% 5354
35
400
%
200
154 114
100
6
6
14 Feb
3016 Mar
14 Jan
34 Jan
2% Apr
54
564
2
34
114
July
Sept
June
July
June
114 174
49
52
ti
,
55
1574 1554
1
1
134
13-4
2
2
600
1,600
300
300
100
200
200
Ire
1734
lie
8
34
14
1%
Jan
Mar
Nov
Mar
May
Apr
Apr
334
65
1%
28
4
47.4
736
July
July
June
July
July
June
June
12
1116 13
1
1
174 1731
216
2
1,300
100
100
200
8
54
1156
14
Aug
Mar
Feb
May
1454
4
21
4
Nov
July
July
July
424
1514
337-4
15
34
1816
6734
40.700
44
15% 1,000
300
4
100
184
25
6734
334
734
4
94
5316
Feb
Feb
Mar
Jan
Apr
6434
17%
2%
21
714
July
July
May
Aug
Aug
614
25
1231
Jan
25%
2434 2534
600
11%
Jan
2635 Nov
324 3416
29
30
110
60
29
29
Nov
Nov
654
564
Jan
Jan
2434
131
234
17%
5834
104
214
48
15
254
Nov
3674
834
Nov
Apr
134
Mar 50
Nov914
NOV2634
Nov94
Nov7534
Apr 50
Nov46
June
June
June
June
Jan
June
June
June
June
July
35
54
134
13
Nov334
24
Nov
Nov 1016
Nov
1834
Oct
134
June
July
June
Jan
June
1
314
53
%
52
1
17
614
134
6%
194
59
1116
25-4
34
16
2514
14
634
194
59
1116
2%
48
16
2514
400
26
256 3,100
1,100
7
21% 15,200
60% 1,300
900
124
216 41,500
50
800
300
16
10
2515
%
M
4
36
154 254
13
13
300
2,700
450
30
634 Nov
'16
100
q
115 115
11% 114 12
16
16
164
72
72
73
25
2,100
600
300
70
6
154
72.54
Feb 115
Nov
1734 July
Feb
June 2234 Jan
Nov 9234 Jan
35
35
34 354
10
1016
114 134
11% 1174
23
2336
100
600
600
1,300
100
50
254
,,re
10
1
954
20)4
Feb
Feb
Oct
Nov
Mar
Apr
7134 76
3534 37
550
1,100
68
31
Nov
613
16
114
37
11
463.4
54
ht 17,600
100
431 4%
100
14
3-4
4654 48
2,900
40
154
4034
150
5534 553%
42
4316
154 114
616 635
1434 1434
234 254
50
150
1,400
50
56
100
APT
44
m
15
434
26
37
July
July
June
Anne
May
July
July
138
8234 Jan
14
434
14
434
Nov
Nov
Slay
Apr
37
Sept76
5434
39
1
64
134
13.4
Nov
May
Nov
Nov
Apr
Apr
14
13
236
7014
68
68
454
30
284
674
June
June
June
Jane
July
Jan
July
June
June
July
July
a.
Financial Chronicle
3992
• Fri,u,y
sales
Last Weet's Range for
Publities Utilities
Sale
Feet.
(Continued)Par Price. Low. .110h. Shares.
Elea Bond & share corn__5
35 eumui preferred. •
$6 preferred
•
Elec P de L 2d pref A
•
Empire Cleft A I. uei6% preferred
100
7% preferred
100
100
8% preferred
Empire Pow l'art Stock...
European Electric Corp
Clam A
10
Option warrants
Gen G & E cony pref B. "
Georgia Power $6 pref___•
Gulf States Util $6 pref. •
Hamilton Gas COM V t C-1
•
Illinois P & L $6 pref
Internat II ydro-ElecPref $3.50 series
50
Internet! IltilltrClass A
Clam 11
Warrants
Interstate Power $7 pref. *
Italian Superpower A
•
Warrants
High.
534
4234
104
34
434
234
10
224
25
444
Feb
Apr
Apr
Feb
41%
594
66
29
June
June
June
June
134 1334
15
1515
17
17
531 534
50
250
100
200
6
7%
10
5
Apr
Apr
Mar
Nov
21
25
25
15%
May
June
June
June
900
2,000
2% Mar
34 Apr
114 Nov
134 July
a934 911
3634 42%
4034 41
11
11
*1034 1134
153
225
150
100
250
Apr
Nov
35
90
Oct
34 Jan
10% Nov
July
15
7014 Jan
55
Aug
'34 June
3441 Jan
18
34
9
14% 35.000
13
400
3034 3115
34
1,400
36
175
9
944
1034 1015
1
111
1311
Long Island Ltg•
Common
50
7% preferred
100
6% B pref
Marconi Wire' T of Can.'
Marconi Wirel & Tel LtdMass CHI Assoc v t c. •
5
Memphis Nat Gas
Middle Wret Pill eon, •
Mountain Sts Tel & Tel 100
National P & T. $11 pref •
New Eng Tel & Tel___ _100
NY PA L 7% pref____100
N Y Telep 634 5. prat __Rio
Niagara Mud Pow15
Common
Clam A opt warrant _
Nor Am Lt &Pow SO pref.*
Nor Kates Pow corn A-100
1834
150
16
4
4
341
54
34
7
7
14 111
44
.35
100
900
1,800
20
600
100
3
74
44
534
74
44
3% 414
4311 46
35
33
214 244
2,900
240
75
2,600
3%
38
33
31
600
100
200
40
134
24
1
4
80%
211 214
334 311
si
11
10355 10434
414
41%
88
69
11431
43
88
69
11411
27
July
Oct
Fei,
Feb
Mar
Feb
May
11
34
74
2315
3
1
June
June
June
June
June
June
Nov
Nov
Nov
Apr
June
16
824 Feb
74
Jan
334 Sept
Nov
334
May
Feb
854
Nov
4
Apr 1084
June
Slay
May
Sept
Am 724
850 34
Apr 954
50 75
Nov 99
25 69
.50 10934 AIN 119
June
Sept
Jan
July
5%
34
4%
19%
514 614
15
41
431 415
194 204
4,200
2,000
50
300
515 Nov
Apr
4
Oct
Nov
19
16% Jan
June
2
13% June
534 July
194
4
4
1914 2041
1715 17%
8
8
100
2,700
200
100
4
19
17
5
Aug
Nov
Nov
Mar
834 May
254 Jan
2345 Jan
17,44 June
104
10
10%
534 64
534 514
65
65
320
110
150
100
10
534
54
65
Dec
Nov
Nov
Nov
28
2334
14%
87
1634
10m 1745
1,100
8
Feb
20% July
2034
1714
1534
2014
1731
15%
4
4
2031
37
22%
60%
204
174
15%
4
4
23
39
2314
604
200
700
1,800
100
100
250
250
200
10
20%
17
154
3
215
16
1815
1934
604
Nov
Nov
Nov
Oct
May
Apr
Mar
Apr
Nov
27
244
224
164
1531
50
45
32
75
Jan
Jan
Jan
June
June
July
Oct
June
June
4
131
234
204
're
24
944
15
204
78
4
2
234
21
34
215
114
int
2015
78
1
2
200
200
7,300
700
2,800
9,800
1.900
1,900
50
10
2,800
200
14‘
14
144
13
54
2
841
%
20
78
41
2
Apr
Mar
Feb
Feb
Feb
Mar
Apr
Sept
Mar
Nov
Nov
Nov
714
634
6%
45
134
934
414
14
42
90
July
June
July
July
June
June
June
Former Standard 011
Subsidiaries
33
33
50 33
Buckeye Pipe Line
124 125
Chesebrough Mfg
25 125
26 29934 924 210014
Humble Oil & Ref
Imperial Oil (Can) eoutt- • 21334 1334 14%
144 14%
•
Registered
8
814
National Transit
150
150
7.600
7.200
500
200
25
71
40
634
614
5%
Jan 39%
Aug 125
Mar 10015
Mar 154
Mar 1531
Apr 10
June
Oct
Dec
Nov
Nov
May
100
2%
1,200
19
3234 24.900
1534 3.00
2541 1.500
14
11
17
84
154
Feb
Feb
Mar
Mar
Mar
4
224
34
1934
41
June
J uly
Sept
July
July
4,500
300
1,200
100
100
4,900
400
200
lie
134
el
2
64
34
44
44
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Apr
234
514
4
4%
154
744
4
214
July
June
June
May
Nov
July
July
June
Okla Nat Gas 615% pref100
not on of 25
Pacific G A
536% 1st preferred_ _25
Philadelphia Co corn
•
Puget Sound P & L•
$5 preferred
•
$6 preferred
•,
Ry & Light Secur corn
Rochester G & E 6% pf 100
Sbawinigan Wat & Pow..'
Sou Calif Edison
25
7% pref series A
25
pref series B
25
634% preferred C
Standard P & L corn
•
Common class B
Preferred
•
Swiss Amer El pref
•
Tampa Elec Co corn
Toledo Edison 7% pf A 100
Union Gas of Canada._ •
United Corp warrants
United Gas Corp com......1
•
Fret nonvoting
Option warrants
United it A Pow corn A--•
$6 cony let pref
•
CS EleC Pow with warr...1
•
Utah P I& Lt $7 pref
pref___100
Utica G & E
Utt Pow A 111 new corn. I
1
V t c class B
Penn Men Fuel corn
1
South Penn oli
25
Standard 011 (Indiana) .25
Standard Oil (Ky)
10
Standard 011(Ohio) corn 25
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas corn. •
Common class A
•
100
Preferred
British Amer 011 coupon.-•
Carlb Syndicate
25e
Colon Oil Corp corn
•
Columbia Oil& Gas irte. •
Gamlen Oil Co
New common
1
Creole Petroleum
Crown Cent Petroleum.
..1
21
37
244
2014
215
9
36
34
2
184
324
154
254
14
331
1041
144
5514
214
111
National Fuel Gas
•
New Bradford Oil Co_2
Nor Cent Texas 011
5
Pantepee 011 of Venez •
Petroleum Corp of Amer
Stock purchase
Producers Royalty
warr___1
Pure 011 Co 6% pref..100
14
1%
24
1731
3244
15
23%
1128
134
Gulf Oil Corp of Penna__25
International Petroleum.'
Kirby Petroleum
•
Leonard oil Develop___25
Lone Star Gan Corp
•
Mexico-Ohio 011 Co
Michigan Gas & 011
•
MIIICAC states Petrol
Class A vtc
•
Class 13 v t
•
Mountain & Gulf 011 Co...1
•
Reiter Foster 00
Richfield Oil pref
25
hoot Refining
1
Common
10
Cony prior pref
Ryan Consol Petroleum..."
Salt Creek Prod Asian_ Hi
Sales
Friday
Last tWeek's Range for
Week.
Other OH Stocks
Sale
of Prices.
(Concluded)
Par Price. Low. 111th.
$
Range Since Jon. I.
Low.
55
1
.It
900
2,4 24
9.100
934 11
34 154 12,900
5341 57% 3,000
1935 214 18,600
500
134 131
400
15
3.4
400
6
6
100
244 24
500
431 414
Oct
2
4% May
34 Feb
June
June
Aug
Aug
414 July
334 Nov
,
Nov
12
114 July
24
4.84
54
%
441
2
1
Mar
Feb
Jan
Apr
Apr
Feb
Feb
62
2315
2
14
1134
5
634
%
4
1i
Jan
Jan
Jan
1
Feb
Jan
Apr
Mar
July
Nov
June
June
June
Apr
Sept
4 June
114 June
July
114
54
54
500
500
600
1314 14
134 14
3
335
144
1
700
600
300
3,000
10
15
44
14,
4,200
2,200
50
Jan
'is Mal
Apr
21
44 June
131 June
57
Sept
511
500
1,100
4 Apr
34 Jan
134 July
244 June
13.1
74
114
6
400
1,400
10
1,500
1%
54
54
ii,
in
1i
44
47
47
4
34
1
7
134
534
1
14 154
1,4 134
244 241
14
14
3% 311
144 144
1
1
June
June
June
Mar
1
634
14
541
1
.82
74
354
%
3
June
Slay
Feb
Feb
20
2
5
34
134
8
434
9%
May
Sept
June
July
June
July
June
June
Dec. 2 1933
Range Since Jan. 1.
Low.
High
511
34
7
441
54
234
800
1,900
600
700
300
300
Mining
Bunker 11111A Sullivan..10 42% 40
42%
13wana M'Kubwa Copper
Amer shares
1
1
1
Consul Copper Mines
a
34
14
74
Consol Min & Smelt Ltd 25 13511 132 13515
Cresson Consol Ci M
1
44
41
Cosi Mexican
"10 I
Eagle Picher Lead
544
544
20
5.5.
1,000
1,200
210
900
4,600
100
Falcon Lead Mines
1
Goldfield Consul Mlnee-10
Ilecla Mining Co
25
Hollinger Consol 0 H.
„5
Mud Bay Min & Sinalt___•
Internal Mining Corp..
..I
Warrants
Kerr Lake Mines
4
Lake Shore Mine. 1.01._ i
Mining Corp of Can
•
1.900
3,300
900
7.300
3,900
1,300
600
500
6,600
100
'is
'is
2%
541
2%
74
234
41
25%
14
Apr
Jan
Feb
Jan
Jan
Aug
Aug
Jan
Mar
Apr
he
liii
834
1144
124
13
54
1%
514
244
June
July
June
Nov
July
Nov
Sept
June
Nov
July
6244 654 2.800
2,200
47
53
27
100
27
900
254 255
he
31 3,400
854 94 14,600
1
1,600
1
1,200
34
15
24 24 1,200
434 434 15,200
300
51
54
2634
1134
734
1
h.
854
Is,
Its
34
2
he
Mar
mar
Feb
Jan
Jan
Nov
Am
Jan
Feb
Oct
Feb
6541
5714
33
4
34
15%
115
34
44i
541
34
Sept
Sept
Nov
July
June
July
June
June
June
Nov
Apr
34 Feb
May
34 Mar
1% Mar
34 Jan
'is Jun
8% Jan
its Feb
711
44
115
6
131
'is
8%
1
July
June
Sept
June
June
June
Sept
June
Southland Royalty Co___5
Sunray 011
5
Tenon 011 A Land Co___ •
Venezuela Met 011
10
v eneztient Petrol
5
Woodley Petroleum
1
551
614
431
31
.5
.4
(U4
334
54
24
34
44
4744
New Jersey Zinc
25
Newmont Mining Corp 10
N V & Honduras Rosario10
NI/Ageing Mines_ _
Ohio Copper Co
1
Pioneer Gold alines Ltd.
.1
Premier Gold Mining....1
St Anthony Gold Mines_ _1
'Shattuck Denn Mining. 5
So Amer Gold & Platt newl
Standard Sliver Lead
1
6234
5014
Teek-Hughes Mince
1
Tonopah Belmont Dev
1
Tonopah Mining Co
1
1 1tilted erde Fmension 6(w
Utah Apex Mining
5
endeu Copper Sidling i
Wright-Flargreavee Ltd •
Yukon Gold Co
5,31
244
934
434
34
34
Ii
,
5,4
1111
944
Iii
54 6
1045 1111
914 934
10
1015
334 4
54
34
44
48
144
144
554
31
3
734
3.4
34
634
54
5,900
100
300
1,300
100
1,300
54
711 29,700
34 1,800
5.4
14
34
311
Bond,
Alabama Power Co
67
let & ref Is
67
1946
544 57
1s1 & ref 58
57
1951
5141
let & ref 5s
1968 5034 48
1st dr ref 414e
1967 4634 4531 47
Aluminum Cos f deb 5s 62 934 93
94
684 7214
Aluminum Ltd deb 56_1948 72
Amer & Com'wealths Pow
1
1
.5148
1
1953
Am Comm Pow 5148.1953
3
3
334
AM Li Pow Corp deb Oa 67 154 154 1644
Amer (I & El deb 193..2028 684 66% 69
Am Gaa & Pow deb 68_1939 21
2031 21
Secured deb 5is
184
1953 174 17
Am Pow & Lt deb 661..2016 41.4 4041 4414
Am Radler deb 4 3.48_ 1947 99
984 9915
Am Roll Mill deb 5s..1948 68
67
6934
434% notes...Nov 1933 10041 10041 1014
43
Amer Seating cony 6a_ 103e.
43
Appalachian El Pr 58.1956 7034 0055 72
Arkansas Pr & Lt 58_ 1956
Associated Elm 4 4s_ _ 1963
Associated Gas & El Co
Cony deb 54s
1938
415s
1948
Cony deb 434
1949
,
Cony deb 5,
1950
Deb 50
196
8
Cony deb 54e
1977
Amor. Rayon 5s
1950
Assoc Tel 5s A
1065
Assoc T & I deb 54s A 55
Assoc Telep Ut115 45.1944
Certificates of deposit_ _ _
13.4 notes
1933
Certificates of deposit_ _ _
Atlas Plywood 54e_ __1943
Baldwin Loco Works
(is with wart'
1938
69 without warr
Bell Tang, of Canada
1st M 5s seriee A.__1955
1st M 5s series B
1957
let m user C
1960
Bethlehem Steel 6s.__1998
Binghamton L 11 & P5* '46
Birmingham I- lee 44s 1908
Birmingham Gas 5s
1959
Boston Consol Gas 5s.1947
Broad River l'ow 53_1954
Buffalo Gen Elea 53_1939
Canadian Nat Sty 7s 1935
Canada Northern Pr 58 '53
Canadian Pao lty fls. 1942
Capital Administration
Is with warrants
195
Carolina Pr & Lt 68.__1956
Caterpillar Tractor 55_1935
Cedar Rapids M & P 5853
Cent Arizona 1.1 & Pr 58'60
Cent Germant l'ow Gs 1934
Central III Pub Service5seeries E
1956
1st & ref 411s aer F_1907
Is series0
1968
434e series H
1981
Cent Maine Pow bs D 1955
Cent Ohio Lt & Pow 5s '50
Cent Power be ser D 1957
Cent Pow al Lt 1st 58.1956
Cent States Elea 5s_ _.1948
Deb 541 Sept 15 1554
3
With warrants
Cent States P & L 534s '53
Chic Dist Flee Gen 44110 70
Deb 514s..._Oct 1 1935
Chic Pneu Tool 514s_1942
Chic Rya 5e We
1927
Cincinnati Street Sty
1052
53 series A
-Is
6s series B
1055
Cities Service 53
1966
Cony deb 58
1950
Citfee Service Gas 514s '42
Cltlee Sem P & L 634 1952
,
,
1949
5411
Cleve Flee Ill let 58_1939
1961
5s series 13
2344
14
114
12%
1241
14
7634
44
1041
1031
1434
275
June
June
May
Sept
34 Feb
34 Jan
641 Apr
3
Aug
34 Jan
154 Mar
64
134
1331
814
14
354
Jan
5141
Oct
1%
34 !Jan
24
41 Apr
Jan 140
55
15
1is Jan
136
11 Jan
74
44 Apr
June
June
Sept
June
June
July
1414
JIM('
July
11.000
16.00(
24.00
24,000
34.000
87,000
66
54%
4734
4434
So
4715
Nov 1004 Jan
Nov 97
Jan
Nov 89% Jan
Nov 814 Jan
Apr 99
Jan
Mar 81) June
5,000
1,000
29.000
41,000
6.000
37.000
92.000
90.000
40.000
42,000
1,000
68,000
41
3
124
64
13
11
3214
83
33
45
22
64
Apr
531
Mar e8
Apr 40
Nov 92
Apr 42
Apr 3734
Apr 73%
Apr 102
Apr 81
Apr 105
5i
Apr
Nov 97%
July
Jan
July
Jan
July
July
July
Oct
July
July
July
Jan
Jan
Jan
58
23
27,000
60
244 62,000
Nov
58
204 Nov
9044
474
134
114
1034
12
1211
1334
434
7641
42
1015
10
14
13%
60
1445 47.000
12
3.000
1141 123,000
1214 236.00
13 156.000
50.000
14
45
27.000
76%
5,000
44
21.000
114 99,000
114 7.000
1431 5,000
14% 10.000
50
2,000
1234
11%
1015
12
124
134
33
75
15
5
10
II
13%
27
2615 July
Jan
27
26% Jan
28
Jan
Jan
27
354 Jan
Jan
52
8914 Jan
Nov
48
2414 Jan
Nov
16
534 Jan
Nov
16
53 June
104% 10134 104% 65.000
724 68,00(1
71
72
1024 102 10334
1024 10155 103
10234 10215 102%
102 102
80
80
80
49
51
51
414 414
10315 1034
29
314
10211 103
96
67
79,000 87
97.000 854
11.000 87
2.000 99
1.000 8(1
30.000 49
2,000 40
8,000 09%
7.00
2734
3,000 101
Nov
Nov
Nov
Nov
Nov
Nov
Apr
Mar
kola
Mar
Nov
Apr
Nov
Mar
Oct 117% Aug
Nov 8214 Aug
Feb
Apr
Mar
May
Dec
Nov
Feb
Apr
Apr
Feb
1054 Nov
10514 Nov
Nov
106
June
112
102
Jan
Jan
80
66 'July
105
Jan
484 Jan
10734 Jan
24.000
10034 1004 101
81
814 3.00(
103% 10354 10454 30,000
Apr 10231 Oct
98
59
Mar 8334 Nov
7034 Mar 11314 July
714 7141 1,000
42.00
51% 53
52
10044 1003-4100,4 15,00
10534 10411 10544 18,000
1,000
76
76
2,000
42
42
67
49
88
86%
75
334
Mar 83
July
Nov
7941 July
Mar 100% Nov
Mar 1084 Nov
Oct 934 Apr
Sept 6434 Jan
9644
4611
844
64
414
424
274
26
3355
8134
46
52
95%
52
4614
8434
64
4015
39
0264
524
484
53
47
8.534
64
4315
424
29
6,000
40.000
13,000
7.000
4,000
1,000
45,000
83,00
28,00
50
4534
49
46
844
5334
37%
3715
26%
Nov 80
July
Nov 744 July
Nov 78
Jan
Nov 73
Jan
Nov 101
Jan
Apr
76
Jan
Nov 75
Jan
Nov 67
Jan
Nov 56
July
26
3215
6611
81.4
5315
46
20
34
68%
8215
5334
4634
65.00
31,00
24,00
6.000
6,00
13,00
2534
234
5854
74
234
46
5634
Apr 54
Apr 84%
Apr 694
Jan 6544
Nov 6034
July
July
Jan
Jan
July
July
5,00
4035 Sept 65
oct (15
6,00
47
2444 Mar 46
29,00
24% Mar 4514
331,00
Fell 67
21,000 42
190.001
26
Apr 4331
67.00
25% Apr 4334
5,00 10141 afar e1073.4
Apr 110
6,000 102
June
June
May
May
July
June
June
3-las
Jan
49
49
50
51
51
51
31% 3111 3334
3234 3211 344
4834 474 484
3134
3015 30
3044 3011 3141
1034 10311 10334
10341 10341
Nov
Financial Chronicle
Volume 137
Bonds (Continued)
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Comniere und Privat
1937 5515 52% 5515
Bank 5158
Commonwealth Edison
1st M 55 series A...1953
86% 8955
let NI Is series B...1954 8851 8615 88%
81
85
let 43.4e series C....1956
81
85
1960
44a @arias E
74%
73
lot M 48 series F...1981 74
5155 serles 0 _ _ _ 1962 9415 9316 954
60
57
Com'wealth Substd 5 4s'48 57
Community Pr & Lt 5a 1957 3551 334 3514
Connecticut Light & Power
102% 103
1962
5s series D
Conn River Pow Se A 1952 9251 924 934
10155 102
Consol G, El.& P44a '35
Congo](lasfBalt City)
100% 10014
1954
Gen mtge 4545
Consol Gas El Lt & P (Bait)
10316 1034
1969
431sserleeG
1970 994 0915 9915
451s series 11
1981
let ref e I 48
9215 9115 93
Consol Gas ULU Co
1st & mu 65 sec A..1943 3414 34% 38
9216
02
Con5umers Pow 448..1958
1936 101% 10055 10114
1st & ref fis
36%
Cont'l Gas & El 515-1958 354 35
Continental 011 5118_ 1937 10154 10155 102
79
79
Crane Co 65
Aug 1 1940
6214 67
Crucible Steel 55.....1940
57% 60
Cuban Telep 756s_ __1941
97.1.1
Cudany Pack deb 64a 1937
9751 97
Sinking fund In....1946 10211 10254 103%
714 72
Cumb Co P & L 445.1956
Range Since Jan. I.
Low.
Bonds (Continued)
-
high.
60,000
48% June
38,000
23,000
17,000
32,000
91,000
62,000
9,000
34,000
884
86%
80%
80
694
93
54%
3355
33,000
12,000
3,000
97% May 1074 Feb
8715 Nov 100% Sept
9934 Mar 105
Sept
1,000
2,000
7,000
42,000
97%
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
88%
Jan
10614 Jan
1054 Jan
1024 Jan
Jan
101
9315 Jan
106% Jan
8735 Jan
59
June
Apr 107%
Jan
Apr 106
Jan
98
95% May 1074 Jan
Aug
88% Nov 100
12,000 21
24,000 88
48,000 100
112.000 33
28,000 92
1.000 55
20,000 25
4.000 53
14,000 87
99%
15,00
3,000 65
Jan
Nov
Mar
Nov
Mar
Apr
Apr
Nov
Mar
Mar
Nov
484
104%
106
654
102
52
8114
81
100%
105
9151
July
Jan
Jan
June
Nov
June
July
July
July
June
Feb
10215 102%
3,00 100
Dallas Pow & Lt 68 A.1949
94
94
2,00
94
1952 94
5s series C
100 101 103.00
Dayton Pow & Lt 155 1941 101
09
6514 68
5,00
60
Delaware Ni Pow 5155....'59 (i8
96
93
13,00
03
Denver Gas & Elea 65.1919 93
64
64
2.00
BO
Derby Gas & Elea 65..1946
78
39,00
Del City Gan 6s nor A 1947 7614 76
75
71
70
4,000 6734
1950
55 1st series B..
Detroit Internatl Bridge
315 414
2,000
434
h
Aug 1 1952
6558..
14
14
Certificates of deposit_
1 14 14 3.000
1
1
2,000
35
1952
78
1
1952
7e ctfs of dep
15
54 11,000
3-4
35
Dixie Gulf Gas 648 193755 itb warrantS
82% 82% 1.000 70
Dube Power 445
1967
93
93
3,000 88
Eastern Utilities Investing1954 1334 134 13% 2,000
5s ser A w w
914
Edison Elea III (Boatonl13,000 9935
2-year ba
1934 10034 100% 101
101 10116 70.000 9535
5% notes
1935 101
Elee Power & light 55.2030 2554 2515 28
81.000 21
5515 58
Elmira Wat L & RR 58 '56 58
10,000 55
Empire Diet El 6a. _ _ 1952 4731
47
4814 28,000 37
9515 4831 51,000 2814
Empire Oil A Ref 5348 1942 48
82
Erie lighting Is
82
1,000 82
1967
European Elea 814s_ .198a
Without warrants
7755 9,000 60
7716 74
European Mtge Inv 7s C'67 2751 24% 2734, 58,000 23
Apr
Nov
Apr
Apr
Nov
May
Ma
Nov
10314
103%
106%
854
102%
83
984
91
Jan
Aug
Jan
June
Jan
July
Jan
Jan
Fairbanks Morse bs_ .1942
Pedant] 5% ater sem, 6%WM,
Finland Residential M tee
1961 7254
13ankm (le
Firestone Cot Mills 68.48 88
Firestone Tire & Rub 65'42
Fla Power Corp 5145.1979 49
Florida Power & Lt 55 1964 5351
Gary El & Gas 5eser A 1934
Gatineau Power let be 1956 7734
Deb gold 65 June 16 1941 69%
Deb 65 series B....1941 67
General Bronre (is.
1940
General Motors Acceptance
1934 101
5% serial notes
1935
5% serial notes
1936
5% serial notes
Gen Public Service 58.1053
Gen Pub Ltui 6159 A 1926 2655
1033 38
2-yr cony 854a
1948
Gen Rayon 88
lien Itetract,aies 6s...1935. 9315
1937
515
Gen Vending 65 ctfs
bleu V% at 1% ke & El 58 1943 4031
Georgia Power ref 58. 1967 59%
Georgia Pow & Lt 68.-1978
1953
GeatUrel deb 68
(Matte Safety Razor fai 40
Olen Alden Coal 415..- 1965 56
1935
Glidden Co 5158
Global (Adolf) 6168 ..1935
85
With warrants
Godchaux Sugar 748.1941
Prop 89.1948 10
,
Grand (1 W)
Grand Trunk RY 4518 193b
Grand Trunk West 45.1950
Great Nor l'ow 58_ __ _1935
Urea.! V% tadern l'ower bas 49 94%
1937 100?4
Gulf 011 of pa 58
1947 9854
be
Gulf States Util 68-1956 67
1961
416s series 13
Hackensack Water 68.1938
Hall Printing kie -.1947
Hamburg Electric 7s._1935
Hamburg El & Und 548'38
Hood Rubber 545-1939
1936
7s
Houston Gulf Gas 65_1943
Holm I. & P 1st 448 E 1981
let & ref 43-45 nor D-1978
1953
Is series A
Hudson hay NI & S 65.1935
Hydraulic Power
1951
Ref & imp 55
Ibitrade I nod Prod tin 1949
1940
65 series 15
1947
Idaho l'ower bs
Ilituois Central RR 454a 34
'
III Northern FBI 5s...1957
ill Pow & 1. 1st 68 ear A '53
let & ref 54a nor 13.1954
bit & ref Saner C...1956
8 f deb 534e__Nlay 1957
Indiana Electric Cory
1947
65 series A
1953
6558 series B
1951
Is scrim C
Indiana Gen Serv 58..1048
Indiana Hydro-Flea 55 58
Indiana & Mich Electric
1955
1st & ref 5s
Indiana nervice 5a.. 1960
1963
1st & ref 55
Indianapolis Gas 58 A 1952
P A 1 Inset A '67
74
94
80
60% 5.000
214 234 18,00
46
18
Ma
Nov
Ma
Jan
435 June
July
8
414 June
3 June
Apr 9414 July
June
Jan 102
Fe
23
Jan
AP
Apr
Apr
Nov
Apr
Apr
Nov
103% Jan
10314 Jan
59
July
Jan
88
July
67
6851 July
Jan
104
Mar
Apr
Sept
80
3934 Aug
Apr
Apr
72% July
43
July
7154 73
87
88
914 9134
51
48
5354
49
33
3414
76% 784
68
89%
67
68
a6314 a63
22,000 38
26,000 68
71
23,00
44
19.00
70.000 4414
9,000 33
143.00
5934
14,000 39
14,000 39
1,00 :434
Jan
Mar
Apr
Apr
Nov
Nov
Apr
Mar
Mar
Apr
73%
8915
92%
74
7054
72
83%
73%
73
74
Oct
July
Aug
July
July
Jan
July
Nov
July
Aug
101 101%
103% 10334
1024 1024
67% 70
254 264
36% 38
38
3816
9315 9515
5
54
3815 90%
5535 60
43
4615
52
534
93% 95
5515 57%
95
95%
3,000 10034 Mar
10,000 10034 Ma
4,000 100
Mar
8,000 64
Oct
11.000 12
Mar
2,000 174 Ma
2.000 20
Ma
16.000 90
Oct
2,000
2
Aug
15.000 3814 Ma
154,000 5434 No
8,000 40
Apr
16,000 3134 Jun
4,000 89
Apr
25,000 45
Apr
13,000 76
Apr
10335
103%
10455
75
38
48
80
10834
6
80
90%
70%
69%
102
714
953
,5
Aug
Aug
July
Jan
June
June
June
Aug
Aug
May
Jan
July
Jan
Feb
July
Nov
9335
100
12
102
75%
101%
106%
102%
102%
82
7835
July
July
Jan
July
Sept
Sept
Jan
July
Aug
Jan
Aug
8214
97
815
100
63
94
94
1004
97
62
5.5
85
97
10
100
854
95
9455
101 15
984
67
5634
35,000
4,000
3,000
1.000
7,000
16,000
23,000
27,000
32.000
30,000
2,000
a9954 69911 6,000
63
63
1,00
76% 76% 2,000
7115 74
16,000
60% 61% 4,000
71
73
3.000
4314 4335
1,000
81% 82
0,00
81% 6,000
80
94
94
1,000
101 110
1,000
55
77
7
94
50
89
93
92
92
150
53
Apr
Fe
Apr
Apr
Apr
Apr
MaY
Apr
Mar
Apr
Apr
96
49
624
40
3115
44
3134
7915
78%
88
77
Mar 10435 Sept
Mar 724 July
Apr 864 Jan
Sept 74
Nov
Mar 68
July
Feb 78
July
NI ar 61
July
Apr 9631 Jan
Apr 9615 Jan
Jan
May 104
Apr 120
July
100
44
43
86
67% 67
89% 89s
62
5055 98
49% 47
3816 37
10055 3,000
46
4,00
4354 9,000
86
2,000
68% 36,000
89s 3,000
5515 77.000
5051 55.000
5016 56,000
3354 18,00
98
40%
40
8515
33
85
48
46
42%
34
May
Nov
Apr
May
Apr
May
Nov
Nov
Nov
Nov
60
614
5434
93
524
2.000
60
62% 2.000
5615 20.00
9415 3,000
1.00
524
57
61%
48%
93
49
Apr 91
Feb
Nov 91
Jan
Apr a7815 Jan
Nov 105
Jan
May 76
Jan
80
25
2411
70
73
814 2,000
2614 60.00
14,00
26
4.000
70
75% 66.00
80
14
1235
85
73
Apr
Apr
Apr
Apr
Nov
6255
5411
5235
2534
lo
73%
106
65
cal
102%
8514
100%
7714
74
71
804
Jan
June
June
Jan
July
Feb
July
July
Jan
Jan
99
Jan
44
July
40% July
83% Jan
954 15n
International Power Sec
Secured 615aser C..1955
78 series E
1957
7s series F
1952
International Salt 58..1951
Intornatinnal see 55 1917
Interstate 1r & Steel 548'48
Interstate Nat Gas 65_1936
Interstate Power fre_ 1957
Debenture iSe
1952
Interstate Public Service
58 seller D
1958
4 to Aerie. P.......19136
Invest Cool Amer 58..1947
Without warrants
Iowa-Neb LA P Se_ __1957
5s series 15
1961
Iowa Pub Serv 5s. _ _ .1957
Imre° Hydra Elea 7s 19.52
Isotta Franshini 78 _1942
Italian Superpower of Del
Debs as without war '63
3993
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. high.
$
87
8714
89
92
8335 84
8414 85
45
47
57
59
103 10316
41% 4035 43%
3014
304 30
87%
89%
84
8411
45
Low.
2,000 74
18,000 70
4,000 45
2,000 7414
41.000 40
8,000 21
3,000 103
50,000 37
14,000 2035
High.
July 9215 Nov
May 9634 Oct
Apr 8514 Oct
Mar 9034 Oct
Mar 614 July
Apr 6715 June
Feb 1054 Mar
Nov 64
July
Apr 5334 July
49
20,000
50
4515 96.14 21,000
464 Apr
45
Apr
784
72
604
57%
66%
7814
68
573-4
5734
8115
7734
83
2,000
48,000
19,000
13,000
20,000
2,000
63
56
564
6031
71
83
8434 Jan
8435 Jan
8456 Jan
833-4 July
368
4 Feb
8615 Nov
6734
6634 6751 44,000
3734
Jacksonville Gas 58_1942
Jersey CPAL 58 11....1947
445 serle5 C
1961
Jones & Laughlin 58..1939
Kansas Gas A El 68 A.2922
Kansas Power 5s
1947
Karma. Power & Light
Os series A
1955
6e eerie. B
.1957
Kentucky rtilitles Co
6158 series D
1948
535s series F
1955
5s series I
1969
Kimberly Clark 5a. _1943
Koppers 0 & C deb 5s 1947
Sink fund deb 555a 1960
Kresge(SS) Co fei
1945
Certificates of deposit..
Laclede Gas 548
1935
Larutan Gas 616s__ _1935
Lehigh Pow Secur 85.2020
Leonard TIPT7 7 tia
1046
Lexington Util 55
1952
1.1665 Ale'• A Libby 65 42
Long Island Ltg 135_1945
Los Angeles Gas & Elee58
1961
534s series F
1943
LoUhrlarai Pow A It 55 15187
Louisville G & El 445.1961
6s
1937
57s
69
604
5915
6615
7834
83
37
8114
73
37
38
7915 8154
7231 7314
105 105
63
64
6134
6115 60
5,000 3014
27.000 77
57,00
703-4
25,000 101
6.000 63
10,000 55
83
71
51
76
83
71
61
51
4534
83
76
82
6,000
62
5234 5,000
4716 8,00
1.000
83
7731 24.000
40,000
85
1,000
1,000
2,000
Mar
Nov
Nov
Apr
Apr
Jan
Apr
72
83
71
Apr
May
Aug
55
51
4515
72
70
72
Nov 93
Nov82
Nov 80
Apr 92
Apr84
Mar 8751
0534 June
9051 Aug
93
89
89
1934
70%
5715 30.000
9114
7.000
6334 36.000
9,000
32
5534 2.000
5915 33.000
7134 8,000
47
58
58
25
55
4834
70
Mar 8054
Jan 96
Apr 8834
June 63/5
Nov 74
Mar 77
Nov 100
93
90
9635
64
80
91
1,000
90
9634 2,000
67 107,000
1.000
80
3,000
93
374
9631
63
80
91
Nov
Nov
Nov
Nov
Nov
58
3034
Jan
Jan
Apr 5354 July
Nov 10134 Jan
Nov 9631 Jan
Apr 104
Oct
Nov 8515 Jan
Nov 80
Feb
57
9115
57
3016
5534
58
703-4
Manitoba Power E 45.1951 343-4
Mansfield Min & Smelt
Without warrants
63
7a with warrants. _1941
Mass Gas Co
Sink fund deb 56-1955 71
54n
-------.1946 8135
McCord Rad & Mfg
Deb 65 w w
1943
elbourne El Sup 755s '46
metropol,tan Edison
48 series E
1971
58 series
_1962 7555
Middle StatesPetro164s'45 50
Minlnile eat UtIlltAna58 ctfs of dep
1932
33-4
5s ctfs of depnsit
1933
351
58 etts of deposit...1935
315
Milwaukee Gas Lt 448 '67
Minneap Gan, Lt 4548 1950
Minn Gen Elea 5s....1934
Minn P & L 55
1955
1st ref 44s
1978
Mississippi Pow 58___1955 3834
hila5 Pow & T,t 55
1957 4214
alLssIssippl River Fuel
68 without ware...
.1044
Miss River Po. 1st be 1951 9915
Missouri Public Sera 511 47 42
Monongahela West Penn
Pub Serv 5 kisser B.1953
Montreal L H & P ConlstArefSsserA.._195l 105
5s series B
1970
Munson 85 Line 6%6_1937
With warrants
1134
Narragansett Elea 55 A '57
Is series B
1957
Nat Pow & LC 85 A...2026
Deb 55 series B _.2030
Nat Public Service 55 1978
Certificates of deposit _
National Tea 5s
1935
Nebraska Power 4156.191i
6s
2022
Nevada-Calif Elea Is Ivan
New Amsterdam Gas 5s '48
N E Gab A n.:1 Assn 65_ 1947
Cony deb As
1948
Cony deb 58
1950
New Eng Pow AMID 58.1948
Debenture 534a
1954
New Orl Pub Sera 434s '35
Cs series A
1940
N Y & Foreign Investing
515s with wart
1948
N Y Penna & Ohio 434s '35
N Y P&L Corp 1st 446'67
NY State 0 & E 451a.1980
534s
1982
N Y In Westeh'r 1.tg la 2091
Deb 5s
1954
Range Since Jan 1.
8831 Star
Feb
June
July
Oct
Aug
July
July
July
Aug
Jan
Jan
July
June
Jan
10394 Jan
10331 Aug
9434 Jan
Feb
102
10254 Jan
31
35
24,000
20
Apr
53
July
63
62
63
63
10,00
7,000
4714 Apr
Apr
47
63
63
Nov
Nov
74
71
8116 83
73,000
28,000
70
75
9414
99
Jan
Jan
33
101
33
101
63
75
50
63
7554
51
315
315
315
93
69
10034
604
55
37
4034
434
4
34
93
70
101
6016
57
40
45
Nov
Apr
1,000
1,000
July
834 Apr 47
Jan 10216 Nov
92
1,000
8,000
5,000
Nov
63
Nov
75
273-4 Mar
36,000
315
35,000
315
10.00
315
1.000 91
12,000 69
8,000 100
1.000 6034
6,000 55
14,000 354
28,000 40
87
87
1.000
9935 1014 6,000
38
42
10,000
Jan
86
9735 Feb
60
July
July
Nov 18
Nov
July
18
July
18
Nov
Apr 10214 Aug
Jan
Nov 90
Mar 10351 Feb
Jan
Nov 87
Nov 81
Jan
Nov 734 Jan
Jan
Nov 83
July
Feb 92
79
974 Nov 1054 Jan
Jan
Nov 65
33
9,000
48
Apr
76
Jan
10314 106 189,000
10355 10434 20,000
84
82
Feb 110
Feb 109
Nov
Nov
Feb
July
594 60
114 1215 30,000
8
31
9116
93%
56%
50%
9334
9314
5634
49
944 33,000
933-i 6,000
6055 56,000
47,000
51
9115
9314
60
41
Nov 104
Aug
Nov e10334 Aug
Mar 85
Jan
Mar 74
Jan
8%
9715
86
854
9715
86
79
5554
90
3536
36
354
4934
5315
3515
29
815
9735
87
79
5734
90
3634
37
374
5334
56
37
3015
3,000
7,000
9,000
2.000
52.000
10,000
48,000
33,000
47,000
149.000
68.000
35,000
27,000
754
834
83
7816
4754
89
34
333-4
334
3554
40
3514
254
Ort 23%
Jan 9834
Nov10231
Nov 984
Apr 7854
Apr 10215
Nov 5935
Nov 60
Nov 6914
Mar 684
Mar 724
Nov 65
Apr 4915
80
9115
7514
5851
77
83
96
60
1,000
9314 12.000
7651 91,000
61
31,000
i,000
77
83
1,000
6,000
96
55
88
74
5814
77
81
96
56%
3656
3655
52
5-135
36
60
7651
58%
Niagara Falls Pow 68_1950 10515 105
58 series A
1959
100
Nippon Elea l'ow 8358 1953 65% 6434
No American Lt & Pow
5% notes
1934
10031
5% notes
1935
9335
,
5% aerial votes_ _1936
8356
448 series A
1968. 29
29
Nor Cont UM 534s _ _ _194R
2255 22
Noth'n Ind G & E 6s 1952
7934
Northern Indiana P
5s series C
1966 57
56
58 series D
1969
56
556e series E
1970
5015
No Ohlo I' & L 515E1..1951
7135
Nor Ohio 'Frac & Lt 55 '56 6915 68
No States Pr ref 4‘65...1961 76% 76
N'western Elect 6s. .1935
6515
N'western Pow Os A..1960 1215
1216
N'western Pub Sera 68195?
4815
Ohio Edison 1st Ie.. 1960 71% 6934
106
100
66
Nov 7815 Mar
Apr 9954 Sept
Jan
Nov 99
Nov 0115 Jan
Nov 105
Jan
Nov 9715 Jan
June 105
Feb
11,000 1014 Mar 10815 Jan
5,000 963.4 May 106
Jan
18,000 3531 Feb 7034 Nov
10034 6,000
9315 5,000
85
20,000
30
14.000
23
4.000
7915 3.000
584
5615
53
73
6934
78
6554
1215
4915
7314
Jan
July
July
Jan
July
Jan
June
Jan
Jan
June
June
Jan
Jan
15,000
5,000
20.000
41.000
19.000
78.000
3,000
1,000
9.000
41,000
8615
74
68
2151
20
72
Apr 1004 Sept
Apr 96
Aug
May 924 Sept
Apr 4734 July
Nov 43
July
Nov 10235 Feb
5415
5334
50
7114
68
7334
83
855
4715
65
Nov 9051 Feb
Feb
Nov 91
Nov 8554 Jan
Nov 10334 Jan
Nov 10015 Jan
Nov 974 Jan
Jan
Nov 03
June
Oct 18
Nov 7535 July
Jan
Nov 98
Financial Chronicle
3994
Bonds (Continued)-
F'riclay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
Ohio Power lst be B._1952 914 90
914 11.000 88
ser D 1966
lot le ref 4
86% 8634 8,000 81
Ohio Public Service Co
6s series C
1953
72% 734 32.000 72%
1961
548 series E
72
30,000 69
70
Okla Gas & Elec 58-1950 71
26,000 6854
694 73
1940 68
68 series A
68
68% 24,000 63
Okla Power & Water Os '48 40
41
7,000 35
40
Oswego Falls 6.3
1941
5154 5134 51% 1.000 36
Pacific Coast Pow 5s 1940 67
67
J 65
69
Pacific Use & El Cola (Is series B
1941 103
7,000 101
102% 103
1952 97% 9734 984 30,000 95%
1st & ref baser C
58 series D
1956
9334 93% 3,000 93
let & ref 445 E__-_1957 86% 86
16,000 82%
87
let & ref 4345 F_ ___1960 87
23,000 82%
85% 87
Pac Investing 5s
1948
6,000 64
69% 71
Pacific Pow & Ltg 5.9_1955 36% 364 38
25,000 35%
Pacific 14 eatern oil 648 43
With warrants
76% 754 764 61,000 574
Palmer Corp of La 68_1938 87
4,000 794
87
87
Penn Cent L & P 4348 1977 64
63
65
53
54
Penn Electric 45 F____1971
Penn Ohio Edison
1960 464 4634 4734
Deb 68 x-warr
Deb 54s series 11_ 1909 4155 4155 42%
Penn-Ohio P & L 514s 1954 75% 754 7634
19.18 92% 924 9334
Penn Power 5$
60
1954
60
Penn Pub Serv 55 D
88
88
Penn Telephone 55 C__1960
91
91
Penn% at&P0w44813.1968
104% 105
1940
68
Peoples Gas Lt & Coke
1981 67
6434 67
4e series B
1967 75
74% 75
tie series C
10634 10755
Phil& Electric Co Si.... 196%107
Phila Flee Pow 548_1972 101% 1004 101%
514 524
Phila Rapid Trans 68_1962
Plana Suburban Counties
98% 98%
Cask Elec 4 %s----1937
954 954
Phila Suburban Wat 55 '55
Piedmont Hydro El (,,u72
75
lat & ref 64e cl A__1960 72
69
70
Piedmont & Nor 58_ .._1954
89
90
Pittsburgh Coal 8s____1949 90
80
80
Pittsburgh Steel 6s_1948 80
Pomerania Elec Os..1953
tom
Potomac Edison 5s
Potomac Elec Pow 68_1938
Power Corp(Car0434e1l
9Power Corr
_ _1942'
645 seri
..1 .1,
,34s
ieca.u.es (4. _1949
"owe',
Amer's: •• series
"amble '48 47
Proete
,
1954
Pr ..sst,o, Eie a
Serv ot N • pet ette_.
Nor thin itsrun ts
i5s
1518l
let & ref 154. ser
. 1917
154e 1.,rles 0
:9 .
413 series 11
Pub lees of Oklabota t-,1
O aeries C
1957
Gs series D
Puget Sound P dr L 634e '49
let & ref Si ser C_ _ _1950
1st &ref 44seer D 1960
42
63
53
3
51
1,13
40%
774
1014
01
Nov 1044
Apr 9954
Nov
Nov
Nov
Mar
Mar
Apr
Nov
954
90
9114
8354
63
594
93
Jan
Jan
Jan
Jan
Jan
July
July
Tuly
Feb
Mar
Nov
Nov
Nov
Nov
Apr
Nov
11254 Jan
ti Jan
106% Jan
10134 Jan
1014 Jan
July
81
73
July
Apr
Apr
July
81
9434 Aug
14,000
21,000
584 Nov
514 Apr
80% Feb
744 Jan
17,000
29.000
18,000
4,000
1,000
1,000
6,000
19,000
464
4034
75%
92%
60
88
89
994
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Apr
82
7514
103%
104
954
0734
101
108%
Jan
Jan
Feb
Feb
Sept
Feb
Jan
Aug
Nov 934 Jan
27.000 64
Nov 10654 Jan
80,000 71
18,0000 10234 Mar 110% Jan
Nov 108
Feb
37.000 100
3,000 43% May 60% Jan
4,000
2.000
24,000
5,000
17.000
2,000
95% May 1044
95% Mar 104%
65
Jan
6034 Ayr
82
Apr
6334 Feb
80%
83%
95%
82
Jan
Jan
Nov
July
July
July
42
18,000 28
May 5934 Jan
1,000 7314 Nov 9134 Aug
774
102
5,000 101
Nov 1064 Feb
July
634 25,000 28
Apr 64
704 70%
53
53
1.000
1.000
70
50
43
43
2.000 41%
10534 105% 13,000 984
4,
51
46,000 364
102% 103
6.000 102
Nov
Nov
994 Feb
Aug
65
Nov 67
May 106
Sept 70
Nov 119
July
Oct
Jan
Jan
60%
8255
6734
5934
8154
72
70
804
824
744
20,000
39,000
81,000
47,000
65%
56%
78
70%
Nov 100% Jan
Jan
Nov 93
Nov 10754 Jan
Feb
Nov Ws
62
63
41
384
37
62
63
39
38
36%
62% 3.000
6334 ?,000
,s,0
41
38% 24.000
37
25.000
57.4
54
37%
364
3334
Apr
Apr
Nov
Nov
Nov
Aug
78
July
81
6734 Jan
Jan
66
Jan
63
71
Apr
96
1968 93
Quebec Power 55
92% 93
1945
Republic Gas 8s
17
18
Certificates of deposit-. 18
2534 27
Rocneetet Cent Pow oe '53 26
Rochester Ry & Lt 58_1954 1014 10134 101%
49
52
Ruhr Una Corp tt 46-1953 52
34% 424
Ruhr Housing 630
1958 42
93%
Sate Harbor Wat Pr 4 345 39 9354 92
5
54
St Louie Gas & Coke ris '47
83-4
San Antonio Public Service
64
1958
65
Os series 15
1955
101% 101%
Sauda Fails 58
504 54
Saxon Public Wks 6s_ _1937 54
834
8.54
854
Schulte Real Estate 8s 1935
72
71
Serinp (E W)Co 5348_1943
26% 29
Seattle Lighting 55-1949
74
67 74
76%
Shawinigan W & P4345.
1968 744 7434 7634
4345 series II
1970 833-4 82% 86
1st be series C
1970 744 74% 764
let 434e series D
78
78
Sheffield Steel 54s-1948
444
Sou Carolina Pow 55..1957 444 41
Southeast P & L ris___202e
Without warrants
44% 434 48
94
95%
Sou Calif Edison Si...1961 943-4
. 1952 94% 944 9534
Refunding 58
93% 95
Refunding Ss June 1 1954 94
Gen & ref be
1939 1024 101% 102%
81
82
Sou Calif Gas Co 448_1961 81
1st ref 58
1957 8756 87% 8755
1952
54s series 13
95% 9534
Sou Calif r hut Corp 5(3_193. 587
8555 87
80% 8051
Sou Counties Gas 4.54s.'68
Sou Indiana G sc El 548'61 101
100 101
Sou Indiana Ity 4s_ ___1051 48
47
48
Southern Natural Gas 6544
5334 5654
Unetamped
41
S'western Assoc Tel 5s 1961
41
South west (.3 & E 6e A.1957 614 61% 65
be series B
1957
60
63
Sou'weet Lt & Pow 58_1957
47
47
Sou'west Nat Gael 6e 1945 34
354
34
So'West Pow & Lt 6s_2022 394 384 40
So'West Pub Serv 65 A 1945
58
58
2,000
4,000 13
12,000 22%
5,000 100
46.000 32
54,000 2314
15.000 90
3,000
5
0,000
2,000
10,000
60,000
3,000
15,000
109,000
3.5,000
26,000
41,000
2,000
22,000
64
974
3634
7
554
25%
July
June
Jan
Feb
Jan
Jan
Jan
Jan
Nov 84% July
Jan
Mar 105
Sept 674 Jan
Apr 17% July
Oct
Apr 74
July
Nov 54
Texas Cities Gas 5s. _1948
Texas Eine Service 5a_1960
Texas Gise (7th 13g..- _1946
Texas Power & Lt 68..1958
55
1937
(Is A
2022
Thermold Co w w 613_1934
Tide Water Power 58.1979
Toledo &neon 5s
1982
Twin City hap Tr 5
'62
65
16%
67
89
51
524
844
22
Ulen Co deb 6e
1944
Union Flee Lt & Power
1957
434s
Os series A
1954
5s serles 13
1967 05
Un Gull Corp 55_July 1'50 100%
United Elec(NJ)4)1_1949
Haled Elec Bury 78_1966 77%
United Industrial 654s 1941
1st 65
1945
United Lt dr Pow 68
1975
deb g 634s
1974
On Lt dr Ry 534s
1952
(is series A
1952
63 series A
1973
U S Rubber
68
1936
64% serial notes.__ 1934
635% serial notes_ _ _1935
54% serial notes
1938
64% serial notes 1937
63
4% serial norat 19 o
614% serial notes...1939
Utah Pow & Lt 4348_1944
Vamma Wat Pow 534s '57
Vii PACC A Power fis_
Vs Public Serv 648 A 1946
1st ref be ser 13
1950
6s
1946
Waldorf-Astoria Corp
78 with warrants.,..1954
Ctfs of deposit
Ward Biking Os
1937
Wash Gas Light 5s
1950
Wash Water Power 58.1960
West l'enn Elm 59
2030
West Texas UM 68 A.1967
Western Newspaper Umon
06
1944
Western United GAO& Elec
let 5%o ser A
1956
Wise Elec Pow 58 A...1054
Wise Pow & IS 55F..,19.18
bs series E
1956
Wise Public Serv
Yadkin River l'ow 55_1911
York Hallways 5s
1937
Foreign Government
And 4
funicIpalirlesAgri° Mtge Bk (Colombia)
75 with coupon_
1947
linden exti 78
1951
Buenos Aires (Prov/External 748
1947
748 stamped
1947
External 78
1952
7 stamped
1952
Cauca Valley 7s
1945
Cent Bk of German State at
Prov Banks 6s B
1951
68 aerial A
1952
Danish 5s
1953
536s
1955
Danzig Port & Waterways25
-year 634s
1952
German Cons M unie 78.47
Secured Cis
1947
51
64
16%
66
884
51
524
524
8234
21
51
65
17%
67
8934
51
53
54
88
22%
1,000
21,000
23,000
18,000
17.000
3,000
2,000
13,000
38,000
51,000
Range Since Jan. 1.
Low.
46
63
114
65
87
51
2634
444
79
19
High.
Feb 60
Nov
Feb 33
Nov 92
Nov 104
Nov 82%
Apr 073-1
Apr 69
Nov 994
Sept 344
July
Jan
Aug
Jan
Jan
Jan
Juiy
Jan
Jan
May
Jan
43
July
6.000
91%
5,0(.0
99
99
11.000
93% 95
99 1004 46,000
1,000
964 964
32,000
77
78
87%
97
9234
96
95
87
Apr
Apr
Apr
Apr
Mar
July
9934
106
106
103
103
84
Sept
Feb
Jan
Feb
Jan
Nov
33% 35
0,000
15
5634
5534
26
31
32%
55
26
574
5734
29%
3134
34%
56
28
37,000
37.000
55,000
10,000
85,000
13,000
6,000
35
3631
26
2654
31
55
25
May
May
Nov
Nov
Nov
Nov
Nov
66
68
60
65
61
834
55
jan
Jan
June
July
July
July
June
90
9934
854
67
65
64
63
52%
10,000
91
7,000
9936
8,000
87
10,000
70
5,000
66
6,000
64
0,000
65
5,000
5231
894
6014
2934
27
25
27
27
524
Sept
Apr
Feb
Feb
Apr
Feb
Feb
Nov
94%
9934
90
81
8054
864
83
70
June
Nov
July
July
July
July
July
June
75
86
52
474
474
2,000
75
87.34 8,000
12,000
54
25,000
50
7,000
48
68
86
49
45
43
Jan 88
July
Nov lul
Jun
Nov 77
Jan
Nov
71% Jan
Apr 71
July
11,34
7%
96
76%
78
49
424
4,000
12
1,000
7%
964 6.000
15,000
78
8,000
78
504 31,000
60,000
44
24
24
904
76
75
4434
3554
Feb
13
Oct
Feb
10
May
Apr 9754 Aug
Nov 944 Feu
Nov 1024 Jan
May
71
June
Apr 67
July
25
2534
69%
97
51
52
80
73
70
14,000
70
1,000
97
1,000
51
524 12,000
80% 2,000
73% 6.000
2,000
70
(14
2,000
20% 20%
10,000
30
35
20
21
27%
304
254
31%
27%
3034
2531
731
254 Jan
27% Nov
19
Mar
25% Nov
7
Mar
44
43%
41
454
194
40
52
58
364 40
22,000
25,000
364 May
22
Sep
66
55
70
61
64
6834 74
22,000
21,000
67
57
7434 Sept
7854 Nov
5654
5634
27%
31%
33
56
87
70
63
49%
9634
76%
50%
4334
73
35
47
43
40
Hanover (City) 71 _1939
/
Hanover(Pros)634e._1949
Indus Mtge Bk (Finland,
1st mtge ooll s 71..1944
Lima (City) Peru 6545 1958
47
38%
35
7,000 a22
324 4,000
6,000
30
3035 5,000
10,000
30
734 1,000
47
12,000
43 170,000
4134 150,000
Feb
35
June
Apr 8934 Feb
Mar 103
97
Jan
51
Nov s9f1 Jan
52
Nov 89
Jan
80
Oct 97
Jan
724 Oct 004 Aug
70
Nov 92
Jan
Nov e27
Sept 5734
Jan
Jar
36% Oct
29% June
26
May
54
e414
614
Oct
Jan
July
July
July
July
July
Jan
Jan
Jan
Jas
Jan
38
4034
4054 414
4,000 z3434 Nov
6,000 28
May
Mar
61
54% Jan
84
85
514 5%
8,000
5,000
59
4
Mar
Feb
924 July
J uly
, et
)
11
1034
17
25
734
5734
Mar
Nov
Oct
Sep
Apr
Jai
2 4 July
3
3
5
394 July
804
8034
87
81
92
73%
July
July
July
July
Sept
July
Nov
Nov
Nov
Nov
Nov
Nov
May
Slay
May
May
Nov
Apr
82%
105%
10534
105%
108
95
993-4
103
93
93
105%
64
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Sept
Jan
July
Apr
Mar
Apr
Apr
Nov
Mar
Apr
Oct
75
59
8254
82
78%
43
68%
714
July
July
Jan
Jan
Aug
May
July
July
Mar
Apr
Apr
Apr
77
77
62
6014
July
July
June
July
Apr
Apr
Apr
Apr
Aug
79
Aug
79
June
59
324 Jan
I See alphabetical Ilst below for "Deferred delivery" sales affecting the range
for the year;
American Manufacturing ,pref., Feb. 7, 30 at 4334.
Arkansas Natural Gm, corn., clam A. March 15. 400 at 14.
Associsted Gas & Elee 434s 1948 regis. Slay 22, $1,000 at 12; Slay 27, 52,000 61 10.
Gen. Bronze Corp. lit.. 1941) IOW, Apr IS, 57,000 at 43.
Hanover (City) 78 1939, Oct. 30. 57.00061 3154.
Indiana Electric 5e. *erten C, 1951, Feb. 1, 57,000 at 80.
International Petroleum, Feb. 2, 200 at 834.
Jersey Central l'ow & Light 534% pref., May 29, 25 at 8.
Lefeourt Realty Corp.. pref. Apri 4, 100 at 24
Niagara-Hudson Power class B option warrants March 21, 100 at 14.
Pacific Ltg & Pow bs 1942, Oct. 30, 32,000 at 110.
Peoples Light ,St l'ower 58, 1979, April 18, 52,000 at 54.
Syracuse Lighting 54e, 1954. Feb. 1, $1,000 at 10954.
Union American Investment 58 w. w. 1948, April 12, 31,000 at 72.
Valvoline Oil is, 1937, July 10, 51,000 at 604.
Western Newspaper Union 6s, 1944. March 16. 51,000 at 21.
Jan
Jan
Sept
Aug
Oct
Jan
Jan
July
July
Feb
Jan
Jan
Oct
c See alphabetical list below for "Under the rule" sales affecting the range for
the year:
Agriculture Slfge Bk 78 1947 with coupon. Nov. 9, $1,000 at 2754•
Associated Telephone 51.00 crehirred, Feb. 9, 100 at 19.-s
American Community Power 554s, 1953, June 16. 11,000 at 10.
Chicago District Electric 550, 1935. Feb. 2, $7,000 at 9554.
Cleveland Electric Illuminating Se 1939, June 1, 11,000 at 1074
IlYgrade Food Products 68, series B, 1949, July 25, 81.000 at 6214.
Narragansett Electric 5i, aerie* 15. 1957. Jan. 17. 11.00051 104
New York & Westchester Ltg 5e 1954, Mar. 27, 55.000 at 10654
Singer Mfg. Co. Am. dep. refs.. July el, 12 at 354.
Tennessee MIMIC Service fie. 1970. Jan. 13. $1,000 *5 954.
United States Rubber Os. 1933. May Hi. 58.000 at 1004
79,000 43
23,000 92
10,000 93
19,000 904
13,000 100
6,000 7834
2.000 80
10,000 94
13,000 72
1,000 75
11,000 06%
9,000 34
31,000
2,000
16,000
4,000
1,000
5,000
12,000
1,000
Apr 244
Nov 48
Mar 1084
Sept 67
May 60%
Apr 102
Oct
16%
Bonds (Concluded)
-
Sales
Friday
Last Week's Range for
;Peek.
Sale
of Prices.
Price. Low. High.
49 .Apr
Apr
50
Mar
67
484 Mar
Apr
65
Nov
41
39
35
00
62
47
26
32
55
Stand Gas & Elec 65_1935 49
49
524 40,000 35
Cony 68
1935 50
.5254 41,000 35
50
Debenture 68
1951 34
384 58,000 2834
34
Debenture lia_Doc 1 1966 35
31,000 28%
3435 38
Standard investing
5345
1939
7034 8.000 63
70
5 ex-warrants
4,000 63
1937
65
65
Stand Pow dr Lttte
49,000 264
1957 32% 3134 33
Stand Telephone 540_1943 al734
1634 01755 9,000 10
Stinnes (Hugo) Corp-7s without warr Oct 1 '36 464 45
4635 13,000 30%
7s without warr-_1946 4234 40
42% 22,000 29
Sun 011 deb 545
1939
12,000 99%
101
102
5% notes
1934
100% 100% 2,000 99
1004 10034 3,000 9534
1940
Sun Pipe Line 5,1
Super Power 0( 111 440.'68 63
7,000 59
614 63
1970
14,000 60
let 448
60
62
Swift &Cols!ma(58.1944 102% 101% 103
18,000 9654
1940 954 9554 95% 13,000 67
8% notes
Syracuse Ltg 5%s.__1954
1,000 101
10334 1034
1957
97
9754 9,000 96
5s series B
51% 55
3,000 48
Tennessee Elec Pow 581956 55
72,4 75
19.000 69
Tern! Hydro Rice 64s 1953 74
High.
Dec. 2 1933
July 65
5914
July
Apr 104%
Feb 102
June 102%
May 84
Apr 834
Apr 10554
Mar 1004
Apr z1084
Mar 1064
Nov 95%
Jan 813
Medellin Municipal 78 1951
Islendoza 748
1951
74s stamped
1951
Mtge Bit of Chill 6s._1931
Mtge ilk of Denmark 5s'72
Km its Janeiro 0 hs....-1959
Russian Govt
636s
1919
64e certIticates
1919
534s
1921
514s certificates_ _1921
Saar Basin 75
1935
Saarbruecken is
1935
114
29
15
234
134
234
11
2534
26
9
654
13
1234 6,000
31
9,000
2834 3,000
9% 51,000
67
6,000
15
28,000
2
234 24 11,000
134 234 246,000
1,34
2% 70,000
2
2
131 24 139,000
14
104 10755 13,000 9434
al034a1034
1,0(10 10334
j e
un
7534 J u ly
15
22% July
Apr
634 July
No
7% July
Ma
834 July
An
74 July
No
10734 Dec
Jan 103% Nov
• No par value. a Deferred del very. c o d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. e See note below. m Men
gage •Sold under the rule. n-v Non-voting stock. r Sold tor Gash. vt c Voting
trust certificates.
z Ex-dividend.
w 1 When Issued.
w w With warrants.
w Without warrants.
Financial Chronicle
Volume 137
3995
Quotations for Unlisted Securities-Friday Dec. 1
Public Utility Bonds.
Port of New York Authority Bonds.
Bid
Bid
Ask
Bayonne Bridge 48 series C
J&J 3
1938-53
70
80
Inland Terminal 434e ser D
M&S
1936-60
65.75 5.25 Holland Tunnel 4548 series E
M&S
65.75 5.25
1934-60
Arthur Kill Bridges 4 lie
series A 1934-46
M&S
Geo. Washington Bridge48 series 131936-50_ _ _J&D
43.4e ser II 1939-53_ _M&N
As k
70
82
65
75
85
95
U. S. Insular Bonds.
Bid 'daft
97 100
90 94
95
92
95
92
95 100
95 100
101 104
99 102
Philippine Government
413 1934
4e 1946
430 Oct 1959
43.4s July 1952
5s, April 1955
be Feb 1952
5
Aug 1941
Hawaii 4
Oct 1956
Honolulu 5e
US Panama as June 1 1961_
2s Aug 1 1936
25 Nov 1 1938
Govt of Puerto Rico
4548 July 1958
58 July 1948
Bisi
Ask
98 103
10112 103
9912 10018
9912 10018
97
99
101
103
Federal Land Bank Bonds.
Bid
Ask
7912 8012
7912 8012
80 81
80 81
80 81
9212 9312
9978 100
48 1957 optional 1937_M&N
48 1958 optional 1938_M&N
418a 1956 opt 1936___J&J
454e 1957 opt 1937____J&J
434s 1958 opt 1938__Of&N
fes 1941 optional 1931.M&N
430 1933 opt 1932___J&D
1942 opt 1932__M&N
1943 opt 1933____J&J
1963 opt 1933____3&J
1955 opt 1935____J&J
1958 opt 1936____J&J
1953 opt 1933____J&J
1954 opt 1934____J&J
Bid •
8512
8512
8112
8112
8112
8514
8514
Ask
8012
8612
8212
8212
8212
8614
8614
Bid
414s
434*
434s
43.48
4348
4348
454*
Ask
New York State Bonds.
Ask
Bid
Canal ds Highway
be Jan & Mar 1933 to 1935 03.25
55 Jan & Mar 1936 to 1945 63.50
55 Jan ,k Mar 1946 to 1971 64.00
Highway Imp 434* Sept '63 109
Canal Imp 4548 Jan 1964._ _ 109
Can & Imp High 434s 1905_ 100
World War 13onue414s April 1933 to 1939._
4548 April 1940 to 1949__
Institution Building
4.9 Sept 1933 to 1940
48 Sept 1941 to 1976
Highway Improvement
48 Mar & Sept 1958 to '67
Canal Imp 4s J & J '60 to'67
Barge C T 48 Jan 1942 to '46
63.30
03.95
03.35
63.85
102
102
101
New York City Bonds.
Bid
Ask
I Bid
83e May 1935
7914
9014 91 a4545 June 1974
7514
73
75 asthe Feb 15 1978
4314a May 1954
a3lie Nov 1954
7914
75 041.26 Jan 1977
73
7914
a4s Nov 1955 & 1956
15 1978
75
77 a434a Nov
a4e Of & N 1957 to 1939_ _
7914
7612 7712 a43is March 1981
048 May 1977
81
7612 7712 a4%a M ,k N 1957
348 Oct 1980
81
7612 7712 a434e July 1967
c4 Via Feb 15 1933 to 1940_ _ 7.00 6.00 04%8 Dec 15 1974
81
7012 8012 a434s Dec 1 1979
81
a434s March 1960
a434a Sept 1960
4
793 803
4
ad 348 March 1962 & 1964
95
06s Jan 25 1935
793
4
95
a43.28 April 1066
7914 8014 868 Jan 25 1936
95
a454s April 15 1972
7914 8014 368 Jan 25 1937
a Interchangeable. I Bruits. o Registered coupon (serial). dCoupon.
Ask
8014
8014
8014
8014
8014
82
82
82
82
9612
9612
9612
New York Bank Stocks.
Par Bid
Ask
25
6
25113 Lafayette National
Nat Bronx Bank
50 23
30
25 33
National Exchange
35
4
Nat Safety Bank ex Tr_ _ _25
195 2118
8
25
5
95 Penn Exchange
100
ID; 2314 Peoples National
2214
108 118 Public Nat Ilk de Tr
Par Bid
Bank of Manhattan Co_ _10 2318
Bank of Yorktown
100 20
Bensonhurst Nati
100 27
Chase
20
Citizens Bank of Bklyn_100
City (National)
20
Comin'l Nat Bank & Tr 100
Fifth Avenue
First National of N Y
Flatbush National
Fort Greene
Kingeboro Nat Bank_
100 585 935 Sterling Nat Bank & Tr__25
100 1060 1110
100
100 35
Trade Bank
100 10
20
Yorkville(Nat Bank of).100
10()
55
Ask
9
2812
36
8
8
80
2414
13
16
20
23
30
40
Trust Companies.
Par Bid
Ask
Banca Comm Itallana_ 100 142
Bank of New York & Tr-100 292 311E 20 10
12
Bank of Sicily Trust
10 4612 4812
Banked_
20
10
7
Bronx County
100 80 85
Brooklyn
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid
Ask
2(
16
1712
100 200 230
100 244 249
10 1414 1534
100 1850 1950
25 31
33
20 10912 11312 Manufacturers
2
Central Hanover
1434
New York
31
Chemical Bank & Trust 10 29
25 75
50 40
50 Title Guarantee & Truat_20 10
Clinton Trust
100 10
13
Colonial Trust
8
10 1038 117 Underwriters Trust
Continental Bk de Tr
100 50
100 1520
Corn Exch Ilk & Trust_ 20 4314 4514 United States
1614
78
1112
80
1570
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Itudeo.)_100
Albany & Susquehanna (Delaware &
100
Allegheny & Western (Buff Roch & Pitts)
50
Beech Creek (New York Central)
100
Boston k Albany (New York Central)
100
Providence (New Haven)
Boston &
100
Canada Southern (New York Central)
100
Caro Clinchtleld & Ohio(L & N A CL)6%
100
Common 5% stamped
100
Chi° Cleve eine & St Louis Deg(NY Cent)
50
Pittsburgh (Pennsylvania)
Cleveland &
50
Betterman stock
25
Delaware (pennsylvanla)
100
Georgia RR & Banking (L & N. A C L)
Lackawanna RR of NJ (Del Lack & Weetern).100
100
Michigan Central (New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W).100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
80
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bees & Lake Erie(U S Steel)
50
Preferred
100
Pittsburgh Fort Wayne & Chicago(Penn)
100
Preferred
Rensselaer ,k Saratoga (Delaware & Hudson) 104)
100
St Louts Bridge 1s1 pref (Terminal RR)
100
and preferred
100
(Terminal RR)
Tunnel RR St Louis
100
United New Jersey RR & Canal(Penna)
Utica Clienango & SuiquehAuna (I) 1 & W) 100
Valley (Delaware Lackawanna & Weetern). _100
100
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
•'Jo oar vco.,
S ..ant reported Marlot
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.60
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
5.00
3.50
F)tniIrmi.
Bid.
70
163
76
26
135
44
60
66
70
80
35
32
135
59
600
50
73
71
34
55
27
55
115
135
97
105
52
105
196
72
75
54
58
3S
62
Bid Ask
Amer S PS 5%s 1948-M&N
3412 373
4
Atlanta 0 Lb* 1947 __J&D 9712 --Central Gas & Eleclet lien eoll tr 534s'46J&D 3114 36 4
,
let lien coil tr (is '46_M&8 3314 3814
Fed P S let 68 1947___J&D e20
25
Federated Utll 545 57 M&S 2612 31
Ill Wat Ser bet ba 1952.J&J 7112 76
Iowa So Util 545 1950_J&J 40
42
Keystone Telephone 5%s'55 593 63
4
Louis Light 1st 581953 _A&O 10012 105
Newp N & Ham 58 '44 .144,1 77
7912
N Y Wat Ser be 1951_MdsN 6812 7012
74
172
82
30
115
48
64
70
75
64
33
36
142
63
59
77
74
88
60
31
60
125
140
102
110
55
110
202
77
63
63
43
56
, nnoon.
f 1!‘,
Norf & Portsmouth Tr Si '36
Oklahoma Gas 68 1940_ _ _
Old Dom Pow 5I_May 1551
Parr Shoals P58 1952_ _ A &O
Pennsylvania Elec 5s 1962__
Peoples I, & P 5 %el 1941 H.)
Public Serv of Colo 68 1961_
Roanoke W W 58 1950_J&J
Sierra & San Fran 2d B 53'49
United Wat Gas Ar E 5e 1941
Virginia Power Si 1942
Western P S 5%a 1960_ FAA
Bid Ask
963 9912
4
44
56
61
3112
7014
61
69
79
9814
46
47
61
6312
34
7214
6312
75
10014
5012
Public Utility Stocks.
Ask
Par
Par Bid
Arizona Power pref____100
10 Jersey Cent P & L $7 pf_100
Assoc Gas & El orlg pret__•
12 114 Kansas City Pub Serv com.•
•
Preferred
$6.50 preferred
•
1
2
$7 preferred
1
2
Kansas Gas & El 7% pf 100
•
Kings Co Ltg 7% pref ___100
Atlantic City Elec $13 pref..• 8312 89
Bangor Hydro
-El 7% pf_100 99 102 Memphis Pr & Lt 7% pref..
Birmingham Elea $7 pret • 1714 19
Metro Edison $7 pref B.....
Broad Sliver Pow pf...... _100 20
25
. 8% preferred ser C
•
Cent Ark Pub Serv pref..100 31
Mississippi P & L $6 pref_ •
Cent Maine Pow 6% p1)00 5112 59 Mid River Power pref__100
$7 preferred
Mo Public Sens pref___100
100 6112 65
Cent Pub Fiery Corp prefi•
Mountain States Pr corn_ __•
1
Columbus Ry, Pr & Lt
$7 preferred
109
let $6 preferred
Nassau & Suffolk Lag pf 10
68
100 64
$6.50 preferred B
60 Nebraska Power $7 pref.100
100 55
Consol Traction (N J) 100 173 1912 Newark Comm! Gas__ __1(10
4
Consumers Pow b% pref..
New Jersey Pow & Lt $8 pf•
51
• 48
6% preferred
100 57
59 N Y & Queens E L & P pf100
6.60% preferred
64 Northern States Pr $7 pf 100
100 61
Dallas Pow & Lt 7% pref 100 9412 96 Pacific Northwest P S____•
Dayton Pr 3s Lt $6 pref.100 75
79
6% 1st preferred
100
Derby Gas & Elec $7 pref _•
Prior preferred
100
44
Essex-Hudson Gas
Philadelphia Co $5 pref_ _50
100 144
Foreign Lt & Pow units__ _
47
Somerset Un Old Lt.._ __100
Gas & Elec of Bergen.. 100 93
South Jersey Gas & Else..100
Hudson County Gas.....,100 144
Tenn Elec Pow 6% pref _100
• 50
Idaho Power 6% pref
United 0 dr E(NJ) pref 100
7% preferred
Wash Ry & Mee com_100
100 59
62
Inland Pow & Lt pref...100
100
5% preferred
3
Jamaica Water Supply of _50
Western Power 7% nret_100
52
Bid
57
18
58
63
80
46
5812
47
17
--__
512
Ask
61
12
112
66
85
49
70
51
4
183
70
913
312
-- 1- 10
12
4112 4512
7912
93
96
5612 6212
99 105
49
5212
112
7
1
5
2
312
32
36
70
78
140 145
29
32
31
3412
265
85
88
- -70
74
Investment Trusts.
Par Bid
Ask
Administered Fund__ _____ 1 15.34 15.67
Amer Business Shares
1.00 1.10
Amer Composite Tr Shares_
312 418
Amer & Continental Corp__
412 512
Am Founders Corp 6% p150
812 1212
13
7% Preferred
50
9
Amer & General Sec el A__•
41
812
1
Class Beam
•
114
$3 preferred
• 35
45
Amer Ineuranstocks Corp_•
13
212
Assoc Standard 011 Shares
53
8 57
8
Bancamerica-Blair Corp_ _
343
4 53
4
Bancshares, Ltd
Participating shares __50c 1.20 1.28
Basic Industry Shard
• 3.22
British Type Invest A___1
.45 .70
Bullock Fund Ltd
11
12
Canadian Inv Fund Ltd._
3.20 3.35
Central Nat Corp class A
2014 2214
Class B
12 212
Century Trust Shares_ ___• 143 1578
8
Corporate Trust Sharee____ 2.20
Series AA
2.10
Accumulative series
2.10
Series AA mod
2.27 2.34
Series ACC mod
2.27 2.34
Crum & Foster Ins Shares
Common B
16
10 13
7% preferred
100 77
Crum & Foster Ins coin_ • 14
if
8% preferred
86
Cumulative Trust Sharee..• 3.98
Deposited Bank Shs ear A
Deposited Insur Stue A
Diversified Tristed She B_
Dividend Shares
1.84
2.70
718
2.95
45
8
1.18
2.05
3.00
3.25
518
1.20
Pat
Low Priced Shard
Major Shares Corp
•
Maas Investors Trust
•
Mutual Invest Trust
National Wide Securities Co
Voting trust certificates__
N Y Bank & Trust Shares....
No Amer Bond trust ctfe___
No Amer Trust Sharea_1953
Series 1955
Series 1956
Northern Securities
100
Pacific Southern Invest pf_•
•
Class A
Class B
Quarterly Inc Shares
Representative Trust Shares
Royalties Management.....
Bid
47
8
218
17.58 11. 5
0
1 09 1.19
3.05 3.15
1.31 1.41
214
723 fJ"
4
1.82
2.30
2.30
.42 .50
21
17
412
2
1.36 1.46
8.38 9.13
13
4
24
2
1
Second Internal Sec el A_..•
14 114
Class 11 coinmon
24
6% preferred
50 20
1.20 1.28
Selected An,er Shares Inc__
2.52
Selected American Shares._
Selected Cumulative Sha___ 6.62 6.87
Selected Income Shares...... 3.42 3.88
5
512
Selected Man Trustees She _
153 1612
8
Spencer Trust Fund
Standard Amer Trust Shares 2.70 3.10
.63 .68
Standard Utilities Inc
• 61.83 66.34
State Street Inv Corp
Super Corp of Am Tr Sias A 2.93
2.09
AA
3.08
2.09
BB
5.60
5.61
1.28 1.40
Supervised Shares
314
Trust Fund Shares
Equity Corp. ev. pf
25
8
20
25 Trust Shares of America......
Equity Trust Shares A
2.70 3.05 Trustee Stand Investment C 209
• 46.53 50.12
2.04
Fidelity Fund Inc
514
Five-year Fixed Tr Shares_
Trustee Standard 011 Shs A
4.05
518
Fixed Trust Shares A
• 8.47
13
Trustee Amer Bank Sha A__ 1.62
• 7.08
.74
Fundamental Tr Shard A__
418 - -5
4; Series B
Shares 13
37
8
Trusteed N Y Bank Shard.. 1.00
•
1.63
Fundamental Investors Inc. 2.02 2.22 20th Century orig
2.50
Series B
General Investors Trust __•
412 Two-year Trust Shares
16
418
Guardian Invest pref w war
9
11
Huron Holding Corp
318
.15 .25 United Bank Trust
214
United Fixed Shares ser Y
Incorporated Investors____• 17.32 18.81 United Insurance Trust__.._
15
8
Independence Tr Shares _.• 1.94 2.21 U 8 & British International
Indus & Power Security.._• 1114 127
5
8
•
Preferred
Internal Security Corp(Am)
U S Elec Lt & Pow Shard A x10
9
13
1.79
64% Preferred
100
13
6% preferred
100
9
13
.66
Voting trust etfe
Investment Fund of N J__•
12 112 Un N Y Bank Trust C 3....
34
,
Investment Trust of N Y..•
412 515 UnIna Tr She ser F
1513
34
3
3s
,
2.40
2.35
14
3.85
1.15
2:66
1712
418
3
218
9
1012
1.89
.76
4
Telephone and Telegraph Stocks.
Par Bid
Amer Dist Teleg
J) corn • 62
Cincin & Sub Bell Telep.. 50 6012
Cuban Telep
pref..100 18
Empire & Bay State Tel_100 37
Franklin Teleg $2.50___100 30
Int Ocean Teleg 8%.___100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel..100 102
0612
New York Mutual Tel...100 15
Ask
60
64
25
72
Par
New England Tel & Tel. 100
Northw Bell Tel pf 6 %%100
Pac Atl Teleg US 1%._25
Koch Telep $6.50 lst 51.100
So & Atl Teleg $1.25____25
Trl States Tel & Tel $8___•
Preferred
10
Wisconsin Telep 7% pret100
Bid
Ask
8812 9112
10514 107
14
163
4
9412
1412 17
100
73
4
10512 10714
20
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
En-stock dividends
Ask
Par Bid
Par Bid Ask
9112
• 87
100 5812 70 Savannah Sugar Ref
•
112 17
8
7% preferred
4
100 933 9814
United Porto Rican ctfs ___•
14
5
4
34 l4
Preferred Ws
•
5 Ex-dividend.
3996
Financial Chronicle
Dec. 2 1933
Quotations for Unlisted Securities-Friday Dec. 1-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
Ask
Par Bid
100 9012
Bohack (II C) corn
• 1412 17
Melville Shoe pref
7% preferred
100 7412 8012 Miller (I) & Sons pref._ _100
Butler(James)corn
100
212 MockJuds&Voehringerpf 100 6012
1
Preferred.
100
314 714 Murphy (CI C)8% pref-100 90
Diamond Shoe pref
100 51
1
Edison Bros Stores pref-10G z60
-_-_-.. Nat Shirt Shops(Del)
100 15
Fan Farmer Candy Sh pi_ • 2312
Preferred
pref _100 78
Fishman(M H)Stores_ _ _
Newberry (J J)
•
64
,
Preferred
100 58
70 NY Merchandise let 91_100 80
21
Kobacker Storm pref.._ _100 16
•
412
5
97 107 Piggly-Wiggly Corp
5
Kress (S 11) 6% pre
10
Lerner Stores pref
100 50 60 Reeves(Daniel) pref._ __100 x1)5
100 x7212
Lord & Taylor
100 10014 120 Schiff Co prat
Silver (Isaac) A( Bros pf _100 1112
100 7812
let preferred 6%
100
812
100 7812
-53 S Stores pref
Sec preferred 8%
Ask
14
15; Central Airport
1
Khmer Airplane & Mot
212
25
84
1-2-1Z
Industrial Stocks.
Par
Alpha Portl Cement pf-_100
•
American Arch $1
100
American Book $4
Amer Dry Ice Corp_-_
50
Riles(E WI 1st pref
10
2d pref B
Bohn Refrigerator pt _ _100
•
Bon Am!Co B corn
Brunsw-Balke-Col pref.. 100
100
Burden Iron pref
Canadian Celanese corn..-•
0
Preferred
•
Carnation Co corn
100
Preferred 57
Chestnut & Smith cam- •
ioo
Preferred
Color Pictures Inc
Columbia Baking com___:
let preferred
2d preferred
Congoleum-Nairn 57 pf 100
crowell Pub Co $1 com_ •
100
$7 preferred
De Forest PI:Kinofilm Corp- •
Doehler Die Cast Ind
Preferred
$50 Par
•
Elseman
Magnetoe°m--160
Preferred
Flour Mills of America-*
Lien Fireproofing $7 pf
•
Orates( & Knight com
100
Preferred
Herring-Hall-Mary Safe..100
100
Howe Scale
100
Preferred
Industrial
•
Acceptc°111--160
Preferred
Locomotive Firebox Co_ •
Macfadden Public'ns comji5
BM
X70
1114
4012
3
12 4
,
212
162
8
30
4512
20
10114
14
94
-- 2
414
12
314
112
104%
1812
84
12
21
1114
.
612
218
35
3
1312
14
1
512
_
12
33
4
25
3
Par
Macfadden Publiens pf__ _•
100
133 Merck Corp $8 pref
4
4412 National Licorice com_ _100
5 4 National Paper & Type_100
,
New Haven Clock prat _100
_ New Jersey Worsted pi_ _100
•
25 Ohio Leather
100
35 Okonite Co $7 prof
•
4612 Publication Corp corn
100
$7 let preferred
2212
•
2212 Riverside Silk Mills
•
Rockwood & Co
10.5
100
Preferred
1512
Rolls-Royce of America_ •
._
100
Preferred
2
10 Boxy Theatres units
•
Common
5
•
Preferred A
Ruberold Co
100
•
3 Splitdord Beth Elec
Standard Screw
100
21 Standard Textile Pro__ _100
Class A
100
89
Claw B
100
114
•
25 Stetson (J B) corn
Preferred
25
1414
4 Taylor Milling Corp
•
1112 Taylor Wharton Ir&St corn•
28
7
Preferred
100
45 Tenn Products Corp pref _50
4 TubiseChatillon curd__ _100
10
23 Unexcelled Mfg Co
18 White Rock Mln Spring
$7 let preferred
100
2
100
$10 2d pref
812
4 Woodward Iron
100
34
Worcester Salt
100
100
5 4 Young (J IS) Co com
,
7% preferred
314
100
Ask
Bid
1714
10112
20
11
40
20
20
812
80
18
10
4012
_
is
Ask
20
10512
25
9
20
2412
28
12
90
19
46
1
4
,
18
14 I's
29
26
40
1
812
912
91s
114
54
,
1%
5512
115
45
4
312
11
13
1212
214
__
414
63
2
9312 100
135
1
473 5312
4
5712 --83
Industrial and Railroad Bonds.
Adams Express ris '47..J&D
American Meter 155 i946.. _
Amer Tobacco 45 1951 F&A
Am Type Fein tis 1937 M&N
Debenture 65 1939_ .M&N
Am Wire Fab is '42 _M&S
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Chicago Stock Yds 5s_1961
Consol Mach Tool 7s. _1942
.
conked Tobacco 45 1951
Consolidation Coal 4)48
Bid
60
65
9812
20
20
70
70
8512
684
9712
15
43
Equit Office Bldg Se I952___
11414
Haytlan Corp 8s 1938
54
Hoboken Ferry 55 1948
International Salt 5e. _1951 84
Journal of Comm 6 Ms_1937 60
Kane City Pub Serv as 1951 22
Loew's New Brd PropJ&D 71
el! 1945
Ask I
64 'Merchants RefrIg as 1937.....
NO Or No RR Si '55_ F&A
75
NY .k Hob Ferr 6846 J&D
_
3 - N Y Shipbdg 55 1940_M&N
0
30
7712 Piedmont & Nor Ry 55_1954
Pierce Butler & P 6;48 1942
7412 Prudence Co Guar Coll
534ii. 1981
11 %
Realty Assoc Sec 6ki'37-1&J
20 61 Broadway 5342 '50_A&O
Stand Text Pr 6344'42 M&S
47 Struthers Wells Titusville
6345 1943
1714
59
87 Tot Term RR 4348'67_M&N
Ward Baking let 6s...1937
70
2412 Witherbee Sherman tis 1944
New
Woodward Iron 55 1952..J&J
75
1
Bid
Ask
8412
12528
55
60
8612
Par Bid
Amer Nat Bank & Truss..100 70
2
100
Central Republic
Continental Ill Bk & Tr_100 21
Insurance Companies.
Par
Bill lt
Par Bid Ask
Aetna Casualty & SuretyJO 4134 433 Hartford Steam Boiler__ _10 42121 4512
4
8
5 1618 172
Aetna Fire
4
4
10 293 313 Home
10
112 212
Aetna Life
10 1515 1615 Home Fire Security
838 97
8
10
Agricultural
25 4814 5314 Homestead Fire
10
67
8
American Alliance
8
10 1178 137 Hudson Insurance
.
12
American Colony
6
5% 7% Importers & Exp. of N Y_25 10
5
American Equitable
512 7,
2
a 1315 161s Knickerbocker
8
7
8 13
5
American Home
35 57 Lincoln Fire
7
5
10
718 818 Maryland Casualty
2
Us 31s
American of Newark_ _ _ _2SS
8
8
25 107 127
American Re-insurance-10 35 4 383 Mass Bonding & Ins
,
4
4
4
American Reserve
,
10
814 10 4 Merchants Fire Assur corn212 253 293
412 613
American Surety
5
25 133 15% Mach & Mfrs Fire Newark 5
10
Automobile_
4
4
10 163 183 Missouri States Life
43
$38
10
Baltimore Amer
23
8 2% National Casualty
294
10 40 4 423
3
4
45 National Fire
Bankers dc Shippers
25 35
2
414 514
Boston_
100 395 420 National Liberty
20 5412 5912
Carolina
, ,
10 13 8 15 13 National Union Fire
912 1112
5
City of New York
100 116 126 New Amsterdam Cat
17
10 15
Connecticut General Life_10 21 4 23 4 New Brunswick Fire
, ,
67 117
s
8
10
Cormildated Indemnity_ _5
,
112 3 2 New England Fire
10 3414 3714
918 1118 New Hampshire Fire
Continental Casualty
5
20 1814 213
8
s
CofirOOD011tall Fire
8
10 137 167 New Jersey
9
12
5
Eagle Fire.
13
8
178 New York Fire
212
12.50 4712 5212
Northern
21
Employers Re-Insurance_10 19
4
2.50 153 173
4
Excess
a 7 8 North River
Federal
10 4912 5312 Northwestern National....25 71)12 8412
4
25 353 4534.
4
Fidelity & Deposit of Md_20 208 2312 Pacific Fire
10 4812 5012
4 4 5 4 Phoenix
,
Firemen's of Newark
,
5
93 1138
8
$
8
,
Franklin Fire
a 147 16 8 Preferred Accident
General Alliance
612 812 Providence-Washington __10 2114 2314
•
10 12
16
Georgia Home
10 1212 1612 Rochester American
Glens Falls Fire
a 2712 2912 St Paul Fire & Marine 25 112 117
10 2114 2314
9
12 Security New Haven
Globe & Republic
5
4
10 103 123
4
4
Globe & Rutgers Fire__ _25 313 413 Southern Fire
4
,
4
Great American
5 14 4 153 Springfield Fire & Marine_25 7612 8112
4
.5
10
57
5 77 Stuyvesant
2
Great Amer Indemnity- -1
100 400 150
Halifax Firs
10 1414 1614 Sun Life Assurance
100 317 332
35 Travelers
Hamilton Fire
25 25
35
428
27 U S Fidelity & Guar Co__ _2
Hanover Fire
10 25
4 2914 3114
17 U Fire
Barmaids
10 15
2 50 1718 1918
Hartford Fire
10 391, 4112 Westchester Fire
Realty, Surety and Mortgage Companies.
Par Bid Atk
3
4 114
Bond & Mortgage Guar-20
50
Empire Title de Guar-100 22
Guaranty Title & Mortgage. 50 80
Home Title Iusurance....25 --- 412
International Germanic Ltd
Active Issues.
4014 4314
37
42
7912 8212
9512 98
6
128
8
33
Ask
Par Bid
65
100 62
100 190 195
100 263 268
Par Bid
Lawyers Mortgage
20
Lawyers Title & Guar.-100
6
National Title Guaranty 100
N Y Title & Mtge
10
Ask
l's
8
2
7
8
New York Real Estate Securities Exchange
Bonds and Stocks.
Home Loan Bonds
Home Owners' Loan Corp
1951
42 w I
Chicago Bank Stocks.
Ask
80 First National
2 3 Harris Trust & Savings..
,
21 41 Northern Trust Co
,
•
1
6412 70
5112 412
e28
30
5612
13
17
A sic
Par Bid
Ask
2
5
10 Southern Air Transport__•
_ __•
2
_
3 Swallow Airplane_
United Aircraft Transport
57
54
Preferred x warr
3
1
12
75 Warner Aircraft Engine__ _•
12
Par Bid
Alexander Indus 8% P1-100
Aviation Sec Corp(N E)....•
1
Bid
BondsAllerton 55th St Corp 5125'45
1939
Butler Hall 6s
Central Zone Bldg ctfs
Chrysler Bldg as
1948
Dorset (The) fis etts
502 Park Ave Bldg
40 Wall St Bldg 6s
1958
42d St AC Lexington Ave
Bldg 8(s
1945
Fox Theatre & Office Bldg
Certificates of depostt..._
Harriman Bldg Corp 65.1951
Hearst Brisbane Prop 6s '42
Hotel St George 5428_1943
Lincoln Bldg Certificates_
London Terrace Apt* 6s '40_
Merchants' National Prop
69 ww
1958
Mortgage Bond (NY)514e
Active Issues.
Ask
Bid
Bonds (Concluded)
New %NMI] Hotel Annex
823 83468
4
,
1940 19
NY Athletic Club 68...1946 19
165 I3'way Bldg 5 tie_ _1951 50
_
20
Park Central Hotel ctfs____
10
29
3312 Pennsylvania Bldg ctfs_ _ _
-1712
__ Penny (J C)Corp 514s_ _1950 97
28
4412 50 Posturn Bldg 612s
1943 77
21
26 Prudence Co 5125
45
123 15 savoy Plaza Corp as etf1965
4
9
i( '4 1
1412
35
40 666 West End Ave Apts65'41
60 Broad St Bldg 6s_ _ _1939 39
22
27 Trinity Bides Corp 51- s.193n 94
2
6
10 2124 34 liway Bldg Otis
914
6
10 2 Park Ave Bldg (is_ _1941 32
47
52 West End Ave & 104th St
50
5312
Bldg Os
1939 15
27
31
37
_
Stocks5
1612 1812 3B9
- - Beaux adtsaA B Inco nlit: :
:
A rw yptldg
8
Broadway
212
City AG suburban Homes
114
2912 34
17-- French (F Fl Investing--
As
56
1212
2212
4 1. 2
/
1712
4212
1214
3312
19
812
12
512
212
Other Over-the-Counter Securities-Friday Dec. 1
Short Term Securities.
Bid
Aills-Chal Mfg 6s May 1937 87
Amer Metal 634s 1934.A&O 973
3
Amer Was Wks 6.1934 A&O 88
Bid
Ask
Ask
Mag Pet 414e Feb 15 '34-'35 10014
90
- -39712 Union 011 5s 1935._ F&A 101 101 4
933
8
Water Bonds.
Bid
Alton Water Is 1956__A&O 90
Ark Wat let Se A 1958..A&O 84
Ashtabula W W fe'58_A&O 80
Atlantic Co Wat 5s '68 M&S 79
Birm WW let 634.A'54A&O
let m 5e 11154 eer
let its 1957 series C__ F& A
Butler Water be 1957. _A&O
City of Newcastle Watt.
'41
City W (Chat) I. B '54 J&D
let S. 1957 series C.M&N
Commonwealth Water
F&A
let 55 1956 B
let m 5. 1957 ser C__F&A
Davenport W 55 1961J&J
ESL &Int W Ers'42____J&J
1s5 m es 1942 ier B__J&J
lit 5s 1960 ser
93
88
88
78
89
93
93
91
91
84
65
76
65
Bid
Ask
Ask
92 [Marton W 1st 6554- M&S 96 100
89
let m 5.1954 ser B__M&S 87
86
82 85
5e 1962
82
82 Joplin W WSi's? ear AM&S 78
Kokomo W W Ers 1958.J&D 31
itiMonm Cob W let fts'58 J&D 74
95
86
___ Monon Val W 6345 '50_ J&J 83
Richm W W let 56'57.M&N 84 89
___
__ St Joseph Wat 5$ 1941.A&O 93 98
91 South Pitts Water Co
F&A 99
let 55 1955
let & ref 51'80 ser A...1&.1 93 95
___
lit & ref 55 '60 ser 13-16.J 93 95
93 Terre ll'te WW 6e'49A J&D 96
85
93
let in 5s 1958 ser B...J&D 81
75
86
Texarkana W let 55'58 F&A 70
70
Wichita Wat let lis '49 MAO 97 100
78
--let m 55 '55 sec B__ F&A 87
70
let m 55 1960 ler C.M&N 85
-
Railroad Equipments.
Atlantic Coast Line as
Equipment 810
Baltimore & Ohio es
Equipment 434s & 55-..
Buff Roth & Pitts equip 6s..
Canadian Pacific, 434s & as
Central RR of N J as
Chesapeake dc Ohio 65
Equipment 61.45
Equipment 5s
Chicago & North West es_
Equipment 634s
Chic RI & Pao 434e & Se....
Equipmentas
Colorado & Southern 6s......
Delaware & Hudson 6e
Erie 4325 Si
Equipment 65
Great Northern tis
Equipment 63
Hocking Valley 5s
Equipment tis
Illinois Central 4328 & Ss.__
Equipment
Equipment 7s & 634.
-
Bid
4.90
460
500
500
500
550
4.20
4 50
4.50
4.50
8.00
8.00
11.00
11.00
5.50
4.75
650
6.50
5.25
5.25
4 60
460
5 50
550
5.50
Ask
4.50
4.00
400
400
4.20
4.50
3.75
4 00
400
400
8.50
6.50
8.00
8.00
5.00
4.00
5.50
5.50
500
500
4 25
425
5 00
500
500
Kanawha & hfiehigan Os-Kansas City Southern 59411..
Louisville & Nashville
Equipment 61-48
mtnn St P & 88 M 4)4.& 5s
Equipment ()Me & 7.....-Missouri Pacific 6148
Equipment65
Mobile & Ohio 5s
New York Central 4945 & 811
Equipment as
Equipment is
Norfolk & Western 4%9- -Northern Pacific 75
Pacific Fruit Express 7s
PennsylvaniaRR equip 55
Pittsburgh & Lake Erie 694s
Reading Co 4145 & 5$
St Louis & San Fran Si
Southern Pacific Co 4145.....
Equipment 78
Southern Ry 445 & Si
Equipment Os
Toledo & Ohio Central as
Union Pacific 7.
• No par value. 4 Limit reported Market.
e Defaulted
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
400
4 75
400
4.25
6 00
4 40
12 00
5 25
$ 25
5 7$
5.75
6 00
4.00
Ask
50
.61
25
25
0(
00
oo
oo
50
00
00
00
00
00
00
00
00
00
00
00
00
00
00
.00
.00
• Ex-dividend.
3997
Financial Chronicle
Volume 137
Current Earnings-Monthly, Quarterly, Half Yearly
Latest Gross Earnings by Weeks.-Wo give below tho
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
3d
3(1
3d
2(1
3d
3d
3c1
Previous Inc.(+) or
Dec. (-).
Year.
Current
Year.
Period
Covered.
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
wk of Nov
-24,398
-76,000
-5,100
-8,917
-27,959
-8.681
+22,353
3,026,489
2,464,000
13,300
158,622
1,807,281
256,481
238,830
3,002,091
2,388,000
18,400
149,705
1,779,322
247,800
261,183
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.
1933.
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
January
February
March
April
May
June
July
August
September
1932.
Inc. (-I-) or
Dec.(-).
274,890,197
231.978.621
288,880.547
267.480.682
254,378.672
245,869,626
237.493.700
251.782,311
272,050,765
-46,000.776
-46,080.759
-69.022,941
-40,180,139
+3,584.364
+35,484,283
+59,691.784
+48.737,988
+23,446,244
January
February
March
April
May
June
July
August
September
1933.
45,603,287
41,460,593
43,100,029
52,585,047
74.844,410
94,448,669
100,482,833
96.108,921
94,222,438
1932.
241,881
241,189
240,911
241,680
241,484
241,455
241,348
241,166
240.992
Miles.
241,991
241.467
241.489
242.160
242,143
242,333
241,906
242,358
239,904
Inc. 1+) or Dec.(-).
Net Earnings.
Month.
1933.
1932. .
45.964,987
56,187,604
68,356,042
56,261,840
47,416,270
47,018,729
46,148,017
62.553,029
83,092,822
Per Cent.
Amount.
-0.79
-26.21
-36.94
--6.55
+57,85
+100.87
4 117.74
+53.64
+13.39
-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
Net Earnings Monthly to Latest Dates.
Akron Canton & Youngstown1933.
October$133.107
Gross from railway_ _ _
41.744
Net from rail way_ _ _
21,455
Net from rents
From Jan 1
Gross from railway... 1,356,648
498,660
Not from railway_ _
273.705
Net after rents
1932.
3150.846
62.298
39.686
1931.
$162,475
58,038
33.041
1930.
$220,183
65,885
68,499
1,333,808
420.088
203,143
1.660,759
519,340
250,193
2,402,788
818,653
498,426
Alton1930.
1931.
1932.
1933.
October
$1,252.876 $1.343.306 $1,543.627 $2,172.177
Gross from railway_
423.285
298.210
500.313
461,490
Net from railway_ _ __
90.559
63,111
254.640
208.522
Net after rents
From Jan. 1
11.292.144 12,014.494 16.116,104 20,868.324
Gross from ra lway_
3,576.025
3,133.431
2.938,168
• Net from railway__ __ 3.513.513
552.017
480.804
432.130
1,418.336
Net after rents
Atchison Topeka & Santa Fe System1931.
1932.
October1933.
Gross front railway-812,020,911 $12.598.068 $15,703,143
5,263,215
4,168,994
Net from railway.... 3,689,274
2,901.126 3,720.956
2,711,832
Net after rents
From Jan. 1
Gross from railway.-- 99.551,325 111.432.072 155,313,328
Net from railway_ -- _ 21,073.108 25.475.603 42,417.148
10,b60,571 13.452,774 26,861,728
Net aftor routs
1930.
$21,561,510
9,051,560
6.912.980
192,187,772
55,548.269
37.291,228
Atch Topeka & Santa Fe1930.
1931.
1932.
1933.
OctoberGross from railway_ _ _ $9,776,054 $10,408,016 $12,835.268 $17.647,370
7,314,598
3,354.798
4,172.815
Net from railway.... 2.930.397
5,533,648
2.943,484
2,332.416
2,241,594
Net after rents
From Jan 1
82,137.098 92,70.036 129,067.597 157,041.723
Gross from railway
Net from railway.... 17.525.885 21.966.741 35,887,070 46,293,084
10,021,001 13,113,586 23,918.380 31,919,427
Net after rents
Gulf Colorado 8c Santa Fe1932.
1930.
1931.
1933.
OctoberGross from railway... $1,325,107 $1,400,381 $1,779,303 $2,476.037
656,954
536,829
357,409
1,128,728
Net from railway__ - _
925.522
485,336
415.127
192,575
Net after rents
From Jan 1
Gross from railway... 10,419.735 11,713,924 16,021.737 21.791.059
2,166,623
5,713.291
3,453,237
Not from railway_ __ _ 1.406.024
343,104
3,391,820
1.454,940
-340,354
Net after rents
Panhandle & Santa Fe1931.
1930.
1932.
1933.
Oc.ober$789.669 $1,088.573 $1.438,104
$919,749
Gross front railway_ _ _
277.366
608.234
433,446
401,468
Net front railway_ _ _ _
453,811
292,137
153,582
277,664
Net after rents
From Jan. 1
6.949,111 10.223,996 13,354,991
front railway... 6,994,493
Gross
3.541,894
3,076,842
1,342,239
Net from railway__ _ - 2,141,199
1,949.982
-3,916
1,488,409
979,924
Net after rents
Atlanta Birmingham & Coast1930.
1931.
1932.
1933.
Oc ober8349.746
$239.484
$201,660
Grossfrom railway... $212,066
-6.746
--63.149
-36,453
-13.860
Net from railway.-34,306
--88,976
--54.182
-32,704
Net after rents
From Jan. 1
3.493.388
2,857,549
2,036,149
2,176,404
Gross front railway_ _ 17,068 -505.576 --443,317 --157.444
Net from railway_ _ - _
-215,185 -742,837 --776,248 --482,885
Net after rents
Atlantic Coast Line1930.
1931.
1932.
1933.
October3.097,286 4,682,316
Gross from railway... 2,662,465 2,341,404
591.643
74.098 def181.530
267.567
Net front railway....
216.760
145,423 -118.094 -475,478
Net after rents
From Jan. 1
Gross from railway- 31.748.227 31,355,102 46.603,135 52,623.963
7,493,889 3.958,028 9.646,382 10.928,028
Net from railway
5,931,155
3,354,398 -514.337 4,091.748
Net after rents
Baltimore & Ohio System
Baltimore & Ohio1933.
OctoberGross from railway___$12,974,089
Net from railway.... 4,006.162
3,003.893
Net after rents
From Jan. 1
Gross from railway__ _110,566.994
Net from railway_ _ _ _ 36.488.605
25.683,329
Net after rants
1930.
1931.
1932.
811.755.038 $14.615,180 819,755.127
6.139.709
4,538,415 4,570.631
3.361,732 4,776,553
3,409,351
106.274,371 148,898.944 192.622.633
28.707,713 35,828,953 48.813.865
18.528,898 25.017,091 37,013.281
B &0 Chicago Terminal
-1932.
October
$305.740
$273,i50
Grossfrom railway_ _ _
88,297
31.952
Net from railway_ _ _ _
128,800
63,204
Net after rents
From Jan. 1
2,707.899
Grossfrom railway_ _ _ 2,595,554
423,496
471,541
Net from railway_ _ _ _
889,724
912.082
Net after rents
Bangor & Aroostook1933.
OctoberGross from railway._.$516,143
237,929
Not from railway_ _ _ _
195,534
Net after rents
From Jan. 1
Gross from railway_ _ _ 4,811,213
Net from railway_ _ _ _ 1,847,968
1,401,487
Net after rents
Bessemer & Lake Erie1933.
October$705,605
Gross from railway_ _ _
Net from railway....115,348
88,944
Net after rents
From Jan. 1
Gross from railway_ _ _ 5,857,621
Net from railway__ _ - 1,886,162
Net after rents
1,690,953
Boston & MaineOctoberGross from railway_ _ _
Net from railway....
Net after rents
From Jan 1
Gross from railway...
Net from railway_ _ _ _
Net after rents
1930.
5357.777
98,065
159.565
2.829,741
355.786
709,135
3,293,956
500,055
1,063,174
1932.
$331.860
45,047
40,547
1931.
$661.426
263.015
208.734
1930.
$787.165
365,383
303,099
.5,023,608
1,667.691
1,239,222
5.795,119
1,651.889
1,172.498
7.095.850
2.687.433
2,099,465
1932.
$430,959
-1,111
-19,748
1930.
1931.
$754,212 $1,513,658
741.523
268.174
645.229
226,493
3,131,271
-640.685
-850,116
7.914,514 13,408,321
5,522,274
2.237,363
4,682.236
1.735,047
1930.
1931.
1932.
1933.
$3,683,935 $3,855,551 $4,821.587 $6,092.187
1,952.701
1,296,774
1,194,451
983,752
1.345.077
827,093
770,549
600,391
35,071.980 38,129,885 49.485.629
9,900,413 10,174,193 13,496.657
8,713.090
6,185,544
6,193,019
Brooklyn E D TerminalOctober1933.
Gross from railway_ _ _
$83,090
37,810
Net from railway_ _ _ _
Net after rents
31.814
From Jan 1
Gross from railway_ _ _
790,049
357,916
Net from railway_ _ _ _
Net after rents
297,257
Cambria 8c IndianaOctoberGross from railway_ _
.
Net front railway__
Net from rents
From Jan 1
Gross from railway_ _ _
Net from railway_
Net after rents
1931.
$345.465
33.729
67,508
58,666,674
15.522,578
10,393,866
1932.
$73,993
30,904
24.294
1931.
$99,279
40.410
34,006
1930.
$119.501
49.821
43,049
731,970
304,788
237.748
1,037.948
433,832
366,937
1,121.254
451.401
383,131
1933.
$87.365
24,270
68,690
1932.
$110,367
50,686
95,593
1931.
$104,365
32,604
83,954
1930.
995,782
318,365
780,133
898,428
247,705
647.239
1,015,850
243,765
771.972
Canadian National System
1930.
1931.
1932.
October1933.
Gross from railway.--$14.662.314 $15.528,981 $16,018,766 $20.887.053
1,841.748 3.858.786
2,692,726
Net from railway.... 2,542,586
From Jan. 1
Gross from railway_ _ _122,878,594 136,150.440 148.571,581 189.873.221
5,407.518 23.703.647
5.294.555
Net from railway.... 3,449,958
Canadian Nat Lines in New England1932.
Oclobcr1933.
$121,187
$93,208
Gross from railway...
16,872
-29,198
Not from railway_ _ _ _
-27.967
Net after rents
-76,655
Front Jan 1
999,529
894,027
Gross front railway _ _ _
Net from railway_ _ - _ -150,064 -196,815
Net after rents
-646,570 -763.085
1931.
$66,702
--61.504
-124.715
1930.
$172.936
--3.781
--58.393
1,233,503
--309,538
--926.744
1,680.195
-220,907
-867,607
Central of Georgia1930.
1931.
1932.
1933.
OctoberGross from railway... $1,029.476 $1,024,672 81.339.889 $1,809,107
636,068
265,297
195.857
133,736
Not from railway_ _ __
493,409
143,256
74,288
61.481
Net after rents
From Jan 1
9,821.980 14,848 666 18.141,086
Grossfrom railway... 10,242,282
4,309,957
2,941,087
1,010,508
Net from railway_ __ _ 1.614.731
3,157.519
1,659,463
600,733 -195,249
Not after rents
Charleston & Western Carolina1933.
October$145,545
Gross from railway_ _ _
37.400
Net froin railway....
20.032
Net after rents
From Jan. 1
Grossfrom railway_ _ _ 1,590.815
546,913
Net from railway_
368,760
Net after rents
1932.
$141,571
39,356
28,564
1931.
$197,159
48,910
31,520
1930.
$268.243
86.160
66,662
1.385,830
282,345
132,045
2,152,750
588,853
356,871
2.399,160
475.163
260.190
Chicago Burlington & Quincy1931.
1932.
October1933.
Gross from railway... 88,334.042 $7,846,250 $9,745,833
3.298,338
2.783,914
Not-from railway_ _ _ _ 3,072,889
2.131,040
1,796,621
Net after rents
2,082.220
From Jan 1
65,048,07 67.230,439 95,503.934
Gross from railway
Not from railway
20,291,434 17.983.168 29,609,492
8,304,126 18.470,691
Not after rents
10.759,120
Chicago & Eastern Illinois1931.
1932.
October1933.
Gross from railway_ - _ 81.159.018 31.143,663 81.242,047
131,635
310,045
306.132
Net from railway_ _ _ _
56.850 -130,359
100.154
Net after rents
From Jan. 1
Grossfrom railway_ _ _ 10,121,535 10,180,644 12,954,491
1.283,545
1,234,536
Net from railway_ _ _ _ 2,138,393
96.458 --1,151,500 --1,340,655
Net after rents
Chicago Great Western1931.
1932.
1933.
OctoberGross from railway- $1,413,442 $1,509,785 $1,823,753
.548,222
447,344
425,440
Net from railway____
266,928
174,603
168,009
Net after rents
From Jan 1
Gross from railway... 12,210,295 12,842,038 17,033.541
5,011.603
3,130.646
Net from railway_ _ -- 3,399.703
2,224,265
524,854
861,259
Not after rents
1930.
$12,959.230
4,831,983
3.477,482
119.885,835
37,072,619
24,833,583
1930.
81.688.265
321.842
11.226
16.978,905
2,439,708
540,149
1930.
52,215.533
788.363
456,024
19,352.694
5.170.196
2,433.636
3998
Chicago & Illinois MidlandOctober1933.
Gross from railway-- $276,327
Net from railway_ _ _ _
107.225
Net after rents
89,432
From Jan 1
Gross from railway
2,495,166
Net from railway_
883,324
Net after rents
786,445
Financial Chronicle
1932.
$149,420
22,852
31,000
1931.
$259.974
142.350
130,770
1930.
$312,365
93,518
72,903
1,599,621
2,281,669 2,572,207
250,960
494,641
568,620
106.019
369,198
428,814
Chicago Indianapolis & Louisville-October
-1932.
1931.
1930.
Gross from railway--- $680,491
$716,448
$882,095 $1,259,286
Net from railway_
166,199
189,657
177.864
292.115
Net after rents
33,163
21,873
96,665
92,834
From Jan 1
Gross from railway.. _ _ 6.034,782 6,684.652 9,521,917 12,643,041
Net from railway_ _ _ _ 1,186,623
1,138,955 2,000.632 3,061,633
Net after rents
-66,350 -248.081
250,938s 1,043,710
Chicago Milwaukee St Paul & PacOctober1933.
1931.
1930.
1932.
Grossfrom railway__ _ $8,193,415 $8,529,575 $9.717,701 $13,031,831
Net from railway._ _ _ 2,210,454 2,559,225 2,384,302 3,468,219
Net after rents
1,179,977 2,165,506
1,233,003
1,461,139
From Jan 1
Gross from railway
72,453,567 71,583,548 95,798.768 122,297,045
Net from railway_ _ _ _ 18,322,351 10,330.737 19,060,879 26,360,456
Net after rents
7,673,118 -935,475 7,355,502 14,340,804
Chicago & North WesternOctober1931.
1930.
1933.
1932.
Gross from railway__ _ $7,332,034 $7,048,328 $8,497,653 $11,726,684
Net from railway_ _ _ _ 2,162,962
3,733,804
1,935,587 1,515,391
Net after rents
524,517 2,666,474
1,014,051
1,310,016
From Jan 1
Gross from railway.._ _ 62,308,536 61,656,119 88,782,970 112,476,043
Net from railway_ --- 13,691,166 10,161,551 16,323,579 26,029,203
Net after rents
5,553,541
1,208,794 6,729,673 15,994,257
Chicago River & IndianaOctober1932.
1931.
1930.
1933.
Grossfrom railway_ _ $422.013
$487,977
$542,542
$406,406
Net from railway_ _ _ _
246,233
254,737
248,979
246,705
Net after rents
273,204
276,745
302,053
271,130
From Jan. 1
Grossfrom railway_ _ 3,779,915 3,630,267 4,604,685 5,209,791
Net from railway.. _
2,142,872
1,874,226 2,125,959 2,249,056
Net after rents
2,448,541
2,133,403
2,389,523 2,654.814
Chicago R I & Pacific System-October.
1932.
1933.
1931.
1930.
Gross from railway.. _ $8,129,223 86.300,486 $7,993,987 $10,504,372
Net from railway_ _ _ 1,208,674
1,578,503 2,063,603 3,320,015
Net after rents
780,602 1,244,467 2,267,403
486,471
From Jan 1
Gross from railway
54,618,950 60,514,533 85,664,342 105,698,119
Net from railway_ _ _ _ 11,015,927 13,133,337 22,110,471 28.270,389
Net after rents
2.921,865 3,993,237 12,241,216 17,231,918
Chicago St Paul Minn & Omaha
1933.
1932.
.
October
1931.
1930.
Gross from railway.. _ _ $1,332,913 $1,384,641 $1,556,350 $2,111,322
350,033
Net from railway...._ _
237,855
296,210
207,993
Net after rents
194,369
81,939
20,770
98,585
From Jan 1
Gross from railway...... 12,316,280 12,591,533 15,982,276 21,070,117
Net from railway__ _ _ 2,908,711
1,349,457 2
,009,000 3,857,682
Net after rents
1,393,086 -188,623
1,962,205
273,736
ClinchfieldOctober1933.
1932.
1931.
1930.
Gross from railway.. _
$415.793
$384,086
$505,202
$466,439
Net from railway.,......
176,647
171,912
182,702
177,560
Net after rents
195.978
150,355
146,660
185,221
From Jan 1
Gross from railway.._ 4.039,819 3,306,890 4,589,595 5,065.604
Net from railway__ _ 1,811.538 1,033,797
1,572,907 1,713,328
Net after rents
1,550,270
554,170
1,249,399 1,610,300
Colorado & Southern System
Colorado & SouthernOctober1933.
1932.
1931.
1930.
Grossfrom railway- $649,668
$605,330
$853,533 $1,003,685
Net from railway.... _ _
239.061
224,565
295,926
332,233
Net after rents
155,577
160.281
192,765
232,445
From Jan. 1
Grossfrom railway.... _ 4,325.655 4,559,277 6.658,236 8,513,002
Net from railway_ .. _ _
797.960
606,654
1,357,995
1,899,265
56.346 -172,156
Net after rents
445,180
984.458
Fort Worth & Denver City1932.
October1931.
1933.
1930.
$624,593
$715,040
6802,914
Grossfrom railway _ -- $654,175
339,981
303,449
__
277.930
Net.rom
237,836
245.644
264.963
192,989
224,402
IN% et ,fter emits
m Jan. 1
Gross.rom railway.. _ _ 4,489.070 4,799,529 6,766,396 8,075,113
1,762.443 2.483,150 2,367,057
Net from railway__ _ _ 1.731,122
1,158,942 1,857,913
1,149,485
1,801,368
Net after rents
Columbus & Greenville1931.
October1932.
1933.
1930.
$72.013
$109,028
$144,872
Grossfrom railway_ _ _ $106,847
7,930
14,263
Net from railway. _
4.508
37.353
4,849
4,784
6,687
Net after rents
33,847
From Jan. 1
616,914
898.222 1,345,157
648.646
Grossfrom railway _ _ _
98,026
156,229
83,872
-60.835
Netfrom railway _ __
74.119
92,214
-56,382
Net after rents
83.837
Delaware & Hudson1931.
1930.
October1932.
1933.
Gross from railway- $2,061.671 $2,174,298 $2,821,302 $3,596.106
766,353
977,555
Net from railway
334,852
341,237
906,899
268.320
757,159
Net after rents
277.765
From Jan. 1
Gross from railway
18,327,780 19,542.296 26,291,298 32,092,916
928,240 4,266,927 6.542,495
Net from railway_ _ _ _ 1,446,940
27.924 3.584.591
5,406.415
Net after rents
672,084
Delaware Lackawanna & Western
October
1932.
1931.
1930.
1933.
Gross from railway__ _ $3,775,136 $4,134,472 $5,187,352 $6,413,098
Net from railway.......
1,385,093
701,769 1.159,875
1.918,266
Net after rents_ __ -593,607
895,964
1,379,973
233,183
From Jan. 1
Gross from railway__ - 36,084,439 39,067,516 50,119.862 58,808,839
Net from railway__ 7,331.965 7,887,388 11,013,148 14,572.846
Net after rents
2.847.750 3,298,955 6,346,870 9,627,750
Denver & Rio Grande WesternOctober1932.
1931.
1930.
1933.
Gross from railway-.. 2,100,187 2,360.607 2.503,794 3,452.915
Net from railway_ _
888,855 1.167,542 1.014.875 1,415,437
Net after rents
803,822 1,162,747
682,939
957,509
From Jan. 1
Gross from railway..-- 13,876,268 14.540,358 10,793,440 24,942.333
Net from railway_ _ _ _ 3,966.238 3,645,454 5.926.999 7.520,578
Net after rents
2.478,860 1.996,128 4,337,618 5.854.358
Denver & Salt LakeOctober1931.
1930.
1933.
1932.
Gross from railway.-- $208,403
$270.662
$402,357
$244,914
167,126
Net from railway_ _ -113,874
156,844
268,632
104,780
155,413
Net after rents
143,783
255,691
From Jan 1
1.372,024
Gross from railway
1,545,102 1,852,640 2,07,351
613,480
764,237
704.484
891,518
Net from railway_-582.554
656,135
587,644
807,714
Net after rents
Dec. 2 1933
Detroit & Mackinac
October1933.
1932.
1931.
1930.
Gross from railway......
$71,023
$83,367
$91,221
$109,039
Net from railway_ _ _ _
28.812
34,421
30,703
40,036
Net after rents
22,994
28,983
23,837
30,478
From Jan. 1Gross from railway..
506.941
655,559
877.997
949,056
Net from railway.. _ _ _
73,598
139,941
252,600
117,543
Net after rents
37.948
101,464
189.536
39,491
Detroit Toledo & IrontonOctober1933.
1932.
1931.
1930.
Gross from railway....- $375,448
3278.099
$329.143
$617,355
Net from railway........
53.474
147,563
54,106
152,788
Net after rents
98,316
5,086
3,176
117.749
From Jan 1
Gross from railway._ 3,357,371
3,533,641
5,042.584 9,087,629
Net from railway_ _ _ _ 1,339,563
893,107 1,562,772 3,823.824
Net after rents
393,671
896.826
928.842 2,982,662
Detroit & Toledo Shore LineOctober1932.
1931.
1930.
Gross from railway-- $220,623
$207,884
$213,783
$283,214
Net from railway......114.495
101,666
88,304
129,551
Net after rents
50,544
39,970
24,949
53,224
From Jan 1
Gross from railway
2,121,544
1,826.988 2,441,397 3,147.593
Net from railway......_ 1,053.591
792,742 1,057.367 1.445,298
Net after rents
232.580
438.853
362,934
592,926
Duluth Missabe & NorthernOctober1933.
1932.
1931.
1930.
Gross from railway.-- $1,444,494
$415.697 $1,158,893 $2,254,301
Net from railway_ _ _ _
52,322
841.516
522.735 1.255,339
Net after rents
761,365
29,161
519,991
1,048,553
From Jan 1
Gross from railway
9,539,738 2,242,888 10.887,724 20,219,449
Net from railway_ __ _ 4,931,921 -1,767,922 3,098,499 10,269,496
Net after rents
4,291,718 -1,879,722 2,385,556 8,342.646
Duluth South Shore & Atlantic
October1931.
1932.
1933.
1930.
Gross from railway..
$159.518
$173,055
$231,558
$291,739
Net from railway_ _ _ _
36,225
-6,732
23,551
37,670
Net after rents
487
--44,663
2,566
-3,385
From Jan 1
Gross from railway...... 1,629,741
1,434,320 2,381,246 3,309,672
Net from railway_
257,646 -158,833
203,857
464,303
Net after rents
32.988 --461,151 147,151
38.635
Duluth Winnipeg & PacificOctober1933.
1932.
1931.
1930.
Gross from railway_ $70,074
$82,370
$80,064
$136,595
Net from railway_ _ _
6.287
-21,321
-25,334
-12,111
Net after rents
12,219
-6,252
-26,030
6.405
From Jan 1
Gross from railway...723,520
683,049
978,175 1,526,734
Net from railway
-67,323 -174,138 271,463
33,706
Net after rents
52,537
-40,533 -299,565
6,006
Elgin Joliet & Eastern
October1932.
1933.
1931.
1930.
Gross from railway_ _ .. $931.118
$650,496
$860,818 $1,618,876
Net from railway_ _ _..
104,937
194,104
96,370
344,004
Net after rents
49,183
14,909
-49,929
118,362
From Jan 1Gross from railway _.. 8,483,367 6.614,042 11,707,234 18,933,792
.
Net from railway_ _ _ _ 2,226,044
529.571
1,929,280 5,576,265
Net after rents
• 750,413 -902,785
123,826 2,799,949
Erie SystemOctober
1932.
1933.
1931.
1930.
Gross from railway- _ 6,675,956 7,168,326 8,241,935 10,068,713
Net from railway_
1,771.487 2,295,548
1,608.984 2,110,495
Net after rents
1.695,226
1,210,885
1,373,682 1,862,859
From Jan. 1
Gross from railway_ _ _ 60,649,635 62.193,190 77,577.370 93,113,668
Net from railway _ _ _ 13,827,968 10,901.334 13,030,061 16,635,876
Net after rents
10,628,000 7,345,732 9,534,712 12,952,153
Erie RROctober1932.
1933.
1931.
1930.
Gross from railway_ _ _ 5,829,591
6,157,293 7,251,250 8,765,121
Net from railway _ _ _
1,603,692 2,036.470 1,842,286 2.166,487
Net after rents
1,111.514
1,475,270 1,289,682 1,652,113
From Jan. 1
Gross from railway- _ _ 53,130,639 54,648,582 68,307,673 81,572,166
Net from railway.... - 14,294,776 12,635,707 14,129.403 16,617,209
Net after rents
9,757.516 7,242,187 9,124,659 11.716,045
Chicago & Erie
October1933.
1932.
1931.
1930.
Gross from railway..__ $846,365 $1.011.033
$990,684 81,303,592
Net from railway-......
383,780
505,376
399,613
545,226
Net after rents
99.372
219,957
210,747
84,000
'From Jan 1Gross from railway--- 7,518,996 7,544,607 9,269,697 11,541,502
Net from railway--- 3,320.523 2,704,228 3.435,666 4,547,005
Net after rents
870,485
103,546
410,053 1,236,109
New Jersey & New York
October1930.
1933.
1932.
1931.
Gross from railway.-$115,722
$78,292
$93,216
$108,407
Net from railway.._. -14.690
10,758
6,002
8,113
Net after rents
-22.489
-37.097
17,726
18.406
From Jan 1
Gross from rallway
794,058
922,080 1,114,736 1,192,930
Net from railway........ -47,265
141,759
43,839
148,858
Net after rents
278,545 -202,984 -157,848 -206,590
Florida East Coast
October
1930.
1931.
1933.
1932.
Gross from railway___ $322,244
$591,148
$458,515
$335,569
Net from railway..._ -127.778
-29.838
-24,045
90,916
Net after rents
-220,388 -133,399 -133.119 -145,884
From Jan 1Gross from railway...... 5,540,495 5,680,892 7.941.685 9,955,435
Net from railway_ _ .. _
2,066,392 2,576,463
904,671
987,999
750,057
Net after rents
427.876
136.495 -359,095
C;eorgia-1930.
October1931.
1932.
1933.
$435,067
Gross from railway._ $258,862
$339,514
$285,508
93.057
Net from railway......_
58,779
55,336
35.941
98,929
Net after rents
68,767
58,983
39,787
From Jan 1Gross from railway.__ 2,536,484 2,417,545 3,505,555 3,970,766
582,578
Net from railway_......
489,228
178,615
425,466
632,734
528.062
Net after rents
229,951
469,285
Georgia & Florida
1930.
1931.
October1932.
1933.
$152,150
$83,067
Gross from railway_ _ ..
$65,538
$75,376
--8,770
18,922
Net from railway.. _ _ _
10,296
-5,103
10,304
13.576
Net after rents
-14,092
-8,741
From Jan. 11,194,633
1,457,462
709,481
Gross from railway.. _ _
826,926
51,451
194,751
Net from railway_ _. _
52,516 -104,477
52,752
83,738
Net after rents
-3,679 -181,118
Grand Trunk Western
1931.
1930.
1932.
October1933.
Gross from railway
$1,250,344 $1,256,513 $1,393,622 $2.004,828
320,667
116,696 --117,315
Net from railway........
53.491
1,701
--65,587 --292,175
Net after rents
-109,365
From Jan 1Gross from railway
12,700,860 11,761,208 17,235,703 22,763,594
1,296,322 3,798,736
72,066
Net.from railway.._ _ .. 1,110.568
484,125
Net after rents
-690,570 -1,776,394 -1,374,395
Volume 137
Financial Chronicle
Great Northern Ry'
October1933.
1932.
1931.
1930.
Gross from rallway..-- 57,294,850 $6,946,263 $8,351.178 $12,411,222
Net from railway..___ 3,170,092 3,160,137 3,832,269 6,509,141
Net after rents
2,259,632 2,153,500 2,848,717 5,188,282
From Jan 1
Gross from railway._ 52,377.079 46,645,765 66.619,520 90,242,965
Net from railway
17,720.507 7,770,511 18,711,149 28,098,251
Net after rents
10,148,010
101,060 10,474.494 19,101,461
Gulf Mob;le & NorthernOctober1932.
1931.
1933.
1930.
Gross from railway
$537,300
$448.853
$455.145
$359,730
Net from railway
140,483
137,099
105,078
177,968
Net after rents
64,879
63.821
103.274
63,045
From Jan 1
Gross from railway.-- 3,392,967 3,227,194 3.492.331
5,056.738
Net from railway
1,108,424
495,631
604.482
1,156,660
537.071.
Net after rents
567.804
-52.176
104.850
For comparative purposes operations of New Orleans Great Northern
R11, are included beginning July 1932.
Illinois Terminal Co1932.
1931.
1930.
October1933.
$691.672
Gross from railway.... $421,030
$440,299
$493.838
136.548
137.944
122,197
219,398
Net from railway....
148,701
Net after rents.
75,470
91,417
65,555
From Jan. 1
5,464,690 6,370,838
3,967,982 3,810,161
Gross from railway
1,823,302
1,963,185
1,008,675
Net from railway_ __ _ 1,299,497
1,242,571
734,287
503,864 1.222.195
Net after rents..
International Great Northern1932.
1930.
1933.
1931.
October$969,381
$878,991 $1,140,014 $1,382,752
Gross from railway
309,763
239.624
248,521
255,207
Net from railway__140,548
111,172
193.712
108,531
Net after rents
From Jan.
Gross from railway.-- 10,539,719 8,489,255 15,944,322 12,920,362
2,054,214
1,499,724 4,436,511
. 3,049,753
Net from railway_ __
786,547
391,402 2,398,001
1,438,675
Net after rents
Kansas City Southern System
Texarkana & Fort Smith1932.
1931.
1930.
1933.
October$213,580
$131,307
$102,607
$99,969
Gross from railway___
102.703
51,781
39.255
42,673
Net from railway_ __ _
13.301
51.100
9,922
16,071
Net after rents
From Jan 1
963,738 1,595,444 2.186,688
836,553
Gross from railway...
892,233
690,963
298.826
281,413
Net from railway_ _ _ _
438,736
17,249
359,670
27,604
Net after rents
Oklahoma & GulfKansas
1930.
1931.
1932.
October1933.
$279,007
$229,074
$180,873
$183,034
Gross from railway
136,521
108,988
98,204
Net from railway
90,886
90,551
67,901
73,579
Net after rents
55,654
From Jan 1
2.610.369
1.497,464 2,220.531
Gross from railway _ 1,513,168
1.172,645
954.494
618,414
Net from railway
735,337
747.118
568,801
337.041
Net after rents
418,248
Lake Superior & Ishpemin
1930.
1931.
1932.
11133.
October-5227.329
$132,811
$85,335
$349,976
Gross from rallway
105,402
53,655
35,043
236,157
Net from railway_
74,940
35,138
24.745
190,195
Net after rents
From Jan 1
1,152,525 2,090,641
381,675
Gross from railway.__ 1 ,710,930
920,228
282,320
1,008,180 -132,496
Net from railway
586.072
87,649
759,162 -285,171
Net after rents
Lake Terminal1931.
1930.
1932.
October1933.
$91,585
$65,791
$48,377
$43,604
Gross from railway....
12,175
17,727
25,670
14,347
Net from railway_
2,162
21.946
17.087
10,442
Net after rents
From Jan 1
865,150
572.862
305,422
553,554
Gross from railway...._
143.796
116.545
77,447
226,805
Net from railway
54,235
71.764
66,140
199,026
Net after rents
Lehigh & Hudson River1930.
1931.
October1932.
1933.
$203,729
$138,652
5188.938
Gross from railway.-- $120,390
35,588
66.921
56,443
65,468
Net from railway_ ___
.32.291
29,477
28.571
Net after rents
12,408
From Jan 1
Gross from railway... 1,209,228 1,319.138 1.708.556 1,895.670
543,581
510,790
371,746
400,432
Net from railway.-226,895
202,834
113,702
Net after rents
162,713
Lehigh & New England yetober1930.
1932. . 1931.
1933.
$541,782
$407,487
$315.414
Gross from railway.-- $259.717
202.909
140,060
58,945
113,165
Net from railway......_
102,949
121,263
1.16.660
53,293
Net after rents
From Jan 1
Groat'from railway..._ 2,522,459 2,745,624 3,513,280 4,263.347
660,261
769,437 1.081.117
609,330
Net from railway..
642.116
570,672
729,246
868,514
Net after rents
Louisiana & Arkansas1932.
1933.
1931.
1930.
October$376,650
$568,824
$613,835
Gross from railway.-- $362,994
101.933
140,779
265,166
242.018
Net from railway......
67,610
115,375
184,476
157,644
Net after rents
From Jan 1
Gross from railway...3,451,315 3,443,079 4,968,629 6,047,234
1,034,585
1,915,247
1,950.055
Net from railway....... 1,210,718
786,792
654,429 1,225.367
1.085,002
Net after rents
Louisville & Nashville-1932.
1933.
1931.
1930.
OctoberGross from railway _ $6,044,382 56,136,897 57.167,244 $9,478,457
1,864,089
1,311.708
1,255,025 2,346.929
Net from railway
1,625,818
952,749 1,794,360
1,061,151
Net after rents
From Jan. 1
railway. 55,052,434 53,018,165 74.566,920 95,389,543
Gross from
Net from railway.... 13,237,222 8,844,923 12,647.375 16,248,384
9,943,847 4,998,756 8.197,034 11.224.005
Net after rents
Maine Central
1932.
1931.
1933.
1930.
October$910,513 $1,247,501 $1,641.370
Gross from railway.... $992,370
258,408
345,722
409,813
295.886
Net from railway _ 182,874
219,404
212,772
283,032
Net after rents
From Jan. 1
from railway._ 8,822,659 9,579,290 12.878,092 16,241,983
Gross
Net from railway..-..- 2.531.178 2,175,930 3,057.985 3,951,972
1,278,689
1,752,162
2,565,662
1,686.488
Net after rents
Midland Valley1932.
1931.
1930.
1933.
October$304,562
$154.946
$211.455
Gross from railway.... $146,900
87,263
98,658
151,594
80,653
Not from railway....
114,821
62,811
67,552
72,066
Net after rents
From Jan 1
from railway.-- 1,157,818 1.267,156 1.791,409 2.609.661
Gross
536,118
520,230
684,907 1,113.901
Net from railway...-.
796,451
370,365
34u.173
443.333
Not after rents
Minneapolis & St Louis1930.
1932.
1931.
1933.
October$824,521
$846,490 $1,222.683
Gross from railway.... $763,532
269,960
137,014
185,368
67.808
Net from railway__ 149,857
114,639
91.656
-1,572
Net after rents
From Jan. 1
Gross from railway.- 6.450,869 6,635,612 8,872,439 10,885,516
935,258
1,708,055
821,416
335,265
Net from railway
574.764
135.974
249,046 --345,917
Net after rents
3999
Minn St Paul & Sault Ste MarieOctobe,
1930.
1933.
1932.
1931.
Gross from railway___ $2,121,143 $2.199.357 $2,335,881 $3,791.931
Net from railway _ _ _ _
1,204,301
543,921
378,290
575,793
Net after rents
779,778
258,821
267,423
6,113
From Jan. 1
Gross from railway.-- 18,758,812 18.761,176 24.699,731 34,569.174
Net from railway.-- 3,757.968
1.795,692 4.094,007 7.829,235
Net after rents
951,686 def1347,906
571,150 3.969.099
Misessippi CentralOctober1933.
1932.
'1930.
1931.
Gro s from railway....
5123.926
555.653
562,553
$98,031
Net from railway
6.445
17,131
36.045
-25.526
Net after rents
8.985
-35.361
889
22.1354
From Jan 1
Gross from railway.-510,902
870.972 1.135,784
524.243
Net from railway
215.140
46,683
23,801
192.975
Net after rents
-16,031
-51.478
112,405
114,019
Missouri IllinoisOctober1932.
1931.
1930.
1933.
Gross(tom railway
$79,466
$76,647
$110,888
$150.072
Net from railway__ -14,314
21.239
21.917
47,089
Net after rents
1,905
6,8o3
28,929
8,387
From Jan 1
Gross from railway738.124
1.148,071
1,559,244
708.375
Net from railway....
295,275
434.232
153,162
138,614
Net after rents
18,690
151.206
266,000
18.233
Missouri-Kansas-Texas1931.
1930.
October1932.
1933.
Gross from railway.-- $2,713,506 .52,690,421 53,408.199 54.577.769
Net from railway....
989.130 1,105.593 1.663.919 2,035.002
Net after rents
746,502
787,709 1.297.886 1.711,447
From Jan 1
Gross from railway.-- 21.069,802 22,690,231 28.945.915 38,280,962
Net from railway
5,212,037 6,428,025 8,037,848 12,151.723
Net after rents
1.881,167 2,820.495 3,975.440 7.869,985
Missouri & North Arkansas1931.
1930.
October1932.
1933.
$148,312
$97,652
Gross from railway-__
$79,279
$88,945
-4,102
21,359
Net from railway....
7,178
28,150
-16.935
2.578
Net after rents
-6,316
15.487
From Jan 1
991.535
1,423,129
Gross from railway
722,875
732,448
36,486
204,904
Net from railway
10,243
151,883
91.647
43,290
Net after rents
-97,651
41,552
Missouri Pacific1931.
1930.
October1932.
1933.
Gross from railway.-- $6,533,369 56.907,647 $8,129,259 510,905.916
Net from railway......1,628,067 2,326,282 2.038,694 3,274.617
2,211,315
1,595,221
Net after rents
1,635,331
801,946
From Jan. 1
Gross from railway.... 57,157,430 58.884,188 82.364.682 103.111.334
Net from railway.-- 13,627,413 14,106,866 22,450,728 26,688,249
Net after rents
6,383,075 7,405,091 15,326,066 17,762,029
Mobile & OhioOctober1930.
1931.
1932.
1933.
Gross from railway
$825,054 51,212.274
$744.408
$773,598
86,593
290,183
Net from railway.....
144,513
114,161
141.312
Net after rents
-17.660
16,306
8,181
From Jan 1
Gross from railway... 6.822,928 6.632.502 8.711.275 12.099.378
Net from railway..... 1,191.092
673.990 1.110,149 2.344,544
Net after rents
84,657
832.590
155.293 -505.619 Monongahela1931.
1930.
October1932.
1933.
Gross from railway__ - $300,862
$518,073
$382,970
$338,002
266.484
Net from railway
235.309
227,138
175,291
Net after rents
144,727
136,790
130.456
72,089
From Jan 1
Gross from railway
2,954,003 3,050,933 3,951,307 5.186.387
Net from railway..
1,972,205 2,346.198
1,787,914
1,869,669
1,165,253
Net after rents
1.043,805
941,758
981.227
Nashville Chattanooga & St LouisOctober1930.
1931.
1932.
1933.
Gross from railway.-- $1,083,317 $1.018,664 $1,233,802 $1,635.837
Net from railway..
302.629
172.750
184,158
91,675
Net after rents
224,746
144,599
35,223
135.910
From Jan. 1
Gross from railway... 10,414.860 9,558.210 12,964,358 16,673.331
1.378,195 2.722,518
Net from railway.... 1,458,664
1,017,726
1,995,244
Net after rents
715.774
914,734
517.845
Nevada Northern1930.
1931.
October
1932.
1933.
$54,388
$38,738
Gross from railway....
$32,210
530.093
5-739
13.765
Net from railway...__
5,778
5,797
26
7.223
Net after rents
1,817
3,634
From Jan 1
646.106
417.510
Gross from railway
207,148
230,891
263,168
85,110
Net from railway_
17,655
-2,270
184,699
Net after rents
-18,047 -225.640
-29,874
Newburgh & South Shore-1931.
1930.
October1932.
1933.
$108,331
$56,222
$66,135
Gross from railway
$20,588
2,345
--2,529
2,536
Net from railway__ -17,524
--8.141
Net after rents
--7,293
-4,387
-21,969
From Jan 1
1.188,742
809.308
Gross from railway.....
495.009
362,406
2,952
283,270
-69,462
Net from railway.... -60,027
154.234
--80.924
Net after rents
-108.904 -149.298
New Orleans Texas & Mexico System
New Orleans Texas & Mexico1931.
1930.
October1932.
1933.
5175,775
5251.563
Gross from railway.-$97,953
$102,679
27.636
76,331
Net from railway....
402
-4,399
Net after rents
38,760
81,002
23,588
9.782
From Jan 1
Gross from railway.-- 1,048.850 1,305.791
1,887,756 2.578.785
Net from railway..
716,734
409,626
74,418
186.724
Net after rents
837.923
523.872
223,791
286,130
Beaumont Sour Lake & WesternOctober1933.
1930.
1932.
1931.
Gross from railway.- $107,061
$257.139
$103,548
$148,439
Net from railway.....
13,973
30.082
52.738
26,066
Net after rents
-25,483
-19,379
-18,981
-11,109
From Jan 1
Gross from railway.-- 1,118,699 1,371,111
2,256,660 2,732,438
Net from railway.--236,864
347,999
652,872
681,588
Net after rents
-180.164 -143.650
-20.497
63.239
St Louis Brownsville & MexicoOctober1933.
1932.
1931.
1930.
Gross from railway.-- $257.121
5274,285
$363,240
$594.285
Net from railway....
20,049
66.171
102,748
226.904
Net after rents
-696
31,883
58,482
188,510
From Jan 1
Gross from railway.-- 3.346.928 4,112.080 5.259.168 7.922,337
Net from railway
957.970
1,585,007 1.738,350 3.084,187
Net after rents
453,480 1,002,125
1.065.180 2.326.615
New York Chicago & St LouisOctober1933.
1932.
1931.
1930.
Gross from railway.-- $2,763.566 $2,644,187 $3,066,876 $4.002,980
Net from railway815,817
872,012
684,381
1,067.354
Net after rents
418.989
459,589
463,883
178,520
From Jan 1
Gross from railway.-- 25,665,139 24,632,712 31.446,083 39,932,048
Net from railway.... 8,464,182
5.774,121
7,356,843 10,003.672
Net after rents
4.435,690
1,599,499 2.416.929 5,317.739
4000
Financial Chronicle
New York Central System
New York CentralOctober1933.
1932.
1931.
1930.
Gross from railway_ -$26,275,244 $25,966,902 $31,106,696 $40,250,975
Net from railway.._-- 6.934.106 7,074,910 5,594.957 9,563.873
Net after rents
3,436,812 3,575,385 1,868,245 5,653,647
From Jan 1
Gross from railway-237,653,187 246,929.577 327,43o.335 408,684,369
Net from railway
65.609,974 55,725,519 66,076,375 90,639,337
Net after rents
29.222.608 16,934,527 20,515.974 52,293,392
Indiana Harbor BeltOctober1933.
1932.
1931.
1930.
Gross from railway_-- $768,817
$720,225
$845.343 $1,020,783
Net from railway-___
353,231
305,658
328,010
385.896
Net after rents
213,487
170,562
269,893
222.702
From Jan 1
Gross from railway
6,454.966 6.134.348 7,838.033 9.221.864
Net from railway_
2,667,808 2,260,185 2,315,850 3,025,256
Net after rents
1,628.548 1,259.389 1.334.085 2,157.050
Pittsburgh & Lake ErieOctober1932.
1931.
1930.
1933.
Gross from railway
$1,269.537 $1,189,849 $1.433,592 $2,243,160
Net from railway__ 175.904
169,658
560,800
177.936
Net after rents
196,092
244.576
702,830
218,351
From Jan 1
Gross from railway-._ 12,229,857 10,319,009 15.342.675 23,878,940
Net from railway__ _ 2,385,217
931,307 2,050,514 5,212,317
Net after rents
2,558,427 1,243.194 2,824,728 6.459,758
New York ConnectingOctober1931.
1932.
1933.
1930.
Gross from railway
$198,900
$288,184
$210,506
$235,896
Net from railway..
119.904
245,917
162.527
171.974
Net after rents
49.796
163,873
86,609
103,869
From Jan 1
Gross from railway
2.047,673 1.851,385 2,118.065
2.314.951
Net from rallway
1,841.967 1,578.513 1,170,140 1,451,228
Net after rents
512,835
816,569
830.466
1,116.978
New York New Haven & HartfordOctober1932.
1933.
Gross from railway-- $5,830,122 $6.278.322
Net from railway____ 1,535,233 2,037,532
1,153.045
Net after rents
694,381
From Jan 1
Gross from railway
55.745,826 63,206.851
Net from railway
15,060,439 18.569.559
Net after rents
6,422.819 9,524,281
New York Susquehanna & Western1932.
1933.
OctoberGrossfrom railway___ $265,021
$348,157
61,445
132,554
Net from railway____
Net after rents
18,765
89,350
From Jan 1
Gross from railway__ _ 2,666,886 2.930,973
827,475
Net from railway_ _ _ _
692.108
258,252
356,435
Net after rents
Norfolk Southern1932.
1933.
October$386,552
Gross from railway_ -- $424,189
Net from railway_ __ _
129,427
64,167
Net after rents
116,492
10,735
From Jan. 1
Gross from railway
3,707,191 3,626,224
Net from railway
637,722
378,492
Net after rents
176.904 -186,741
Norfolk & Western1932.
October1933.
Gross from railway.-- $6,720,004 $6.252,491
Net from railway
3,231,333 3,132,687
Net after rents
2,896,600 2,685,745
From Jan. 1
Gross from railway
58,035,844 50,816,481
Net from railway_
25,526,865 19,211.421
Net after rents
20,543,646 14,150,356
Northern Pacific1932.
1933.
October$4,979,302 $4,701.352
Gross from railway
Net from railway
1,576.182 1,322.204
978,390
Net after rents
1,330.376
From Jan. 1
Gross from railway
39,812.629 39,681.738
7,012,123 4,574,294
Net from railway
953,974
Net after rents
4,338.367
Northwestern Pacific1932.
OCIO0e71933.
$357,348
Gross from railway.-- $273.741
111.097
Net from railway
32.057
73,908
Net after rents
7,175
From Jan 1
Gross from railway
2,393.309 2.777,062
177,506
Net from railway....
115,289
Net after rents
-181.677 -224,221
1931.
1930.
$8.658,436 $10,363.356
2,810,379 3,700,148
1,776,432 2.590,543
85.284.782 100,494,315
26,377,362 32.574,955
15.640.024 20,717,931
1931.
$367,925
103,444
55,373
1930.
$462,207
163,237
96.831
3.628,566
1,043,674
474,145
3,944,431
1,132,388
556,891
1931.
$506,803
93.423
51,263
1930.
$664,112
213,072
158.449
5,232,674
1,022,316
380,156
5,890,087
1,306,731
641,911
1931.
1930.
$7.353,101 $8,647.112
3,079.632 3.551.200
2,612,354 3,082.853
67,654,922 85.803.214
25.011,711 34,801,254
19,687,888 28,609.845
1931.
1930.
$5,73=.204 $8,158,846
1.628,390 2,964.344
1,233,706 2,607.688
53,381,607 68.651.004
8,787.312 14,997.514
5,007,306 11,520.909
1931.
$391.409
124.460
77,411
1930.
$555,867
56.857
7,447
3,673,350
313.113
-140,729
4,910.021
650,572
204,010
Oklahoma City-Ada-Atoka-1932.
October1931.
1930.
1933.
$32,632
$48,892
$75.135
Gross from railway....
$30.979
13.354
Net from railway__ _
11,746
22.049
8,589
Net after rents
-3,302
4.104
2,825
-1,304
From Jan. 1
573.464
753,815
331,442
Gross from railway269,259
166,291
144,693
Net from railway_......
90,679
93,730
367
-30.060
Net after rents
-11.825
-24,986
Pennsylvania System1931.
1930.
October1932.
1933.
Gross from railway---$30,280,405 $29,109,814 $38,295.502 $51,051.274
Net from railway___. 9,513,697 10.180,181 10,882.375 15,341,774
Net after rents
5,720,018 5,886,492 6,288,620 9,736,627
From Jan 1
Gross from railway.--273,221,493 274,555,502 386,206,118 493,858,289
Net from railway-- 84.115,580 69,990.294 82,970.488 127.122,003
Net after rents
52,416,420 34,619,111 44,377,813 81,892,877
Long IslandOctober1931.
1930.
1932.
1933.
Gross from railway
$2,019.955 $2,263.726 $2,922,929 $3,371,761
Net from railway..
958,869 1,190.642
668,502
870,818
Net after rents
683.491
457,515
493,185
273.331
From Jan. 1
Gross from railway.. 20.405,393 24,179.806 31.003,758 33,736.765
Net from railway_ --- 7,195,587 8.450,775 10,746,354 11,644,890
Net after rents
3.355,610 4,403,756 6,581,092 6.965,851
Pennsylvania RROctober1931.
1930.
1932.
1933.
Gross from railway-$30,212.982 $29,770.423 $38,206,879 $50.949.538
Net from railway.._ 9,507.619 10,897,522 10,857,725 15,327.809
Net after rents
5,731,675 6,025,041 6,284,609 9,912,913
From Jan 1
Gross from railway_ -272,673,184 280,391.235 385,377.628 492.863,315
Net from railway_...._ 84.109,315 76,389.498 82,933,405 127,056,413
Net after rents
52,543.596 41,168,606 44.485,734 83.024.705
Penna Reading Seashore LinesOctober1931.
1932.
1930.
1933.
Gross from railway..... $411,132
$175,739
$194.218
$147.031
-40.120
Net from railway
-62,907
-6,251
-63,471
-86,257 -119,679
Net after rents
-232.004
-49,630
From Jan 1
Gross from railway __ - 3,371.098 1,725,514 2,441.894 2.716,376
72,638
229,328
-28,326
18,572
Net from railway
-961,527 -438,399 -432,418 -630.231
Net after rents
Peoria & Pekin UnionOctober
1932.
1933.
Gross from railway___
$83,858
$89.245
Net from railway_ __ _
19.729
25.478
Net after rents
25,517
31,506
From Jan. 1
Gross from railway
715.811
752,172
Net from railway_ _ _
114,613
170.080
Net after rents
189,138
229,448
Pittsburgh & ShawmutOctober1932.
1933.
Gross from railway--$82,779
$52,978
Net from railway_ _ _ _
25,710
3.721
Net after rents
22,616
9,497
From Jan 1
Gross from railway__ _
664,015
553,125
Net from railway__ _ _
94,649
122,606
Net after rents
99,772
98,580
Pittsburgh Shawmut & NorthernOctober1932.
1933.
Gross from railway--- $101,862
$86,825
Net from railway..
16,865
30,449
Net after rents
8,129
23,065
From Jan 1
Gross from railway- _ _
776,311
826.322
Net from railway..
30,060
155.980
Net after rents
-36,690
88,387
Pittsburgh & West VirginiaOctober
1932.
Gross from railway
$237.421
$196.201
Net from railway__ _
89.615
45,312
Net after rents
129,936
58,083
From Jan 1
Gross from railway_- 2,143.241
1,872,993
Net from railway.._404.992
714 516
Net after rents
445,565
797.918
Richmond Fredericksburg & PotomacOctober1932.
1933.
Gross from railway--- $390,550
$379,225
Net from railway_ _
36,715
42,283
Net after rents
5,624
8,665
From Jan 1
Gross from railway
4,966,306 5,347,500
Net from railway__.... 1,112,134
1,107,953
Net after rents
392,069
383,166
RutlandOctober1932.
1933.
Gross from railway
$336,685
$308.124
Net from railway......
44,002
50,087
Net after rents
33,714
35,047
From Jan. 1
Gross from railway.... 2,874.756 3,316,959
Net from railway__ -347.522
462.303
Net after rents
260.172
285,134
St Louis-San Francisco SystemOctober1933.
1932.
Gross from railway.-- $3,877,630 $4,159,497
Net from railway__ -824,260 1,230,362
Net after rents
495,487
850,947
From Jan 1
Gross from railway
34,145.507 36,078,148
Net from railway
6,158,112 7.193.977
Net after rents
2,597,995 3,006,552
Dec. 2 1933
1931.
$88.592
12,824
17,503
1930.
$147,610
,
47,263
50,311
924,648
95.765
175,909
1,390,355
281,165
352,722
1931.
$109,762
22,536
17,564
1930.
$136,537
28,354
20.396
1,081,862
234,474
171,884
1,335,152
236,257
135,299
1931.
$109,762
22,536
17,564
1930.
$136,537
28,354
• 20,396
1,081,862
234,474
171,884
1,335,152
236,257
135,299
1931.
$251,773
69,291
62,045
1930.
$348.399
101,978
119,863
2.496,009
555,780
537,408
3,312.006
1.172,024
1,397,054
1931.
$525.815
14,240
-32,505
1930.
$674.655
90,570
23,360
7,656,009
1,923.391
1,012,842
8,737,893
1,971,294
1,038,599
1931.
$404.383
51,864
35,462
1930.
$464.665
74,280
56.064
3,883.670
418,370
250,578
4,525,571
715.759
.543,526
1931.
$4,967,352
1,434,159
1,031,350
1930.
43.308.043
7,398.006
9,038,696
Fort Worth & Rio Grande1931.
October1930.
1933.
1932.
$45,221
Gross from railway
$42.907
$44,287
$67.502
Net from railway_
-21,751
27,357
-19,080
-12,985
40,224
Net after rents
-30.840 -32,382
-23,719
From Jan 1
Gross from railway......
565,730
395,913
698.248
344,861
Net from railway_..-- -237,454 -221,140 164,810 -123,656
Net after rents
299,973 -255,479
-342.000 -340.434 St Louis-San Francisco Ry CoOctober1932.
1931.
1933.
1930.
Gross from railway.-- 3,658.038 3,948.177 4,682.888 6,428,478
Net from railway
793,030
1,200,885 1,369.882 2,374.247
Net after rents
864,364
1,928,719
1,018,456
508,786
From Jan 1
Gross from railway...... 32,530,960 34.486,832 47.070,010 61,061,664
Net from railway........ 6,307.643 7.409,347 13,304,749 17,952,439
Net after rents
3,172,633 3,684,930 9,442,733 14,444,601
St-Louis San Francisco of TexasOctober1932.
1930.
1931.
1933.
Gross from railway_ _ _ $107,365
$178,427
$103,006
$107,198
Net from railway.... _ _
48.484
14,913
21.147
-3,789
Net after mats
11,592
-17,462
-11,129
-39,733
From Jan 1
Gross from railway_....
891,254
879,545 1.190,253 1.573,299
242,204
Net from railway
11.330
115,169
-26,245
--92,516
Net after rents
-300,560
-359,838 -237,605
San Antonio Uvalde & Gulf1930.
October1931.
1933.
1932.
$129,047
Gross from railway..
$74.968
$63,908
$50,783
15,269
Net from railway
13,613
-2,034
-1,847
-18,461
Net after rents
-32,546
-6,606
-26,241
From Jan 1
1.564,214
Gross from railway......
1,191,587
623,901
819,841
441,174
Net from railway........120,627
271,092
197,654
123,609
Net after rents
-46,642
-113,950
92,190
San Diego Arizona & Eastern1930.
1931.
October1932.
1933.
$64,647
$35.961
Gross from railway
$27,041
$23.218
459
Net from rallway
15,613
-15,692
-7,807
-3,152
-16,990
Net after rents
-17,895
-7,008
From Jan 1
906.733
663,457
Gross from railway
335.612
372,375
201,349
59,938
Net from railway..
-25,290 -221,073
156,683
28.465
Net after rents
-38,323 -257.561
Southern Pacific System
Southern Pacific Co.1930.
1931.
October1932.
1933.
Gross from railway_
$9.770,486 $10,165,130 $12.423,167 $18,366,025
Net from railway_..__ 3,194,513 3,090,176 4,334,776 7,600,997
Net after rents
2,353,597 1,775,020 2,368,427 5,242.331
From Jan 1
Gross from railway.-- 80,414,413 91,937.075 120,767,955 162,371.755
Net from railway--- 19,360,227 27,791,187 34.785,879 49.116.208
Net after rents
7.175,758 7,196,954 18,622.493 31,124.500
Southern Pacific SS Lines1930.
1931.
1932.
October1933.
$557,946
$742.211
$385,397
Gross from railway
$368,491
39,701
52,987
-21,580
Net from railway
-2,653
39,268
51.722
22,404
Net after rents
-1,831
From Jan. 1
Gross from railway.__ 3,564,026 3,756,883 5,382,507 6,781,444
Net from railway_ _ _ -320,226 -759,438 -722,016 -300,204
Net after rents
-328,728 -771.969 -735,343 -293,446
Texas & New Orleans1931.
1930.`"
1932.
October1933.
Gross from railway__ $2,646,569 $2,688,130 $3,911,367 $5,633.702
949,501
2,101,311
469,535
Net from railway577,069
490,862 1.438,065
111,412
Net after rents
136,697
From Jan. 1
Gross from railway...... 23.883,175 26,202.512 39,802.373 52,835,801
7,926,369 13.031,163
Net from railway........ 3.893,676 3,108,871
2,848.656 6.940,923
Net after rents
-281.025 -1,375,031
Volume 137
Seaboard Air LineOctober1932.
1933.
Gross from railway.-- $2,523.250 $2,381.434
Net from railway-406,743
256,846
Net after rents
187,792
25,319
From Jan 1
Gross from railway.-- 26,090,633 25,683.288
Net from railway
4,693.760 2.760,597
Net after rents
2,002,840
77.563
Southern Ry System
Alabama Great Southern193,.
October1933.
Gross from railway-- $397,501
$383.731
Net from railway
91,675
98,240
Net after rents
46,868
53,601
From Jan. 1
Gross from railway. 3.758.054 3,458.479
Net from railway_ --895,898
152,352
Net after rents
491.710 -232,585
Gin New Orleans & Texas PacificOctober1932.
1933.
8979,337
Gross from railway
$848.031
Net from railway--361,010
264.909
Net after rents
265,332
217.647
From Jan. 1
Gross from railway
9,946.503 8.516.922
Net from railway.. - 4,026,581
1,810,474
Net after rents
2.995,874 1,342,511
Georgia Southern & FloridaOctober1932.
1933.
Gross from railway-- $130,070
$144.368
-6,797
Net from railway._ _ _
30,157
Net after rents
-12,567
23,737
From Jan. 1
Gross from railway.-- 1,381.202 1.601,103
Net from railway
162.500
232.921
Net after rents
-1,460
127,809
New Orleans & Northeastern-October1933.
1932.
Gross from railway.-- $188,794
$167,414
Net from railway- --59.781
16,476
Net after rents
11,185
-27,378
From Jan. 1
Gross from railway
1,611,864 1.681,157
Net from railway
44,508
267,452
Net after rents
-201.536 -363,983
New Orleans TerminalOctober1932.
1933.
Gross from railway- $100,802
$148.013
Net from railway_ _ _ 56,318
101.578
Net after rents
44,180
70.668
From Jan. 1
Gross from railway... 1,072.985 1,202,867
Net from railway_ _ -709.184
652.578
Net after rents
455,674
413,708
Northern AlabamaOctober1933.
1932.
Gross from railway- _
$50,779
$48,277
Net from railway__ _
20.309
17.895
Net after rents
6,954
1,859
From Jan. 1
Gross from railway...
439,248
390.527
Net from railway _ _ _ _
168,525
91,849
Net after rents
-13,702
-88.644
Southern RyOctober1932.
1933.
Gross from railway- $6,621.891 $6,712.280
Net from railway_ _ _ _ 2,079,408 1,720,448
Net after rents
1,430,503 1,112,217
From Jan. 1
Gross from railway
64.143,975 61.053,006
Net from railway.... 19,053,471
9.218.104
Net after rents
12.673.369 2,468.834
Spokane Portland & SeattleOctober1933.
1932.
Gross from railway-. $414,762
9450,456
Net from railway...._
151,438
147,678
Net after rents
90,751
47.811
From Jan 1
Gross from railway- 3.826,880 4,220.024
from railway..
Net
1.512.445 1,231.788
Net after rents
681,297
336.625
Staten Island Rapid Transit
October
-1933.
1932.
Gross from railway_ _ _ $142,722
$147,371
Net from railway_ _ _ _
28,968
31,996
Net after rents
725
-4,334
From Jan 1
Gross from railway... 1,429,226
1,515,341
Net from railway_
329,422
339,883
Net after rents
30,372
5,214
Tennessee CentralOctober
1933.
1932.
Gross from railway... $166.106
$183,621
43.565
Net from railway...._
58,157
21,615
38.796
Net after rents
From Jan 1
1.612,560 1.526,263
Gross from railway
423.491
315,601
Net from railway_ _ _ _
237,657
148,754
Net after rents
Terminal Ry Assn of St Louis1932.
1933.
October$521.558
Gross from railway__ $556,186
174,482
222.587
Net from railway....
161.708
204,402
Net after rents
From Jan. 1
Gross from railway.... 5.182,369 4,792,725
2,118,909
1,256,256
Net from railway
1,081,743
1,906.669
Net after rents
Texas & Pacific1932.
1933.
OctoberGross from railway... $1,783,694 $1,930,682
592,733
674.729
.
Net from railway _ _
415,848
511.807
Net after rents
From Jan 1
16,678.913 17,643.247
Gross from railway
5,092,006 5,155,705
Net from railway
2,939,336 2,818,402
Net after rents
Toledo Peoria & Western1932.
1933.
October3176,303
Gross from railway-- $160,397
55,658
48,805
Net from railway...-.
32,296
26.128
Net after rents
From Jan 1
Gross from railway.... 1,403,153 1,258,586
221.848
364,891
Net from railway _ 194.014
87.530
Net after rents
Toledo Terminal1932.
1933.
October$66,427
$51,268
Gross from railway.Net from railway
11,887
21,508
19,582
Net after rents
26,595
From Jan 1
606,320
621,511
Gross from railway...
Net from railway_ _
112.116
189.383
Net after rents
255,850
140,436
Financial Chronicle
1931.
1930.
$2,864.992 $3.989.423
166,527
784.716
531,724
-57.600
36.222.962 41,656.418
5,910.718 8,73b.152
2,411,905 5,058.834
1931.
$512.872
63.424
34,060
1930.
$670.833
164,259
110.129
5,299.032
619,277
309.764
6,811.484
1,317.253
977.578
1931.
1930.
81,003,306 $1,430,528
135,871
369,910
286,989
86.885
12.528.273 15.461,072
2,459,674 3,859,272
1.732,384 2,966,369
1931.
$173,095
-11,421
--20,897
1930.
$261,585
30,894
13.680
2,460.680
331.200
132,913
3,087.667
558.830
302,001
1931.
$256.478
36,134
-18,753
1930.
$341,418
68.242
13.829
2,657,726
277.094
-318,064
3,643,865
884,263
193.395
1931.
$165.068
104.396
68.250
1930.
$142,470
36.661
20,854
1.483.359
754.828
417.215
1,370.108
481,335
358,123
1931.
$60.207
15,840
--3,481
1930.
$90,018
43.553
20,739
568.746
128,344
-69.548
845.585
281.968
42,070
1931.
1930.
$8,092.779 $10,226,310
1,683,390 2,944,212
926,212 2,250.252
83.630.304 100.979.129
15.743,495 24.874.931
7,362.044 16,284,545
1931.
$526.875
161.198
53.576
1930.
$707.427
236.708
132.675
5.321.944
1.825,134
856,646
6.779.629
2,155.310
1.128.058
1931.
$176,876
39,289
10,222
1930.
$205,631
56,545
29,723
1.835,759
460,851
154,683
2,091,833
549,954
281.347
1931.
$226,110
-59.778
38.492
1930.
8279.023
85,504
57.775
2.245,486
422,892
210,794
2.623,774
582,045
338.718
4001
Union Pacific System
Los Angeles & Salt LakeOctober1933.
1932.
Gross from railway-- $1,438.960 $1,406,156
Net from railway....
647.054
546,249
Net after rents
369,230
251,607
From Jan 1
Gross from railway... 11,485.882 12.982.070
Net from railway.... 3.724.453 4.249,029
Net after rents
1,287,988 1,468,121
Oregon Short LineOctober1933.
1932.
Gross from railway.-- 82.439.285 $2,299,447
Net from railway.-- 1,124,210 1,101.161
Net after rents
707.394
781.058
From Jan 1
Gross from railway
16,668.564 16.925.698
Net from railway.- 6.806,092 0,324,513
Net after rents
2,564,910 1,952,654
Ore-Washington Ry & Nay CoOctober1933.
1932.
Gross from railway-- $1,299,707 $1.154,052
Net from railway....
320,973
198.778
• Net after rents
45,642
-78,249
From Jan 1
Gross from railway... 11,079,336 11,181,273
Net from railway
2.180,192 1.404.425
Net after rents
-264,341 -1,208,977
St. Joseph & Grand IslandOctober1933.
1932.
Gross from railway.... $318,068
$267,247
Net from railway.-124,954
183.897
Net after rents
114.671
79.727
From Jan 1
Gross from railway
2.185,628 1.934,234
Net from railway....
907.097
630.378
Net after rents
294,353
502,348
Union Pacific CoOctober1932.
1933.
Gross from railway.-- 37,250.449 87,563,696
Net from railway__ 3.350,136
3,612,096
Net after rents
2.287,267 2,898.156
From Jan 1
Gross from railway__ 52.067.931 56,227.147
Net from railway.... 18,587,907 19.138,121
Net after rents
11,464,478 12,188,581
VirginiaOctober1932.
1933.
Gross from railway- $1,123,329 81,159.936
Net from railway...-.
582.327
576.461
Net after rents
522,281
510.021
From Jan 1
Gross from railway
11,158.207 10.531.011
Net from railway-. 5,723,199 4,852,636
Net after rents
4,996.888 4,093,287
Union RR (Pennsylvania)October
1932.
Gross from railway-- $486,i93
8155.399
Net from railway._ _ _
-82.640
84,215
Net after rents
-67,852
106,770
From Jan. 1
Gross from railway_ _ - 3,122,061
1,650,825
Net from railway_.
851,812
429,672 Net after rents
684,306
651,849 UtahOctober
1933.
1932.
Gross from railway
892.865
8128,559
Net from railway....
20.986
61,612
Net after rents
33,906
8,757
From Jan. 1
Gross from railway_ _ _
854,459
785.147
Net from railway_ _ _ _
253.856
229.033
Net after rents
54,068
45,083
Western MarylandOctober1932.
1933.
Gross from railway.-- $1,129,837 81,094.329
Net from railway_
472,163
407,398
Net after rents
443.268
418,143
From Jan 1
Gross from railway.-- 10.205,438 10,022,765
Net from railway_ _ _ _ 3,709,982 3,737.290
Net after rents
3,294.762 3,018.780
Wheeling & Lake Erie
Cctober1933.
1932.
Gross from railway.-- 8975.522
$897.979
Net from railway_ _ _ _
350,685
175.000
Net after rents
107.603
227,582
From Jan 1
Gross from railway... 9,083.274 7,020,242
Net from railway.... 2,676.938 1.60.3.851
Net after rents
1,592,927
543.631
1930.
1931.
81,620.312 $1.998.725
609,699
724,462
379,550
415,147
16,167,277 19,404,261
3.909.952 4.842.072
1,131,076 2,044.499
1930.
1931.
$2,657.484 83.930.105
1,198,711
1.924,030
796.851
1.446.206
23,216.868 28,437.105
6.341.425 8,919.178
2,561,045 4,840,363
1931.
1930.
$1,668.753 $2.451.498
499.786
763,879
425.328
176.021
16.748.292 20.972,332
2.750.408 4.101.265
-180,408 1.097,385
1931.
$300.300
143,331
86,331
1930.
8414.461
199.210
126.997
2,677,773
758.815
315.119
3,070.791
1,034.491
583.954
1931.
1930.
88.977,766 813.101.709
4.555,639 6.680.551
3.594.566 5,210.356
76.503.180 91.430.516
2.1,994,044 31.439.740
15,072,961 21,675,666
1931.
1930.
81,476.123 81.616.849
806.021
882,599
725.313
776,735
13,062.229 14.678.652
6.186.349 7.031,013
5,365,190 6,105,268
1931.
$352,588
-3,721
35,947
1930.
8769.306
104.749
147.310
4,369.108
77.982
494.195
7,951.654
1,878,466
2,236,624
1931.
8140.887
61.543
31,696
1930.
$211,802
91.419
63.201
981.784
276.079
71,559
1,271.807
349,013
137,942
1931.
1930.
81,291.673 81,525.618
501.148
554.370
429,356
478.451
12.565.576 15.034.273
4,342.456 5.263,527
3,638,816 4.475,595
• 1930.
1931.
$992,711 $1,267,980
213,665
293.419
109.608
206,369
10,259,779 14,386,608
2.219,357 4,144.237
1,148,415 2,946.621
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission:
Bangor & Aroostook RR.
Month of OctoberGross oper. revenues.,..
Oper. expenses (includ'g
maint. & depreciat'n)
1933.
$516.143
1932.
$331,860
278,214
286,813
398,411
421,782
Net rev, from oper__
Tax accruals
$237,929
56.496
$45,047
29,083
$263.015
62,176
$365.383
73,539
Operating income_ _.Other income
$181,433
18,878
$15.964
27,937
$200,839
10,933
$291,844
16,480
1931.
1930.
$2,376.502 $3.002,494
733,282
940,893
529,790
686,749
Gross income
Deduct's from gross Inc.:
Interest on fund. debt
Other deductions_ .._ _
2200,311
$43,901
$211,772
$308,324
66,516
525
67,243
548
67.470
1.375
70.380
823
25,600.965 31,883,435
8.145,639 9,621,002
4,955,192 6.027,401
Total deductions_ _ _
567,041
$67,791
868.845
$71,203
Net income
$133,270
10 Months Ended Oct. 31
Gross oper. revenues.,.. $4,811,213
Oper. expenses (includ'g
maint. & depreciat'n) 2.963.245
Net rev, from oper_-- $1,847.968
Tax accruals
451,144
Operating Income_ _ _ - $1,396,824
Other income
56,340
Gross income
91,453,164
Deducts,from gross Inc.:
Interest on fund. debt
668.342
Other deductions__ - 6,243
Total deductions.... 8674,585
Net income
$778.579
1:21I Last complete annual report in
223, and April 8 1833, p. 8413.
def$23,890
$142,927
$237,121
1931.
$621,101
202,227
200,771
6.734,525
1.712.317
1,593,204
1931.
$143,797
33.247
16,940
1930.
$856,142
204,659
179,104
8,757,237
2,226,799
2,014,895
1930.
8181.881
69,014
45.676
1,401,111
276.807
150,021
1,694,182
415,750
248,209
1931.
$74,421
17.947
27.110
1930.
$93,812
20.363
28,309
844,419
175,275
271,601
,
977.818
168,952
240,543
1931.
$661,426
1930.
$787.165
$5,023,608 85.795,119 87.095.850
3,355,917
4,143,230
4,408.417
$1,667,691 $1,651.889 82.687,433
422,550
498,650
600,024
$1,245,141 91.153,239 $2,081.409
37,980
67,248
102,518
81,283,121 $1,220,487 82,189,927
673,431
728.815
675,845
6.335
9.638
6,502
$738.453
$679.766
$682.347
$603,355
$538.140 $1,451,474
Financial Chronicle April 1 1933, p.
4002
Financial Chronicle
Dec. 2 1933
Atchison Topeka & Santa Fe System.
Denver & Rio Grande Western RR.
(Includes Atchison Topeka & Santa Fe, Gulf Colorado & Santa Fe
Ry., Panhandle & Santa Fe Ry.)
Month of October1930.
1933.
1931.
1932.
By. oper. revenues
$12,020,911 $12,598,068 $15,703,143 $21,561,510
By. oper. expenses
8,331,637 8,429,074 10,439,928 12,509,950
Railway tax accruals.
1,509,891
1,956,895
971,333
1,271,917
Other bebits
181,683
6,108
32,365
Cr4,049
Month of October
1930.
1932.
1931.
-1933.
Total revenues
22,100,187 $2,360,607 $2.503,794 $3,452,914
Total expenses
1,193,065
1,488,920 2,037,478
1,211,333
Net ry. oper. income_ $2,711,832 $2,901,126 $3,720,956 $6,912,980
Aver. miles operated
13,231
13,513
13,504
13,546
10 Mos. End. Oct. 31
Ry. oper. revenues
$99,551,325 3111432,072 3155313,328 3192187,772
By. oper. expenses
78,478,218 85,956,469 112,896,180 136,639,503
By. tax accruals
9,797,064 11,260,759 13,780.204 15,288,355
Other debits
1,775,215 2,968,685
615,473
762,070
Net ry. oper. income_$10,660.571 $13,452,774 $26,861,728 $37.291,228
Aver. miles operated__ _
13,171
13,445
15,543
13,545
taFEast complete annual report in Financial Chronicle April 8'33, p. 1242
Net revenue
$888,855 $1,167,542 51,014,874 $1,415,436
Net ry. oper. income__ _
957,508
803,822
1,162,746
682,939
Available for interest
796,918 1,165,844
935,723
652,863
Int. on funded debt__ _
446,608
442.916
563,369
439,224
Net income
492,807
350,310
715,543
213.640
10 Mos. End. Oct. 31
Total revenues
$13,876,268 314,540.358 319,793.440 $24,942,332
Total expenses
9,910,030 10,894,905 13,866.441 17,421,757
Net revenue
$3,966,238 $3,645,454 35,926,999 37,520,575
Net ry. oper. income...... 2,478,860
1,996.127 4.337,618 5,854,357
Available for interest- -- 2,303,202 1,952,370 4,345,146 5,936,676
Int. on funded debt........ 4,401,753 4,438,777 4.475,601
5,485,940
Net income
1,452,442
def2,098,551 def2,486,407 def130,454
IZPLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2788
Erie Railroad.
Boston & Maine RR.
72.013
1932.
$770,549
def1,922
88,922
1930.
1931.
$827,093 $1,345,077
de1992
def995
83,467
105.693
(Including Chicago & Erie RR. Co.)
Month of October1932.
1931.
1930.
1933.
Operating revenues---- $6,675,956 $7,168,327 $8,241,935 $10,068,713
Oper. expenses & taxes.. 5,066.972 5,057,832 6,470,448 7,773,164
3672.404
$857.549
$909,565 $1,449,778
651.623
681,310
Operating income_ _ 51,608,984 32,110,495 $1.771,487 32.295.548
Hire of equip, and joint
facility rents
415,268
397,805
-net deb
432,688
398,098
Month of OctoberNet ry. oper. income__
Net misc. oper. incomeOther income
1933.
$600,391
Gross income
Deductions (rentals, interest. &c.)
656,521
677.245
Net income
$253.044
$772,533
$20,781
$176.239
10 Mos.End. Oc .31
Net ry. oper. income
$6,193.019 $6,185,544 $8,713,090 $10,393,865
def6,599
11.160
Net misc. oper. income_
8,728
def7,876
912,462
999,579 1,041,938
Other income
833,417
Gross income
$7.017,708 $7,090,130 $9,706,070 $11,446,963
Deductions (rentals, in6,539,916 6,558,020 6,638,977
terest, &c.)
6.541,041
3550.214 $3,148,050 $4,807,986
Net income
$476,668
12:PLasi complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Net ry. oper. Inc-- $1,210.885 51,695,226 51,373,682 $1,862,859
10 Mos.End. Oct. 31
Operating revenues
60,649,635 62,193,190 77.577,370 93,113,668
Oper. expenses & taxes.- 46,821,667 51,291,856 64,547,309 76,477,792
Operating income.......$13,827.968 310,901.334 $13,030,061 216,635,876
Hire of equip, and joint
facility rents
-net deb 3,199,968 3,555,601 3,495,349 3.683,722
Net ry. operating inc.$10,628.000 $7,345,732 $9,534,712 $12,952,153
10
-Last complete annual report in Financial Chronicle Arpil 15 1933, p.
2598 and March 18 1933, p. 1876.
Canadian National Rys.
Georgia & Florida RR.
1933.
1932.
1931.
1930.
$14,662,314 $15,528,981 $16,018,766 $20,887,053
12,119.728 12,836,255 14,177,017 17,028,266
Month of OctoberNet ry. oper. income___
Non-operating income__
1931.
1932.
1933.
def$8,741 def$14.091 def$13,576
1,704
1,286
1,469
1930.
$10,302
2,104
$2,542,586 $2,692,726 $1,841,748 $3,858,786
Net revenue
10 Mos. End. Oct. 31
122,878,594 136,150,440 148,571,581 189,873,221
Gross revenues
119,428,636 130.855.885 143,164,062 166,169,573
Operating expenses
Gross income
Deductions from income
def$7,272 def$12,388 def$12,290
902
1,018
31,137
$12,407
1,182
surp. applic. to int...... def$8,174 def$13,405 def$13,427
10 Mos.End,Oct.31
Net ry. oper. Income...... def$3,679 def$181.118 def$52.752
Non-operating Income....
14,341
16.398
16,787
$11,224
Month of OctoberGross revenues
Operating expenses
$3,449,958 25,294,555 35.407,518 223,703,647
Net revenue
IZ'Last complete annual report in Financial Chronicle Apr. 1 1933, p. 2234
Canadian Pacific Ry.
Month of OctoberGross earnings
Working expenses
1933.
1932.
1931.
1930.
$11,984,497 $12.279.731 $13,764,049 $17,113,063
7.926.050 8,356,158 9,287,387 10,550,970
Net profits
$4.058,447 $3,923,573 $4,476,663 $6,554,092
10 Mos.End. Oct. 31
Gross earnings
93,967,027 103,504.682 122.351,685 149,795,223
Working expenses
79,937,128 89,049,738 105.082,856 120,629,697
Net profits
$14.029,899 $14.454,944 $17,268.829 $29,165,526
)29 Last complete annual report in Financial Chronicle AFr. 1 '33, p. 2230
-
Chicago Rock Island & Pacific Co.
(Rock Island Lines.)
1933.
1932.
1931.
1930.
$5,016,186 $5,232,439 $6,573,323 $8,437,671
605,898
507,599
759.075
1,114,457
198,551
210.199
228,568
229,003
86,525
123,987
146,200
234.667
222,063
226,262
286,821
488,574
Month of OctoberFreight revenue
Passenger revenue
Mall revenue
Express revenue
Other revenue
Total ry. oper. rev.-- $6,129,223 $6,300,486 $7,993,987 $10,504,372
Railway oper. expenses.. 4,920,549 4,721,983 5.930.384 7,184.357
Net rev.from ry.open $1,208,674 $1,578,503 $2.063,603 $3,320,015
410,000
475,000
500,000
650,000
Railway tax accruals_
1,569
1.560
525
Uncollectible ry.rev_......6,683
Total ry. oper. income
Equip. rents-debit bal_
-debit bal
Jr.facil. rents
$791,991 $1,101,934 $1,562,043 $2,669,490
211,753
241,581
305,696
215,747
75.995
96,391
89,773
109,579
$780,602 $1,244,467 $2,267,403
Net ry. oper. income_ 2486.471
10 Mos.End. Oct.31
Freight revenue
$44,897,862 $48,943,101 $69.487,392 $82,837,734
4,870,519 5,802,529 9,143,877 13,059,633
Passenger revenue
2,368,804 2.524,475
1,989,794 2,205.014
Mall revenue
1,692,823 2,363,146
Express revenue
759,039 1,016,072
2,557.817 2,971,446 4,913,131
1,501,106
Other revenue
Total oper. revenue_ _$54.618,950 $60,514,533 $85,664,342 $105698,119
Railway oper. expenses. 43,603,023 47,381,166 63,553.871 77,427,730
$11,015,927 $13,133,337 $22,110,471 $28,270,389
Net rev. from oper
Railway tax accruals.__ 4,700,000 5,225,000 5,530,000 6,098,000
18,235
27,582
Uncollectible ry.rev_ _ _ _
19,844
18,627
Total oper. income
$6,296,083 $7,889,740 $16,562,236 $22,144,807
3,871,024
Equip. rents-debit Iral_ 2,481,852 2,881,275 3,347,001
974.019
1,041,865
1,015,228
Jt.facil. rents-debit bal
792.366
Net ry. oper. income_ $2,921,865 $3,993,237 $12,241,216 $17.231,918
tarLast complete annual report in Financial Chronicle April 22'33, p.2784
Edmonton Street Ry.
-Month ofOctober--10 Mos. End. Oct. 31
Revenue
1932.
-1933.
Passenger
3584,199
$52,149
$530,671
355,602
Advertising
3.192
2,606
171
361
Special cars
114
350
97
Police
2,374
2.333
233
233
Mail carriers
3,712
3.712
371
371
Other revenue
4,271
3,690
266
364
Total
ExpenditureMaint.of track & overh'd
Maintenance of cars_
Traffic
Power
Other transportation exp.
General .5c miscellaneous
$53.288
$56,933
$542,764
$597,864
3,449
5,853
177
5,600
20,169
3,987
3,329
5.709
201
5,712
20,595
3,506
31,189
61,324
2,254
56,443
205,044
40.190
33,401
61.965
2.293
58.915
213.589
38.953
Total operation
Operation surplus
Fixed charges
Renewals
$39,238
14,050
12.591
1,000
$39.056
17,877
17,506
$396,447
146,317
125,914
19,000
2409,118
188,745
175.063
19.000
sur$458
sur$371
sur$1,402
def$5.318
Total surplus or deficit
Grossincome
Deductions from Income
$10,662 def$164,719 def$35,964
11.625
9,005
11,670
$83.737
17,898
$101,636
11.943
Surp. applic. to int
$1,657 def$1713,34b def$47.635
$89.693
Maintenance of way and structures expenses for October this year increased over last year due to necessity of installation of more cross ties,
piling, bridge timber and switch ties, and increased pricer, of materials due
to NRA codes, &c.
Maintenance of equipment expenses for October this year increased over
last year due to necessity for catching up some deferred maintenance, also
due to increased prices on account of NRA codes, &c.
Transportation expenses for October 1933 increased over October 1932,
due to increase in cost of coal on account of increasc in war,es in the mining
Industry wrier NRA code, also due to sllgnt increase in consumption of fuel
due to increased tonnage.
Gulf Coast Lines.
Month of October1933.
1932.
1931.
Operating revenues
$591,657
$590,547
$697,908
Net railway operating income
def48,796
71,527
def23,006
10 Months Ended Oct. 31
Operating revenues
6,800,613 8,347,084 9.517.381
Net railway income
147.384
1,584.351
808,881
ItZrlast complete annual report in Financial Chronicle May 20 '33, p. 3525
International Rys. of Central America.
Month of OctoberGross revenues
Operating expenses
1933.
$278,109
289,519
1932,
$328,543
234,623
1931.
$376,950
321,035
1930.
$532,923
341,260
Income applicable to
$191,663
fixed charges
def$11.410
$93,920
$55,915
10 Mos.End.Oct.31
Gross revenues
33,778.078 $4,142.088 $5,016,579 $6,179,780
Operating expenses
2,672,848 2,597,013 3,306,429 3,635,377
Income applicable to
fixed charges
$1.105,230 $1,545.073 $1.710,150 82,544,403
Or'Last complete annual report in Financial Chronicle Apr. 29 '83, p. 2989
Maine Central RR.
1930.
Month of October1931.
1933.
1932.
Railway oper. revenues_ $992,370
3910,513 81,247.501 $1,641,370
121,024
Surplus after charges___
54,332
52.160
18.355
10 Mos. End. Oc .31
Railway oper. revenues_ $8,822,659 $9,579,290 $12,878.093 $16,241,984
984,770
167.871
Surplus after charges.-77,832 def360,461
larLast complete annual report in Financial Chronicle Mar. 25 '33, P. 2061
Mexican Light ec Power Co.
(And Subsidiaries)
10
- Mos. End. Oct. 31--Month of Octobet
1932.
1933.
1932.
1933.
3770,489 $7,365,073 $7,778,775
Gross earns, from oper_ $707.149
481,385 4,627,668 4,915,570
424,386
Oper.& deprec. expenses
$289,104 $2,737,405 32,863,205
Net earnings
$282,763
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible.
but will be subject to final adjustment when the annual accounts are
made up.
rO Last complete annual report in Financial Chronicle Aug.26 '33, p. 1576
-
New York New Haven & Hartford RR.
1931.
1932.
1930.
1933.
Month of October35.830.122 86,278,322 48,658,436 $10,363,358
Operating revenue
1,153,045 1,776,432 2,590,543
694,381
Wet ry. oper. income..
908.393
64,356
def343,684
Net after charges
10 Mos.End. Oct.31$55.743,826 $63,266,851 885,284.7828100,494.315
Operating revenue
6,422,819 9,524,281 15,640,024 20.717.931
Net ry. oper. income
24,962 7.817,965
def3.996,152
Net after charges
WEast complete annual report in Financial Chronicle Apr. 1 '33, p. 2233
and Apr. 8 '33, p. 2414.
4003
Financial Chronicle
Volume 137
Missouri-Kansas-Texas Lines.
Soo Line System.
1931.
1930.
1933.
Month of October1932.
3,188
3.294
3,294
3.294
Mileage operated (ave.).
Operating revenues__ $2,713.506 $2,690,421 $3,425,988 $4,577,769
2,542,767
1,584,829
1,750,423
Operating expenses...... 1,724.376
1,852.912
775,635
Available for interest- __
810,202 1,329,991
Int.charges,incl. adjust408.180
405,714
405,248
404,369
ment bonds
(Minneapolis St. Paul & Sault Ste Marie Ry. Co., Inc.
Wisconsin Central Ry. Co.)
1930.
1931.
1933.
Month of October1932.
$779.777
Net after rents, Cr
$6,113
$258.821
$267,423
6.017
Other income
-Net Dr
76,651
163.446
98,528
583.685
Int.on funded debt, Dr527,464
525.565
587,521
$924,277 $1,446,732
Net income
8404.954
$371.265
10 Mos.End. Oct. 31
3,188
3.231
3,294
3.294
Mileage operated (ave.).
Operating revenues...421,069,803 $22,690,231 $29,129.784 $38,280.962
15.857,765 16,262,206 20.969.495 26,129,239
Operating expenses
Available for Interest... 2,217.687 3,194.096 4,504.276 8.634,855
Int. charges, incl. adjustment bonds
4,043,903 4,052,692 4,057,400 4,079,597
$446,876 $4.555,257
Netincome
def$1,826,217 def$858,596
Last complete annual report in Financial Chronicle May 13 '33, p. 3330
l"
Norfolk & Western Ry.
1930.
1931.
1932.
1933.
Month of October2,240
2.282
2,268
2,185
Aver, mileage operated_
Net ry. oper. income.-- $2,896,600 $2,685,745 $2,612,354 $3,082,853
256,710
235.705
166.382
157,729
Other inc. items (bal.).Gross income
Int, on funded debt
$3,054.328 $2,852,127 $2,848.060 $3,339.564
409,141
360,764
337,308
327,665
Net income
$2.726.664 $2,514,819 $2,487,296 $2,930,422
Prop'n of oper. exps. to
58.93%
58.12%
49.90%
51.91%
operating revenues.-Prop'n of transp. exps.
21.61%
23.50%
20.37%
24.19%
to oper. revenues.-10 Mos.End.Oct. 31
2,240
2,256
2.268
2,223
Aver, mileage operated.
Net ry. oper. income-$20,543,646 $14,150.356 $19.687.888 $28.609,845
Other inc. items (bal.).- 1,304.807 1,508.645 2.199.758 2,310,774
$21,848,452 $15.659,002 $21,887,646 $30.920.619
Gross income
Int. on funded debt.... 3,242.374 3,441.801 3.790.369 4.129,481
Net income
$18,606.079 $12,217,201 818,097.277 $26,791,137
Prop'n of oper. exps. to
50.44%
63.03%
62.19%
56.02%
operating revenues....
Prop'n of transp. exps.
23.84%
26.02%
25.90%
21.91%
to oper. revenues....
Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2231
Net deficit
Division of net profit or
deficit between:
-Dr
Soo Line
-Dr....
W. C. Ry. CO,
$405,351
$423,487
211,447
193.904
218,673
204,814
System-Dr
$523,487
$405,351
10 Mos.End. Oct.31
Net after rents-Cr
$951,686D41347,905
Other income-Net Dr...
1,008.949
904,874
Int. on funded debt
-Dr 5,775.451
5,225,918
$817,980 04190.974
295,300
322,679
Cr302.410
112.336
$617.980 Cr5190,074
$571,150 $3,969.098
161,025
Cr516,303
5,588,263 5.628.868
Net deficit
$5.728,638 $7.582.772045.553.416 $1,820,794
Division of net profit or
deficit between:
175.670
Soo Line
-Dr
4.001,965 4,756,122 3,300,815
1.645,124
W.C. Ry.Co
1,726,673 Cr2,826,650 2,232,601
-Dr
System-Dr
$5,728,638 $7,582,772 55,533.416 $1,820.794
10 Last complete annual report in Financial Chronicle Apr.22'33, p.2791
INDUSTRIAL AND MISCELLANEOUS CO's.
Alabama Power Co.
(Subsidiary of The Commonwealth & Southern Corp.)
-Month of October- -12 Mos. End. Oct. 311932.
1933.
1932.
1933.
$1,420,835 $1,379,448 $15.517.240 $15,890.718
Gross earnings
451,178 4.410.526 4,745,609
422,603
Oper. exps., incl. maint_
1.972,793
166,772 2,121.401
200,890
Taxes
389.529 4,678,883 4,600,196
394,925
Fixed charges
934,900
1,045,333
78,300
92,683
Prov. for retire. reserve_
Net income
Divs, on pref. stock_ __ _
$309,733
195,194
$293,668 $3,261,096 $3,637,218
195,100 2.342.264 2.340.547
$918.831 $1,296,670
898,567
Balance
$114,539
Vi"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2597
Pennsylvania RR. Regional System.
(Excludes Long Island RR. and B. & E. RR.)
-Month of October- -10 Mos. End. Oct. 311932.
1933.
1932.
1933.
RevenuesFreight
$21,780,212 $22,477,331 $201524,791 8198802.755
5,308,607 4,413.040 44,241,927 51.396,942
Passenger
9,086,460 9,844,487
982.611
932,948
Mail
4,304,862 5,274,489
518,961
Express
692,813
All other transportation517,723 5.552,462 5.972,747
540,507
9.391.808
886,166 8,243.286
1.018,000
Incidental
395,239
360.424
Joint facility-Credit
38,351
41,437
82,614
92,719
6.148
34,119
Joint facility-Debit__
12 Months Ended Oct. 31Operating revenues
Operating expenses
Rent for leased property
Maintenance
Provision for uncollectible accounts
General taxes
1933.
$717,184
251.935
8,811
23,355
18,709
79,593
1932.
$767,221
275,287
9.027
28,320
5,393
93,569
Net earnings
Other income
$334,781
3,948
8355,625
3,912
Railway oper. revs._ -$30,280,405 $29,828,035 $273221,493 $280995,853
Expenses
Malta. of way and struc. 2,759.559 2,008,646 22,379.674 22,176,514
Maint. of equipment_ 5,757,392 5.014.184 52.711,020 54.849,294
534.551 5.104,093 6,133,289
542,201
Traffic
10,099,308 9,846,283 93,856,559 104,144,601
Transportation
301,862 3,001,087 3,655,340
332,472
Miscellaneous operations
1,278,878 12,482.113 14,027,696
1,288,161
General
421,526
12,385 def30.001
428,633
Transp. for invest-Cr.
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$338,730
213,931
562
959
3,741
92,900
4,917
$359,537
213,604
202
910
5,855
41,250
3,549
Railway oper. exps---$20,766,708 $18,929,633 $189105.913 $204565,208
Net rev, from ry. °per- 9,513,697 10,898,402 84,115,580 76,430,645
Railway tax accruals__ 2,858.600 3,196,225 22,075.500 24,682,519
1.219
62,876
9,105
97,808
Uncollec. ry. revenues...
Railway oper. income 86,645,992 $7.700,958 861,942,272 $51,685,250
-Dr. bal__
773,231
Equip. rents
967.750 8.110.928 8.570,133
-Dr
Joint facility rents
Balance
995,974
122,020
152,743
1,414,924
Net ry. open income- $5,720,018 $5.611.188 $52,416,420 $42,119.143
The figures shown in this statement do not include the results of operation of the West Jersey & Seashore RR.for the period subsequent to June 24
1933, that road having been leased to the Atlantic City RR.(PennsylvaniaReading Seashore Lines), effective June 25 1933. The figures for the year
1932 include the results of operation of the West Jersey & Seashore RR.for
the entire period covered by this statement.
g2rEast complete annual report in Financial Chronicle Apr. 8 '33, p. 2410
Alabama Water Service Co.
Net income before et. stock diva, and int. on
$94.166
$21,718
notes and 5% delis. subordinated thereto____
-Interest on $372,000 5% debentures, owned by Federal Water
Notes.
Service Corp., is subordinated to the payment of preferred dvildends.
At Oct.31 1933 the cumulative preferred dividends not declared amounted
to $37,345, and the subordinated interest not accrued amount to $17.050.
KB"Last complete annual report in Financial Chronicle April 29'33, p.2972
American Safety Razor Corp.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net profit after deprisc.
$472,663
$485,936
$167,861
and Federal taxes_ _ _ _ $168,224
Earns,per sh.on 200,000
$2.36
82.43
$0.84
90.84
shs.cap.stk.(no par)_
OrLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1552
Associated Gas & Electric System.
St. Louis San Francisco Ry. System.
1933.
1932.
Month of October1931.
5,873
5.890
Operated mileage
5.890
$3,373,352 $3,615,968 $4,211,700
Freight revenue
201,186
Passenger revenue
358,689
209,480
303.092
334.048
396.963
Other revenue
$3,877,830 $4,159,497 $4,967.352
Total operating revenue
of way and structures
Maintenance
656,106
587,826
525,125
848,252
Maintenance of equipment
770,331
850,359
1.283,377 1.313,130
Transportation expenses
1,750,465
265,634
320.549
364,543
Other expenses
$3,053,369 $2,929.135 $3,533,193
Total operating expenses
495,487
850,947
1,031.350
Net railway operating Income
10 Months Ended Oct. 31
5,888
5,890
5,890
Operated mileage
$29,428,274 $30.206.905 $40.392.470
Freight revenue
1.913,691
2.685.198 4,695.034
Passenger revenue
2.803.543 3.186.045 4.220.539
Other revenue
$34.145,507 $36.078,148 $43.308,043
Total operating revenue
and structures
5.862,687 5,137,231
5,581.972
Maintenance of way
7,934,565 7,840,033 8,771.651
Maintenance of equipment
11,618.271 13,875,418 17,805,237
Transportation expenses
2,571.872 3.031,487 3,751.177
Other expenses
$27,987,395 $28,884.171 $35.910,037
Total operating expenses
2.597,995 3,006,552 9.038.696
Net railway operating income
ggirLast complete annual report in Financial Chronicle May 27 '33, p. 3713
Consolidated Statement of Earnings and Expenses of Properties.
-DecreaseAmount. %
1932.
1933.
12 Mos. End. Oct. 31$72,632,771 $74,986,244 $2,353,473 3
Electric
1,340.857 8
15,547,372 16.888,229
Gas
511,407 18
2,265.999 2,777,406
Ice
330,427 18
1,483,203 1,813.630
Transportation
73,296 5
1.439,884 1,513.180
Heating
63,339 5
1,212,426 1,275,765
Water
Total gross operating revenues-$94,581.655 $99,254,454 $4,672,799 5
1.038.672 2
Operating exp., maintenance. arc_ 46,139,063 47,177,735
x237,423 x3
8,834,933 8,597,510
Taxes
1,725.589 18
Prov,for retirements (deprec.)- 7,858,959 9.584.548
$31,748,700 $33,894,661 $2.145,961 6
Operating income
x Increase.
rirLast complete annual report in Financial Chronicle May 20 '33, p.3523
Atlantic Gulf & West Indies SS. Lines.
Operating revenues
Operating expenses
(And Subsidiary Companies)
-Month ofSeptember- -9 Mos.End.Sept.301932.
1933.
1932.
1933.
51,461.227 $1,492,155 $16,086.669 $14,509,893
1,414,432 14.293,935 14.138.877
1,453.526
Net oper. revenue__ -Taxes
Western Maryland Ry.
$77,723 $1,792.734
151,367
17,217
$371.016
164,376
1933.
$418,143
9,295
1932.
$443.268
11,443
$ 7.701
18,270
Month of OctoberNet 17. oper. income__
Other income
1931.
$429.356
7.933
1930.
$478,451
13.381
Operating income.... def$10.569
Other income
3,793
$60,505 51.641,366
49,085
1.667
$208,639
75,024
Gross income
Fixed charges
$427.438
271,458
$454.711
271,076
5437.289
287,212
$491,832
286,847
Grossincome
Interest and rentals__ -
562,173 51,690,452
1,326.981
147,774
$281,664
1.368.237
$183,635
$150,077
$155,980
$204.985
Net income
10 Mos.End. Oct.31
$3,294,762 $3.018,780 $3,638,816 $4,475.595
Net ry. oper.1 ncome108,944
119,079
108.408
141,493
Other income
Gross income
Fixed charges
$3,403,170 $3,127.724 $3,757,895 $4,617,088
2,720.457 2,698,164 2,886,493
2,889,291
$871,402 $1,727.797
$429.560
$682,713
Net income
rirLast complete annual report in Financial Chronicle May 20 '33, p. 3528
def$6,775
143,486
Net income
def$150,261 def$85.601
$363,471def 1,088.573
arLast complete annual report in Financial Chronicle May 20 '33, p. 3395
Automatic Products Corp.
(Formerly Warchel Corp.)
Earnings for Six Months Ended June 30 1933.
$29.698
Net loss after all charges
Last complete annual report in Financial Chronicle Oct. 21 '33, p. 2992
KW-
4004
Financial Chronicle
Bing & Bing, Inc.
(And Subsidiaries)
3 Months Ended Sept. 30.1933.
Gross income
$179,723
Exps., depr. & amort
262,806
Interest
71,054
1932.
$143,765
461.507
69,062
1931.
$388,218
499,922
71,500
Net loss
$386,804
$183.204
5154.137
reLast complete annual report in Financial Chronicle May 27 '33, p. 3257
Boston Elevated Ry.
-Month of OctoberReceipts1933.
1932.
From fares
$1,989,497 $2,057,339
From operation of special cars, special motor
coaches and mail service
2,038
2,337
From advertising in cars, on transfers, privileges
at stations, &c
43,576
37,654
From rent of equipment, tracks and facilities
2,582
2,558
From rent of buildings and other property
5,633
5,265
From sale of power and other revenue
1,099
768
Total receipts from direct operation of road__ $2,038,081 $2,112.269
11,833
Interest on deposits, income from securities, &c-_
11,675
Total receipts
$2,049,757 $2,124,103
Cost of Service
Maintaining track,line equipment and buildings
$232,489
$221,690
Maintaining cars,shop equipment, &c
251,954
285,467
4Power
127.557
122,997
Transportation exp.(Incl. wages ofcar service men)
653,060
689,789
Salaries and expenses of general officers
5,957
6,584
91,550
Law expenses, injuries and damages, and insurance
75,550
95,096
Other general operating expenses
87.267
119,055
Federal, State and municipal tax accruals
96,025
Rent for leased roads
103,415
103,363
232,256
Subway, turmoil and rapid transit line rentals_
232,175
327,106
Interest on bonds and notes
337,676
7.734
6,150
Miscellaneous items
$2,183,351 $2,328,620
Total cost of service
133,593
Excess of cost of service over receipts
204,517
IZ'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
Brillo Manufacturing Co., Inc.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net earnings after all
$30,414
charges
$34,011
Earns. per sh. on 160.000
$0.11
$0.13
shs. coin. stk.(no par)
1933-9 Mos.-1932.
$112,428
$88,085
$0.46
80.30
-Month of October--4 Mos. End. Oct. 31.1933.
1932.
1933.
1932.
Gross earnings
$1,044.420 $1,087,019 $4,078.475 $4,259,908
552,620
602,505 2,238,022 2,437,033
Operating expenses
$491,800
$484,514 $1.840,453 $1.822,875
Net earnings_ _ tarLast complete annual report in Financial Chronicle Oct. 7 '33, p. 2633.
California Water Service Co.
12 Months Ended Oct. 311933.
1932.
Gross revenues
$2,030,673 $2,068,412
Operating expenses, maintenance and taxes other
than Federal income tax
1.019.780 1.007.667
Gross corporate income (bal. before bond int.,
depreciation, &c)
1,017.070
1,071.171
Qa"Last complete annual report in Financial Chronicle April 22'33, p.2796
Canada Northern Power Corp.
-Month of October- -10 Mos. End. Oct. 311933.
1932.
1933.
1932.
$325,544
$295.829 53,025.871 $2,856,879
95,989
92,763
912,225
894,993
Net earnings
$229,555
$203,066 $2.113,646 $1,961,886
IZ"Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
Canadian Hydro Electric Corp., Ltd.
(And Subsidiaries)
1933-12 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Oper. rev. & other inc $2,380,483 $2,338,622 $9,547,382 $9,530.504
317,754
Loss on exchange
247,611
29,435
50,977
Profit on bonds and de107,923
265,087
bentures redeemed
500
Total revenue
$2,351,048 $2,288,145 $9,564,858 59.956.181
Net before int. & deprec. 1,996,301
1,933,246 8,101,006 8,444,193
Int. amort. of disc, and
1,261,486 5,001.870 5,065,879
prof. div. of subs
1,247,786
Deprec. and amortiz. of
648,417
592,776
149,414
storage works
163,045
Balance before dive.
$522,346 $2,450.719 $2,785,538
of Canad. H-E Corp. $585,470
-Since July 1 1932, there has been a loss on exchange due to
Note.
necessity of purchasing at a premium a portion of the United States funds
required for payment of interest and sinking funds.
rarLast complete annual report in Financial Chronicle May 6 '33, p. 3156
Consumers Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of October- -12 Mos. End. Oct. 311932.
1933.
1932.
1933.
Gross earnings
52,106.027 $2,215,461 $26,070,651 $28,621.496
Oper. exps.. incl. maint737.169 9.148,066 8,831,267
769,075
Taxes
214.620 2,644,447 2,852.756
258.838
Fixed charges
381.342 4,650.672 4.411,594
383,267
Prov. for retire. reserve232,000 2,784,000 2,784,000
232,000
Net income
$650,328 56,843.365 59.741,878
5462.846
Divs. on pref. stock,._
347,223
344,510 4,163,827 4,178,486
Balance
$305.817 $2.679,537 55,563,391
6
$11- .622
10
-Last complete annual report in Financial Chronicle Apr. 15 '33. p. 2604
Crown Willamette Paper Co.
(Including Pacific Mills, Ltd.)
6 Months Ended Oct. 311932.
1933.
34931.
x Gross profit
$2,566,146 $2,573.358 $4,163.975
Depreciation
1,142,115 1,305.300 1,393,505
Depletion
162.006
263.365
233,111
Interest
611,925
566.386
647,445
Federal tax, &c
82,140
108,510
260.983
Minority interest
8,299
5.505
24,420
Net profit
$477,471
$406.482 $1,604,513
x Excluding profit of company's own bonds purchased for redemption,
1931 figures revised for comparative purposes.
lZ"Last complete annual report in Financial Chronicle July 22 '33, p. 695
6 Months Ended Oct. 31Operating profit
Depreciation
Depletion
Interest
Federal tax, &c
Minority interest, &c
1933.
1932.
y1931.
$4,133.520 x$3.400.725 $5,462,098
1,711,2991.833,200 1,943,038
264.814
162,005
236,336
785,787
865,337
936,791
176,219
92,520
305,482
485,938
411,752
847,373
Net profit
$709,463
x$35,911 $1,193,078
x Excluding profit on company's own bonds purchsed for redemption.
y 1931 figures revised for comparative purposes.
10 Last complete annual report in Financial Chronicle July 29 '33, p. 872
-
Diamond Match Co.
9 Months Ended Sept. 30-Gross earnings from all sources
Federal, State & city taxes
Depreciation
1933.
1932.
1931.
$2,548.167 $2,644,637 $2,725,132
683,8931 1,059.613
1463,507
333,615)
1358,223
Net income
Surplus Jan, 1
Surplus adjustments
$1.530,659 51,585,024 51,903,402
5,897.443 5,811.375 5,988,200
577
Dr1.933
Total surplus
Appropriation to general reserve_
Preferred dividends
Common dividends
$7,428,679 57,394,465 $7,891,602
250,000
1,000,000
680,653
703,668
511,875
525,000
700,000
262,500
$5,973,025 $5,990,797 $6,117,227
Balance Sept. 30
c$1.21
a
Earns. per sh. on corn.stock (no par).,
b $1.08
a For the first six months of 1932 company earned 60 cents per share on
the 1.050.000 common shares outstanding. During the third quarter of
1932 company purchased and placed in its treasury 350,000 shares of stock
and shows earnings of 39 cents per share earned on the 700,000 shares
outstanding for this quarter. b On 1,050,000 shares outstanding. c On
700,000 no par shares.
W.Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1556
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month of October- -12 Mos. End. Oct. 311933.
1932.
1932.
1933.
53.494.670 53.615.824 341,990,360 $45,898.457
1.469,094 1,416,740 16.652.434 18,419.171
196.042
192,009 2,161.179 2.575,101
408.117
356,199 4.122,381 4,039,153
Net oper. revenue_ _
$1.421,415 51.650.876 $19,054,364 520,865,032
Inc.from other sources x
1,348,943
35,098
113,215
665,436
Chester Water Service Co.
(Including Wholly-Owned Non-Operating Companies.)
1932.
1933.
12 Months Ended Oct. 31$494,269
$466,017
Operating revenues
141,453
109,824
Operating expenses
30,664
13,128
Maintenance
15,906
15,590
General taxes
Net earnings before provisions for Federal income
tax and retirements and replacements
Other income
$327.475
2,254
$306,247
2.965
Gross corporate income
Interest on long-term debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$329,729
149,781
1,494
1,339
14,140
35,122
2.170
$309,212
148,995
340
1.197
12,201
13,250
1,452
$125,683
$131.777
Net income
66,000
Dividends on preferred stock
66,000
Note.
-In order to show the results of operation of the properties subject
to the lien of the first mortgage gold bonds of Chester Water Service Co.,
the accounts of the Delaware Water Supply Co.,a wholly-owned subsidiary,
have not been consolidated herein.
arLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2796
Colon Oil Corp.
(And Colon Development Co., Ltd.)
1933-9 Mos.-1932.
Per.End. Sept.301933-3 Mos.-1932.
Net loss after intangible
drilling exps., interest,
amortiz.. deplet. &
prov. for deprec. &
retire. of gen. facilities $428,318
$341,038 51,068.613 $1,091.883
KN'Last complete annual report in Financial Chronicle Sept. 9'33, p. 1941
The Commonwealth & Southern Corp.
(And Subsidiary Companies.)
-Month of October
-12 Mos. End. Oct. 311932.
1933.
1933.
1932.
Gross earnings
$9.228.079 $9,376,964 109,213,789 117,201,643
Oper. expenses, incl.
maintenance
3,340,880 3,292,095 38.295,703 40.816,050
Taxes
1,175,593 1,019,52812,069,761, ,
Fixed charges*
3,336,677 3,346.995 40,384,910 39,501,734
Provision for retire. res.
793,322 9,527,344 9,573,101
798.806
Net income
$925,022 $8,936,068 515.330,360
$576,121
Dividends on pref. stock
749.598 8,996.147 8,995.575
749,699
Balance
$175,423 def$60,078 $6,334,785
def$173,578
* Includes interest, amortization of debt discount and expense, and earnings accruing on stock of subsidiary companies not owned by The Commonwealth & Southern Corp.
rgrLast complete annual report in Financial Chronicle June 3 '33, p. 3902
Crown Zellerbach Corp.
British Columbia Power Corp., Ltd.
Gross earnings
Operating expenses
Dec. 2 1933
Balance_ --- - - --- $1.456,513 $1,764,091 $19,719,801 $22,213,975
Interest & amoitiration712.631
723,103 8.679.984 8,668,310
Balance
Reserve for retirements
5743.882 $1,040,988 511.039,816 $13,545,664
4,547,219 4,626.089
Balance
Divs.on pref.stock of constituent cos a
$6,492,596 $8,919,575
4,334,950 4,333,515
Balance
$2,157,645 $4,586,060
Amount applic. to corn, stock of constit. cos. in
hands of public
8,382
31.768
Balance for dividends and surplus
$2,149,263 $4.554,291
Divs. on pref.stock of Engineers Public Sem Co_ 132,323,543
2,323.548
Bal.for corn,stock dividends and surplus
d$174,280 $2.230.742
Earnings per share of common stock c
d$0.09
51.17
funds for construction purposes of $246,055 (1932-5929,x Interest on
344) and income from miscellaneous investments. a Includes cum, dive,
not paid of $2,148,891 (1932-5131,997). b Includes cum. div. not paid of
$580,881. c After deducting 10.8% (1932-10.1%) of gross earnings for
retirements. d Deficit. The earnings of Puget Sound Power & Light
Co. and The Key West Electric Co., adjusted for minority interest, were
In the aggregate $973,325 less than the full dividends on preferred stock of
those companies held by the public deducted in the above statement. This
amount, however, Is not a claim against either Engineers Public Service
Co. or its other constituent companies. The earnings of Engineers Public
Service Co., plus its proportional part of'earnings of constituents other than
the above companies, amount to $0.51 per share on Engineers Public
Service Co. common stock.
During a period averaging about 28 years for which records are available,
the companies In the Enginers group have expended for mainten ince a
total of 9.31?' of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 10.2% of such
earnings.
farLast complete annual report in Financial Chronicle Feb 11 '33, p. 1014
Honolulu Rapid Transit Co., Ltd.
East Kootenay Power Co.
Gross earnings
Operating expenses
-Month of October- -7 Mos. End. Oct. 311932.
1933.
1932.
1933.
$252,314
$234.995
$34,553
$33,160
79,977
76,196
11,581
10,615
5172.337
$158,799
$22,972
$22,545
Net earnings
rarLast complete annual report in Financial Chronicle June 17'33, p. 4265
Exchange Buffet Corp.
1933-6 Mos.-1932.
Period End. Oct. 31- 1933-3 Mos.-1932
$33,140 prof530,073
$25,182 prof$2:3,174
Gross loss
70,728
62.674
35,364
31,209
Deprec at:on & taxes_ _ _
$40,655
$95,814
$12.190
$56,391
Net loss
la"Last complete annual report in Financial Chronicle July 29 '33, p. 875
(And Subsidiary Companies)
3 Mos. End. Period Mau 20
Sept. 3033. to Sept. 3033.
Period$4,367,447
$3,031,659
and allowances
Gross sales, less returns
2,929,875
2,017.528
Manufacturing cost of sales
597,744
404,922
Commercial expenses
Balance
Other income
$609,208
14.643
5839,828
17,:302
Operating profit
Provision for Federal income tax
Provision for capital stock tax
$623.851
90,000
$857,130
122.000
10,000
$533.851
$725.130
Export Accounts in Liquidation.
$262.158
233.935
$421.323
340,112
Grass profit
Expenses
$28.223
49,487
$81,211
82,787
Loss
Loss on exchange
Loss on sales of liquidated companies
521.263
11,608
33.769
51.576
6,609
33.769
$66,640
$41,954
Net income for the period
Net loss transferred to reserve
Foundation Co.
9 Mos. End Sept. 30Gross profit on contracts
Other income
1933.
$101,047
4,262
1932.
$117,067
4,759
1931.
528,556
9.590
1930.
$361.735
20,947
Total income
Exp., ord. taxes, &c_ _ _ _
$105.309
158.366
$121,826
213,539
$38,146
365,219
$382,682
442,123
559,441
5327.073
$91.713
$53,057
Not loss
For the quarter ended Sept. 30 1933, net loss was $29,947 after above
against net loss of $20,651 in preceding quarter and net loss of
charges
$22,715 in September quarter of previous year.
larLast complete annual report in Financial Chronicle May 27 '33, p. 3728
Gabriel Company.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
taxes, int.,
Net loss after
574.640
$2,812
$25,378
deprec. & other chgs__ prof.$5,630
'Last complete annual report in Financial Chronicle May 13 '33, p. 3354
Gatineau Power Co.
(And Subsidiaries)
1933.-12 Mos.-1932.
Period End.Sept.30- 1933-3 Mos.-1932.
Oper. rev. & other inc__ $2,336,283 $2,274,917 59.393,841 $9,203,914
317,754
50,977 prof247.611
29,435
Loss on exchange
Profit on bonds and de107.923
265,087
500
bentures redeemed_
Total gross revenue__ $2,306.848 $2,224,440 $9,411,317 $9,629,591
Net rov, before interest,
8,229,809 8.363,907
1,939,540
depreciation, Sic
2,021,132
Interest on 1st mtge.
3,545,302
3,527,986
885,571
881,251
bonds & prior liens
1,117,731
1,098,331
272.280
277,266
Interest on debentures
Other int., amort, of
disc., div. on prof.
635,475
701,539
177,000
173,038
stock of subsidiaries_ _
Dogma & amortization
583,514
147,017
667.811
161,111
of storage works
$456,648 $2,250,176 $2,415,821
Balance added to surp. $529,490
lat Last complete annual report in Financial Chronicle May 6 1933, p. 3159
General Gas & Electric Corp.
19:33.
1932.
1931.
12 Months Ended Sept. 3050.495,360 $6,600,061 $6,605.670
Operating revenues
2.310,823
2,550,645
2,709.930
Net after exp., tax & deprec
z2,584,176 y6.288.796 y9,514,456
Total income
240,867
4.197,545
7,010.354
xNet income
preferred dividends, etc. y Includes stock
x After interest, subsidiary 1932 period
and $3,083,968 for 1931, valued
of $1,690,719 in the
dividends
on basis of amount of cash the corporation would have received if option
to take cash had been elected. z Does not include accrued interest on convertible obligations or cumulative dividends on preferred or preference
stocks which have not been declared payable by the board of directors of
issuing company.
1121Mast complete annual report in Financial Chronicle Aug. 26 '33 p. 1575
Georgia Power Co.
Subsidiary of The Commonwealth & Southern Corp.)
--12 Mos. End. Oct. 31-Month of October
1932.
1933.
1932.
1933.
51,928,697 $1,910,844 $22,131,582 $22,890,819
Gross earnings
7,530,774
724.833
628.459
8,209.666
maint_
Oper. exps., md.
165.709
1.775,905
1,745.158
175,374
Taxes
479.708 6.041,625
5,674,603
508,150
Fixed charges
110,000
1,320.000
1,310,983
110.000
Prov. for retire. reserve_
(A
Balance
5410,339
245.873
$526,966 $5,463.276 $5,950,407
3,033,748
287,513
3,446.759
$164,465
Not income
Divs. on 1st pref. stock_
$239.452 52,429.527 $2,503,648
Holland Furnace Co.
1933-6 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos -1932.
Not profit after taxes,
$207,782 loss$279,658 $142,701loss$1,035,499
deprec., interest, tte__
Earns, per sh.on 426,397
Nil
Nil
$0.25
$0.47
shs. coin. stk. (no par)
larLast complete annual report in Financial Chronicle June 10'33, p. 4098
Gross rev,from tansp__
Operating expenses
-Month of October- -10 Mos.End. Oct. 311932.
1933.
1932.
1933.
5739.230
5611,339
571,757
$55,717
495,870
490.419
48.522
52.728
Net rev, from transpRev, other than transp_
812.989
2.237
$23,234
1.372
$120.921
17,673
5213.359
14.701
Net rev, from oper__Deductions
Taxes a.ssign. to ry. op__
Depreciation
Profit and loss
Replacements
515,226
524,606
$138,594
$258.060
1.928
10,620
347
6,838
10,000
61,785
106.202
3,266
152
82.751
103,529
1,444
1,346
5189,071
$171,407
516.838
S12,896
Total deduc. from rev.
68,988
7,768 def 32.812
2,329
Net revenue
rirLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1834
Illinois Water Service Co.
(The) Fisk Rubber Corp.
Net sales
Cost of sales
4005
Financial Chronicle
Volume 137
12 Months Ended Oct. 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
S597,251
220.307
31,334
51,953
1932.
5622.167
227.436
39.788
42,250
Net earningsfrom operations
Other income
5293.656
1.785
$3312,692
1.934
Gross corporate income
Interest on long-term debt
Miscell Int. (incl. int charged to construction)
Amortization of debt discount and expenses_.
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
5295,441
166.093
1,047
2.477
8,574
27.500
2.433
5314.626
157.500
243
586
10,199
16.250
2,068
5127.779
587,318
Net income
53.400
53.400
Dividends on preferred stock
Note -Interest on former loan from affiliated company subordinated to
the payment of preferred stock div dends.
tarLast complete annual report in Financial Chronicle April 22 '33, p.2797
International Paper & Power Co.
(And Subsidiary Companies)
1933-9 los.-1932.
-1932.
Period End. Sept. 30- 1933-3 Moe.
Gross sales
$37.329,985 530.249,610 599.014.559 597.376.379
Cost of sales & exp.(net) 25,758.576 22,212,931 68.843.938 68,786.393
Operating profit
$11,571,409 58.036,679 530.170,620 528,589,986
Profit on bonds, &c., re574,569
941,819
212,926
273,148
deemed
Net revenue
$11,844.557 $8,249,605 $31,112,439 529.164.555
Int. on funded debt and
5,226,331 15,430,811 15.760.395
other interest
5,096,319
6.342.533
6,392,578
2,078,877
Depreciation
2.076,096
470.381
563.033
166.145
Depletion_
218.100
1.166.277
1.004,361
388,079
Amort. of disct. & exp
340.219
1,472.339
1,533,389
441.013
Reserve for income taxes
510,752
Divs. paid or accrued on
pref. & minority coin.
7,231.329
6,754.339
2,266,880
stocks of subsidiaries_ 2,247,093
Accum. unpaid divs. on
pref. & class A stocks
1.057,339
1,843,554
488,786
of subsidiaries
618,395
Minority interest in earn921.331
933,604
195.031
ings of subsidiaries_ _ _
306.294
Net loss
prof$431.259 53.001,567 $3.343.231 $5,257.371
3,204.158 11.961,887
9,706.083
Surp. at begin. of period def570,332
$139.072sur56704,516
Deficit
$139,073sur56704,515
Note.
-Unpaid cumulative dividends on 7% and 6% pref. stocks of
International Paper & Power Co.from April 1 1931 to Sept. 30 1933 amount
to $16,428,152. In the above statement all figures have been stated at
parity of exchange without adjustment of differences between foreign and
United States funds. It is the practice of the company to take into current
operations any profit or loss on exchange at the time funds are actually
transferred.
tarLast complete annual report in Financial Chronicle April 22 '33. p.2805
Kingsbury Breweries Co.
(And Wholly Owned Subsidiaries)
Earnings for 5 Months Ended Sept. 30 1933.
$1,841.364
902.171
427.665
$1.45
Gross sales
Gross profit after revenue taxes & cost of goods sold
Net income after all deductions including taxes
Earns, per share on 295.000 shares capital stock
Loblaw Groceterias Co., Ltd.
20 Weeks Ended-4 IVerks Ended
Oct. 21 '33. Oct. 15 '32. Oct. 21 '33. Oct. 15 '32.
PeriodSales
$1,081,935 51,102,104 55,116,053 55,246,249
Profit after deprec. and
306,229
251,669
70,827
56.492
other charges
rff-Last complete annual report in Financial Chronicle July 22 '33, p. 701
Market Street Railway Co.
(And Subsidiary)
12 Months Ended Oct. 31Gross earnings
Operating expenses, maintenance and taxes
1932.
1933.
37.390.725 57.941,396
7.011.078
6.398,772
$991.952
10,164
$930.318
12 644
51,002.117
562.881
30.552
8,739
399,946
$942,962
576,058
34.015
10.296
321.499
Net earnings
Other income
Net earnings, including other income
Interest charges, net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
51.092
Nil
Consolidated net income
arLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2606
Mexico Tramways Co.
(And Subsidiaries)
-Month of October- -10 Afros. End. Oct.311932.
1932.
1933.
1933.
Gross earns. from °per__
$214,107
$248.198 $2,297,066 52,455,108
3,210,475
286,314
326,015
3,051,166
Oper. & deprec expenses
$746,367
Not earnings-Dr_ _ _ _
$72,207
$77,817
$754,100
The operating results as shown in Canadian dollars are taken at average
rates of exchange. They have been approximated as closely as possible,
but will be subject to final adjustment when the annual accounts are made
up.
1127-Last complete annual report in Financial Chronicle Aug. 26 '33, p. 1576
National Tile Co.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932,
5165.335
$41.686
$152,942
$62,826
Net loss after all charges
tarLast complete annual report in Financial Chronicle July 8 '33, p. 327
4006
Financial Chronicle
Metropolitan Edison Co.
(And Subsidiary)
12 Months Ended Sept. 30-Electric revenue
Gas revenue
Steam heating revenue
1933.
1932.
$9,875,648 $10,492,644
482,617
547,895
72,814
70,096
Total operating revenues
$10,431,079 $11,110,635
Operating expenses
3,097,748 3,842,344
Maintenance
1,134,964,
Provision for retirement,renewals and replacem'ts- 1,712,947 1,974,388
Taxes
787,546
637,199
Operating income
Other income
23,697,873 $3,861,184
1,351,201
1,004,959
Gross income
Deductions from income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction (credit)
$5,049,074 $4,866.142
Net income
Dividends on preferred stock
$3,012,221 $2,833,568
1,276,317
1,276,317
1,877,423
43,563
117,229
1,361
1,879,528
38,465
128,664
14,083
Balance
$1,735,904 $1,557,251
V"Last complete annual report in Financial Chronicle May 13 '33, p. 3343
New Jersey Power & Light Co.
12 Months Ended Sept. 30Electric revenues
Gasrevenues
1933.
1932.
$3,961,004 $4,375,668
174,772
197,784
Total operating revenues
$4,135,776 $4,573,453
Operating expenses
1,698,029 1,980,051
Maintenance
443,537
346,060
Provision for retirement, renewals and replacemla
600,019
825,721
Taxes
370,542
336,203
Operating income
Other income
$1,023,650 $1,085,418
271,265
173,207
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$1,294,915 $1,258,625
540,481
626.400
63,145
27,924
40,352
45,471
Cr15,204
Cr14,757
Net income
Dividends on preferred stock
$610,323
203,565
$629,403
203,565
Balance
$425,838
$406,758
"Last complete annual report in Financial Chronicle May 20 '33, p. 3534
New York & Richmond Gas Co.
-Month of October- -10 Mos.End. Oct.311932.
1933.
1933.
1932.
$159,480 $1,407,918 $1,572,399
$143,803
123,447
1,127,814 1,153,159
117,996
Railway oper. revenue...
Railway oper. expenses_
Net operating revenue
Taxes
$25,807
32,854
$36,033
28,077
$280,104
274,540
$419,239
272,848
Operating income_ ___
Non-operating income--
def$7,046
2,143
$7,956
1,439
$5,564
19,782
$146,391
22,178
Gross income
Gross revenues
r934,638
Net income after taxes & deprec., etc
260.243
larLast complete annual report in Financial Chronicle April 15'33, p.2607
New York Telephone Co.
-Month of October- -10 Mos.End. Oct. 311933.
1932.
1933.
1932.
Operating revenues
15,493,534 18,005.724 150,971,348 184.735.810
"OITncollectible oper.rev..
130,764
184,115
1,481,864
1,659,620
Operating revenues... 15,624,298 16.189,839 152.453,212 166,425.230
Operating expenses
11.060,204 11,860,341 111,337,295 124,585,624
4,564,094
1,484,707
4,329,498 41.115,917 41,839,608
1,207,202 12,705,120 12,826,470
Net oper. income.._-- 3,079,387 3,122,296 28,410,797 29,013,136
tarLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1713
New York Water Service Corp.
(And Subsidiary Rochester & Lake Ontario Water Service Corp.)
12 Months Ended Oct. 311933.
1932.
Operating revenues
$2,846,638 $2.816,365
Operation
777,391
782,605
Provision for uncollectible accounts
67.982
16,445
General expense charged to construction-Cr
5,171
12,449
Maintenance
73,864
87.198
General taxes
257,719
271,749
Net earnings before provisions for Federalincome
tax and retirements and replacements
$1,674.852 21,670,818
Dividend revenue
28,700
29,036
Miscellaneous income
17,672
21,494
Gross corporate income
$1,721.224 $1,721.348
Interest on mortgage debt
794,566
794,682
Interest on gold notes
90,926
117,500
Miscellaneous interest (incl. interest charged to
construction)
17.948
5,418
Amortization of debt discount and expense
42,116
72,437
Provision for Federal income tax
61,687
53,510
183,500
Provision for retirements and replacements
166,500
11,622
Miscellaneous deductions
11,051
Net income
2518,859
$500,249
larLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2607
def$4,903
$9,395
$25,346
$168,570
$33,529
$33,537
$335,311
$335,356
208,300
2,188
203,928
2,126
2,070,219
24,371
2,026,544
23,937
Deductions
-Rents
Bond, note, equip. tr.
ctf. int. (all int. on
advances)
Other deductions.. __ -
Total deductions.-- $244,018
$239,591 $2,429,902 $2,385,838
Net deficit
$248,921
$230,196 $2,404,555 $2,217,267
talrLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2423
Ohio Water Service Co.
(And Subsidiary
-Ohio Lakes Recreation Co.)
12 Months Ended Oct. 311933.
1932.
Operating revenues
$474,829
$490,725
Operating expenses
147,800
166,261
Maintenance
20,479
21,499
General taxes
71,533
73,446
Net earnings from operation
Other income
$235,017
10,788
$229,519
19,079
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Interest on construction capitalized
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
2245,805
191.000
1,303
Cr10
10.648
2.937
22.500
1,868
$248,598
191.000
1,328
Cr2,519
10,648
1,776
23,000
1,826
Net income
$15,559
$21,539
x Dividends on preferred stock
3,231
x Preferred dividends for the year ended Oct. 311933. in the amount of
$77,278 have not been declared, nor accrued on books, but are cumulative.
Preferred dividends for the year ended Oct. 311932, do not include $74,058
which have not been declared, nor accrued on books, but which are cumulative.
larLast complete annual report in Financial Chronicle April 22'83, p.2798
(The) Orange & Rockland Electric Co.
-Month of October- -10 Mos. End. Oct. 311933.
1932.
1933.
1932.
$58,511
$62,902
2715,478
$753,274
Earnings for 9 Months Ended Sept. 30 1933.
Net oper. revenues
Operating taxes
Dec. 2 1933
New York Westchester & Boston Ry.
Operating revenues..--Oper. exps., incl. taxes
but excl. depreciation_
Depreciation
39,120
7,563
37,047
7,386
401,730
90.399
418,466
88,325
Operating income__
Other income
$11,828
3,999
$18,469
2,655
$223,349
37,313
$246,483
29,997
Gross income
Interest on funded debt_
Other interest
Amortization deductions
Other deductions
Dividends accr. on pref.
stock
Federal income taxes included in oper. exps-.
$15,827
5,208
$21,124
5,208
30
1,148
337
$260,662
62,500
675
13,777
4,280
$276.480
62,500
1,100
13,202
4,430
1,148
333
8,205
7,862
97,609
84,632
1,700
2,400
34,550
32,965
Oregon-Washington Water Service Co.
12 Months Ended Oct. 311932.
1933.
Gross revenues
$442,599
2468,746
Oper. exp., maint. & tax., other than Fed.inc. tax242,250
240.616
Gross corp. inc. (bal. before int., deprec., &c.)...._
24,8,861
201.705
lgirpas• complete annual report in Financial Chronicle May 20 '33, p. 3535
Pittsburgh Suburban Water Service Co.
12 Months Ended Oct. 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
8319,245
96,256
10,544
8,895
1932.
$338,879
105,059
15,895
8,108
Net earnings before provisions for Federalincome
tax and retirements and replacements
Other income
$203,550
438
$209,817
36
5
7
$203, 8
98
24
96,656
$210,182
9834;951755445
3,569
1;362
8 108
18,250
9
170
5
14:16
Gross corporate Income
Interest on long-term debt
Miscellaneous interest charges
Amortization of debt discount and expenses, &c...
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
Net income
$87,579
$75,761
Dividends on preferred stock
27,500
27,500
rE'Last complete annual report in Financial Chronicle Apr. 16 '33, p. 2608
Northern States Power Co. (Del.).
(And Subsidiaries)
Year Ended Oct. 31
Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
$31.050,626 $32,782,403
15.976,201 16,398.757
Net earnings
Other income
$15,074,425 $16,383.646
100,462
97,057
Net earnings, including other income
$15,174,887 $16.480.703
Interest charges
-net
5,800,022 5,764.152
Amortization of debt discount and expense
191,319
180,000
Minority interest in net income of subsidiary co....
51.951
25,237
Appropriation for retirement reserve
2,900,000 2,900,000
Net income
26,231,596 $7,611.314
129
-Last complete annual report in Financial Chronicle May 13 '33, p. 3332
Ohio Edison Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of October- -12 Mos. End. Oct. 311933.
1932.
1933.
1932.
Gross earnings
81,238,835 81.228,199 814,717,904 815,969,395
Oper. expo., incl. maint.
384,332
386.529 4,385,113 4,807,411
Taxes
153,000
124,300 1,587,200
1,364.900
Fixed charges
324.620
314,096 3,910,099 3,715,254
Prov. for retire. reserve..
100,000
100,000 1,200,000
1,200.000
Net income_ _ _ _ __ _ -- $276,883
$303,273 $3,635,491 $4,881,829
Divids. on pref. stock....
155,602
155,489
1.866,961
1.864,096
Balance
$121,281
$147,784 81,768,530 83,017,732
10 Last complete annual report in Financial Chronicle May 6 '33, p. 3161
-
Railway Express Agency, Inc.
-Month of September- -9 Mos.End. Sept. 30
Revenues & Income1932.
1933.
1933.
1932.
Chgs. for transportat'n-$10.451.754 $11,782,572 $87.705,149 8104559,598
Other revenues & income
1,837,195 2,273.840
199,763
296,191
Total revs. & income-$10,651.517 $12,078,763 889,542,3448106833,438
Deductionsfrom Revs, & Inc.
Operating expenses
6,222,467 6,664.784 54,380,315 64,526.247
Express taxes
866.974
134,100
94,302 1,147,769
Int. & disct. on fd. debt144,263
143,247 1,293,118 1,416.136
Other deductions
20,943
35,200
1,646
1,279
Total deductions
$6,502,109 $6,903,979 256,822,145 $66,744,557
Rail transp'n rev. (payments to rail & other
carriers-express priv•
ileges)
4,149,408 5,174,784 32,720,199 40.088,881
I"
Last complete annual report in Financial Chronicle May 13'33, p. 3360
San Diego Consolidated Gas & Electric Co.
Gross earnings
Net earnings
Other income
---Month of Coctober--- --12 Mos. End. Oct. 311933.
1933.
1932.
1932.
$575,462 $7,042,581 $7,691,095
$562,518
242,524 3,056,391
244,472
3,869,800
5,214
1,535
3,548
8,204
Net earns. Inc other
income
$244,059 83,061,605 $3,878,005
$248,021
Balance after interest
2,205,034 3,075,290
rarLast complete annual report in Financial Chronicle May 13 '33, p. 3344
4007
Financial Chronicle
Volume 137
(The) Tennessee Electric Power Co.
Roan Antelope Copper Mines, Ltd.
Earnings for 3 Months Ended Sept. 30 1933.
.f459,826
Estimated gross revenues
113.915
Prof. after exp.. deb. int. & res. for deprec. but before taxation_
report in Financial Chronicle Oct. 28 '33, p. 3160
larLan complete annual
Rochester & Lake Ontario Water Service Corp.
12 Months Ended Oct. 31Operating revenues
Operation
Rental of mains & hydrants
Maintenance
General taxes
1933.
$538,983
158,748
9,254
13,189
45,378
1932.
$528,229
163,704
9,119
19.698
49.679
Net earnings before provisions for Federal income
tax and retirements & replacements
Other income
$312,414
859
$286,028
578
Gross corporate income
Interest on funded debt
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$313.274
125,000
19.686
Cr. 45
13,487
25,420
435
$286,606
125,000
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of October- -12 Mos.End. Oct.311932.
1933.
1932.
1933.
$945,741 911.373,867 $12,027.467
$983,462
Gross earnings
314,420 3.755,126 4.025.840
354,063
_
Oper. exp.,incl. maint_
1,712,870
1,533.039
136,792
148,577
Taxes
221,596 2,662,509 2,618,964
219,020
Fixed charges
1.260,000
1,260,000
105,000
105,000
Prey.for retirement res_
Cr. 75
13,049
25,420
404
$122,808
8129,291
Surplus net income
larLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2609
Scranton-Spring Brook Water Service Co.
12 Months Ended Oct.31Water revenues
Gas revenues
1932.
1933.
$3.776,845 $3,937,489
1.013.203 1.081,746
Total revenues
Operating expenses
Maintenance
General taxes
Reserved for contingencies
$4.790,049 $5.019,235
1,091,330 1,131.558
242,685
234,564
158.168
129,688
170.000
170,000
Net earns, before provisions for Fed. inc. tax &
$3,164.468 $3.316,824
retirements & replacements
30.365
8,223
Total other income
$3.172,689 $3,347,189
1,633,098 1,646.100
119.089
43.029
13,561
57.949
37.904
16,487
93.273
107.035
257,500
265.373
16.404
17,329
Gross corporate income
Interest on long term debt
Interest on gold notes
Miscellaneous interest
Amortization of debt discount & expense
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
Net Inc. before pref. stk. dive. & int. on special
loan due Federal Wo.ter Service Corp.. sub$1,032.389 $1.163.358
ordinated thereto
$17,171
Dividends on preferred stock
Note.-The payment of interest on the special loan due Federal Water
Service Corp. is subordinated to the payment of dividends on the company's
cumulative preferred stocks. At Oct. 31 1933 the cumulative preferred
dividends not declared and the subordinated intereat on the special loan
account not reflected in the accompanying financial statement were as
follows:
At
Year Ended
Total at
Oct.31 1933. Oct.31 1933. Oct.31 1932
$394,953
$412,125
$807,078
Preferred stock
317.152
251,455
568,607
Subordinated interest
$712,105
$663.580
$1.375,685
Total
WLast complete annual report in Financial Chronicle April 29 '33, p.2975
and April 22 '33, p. 2799.
Seattle Gas Co.
Gross revenue
Operating expenses
-Month of October- -12 Mos.End. Oc1.311932.
1932.
1933.
1933.
$164,268 $1,771,496 $2,089,042
$148,531
1,295,486
1,204,239
108,255
103,462
Net earnings
Interest and other income
charges (net)
$45,069
55,818
def$10,748
Net income
Provision for retirements
297
(auto, equip. only)
$56,013
56,786
$793,556
$567,256
674,708
680,517
def$773 def$107,452
$113.038
5.476
7,250
569
$105,788
def$11,046 def$1,343 def$112.928
Net income
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2070
I"
South Bay Consolidated Water Co., Inc.
12 Months Ended Oct. 31
Operating revenues
Operating expenses
General expense charged to construction
Amortization of rate case expense
Maintenance
General taxes _
Net earnings before provisions for Federal income
tax and retirements and replacements
Other income
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$490,605
152,855
Cr.5,479
25,668
21,424
39,634
$521,493
167,459
Cr.17,898
11,745
26,329
43.163
$255,902
961
$256,863
158,105
37,148
12,176
Cr.372
3,249
22,750
955
$290.694
1,646
$292,340
158,105
33.101
12,096
Cr.790
7,516
20,750
1,419
$60,142
$22,851
Net income
$18,277
x Dividends on preferred stock
preferred dividends which have not been declared or paid
x Cumulative
for the year ended Oct. 31 1932 amount to $44,387 and for the year ended
Oct.31 1933, amount to $62,664.
larLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2609
Standard Cap & Seal Corp.
Period End.Sept. 30-1933-3 Mos.-1932. 1933-9 1U'os.-1932.
$453,704
$145,357
$415,750
Net inc.after chges.,St tax. $132,634
Barns.per sh. on 206,000
$2.20
$2.02
$0.70
$0.64
bha. cap.stk.(no par)_
riirLast complete annual report in Financial Chronicle May 13 '33, p. 3362
Studebaker Corp.
x Receivers Report for Three Months Ended Sept. 30 1933.
95.737.296
Net sales
Loss from sales after deducting costs and expenses
Depreciation (exclusive of deprec. of mfg. plants and properties)
Repairs and replacements
Loss
Interest received (net)
125,422
24.499
147,283
$297,204
23,231
$273,973
Net loss
x Includes Rockne Motors Corp. and principal subsidiaries, but excluding
White Motor Co.
tarLast complete annual report in Financial Chronicle Mar. 25'33, p. 1708
Net income
Dividends on pref. stock
$156,800
129,398
$167,931 $2,163.191 $2,409,790
1,550,675
129.327 1.552,502
$859.115
$610.689
$38.604
$27,402
Balance
larLast complete annual report in Financial Chronicle May 6 '33, p. 3164
Third Avenue Ry. System
(Railway and Bus Operations)
-Month of October- -4 Mos. End. Oct. 31
1932.
1933.
1932.
1933.
Operating revenue:
$957,749 $3,419,653 93.754,667
$908,643
Railway
923,069
801,560
233,735
209.162
Bus
Total oper. revenue__ $1,117,805 $1,191,484 $4,221,213 $4,677,736
Operating expenses:
653,235 2.451,225 2,606,946
632,264
Railway
887,112
752,445
223,145
187,860
Bus
$876,381 $3,203,670 $3,494,059
$820,125
Total open expenses
Net operating tevenue:
968,428 1,147,721
304.513
276.378
Railway
35,956
49,115
10,590
21.302
Bus
Total net oper. rev
Taxes:
Railway
Bus
$297,680
66.642
6,671
$315,103 $1,017,543 $1,182.677
302,471
257,269
74,169
29,532
26.286
7,405
$73,312
$81.575
$283,555
$332,003
209,737
14,631
230,344
3.184
711.159
22,829
845,249
6.424
. $224,368
Total oper.income_ _
Non-operating income:
26,639
Railway
754
Bus
$233,528
$733,988
$851,673
26,835
792
105.978
3,180
107,527
3,428
Total taxes
Operating income:
Railway
Bus
Total non-oper.Inc_ _ _
Gross income:
Railway
Bus
$27,393
$27,627
$109,158
$110,955
236,376
15,384
257.179
3,976
817.137
26,008
952.777
9,852
Total gross Income__ Deductions:
Railway
Bus
$251,760
$261,156
$843,146
$962,629
212.572
15,902
213,473
16,991
850,281
64.187
867,471
68,628
Total deductions
Net income or loss:
Railway
-Dr
Bus
$228,475
$230,464
$914,468
$936,099
43,707 Def33.144
38,178
13,014
85.306
58,776
23.803
518
Total combined net income or loss-Rail926.530
$30,692 def$71.322
way and bus
$23,286
'Last complete annual report in Financial Chronicle Oct. 7 '33, p. 2627
Walworth Co.
(And Subsidiaires)
1933.
9 Mos. Ended Aug.31$79.165
Loss after expenses, tax, &c
299,154
Depreciation
419,389
Interest
1932.
$163,582
200,386
465,386
1931.
$721,801
264.139
473.439
$829,354 $1,459,379
$797,708
Net loss
Detailed income statement for the quarter ended Sept. 30 1933, follows:
Profit after expenses, taxes, &c.,$224,999; interest. $139,573; depreciation,
$130,462; net loss, $45,036.
arLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
Western New York Water Co.
12 Months Ended Oct.31Operating revenues
Operating expenses
General expense charged to construction
Maintenance
General taxes
1933.
$742.083
184,362
Cr347
16,644
88.943
1932.
1740,998
186.018
Cr3.982
15.826
92,867
Net earns, before prov. for Fed.inc.tax & retirements and replacements
Other income
$452.481
1,258
$450.268
1,069
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Misce.laneous interest charges
Amortization of debt discount and expense
Interest charged to construction
Provision for Federalincome tax
Provision for retirements and replacements
Miscellaneous deductions
$453.739
204,888
58,141
3,608
9.447
Cr192
13,092
50.250
4,338
$451.338
204.888
58.b20
5,861
9,447
Cr93
10,583
51.000
3.630
$107,403
$110.167
Net income
$51.530
$51.530
Dividends on preferred stock
report in Financial Chronicle Apr. 15 '33, p. 2611
1
17/1"Last complete annual
West Virginia Water Service Co.
(And Subsidiary--Bluefield Valley Water Works Co.)
1932.
1933.
12 Months Ended Oct. 31$1,012,419 $1,068.419
Operating revenues
398.895
361.145
Operating expenses
51,393
46,886
Maintenance
141,251
124,594
General taxes
Net earnings from operation
Other income
$472,794
8,481
$476,879
1.688
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges (including interest
charged to construction)
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$481,275
258,000
$478.568
258.000
4.725
26,318
12,539
52,850
3,670
8,990
26.265
11.544
53.850
3.179
$116.738
$123,171
Net income
28,750
Dividends on preferred stock
Note.Preferred dividends for the year ended Oct. 31 1933,in the amount
of$99,000 have not been declared, nor accrued on books,but are cumulative.
Preferred dividends for the year ended Oct. 311932, do not include $70,250
which have not been declared, nor accrued on books, but which are cumulative.
larLast complete annual report in Financial Chronicle April 29'33, p.2975
4008
Financial Chronicle
Thompson-Starrett Co., Inc.
(And Subsidiaries)
-3Months Ended- -6 Months EndedPeriodOct. 26 '33. Oct. 27 '32. Oct. 26 '33. Oct. 27 '32.
Net loss after deprec. &
Federal taxes
$44,845
$100,653 prof.S5,295
prof.$526
complete annual report in Financial Chronicle June 24 '33, p. 4477
'''Last
FINANCIAL REPORTS.
Brown Shoe Co., Inc., St. Louis.
(Annual Report-Year Ended Oct. 311933.)
INCOME ACCOUNT FOR YEARS ENDED OCT. 31.
Years End. Oct. 311932.
1933.
1930.
1931,
Net sales cr''finished product to customers
$23.887,705 $21,155,892 $26,691,537 $29,018,975
Deduct-Costofmaterial,
labor St sell., admin. &
gen. exp., incl. deprec.
and int. charges, bad
r debts, &c
22,186,861 19.930.593 25.106,357 27,495.933
Estimated income taxes..
264,000
164,000
229.000
189,000
Net profit
$1,436,844
Add-Previous surplus_ 8,597,782
Sundry surplus credits
$1,061.299
8.631,542
81.356.179
8,333.655
309
31.334,042
7,955.424
98.500
Total surplus
$10,034,627
Deduct-Pref. diva.(7%)
229,066
Common dividends..
741,330
Excess of cost over par of
pf. stk. porch, for ret.
7,936
Excess ofcost ofcom.stk.
over stated value_
Additional income taxes
of prior years
119,000
$9,692,841
234.843
748,725
89,690,144
255.141
756,000
39,387.966
269.981
756.000
31,256
47.460
28,329
r Profit and loss surplus $8,937,294 $8,597,782 $8,631,543
Shares of common stock
x247.000
x247.000
t outstanding (no par)_
252,000
Earns, per eh. on corn__
$4.90
$3.28
$4.36
x Does not include 5,000 shares hold in the treasury.
$8.333,655
80,234
252.000
$4.22
CONSOLIDATED BALANCE SHEET OCT. 31.
1932.
1933.
1933.
1932.
LiabilitiesAssets
$
S
I, Preferred stock_ 3,232.800 3,290,500
a Real est., buildings, machinery,
Accounts payable_ 1,172,386
780.770
equipment, &c__ 2,616,695 2,659,952 Accrued accounts_
23,000
60,000
1
Lasts
1 Reserve for estiTrade names, &c_
1
1
mated 1932 11)Securities, &c
1,519,531 1,461,047
come taxes
264,000
164,000
Cash
1,569,270 3,100,491 c Common stock
3,365,508 3,305,508
Accts. receivable_ 6,605,081 5,322,904 Surplus
8,937,294 8,597,782
Prepaid purch.,&e.
12,310
10,913
Inventories
4,672,098 3,703,250
Prepaid int., Ins..
licenses, &c
1
16,994,989 16,258,561
Total
Total
16,994,989 16,258,561
a After deducting $1,885,595 for depreciation in 1933 and $2,400,233 in
1932. b After deducting $1,237,500 pref. stock retired and canceled, and
367,200 ($9,500 in 1932) held in treasury. c Represented by 247,000
shares of no par value.
-V. 136, p. 3912.
Central Aguirre Associates.
(Annual Report
-Year Ended July 31 1933.)
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED JULY 31.
1933.
1932.
1931.
a1930.
Sugar, molasses and cane
sales
$6,653,796 $6,212,685 35,861,791 37,267.067
Miscellaneous receipts_ 432,141
517,466
300,889
485,089
/'
k Total income
$7,085,937
Agricul. & mfg. expenses 4,853,084
$6.730,151
4,979,264
$6,162,680
4.953,121
$7.752,158
5,882.955
Net earnings --------$2,232,853
Depreciation. &c
282,808
Res've for income tax_241,541
Provision for conting__ _
Applic. port. of net profit
of Central Machete Co Cr170,235
$1,750,888
321,935
155.563
44.954
$1,209,559
283,770
67,174
$1,869,201
250,382
123,639
Net income
Dividends (cash)
31,361.887
1.071.836
$858,615
1,072,805
$1.495,180
1,075.725
$290,051 def$214,190
9,697.551
9,682,933
343,070
$419,455
9,031.479
Balance, surplus
Previous surplus
Appropriated surplus_ _ _
Cent. Aguirre Sugar Co.
min. stockholders int.
In comb. surplus
Divs. rec. Cent. M. Co_
Adjust., res. for conting.
1932
31.878,738
1,066,830
3811.908
9,790,602
116,758
41,478
Cr133,452
40.768
228,808
232,000
39.697,551
$9,682.934
23,254
Total surplus
310.784,000 $10,371,440
Cent. Aguirre Sugar Co.
min. stkhldrs. int_ _ _ _
41,077
39,590
Provisions for conting
500,000
197.000
P. & L. surp. July 31.310,242,925 $10,134,851 89,697.551 39,682.934
Shs.cap.stk.out.(no par)
717,536
6720,000
6720,000
714,616
Earns.per sh. on cap. stk
$2.65
31.51
$1.90
32.42
a Includes Santa Isabe Sugar Co. b Stock to be outstanding when all
stock of Central Aguirre Sugar Co. has been exchanged.
CONSOLIDATED BALANCE SHEET JULY 31.
1932.
1933.
1933.
1932.
AssetsLiabilities$
$
$
$
* RI. est., bidgs.,
c Capital stock... 3,600,000 3,600.000
P- rolling stk., &c_ 9,090,045 9,195,035 Accounts payable_
149,768
124,405
Cash
241,852
116,469 Equip. accept. pay
51,750
35,100
Notes & mtgs. rec. 1,138,649 1,198,066 Advances payable
619,975
Accts.& notes rec_
127,510
73,203 Due Con. Machete
Mat'l & supplies
481,054
514,077
Co
489,611
Growing crops_ _ _ _ 1,083.548 1,230,2.50 Iles. for conting
500,000
b Mugar & molasses 1,825,321 1,427,659 Drafts in transit._
35,898
2,322
Investments
162,765
436,227 Accr. gen. taxes._ d281,941
19,894
Cent. Machete Co.
Income, tte.. tax
capital stock_ _ _
745,645
reserve
156,555
Treasury stocks
169,771
164,771 Surplus
10,242,925 10,134,851
Constr. & MIAs.
(not completed)
17,891
100,196
Deterred charges_ _ 204,076
173,422
Claims tor taxes
68,764
63,725
15.351,894 14,693,102
Total
15,351,894 14.693,102
Total
a Real estate, roadway and track, mill, buildings, rolling stock, portable
track, steam pious, livestock, carts, implements, &c., after reserve for
depreciation of $2,962,101 in 1933 and $2,729.427 In 1932. b Less provision
for shipping expenses. c Represented by 717,536 no par shares and 616
shares (par $20) of the Central Aguirre Sugar Co. a Includes accrued
-V. 137. P. 1056.
rents.
Dec. 2 1933
(The) Firestone Tire & Rubber Co.
(Annual Report-Fiscal Year Ended Oct. 311933.)
Harvey S. Firestone, President, Dec. 1 wrote in part:
This has been another difficult year for Industry, but an unusually
difficult one for the rubber tire industry. On March 21 the three large
manufacturers making special brand tires announced a reduction of 205e
to 27% on their standard brand tires, and the discontinuance of their third
and fourth line tires which are the lines largely used by tire dealers to
compete against special brand tires. However, their dealers objected to
this action and as a result the manufacturers continued to supply these
lines at prices for discontinued sizes. Furthermore, as dealer contracts
provide for price protection for 30 days on regular purchases and on spring
dating stocks unsold up to April 15 or May 15, according to zone, the price
reduction having been made on March 21, necessitated manufacturers
rebating dealers many millions of dollars.
This drastic reduction under 1931 prices was made by these manufacturers
In face of the fact that their 1932 annual statements showed a combined
loss of more than 317,000.000. Since the March reduction there have
been three small price increases, but even with these increases tire prices
to-day are still about 2% lower than a year ago, even though the price of
crude rubber has advanced 150%, cotton 60%, and labor in our factories
and service stores 20% to 25%.
During the year we were assessed excise taxes of 2 gcents per pound on
tires and four cents per pound on tubes. In addition a cotton processing
tax of 4.2 cents per pound was made effective Aug. 1 1933. These additional taxes cost the company more than $4,000,000 for the year.
In face of such adverse conditions. I am sure you will find satisfaction
In the fact that our sales for this year were $75,402,268 and that after
deducting 35,625.096 for depreciation on plants and equipment and after
providing for Federal taxes and all other charges, our net profit was $2,397,059. In previous years we provided a reserve for investment losses
and in the balance sheet we have applied a portion of that reserve to reduce
Investments to present market value.
Our export business and our foreign factories in Canada, England, and
the Argentine made fine progress and profits. In 1932 we entered into a
contract with a group of leading bankers in Spain providing for the erection
of a factory in Bilbao for the manufacture of Firestone tires and tubes.
This factory, with a capacity of 500 tires and tubes a day, was opened in
Juno of this year, and I am glad to state that our investment in Firestone
Hispania, S. A. is proving a profitable one.
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED OCT. 31.
1931.
1932.
1933.
1930.
Net sales
$75,402.268 $84,337,173 3113797,283 $120015.661
Mfg., atirn. & sell. exp
65.718.650 72,960.392 101,377,865 c112364,530
Depreciation
5,665.063
5,211,893
5,625,096
4,914,656
Balance
Other income
34,058.522
673,302
$6,164,888
1,105,561
$6,754.354
1,578,152
$2,736,478
1.610,146
Total income
$4.731.824
Interest
980.396
Other deducts., incl. inc.
taxes & min. Int. in
subsidiaries' operations 1,157,982
Liberia develop. exp_ _ _ _
196,385
Adj. of net inc. for for'n
subs, due to fluctuations In exch. rates_
$7,270,449
1,200,190
88.332.506
1,215.562
34,346,621
1,431,891
688.354
300,592
488,297
885.399
165,240
99.367
Net profit
Dividends
6% preferred
Common
32,397,060
$5,151,978
86,028,631
31,541.034
2.814,066
1,037,340
3,024.233
2,041,123
3,371,904
2,136,521
2,935,147
3,176,076
Surplus for period__def$1,455,246
Previous surplus
35,396,438
Inc. in insur. acct. sur_ _
Disct. on pf. stk. purch_
Prov. for dirs. on prior
Issues of pref. stock in
excess of requirements
$86,623
36,380,958
93,613
572,768 *
180,272
$520.206df..4.570,189
41,984.249 47.453.508
106,824
112.719
405.624
230,703
Total surplus
333,941,192 836,561,194 342.611,279 343,632,365
Prov. for res. to reduce
empl.stk. purch. cost_
3,004,850
Adjust, of net assets of
foreign subsidiaries.._ _
1,809.361
Net adjust. of various
accounts
780,864
Charge resulting from
cancel, of empl. stock
contracts, &c
125.867
564,756
1,648.116
629,246
a Congo'.sur. Oct.31_333,815.325 $35,996,438 336,380,958 841,984,249
Corn. shs. outstanding
(par $10)
1,970,849
1,986,189
2.154,861
2,115,268
Earns. per sh.on com__ _
Nil
Nil
$1.07
$1.25
a Summarized as follows:
General surplus
$29,692,129 $31,147,375 $31,416,109 $33,519,298
Surplus arising from
issuance of connnon
stk.on present empl.
stock contracts
5,916,125
1,973,933
2,099,800
2,309,200
Insur. accts. surplus..,, 2,149,263
2,548,826
2,749,263
2,655,650
COMPARATIVE CONSOLIDATED BALANCE SHEET OCT. 31.
1933.
1932.
1932.
1933.
Assets
3
Liabilities$
$
x Land,buildings
6% pf etk.ser. A 46,690,200 47,418,100
st equipment_ 58,945,411 62.413,058 Common stock. 19,708,490 19,861,890
Cash
14,320,030 13,167,848 lids. of sub. cos_ 18,962,800 19,430,300
Inventories
28,541,261 26,826,143 Res.for invest__ 2,200.000 4,689,454
Customers'notes
Insurance res.
600,000
accounts. &e. 13,905,011 13,268,256 Min. stkholders'
Other assets
1,320,074
10,281,114 13,535,550
985,252
int. In subs_ __
Deferred charges 1,622,518
2,040,726
1,554,218 Accts. payable_ 3,842.485
y Firestone Park
1,882.660
Accr. taxes & lot 2,720,660
Land Co
1,909,867
33,815,325 35,996,438
1,874,570 Surplus
Total
129,525,212 132,639,642
129,525,212 132,639,642
Total
x After reserve for depreciation of $25,313,897 in 1933 and $23,023,846
In 1932. y After mortgages and accrued interest of $165,928 In 1933 and
8196.983 in 1932.-V. 136. p. 4278.
Guantanamo Sugar Co. (Cuba), New York City.
(28th Annual Report-Year Ended Sept. 30 1933.)
James H. Post, President, says in part:
Production in Cuba was limited to 2,000,000 tons, compared with 2,700,000 tons in 1932: 3.122,186 tons In 1931, and 4.671,260 tons in 1930. Out
of the allowed production of 1932 only 1,114,991 tons were allocated for
shipment to the United States, compared with 2.643,000 tons allocated for
shipment to this country in 1930. Tne.se figures show how rapidly Cuban
sugars have been forced out of this market. Cuban production will Undoubtedly continue to be forced out as fast as production can be Increased
under the protection of 2c per pound afforded by the present tariff to producers on the Continent and to the Philippines. Hawaii and l'u rto Rico.
Companies in Cuba have had the choice of discontinuing operations entirely
or reducing wages and expenses so that cash costs will be in re or less equal
to income. Wages have been so low that the people have constantly been
on the verge of starvation. The political uprisings of the last year and
the existing labor agitation have been caused primarily by the disastrous
economic conditions in the Sugar Industry. The tariff policies of this and
other countries have been mainly responsible for the economic ruin of
Cuban industry. Without some change in our policy toward Cuba, conditions in that Island will probably go from bad to worse.
As a part of the recent unsettlement and agitation, the Cuban laborers
are asking much higher wages than last year. While we fully recognize the
seriousness of this situation for the laborers, It must be plainly obvious to
Financial Chronicle
Volume 137
them and everyone that the Cuban Sugar Industry cannot pay higher
wages and try to compete with free of duty sugars from Puerto Rico. Hawaii
and. the Philippines. Unless the Cuban producer is helped by a greater
tariff preferential, or the workers are willing to accept lower wages than
they are now demanding, it appears that most Cuban producers must
inevitably be forced to suspend operations, perhaps for all time.
During the last year representatives of producers of raw and refined sugar
for this country drew up a plan for apportioning the estimated requirements so as to balance production with average consumption. It was
proposed that the basis for importationsfrom Cuba should be 1.700,000 short
tons annually. The Cuban representatives considered that this quota
was inadequate and were opposed to the agreement. The Secretary of
Agriculture of the United States, at whose invitation the proposals had
been drawn up,finally declined to approve the tentative agreement, so that
nothing has been definitely accomplished to date. It is hoped that an
agreement giving Cuba a fair share in this market may finally be made
ffective as it should be realized that Cuba in producing its crop, purchases
practically all of its machinery and supplies from the United States.
For last crop, the allotment for this company was limited to only 120,112
sacks, compared with an allotment of 162,836 sacks for the year ending
Sept. 30 1932, which was very disappointing.
Before the commencement of the crop, changes were made in the Soledad
factory to make possiole the production of a white granulated sugar for
direct sale to manufacturers. Practically all the apparatus needed for
refining was at hand in our Ysabel factory which has been idle for some
years. This apparatus, together with equipment purchased in Louisiana,
was installed in the Soledal factory. Practically all of our United States'
quota, including some 16,000 additional sacks obtained by exchange, had
been made up into special products before operations were stopped by
the general strike which occurred in September. A moderate premium
was earned on the sugars so processed.
1 Our cane supply for last crop was severely curtailed by long continued
dry weather. Up to date this year, however, we have had over three times
the amount of rainfall of the previous season,so that our cane supply should
be ample. Some 38 caballerias of cane have been planted to keep up
supply for future crops.
0, General farming activities and experimental plantings have been continued as last year.
1 The operations of the Guantanamo By. were adversely affected by a
further large decrease in freight of the Sugar company products and in other
merchandise. There was a loss for the year ending June 30 1933 of $39,212.
4009
INCOME ACCOUNT FOR FISCAL YEARS ENDED SEPT. 30.
1930.
Years End.Sept. 30-1933.
1932.
1931.
x Gross sugar sales
$564,107
$733,289
$927,242f $1,261,712
1
242,072
1
Molasses sales
Total
$564.107
$733,289
$927,242 $1,503,785
Cost of cane, mfg., shipping and gen.expenses
535,781
822.790
1,042,084
1,671,457
$167,672
Loss on operations..._prof$28,325
$89,502
$114,841
Other income (net)
Dr45,203
Dr23,734
Dr37,529
32,884
Loss
$191,406
$127.031
$81,957
$16.878
Deprec. of mills, &c _ _
258,578
302,135
367,889
264,510
Addit. prov.for losses on
on advances to colones
65,524
$429,166
Balance, deficit
$340,981
$449,847
$455,916
y576.104
Previous surplus
def758,824 def329,659
120,187
Deficit
$758,825
$1,099,805
$329.659 sur$120,188
Adjusted.
x After deducting sea freight, commissions, &c. y
BALANCE SHEET SEPT. 30.
Liabilities1933.
1932.
Assets1932.
1933.
Pref. 8% stook_ _$1.728,700 $1,728,700
a Real est., buildings, &o
$4,965,783 $5,186,029 b Common stock_ 4,047,100 4,047.100
c Old common_ _ __
2.900
2,900
d Invest.in Guant873,121 Notes pay. (sec.)_ 1306.900 1.410.000
anamo RR
834,813
99,807
86,945
Other investments 283,440
283,440 Accts. payable__
Loans pay. (sec.)- 156,8571
Grow, crops carr'd
14,069 Other notes payle
3 6 7.565
16.641
to follow. season
352,994
219,082 (unsecured)_.. 514,500
Inventories
49.295
68,546
41,761 Taxes & conting's_
Cash
18,189
758,824
1.099.805
521,014 Deficit
Advs, to colonos
403,929
Mlscell. accounts
13,051
62,129
receivable, &c
22,285
17,413
Unexpired ins.. &c.
$6.906,255 $7,222,930
Total
Total
$6,906,254 $7,222,930
a After deducting $1,858,659 ($1,853,252 in 1932) reserves for depreciation. b Common stock authorized, 405,000 shares of no par value, issued
and outstanding, 404,710 shares of no par value. c $50 par value. d After
reserves of $245.000.-V. 135. p. 3852.
General, Corporate and Investment News
STEAM RAILROADS.
Freight Cars and Locomotives in Need of Repairs -Class I railroads on
Nov. 1. had 295,087 freight cars in need of repair, or 14.7% of the number
on line, according to the car service division of the American Railway Association. This was an increase of 31 cars above the number in need of such
repair on Oct. 1, at which time there were 295,056, or 14.6%. Freight
cars in need of heavy repairs on Nov. 1 totaled 227,896, or 11.4%, a decrease of 381 cars compared with the number in need of such repairs on
Oct. 1, while freight cars in need of light repairs totaled 67,191, or 3.3%.
an increase of 412 compared with Oct. 1.
Locomotives in need of classified repairs on Nov. 1 totaled 10,963, or
22.0% of the number on line. This was an increase of 228 compared with
the number in need of such repairs on Oct. 1, at which time there were
10,735, or 21.5%. Class I railroads on Nov. 1 had 5,193 serviceable
locomotives in storage compared with 5,522 on Oct. 1.
-Abandonment.
Alton RR.
The I.
-S. 0. Commission on Nov. 20 issued a certificate permitting the
company and the Louisiana & Missouri River RR. to abandon certain
portions of a branch line of railroad in Callaway County, Mo., and the
Alton RR. to abandon operation thereof.
la The portion of the branch line of railraod to be abandoned extends
southwesterly from milepost 25.7, immediately south of Fulton, to South
Cedar City, a distance of approximately 24.53 miles,•of which 23.97 miles
is owned by the Louisiana company and operated by the Alton, and 0.56
-V.135, P. 2332.
mile is owned and operated by the Alton.
-Abandonment.
Arizona Eastern RR.
The I.
-S. C. Commission on Nov. 14 issued a certificate permitting the
company to abandon that part of the so-called Amster branch between
milepost 1221.144. at or near Amster Junction, and milepost 1225.496, at
or near Amster, 4.352 miles, all in Gila County, Ariz.
a. The Commission also on Nov. 15 issued a certificate permitting the
company to abandon that part of the Hansen branch between milepost
923.609, near West Chandler and the end of the branch, near Hansen.
about 1.897 miles, all in Maricopa County, Ariz.
Permission was also granted the Southern Pacific Co. to abandon opera-V. 136, p. 3337.
tion of the lines.
Boyne City Gaylord & Alpena RR.
-New York Central
Railroad Released from Obligation of Acquiring Line.
-V. 134, p. 2141.
See New York Central RR. below.
Chicago 8c Eastern Illinois Ry.-Seeks Equipment Loan.
-S.
Commission
The trustees of the company have applied to the I.
Administration
to approve a loan of $251,300 from the Public Works C.
purchase 4,000 tons of rail and fastenings, including 3,000 tons of 112to
pound rail and 1,000 tons of 110-pound rail. The C. & E. I. paper to be
issued in tnis connection will consist of trustee's certificates wnich are secured
-V. 137, p. 3839.
by the properties of the carrier.
-New Secretary.
Chicago Great Western RR.
H. W. thinness, Assistant to the President, has been elected Secretary,
-V. 137, p. 860.
succeeding William G. Lerch, deceased.
Chicago & North Western Ry.-Asks Equipment Loan.
The company has joined the ranks of railroads requesting loans from the
Public Works Administration for the purchase of steel rail.
-S. C. Commission's approval of a loan
The company has asked the I.
of $3,500,000 for the puma's° of 65,000 gross tons of rail and 18,000 gross
tons of accessories. Such a loan has been offered the North Western on
its unsecured notes to run for 10 years at 4% interest after the first year.
The North Western plans to replace rails laid in 1916 and 1917 on its
main lines between Chicago and Council Bluffs, Iowa; Chicago and Milwaukee, and Chicago and Elroy, Wis.
In adopting a resolution authorizing officers of the North Western to
apply for the public works loan the directors of the company also authorized
them to negotiate for $1,000,000 to be used in completion of elevation of
their tracks at Kenosha, Wis.-V. 137. p. 3839.
Chicago Rock Island & Pacific Ry.-Committee Advises
-The protective comBondholders-Urges Deposit of Bonds.
mittee for the 1st & ref. mtge. 4% gold bonds due April 1
1934 and sec. 432% gold bonds, series A, due Sept. 1 1952,
(Dwight S. Beebe, Chairman) in a letter to the bondholders
dated Nov. 27 states:
The U. S. District Court in Chicago has just rendered decisions on
three contested applications, the support of which was a part of the work
of the committee, reviewed in letter dated Nov. 10 1933 (V. 137. p. 3674).
The decision in each case was favorable to the position taken by the
committee.
(1) Interest on bonds pledged underfirst and refundiny mortgage.-Company
had announced its intention to pay interest on $61.581,000 of general
mortgage bonds outstanding in the hands of the public and not to pay
interest on the $38,400,000 of such bonds pledged under the first and refunding mortgage and had obtained an order of the Court to that effect.
The Court nas now directed that interest be paid on both blocks of general
mortgage bonds when funds are available. This interest, if paid, would
amount to $768.000 semi-annually on the pledged bonds, which would
then be distributed among the nolders of first and refunding bonds and
secured 43 % gold bonds. However, the decision cannot be taken as an
assurance that interest on general mortgage bonds will be paid in the near
future.
(2) Injunction against sale of $54,000,000 collateral held by banks and
Reconstruction Finance Corporation.
-The court enjoined bank creditors
and the RFC from selling the $54,000,000 face amount of bonds of the
Rock Island System, which they hold as collateral for about $17,400,000
of loans. This decision, if upheld on appeal, will prevent dilution and
weakening of the position in the reorganization of the bonds for wnich
this committee is acting, since the collateral included $13.530,000 principal
amount of first and refunding mortgage bonds. Furthermore, the threat
of the sale of this collateral made the outstanding capitalization of the
System to be taken care of in a plan of reorganization uncertain and indefinite and thus constituted a menace to the orderly preparation and
consummation of a plan when the proper time comes. The committee
will make every effort to sustain this decision if appealed.
(3) Appointment of impartial trustees for the Road.
-The Court has
appointed tnree trustees for the road, two of whom have no former connection with the road and owe no allegiance to its stockholders, namely,
Hon.Frank 0.Lowden and Joseph B.Fleming; the third trustee is James H.
Gorman, the President of the road.
The committee urges bondholders who have not already deposited their
bonds, to do so immediately in order to support and aid the committee
in the effective prosecution of the other work being undertaken by it.
New Trustee of Bond Issue.
The holders of the consol. 1st mtge. 5% bonds, due April 1 1934, will
meet on Dec. 27 for the purpose of appointing a successor trustee a this
issue in place of the Central Hanover Bank & Trust Co.
Interest on Notes Deferred.
On petition of trustees of the road, Federal Judge Wilkerson has issued
an order permitting deferment until further notice of the payment of semiannual interest and principal due Dec. 1 1933, on the series L and series Q
equipment trust certificates. There are $3,135,000 5% series L outstanding
of which $285,000 fell due Dec. 1. Series Q outstanding amount to $11,700,000 and bear 4 %,of which $468,000 fell due Dec. 1.
An order also authorizes the trustees to enter into negotiations with
individual holders for the purpose of effecting a refinancing of the notes
without a change in trusteeship.
-V. 137, p. 3839.
-Pays Equip. Notes.
International Great Northern RR.
See Missouri Pacific RR. below.
-V. 137. I). 1577.
-Abandonment.
Louisiana & Missouri River RR.
See Alton ER.
-V. 115, p. 2046.
Maine Central RR.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading
privileges the 5% preferred stock, par $100.-V. 137. p.3839.
-Pays Equip. Trust Issue.
Missouri Pacific RR.
Federal Judge Faris at St. Louis has authorized the trustees to make the
following payments on equipment trust notes due Dec. 1 1933. and subsequent ioayments as they mature until further order of the Court:
(a) $322.000 principal amount and $57,960 interest on Missouri Pacific
series E;
(b) $50,000 principal amount and $9,000 interest on New Orleans Texas
& Mexico Ry., series B;
(c) $128,000 principal and $23,040 interest on International Great
Northern series A.
-V. 137, p. 3495.
Mobile & Ohio RR.
-Tenders Sought-General Mortgage
Bonds Due Sept. 1 1933.
The City Bank Farmers Trust Co., as trustee under the general mortgage dated May 15 1888, holds the sum of $542,500 available for the
purchase of general mortgage bonds, and pursuant to the provisions of
said mortgage and to an order of the U. S. District Court for the Southern
District of Alabama (Southern Division) entered Oct. 30 1933. and of
ancillary orders of the U. S. District Courts for the Southern District
of New York, the Western District of Tennessee. Eastern Division, the
Eastern District of Illinois and the Eastern District of Missouri. Eastern
Division, respectively, asks for tenders of such general mortgage bonds at
not exceeding the principal amount thereof.
Tenders will be received up to 12 o'clock noon on Jan. 16 1934, at the
principal office of the trustee, 22 William St.. N. Y. City, and awards
will be made to the holders of general mortgage bonds tendering the same
at the lowest prices, up to the amount of the said fund. All tenders should
be made at a flat price, i.e., at a specified principal amount, without
interest, and must be accompanied by the tendered bonds with all interest coupons maturing on and subsequent to Sept. 1 1932. and, in case
of bonds which shall at the time be registered, accompanied by appropriate
instruments of assignment duly executed in blank. All bonds purchased
pursuant to such tenders will be canceled and any bonds tendered and
not purchased will be returned to the persons who tendered them.
-V.
137. p. 3495.
New Orleans Texas & Mexico Ry.-Pays Notes.
See Missouri Pacific RR.above.
-V.137, p. 2974.
4010
Financial Chronicle
New York Central RR.—Released from Acquiring Boyne
City Gaylord & Alpena RR.—Purchase InadvLable Under
Present Conditions.—
Rescinding a former ruling the I.
-S. C. Commission on Nov. 7 vacated
and set aside its previous orders requiring an offer by the New York Central
RR. to acquire and operate the Boyne City Gaylord & Alpena RR.
The report of the Commission on further hearing:
In its petition for rehearing, the Central alleged that material changes
had taken place in the conditions upon which our previous findings were
based, including changes of a physical character in the Alpena property,
changes in the volume and distribution of the traffic handled by the Alpena,
and changes in its own financial condition. The alleged changes affecting
directly the Alpena property and traffic are such as to have an important
bearing on the commercial value of the property. These changes, and the
changes in the financial condition of the Central as well, also have a similarly important bearing on questions of public convenience and necessity
involved in the proposed acquisition.
. . Thus it appears that in view of the changed conditions the Alpena
is no longer properly assignable to the Central s system,and that acquistion and operation of the Alpena, or any part thereof, by the Central would
Impose an unnecessary charge on interstate commerce and a burden out'of
proportion to the local advantage to be gained thereby.
The Commission concludes as follows:
(1) That those provisions of our previous orders requiring an offer by
the Central to acquire and operate the Alpena should be vacated and set
aside; and
(2) That the Central should be released from the obligation incurred in
accepting said provisions.
Commissioner Porter. dissenting, wrote in part:
The action of the majority in this case is a perfect exemplification of the
fact that if you will but prolong a controversy long enough and come back
to the Commission often enough your chances for winning out are excellent.
It seems to me that what is here done is in utter disregard of the rights of
the public. It is in forgetfulness of the basic argument for the consolidation
of railraods, the preservation of the short and weak lines by the strong as a
part of a national transportation system, adequate for the needs of the
public. Without notice to all parties concerned, we are in effect authorizing
the abandonment of the entire Boyne City, Gaylord & Alpena RR. To
this action I cannot subscribe.
Commissioner McManamy concurred in the expression of Commissioner
Porter.
Commissioners Aitchison and Meyer also dissented.—V. 137, p. 3839.
Norfolk & Western Ry.—Cuts Passenger Fare Rates.—
The company announces a reduction in the base rate of passenger coach
fares and Pullman charges and the elimination of the Pullman surcharge
effective Dec. 1. The new rates are fixed at two cents a mile in coaches and
compares with the old rates of 3.6 cents a mile, a reduction of three cents a
mile in Pullman fares and elimination of the surcharge.
The reduced rates will be effective between all stations from Norfolk to
Bristol, inclusive, and on the following branch lines: Petersburg to City
Point, Durham to Lynchburg, Roanoke to Winston-Salem, Salem to
Catawba, Christiaiasburg to Blacksburg, Pulaski to Galax, Glade Spring to
Saltville and Abingdon to West Jefferson.
There will be no change in the basis of fare between Roanoke and Hagerstown or between Walton and Cincinnati and Columbus.—V. 137, p. 3146.
Old Colony RR.—Bond Issue.—
The company has asked the I.
-S. C. Commission for authority to issue
$600,000 first mortgage 20
-year gold bonds. The issue is to pay for permanent improvements already made on the property, cost of such improvements being now charged against the company by the New Haven road,
which is operating the company under lease.—V. 137, p. 3765.
Pere Marquette Ry.—Abandonment.—
The 1-S. C. Commission on Nov. 15 issued a certificate permitting the
company to abandon that part of its Reeds Lake branch extending from
Hall St., the boundary line between the cities of Grand Rapids and East
Grand Rapids. in a general easterly direction to the end of the branch near
Reeds Lake, 1.09 miles, all in Kent County, Mich.—V. 137, p. 1239.
St. Louis-San Francisco Ry.—Report of RFC Laid
Before Creditors—Suggested Merger of Frisco with Katy Denied.
A report by the Reconstruction Finance Corporation was laid before a
meeting of the management and creditors of the Frisco on Nov. 24, called
to discuss plans for its reorganization. The meeting was called by J. M.
Kurn and J. G. Lonsdale, trustees for the road in receivership, and was
presided over by A. A. Berle Jr., special adviser on railroad matters to the
RFC.
Press dispatches from Washington on Nov. 24 stated that the report
proposed the consolidation of the Frisco with the Katy instead of the Rock
Island as suggested previously. These reports, however, were denied by
A. A. Berle jr., who asserted that the RFC was no more than a creditor of
the Frisco and that neither he nor the RFC had "favored" various proposals
of mergers.
Tne news dispatches from Washington Nov. 24 explained that an alignment of the two roads had been proposed to the RFC in a report made to it
by two examiners and given out by the RFC. The dispatches indicated
also that no spcific plan for reorganization of the Frisco should be pressed
until the road's tariff conditions were more nearly normal.
The New York "Times" in a special dispatch from
Washington, Nov. 25, in connection with the report says
in part:
The report traced in detail the physical and financial development o
what is now one of the most important carriers of the Southwest, and
described historically the transactions which led to the road's six separate
receiverships beginning with 1873. Its pages are replete with condemnation of the road's financial management, from its inception down to the
time of its next last receivership in 1916.
In an introduction to the Frisco's early financial development, the report
said:
"Inflated property accounts were established in most part to support an
extravagant capitalization. Little has been done to reduce this and, to the
contrary, the various reorganizations so far have only added further to the
already top-heavy structure.
"The first important receivership, that of 1893-96, was terminated by a
sale that resulted in an increase in capital liabilities of sometning more than
$8 000,000."
It was this division and sale of a portion of the system that cut off.the
property from transcontinental objectives, and the only resulting benefit
from the readjustment was in a betterment of the ratio of debt to stock.
But even this advantage was snort- lived, according to the report, "for the
road now embarked upon a financial spree that ended only with the receivership in 1913."
Valuations Noted.
Bringing the Frisco's nistory up to date, the report noted its book Value
of $406.193,000 for investment in road and equipment, compared with a
corresponding total of $315.204,000 derived by bringing the valuation
findings of toe I.
-S. C. Commission down to last September. Thus it was
remarked that there was a possible maximum overstatement of assets on
this account amounting to $913,989,000.
But the report further noted that tne estimated book value of Frisco
investment in road and equipment supplied by the management made no
allowance for differences in costs at the time the road was built and at the
time of valuation, and added:
"Subsequent fluctuations in tne price levels are matters that may either
benefit or penalize the owner, but they do not change the essential part the
account is set up to show; I, e., the cost of investment. On this basis the
record of property development indicates that the present book figure for
investment in road and equipment is overstated by substantially more than
$100.000.000.
As to the suggested consolidation of the Frisco with the Katy and the
switch in the corporation's previous contentions regarding the Rock Island
the report explained that a conservative estimate of the possible savings
tnrough a union of toe Frisco and Rock Island would be about $3,161,000.
This estimate, it said, considered "only the more readily apparent
opportunities for operating economies."
"Even so, it is felt that the potential savings are small in comparison
with the size of the two propoerties and that the real field for the development of consolidation economies in the case of Frisco lies in a merger with
the Katy," it added.
Dec. 2 1933
"The Katy would lend fine strength at the Frisco's weakest point.
Texas, and toe Frisco in turn would strengthen the Katy in Missouri,'
As an example of the "speculative promotion" which it said had been
characteristic of the early financial history of most Western railroads, the
report set out graphically the gradual development of the present Frisco
system, beginning with the Southern Pacific RR. and its incorporation in
1868.
From 1896, when the road came out of its first important receivership,
until 1916, when its management was taken over by the present Frisco, the
report declared, its debt was increased by $166,152,000, and the expansion
accomplished during the period was largely on borrowed money.
"The company was committing financial suicide," said the report, "to
obligate itself for such extensive loans when its credit could not command
better than a 17% discount, particularly as this did not include the substantial indirect commissions paid in such forms as syndicate profits Included in the purchase price."
The text of the conclusions of the RFC on reorganization
of the Frisco is as follows:
The financial structure of a railroad largely determines its constitution,
and just as with individuals, this is often fixed by hereditary influences.
The details of capitalization of most railroads are legacies of former years.
A railroad of to-day, whether its position is one of relative strength or
weakness, is usually but the logical outgrowth of the cumulative consequences of the financial policies of previous decades.
The legacy of a strong financial constitution is the most priceless posses
stun within the single power of a management to confer upon a property
entrusted to its direction.
Financial difficulties usually result from a lack of proper balance between
fixed capital charges and normal earning power.
In the development of railways, which largely preceded and made way
for the economic development of new empires of American territory, it
was inevitable that railway capitalization often exceeded the economic
base on which it rested and readjustments were inevitaole.
In order to establish balance between earnings and charges, and thereby
assure continued operation of the properties, the creditors were shorn of
part of their contractual rights by the operation of economic and legal
processes.
Frisco's Problem One of Finance.
Over the last half century of railway development, through the gradual
building up of properties out of earned surplus, readjustment and enforced
shrinkage in foreclosure and reorganization, many capital structures which
were inflated beyond actual investment and earning power have been
brought into proper relationship therewith.
There remain, however, some properties which, while having suffered
foreclosure and reorganization in the past, went through these trying
experiences without receving the benefit which they were intended to confer,
1. e., a sound capital structure with fixed charges than can be supported in
years of depressed traffic, thus insuring an ability to issue new securities
or obtain temporary accommodation on favorable terms at all times.
Moreover, conservative capitalization alone can provide the necessary
the flexibility to meet the problems of changing price levels, which is a
highly important consideration, inasmuch as all railroads are naturally
vulnerable to both inflation and deflation inless their financial structures
are soundly proportioned.
The proolem of the Frisco has been entirely one of finance. This is no
exaggeration, in spite of the fact that the more obvious but essentially
superficial diagnosis of its present plight is the traffic losses resultant from
the depression. Had Atchison, U. P.or C. B. & Q. been forced to support,
through the years, a capital structure as excessive in relation to I.
-S. C.
Commission valuation and normal earning power as that of the Frisco, these
sound companies would probably now,too, be in difficulty.
"Commendable Ability" on Traffic.
Measured by every test, Frisco has shown commendable ability to hold
traffic and convert its revenues into operating profits. The proportion of
each to Frisco's gross remaining as net railway operating income, in recent
representative periods, exceeded that of each of those three strong Western
lines, Atchison, Union Pacific and Burlington. in every period except the
last, when Frisco's ratio of 16.89' was very slightly below the others, due
probably to the inability of the Frisco, as a result of its lighter traffic, to
make quite the same relative train-mile reductions which would have been
possible had it been moving a tonnage density comparable to the three larger
lines.
The problem of thF Frisco has been that, while it could save an equal or a
greater proportion of gross for net than the three lines previously mentioned,
each dollar of Frisco's net railway operating income has had to support
a much heavier burden of debt service than did the earnings of those other
companies. Had the Frisco been capitalized in the same proportions as
they, and had its dividends been held to the similar percentages of those
lines, Frisco would be financially sound to-day.
When a railroad passes into receivership, security holders and others often
place primary causative emphasis on an assumed run-down condition of the
property, depressed traffic, questioned managerial efficiency and alleged
excessive regulation or rate reductions and often give only secondary
attention to capitalization.
It can be emphatically stated that the Frisco difficulties are primarily
the outgrowth of an unsound financial structure and secondarily the result
of the depression. The physical property is well developed in relation to Its
requirements, it is in good condition and is well operated.
Capitalization Out of Balance.
The statement was made in the opening pages and subsequently reaffirmed in other sections of this report that the Frisco has been singularly
successful, either by accident or design, in keeping the actual (not book
reported) value of its property in balance with traffic requirements, avoiding major plant expansion beyond tnat justified by its recent density, and
probably to-day has a better adjustment between actual investment in
plant capacity and current traffic needs than its larger, stronger and financially respected neighbors.
If Frisco had a cap'talizatIon in balance with the money actually expended
in the creation of the property, it would probably be making one of the most
strikingly favorable records of any railroad in the country during good
times and bad alike.
Even under the trying conditions of the present times, Frisco can support
a capital structure of conservative proportions. Should a reorganization
be effected to obtain such a capitalization, it will enable all creditors of the
road to transform the defaulted obligations of tne present company into
securities of a reorganized one which will promptly restore a portion of the
lapsed income and values.
This process may involve separation of part of the present stockholders'
interests from their former proportionate claim, but this claim may have
no longer any material basis in fact and reorganization requires only a
formal recognition of a loss which has actually occurred and been fully
experienced and discounted.
Given a capital structure of total amount commensurate wItn toe I.
-S. C.
Commission valuation, and conservatively 'apportioned between diced
income, contingent income and equity securitlres, the Frisco will probably
be placed beyond the reach of economic disturbances to undermine as long
as pnvate operation of railroads remains.
Berle Denies Katy Merger Plan.—Mr. Berle's denial of the
report concerning the Katy was contained in the following
statement:
"It is news to me that any proposal has been made to merge the Frisco
with the M. -T. So far as I am aware the RFC has never proposed any
-K.
merger or favored any merger for any road. It is a creditor like any other
creditor.
"When a railroad goes into bankruptcy or receiversnip, suggestions are
made from all sides by various parties who have plans to propose. The
Frisco is no exception. Suggestions have been made from various quarters
of all degrees of responsilbility for merger with the Rock Island. the
M. -T.. the Soutnern Pacific, the Atchison and in fact pretty much any
-K.
railroad in the vicinity. The RFC has taken the position that all ot these,
in justice to the investors in the railroad, should be thoroughly explored.
Reports have appeared from time to time that the RFC or I personally
'suggested' or 'favored' various mergers, no one of whicn is accurate, the
fact being that each such proposal requires careful examination.
Authority Vested in I.
-S. C. Commission.
"At the creditors' meeting of Nov. 24 the possibilities of a mergerlwere
not even mentioned. 1 nave no reason to believe that they have over been
mentioned or discussed in the RFC except that the statistical examinations
made by the RFC go over and examine these plans and the statistical and
Financial Chronicle
Volume 137
engineering results haw been made available to the creditors in the reporeleased on Nov. 24.
"A railway merger, of course, involves many other considerations besides
those of statistics and engineering. Questions of public interest, o financial soundness, of conformity to general plans, all have to be considered,
and the I.
-S. C. Commission alone is vested with authority to determine
these questions."
Judge Faris Upholds New Bankruptcy Law Covering Railroads-Overrules Attack on Provision Placing Personal Injuries in Preferred Class.
-
4011
Week End.- 1933.
1932.
1931.
1930.
Nov. 4.._.31,484.000 29,752.000 30,119.000 34,745,000
Nov. 11____33.629,000 29,026,000 30.522,000 34,851.000
Nov.18---.33.065,000 28,584.000 30,177.000 34,384,000
Nov.25_. -33,231,000 x28.336,000 x28,313,000 34j)94.000
x Includes Thanksgiving Day.
-V.137, p. 3840. 3675.
1929.
38,428,000
38,644.000
37.490,000
39,131.000
Arkansas-Missouri Power Co.
-Stockholders Seek Appeal.
To permit appeal to the Circuit Court of Appeals. Judge J. E. Martineau
in the United States District Court at Blytheville, Ark., has withheld
his former order to appoint J. R. Fordyce and Z. M.McCarron co-receivers
of the company. His action was taken on petition of preferred stockholders,
who asserted that company assets were jeopardized by continuance of the
present management. Institution of receivership may be stayed pending
a decision by the Circuit Court of Appeals.
-V. 137, p. 3325.
The St. Louis "Globe-Democrat" Nov. 26 stated:
In an opinion, regarded as having an important effect on claims of
creditors under proposed reorganization of various railroads, U. S. District
Judge Faris on Nov. 24 overruled an attack against the constitutionality
of a section of the new bankruptcy law which covers reorganization of roads.
Associated Gas & Electric Co.-Earnings.
He ruled that Section 77 of the law is constitutional in so far as it provides
for placing claims for personal injuries to employees of railroads in the
For income statement for 12 months ended Oct. 31 see "Earnings Departpreferred class of creditors. The ruling was made at the request of J. M.
ment" on a preceding page.
Ilurn and John G. Lonsdale, trustees in bankruptcy.
A statement issued by the company says:
Counsel for the Central Hanover Bank & Trust Co., trustee for bond'Declining gross and net revenues continue to reduce the balance available
holders, contended the section violated the Fifth Amendment to the Confor interest charges in each successive month. The prospects for the near
stitution by taking property without process of law.
future are not favorable with increased taxes and operating expenses still
Judge Faris also decided sureties on supersedeas bonds given on appeals
to be absorbed. These higher costs have not been accompanied by comof judgments for claims rendered prior to the road going into bankruptcy
pensatory rate increases, but on the contrary in many instances have been
and who have paid such judgments are not entitled to be repaid as preferred
accompanied by substantial decreases.
-V.137. p. 38.41.
creditors, but fall in the class of general creditors, who may not fare as
well as the former under reorganizations.
-Tenders.
-Beloit Water, Gas & Electric Co.
Since various railroads have gone into bankruptcy to effect reorganization,
The Fifth-Third Union Trust Co. of Cincinnati, Ohio, trustee, will
all claims have been stayed against them except those of personal injury
-year
until noon on Dec. 30 receive bids for the sale to it of 1st mtge. 25
claims of employees. Thus the ruling would make general creditors of a
5% s. f. gold bonds, dated March 1 1912, to an amount sufficient to absorb
large number of claimants including individuals having personal injury
845.149.-V. 135, p. 4032.
lines.
claims against the
In his opinion, Judge Faris said there are cases which clearly hold that
-Div. Rate De"'British Columbia Power Corp., Ltd.
situations may arise wherein a denial of recoupment to a surety would
be unjust, but the facts were different in those cases than in questions
creased.
asked by the trustees.
The directors have declared a quarterly dividend of 37 cents per share
He cited a ruling of the late United States Circuit Judge Walter H.
on the class A stock, no par value, payable Jan. 15 1934 to holders of
Sanborn in the 1916 Frisco receivership case that a surety who pays a
record Dec. 31 1933. This places the stock on a $1.50 annual dividend
judgment, which is not a preferred claim, is not entitled to be recouped
basis and compares with quarterly distributions of 50 cents per share made
for such payment save as a general creditor.
from Oct. 15 1928 to and incl. Oct. 16 1933.-V. 137. p. 2633.
"Of course," he said. "this does not involve supersedeas bonds given in
judgments in causes accruing since the debtors' petition was filed.'
-Earnings.
-California Water Service Co.
He pointed out various authorities have held the "due process of law"
phrase as used in the Fifth Amendment is equivalent to the words "law
For income statement for 12 months ended Oct. 31 see "Earnings Deof the land" as used in Magna Charta which he thought "embraced a
-V. 137. p. 3325.
artment" on a preceding page.
statute enacted by Parliament.
"This, of course, is not true under the inhibitions of the Fifth Amend-Extra-Dividend.,
anada Northern Power Corp., Ltd.
ment," he continued. "because that Amendment circumscribes the legisThe directors on Nov. 28 declared a bonus of 10 cents per share in addilative power of Congress. The Supreme Court has decided 'due process'
tion to the regular quarterly dividend of 20 cents per share on the no par
one man's property and giving it to another, contrary
inhibits taking of
common stock, both payable Jan.25 1934 to holders of record Dec.30 1933.
to settled usage and mode of procedure and without notice or an opporFrom April 1931 to and intl. Oct. 1 1933 the company paid quarterly
,
tunity for a hearing. But here there is implied notice and opportunity
dividends of 20 cents per share, as against 15 cents per share each quarter
to be heard.
'
om Oct. 1929 to and in . Jan. 1931.
The court added: "Constantly it happens that debts incurred in operation
of mortgaged railroad properties and other properties are by law made
Admitted to List
superior in lien to existing mortgages of record. These include operating
The New York Produce Exchang)has admitted to the list the common
expenses, which, of course, cover injuries to employees in a hazardous
stock (no par).
-V.137, P. 3676.
occupation.
"I find myself unable to see any legal reason why, if wages and debts
due for materials to be used in keeping up roads accruing six months prior
-Earnings.
Canadian Hydro Electric Corp., Ltd.
to receiverships may be legally preferred as against a prior mortgage,
For income statement for 3 and 12 months ended Sept. 30 see "..Earnings
claims for personal injuries to employees and so forth may not be preferred
Department" on a preceding page.
-V.137, p. 1763.
by. statute.
"Theoretically, at least, when all is said, the welfare of the railroads
Central Eastern Power Co.
-Notes Attached.
depends upon the energy, care and faithfulness of employees if properties
Notes aggregating $4,883,000 made by utility companies to the Central
are to be conserved and protected and to be made to pay a profit to stockEastern Power Co., were attached, Nov. 20,by Deputy Sheriff Joseph T.
holders and bondholders."
Lanman ir a suit of the Cnase National Bank against that company for
Special Master Appointed.
$3.160.000 for breach of contract. Toe attachment was granted by Supreme
Court Justice Cohn because the Central Eastern Power Co. is a Delaware
Federal Judge C. B. Faris has appointed John T. Harding of Kansas
corporation.
City, Mo., Special Master in thelFrisco bankruptcy proceedings to inSheriff Joseph T. Higgins put the notes in his own safe deposit box.
vestigate and report on matters turned over to him by the Court. Die
-V.137, p.3840.
salary has been set at $600 a month.
If the suit is not answered within 40 days toe notes will be sold at auction.
The notes were for $20,000,000 originally.
The Municipal Service Co., for which the Central Eastern Power is
-President Roosevelt Averts Strike
Southern Pacific RR.
holding company, made the largest of the attached notes, $2.883.750, on
Creates Emergency Board to Review Employees' Dispute.
Dec. 29 last. The Electric Management & Engineering Co. made one for
In an effort to avert a strike, threatened to be made effective, Nov.29,on
$998,732. and the Columbus, Delaware & Marion Electric Co. executed
the Southern Pacific lines in Louisiana and Texas (Texas & New Orleans
one for $489,000. while a note for $112,000 was made by the Central
RR.) President Roosevelt, on Nov. 24, invoked his emergency authority
Utilities Service and four totaling $166,400 were made by the Onto Electric
under the Railway Labor Act.
Power Co. (See also Municipal Service Co. below.)
By formal proclamation the President created an emergency board to
railroad labor
review the differences between the railroad and the four
Chesapeake & Potomac Telephone Co. (Balto.).organizations involved, Brotherhood of Locomotive Engineers, Brotherhood of Locomotive Firemen and Enginemen. Order of Railway Conductors
Rate Cut.
and the Brotherhood of Railroad Trainmen.
A general reduction in telephone rates in Maryland and toll rate reductions
Chairman Samuel Winslow of the United States Board of Mediation
In four communities adjacent to Baltimore, representing a reduction of
announced the members of the Board of Arbitration which will investigate
approximately $1.000,000 net annual revenue to the company were ordered
the dispute between the trainmen and the company as follows: Judge
by the Maryland Public Service Commission on Nov. 29.
Walter P.Stacy of Raleigh, N.0.; Frank P. Douglas of Oklahoma City and
Investigation of the rates and charges of the phone company was begun
-V.137, p.2101.
Dr.L. W.Courtney of Waco,Texas.
by the Commission Jan. 19 and the case was concluded Sept. 18.
Exchanges were toll rates will be reduced from 10 cents to 5 cents are
Southern Ry.-Passenger Fares Cut to 3 Cents per Mile.
- Towson, Catonsville, Pikesville and Woodlawn.-V. 137. p. 2805.
The company announces an "experimental" reduction in its basic passenger rate of 3.6c. a mile to 3c. a mile and withdrawal of the surcharge
-Earnings.
Chester Water Service Co.
in sleeping or parlor cars, and 1%c. a mile in coaches. The new rates,
For income statement for 12 months ended Oct. 31 see "Earnings Deeffective Dec. 1 are extended for a period of six months. The reductions
partment" on a preceding page.
-V.137. p.3496.
are in line with similar rates adopted by other important lines serving the
South.
Frank L. Jenkins, Passenger Traffic Manager,said the Southern's recent
Consumers Gas Co. of Toronto.-Earnin s.experiments on some of its divisions with the 1 yic. a mile coach rate had
1930.
19 1.
1932.
-1933.
Years End.Sept. 30
increased the volume of traffic, especially short haul travel, "to such an
$5,459,076 $5,798,002 $5,864,352 $6,037,443
Gas sales
extent as to show a substantial increase in passenger revenue" on the
1,442,924
1,719,185
1,576.131
Residuals produced_ _ _ - 1,400,346
-V. 137. P. 3495,
divisions affected.
458,371
396,933
296,859
Merchandise sales
161,302
13,963
13,833
8.875
6,919
Miscellaneous revenue.._
Wabash Ry.-Offices Moved.
On and after Dec. 1 1933 the office of Norman B. Pitcairn and Frank C.
Nicodemus Jr., receivers of the Wabash Ry. Co. and the Ann Arbor RR.
Co. at 120 Broadway, N. Y. City, will be located at Room 1706, 15 Broad
St., N. Y. City. Stocks and bonds for transfer and coupons for payment
should be presented at the new address. A. K. Atkinson is Treasurer for
-V. 137, p. 3325.
receivers.
PUBLIC UTILITIES.
Alabama Water Service Co.-Earnings.-
For income statement for 12 months ended Oct. 31 see "Earnings DepIrc
-V. 137, p. 2460. es
ment" on a preceding page.
‘rupt
"Altoona & Logan Valley Electric Ry.-
n incorporated in
The Altoona and Tyrone Public Service Corp. ha
Delaware with capital of 12,800 shares of no par common stock as a successor to the Altoona & Logan Valley Electric Railway, whosb reorganization
-V.137, p.3840.
is now in effect.
-Organized.
Altoona & Tyrone Public Service Corp.
See Altoona & Logan Valley Electric Ry.
American Commonwealths Power Corp. (Del.).
Filing of Claims.
The receivers have notified creditors to present on or before Dec. 30
written proof of claims or demands in the Chancery Court in Wilmington,
Del., or they will be debarred from sharing in any distribution of assets.
-V. 137, p. 3675.
-Output.
American Water'Works & Electric Co., Inc.
Output of electric energy of the company's electric properties for the
week ended Nov. 25 1933. totaled 33,231,000 kwh., an increase of 17%
over the output of 28,336,000 kwh. for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
Total gross earnings-- $7,027,644 $7,679,867 $7,994,304 $7,952,701
Prod., distrib. & admin.
5,733,929
5,803,662
5,574,672
expenses and taxes,._ 5,264,577
Net earnings
Interest earnings
$1,763,067 $2,105.195 $2,190,641 $2,218,772
120,687
90,381
82.486
102,387
Total net income_ _ _ $1,865,453 $2,187,681 $2,281,023 $2,339,459
Special surplus account
219,165
brought forward
226,814
284,602
21,205
Transfer from res've fd_
555,675
Total
$2,442,334 $2,414,495 $2,565,625 $2,558.624
1,325.000
Dividends
1,365,256
1.325,000
1,405,520
Plants and buildings, re-949,022
ne1val fund
1,036,814
1,028,033
1.013,812
'ec.sur.acct.Sept.30_
Nil
$226,814
$21,206
Shares of stock outstanding ($100 par)
140,552
140,552
132,500
Earnings per share before plant and bldgs.,
renewal fund
$13.29
$15.57
$17.22
Comparelive Balance Sheet Sept. 30.
1933.
1932.
1933.
$
Assets
Liabilities$
Plant, &c
21,596.343 21,451,416 Capital stock
14,055,200
Other investments 1,998,179 1,955.996 Reserve fund
444,325
Materials, .kc__ 856,392
948.906 Renewal fund
3.322,693
Cash
174,794
409,789 Special surp. acct.
Accounts mealy
Sundry accounts__ 282,180
717.512 Reserve for divs__ 351,380
able
735.078
Stock premium_ 6,993,908
Accrued interest
40,355 Prey.for Dominion
40,197
(not due)
98,364
99,479
Prepaid taxes._ _
Govt. taxation..
49,659
25,499,346 25,623,453
Total
- 135, p. 3690.
V.
Total
$284,602
132.500
$17.65
1932.
$
14,055,200
1,000,000
2,853,195
21.206
250,804
351,380
6.993.908
97,760
25.499,346 25,623.453
4012
Financial Chronicle
Consolidated Gas Co. of New York.
-Rate Cut Affirmed.
The New York P. S. Commission on Nov. 24 announced that it has
upheld its former decision ordering a 6% reduction in rates of electric
companies of the Consolidated Gas Co. System serving the metropolitan
area. The reduction will save consumers approximately $8,800.000 and
is to be effective as of Sept. 1, last. The new rates are to be temporary
for one year and will terminate Sept. 1 1934.
The present order does not require the Westchester Lighting Co. to
reduce its rate 3% as was ordered in the previous decision by the Commission. However, the Westchester company will reduce its rates in the
New York City area which it serves.
The companies affected include the New York Edison Co., United
Electric Light & Power Co. Brooklyn Edison Co., Bronx Gas & Electric
Co. and New York & Queens Electric Light & Power Co.
'
The order of the Commission last August which called for a reduction of
6%. was adopted after Mr. Brewster ptointed out that the 10% cut favored
by Chairman Maltbie and Commissioner Burritt which would have
amounted to approximately $15.000,000, was excessive and could not be
upheld should the utility companies seek relief in the courts. The utility
companies have already obtained a temporary restraining order preventing
the Commission from enforcing the rate cut and the permanent hearings
have been delayed pending the decision of the Commission after the rehearings during which the utilities pointed out the added expense incurred
as a result of the NRA code, increased wages, employment and cost of
operation.
-V. 137, p. 3147.
Consolidated Telegraph & Electrical Subway Co.
New President.
Edward S. Callahan,formerly Vice-President, has been elected President
-V. 135, p. 4214.
to succeed the late A. W. Middleton.
-Dividend.
Continental Passenger Ry., Philadelphia.
The directors have declared a semi-annual dividend of $2.50 per !Main
payable Dec. 30to holders of record Dec. 1,"if such rental be so received.'
-V. 127, p. 40
A similar payment was made on June 30 last.
emoved
Eastern Michigan Rys.-,Removed from List.
The New York Produce Exchange as removedfrom the Ii the voting
par).
-V. 133, p. 3254.
trust certificates for capital stock
Eighth & Ninth Ayes. Ry.-City Moves to Foreclose.- .
Steps to foreclose for back taxes were taken Nov. 17 by the Board of
Estimate and Apportionment. The company, through its subsidiary,
Eighth Avenue & Manhattan Bus Co., Inc.. sought to obtain short-term
bus franchises for its street car routes. The company offered to surrender
its perpetual franchise at termination of the short-term contract, if the
city so ordered.
The company is in receivership and the court has asked why its properties
should not be sold for the benefit of its creditors, counsel for the company
admitted under questioning by Samuel Levy, Borough President of
Manhattan.
On the motion of Mr. Levy the Board voted to place the matter of foreclosing the properties in the hands of the proper legal authority in order
that the company's perpetual franchise might be reclaimed by the city.
The amount of city taxes now in default by the company is over $2,000,000, between $800.000 and $900,000 having accrued since appointment
of the receiver.
Counsel for the company estimated the foreclosure proceedings could
not be finally adjudicated in less than two years. Mr. Levy, however,
contended that 90 days would be ample time to complete the action.
V. 127, p. 4153.
-Output of Affiliates.
Electric Bond & Share Co.
Electric output of three major affiliates of the Electric Bond & Share
System for week ended November 23, compares as follows with corresponding 1932 week:
1933.
1932.
% Change.
(In Kwh.)75,962,000 64,852,000 '
+17.1
American Power & Light Co
33,932,000 33,457,000
+ 1.4
Electric Power & Light Corp
57,109,000 56,475,000
+ 1.1
National Power & Light Co
-V. 137, P. 3676. 3496.
-Sale Ordered.
Electric Public Utilities Co.
Chancellor J. 0. Wolcott of the Court of Chancery in Wilmington,
Del., has directed the receivers of the company to sell there on Feb. 1 1934,
at public sale to the highest bidder all assets of the company otner than
cash. The Utilities Stock & Bond Corp. was incorp. recently as a successor
company under a plan of reorganization undertaken in behalf of holders of
6% secured bonds wnich have been deposited with a protective committee
headed by R. W. Rea.
There are now claims of about $7.500.000 against the remaining assets of
the company,including deficiency claims on behalf of bondholders.
The Chancellor's ruling resulted from a petition of the receivers asking
that a sale of the remaining assets be ordered and the receivership wound up.
Toe principal assets to be sold consist of claims totaling $650,775 against
the Electric Public Service Co. and claims of $2,246,389 against Louisiana
Ice & Utilities, Inc. These constitute two of the five parcels to be sold.
Tne Court ordered that a minimum bid of $20,000 be required in the case of
the larger claim, and directed that payment for all parcels be made in cash
except in the case of the Louisaina claims, against which certain credits
-V.137. P.314. 487. 684. 1240. 1412.
may be allowed.
-Reorganization Plan.
Federal Public Service Corp.
Reference was made in V. 137, p. 3841, that the reorganization committee has approved a reorganization plan which has the unanimous
approval of the various protective committees and of the U. S. District
Court for the Northern District of Illinois. The holders of the old common
stock are given no recognition in the plan.
The reorganization committee contemplates that the first board of directors of the new company will consist of the following members: Charles
H. Bliss, Mord M. Bogie, Perry 0. Crawford. Marshall Forrest, Nathaniel
F. Glidden, Thomas A. Tunney and a seventh member yet lobe selected.
The members of the reorganization committee are Mord M. Bogie and
Charles H. Bliss.
The committees and the respective classes of securities which they represent are as follows:
(1) Bondholders' protective committee, representing holders of •first
lien gold bonds, 67,, series of 1927 Mord M.Bogie, Chairman Lee Barroll,
Marshall Forrest, Nathaniel F. Glidden, Robert D. Gordon, Burton A.
Howe, Thomas A. Tunney, Herbert S. Welsh and Gordon Wheeler.
(2) Noteholders' protective committee, representing holders of convertible 6% gold notes Charles H. Bliss. Chairman P. M. Binzel, Theo. E.
Joiner, Howard K. Kirk and James B. Van Vleck.
(3) Preferred stock committee, representing holders of6% cumulfitive
preferred stock Charles J. Trainor, Chairman E. M. Butts, T. L. Croswell, II. A. Gallagher, A. G. Garvin, W. E. Glisson, W. E. Godel, T. W.
Bodge, J. K. Lamberton, L. A. Lankie, H. H. Ramey, W. A. Pankey
and Elnathan Gates.
The depositaries are: (a) For first lien gold bonds, 6% series of 1927,
Central Republic Trust Co., 208 South La Salle St., Chicago. (b) For convertible 6% gold notes Continental Illinois National Bank & Trust Co.,
231 South La Salle St., Chicago. (c) For 6M % cumulative preferred stock
First National Bank, 38 South Dearborn St., Chicago.
Sub-depositaries are: (a) For first lien gold bonds, Chase National Bank,
11 Broad Street, New York. (b) For convertible 6% gold notes, City
.New
Bank Farmers Trust Co., 22 William St New York.
Counsel are Cummins, Hagenah & Flynn, Chicago, and Chapman &
Cutler. Chicago.
An introductory statement to the plan states in substance:
Corporate.
--Corporation was incorp. in Del.in 1927 as a holding company
for the purpose of unifying the operations of electric, water, gas, telephone
and Ice companies, through ownership of their securities. At the time of
the appointment of receivers, it system was composed of 37 operating
companies supplying public utility service and (or) ice in 18 States. Substantially all the income of the company is derived from dividends on the
stock or interest on the obligations of such subsidiary companies owned by
the company.
Receivership.
-On April 4 1932 the company, through an extension com-year and 3
-year 6% conmittee, addressed a letter to the holders of its 2
vertible gold notes, due July 11932. outstanding in the aggregate principal
amount of $7,000,000, to the effect that it had become apparent that the
refunding of these notes was impossible under the existing conditions of
Dec. 2 1933
the securities market, and proposing a five-year extension of the maturity
of the notes. The noteholders were advised that minimum requirements for
capital expenditures, which could not be met through the sale of securities.
would absorb substantially all earnings after payment of interest on the
first lien gold bonds,6% series of 1927. and that the extended notes must.
therefore, bear cumulative coupons upon which no payment could be made
until capital expenditures, accumulated and current, could be financed.
At the time of the appointment of receivers, over 65% of the maturing notes
had been deposited with the extension committee.
The receivership was precipitated by the action of one of the noteholders,
who on May 10 1932 filed bills of complaint in the U. S. District Courts
at Wilmington, Del., and Chicago, Ill., asking that receivers be appointed.
Directors decided it would be to the best interests of the company to consent to the appointment of receivers upon conditions giving promise of the
greatest protection to the company and to the holders of its securities.
Accordingly. Perry 0. Crawford of Chicago, then President, and Clarence
A. Southerland of Ward & Gray, Attorneys, Wilmington, Del., were appointed receivers by the U. S. District Court at Wilmington on May 19
1932, and on the following day were appointed ancillary receivers by the
U. S. District Court at Chicago.
Since the receivership no interest has been paid on the first lien bonds or
the 6% gold notes, and no dividends have been paid on the preferred stock.
-From the latter part of 1929 up to the date of
Financial Condition.
receivership, net earnings of the system had experienced a gradual decline
averaging an annual rate of less than 3%. The total gross earnings of
company's subsidiaries for the year ended Dec. 31 1931 amounted to
$3,676,8:34, and the net earnings for the same period, before depreciation
and interest charges, amounted to $1.360,941. Beginning with month of
June, 1932. however, the rate of decline in gross and net earnings became
greater. The continuation of this trend during 1932 and 1933 greatly
handicapped the efforts of the three committees to arrive at a plan of
reorganization.
The greater portion of the decline in earnings for 1932 was experienced
in the telephone and ice departments. Economic conditions resulted in a
loss of telephone subscribers, and in West Virginia the Public Service Commission ordered a decrease in the rates of the Bluefield Telephone Co.
The reduced earnings of the company's ice subsidiaries were brought about
by the coincidence of an abnormally cool summer, the business depression
and sharp reductions in selling prices made necessary by competition.
The rate of decline Is shown by the following table:
Year EndedAug. 31 '33. Dec. 31 '32. Dec. 31 '31.
Subsidiaries$3.070,518 $3,227.181 $3.676.833
Gross earnings
2,273,753
2.237,801
2,315,892
Operating expenses
Net earnings
Other income
$832,717
11,886
3953,427 $1,360,941
9,954
16,942
Gross income
Deduct charges on securities held by
public and miscell. income charges_
$844,603
$963,381
$1,377,884
136,089
135,422
138,352
$827,959 $1,239,532
$708.513
x Balance
x Available for depreciation and surplus charges and for interest and
Public Service Corp.
dividends on securities owned by Federal
While every attempt has been made to reduce the operating expenses of
the subsidiaries to the minimum consistent with efficient operations, and
while an improvement in the general condition of business should tend to
increase the earnings of the system, ills apparent that at least for some time
to come n• t earnings will be insufficient to provide for fixed charges on the
capitalization of the company as it existed at the time of receivership.
The subsidiaries of the company having funded in Wine iness outstanding
in the hands of the public have continued to meet the interest requirements
thereof during the period of receivership. The subsidiary companies are
not in default under the various indentures securing their bonds with the
exception of Peoria Service Co. which has not been able to meet the sinking fund requirements of the indenture securing its first mortgage bond
issue, but concerning which no adverse action has been taken.
At the time of receivership the only publicly held securities of subsidiary
companies maturing prior to 1939 consisted of $138.000 1st mtge. bonds of
Lexington Water Co.of Lexington, Mo. maturing Jan. 1 1934. and $56.000
of 1st mtge. bonds of Suburban Water do. of Allegheny County, Pa.. which
matured Nov. 1 1933. Negotiations looking to the extension or refunding
of these two issues were conducted over a period of eight months. It is
honed that the negotiations relative to the Lexington Water Co. bonds
will be consummated prior to their maturity. With respect to Suburban
Water Co., an underwriting agreement with an investment banking concern
In Pittsburgh, was entered into as of Oct. 31 1933, involving the sale of
$60,000 of new 15 year bonds. Pending the closing of the transaction,
Suburban Water Co. paid promptly on Nov. 1 1933, the 356.000 of first
mortgage bonds referred to through employment of its available cash plus
funds acquired by a temporary borrowing which will be repaid with the
proceeds of the new bond issue. The trust indenture securing the new
bonds will provide for a total issue of $200,000 of 1st mtge. bonds, of which
the 860,000 will be sold publicly and the remaining $140,000 will be available for sale to the public in the future for improvements and extensions
of the system of that compute.
Digest of Plan of Reorganization dated N Iv. 15.
New Cornpany.-It is intended to organize a corporation which will
acquire the holdings (whether or not subject to pledge or hypothecation) of
Federal Public Service Corp.. and will issue securities as set forth below.
-Under the (new) Indenture shall be pledged all
Collateral Trust Bonds.
securities now pledged with the trustee under the trust indenture of the
company (with the exception of the stock of one subsidiary which it is
planned to sell at the time of reorganization to another subsidiary in the
Interest of operating efficiency) plus new obligations and (or) stock of
subsidiaries exchanged for the inter-company notes. The indenture will.
however, contain a provision exempting from pledge thereunder the bonds
of SuburbanWater Co. which may be sold to the public.
The aggregate principal amount of collateral trust bonds to be Issued in
the reorganization (not including the treasury bonds to be pledged as
substituted collateral for secured bank loans) will not exceed $5,250,000
and such bonds shall be deliverable without regard to the limitation as to
the additional issuance of collateral trust bonds to be set forth in the trust
indenture securing the same. The collateral trust bonds issued in the
reorganization shall be bonds of series A.
The collateral trust bonds, series A,are to mature not later than 30 Years
from the date thereof, are to bear Interest at the rate of6% per annum,and
are to be red, at any time, in whole or from time to time in part, upon at
least 60 days' notice, at a premium of not more than 5%. Denom. $50 or
any multiple thereof as reorganization committee shall determine. Both
principal and interest shall be payable without deduction for any Federal
income tax up to but not exceeding 2% in any year which the new company
or the trustee or any paying agent may be required or permitted to pay
thereon or retain therefrom under any present or future law of the United
States of America.
Prior Preference S,
ock.-The prior preference stock will not be issued at
this time but shall be authorized for the purpose of providing a source of
funds for capital or other requirements in the future; this stock shall be
without par value and shall be preferred over all other classes of stock of
the new company as to dividends and assets.
Preferred Stock.
-Preferred stock (par $25) will be issued to the extent
of not exceeding 105.000 shares (all of which is to be issued for the purposes
of the plan), carrying dividends at rate of 6% per share per annum, and
payable only out of the net profits or net assets in excess of capital of the
new company, and as and when declared by directors. Dividends shall be
non-cumulative for first three years following date of the issuance and shall
be cumulative thereafter, but arrears of dividends shall not carry interest.
Common Stock and Voting Trust.
-The common stock will be authorized
to an amount not exceeding 1,200,000 shares without par value. All the
common stock to be issued will be issued for the purposes of the plan.
Common stock will be placed in a voting trust under which five voting
trustees will be named,such voting trust to continue for a period of 10 years
unless sooner terminated.
It is contemplated that the trustees under the voting trust shall be Lee
Barroll, Baltimore; Charles H. Bliss, Chicago, Mord M. Bogie, Chicago;
Robert D. Gordon, Chicago, and Thomas A. Tunney, New York.
Treatment of Secured Indebtedness.
-At the time of the appointment of
receivers, company had outstanding collaterally secured obligations, other
than the first lien bonds, in the aggregate amount of $650,000, the collateral
therefor consisting of stocks and bonds of certain of the operating subsidiaries and of $650,000 first lien bonds. As a result of extended negotiations, a standstill agreement was effected with the holder of $500,000 of
Volume 137
Financial Chronicle
these obligations through the payment of the current interest thereon
and the holder of the remaining $150,000 agreed to the stand-still arrangement without payment of current interest, but with the understanding
that at the time of reorganization all back interest would be paid placing
this debt on the same basis as the debt receiving Interest currently.
The plan contemplates this secured indebtedness will be discharged
through the issuance by the new company of $650,000 notes, payable
serially over a period of 10 years, to be dated approximately as of the date
of reorganization, to bear interest at rate of6% per annum and the collateral
for such serial notes to consist of the same securities as are now pledged for
present secured indebtedness and(or) securities issued in the reorganization
in lieu thereof. Upon the payment of this indebtedness and the subsequent
release of the collateral pledged as security therefor, the securities of such
operating subsidiaries will be pledged as additional collateral under the
trust indenture securing the collateral trust bonds of the new company,
and the remaining collateral consisting of collateral trust bonds of the
new company will be returned to the treasury and canceled.
Treatment of General Trade Credilors.—Because of the varying circumstances under which the obligations of the company to its trade creditors
and(or) the trade creditors of its subsidiaries were incurred, and because
of the actual or possible litigation involving the claims of certain of these
trade creditors, it has been necessary to treat the major claims separately.
(The plan gives the treatment of these claims in detail.)
Distribution of New for Old Securities,
Will Receive
Common
Serial Preferred
Coll.Trust
OutExisting
Stock.
Stock.
Notes.
Bonds.
Securities.
standing.
$2,625,000 441,000 sha.
1st lien bonds_ 310,500.000 15,250,000
42 abs.
250
500
Each $1,000
1650,000
Secured loans_ _
650,000
1,000
Each $1,000
560,000 shs.
Cony. notes_ 7,000.000
80 shs.
Each $1,000
10,532 shs.
Miscell. claims..
131,638
80 abs.
Each $1,000
107,115 abs.
Preferred stocks 3,570.419
30 sits.
Each $1,000
Given no recognition in plan
Common stock-100,000 shs.
Note.—The preferred stockholders of the company, many of whom are
customers of toe subsidiaries of the company, are given recognition in the
plan in order that their good will might be retained for the benefit of the
new company.
There are now outstanding, in addition to the amount shown above,
1650,000 1st lien bonds heretofore issued out of the treasury and pledged
as collateral against part of the company's secured loans. These treasury
bonds will receive the same treatment as publicly held bonds and.
therefore, there will be issued, in addition to the amounts shown above,
$325,000 of collateral trust bonds, 6,500 shares of preferred and 27,300
These securities
shares of common stock of the new company.
will be pledged as collateral security to a portion of the serial notes of the
new company until retired, when the collateral will be returned to the
treasury of the new company and canceled.—V. 134. P. 4658.
Foreign Light & Power Co.—To Purchase Pref. Shares.—
The company has authorized J. G. White & Co., Inc., to purchase for
Its account from American shareholders 2,000 shares of its $6 cumul. 1st
pref. stock at not to exceed $87 per share.
Tenders must be received by J. G. White & Co., Inc., on or before
5:00 p. m., Dec. 11.—V. 130, p. 4049.
Gatineau Power Co.—Earnings.—
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.—V. 137, p.1764.
General Gas & Electric Corp.—Earnings.--
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.—V. 137. P. 1579, 1575.
Georgia Power Co.—Cuts Rates.—
The company on Nov. 29 accepted drastic rate reductions of from 3.1%
for commercial users to 3734% for small residential users of electric power.
The cuts had been ordered by the Georgia Public Service Commission.—
V. 136, p. 157.
-75 Cent Pref. Div.—
Green Mountain Power Corp.
A dividend of 75 cents per share has been declared on the 16 cum. pref.
stock, no par value, payable Dec. 1. A similar distribution was made on
this issue on June 1 and on Sept. 1 last, prior to which the company paid
regular quarterly dividends of$1.50 per share on thisissue.—V. 137, p.1412.
Illinois Water Service Co.—Earnings.—
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.—V. 137. p. 3326.
Indiana Hydro-Electric Power Co.—Preferred Dividend.
The directors on Nov. 24 declared a dividend of 87% cents per share
on the 7% cum, pref. stock, par $100, payable Dec. 15 to holders of record
Nov. 29. A like amount was paid on June 15 and Sept. 15 last, prior
to which regular quarterly dividends of $1.75 per share were paid.
137, p. 1764.
"Iowa Southern Utilities to.(Del.).—Removedfrom List
• has removed from unlisted tradin
The New York Curb Exchan
privileges the preferred stock, 7%• es, par 1100.—V. 137. p. 2272.
Louisville Hydro-Electric Coe—Rehearing on Contract
for Engineering Services to Be Asked,—
"Toe impression given by reports of the decision of the Federal Power
Commission in determining the valuation base of the Louisville HydroElectric plants is absolutely misleading in a number of important particulars," according to a statement by John J. O'Brien, President Standard
Gas & Electric Co., and its wholly owned subsidiary, Byllesby Engineering
& Management Corp.
"There has been no simple transfer offunds from one part of the Byllesby
structure to another." said Mr. O'Brien, "and all charges rendered have
been for services actually performed in ample measure and with economy
to the operating companies,
"In the Louisville case the entire amount of compensation for engineering
and construction supervisory service actually performed, or $481,000, has
been disallowed by the Commission, but it is noticeable that in rejecting
the amount the Corrunission does so with leave to submit appropriate
evidence in support of the claim.
"We shall ask for a rehearing of this case.
"The decision itself points out the complete and many services rendered
by the Byllesby Engineering & Management Corp.,for which compensation
is claimed on toe basis of 7H% of the actual coat of construction. Such
a basis for similar services has long been recognized as reasonable and fair.
"The Louisville nydro-electric project consists of an 80,000 n.p. power
house, placed in operation in 1928, and a dam in the Ohio River. the dam
being owned by the Federal Government. Both dam and power house
were built by the Byllesby Engineering & Management Corp. as engineers
and supervisors of construction. In order to keep down the cost of the
entire project it was generally agreed that construction of both parts of the
undertaking should be unified. The engineering corporation was the
lowest of three bidders for the construction of the Government dam, or
about $187.000 under the next lowest bidder. As a result the engineering
corporation had charge of the entire project, the total cost of which was
about $10,000,000.
"The charges to the operating company for engineering and supervisor
services on the power plant were for services actually performed, the work
done covering complete engineering services, including preliminary studies,
designing of hydraulic electrical and structural features, and also the entire
organization and supervision ofconstruction. The job was handled without
the assistance of other engineers and sub-contractors. Construction extended over a period of more than two years and required the maximum
employment of 1,100 men,
"These engineering and supervisory services had to be performed by
some specialized organization. The operating company could not provide
them. Our content on is that the compensation claimed is much lower
than the cost would have been if these services had been obtained from any
source other than the Byllesby Engineering & Management Corp. The
competency and experience of the engineering corporation has not been
questioned. That the services were actually rendered apparently is not
disputed.
4013
"One of the other two principal items not allowed is a claim for 1193,000
for losses sustained in the construction of the Government dam, fully
authenticated by the facts. In view of toe low contractual bid and tne
economies secured in the project as a whole we feel that we have a strong
case in this particular.
"Tim third item of importance is approximately $81.000. representing
a part of the claimed interest during construction. Apparently this arises
from differences of opinion as to the time of completion of the project.
"I am confident that a complete and impartial study of the facts will
reveal neither injustice to the public or the operating company, but, to the
contrary, will show the operations under scrutiny were performed efficiently
and economically, and that the claims made are fully warranted by the underlying facts and conditions.
"Standard Gas & Electric Co. was a minority stockholder in the operating company—Louisville Gas & Electric Co.—when the contract for
engineering services was made. The facts were known to the Federal
Power Commission from the inception of the project and no objections
were made at any time. All the facts, books and records have been at the
disposal of the Federal authorities for years. There have been no attempts
toward concealment, deception or evasion."—V. 137. P. 488.
Lynn Gas & Electric Co.—New President.—
H. Morris Kelley, Vice-President, has been elected President,sncceeding
the late Micajah P. Clough.—V. 137, p. 3676.
Manhattan Ry.—Committee for Consol. Mtge. 4% Gold
Bonds Asks Company to Obtain Rights from I. R. T.—Cites
Risk of Lien—Immediate Action Demanded.—Van S. MerleSmith, Chairman of the consol. mtge. bondholders' committee, has addressed a letter on behalf of the committee
to the President and board of directors of the company,
in which he states:
re-
The committee is informed that the stockholders have recently
elected, with certain changes, the board of directors who have served for
the past year and that this board has re-elected Nathan L. Amster as
President and Charles Franklin as counsel. Therefore, despite the fact
that the company is in receivership, we are addressing this letter to you
upon the assumption that the present board of directors and the present
executive officers are the chosen representatives of the stockholders,
and as such are authorized to speak and act for the actual owners of the
equity in this property.
Because of the large holdings of bonds represented by this committee.
it is necessary that at this time we should make recommendations to the
trustee under the consolidated mortgage as to the policy it whouid adopt
with reference to the important problems now confronting the bondholders. In thisconnection, we wish to obtainfrom you certain information
we believe pertinent in deciding upon our course of action.
First, we wish to draw your attention to certain important facts.
The consolidated mortgage, under which there are outstanding $40.683,000 of bonds, is in serious default.
Unpaid special franchise and other taxes which now constitute a lien
ahead of the consolidated mortgage amount to approximately 12,316.100.
Interest at 7% is currently running on the special franchise and property
taxes which constitute the major part of this amount. After Jan. 1 1934
such interest will be increased to 10% under the recently enacted New York
City tax law. Interest and penalties upon the remaining arrears and
taxes are running at 12%. Efforts on the part of this committee to require
the Interborough receivers to pay such taxes pursuant to the provisions
of the Manhattan lease have thus far been unsuccessful. Company, whose
primary obligation it is to pay these taxes and thereafter for its own benefit
to pursue whatever remedies there may be against the Interborough interests, has so far given no evidence of an intention itself to make this
payment.
In this connection, we wish also to point out that although the special
franchise taxes assessed against the Manhattan propertiesproperties for the past
year amounted to $1,094,549, or more than 150 of the net earnings of
the "Manhattan Division" as reported by the Interborough receivers—
a sum which In the opinion of this committee is excessively and unjustifiably
burdensome—your counsel has opposed the efforts of this committee to
cause steps to be taken toward the reduction thereof.
It is true that since the beginning of the receivership three instalments
of interest on the consolidated bonds, up to and including that of Oct. 1
1933, and the May 1 1932 franchise taxes have been paid by the Interborough receivers upon the demand of this committee and other Manhattan
interests. But these payments have been made expressly contingent
upon the bondholders consenting that the Court should reserve the right
to determine against what funds or property such payments should eventually be charged,including the express rights to make such payments a charge
upon Manhattan earnings or property prior to the lien of the consolidated
mortgage. In short, the Court may decide that these payments are
only in the nature of advances and in such event may enforce the repayment to the Interborough receivers of such advances by placing a lien
therefor on the Manhattan properties ahead of the lien oft he consolidared
mortgage. These conditionalpaymentsamount to approximately $3,265,129.
The taxes, now a prior lien, and these conditional payments which may
become a lien on the Manhattan properties prior to the consolidated
mortgage, aggregate approximately $5,581,200.
Your President several times has called public attention to the grave
and continuing under-maintenance and physical deterioration of the
Manhattan properties. We assume that you realize that under the provisions of the consolidated mortgage the bondholders have a right to demand
of your company, as well as of the Interborough, the expenditure of the
large sums which are necessary to restore the mortgaged property to
proper condition.
The fall in the gross earnings of the Manhattan lines since the beginning
of the receivership has given the committee further cause for concern.
Certain operating economies have been made by the Interborough receivers on their own initiative and at the request of this committee and
others. In spite of these economis, however, the net earnings of the
Manhattan Division, as reported by the Interborough receivers, amounted
only to $728,025 for the year ended June 30 1933, as against $1,151,891
for the year ended June 30 1932, and $1,619,635 for the year ended June 30
1931.
The committee believes and understands that your company shares the
belief that the method of accounting used by the Interborough receivers
does not reflect the true earnings attributable to the Manhattan-owned
properties. However, the receivership has now continued for more than
a year and no determination has been made as to what are the true earnings
of the Manhattan-owned properties.
Although your President has from time to time stated in the public press
that the equity back of the consol. and 2d mtge. bonds is worth upwards
of $100.000,000 and that your company has taken and will continueito
take all proper steps to protect the bonds. this committee knows of no
steps taken by your company or the stockholders toward making the necessary financial arrangements to protect the equity in the property and to
cure the serious defaults of your company under the consolidated mortgage.
Nearly a year and a half have elapsed since the consolidated mortgage
went into default. The consolidated bondholders are the creditors of
your company and this debtor-creditor relationship is not altered by the
existence of the Manhattan lease. Nor does the default or delay by the
Interborough in performing its obligations under this lease relieve your
company as the primary debtor from fulfilling its obligations under the
consolidated mortgage. It is cold comfort to creditors, in the light of the
facts set out above, to be told by you that they are "ill-advised" and
"exhibit a strange attitude" when they consider taking steps to safeguard
their security. It is not enough for your President in public statements,
which gloss over the serious existing defaults, to promise in glowing generalities some sort of constructive program and to prophesy at some future
date an operating profit of $4 to $5 a share on the stock after all fixed
charges. Nor is this committee much impressed by the excuse advanced
by your President in these public statements; namely, that constructive
action on the part Of the company has been prevented by the failure of
the Court to appoint your President as the non-operating receiver in place
of Mr. Roberts. A non-operating receiver of a leased property such as
this has little power beyond acting as spokesman before the Court for the
Manhattan interests. For over a year your company has been represented
by Mr. Franklin in the receivership proceeding and has been entitled to
urge upon the Court any action the company deemed advisable. The
fact is that the activities of your company in the receivership proceeding
have been centered about the efforts of Mr. Amster and your counsel, Mr.
Franklin, to have Mr. Amster made receiver in place of Mr. Roberta.
La to this, we feel constrained to state that it is the conviction of this
4014
Financial Chronicle
committee that this bitter controversy has resulted in great damage to the
interest of the bondholders in that it has taken up, to an unconscionable
extent, the time of the Judge presiding over the proceedings, of the special
master and of counsel for all interests, and has had a paralyzing effect
upon the constructive working out ofthe serious problems of this receivership.
In January of 1933 tne Chairman of this committee in an effort to promote general harmony and progress, asked your President if he would
consider the appointment of a neutral receiver satisfactory to the stockholders represented by your company and to all other Manhattan interests.
Your President stated that ne could not consider such a suggestion.
The trustee under the consolidated mortgage, by reason of the existence
and continuation of tnese serious defaults under the mortgage, recently
applied to the Court to have the present Mannattan receivership "extended'
to the mortgaged property, so that there would be a mortgage receiver,
appointed uader court order, whose primary function would be to safeguard
the ligitimate interests of the bondholders. Despite the provisions of the
mortgage clearly and specifically entitling the bondholders to this relief
as against thc company, Mr. Franklin on behalf of the company has opposed
the extension of this receivership.
We have pointed out at some length the serious defaults existing under
the consolidated mortgage, the lack of progress toward enforcing tne Manhattan's legal irghts against the Interborough, the absence of any constructibe program in regard to securing an improvement in earnings and
a reduction in the excessive tax burden, and toe failure on the part of the
owners of the equity to make the necessary financial arrangements toward
reinstating the consolidated mortgage. Under such circumstances the
bonds are in a position of grave and immediate risk while the stock retains
the advantage of its future speculative prospects. In colloquial language,
the consolidated bonds continue "to hold the financial bag."
It is obvious that this committee would be derelict in its fiduciary duties
to the bondholders, whom it represents, if it were to permit this condition
to continue indefinitely.
Accordingly, tnis committee would like to be promptly informed if your
company or the stock it represents is willing and able within a reasonable
time:
(a) To reinstate the defaulted consolidated mortgage; that is to say,
to pay the $2,316,100 of overdue taxes, reserving all rights against the
Interborougn, and to make satisfactory financial arrangements protecting
the consolidated bonds from the danger of an eventual decision by the
Court that part or all of the $3.265.129 of conditional interest and tax
payments snould be charged as a her ahead of the consolidated mortgage.
(b) To protect the property from further wasting due to deferred maintenance and physical deterioration.
(c) To take aggressive steps toward effecting operating economies,
including a reduction of tne present tax burden, and toward establishing
a proper method of determining Manhattan earnings.
(d) To co-operate in securing the "extension" of the existing receivership
no that it will be a receivership of the mortgaged property.
(e) To co-operate generally toward enforcing Manhattan's legal rights
against the Interborough.
Dec. 2 1933.
Robert L. Healey, Chief Counsel for the Commission, said that some
de
)
book
seria o
ed
wners
went630vighA to made toopoogs of preferred stio;klrosneds. value 18
Time Extended for Filing of Claims.—
Federal Judge Lindley has extended to Jan. 31 1934 the time for filing
claims against the company. The previous deadline was Nov. 30.—
V. 137. p. 3842.
Municipal Service Co.—Creditors Press Claims—System'
Aim at Rehabilitation Is Shattered by Action—Standstill Plan
Ends.—
The following is taken from the New York "Times":
Protracted efforts to rehabilitate the Municipal Service System,formerly
controlled by Insull interests, collapsed Nov. 17 when a group of creditors
of the Ohio operating companies in the system failed to renew a standstill
agreement that had been in effect several months.
It is still hoped that a reorganization of the Pennsylvania properties may
be effected, but if the claims of creditors of the Ohio properties are pressed
in pending court actions and collateral is sold at auction, Municipal Service
probably will retain little if any of its holdings in the Ohio operating
companies.
The Ohio properties were controlled by Municipal Service through the
Central Eastern Power Co. The Chase National Bank owns a $3,160.000
note of the latter company, whose common shares are pledged under municipal Service 6% bonds. This note was secured by a $3,160.000 note of
Central Utilities Service, an operating subsidiary, which also owes $386,667
to the Penn Central Light & Power Co., and by all common shares of Central Utilities Service. These common shares recently were acquired by the
Chase bank at auction.
Certain banking funds to the account of Central Utilities Service were
attached several months ago on account of the Penn Central loan. To
Penn Central is owed also $342,000 by Central Eastern Power, $589,917
by Reserve Power & Light and $36,443 by Columbus Delaware & Marion
Electric, the two last named being other Central Eastern subsidiaries.
Claims against these companies on account of the notes are to be pressed
as a result of abandonment of the standstill agreement.
To the Manufacturers Trust Co. Is due $1,000,000 from the Ohio Electric
Power Co. and the Columbus Delaware & Marion Electric Co., Central
Eastern subsidiaries. The notes were endorsed by Central Eastern Power,
which pledged all common stock of Ohio Electric Power and all preferred
and common shares of Reserve I'ower & Light. its subsidiaries,
The National Electric Power Co., a bankrupt subsidiary of the Middle
West Utilities Co., also endorsed the $2,000,000 loans extended by Manufacturers Trust and pledged 200,000 common shares of New England
Public Service Co., 21% of the total amount, to secure its endorsement.
Manufacturers Trust is expected to proceed now to realize upon the
collateral pledged under the two endorsements, and if there is a deficiency
claims for the balance due the bank will be pressed against the operating
companies that issued the notes.
Inadvisability of Asking for Lower Assessment Argued in
Under the proposed plan of reconstruction these and other claims would
have been compromised and new securities of the rehabilitated system
Letter from Company.—
would have been distributed among creditors. Inability to agree on the
Reduction in the assessed value of the company to decrease taxes would
proportions of now securities to which the creditors believed they were
work against the best interests of the company, Charles Franklin, counsel
entitled caused the standstill agreement to be given up.
for the company, has stated in answer to the letter sent to the company's
Central Eastern Power Co. owns all the common stock equity in ColumPresident and board by the protective committee for the 4% bonds.
bus Delaware & Marion Electric, but the common stocks of all other direct
In a statement Mr. Franklin said that it had been agreed upon by sosubsidiaries were pledged under the various loans. The entire common
licitors for Manhattan receiver, for the trustee of the 1st mtge. bonds and
and preferred stocks of the Buckeye Light & Power Co., another subsidiary,
2d mtge, bonds, the so-called Manhattan non-assenting stock committee
together with all stocks of Buckeye subsidiaries formerly pledged under a
and on the advice of Interborough counsel, that it would be unwise to ask
Buckeye note for $575,000, are owned directly by the Chase bank as a
for a reduction in the ass.esed value of the property and a corresponding
result of auctions this year.
reduction in taxes. He said that a reduction would have an adverse effect
In addition to the Ohio properties formerly controlled by Municipal
on Manhattan Ry. in unification matters; in the 42d Street spur case; in
Service through its ownership of the common shares of Central Eastern
condemnation proceedings concerning 53d and 34th St. spurs and any
Power, nine Pennsylvania companies are directly owned by the Municipal
future condemnation action for the demolition of the Sixth and Second
Service Co.
Ave. elevateds and any other property owned by the line. It was also
One of these, the Altoona & Logan Valley Electric Co.. is being reorgansaid that the reduction in assessment would benefit only the operators
ized in the interest of holders of its collateral bonds. The First Trust Co.
of the line, the I. R. T., and not the line itself.
of Philadelphia, as successor trustee under the collateral indenture, has
Mr. Franklin's statement also pointed out that in the case of a road
announced the auction of the properties for Dec.8 in Altoona, Pa. Scranwhich has no net earnings, the rule for tax authorities is to take the actual
ton By..another subsidiary, is In receivership.
value of the properties, and this value has been set on the Manhattan by
Virtualy all equities and some senior securities of the remaining Pennthe highest court of the State.
sylvania subsidiaries are pledged under Municipal Service bonds, but the
Mr. Franklin stated that other matters in the committee's letter to the
equity in Municipal Service is rendered doubtful by the loss of numerous
President and board of directors would be taken up later.
properties.
See also Central Eastern Power Co. above.—V. 137, p. 866.
Interest on Second Mortgage 4% Gold Bonds Due 2013.—
The interest due Dec. 1 1933 on the 2d mtge.4% gold bonds, due 2013, "
' .-New England Power Association.—Removedfrom List.
was paid on that date. The Committee on Securities of the New York
The New York Curb Exchan e as removed from unlisted trading pri Stock Exchange rules that the bonds be quoted ex-interest 2% on Dec. 1
leges the 6% pref.stock. par $1 .—V.137, p. 2976.
1933:that they shall continue to be dealt in "flat" and to be a delivery in
New Jersey Power & Light Co.—Earnings.—
settlement of transactions made beginning Dec. 1 1933, must carry the
June 1 1934 and subsequent coupon.—V. 137, p. 3497.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.—V. 137. p. 2807.
Manitoba Power Co., Ltd.—To Work Out Plan of1G7
New Orleans Public Service, Inc.—Pays Bond Interest.—
ganization.—See Winnipeg Electric Co. below.—V. 137,
Interest due Dec. 1 on the 6% bonds, series A, due 1949, is being paid.
p. 865.
•
—V. 137, p. 314.
Market Street Railway Co.—Earnings.—
New York & Richmond Gas Co.—Earnings.—
For income statement for 12 months ended Oct.31 see "Earnings DepartFor income statement'for 9 months ended Sept. 30 see "Earnings Dement" on a preceding page.—V. 137, p. 3676.
partment" on a preceding page.—V. 137, P. 3842.
Massachusetts UtilitilAssociates.—Removed fromList.
New York Water Service Corp.—Earnings.—
The New York Curb Exchange as removed from unlisted trading privi
For income statement for 12 months ended Oct. 31 see "Earnings Deloges the convertible participati
5% preferred stock, par $50.—Y. 136.
partment" on a preceding page.—V. 137, p. 3327.
13. 3907.
Northern New York Utilities, Inc.—Bonds Called.—
Melbourne (Australia) Electric Supply Co., Ltd.—
There have been called for payment Jan. 1 1934 a total of $29,500 of
1st mtge. & ref. 5% 50
-year gold bonds, due July 1 1063, at 105 and int.
To Retire Bonds.—
Payment will be made at the Irving Trust Co., 1 Wall St., N. Y. City.
The company is giving notice of its intention to pay off the principal
V. 136, p. 3344, 3534.
.
moneys of its issue of 25
-year 734% gen. mtge. sinking fund gold bonds,
series "A," on June 1 1934 at the rate of 102;i. Payment of the principal
Northern States Power Co. (Del.).—Earnings.
—
and premium and interest coupon payable June 1 1934 will be made at the
For income statement for 12 months ended Oct. 31 see "Earnings Deoffices of Lee Higginson Corp.at Boston and Chicago.—V. 125, p. 2146.
partment" on a preceding page.—V. 137, p. 3677.
Metropolitan Edison Co.—Earnings.—
Northwest Louisiana Gas Co., Inc.—To Extend Bonds.
For income statement for 12 months ended Sept. 30 see "Earnings De—Chas. G. Laskey, President,in a letter to the holders of the
partment" on a preceding page.—V.137, p. 2807.
first (closed) mtge. 63/2% sinking fund gold bonds due
'
-.,..Mexican Light & Powl Co., Ltd.—Removedfrom List.
Dec. 11933, states:
The New York Curb Exchang has removed from unlisted trading pri On Dec. 1 1933, $549.500 bonds will become due. Of this amount.
leges the common stock (no
), and the 7% pref. stock, par $100.$109,000 are owned by the parent company, Southwest Gas Utilities Corp..
137. P. 1576.
which also owns $576.341 notes and 64.455 shares of common stock out of
a total of 71,941 shares.
Middle Western Telephone Co.—Receivership.---Conditions at present are such that it is impossible to refund these bonds
Frederick T. Vaux of Chicago, has filed receivership suit in Chancery
through new financing, and company Is unable to pay off its maturing bonds
Court, Wilmington, Del., against the company alleging insolvency The
out of its current funds. It is imperative that the company obtain the
complainant alleges the corporation has a funded debt of $5,400,000 and
assistance and co-operation of the bondholders. Company therefore is
accounts and notes payable of $240,000. Whereas the value of the physical
obliged to request the holders of its first mortgage bonds to extend the
properties of the company and subsidiaries is $7,800,000, it is alleged the
payment of the principal thereof to Dec. 1 1937. and to consent to waive
corporation defaulted on Nov. 1 in the payment of $15,000 interest on its
all sinking fund payments due or to become due under the mortgage,
6% gold notes, and has not cash or current assets on hand to meet the
Company will agree to pay interest on the extended bonds during the period
Interest payment or other maturing obligations.—V. 137, p. 1938.
of extension at the same rate of interest now being paid, namely, 6 %
per annum.
Middle West Utilities Co.—Little Remains for Common
After the extension, the first mortgage bonds will, as heretofore, remain
a first mortgage on the property of the company. While the physical
Stockholders.—
property of the company, consisting chiefly of a gas transmission system,
Holders of common stock may receive only about $1,000,000 on their
is in good condition, the gas reserves previously owned by the company are
original investment, it was disclosed at a hearing before the Federal Trade
now practically depleted. The business of the company comprises three
Commission Nov. 17, according to Universal Press dispatch from Washgeneral classifications: Industrial sales for local field operations of oil
ington, which continues:
companies; town border sales for retail distribution In towns served by the
fo•The figures were contained in a balance sheet showing transactions of the
Peoples Gas SG Fuel Co., a wholly owned subsidiary; and sales from gas
company until Dec. 31 1932, eight months after it had been placed in
wells to pipe lines, owned by other companies. In the first and second
receivership The book value of the common stock was given as $155.classifications, the company's business has been fairly well maintained.
000.000. The company, the report showed, had a net deficit of $132,but its sales of gas from gas wells have entirely ceased on account of the
746,335.
depletion of the gas reserves. Despite the present serve business depression.
S A.J. Hughes, commission examiner, testified that the $1,253,665 remainthe earnings of the company are more than sufficient to pay operating
ing was uncertain because he did not believe reserves set up by receivers
charges and interest on the bonds. Attention is drawn to the fact, however.
would cover the lessee.
that while the company's earnings in the past were sufficient to pay operatk Mr. Hughes asserted that $23.000,000, carried on the balance sheet as
ing charges and interest on its bonds, it has not earned a sufficient amount
capital surplus, in reality represented write-ups and inter-company transto take care of interest charges on notes held by the Southwest Gas Utilities
actions, which were virtually valueless. Corp., depletion and depreciation charges, and to continue the sinking
r
Financial Chronicle
Volume 137
4015
funds provided for in the first mortgage bond indenture. For some years
Southern Sierras Power Co.
-Proposed Sale.
past, the parent company, Southwest Gas Utilities Corp. has advanced
The city of Los Angeles and the Southern Sierras Power Co. have asked
funds necessary to take care of these sinking fund requirements and now
approval by the California RR. Commission of an agreement by the city
holds notes in the amount indicated above given for advances. No interest
to purchase certain of the company's properties in Mono and Inyo counhas been paid to the parent company on these advances. During the last
ties, Calif. The price is given at $2,034,967. Acquisition is necessary
few years the total obligations of the company have not been reduced.
for the development of the city's a ueduct and water system, according
although the first mortgage bonds have been reduced from $1.000,000 to
to the application.
-V. 134, p. 32g.
$549,500, made possible by the advances by the parent company.
The decline in earnings of the past few years can be attributed to the ----Southwest Gas Utilities
from List.
present severe business depression and the decline of the gas reserves.
The New York Produce Exchang has removed from the l
ed
list the .
5p
Total gross operating revenue from gas sales declined from $366.832 in the
cumulative preferred stock (no par).
-V.136, p. 4461.
12 months ending Aug.31 1929 to $177.685 in the 12 months ending Aug.31
1933.
"" -Springfield Gas Light o.(Mass.).
--Removed from Li.st
es
The Peoples Gas & Fuel Co. serves 13 towns and purchase its entire gas
es
The New York Curb Exchang has removed from unlisted trading privij3
1
from the Northwest Louisiana Gas Co., Inc. While all of
the capital stock, par $25. V. 137, p. 315.
the common stock of the People Gas & Fuel Co.is owned by the Northwest
Inc., its properties are covered by separate bond indenLouisiana Gas Co.,
Tennessee Public Service Co.
-Plans to Compete with
tures and mortgages. The parent company, the Southwest Gas Utilities
Municipal System by Sharp Cuts in Rates-Street Car System
Corp., holds a first mortgage note of the Peoples Gas & Fuel Co., on an
essential part of this company's transmission lines. The Northwest
May Be Abandoned.
Louisiana Gas Co., Inc.operates in connection with its own lines the
This company, which services Knoxville, Tenn., has under consideratransmission lines of the 'Peoples Gas & Fuel Co. through a rental agreetion drastic rate reductions and, perhaps, total elimination of its street
ment. The transmission lines of the Peoples Gas & Fuel Co. are the most
railway system to meet competition from a municipally owned electric
important link in the entire system operated by the Northwest Louisiana
system, according to an authoritative announcement on 1%lov. 26.
Gas Co., Inc. Without such a joint and unified operation, it would be
By a vote of two to one. Knoxville in a referendum on Nov. 25 approved
impossible for the Northwest Louisiana Gas Co., Inc., to transport its
a $3,225,000 bond issue for a municipal power distributing system.
gas for a great portion of its industrial sales and sales to many towns served
The City has applied to the Tennessee Valley Authority for Muscle
by the Peoples Gas & Fuel Co. The ownership of the common stock of the
Shoals power, and has asked the State Public Works Board for a loan to
Peoples Gas & Fuel Co. and the profits received from the sale of gas to that
build or acquire its distribution system. Thus it will become the first
companies
company are, therefore, not important assets unless these two
large city in the valley area to be served by the TVA, the Government
part of the whole system. Furthermore,if
are jointly operated and
agency operating the Federal hydro-electric plant at Muscle Shoals. (New
,
the joint operation of these two companies were severed, the revenues of the
York 'Times.")
-V. 137. p. 1038.
•
Northwest Louisiana Gas Co., Inc., would be reduced to such an extent
that it would be doubtful if the earnings would be sufficient to pay interest
Tokyo Electric Light Co., Ltd.
-Voids Gold Clause.on its bonds.
The New York "Times' in a wireless from Tokyo on Nov. 28 stated:
Furthermore, as matters stand at present, the Northwest Louisiana Gas
"The newspapers report that the directors of the company, have decided
Co., Inc., enjoys at minimum expense the advantages of a competent
to cancel the provision in debentures allowing holders of cash in dollars
Corp.
technical organization provided by the Southwest Gas Utiliteis
or sterling at the former gold exchange rate. Since the fall of the dollar
Expert management of the type now afforded the company would be
many American holders have been sending their coupons to London. The
altogether too expensive, were the Northwest Louisiana Gas Co., Inc.,
directors justify their decision by the cancellation by the United Statelt
to be operated as an independent unit,
of the gold clause in contracts. Other electric companies with dollar and
Southwest Gas Utilities Corp., the owner of $109.000 out of a total of
sterling option clauses are expected to follow suit.
-V. 137, p. 1938.
$549.500 Northwest Louisiana Gas Co. Inc., first 6;•is has agreed to
extend their bonds and to continue to provide management as at present if
Union Electric Light & Power Co. of I11.
-Bonds Called.
a sufficient percent of the first morgtage bondholders assent to this extension.
The Chase National Bank of the City of New York, as successor trustee,
No charge of any kind will be made against the holders of the first mortis notifying holders of 1st mtge. gold bonds, 5M % series A, due Jan. 1
gage bonds for making the extension,
1954, that $125,000 principal amount of the bonds have been drawn for
Holders of bonds are requested to forward their bonds immediately to
redemption on Jan. 1 1934 at par and int. Payment will be made upon
the Manufacturers Trust Co.. 55 Broad St., New York, wnhich will affix
presentation and surrender, with subsequent coupons attached, at the
coupons providing for the payment of interest during the period of eatenbank, 11 Broad St., N. Y. City, on and after Jan. 1, after which date
Edon, ana will then return the bonds to the holders.
p.3498:
-V.137 P• 3498.
The Dec. 1 1933, coupons on the maturing bonds will be paid promptly. Interest on the drawn bonds will cease.
.........
to those bondholders who deposit their bonds.
rganized-To Succeed
Utilities Stock & Bond Corp.
Income and Expense Account 12 Months Ended Aug. 31 1933.
Electric Public Utilities Co. See latter company above.
Operating Revenues
-From sales of gas
$177,685
27'6,13855
From miscellaneous sources
Western New Yor
-Earnings.
ater Co.
For income statement for 12 months ended Oct. 31 see "Earnings De$179,820
Total
partment" on a preceding page.
-V.137, p.3328.
71,795
Operating Costs
-Cost of gas
24,698
Operating expenses
West Virginia Water Service Co.
-Earnings.
3,189
Maintenance
For income statement for 12 months ended Oct. 31 see 'Earnings De10,390
Taxes other than Federalincome tax
partment" on a preceding page.
-V. 137. D. 3328.
Operating income
$69. 4 **--....
78
Winnipeg Electric Co.
-To Work Out Plan of ReorganizaNon-operating income
36
0
5orp.-Removed
Total income
Interest on first mortgage bonds
Depreciation and depletion
Bondholders tax
Retirement capital assets expense
$70,055
35,717
11,807
503
1,649
Balance
$20,376
Interest on notes of Southwest Gas Utilities Corp. of $576,341- - 38,438
Net loss for 12 months
-V. 131, p. 2538.
$18.061
--"' Ohio Edison Co.-Renged from List.a
"
The New York Curb Exchan
as removed from unlisted trading privileges the $7 series preferred stoc (no par).
-V.136, p. 3162.
Ohio Water Service Co.
-Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 3327.
Oregon-Washington Water Service Co.
-Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 3327.
Pittsburgh Suburban Water Service Có.
-Earnings.
-For income statement for 12 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V.137. p. 3497.
Public Service Co. of Indiana. Proposed Abandonment.
-S. C. Commission for authority to
The company has applied to the I.
abandon its line from Seymour, Ind., to Louisville, Ky., a distance of 51
miles, and from Jeffeisonville, Ind., to New Albany, Ind., approximately
4 miles. The company pleaded heavy tosses La the operation o. tne sines.
-v. 137. p. 3149.
Reserve Power & Light Co.
-To Pay Defaulted Note.Judge S. 11. West of the U. S. District Court in Cleveland, in a decision
Nov. 27 in the suit brought by the Penn Central Light & Power Co.
on
against the Reserve company ordered payment of a defaulted note for
$617,917, with interest of 6% from Jan. 31 1933, and with costs. As
$28,000 had been paid in 1932 on the note, the face amount of the claim
was $589,917. The defendant company is expected to take the case to the
United States Circuit Court of Appeals. Both concerns were among the
Insull properties.
Rochester & Lake
Ontario Water Service
tion.-
At a recent joint meeting the protective committees for the 6% refunding
mortgage bonds and 5% refunding mortgage stock or bonds of Winnipeg
Electric Co. and for the 53i% first mortgage bonds of Manitoba Power
Co., Ltd., decided that each committee would continue to function for the
time being without requesting deposit of securities and endeavor to negotiate a general plan of reorganization for submission to the securityholders of Winnipeg Electric Co. and its subsidiaries. Each committee
nominated representatives for the purpose of undertaking, at the earliest
possible moment, such negotiations with representatives of the other
groups of security holders and of Winnipeg Electric Co.
In order that the committees may be in a position to act effectively when
the appropriate time arrives, holders of the 6% refunding mortgage bonds,
due 1954, of Winnipeg Electric Co. and of the 53 % first mortgage bonds,
due 1951 and 1952, of Manitoba Power Co., Ltd., are urged to communicate
their names, addresses and the principal amount of their holdings to the
Secretary of the committees, M. G. Angus, Room 1003, 302 Bay Street,
Toronto, Out., Canada.
-V. 137, p. 2104.
-Preferred Dividends.
Wisconsin Power & Light Co.
The directors on Nov. 25 declared a dividend of 37;i cents per share
on the 6% cum. pref. stock, par $100, and a dividend of 43.4 cents pet
share on the 7% cum. pref. stock, par $100, both payable Dec. 15 to
holders of record Nov. 29. Like amounts were paid on Sept. 15 last.
compared with 75 cents per share and 87% cents per share, respectively,
paid on June 15 1933 on the 6% and 7% pref. stock. Nine months ago
the quarterly distribution on the 6% pref. stock was reduced to $1 from
$1.50 per share and the quarterly payment on the 7% pref.stock to $1.16 2-3
from $1.75.-V. 137, p. 3498.
INDUSTRIAL AND MISCELLANEOUS.
Price of Lead Reduced.
-American Smelting & Refining Co. has reduced
the price of lead to 10 points to 4.05 cents a pound, New York. -Wall
Street Journal," Dec. 1, p.2.
Matters Covered in the "Chronicle" of Nov. 25.-(a) Automobile production
in October. p. 3739; (b) Steel production shows gain-Now at 2734% of
capacity-Scrap prices again decline, p. 3748; (c) President Roosevelt
extends steel code for 6 months to May 31 1934 at Request of industry
Report to NRA shows wages rose $9,000,000 and employment increased
by 92,000 despite decline in steel putput-Industry has voluntarily scrapped
10
-hour day-President and General Johnson gratified at code results
during 90
-day trial period, p. 3749; (d) Pig iron prices increased $1 a ton
effective Dec. 1, p. 3752.
Corp.-
Abbott Laboratories, No. Chicago, Ill.
-Sales and
Earnings Up.-
For income statement for 12 months ended Oct. 31 see "Earnings De-V. 137, p. 3328. 2460.
Partment" ix a preceding page.
Tnird-quarter sales and profits exceeded those in the gam period a yearago, it was announced. October was the best month in the company's
history in botn sales and profits.
In view of tnis showing, the directors voted a special Cnristmas bonus
of 15% of the October salary tor employees who were employed by the
company prior to Jan. 11933;10% o.the October salary for those employed
prior to July 1 last: and 5% to those employed since July 1.
Since July I 1933 the company nas increased it- employment at the main
plant in North Chicago approximately 28%.-V. 137, p. 3498.
Earnings.
St. Louis Public Service Co. Completes Acquisition.
This company, which operates the street car system in St. Louis, Mo.,
on Nov. 20 completed the transaction under which it acquired stock owner-
ship and control of the Peoples Motorbus Co., which operates the green
buses, with the election'of a new board of directors.
Henry W. Kiel, receiver for the St. Louis Public Service Co. was named
President of the Peoples Motorbus Co. The new board of directors of the
latter company also includes Charles Danes. T. E. Francis, Walter E.
Bryan, Walter R. Moynihan, Walter Bradley, J. D. Evans, George E.
-V. 137. p. 2277.
Owen and S. W. Greenland.
Scranton-Spring Brook Water Service Co. Earnings.
For income statement for 12 months ended Oct. 31 see "Earnings De-V.137. p. 3498.
partment" on a preceding page.
South Bay Consolidated Water Inc. Earnings.For income statement for 12 months ended Oct. 31 see "Earnings De-V.137. p. 3328.
partment" on a preceding page.
-$1. Preferred Dividend
Southern Colorado Power Co.
The directors on Nov. 24 declared a dividend of 1% on the 7% cum.
pref. stock, par $100, payable Dec. 15 to holders of record Nov. 29. A
similar payment was made on this issue on June 15 and on Sept. 15 last,
as compared with 131% on March 15 1933 and
% previously each
quarter -V. 137 p 3677
Air
-Way Electric Appliance Co.
-Sales Gain.
The corporation sold more machines in October last than in any month
since 1930, Col. T. Russ Hill, Executive Vice-President in Charge of
Sales, stated on Nov. 28. In that month, he said, the company had a
greater number of dealers making large earnings than in any month of
the 11-year history of the company. He said that November sales will
exceed those In October and that every month so far this year has shown
an improvement in sales over the preceding month.
Col. Hill added; "We have not lowered the price of our product at
any time since we started its manufacture and distribution 11 years ago.
Since that time the price has been advanced many times; once in 1929 and
again in 1930. Likewise, we have not reduced out salesmen's commissions,
but have raised them with every price advance on the machine. Commissions were raised another 814% in 1933 without advancing the price of
our product, nor was the quality lowered. We are spending more to
manufacture our product to-day than at any time in our history for a
comparable volume." He said that cost of materials has increased from
14% to 82% and labor costs under the code have increased with payrolls
advanced 66.2%.-V. 137, p. 3497.
Financial Chronicle
4016
--Earnings.
Bibb Manufacturing Co.
Alabama Mills Co.
-Sale.-
Paul A. Redmond, as trustee In bankruptcy, will sell free and clear of
all Hens and encumbrances, at public auction to the highest bidder for cash,
at noon on Dec. 2, all property and assets of thc company. The trustee
will first offer the property for sale as a whole and will then offer it in parcels, the first being that property subject to the lien of that certain indenture
of mortgage or deed of trust dated April 1 1928 and executed by company
to,the American Traders National Bank, Birmingham, now First National
Bank of Birmingham, as trustee, while the second parcel will be the remaining property of bankrupt estate not subject to the lien of the indenture.
-V. 136, p. 329.
-Extra Div.
Alexander & Baldwin, Ltd., San Francisco.
An extra dividend of $1 per share has been declared on the capital stock,
payable Dec. 20 to holders of record Dec. 15, less 0.5% Hawaiian relief
tax and subject to the 5% NRA tax.
-V. 130. p. 1656.
-Investment
Allied-Distributors, Inc.
Higher.
Trust
Average
Investment trust securities advanced during the week ended Nov. 24.
The average for the common stocks of the five leading management trusts,
Influenced by the leverage factor, as compiled by this corporation, stood at
13.33 as of that date, compared with 13.27 on Nov. 17. The low for the
current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.61 as of the close
Nov. 24, compared with 13.94 at the close on Nov. 17. The average of
.
4,
the mutual funds closed at 10.63. compared with 10.52.-V. 1 7 P. 3843.
---............
-Admitted to List
American Beverage Co.
Curb
The New York Cb Exchang
($1 par) iasuable,share for share,
P. 1017.
es
as admitted to the list 1 .460 shares
exchange for old stock, par $5.-V.136.
-Expansion.
American Cyanamid Co.
The company has acquired the General Explosives Corp., manufacturer
of blasting caps and dynamite, with offices and plant at Latrobe. Pa.
The latter concern will be a division of the American Cyanamid & Chemical
-V.136, p. 4270.
Co., an operating subsidiary of American Cyanamid Co.
-Resumes Dividend.
--American Fork & Hoe Co.
--stock,
A dividend of 11i% has been declared on the 6% cum. pref.
Par $100, payable Dec. 15 to holders of record Dec. 5. After this payment accumulatio .a on the pref. stock will amount to 7%.
The last payment of 1A % was made on this issue on Oct. 15 1933.V. 137, 9. 491.
American International Corp.-New President.
Harry A. Arthur,formerly 1st Vice-President, has been elected President
succeeding Matthew 0. Brush, who will retain his position as Chairman
of the board. Donald G. Miller, formerly Vice-President and SecretarY,
has been elected 1st Vice-President, succeeding Mr. Arthur. Charles
-V. 136.
Hayden of Hayden, Stone & Co., has been elected a director.
P. 844, 330, 324.
-New Engine.
American Locomotive Co.
The company is prepared to manufacture stream-lined engines designed
toliput the railroads on a competitive bash; with airplanes and omnibuses.
hits announced. A maximum speed of 120 miles an hour is Set and is to be
made by reducing wind resistance and weight.
Efforts to lower the weight of passenger cars have been begun by the
Pullman Car & Manufacturing co.which exhibited a lightweight vehicle
at the Century of Progress Exposition.
The American Locomotive Co.'s engine, which was designed by Otto
Kuhler, consultant engineer, is the result of a year's study and planning.
-fully stream-lined and partly stream-lined.
It is offered in two types
The latter type was produced in an effort to provide a stream-lined engine
that at the same time would resemble closely the standard form and there-V. 137.
fore be more easily maintained with present shop equipment.
P. 1414.
-Stock Options Proposed.
American Rolling Mill Co.
Holders of common stock are being asked to agree to a plan devised
by the directors under which the group of men mainly responsible both
for the financial guidance and daily operations of the company can acquire,
under option at $25 a share, approximately 50,000 shares of the common
stock up to May 1 1938, the date on which the conversion privilege on the
new 5% notes expires. The options contain provisions to protect against
dilution of certain contingencies.
It is stated the group to which the options will be given consists of about
35 men, including principal active executive officers, plant managers and
assistants, plant superintendents and assistants, and others holding important positions. Participation of active executive officers who are directors will be determined by a majority of members of the board who are
not participants. Other participants and their allotments will be determined
-V. 137. 9. 3329.
by the three principal executive officers of the company.
-Earnings.
American Safety Razor Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1939.
Department" on a preceding page.
---Amulet Mines Ltd.-Rexed from List.eilst the common
"
as removed from
The New York Produce Exchan
-V. 137. 9. 3329.
stock (no par).
-$1 Dividend.
Andian National Corp., Ltd.
A dividend of $1 per share (U. S. currency) has been declared on the outstanding capital stock payable Dec. 15 1933. to holders of record Nov.
30 1933. Holders of bearer share warrants may obtain payment of the
said dividend by presenting on or after the said date, coupon No. 10 detached from their warrants at the Royal Bank of Canada. King & Yonge
Sts., Toronto, Canada, or at the agency of the Royal Bank of Canada,
68 William St.. N. Y. City. A similar distribution was made on June 15
1n
9 accordance with the provisions of the Canadian Income Tax Act an
amount equal to 5% of the dividend payable in respect of each coupon
Presented by a shareholder non-resident in Canada will be deducted by
the paying agent and remitted to the Canadian Government. Each nonresident shareholder presenting a coupon for payment will receive therefor
-V. 136, p. 3911.
only 95% of the amount of the dividend.
-Defers Div. Action.
Anglo-Persian Oil Co., Ltd.
The airectors have decided to defer action op the interim dividend ordinarily declared at this time on the ordinary registered shares until the
%,
accounts for the full year are available. The last payment was
paid July 31, on these shares for the year ended Dec. 31 1932.
The same applies to the American depositary receipts for ordinary registered shares, on which a distribution of 7% was made on Aug. 7 last.
-V. 137, p. 688.
-Earnings.
Automatic Products Corp.
For income statement for 6 months ended June 30 1933 see"Earnings
-V. 137, 9. 3499.
Department" on a preceding page.
Bellanca Aircraft Corp
Removed from List.4
The New York Curb Exchange as removed from the list the voting
trust certificates for common stoc ,par $1.-V. 137, P. 3843.
Bing & Bing, Inc.
-Earnings.
For income statement for 3 months ended Sept. 30 see "Earnings De-V. 137, p. 1767.
partment" on a preceding page.
-To Liquidate.
Bond & Share Co., Ltd., San Francisco.
The management of this company, a management typ investment
truA. has asked the stockholders to vote Dec. 19 on liquidation.
Four years of unsatisfactory stock prices have lowered the net asset
value of the company's own stock from $20 to less than $4 a share. At the
end of 1932 the balance sheet indicated a liquidating value of $3.27 a share
for the 205.642 shares outstanding. The value was approximately $5.60
a share on Nov. 13 last.
The directors in a letter to stockholders said they feel it wise to discontinue the business of tne corporation.
The company was organized in October 1928 wit., an authorized capital-V.130,p.1228.
ization of 250,000 shares, wnich were sold at $20 a share.
Dec. 2 1933
1933.
$1,672,789
161,500
690,129
Years Ended Aug. 31Net profit before taxes and depreciation
Taxes (estimated)
Depreciation (approximate)
Net operating profit
1933.
Assets$
578,839
Cash
Bills receivable_ 211.743
U.S.Govt. bonds_ 2,700,300
Accts.receivable 1,585,017
2,516,898
Inventories
12,785
Interest recebele
547,325
Other assets
Plant & equipm't16,284,643
161,324
Deferred charges
1932.
$797,070
18,500
645,000
$821,160
$133,570
Balance Sheet Aug. 31.
1932,
1933.
1932.
$
LlabllUieS$
10.194
9,023
954,009 Audited vouchers_
56,310
15,423
77,313 Audited payrolls__
39,888
15,019
3,337,011 Accounts payable_
300,000
545,419 Dividends payable 200,000
51,480
54,227
1,546,223 Aecr.taxes(Dom.)
20,000
13,635 Capital stock tax_
426,371
571,719 Processing taxes..
16,625,715 Res. for Federal &
State inc. taxes
181,937
180,000
18,500
(estimated)_ _ _ _
Trust fund deposit
(Town of Porter81,200
73,850
dale)
20,000,000 20,000,000
Capital stock
3,513,231 3,366,940
Surplus
24,578,674 23,852.983
Total
24,578,674 23,852,983
Total
x After deducting depreciation reserve of $12,427,471 in 1933 and $11,
p.493.
741,795 in 1932.-V. 137,
-The
-Special Common Dividend.
Borg-Warner Corp.
directors on Nov. 24 declared a special dividend of 25 cents
per share on the common stock„ par $10, payable Dec. 18
to holders of record Dec.6 and the regular quarterly dividend
of 1% on the 7% cum. pref. stock, par $100„ payable
Jan. 1 to holders of record Dec. 15. From Jan. 2 1931
to and incl. April 1 1932, the company paid quarterly dividends of 25 cents per share on the common stock; none since.
The directors said the disbursement on the common stock
was not to be construed as establishment of a regular basis
of payments, but was made in view of the justification therefor of 1933 earnings. They further stated that future action
on common dividends would be deferred until such time as
-V. 137, p. 3330.
future earnings were known.
-Pays Dividend on Account of Accruals.
Brandon Corp.
A dividend of $1.75 per ethers on account of accumulations was paid on
Nov. 16 last on the 7% cum. pref.'stock, par $100. On Oct. 2 last a distribution of $1.50 per share was made as compared with $1 per share on
Sept. 1 1933.-V. 137, p. 2811.
-Meeting Adjourned.
Brandram-Henderson, Ltd.
The bondholders met on Nov. 46 to consider the company's failure
to meet its last interest payment, but the meeting was adjourned to Dec.
15 because of lack of quorum.
A plan was submitted at the meeting calling upon the bondholders to
restrict their demands for interest to the amount of income earned, and
available for that purpose. The company proposes only postponement
of payment and that arrears up to March 15 1936 would be paid in instalments after that date. Further the company undertakes to pay no
dividends until all interest and sinking fund payments have been paid
In full. It was proposed to take $30,000 now held by trustee for plant
extension and apply it to the 1st mtge. sinking fund. See also V. 137,
P. 3499.
Bridgeport (Conn.) Brass Co.-Rights.
The stockholders of record Jan. 27 1934 will be offered the right to subscribe on or before Feb. 8 1934 for 1,000 additional shares of capital stock
at par ($100) on the basis of one new share for each five shares held. At
present there are outstanding $2,070,800 of stock.
The company, in a letter to stockholders, dated Oct. 18 1933, stated
in part:
At the request of any stockholder, formal optional warrants will be
Issued.
Any shares not subscribed by stockholders will be offered for subscription
by the directors to such persons and at such times as the directors may
determine.
Under Connecticut law capital stock cannot be issued to persons other
than the stockholders until first offered to stockholders for their Tiro rata
subscription. Any shares which are not subscribed by stockholders will
be used to take advantage of an offer of a creditor of the company to
liquidate indebtedness of the company in stock, and for such future cor883
0.
v. l3 p. a8 .
norate uses3 may from time to time be approved by the directors.-
-Earnings.
Brill° Manufacturing Co., Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933 amounted to $602,415, compared with
current liabilities of $94,671, including accounts payable and accruals of
$30.422. dividends paid Oct. 1 of $34,169 and provision for Federal taxes
of $30,080, a ratio of about 6% to 1.-V,137. p. 1416.
Bruck Silk Mills, Ltd.-Dividend Resumed.
A dividend of 25 cents per share has been declared on the common
stock, payable Jan. 15 1934 to holders of record Dec. 15 1933. From
Feb. 15 1929 to and incl. May 15 1930, the company paid quarterly divi-V. 137, 9. 2277.
dends of 2o cents per share on this issue; none since.
-Depositary.
Burma Holding Corp.
The Lawyers County Trust Co., New York, has been appointed depositary by the bondholders' protective committee for the 1st mtge. 6% gold
bond certificates, dated March 1 1926 and due serially to March 1 1941,
of which $1,471,000 are outstanding.
Calhoun
Resumed.
Mills, Calhoun
Falls, S. C.
-Dividend
A dividend of $1 per share has been declared on the common stock. par
$100, payable Jan. 2 1934 to holders of record Dec. 26 1933. The last
distribution of like amount was made on Oct. 1 1931. prior to which the
-V. 133, p. 4163.
stock received quarterly dividends of $2 per share.
-Earnings.
California Ink Co., Inc.
Years End. Sept. 30Profit from operations__
Depreciation
Miscellaneous (net)_ _
Prov. for Fed. taxes_ __ _
1933. $245,052
36,541
24,598
27.391
1932.
$240,916
37,697
Cr2,454
26,233
1931.
$351,132
40,874
4.755
38,000
1930.
$346,499
41.761
822
34,500
Net income
Previous surplus
Reserved for contingency
$156,522
138.624
$179.441
186,548
$267,503
136.408
$269,417
253,642
Cr50,00o
Total surplus
Dividends paid
Stock diva.-cl. A stock
Class B stock
Other debits
Add. allow for losses on
customers accts. considered applic. to prior
years
$295,146
202,138
$365,989
217,364
$403,911
217,364
$573.059
212.448
76.066
102,898
45,239
Surplus, Sept. 30_ _ _ _
Shs. capital stock outstanding (no par)_
Earnings per share
$93,008
$138,624
$186,547
$136,4118
97.130
$1.61
108.682
$1.65
108.682
$2.46
108,682
$2.47
10,000
-
Financial Chronicle
Volume 137
Assets
Cash
Customers notes
.3, accts. recle
I nventories
Customers' notes
(not current).
Investments
U. S. Govt. bonds
and notes
Accr. int. reedy_ _
x Plant S, equip_ ....
Brands, formulae
and good-will_
Other assets, inc.
deferred charges
Balance Sheet Sept. 30.
1933.
1932.
1932.
Liabilities1933.
$255,252 $320,342 Accts. payable_ __ $42,993
$30,588
Prov. for property
305,246
27,314
479,388
& Fed. Inc. taxes
30,619
426,616
400,429 Divs. pay. Oct. 1..
54,341
46,845
Accr. wages, prop.
160,000
19,642
20,289
taxes, S,c
77,500
92,500 y Capital stock___ 1,632,000 2.067,043
Paid in surplus._ 195,024
138,624
160,000
Earned surplus_ __
93,008
1,344
447,425
424,671
371,673
371,673
37,829
66,440
Total
$2,060,133 $2,338,199
Total
$2,060,133 $2,338,199
x Less allowance for depreciation of $578,821 in 1933 and $536,226 in
1932. y Represented by 97,130 shares of no par value in 1933 and 31,08,682
136, p. 4092.
Camaguey Sugar Co.
-Independent Protective Comm teeA
An independent committee has been organized for the protection ofhold,
ers of the 1st mtge. sinking fund 7% gold bonds, due Oct. 15 1942. An
equitable deposit agreement is being prepared in compliance with the Federal Securities Act of 1933. Deposits are neither invited nor will they be
accepted before the date ofregistration of a statement pursuant to said Act.
Meanwhile, holders of the security are requested to register with the Secretary of the committee their names, address and a statement of their holdings,so that the committee may be in a position to communicate with them
by mail and advise them of future developments.
Clifford T. Wehlman is Secretary, with offices at 15 Moore St., New
York.
-V. 135, p. 4219.
Canadian Car & Foundry Co., Ltd.
-Defers Preferred
Dividend.
The directors on Nov. 27 decided to defer the quarterly dividend of 44
cents per share due Jan. 10 1934 on the 7% cum. pref. stock, par $25. The
last regular quarterly distribution of 43 cents per share was made on this
issue on Oct. 1 1933.-V. 137, p. 3673.
-. '"-Caracas Sugar Co.-Remved from List.
"
The New York Curb Exchange has removed fro
privileges the common stock, par $5U.
-V. 134, p. 4161.
unlisted trading
Central Aguirre Associates.
-Div. Action Postponed.
Because of a proposed change In accounting no dividend action was
taken at the meeting of toe trustees held on Nov. 23.
A meeting of the trustees will be held early in January at wnich time the
regular quarterly dividend of 37 cents per share will be declared, according
to a Boston dispatch. The last regular payment at this rate was made on
_Oct. 2 1933.-V. 137, p. 1056.
Centrifugal Pipe Corp.
-To Change Stated Value.
The stockholders will vote Dec. 18 on reducing the stated valt of the
outstanding 433,084 shares of no par capital stock to $5 from $ .2 per
share.
-V. 136, p. 2615.
Chase Brass & Copper Co. Inc.
-Bonds Called.This corporation having become entitled to all the rights, privileges and
duties of the litingerford Brass Corp., has elected to redeem and pay of
on Jan. 1 1934, at the principal amount thereof and accrued interest to
such redemption date, all of the latter company's bonds, dated July I 1924.
then outstanding.
Accordingly, such bonds will become due and payable on Jan. 1 1934
and will be redeemed upon presentation and surrender thereof at the office
of the Chase National Bank of the City of New York, 11 Broad St., N. Y.
City.
-V. 137, p. 872.
-Starts Delivery of Large Order.
Checker Cab Mfg. Corp.
The corporation is beginning delivery to the Parmelee Transportation
Co. in New York City on an order for 1.000 cabs. Deliveries will continue
at the rate of 150 a week until the order is filled.
-V. 137, p. 3679.
Childs Co.
-Places Order for California Wines.-
California wines will be dispensed by the glass by 23 restaurants of the
Child's chain in New York, it was learned on Nov. 28. An initial order for
4.000 gallons of first quality California wines was placed this week with
Fruit Industries, Ltd., which represents leading groups of the Pacific
Coast growers.
H. Raymond Weller. Executive Vice-President of Fruit Industries, stated
in response to an inquiry, that the California growers have orders pending
for 50,000 cases, or more than 150,000 gallons, of wines for immediate
delivery next month.
Hugh R. Adams, Vice-President in charge of sales of Fruit Industries,
Ltd., said that "tne best grades of California wine will be plentiful and low
in price, probably about $1.50 a bottle." Under New York State regulations
wine cannot be sold in larger containers than quart bottles. Fruit industries.
it was stated, have facilities at the Brooklyn bottling plant for 1,000,000
gallons.
Petitions were circulated yesterday among 25,000 grocery and delicatessen
stores of tne State inviting customers to urge State officials to modify the
newly enacted "discriminating regulations" against the sale of wine in
New 'York.
Will Dispense Domestic IVines.-
4017
Vice-President J. C. Turrell said the latest acquisition will enable the
company to expand its process to the sheer fabric and rayon field, something. he said, that has never been successfully done before.
-V.137, p.872.
Colon Oil Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1941.
Commercial Credit Co., Baltimore.
-Pays Accumulated
Dividends.
-The directors on Nov. 29 declared the regular
quarterly dividend of 75 cents per share for the fourth
quarter and the entire remaining unpaid accrued dividend
on the 6% cum. class A cony. stock (par $50) of 75 cents per
share covering the second quarter ended June 30 1933, both
payable Dec. 30 to holders of record Dec. 11. The company on Sept. 30 last paid a regular quarterly dividend and
an accrued dividend of 75 cents per share covering the first
rter of 1933. The previous quarterly distribution on this
s e was made on Dec. 31 1932.-V. 137, p. 3153.
Consolidated Gold Fields of South Africa, Ltd.
New Director.
The directors of this company and of New Consolidated Gold Fields,
Ltd., announce that Lord Brabourne has tendered his resignation as a
director, and Brig.
-General Sir Samuel Wilson has been appointed a
director of both companies.
-V. 137. p. 3845.
Continental Can Co., Inc.
-Sales up 30%.
Dollar sales in the fourth quarter to Nov. 10 were about 30% ahead of
the same period last year, the company announced on Nov. 24.
Prospects for can business next year are regarded in the industry as
favorable. Stocks of the leading canned foods held by canners on Oct. 1
were considerably lower than a year ago, while stocks of these foods held
by representative distributors on the same date were approximately as
large as those of a year ago. In the past, such a position has preceded
increased packs in the following year.
According to latest U. S. Government figures, stocks of peas, corn.
tomatoes, pears and pineapple held by representative canners were from
13% to 64% below those of a year ago. Canned peaches was an exception.
showing an increase of 12% over the quantities held by canners on Oct. 1
1932. Stocks held by representative distributors of these items were
shown to be about the same ass year ago.
-V. 137. p. 2980.
Crown Willamette Corp.-Earnings.
For income statement for 6 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V. 137, p. 1769.
Crown Zellerbach Corp.
-Earnings.
For income statement for 6 months ended Oct. 31 see "Earnings Department" on a preceding page.
-V.137. p. 3153.
eposited Bond Shares Convertible Debenture Series
1938.
-Approval Withdrawn.
See low priced shares below.
The Trust is now terminated, the securities have been sold and the cash
is being distributed. See V. 137, p. 2980.
Diamond Match Co.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p,. 1770.
Dow Drug Co., Cincinnati.
-New President.
John W. Cassin has been elected President and General Manager, succeeding Charles S. Davis, resigned. Mr. Cassin had been Secretary and
Treasurer since organization in 1915.-V. 136, p. 2617.
Dunlop Rubber Co., Ltd. (England).
-Conversion
Offer Closed.
The company has closed the conversion offer on the £4,366,987
%
debentures. A total of 78% of bondholders accepted the offer to convert
into 4% debentures and 14% asked for repayment, according to London
dispatches.
The total issue of new 4% stock was limited to £2,620,200. Inasmuch
as additional applications beyond 60% of their holdings of 51, % stock.
5
to which holders were entitled, amounted to over £2,000,000, only a comparatively small allotment can be made to these applications.
-V. 137.
P. 3332.
Durant Motor Car Co. of N. J.-910,000 Bid for Plant.
A special bid of $10,000 for the plant on Newark Avenue, which, It it
said, cost more than $1,000,000 to build, will be placed before Vice-Chans
cellor Bigelow by the Interurban Realty Co. of Newark. The bid will bsubmitted in connection with foreclosure proceedings and carries with ie
the assumption of all liabilities against the plant.
-V. 134. p. 2730.
Eagle-Picher Mining & Smelting Co.
-Sued for Royalty.
Harry Crawfish, a Quapaw Indian, has sued the company for $167,147
royalty on 17.032,790 pounds ofsulphur taken during lead and zinc mining
operations from 1922 to 1930. Crawfish, through the Department of
Interior, alleges the company sold the sulphur and did not pay the Indian
his royalty. Many other similar law suits are in process of being filed.
("Wall Street Journal").
-V.136, p. 1892.
Pollees for the wine and beverage sections of Child's restaurants in New
- --Electrical Products Corp,of Colo.
-Removed from List.r6
pa
York city and other territories when permitted, will bedecided w;thin the"
The New York Cb Exchange has removed from unlisted trading
Curb
week, it was stated on Nov. 26. CaLfornia wines will be dispensed by
privileges the common stock (no
.
-V. 135, p. 2660.
the glass and bottle, also other beverages, it was said.
"Our policy as to the particular kinds of wines, sprits and the like and
Electric & Musical Industries, Ltd.
-Div. Outlook.
prices, will be determined when our organization of this department is
At the second annual general meeting held on Nov.17,it was stated in part
completed within a few days," it was explained by a leading °Meal, who
"All classes of shareholders may feel confident that just as soon as the
that for the present Child's restaurants had appUed only for eleven
added
earnings of the company warrant it the directors propose to resume paydcspensing licenses and eleven wine sellmg permits. Beer will continue on
ment of the preference dividends, and the possibility of dealing with this
-V. 137, P. 3153.
sale at the restaurants, it was stated.
situation in January next is dependent only on the continuance of the
present indications of revived prosperity."
-Sales Continue Higher.
-V. 137, p. 3500.
Chrysler Corp.
Retail deliveries by Dodge dealers during the week ended Nov. 18 3933 "
--Empress Gold Mining Co.>Ltd.-Admitted to List.
were 3.731 new vehicles, compared with 3,512 vehicles delivered during the
The New York Produce Exchange as admitted to the list the Jtal
preceding week. Of the 3.731 vrhicles delivered during the week ended
stock, par $1.
Nov. 18 2,851 were passenger cars and 880 were trucks, the combined passenger car and truck business marking a gain of 6.2% over that of the
Endicott-Johnson Corp.
-Increases Wages.
preceding week and an increase of 302.9% over the same week of last year.
Twice the minimum established for the average wage by the National
Between Jan. 1 and Nov. 18 Dodge dealers delivered 171.074 new pasRecovery Administration is now being paid workers "of this corporation,
senger cars and trucks-80,146 being Dodges,68,200 l'Iymouths and 22,728
according to a report received on Nov. 23 by NRA Administrator Hugh S.
Dodge trucks.
Johnson. The business upswing for the company, employing 18,000
workers, has been so signal in the past few months that the management
Plymouth Sales Gain.
has been enabled to increase wages as the profits rose, according to the
of Plymouth cars continue to show increases. with 4,435
National sales
report.
units sold at retail by dealers during the..weuak ended Nov. 18. a gain of
Even more noteworthy than this extraordinary level of wage increases
6.3% over the previous week, according to II. G. Moock. General
is the company's announcement that before Thanksgiving it would refund
Sales Manager. This also was an increase of 150.3% over the correthe $650,000 deducted from the wages for the Medical Department. These
sponding week last year.
deductions were continued from Dec. 1. 1932, until Sept. 5 1933.-V. 137.
At the same time, used car sales continue to nold firm. with substantial
p. 497, 147.
Increases over the like period last year. Used car sales by Plymouth
dealers for the week ended Nov. 18 totaled 9,523 cars, an increase of 191.4%
Ewa Plantation Co., Hawaii.
-To Vote on Div.
-V. 137. p. 3679.
over the corresponding 1932 period.
The stockholders will vote Dec. 7 on wnether a reserve of
should be released for payment as a dividend.. If the entire$4,000,000
Homes Co. of N. Y.
-Smaller Div.- distributed, it would amount to
reserve is
City & Suburban
more than $16 a share on the stock. HowA semi-annual dividend of 15 cents per share has been declared on the
ever, the amount of the distribution if authorized will be at the discretion
common stock, par $10, payable Dec. 4 to holders of record Dec. 1. This
of the directors. It is unlikely that a payment of more than $3,500.000
compares with 20 cents per share paid on June 5 last, and 30 cents per share
would be authorized by the directors. This would amount to $14 a share
aid each six months from June 4 1929 to and incl. Dec. 5 1932.-V. 136.
on the 250,000 shares of $20 par capital stock.
-V.137, p. i247.
726.
Exchange Buffet Corp.-Earnings.
-Acquires Textile-Shrinking
Peabody & Co., Inc.
Cluett,
For income statement for 3 and 6 months ended Oct. 31 see "Earning
Patents.Department" on a preceding page.
-V. 137, p. 2982.
The company on Nov. 29 announced t(3 acquisition of the Wrigley- .............
Fafnir Bearing Co.
-Re ved from List.
Melville patents for compressive shrinking of textiles, bringing the total
owned by the company to more than 200, covering bo
both process and
The New York Curb Exchanahas removed frii unlisted trading
"
apparatus,
privileges the capital stock par 325.-V. 134, p. 2529.
4018
Financial Chronicle
Fall River Bleachery.-New Directors.-
-Removed from
--Cen al Mining, Milling & Power Co.
List.
Frank E. Arnzen and Richard Borden have been elected directors.
-V.
121. p. 983.
.....--_,
Falstaff Brewing Co.-RFoved from List.-/-)
The New York Produce Exchang
stock, par 31.-V. 137, p. 3333.
Dec. 2 1933
as removed from thellst the common
Federal Compress & Warehouse Co.
-Bonds Called.
The company has issued a call for retirement of $213,000 of its 6%
1st mtge. gold bonds for Jan. 1 1934. Included in the bonds to be retired
are $118,000 series B due July 1 1938 and July 1 1939, and $95,000 of
series A and B due July 1 1940.
The remaining outstanding bonds, according to President R. L. Taylor,
total $2,000,000, including a small amount of series A, which are due in
1938-1939.
The prices at which the bonds are to be retired are 102% for 1938 maturity,
103 for those maturing in 1939 and 103M for series A and B of 1940.V. 137, p. 697.
Fidelity Fund, Inc.
-23/% Stock Dividend.2
Toe N w York Produce Exchange)ias removed from the list the capital
stock, par $1.
General Motors Corp.
-Subs. Pref. Stock to Be Retired.
The New Department Manufacturing Co., a subsidiary, has called for
redemption on Jan. 1 1934 at $115 a share all of the 5,000 outstanding shares
of its 7% pref. stock of $100 par value. The company's capital thereafter
will consist only of common stock all of which is owned by the General
Motors Corp,
-V. 137, p. 3846.
-Stock Market
General Theatres Equipment, Inc.
Inquiry.
-For details of the Senate Banking and Currency
Committee's investigation into company's financing deals,
See "Chronicle" of Nov. 25, p. 3763-3766, and "Chronicle"
of Nov. 24, p. 3585-3587.-V. 136, p. 3501.
-25-Cent Dividend.
Griesedieck Western Brewery Co.
The directors have declared a 2;4% stock dividend, payable Dec. 4
A dividend of 25 cents per share has been declared on the capital stock.
to holders of record Nov. 25.
no par value, payable Dec. 18 to holders of record Dec. 5. A special distriDuring the current year the company paid four quarterly cash dividends
-V. 137, p. 2470.
bution of like amount was made on Oct. 2 last.
of 50 cents per snare, an extra cash dividend oi 15 cents per share on F.)13. ..___
and an extra of 35 cents per share in cash on Nov. 1.
-Receivership.Grigsby-Grunow Co.
rota, payments this year to date are $3 in cash and 2X% in stock.Le Rol Williams, General Manager and Thomas Marshall, lawyers, on
V. 137. p. 2982.
Nov. 24 were named by Federal Judge John P. Barnes as equity receivers
for the company, manufacturers of radios and electrical refrigerators, which
Fisk Rubber Corp.
-Earnings, &c.
recently had been seeking a Reconstruction Finance Corporation loan.
The corporation on May 20 1933, having obtained from the reorganization
A petition for a receiver was filed Nov. 23 on behalf of the P. R. Mallory
committee certain properties of the Fisk Rubber Co.(in receivership) began
Co.of Indianapolis,on a claim of $14,785 for radio parts. Another petition,
doing business on that date. The properties taken over consisted of the
for involuntary bankruptcy, was filed Nov. 23 by Joseph II. Tigerman,
automobile tire plant at Chicopee Falls, Mass, and the tire fabric plant at
with a claim of $26,350 for dividends and royalties, Dwight Brothers Paper
New Bedford, Mass, and the ownership and controhof the following sub- . Co., $204 for goods, and Lambert & Mann, of Chicago, $20 for goods.
sidiary sales companies:
The bankruptcy petition set forth that company is insolvent, with debts
Fisk Tire Service, Inc., Springfield,
Fisk 'Fire Co., Inc.
of more than $6,000,000, and charges that while insolvent, and within four
Mass.
Federal Rubber Co
months of the filing of the bill it paid certain sums and made preferential
Thomas E. Hogan, Inc., Boston,
Badger Rubber Works
transfer of securities.
Mass.
Fisk Tire Export Co., Inc.
I. B. Lipson and Henry S. Blum, counsel for the company and the
Tennessee Tire Co., Inc., Nashville,
Compania Fisk de Brasil, Inc.
petitioning creditors, respectively, asserted, however, that claims and
Tenn.
Co., Inc. of the Philippines
Fisk Tire
debts totaled $2,907,305 and bonds outstanding $2,340,500, while the
Fisk Tire Co.of Tennessee,Memphis, Weldon Tire Co., Inc., Birmingham.
book value of assets was $14,584,000 and current assets $4,152,378.
Ala.
Tenn.
Though assets exceeded liabilities, they said, their only course, in view
The officers and directors of the Fisk Rubber Corp. are:
-V. 137,
of threatened actions, was to agree on an equity receivership.
Directors.
-Karl H. Behr, Charles A. Dana (Chairman),Carl P. Dennett,
p.3501.
William E. Gilbert, Edward D. Levy, Theodore G. Smith, William B.
Stratton, John C. Traphagen, John N. Willys and Orrin G. Wood.
Guelph Carpet & Worsted Spinning Mills, Ltd.
Officers.
-Charles A. Dana (Chairman); Edward D. Levy, President:
1930.
1931.
1932.
Years End.Sept.301933.
Miss M. B. Wimber, Asst. to the President; G. E. Whitelam, Asst. to the
$152,576
$166.103
$152,118
Net earnings
648:124361
$138,312
President; J. T. Clinton, Asst. to the President; W.B. Stratton, Vice-Pres.:
62,693
64,181
63,993
Depreciation
Rolland C. Guy, Treasurer; Leo J. Samson, Gen. Auditor; Whitefield Reid,
Secretary; Miss M. B. Wimber, Asst. Sec. and Asst. Treas.; Miss B. B.
$88,395
$103,410
Net operating profit
$88,125
$73.850
McDermott,Asst. Treasurer.
1,841
1,342
1,805
Dividends received
The profit and loss statement for the period May 20 to Sept. 30 1933 of
7,720
15,229
,
6,494
Int. & other income_....
12,217
the corporation and subsidiary companies is given on a preceding page.
Tentative Consolidated Balance Sheet at Sept. 30 1933.
$112,935
$103,465
$95,960
Total income
$86,068
Liabilities-15.253
17.000
8.000
AssetsTaxes
13,000
y$3,945,900
8% preferred stock
Land, bldgs. and mach'y, leas
z452,915
$78.960
$97,682
Reserve for depreciation)__ $3,971,268 Common stock (par $1)
$95,465
Net profit
$73,068
1 Minority int. in capital stock
51,658
61,065
Goodwill
64.846
Preferred dividends_ _ _
47,910
51,135
of subsidiary company__ _
.
Investments-Acushnet Pro8,750
35,000
35.000
Common dividends
17,500
911.520
1 Accounts payable
rem Co
122,000
2,739,347 Provision for Federal tax
$18,552
$1,617
Inventories
deft4,381
$7,658
Surplus for year
Accts.& notes rec.,leas res'ves 2,239,717 Contingency reserves
40,631
39,015
43.396
2
96.613
Previous surplus
59,183
5,635,427
Cash on hand and in banks__ 1,385,153 Capital surplus
725,130
Profit May 20 to Sept. 30...
Cash receivable from reorgani$40,632
$59,183
Balance forward
$39.015
$66,841
zation committee test.)... x1,700,000
Earns, per sh. on 35,000
105,151
Deterred charges
$0.79
$1.05
$0.87
$0.71
shs. corn. stk.(no par)
Balance Sheet Sept. 30.
Total
$12,140,839
Total
$12,140,839
1933.
Liabilities
1932.
1932.
1933.
Assets
x Since date of balance sheet $1,600,000 of the cash receivable has been
$35,997 Creditors, includ.
Bale. at bankers__
$6,933
received. y Authorized 40,000 shs. (par $100). z Authorized 500,000
accruals
$5,431
$2,773
Raw materials,
shs.(par $1)
.-V. 137, p. 3333.
Reserve for Fed.&
work in progress
14,313
389,913
provincial taxee_
14,793
& finished goods 334,359
Motor Co. of Canada, Ltd.
-Dividend Resumed.
Accts. receivable_ _
The directors on Nov.27 declared a dividend of $1 per Share Prepaid Maur. and 196,677 154,800 Ree've for deprec.,
bldge., plant and
equipment
13,312
201,856
286,318
2,459
WW8
on the outstanding 1,658,960 shares of capital stock, no
par value, payable Dec. 21 to holders of record Dec. 4. Invests., incl. call 337,316 232,973 634% cum. cony. 734,300 744,400
pref. shares_ _ _
loans
This is the first payment since June 20 1931 when a semi- Land & buildings. 478,315 478,139 x Common shares_ 554,173 554,174
Surplus
313,949
317.987
Piant,machinery &
annual dividend of 60 cents per share was paid.
590,733
577,600 Profit and loss acct
66,841
59,183
equipment
In making the announcement, President Wallace R. Life Maur. prems.
12,570
8,380
paid
Campbell said:
1
1
Good-will
The action of the directors is a concrete expression of our belief that
materially improved conditions can be expected during the coming year.
$1,959,364 $1,891,127
Total
Total
11,959.364 $1,891,127
Our business already shows improvement, particularly in our overseas
s Represented by 35,000 no par shares.
-V. 137, p. 3156.
territory.
The disbursement, while not merited by earnings from the current
Haloid Co.
-Usual Extra Dividend.
year's operations, nevertheless was considered justified by the company's
An extra dividend of 25 cents per share has been declared on the common
strong surplus and cash position, together with our belief that such action
stock, no par value, in addition to the regularquarterly dividend of like
was warranted by the outlook for the immediate future.
amount, both payable Jan. 2 1934 to holders of recohi Dec. 15. Similar
Without question, the time has come for vigorous forward-looking
distributions nave been made on this issue since and incl. March 31 1932.
action and our company proposes to be in the forefront of such a move-v. 137. P. 1587.
ment.
-V. 136, p. 4080.
-New Directors, &c
Foster-Wheeler Corp.
Walter F. Keenan Jr. and George B. Ferrier have been elected directors
to fill vacancies caused by the deaths of George 0.Palmer and W.E. Dowd,
it was announced on Nov. 27. H. L. Robinson has been elected a Vice-V. 137, p. 1585.
President to succeed Mr. Dowd.
-Receivers to Borrow.
Francisco Sugar Co.
Federal Judge Fake signed an order on Nov. 22 authorizing the receivers
of the company to borrow $25,000 to continue operation of the company
in Cuba.
-V. 137, p. 3680.
Foundation Co.-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137. P. 1585.
partment" on a preceding page.
-Senate Inquiry into Stock Market Trading.
Fox Film Corp.
-See "Chronicle" of Nov.25, p.3764-3766,and "Chronicle"
of Nov.24, p. 3586.-V. 137, p. 3154.
Gabriel Co.
-Earnings:
For Income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137, p. 697.
,.Department" on a preceding page.
'Gannet Co., Inc.-Acquires One-Third of Its Outstanding
Common Stock for Treasury.
The directors have accepted an offer by common stockholders that the
company purchase for a nominal amount one-third of its outstanding
common stock,it was announced on Nov.29 by President Frank E.Gannett.
Mr. Gannett, owner of more than 93% of the common stock, said that
when the common was spilt in 1929. prier to an offering of cony. pref. stock
to employees, it was estimated in that year that the common would earn
$8 a share after preferred dividends, but due to the depression earnings fell
short of that estimate.
"By returning one-third of the COMMOD stock to the treasury, the convertible feature of the pref. stock becomes more attractive and more nearly
in line with its status when originally offered," Mr. Gannett said. "Based
on five-year average earnings, the adjusted common stock will earn $6.93
a share after pref. dividends. The adjustment increases the equity of
pref. stockholders in the total amount of capital stock outstanding from
11,53% to 16.35%."-V. 137, p. 3154.
General Foods Corp.
-Directors Defer Meeting.
The directors have postponed,subject to call, the special meeting to have
been held on Nov. 29 to discuss a proposal for the distribution of liquors
-V. 137, p. 3680.
through a separate subsidiary.
Hathaway Manufacturing Co.
-Balance Sheet Sept.301932.
Assets1933.
1932.
LtatriWtes1933.
Real estate
3892,578 $686,517 Capital stock
$1,500,000 $1,600.000
Machinery
69,139
x
1,328,869 1,438,030 Federal taxes
Merchandlse
534,070
544,582 Reserve for deprea
112,394
Cash, accounts reof inventory-- 112,394
860,022
798,092
ceivable
540,429
376,365 Renewals
473,078
Profit and loss.--- 618,321
Total
$3,093,946 $3.045,494
x None for 1932.-V. 137, P. 3847
Total
$3,093,946 $3,045,494
Hawaiian Commercial & Sugar Co. Ltd.-Extra Div.An extra dividend of 50 cents per share has been declared on the capital
stock, par $25, payable Dec. 5 to holder of record Nov. 25, subject to the
5% Federal tax and the 0.5% Hawaiian unemployment tax. This distribution is in addition to the regular monthly dividend of 25 cents per share
which is payable on the same date.
An extra payment of 50 cents per share was also made on Sept. 5 last.
-V. 137, p 1772.
.
Hazel-Atlas Glass Co.
-Extra Distribution of $1.
The directors on Nov. 28 declared an extra dividend of $1 per share in
addition to the regular quarterly dividend of $1 per share on the common
.stock, par $25, both payable Jan. 2 1934 to holders of rehord Dec. 16 1933.
On Oct. 2 last, a quarterly distribution of $1 per share was made on this
Issue, as compared with a regular of 75 cents per share an an extra of 25
cents per share each quarter from Oct. 1 1931 to and incl. July 1 1933.
The extra dividend of $1 per share is payable from the non-recurring
-V. 137.p. 3334.
profit made from the sale of treasury stock.
-Extra Distribution.
-The
Hercules Powder Co., Inc.
directors on Nov. 29 declared an extra dividend of 75 cents
quarterly dividend of
per share in addition to the regular
373/i cents per share on the common stock, no par value,
payable Dec. 22 to holders of record Nov. 11. From
Sept. 1932 to and incl. Sept. 1933, the company made regular
quarterly distributions of 373/i cents per share on this issue,
as against 50 cents per share in June 1932 and 75 cents per
share each quarter from March 1929 to and incl. March 1932.
In addition, an extra payment of $1 per share was also made
/
in Dec. 1929.-V. 137, p. 3156.
Volume 137
Financial Chronicle
Holland Furnace Co.
-Earnings.
--
4019
Interstate Natural Gas Co., Inc.
-Bonds Called.
-
For income statement for 3 and 6 months ended Sept. 30 see "Earnings
Department" on a Preceding page.
Current assets as of Sept. 30 1933 including $728.889 cash, amounted to
$6,130,000 and current liabilities were $894,000. This compares with cash
of $725,044, current assets of $10,734,529 and current liabilities of $2,601,642 on Sept.30 1932.-V. 137. P. 1588.
There have been called for redemption as of Jan. 1 next a total of$325.000
1st mtge. 10-year 6% s. f, gold bonds, due July 1 1936. Payment wlli
be made at the Guaranty Trust Co., 140 Broadway, N. Y. City, sue*
cessor trustee, at 105 and int.-V. 135, P. 3700.
Hooker Electrochemical Co.
-Resumes Dividend:
The directors recently declared a quarterly dividend of $1.50 per share
Years Ended Aug.311933.
1932.
1931.
1930.
Sales
$1,881,104 $2.103,739 $3,681,666 $4,753,203
Cost ofsales
891,063
1,109,896
1,888,449
2.272,720
Operating expenses
896,454
1,075,558
1,556,361
1,604.378
Jantzen Knitting Mills Co. (Ore.).-Earnings.
-
on the 6% cum. pref. stock, par $100. payable Nov. 29 to holders of record
Nov.20. This payment covers the three months'period ended Aug.31 1933.
Quarterly distributions of like amount had been paid up to and incl.
Dec. 31 1931; none since.
-V. 136, P. 4280.
Net profit
Other income
Toe New York Produce Exchange as removed from the lis the class A
stock (no par).
-V. 134, p. 684.
Household Finance Corp.
-Asks for License in N. Y
The New York State Banking Department announced on Nov. 24 that
it had received for examination an application from the above corporation
for a license to transact business as a licensed lender at 450 Seventh Ave.,
N.Y. City.
-V.137, p. 3334.
Insull Utility Investments, Inc.
-Auction Postponed.
-
$105,435 loss$118,192
66,281
42,394
46,000
$180,989
66,531
255,000
$699,156
41.664
250,000
$63,041 def$230,473 def$140,543
573,839
950,253
1.255.505
145,940
164,709
$407,492
870.310
22,297
24
Cr.11
Jewel Tea Co., Inc.
-Sales.
Period Ended Nov. 4- 1933-4 Wks.
-1932.
-1932. 1933-44 Wks.
Sales
$879,668. $885,933 $8,538,291 $9,331.743
No.of sales routes
1,350
1.336
1.338
1,366
Sales of the 84 stores of Jewel Food Stores, Inc., a subsidiary, for the
four weeks ended Nov. 4 1933, were $327.242. Sales of the Jewel Food
Stores, Inc. for the 44 weeks ended Nov. 4 1933 with an average of 85
stores were $3,310,631.-V. 137. p. 3157.
International Mercantile Marine Co.
-Disposes of Its
Leyland Lines Service-Sale Includes Seven Ships.
-
''Johns
-Manville Corp.
-Resumes Preferred Dividend
Pays 33i% Accruals.
-The directors on Nov. 27 declapd a
regular quarterly dividend of 13 % on the 7% cum. pref.
4
stock, par $100; payable Jan. 1 1934 to holders of record
Dec. 11 1933, and the April 1 and July 1 1933 quarterly preferred dividends of 14% each, payable on Dec. 15 to holders
of record Dec. 11. The last regular quarterly distribution
on the pref. stock was made on Jan.3 1933.-V. 137, p. 2985.
s"."Johnson-Stephens 8r
847.hinkle
Co.3-Removed from List.
The New York Curb Exchang has removed from unlisted trading privileges the common stock (no j.-V. 137. P.
(Minor C.) Keith, Inc.
-Sale of Collateral.
-
International Paper Co.
-Reports Substantial Increase
•
in Employment.The company reports a substantial increase in employment in its operations in the United States, and an even greater increase in payroll in the
past five months. Since June the number of employees has risen 25%,
or from 10,743 to 13,468, and the company's payroll in that period has
increased from the annual rate of $11,760000 to $15,645,000, or 33%.
All the mills of this company and its subsidiaries in the United States are
covered in these figures.
Two wage increases have been made by the company; one in July and
one in October. At the same time the company put into effect at all
its mills the maximum working hours provided for in the code for the
paper industry which was signed by President Roosevelt on Nov. 17 and
became technically effective Nov. 27.
Volume of business of the company has greatly expanded in the past
six months and is reflected in the report of International Paper & Power
Co. for the third quarter, recently made public, which showed earnings
available for dividends for the first time in any quarter siDC43 Sept. 30 1931.
-V.137, P. 3338
.
International Paper & Power Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 3847.
Department" on a preceding page.
-Resumes Preferred Dividend.
.. 1`1%,International Silver Co.
The directors on Nov. 29 declared a dividend of $1 per,
share on the 7% cum. pref. stock, no par value, payable
Jan. 1 1934 to holders of record Dec. 13 1933. A like amount
was paid on this issue each quarter from April 1 1932 to and
incl. Jan. 1 1933, prior to which regular quarterly payments
of $1.75 per share were made.
The directors passed the following resolution:
Resolved: With a desire to do all possible to add to the purchasing power
at this time in support of the efforts now being made toward national
$916,845
79,679
45,345
92,665
$2.421,576 $2.392.609
Total
$2,421,576 $2,392,609
Total
x Represented by 200,000 no par shares.
-V.137, p. 3502.
Auction of the collateral of Insull Utilities Investment, Inc., and Corporation Securities Co. of Chicago, held by New York banks, has been postponed until noon, Dec. 27. This is the 43d postponement. The sale
was originally advertised for May 5 1932.-V. 137. IL 3335.
recovery and recognizing improved business conditions throughout the
country generally, the strong financial position of the company and the
earnings for the past two months, even though the earnings for the last
10 months as a whole might not actually justify the payment of same, the
directors hereby declare a dividend of 1% on the preferred capital stock.
V. 137, p. 3157.
$292,221
26,973
53.059
31.200
Total surplus
$636,881
$573,839
$950,253 $1,255,505
Shares common stock_..
200,000
200,000
200.000
100.000
$0.20
Nil
Earned per share
$0.57
$6.57
Consolidated Balance Sheet Aug. 31,
Liabilities
1933.
1932.
1932
Assets
1933.
$10,676
Cash
$619,275 $666,320 Tr. accts. payable. $23.364
219,746 Misc. accruals__ -24,332
28,843
Dust's receivables_ 227.708
461.935
401,564 Res. against yarn
Inventories
committments_
14,204
Prepd. Maur., sup27,485 Other obligations..
9,599
17,646
plies, ea
23,906
Land perch. mtge.
Sundry accts. and
20.000
57,810
57,159
due after 1931_
notes receivable
68,240 Preferred stock___ 977,400
977.400
Inv. stk. add. cos_
68,240
MIscell. invest'ta_
750,000
750.000
73,241
57,540 x Common stock_
465,790
Hayden Isl AmuseEarned surplus,_ 528,831
Capitalsurplus-__ 108,050
108.050
ment Co., stock
and secur. advs.. 115.880
115,880
Treas. stk. held for
resale-Cost
39,875
35,675
Plant and equip
733,704
742,999
Pats. &
1
Hupp Motor Car Corp.
-New President, &c.
-
•
$155.468 loss$65,109
3,544
7,568
46,465
45,527
Bal. carried to surplus
Surplus at first of year
Misc.charges (net)
At a meeting held on Nov. 29, the directors drastically reorganized the
board and elected Charles D. Hastings to succeed DuBois Young, who resigned, as President and General Manager. Mr. Hastings, who is Cnairman
of the board of directors, will also continue in that capacity.
The reorganization of the personnel of directors, now to include three
active Hupmobile distributors, three factory representatives and three
stockholders' representatives, marks a pronounced change in directorate
control and inaugurates toe policy of having the three groups most directly
connected with the company join together in its direction.
The three stockholders' representatives, all of whom are former directors,
include Moritz Rosentnal, a pattner in Ladenburg, Thalman & Co.; Charles
Hayden. partner in Hayden, Stone & Co., and A. M. Andrews.
The factory representatives will be Mr. Hastings, who also continues as
a director; Rufus S. Cole, Vice-President in Cnarge of Sales, and Ralph P.
Lyons, Treasurer. Both Mr. Cole and Mr. Lyons are new members of the
Board.
The tnree distributors of Hupmobile, all of whom are active, include
Charles E. Gambill, of Chicago; Eric Courtney, of Boston, and P. M.
Hesil, of Minneapolis.
-V.137,P 3156.
President P. A. S. Franklin on Nov. 27 confirmed reports that the company had disposed of its Leyland Line's services from England to the West
Indies, Mexico and the Gulf, to the Harrison Line of Liverpool. Seven
cargo vessels aggregating 45,130 gross tons were included in the sale, the
terms of which were not made public.
"In disposing of the Leyland Line's services and part of its fleet of British-flag cargo ships, we are continuing the policy inaugurated several years
ago to divest ourselves of all foreign-flag shipping in order to concentrate
on the development of American snipping in the trans-Atlantic and other
trades," said Mr. Franklin. "We plan to dispose of the remainder of the
Leyland Line fleet and the few other foreign ships that we have on our
hands just as soon as we can possibly do so."
The seven vessels included in the transfer from the Leyland Line to the
Harrison interests are tne Atlantian, Dakarian, Darian, Davisian, Dayton!an, Delillan and Dorelian. All are of approximately 6,500 gross tons and
were built between 1921 and 1928. With the exception of the Atlantian,
which was constructed by the Caledon Shipbuilding & Engineering Co..
Ltd., Dundee, all of the foregoing vessels were built by Messrs. David &
William Henderson & Co., Ltd., Glasgow.
Both the Leyland and Harrison lines have been competing in the trades
between England, the West Indies, Mexico and Gulf ports for several
years and under the deal that has just been completed the Leyland Line's
houseflag will disappear from tnese trades and the Harrison Line will carry
on the services witn its own fleet, including the seven ships just acquired.
Vessels that remain in the hands of the Leyland Line are the Barbadian,
Belgian, Bolivian, Dakotian, Mercian, Nevisitui, Ninian, Nitonian,
Nortonian, Norwegian, Nubian, Oranieui, Belgeniand, Pennland and Westernland. The tnree latter are passenger vessels, the Belgenland having
been withdrawn from the New York-Antwerp run some months ago, while
the Penniand and Westernland are still being operated on this run by the
Red Star Line, another I. M. M.subsidiary. The Red Star Line recently
sold the Lapland for scrap.
The remaining Leyland Line vessels will continue to be operated by the
I. M.M. Co. until sold,in their respective services, which include Liverpool
to Boston and Philadelphia; Liverpool to Baltimore and Norfolk; Manchester to Savannah, Charleston and Jacksonville; Manchester to Boston.
Philadelphia, Baltimore and Norfolk; London to Boston; Bristol Channel
ports to Montreal; Liverpool to New Orleans and Manchester to New York.
Directors of the Leyland Line are S. J. Jackson, Chairman; Leslie Roberts, General Manager, and W. R. Roberts.
-V. 137, p. 3157.
$876,105
40,740
Net profit
Pref.dividends
Common dividends
'••Iclorni Signal Mfg. Corp.yemoved from List.
•
$236,856
55,365
Totalincome
Interest
Depreciation
Federal income tax
Min.int.in London prof.
(Geo. A.) Hormel & Co.
-Wages Increased.=
A wage increase of two to four cents an hour has been granted by the
.,.company to its employees.
-V. 137, p. 3847.
$93,586 loss$81,714
61,882
16,605
Chemical Bank & Trust Co., as successor trustee under an identure
dated Dec. 1 1926, to United States Mortgage & Trust Co.securing 5
-year
5% secured gold notes announces that it will sell at auction on Dec. 4, the
adjourned date of sale, through Adrian II. Muller & Son 18 Vesey St.,
New York, certain assets of Minor C. Keith, Inc., and Minor C. Keith,
deceased, consisting of the following securities:
15,000 shares, United Fruit Co., capital stock (no par); 380,000 shares,
Premier Gold Mining Co., Ltd., capital stock (par $1); 10,488 shares,
International Products Corp., preferred stock ($100 par): 70,463 shares.
International Products Corp., common stock (no par); 1,000 shares, Keith
Realty Corp., capital stock (no par); $1,888,253, promissory note of Minor
C. Keith, dated Sept. 13 1928, due Dec. 1 1931; 14,540 shares, St. Andrews
Bay Lumber Co., common stock, or common stock trust certificates
therefor (par $100)
.-V. 135, p. 828.
-Extra Dividend.
Kekaha (Hawaii) Sugar Co., Ltd.
An extra dividend of 40 cents per share was paid Oct. 1 last on the
outstanding $3.000,000 capital stock, par $20, in addition to the usual
monthly dividend of like amount, both to holders of record Sept. 25.
Regular monthly dividends of 10 cents per share have been paid since
nd incl. July 1 1932, prior to which the stock received 20 cents per share
each month.
-V. 136. D. 1421.
Kelvinator Corp.
-Bond Retirement.
The corporation announces that its subsidiary, toe Electric Refrigeration
Building Corp., all of whose stock is owned by Kelvinator Corp., has
given notice of redemption of all its 1st mtge. 10
-year 6% sinking fund
gold bonds (maturing Dec. 1 1936) as of Dec. 1 1933 at 0131i and int
-V. 137, p. 3847.
Kendall Co.
-To Consolidate Sales Depts. of Two Units.
The company on Dec. 1 announced that, effective Dec. 4, the textile
sales departments of its Griswoldville Manufacturing Co. and Lewis Manufacturing Co. units are to be consolidated and will operate as Kendall Mills,
division of the Kendall Co. The Bauer & Black and other Kendall divisions are unaffected by the operating realignment.
The Lewis Manufacturing Co., Walpole. Mass., the original plant of
the Kendall Co., has developed a varied group of products in the surgical
textile and dry goods fields. The Griswoldville company, a hundred year
old concern with plants at Turners Falls. Colrain and Griswoldvllie. Mass.,
was acquired by Kendall in June, 1932.
Henry P. Kendall, President of the Kendall Co., will be President of
Kendall Mills. R. R. Higgins, who is General Manager and Sales Manager
of Lewis becomes Vice-President of the new organization and will continue the same functions at the general office in Walpole. R. L. Moyle.
who has been sales head of Griswoldville, will also become a Vice-President
and will have his offices at 40 Worth St., New York. Lawrence Davis will
be Advertising Manager; Richardson, Alley & Richards of Boston and
New York advertising agents.
-V. 137, p. 2112.
Kilburn Mills.
-Earnings.
Years EndedSept.30 1933. Oct. 1 1932.
Net profit after depreciation
$33.964
loss$40,996
Comparative Balance Sheet.
AssetsSep:M.
33. oa. 1 '32.
Sept.30'33. Oct. 1 '32.
Real estate, mach. $472,979 $513,035 Capital stock
$792,000 $792.000
Inventories
297,334
266,626 Reserve for taxes_
69,045
Cash, accounts, reAccts. payable
MISS
19,728
ceivable,
572,775
521,377 Surplus
450,852
462,315
Total
$1,343,088 $1,301,038
-V.137. P. 3848
,
Total
$1,343,088 S1,301.038
N 4020
Financial Chronicle
- Kingsbury Breweries Co.
-Ear
-Aiwa,-
(
For income statement for 5 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
The consolidated balance sheet as of Sept. 30 1933 shows current assets
of $887,388, including $366,196 cash, $279,513 accounts receivable, after
reserves, $200,739 inventory and $40,940 revenue stamps. Current
liabilities totaled $451,946. leaving working capital of $435,442, a ratio
ofl..96 to 1. Earned sw_plus as of Sept. 30 totaled $1,149,531.
dmitted to
New YorkList.-_2he Curb Exciiangflhas admitted to list the 300,000 snares
comm'stock (par $1), with aut rity to add to the list 64,900 additional
ix
shares common stock upon official notice of issuance upon the exercise of
certain stock purchase warrants. Tne transfer agent is the Guaranty
Trust Co. of New York.
-V. 137. p. 1947.
Kirsch Company.
-Earnings.
Year Ended June 30-Net sales
Cost of goods sold
Sell.,gen.& adminis.exp
1930.
1931.
1932.
1933.
$648,385 $1.100,786 $1,598,118 $2.189.078
1.098,928
848,385
650,362
391,540
836,233
611,991
335,590
512.597
Net profitfrom oper__ loss$78,746 loss$62,174
Non-operating income-7,523
7,377
$137,743
10,133
$253.917
13,814
Total income
loss$71,368 loss$54,651
Non-operating expenses_
24.103
7,816
Federal taxes
$147,876
32,850
$267,731
20,136
25.426
Net prof.avail.for div.loss$79,185 loss*78,754
Earns,per sh.on 108,090
abs. corn. stk.(no par)
Nil
Nil
$115,026
$222,168
$0.36
$1.36
Comparative Balance Sheet June 30.
1932.
1933.
1932.
1933.
$1,765
$60.772 Accounts payable.. $18,229
$89,773
6,814
3,455
150.808 Accruals
111,067
Convertible pre288
1,184,700 1,223,100
ferred stock
418,119
242,247
Common stock_ _ - 108,090 x108,090
Capital surplus_
286,363
813,084
135,671
622
3,413
8,388
13,432
2,700
AssetsCash
Accts. & notes rec.
Interest rec.
Inventories
Danish 5% treasury notes
Stocks and bonds..
Improv. real estate
Bldg. & loan stock
Mtge. notes, sec.
6,116
by impr. real est.
2,985
Land,b1dgs ,mach,
and equip., &c. 1,037,828 1,275,305
42,929
38,629
Patents
1
1
Good-will
183,735
50,965
Deferred charges
Total
$1,604,197 $2,149,494
$1.604,197 $2,149,494
Total
-V. 137. 13• 1589.
z Represented by 108,090 no par shares.
-Earnings:
Lake Shore Mines, Ltd.
Years End.June 30-1933.
1932.
1931.
1930.
Bullion production
$13.277.686 $12,356,759 $9,152.935 $6,576.780
32,948
612
Exchange on bull. sales_
1,441.369
38.418
136.401
95,794
46,119
Interest
Dec. 2 1933
Loblaw Groceterias Co., Ltd.
-Earnings.
For income statement for 4 and 20 weeks ended Oct. 21 see "Earnings
Department" on a preceding page.
-V. 137, p. 3158.
(P.) Lorillard Co.
-New Director.
Francis F. Randolph of J. & W. Seligman Sr Co., has been elected a
director to succeed Earle Bailie, who now a Special Assistant in the Treasury
Department in Washington.
-V. 137. p. 153.
-Approval Withdrawn.
Low-Priced Shares.
The Governing Committee of the New York Stock Exchange announced
on Nov. 23 that it had removed from the list of fixed or restricted management investment trusts held unobjectionable for member distribution.
Low-Priced Shares (1963) and Deposited Bond Shares, convertible debenture series 1938.-V. 137. P. 3336.
Ludlum Steel Co.
-$1 Preferred Dividend.
According to the plan to cancel preferred dividends, approved by the
stockholders on Nov. 20. the preferred stockholders of record Dec. 4 1933
will receive a cash dividend of $1 per share and a new .conversion privilege
permitting them at their option to convert each share of preferred stock into
five shares of common stock. See also V. 137. D. 3848.
-Earnings.MacKinnon Steel Corp., Ltd.
Years End. July 311933.
Bal. of prof. from oper.
after deduction of income tax
loss$25,073
Depreciation on plant,
See b
machinery,&c
1932.
1931.
1930.
$29,960
a$50,307
$102,816
14,000
18,000
24,000
Net profit
loss $25,073
Bal.of prof.fr. prey. yr..
42,054
Amount transferred from
operating reserve..
$15,960
53,143
$32,307
62,816
$78,816
30,347
Total surplus
Divs. paid on pref. stock
Adj.ofInc. tax of 1930
Pref.stock sink.fund_
$79.104
36,750
299
$95.123
39,427
2,552
$109,163
42,000
116,980
13,125
10,000
4,347
$42,054
$53,144
Profit and loss surplus
$3,855
$62,816
a After deduction of operating reserve. b Depreciation provided for
by transfer of $12,000 from surplus arising from redemption of preferred
stock at a discount.
Comparative Balance Sheet July 1.
LiabilUies1933.
1932.
1932.
1933.
Assets
$23,495 Accts. pay., incl.
518,318
Inventories
res. for inc. tax.
$2,456
29,225
13,877
85.293
Acc'ts receivable....
86,000
74,000
146,384
205,731 Res. for depreo'n_
Cash
964
669 Pref, stook sinking
Prep. taxes & ins_
fund
4,346
4,347
19,550
Prov. of Que. bds_
7% pref.stock .
_ . 475,000
_
510,000
Def, payments rec.
93,091
128,290
9,000 x Corn. stk. & Bur_
8,000
on land sold._ _
Land, bldgs., plant
453,811
and machinery. 453,811
$660,895 $721,930 Total
$660,895 $721,930
Total
x Represented by 12,000 common shares without nominal or par value.
V. 136. p. 2984.
.
Total income
$13,414,087 $13,893,923 $9,199,666 $6,648.146
-Admitted to List.
--McWatters Gold Mines,1.
3,567,049 2.690,372 s--Operating expenses
4,412,502 x4,314,583
The New York Produce Exchange as admitted to the list e capital
46,573
Administrative expenses
38,320
46,127
82,366
stock (no par).
.
Prov,for depr.on bldgs.,
510,469
750,126
607,700
structure & equipment
781,845
Majestic Apartments (Majestic Hotel Corp.), New
480.995
271,746
986,075
Provision for taxes
922,181
Profit for period
$7,215,192 $7,797,011 $4,505,600 $3,128,985
Dividends and bonuses_ 6.000,000
6,000,000 3,600,000 2.600.000
Balance, surplus
$1.215,192 $1.797,011
$528.985
$905,600
Earnings per share on
1,332,203 shs. of cap.
$2.35
stk.(par $1) outst'g
$5.42
$5.58
$3.37
x Includes development, mining, maintenance, general expenses and
provision for taxes, after deducting sundry revenue.
Balance Sheet June 30.
1932.
1933.
LiabilitiesAssetsCapital stock
11,332,203 $1,332,203
Bldgs., struc. &
51,597.410 52,098,857 Acc'ts payable, inequipment
cluding provision
Mining prop., dev.
1
for Dom. Govt.
1
& organiz. exps_
tax
1,318,441 1,167,865
Cash & bank bal_ 4,156,612 2,575,248
85,847
85,662
10,399 1,011,412 Salaries and wages
Loans. secured...
Insurance reserve. 421,501
371,772
Bullion product on
952
1,345
531.200 Employ. ben. res..
hand or in tran_ 453,990
2,599 Profit and loss..__ _ 5,702,233 4,529,509
3,677
Accts. receivable
337,657
Supplies on hand_ _ 317,867
467,413
322,400
Bonds
Shs. in other mining companies.... 1,450,431
371,772
Insur. reserve fund 421,501
952
1.345
Employ. ben. fund
Sundry assets and
90,856
prepaid expenses 125,936
$8,861,570 $7,487,963
Total
$8,861,570 $7,487,963
Total
x After deducting $3.692.843 reserve for depreciation in 1933 and $2,901.
982 in 1932.-V. 137, p. 3682. 2985, V. 136, p. 3549.
-Preferred Dividend.
Lehigh Portland Cement Co.
A dividend of 87% cents per share has been declared on the 7% cum.
pref. stock, par $100. payable Jan. 2 1934 to holders of record Dec. 14 1933.
A like amount has been paid on this issue since and incl. Jan. 3 1933, prior
to which regular quarterly distributions of $1.75 per share were made.
V.137,p.2817.
-Removedfrom List.
--.... Lincoln Fire Insurance 5o. of N.Y.
The New York Produce Exchang has removed from the list the capital
The
stock, par $5.-V. 137, p. 3848.
Lincoln National Life Insurance Co., Ft.
Ind.
-Awarded Reinsurance Contract.
Wayne,
Federal Judge Charles A. Dewey at Des Moines. Iowa, on Nov. 27
awarded to tnis company the reinsurance contract for the Royal Union
Life Insurance Co. of Does Moines.
Judge Dewey said the Lincoln company has agreed to employ the personnel of the former Royal Union organization for at least 18 months in
addition to handling the reinsurance. Selection of the Lincoln National
followed protracted hearings in Federal Court, during which the co-receivers
for the Royal Union submitted a proposal to reorganize toe concern as a
mutual company. Numerous firms and individuals offered objections to
the mutuallzation plan.
Arthur F. Hall, President of the Lincoln company, said: "The Lincoln
Life will add approximately $125,000,000 of insurance to its present amount
in force."
He said the assets of the Royal Union would aggregate $30,000,000.V. 137. p. 2985.
-Sale.
Lloyd Sabaudo Steamship Line, Italy.
It is reported that following the example of the Navigazione Generale
Italians, welch as decided to sell its 610,000 shares in the Italia combine,
the Lloyd Sabaudo at a general meeting has also decided to dispose qt its
snares at 40% of their nominal value to the Societe I. R. I., which' has
been founded by the State for the industrial reconstruction of the Italia.
The reduced value received for the shares, it is stated. Is because the
various fleets forming Italia have been overvalued. The State now folds all
the capital of the Italia. Toe holding company of toe Lloyd Sabaudo closed
its last year's accounts with a loss of8,700,000 lire.("Journal of Commerce")
-17. 137. p.2645.
York.-Committee Reports.
The Real Estate Bondholders' Protective Committee (George E. Roosevelt, Chairman), in a letter dated Nov. 22 to depositors of first mortgage
fee 6 sinking fund gold bond certificates dated June 11930, states:
By letter dated Nov. 25 1931 from S. W. Straus & Co., Inc., holders of
these bond certificates were notified of the organization of a committee
composed of officers of S. W. Straus & Co.. Inc., and were requested to
deposit their bond certificates with such committee. Thereafter, on March
2 1932, the committee of which George E. Roosevelt is Chairman was substituted for the Straus committee. Depositors were notified of the changes
in personnel and of the various amendments to the deposit agreement under
which the bond certificates are deposited.
Out of the $9,400,000 bond certificates issued and outstanding, there
were deposited as of Nov. 18 1933 88,532,100, or over 90% of the outstanding bond certificates.
For the information of depositors, the Roosevelt committee has prepared
a report which gives a review of the pertinent facts affecting their interest.
The report states in part:
In February, 1933, the successor trustee, acting in conjunction with the
Roosevelt committee, instituted suit against Majestic Hotel Corp., Irwin S.
and Henry I. Chanin and S. W. Straus & Co., Inc., for their failure to
complete the building in accordance with their respective guarantees.
Shortly thereafter S. W. Straus & Co., Inc., was placed in receivership.
It is therefore unlikely that much,if anything, will be realized on the claims
of the successor trustee against S. W. Straus & Co., Inc., for its failure to
complete the building under the terms of the guaranty agreements appearing in each of the offering circulars.
Foreclosure Proceedings and Mechanics' Liens -In February, 1933, the
successor trustee, at the request of the Roosevelt committee, instituted
proceedings to foreclose the indenture under which the bond certificates
were issued. Material men, contractors and other persons who performed
work in connection with the completion of the building and who were not
paid by Majestic Hotel Corp.for their work and services, have filed mechanics' liens against the property. These mechanics' liens aggregate $883,797.
Holders of mechanics' lien claims amounting to $644,037 have appeared
in the foreclosure proceedings, claiming that their liens are prior to the lien
of the indenture under which the bond certificates were issued. It is expected that the trial involving the mechanics' liens will take place in the
near future. The claims of the holders of the purported mechanics' liens
will be vigorously opposed by the successor trustee and the Roosevelt
committee.
Earnings of Property and Rental Situation.-The successor trustee entered
into possession of the property on Feb. 1 1932 and has been operating the
property since that time for the benefit of the holders of the bond certificates.
According to a statement prepared by Harris, Kerr, Forster & Co.
accountants and auditors, the gross collections of the property for the period
from Nov. 1 1931 through Sept.30 1933(a period ofone year and 11 months)
were $783,585, and the operating expenses were $398,876, leaving a net
income of $384,709 before provision for real estate taxes, interest and depreciation. This net income has been held and expended by the successor
trustee as follows:
$384,709
Net income
33,973
Expenditures
-(1) Interest paid on various trustees' advances_
(2) Payment of real estate taxes for last half of 1931 and
38.531
penalties thereon
308,777
(3) Net expenditures for construction, equipment, &c
$3,427
Unexpended balance as of Oct. 1 1933
Although the building was not entirely completed in October 1931,
Majestic Hotel Corp. was attempting to rent apartments at that time. In
the spring of the year 1932 an aggressive rental campaign was started in
an effort to increase the percentage of occupancy of the building. Competition in the renting field was probably keener at that time than ever
before, but the rental campaign was nevertheless highly successful. In
November 1931,shortly after the building was opened,it was approximately
24% occupied, and as of Nov. 1 1933 it was approximately 95'7. occupied.
-V. 134, p. 1593.
•
-Court Sets Rule on
Manhattan Electrical Supply Co.
"Seller Beware".
From the New York "Evening Post" of Nov. 24 we take the following:
An opinion by Federal Judge John M. Woolsey, stating that the old
legal maxim, "let the buyer beware," has been supplanted by "let the
seder beware." as far as stock market dealings are concerned, was hailed
to-day by officials of the United States Attorney's office as the deathknell of misrepresentations in stock promotion, pools and price boosting.
Volume 137
Financial Chronicle
In a 47
-page opinion, the Judge denied a motion to quash the indictment
of five defendants charged with fraudulent use of the mails in connection
with the sale of stock of the Manhattan Electrical Supply Co.(now known
as American Machine & Metals, Inc.), which was listed on the New York
Stock Exchange.
The defendants are Richard H.Brown,President of Manhattan Electrical
Supply. Charles H. McCarthy, alleged operator of a pool in the stock
Norman B. Ross, employed by Brown and McCarthy Charles Petree,
Reading, Pa., manager of Prince & Whitely, and Charles Woram, customer's man in the New York office of Prince & Whitely. Judge Woolsey
emphasized that his opinion denying the quashing of the indictment did
not in any sense pass upon the guilt or innocence of the defendants.
Judge Woolsey said it seemed to him, in view of the law and citations,
"that where two or more persons engage in a so-called pool operation on
a stock exchange in respect to a stock it is only by scrupulously maintained honesty of dealing that they may escape condemnation as a fraudulent
conspiracy. The slightest step over the line of absolute fair dealing takes
them into the zone of condemnation by the courts and the doctrine applicable to each member of the pool is the new maxim, 'caveat vendor.'
Artificial Price Rise.
"It is obvious that when two or more persons by a joint effort raise
the price of a stock artificially they are creating a kind of price mirage
which may lure an outsider into the market to his damage. In my opinion,
such a procedure would of itself constitute a fraud on the public. All
the more when such processes are accompanied by active propaganda
seeking to interest the public in shares, thus artificially raised in price,
It becomes the grossest kind of fraud. This is what I find set forth in
the indictment before me."
In reviewing the indictment, the Judge stated it alleges the formation
of a pool for the purpose of artificially manipulating, advancing and inflating stock selling at $20 a share to "several times its then selling price."
In 1930, Manhattan Electrical Supply,selling at $55.50 a share,dropped
to $25 a share in one day. Later it went to $6 a share, and finally to less
than $1 a share.
The indictment charges illegal acts and conspiracy during the period
from Sept. 1 1929 to Oct. 3 1930.
Assistant United States Attorneys Jacob J. Rosenblum, Joseph F.
Finnegan and W. B. Herlands, who argued against quashing the indictment, hailed the Judge's decision as a long step toward eliminating pool
operations. The defendants were represented by Samuel S. Koenig
and William Goldman.—V. 131, p. 124.
'...----Manufacturers Finance Co.—Removed from List.
The New York Curb Exchange as removed from the list the vot g trust
certificates for common stock( par).—V. 136, p. 4282.
Maple Leaf Milling Co. Ltd.—Pays Dec. 1 Interest.—
Rumors of uncertainty surrounding payment of bond interest by this
company were definitely cleared up on Nov. 23 when officials stated that
the interest due Dec. 1 would be paid in Canadian funds.—V. 137, p.
3848. 3683.
Maryland Casualty Co., Balto.—To Change Capital.—
A special meeting of the stockholders will be held Dec. 4 1933, for the
following purposes:
(a) To reduce the par value of the shares of its capital stock from $2 each
to $1 each and to transfer the sum of $500,000 thereby released from the
capital of the company to the surplus of the company.
(b) To increase its capital stock from $500,000 par $1 to $6,500,000 consisting of 1,000,000 shares of first convertible preferred stock par $2,
convertible into common shares of the par value of $1 each; of 100,000
shares of junior convertible preferred series A stock of the par value of $1
each, convertible into common shares of the par value of $1 each;of 250.000
shares of junior convertible preferred series B stock of the par value of $1
each, convertible into common shares of the par value of $1 each; of 3,650,000 shares of junior convertible preferred series 0stock of the par value
of $1 each, convertible into common share of the par value of $1 each,
and of the 500,000 common shares of the par value of $1 each.
(c) To authorize the board of directors to sell the new shares of first
convertible preferred stock and the new shares of junior convertible pref.
stock, of each and every series, at such price as the board of directors may
fix, but not less than $7.50 per share for the first convertible preferred stock
and not less than $2 per share for the shares of each and every series of
junior convertible preferred stock as, when and to whom the board of
directors may deem it to the best interests of the company provided,
however, that the existing common stockholders shall have the prior right
to subscribe for and take, at not less than $2 per share, ratably, in proportion to their holdings, when and as offered, the entire issue of junior
convertible preferred series 0 stock, subject to such regulations and adjustments as the directors may from time to time determine upon with a view
to avoiding the allotment of fractional shares, and provided further that
the first 500,000 shares of junior convertible preferred series C stock, as
and when offered to the then existing holders of common stock, in accordance with the aforegoing, shall be so offered at $2 per share, of which $1
shall be carried to the capital account and $1 to the surplus account of the
company.
F. Highlands Burns, President, in a letter sent to stockholders, states
that since 1930 the company has been forced to invest approximately
$5,000,000 in real estate mortgages in accordance with obligations imposed by mortgage guarantees, and has charged to loss through the same
source an additional sum of approximately $9,000,000.
The expenditure of these sums and the loss through depreciation in
securities have so reduced the company's available assets, it was asserted,
that it has been placed at a disadvantage in competing for insurance
4021
The net result of the entire refinancing transaction, it is stated, will be
the investment in the company of $8,000,000 of new money, of which
$500,000 will be received upon subscriptions to the series A and series B
junior convertible preferred stocks and $7,500,000 from the first convertible preferred stock. This new money will be used to pay off present
outstanding bills payable and to obtain the return of securities pledged
for such borrowed money.
With the mortgage guaranty situation well under control, the company
asserts that this refinancing will place it once more upon a liquid capital
basis and with a substantial surplus on market values where it can realize
upon the earning power of its insurance organization for the benefit of
stockholders.—V.,137, p. 2985.
Maynard & ChM, Inc.—Stock Offering.—A. W. Porter
Co., Inc., New York are offering 100,000 shares of capital
stock (par $1) at $6 per share. Stock is offered as a speculation. A prospectus affords the following:
&
Transfer agent, New York Trust Co., New York registrar, Bankers
Trust Co., New York.
Listing.—Company plans to make application to the New York Curb
Exchange for trading privileges for its capital stock.
Company.—Incorp. in New York, Jan. 18 1933, and has acquired from
Maynard & Child, Inc. (Mass.), all its contracts for the importation and
distribution of burgundies. sauterns, Rhine wines, clarets and well known
still wines of France and Germany champagne, ports and sherries French
and Dutch liqueurs French and Spanish brandies Dutch and English gins
Scotch and Irish whiskies ales, stouts, beers and other specialties.
The Massachusetts corporation has further agreed to assign to the
New York corporation, without further consideration, any and all contracts
It may secure in the future for the importation and distribution of wines
and liquors.
Contracts.—The prospectus gives a "partial list" of some of the more
Important shippers to be represented in the United States under contracts
which have been assigned to Maynard & Child, Inc., together with the
products to be handled. In all instances the contracts grant an exclusive
right to sell in the agency territory the products referred to manufactured
or distributed by these shippers, and in most instances the territory covers
the entire United States, although in a few cases the territory is limited.
Most of the contracts run for five years in two cases the duration is three
years, and in four cases the shipper has reserved the right to cancel at
an earlier date. None of the contracts contains a commitment by the
company to purchase or pay for any stated or minimum quantity of any
shipper's products. In general, the contracts provide that the company is
to act as principal, with the privilege of purchasing the products at the
lowest export prices currently quoted by the shipper to any other agents
or buyers, or at prices based upon the current market price for similar
merchandise as determined by the shipper, and reselling the products at
whatever price the company wishes (in some instances at not less than
the foregoing prices), the entire difference between the cost to the company
and its resale price to belong to the company. In most instances the contracts also provide that the company, at its election, may act as selling
agent, and receive commissions at the rate of 10% on the invoiced amount
of all business received by the shipper from or through the company.
Many of the contracts contain provisions that they are to continue, after
the original term, for periods varying from 5 to 10 years, unless previously
terminated by either party, and in most the company has agreed not to
handle competing brands at the same time, without the consent of the
shipper.
All of these shippers have been carefully checked and the management is
satisfied as to their responsibility. Many of then have been in business
for more than 100 years.
Offic,ers.—Herbert Maynard, Jr. President J. P. Green, Vice-President
F. It'. Gammon, Secretary and Treasurer.
Directors are: Herbert Maynard Jr., A. W. Porter, D. Howell Maynard
F. R. Gammon and Jack Peacock Green.
Balance Sheet at Oct. 1 1933.
Asset
Liabilities—
Contracts and agreements-- $75,000 x Accts. payable—contracts
Organization expense—proand agreements
375.000
vision for (contra)
17,000 Accrued liabilities—estimated
liability for organization
exp., not to exceed (contra) 17,000
Capital stock
Total
$92,000
Total
$92,000
le This liability to be liquidated by issue of 75 000 shares of the authorized
capital stock of the company, in accordance with terms of purchase agreement, dated Sept. 26 1933 with Maynard & Child, Inc., (Mass.) for contracts, business development, services and expenses and the name of
Maynard & Child, Inc.
y Capital Stock Commitments and Options.
75,000 shares at $1 per share, to be issued for contracts, business development, services and expenses and the name of Maynard & Child.
Inc., in accordance with contract dated Sept.26 1933 with Maynard
& Child, Inc. (Massachusetts).
100,000 shares at $5 per share, to be sold to A. W.Porter & Co., Inc., and
offered to public at $6 Per share.
Options.
24,000 shares at $7.50 per share to be issued upon exercise of option to
purchase by A. W.Porter & Co. Inc.
51,000 shares at $7.50 per share to be hatted upon exercise of options exercisable at any time within 3 years from Oct. 1 1933 set forth in
agreement dated Sept. 26 1933 with Maynard & Child, Inc.(Mass.)
"Befoie the raising of additional capital could be considered," the
letter states, "it was necessary to take some steps to solve the mortgage
Medusa Portland Ce nt Co.—Removed from List.
guaranty problem. This the company has done, in co-operation gate
wigh
The New York C
Curb Excnang as removed from unlisted trading
gage
r
the various mortgage companies for which such guarantees had been
leges the capital stock (no parr—V. 135. p. 141.
written in the past, through a mortgage bond refunding plan, the offering
of which was made possible by RFC, and which constitutes one of the imuip.,
Mengel Co.—To Increase Capitalization.—
largest operations of its kind ever undertaken in this country. It remitred the building up of a country-wide organization and the establishment
The stockholders will vote Dec. 22 on increasing the authorized common
of contact with more than 20,000 present bondholders. It required the
stock. Par $1, from 400.000 shares to 560,000 shares.
co-operation of substantially all bondholders in respect of obligations
It is understood that this change in capitalization is a preliminary step
guaranteed for payment by the company, and whose rights under such
in a plan of the company in regard to the financing of $2,958,600 mortgage
guarantees are superior to the rights of stockholders, to extend principal
bonds due March 1 1934. The company, it is said, will offer a plan of
maturities and accept a reduction in interest—all to the end that upon
conversion of the bonds and will retain a portion of the new stock for that
the new basis so established the mortgage guaranty business, in the past
years a source of heavy loss, might become largely self-supporting
purose.fw The company proposes to extend for five years the remainder of its
self-liquidating."
outstanding mortgage bonds and will offer a conversion plan into common
and
stock at prices ranging from $12.50 to $20, it was stated—V. 137. p. 142
In agreeing to lend the casualty company $7,500,000 through a subsidiary—conditional upon a successful conclusion of the general mortgage
refunding plan—the RFC stipulated that the company secure at least ----Missouri Portland Cent Co.—Removed from List.
Exchangey
$500,000 additional capital from other sources.
The New York Curb
as removed from unlisted trading
It was found impossible, however, to register stock under the Securities
lege& the capital stock, par $25.—V. 134. p. 3108.
Act for sale to stockholders in time to procure funds before the end of
as was necessary, and in order to meet this situation the company
the year,
(Robert) Mitchell Co., Ltd.—New Officers, &c.—
obtained satisfactory assurances of subscriptions to two proposed new
J. P. Linton, General Manager of the Garth Co., a wholly-owned subissues of junior convertible preferred stock, series A and series B. These
sidiary, has been elected Vice-President.
subordinated to the first convertible preferred stock to be
issues will be
Alfred Broomer. Comptroller and Secretary, has been elected to the
held by the RFC as collateral for its loan. The series A, in the amount
board. Other officers of the Mitchell company who are also members
of 100,000 shares, will be offered for private subscription, and the series 13,
of the board are: Allan M. Mitchell, President, S. C. Holland, Viceshares, will be offered solely within the State
in the amount of 250,000
President and General Manager, J. P. Linton, Vice-President. The folof Maryland. In neither case, it is asserted, will the offerings be subject
lowing directors complete the board: Frank B. Common, K.C.. F. Hay,
to registration under the Securities Act.
D. I. MacLeod and Howard Murray, O.B.E.—V. 137. P. 2115.
With the primary purpose of raising funds with which to retire permanently the first preferred stock deposited with the RFC, the company
Monsanto Chemical Co. (Del.).—Extra Dividend of
common stockholders 3,650,000 shares of series OP
also proposes to offer to
junior convertible preferred stock, from time to time, subsequent to regis75 Cents—To Pay Bonus to Employees.—The directors on
the Securities Act. This stock would be offered at not
tration under
Nov. 29 declared an extra dividend of 75 cents per share
less than $2 a share.
in addition to the regular quarterly dividend of 31 3 cents
Under the proposed charter amendment, all classes of preferred stock
retirement, the first preferred at $7.50 a share and
would be subject to
per share on the outstanding 432,000 shares of common
the junior preferred—after all the first preferred has been retired—at
stock, par $10, both payable Dec. 29 to holders of record
$2 a share. These issues are convertible into common stock at the same
ratio, that is to say, 3,ti shares of common for each share of first preDec. 10. During the present year the company paid
(erred and one share of common for each share of junior preferred.
regular quarterly dividends of 31% cents per share on
"It is important," the company asserts, "that it be fully understood
the $7,500,000 received from the RFC on the first convertible preferred
Jan. 2, April 1, July 1 and Oct. 2. Together with the dis,
stock is to be used to repay the RFC the money now owed it. The transtributions to be made on Dec. 29, the total disbursements
action will not affect the book-value of the stock, since it is no more than
the capitalization of a present debt; and the dividends payable on this
this year will amount to $2.31 3 cents per share, as aimadditional outlay, since against them must
entire (813110 will entail but little
pared with $1.25 per share in 1932.
be offset the interest now being paid on the loans."
;#4.
4022
Financial Chronicle
The directors also voted bonuses to all employees who are not already
working under the company's bonus plan. Employees who have been with
the company for a year or more will receive a full week's pay on Dec. 22.
Those who have been in the employ of the company for less than a year
will receive proportionate payments in cash. Executives, technicians,
salesmen, foremen and others whose contributions to the company's earnings can be adequately measured, have been working under a bonus plan
for the past few years.
In announcing the extra dividend and bonuses, President Edgar M.
Queeny stated that 1933 earnings of the company "will not fall very short
of$5 a share. Earnings for the first nine months of the year were $1.519,704,
or $3.51 a share. Sales thus far in the fourth quarter have held up satisfactorily and our present position warrants the action taken by the directors.
Future dividend policy will depend upon conditions."
-V. 137, p. 3503.
Mortgage Bond Co. of New York.
-Reorganization Plan.
-Ridley Watts, Chairman of the bondholders' committee
for the collateral trust mortgage bonds of all series is notifying
all depositors under the bondholders' agreement, dated
April 5 1933, that a plan of reorganization has been formulated and approved by the committee.
The plan provides for the formation of a new company and will be carried
out subject to the supervision of the New York Supreme Court, and shall
be contingent upon approval by that Court, the Superintendent of Banks
of the State of New York and by the holders of at least two-thirds in principal amount of the outstanding bonds and upon its being declared operative
by the committee. George J. Leness,60 Cedar St., New York, is secretary
of the Committee and Chemical Bank & Trust Co., New York, depositary.
Other members of the Bondholders' Committee are Chester A. Allen,
Charles G.Edwards, Samuel S. Hall, Jr., Otto H. Nelson, George Ramsey,
Lawrason Riggs, Jr. and Felix T. Rosen. Counsel are Sullivan & Cromwell.
48 Wall St., New York, N. Y.
Sub-Depositaries are Harris Forbes Trust Co., 24 Federal St., Boston,
Mass. and Harris Trust & Savings Bank, Chicago, Ill.
Outstanding Bonds.-Tne old bonds now outstanding are as follows:
Series Interest
Principal Amount.
Due Date.
Rate.
No.
51,820,500
67
4
1933 Nov. 1
1.761.700
5
1934 Sept. 1
q
?
1 ,942,600
Dec 1
531%
6
1,912,500
7
1935 May 1
53'%
1,917,000
8Oct. 1
1,925,000
9
1936 Mar. 1
1,852.900
Sept. 1
1,838,500
Dec 1
11
53a
490,000
Apr. 15
17
535%
,
1,525,300
12
1937 Mar. 1
5%
1,806,000
Nov. 1
14
5A c.7
2
500,000
Apr. 15
18
855,500
15
1938 June 1
308.000
53.%
Apr. 15
19
124,000
July 1
20
5A 70
92,000
21
1939 July 1
5%
915.000
1940 May 1
16
53%
1,365,500
4%
1966 Oct. 1
2
2
5w,
10 . gP
g
$22,952,000
Total
All of the old bonds were issued under trust agreement dated Oct. 1 1906
between the company and United States Trust Co. of New York as trustee
and are all ratably secured by the trust fund held thereunder. On May 31
1933 the trust fund consisted of:
-Principal Amount:
(1) First Mortgages
In process of foreclosure
$77,514
In arrears more than 30 days for interest
9,146,441
Not in arrears for interest
13,298.132
Total
(2) Cash
(3) Real Estate: Uncollected ba,ances ot first mortgages on
rea,estate acquired tnrough foreclosure
22.522.088
422,000
9.094
Total
$22,953,182
The amount of interest in arrears more tnan 30 days on the above listed
$9.146,441 principal amount of mortgages was $353,293 on May 31 1933.
At the same date, out of the foregoing total of $22,522,088 principal amount
of mortgages there were $2,467.176 principal amount matured and uncollected and $791,670 aggregate amount of principal amortization due_and
uncollected.
In addition to the delinquencies noted above there were taxes in arrears
on the properties covered by the trust fund mortgages which the company
estimates amounted to a total of about 51.250,000 on May 31 1933 and is
equivalent to about one year's taxes on those properties. Company advises
that because of the many jurisdictions in which its loans nave been placed
and because of the continually changing tax arrangements which are being
currently employed even in different municipalities within the same state,
it is virtually impossible to tell as of any given date, the exact total of taxes
then in arrears. Company further reports that interest and tax delinquencies
under its mortgages nave continued to increase since May 31 1933 and have
been aggravated by the expectation of many borrowers that they will be
relleved of pressing obligations of this character through some public agency
or by moratoria in one form or anotner.
All interest accrued on the company's bonds to July 1 1933 (whether or
not then payable by the terms of the bonds and coupons) has been paid or
funds therefor have been set aside.
Until the time of the banking crisis In March 1933 the company was able
to meet all its obllgations as they matured although its cash income collected
was not enough to satisfy all accruing expenses. Following the President's
proclamation on March 6 1933 declaring a bank holiday and the Executive
Order of March 10 1933, as interpreted by the Treasury Department, the
Superintendent of Banks of the State of New York on March 16 1933 issued
rules and regulations for the conduct of the business of this and similar
companies under which the company was restricted to making payments
of its obligations only from its collections after deducting expenses and
reserves. Sum collections being insufficient for the purpose and the regulations being designed as only a means of temporary protection for creditors
and the public to prevent preferences and destructive liquidation, it became
essential to provide for operation on a reorganized basis.
It was not thought possible to use even the results of recent operations
as a definite guide, the company officials reporting that IC was becoming
increasingly difficult to make current collections from mortgagors both
because of their dwindling resources from the cumulative effect of the
long depression and because of the various emergency laws and regulations
in different jurisdictions which operate to delay collections.
Funds for the payment of bonds at maturity can only be realized through
a refunding operation or through collection of individual loans or sale of
foreclosed properties. A great majority of individual mortgages can only
be paid at maturity if it is possible for the individuals to refund them by
borrowing from someone else. Under the present condition of extreme
demoeallzation in the real estate market it is not possible to realize a fair
amount on properties in either way.
Method of Reorganization.
New Company.
-A new corporation is to beformed as a business corporation under the laws of New York. It shall have powers broad enough to
permit the servicing of loans for others as the old company has heretofore
done.
The old bonds are to be declared due and enforced against the old company. This plan anticipates that when the assets of the old company are
sold in such proceedings all or substantially all of them (including both
those held in the trust fund for the bonds and those not so pledged) will
be acquired for the new company by applying in whole or part payment
therefor the bonds participating in the plan or funds obtained by means
of said bonds. If said assets or any portion thereof are acquired by any
other parties and, in the judgment of the committee, it is still possible and
advisable to proceed with this plan, the proceeds of such assets to which
the bonds participating herein are entitled shall be disposed of as the committee may decide, but if in the judgment of the committee it LI then no
longer possible or advisable to proceed with this plan the said proceeds shall
be disposed of in accordance with the provisions of the bondholders' agreement and this plan shall be abandoned.
If in the judgment of the committee sufficient assets of the old company
are acquired under this plan to make the plan effective, they shall be trans-
Dec. 2 1933
ferred to the new company in consideration of the issuance of its bonds and
stock.
All taxes owed by the old company and its sundry accounts and accrued
expenses shall be paid or provided for from its assets before their sale and
transfer to the new company or be assumed by the new company.
A contingent claim for future rent oy the landlord of the old company s
office will, it is expected, be settled through a new lease to be negotiated
for the new company, but in any case this claim is to be dealt with as the
committee may decide.
Issuance of New Securities.
The authorized amount of securities of the new company shall be as
follows:
(1) Collateral Trust Bonds.
-Interest Rate
Principal
Due
Cumulative
Series
Amount.
Date.
Fixed.
Nos.
Income.
$4,590,400
*1939
1
21
23 7
4,590,400
1943
2
2
2A
4,590.400
1947
2
3
235
4,590,400
1951
4
2
4,590,400
1955
%2g
2
5
2%
4
$22,952,000
(2) Capital Stock.
165,000 shares of no par value or of such par value as the Committee may decide.
-year intervals.
* First maturity 6 years,others at about 4
Each old bondholder will receive an equal principal amount of the new
bonds divided equally among the new series so that the holder of a $1,000
bond in any of the old series will receive a $200 bond in each one of the five
new series, making a total of $1,000 principal amount of new bonds for one
old bond of the same amount.
In addition, the old bondholders will receive stock of the new company
(or scrip for fractional interests) in amounts depending upon the interest
rate on their old bonds as follows:
old bond of $1,000.
3 shares of new stock for each 4
old bond of $1,000.
4 shares of new stock for each 5
5 shares of new stock for each 5 % old bond of $1,000.
5 shares of new stock for each 5 % old bond of 4o1,000.
6 shares of new stock for each 6% old bond of $1,000.
No provision will be made for any interest on the old bonds which has not
been paid or provided for apart from this plan.
The old stockholders will be offered an opportunity to subscribefor
1% shares of new stock for each 1 share of old stock held (a total of 30,000
shares of new stock) upon payment of 1,2 per share. To the extent that such
stock is not subscribed for it will be available for issue as may be determined
by the directors of the new company.
For the management of the new company there will be reserved or
deposited In escrow 20,000 shares of its stock for delivery at the end of the
first two-year period during which the new company has paid up the full
5% interest on its bonds and has kept such interest currently paid In full.
The shares so reserved will be distributable to such persons as its Board
of Directors may determine.
The stock of the new company may, in the discretion of the committee,
be placed in a voting trust for a period of not more than 10 years, and in
that event, voting trust certificates will be delivered under this plan in lieu
of stock certificates. The first voting trustees shall be approved by the
committee and may, but need not, include members of the committee.
V. 137, p. 3336.
Total
Moxie Co.-Earnings Years Ended Sept. 30Netsales
Cost of goods sold (Incl. selling, advertising and
administrative expenses)
1933.
1932.
$973,254 $1.506,162
1,044,885
1,469,737
Income from operations
Other income
loss$71,631
8,397
$36,425
15,224
Total Income
Interest, bad debts, &c
Non-recurring loss on sale of equipment
Provision for Federal income taxes
loss$63,234
36,196
$51,649
25.618
22,021
444
Balance of net income
Previous surplus
Adjustments
loss$99,430
470,420
Dr.92,993
$3,566
641,769
202
$277.997
$645,539
175,118
Total surplus
Dividends paid on class A stock
Earned surplus
$470,420
$277,997
Balance Sheet Sept. 30.
1932.
Assets
1933.
Ltatdltties1933.
1932.
Cash
$52,429
$39,349 Accounts payable
Accts. rec.-Trade 240,982
296,309
Trade
$36,238
625,536
Accr. int, on invest
865
958 Unclaimed empties
2,008
1;597
Notes receivable_ _
4,863
2,030 Notes payable_ _ _ 110,000
50,000
Inventories
312,063
286,706 Salaries and wages
Marketable scour.
accrued
951
(at cost)
33,862
124,098 Mtge. int. accrued
2,869
2,647
Sundry accts. rec.
2,296
5,375 Replace. Moxie duo
Plant and equip_ _ 665,156
560,725
agents
3,500
Prepaid taxes and
Prey.for Fed.taxes
444
643
insurance
13,155
16,169 Real estate mtges. 167,500
167,500
Organization exps _
10,287
10,287 Class A stock
890,578
889,040
Patent rights, trade
Y Class B stock... 377,870
377,877
marks and goodSurplus
470,420
412,398
will
655,925
655,925
Total
61,091,885 $1,997,934
Total
$1,991,886 $1,997,934
x Represented by 58,399 (58,500 in 1932) no par shares. y Represented
by 399.992 (400.000 in 1932) no par shares.
-V.137, p. 1591.
Nash Motors Co.
-Resumes Operations.
Operations in the company's Kenosha. Wis., plant were resumed on
Nov. 22 following the announcement of C., W. Nash, Chairman of the
board, that the departmental dispute which caused the closing of the factory
Nov. 8 and the lay-off of more than 3,000 men, had been settled. The
company will proceed at once, he said, with its 1934 motor car program
which, early in November, had doubled the employment In Nash factories
in WIsconsin.-V. 137, p. 2817.
National Automobile Mutual Casualty Co.-Liquidation.Checks are being mailed by the Liquidation Bureau of the New York
State Insurance Department in payment of approximately $35,000 interest
on allowed claims filed against the company In liquidation. Such claims
have been paid in full. The first dividend of 90% was paid to claimants on
Aug. 24 1931 and the second dividend of 10% on Sept. 30 1932.
The results obtained by the liquidator in the collection of an assessment
against members of the company aided very materially In permitting payment of claims in full with interest. A few claims are still being litigated
but indications are favorable that refunds may be made at a later date to
policyholders entitled to share in the surplus funds.
National Beer & Wine Importers, Inc.
-Offering of
Stock Withdrawn.-Hammons & Co., Inc., who on Nov. 16
formally offered 100,000 units (each unit consisting of two
shares of class A stock and one share of class B stock and
warrant), writing to the "Chronicle" under date of Nov. 28
states:
After a conference with the Chairman of the Now York State Alcoholic
Beverage Control Board concerning the regulations of said Board, which
were available only recently, we have decided to withdraw the offering to
regard to National Beer & Wine Importers, Inc. for the time being. see
also V. 137, p. 3684.
National Tile Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V1 137, p. 327.
Volume 137
Financial Chronicle
Natomas Co.
-Earnings.
-Receipts of the company from gold operations reached a new high level
during (October as result of the relatively stable price received for its production, averaging well over $30 an ounce. October gross income from
gold produced, totaled $190,233 against $179,000 in September, when
price received for gold did not exceed $30 an ounce until late in the month.
C'Wall Street Journal").
-V, 137, P. 3337.
•"--•"-New York Investors, InciRemoved from List.
ng
The New York Produce Excha
Cumulative Jet preferred stock. Par
as removed from the 1
00.-V. 137, D. 3337.
the 6%
Northwest Bancorporation.-Stock Sales Suspended by
Minnesota Commission Pending Hearings on Charges of
Manipulation-Solvency Not Questioned.
-See last week's
"Chronicle," p. 3768.-V. 137, p. 2987.
Ohio Brass Co.-Remov from List.q
ey
The New York Curb Exchange as removed from unlisted trading privieges the class A common stock o par).
-V. 136. p. 1031.
Old Colony Trust Associates-Trustees Sued-Breach of
Trust Alleged by a Group of Small Shareholders.
Messrs. Hurlburt, Jones & Hall, attorneys representing a dozen or more
small owners of stock in the Old Colony Trust Associates, have brought
an equity suit in the Massachusetts Superior Court against 11 trustees
of the Old Colony Trust Associates alleging breach of trust in respect to
purchase in 1930 for the Trust of 20,000 shares of First National Bank of
Boston at $118 a share; the purchase of various amounts of Associates stock
at prices causing a heavy loss to the Trust,and the purchase in 1931 of stock
in the Everett Trust Co. at a time when the trustees knew or should have
known that it was in financial difficulties. The Boston "News Bureau"
further states:
The petitioners ask:
That the trustees be ordered to account for all sums paid on account of
the purchase of 20,000 shares of First National Bank of Boston stock;
That they be ordered to account for all sums paid for the purchase of
Old Colony Trust Associates stock;
That they be ordered to account for all sums paid for shares of the
Everett Trust Co. and loans to said institution.
The Original Financing.
The bill of complaint recites that in May 1928 400.000 shares of Old
Colony Trust Associates were sold to the public for $20.103.544. which
sum was used in part for the purchase of control of various banks and trust
companies in eastern Massachusetts, and that on Dec. 31 1929 the Trust
owned bank stocks at a cost totaling $14,990,663,and that it had in addition
Government securities and municipal bonds costing $3,380,999.
It is charged that in 1930 20.000 shares of First National Bank of Boston
were purchased at $118 a share, which action "was a departure from the
policy and intent of the Trust," it having been the policy to purchase
control of many small banks.
It is charged that these shares of the First National Bank were not purchased in the open market, but from stockholders in the bank whom the
trustees knew, and the trustees, acting as the Old Colony Trust Associates,
entered into agreements with the sellers of these 20.000 shares under the
terms of which the sellers had a right to repurchase from the Trust 7,500
shares at $123 a share, and a further 7,500 shares at $128 a share, but under
these agreements the sellers were not compelled to repurchase at any price.
During 1930 First National Bank stock dropped from a high of 134 Yi4
to 118 at the time of the purchase of said 20,000 shares and subsequent
thereto the price dropped, during 1930, to a low of $65 a share. In 1928
and 1929 the stock had a market value in excess of $134.
The petitioners allege that the sellers of the bank stock, having seen the
value steadily declining and believing that it would continue to decline,
"desired to sell said shares to protect themselves from loss, but under a repurchase agreement which would protect said sellers in case the said shares
went up in value." The sellers of the 20,000 shares are declared to have
improperly influenced the trustees and caused the Associates to purchase
the shares with money belonging to the Trust. The stock in question is
stated to have a market value now of less than $25 and the trust estate
is said to have suffered a loss of over $1,860,000.
Purchases of Associates Stock.
It is alleged that during 1930 the trustees purchased thousands of shares
of Associates at a cost of $767,700, although the trustees "well knew or
ought to have known that the market value was steadily declining, so that
the shares purchased during 1930 had on Dec. 31 1931 a market value of
only $598,000." During 1930 the trustees are alleged to have purchased
additional Associates stock, so that on Dec. 31 1931 the Associates had
purchased 21,500 shares at a cost of $848,875.
The bill further avers that in 1931, after the purchase of the last of these
shares, the trustees caused them to be canceled and charged to the capital
account of the Trust at the full purchase price of $848,875, thereby causing
a loss to the Trust of over $600.000.
The 21,500 shares purchased during 1930 and 1931 are declared not to
have been purchased for the benefit of the Trust, but for the benefit of the
sellers of these shares, and in so doing the trustees preferred certain shareholders over the remaining shareholders.
During 1930 and 1931 the petitioners allege the Everett Trust Co. was
in financial difficulties, that the executive officers of the Associates were
so advised and that its shares were not a proper investment, that nevertheless the Trust purchased during 1930 26,600 shares of Everett Trust Co.
and during 1931 3,745 additional shares, for which $294,775 was paid and
that these purchases constituted a breach of trust.
The petitioners also allege that notwithstanding the Everett Trust Co.
was "hopelessly insolvent, the Associates loaned to the trust company
$899,920, taking a demand note secured by inadequate collateral.
At some time in 1932 the Everett Trust Co. was reorganized, and the
defendants, it is charged, caused the Associates to subscribe and pay for
16,042 shares of stock in the new bank at a cost of $320,840, and that in
the same year the Associates charged off as a loss actually realized the total
amount paid for the 30,345 shares of trust company stock.
-V.137, p.3685.
Old Joe Distilling Co. (Ky.).-Preferred Stock Offered.Kerfoot, Leggett & Co., Chicago, are offering (as a speculation) 60,000 shares of cumulative participating preferred
stock at $6.75 per share. A prospectus affords the following:
Preferred stock has preference as to cumulative dividends from Jan. 1
1934 at rate of 40c. per share per annum. Upon liquidation it is preferred
In distribution of assets to extent of $7.50 Per share and dividends. Divi-J. In addition to dividends at rate of 40c. per share per
dends payable Q.
annum, preferred stock will participate fully with the common on a share
for share basis, in any further distribution of dividends after common,
during the pertinent calendar year, shall have received 40c. per share.
Preferred stock, has no voting rights unless company shall be in arrears in
the payment of 8 quarterly dividends, when it becomes voting on a share
for share basis with the common until such arrears have been paid in full.
Transfer agent, American National Bank & Trust Co., Chicago. Registrar,
Trust Co. of Chicago.
Capitalization Upon Completion of Present Financing.
Issued.
Authorized.
100.000 sits. 60.000 sits.
Preferred stock,8% cumulative (par $5)
Common stock (par $1)
50,000 sits. 50.000 abs.
History.
-Company, with principal business office at Lawrenceburg, Ky.
was incorp. July 28 1933 in Kentucky, for purpose of engaging in business
as distillers, manufacturers, dealers and rectifiers of liquors of all kinds,
and to conduct kindred activities. It is neither a holding company nor a
subholding company.
Company having in mind the repeal of the Eighteenth Amendment and
the amendment of the laws and constitution of the State of Kentucky,
Will rehabilitate its present distilling plant, which upon the issuance of
permit, can then be immediately used for the manufacture of whiskey
for medicinal and other legal purposes, in coformity with the present laws.
The organizers and promoters of the company are Gratz B. Hawkins,
Agnes F. Brown, Wilgus Naugher, Maurice S. Hawkins and Ada I. Hawkins
all of Lawrenceburg Ky., also, John M. Woodring. Louisville, Ky.. and
F. N. Kneeland, Chicago.
Properties.
-In consideration for the issuance of 49,500 shares of Its
common stock, and the payment of $500 in cash, company has acquired
4023
the former Old Prentice Distillery property located near McBrayer, Ky.,
together with all necessary rights. In addition, and as part of the same
transaction, the company acquired all rights of Graz B. Hawkins in respect
of the brand "Old Joe" whiskey and the good will of the distilling business
formerly conducted by Old Joe Distilling Co., a Kentucky corporation,
now dissolved. The real estate thus acquired was previously owned by
Agnes F. Brown.
Upon completion of this rehabilitation the company's operating properties will consist of a complete plant for the distilling and warehousing of
whiskey. The distilling plant will be fully equipped with modern machinery and will have a daily mashing capacity of 600 bushels, which
should yield 60 barrels of whiskey per day, or about 10.800 barrels of
whiskey Per year.
Management -Officers and directors: Gratz B. Hawkins, President;
Agnes F. Brown, Vice-President; Wilgus Naugher, Secretary; Maurice S.
Hawkins, all of Lawrenceburg. By.
Purpose.
-Offering of preferred stock is made for the purpose of securing
funds with which to rehabilitate and equip the company's distilling plant,
to erect a warehouse and other necessary structures, and to provide working
capital. The net proceeds from the sale of this stock, amounting to $300,000, will be used to the eaten.; of approximately $95,000 for the construction
of buildings and for the purchase of machinery and equipment. Approximately $195,000 will be used for working capital and it is estimated that
not to exceed $10,000 will be necessary in connection with the organization
of the corporation and the registration of its securities.
Pro Forma Balance Sheet as at Sept. 20 1933.
Liabilities
Assets
Plant and equipment
$158.824 Preferred stock
Brands and labels
1 Common stock
Surplus
Proceeds from sale of pref.
stock
205,889
$300.000
50.000
14.714
Total
$364,714
Total
$364,714
Underwriting,-Kerfoot, Leggett Sz Co. Chicago, has contracted to
purchase 60,000 shares cumulative participating preferred stock at $5
per share, after said stock has been qualified for sale under the so-called
Blue Sky Laws of Kentucky and Illinois and registered under the Federal
Securities Act of 1933, as follow: 20.000 shares not later than 15 days after
such qualification and registration, 20,000 shares not later than 60 days
after such qualification and registration and 20.000 shares not later than
90 days after such qualification and registration.
As a part of the contract, the company has also granted to Kerfoot,
Leggett & Co. an option to buy the remaining 40,000 shares of authorized
preferred stock at a price of $5 per share, such option remaining in force
until 30 days after notice has been given by the company that it
wishes to sell such additional preferred stock or any part thereof, whereupon
the option will cease as to the stock described in such notice.
A contract has also been entered into between Agnes F. Brown and
Kerfoot, Leggett & Co. whereunder 18,000 shares of common stock are to
be delivered by her to Kerfoot, Leggett & Co., upon completion of the
purchase of the 60,000 shares of preferred stock as outlined above.
Kerfoot. Leggett & Co. have entered into an agreeemnt with F. J. Young
& Co., Inc. 63 Wall St., New York, whereunder the latter has the right
to find purchasers for the 60.000 shares of preferred stock at not less than
$5.40 per share. With respect to any of the 60,000 shares sold by F. J.
Young & Co.,Inc.the issuer is to receive $5 per share and Kerfoot, Leggett
& Co., $0.40 per s'hare. The agreement also provides for the delivery by
Kerfoot, Leggett & Co. of 4-15ths share of common stock of issuer to F. J.
Young & Co., Inc., for each share of preferred stock paid for and taken
down by F. .1. Young & Co., Inc. Further an escrow agreement has been
executed by the issuer. Kerfoot, Leggett & Co.. F. J. Young & Co., Inc..
and Continental Bank & Trust Co.of New York.as depositary, with respect
to 20,000 shares of the preferred stock subscribed for by Kerfoot, Leggett
& Co. providing for the impounding of the entire proceeds of sale thereof.
Pursuant thereto, if the entire 20,000 shares be not sold on or before Jan. 12
1934 (or such later date not more than 120 days from Nov. 13 1933, as
may be fixed by joint order of the issuer, Kerfoot, Leggett & Co. and F. J.
Young & Co., Inc., filed with the depositary within 59 days from Nov. 13
1933), the depositary will offer to the registered holders of such stock to
repurchase the share sold at the purchase price thereof. When all 20,000
of said shares are sold, the issuer will receive $5 per share, Kerfoot, Leggett
&
$0.40 per share with respect to all shares paid for and taken down
byCo.. Young & Co., Inc. All other extess of the sales price above the
F. J.
sum of $5 per share is to be received by Kerfoot, Leggett & Co. and F. J.
Young & Co., Inc., on account of the shares taken down and paid for by
them respectively. Subject to the consent of the depositary the escrow
agreement may be amended upon the joint order of the issuer, F. J. Young
S.. Co., Inc., and Kerfoot, Leggett & Co.
F. J. Young & Co.. Inc., has also been granted the right by Kerfoot,
Leggett & Co. to cause it to exercise its option with respect to said remaining 40,000 shares of preferred stock on behalf of F. J. Young & Co., Inc.,
either in full if F. J. Young & Co.. Inc., has found purchasers for all of
said 60.000 shares, or partially in proportion to the number of said shares
for which F. J. Young & Co., Inc. has found purchasers.
Kerfoot, Leggett & Co. may also offer part of said 60.000 shares at
wholesale to dealers at a discount from the offering price not exceeding
$2 per share, and such dealers may be given as a bonus some of the 18.000
shares of common stock to be received by Kerfoot Leggett & Co. from
Agnes F. Brown. Of these 18,000 shares of common stock retained by
Kerfoot, Leggett & Co. and not given away or otherwise disposed of directly
or in connection with the sale of said 60,000 shares of preferred stock,
Kerfoot, Leggett & Co. has agreed to give 257 thereof to each, John M.
Woodring, Seelbach Hotel. Louisville. Ky. and Prank Kneeland, Chicago,
Illinois.
Oneida Community, Ltd -Removed from List.
rk
tracllng
The New York Curb Exchange as removed from unlis
lug preferred stock, both par $25.l
privi eges the common and partici
V. 137, p. 1949.
-Committee's Report.
Overbrook Arms Corp.
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman), in a letter dated
Nov. 22 to depositors of first mortgage 7% bonds of Warren Apartment
Co., secured by the Overbrook Arms Apartment,states:
Depositors have previously been informed that the Overbrook Arms Corp.,
a corporation organized by the committee, was the successful bidder for
the Overbrook Arms Apartments at the foreclosure sale and acquired title
to the property as of March 31 1932.
During the first six months following the acquisition of title by the corporation (the period from April 1 to Sept. 30 1932). the gross income from
the property was $21,200 and the operating expenses, including insurance
and current real estate taxes, were $16,095, leaving a net income of $5.104
before interest, depreciation or corporate taxes. During the past year
the earnings of the property have increased substantially. According to
a statement recently prepared by certified public accountants employed by
the committee, the gross income from the property for the year ended
Sept. 30 1933 was $59,726, and the operating expenses, including insurance
and current real estate taxes. were $38,296, leaving a net income of $21.429
before interest, depreciation or corporate taxes.
The Overbrook Arms Corp. has repaid $28,250 of the principal of and
$7,865 of interest on the loans, aggregating $103,000, obtained by the corporation upon the security of the property. The unpaid balance of the
principal of such loans now amounts to $74;750. The corporation has also
expended $540 for a title insurance policy; $342 for thermostatic heat controls and other improvements designed to reduce the cost of heating the
building; $1,485 in prosecuting appeals from the 1932 and 1933 tax assessments against the property; 31,333 for the installation of electric transformers to make possible the use of a less expensive type of electric current,
and $805 for the purchase of individual electric meters to make possible
the resale of electricity to tenants at a profit.
As a result of the appeal from the 1932 assessment, the assessed valuation
of the property was reduced by $150.000 and the amount of the tax for the
year was reduced from $18,037 to $13,875. No further reduction was
obtained as a result of the appeal from the 1933 assessment. However.
the committee considers that the property is still over-assessed and has
caused the corporation to file an appeal from the 1934 assessment.
The property is in excellent physical condition and is, at the present time.
84% rented. This represents a substantial increase over the average
occupancy during the past year.
The committee has not been able to bring about an advantageous sale
of the property nor to obtain a new first mortgage loan on satisfactory
terms. However, it will continue its efforts in this direction.
-V. 135.
P. 3867.
4024
Financial Chronicle
Pacific Finance Corp. of Calif. (Del.).
-Extra Div.
An extra dividend of 20 cents per share has been declared on the common
stock, par $10, payable Dec. 15 to holders of record Dec. 5, and the usual
quarterly dividend of 5 cents per share on the same issue, payable Jan. 2
1934 to holders of record Dec. 15 1933. Regular quarterly distributions of
5 cents per share have been made on this issue since and incl. July 1 1932.
as against 22 cents per share previously.
-V. 137, p. 1777.
Paraffine Cos., Inc.-Se
imoved from List.
The New York Curb Exchange as removed from uniMed trading privileges the common stock (no par).
-V. 137. P• 2987.
-Stockholders Urged to Deposit
Paramount-Publix Corp.
Stock.
With a view of obtaining proper recognition for the common stockholders
in plans under discussion for the reorganization of the corporation, Duncan
A. Homes, chairman of the stockholders' protective committee, in a notice
to common stockholders Nov. 29 states that the committee has satisfied
itself that the operating results are much more favorable than was generally
anticipated and considers it essential that the committee be in a position
to represent a substantial majority of the 3,380,121 shares outstanding.
The committee at this time has on deposit with it in excess of 900,000
shares, and now represents over 7,000 stockholders. While it is not the
purpose of the committee unduly to incur expense in urging the deposit of
shares, the notice states that the committee "expresses the hope that
those who heretofore have not deposited their holdings will recognize that
their interests can best be protected by unity of action." The committee
does not undertake to act for the holders of the undeposited shares.
The Commercial National Bank St Trust Co., New York, is depositary
for the committee and sub-depositaries are First Union Trust & Savings
Bank,Chicago, Ill.; Bank of America National Trust & Savings Association,
Trust Department, Main office, Los Angeles, Calif.; Whitney National
Bank of New Orleans. Trust Department, New Orleans. La.
-V. 137.
Richard W. Matthews, 20 Pine St., New York, is Secretary.
p. 2987.
•----Parking Stations of N.
The New York Produce Exchan e
-V. 128, p. 301
stock (no par).
-Removed from List.
, Inc.
removed from the list the class
Dec. 2 1933
The J. Lester Fierman committee, an organization of minority bondholders, which successfully opposed a previous settlement plan, and which was
responsible for the inquiry under the National Bankruptcy Law,had applied
for a $7.500 fee and $1,125 expenses, but it is recommended that only
$1,000 be allowed.
Schiff, Dorfman & Stein, attorneys for this committee, had asked a fee of
$100,000, and the referee recommends that this be reduced to $30,000.
Another bondholders' protective committee, known as the Fred L.
Robinson committee, would receive only $1,000 under Mr. O'Connor's
recommendation, although it had asked a fee of $12,500. Its attorney.
former Judge William R. Bayes, who had in a claim for the same amount.
would receive only $4,000 under the recommendation.
Joseph A. Freedman asked a $6,000 fee for defending Fox when an effort
was made to remove him as co-receiver of the company, but the referee
recommended he be paid only 32.000.
Newman & Bisco, attorneys for the Manufacturers' Trust Co., trustee
under indentures of the company, would receive only $4,000, instead of
the $10.000 asked.
The referee approved the $4,500 fee claimed by the accounting firm of
Touche & Niven, which made an independent audit at the instance of the
Merman committee.
-V. 137, p. 3507.
-Balance Sheet Sept. 30.Remington Rand, Inc.
1932.
1933.
Assets$
$
xFrop., plant & eq. 9,387,190 10,761,736
x Rental machines_ 1,726,794 1,802,299
Good-will,pats.,&c.10,000,000 10,000,000
Cash
5,245,037 6,055,359
Market securities_
396,336
Acct. & notes rec. 7,963,365 7,404,595
Inventories
8,694,136 10,188,129
Deferred charges 1,088,826 1,146,036
Other assets
1,651,519 1,634,677
1933.
Liabilities
7% pref. stock__ _15,695,000
8% pref. stock.___ 1,855,400
yCommon stock__ 1,290,987
1,821
Minority interest_
17,636,000
Funded debt
Accts. payable..._ 596,170
589,953
Accr. int. & tax_ _ _
Accr. paym'ts,&c_ 790,933
Conting. res., Acc_ 2,441,339
Deficit from open. 2,338,209
Cap.& initial surp. 7,202,473
1932.
15,695,100
1,855,400
1.290,987
1.826
18,182,000
741,635
644,136
692,720
2,571.543
319,157
8,032,977
45,761,867 49,389,167
Total
Total
45,761,867 49,389,167
x After depreciation. y Represented by 1.290.987 shares of $1 par value.
-V. 137, p. 3686.
"Reymer & Brothers, Inc -Removed from List.
- --Sues to Force Underwriters to Buy Stock
Peerless Corp.
The New
has removed from unlisted trading
Latter Questions Company's Powers to Engage in Brewing privileges theYork Curb Exchange)
common stock (no p ).-V. 134, p. 3 71.
•
pVrom List.
Richardson Co.-Remov
The corporation announced on Nov. 27 through its attorney, Max D.
The New York Curb Exchange has removed from unlisted trading
Steuer, that it had started an action in the Federal Court in New York to
privileges the common stock (no
.-V. 136, p. 1390.
force Redmond & Co., bankers, of 48 Wall St., to comply with the terms
of an underwriting agreement. It stated that Redmond & Co. were
-Earnings.
Roan Antelope Copper Mines, Ltd.
agreement, signed Aug. 29, to accept delivery of
obligated under the
For income statement for 3 months ended Sept. 30 1933 see "Earnings
92,071 shares of Peerless Corp. stock at $5 a share on Nov. 24 that the
-V. 137, p. 3160.
Department" on a preceding page.
stock had been tendered and payment refused on that date.
Stockholders of the corporation received offers to buy 92,348 shares, at
-Earnings.
Robin, Jones & Whitman, Ltd.
Redmond & Co., as underwriter, were called upon to take
$5 a share, and
up the 92,071 shares for which the stockholders did not subscribe.
In its action the Peerless company is seeking to recover the purchase price
of the stock and also such damages as were said to have been caused by the
refusal of Redmond & Co. to take the stock.
Redmond & Co. Authorizes the following statement:
We wish to advise our clients and others interested in the Peerless Corp.
that, although ready and desirous of taking up the stock of the corporation
recently offered to stockholders and underwritten by ourselves, we have
reluctantly refused to do so because our counsel, Sullivan & Cromwell,
pointed out fundamental legal objections, for which discussions with the
officials of the corporation have failed to find a solution satisfactory to
ourselves
We have advised the Federal Trade Commission of our action and feel
obliged to make this announcement in order to obviate any mistaken
inferences either that our refusal is a technical evasion of our contract or
that there is any lack of confidence in the financial condition of the corporation or in the merit of its business program.
The Committee on Publicity, New York Stock Exchange
issued the following on Nov. 27 1933:
• The Exchange has been advised that the 92,071 shares, representing the
balance of stock recently offered by Peerless Corp. to stockholders under
rights to subscribe, were tendered to the underwriters of such subscription
rights, Redmond & Co.. on Nov. 24 1933. The underwriters have advised
the Exchange that they refused to accept said shares upon the advice of
their counsel, who were of the opinion that the corporation itself has no
power to engage in the brewery business, and that it is, therefore, beyond
its corporate powers to raise funds by the issue of additional stock for the
purpose of financing a wholly-owned subsidiary corporation engaged in such
business. The Peerless Corp. has advised the Exchange that its counsel
disagree with the opinion of counsel for the underwriters, and maintain
-V. 137, P. 2819.
that there is no foundation for such opinion.
-No Deposits Yet.
Pressed Steel Car Co.
The holders of the 7% cumulative preferred stock are advised by the
protective committee. of which John k`. Gilchrist is Chairman, that the
call for deposit of preferred stock, heretofore made on Nov. 22 1933 by
the committee, will be suspended subject to a registration statement on
file with the Federal Trade Commission becoming effective.
Stock heretofore forwarded will be held by the committee, pending the
effectiveness of said registration statement, whereupon a certificate of
deposit will be issued by the depositary, pursuant to the deposit agreement.
This committee further announces that it will continue to conduct its
independent investigation and will report the result upon completion
-V. 137, p. 3851.
thereof.
-New Offer to Creditors.Price Brothers & Co., Ltd.
Bowaters Paper Mills, Ltd., of London, which has an agreement with
the bondholders' protective committee for the reorganization of Price Bros.
& Co., Ltd., of Quebec, will, according to a Montreal dispatch, make a
modified offer to the creditors of the company. All original offers to the
creditors, which called for payment of 25c. on the dollar in cash or 100c.
in preferred stock, were rejected by Hon. Gordon W. Scott, trustee in
bankruptcy. Details of the forthcoming modification have not been
settled, but intimation was made of the intention by the Bowater interests,
-V. 137. 13• 3338.
the dispatch adds.
-Tax Sale.
Queens Park Plaza, Toronto.
Queens Park Plaza, apartment hotel. Toronto, has been advertised for
sale for tax arrears owing to the city. According to the advertisement the
property is to be offered for sale on Feb. 14 next.
A portion of the $28,257 owing to the city for taxes and costs is expected
to be raised before the sale date.
Negotiations are still proceeding, it is understood, toward financing the
building to completion or sale of the property. In either event bondholders will have to make substantial sacrifices in any reorganization, it is
claimed.-V. 132, p. 1051.
-Referee
Realty Associates Securities Corp.
Trust Holders to Accept Plan.
Urges
Eugene F. O'Connor, Jr., referee in bankruptcy, filed In the office of the
clerk of the Federal District Court in Brooklyn on Nov. 27 a report which
recommends that bondholders accept the offer of the company's plan which
gives them an immediate payment of 15% cash of the face value of their
holdings, which approximate $12.500.000, and the issuance to them of
new bonds, maturing in 1943, and drawing cumulative interest of 5% a year.
Referee O'Connor, before whom the bankrupt recently was investigated
under the National Bankruptcy Act, recommends drastic cuts in fees asked
by various persons and concerns in connection with the case.
He leaves for the Court to decide whether Frank Fox and Frederick L.
Gross, as receivers, are entitled to 1% or 3i of 1% for their services. If
1% is allowed both each will receive about $145,000.
The $16,500 fee asked by Alfred T. Davison. attorney for the company
Is approved. It is recommended that the Kennedy bondholders' committee, which was the majority committee created to put the reorganization
offer before the bondholders, be paid only $2,500, instead of $10.000 fee
and $9,800 for expenses which it had asked. Colby, Brown & Pollock,
attorneys for this committee, asked for a fee of $65,000, but the referee
recommended that they be paid only $30,000.
Years Ended March 31Net loss after deprec. & bond int____
Preferred dividends
$77,053
1032.
$89,750
1931.
$44.012
25,440
Deficit for year
Previous surplus
Transferred from surplus
Income tax refund
$77.053
11,528
70,000
471
$89,750
1,278
100,000
$69,452
70.730
$4,945
$11,528
*1,278
Surplus forward
-V. 135, p. 2666.
--Roland Park Co., Baltimore, Md.-Consolidation Plan
.."
Operative.
The plan of consolidation and reorganization of the Roland Park Co.,
the Roland Park-Homeland Co. and the Roland Park-Montebello Co., was
declared operative on Nov. 23 following ratification by the respective
boards of directors.
The purposes of the merger of the three companies are to effect operating
economies, to provide for funding of maturing obligations and to enable
the companies to continue in an orderly way the future development and
disposition of the properties in the several tracts of land owned by them.
E. II, Bouton, President of the Roland Park Co., as well as of its affiliates,
will become Chairman of the board of directors of the consolidated company.
In addition to Charles H.Sutherland, Vice-President, two former executives,
George B. Simmons and John McC. Mowbray, will be elected Vice-Presidents of the new company, in charge, respectively, of general administration and of sales promotion. General supervision of future policies
and of finance will be in charge of an executive committee, of which the
members will be T. Stockton Matthews of Robert Garrett & Sons J. Carey
Martien, President of William Martien & Co., Inc.. and Robert G. Merrick,
President of the Equitable Trust Co., with E. H. Bouton ex-officio member
and G. Harvey Porter, Secretary.
Among the members of the new board of directors of the consolidated
company will be: E. H. Bouton, Chairman Robert Garrett, J. Carey
Martien, Robert G. Merrick, T. Stockton Matthews, Sifford Pearre,
John Tevis Harwood and J. Dal Rogers.
Developments of the company in the northern part of the city, including
Roland Park, Guilford, Homeland and Section 1 of Northwood, now cover
an area of more than 1,700 acres, in which approximately 2,000 houses
have been built. The total investment to date is estimated as in excess of
$50,000,000, on which the taxes paid to the city are well in excess of
$1.000,000 annually.
Arrangements have recently been completed with the Gibson Island Co.
by which the Roland Park Co. has taken charge in Baltimore, Washington
and elsewhere of all sales of property at Gibson Island. (Baltimore "Sun.")
-V.137, p. 884.
Roland Park Homeland Co.
-Merger Plan Operative.
See Roland Park Co. above.
-V.137, p. 884.
Roland Park Montebello Co.
-Plan Operative.
See Roland l'ark Co. above.
-V. 137, p. 884.
Roxy Theatres Corp.
-Reports Kofit Since June.
In a report filed Nov. 27 by Howard S. Cullman, receiver, with Federal
Judge Francis G. Caffey, the receiver recommends the continued operation
of the theatre under the present management and policies.
The report, which covers 21 weeks from June 15 1933, to Nov. 9 1933.
shows a net operating profit of $2,822 after "allfixed charges, except interest
on outstanding bonds, depreciation, Sze."
Mr. Cullman explained that interest amounted to approximately $80,000.
Without considering interest and fixed charges, the net operating profit,
the report shows, would amount to 868,252.
Tne report for a similar period last year is not exactly comparable because the report for last year summed up Inc period from July 1 to Dec. 15
Instead of june 16 to Nov. 9.
The report, however, does show that for the period July 1 1932, to
Dec. 15 1932, the operating result was a leas in excess of $01,000 before
fixed charges and a total loss after fixed charges, but before interest,
depreciation, &c., in excess of $203,000.
Attendance at the Roxy has increased during the 1933 period, according
to the report, 3.08% over a similar period in 1932, though competing
theatres in the neighborhood have increased their seating capacities by
10,000.
Mr. Cullman stated in Ms report that the expense budget of the tneatre
has been adjusted to meet a reasonable income expectancy, weekly ex-V. 137, P. 2820.
penses being considerably below weekly receipts.
Royal Union Life Insurance Co., Des Moines, Iowa.
Reinsurance Contract Awarded.
-V. 137. p. 3686.
Bee Lincoln National Life Insurance Co. above.
-Dividend Action Postponed.
Scovill Mfg. Co.
The directors have decided to postpone action on the quarterly dividend
ordinarily payable about Jan. 1 on the common stock, par $25, until
was that any divithe January meeting of the board. The reason given to the
Federal tax
dend declared before Jan. 1 1934 would be subject
of 5%. From Oct. 1 1932 to and incl. Oct. 2 1933, the company paid
Volume 137
Financial Chronicle
quarterly dividends of 25rcents per share on tee common stock.
-V. 136.
p.3920.
-The directors on
-Extra Distribution.
Scott Paper Co.
Nov. 24 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of 37% cents
per share on the common stock, no par value, both payable
Dec. 31 to holders of record Dec. 16. A quarterly distribution of 373' cents per share was made on this issue on Sept.30
last, as against 35 cents per share in preceding quarters.
-V. 137, p. 2989. gAgg
Goods
Dry
Scruggs-Vandervoort-Barney
-Balance Sheet July 31.(& Subs.).
1933.
LIabilities1932.
1933.
Assets$119.660 $170,077 Notes payable__ $328,994
Cash
Notes & accts. rec. 1,553,090 1,657,870 Accounts payable- 613,472
13,739 7% set. gold notes
Due from subsid_
Serial real estate
Merch. on hand dc
1st mtge.6% g.
166,680
282,259
In transit
106,600
notes
Invent,of merch__ 2,230,615 2,787,851
11,851 Accrd int. on gold
Cust. notes reedy_
60.711
53,810
notes
Cash in closed bk.,
Accr. sal., taxes,
49,742
incl. claims filed
73,410
interest, &c__ _
Sundry notes and
138,562 7% coll. gold notes
62,857
accounts receiv.
of parent co___.. 1,374,900
Invest. in Scruggs,
7% serial g. notes
Vandervoort and
to be exchanged
360,156
1
Barney Bank__
$59,100 coil.gold
Other investments
59,100
notes
47,681
68,795
-stks., bds.,&o
72,568 Serial real estate
85,744
Prepaid expenses_
let mtge. 6% g.
:Real estate, build.,
659,000
notes
delivery equip.,
Preferred stock of
& furniture and
99,800
subsid. cos
3,781,960 3.937,941
fixtures
Min. int. in com.
I/namort. discount
869
47,124 stk. ot subs. COS.
61,072
on gold notes_ _ _
let preferred stock 1,24.5,500
Improve, to leased
152,754 2d preferred stock 1,019,225
141,816
premises
4 Common stock ___ 4,1C0,000
4
Good-will
1,236,252
Deficit
Total
$8,498,327 $9,564,859
Total
After
''xAfter depreciation raterves.-V. 136. v. 2627.
Co.
1932.
$253,000
421,923
170,500
100.600
54,210
109,122
1.318.000
766,000
100,000
986
1,245,500
1,019,225
4,100,000
94,107
$8,498,327 $9,564,859
Securities Allied Corp -Removed from List.
i
s
t
The New York Curb Exchan o as removed from unlistediading privi.-V. 137. p. 2989.
.(no par)
leges the non-voting common s
Inc.--(Pockhglders' Committee Pot med-Critical on Policies of Company.
'Segal Lock & Hardware Co.,
4025
razor and razor blade business seemed to offer the best opportunity. Company approached the corporation developing this business and,after certain
negotiations, arranged for its purchase. Due to the limited resources of
your company at the time and in order to conserve its assets, the acquisition
was made on the basis of royalties to be paid.
Later, by reason of the continued economic depression and again to
conserve the assets of your company, it was believed to be to the best
interest of your company, to avoid the payment of recurring royalties
and to adjust substantial accrued royaltiee, to induce the holder of the
patents to accept, in lieu thereof, common stock of the company, which
stock is subordinated to all other common stock outstanding and receives
no dividends until after all other shares of common stock have received
aggregate dividends exceeding $2 per share in any one year. and in such
event, this subordinate stock shall share only in the excess dividends
over $2 per share. The omission of these facts by the committee is Misleading. Contrary to the implication contained in the letter of the committee
this entire matter was brought up for ratification at the last meeting of
the stockholders, the matter gone into at great length and ratified by
practically a unanimous vote, the owners of the patents not taking part
in these proceedings.
Company has not been extravagant in the payment of royalties, but.
on the contrary, has received in cash for patent rights, waivers of priorities.
&c., a sum substantially in excess of the amounts paid in cash for royalties
including the fair value of the stock accepted in lieu of royalties.
It was expected to render quarterly reports, nevertheless, again to
economize during the depression and due to the moving of this division
to consolidate with the hardware division in the Norwalk plant, the expense
of the issuance of interim reports was not believed to be to the best interest
of the stockholders.
The letter also refers to the letter of April 29 1932, written by John
Auchincloss, and states that this was not the letter of resignation received
by the board of directors. The circular also reproduces a letter written
by Mr. Auchincloss to the stockholders committee in which he states that
the use of the "copy of my letter of April 29 1932 was unauthorized by me
and was not my letter of resignation presented to the board of directors."
Mr. Auchincloss states further:
"Satisfied that the board of directors had long since met the objections
raised by me at the time, particularly those relating to royalties, I have
rejoined the board of directors believing that I could be of service to the
stockholders. I am now serving as a director of the present board of directors and I am in full sympathy with the efforts of the management to
-V. 137.
advance the interests of the company and its stockholders,"
P. 3160.
-Adds to Portfolio.
Selected American Shares Corp.
The corporation has issued a statement to its stockholders telling of
available for investment the securities
the decision of its directors to make
of 10 additional companies which will be added to the approved list.
The companies which were recommended are: Aluminum Co.of America,
Bohn Aluminum & Brass Corp., Borg-Warner Corp., Commercial Investment Trust Corp., Commercial Solvents Corp., the Goodyear Tire &
Rubber Co., Inland Steel Co., Kennecott Copper Corp.. Louisville &
Nashville RR.and Pullman. Inc.
-V.137. p. 2286.
-Management Vested in Newly
Socony-Vacuum Corp.
Created Executive Committee-Approval of Merger of Far
Eastern Properties Indicated.
-
A stockholders committee for the conunon stock has been formed conJohn A. Brown, President of the General Petroleum Corp., a subsidiary
sisting of Joseph E. Sheedy, Chairman, 74 Trinity Place. N. Y. City.;
of Socony-Vacuum Corp., has been elected Chairman of a newly created
David L. Babson, Babson Reports, Inc., Wellesley Hills. Mass.: William
executive committee of the parent company. This committee will have
P. Fairman, Fairman & Co., Philadelphia; John B. Farwell. SpmrY
primary responsibility for the management of the Socony-Vacuum Corp.
Products, Inc., Brooklyn; Frank L. Reed, Reed, Hawkey & Co., Inc.,
H. L. Pratt will remain as Chairman of the board and C. E. Arnott as
New York; Frederic P. Robert, General Reconstruction Corp., Jersey'
President. The following statement was issued on Nov. 27:
F. T. Sutton & Co., Inc., New York; William
City; Frederick T. Stutton,
"By action of the board of directors of Socony-Vacuum Corp., theypriM. Chadbourne. Counsel, 70 Pine St., New York City; Gerald B. O'Neill,
rnary responsibility for the company's management was placed with a
Secretary, 70 Pine St., New York City.
newly created executive committee composed of five board members. The
the common stock outlines
The committee in a letter to the holders of
Chairman of this committee, who also becomes the company's chief executhe reasons for the formation of the committee. The letter states in part:
tive officer, is John A. Brown, who at present is President of the General
It appears that the board is controlled by members of the Segal family
Petroleum Corp., a Socony-Vacuum subsidiary.
this of
and employees of the company. In the opinion of the committee,
The new arrangement was proposed and recommended to the boaT
itself is unhealthy, especially since, according to information in the possesby Herbert L. Pratt and Charles E. Arnett. Mr. Pratt, who has been
sion of the committee, it would appear that the directors own substantially
Chairman of the board for the past five years, will continue as such, Mr.
less than a majority of the common stock. The committee has reason to
Arnett, who as Chairman of the marketing committee of the planning and
believe that the following conditions exist which would make such control
co-ordination committee set up under the petroleum code and also as a
of the board of the company especially undesirable:
member of the latter committee, is required to spend much of his time in
(1) Members of the Segal family are from time to time selling to the
Worthington, will remain President."
company inventions made by them for which the company pays with its
The new executive committee consists of Mr. Brown, F. S. Pales, H. F.
common stock. The annual report of the company for the year 1932 lists
Sheets, Vice-Presidents; A. F. Corwin, who is in charge of
the following liability: "Contracts payable in common stock of Segal Lock
productin'G.
V. Holton, General Counsel.
although it does not state with whom
& Hardware Co., Inc., $191,547,"
The company states that returns to date from stockholders indicate
such contracts were made nor does it state the price at which the stock is
approval of the merger of the Far Eastern properties of Socony-Vacuum
Sales by members of the Segal family to the company should
taken.
and Standard 011 Co. of New Jersey.
obviously be subject to the approval of persons wholly independent of the
"The Socony-Vacuum Corp. the company's statement said, "is the
Segal family.
result of the union in 1931 of the Standard Oil Co.of New York and Vacuum
'
asset of the company is its subsidiary, the Segal Safety
(2) A valuable
Oil Co. Its stockholders are meeting soon to consider a proposal to merge
Razor Corp., which manufactures and sells the Segal Razor. The annual
on a 50-50 basis the marketing properties of the company in the Far East
report for 1931 stated that arrangements had been made to publish quarterly
with the producing and refining properties there of the Standard Oil Co.
reports of the operations of the Razor corporation. This has not been
(New Jersey). The managements of both companies are unanimous in
done, and the stockholders are in the dark as to the profitableness of the
believing that such a merger, which would result in the creation of a fully
this subsidiary. Furthermore, attempts to secure from the
operations of
Integrated unit in this highly competitive area, would be in the interests
company information with respect to the operations of the Razor corporaof the stockholders of each company. Returns to date indicate that this
and concerning patent litigation with respect to the Segal razor have
tion
view is widely shared by stockholders."
-V. 137. Ii• 3008
been unsuccessful.
(3) John Auchincloss, in resigning as a member of the board of directors
Sonotone Corp.
-Earnings.
executive committee of the company, addressed a communication to
and
For income statement for 6 menthe ended June 30 1933 see "Earnings
the board of directors dated April 29 1932 and gave the following reasons
Department" on a preceding page.
for his resignation:
of the chairman receiving a salary of 825.000 a year,
Balance Sheet June 30 1933.
"I cannot approve
or any salary but a nominal one, and at the same time drawing royalties
Liabilities
Assets
Fixed assets
from the company from the sale of razors and blades.
$50,000
$446,910 Preferred stock
"I cannot approve paying a royalty to officers of the corporation of Sc.
Cash
550,000
10,745 Common stock
on every razor sold and then selling the razors at less than cost.
Accounts receivable
127.500 Accounts & trade accept. pay_ _ 39,783
of the corporation's system ofaccounting, which makes
"I cannot approve
40,355
9.220 Other current liabilities
Notes receivable
it seemingly Impossible to furnish the board of directors with a monthly
51,156
180,449 Reserves
Merchandise inventory
balance sheet and profit and loss statement.
60,943
Deferred charges
11,762 Surplus
"I cannot approve of the present method of conducting the affairs of a
5,660
Other assets
publicly owned corporation, such as the declaration of dividends without
Total
Total
a proper earning statement being submitted to the directors; the announc$792,236
8792,236
a
ing to stockholders that it would be the policy of the company to furnish is
-V.137. P. 3508.
quarterly statement of the Razor company and then not doing so, which
causing a great deal of tuffavorable comment. These are only two illustra- -...." South Penn Oil Co.
`
-The
-Dividend Rate Increased.
tions There are others.
directors on Nov. 27 declared a quarterly dividend of 25
The letter further stated: has distributed
approximately 462,000 shares
"Smith, Reed & Jones, Inc.
cents per share on the capital stock, par $25, payable Dec.30
of company's stock, and is in a sense a trustee for these stockholders, and
to holders of record Dec. 15. This compares with 20 cents
Smith, Reed & Jones, Inc., nor as an individual,
I cannot, as an officer of methods of conducting a corporation, and must
per share paid on June 30 and Sept. 30 last and 25 cents
appear to sanction such
therefore request that my resignation from the offices and duties above
per share each quarter from March 31 1931 to and incl.
mentioned be accepted immediately."
no response to this protest other than the acceptance of the
March 311933.-V. 137, p. 1594.
There was
resignation. Additional efforts extending over a year were thereafter made
remedied. Nevertheless, so far as the
Standard Cap & Seal Corp.
-Earnings.
to have the foregoing conditions
remedial steps have been taken.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
committee is aware, no
For the foregoing and other reasons, it is essential that the stockholders
Department" on a preceding page.
-V.137. p. 1429.
company organize for the protection of their interests. To this end,
of the
Stanolind Oil & Gas Co.
-Acquisitions.
the foregoing committee, at the instance of stockholders holding substantial
been organized. The
See Texas Gulf Producing Co. below.
amounts of the stock of the company, hasbanking houses whichcommittee's
-V. 137. P. 2989.
distributed
membership includes representatives of
Stewart
-Warner Corp.
-7'o Offer New Refrigerator Line.
the stock of the company to the public.
The corporation will go into production in the near future on an entirely
Company Replies to Stockholders Committee Letter. signed by new line of electric refrigerators, it was announced on Nov. 27 by Frank A.
of a letter dated Nov. 29,
The stockholders are in receipt
iter, Vice-President and General Sales Manager.
Louis Segal, President, in which he replies to the committee's statement.
The new refrigeration line will be presented to the company's distributors
He says in part:
early in January.
-V. 137. p. 3340.
Segal family.
Company was neither purchased nor inherited by the infers that the
letter of the stockholders committee which
Contrary to the
-Studebaker Corp.
-Earnings.
directors, you will be interested to know
Segal family controls the board of
For income statement for 3 months ended Sept. 30 see "Earnings Dethat members of the Segal family and employees constitute only four
-V.137. p. 3340.
partment" on a preceding page.
the board.
out of nine members of
corpo
The razor and razor blade business was developed and owned by a interest.
Swift & Co., Chicago. Resumes Dividend. The direcno
thin independently financed in which the Segal company hadadvisable to
tors on Nov. 25 declared a quarterly dividend of 12% cents
With the falling off of the building industry, it seemed of outlet. It
form
per share on the outstanding common stock, par $25, payoffset the lack of hardware business with some otherbusiness with small
was deemed advantageous to acquire some type of
able Jan. 1 1934 to holders of record Dec.9 1933. Secretary
.nventory requirements and rapid turnover to offset this falling off. The
4026
Financial Chronicle
J. E. Corby stated: "In resuming the payment of dividends
the directors believe it wise, under existing conditions, to
follow a policy cf moderation."
The last quarterly distribution (amounting to 25 cents
per share) was made on July 1 1932. This compared with
50 cents per share each quarter from Oct. 1 1915 to and incl.
April 1 1932. Extras had also been paid as follows: 33 1-3%
in cash on Nov. 25 1916; 2% in cash on Oct. 20 1917 and
25% in stock on July 15 1918.-V. 137, p. 509.
Textile Banking Co.
-New Director.At a meeting of the board of directors held on Nov. 29, Howard L.
Wynegar, President of Commercial Credit Co., was elected a director.
-V.137, p. 3161.
Thies Dyeing & Processing Co.
-Creditors Receive Div.Creditors will receive a dividend of 185i% on claims totalinF $80,833,
according to the report of Albert Jaeger, receiver of the corporation, which
was allowed on Nov. 22 in Superior Court at Providence, R. I.
The receiver, who received $45 a week as general manager, sales manager,
purchasing agent and foreman of the dye shop from Dec. 22 1932. the time
of his appointment, until July 31 last, was awarded $500 for his services as
receiver and his counsel was awarded $1,500. The receiver was authorized
to sell the plant last July for $10,000 plus the cost price value of supplies
on hand.
-V. 126, p. 3944
Dec. 2 1933
-Suit.
Universal Pictures Co., Inc.
Benjamin Graham, who holds 500 shares of the first issue of pref. stock
of the above company filed suit on Nov. 24 in the Supreme Court against
the officers and directors of the company, asking for an accounting and
for an injunction restraining the corporation from continuing to pay exhorbitant salaries to its officials.
Mr. Graham contended the first issue of Universal pref. stock was sold
to the public, and that a second issue of pref. stock is held by the corporation officers. He alleged that, by making a change in the accounting
system, the defendants have been able to declare dividends of $280,000
on the second issue to the prejudice of the interests of the holders of the
first issue.
The defendants are Carl Laemmle, President of Universal, who, the
plaintiff alleges, receives a salary of $156,000 a year, Carl Laemmie Jr.,
Vice-President, who is said to receive $57.200 a year, and Philip D. Cochran,
Robert H. Cochran, Charles B. Payne, Eugene P. Walsh, Frank Mastroly,
Helen E. Hughes and William S. McKay (New York "Herald Tribune").
-V. 137, p. 3341.
Virginia
Carolina
Chemical
Corp.
-Election
to Be
Deferred.
The directors on Nov.24 decided to defer the election of directors pending
action on an appeal expected to be taken from a recent decision of Judge
William A. Moncure, of tne Chancery Court at Richmond, Va., upsetting
the cnoice of prior prefererce stockholders, It Is believed that there will
not be a quorum of all classes of stock present on Dec. 9 at the adjourned
annual stockholders' meeting and that it will be adjourned sine die. This
meeting is permitted, under a decision of Judge Moncure, to vote only
on toe question of retiring prior preference stock in treasury.
-V. 137.
-Earnings.Thompson-Starrett Co., Inc.
P. 3688.
For income statement for three and six months ended Oct. 26 see "Earn-''" ----w .
kerman-Montgomery Mines, Ltd.
-Removedings Department on a preceding page.
-V. 137, p. 2288.
from List.4
i
-.
Tobacco Products Corp.ya.).-P""''
The New York Produce Exchange as removed from the list the class A
and common stocks (no par).
-V. 6, p. 2811.
Torrington Co.
-Acquires Westfield Co.-Judge David F. Dillon in Superior Court at Springfield, Mass.. has
ordered the Westfield Manufacturing Co. of Westfield. Mass., maker of
bicycles, sold to the Torrington Co. of Torrington, Conn. The purchaser
will pay 37ti cents on the dollar on claims aggregating $843,652. The Chase
National Bank of New York is toe largest single creditor and urged the sale.
Attorneys representing 900 stockholders asked delay on the ground that
me Reconstruction Finance Corporation had been asked to finance a
-V. 137, p. 1953.
reorganization. ("Boston News Bureau.")
from List
The New ork Produce Exchange as removed from the list the capital
stock (no par).
-V. 137, p. 3341.
(Hiram)
Walker-Gooderham
&
Worts, Ltd. New
-
Plant at Peoria, Ill., Will Enable Company to Enter United
States Market-Incorporates New Delaware Subsidiary.
W. J. Hume, President and General Manager, at the annual meeting
held on Nov. 17 stated:
"In order to carry out distilling operations in the United States it was
found necessary to form an American subsidiary, and it was decided to
incorporate under the Hiram Walker name, with a view to reaping the
full benefit of the good-will attaching to the name of that company.
in"In the first instance we incorporated a small company in the State
of
-Sells Interest
Transcontinental Air Transport, Inc.
Michigan. After careful investigation it was decided to organize a
company in the State of Delaware, which will supersede the present small
Northwest Airways.Michigan company as your American subsidiary in control of operations
This corporation, an affiliate of North American Aviation, Inc., has
in the United States. This Delaware company, whose name is Hiram
sold its 2234% interest in Northwest Airways. Inc., important midwest air
Walker & Sons, Inc. is capitalized as follows: Three management pref.
mail and passenger line, it is understood. The stock, which has been held
shares of $100 each, 24,997 common shares of $100 each.
'
by T. A. T. for the past three or four years, was sold to St. Paul interests
"It is proposed that your company will subscribe for the common shares
which have held control of Northwest for some time. The reported price
of the Delaware corporation at par, thus furnishing it with $2,500,000
share,
at which T. A. T. sold the stock was $65 a
of capital, and that the balance of funds required in its operations be
Northwest Airways, Inc., operates air mail route 9 between Chicago and
furnished by way of loans from the parent company, for which notes will
the Twin Cities and northwest tothe Dakotas and Billings, Mont. Eastern
be taken. Out total investment in the United States in shares and other
interests have several times attempted to purchase controlling stock in the
advances will be between $4,000,000 and $5,000,000.
line from the St. Paul holders,for the purpose.it was said, of building around
"Manufacturing operations have been started in the company's ternnorthern transcontinental air lines system. ("Wall Street Journal")it a
porary plant at Peoria, Ill., where a new distillery is being constructed."
V. 137. p. 1257.
Harry Hatch, Chairman of the board, stated in part:
"Our merger negotiations were again resumed in April, and in the latter
Trusteed Industry Shares (1969).
-Favorable Exchange
part of May an arrangement was arrived at between the five larger conOffering.Ruling on
cerns which seemed to be acceptable, or almost so, to each of the interests.
The New York Stock Exchange has determined that It has no objection
However, about this time the situation in the United States began to
to the participation by member firms in the organization or management
change more rapidly, and meantime the stock markets commenced to
Of Trusteed Industry Shares (1969), or in the offering or distribution of
favor the distillery shares to a greater extent than had been experienced
such security,
in three or four years, with the result that the share values of the different
General information regarding the trust follows:
companies became so out of balance with relation to each other that an
The depositor corporation is American Associated Dealers, Inc., organagreement as to the exchange of shares between companies became inzized March 30 1933 in New Jersey. Trust agreement was executed as of
possible,"
-V. 137, P. 3689.
April 1 1933 and will terminate Jan. 5 1969. Stein Bros. & Boyce are the
-Admitted to List.
brokers; The Trust Co. of New Jersey, Jersey City. N. J., trustee.
Brewer" Ltd.
,
W Number of trust shares outstanding, 113,000. Initial public offering
The Montreal Curb Market as admitted to the list the 342, 94 shares of
July 14 1933 at $1.28 per share.
common stock (no par), wit authority to add a further 32,806 shares on
Officers of American Associated Dealers,
E. Stewart, Pres.;
official notice of issuance.
-V. 137, p. 2991.
T. F. Lee, V.-Pres.; M. E. Wickham, Treas.; H. M. Meyer. Sec.
Directors are George A. Field, C. D. Runyan. Robert C. Hardy, Chas.
Walworth Co.
-Earnings.
B. Gillet, W. E. Stewart, T. F. Lee.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, P. 853.
Department" on a preceding page.
Securities in Portfolio of Trusteed Industry Shares.
CompanyCompanyNo. of Shs• --- Warchel Corp.
No. of Shs.
,
-Removed rom List.
50
Air Reduction
20 National Biscuit
The New York Curb Exchange has removed from unlisted trading
Allied Chemical & Dye
40 National Steel
50
.-V. 137, P. 3511.
privileges the common stock (no
70
Continental Can
80 Owens-Illinois Glass
90 ''' 'Waukesha Motor Co.
25 J. C.Penney
Corn Products
-Removed from List.
70
Du Tont de Nemours
50 R. J. Reynolds "B"
The New York Curb Exchange has removed from unlisted trading
70
Eastman Kodak
50 Standard Brands
privileges the capital stock (no par).
-V.137. P. 3689.
180
Electric Storage Battery
70 Standard Oil of Indiana
130
Freeport Texas
120 Standard Oil of N. J
Wesson Oil & Snowdrift Co. Inc. Common Dividend.
60
General Foods
140 United Shoe Machinery
The directors on Nov. 29 declared a dividend of 13.158 cents per share
140
200 F. W. Woolworth
General Motors
on toe common stock, no par value, payable Jan.2 1934 to holders of record
120
Ohio
W.T. Grant
10 Chesapeake &
Dec. 15 1933. This includes the 5% Federal dividend tax. A similar dig30
Hazel-Atlas Glass
20 Norfolk & Western
40
tributlon was made on this issue on Oct 2 last as compared with 1234
Humble Oil
10 Union Pacific
cents per share on April 1 and July 1 1933, 25 cents per share each quarter
40
International Business Machines_.... 20 American Telephone .4 Telegraph
60
from April I 1932 to and incl. Jan. 3 1933 and quarterly distributions of
13"
Liggett & Myers"
60 Fidelity Phenix Insurance
50 cents per snare from April 1 1929 to and incl. Jan. 2 1932.-V. 137.
McKeesport Tin Plate
10 Insurance Co. of North America - 25
p.3511.
-The
-Increases Common Dividend.
--"United Carbon Co.
Westfield (Mass.) Mfg. Co.
-Sale.directors on Nov. 28 declared a quarterly dividend of 40
See Ton ington Co. above.
-V.136. p.4289.
cents per share on the common stock, no par value, payable 4....., West Indies Sugar
Corp.Admitted to List.
Jan. 1 1934 to holders of record Dec. 13 1933. This compares
The New York Produce Exchange has admitted to the
ithe Capital
with quarterly dividends of 25 cents per share paid on July 1 stock, par $1.-V. 136. p. 340.
and on Oct. 2 last, a like amount on Jan. 2 1931 and 50 cents?.....,White Rock Mineral Springs Co.
The common stock trust certificates extended toNov. 1 933 were stricken
per share each quarter from Jan. 1 1930 to and incl. Oct. 1
fr in the list of the New York Stock Exchange on Nov.24
V. 137. P.3162.
1930.-V. 137, p. 3688.
Wilcox-Rich Corp.
Dividend.-Pays 15 Cents Class
United Electric CoallCos.-Rights Expire Dec. 15.A dividend of 15 cents
common
It is announced that rights to subscribe for the 35,000 shares of capital
stock (no par value) at $7 per share will expire on Dec. 15. See also V.137.
P. 3852.
-Acquisition, &c.U. S. Industrial Alcohol Co.
The New York Stock Exchange has recommended that the below mentimed 5,000 shares of common stock (no par value) be added to the list
on official notice of issuance upon the acquisition of shares of Pemn-Maryland. Inc.
The company has issued 17.392 shares of capital stock, on account of
the purchase of shares of stock of Penn-Maryland Inc. (Del.), which latter
Penn-Maryland.
Co. and National
company is owned jointly by U. S. Industrial
Distillers Products Corp.
Penn-Maryland, Inc., having authorized the issuance of additional shares
of its capital stock in order to provide additional working capital, U. S.
Industrial Alcohol Co. has subscribed for 25.000 shares of said stock, thus
maintaining ita 50% ownership in the total outstanding authorized issue.
U. S. Industrial Alcohol Co. proposes to issue, upon due authority of its
board. and deliver in payment therefor. 5 000 shares of its own capital
capital stock, without
stock. The total shares of Penn-Maryland, Inc., ca
par value, to be presently owned by U. S. Industrial Alcohol Co.,including
this issue, will be 125.000 shares.
-V. 137. p. 2121.
per share was paid on the class B
stock.
no par value n
5 193 Distributions of 7; cents each were
3
,
6
mane on this issue on Jan. 30.and April 30 1932; none since.
'
Nov.'
-V. 137.
.
p. 3853.
Will & Baumer Candle Co., Inc.
-Postpones Div. Action.
Pending official notification of elimination of the Federal 5% tax on
dividends, the company has deferred action on the quarterly dividend on
the 8% pref. stock, which ordinarily would be payable jan. 2.
The last regular quarterly distribution of $2 per share was made on Oct. 2
1933.-V. 137, p. 332.
Willys-Overland Co.
-Bondholders td File Claims.
Holders of the 1st mtge. 6ti% sinking fund gold bonds are notified that
of Ohio. Western Division,
the U.S. District Court for the Northern District
has entered an order requiring each of such holders to file, on or before
Dec. 15, proof of their respective claims on account of the principal and
ds
Joh
unpaid interest accrued to Feb. 15 1933, on the bonds held b th m
Wills yand I,rc*e
nj
pectively. Such proofs should be filed with
A.
Miller, receivers of the company, Administration Building, Toledo, 6.V. 137. P. 3883
.
-Regular Dividend.
(Wm.) Wrigley Jr. Co.
The directors have declared the regular monthly dividend of 26 30-95c.
United States Steel Corp.
-New Chairman of Finance
toholders of record Dec. 20 1933. A like
share,.payable Jan. 2 1934
-per
Committee.
amount was paid on Sept. 1, Oct. 2. Nov. 1 and Dec. 1 1933. as against
Myron C. Taylor. Chairman of the Board, on Nov.28 issued the follow25c. per share previously each month. The 26 30-95c. distribution instatement: "Effective Jan. 1 1934. Myron C. Taylor will retire as
lug
-V. 137, p. 3162.
dudes the 5% Federal dividend tax.
Cnairman of the Finance Committee and will be succeeded in that capacity
..." --York Share Corp.-Remoyd from List.
William J. Filbert, now Vice-Chairman of the Finance Committee.
by
e list the commo
The New York Produce Exchange as removed fro
"Mr. Taylor will continue Ms other offices as Chairman of the Board of
stock, par $1.-V. 134. P. 2171.
Directors and Chief Executive Officer."
-V. 137, P. 3511.
Financial Chronicle
Volume 137
4027
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. 1 1933.
COFFEE futures on the 25th ult. closed 5 to 11 points
lower on Santos contracts and unchanged to 4 points lower
on Rio. On the 27th ult. futures were irregular and influenced largely by the gyrations in Brazilian exchange. Santos
contracts closed 2 points lower to 1 point higher while Rio
wound up 1 to 3 points lower, with sales of 5,000 bags in
all positions. On the 28th ult. futures closed with Santos
contracts 4 to 8 points higher and Rio 4 to 6 points up with
sales of 13,250 bags. Brazilian exchange was firmer. On
the 29th ult. futures closed 9 to 17 points higher on Santos
contracts and 8 to 13 points higher on Rio in light trading.
Buying was influenced by the strength of Brazilian exchange.
To-day futures closed with Rio contracts 6 to 11 points lower
and Santos contracts 2 to 5 points lower. The issuance of
3 December Rio notices had a depressing effect.
Rio coffee prices closed as follows:
Spot unofficial
December
March
514 krit;
7
6.10 September
6.22
6.32
642
Santos coffee prices closed as follows:
Spot unofficial
December
March
31.U:
8A
9
8.55 September
8.63
8.73
9.03
COCOA futures on the 25th ult. closed 4 to 6 points
higher. On the 27th ult. a sharp decline of 20 to 26 points
occurred under the influence of the weakness in other markets. Liquidation followed the break of sterling and other
foreign exchange. The only support given was by shorts.
December ended at 3.81c., Jan. at 3.90c., Mar. at 4.07e.,
May at 4.22c., July at 4.38e., Sept. at 4.56c. and Oct. at
4.65c. On the 28th ult. futures ended 8 to 11 points higher
under the influence of the advance in the gold price. At one
time prices were 15 to 20 points higher. Sales were 1,166
tons. December closed at 3.92e., Mar. at 4.18e., May at
4.320., July at 4.47c. and Sept. at 4.64c. On the 29th ult.
after an early advance on buying based on the advance in
the Government gold price futures weakened and the close
was irregular 6 points lower to 3 points higher with sales of
1,286 tons. December closed at 3.95c., Jan. at 3.99e., Mar.
at 4.15c., May at 4.29c., July at 4.46c. and Sept. at 4.61c.
To-day futures after an early advance on buying based on
higher sterling ran into hedge selling against the crop now
being marketed and sold off 16 to 20 points. Commission
houses were buying on the break. Jan. closed at 3.83c.,
Mar. at 3.99e., May at 4.13c., July at 4.26c., Sept. at
4.43c. and Dec. at 3.78c.
SUGAR futures closed 2 to 5 points higher on the 25th
ult. with sales of 11,200 tons. May was in the best demand. On the 27th ult. futures closed 2 to 3 points higher
with sales of 21,350 tons. On the 28th ult. declined in the
early dealings but sold off later and the ending was 1 to 3
points net lower with sales of 16,800 tons. A good demand
for Philippines for forward shipment was reported. On the
29th ult. futures closed 1 to 4 points lower with sales of
15,150 tons. They were under the influence of hedge selling
and disregarded the general upward trend of other commodities. To-day futures closed 4 to 5 points higher in a
quiet market. Rows were unchanged at 3.15c. Licht
estimated the European production at 5,922,000 tons for
the next crop, against 5,590,000 last year.
Prices closed as follows:
Rpot unofficial
December
January
March
1.15 May
1.19 July
1.23 September
1.28
1.34
1.39
1.45
LARD futures on the 25th ult. at the close showed net
losses of 12 to 17 points, under liquidation influenced by
the decline in wheat. On the 27th ult. futures closed 5 to
10 points lower on selling owing to a slow export demand and
the early weakness in grains. Leading warehouse and cash
interests were buying December on the break. Liverpool
was 9d. to is. 3d. lower. Exports were 702,250 lbs. to
London. Trading in hogs was affected by the strike in the
Chicago stockyards. Hog receipts were larger than expected
but the Western run was smaller than a year ago and totaled
132,000 against 140,900 last year. Cash lard was easier;
in tierces 4.95c.; refined to Continent 53' to 51.4c.; South
3
America, 5/i to 53'c. On the 28th ult., futures ended
25 to 32 points lower owing to heavy liquidation by December
longs. There was considerable changing from December to
later positions in order to avoid delivery. Warehouse and
cash interests bought December. Exports were 571,180
lbs. to United Kingdom ports, Copenhagen, Oslo and Malta.
Cash lard was weak; in tierces, 4.65c.; refined to Continent,
%
531 to 53c.; South America, 53/i to 55 c. On the 29th
%
ult., futures closed 17 to 25 points higher in sympathy with
stronger grain markets and also because of a further advance
in the government gold price. Hogs were steady. To-day
futures closed 2 to 10 points off in response to the weakness
in wheat and other grain.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Ttles.
Wed. Thurs.
Fri.
December
4.42
4.32
4.00
4.20
_-_
4.20
January
5.20
5.15
4.85
5.02
--5.00
May
5.60
5.52
5.20
5.45
--5.35
Season's High and When Made. 1 Season's Low and When Made.
December._ _ _8.87
July 19 1933 December...__4.27
Oct. 16 1933
January
9.95
January
4.82
Oct. 16 1933
May
6.72
Nov. 14 1933 May
5.35
Dec. 1 1933
PORK steady; mess $17;family $20.50, nominal;fat backs
$14 to $16. Beef steady; mess nominal; packet nominal;
family $11.50 to $12.50 nominal; extra India mess nominal.
Cut meats firm; pickled hams 4 to 6 lbs. 7%c.; 6 to 8 lbs.
7c.; 8 to 10 lbs. 63 e.; 14 to 16 lbs. 10%c.; 18 to 20 lbs. 100.;
4
22 to 24 lbs. 94c.; pickled bellies, clear f.o.b. N. Y., 6 to 8
lbs. 103 e.; 8 to 12 lbs. 104c.; bellies, clear, dry salted,
4
boxed, New York, 14 to 16 lbs. 7%c.; 18 to 20 lbs. 73/sc.;
20 to 30 lbs. 63/e. Butter, creamery, firsts to higher score
8
than extras 17 to 243.Ic. Cheese, flats 12 to 213/2c. Eggs,
mixed colors, checks to special packs 17 to 34c.
OILS.
-Linseed was in only fair demand at best with
crushers unwilling at one time to take less than 8.9c. but
later on 8.7c. was generally quoted for shipment through
February. Cocoanut, Manila, tanks, spot 23/c. tanks,
8
New York, spot 3Mc. Corn, crude, tanks, f.o.b. Western
mills 4c.; China wood, N. Y. drums, delivered 7.9 to 80.;
tanks, spot 7.2 to 7.3c. Olive, denatured, spot, Greek 74 to
75c.; Spanish 76 to 78c.; shipment carlots, new crop, Greek
74e.; Spanish 76 to 78c. Soya bean, tank cars, f.o.b.
Western mills 6.0c.; cars, N. Y. 7.1c.; L.C.L. 7.5c. Edible,
olive $1.80 to $2.00. Lard, prime 93/2c.; extra strained winter 8c. Cod, Newfoundland 35c. Turpentine 473.1 to
51 Mc.
COTTONSEED OIL sales including switches 34 contracts.
Crude S.E. 33'c. nominal. Prices closed as follows:
Spot
December
January
February
March
April
4.264.40 May
4.36@4.44 June
4.40@4.60 July
4.f34 trad
4.654.85
4.84(4.88
4.85(5.O5
4.99(5.O5
PETROLEUM.
-The summary and tables of prices
formerly appearing here regarding petroleum will be found on
an earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER futures closed unchanged to 7 points higher.
Spot ribbed smoked sheets dropped 6 points to 9.06c. London and Singapore markets were slightly higher. Here November closed at 9.07c., Dec. at 9.07c., Mar. at 9.55c., May
at 9.80c., July at 10.04c. and Sept. at 10.24c. On the 27th
ult. futures closed 62 to 79 points lower with sales of 8,520
long tons. Liquidation in anticipation of unusually heavy
December deliveries and disappointment over the progress
of the restriction negotiations at Batavia caused the decline.
December ended at 8.28 to 8.30c., Jan. at 8.45c., Mar. at
8.77e., May at 9.09 to 9.10c., July at 9.35c. and Sept. at
9.60c. On the 28th ult. futures closed 5 points lower to 19
points higher after being much stronger early in the session.
Actuals were higher. December ended at 8.44 to 8.46c.,
Mar. at 8.96 to 8.98c., May at 9.24c., July at 9.44c., Sept.
at 9.60c. and Oct. at 9.67c. On the 29th ult. futures in an
active market showed a net advance at the close of 40 to
15 points; sales, 4,140 tons. Actuals also were higher.
4028
Financial Chronicle
Dec. 2 1933
350 tons of futures; there was no change in prices at the
second session but 35 tons of futures were sold.
ZINC was quiet but remained at the East St. Louis basis
of 4.500. In 'London on the 29th ult. prices advanced is.
3d. to £14 15s. for spot and £15 for futures; sales, 250 tons
of spot and 275 tons of futures.
STEEL operations are running ahead of schedules. This
is encouraging especially in view of the fact that this is the
time of the year when there is usually a falling off in output.
The rate was estimated at 28% by the "Iron Age" as against
273/2% in the previous week. The scrap market in Chicago
was higher being influenced by the change in the trend of
operations. The composite price was advanced to $9.92 per
gross ton from $9.83. This is the first advance since August.
Confidence was bolstered by the upward revisions in automobile schedules, the placing of rail orders and the appearance of additional public works projects. Burlington bought
25,000 tons, Northern Pacific 6,500 tons and Norfolk &
Western 17,500 tons. In addition to this the Burlington,
Chicago & Quincy is reported to have placed an order for
25,000 tons of rails and 8,000 tons of track fastenings with
three companies. Plates and structural shapes continued at
$1.70 Pittsburgh and merchant steel bars were $1.75 Pittsburgh.
PIG IRON was in small demand. Books were opened
to-day for the first quarter of 1934 at the new basis of $18.50
-La Plata,
-Prompt Hampton Roads
Coal.
CHARTERS included:
per ton for No. 2 foundry iron base Everett, Mass. and
10s. Hampton Roads, early December, La Plata about 85. 6d. Grain
eastern Pennsylvania furnace. Sales in the Boston market
-New
-20 loads about Dec. 12, New York-Antwerp, 8c. Trips.
Booked.
2s.;
York. prompt trip across, $1.30 prompt South Atlantic, trip across,
were reported slightly larger. The depreciated dollar makes
Prompt West Indies, round, 80c.
the sales of foreign iron more difficult. Barge shipments
anthracite in from Buffalo it is estimated will total more than 6,000 for
COAL was in fair demand. Production of
the Nov. 18 week increased to 1,276,000 tons as against November.
849,000 tons in the preceding week. The increase for 1933
-Boston wired a Government report on Nov. 27:
WOOL.
was only 400,000 tons over 1932 despite a much colder
56s three-eighths blood territory wools
November 1933. Lake loadings of soft coal in the Nov. 16 "Strictly combing sizable quantities at 80o.and 82c. scoured
week totaled 1,041,000 tons, against 696,000 tons the have been sold in
The relatively high price range of this grade comprevious week. Cumulative loadings were 7,000,000 tons basis. with prices of finer quality domestic wools has been
pared
larger than a year ago.
st'mulated by the limited supply available in this market.
SILVER futures on the 25th ult. declined 30 to 45 points Estimated receipts of domestic wool at Boston reported to
of these losses later the Boston Gram and Flour Exchange during the week
in the early trading but recovered some
and ended 15 to 25 points off with sales of 2,300,000 ounces. ended Nov. 25 amounted to 421,200 lbs. compared with
,
The bar price dropped M to 423ic. Dec. ended at 43.30c.; 828,800 lbs. during the previous week." Another Boston
Mar. at 44.05c.; May, 44.60c., and July, 45.10e. On the Government report on Nov. 28 said: "Business in the
27th ult. under selling by the trade and commission houses wool market thus far this week has been a little slower than
futures declined at one time 150 to 165 points but covering during the previous two weeks. Nevertheless there is a
brought about a partial recovery and the ending was 111 continued interest from manufacturers. Trade is pending
to 120 points lower, with sales of 7,625,000 ounces. Dec. on numerous lots of the finer grades of domestic wools and
closed at 42.15c.; Mar. at 42.88c.; May at 43.40c., and some sales are being closed. Graded French combing 64s
July at 43.90c. On the 28th ult. a decline in the dollar and finer territory wools are bringing 81 to 83e. scoured
and another rise in the Government fold price caused a basis, while strictly combing graded wools out of similar
sharp rise in futures and the ending was 97 to 108 points lines are firmly held at 850. to 86c. scoured basis." Still
higher after sales of 9,650,000 ounces. The bar quotation another Government report wired from Boston on Nov. 29
rose lc. to 43c. Dec. closed at 43.200.; Jan. at 43.45e.; said: "Medium wools are showing a strengthening tenMar. at 43.90 to 43.91c.; May at 44.45 to 44.50c., and dency. Strictly combing 56s three-eights Ohio and similar
July at 44.97c. On the 29th ult, futures under the influence choice fleeces have been sold at 43c. in the grease, the range
of a further advance in the Government gold price and the for this grade being 41c. to 43e. Strictly combing 56s,
firmness of Shanghai showed a further improvement of 35 three-eighths territory wools have been sold in the range
to 45 points with sales of 7,300,000 ounces. Dec. closed at of 80c. to 830. scoured basis. Short French combing 64s
43.650.; Mar. at 44.35c.; May at 44.85c., and July at 45.55e. and finer territory wools in the original bags sell moderately
To-day futures ended 20 to 30 points higher on buying at 78 to 80c. scoured basis. Demand for other lines of
stimulated by favorable reports from Washington. The domestic woof is mostly slower than during the previous
4
bar price here was raised MI to 433 c. The London quo- two weeks." In London, Nov. 27, at the Colonial auctions,
tation advanced 1-16d. Dec. here closed at 43.90c.; Mar. 9,150 bales were offered; home and Continent good buyers.
at 44.60c.; May at 45.15c.; July at 45.55c., and Sept. at Withdrawals rather frequent owing to firm limits. Details:
Sydney, 3,283 bales; greasy merinos i24 to 1930. Queensland.
46.050.
1,936 bales; scoured merinos 2534 to 2930.; greasy 10 to 18d. Victoria,
COPPER has recently been easier at Sc. for domestic 6.32 bales; scoured merinos 22 to 383.; greasy 16 to 19d. South Australia,
369 bales; greasy merinos 1434 to 1734d. New Zealand, 2,485 bales:
delivery to the end of April. There were no large tonnages scoured crossbreds 8 to 20d.; greasy 6 to 17d. Kenya, 224 bales; greasy
sold at this price and some customer smelters adhered to merinos 10 to 16d. Rhodesia, 121 bales; greasy merinos 1334 to 1634d.
New Zealand slips ranged from 734d. to 1534d, the latter price for halfbred
the 83c. level, with producers out of the market at 9c. lambs.
Export copper was higher at 7.80 to 7.85c. but only a modof 10,480 bales met with
In London on Nov. 28
erate tonnage sold abroad at this range. In London on the a strong demand from offerings
Yorkshire and the Continental
29th ult. spot standard fell 6s. 3d. to £29 us. 3d. and futures buyers. Prices firmer. A small supply of Falklands
declined 5s. to £29 15s.; sales 1000 tons of spot and 400 tons
15% above October levels.
of futures; electrolytic dropped 15s. to £32 15s. on spot while greasy crossbreds sold at prices
Details:
futures fell 5s. to £33 15s.; at the second London session spot
Sydney, 2,713 bales; scoured merinos 20 to 24d.; greasy 14 to 21d.
standard advanced to £29 12s 6d and futures to £29 16s. 3d.; Queensland, 1,085 bales; scoured merinos 25 to 31d.; greasy 16 to 19d.
Victoria, 6,822 bales, scoured merinos 2234 to 29304 greasy 1434 to 1830.
sales 250 tons of spot and 100 tons of futures. Futures on South Australia, 86 bales; greasy merinos 1234 to 1530. West Australia.
scoured crossthe 29th ult. opened 8 point lower to 10 points higher and 618 bales; greasy merinos 12 to 183. Tasmania, 90 bales;crossbreds 934
breds 113.4 to 1530. New Zealand, 4,862 bales;
closed 7 points lower to 5 points higher with sales of 200 tons. to 2116(1.; greasy 6 to 16d. Cape,81 bales; scoured scoured 2434 to 2534d.
merinos
,
1230. Tasmanian scoured
Falklands,
TIN was firmer at 533c. but demand was not large. comebacks 210 bales: greasy crossbreds 634 to New Zealand slipe ranged
ranged from 1830. to 2230.
Dealers reported booking fairly large quantity for December from 6 3icl. to 1934d.
rrhipment and there was some interest shown in later deliver.
In London on Nov. 30 offerings were 10,013 bales; best
ies. In London on the 29th ult. spot standard fell 10s. to merino crossbreds continued strong in price. Yorkshire
£225 10s. and futures dropped 7s. 6d. to £225 12s. 6d.; and the Continent were the best buyers. Prices remained
straits rose 7s. 6d. to £229 10s. while the Eastern c.i.f. price firm. Faulty greasy merinos were slightly easier. Details:
fell £1 15s. to £229 5s.; sales 50 tons of spot and 130 tons of
Sydney, 1.274 bales: scoured merinos 22 to 29d.: greasy 1234 to 1730.
Queensland, 739 bales; scoured merinos 24 to 31d.; greasy 13 to 16d. Vicfutures; at the second session spot standard was unchanged toria, 212 bales; scoured merinos 25 to 283.•, greasy 1434 to 1830. South
while futures advanced to £225 15s. with sales of 35 tons of Australia, 269 bales; scoured merinos 24 to 283. West Australia, 1.683
4,941 bales; scoured merinos
bales; greasy merinos 10
futures. On the 29th ult. futures closed 25 to 80 points higher 2534 to 30304 scoured to 16d. New Zealand. greasy 6t
Cape
crossbreds 15 to 25d.:
on sales of 15 tons.
to 2630.; greasy 10 to d. Kenya. 230
665 bales; scoured merinos 2334
Wipe ranged from
bales; greasy merinos 834 to 1530. New Zealand
LEAD was reduced $3.00 recently to 4.150. New York 630. to 22d., the latter halfbred lambs, C.F.M., Belfast; type sold at
and 40. East St. Louis. This is the first break in the top price of the series.
In London on Nov. 29 offerings totaled 10,460 bales;
market in many weeks and was believed to have been made
from Yorkshire
to stimulate a demand for December shipment, which so best merinos and crossbreds in brisk demand on faulty
and
far, has been relatively small. Only about one-third of and the Continent. Prices firm except
normal requirements are estimated to be covered. In Lon- wasty merinos, which sold irregularly. Details:
greasy 1334 to 1834d.
Sydney, 1,933 bales; scoured merinos 20 to 2430.;
don on the 29th ult. spot advanced Is. 3d. to £11 us. 3d.; Queensland, 2,255 bales: scoured merinos 2434 to 3130.; greasy 1134 to
futures unchanged at £11 15s.; sales 150 tons of spot and 1830. Victoria. 130 bales; greasy merinos 1534 to 1630. South AusBuying was stimulated by the firmness at London and reports from Batavia that the restrictions negotiations were
being continued and that efforts were being made to formulate concrete proposals for native production. The closing
was with December at 8.940., Jan. at 9.13c., Mar. at 9.390.,
May at 9.64c., July at 9.85c. and Sept. at 10.02c. To-day
futures closed 20 to 30 points higher on buying influenced
by an advance in sterling exchange and favorable trade
news. December closed at 9.18 to 9.200., Jan. at 9.33c.,
Mar.at 9.59 to 9.69c., May at 9.87 to 9.90c., July at 10.12c.,
Sept. at 10.30c. and Oct. at 10.400. Sales were 291 lots.
HIDES futures ended 10 to 20 points lower with sales of
280,000 lbs. December closed at 9.90c.; March, at 11.00e.;
June, at 11.60c., and September, at 12.00e. On the 27th
ult., futures declined 10 to 25 points with December closing
at 9.80c.; March,at 10.80c.; June,at 11.40c., and September,
11.75e. On the 28th ult., after an early advance of 5 to 10
points futures reacted and ended irregular, i.e., 10 points
lower to 6 points higher with sales of 160,000 lbs. March
closed at 10.86 to 10.87c. and June at 11.45 to 11.60c.
On the 29th ult., futures ended unchanged to 20 points
higher with sales of 1,080,000 lbs. March closed at 10.90c.;
June, at 11.50c., and September, at 11.800. To-day futures
closed unchanged to 10 points lower on active positions.
March closed at 10.90c. and June at 11.40c.
OCEAN FREIGHTS were more active.
SILK futures on the 27th ult. closed unchanged to 2c.
lower owing to liquidation in December. Notices totaling
86 were issued. Sales amounted to 2,310 bales of which
almost half were in the December position. December
closed at $1.27 to $1.28; January, at $1.30; February, at
$1.31 to $1.32; March, at 31.323/2 to $1.333.; April, May
and June, $1.33 to $1.34 and July, $1.333i. On the 28th
ult., futures closed 1 to 3 points higher after some early
irregularity. Sales were 610 bales. December closed at
31.28 to $1.2834; February, at $1.33 to $1.34; March, at
May, at $1.35%; June,
$1.3534; April, at $1.35 to $1.35
at $1.35, and July, at $1.35 to $1.3534. On the 29th ult.,
in futures with
there was a further advance of M to 3
sales of 1,640 bales. December closed at $1.32; January, at
2
$1.33 to 31.343/; February, at $1.35 to $1.36; March, at
31.363/2; April, at $1.36; May, at $1.36; June, at $1.36 to
to 10.
$1.3634, and July, at $1.36. To-day futures closed
higher. Demand was stimulated by reports that the New
out. JapaJersey silk labor trbubles had been straightened
nese markets were weaker. Trading here was quiet. February closed at $1.3534; March, at $1.37; April and May,
at $1.373-6, and June and July, at $1.37.
COTTON
Friday Night, Dec. 1 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
266,062 bales, against 285,757 bales last week and 257,126
bales the previous week, making the total receipts since
Aug. 1 1933, 4,673,971 bales, against 4,840,236 bales for the
same period of 1932, showing a decrease since Aug. 1 1932
of 166,265 bales.
Mon.
Sat.
Receipts at-
Wed. Thters.
Tues.
Fri.
Total.
---- 98,248
Galveston
12,866 19,281 34,812 14,434 14,855
10,325 10,325
Texas City
9,585 16,983 20,198 9,176 8,974 16,688 81,604
Houston
215 2.936
____
774
109
Corpus Christi
88 1,752
5 51,131
---New Orleans...-. 4,799 7,289 20,443 18,595
____ 3,452 9,646
824 3,128
Mobile
640 1,602
--------1,150
1,150
Pensacola
210
210
Jacksonville
119 1,506
---211
507
398
Savannah
271
5.881 5.881
Brunswick
721 1.674
-_-106
78
38
Charleston
731
-_-- 1,716 1,716
____
--------Lake Charles_
770
____
74
55
496
31
114
Wilmington
922
116
---147
402
117
Norfolk
140
343
343
Baltimore
Totals this week- 29,232 47,491 77,869 47,776 23,903 39.791 266,062
The following table shows the week's total receipts, the
total since Aug. 1 1933 and the stocks to-night, compared
with last year:
1933.
Receipts to
Dec. 1.
Stock.
1932.
TMs Since Aug TMs 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 Charles _ ....Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
Ted.ftle
1933.
1932.
96,248 1,268,513 98,665 1,191,574 892,091 899.116
10,325 131,122 13,273 129,006
78,385
72,251
81,604 1,623,273 130,162 1,677,400 1,592,775 1,749,983
2,936 301,186 4,573 262,237
93,542
96,020
11,312
6,327
23,511
20,201
_--51,131 760,503 104,447 863,544 834.0171.075,068
606
9,646
95,896 7,245 151.109 126,841 157.650
1,150
--_87,278
85.944
35.785
35.477
10,760
210
158
6,301
7,581
19.623
1,506 134,338 2,493 101,595 137,295 179,852
18,961
5,881
28,654
1.674
96,671 7,302 112,094
60,404
89,889
1,716
86,497 1,648 126,830
62,001
86.335
14,269 2,571
770
30,705
20,278
27,405
25.774 2.999
922
32.794
24,923
57,646
__
8,689
105,912 201,828
11,413
13,795
343
12,603
175
7,643
2,050
2,050
5,389
4.673.971 175.711 4 sun 9.1f1 4 599 GAO A '70.1 9.1.1.
266.062
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1933.
1932.
1931.
1930.
1929.
1928.
98,665
130,162
104,447
7,245
2.493
86,884
91,463
83,162
19,472
4,495
49,617
78.981
50,856
20,630
20.907
73,231
100,918
57,506
12,995
8.040
152,717
103,814
63,870
12,137
12,445
7,302
2,571
2,999
5,649
1,273
1,527
7,544
3,342
5.147
7.166
4,773
6.170
4,057
6,800
11,786
Galveston...Houston
New OrleansMobile
Savannah.Brunswick...
Charleston.-Wilmington
Norfolk
Newport News
All others.--
96,248
81,604
51,131
9,646
1,506
5,881
1,674
770
922
16,680
19,827
18,258
18,545
11.948
21.362
Total this wk..
266,062
375,711
312,183
255,569
282,747
388,988
SlInna Anis 1
4029
Financial Chronicle
Volume 137
tralia, 894 bales; scoured merinos 2435 to 2835d.; greasy 11 to 17d. West
Australia. 1.354 bales; scoured merinos 24 to 254.; greasy 12 to 19d. New
Zealand, 3,864 bales; scoured merinos 25 to 26d.; scoured crossbreds 153i
to 25 Xd.; greasy 83.6 to 14;5d. New Zelaand slipe ranged from 8d.to
19d., the latter price for halfbred lambs.
4573.971 4.840.236 5.260.821 6.091.378 5.771.889 6.026.843
The exports for the week ending this evening reach a total
of 208,726 bales, of which 74,796 were to Great Britain,
10,096 to France, 44,345 to Germany, 3,040 to Italy, nil to
Russia, 55,722 to Japan and China and 20,727 to other destinations. In the corresponding week last year total exports were 357,924 bales. For the season to date aggregate
exports have been 3,317,593 bales, against 3,213,149 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
GerDec. 1 1933.
Great
- Britain. France. many.
Exports from
13,209
Galveston
22,230
Houston
1,803
Corpus Christi_ _
492
Texas City
1,339
Beaumont
New Orleans_ - 13,351
Lake Charles_ .._
2,103
Mobile
226
Jacksonville___ _
2,011
Pensacola
Panama City... 1,150
3,162
Savannah
5,881
Brunswick
7,789
Charleston
Norfolk
so
Los Angeles-- Total
Total 1932
Total 1931
Japan&
Italy. Russia. China. Other.
3,249
9:400 21,307
546
"iLo
100
11:015
1,336
5,833
615
10
2,490
634
so
342
Total.
31,707 2,842 51.007
11,620 13,933 78,490
2.113 2,548 7,010
492
50 2,039
550 32,829
5;iio
1,336
-.554 8,490
906
65
135 2,156
1,150
so 3,896
5,881
7,789
498
840
4,415
4,315
3.040
55,722 20,727 208.728
70.663 28,356 56,701 23,649
68,185 18,210 53,433 16,721
143,399 35,156 357,924
129.470 30,220 316.239
74,796 10,096 44,345
Exported toI
From
ettlo. 1 193310
Japan &
Ger- 1
1: Great
Dec. 1 192
I
Britain. France. many. 1 Italy. Russia China. Other.
Exports fr
Total.
Galveston.... 94.951 122.6061 106.585 58,621; ____ 264,1471125,869 772,779
.
Houston_ _ _ 134,842157,767 215,789 129,798 _ - _ - 330.5231S6.4721,124.189
22,781 17,397i ___. 116,378 31,938 323,065
48,917
CorpusChris
85.6
5191 ____
1,222 7.309 49,311
18,483
Texas CRY-6,599 15,179
8,935
550 ---750
Beaumont_ __
2,781 4.000
517,763
New Orleans_
99,10 53,1151 105,728 78,09521.274 108,282 52,1
13,779 2,200 8,950 17,128 9,685 67,400
Lake Charles
3,32 12,339
Mobile
18,100 4,285' 43,421 6,635 --- 11.875 4,962 89.278
7,088
366
5,704
Jacksonville _
1,018
6,750 1,063 53,600
17,750 11,158 ____
15,820 1,059
Pensacola_ _ _
300 33,082
183 11,3412,500
Panama City
18,758
12.248 4,692 99.256
100' 44,825 -56i
Savannah._. 37,089
18,961
25
13,5655,371
Brunswick
1,180 69.312
Charleston... 33,6
-Ire 34,119
5,387
500
4,887
Wilmington.
8,718
306
798
3,065
24
Norfolk
4,525
15,577
1,448 3,505
41
2,390
New York,
8.193 -_1,197
1,087
45
50
Boston
15
823 37,407
33,198
Los Angeles_
1,755
1.500
131
15,202
13,575 1,484
San Francisco
93 -___
50
80
80
Seattle
Total
579.822 420,134 658,363305,314 30,224 920,072 403,664 3,317,593
556,228420,824 818,318283,347 ----I 736,457 397,975 3,213.149
1,195,193 331,088 2.966,973
451,580130,832 634.534223,746 _
-1t has never been our practice to include blithe
NOTE -Exports to Canada.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it Is Impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of October the exports to the Dominion the present season
have been 24,961 bales. In the corresponding month of the preceding season the
exports were 18.528 bales. For the three months ended Oct. 30 1933 there were
57,000 bales exported as against 32.130 bales for the three months of 1932.
Total 1932._
Total 1931_ _
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
Leaving
Other CoastGerGreat
Stout.
Britain. France. many. Foreign wise. Total.
4,000 66,000 826,091
Galveston
7,000 9,500 8,000 37,500
New Orleans.... 7,688 6,779 9,534 14.922 1.000 39,923 794.094
---- 137,295
Savannah
60,404
Charleston_ -- _
--::.-- 5:if4 121.348
,
____
Mobile
____
---- ---- 1-ti7
.i
.
3
24.923
Norfolk
Other ports*.- 3.000 3.000 6,000 62,000 1,000 75,6013 1,942,378
Dec. 1 at
Total 1933._ 21,509 19,279 23,534116,094
Total 1932._ 23,133 20,173 22,078,134,350
Total 1931._ 47,568 7.341 24,0931140,141
•Estimated.
6,000 186,4163,906.533
6,855206,589 4,586,645
5,728 224.871 4,545,876
SPECULATION in cotton for future delivery was moderate during the week, with price changes largely governed
by developments in connection with the monetary situation.
On the 25th ult. prices declined 2 to 6 points, under scattered
week-end liquidation, disappointing Liverpool cables, and an
easier tone in foreign exchange. Southern offerings were
light and the spot basis firm, which indicated that farmers
were still holding out for higher prices. Weakness in wheat
served to undermine confidence, and the trade was generally disposed to hold aloof rather than take an active
position on either side of the market. On the 27th ult.
prices declined 20 to 25 points, in moderate trading, under
the influence of the firmness of the dollar and the weakness
in other commodities, liquidation by Wall Street commis-
sion houses, the Continent and the Far East. The trade
was the chief buyer. Southern selling was comparatively
small. The spot basis was reported firm, and reports from
the South said that farmers were still holding back cotton.
Yet the demand for spot cotton was slow, owing to the
uncertainty over the monetary situation, especially in view
of the inactivity of finished goods. Liverpool was unchanged to 2 points higher. Southern spot markets were
20 to 25 points lower, with sales at leading markets totaling
25,403 bales against 37,195 bales last year.
On the 28th ult. futures ended 7 to 14 points higher, owing
to an advance of 9c. in the Government gold price and a
decline in the dollar. Trading volume was small. Spot
markets were very inactive, and the general impression was
that business in all branches of the cotton industry was
being hampered by uncertainty over the monetary situation.
There was little disposition to trade either way. Mills were
not buying spot cotton and textile markets were dull and
steady. Some 114 December notices were issued, and were
Financial Chronicle
4030
believed to have been stopped by prominent spot interests.
Southern advices said that offerings from the interior were
small and that there was more disposition among farmers
to take advantage of the Government 10c. loan even though
It meant a cut in next year's acreage. Liverpool was 3
to 4 points lower and cables said that the market there
was quiet with traders cautious and that Continental
liquidation and Bombay selling had been offset by scattered
buying on the early decline in foreign exchange.
On the 29th ult. futures in light trading closed 4 to 7
points higher reflecting a further advance in the Government gold price and a moderate decline in the dollar.
Prices fluctuated within a range of 4 to 8 points. There
was little disposition to take an active position over the
Thanksgiving holiday and while the demand from commission houses and the trade was fair, outside intetrest
was largely lacking. The uncertainties over the monetary
situation have checked business. Southern advices stated
that offerings from the interior continued light and that
the spot basis was firm. Spot demand was again quiet
and mills displayed little interest in the market evidently
awaiting more settled monetary conditions and an improvement in dry goods business. There were 72 December
notices issued, bringing the total thus far to 434. They
were stopped by leading houses, and December held steady.
Two officials of the Agricultural Adjustment Administration issued statements regarding cotton. It was estimated
that 15,000,000 acres would be leased next year at a cost
of $125,000,000, which would be met by processing taxes
on consumers of the raw material. With exports approximatetly 200,000 bales ahead of those last season, shipments
of 10,000,000 bales were viewed as probable compared with
8,600,000 last season, with a possible reduction of 2,750,000
bales in the carryover to 9,000,000 on July 31 next as a
result of a probable consumption of 15,500,000 bales and a
cut in acreage that might reduce the 1934 crop to 8,000,000
or 10,000,000 bales. Officials of the American Cotton Cooperative Association were reported as expecting a crop
of about 13,176,000 bales, or 76,000 bales above the last Washington estimate.
To-day after displaying early strength due to a rise
in the Government gold price, higher sterling exchange
stand better Liverpool cables than expected prices lost
most of an early gain of 11 to 15 points and ended only
3 to 4 points net higher. Domestic spinners, commission
houses, the Continent and the Far East were good buyers
early in the session and there was some outside demand
and covering by professional interests. Sellers included
the South, Wall Street, wire houses and local
traders.
Worth Street reported a slightly better demand for
standard
cloths and a fair business in some special
constructions,
with prices well maintained. Southern advices said
that
offerings were light and that the basis was firm
though
demand was small.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Dec. 7 1933.
15-16
inch.
1-Inch .4
longer.
.11
.11
.11
.11
.10
Differences between grades established
for deliveries on contract Dec. 7 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.32
.32
.32
.32
.29
.27
.24
Middling Fair
White
.68 on
Strict Good Middling_
do
.55
Good Middling
do
.43
Strict Middling
do
29
Middling
do
Basis
.10
Strict Low Middling- do
34 off
.09
Low Middling
do
.73
*Strict Good Ordinary_
do
1.21
*Good Ordinary
do
1.62
Good Middling
Extra White
44 on
Strict Middling
do do
.30
Middling
do do
.01
Strict Low Middling__ do do
.32 off
Low Middling
do do
.67
.10
.32
Good Middling
Spotted
2700
.10
.29
Strict Middling
do
Even
.09
.25
Middling
do
34 off
*Strict Low Middling._ do
73
*Low Middling
do
1 21
.10
.25
Strict Good Middling...
..Yellow Tinged
02 off
.10
.25
Good Middling
do do
25 oft
.10
.25
Strict Middling
do do
.40
*Middling
do do
.73
*Strict Low Middling..., do do
1.18
*Low Middling
do do
1.61
.09
.24
Good Middling
Light Yellow Stained_ .39 oft
*Strict Middling
do
do
do __ .73
*Middling
do do
do A.18
.09
.24
Good Middling
Yellow Stained
.72 oft
*Strict Middling
do do
1.17
*Middling
do do
1.61
.09
.25
Good Middling
Gray
.25 Ott
.09
.25
Met Middling
do
.49
Middling
do
.78
Good Middling
Blue Stained
.73 off
Strict Middling
do do
1.18
Middling
do do
1.61
•Not deliverable on future contract.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton
in
New York market each day for the past week has been: the
Nov.25 to Dec. 1Sat. Mon. Tues. Wed. Thurs.
Middling upland
10.10
Fri.
9.90 10.05 10.10 hHol. 10.20
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York
on
Dec. 1 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
10.20c. 1925
5.95c. 1924
6.10c. 1923
10.40c. 1922
17.35c. 1921
20.60c. 1920
19.65c. 1919
12.60c. 1918
20.75c. 1917
23.15c. 1916
37.65c. 1915
25.30c. 1914
17.55c. 1913
16.60c. 1912
39.75c. 1911
27.50c. 1910
30.90c. 1909
20.30c. 1908
12.55c. 1907
7.65c. 1906
13.50c. 1905
13.95c. 1904
9.25c. 1903
15.10c. 1902
14.65c.
9.35c.
11.80c,
11.25c.
11.65c.
9.00c.
11.95c.
8.50c.
Dec. 2 1933
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Nov. 25.
Tuesday, Wednesday, Thursday,
Nos. 28.
Nov. 29.
Nor. 30.
Monday,
Nov. 27.
Dec.(1933)
Range._ 9.83- 9.91 9.69- 9.84 9.60- 9.82 9.80- 9.84
Closing_ 9.89- 9.69- 9.76- 9.83 -Jan.(1934)
Range__ 9.92- 9.98 9.69- 9.87 9.71- 9.88 9.87- 9.94
Closing_ 9.950
9.71- 9.73 9.84- 9.88Feb.
Range __ --Closing_ 10.02n
9.91n
9.78n
9.960
Friday,
Dec. 1.
9.88- 9.97
9.91n ....I
lill
9.94-10.17
9.97- 9.98
10.03n
Mar.
-
Range__ 10.06-10.14 9.85-10.03 9.89-10.03 10.02-10.08
10.08-10.17
Closing_ 10.09- 9.86- 9.87 9.9810.0510.10-10.11
April
Range
HOLI- 10.16n
Closing_ 10.16n
10.05n
10.12n
9.92n
DAY.
MaliRange__ 10.21-10.29 9.98-10.17 10.03-10.17 10.17-10.23
10.19-10.30
Closing_ 10.24-10.25 9.99-10.0010.13- 0.19-10.20
10.22 Juno
Range
Closing_ 10.29n
10.19n
10.24n
10.05n
10.29n
July
Range__ 10.34-10.41 0.11-10.30 0.18-10.29 0.27-10.35
10.33-10.42
Closing_ 10.34-10.35 0.11-10.12 10.2610.3010.36Aug.
Range
-- Cloeing
Sept.
Range
Closing
-
Pa.
-
Range__ 10.52-10.62 10.30-10.4910.37-10.48 10.48-10.54
Closing_ 10.5510.31 ---- 10.44n
10.49Nov.
Range
Closing
10.54-10.62
10.56--
n Nominal.
Range of future prices at New York for week ending
Dec. 1 1933 and since trading began on each option:
Option forNov.1933-Dec. 1933._ 9.60
Jan. 1934._ 9.69
Feb. 1934
Mar. 1934_ 9.85
Apr. 1934._
May 1934._ 9.98
June 1934..
July1934._ 10.11
Aug. 1934
Sept. 1934
Oct. 1934._ 10.30
Range Since Beginning of Option.
Range for Week.
Nov.28 9.97 Dec. 1
Nov. 27 10.17 Dec. 1
Nov. 27 10.17 Dec. 1
Nov.27 10.30 Dec. 1
6.50
6.30
6.35
6.62
6.84
8.91
9.13
Feb. 21 1933 10.50 July 21 1933
Feb. 6 1933 12.20 July 18 1933
Feb. 6 1933 12.25 July 18 1933
Feb. 24 1933 9.92 Aug. 28 1933
Mar. 28 1933 12.39 July 18 1933
May 22 1933 10.43 Nov. 17 1933
Oct. 16 1933 12.52 July 18 1933
Nov.27 10.42 Dec. 1 9.27 Oct. 16 1933 11.78 July 27 1933
Nov.27 10.62 Nov. 25 10.05 Nov. 6 1933 10.90 Nov. 16 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Dec.1-
Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales- 792,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice & Mestre
Stock at Trieste
1932.
695.000
1931.
652,000
1930.
733,000
99.000
120,000
136,000
150.000
891,000
815,000
788.000
883,000
564,000
273,000
29,000
82,000
142,000
18.000
8,000
485.000
239.000
28.000
71.000
72,000
297,000
194,000
9,000
73,000
76,000
504,000
305,000
15,000
108,000
44,000
Total Continental stocks
1,116,000 895,000 649.000 976,000
Total Continental stocks
2,007,000 1.710,000 1,437,000 1,859,000
India cotton afloat for Europe- 61,000
27,000
44,000
63.000
American cotton afloatfor Europe 391.000 463,000 490,000 576.000
Egypt,Brazil,&c.,all'tfor Europe 109.000
63,000 135,000 108,000
Stock 111 Alexandria. Egypt
413,000 557,000 743,000 672,000
Stock in Bombay,India
662.000 520,000380.000.
Stock in TJ. S. ports
4,092.949 4.793,234 4,770.747 4,103,631
Stock in U.S.interior towns
2,198,290 2,246,716 2,209,002 1,797,998.
U. S. exports to-day
13,316 101.182
632
68,793
Total visible supply
9,847,555 10518.132 10260,542 9,620,261
Of the above, totals of American and oher descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. Interior stocks
U. S. exports to-day
Total American
Bast Indian, Brazil, de.-
Liverpool stock
427,000 367,000 264,000 357.000
70,000
47,000
69,000
53,000
1,033,000 843,000 574,000 859.000
391,000 463.000 490,000 576,000
4.092,949 4,793.234 4,770.747 4,103,631
2,198.290 2,246.716 2,209,002 1.797.995
13,316 101,182
88,793
632
8,202,555 8.884.132 8,429,542 7,763,261
365,000
328,000
383.000
376.000
52,000
83,000
61,000
109,000
413,000
562,000
50,000
52.000
44,000
83,000
557,000
520,000
83.000
75,000
27,000
135.000
743,000
380,000
81,000
117,000
63,000
108,000
672,000
440.000
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazll, &c., afloat
Stock in Alexandria. Egypt
Stock In Bombay, India
Total East India, &c
Total American
1,645,000 1,634,000 1,831,000 1,857,000
8,202,555 8.884,132 8,429.542 7.763.261
Total visible supply
9,847,555 10518.132 10260,542 9.620.261
5.14d.
5.30d.
Middling uplands. Liverpool
5.15d.
5.70d.
5.800.
6.15c. 10.45c.
Middling uplands, New York.... 10.70c.
8.19d.
8.40d.
7.74d.
BMA,good Sake!, Liverpool_ _ _
9.70d.
4.77d.
5.01d.
Broach, fine, Liverpool
4.17d.
4.40d.
5.10d.
5.14d.
Tinnevelly, good, Liverpool
4.80d.
5.35d.
Continental imports for past week have been 225,000 bales.
The above figures for 1933 show a decrease from last
week of 50,879 bales, a loss of 670,577 from 1932, a
decrease of 412,987 bales from 1931, and a gain of 227,294 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
Financial Chronicle
Volume 137
corresponding period of the previous year, is set out in
detail below:
Movement to Dec. 1 1933.
Towns.
I Ship- Stocks
masts. Dec.
Week. I Season. Week.
1.
Movement to Dec. 2 1932.
Receipts.
Ala.,Birming'm 1,774
Eufaula
49
Montgomery
110
Selma
299
Ark.,Blytheville 6,024
1,654
Forest City_
1,899
Helena
Hope
1,000
Jonesboro__ _ 2,605
Little Rook_ 3,070
1,459
Newport_ _
Pine Bluff_
2,796
Walnut Ridge 3,733
Ga., Albany__ 65
255
Athens
5,892
Atlanta
1,351
Augusta
Columbus
790
149
Macon
475
Rome
699
La., Shreveport
Miss.,Clarksdale 2,990
Columbus..
100
3,000
Greenwood
500
Jackson
15
Natchez
1,047
Vicksburg_
257
Yazoo City
Mo., St. Louis_ 8,518
285
N.C..Greensb'ro
Oklahoma
15 towns_....43,155
S.C., Greenville 4,77
Tenn.,Memphis 67,84
Texas, Abilene_
1,87
225
Austin
30
Brenham_
4,64
Dallas
1,64
Parts
6
Robstown_
San Antonio_
100
1,14
Texarkana
Waco
1,55
20,943
6,136
23,613
34,521
100,164
15,421
37,751
42,228
22,812
77,635
24,028
83,622
43.526
9,998
21,420
39,410
104,272
8,640
11,411
8,413
46,027
101.166
13,187
128,310
23,456
3.639
16.275
26,769
81.952
3,186
Receipts.
Week.
Season.
1,158 15,464 1,646
1311 6,123
172
2,261 38,184
3341
732 48,378
9491
3,805 75,196 4.154
962
.5211 16,908
,
2,4971 33,376 2,2901
739'
1,000, 22.263
1
1,592: 15,831 1,006,
3,5051 58,032 4,792,'
1,206 21,630 3,0611
3,670, 51,383 4,462:
2,705; 30,701 1,4371
591 7,588
3;
1,140 54,260
.540;
2,414 185,758 13,120
699 145,353 2,794:
549r
300 15,661
192 34,214
214;
300 8,550 1,175
2,141 45,975 3,135'
5,191 65,760 4,3671
100 13,954
9671
5,000 101,640 4,796
500 21,363
940
118 4,952
294'
1,273 11,582
908
1,245 19,471
939:
629 6,312
8.518
235'
305 17,743
• Ship- Stocks
ments. Dec.
2
.
Week.
18,773
5,837
21,426
48,905
149,864
16,772
59,679
42,033
11,011
86.355
37,964
83,631
52,908
1,230
15,754
53,070
74,648
12,306
14,713
8,871
65,071
96,287
10,421
103,292
28,681
6,264
26,002
29,977
67,399
6,352
10,432
6.857
52,045
64,633
94,609
24,438
50,610
33,454
6,707
69,143
30,397
73,761
23,337
3,122
-350 48,844
9,143 150,308
1,389 117,170
--- 26,458
447 40,329
500 12,647
4,333 85,704
5,9231 83,831
2051 12,577
5,856 114,470
1,006 33,356
222 7.970
976 24,215
1,316 30,715
6,232
267
132 13,099
904
259
396
775
15,195
250
3,348
1,418
1,460
4,950
3,102
4,642
5,957
606,114 39,450233,92831,227 540,220 23,259 224,341
2,544 78,310
65,351 4,061 94,684 7,187 46,50
021,309 59,051 581.907 64,126 901,364 68,376 491,003
53,138 2,515 5,094 6,907 52,322 6.807 2,706
463
996 3.606
18,400
17,525
770 4,520
582 9,961
14,517
449
25,766
507 8.071
65,337 2,330 25,340
76,637 3,265 21.423 5,136
40,055 1,097 17,980
47,056 1,356 17,886 1,851
57
752
6,217
5,131
121 1,26
293
791
9,789
111
9,530
100
830
34,486 1,500 27,893
22,933 1,363 18,068
667
2.346 18,528
79,598 2,486 22,715 1,934 59,12
Total, 56 towns 180,340 3,110,019 169,3232198290 187,350 3,043,831 190,873 2246716
4031
Movement into sight in previous years:
Week1931-Dec.4
1930
-Dec. 5
1929
-Dec.6
Bales.
Since Aug. 1432,197 1931
400.177 1930
442.443 1929
Bales.
8,681,313
9,650,464
9,758,358
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Dec. 1.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth _ _ _ _
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9.80
9.83
9.75
9.84
10.00
9.60
9.84
9.70
9.80
9.54
9.55
9.55
9.60
9.63
9.55
9.61
9.76
9.35
9.61
9.45
9.60
9.34
9.30
9.30
9.70
9.70
9.60
9.73
9.88
9.50
9.73
9.60
9.70
9.45
9.45
9.45
9.75
9.77
9.68
9.80
9.95
9.55
9.80
9.65
9.75
9.53
9.50
9.50
HOLIDAY.
9.80
9.85
9.75
9.90
10.00
9.65
9.85
9.70
9.85
9.62
9.60
9.60
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,
Nov. 25.
Monday,
Nov. 27.
Tuesday,
Nov. 28.
Wednesday, Thursday,
Nov. 29.
Nov. 30.
Fr
De
bid
9.81
Deo.(1933) 9.82- 9.83 9.63- 9.74 Bid. 9.80b-9.82a
Jan.(1934) 9.88 Bid. 9.68- 9.79 Bid. 9.85 Bid.
9.91
February
March...... _ 10.04-10.07 9.82, 9.83 9.95 -10.02-10.03
10.01
April
May
10.19- 9.98 -10.10 -10.15- HOLI- 10.21
June
DAY. July
10.3410.31
10.0910.22 Bid. 10.29_
August__ _
September
October
10.50 Bid. 10.27 Bid. 10.40 Bid. 10.47 Bid.
10.51
bid
November
Tone
Spot
Steady.
Steady.
St dy
Steady.
Steady,
Options
Steady. Barely stdv Steady.
Steady.
St dy
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 11,734 bales and are to-night
48,426 bales less than at the same period last year. The
receipts at all the towns have been 7,010 bales less than
the same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contect Total.
200
400
100
400
Saturday.... Quiet, unchanged- - Steady
Monday_ _ _ Steady, 20 pts. dec.. Barely steady_ _
Tuesday
_ Steady. 15 pts. adv_ Steady
Wednesday_ Quiet, 5 pts. adv_ _ _ Steady
HOLI DAY.
Thursday __
Friday
Steady, 10 pts. adv. Steady
Total week_
Since Aug. 1
200
400
100
400
200 24,600 28,800
1.300 24.600 25.900
36,320 86.100 122.420
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:
Dec.1-
Shipped-
Via St. Louis
Via Mounds, &a
Via Rock Island
Via LOulsville
Via Virginia points
Via other routes. Sze
Total gross overland
Deduct Shipments
Overland to N.Y.. Boston. &c
Between interior towns
Inland, &c.,from South
Total to be deducted
933
Since
Week. Aug. 1.
8,518
81,563
4,046
60,392
585
316
5.266
3,343
64,545
27,937 153.753
1932
Since
Week. Aug. 1.
6,232
67.921
150
1.566
100
732
5.977
3,175
58.954
18,573 120,717
44,160
366,104
28,862
255,235
343
294
5.771
12.598
4,722
80.686
175
208
6.584
7,633
3.397
55,953
6,408
98,006
6,965
66.983
Leaving total net overland *-37.752
268,098
21,897
188.252
The foregoing shows the week's net overland movement
this year has been 37,752 bales, against 21,897 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 79,846 bales.
1933
1932
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
266.062 4.673.971 375,711 4,840.238
Receipts at ports to Dec. 1
21.897
188,252
Net overland to Dec.
South'n consumption to Dec.1-106.000 1.903,000 105,000 1.789.000
Came into sight during week
Total in sight Dec. 1
* Decrease.
6,845.069 502.608 6.817,488
936.056
*4,761
898.011
28.881
50.540
421.548
497,847
- - 7,810,006
7,768.039
North.spinn's' takings to Dec.1-- 81,029
Galveston, Tex
Amarillo, Tex
Austin. Tex
Abilene. Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, 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, Mina
Mobile. Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S.0
Asheville, N. C
Charlotte, N.0
Raleigh, N.0
* Including movement by rail to Canada.
409.814
Total marketed
11,734
Interior stocks in excess
Southern mill takings
Excess of
over consumption to Nov.1
"ANNUAL COTTON HANDBOOK."
-The 63rd or 1933
edition of this publication has just been issued and as usual
contains a store of information. The book includes practically every cotton statistic worthy of compilation, and
owing to its compact form, is an indispensable reference
book for those engaged in the cotton trade. The price of
the handbook is $1.00 and copies may be obtained from
Comtelburo, Ltd., 66 Beaver Street, New York.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening indicate that the weather
during the week over most of the cotton belt has been
mild and fair. The gathering of the remainder of the cotton
crop made very good progress and is now mostly completed.
Memphis, Tenn.
-The weather has been favorable for
gathering remnant of crop which has been done.
500,206
18,593
360,822
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tel=
Rain. Rainfall.
dry
dry
1 day 0.01 in.
dry
dry
dry
I day 0.14 in.
dry
dry
dry
dry
dry
dry
dry
1 day 0.26 in.
1 day 0.01 in.
dry
1 day 0.01 in.
dry
dry
dry
dry
1 day 0.62 in.
dry
1 day 0.14 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
Thermometer
high 77 low 50 mean 64
high 78 low 38 mean 58
high 82 low 36 mean 59
high 78 low 40 mean 59
high 80 low 50 mean 65
high 78 low 52 mean 65
high 78 low 44 mean 61
high 78 low 42 mean 60
high 78 low 46 mean 62
high 80 low 38 mean 59
high 82 low 48 mean 65
high 74 low 40 mean 57
high 76 low 36 mean 66
high 74 low 34 mean 54
high 78 low 50 mean 63
high 80 low 38 mean 59
high 76 low 32 mean 54
high 78 low 40 mean 59
high 75 low 43 mean 59
high 72 low 34 mean 53
high 74 low 38 mean 56
high 74 low 42 mean 58
high 78 low 54 mean 66
high 70 low 48 mean 59
high 80 low 48 mean 64
high 76 low 37 mean 56
high 66 low 30 mean 48
high 74 low 32 mean 53
high 74 low 32 mean 53
high 74 low 39 mean 57
high 66 low 24 mean 45
high 72 low 32 mean 61
high 74 low 32 mean 53
high 74 low 36 mean 55
high 74 low 37 mean 56
high 70 low 30 mean 50
high 76 low 26 mean 51
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.,
Above zero of gauge..
Dec. 1 1933.
Feet.
0.8
3.9
9.1
6.3
2.9
Dec. 2 1932.
Feet.
2.5
11.8
10.8
2.3
12.8
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
4032
Week I
Ended
Financial Chronicle
Receipts at Ports.
1933.
1932.
Stocks at Interior Towns. Receiptsfrom Plantations
1931.
1933.
1932.
1931. 1 1933.
1932.
1933.
1931.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 5,601,408 bales;
in 1932 were 5,682,003 bales and in 1931 were 6,617,202
bales. (2) That, although the receipts at the outports the
past week were 266,062 bales, the actual movement from
plantations was 277,796 bales, stock at interior towns
having increased 11,734 bales during the week. Last year
receipts from the plantations for the week were 370,950
bales and for 1931 they were 320,878 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.
1932.
1933.
Season.
Week.
Week.
Season.
9,898,434
Visible supply Nov. 24
10,399.570
7,632,242
Visible supply Aug. 1
7,791,048
American in sight to Dec.1 _ - _
421.548 7.810,006
497,847 7,76o.039
Bombay receipts to Nov.30-36.000
218,000
27,000
345.000
Other India ship'ts to Nov.30
5.000
176.000
3,000
128,000
44,000
442.000
Alexandria receipts to Nov.29
105.000
758.400
Other supply to Nov.29 *b.12,000
200,000
9,000
199.000
Total supply
Deduct
Visible supply Dec. 1
10.477,982 16,794.648 10,980,417 16,671.087
9,847,555 9.847,555 10,518.132 10,518.132
Total takings to Dec. 1 a....
630,427 6,947.093
462,285 6,152,955
Of which American
456.427 5,449,693
365,285 4,779,955
Of which other
174.000 ,,.497,400
97,000 1,373,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills, 1,903,000 bales in 1933 and 1,789,000 bales in 1932
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 5,044,093 bales in 1933 and 4,363,955 bales in 1932 of
which 3,546.693 bales and 2.990,955 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1933.
Nov. 30.
Receipts at
-
1932.
Week.
36,000
Bombay
Since
Aug. 1.
218,000 27,C00
Since
Week. !Aug. 1.
For the Week.
Exports
from
-
Total all
1933
1932
1931
Week.
345,000 27,000
Since
Aug. 1.
254.000
Since Aug. 1.
Great Conti- Japan&
Great
Britain. +sent. China. Total. Britain.
Bombay
1933
1932
1931
Other India
1,000
1933
1932
1931
1,000
1931.
Conti- Japan &
neat.
China.
Total.
6,000 7,000 13,000
4,000 6,000 10,000
2,000 13,000 15,000
13,000 116,0001 78,000 207,010
7,C00 79,0001 182,000 268,000
6,000 71,000 379,000 456,000
4,000
3,000
2,000
47,000 129,000i
28,000 100,000
35,000 81,000,
5.000
3,000
3,000
1,000 10,000 7,000 18,000
7.000 6.000 13,000
1.000 4,000 13,000 18.000
176,000
128,000
116,000
60,000 245,000 78,000 383,000
35,000 179,000 182,000 396,000
41,000 152,000 379,000 572,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record an increase
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 13,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
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:
A lexanth fa, Egypt,
Nov. 29.
Receipts (cantars)This week
Since Aug. 1
Export (Bales)-
1933.
1932.
1931.
525,000
3.785,324
200,000
2,289,639
280,000
3,645,898
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
34.985 13,000 77,765
9,000 81,915
To Manchester, &c
55,821
10,000 60,623 6,000 33,583
To Continent & India__. 19,000 185,773 15,000 152,872 18,000 190,656
To America
4,000 21.964 2,000 13.095 1.000 6,285
Total exports
42,000 350,275 23.000 234.535 32.000 330.527
-A cantar is 99 lbs Egyptian ha es weigh about 750 lbs
Note.
This statement shows that the receipts for the week ended Nov. 29 were
525,000 cantars and the foreign shipments 42.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for cloth is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1932.
831 Lis. Shirt- Cotton
8% Lbs. Shirt- Cotton
32a Cop
lags, Common Afiddro 32s Cop
ings, Common MiddP12
Twist.
to Finest.
UpPds. Twist.
to Finest.
UpPds.
Sept.
!
!
1
206,619 154,553 126,962 1,111,525 1,261,495 725,430 209.142 146,525117,587
1
188,484 183.676 167 441 1.118,779 1,271,735 728.548195,738 193,916170,559
15._ 276,295 235,434 241,800 1.152,214 1,344,300 749,994 309,710 307,999 263,246
22._ 328,745 225,127 322,6981,231,502 1,452,801 811,978408,033 356,228384,682
29__ 400,645 322,464 445,906 1,366,589 1,571,911 945,683541,732441,574,579,611
Oct.
1
1
6.... 401,837 311,264517,721 1,502,765 1,695,492 1,141,662 538,013 123,5811713,700
13__ 376,794347,025 519.3981,657,587 1,802,899 1,349.792531,616 454,432 727,528
20__ 76,859 395.485380,980 1,785,278 1,889,862 1,559,483 504,550 482,448590,671
27..348.464387,507 453,232 1.881,9102,030,251 1,750 430 445,096 527.896,644.179
Nov.
1
3_ 313.111 401,089403,664 1,986,737 2,133,283 1,905,1081417,938 507,101I559,202
10__ 275,657377,879 417,118 2,081,2391 2,201,601 2,052,038 370 1601446,197.564 084
17_. 257,126 425,222402,3882,151,3792,248,953 2,176,891 327.2681472,574 527.239
24._ 285,75708,468 317,628 2,186.556 2,251,477 2,200,307250,572 310,992 341,044
Dec.
I
1
1._ 266,062375,711 312,1832,198,2902,246,716 2,209,002 277,7961370,9501320,878
1
1
Dec. 2 1933
d.
s. d.
9 6103i
8,1(4 9%
8%010
8%©10
8%ig10
4
3
3
4
4
@86
08 5
085
08 6
@86
s. d.
5.60
5.38
5.47
5.42
5.60
8341310
8110 9%
8110 914
83113 9%
4
4
4
4
@86
@86
086
08 6
5.44
5.44
5.51
5.54
8%@ 2%
8%010
8%0 9%
8340 9%
4
4
4
4
@86
08 6
086
0) 8 6
8%0 9%
4 @86
d.
d.
s. d.
s. d.
d.
Sept.
-
Oct.
Nov
.10.
Dec.
7
5
3
3
3
@92
@90
0) 8 6
@86
@86
6.57
6.38
5.88
6.07
5.73
251011
9 010%
811010%
8%01031
3
3
3
3
@86
086
08 6
086
5.7n
5.64
5.46
5.62
5.43
5.31
5.13
5.09
834131434
834131034
9 010%
8% 010%
3
3
3
3
@86
086
08 6
1386
5.39
5.60
5.61
5.44
5.15
8% 01031
3 @86
5.30
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 208,726 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
HOUSTON-To Bremen-Nov,23-Braddovey,10,405---Nov.27
-Griesheim, 2,851; Karpfanger, 4,345--_Nov. 28
-West
Cobalt. 3,343
20,944
To Liverpool
-Nov. 25
-West Chatala, 5,243; Telesfora do
-Crown of Galena, 2,469:
Larrinaga, 3.184Nov. 27
Nov. 28-Atlantian, 6,148
17,044
-West Chatala, 2.496; Telesfora de
To Manchester-Nov. 25
Larrinaga, 720--_Nov. 28-Atlantian, 1,970
5,186
To Montyluoto-Nov. 24-Vasaholm,2,400
2.400
To Japan-Nov.27
-Norway Maru, 7,006-Nov.29-Atago
Maru,2,437
9,443
To Gothenburg-Nov.24-Vasaholm, 791
791
To China-Nov.27
--Norway Marti, 1,377--_Nov. 29-Atago
Maru. 800
2,177
To Oslo
-Nov.24-Vasaholm, 200
200
To Copenhagen-Nov.24-Vasaholm, 575
575
To Gdynia-Nov. 24-Vasaholm, 2,093--_Nov. 27-Grieshelm, 1.275; Karpfanger, 729
4,097
To Barcelona-Nov. 28
-Mar Caribe, 3,230
3,230
-EffingTo Havre
-Nov. 27
-San Pedro, 2,592-Nov. 28
ham, 5,320
7.912
To Dunkirk-Nov,27
-San Pedro, 1.488
1,488
To Antwerp-Nov. 27
-San Pedro, 100
100
To Ghent
-Effingham, 500
-Nov.28
500
To Rotterdam-Nov. 28
-Effingham. 2.040
2,040
To Hamburg-Nov. 27-Karpfanger, 363
363
-To Liverpool
TEXAS CITY
-Nov. 27-Atlantian, 376
376
To Manchester-Nov. 27-Atlantian, 116
116
-To Bremen-Nov. 23-Grieshelm, 1,132
LAKE CHARLES
-West Cobalt, 204
Nov. 25
1,336
-Nov. 22
-Crown of Galena,
NEW ORLEANS
-To Liverpool
Nov. 23-Musician, 3.186
Nov. 24
1,792
Nyanza,4.334
9,312
.Nov. 24
-Musician, 1,841..
To Manchester-Nov. 23
Nyanza, 1,663
3,504
-Marie
To Bremen-Nov. 21-Aachen, 5,767----Nov. 27
•Leonhardt, 5,252
11.019
To Hull
-Nov.24-Cranford, 535
535
To Genoa-Nov. 24-Western Queen, 568--_Nov. 28-Invella, 1,922
2,490
To Japan-Nov.25-Volunteer, 4,369
4,369
To China-Nov. 25-Volunteer, 1,050
1,050
To San Felipe
-Nov. 21-Sixaola, 100
100
50
To San Salvador-Nov. 21-Sixaola, 50
400
To Porto Colombia-Nov.25-Turrialba,400
NORFOLK
-To Japan-Nov. 1-Adrastus, 498
498
342
To Bremen-Nov. ?-City of Newport News. 342
-To Liverpool
-Nov. 26-Atlantian, 1,412
1,412
CORPUS CHRISTI
391
To Manchester-Nov. 26-Atiantian, 391
-Effingham, 546
546
To Havre
-Nov.25
To Ghent
-Nov.25
-Effingham. 753
753
50
To Rotterdam-Nov,25-Effingnam, 50
-Mar Caribe, 1.745
1,745
To Barcelona-Nov. 25
To China-Nov.25-Atago Marti, 800
800
To Japan-Nov.27-Atago Maru, 1,313
1,313
GALVESTON-To Bremen-Nov. 24-Eifel, 3,249
3,249
-Nov. 27-Atlantian, 3,000. .Nov. 28
To Liverpool
-West
8.309
Chataler,5.309
To Gdynia-Nov.24-Eifel, 188_ _ _Nov. 27-Vasaholm, 1,670 1,858
To Manchester-Nov. 27-Atiantian, 2.288._ _Nov. 28
-West
4,900
Chataler, 2,612
To Japan-Nov. 25
-Hanover, 5,338 Fernwood, 6,910 Norway Maru,6,498._ _Nov. 28-Sacramento Valley, 2,442
21,188
To China-Nov. 25-Fernwood, 2,600 Norway Maru, 2,698
10,519
_ _ _Nov. 28
-Sacramento Valley, 5,321
459
To Gothenburg-Nov. 27-Vasaholm, 459
225
To Copenhagen-Nov. 27-Vasaholm, 225
300
To Oslo
-Nov.27-Vassaholm6 300
BEAUMONT-To Genoa-Nov.25-Silksworth, 450_ _ _Nov.29
550
Western Queen, 100
825
To Liverpool
-Nov.30
-Patrician,825
514
To Manchester-Nov. 30
-Patrician, 514
100
To Havre
-Nov.28
-City of Joliet, 100
50
To Salonica-Nov. 29
-Western Queen, 50
10
PENSACOLA-To Bremen-Nov.25-Yaka, 10
100
To Gdynia-Nov.25-Yaka, 100
35
To Rotterdam-Nov.25-Yaka,35
511
To Liverpool
-Nov. 28-Afoundria, 511
1,500
To Manchester-Nov. 28-Afoundria, 1,500
3.740
25-Dakotlan, 3,740
CHARLESTON-To Liverpool
-Nov.
4,049
To Manchester-Nov. 25-Dakotian, 4,049
.Nov. 15-Governor, 29..
MOBILE-To Liverpool-Nov. 10
630
Kenowis,601
To Manchester-Nov. 10
-Governor, 385._ _Nov. 151,473
Konowis, 1,088 __
-Hastings,
To Bremen-Nov. 13-Wildenfels, 1,919.....Nov. 15
5,683
2,324_ _Nov. 22-Grandon. 1,449
292
To Gdynia-Nov. 13 Wildenfels, 292
-Hastings,37
137
To Ghent
-Nov. 13-Wildenfels, 100_ _ _Nov. 15
125
To Rotterdam-Nov. 15
-Hastings, 125
150
To Hamburg-Nov.22-Grandon, 150
634
SAVANNAH-To Hamburg-Nov.28-Magmeric,634
759
To Liverpool-Nov. 29-Dakotian, 759
2,403
To Manchester-Nov. 29-Dakotian, 2,403
50
To Antwerp
-Nov.28-Magmeric,50
50
To Japan-Nov.29-Adrastus, 50
50
-Nov. 24-Willamette Valley, 50-To Liverpool
LOS ANGELES
50
-San Jose. 50
To Dunkirk-Nov.26
To Japan-Nov.24-Montreal Maru,980 Asama Marti, 3,335 4,315
1,058
PANAMA CITY-To Liverpool-Nov. 27-Afoundria, 1.058
92
To Manchester-Nov. 27-Afoundria, 92
100
-Nov. 29--SaccarapPa, 100....
JACKSONVILLE-To Liverpool
126
29-Saccarappa, 126
To Manchester-Nov.
6.5
To Rotterdam-Nov. 29-Saccarappa, 65
615
To Bremen-Nov. 28-Daga, 615
-Nyanza, 5,386
5,386
-Nov. 30
BRUNSWICK-To Liverpool
495
-Nyanza,495
To Manchester-Nov.30
208,726
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
folio ws, quotations being in cents per pound:
High
StandHigh
DensUy. ard.
Density.
Liverpool .25c.
.500.
.25c. Trieste
.550.
Manchester.25c.
.25c. Flume
Antwerp .35o.
.500. Barcelona .35c.
Havre
.250.
.450. Japan
•
Shanghai
•
Rotterdam .350.
Genoa
.40o.
.550. Bombay. .400.
.350.
Oslo
.610. Bremen
46c.
Stockholm .42o.
.57e. Hamburg .35e.
*Rate Is open. s Only small lots
High
StandDensity.
ard.
.75e.
.650. Piraeus
.65e. Salonica .75o.
Venice
.500.
• Copenh'gen.380.
.40c.
• Naples
.400.
.55c. Leghorn
.500. Gothenberg.42c.
Standard.
.900.
.650.
.550.
.550.
.570.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Nov. 10.
Nov.17
. Nov.24.
54,000
804.000
56,000
764,000
412,000
66.000
41,000
221,000
137.000
54.000
743,000
399,000
68,000
38,000
234,000
147.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
442,000
119,000
79.000
148,000
58.000
Dec. 1.
65,000
792.000
427,000
55.000
13.000
201.000
118,000
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,
Market. I
12:15
Quiet.
business
A fair
P. M.
Futures.
1
Market
opened
demand,
5.11d.
5.150.
Tuesday. Wednesday. Thursday.
Moderate Moderate
doing,
Mid.Uprds
demand,
5.126.
Friday.
More
demand.
Moderate
5.14d.
5.15d.
5.106.
demand.
Steady, Quiet but Quiet but
Steady. un- Steady.
3 to 5 pts.(+Weed to 22 to 5 pts. 2 to 3 pts. st'dy,2 to 3 st'dy, 1 to 2
decline.
rds. adv. pts. dec.
decline,
advance, pin. dec.
Market,
4
P. M.
Steady,
Quiet but Quiet but Quiet but Quiet but Quiet but
Quiet.
2 pts. steady, Ull- steady,3 to steady. un- tat'y. 9to 10 st'dy, 1 to 3
advance. ch'ged to 2 4 pts. dec. ch'ged to 2 pts. adv. pts. dec.
pts. dec.
Pts. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Nov. 25
to
Dec. 1.
Mon.
Tues. I
Wed,
Thurs.
Fri.
12:1512:0012:15 4:0012:15 4:0612:15 4:0012:15 4:0012:15 4:00
p.m.p. m.p. m.p. m.p. m.p. m.p. m.P. m.p. m.p. m.p. M.D. hi.
New Contract. d.
Dec.(1933)___ _ __
January (1934)...Marcia
- -May
July
-October
December
January (1936)... -March
May
July
4033
Financial Chronicle
Volume 137
5,08__ -5.11 5.14_.. _
5.17 __ __
d.
d,
4.99 4.95
5.01 4.98
5.03 4.99
5.0, 5.01
4.98 -...._ 5.0 5.03
5.01 _ __ 5.11_.-
d.
4.98
5.00
5.01
5.03
5.05
5.08
5.1 _-_
5,18__ __
5.21._ __
5.2 __ __
5.12
5.16
5.19
5.22
d.
d,
4.91 4.88
4.93 4.91
4.94 4.93
4.96 4.9
4.98 4.97
5.01 _ __
d.
d.
4.89__ ._
4.92._ -4.93__ __
4.96 __ __
5.08._ - 5.05__ 5.11...__5.08 - 5.1 ___ 5.11..5.17__ __ 5.14_ -
5.0. ... _
5.09._ __
5.12. __
5.1. __ __
d.
d.
d. d.
4.93 4.90 4.9 4.91
4.95 4,91 4.96 4.93
4.96 4.93 4.97 4.94
4.98 4.95 4.99 4.96
5.01 4.97 5.01 4.98
5.04... _
5.04- -
BREAD STUFFS
lower, under hedge selling and a poor export demand.
/
1
2d.
Liverpool declined % to'
On the 29th ult. futures rose 1% to 2c., on a good demand
from commission houses and local interests, influenced by
higher foreign markets and a further advance in the Government gold price. There was considerable changing of
December for later deliveries, with December contracts deliverable beginning Friday. The open interest in December
amounted to 16,463,000 bushels, and deliveries on December
contracts the first few days of December are expected to
be large. Northwestern interests were buying December
and selling May at 3%c. difference. It was still dry in the
winter wheat belt. It is estimated that the acreage in
Kansas will be 30% less than the average. Buenos Aires
was stronger, owing to the decision of the Argentine Government to subsidize exports and abandon exchange con/
1d.
trol. Liverpool was 1 to 12 higher, on covering of shorts
due to the Argentine Government decree. Winnipeg was
up 1% to 1%c., owing to the strength at Liverpool and a
fair export demand.
To-day prices ended % to 2/ lower, on general liquida14c.
tion owing to a decline in sterling exchange. Minneapolis
declined % to 1%c., Kansas City 12 to 2%c., and Winnipeg
/
1
to %c. There was much buying of December against
sales of later deliveries. Deliveries against December contracts were smaller than expected. Cables were disappointing and export business slow. Indications were for
larger world's shipments. Good rains in the Southwest also
caused selling. Early prices were steadier, owing to an
advance in the domestic gold price and buying of cash wheat
by Government agencies. The cash market was firm, and
the primary movement small.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
No.2red
Sat. Mon. Tues. Wed, Thurs. Fri.
10034 99
9934 1014
100%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
825% 8134 82
83
---- 83
May
86
87
---- 86
855% 86
July
8534 845% 855% 87
---- 85
Season's High and When Made.
Season's Low and When Made.
December_--124
July 18 1933 December.-- 6734
Oct. 17 1933
May
128%
July 18 1933 May
Oct. 171033
7134
July
9434
Nov. 14 1933 July
7034
Oct. 17 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
December
May
July
Sat.
Mon. Tues. Wed. Thurs, Frt.
61% 60
58% 60% 5934 59
6634 6434 63% 64% 6334 635%
67% 65% 6434 6634 6534 64%
Friday Night, Dec. 1 1933.
INDIAN CORN followed wheat downward on the 25th ult.
FLOUR has been quiet. Limited sales were reported to
and ended 12 to 1%c. lower. Export business was small,
/
1
have been made in both the Northwest and Southwest. Shipbut the general belief was that small lots will be worked
ments on old orders were rather large. There were per- from time to time whenever favorable freight room is
sistent reports that a large amount of flour was being ground
available. Offerings to arrive were small, and domestic
In exchange for wheat.
shipping sales were larger. On the 27th ult. prices ended
1c.
2
WHEAT ended 22 to 2%c. lower on the 25th ult., under / lower to / higher. The market showed independent
1c.
2
/
1
strength, owing to buying by commission houses and local
selling by those who &ought the day before, and renewed
liquidation by longs who were disappointed over the fail- traders against sales of wheat. Eastern interests were buyure of President Roosevelt to speak about the monetary ing on reports of further sales for export.
On the 28th ult., after an early advance, prices reacted
situation in his radio address the previous night. Statisand ended % to %c. lower. There was little hedging prestical news was bullish, but the monetary situation was the
dominating influence. Liverpool closed / to %el. lower. sure, owing to the fact.
1
2
that farmers are holding their corn
1
2
1c.
2
now that Government loans of 45c. are about 12c. above the
Winnipeg wound up / to / lower. On the 27th ult.
1c.
2
average price received at country elevators. On the 29th ult.
prices ended % to / lower, under general liquidation
prices advanced with wheat early, under a good demand
owing to the uncertainty over the monetary situation and
from commission houses and short covering, stimulated by
the strength in sterling. At one time prices advanced on
the strength at Buenos Aires, but later came a reaction
private reports from Kansas and Oklahoma that damage
under profit-taking, and the close was / to / net higher.
from Saturday's dust storms were much worse than were
1
2 1c.
2
at first believed. Crop conditions were said to be 50% Shipping sales totaled 100,000 bushels and receipts were
small. To-day prices ended 1
4c. lower to / higher. Deworse than 10 days ago. The visible supply in the United
1c.
2
States decreased 1,802,000 bushels. Liverpool was % to cember showed the most strength. Deliveries on December
%d. lower. World shipments of wheat totaled 9,716,000 contracts were liberal, but offerings were well taken. Cash
bushels, including 5,675,000 bushels from North America. markets were firm, and bookings from the country small.
The supply on ocean passage decreased 776,000 bushels, and There was very little export demand. A little corn was
are 25,352,000 bushels against 38,104,000 bushels a year ago. sold to Canada. The weather, too, was unfavorable.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Winnipeg was 1% to 2c. lower, owing to hedge selling and a
Sat. Mon. Tues. Wed. Thurs. Frt.
poor export demand.
No.2 yellow
60% 61% 60% 60% ---- 6234
On the 28th ult. prices, after an early advance of nearly
DAILY CLOSING PRICES OF CORN FUTURES 1N CHICAGO.
1
2
2c., reacted under general liquidation and closed / to %c.
Sat. Mon. Tues. Wed, Thurs. Fri.
43% 44
4334 435% - _ _ 4434
higher. Good buying by Eastern interests and local traders, December
May
50% 50% 5034 51
-_-- 51
5334 53% 5234 53
owing to a further advance in the Government price of July
5234
Season's High and When Made.
gold and purchases of cash wheat by Government agencies
Season's Low and When Made.
December- 77
July 17 1933 December.-- 3734
Oct. 14 1933
for relief purposes. Winnipeg failed to respond to the May
82
July 17 1933 May
43%
Oct. 14 1933
Nov. 14 1933 July
5834
46
Oct. 14 1933
strength here, and this, together with the firmness of the July
dollar, led to profit-taking sales, and there was a sharp
OATS on the 25th ult., in a rather quiet market, declined
decline near the close. Depressing factors also were the % to lc., under general liquidation of December. On the
cable advices from the London Wheat Conference and re- 27th ult. prices declined %c., under December liquidation.
ports that Government-owned wheat supplies in Russia
Outside interest was lacking, and offerings were small. On
were larger than last year. Winnipeg closed % to 11
/
2
c. the 28th ult. prices advanced with wheat early, but reacted
4034
Financial Chronicle
later, and ended at net losses of 58 to %c., under general
/
liquidation and a lack of buying power. On the 29th ult.
prices followed those of other grain and ended % to tr c.
8
higher, owing to a fair commission house demand and a
lack of selling pressure. To-day prices ended %c. lower to
14c. higher. Deliveries on December contract were smaller
/
than expected.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
413.
403% 40
403% __-- 403%
Receipts at- I
Dec. 2 1933
Flour,
I
Wheat.
I
Oats.
Corn.
I
Rye.
Barley.
bbls.'Nibs bush. 60 lbs. bush.56 lbs. bush. 32 lbs.bush.56lbs.bush.48lbs.
New York_ _ _
149,000
7,000
473,000
21.000
167,000
Philadelphia..
37,000
22,000
2,000
24,0001
21,000
Baltimore_._ 8,000
18,000
11,000,
1,000
18,000
2,0001
Sorel
282,000
New Orleans.
33,0001
24,0001
12,000
63,000
Galveston_ _
13,000
Montreal _ _ _ _
76,000, 2,401,000
16,000
94,000
Boston
4,000
17,000
230,000
Quebec
623,000,
Halifax
2,000.
No.2".white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
323% 32
313% 313% - - 313%
May
363% 353% 343% 353%
35
July
353% 343% 343% 343%
_-__ 343%
Season's Low and When Made.
Season's High and When Made.
December__ 523%
July 17 1933 December___ 25
Oct. 17 1933
56 *4
July 17 1933 May
May
283%
Oct. 17 1933
July
Oct. 3 1933 July
Oct. 17 1933
403%
273%
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
December
293% 283% 283%
333
May
323% 313%
IN WINNIPEG.
Wed. Thurs. Fri.
28% 28% 283%
323% ---- 313-i
RYE was rather quiet. There was considerable changing
from December to May. On the 25th inst. prices ended 2 to
218c. lower, on selling influenced by the weakness in wheat.
/
On the 27th ult. prices declined 2 to 3Y,c., owing to selling
due to nervousness over the forthcoming decision on the
import tax. Secretary Wallace was said to be opposed
to any increase at this time. On the 28th ult. prices ended
118 to 2c. lower, owing to selling based on reports of fur/
ther importations of foreign rye. On the 29th ult. prices
closed 2 to 2%c. higher, or at about the top for the day,
under a fair demand from commission houses and short
covering influenced by the strength in other grain. To-day
prices ended % to 1%c. lower, in response to the weakness
in wheat. Liquidation was general.
DAILY,,CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
56
December
5234 51% 533% ____ 53
May
633% 593% 5834 603%
59
64
62
July
60
623% _--_ 603%
When Made. I Season's Low and When Made.
Season's High and
July 19 1933 December__ 44
December___1113%
Oct. 17 1933
July 19 1933 May
1163
May
41
%
Oct. 17 1933
Nov. 21 1933 July
70
July
Oct. 17 1933
523%
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
42
December
403% 383% 393% 393% 3934
463% 443( 43
May
433% 443% 4334
CLOSING PRICES OF BARLEY FUTURES IN CHICAGO,
DAILY
Sat, Mon. Tues. Wed. Thurs. Fri.
December
383% 383% 37
3734 ____ 3634
45
45
433% 4534 ____ 44%
May
4634 46
July
45
473% ---- 453
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3334 323% 32
323% 3134 3234
May
3734 3654 3534 36
353% 353%
Closing quotstitss were as follows:
GRAIN.
Oath, New York
Wheat, New YorkNo. 2 white
No.2 red, c.i.f., domestic_ _ _100%
No. 3 white
Manitoba No.1,f.o.b. N.Y. 713%
Rye,No.2,f.o.b.bond N.Y_
Chicago. No. 2
Corn, New York623% Barley
No.2 yellow, all rail
61%
N. Y..473% lbs. malting_
No.3 yellow,ail rail
Chicago. cash
40
39
48
floral
51%
40-66
FLOUR.
Spring path., high protein $6.65-$6.90 Rye flour patents
34 7014.85
6.55- 6.75 Seminola, bbi.. Nos. 1-3 8.25- 8.75
Spring patents
6.25- 6.60 Oats goods
Clears, first spring
2.35
5 80. 6.20 Corn flour
Soft winter straights
2.00
Hard winter straights.- 6.45- 6.65 Barley goods
Coarse
6.70- 6.90
3.50
Hard winter patents
Fancy Dearl.Nos.2.4A7 5.95- 6.10
6 00- 6.15
Hard winter clears
All the statements below regarding the movement of grain
-are prepared by ua
-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
-
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
Total wk. '33
250,000
312,000 4,073,00
Since Jar:1.1'33 13,613,000 99,353,000 6,138,000
168,000
4 666,0001
.
51,000
467 000
.
17.000
744,000
Week 1932_
23,000
121.000
482,000
452,000
400,000 4,413,000
Since Jan.1'32 14,757,000140,985,000 7,015,000 11,871,000 11,292,000 8,464 000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 25 1933, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
9,812
289,000
16,000
282,000
5,000
4,000
5,000
16,000
94,000
76,000
2,401,000
623,000
2,000
New York
Baltimore
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax
Total week 1933.. 3,611,000
Same week 1932_ _ __ 5,650,000
4,000
323,000
04,000
408,000
97,812
134,401
16,000
11'0.000
21.000
The destination of the.e experts for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
Since
Week
and Since
Nov. 25 July 1
July 1 to1933.
1933.
Corn.
Wheat.
Week
Nov. 25
1933.
Since
July 1
1933.
Week
Nov. 25
1933.
Bushels.
Bushels. Bushels.
Barrels. Barrels.
United Kingdom_ 54,485 1,347,652 2,321,000 25,020,000
384,669 1,267,000 32,336,000
19,932
Continent
317,000
24.000
4,000
1,000
So. de Cent. Amer_
4,000
20,000
351,000
1,000
20,000
West Indies
10,000
Brit.No.Am. Cols.
2,395
530,000
109,884
18.000
Other countries _
Total 1933
Tntal 1032
97,812 2,227,205 3,611,000 58,223,000
134.401 1.649.415 5.650.000 86.878.000
Since
July 1
1933.
Bushels.
27,000
6,000
4,000
33,000
323.000 3,010,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 25, were as follows:
GRAIN STOCKS.
Corn,
Wheat,
bush,
bush,
Rye,
Oats,
Barley,
bush,
bush.
bush.
United States1,000
6,000
Boston
14,000
1,000
334.000
261,000
07,000
New York
19,000
.510300
51,000
"
354,000
afloat
32,000
6,000
80,000
63.000
448,000
Philadelphia
62,000
14,000
4,000
32,000
1,533,000
Baltimore
540,000
Newport News
118,000
48,000
1,000
241,000
New Orleans
566,000
Galveston
174,000
68,000
665.000
5,442,000
7,000
Fort Worth
18,000
2,206,000
35,000
Wlchita
5,022,000
Ilutchiruion
4,653,000 2.670,000
20.000
525,000
St. Joseph
80,000
655,000
35,164,000 3,291,000
82,000
Kansas City
191,000
79.000
8,367,000 7,016,000 2,828.000
Omaha
17,000
509,000
659.000
8,000
790,000
Sioux City
527,000
5,119,000 1.982,000
48,000
15,000
St. Louis
855.000
976,000 1,748,000
Indianapolis
26,000
20,000
409,000
332.000
Peoria
4,963,000 18,794,000 4,380,000 4,386,000 1,475,000
Chicago
1.242,000
1,154,000
afloat
254,000
1.414.000
On Lakes
188,000 2,683,000 3,488,000
676,000
Milwaukee
28,000
27,481,000 3,796,000 17,921,000 3,386.000 8,856,000
Minneapolis
15,067,000 3,826.000 11,435,000 2,767,000 2,137,000
Duluth
46.000
342,000
26.000
24,000
Detroit
32.000
5,579,000 9,646,000 1,673,000 1,753,000 1.024,000
Buffalo
892,000
9,760,000
"
92,000
afloat
952,000
157,000
57,000
On Canal
887,000 _
410,000
_
Total Nov. 25 1933_135,705,000 60,494,000 46,557,000 14,130,000 15,746,000
Total Nov. 18 1933_137,546,000 59,075,000 46,943,000 13,785,000 15,544,000
Total Nov. 26 1932...176,014,000 26,322,000 52,914.000 8,210,000 7,337.000
Note.-13onded grain not Included above: Wheat, New York, 1.614,000 bushels;
New York afloat, 229,000: Boston. 412,000; Buffalo, 4,002,000; Buffalo afloat.
3,309,000; Duluth, 38,000; Erie, 2,289,000; on Lakes, 1,292,000; Canal, 2,073.000:
total, 15,551,000 bushels, against 16,218,000 bushels In 1932.
Barley.
Wheat.
Rye.
Corn,
Oats,
Canadianbush.
bush,
bush.
bush,
bush,
Montreal and other water
992,000 1.787.000
5,472,000
37,157,000
points
4,523,000 2,151.000 4,481,000
Ft. William & Pt. Arthur 61,898,000
524,000
73,000
830,000
20,494,000
Other Canadian
6,792 00
Total Nov. 25 1933_ ...119,549,000
10,825,000 3,216,600 Total Nov. 18 1033.._12l.000,000
10,100,000 3,120,000 6,727,000
.
Total Nov. 26 1932. _100,647,000
3,579,000 2,917,000 1,753,000
Summary
135,705,000 60,494,000 46,557,000 14,130,000 15,746,000
American
119,649,000
10,825,000 3,216,000 6,792.000
Canadian
Total Nov. 25 1933_255,254,000 60,494,000 57,382,000 17,346,000 27,538,00
0
Total Nov. 18 19 33._258,636,000 59,075,000 57,043.000 16,905.000 22,281,000
Total Nov. 26 1932_ _ _276,661,000 26,322,000 29,493,000 11,127,000 9,090,000
bbls.19filbs bush. 60 lbs. bush. 56 lbs.bush. 32 lbs.bush.561bs. bush.48lbs.
245,000
729,000 2.909,000,
277.000
76,000
184,000
Chicago
66,000
656.0001
100,000
783.000
308,000
Minneapolis..
54.000
178,000
359,000
115,0001
24,000
Duluth
449,000
49,000
3,000
11,000
264,000
10,000
Milwaukee_
57.000
69,000
105,000
Toledo
9,000
14,000
7,000
22,000
21,000
Detroit
61,000
390.000,
50,000
Indianapolis
288,000,1
82.000
217,000
12,000
127,000
St. Louis._ _ _
50,000
17.000
19.000
694,0001
77,000
41.000
Peoria
36,000
420.000,
1
582,000
12,000
Kansas City
10,000
432,000'
228,000
Omaha
216,000
.57,000
24,000
St. Joseph_
30,0001
103,000
Wichita
2,000
1,000
119,000
7,000
Sioux City392,000
121,0001
3,043.000 1,096,0001
Buffalo
p.
Total wk. '33 374,000 6,279,000 7.892,000 1,062,0001 427,000 1,175.000
066,000
783,0001 141,000
351,000 9,413,000 2,483.0001
Same wk. '32
836,0001 194,000
387,000
474,000 4.407.000 2,222,000
Same wk. '31
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 24, and since July 1 1933 and July 2
1932, are shown in the following:
SInceAug. 1
5.707,000112.231,000 86,534,000 38,633.0001 6,321.00023,523.000
1933
6.625,000184.515,000 81,860,000 46,545,000 5,244.000 18,618.000
1932
8,411.000 177,989.000 48,841,000 33,970,000 3,470,00018,180,000
1931
Bushels. I Bushels.
Bushels. I Bushels.
Bushels.
Bushels,
North Amer. 5.675,000 94.128.000142,486.000
4,000
103.000 3,262,000
408,000 16,742,000 16,717,000
Black Se.s___ 1,784.000 20,299,000 14,112,000
Argentina...
482,000 46,757,000 16,538,000 3,747.000 86,59(1,000 1 10,580,000
Australia
815,000 34,142,000 34,554,000
323,000 3,369.000 15,448,000
0th. countr's
960,000 12,840,000 16,005,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 25, follow:
Wheat.
Exports.
Week
Nov. 24
1933.
Since
July 1
1933,
Cons.
Since
July 1
1932.
Total ____ 9,716,00 208,166,000 223,675
Week
Nov. 24
1933. I
Since
July 1
1933.
Since
July 1
1932.
4,482,000 106.810,000 146,007,000
Volume 137
Financial Chronicle
WEATHER REPORT FOR THE WEEK ENDED
NOV. 29.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov. 29,follows:
The weather of the week was characterized by rather active movements
of "lows" across the country, bringing sharp temperature changes to
many parts, although the resulting rain or snow was generally light. The
most widespread precipitation occurred on the 22nd wnen most sections of
the country east of the Mississippi River reported lignt falls, except for some
locally heavy amounts in the South. From the 24th to the 26th a marked
depression moved across the Norther States attended by warmer weather,
with moderate to strong winds, but precipitation was generally light.
Chart I shows that the week averaged above normal rather generally
throughout the country, except in the extreme Northeast and upper Lake
region where the temperatures averaged from 4 deg. to 9 deg. below the
seasonal normal. The warmth was particularly marked over the Great
Plains and the Northwest, with the plus departures ranging from 13 deg.
to 19 deg.;it was also considerably above the seasonal average in the Southwest.
Minimum temperatures were generally above normal for this season of
the year, with tne line of freezing weather extending in the East southward only to central Georgia, while in the Mississippi Valley minimum
temperatures were above freezing northward to central Missouri. Zero
weather was confined to the extreme northern Lake region and northern
New York, with the lowest temperature reported for the week from a
first-order station 2 deg. below zero at Sault Ste. Marie, Mich.
Precipitation was again mostly light, as shown on Cnart II, with most
sections of the country reporting less than 0.5 inch and only local falls of
over that amount in the Lake region, the north Atlantic coast, and sections
of the Southeast, while along tile north Pacific coast the amounts were moderately heavy. In a large section of the Southwest it was again rainless.
The widespread dryness mentioned in last week's bulletin still prevails
over most sections of the country. There was some local relief afforded
from the dryness in the northern parts of tne east Gulf States. tne extreme
Southeast, and locally in the southern Ohio Valley. while moderate to
heavy rains occurred on the north Pacific coast. The country in general
Is in need of copious precipitation, especially in the north-central Great
Plains, and local areas elsewhere, wnere tne long-continued drought has
been seriously detrimental. Water supplies are still seriously low in many
parts, notably the Carolinas. where streams are low and many shallow
wells are failing or dry.
Growth of winter cereals was generally retarded by the dry weather,
although temperature conditions were uniformly favorable. Dust storms
in the Great Plains and adjacent sections caused further damage to winter
grains by soil blowing.
The week was ideal for outdoor work in most parts of the country with
outside operations abreast of or ahead of the season. Good advance was
made in husking the remnants of the corn crop, especially in Iowa where
only a very small amount is still out in the southeastern part. Gatnering
tne remainder of the cotton crop made good progress in the northwestern
part of the belt.
SMALL GRAINS.—Winter wheat continues to need moisture rather
generally over the belt, but especially in the western part wnere little
growth was made and much is not yet germinated. In the Ohio Valley and
adjacent areas condition continues good, with the crop well rooted, although
many plants are small. In the western two tnirds of Kansas wheat made
little progress and is scarcely showing in drill rows, while considerable
damage was done by soil blowing; the crop is fair to very good in the eastern
third. In most northwestern sections, except for local dryness, winter
grains are doing well, but in California further seeding is awaiting additional
rains. In the Southeast sowing oats continues, except where too dry, with
early seeded up to good stands; the late-sown, however, needs rain for
germination. Moisture is needed generally in tile Middle Atlantic States.
although growth was good in places.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia—Richmond: Temperatures slightly above normal in east and
central; about normal in west. Precipitation very light. General and
steadily increasing dryness continued to retard growth of winter truck,
small grains and pastures; water supply failing in extreme west. Weather
favorable for outdoor work.
North Carolina.—Raloigh: Moderate temperatures; some light rains
sufficient to check forest fires in west and beneficial to truck and small
grains, but insufficient to materially affect drouth. Streams low and
many shallow wells failing or dry. Weather favorable for cribbing corn
and marketing tobacco. Truck and small grains mostly poor to fair.
South Carolina.—Columbia: Seasonal temperatures, except abnormally
cold on 27th. Small grain sowing continues; light rains in central and
north insufficient for germinating late plantings but good stands from early
seedings; soil too dry and hard for much plowing. Pastures poor. Winter truck on coast in good condition and spinach coming up. Considerable
hog butchering. Copious rains needed.
Georgia—Atlanta: Moderate to heavy rains in north and central at
beginning of week, but drouth still unbroken over most of Southwest.
Moisute beneficial, but further rains needed in many places to soften
soil and for germination of late sowings. Cane grinding continues.
Florida.—Jacksonville: Frosts Friday and Tuesday as far south as
Sarasota and Bartow, with local freezing in interior of north; damage
apparently small. Rains moderate to heavy Saturday and will benefit all
crops. Beans, cabbage, squash and other truck fair. Strawberries fair,
but late. Citrus ripening rapidly.
Alabama.—Montgomery: Manly light rains, but locally moderate. Sowing oats and cover crops continues, except whore too dry, especially in
south and southeast; stands and growth fair to good. Fall plowing progressing where moisture permits. Truck needs rain; poor in south and
mostly fair elsewhere. Transplanting cabbage seriously delayed in the
Mobile area.
Misrissippi.—Vicksburg: Except a few local thundershowers, mostly
in northwest, precipitation was generally light, with temperatures somewhat above normal. Good progress of farm activities, except plowing.
Progress of pastures generally poor.
Louisiana.—New Orleans: Good showers in southeast, otherwise light:
near-seasonal temperatures. Frosts in interior, but very little damage
Excellent advance of can harvest and sugar making; fall cane planting
nearly finished. Small grains, gardens, and truck improved in southeast,
but too dry elsewhere.
Texas.—IIouston: Continued warm and practically no rain. Sowing
and germination of fall grains delayed by dry soil and some deterioration
reported in southwest. Truck mostly good in extreme south; fair to good
elsewhere. Ranges drying, but livestock mostly good. General rain
badly needed.
Oklahoma.—Oklahoma City: Warm,with a few widely scattered showers.
Good advance in gathering remnants of cotton and corn crops. Condition
and progress of winter wheat mostly fair, but rain needed over much of
west half. Livestock fair to good.
Arkansas.—Little Rock: Light rainfall and temperatures normal or
above. Very favorable for outdoor work and growth of winter crops, except in some southern countries where too dry. Crops are about gathered
in most portions. Considerable plowing is looeing done.
Tennessee.—Nashville: Farm work well up. Gathering corn continued
and some plowing done. Too dry for stripping tobacco. Condition of
winter grains fairly good, but growth slow and rain needed. Water scarcity felt in some localities.
Kenturly.—Loutsville: Light to moderate showers in central and east
beneficial; temperatures near normal. Grains and grass mostly dormant.
Tobacco stripping delayed by dry, windy weather. Corn gathering nearly
finished.
THE DRY GOODS TRADE
New York, Friday Night, Dec. 1 1933.
Retail trade has experienced another slight setback,
owing, largely, to the recurrence of higher temperatures
which interfered with the ready sale of winter apparel and
other cold weather articles. Even the widely scattered con-
4035
cessions in prices which stores have inaugurated during the
last few weeks, as a result of the growing resistance to the
previous levels on the part of the consumers, were unable
to overcome the apparent apathy of the buying public. An
exception was again the farming districts, particularly in
the South and in parts of the Middle West, whose increased
buying power continued to be reflected in substantially
higher sales of the mail order and chain store houses operating in those sections. Christmas buying so far has hardly
begun to make its appearance, but following the Thanksgiving holiday a real start in this respect is confidently
looked for. Some retailers attribute the present scarcely
satisfactory showing of sales, particularly in staple goods,
in part to the rather liberal buying of many customers during the summer months when higher prices were generally
expected as a result of monetary policies and NRA measures.
With their substantially higher inventories, in the face
of slow demand, stores are naturally anxiously awaiting
the results of the holiday buying season.
While a fair amount of fill-in orders continued to be
received by the wholesale dry goods trade, business in general remained in the doldrums. Buying for January sales
as well as for the spring season is said to be virtually absent
and fears are expressed that, failing a sharp pick-up in
Christmas trade, existing retail inventories will provide
ample supplies for the post-holiday promotions. On the
other hand, it is readily admitted that a complete change
in the picture overnight is possible if a clarification in the
present monetary puzzle along inflationary lines occurs,
whether through a decision of the Administration or through
the attitude of the coming session of Congress. Trading in
silk gray goods was very quiet, although slightly more interest was shown for future deliveries. Prices of silk fabrics weakened somewhat, but with the last of the longdrawn labor stoppages now settled, a revival in the booking
of spring orders is looked for. Buying of rayon for January .
delivery still shows some signs of contraction, although up
to now large producers have experienced no difficulty in
disposing of their entire current output. Prices of rayon
fabrics have declined from 5 to 10c. a yard, but curtailment by mills during December is expected to strengthen
the price structure.
DOMESTIC COTTON GOODS.—Trading in the gray
cloth market was again very inactive, due to the continued
slow movement of finished goods. Such inquiries as developed were for small quantities for quick shipment, and buyers showed no disposition to anticipate later requirements.
Prices, however, held steady, since most mills appear to be
in a rather strong position, and, moreover, seem ready to
curtail production if lack of orders should require such a
step, rather than shade present prices which are said to
leave them only a nominal margin of profit. Buying of
sheetings showed a slight increase. Some export orders
were received for drills, in addition to a slight pick-up in
domestic business against orders placed by Government
agencies. Fine yarn cloths continued quiet, but stocks are
believed to be moderate and an early improvement in sales
is counted on. Fancy goods moved in fair volume, with
preference given to low-priced numbers. Closing quotations
in print cloths were as follows: 39-inch 80's, 8 to 9c.;
/
1
2
39-inch 72x76's, 8Y
4c.; 39-inch 68x72's, 7 c.; 381-inch
/
1
2
/
2
64x60's, 62 38 -inch 60x48's, 52
/
1c.; /
1
2
/
1c.
WOOLEN GOODS.—Reflecting the better tone of the
raw wool markets, trading in woolen goods showed an
appreciable improvement, particularly in the men's wear
section, although reports from retail centers during the
last few days rather indicated a falling off in business, due
to less favorable weather conditions. Men's wear stores
are somewhat dubious regarding the outlook for the holiday
trade, and the majority will be content if the dollar volume
equals or slightly exceeds that of the 1932 season, particularly in view of the widespread downward revision in prices
which has recently taken place. Formal evening wear has
been in better demand than in years. Business in women's
wear goods has made a moderate gain as compared with
its late inactivity. Distress liquidation of fall merchandise'
is now believed to be completed, and more interest is
shown in goods for spring. Covering of requirements for
the resort trade has exceeded last year's volume of business
in this field. Prices on higher-priced women's coats have
been reduced by many stores, with the result that sales
showed a satisfactory increase.
FOREIGN DRY GOODS.—Trading in linens showed some
expansion, notwithstanding the continued gyrations in the
foreign exchange rates as a result of which price
advances
averaging 10% were put into effect. Household linens
were
in demand for the holiday trade, with
particular interest
Shown in damask table cloths and printed
handkerchief
linens. With style authorities predicting
of linen fashions for the coming resort and another vogue
spring
business in linen suitings improved appreciably. seasons,
numbers, tweed linens and checked linens attracted Novelty
the
terest of buyers. Actual demand in burlaps continued inextremely restricted, with the possibility of a
compensatory
tax still overhanging the market. The tone of
the primary
market was steady, but, due to the reaction in
sterling,
local quotations were marked lower. Domestically,
lightweights were quoted at 4.60c., heavies at 6.20e.
4036
Financial Chronicle
Dec. 2 1933
State and City Department
NEWS ITEMS
California.—Warrants Held First Lien on Funds of State.—
In a decision given out by the office of Attorney-General
Webb on Nov. 16 it was held that warrants drawn against
the State's general fund and registered because of a temporary deficiency in funds are a first lien against accruing
funds and may be used as collateral by banks honoring
payment, according to an account in the San Francisco
"Chronicle" of Nov. 17, which goes on to state as follows:
This decision, from the office of Attorney-General U. S. Webb, yesterday set at rest any temerity on the part of banks that there may be
difficulty in collecting interest on salary and claim warrants cashed by
them between now and August 1934.
Warrants Registered.
The first batch of registered warrants was issued by Controller Riley
on Wednesday.
These warrants, aggregating more than three-quarters of a million dollars,
bear 5% interest.
ankers were chary about honoring the warrants because the
B
lature in providing for registry of warrants set up a fund of only $15 e g3
1,
6
a year or $300,000 for the biennium to pay interest.
Because there will be no cash in the general fund until August, it is
estimated approximately $19,000,000 in registered warrants then will
be in the hands of bankers, involving interest far in excess of the amount
set up.
Warrants Direct Charge.
While school demands and bond interest and redemption will have
priority claims against the general fund, the contemporary warrants,
with interest, are a direct charge, it was ruled.
The opinion, which assures banks they will not be "left holding the
sack" for interest on registered warrants, asserts there is little, if any,
substantial difference between a bond and a note of the State.
"These registered warrants are in effect the same as cashiers' checks
issued by banks," it says, "that is to say, they are substantially the direct
and primary obligation of the corporation or entity whose officers have
so issued the same."
Florida.—Supreme Court Rules Federal Loans to Counties
Must Have Approval of Voters.—The voters of a county must
first approve the borrowing of funds from the Public Works
Administration before the county can make application for
such allotments, it was held by the State Supreme Court
in a ruling handed down on Nov. 20. It was explained by
the Court that this opinion does not refer to self-liquidating
projects which cities may endorse nor does it run contrary
to legislative enactments which empower counties to sign
lease agreements, provided the lease covers buildings already erected and available. The decision of the Supreme
Court reversed a ruling by the Volusia, County Circuit
Court on the ground that such borrowing would mean
the incurring of interest-bearing obligations without a
popular vote and in violation of the State Constitution.
An Associated Press dispatch from Tallahassee to the
Jacksonville "Times-Union" of Nov. 21 reported as follows
on the ruling:
Florida counties have no authority to borrow money from the Public
Works Administration for construction of public improvements, unless
qualified freeholders first approve an issuance of bonds, the Supreme Court
ruled to-day.
However, Counties are empowered by legislative acts, to sign lease agreements, provided the lease covers buildings already erected and available,
the court held.
The opinion was in the case of John T. Herbert, against the Volusia
County Commission, appealed when the Volusia County Circuit Court
denied Herbert's application for an injunction against the County borrowing $52,500 from the PWA,for the construction of a County armory. The
Supreme Court reversed the lower court's decision, on the ground that
borrowing would be binding, an interest
-bearing obligation in violation
of the State Constitution, unless freesholders first approved the issuance
of bonds.
A similar opinion was handed down Oct. 5, when the Supreme Court
affirmed Leon County Circuit Court in granting an injunction preventing
the Board of Commissioners of State Institutions from borrowing from the
public works to construct a dormitory for women at Chattahoochee.
A method by which Counties can acquire their desired improvements
was laid out, however, by Chief Justice Fred H. Davis, in a special opinion
concurring in the court's unanimous opinion, written by Associate Justice
J. B. Whitfield.
Counties or cities, the chief justice said, have authority to enter into
long term leases, with agreements to pay rentals, but the building must
be available at the time the lease is executed.
The Florida Agricultural and Industrial Relief Commission, created by
an act of the 1933 Legislature, has authority, Justice Davis said, to borrow
money from public works, pledging its own credit but in no way pledging
the credit of the State of Florida.
After procuring the money, the Agricultural and Industrial Relief Commission (commonly known as the Fair Board), could construct buildings on
public property donated for that purpose, and could then rent the buildings
at a sufficient annual return to repay its obligations, the chief justice continued, he added:
"Whether the Federal Government will lend any money to the Florida
Agricultural and Industrial Relief Commission on such simple evidence as
it alone is able to give . . . is a practical objection which may defeat
the plan . . . but the courts must deal with the legislation as it is
written. The President of the United States may obviate the difficult
by extending the commission an initial grant to enable it to erect and furnish facilities in order to procure assets in the forms of leases, dm., to be
put up as collateral for further loans and thereby amplify the practical
utility of the Commission."
Chief Davis explained that his opinion did not refer to self-liquidating
projects which cities may endorse.
High Point, N. C.—Debt Readjustment Plan Being
Worked Out.—The following report on a plan of readjustment
of the bond and note debt of the above named city, now
being worked out between the city officials and the bondholders, is taken from the "Wall Street Journal" of Nov. 28:
With approximately $4,000,000 bonds and notes of High Point, N. C.,
in default—a figure 35% of the city's gross debt—and with some $3,000,000
more debt due in the next five years, officials of that city are attempting
to work out in collaboration with creditors a plan of debt readjustment.
It is explained that defaults have occurred because of slow tax collections
and the city's inability to sell note funding bonds.
High Point's plan of debt readjustment, which has the approval of the
executive committee of the Local Government Commission of North
Carolina, embraces several features. For one thing, the holder of a note
or serial bond now due or to become due before July 1 1938 will receive in
exchange a bond of the same principal amount, dated one year after the
date to which interest has been paid on the given issue. The new bond
will be due in 30 years, unless it represents debt incurred exclusively for
water or water and sewer purposes, in which case it will be due in 20 years.
The new bonds will be optionally redeemable. They will bear the same
rate of interest as the exchanged obligations, except that those issued for
the 6% notes will bear 5%. The city will reserve the right to extend until
1953 the time for payment of certain percentages of interest due in the first
four years.
Maturities of outstanding term bonds (secured by a sinking fund) now
due or to become due before July 1 1938 will be extended five years.
One year's interest on each outstanding bond and note from the date
to which interest was last paid will be funded or otherwise deferred to July 1
1943.
Interest on any bond not proposed to be refunded, accruing within five
years after the date to which interest was last paid on such bond (except
the first year's interest) will be made subject to deferment in part until
July 1 1953 at the option of the city, on terms similar to those provided
for bonds to be refunded.
Interest deferred will carry 3% interest. Obligations representing deferred
or extended interest must be retired before any other obligations except
term bonds secured by present sinking funds.
Kansas.—State Treasurer Announces Payment of Bond
Maturities.—In a telegram to a New York City bond firm
on Nov. 25 it was announced by State Treasurer William
R. Jardine that the State fiscal agency is now making principal payments on bonds of all municipalities in the State
but that, due to the accumulation of unpaid maturities, a
delay of 10 days after receipt is necessary before the payment
can be made. These payments were delayed for several
months by order of Governor Landon following the disclosure of wholesale municipal bond forgeries on Aug.9—V.137,
p. 3353.
Attorney-General and State Auditor Impeached in Bond
Forgery Case.—The Topeka "Capital" of Nov. 24 reports
that on the previous evening the House of Representatives
adopted a resolption directing the impeachment of Roland
Boynton, Attorney-General, on charges involving connivance
and laxity in connection with the operations of Ronald
Finney, who is charged with the forgery of almost $1,000,000
in Kansas municipal bonds. After the articles of impeachment are approved, a board of managers will be named
to prosecute the impeachment before the Senate, which is
expected to return to Topeka on Dec. 5 to sit as a court.
Associated Press dispatches from Topeka on Nov. 28
report that four articles of impeachment charging mismanagement and neglect of office and conspiracy to defraud
the State were voted against Will J. French, State Auditor,
by the House on that day. The Senate will also sit on this
impeachment proceeding. Mr. French was also brought
up on charges for his connection with the bond forgery
scandal.
Kentucky.—Report Made on Municipal Defaults.—Speaking at the annual convention of the Kentucky Municipal
League, held at Paducah on Nov. 16, Thomas Graham of
the Bankers' Bond Co. of Louisville, made an address on
municipal defaults in that State. The points covered by
Mr. Graham in his speech were: (1) Past debt history of the
State and its political subdivisions; (2) the laws governing
the creation of indebtedness and the indebtedness of
the State and all its subdivisions, and the amount of this
indebtedness which is in default; (3) recommendations for
future action in regard to this indebtedness; and (4) a general survey of the debt situation. Mr. Graham stated that
out of a total county bonded debt of $30,406,700, the interest and principal in default amounts to only $621,087, or
less than 2% of outstanding obligations. The total interest
and principal in default on city bonds amounts to $160,587
.
against an indebtedness of $52,298,814, or approximately
three-tenths of 1%.
Minnesota.—Special Session Called for Dec. 5.—St. Paul
advices on Nov. 28 report that Governor Floyd B. Olson
has summoned the Legislature in special session on Dee. 5,
this to be the second time an extra session has been called
in the history of the State. The Governor is said to have
asked the members to confine their activities to destitution,
unemployment and liquor control. According to report the
growing number of tax delinquencies has brought about
financial distress in several cities and counties and it is
understood that an effort will be made to have the extra
session add the tax problem to the program.
.
New Jersey.—Senate Passes Bill Holding Federal Loans
to Municipalities Within Debt Limits.—A Trenton dispatch
to the Newark "Evening News" of Nov. 22 reports that on
that day the Senate adopted a committee substitute .
for
a bill introduced by Senator Powell to authorize counties,
money from
municipalities and school districts to borrow
the Public Works Administration. The essential change
incorporated in the substitute bill is that it will not allow
borrowing in excess of the debt limits fixed by other laws,
a provision not taken into account in the origmal.. It is
stated that the Federal authorities suggested legislation
of the general character embraced in the Powell bill but
were not favorable to any act which would permit local
units to exceed their reasonable debt limits.
New York City.—Board of Estimate Approves . New
Federal Civil Works Program.—The Board of Estimate
approved on Nov. 28 an agreement with the Federal and
State Civil Works Administrations, whereby the Federal
Volume 137
Financial Chronicle
Government will undertake to finance a greatly enlarged
program of relief work projects, which will enable the city
to add about 56,000 men to its relief works roll. The city
is relieved from the expense of the works program on condition that it continue to appropriate for home relief and
for materials for the works program at the rate of $4,280,000
a month, of which all but $1,600,000 will be returned to
the city in the form of reimbursements from the Federal
and State relief administrations. We quote in part as
follows from an account of the Board's action, as it appeared
in the New York "Times" of Nov. 29:
The Board of Estimate fell into line yesterday with the new Federal
program of unemployment relief under the Civil Works Administration
by making appropriations which will assure the expenditure of $17,500.000
a month for relief until Feb. 15 and will give employment to scores of
thousands of men and women in addition to the 110,000 persons now on
emergency work lists in the
city.
The total to be expended will be about double that spent here monthly
for the last few months.
By approving 63 work projects to be financed by the Federal Government, the Board of Estimate made possible the addition of about 56,000
unemployed to work lists. The total number to receive jobs under the
Federal program, in co-operation with the city, will be 159.190. This
number will be at work by Dec. 15 or soon thereafter. An additional
40.000 will receive employment as soon as projects are developed.
10,000 Register for Jobs in Day.
It was estimated that about 10,000 unemployed registered yesterday
for jobs with the Civil Works Administration at the various branch registration offices opened by the National Re-employment Service in conjunction
with the State Employment Service. Seven new offices will be opened
this morning, making a total of 23 offices in operation. More than 25,000
unemployed swamped the registration places yesterday, but with increased
and improved facilities the work was dispatched much more expeditiously
than on previous days.
In addition to the enlarged number of registration offices now in operation, armories in Brooklyn and the Bronx and one armory in Manhattan
were thrown open for registration on instructions from Governor Lehman
to Adjt. Gen. Franklin W. Ward of the New York National Guard.
Specifically, the Board of Estimate approved an appropriation of
$2,200,000 for materials, equipment and supplies for the public works
projects to be financed by the Civil Works Administration. The Federal
Government will pay the wages on these projects, amounting to more
than $12,000,000 for December.
The board also authorized appropriations of $4,280,000 for home relief
for each of the months of November and December. Of this amount
$3.750,000 will go for home relief, $360,000 for veterans' relief. $35,000
for sheltering the homeless and for emergencies and about the same amount
for medical and nursing aid.
The city's share of these relief expenditures will be $1,600,000 a month
for November and December. The balance will be returned in the form
of Federal and State aid.
After the board had approved the various appropriations Comptroller
George McAneny explained that as a result of the readjustment in relief
management through the entry into the situation of the Civil Works Administration, there would be available for both work and home relief in
the city about $17,509,000 a month.
BALDWINSVILLE, Onondaga County, N. Y.-$50.000 WORKS
-The Village is considering water and sewerage
PROJECT CONSIDERED.
line construction projects to cost approximately $50,000. It must first
establish a water district and determine to what extent bonds may be
issued before definite action can be taken in the matter. The cost of the
program would be borne by the Federal, State and County governments,
it is said.
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.
BONDS NOT SOLD-Irma Briggs, Financial Secretary, reports that no
bids were obtained at the offering on Nov. 27 of $107,500 not to exceed
-V. 137, p. 3866. Dated Nov. 15 1933.
6% interestjefunding bonds
Due serially on Nov. 15 from 1939 to 1950. incl. It is provided, however,
the bonds maturing Nov. 15 1945 or thereafter shall be callable at the
that
district's option on any interest date at par and accrued interest. An effort
will be made to dispose of the Issue at private sale.
-Synopsis Prepared on Ten-Mill Tax Limitation.Ohio.
Stranahan, Harris & Co. Inc., of Toledo, have prepared a
tiynopsis of the ten-mill tax limitation amendment that was
approved by the voters on Nov.7,the text of which was given
in full in V. 137, p. 3865. The synopsis should prove of
value to those interested in Ohio bonds, as it explains what
the new amendment is, why it became necessary and the
dangers and benefits of such tax limitation.
A similar study of the above amendment, with particular stress laid on its application to municipal securities
in Ohio, has been prepared by the McDonald-CallahanRichards Co. of Cleveland.
BOND PROPOSALS AND NEGOTIATIONS
-It is said tha
ALMA, Harlan County, Neb.-BOND ELECTION.
an election was held on Nov.28 to vote on a proposal to extend and improve
the water system at a cost of $25,000, a grant of 30% to be secured from
the Federal Government as part of the allotment.
-SEEKS NEW PWA
ANN ARBOR, Washtenaw County, Mich.
-The City Council has voted to request the Public Works
AGREEMENT.
Administration to revise the agreement, made in October, providing for an
allotment of $650.000 to finance the construction of a trunk line sewer
system-V. 137, p. 3174. The City asks tnat the contract be revised to
provide for a bond issue of $550,000, as voted by the electorate last spring,
Instead of for $650,000 as contained in the agreement.
-FEDERAL FUND ALLOTMENT.
APPLETON,Swift County, Minn.
-The Public Works Administration announced recently an allotment of
$44,000 to this village for the construction of a sewage disposal plant. The
customary PWA grant of 30% of the cost of labor and material was made
on this project. The remainder is a loan secured by 4% general obligation
bonds. (These bonds were voted at an election on Sept. 5-V. 137.
p. 2135.)
-BOND SALE POSTARKANSAS CITY, Cowley County, Kan.
-It Is stated by James F. Clough. City Clerk, that the sale of the
PONED.
$28,873.03 issue of 5% semi-ann. refunding bonds. originally scheduled
-has been readvertised for Dec. 11. Dated
for Nov. 27-V. 137. p. 3866
Dec. 1 1933. Due $1,500 on Feb. and Aug. 1 from 1935 to 1943, incl..
$1,000 on Feb. land $878.03 on Aug. 1 1944.
-ADDITIONAL FED0. Little Rock).
ARKANSAS, State of (P.
-It is stated that since the State Hospital Board
ERAL LOAN PROPOSAL.
was notified by the Public Works Administration that its application for a
loan to complete the State Hospital for Nervous Diseases, had to be refused,
it passed a resolution asking that $350,000 be made available to relieve the
crowded conditions at the hospital through modernization of the Little
Rock unit.
ARLINGTON COUNTY (P. 0. Clarendon), Va.-BONDS VOTED.-the voters are stated to have
At the election on Nov. 21-V.137. p. 3004
approved the issuance of $2,500,000 in 4% sewerage system bonds by a
30 years. (These bonds will be disposed of to the
large margin. Due in
Federal Government over a two-year construction period.)
-Sealed bids
-BOND OFFERING.
ATHENS, Athens County, Ohio.
12 M.
addressed to Griff 11. Evans, City Auditor, will be received until bonds.
on Dec. 16, for the purchase of $13,381.20 6% street improvement
Interest is payable in A. & 0. Bonds mature
Dated March 15 1933.
a
serially. Bids for the issue to bear interest atbe rate other than 6%, exconsidered. A certified
pressed in a multiple of g of 1%, will also
check for $500 must accompany each proposal.
-BONDS NOT SOLD.
ATHENS COUNTY (P. 0. Athens), Ohio.
The $36,000 6% poor relief bonds offered on Nov. 27-V. 137,p. 3523 due
were not sold, as no bids were received. Dated Sept. 1 1933 and
$4,500 annually on Sept. 1 from 1935 to 1942, inclusive.
fAUGUSTA,Rich mond County,Ga.-BOND ORDINANCES ADOPTED.
Council
-It is stated that two ordinances were adopted recently by the City a standwhich cleared the way for the building of a hydro-electric plant and Canal.
by plant to cost about $2,500,000. in order to electrify the Augusta
Public
The Canal Commission to said to have applied to the creatingWorks Adthe Comministration for the necessary funds. Under an Act amount.
the city has the authority to issue bonds for the
mission
4037
-At the election
AURORA, Lawrence County, Mo.-BONDS VOTED.
held on Nov. 21-V. 137, p. 3523
-the voters approved the issuance of
the $25,000 sewage disposal plant bonds by a count of 969 to 13. according
to the City Clerk.
-FEDERAL FUND ALLOTMENT.
BAKER, Baker County, Ore.
The Public Works Administration announced recently an allotment of
$105,000 to this city for the construction of a sewage disposal plant. A
grant of approximately 30% of the cost of labor and material on this
project was made by the PWA in line with its usual procedure. The remainder is a loan secured by 4% general obligation bonds.
-The $60,000
-BOND SALE.
BEACON, Dutchess County, N. Y.
coupon or registered general city bonds offered on Nov. 26-V. 137, p.
awarded as 55.5s to Halsey, Stuart & Co., Inc. of New York,
-were
3700
at par plus a premium of $108, equal to 100.18, a basis of about 5.47%.
Dated Dec. 1 1933. Due Dec. 1 as follows: $5,000 from 1935 to 1940 incl.,
and $10,000 from 1941 to 1943 incl. Bids for the issue were as follows:
Premium.
Int. Role.
BidderE108.00
Halsey, Stuart & Co., Inc. (purchaser)
Par
5 01
1
Phelps, Fenn & Co
106.80
5.
Manufacturers & Traders Trust Co. of Buffalo
-At an election
-BONDS VOTED.
County, Okla.
BEAVER, B
held on Nov.9, the voters are said to have approved the issuance of $20,000
in community building bonds by a wide margin. The Federal Government
is reported to have approved the bonds and it is expected that the contract
will be let sometime in December.
BEAVER DAM, Dodge County, Wis.-BOND SALE CONTEM-It is stated by the City Clerk that the $180.000 sewage disposal
PLATED.
-will be taken by the
plant bonds authorized on Oct. 6-V. 137, p. 2836
Federal Government.
-RECOUNT SHOWS BOND
BEDFORD, Cuyahoga County,_Ohio.
-A recount of
ISSUE WAS APPROVED AT GENERAL ELECTION.
the votes cast at the general election on Nov. 7 on the question to issue
construction bonds shows that a vote
$109,200 sewage disposal :plant
of 799 to 767 was cast in favor of the measure. The Public Works Administration will be asked to furnish a loan and grant toward construction
of the project. The original tabulation of votes indicated that the bond
issue had been rejected by a vote of 800 to 798.
-John 0.
BEVERLY, Essex County, Mass.-TEVPORARY LOAN.
Lovett, City Treasurer, states that the $200,000 current year revenue
anticipation loan offered on Nov. 24 was awarded to Blake Bros. of Boston,
at 2.055' discount basis. Dated Nov. 22 1933 and payable on Jan. 15
1934. Denom. $25.000, $10.000 and $5,000. Legality approved by
Ropes, Gray. Boyden & Perkins of Boston.
Bids for the loan were as follows:
Discount Basis.
Bidder
2.05
Blake Bros. & Co. (purchaser)
2.47
Faxon, Gade & Co
2.48 0
Beverly National Bank
BLACKWELL SCHOOL DISTRICT (P. 0. Blackwell) Kay County,
Okla.
-BONDS VOTED.
-At the election held on Nov.22-V.137. p.37
-the voters approved the issuance of the $160,000 in high scnool bonds.
-OBTAINS PWA ALLOTBLOOMINGTON, Monroe County, Ind.
MENT.
-The city has obtained an allotment of $495,000 from the Public
Works Administration for the purpose of financing the construction of
additional intercepting sewers. It is provided that the PWA grant in
this instance will be a sum equal to 30% of the approximately $375,500 to
be spent for labor and materials. Such grant is not to be repaid by the
city. The balance of the money consists of a loan secured by 4% revenue
bonds.
-BONDS AND WARRANTS
BOZEMAN, Gallatin County, Mont.
-The Director of Finance is said to be calling for payment at
CALLED.
his office, various improvement district bonds and special walk and curb
warrants.
-TEMPORARY
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
LOAN -It is stated that the Merchants Bank of Cleveland has purchased
a $25,000 temporary loan at 6%.
BRECKENRIDGE INDEPENDENT SCHOOL DISTRICT NO. 1
-At
-BONDS VOTED.
(P. 0. Breckenridge) Wilkin County, Minn.
have
the election held on Nov. 18-V. 137. p. 3701-the voters are said to ratio
school building bonds by a
issuance
the $150,000 in
ailuniooNvel
o
two
-PROPOSED BOND
County, N. Y.
BRONXVILLE, Westch
ISSUE.
-The village is planning to issue $60.000 4% library construction
contingent upon the receipt of Federal aid toward the probonds. This is
ject, in the form of a grant of 30% of the amount to be spent for labor and
materials on the project.
-S500,000 REFUNDING BOND.
CAMDEN, Camden County, N. I.
-A resolution was presented to the City Commission
ISSUE PLANNED.
on Nov. 9 providing for a $500,000 refunding bond issue. The bonds
would bear int. at 5% and mature in 10 years. Existing obligations are
-year bonds, of which $100,000 mature on Dec. 15 1933,
temporary 4%% 6
it is said.
-FEDERAL FUND ALLOTMENT.
CAMERON, Milam County, Tex.
-An allotment of $37,000 to this city for sanitary and storm sewer construction purposes was announced recently by the Public Works Administration. A. grant of 30% of the cost of labor and material involved on this
project, was made by the PWA. The remainder of the allotment is a loan
secured by 4% revenue bonds.
-BOND DETAILS.
CANYON COUNTY (P. 0. Caldwell), Idaho.
The $87.000 refunding bonds that were purchased by the First Security
-V. 137. p. 3701-bear interest at 6%,
at par
Trust Co. of Salt Lake City
are dated July 1 1933, and mature on July 1 as follows: $7.000 in 1935:
$8,000 in 1936 and 1937: $9,000 in 1938: $10.000 1939 and 1940: $11.000,
1941 and $12,000 in 1942 and 1943.
-The issue of
-BOND SALE.
CARLISLE, Cumberland County, Pa.
$165.000 coupon sewage disposal plant bonds of 1933 offered on Nov. 23the Farmers Trust Co. of Carlisle.
-was awarded as 4s to
V. 137. p. 3333
at par plus a premium of $84.15, equal to 100.05, a basis of about 3.99%.
Dated Dec. 1 1933 and due Dec. 1 as follows: $6,000 from 1939 to 1948,incl.
and $7,000 from 1949 to 1963, incl. Only one bid was received at the sale.
Financial Statement.
$15,000,000.
ctual
Estimated actual value of all taxable property
10.789,595
value of all property for tax, 1933
62,50(P
indebtedness, not including water bond issue
Bonded
415.000'
Bonded indebtedness of water plant
water bonds. No floating
Total bonded indebtedness, $477,500. No
debt. Amount of sinking fund, $5,897.22.
Bonds are exempt from State, county and municipal taxation.
Population 1920, 10,916: 1930, 12.596: Almost entirely American.
Municipality incorporated April 13 1782.
-SUITS FILED ON
CARTERET COUNTY (P. 0. Beaufort), N. C.
-According to news reports three suits
SCHOOL BOND DEFAULTS.
,
have been filed in toe Federal District Court for collection on about $200,000
of school bonds, on which defaults in payments are said to have occurred.
4038
Financial Chronicle
r CEDAR BLUFFS, Saunders County, Neb.-BONDS VOTED.
stated by the Village Clerk that at an election held on Nov. 24 the-It is
voters
approved the issuance of $9,000 in village bonds by an overwhelming
majority. Dated Jan. 1 1934. Due in 20 years, optional in 5 years.
It
s said that no date of sale has been set as yet.
CEDARTOWN, Polk County, Ga.-BOND
-It is reported that an election will be held on Dec. 28 to ELECTION.
have the voters pass on
the proposed issuance of $25,000 in bonds, divided as follows: $12,000
white school, $8,000 colored school and $5,000 fire
ment bonds. (We reported the proposed bonds as department improvebeing in the amount
of $100,000 in V. 137. p. 3005.)
CHATHAM, Sangamon County, 111.
-OBTAINS PWA ALLOTMENT.
-The allotment of $63,000 to the Village for water works construction has been approved by the Public Works Administration. This
includes a grant of 30% of the approximately $47,000 of the advance to be
used for labor and materials. The balance consists
secured by 4% revenue bonds of the Water Dept.of a loan to the Village,
and other assessments,
subject to the approval of and with maturity acceptable to the Administrator.
CHICAGO, Cook County, III.
-CITY AND SCHOOL MATURITIES
TOTAL $25,838,789.
-Bond principal and interest charges due early in
1934 on the indebtedness of the city and the Board of Education aggregate
325,838,789, according to report. This includes city bond principal of
$15,008,000 and interest of $2,920,000, as well as $2,174.798'of principal
and interest on water revenue certificates. The Board's obligations
include $5,008.000 principal and $732,000 of interest. This latter
item is due on Feb. 1 1934, while the balance of the obligations mature
Jan. 1 1934. City Comptroller R. B. Upham intends to ask the City Council on Dec. 5 to authorize a $10,000,000 refunding bond issue. The bonds
are to bear interest at 5,4%,as compared with that of 4% carried on some
of the maturing issues. It is understood that the city has funds on hand to
meet the $2,174,798 water certificate maturities and to pay all of the interest due Jan. 1 1934. Although the city is expected to offer refunding in
ied
Board
aWtoftalofitstr refund its
dtion a ithasnopowet
thsc
r
se
:
Pymei? o
school
obligations, therefore, must be made from available funds, or from the proceeds of the sale of tax anticipation warrants.
(Payment of $23,489,100 due Jan. 1 and Feb. 1 1933 on the indebtedness
of both the city government and the Board of Education was made possible
only through the purchase by local banks of $15,036,000 bonds and $1,700.000 school bond and interest tax warrants
-V. 135, p. 4582.)
CHICAGO SANITARY DISTRICT, Cook County, 111.-316,786,528
DEBT SERVICE CHARGES IN DEFAULT.
-The District up to Nov. 1
1933 was in default on $14,000,000 of matured bond principal and $2,783,528 interest charges, making an aggregate of $16,786,528. according
to the "Chicago" Journal of Commerce" of Nov. 22. Although the only
method to adjust the condition appears to be through the 'nuance of
refunding bonds, the District is reluctant to take that course "as long as
there is any danger that they too may go into default." Elimination of
such a contingency, it is said, is possible only by reaching an agreement
with the bankers whereby they would purchase sufficient tax warrants to
assure payment of service charges on the refunding obligations, in the
event that collections of delinquent taxes are insufficient for that purpose.
Consideration is also being given to a plan to retire the defaulted maturities
in 5 or 10% instalments as tax collections are received. The "Journal of
Commerce"further commented on the matter as follows:
"On Jan. 1 1932, the Sanitary District first went into default. This
occasioned by unwillingness of banks to make any further purchase of was
tax
anticipation warrants. Prior to that time the district had been enabled to
avoid effects of the delayed tax collections through sale of warrants in
anticipation of taxes. Inability to sell warrants placed it on largely a
'pay as you go' basis.
"Because that municipality has no revolving fund and
warrants to anticipate taxes, it has been possible to pay is unable to sell
interest
the specific tax in which the Interest was provided for is collected. only as
On this
account it has been puzzling to many to find the district paying July
Interest before that due in January, although the actual reason was that
the taxes to pay such July interest were collected first.
"As the interest coupons and bonds due July 1 1933. and subsequently
during the following fiscal year are payable from the 1932 tax levy. which
will not be put into collection until early 1934. there will be no funds available to pay such obligations, barring the finding of a market for tax
warrants.
Two Favorable Factors.
"Two favorable factors in the Sanitary District's picture are
amount of uncollected taxes, which are expected to yield sufficientthe large
revenues
to pay off the defaulted bond maturities, and the small amount of
tax
warrants outstanding.
"After allowing a 15% loss in collection on the total taxes levied for the
bond and interest fund, which is slightly higher than the usual
ance, the district estimates that it may still collect 9% of its107 allow0
1929 bond
and interest fund levy or 31.720.000, 247 of its 1930 levy or 33,960,000
and 32% of its 1931 levy or $4,960,000. This total of 310,580,000 expected
to be realized from the back years' tax levies would be applicable to $10,084,500 of bond principal maturing from Jan. 1 1932 to June 1 1933. and
now in default.
No Warrants Prior to 1932.
"Such tax collections would not be applicable to the total of $14,003,000
of bond principal now in default but only to the $10.084.500 to be paid from
aforementioned levies. The difference in amount of bond principal is
the
payable from the 1932 levy,not yet in collection.
'There are no Sanitary District of Chicago tax warrants for the years
prior to 1932 in the hands of the public or the banks. For that latter
year there are $574.000 of warrants outstanding.
"In the district's various funds are held small amounts of its corporate
fund warrants for past years, as follows: 1930, 8500,000; 1931. 382.000;
1932, $2,500,000; and 1933, $160,000. Payrolls are only about a month
behind."
troR
CHICAGO SCHOOL DISTRICT, Cook County, 111.-$1,292.500
WARRANTS CALLED.
-The Board of Education has called for payment
on Nov. 30 a total of $1,292.500 tax anticipation warrants of 1931. including $933,400 of the educational fund and $359,100 of the building
fund. Int, accrual will cease on the call date.
CLARK COUNTY (P. 0. Clark), S. Dak.-BONDS NOT SOLD.
The $93,000 issue of court house and jail bonds offered on Nov. 27V. 137. p. 3356
-was not sold as no bids were received, reports the County
Auditor. Interest rate not to exceed 6%,Payable J. & D. Dated Dec. 1
1933. Due on Dec. 1 as follows: $6,000, 1936 to 1949 and $9,000 in 1950.
optional after five years.
CLEVELAND, Cuyahoga County, Ohlo.-BOND OFFERING.Louis C. West, Director of Finance, will receive sealed bids until 12 m. on
Dec. 22 for the purchase of $44,000 6% coupon or registered final judgment
bonds. Dated Dec. 1 1933. Donom. 8100. Due Dec. 1 as follows:
39.000from 1935 to 1938,incl., and 88,000 in 1939. Prin. and int.(J. & D.)
are payable at the Irving Trust Co., N. Y. City. Bids for the bonds to
bear interest at a rate other than 67 expressed in a multiple of X of
0,
will also be considered. A certified check for 3% of the bonds bid 1%.
for,
payable to the order of the City Treasurer, must accompany each proposal.
The approving opinion of Squire, Sanders & Dempsey of Cleveland will be
furnished the successful bidder.
CLEVELAND, Cuyahoga County, Ohio.
-FINANCIAL STATEMENT.
-The following report on the condition of the City's finances was
issued in connection with the offering on Nov. 22 of $300,000 8% coupon
or registered Park Bath House bonds, for which no bids were obtained.
V. 137, p. 3868.
Financial Statistics (1933).
City incorporated March 5 1836. Population U. S. Census:
1910,
.560.663; 1920, 796,841: 1930. 900,429. Assessed valuation estimated
100% of real value. Fiscal year, Jan. 1 to Dec. 31.
Assessed valuation of 1931 for 1932:
Real and public utilities
$1,435,430,290.00
Personal tangible (estimated)
210,164,460.00
•
Total
Assessed valuation of 1932 for 1933:
Real and public utilities
Personal tangible (estimated)
Total
$1,645,594,750.00
31,247,281,380.00
135,276.110.00
$1,382,557.490.00
Dec. 2 1933
Debt Statement as of Nov. 13 1933. •
General bonds (tax supported)
$81,854,879.06
Special assessment bonds
5,365,394.56
Water works bonds (self supporting)
26.358,500.00
Electric light bonds (self-supporting)
5,345,000.00
Tax anticipation notes, last half 1933
1.250.000.00
Total debt
$120,173,773.62
Less
-Water works debt
$26,358,500.00
Electric light debt
5,345,000.00
Sink,fund applicable to gen'l and special 3,386.762.65
Tax anticipation notes
1,250,000.00
36,340,262.65
Net debt
$83,833,510.97
Water works
Electric light
Other Sinking Funds.
31,859.475.26
897.685.23
32,757.160.49
All fund in banks fully secured. Income of
light are sufficient to service outstanding debt. water works and electric
No notes outstanding issued in anticipation of the issuance of bonds.
Tax Collections.
-The report of tax collections, issued in connection with
this offering, is the same as that published in V. 137, p. 3005.
CLEVELAND HEIGHTS, Cuyahoga County, Ohlo.-BONDS
AUTHORITED.-The City Council recently adopted an ordinance providing for the issuance of $15,500 not to exceed 6% interest city's portion
sewer improvement bonds. Dated Jan. 1 1934.
bond for $500,
others for $1,000. Due Oct. 1 as follows: $3,500One 1935 and $3,000
in
from 1936 to 1939 incl.
COLBY SCHOOL DISTRICT (P. 0. Colby) Thomas County,
Kan.
-FEDERAL LOAN APPLICATION FILED.
-It is reported by the
Clerk of the Board of Education that an application has been made for a
loan of about $160,000 with the Federal Government under the Emergency
Act, the outcome of which has not yet been reported.
CONNECTICUT (State of).
-RENEWS $1,000,000 LOAN.
-J. W.
Hope, State Treasurer, effected the renewal on Nov. 16 of 31,000,000 shortterm notes, according to report.
COOK COUNTY (P. 0. Chicago), 111.
-OFFERS PARTIAL PAYMENT OF BOND PRINCIPAL.
-Joseph B. McDonough, County Treasurer, in announcing the call for payment on Dec. 1 1933, after which
date
interest accrual will cease, highway tax notes of 1929, numbered from
1.001 to 1,050 incl., upon presentation of same through any bank or at his
office in Chicago, also advised holders of various defaulted bonds as follows:
"That the money for the partial payment of the principal of
bonds, as herein indicated, is audlable and will be paid on the following
presentation
through any bank or to the County Treasurer of Cook County and that
interest accrual will terminate on Nov. 30 1933. on that percentage of
principal payment now available, such interest accrual not being payable
until final retirement of principal:"
Amount of
Principal
Available
for Payment.
Series M-Infirmary building and cemetery bonds, due June 1 1932-- 24
Series N-New county pavilions, &c., bonds due July 1 1932
25
Series P
-Road bonds, due April 1 1932
Series Q
-Oak Forest Infirmary and County Agent's building bonds, 25
due May 1 1932
28%
Series R-County. State and road bonds, due April 1 1932
/
336
Series S
-New detention home bonds, due April 1 1932
33
Series T-New criminal court house and jail bonds, due June 1 1932.._ 33
Series U-Addition to county hospital bonds, due 1 1932
33
Series V-Road and bridge bends. due June 1 1933
35
Series W-Court house and jail building bonds, due June 1 1933- 35
Series Y-Corporate fund relief bonds, due Feb. 1 1933
25
Series AA-Nurses' dormitory bonds, due Dec. 1 1932
40
Series BB-Poor relief bonds, due June 1 1933
25
Refunding 1931 bonds, due July 1 1933
25
METHOD OF PAYING TAX WARRANTS QUESTIONED.
-The usual
method followed by the County and its local governments in the retirement
of tax anticipation warrants has been challenged and the matter is expected
to be submitted for adjudication by the State Supreme Court, according to
the Chicago "Journal of Commerce" of Nov. 27, which continued
as
follows:
"Previously it had been the custom of local taxing bodies to retire all tax
warrants in order by their serial numbers, using available funds
to
earliest numbers then outstanding. Last week Edwin H. Barker, call the
said
be an eastern investor, in a letter to the Chicago Board of Education to
tended that the collected tax money constituted a trust fund for allconthe
outstanding warrants of that series and that his warrants should receive
payment on a pro-rata basis.
'It was learned that the State law enabling issuance
warrants makes no definite provision for the method of tax anticipation
but merely states they shall be paid from the available of their repayments
tax moneys.
Three Methods Considered.
"Three methods of repayment have received consideration payment prorata as the money is collected payment in order of
serial numbers, and
drawing of numbers by lot.
"The first method, it has been explained, would be exceedingly cumbersome,requiring location and presentation
=Illy times before it is ultimately retired. of a single warrant for stamping
'The second method is the one that has been used for many years and
until now had been generally accepted
is, in some quarters, considered fairestwithout question. The third method
of all.
"Question of repayment method has become particularly vital at this
time, it is pointed out, because It has become problematical if collections of
1929 Board of Education taxes will ever be sufficient to repay all the issued
warrants and interest.
"The laws permitted issuance of 1929 tax warrants
the
tax levy. Issuance of the warrants was undertaken, up to 75% of to
however, prior
the extension of the tax levy on the basis of an estimated levy for 1929 as
large as that for 1928. When the 1929 taxes were finally extended, the total
amount of the extension was substantially smaller than had been anticipated
when the warrants were issued. The net result
that warrants were then
outstanding somewhere in the vicinity of 85%was the tax levy for school
of
purposes.
Four Years' Accumulated Interest.
"Delay in collection of the entire amount of 1929 taxes has resulted in
the accumulation of substantial interest thereon. The approximate $15.750,000 city and school 1929 tax anticipation warrants still outstanding
have about four years' accumulations at 6%. The sum total of the 1929
unpaid warrants, plus accrued interest, is believed to exceed substantially
the total taxes for this purpose still remaining unpaid.
"When the question of repayment method on 1929 school educational
warrants was raised at a recent Board of Education meeting, Frank S. Righeimer, Special Attorney, stated that it had been the practice to pay warrants by serial number for more than 50 years and that this practice would
not be departed from.
"Trustee Howard P. Savage differed from this view and said a recent
Illinois Supreme Court decision on special assessment bonds that held the
collected money was to be apportioned among the bonds and that the
decision would be applicable to this case.
"It was agreed to continue the old method of serial retirement until a
legal opinion could be procured."
CORBIN, Whitley County, Ky.-FEDERAL FUND ALLOTMENT.It was announced recently by the Public Works Administration that it had
made an allotment of $70,000 to this city for water system extension. In
line with its customary procedure on such projects, a grant of 30% of the
cost of labor and materials was made by the PWA. The remainder is a
loan secured by 4% revenue bonds.
CUMBERLAND, All, any County, Md.-BIDS REJECTED.
g
-The
issue of $100,000 4M% Front Street improvement bonds offered on Nov,
27-V. 137.p 3868
--was not sold, as the bids submitted were rejected.
Dated Dec. 1 '1933 and due on Dec. 1 1953.
Volume 137
Financial Chronicle
-BOND ELECTION.
DAVIDSON COUNTY (P.O. Nashville), Tenn.
-An election will be held on Dec. 19, according to report, to tave the voters
on the proposed issuance of $2,000.000 in court house bonds, to bc
Pass
Issued under the Federal public works plan.
DEERLODGE COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Ana-The Public Works
conda), Mont.
-FEDERAL FUND ALLOTMENT.
Administration announced recently an allotment of $50,000 to this district
for school building repairs. In line with its customary procedure on such
projects the PWA made a grant of 30% of the cost of labor and material.
The remainder is a loan secured by 4% general obligation bonds.
-It is
-WARRANTS CALLED.
DELTA COUNTY (P. 0. Delta) Colo.
reported that various special school fund, general school fund and county
fund warrants, were called for payment on Nov. 20. Payable at the office
of the County Treasurer.
DENVER SCHOOL DISTRICT NO. 1 (P. 0. Denver), Denver
-At the special election held on
County, Colo.
-BONDS DEFEATED.
-the voters rejected a proposal to authorize
Nov. 28-V.• 137, p. 3356
$859,000 in refunding bonds to take care of bond maturities in 1934-3,
according to a press dispatch from Denver to the "Wall Street Journal
of Dec. 1.
-OBTAINS $3,000,000 SLUM
DETROIT, Wayne County, Mich.
.-The Federal Housing Corp. on Nov. 21
CLEARANCE ALLOTMENT
allotted $3,000,000 to the City toward a slum clearance program which
will ultimately cost about $30,000.000. The advance was made available
from the fund of $100,000.000 turned over to the Corporation by Harold
L. Ickes, Public Works Administrator. The distribution to the City was
the first made by the Corporation. Mr. Ickes stated that the project will
be financed to show what can be accomplished by municipalities in the
low-cost housing field. In order to take advantage of the opportunity
offered, Acting Mayor John W. Smith requested Governor Comstock to
inciude in the agenda of the spcial session of the State Legislature, which
convened on Nov.22-V. 137, p. 3699, a bill legalizing the Detroit Housing
Commission.
-824.500,000 DEFICIT FOREDETROIT, Wayne County, Mich.
CAST.
-In a bulletin issued on Nov. 25, the Detroit Bureau of Governmental Research declared that present indications pointed to a possible
deficit of $24,500,000 at the close of the city's fiscal year on June 30 1934.
The Bureau complimented the city administration on its determination to
meet Dec. 4 to remap its financial program.
DUBUQUE, Dubuque County, lowa.-BOND OFFERING.-Realed
bids will be received until 10 a. m. on Dec. 4, by J. J. Shea, City Clerk,
for the purchase of a $16,000 issue of sewer bonds. Bidders to name the
rate of interest. Dated Dec. 1 1933. Due on Dec. 1 as follows: $5,000 in
1945 and 1946, and $6,000 in 1947. Prin. and int. payable at the office
of the City Treasurer. Purchaser to pay the cost of printing the bonds.
The approving opinion of Chapman & Cutler of Chicago, will be furnished.
A certified check for $750 must accompany the bid.
(This report supplements that given in V. 137, p. 3868.)
-BONDS TO BE TAKEN BY
EAGLE LAKE, Colorado County, Tex.
PWA.-It is stated by the Town Clerk that the $60,000 paving bonds
-will be taken over by
137, p. 3702
n
trAtilicbfv="r" recently-V.t.
EAST CONTRA COSTA IRRIGATION DISTRICT (P. 0. Brent-It was
wood) Calif.
-BOND REFUNDING PLAN COMPLETED.
announced recently by the Bondholders' Protective Committee for the
above district that, with the co-operation of the District, a plan has been
completed for the refunding of the district's bonds. Newspaper reports
outlined the plan as follows:
"The plan contemplates the exchange of the refunding bonds on a par
for par basis with the outstanding bonds of the Brentwood, Knightson and
Lone Tree irrigation districts, which districts were consolidated in 1926
under the name of East Contra Costa Irrigation District.
"The new bonds are 6% sinking fund bonds, due, and fully paid, in 1978.
They are amortized by semi-annual sinking fund payments beginning in
1939, which adjusted payments provide a substantial reduction from present
excessive annual maturities which have so overburdened the district and
threatened it with inevitable default. Also, in order to allow the district
to recoup its finances a temporary reduction in interest was made from
6% to 4% in 1934 and 5% in 1935, with a return to the original 6% in the
following year. It Is the belief of the committee that the refunding bonds
will give the district a financial program properly adjusted to its characteristics and within its capacity to pay.
"The bondholders' committee is about to start the solicitation of bonds
for deposit."
EDDYVILLE SCHOOL DISTRICT (P. 0. Eddyville), Dawson
-It is reported that the voters recently
County, Neb.-BONDS VOTED.
approved the issuance of $32,000 In school bonds.
-BOND OFFERING-It is reELDORA, Hardin County, Iowa.
ported that bids will be received by Howard Calfee. Secretary of the Board
of Park Commissioners, until 7:30 p. m. on Dec. 4, for the purchase of a
$10,800 issue of 5% semi-ann. land purchase bonds. Due from 1936 to
to 1942. (These bonds were voted at the election held on Oct. 4-V. 137.
p. 2838.)
ELGIN, Kane County, Ill.
--SPECIAL BOND ELECTION AP-The City Council on Nov. 27 adopted an ordinance providing
PROVED.
for the holding of a special election on Jan. 13 1934, at which time the
,
‘
voters will be asked to sanction the issuance of $342,000 53 % funding
bonds. The issue would be in denoms. of $1,000 and mature in 20 years.
4039
-FEDERAL FUND ALLOTMENT.
GENEVA, Ontario County, N. Y.
-The Public Works Administration has allotted $305,000 to the city for
the construction of a sewage disposal plant. A sum equal to 30% of the
approximately $232.000 to be spent for labor and materials on the project
is a grant by the PWA. The balance of the money advanced consists of
a loan secured by 4% general obligation bonds.
-It is said that
GIBBON, Buffalo County, Neb.-BOND ELECTION.
an election will be held on Dec. 8 in order to vote on the proposed issuance
of $43,960 in school bonds. It is reported that the bond issuance is conditioned on a grant of $18,840 from the Public Works Administration on
this project, in line with the customary procedure.
-BOND OFFERING.
GLENS FALLS, Warren County, N. Y.
Clifford B. Hall, City Chamberlain, will receive sealed bids until 11 a. m.
on Dec. 6 for the purchase of $100,000 not to exceed 6% interest coupon
or registered general bonds. Dated Dec. 1 1933. Denom. $1,000. Due
Dec. 1 as follows: $10,000 in 1937 and $18.000 from 1938 to 1943 incl.
Principal and interst (J. &. D.) are payable in lawful money of the United
States at the City Chamberlain's office or at the Chase National Bank,
New York City. Bidder to name a single interest rate for all of the bonds.
expressed in a multiple of X of 1%. A certified check for $2,000. payable
to the order of the City, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
Financial Statement.
$30.182,661.00
Assessed valuation, 1933
-Real Property
1.254.008.00
Special franchise
31,436,669.00
Total assessed valuation
451.000.00
-Total bonded indebtedness,including thisissue
Debt
Nil
Water debt, includecrabove
Nil
than water debt
Sinking fund for other
451,000.00
Net bonded debt
Floating debt ($100,000 of which is to be funded by this
228.000.00
bond issue)
(Town of Queensbury,N. Y.Union Free School District No.1,the school
portion of the city and known as the Glens
district including the major
Falls School District, has a total bonded debt of $845,000.00.)
Population-1920 Federal census, 16.638; 1930 Federal census. 18,531.
Tax Data.
1930.
1931.
1932.
1933.
Year$330.477.11 $418,994.84 $375,557.77 8347,719.92
Total tax levy
Amt. unpaid at close of
82.434.49 66.855.91
90,811.18
89,385.71
tax period
Uncoil. Nov.151933..- d62,611.19 c38,242.88 1211,849.20sale. a
3%. a Sold at tax
d Approx.19. c Approx.9%. b Approx.
Fiscal year ends Nov. 30. Taxes aredue in July.
A substantial amount of the uncollected 1933 taxes will probably be
Paid before the close of the calendar year.
-OBTAINS PWA ALLOTGLEN ROCK, Bergen County, N. J.
-An allotment of $22,000 to the borough for sewer extensions has
MENT.
Administration. Of the total amount,
been made by the Public Works
spent
the borougn will receive as a grant a sum equal to 30% of tne amount
for labor and materials. The balance of the money consists of a loan by
the PWA,secured by 4% general obligation bonds. sie
GRAND FORKS COUNTY (P. 0. Grand Forks) N. Dak.-CERTIFICATE OFFERING.-Sealed bids will be received until 2 p. m. on Dec.6,
according to report, by Martin 0. Batmen, County Auditor, for the purrate is not
chase of a $15,000 issue of certificates of indebtedness. Interest on Dec. 0
to exceed 7%. payable semi-annually. Denom. $1,000. Due
1934.A certified check for 2% of the bid is required.1
-BONDS NOT SOLD.
GRAND HAVEN, Ottawa County, Mich.
The issue of $18,000 4yi% public building ground purchase bonds offered
on Nov. 28 was not sold, as no bids were obtained. Issue is to be dated
Nov. 1 1933 and mature serially as follows: $1,000 from 1936 to 1938 incl.
and 53.000 from 1939 to 1943 incl. Coupon bonds_of $500 each. Prin.
and int. payable at the City Treasurer's office.
-We are
GRAND ISLAND, Hall County, Neb.-BONDS VOTED.
-the voters
informed that at the election held on Nov. 21-V. 137. p. 3357
4% storm sewer
approved the issuance of the $184.000 in not to exceed
bonds by a count of 995 to 406. Dated March 1 1934. Due on March 1
1954, optional in five years.
-84.583.500 REFUNDING
GRAND RAPIDS, Kent County, Mich.
-Mayor John D. Karel informed
PLAN SCHEDULED FOR APPROVAL.
Commission on Nov. 27 that the State Public Debt Commission
the City
-V.137. p.3007.
will approve the proposed $4.583,800 bond refunding plan.
About $1,000,000 of the bonds affected are held by the City Sinking rend
Commission, on the same day, adopted a
Commission, it is said. The City
resolution requesting action by the State Legislature in the matter of limiting the bonds which minicipalities are empowered to accept in the payment
of taxes. The resolution states that the present legislation makes difficult
bill be
the successful completion of refunding programs and asks that the
amended to limit the acceptance of bonds for taxes in the case of levies
which accrued in 1932 and prior years.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 19 (P. 0.
-The $3,500 issue of school bonds
-BOND SALE.
Montesano), Wash.
-was purchased by the State
offered for sale on Nov. 25-V. 137, p. 3869
bonds.
of Washington, as 5s at par. No other bid was received for these
-FOND ISSUE APPROVED.
Crawford County, Mich.
GRAYLING,
favor of
At a special election held on Nov. 20 a vote of 229 to 23 was cast in
bonds. The
the proposal to issue $37,300 general obligation water worksp. 3525.
measure had previously been defeated on Oct. 30.-V. 137,
)
GROTON INDEPENDENT SCHOOL DISTRICT (P. 0. Groton
-It is reported that an
Brown County, S. Dak.-BOND ELECTION.
election will be held on Dec. 19 in order to have toe voters pass on the proposed issuance of $40,000 in not to exceed 4% school bonds. Dated Dec.30
1933. Due on Dec. 20 as follows: $2,000 from 1936 to 1949 and $3,000,
1950 to 1953.
-BONDS PUBHAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-The $401.877.98 431% sanitary sewer construction
LICLY OFFERED.
Doll & Isphording, Inc. of Cinbonds awarded on Nov. 21 to Van Lahr,
-are being recinnati at 100.62, a basis of about 4.68%-V. 137. p. 3869
offered by the bankers for public investment at price.. to yield from 4.10
and due Nov. 1
to 4.30%. according to maturity. Dated Nov. 15 1933
as follows: $20,877.98 in 1935; $21,000 in 1936 and $20,000 from 1937 to
1954. incl. The investment house also purchased on Nov. 21 an issue of
$6,486.78 53j% sanitary sewer construction bonds at 100.069, a basis of
about 5.24%.
HANCOCK COUNTY SCHOOL DISTRICT NO. 118 (P. 0. Car-The Public Works Administhage), Ill.-PWA ALLOTMENT MADE.
tration has allotted 582.000 to the district for school building construction.
This includes a grant of 30% of the amount to be spent for labor and materials on the project. Such expenditures will total approximately $65,000.
The remainder of the advance represents a loan, secured by 4% general
obligation district bonds.
HARTFORD (P. 0. White River Junction) Windsor County,Wt.-At an election held
886,000 PUBLIC WORKS PROGRAM REJECTED.
-the voters defeated a proposal providing for
on Oct. 30-V. 137, p. 3177
the financing of an $86,000 public works program through the medium of a
loan and grant from the Public Works Administration.
ERIE COUNTY (P. 0. Buffalo), N. Y.-$8,000.000 FUNDING
-The Finance Committee of the Board of SuperBONDS ADVOCATED.
visors on Nov. 20 recommended that $6.000,000 bonds be issued in order
fund the floating debt and to continue the 1933 tax rate of $6.40 per
to
1,000 of assessed valuation, for the year 1934. The County Board, meeting as a whole on Nov. 21, took no action on either the Finance Committee's
suggestion or in regard to the tentative budget for 1934. Under Board
rules the tentative budget must remain on the table for a week, before it is
considered for final adoption.
FALLON, Churchill County, Nev.-DETAILS ON FEDERAL
ALLOTMENT. It is stated by the City Clerk in connection with the report given in V. 137, P. 3702, of the allotment by the Federal Public
Works Administration recently, of $100,000 to the city for the construction
of a reservoir, that bonds are to be issued In the amount of 70% of the
total at 4% to secure the loan portion of the allotment', the other 30%
being the usual PWA free grant on labor and materials. A special election
will be held in the near future to have the voters pass on the issuance of
these bonds.
-PROPOSED
FOND DU LAC COUNTY (P. 0. Fond du Lac), WI..
-The following report on the intention of the above
BOND ISSUANCE.
county to issue $300,000 in bonds secured by delinquent taxes under authority of a recently enacted law, is taken from a Fond du Lac dispatch to the
Milwaukee "Sentinel" of Nov. 22:
"As a moans of solving the financial dilemma caused by $390.000 In taxes
unpaid to date and prospects for more delinquencies next January, the
county board to-day turned to bonds with a view to avoiding a $267.000
Increase next year in the county tax levy.
"The finance committee was instructed to follow Chapter 124 of the
Laws of 1933 in issuing $300,000 in bonds, putting up $390,000 in delinquent
taxes as collateral. As tax payments are made they will go into a segregated fund to pay interest and retire the tax bonds over a period not to
,
exceed 10 years. Eeductions in the 1934 budget will amount to $46,000
Under the bonding plan.'
-Gerald D.
FOSTORIA, Seneca County, Ohlo.-BOND OFFERING.
(P. 0.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21Ring, City Auditor, will receive sealed bide until 12 m. on Dec. 16 for the
-FINANCIAL STATERockville Centre) Nassau County, N. Y.
purthase of $14.000 6% poor relief bonds. Dated Nov. 1 1933. Denom,
-Floyd B. Watson. Superintendent of Schools, writing under date
MENT.
annually on Nov. 1 from 1935 to 1938 incl. Interest is
3500. Due $3,500
of Nov. 24 in connection with the $150.000 school construction bond issue
in M.& N. Bids for the bonds to bear interest at a rate other than
voted on Oct. 17-V. 137, p. 3007, states that the date of sale of the issue
of 1%, will also be considered. A cero. expressed in a multiple of
has not been determined as yet.gtMr. Watson also enclosed the following
of the City Treasurer. must
t led check for $500, payable to the order
statement of condition:
accompany each proposal. This Issue was authorized recently by the City
Counc.11-V. 137, P. 3357
.
Financial Status (Nov. 1 1933). "'"
•
-The
Hempstead Union Free School District No. 21 includes tee greater Part
FRANKFORT, Spink County, S. Dak.-BONDS VOTED.
of Rockville Centre and about two square miles additional. The popula4% water main bonds is stated to have been approved
Issuance of $2,800 in
tion of the school district is about 16,000.
by the voters at an election on Oct. 17.
it
payable
4040
Financial Chronicle
Assessed Valuation.
1931-1932
$35,937,559
1932-1933
36,820,086
1933-1934
30.063,933
Note--All assessments in the Town of Hempstead were decreased by 20%
for the year 1933-1934.
Tax Rate per 111.000.
1931-1932
$10.00
1932-1933
9.90
1933-1934
11.20
(See note under assessed valuation.)
Amount of Taxes Raised for Schools.
1931-1932
$358,900
1932-1933
360,850
1933-1934
336,602
All taxes have been received by our school district.
Outstanding School Bonds.
4.60s 1908 Jan. 1 1934-1935 J & J
5.40 1921 Jan. 1 1934-1935 J & J
58
1922 Jan. 1 1934-1947 J & J
5s
1924 Jan. 1 1935-1944 J & J
4gs 1925 Jan. 1 1947-1948 J & J
4gs 1927 Jan. 1 1934-1956 J & J
4s 1930 Apr. 1 1934-1950 0 & A
4.1s 1930 Jan. 1 1934-1962 J & J
Rating of school bonds, AA.
$4,000
20,000
400,000
30,000
33,000
465,000
33.000
218,000
Revenues and Expenditures,
1931-1932.
1930-1931.
1932-1933.
$484,130.39 $502.263.02 $511,426.68
443,428.82 489.754.88
492,798.79
18,627.89
12,508.14
40.701.57
HICKSVILLE, Defiance County, Ohio.
-BONDS AUTHORIZED.
The Village Council recently adopted an ordinance providing for the
Issuance of $6,100 67 final judgment bonds. Dated Dec. 15 1933. Due
°
Sept. 15 as follows: $2,000 in 1935 and 1936 and $2,100 in 1937. Principal
and interest (M. & S. 15) are payable at the Hicksville National Bank,
Hicksville.
BOND OFFERING.
-Ethel Fry, Village Clerk, will receive sealed bids
until 12 in. on Dec. 15 for the purchase of the above-described issue of $6.100
bonds. Proposals must be accompanied by a certified check for 2%, payable to the order of the Village Treasurer.
HINSDALE, DuPage County, III.
-BONDS VOTED.
-At an election
held on Nov. 14 the voters approved of the issuance of $35,000 bonds,
including $17.000 for a Police and Fire station, $15,000 for Burns Field and
$3,000 for Stough Park. The Village recently obtained an allotment of
344.500 from the Public Works Administration.
-V.137, p.3703.
Revenues
Expenditures
Excess revenues
HINSDALE, Du Page County, 111.
-OBTAINSPWA ALLOTMEIVI.
I
-An allotment of 321,000 to the village for the construction of sewer
facilities has been made by the Public Works Administration. This
includes a grant of 30% of the estimate of $17,000 to be spent for labor
and materials on tne project. The balance represents a loan secured by
4% revenue bonds of the village.
HOT SPRINGS, Fall River County, S. Dak.-BOND OFFERING.It is stated that sealed bids will be received until 8 p. m.on Dec. 4, by W.J.
Beck, City Auditor, for the purchase of a $32.200 issue of sewage disposal
plant bonds. Interest rate is not to exceed 5%. :payable semi-annually.
Denoms. $1,000 and $100. Dated Dec. 15 1933. These bonds were
approved by the voters at the election held on Sept. 12 and will probably
be disposed of to the Federal Government.
HYATTS RURAL SCHOOL DISTRICT (P. 0. Hyatt.), Delaware
County, Ohio.
-BOND OFFERING.
-Fred Eyre, Clerk of the Board of
Education, will receive sealed bids until 12 m. on Dec. 16 for the purchase
of $1,840 6% funding bonds. Dated Jan. 1 1934. Due as follows: $340
March and $100 Sept. 1 1935. and $100 Marco and Sept. 1 from 1936 to
1942 incl. Interest is payable semi-annually. Bids for the bonds to bear
interest at a rate other tnan 6%, expressed in a multiple of g of 1%, will
also be considered. A certified check for $100, payable to the order of
the Board of Education, must accompany each proposal.
INDIANAPOLIS, Marion County, Ind.
-PROPOSED NOTE SALE
CANCELED.
-We are advised that the proposal to sell $440,000 6%
sanitary district notes on Dec. 5. as reported in V. 137. p. 3869. has been
canceled,"as the Treasurer has made an advance to tne sanitary district.'
INTERNATIONAL FALLS, Koochiching County, Minn.
-BONDS
DEFEATED.
-At the election held on Nov. 20-V. 137, p. 3703
-the
voters failed to approve the issuance of $230,000 in water works bonds.
We are advised by the City Clerk that under the home-rule charter of the
city a two-thirds majority is required on bond issues and the count on this
proposition was 1,109 "for" to 582 "against."
IONE,Pend Oreille County, Wash.
-BOND OFFERING.-Sealed bids
will be received until 7:30 p. m. on Dec. 16 by E. A. Locke, Town Clerk,
for the purchase of a $10,000 issue of sewerage system bonds. Interest
rate is not to exceed 6%, payable semi-annually. Denom. $400. $200.
or *100. Due $400 from 1938 to 1940: 3500. 1941 to 1945: 3600. 1946 to
1949; $700 in 1950 and $800. 1951 to 1954. Prin. and int, payable at the
office of the Town Treasurer, the State Treasurer's off:ce or at the State's
fiscal agency in New York City. These bonds were approved by the
voters on Nov.7-V.137. p.3703. A certified check for 5% of the amount
bid is required.
IOWA, State of (P. 0. Des Moines).
--REPORT ON BONDED DEBTS
OF COUNTIES.
-The following report on the reaching of the bonded
debt limit of many of tne counties in this State. is taken from a Des Moines
dispatch to the "Wall Street Journal" of Nov. 25:
"Due to issuance of bonds for primary road building, 32 of the 99 Iowa
counties are up to their limit of bonded indebtedness. These counties
cannot issue any more bonds to take care of poor relief, public works improvements, or for any other purpose. The bonded debt of any county
cannot exceed 5% of assessed value of all taxable property. While receipts
from gasoline taxes, automobile licenses and Federal aid for highways go to
take care of this indebtedness, under the constitution the bonds, it unpaid.
remain a lien on taxable property."
IRON RIVER, Iron River County, Mich.
-REFUNDING BONDS
TO BEAR 6% INTEREST.
-David M. Youngs, City Manager, has announced that the $82,000 refunding bonds will bear int. at 6%, instead of
5% as originally planned. The State Public Debt Commission has approved
of-the increase in the rate. This action was taken following resistance by
local bondholders to the plan that they exchange old bonds, bearing 6%
int. for the refunding issue at the lower rate. The refundings include
$67,000 special assessment and 815,000 general obligation bonds. The
'
City failed to receive a bid at the public offering on Nov. 1 of $82,527.69
5% refunding bonds.
-V. 137, p. 3357.
JEFFERSON CITY, Cole County, Mo.-PROPOSED BOND ELECTION.
-It is said that a special election will be held in trio near future in
order to have the voters pass on the proposed issuance of $323,000 in bonds,
divided as follows: $200,000 school improvement and $123,000 public
Improvement bonds.
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
-BOND SALE.
The $10.000 issue of coupon poor relief bonds offered for sale on Nov. 27
-V. 137. p. 3869
-was purchased by the Columb'an Secuet'es Corp. of
Topeka as 44s, at a d'scount of $167.50, equal to 98.325, a haws or about
4.86%. Dated Nov. 11933. Due $1,000 from Feb. 1 1935 to 1944 incl.
KENTON, Hardin County, Ohio.
-PLANS MUNICIPAL LIGHT
-The city Council on Nov. 21 adopted legislation
AND POWER PLANT.
providing for the issuance of $442.900 revenue bonds to finance the construction of a municipal electric light and power plant. The Public Works
Administration will be asked to finance the project.
KNOXVILLE, Knox County, Tenn.
-BONDS APPROVED.
-At the
election held on Nov.25-V. 137, p.3526
-the voters approved the Issuance
of the $3,225,000 in municipal light and power plant bonds by a count of
Dec. 2 1933
5.124 to 2,662. In connection with this election we quote in part as fol
lows from the New York "Times" of Nov. 27:
"The Tennessee Public Service Co., subsidiary of the National Power &
Light Co., which services Knoxville, has under consideration drastic rate
reductions and, perhaps, total elimination of its street railway system to
meet competition from a municipally owned electric system, according to
an authoritative announcement to-night.
By a vote of two to one. Knoxville in a referendum yesterday approved
a $3,225,000 bond issue for a municipal power distributing system. The
city has enrolled to the Tennessee Valley Authority for Muscle Shoals
power, and has asked the State Public Works Board for a loan to build or
acquire its distribution system. Thus it will become the first large city
in the valley area to be served by the TVA,the Government agency operating the Federal hydro electric plant at Muscle Shoals.
"Previous to the election the Tennessee Public Service Co. publicly expressed its willingness to negotiate with the Authority for use of Muscle
Shoals power by means of its own distributing system.
"The municipal ownership advocates, however, waged their campaign
on the basis of support of the TVA and President Roosevelt's program for
the valley, and the heavy vote in favor of the municipal plan was interpreted as an expression of appreciation for the authority, the headquarters
of which is located here."
KOKOMO SCHOOL CITY, Howard County, Ind.
-BOND OF
FERING.-Sealed bids will be received by the Board of Trustees unti
11 a.m. on Dec. 19 for the purchase of $42,500 funding bonds.
LAKE CITY, Columbia County, Fla.
-FEDERAL FUND ALLOTMENT.
-An allotment of $69.000 to tnis city for water works improvements has been announced recently by the Public Works Administration.
Thirty per cent of the cost of labor and material, set at approximately
$55,000. is the customary PWA grant. The remainder is a loan secured by
4% revenue bonds.
LAKEVIEW, Logan County, Ohio.
-BONDS AUTHORI7ED.-The
Village Council has adopted an ordinance providing for the issuance of
$2,000 6% fire department apparatus purchase bonds. Dated Jan. 1 1934.
Denom. 3200. Due $200 on April and Oct. 1 from 1935 to 1939 incl.
Principal and semi-annual interest are payable at the Village Clerk's office.
LAKEVIEW SCHOOL DISTRICT (P. 0. La Fayette), Walker County, Ga.-BOND ELECTION.
-It is reported that an election will be held
on Dec. 9 in order to have the voters decide on the issuance of $18,000 in
school building bonds.
LANSING, Ingham County, Mich.
-BOND OFFERING.
-R. E.
Sanderson, City Comptroller, will receive sealed bids until 7:30 p. m. on
Dec. 6 for the purchase of $66,500 4g% coupon or registered refunding
bonds. Dated Jan. 2 1934. Denom. $1,000 or $500 as requested by the
bidder. Due Jan. 2 as follows: $10,000 from 1939 to 1941 incl.. $9,500
in 1942. and $9,000 from 1943 to 1945 incl. Principal and interest (J. & J.)
are payable at tne City Treasurer's office. A certified check for 31.000
must accompany each proposal. The City will furnish the approvling legal
opinion of Thomson, Wood & Hoffman of New York. The bonds are a
direct obligation of the entire city and the proceeds of the sale will be used
to retire the following obligations maturing Jan. 2 1934:
$20,000 4g7 sewerage bonds dated Jan. 2 1930.
15,000 4)% sewer bonds dated Jan. 2 1925.
Logan St. viaduct and bridge bonds dated Jan. 2 1929.
14,000 4 0 Lo
7,500 4g % bridge bonds dated Jan. 2 1925.
5,000 4g % bridge bonds dated Jan. 2 1924.
5 000 4g % East Grand Ave. bridge bonds dated Jan. 2 1930.
LANSING, Ingham County, Mich.
-PROPOSED REFUNDING
BOND ISSUE.
-Robert E. Sanderson, City Comptroller, has been authorized to apply to the State Public Debt Commission for permission to
issue $189.000 4g% refunding bonds. The proceeds of the sale would be
applied to the payment of 50% of the $378,000 bonds maturing on Jan. 2
and May 15 1934, it is said.
LAREDO, Webb County, Tex.
-It is reported
-BOND ELECTION.
that a special election has been scheduled for Dec. 16 to have the voters
pass on the issuance of $250.000 in school improvement bonds.
LAURENS, Laurens County, S. C.
-PROPOSED FEDERAL LOAN.
It is stated that this city recently applied to the Public Works Administration for a loan of $120,000 to finance a municipal hospital. The application is now being considered by the State Advisory Public Works Board,
according to report.
LIGONIER, Noble County, Ind.
-FEDERAL FUND ALLOTMENT.
-In allotting $27,000 to the city for the construction of a water works
system, the Public Works Administration announced that 30% of the
estimate of $21,000 to be spent for labor and materials represents the
Federal Government's contribution to the city, not subject to repayment.
The balance of the advance consists of a loan,secured by 4% revenue bonds
LIMA, Allen County, Ohio.
-BOND OFFERING.
-C. H. Churchill,
City Auditor, will receive sealed bids until 12 in. on Dec. 14 for the purchase of $90,666.05 6% deficiency bonds, issued to pay deficiencies in
current revenues caused by non-payment of taxes. Dated Oct. 1 1933.
Denom. $25 each, or a multiple thereof, as requested by the successful
bidder. Due Oct. 1 as follows: $10,666.05 in 1935 and $10.000 from
1936 to 1943 incl. Bids for the bonds to bear interest at a rate other
than 6%. expressed in a multiple of g of 1%, will also be considered.
Principal and interest (A. & 0.) are payable at the office of tne Sinking
Fund Trustees. A certified check for $910, payable to the order of the
City Treasurer, must accompany each proposal. Successful bidder to
pay for the legal opinion of Peck, Shaffer & Williams of Cincinnati, and
for the cost of delivery, if same is requested outside of Lima, Ohio. This
is the issue mention in V. 137. p. 3870.
LITTLE RIVER DRAINAGE DISTRICT (P. 0. Cape Girardeau)
Mo.-FUNDS OBTAINED FROM RFC.
-It is stated that this district
recently obtained a loan of $2,189,914 from the Reconstruction Finance
Corporation to pay off some of its outstanding indebtedness. The Chicago
"Journal of Commerce" of Nov. 25 carried the following on the loan:
"The Little River Drainage District at Cape Girardeau, Mo., which
recently obtained a $2,189.914 loan from the RFC, is expected to use the
money to purchase and retire outstanding bonds. The exact basis of the
utiha not been announced, although the district has r,11000 f
tcsoutsandgglteaveroraioneady14/1
Its
Kercheval, investment banker, represents a large number of the district's
bondholders."
LOGAN COUNTY (P.O. Bellefontaine), Ohio.
-SCHOOL DLSTRICT
BONDS AUTHORIZED.
-Joseph Tracy, State Auditor, has issued certificates, in accordance with Senate Bill No. 175, authorizing the following
county school districts to issue bonds in the amounts indicated to refund
indebtedness, otherwise not possible of payment, because of delinquent
taxes and bank closings: Quincy. $4742.30; Monroe. 112.651.93: Zane,
8857.96: West Liberty, $5,639.23; West Mansfield, $491.25; DoGraff,
$5,566.68; Harrison, $2,369; Zanesfield, $1,657.87; Huntsville,$2,471.13.
LOGAN COUNTY (P.O. Bellefontaine), Ohio.
-BONDS NOTSOLD.
-Tne issue of $24,000 6% poor relief bonds offered on Nov. 27-V. .37.
p.3358
-failed of sale as no bids were obtained. Dated Nov. 11033. Due
serially.
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. 0. Los An
.
gales), Calif.
-BONDS NOT SOLD.
-The two issues of school bonds
aggregating $6,808,000 offered on Nov. 27-V. 137, P. 370:3-were not
sold, as no bids were received, and it is reported that these bonds will be
offered to the Federal Government. The issues are divided as follows:
$3,565,000 city high school district bonds. Due $155,000 from June 1
1934 to 1956 inclusive.
3,243,000 city school district bonds. Duo $141,000 from June 1 1934
to 1956 inclusive.
Interest rate not to exceed 4g %, payable J. & D.
LUCAS COUNTY (P. 0. Toledo), Ohio -BONDS NOT SOLD.
Adelaide E. Schmitt. Clerk of the Board of County Commissioners, reports
that no bids were obtained at the offering on Nov. 27 of $794,240 4 g,
43 and 6% refunding bonds, consisting of six separate Issues.
-V. 137
Ir• 3870.
Volume 117
Financial Chronicle
LUCAS INDEPENDENT SCHOOL DISTRICT NO. 5 (P. 0. Lucas),
-It is stated by the Secretary of
-BONDS SOLD.
Lucas County, Iowa.
the Board of School Directors that the $8,000 of school bonds approved
-have been sold.
by the voters on May 16-V. 136, P. 4127
-George S.
-BOND ELECTION.
LUZERNE, Luzern." County, Pa.
Soheck, Borough Secretary, states that on Nov. 24 the Borough Council
adopted a new ordinance providing for the submission of a proposed bond
issue of $99,320.07 at an election to be held on Dec. 27. It was originally
intended to vote on an issue of $140,000 on Dec. 16.-V. 137. p. 3870.
LYNCHBURG, Campbell County, Va.-LOAN APPLICATION
-We are now informed that although the Public Works
APPROVED.
Administration has approved toe city's application for a loan of $450,000
and a grant of $150,000, as reported in V. 137,P.3870,the final consumma
tion of the allotment is subject to approval by the city and execution of
contracts.
McLEAN COUNTY SCHOOL DISTRI CT NO.8(P.O. Underwood),
N. Dak.-CERTIFICATES NOT SOLD.
-The $10.000 issue of certificates
of indebtedness offered on Nov. 14-V. 137, D. 3704-was not sold as no
bids were received, according to the District Clerk. Dated Nov.30 1933.
Due on June 30 1935.
-At
-BONDS VOTED.
MADISONVILLE, St. Tammany Parish, La.
the election on Nov.21-V. 137. p. 3178-the voters approved the issuance
of the $38,000 in water works bonds by a count of 145 to 6, according to
the City Secretary. No sale date has been set as yet.
-BOND ELECTION.MARINE CITY, Saint Clair County, Mich.
The proposal to issue $89,341.64 bonds to finance the acquisition of a
site and the construction thereon of a water filtration plant, defeated
-is to be resubmitted for conpreviously on Nov 1-V. 137, p. 3526
sideration of the voters at an election called for Dec. 7.
-Ray E. Nor-BOND OFFERING.
MARION, Grant County, Ind.
man, City Clerk, will receive sealed binds until 10 a.m. on Dec. 11 for the
purchase of $10,000 not to exceed 6% interest coupon street improvement
bonds. Dated Jan. 1 1934. Denom. $1,000. Due as follows: $1.000,
July 1 1035 $1,000, Jan. and July 1 from 1936 to 1944, incl., and $1,000.
Jan. 1 1945. Principal and interest (J. & J.) are payable at the office
of the Treasurer of Grant County in Marion. A certified check for 1%
of the amount bid must accompany each proposal. Legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
-The
-BONDS NOT SOLD.
MARTIN COUNTY (P. 0. Shoals), Ind.
Issue of $11,000 6% poor relief bonds offered on Nov. 7-V. 137, p.3178
failed of sale. Dated Nov.7 1933 and due $550 on May and Nov. 15 from
1934 to 1944. inclusive.
-FEDERAL FUND ALLOTMENT.
MASSACHUSETTS (Suite of).
The State has obtained an allotment of $45,000 from the Public Works
which will be used to finance the construction of three
Administration,
officers' cottages at the Boston State Hospital. A grant equal to 30%
of the estimate of $37,650 to be spent for labor and materials is included
in the total and is not subject to repayment by the State. The balance
of the money consists of a loan by the PWA,secured by 4% general obligation State bonds.
-BOND ISSUE
MECOSTA COUNTY (P. 0. Big Rapids), Mich.
APPROVED.
-Theodore I. Fry, State Treasurer, on Nov. 21 issued a certificate of approval of the proposed $30.000 county informary construction bond Issue.
-FEDERAL FUND ALLOTMEMPHIS, Shelby County, Tenn.
MENT.
-The Public Works Administration announced recently an allotcity for sanitary sewer system improvements.
ment of $280,000 to this
Thirty per cent of the cost a labor and materials on this project, which
totals approximately $222,000, is the PWA grant. The remainder is a loan
secured by 4% general obligation bonds. (This allotment was applied for
by the city in October
-V. 137, P. 2670.)
-WARRANT CALL.
MESA COUNTY (P.O. Grand Junction), Colo.
-It is reported that various county and school warrants are called for
payment at the office of the County Treasurer. It is saki that the county
warrants are called on Dec. 10 and the school warrants on Nov. 30.
-The
-FEDERAL FUND ALLOTMENT.
MIAMI, Dade County, Fla.
Public Works Administration recently announced an allotment of $560.000
to this city to assist in financing improvements and replacements to the
water system. Of the total allotment,30% of the cost oflabor and material.
which is put at approximately 8153.000, is the customary PWA grant.
The remainder is a loan secured by the revenue certificates authorized In
-V. 137, P. 2840.
October
-RELIEF LOAN PLAN.MINNESOTA. State of (P. 0. St. Paul).
A news dispatch from Minneapolis on Nov. 25 reported that when the State
Legislature convenes on Dec. 5 it will be asked to provide $1,000,000 for
drought relief in western counties of the State. It is said that new certificates of indebtedness probably will be issued to provide running expenses.
MINOT SPECIAL SCHOOL DISTRICT NO. 1 (P. 0. Minot), Ward
County, N. Dak.-CERTIFICATESALE.-A $50,000 issue of certificates
of indebtedness was offered on Nov.29 and purchased by the First National
both of
Bank & Trust Co. and the Union National Bank & Trust
Co.,
Minot, jointly, at par for 7% certificates. Due on March 29 1934.
MOLINE, Rock Island County,III.-PROPOSEDPWA ALLOTMENT.
-Writing in connection with the report (in V..37, p.3870) of the prepa.aton of plans for a $125,000 swimming pool revenue construction bond
Issue, City Attorney Glen Trevor states that on Nov. 22 the City Council
authorized the issuance of $94,000 of mien bonds in accordance with a
State law wnich became effective on Nov. 21. This actioo was taken in
contemplation of securing the balance of $125.000 necessary to construct
such a project as an outright gift from the Public Works Administration.
-PROPOSED BOND
MONROE COUNTY (P. 0. Rochester), N. Y.
-James I. Morrall, County Treasurer, states that toe
SALE CANCELED.
proposal to offer for sale on Nov. 24 an issue of $300,000 not to exceed
d% interest, coupon or registered emergency work relief bonds was canceled, as the funds necessary are expected to be obtained from the Federal
Government. The bond issue was to be dated Nov. 17 1933 and mature
on Nov. 17 as follows: $30,000 from 1935 to 1937 incl. and 835.000 from
& N.)
1938 to 1943 incl. Principal and interest (M. Co., payable in lawful
Rochester, or at the
money of the United States at toe Union Trust
Midland Trust Co., New York City. Legality to be approved
Marine
by Clay, Dillon & Vandewater of New York.
-ORDERS $800,000
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-The Board of Freeholders adopted a resoluFUNDING BOND ISSUE.
tion on Nov. 22 authorizing the County Treasurer to issue $600.000 6%
tax revenue bonds of 1933,to mature on July 1 1934. Toe resolution stated
that the issue was to provide for the refunding of $500,000 tax anticipation
bonds due Dec. 15 1933 and other obligations.
-FEDERAL FUND ALLOTMONTANA, State of (P. 0. Helena).
-The Public Works Administration announced recently an allotMENT.
ment of $218,000 to we State Board of Education for the construction of
usual
dormitory buildings at the State College at Bozeman. The this PWA
project.
grant of 30% ot tne cost of labor and material was made on
The remainder of the allotment is a loan secured by 4% revenue bonds.
-BONDS VOTED.
-At
MOUNTAIN HOME, Elmore County, Ida.
-the voters approved the
the election held on Nov. 21-V. 137. p. 3359
a
issuance of $30,000 in water works impt. bonds bybycount of 80 to 2. It
the Federal Governis stated that the bonds will probably be accepted
ment.
-E. J.
-BOND SALE.
MOUNT OLIVER, Allegheny County, Pa.
Meters, Borough Secretary, Informs us that E. II. Rollins & Sons of Philadelphia purchased on Oct. 18 an issue of *40,000 5% coupon or registered
funding bonds at a price of par. Dated Nov. 1 1933. Denom. $1.000.
Due $10.000 on Nov. 1 in the years 1938. 1943, 1948 and 1953. Interest
is payable in M.& N.
MOUNTRAIL COUNTY SCHOOL DISTRICT NO. 82 (P. 0. Stan.
-Sealed bids were received
lay) N. Dak.-CERTIFICATES OFFERED.
until 2 p. m.on Dec. 2 by D. F. Haines, District Clerk, for the purchase of
certificates of indebtedness. Interest rate not to exceed
a $3,000 keine of
6%, Payable semi-annually.
4041
WA ALLOTMENT MADE.
MOWEAQUA, Shelby County,
The village has obtained an allotment of $9,000 from the Public Works
Administration. The funds will be applied to the construction of a water
distribution system. The PWA's grant in this instance will be a sum
equal to 30% of the approximately $7.000 to be spent for labor and materials on the project. The balance consists of a loan to the village secured
by 4% revenue bonds.
-PROPOSED DEBT MEASURES.
MUNCIE, Delaware County, Ind.
-The City Council will meet in special session to consider several debt
measures. including a $75,000 bond issue $27,000 refunding note ordinance
and a $50,000 temporary loan proposal.
MUSCATINE COUNTY (P. 0. Muscatine), lowa.-BONDS SOLD.It is stated by the County Auditor that a 85,000 issue of refunding bonds
authorized on Oct. 23 by the Board of Supervisors has since been purchased by Glaspell, Vieth & Duncan of Davenport.
-BOND SALE,MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
The issue of $79,500 coupon poor relief bonds offered on Nov.27-V. 137.
-was awarded as 6s to the BancOhio Securities Co.. Columbus.
P. 3527
and the W.L. Timmons Co. of Zanesville, jointly, at par plus a premium of
$.62.35, equal to 100.33, a basis of about 5.84%. Dated Dec. 15 1933.
Due as follows: $15.000 Oct. 15 1935; $16,000 April and Oct. 15 1936:
$16,000 April and $16,500 Oct. 15 1937. The one other bid submitted,
an offer of par plus a premium of $214.65. for the issue at 6% interest, was
tendered jointly by Seasongood & Mayer and the Provident Savings Bank
& Trust Co., Cincinnati.
-P. D. Fleming, County Auditor, later
BOND SALE CANCELED.
advised that tie above sale has been canceled. Re-offering of the issue
will be made.
-FEDERAL FUND ALMUSKOGEE, Muskogee County, Okla.
LOTMENT -Art allotment of $165,000 to this city for the construction
Public Works Administration.
of a filter plant has been announced by the
The customary grant of 30% of the cost of labor and materials on such
projects was made by the PWA. The remainder is a loan secured by lease
or general obligation bonds.
NEWARK,Essex County N. J.-$6,660,000 TAX REVENUE BONDS
-At a meeting held on Nov. 28, the City Commission
AUTHORIZED.
adopted an ordinance providing for the issuance of 86,660.000 tax revenue
bonds in anticipation of delinquent taxes for the years 1931, 1932 and 1933.
The total includes $3,800,000 bonds for 1933 taxes, $2,460.000 for 1932
and $400,000 against delinquent tax collections for 1931. The Commission
also voted to renew $200,000 temporary bonds which were issued in June
1933 for street improvements. No action, however, was taken in regard
to the $24,000,000 three-year credit plan submitted to the Commission
last week by a syndicate of local banks, insurance companies and public
utility corporations.
-V. 137. p. 3871.
-PROPOSED FEDERAL LOAN
NEWBERG, Yamhill County, Ore.
TENTATIVELY APPROVED -At a meeting on Nov. 17 the Public Works
Advisory Committee is said to have approved an application of this city
for a $21,500 loan to be used for the construction of a reservoir to serve the
city water plant.
-Don C.
-BOND OFFERING.
NEW CASTLE, Henry County, Ind.
McBee, City Clerk, will receive sealed bids until 1:30 p. m. on Dec. 4 for
% corporate bonds. Dated Dec.1 1933. Demom.
the purchase of$10,000
$500. Due $2,500 annually on Feb. 1 from 1938 to 1941 incl. Interest is
payable in F. & A. A certified check for 254% of the bonds bid for must
accompany each proposal. Statistics issued in connection with the offering
show that the net taxable valuation, both real and personal for 1933.
after all exemptions deducted and offsets had been made, amounts to
$12,749,820. while the present debt of the City, exclusive of the current
Issue, is $47,130.55.
NEW CUMBERLAND, Hancock County, W. Va.-FEDERAL FUND
ALLOTMENT -The Public Works Administration is said to have announced recently an allotment of $28,000 to this city for sewer system extensions. The PWA is stated to have made the usual grant of 30% of the
cost of labor and materials on such projects. The remainder is a loan secured by 4% revenue bonds.
-OBTAINS P WA ALLOTNEWTON, Middlesex County, Mass.
MENT-An allotment of 860.700 for sewer system extensions has been made
by the Public Works Administration. About $47.150 of the money will be
spent for labor and materials. A sum equal to 30% of such expenditures
represents a grant by the PWA. The balance of the advance consists of a
loan to the city secured by 4% general obligation bonds.
-OBTAINS PWA ALLOTMENT.
NEWTON,Middlesex County, Mass.
-An allotment of $148,800 to the city for school building additions has
been made by the Public Works Administration. This includes a grant of
30% of the approximaeiy $115.600 to be spent for labor and materials
on the project. Tne balance consists of a loan secured by 4% general
obligation bonds.
-PAYS DEFAULTED BOND
NORTH BERGEN TOWNSHIP, N. J.
INTEREST -Paul F. Cullum, Director of the Department of Revenue and
Finance, announced on Nov. 23 that he had deposited more than $25,000
In the township's bond and coupon account at the Iludson County National
Bank, Jersey City. Previously, payment was made of approximately
$14,000 in bond interest which was defaulted in September. it is said.
-An election
-BOND ELECTION.
NOWATA, Nowata County, Okla.
Is reported to have been held on Nov. 29 to vote on the proposed issuance
of $16.000 in water plant bonds.
NUECES COUNTY NAVIGATION DISTRICT NO. 1 (P. 0. Corpus
-It is stated by the Port
Christi) Tex.
-PROPOSED FEDERAL LOAN.
Director that this district intends to issue $200,000 of revenue warrants for
them with the Public Works
waterway purposes and expects to place
Administration as security for a Federal loan which is being asked by the
District for the said purpose.
-ADDITIONAL LOCAL RELIEF BOND ISSUES
OHIO (State of).
-E. 0. Braught, Secretary of the State Relief CommisAUTHORIZED.
sion, announced on Nov. 20 approval of the following additional county
bond issues for ...r relief purposes:
"Adams, $20.; ;; Allen, $45.000: Ashtabula. $45,000:Belmont, i63.000
Carroll, $20.000: Clark, $90,000; Columbiana, $115.000: Jefferson, $80.000
Licking, $25,000: Mahoning. 8430.000: Perry. $50.000: Pike, $20.000
Portage, $35,000; Scioto, $65,000; Seneca, $12,000; Shelby, $12,000; Tuscarawas, $45,000, and Ross, $35,000."
On Nov. 22 the following additional issues were approved: Butler
County. $160,000: Erie County, $35.000: Lorain County. $40,000; Marion
County, $40,000; Miami County, $20,000. The bonds will be retired by
proceeds from sales taxes on wort, malt, cigarettes, admissions and the
cap tax on beer.
-A call
-WARRANTS CALLED.
OREGON, State of (P. 0. Salem).
for the payment of all State general fund warrants indorsed "not paid for
want offunds" on Oct. 4, was issued on Nov. 16 by Rufus C. Holman,State
Treasuer. The call is said to involve $161,000. It was made possible by
tax remittance; received from Multnomah and Clataop Counties,
ORONO TOWNSHIP SCHOOL DISTRICT (P. 0. Conesville)
-It is reported that
Muscatine County, lowa.-BONDS OFFERED.
sealed bids were received until Dec. 2, by Ruby Wagner, Secretary of the
Board of Education, for the purchase of a $10.000 issue of school bonds.
(These bonds were voted at the general election on Nov. 7-V. 137, p.
3528.)
ORRVILLE, Wayne County, Ohlo.-REFUNDING ISSUE APPROVED -The City Council voted on Nov. 21 to issue $12.000 5%
special assessment refunding bonds in denoms. of $600 and due $1,200
annually in from 1 to 10 years.
-FEDERAL FUND ALLOTMENT.
OURAY, Ouray County, Colo.
The Public Works Administration is said to have announced an allotment of
$18,000 to this city for water supply line improvement purposes. A grant
of 30% of the coat of labor and materials was made by the PWA,in line
with Its customary procedure. The remainder is a loan secured by 4%
general obligation bonds.
4042
Financial Chronicle
OWENSVILLE, Gasconade County, Mo.-BONDS VOTED.
-The
voters of this city recently approved the issuance of $89,000 in bonds for
a municipal electric power plant by a count of 639 to 31, according to news
reports. It is stated that the city has applied for a Federal loan and grant
on this project.
PARKER, Turner County, S. Dak.-BONDS NOT SOLD.
-The
$8,000 issue of 4% semi-ann, water works bonds offered on Oct. 31-V.
137, p.3179
-was not sold, according to the City Clerk.
PENNSYLVANIA (State of).
-OBTAINS $1,000,000 POOR RELIEF
GRANT.
-The Federal Emergency Relief Administration on Nov. 23
granted an additional $1,000.000 to the State for poor relief purposes.
Ilarry L. Hopkins, Administrator,said the allotment was from the Administration's $250,000,000 "discretionary fund," and increased to $25,291,509
the sum disbursed to the State by the FERA.
PENNSYLVANIA (State of).
-325,000,000 BONDS OFFERED FOR
SALE.
-Charles A. Waters, State Treasurer, will receive sealed bids until
12 m.on Dec.5 for the purchase of $25,000,000 not to exceed 44% interest
series H bonds. Dated Dec. 1 1933. Certificates in registered form will
be issued in such amounts as the purchaser may require, in the sums of
$100,000, $50,000, $25,000, $10,000. $5,000 and $1,000, and in coupon
form for $1,000 each. Said certificates will be interchangeable as to form.
Coupon bonds may be registered as to principal only. Bonds will mature
$2,500.000 annually on Dec. 1 from 1934 to 1943, incl. Prin. and int.
(J. & D.) are payable in lawful money of the United States at the Philadelphia National Bank, Philadelphia, loan and transfer agent of the Commonwealth. Bidder is to name a single interest rate for the entire issue,
expressed In multiples of y, of 1%. The loan is authorized by Section 17.
added by amendment to Article 9of the Constitution of the Commonwealth,
approved at the election held Nov. 7 1933, and by an Act of the General
Assembly approved May 1 1933. A certified check for 2% of the loan bid
for, payable to the order of the Commonwealth, must accompany each
proposal Settlement for the bonds awarded must be made in fun, with the
Philadelphia National Bank, on or before Dec. 15 1933. Bidding forms
may be obtained upon application at either that institution or at the Governor's office. In connection with this offering it is stated that "with the
exception of $85,260.000 of bonds issued under the Act of April 18 1919
and the Act of March 6 1925. for the payment of which $15,958,000 has
been deposited in the Sinking Fund,the Commonwealth is free of all bonded
indebtedness not now fully provided for by moneys in the Sinking Fund."
It is also declared that the bonds now offered are a legal investment for
trust funds in the State of Pennsylvania. The $25.000,000 bonds are part
of the aggregate of $85,000,000 approved by voters of the Commonwealth
at the general election on Nov. 7. That total includes $50.000,000 soldiers' bonus, $25,000,000 unemployment relief and $10,000,00(1 toll bridge
purchase issues
-V. 137, p. 3866.
PREVIOUS BOND FINANCING.
-The infrequency with which the
State has resorted to long-term bond financing is attested to by the fact
that our records show that its most recent borrowing of that nature occurred
in September and October 1926. At that time sale was made of $10.000,000
4% highway bonds due $2,000,000 each in 1934, 1939. 1944, 1949 and
1954, on allotment to various bond houses, individual investors and to
Certain of the State's sinking funds.
PHILADELPHIA, Pa.
-CONSIDERS $115,000,000 WATER PROPOSAL.
-A project involving tne expenditure of $115,000,000 to bring a
pure water supply from the Pocono Mountain_ to Ptuladelphia ha_ been
presented to Mayor Moore by A. Mitchell Palmer and Representative
Fred A. Britten of Illinoi,. The Mayor ha, referred the proposal to two
member* of his cabinet and their recommendations in toe matter will
determi ie whether the measure w.11 be subm.tted to the City Council.
Althougu tue plan has been suggested to the city authorities before, it is
being revived at this time, it is said, In toe tnougnt that under the plan
of the Public Works Administration to stimulate recovery and provide
employment, government fun& could be obtained to finance the proposition, including a public grant of 30% of the cost, the balance to be loaned
at a 4% interest rate.
PHILADELPHIA, Pa.
-$1,500,000 LOAN OBTAINED.
-City officials
on Nov. 29 arranged to borrow $1,500.000 from the Philadelphia National
Bank to meet the November payroll. A sum of $1,300,000. also for payroll
purposes, and bearing 3 % interest, was previously obtained from the
same institution-V. 137. P. 3871.
PIERCE COUNTY (P. 0. Tacoma) Wash.
-BONDS PARTIALLY
SOLD.
-0I the $500.000 issue of coupon funding bonds offered for sale on
Nov. 27-V. 137. p. 3528-a block of $150,000 was purchased by the
State of Washington, as 5s, at par according to the Clerk of the Board of
County Commissioners.
PINE BLUFF, Jefferson County, Ark.
-BONDS VOTED.
-At the
election held on Nov. 21-V. 137, p. 2842
-the voters approved the issuance of the $160,000 in bonds to be used as the city's share of a program
of sewer and drain improvement and extension. It is said that Civil Works
Administration funds were made available to reduce the city's share of the
expense.
PITTSBURGH, Allegheny C unty, Pa.
,
-$750,000 LOAN RENEWAL
AUTHORIZED.
-The City Council adopted an ordinarce authorizing renewal, until Feb.15 1934,of a $750,000 emergency loan which was to mature
on Nov.27. The loan was made on Sept.29 by the Union Trust Co.of Pittsburgh at
% interest, to cover current operating expenses
-V. 137,
p. 2672. The ordinance instructed the Mayor and City Comptroller to
negotiate for an extension of the maturity.
PONCA CITY,Kay County,Okla.
-FEDERAL LOAN APPLICATION
FILED.
-This city is reported to have filed an application with the Public
Works Administration for a loan of $560,000. to be used for the construction
of a municipal water system. The city intends to vote general obligation
bonds to secure the loan portion of the allotment.
PORTCHESTER, Westchester County, N. Y.
-FINANCIAL
STATEMENT.
-The following official statement is furnished in connection with the award scheduled for Nov. 29 of the $280,000 street and
sewer impt. bonds.
-V. 137, p. 3872.
Debt Statement as at Nov. 1 1933.
Total funded debt
$2,858,000.00
Including special assessment debt:
Paving
$564,000.00
Sewer
613,000.00
40
Sewer and drain
9,000.00
Total unfunded debt
$1,186,000.00
229,578.20
$3,087,578.20
Less
-Sinking fund cash (applicable to tax relief
bond principal and interest)
$134,225.84
Tax-anticipation notes
175.000.00
309,225.84
Net debt
82.778,352.36
Unfunded Debt Outstanding.
Tax-anticipation notes:
(1933-34 taxes)
$100.000.00 Due Jan. 17 1934
(1932-33 taxes)
75,000.00 Due June 1 1934
Bond-anticipation notes
29,578.20 Due Mar. 5 1934
Contracts and unpaid bills
2,000.00 Due Apr. 29 1934
2,000.00 Due Apr. 29 1935
21,000.00 Due during Nov. 1933
$229,578.20
Total bank deposits as of Nov. 11933, $199,054.93.
Additional Information.
Population: Present (estimated), 23,000: 1930, 22,662; 1920,
16,573:
1910, 12,809.
Assessed valuation of all real estate and other taxable property for
1933, not including exempt property. $56,399,363.
Assessed value of exempt property, exclusive of village-owned property,
$3,916.733.
Assessed value of village-owned property, $844,425.
Percentage of assessed valuation to actual valuation, 100%•
Dec. 2 1933'
Form of Government: Village operates under special
charter. Nang
Chapter 818 of the Laws of 1868.
Tax Report (Fiscal Year April 1 to March 31).
Total Levy
Uncollected
Year (Not Inc..
at End of
Uncollected
Beginning Special
Year of Lent.
Per
at
Per
April 1- Assess.).
Cent.
Amount.
Nov.11933.
Cent.
1929 - -$720,945.69
$62,168.87
8.62
$15.673.54
2.174
1930 ---- 769,808.68
87.999.02
11.43
27,980.67
3.634
1931
702.634.37
126,785.02
18.04
68.046.28
9.684
1932 ---- 648,931.81
200,546.03
123,091.94
30.91
18.968
1933 ---- 901,375.33
453,665.57
50.330
Accumulated total of uncollected taxes for fiscal years prior to April 1
1929. as at Nov. 11933, was $52,452.18.
The taxes in 1932 and 1933 were payable in two instalments, second
instalment of current tax is not due until Jan. 10 1934. A discount of
4% per annum is allowed on second instalment when paid prior to due
date. A flat penalty of 5% and interest at the rate of 7% per annum
attaches to unpaid taxes.
Tax liens have not been sold regularly but it is anticipated that the 1932
taxes will be sold in February or March 1934. Legislation will be introduced at the next session of the Legislature permitting the sale of all back
taxes.
Special Assessment Account.
sewePecir, $389,289.93.ne. ts unpaid as at April 1 1933: Paving, $395,824.60
S
Collected April 1 1933 to Nov. 1 1933: Paving, $16,654.28; sewer,
$27.532.23.
Unpaid Nov. 1 1933: Paving. $379,170.32; Sewer, $361,757.70.
PORT JERVIS, Orange County, N. Y.
-BOND SALE.
-The issue of
$50,000 series B coupon or registered relief bonds offered on Nov. 23-V.
137, p. 3706
-was awarded as 534s, at a price of par, to the First National
Bank of Port Jervis. Dated Oct. 1 1933 and due $10,000 annually on
Oct. 1 from 1938 to 1942 incl. Bids for the issue were as follows:
4
4
-Bidder-i6.
Rate. Premium.
-First National Bank of Port Jervis (purchaser)
Par
5.50i
M.& T. Trust Co. of Buffalo
5.60
$144.50
Phelps, Fenn & Co. of New York
5.75
Par
PORTSMOUTH, Scioto County, Ohlo.-BONDS NOT SOLD-.
EXCHANGE PLANNED.
-William N. Gableman, City Auditor, states
that no bids were obtained at the offering on Nov. 24 of 848,500 not to
exceed 6% interest refunding bonds
-V. 137, p. 3528. Holders of current
maturities will be asked to surrender them for bonds of the refunding issue.
The new bonds will mature Oct. 1 as follows: $8,500 in 1938 and $8,000
from 1939 to 1943, inclusive.
POTTAWATOMIE COUNTY (P. 0. Shawnee) Okla.
-BOND
ELECTION.
-An election is said to be scheduled for Dec. 19, in order to
vote on the proposed issuance of $175,000 in court house bonds. (This
proposal was defeated at an election on Aug. 22-V. 137, P. 1800). It is
stated that application will be made to the Public Works Administration
for funds on this project.
POUGHKEEPSIE, Clutches* County, N. Y.
-BOND SALE.
-The
issue of $50,000 coupon or registered general bonds offered on Nov. 29V. 137, p. 3872
-was awarded as 55is to Halsey, Stuart & Co. Inc., of
New York, at par plus a premium of $50, equal to 100.10. a basis of about
'
5.24%. Dated Dec. 11933. Due Dec. 1 as follows: $5,000 from 1935 to
1938 incl. and $6,000 from 1939 to 1943 incl. Bids for the issue were as
follows:
BidderInt. Rate,
Premium.
Halsey, Stuart & Co., Inc. (purchasers)
51i 7
First National Bank of Poughkee le
Manufacturers & Traders TrustCo. of Buffalo
510&
$50:0°.
148.
00
PRICE COUNTY (P. 0. Phillips) Wis.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Dec. 4, l Joshua Jones,
County Clerk, for the purchase of a $60,000 Issue of 5 county bonds.
Dated June 11933. Due $15,000 from June 1 1935 to 1938 incl. Interest
payable J. & D. These bonds are being issued to carry delinquent tax
certificates in accordance with a new statute. A certified check for 2%
must accompany the bid.
RECONSTRUCTION FINANCE CORPORATION.
-LOANS AUTHORIZED FOR DRAINAGE AND IRRIGATION DISTRICTS.
-The
following announcement was made public by the above Corporation on
Nov. 28:
"The RFC has authorized loans for refinancing 10 drainage and irrigation
districts, totaling $9,996,728.93, in Colorado, California, Mississippi,
North Carolina, Louisiana and Texas, as follows:
San Luis Valley Irrigation District, Rio Grande, Saguache
and Alamosa Counties, Colorado
$286,505.10
La Mesa, Lemon Grove and Spring Valley Irrigation District
San Diego County, Callf
1,345,268.40
Rolling Fork Drainage District No. 1, Sharkey County,
Miss
87,500.00
Otter Bayou Drainage District, Sharkey County, Miss
350,000.00
Deer Creek Drainage District, Sharkey County, Miss
Delta City Drainage District, Sharkey County, Miss
1322765i000000000...000000
Sandy Creek Drainage District, Cumberland County. N.O._
Bayou Roge & Huffpower Drainage District No. 15,
voyelles Parish, La
Gravity Drainage District No. 2, Tangipahoa Parish, La13 .000:00
51 8°0 °°
8
Hidalgo and Cameron Counties Water Control and Improvement District No. 9, Mercedes, Tex
2,449.6F5.43
'These loans were authorized under Section 36 of the Emer4ncy F5rn3
4 96F a.43
4.
Mortgage Act, which appropriated $50,000,000 for refinancing drainage,
levee and irrigation districts. Twenty-nine loans have been approved to
date for this purpose, representing a total of $13,041,177.13.'
ROBELINE, Natchitoches Parish, La.
-It 18
-BONDS VOTED.
reported that at an election on Nov. 21 the voters approved the issuance of
890,000 in water works and electric light plant bonds.
ROME, Oneida County, N. Y.-$50,000 BOND ISSUE SOUGHT.Thomas H. McKevitt, Chairman of the Work and Home Relief Committee.
has asked the Common Council to authorize a bond issue of $50,000 in
order that the city may participate in the program of the CWA of the
Federal Government. Under the plan of the CWA, the city will have to
Pay for the cost of materials in any project undertaken, while the cost of
labor will be borne by the Federal Government.
ROOPVILLE SCHOOL DISTRICT(P.O. Roopville) Carroll County,
Ga.-FEDERAL FUND ALLOTMENT.
-It was announced recently by
the Public Works Administration that it had allotted $12,000 to this
district for building construction purposes. The PWA made the customary
grant of 30% of the cost of labor and materials on such projects. The remainder is a loan secured by 4% district bonds.
-The
RUSHVILLE, Schuyler County, 111.
-SEEMS PWA FUNDS.
City Council plans to make application to the Public Works Administration
for $80,000, which would be used in the construction of a municipal gas
plant. The measure, providing for a bond issue, must first be approved by
the electorate, before definite action on the project can be taken.
-BONDS
RUTHERFORD COUNTY (P. 0. Rutherfordton) N. C.
SOLD.
-It is reported that the Local Government Commission has sold
$180,000 of this countys' school bonds as 530, at par.
SAGUACHE COUNTY (P. 0. Saguache), Colo.
-WARRANTS
CALLED.
-It is reported that various school and San Louis Valley Irrigation District warrants are being called for payment at the office of the
County Treasurer.
-FEDERAL FUND ALLOTMENT.
ST. JOSEPH, Tenses Parish, La.
-The Public Works Administration announced recently an allotment of
$.5.200 to this place for the purpose of resurfacing streets. The PWA
made its usual grant of 30% of the cost of labor and material on such
projects. The remainder is a loan secured by 4% excess revenue bonds.
SALEM CITY SCHOOL DISTRICT, Columbiana County, Ohio.BOND OFFERING.
-Albert Hayes, Clerk-Treasurer of the Board of
Education, will receive sealed bids until 12 m.on Dec. 14 for the purchase of
86.0005% refunding bonds. Dated Oct. 11933. Denom. $1,000. Due one
Volume 137
4043
Financial Chronicle
bond annually on Oct. 1 from 1935 to 1940 incl. Interest is payable in
A. & 0. Bids for the bonds to bear Interest at a rate other than 5%,expressed in a multiple of 3.1, of 1%, will also be considered. A certified check
for $500, payable to the order of the Board of Education, must accompany
each proposal. The approving opinion of Squire, Sanders & Dempsey of
Cleveland will be furnished the successful bidder.
SHIPPENSBURG SCHOOL DISTRICT, Cumberland County, Pa.
-The Public Works Administra-OBTAINSP WA LOAN AND GRANT.
tion has made a loan and grant of $75,000 to the District for school building
construction. The grant amounts to 30% of tne funds to be spent for
labor and materials. The balance of the advance consists of a loan to the
District, secured by 4% general obligation bonds.
-PROPOSED BOND
SALT LAKE CITY, Salt Lake County, Utah.
ISSUE REDUCED.
-It is reported by the City Treasurer that for the present the amount of the public improvement bond issue recently authorized
-has been reduced from $715.000
by the City Council
-V. 137, p. 3529
to $250,000. The bonds are expected to be taken by the Federal Government.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
-BOND SALE CONTEMPLATED.Antonio), Bexar County, Tex.
The School Board is said to be considering the sale of part or all of 8950,000
of remaining unsold school bonds.
SILVER BOW COUNTY SCHOOL DISTRICT NO. 1(P.O. Butte),
-It was announced recently by
-FEDERAL FUND ALLOTMENT.
Mont.
the Pub-ic Works Administration that it had made an allotment of $800,000
to tots district for school building construction purposes. The cost of
labor and material is put at about $647.500, of which 30% is the PWA
grant. The remainder is a loan secured by 4% general obligation bonds.
-The issue
-BONDS NOT SOLD.
SANDUSKY, Erie County, Ohio.
of 838,000 5% emergency poor relief bonds offered on Nov. 27-V. 137,
P. 3707-failed of sale as no bids were obtained. Dated Dec. 1 1933 and
due on Dec. 1 as follows: $5,000 from 1935 to 1938 incl. and $6,000 from
1939 to 1941 incl.
SAN FRANCISCO (City and County), Callf.-BOND OFFERING.
Sealed bids will be received until 3 p. m. on Dec. 4. by J. S. Dunnigan,
Clerk of the Board of Supervisors, for the purchase of five issues of bonds
aggregating $20,480,000, divided as follows:
412.095,000 water distribution bonds. Due on Dec. 1 as follows: 6605.000.
1934 to 1952 and $600,000 in 1953.
3.500,000 Hetch Hetchy dam bonds. Due $175,000 from Dec. 1 1934
to 1953 incl.
2,625,000 sewer bonds. Due on Dec. 1 as follows: $88,000. 1934 to 1962
and $73,000 in 1963.
2,000,000 high pressure system bonds. Due $100,000 from Dec. 1 1934
to 1953 incl.
260,000 airport bonds. Due $52,000 from Dec. 1 1934 to 1938.
Interest rate is not to exceed 6%, payable J. & D. The bonds will be
awarded to the bidder or bidders offering to purchase the same, bearing the
lowest rate or rates of interest, and if two or more bidders offer to purchase
the bonds bearing the same lowest rate or rates of interest, the bonds will
be awarded to the bidder offering to purchase the same at such rates of
interest and in such amounts that the net interests cost to the City and
County of the accepted bid will be the lowest net interest cost, considering
the amount of interest to be paid on said bonds during the life thereof at
the rates specified, and deducting any premium or premiums bid in addition. Denom. $1,000. Dated Dec. 1 1933. These are the bonds authorized at the general election on Nov. 7, and are issued to provide employ-V. 137, p. 3699. The
ment in the construction of public improvements.
bonds may be registered as to principal and interest and a tax is levied each
Year to pay the principal and interest. Prin. and int. payable at the option
of the holder at the office of the Treasurer of the City and County or at the
fiscal agency of the City in New York. The approving opinion of Thomson,
Wood & Hoffman of New York, will be furnished the bidder. All proposals
Shall be accompanied by a deposit of 5% of the amount bid,in lawful money
of the United States or by a deposit of a certified check payable to the
Clerk of the Board of Supervisors, for a like amount, provided that no
deposit need exceed the sum of $10,000 and that no deposit need be given
by the State of California.
SANGAMON COUNTY SCHOOL DISTRICT NO. 186(P.O. Springfield), III.
-FINANCIAL STATEMENT -In connection with the award
on Nov. 13 of $90,000 school bonds as 55, at a price of par, to the H. C.
-we have
Speer Rz Sons Co. of Chicago, the only bidder-'V. 137. p. 3529
received the following:
Financial Statement.
$55,000.000.00
Real valuation 1933, estimated
55,000,000.00
Assessed valuation, equalized 1933
175,000.00
Total outstanding bonded debt
116.107.76
Teachers orders outstanding (1932-33)
1.669.28
Teachers orders outstanding (1933-34)
1,000.00
Anticipation tax warrants outstanding (1932-33)
171,900.00
Anticipation tax warrants outstanding (1933-34)
Census,estimated
75,000
Tax Collections.
Amount
Amount
Collected.
of Levy.
Year of Levy.
$1,017,920 *1,100,000
1928
990,864
1,030,000
1929
1,110.000
1,060.571
1930
976,674
1,110,000
1931
*750,683
940,000
1932
1,000,000
1933
* All delinquent taxes have not as yet been received.
The Board of Education and the City of Springfield are separate and
distinct organizations.
SAUGATUCK, Allegan County, Mich.
-BONDS DEFEATED.
-At
the election held On Nov. 17-V. 13 ,7 p. 3361-the voters defeated the
proposal providing for the sale of $32,000 street paving bonds to the Public
Works Administration. The measure was rejected by a vote of 181 to 43.
SCHENECTADY, Schenectady County, N. Y.
-CERTIFICATE
-Leon G. Dibble, City Comptroller, states that no bids
ISSUE UNSOLD.
were obtained at the offering on Nov. 22 of $230,000 not to exceed 6%
-V. 137, p.3707. Issue was to be dated
interest certificates of indebtedness
Nov. 23 1933 and mature on Jan. 18 1934. Sale was intended to provide
funds in anticipation of receipt of taxes and other revenues during the
current fiscal year.
SEATTLE, King County, Wash.
-BONDS CALLED.
-It is reported
that H. L. Collier, City Treasurer, called for payment from Nov. 17 to
Nov.29. various local improvement district bonds.
SEDALIA, Pettis County, Mo.-BONDS DEFEATED.
-It is stated
that the voters recently rejected a proposal to issue $85,000 in bonds to
erect a new city hall. It had been planned to seek a PWA allotment on
thiskproject if the bends had been approved.
SEDGW1CK COUNTY SCHOOL DISTRICT NO.1 (P. 0. Wichita),
-Sealed bids will be received until 8 p. m. on
Kans.-BOND OFFERING.
Dec. 4, by Louis Guters. Secretary of the Board of Education, for the
purchase of two iSSUOS of refunding bonds aggregating $174,204.21, divided
as follows:
*110,500 bonds. Denom. $1,000, one for $500. Dated Dec. 15 1933.
Due on Feb. 1 as follows: $5,500, 1939; $6,000, 1940; $7,000.
1941; 58,000, 1942; $9,000, 1943 to 1948; 110,000. 1949 to 1951.
all incl.
63 704.21 bonds. Denom. $1,000, one for $704.21. Dated Feb. 11934.
Due from Feb. 1 1933 to 1944 incl.
Bids will be received at any interest rate from 43i% to 5%,in multiples
of y of 1%. Principal and interest payable at the office of the State
i
Treasurer in Topeka. The approving opinions of Long, Depew and Stanley
of Wichita, and a nationally recognized firm of bolad attorneys of New York
or Chicago, will be furnished to purchaser. A certified check for 2% of
the bid is required.
-The
SHAWANO, Shawano County, Wis.-BONDS NOT SOLD.
t50,000 issue of coupon main sewer outlet bonds offered on Nov. 21-was not sold as no bids were received, according to the
V. 137, p. 3707
,
6
City Clerk. Interest rate not to exceed 0 %, payable J. & J. Due
85.000 from Jan. 1 1935 to 1944, optional at any time prior to maturity.
-FEDERAL FUND ALLOTSHEFFIELD, Colbert County, Ala.
MENT.
-An allotment of $230,000 for the installation of an electric
transmission line from Muscle Shoals to tills city was announced recently
by the Public Works Administration. Thirty percent of the cost of labor
and material. approximately $175,000 on this project, is a grant. The
remainder is a loan secured by 4% revenue bonds.
-BONDS AUTHORIZED.
SHERWOOD, Defiance County, Ohio.
An ordinance was passed by the Village Council on Nov. 7 providing for a
834,222 4% water works system bond issue. One bond would be in amount
of $1,342, and the others for $1,370 each. Due Oct. 1 as follows: $1,370
from 1936 to 1959, incl. and $1,342 in 1980.
SOUTH JERSEY PORT DISTRICT (P. 0. Camden), N. J.-PWA
FUNDS SOUGHT.
-The Port Commissionon Nov. 23 made application to
the Public Works Administration for a loan and grant of 6600,000 to finance
the building of additional port facilities along the Delaware River in Camden. The application requests that 30% of the total be made available as
a grant to the District, with the balance to represent a loan, secured by
-acre
bonds, and, if necessary, a mortgage on the Commission's present 53
property.
SOUTH ORANGE Essex County,N.J.-PRIVATE SALE PLANNED.
Howard S. Watkins, Treasurer, informs us that the $162.000 not to exceed
6% interest coupon or registered various purposes bonds,for which no bids
-will be offered at private
were obtained on Nov. 22-V. 137. p. 3873
sale. A more detailed statement of the financial position of the village is
as follows:
Financial Statement (Nov.1 1933).
13.360
Population (Federal 1930 Census)
Assessed valuations (1933)
$41,062,885.00
Real
3.097,375.00
Personal
$44.160,260.00
Bonded Indebtedness:
030,228.69
General
$2,
758.000.00
Water
285.000.00
Special assessment
3,073,228.69
Temporary indebtedness:
$100,000.00
Tax anticipation bonds
197,400.00
Tax revenue bonds
63.300.00
Tax title lien bonds
20,000.00
Assessment note
49,000.00
Emergency relief notes
429.700.00
Gross indebtedness
Deduct
Temporary indebtedness applying against
current revenue
Water debt
Special assessment debt
Sinking fund other than water
$3,502,928.69
$360.700.00
758,000.00
285,000.00
68,952.56
1.472,652.56
$2,030.276.13
Net debt
4.944%
Percentage of net debt to real valuation
526.80
1933 tax rate per 11,000
Report on Taxes for the Years 1930-33.
Balance Uncollected
Total
Uncollected at Close
Oct. 31 1933.
Levy.
of Year of Levy.
.006%
59,234.85
1930
51.552.539.17 $402,554.52 25.93%
.006
10,149.24
1931
1.570,600.80 408,036.90 25.98
175,369.66 11.56
1932
1,515,955.80 473,869.45 31.26
1.184,718.14626.031.75 52.84
1933
877.385.72
Tax title and assessment title liens outstanding
11.653.68
Five year plan taxes outstanding Nov. 1 1933
Local Budget Information.
Other Purposes.
Total.
Debt Service.
5506.818.97 80.82%
1930
8627.052.92
1120,233.95 19.17%
523,870.04 77.61
1931
674.971.13
151,101.99 22.39%
1932
326,904.88 67.67
483,107.68
156,202.80 32.33
1933
208,337.18 54.91
379,446.52
171,109.34 45.09
Cash on hand Nov. 11933, 1119.929.81.
-At
SPOKANE, Spokane County, Wash.
-BONDS DEFEATED.
the election held on Nov. 21-V. 137, p. 2843
-the voters rejected the
proposal to issue 82,625.000 in sewer and sewage disposal plant bonds.
according to the City Clerk.
SPRINGER, Colfax County, N. Mex.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $45,000 to this town for water system improvements. The cost
of labor and material on tnis project is put at about 536,000, of which
30% is the PWA grant. The remainder is a loan secured by 4% revenue
bonds.
-W. B. Wynne,
STARK COUNTY, Ohio.
-BOND OFFERING.
Clerk, of the Board of County Commissioners, will receive sealed bids
until 12 m. on Dec. 18 for the purchase of $600,000 not to exceed 5%
interest refunding bonds, issued under the provisions of Section 2293-5
of the General Code of Ohio, as amended in Senate Bill No. 32 (90th
General Assembly), effective Sept. 5 1933, and pursuant to a resolution
adopted by the County Commissioners on Nov. 22 1933. Bonds will be
dated Dec. 1 1933. Due $120,000 annually on Oct. 1 from 1938 to 1942
incl. Denoms. $1,000 and 8500. Principal and interest (A. & 0.) are
payable at the County Treasurer's office. Each bid must be on the basis
of Akron, Ohlo, delivery. Proposals must be accompanied by a certified
check for 2% of the bonds bid for, payable to the order of the County
Commissioners.
-The
-PRICE PAID.
STEWART COUNTY (P. 0. Dover), Tenn.
$15,000 issue of 6% semi-ann. funding bonds that was purchased by the
-was awarded at
Nashville Securities Co. of Nashville
-V. 137, p. 3707
Par. Dated July 15 1933. Due from July 15 1934 to 1948, inclusive.
-P WA ALLOTMENT
STONINGTON, Christian County, III.
MADE.
-The village will undertake water system improvements from the
proceeds of an allotment of $30,000 made by the Public Works Administration. About $20,000 will be used in the payment of labor and the purchase of materials. The PWA agreement provides for a grant of 30% of
such expenditures, with the balance of the advance being a loan to the
village secured by 4% revenue bonds.
SUFFERN, Rockland County, N. Y.-PWA ALLOTMENT
FAVORED.
-R. Burnard, Village Clerk, states that at an election held on
Nov. 2 the voters sanctioned the proposal to apply to the Public Works
Administration for a loan and grant in amount of 1200.000 to provide for
a sewer system.
SULPHUR, Calcasieu Parish, La.
-It is stated
-BOND ELECTION.
that an election will be held on Dec. 26 in order to have the voters pass
on the issuance of $70,000 in sewer bonds.
SUMMERHILL TOWNSHIP SCHOOL DISTRICT (P. 0. B
dale), Cambria County, Pa.
-The issue of 115.000
-BONDS NOT SOLD.
5% coupon school bonds offered on Nov. 25-V. 137. p. 3530
-failed of
sale as no bids were obtained. Dated Oct. 1 1933 and due 85,000 on Oct. 1
in 1935, 1936 and 1945.
SUMMIT COUNTY (P. 0. Akron), Ohlo.-$600,000 REFUNDING
BONDS AUTHORITED.-The County Commissioners on Nov. 21 voted
to Issue $600,000 refunding bonds in payment of half of the 61,200,000
in bond principal which came due on Oct. 1 1933. Sufficient funds are
available to retire the balance of 8600.000, it is said. The refundings
are to bear 5% interest, in contrast to rates of from 5 to 6% carried on the
bonds which they are to replace. The county paid interest charges on all
of the bonds. Notice of the intention to meet the maturity equally in cash
and refunding bonds appeared in V. 137, p. 3011.
TACOMA, Pierce County, Wash.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment to
this city of $1.000,000 to be used for water Bundy conduit construction.
Following the customary procedure on such projects, the PWA made a
4041
Financial Chronicle
grant of 30% of the cost of labor and material. The remainder is a loan
secured by 4% revenue bonds.
TEXAS, State of (P. 0. Austin).
-BONDS APPROVED.
-The
following bonds are stated to have been approved by the office of the
Attorney General recently: $77,207 Angelina County 5;i% road refunding
bonds: $77,000 Farmersville Independent School District 5% refunding
bonds, and $59,514 Edinburg refunding bonds.
TIPTON COUNTY (P. 0. Covington), Tenn.
-BONDS VOTED.
At an election held on Nov. 23-V. 137, P. 2843
-the voters are said to
have approved the issuance of $125,000 in funding bonds by a wide margin.
TRENTON, Mercer County, N. J.
-TAX COLLECTIONS.
-Edward
W. Lee, City Comptroller, in forwarding to us the following comparison
of tax collections during the period from Sept. 1 to Nov. 15 in 1932 and
1933, attributes the more favorable showing during the current period to
the inauguration on Sept. 1 1933 of the "Citizens Pay Your Taxes Campaign." Mr. Lee also calls attention to the reduction made in the amount
to be raised by taxation in 1933, as compared with the figures in the preceding three years:
Collections During Year 1933.
Totals Sept. 1
Nov. 110
Year.
September.
October.
Nov. 15. to Nov. 15 '33.
1933
$187,875.78 $259,432.24 $180,701.82
$628,009.84
1932
286,696.95
137,055.67
122,817.41
26,823.87
1931
78,003.37
134,325.06
18,675.70
37,645.99
1930
34,713.71
17.305.47
4,171.74
13,236.50
1929
2,543.89
8,695.32
16,467.20
5,227.99
Year.
1932
1931
1930
1929
1928
$422,784.18 $438,360.13 $239,068.45 $1,100,212.76
Comparing Above with Same Period 1932.
Totals Sept. 1
Nov. 1 to
September.
October.
Nov. 15. to Nov. 15 '32.
$387,618.34
$56,096.73 $218,776.13 $112,745.48
139,473.23
43.783.86
17,835.93
77,853.44
46,202.72
8,049.89
23,559.37
14,593.46
4,896.15
1,215.37
2,964.69
716.09
1,189.52
85.34
5.00
1,099.18
1933.
$6,456,860.55
$579,379.96
$161.573.41 $277,954.88 $139,851.67
Amount to Be Raised by Tares.
1930.
1932.
1931.
$8,142,542.61
$8,239,057.09
$7.740,114.84
11" TRIBOROUGH BRIDGE AUTHORITY, N. Y.
-NEW CHAIRMAN
APPOINTED.
-Mayor O'Brien of New York City on Nov. 28 appointed
Nathan Burkan as Chairman of the Bridge Authority in place of George
Gordon Battle, who submitted his resignation of the post on Nov. 27.
Mr. Battle stated that the condition of his health would necessitate his
absence from the City for several months and requested that his successor
be appointed as soon as possible "in order that the progress of the bridge
may not be delayed." The bridge, which will unite the Boroughs of Manhattan, Queens and the Bronx, will be constructed at a cost of approximately $42,000,000. The Public Works Administration has agreed to
provide the necessary funds on the basis of a loan of $35,000,000 and a
grant of $7.000.000.-V. 137, p. 2836.
TROY, Rensselaer County, N. Y.
-PLAN REFUNDING ISSUE.
The Common Council passed an ordinance on Nov. 16 authorizing the
refunding of $363.000 bonds scheduled to mature during 1934. Another
ordinance providing for a new bond issue in amount of $100,000 also was
approved.
TULLAHOMA, Coffee County, Tenn.
-BONDS VOTED.
-At the
-the voters approved the issuance
election held on Nov.23-V.137, p.3530
of the $75.000 in municipal building, street improvement, sewer system
and electric lighting bonds.
TUSCUMBIA, Colbert County, Ala.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $130,000 to this city for the installation of an electric-transmission
line from the city of Sheffield. The cost of labor and material on this project is put at about $100,000, of which 30% is the usual PWA grant. The
remainder is a loan secured by 4% revenue bonds.
/VALDOSTA, Lowndes County, Ga.-FEDERAL LOAN NOT POSSIBLE.
-The Public Works Administration recently advised the city officials that it will be unable to advance a $300.000 loan for repairing and reconditioning the water works and extending the city sewage system. It
was said the loan could not be granted because of a legal technicality in the
State laws which prevent municipalities from incurring bond indebtedness
In excess of 7% of property valuations.
VOLTAIRE SCHOOL DISTRICT NO. 26 (P. 0. Towner), McHenry
County, N. Dak.-CERTIFICATES NOT SOLD.
-The $40,000 issue of
certificates of indebtedness offered on Nov. 13-V. 137. p. 3530
-was not
sold, as no bids were received, reports the District Clerk.
WAKE FOREST, Wake County, N. C.
-BONDS APPROVED.
-It le
stated that the Local Government Commission recently approved a $28,000
Issue of refunding bonds.
WALHALLA, Oconee County, S. C.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an
allotment of $32,000 to this town for the construction of a dam. The
PWA is said to have made its customary grant of 30% of the cost of labor
and materials on such projects. The remainder is a loan secured by 4%
revenue bonds.
-BOND SALE CANWAPELLO COUNTY (P. 0. Ottumwa), Iowa.
CELED.
-It is reported by the County Auditor that the sale of the $50,000
-was declared
funding bonds, scheduled for Nov. 27-V. 137, P. 3874
off by the Board of Supervisors. Due $6,000 in 1939 and $11,000 from
1940 to 1943.
-OBTAINS PWA
WATERBURY, New Haven County, Conn.
-An allotment of $63,000 to the city for golf course imALLOTMENT.
provements has been announced by the Public Works Administration.
The PWA will contribute 30% of the approximately $5C,000 to be spent
on the project for labor and materials as a grant, not subject to repayment.
The balance of the advance consists of a loan to the city secured by 4%
general obligation bonds.
WATERTOWN, Codington County, S. Dak.-ADDITIONAL
INFORMATION.
-In connection with the report given in V. 137. p. 2674,
to the effect that the voters had approved the issuance of $100,000 in street
Improvement bonds, we are now advised that these bonds are to be issued
in compliance with the Federal civil works program,the funds to be obtained
from the Reconstruction Finance Corporation or other Federal body. No
details have been worked out as yet on the bonds.
WEBSTER GROVES SCHOOL DISTRICT (P. 0. St. Louis), Mo.BONDS VOTED.
-It Is stated that the voters approved the issuance of
$250.000 in school bonds by a wide margin at an election held recently.
The funds are to be used for a junior high school building and for the repair
of existing buildings. A Federal grant of 30% is said to be expected in
order to finance the $325.000 building program.
-FEDERAL FUND ALLOTWELLINGTON, Sumner County, Kan.
MENT.
-The Public Works Administration recently announced an allotment of S83,000 to this city for sewer construction purposes. The customary PWA grant of 30% of the total cost of labor and material on such
projects was made. The remainder of the allotment is a loan secured
by 4% general obligation bonds.
WESTCHESTER COUNTY (P. 0. White Plains), N. .-OBTAINS
$1,000,000 LOAN.
-T. Darrington Semple, County Treasurer, announced
on Nov. 30 that arrangements had been made with New York banks for a
loan of $1.000,000 to aid the county to meet Dec. 1 1933 obligations. Originally, a loan of $4,500,000 had been requested-V. 137, p. 3708. The
amount due on that date is $3,791,251 and includes $2,096,000 in bond
interest and $1,500.000 certificates of indebtedness. The $1,000,000
obtained from New York banks will be applied to the payment of the
Indebtedness, as will $628,718 in cash and $624.693 of negotiable securities.
The County will renew $1.075,000 of the maturing certificates and the
shortage of $173,000 still to be met will be made available through a loan
to be obtained from Westchester County banks. In a letter filed with the
Board of Supervisors on Nov. 3, relative to the lack of funds with which to
Dec. 2 1933
meet the December maturities, the County Treasurer recommended that
the State of New York assume the entire $63,126,000 bond indebtedness
of the County Park Commission. The County's financial troubles are the
result of the failure of several large cities to pay their 1933 taxes.
-V. 137,
P. 1708.
WESTON, Franklin County, Idaho.
-FEDERAL FUND ALLOTMENT,
-It is stated that the Public Works Administration recently made
an allotment of $14,000 to this village for water main improvements.
The customary PWA grant of 30% of the cost of labor and material is said
to have been made on this project. The remainder is a loan secured by
4% general obligation bonds.
WEST READING SCHOOL DISTRICT (P. 0. Reading), Berks.
County, Pa.
-BOND OFFERING.
-Sealed bids addressed to Elmer A.
Muhs. Secretary of the Board of School Directors, will be received until
8 p. m. on Dec. 13 for the purchase of 25,000
4,4% or 4M % coupon
school bonds. Dated Dec. 1 1933. Denom. $1,000. Due Dec. 1 as follows: $1,000 in 1947: $2.000 in 1948 and 1949, and $5,000 from 1960 to
1953 incl. Interest is payable in J. & D. A certified check for 2%,payable
to the order of the District Treasurer, must accompany each proposal.
Bonds are being issued subject to the favorable opinion of Townsend,
Elliott & Munson of Philadelphia,as to theirlegality.
WHITEFIELD SCHOOL DISTRICT, Coos County, N. H.
OBTAINS PWA ALLOTMENT.
-An allotment of $114,500 to District for
school building construction has been announced by the Public Works
Administration. It is provided that 30% of the cost of labor and materials
on the projects will be made available as a grant, not subject to repayment
by the district. Such expenditures are estimated at $81.500. The balance
consists of a loan, secured by 4% general obligation bonds.
WILLIAMSPORT, Washington County, Ind.
-BONDS VOTED.
-L.
Castle, Village Clerk, states that at the election held on Nov. 21 the
proposal to Issue $88,000 sewer bonds was approved by a vote of 339 to 178.
WILLOUGHBY,Lake County, Ohio.
-BONDS AUTHORIZED.
-The
Village Council has adopted an ordinance providing for the issuance of
$114,225 not to exceed 6% interest refunding bonds. The bonds to be
refunded include $93,075 special assessment and $21,150 general obligation
Issues. The new bonds will be dated Oct. 1 1933 and mature as follows:
$5,225 April and $5,000 Oct. 1 1939: $5,000 April and Oct. 1 1940 and 1941,
and $6,000 April and Oct. 1 from 1942 to 1948 incl. Principal and interest
(A. & 0.) are payable at the office of the Village Treasurer.
WINDSOR, Shelby County, III.
-RECEIVES FEDERAL FUND
ALLOTMENT.
-The Public Works Administration has allotted $65,000
to the city for water works construction. About $49,000 will be spent for
labor and materials. A sum equal to 30% of such expenditures represents
a grant by the PWA. The balance of the advance consists of a loan to the
city, secured by 4% revenue bonds.
WIRT AND BOLIVAR CENTRAL SCHOOL DISTRICT NO...1.
(P. 0. Richburg) Allegany County, N. Y.
-BOND SALE.
-The
$38,000 coupon or registered school bonds offered on Nov. 23-V. 137,
-were awarded as 5s to the State Bank of Bolivar, at a price of
P. 3708
100.50, a basis of about 4.87%. Dated Nov. 1 1933 and due on Nov. 1
as follows: $4,000 in 1935 and 1936 and $5.000 from 1937 to 1942. incl.
YADKIN COUNTY (P.O. Yadkinville), N. C.
-BONDS APPROVED.
-The Local Government Commission is said to have approved recently an
Issue of $140.000 school bonds on the condition that the project is given
Federal approval.
ZANESVILLE CITY SCHOOL DISTRICT, Muskingum County,
Ohio.
-RESUBMISSION OF BOND PROPOSAL SOUGHT.
-Sponsors of
the proposed $400,000 20
-year school building construction bond issue
which was defeated at the general election on Nov.7-V. 137, p. 3708
-are
circulating petitions requesting that the question be resubmitted for consideration of the voters at a special election.
CANADA, Its Provinces and Municipalities
BRITISH COLUMBIA(Province of).-PLANSTOREFUND $166,000,-The Province plans torefund $166,000.000 ofitsobligations at a
000DEBT.
saving of $6,000,000 annually in interest charges, according to a dispatch
from Winnipeg to the New York "Journal of Commerce" of Nov. 29, which
further stated: "Hon. John Hart, Minister of Finance, is en route to
England to float the..e bonds at a lower rate and to redeem outstanding
securities. The Minister of Finance said that British Columbia has just
received $6,000.000 from London investors for the proposed first Narrows
Bridge and the refunding program of the Pacific Coast province is assured
of success."
FORT WILLIAM, Ont.-BOND SALE CORRECTION.
-The sale of
-year vocational school bonds of the above-named munici$487,525 6% 30
pality to a group composed of Wood, Gu.ndy & Co., Dominion Securities
Corp. and A. E. Ames 8c Co., all of Toronto, was incorrectly reported
under the caption of Fort Erie, Ont.,in our issue oflast week, page 3874.
HAMILTON, Ont.-BONDS OFFERED LOCALLY.
-An issue of
$23,900 5% highway bonds, due in from 1 to 15 years, is being offered for
purchase by local investors on a yield basis of 4.75%.
-Mayor
LACHINE, Que.-RECEIVES $200,000 TEN-YEAR LOAN.
John H.Fyon stated on Nov. 24 that the city had obtained a $200,000 loan
from the Montreal Metropolitan Commission. The loan, dated Nov. 23
1933 and repayable at the rate of $20,000 annually, is to be used only in
the payment of outstanding debts, according to report.
-At an election to be held on Dec. 4
LEVIS, Que.-BOND ELECTION.
the voters will consider the question of issuing $225,000 improvement
bonds.
-BOND APPROVAL SOUGHT.
MONCTON, N. B.
-The City Council
has decided to apply to the Provincial government for authority to issue
$125,000 bonds.
MONTREAL, Que.-PROPOSED EXPENDITURE.
-The City is
reported to be contemplating the expenditure of $3,500,000 on local improvements.
The city has been advised of the willingness of banks to advance the
above sum "pending market conditions more favorable to floating of a
public loan."
MOOSE JAW, Sask.-PROPOSED BOND ISSUE.
-The City Council
has given third reading to a by-law providing for the issuance of $100,000
relief bonds.
-Mayor A. G. Carnell
ST. JOHN'S, Nfld.-2500,000 LOAN PLACED.
announced on Nov. 29 the complete sale of the $500 000 25
-year bonds
which had been placed on the market a year ago. Although only $70.000
worth was subscribed for in that period, unusual interest was attracted to
the issue recently as a result of publication of the Amuiree Commission's
report advocating placing of the fiscal and financial affairs of the Government of Newfoundland under the supervision of a commission, headed by
a British Governor and assisted by a group of three Britons and three
Newfoundlanders. V. 137, p. 3864.
YORK TOWNSHIP, Ont.-SUPERVISORY BOARD NAMED.
The "Monetary Times" of Toronto of Nov. 24 contained the following
account of the naming of a Board of Supervisors for the Township, due to
-V.137, p. 3012:
its having defaulted on debt service charges.
"Thomas Bradshaw. of Toronto, has been named Chairman of the
Committee of Supervisors for York Township, according to an announcement by C. R. McKeown, Chairman of the Ontario Municipal Board.
Other members are: Representing the Council, Reeve A. J. B. Gray and
H. C. Jeffries; representing the creditors, Launcelot A. S. Thick, Manager
Market Branch, Canadian Bank of Commerce, and D. McClelland, President, Price, Waterhouse & Company. The appointment of Reeve Gray is
contrary to the past policy of the Ontario Municipal Board, which did not
favor the appointment of any member of the council to the Committee of
Supervisors of the municipality going into default. However,strong representations were made by the York Council on behalf of Reeve Gray's
appointment and the Board acquiesced in the request, Mr. Gray to retire
from council at the year end." .
@FedFRASER